Goldman Sachs High Yield Instl (GSHIX) N-CSRS 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, 2015

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2015
	Short Duration and Government Fixed Income Funds
	Enhanced Income
	Government Income
	High Quality Floating Rate
	Inflation Protected Securities
	Limited Maturity Obligations
	Short Duration Government
	Short Duration Income

Goldman Sachs Short Duration and Government Fixed Income Funds

n ENHANCED INCOME

n GOVERNMENT INCOME

n HIGH QUALITY FLOATING RATE

n INFLATION PROTECTED SECURITIES

n LIMITED MATURITY OBLIGATIONS

n SHORT DURATION GOVERNMENT

n SHORT DURATION INCOME

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	4
Market Review	5
Portfolio Management Discussions and Performance Summaries	7
Schedules of Investments	41
Financial Statements	84
Financial Highlights	92
Notes to Financial Statements	106
Other Information	134

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Enhanced Income Fund invests primarily in a portfolio of U.S. dollar denominated fixed income securities, including non-mortgage U.S. government securities, corporate notes, commercial paper, fixed and floating rate asset-backed securities and foreign securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

The Goldman Sachs Government Income Fund invests primarily in U.S. government securities and in repurchase agreements collateralized by such securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. 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; the risk 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 High Quality Floating Rate Fund invests primarily in high quality floating rate or variable rate obligations, and the Fund considers “high quality” obligations to be (i) those rated AAA or Aaa by a nationally recognized statistical rating organization at the time of purchase (or, if unrated, determined by the Investment Adviser to be of comparable quality), and (ii) U.S. government securities, including mortgage-backed securities, and repurchase agreements collateralized by U.S. government 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 investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

The Goldman Sachs Inflation Protected Securities Fund invests primarily in inflation protected securities (IPS) of varying maturities issued by the U.S. Treasury and other U.S. and non-U.S. Government agencies and corporations. Fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. IPS are fixed income securities whose interest and principal payments are periodically adjusted according to the rate of inflation. The market value of IPS is not guaranteed, and will fluctuate in response to changes in real interest rates. The market for IPS may be less developed or liquid, and more volatile, than certain other securities markets. If deflation were to occur, IPS would likely decline in price. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares.

The Goldman Sachs Limited Maturity Obligations Fund invests in a broad range of high quality, U.S. dollar-denominated money market and other fixed income instruments, including obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate asset-backed securities and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. The Fund is not a money market fund and does not attempt to maintain a stable net asset value. The Fund is subject to NAV risk, which means that the net asset value of the Fund and the value of investments in the Fund will fluctuate. 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. Because the Fund may invest heavily in specific sectors (for example, the financial services sector), the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Investments in asset-backed and receivables-backed securities are subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates).

The Goldman Sachs Short Duration Government Fund invests primarily in U.S. government securities and in repurchase agreements collateralized by such securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. 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; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

The Goldman Sachs Short Duration Income Fund invests primarily in U.S. or foreign fixed income securities, including U.S. government securities, corporate debt securities, collateralized loan obligations, agency and privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities, bank loans and emerging countries debt. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. Any guarantee on U.S. government securities applies only to the underlying

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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. Indirect loan participations may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. 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 Fund’s use of derivatives may result in leverage, which can make the Fund more volatile. The Fund’s investments in other investment companies subject it to additional expenses. 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.

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

What Differentiates Goldman Sachs Asset Management’s Fixed Income Investment Process?

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

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

n Assess relative value among securities and sectors

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

n Team approach to decision making

n Manage risk by avoiding significant sector and interest rate bets

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

Fixed Income portfolios that:

n Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

n Capitalize on GSAM’s industry-renowned credit research capabilities

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

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MARKET REVIEW

Goldman Sachs Short Duration and

Government Fixed Income Funds

Market Review

Shifting expectations about global economic growth and the timing of a potential Federal Reserve (“Fed”) interest rate hike, along with falling commodities prices, influenced the performance of the global fixed income markets during the six months ended September 30, 2015 (the “Reporting Period”).

When the Reporting Period began in April 2015, the performance of spread, or non-government bond, sectors was mixed. U.S. Treasury yields rose, as U.S. economic data improved, including positive surprises in inflation and retail sales. First quarter 2015 U.S. Gross Domestic Product (“GDP”) was revised upwards from -0.7% to a seasonally adjusted annualized rate of -0.2%. The upward revision stemmed in part from stronger than estimated consumer spending and inventory data. U.S. dollar gains hit a roadblock during the second calendar quarter on uncertainty around the Fed’s plans for raising interest rates in 2015. The Eurozone’s economic progress took a back seat to the seemingly intractable challenges surrounding Greece.

In the third quarter of 2015, spread sectors underperformed U.S. Treasuries as the outlook for the global economy grew cloudy. Investors focused on slowing economic growth in China, the devaluation of the Chinese renminbi and an unexpected increase in market volatility. Oil and commodities prices dropped to new lows, partly because of falling demand from China. Uncertainty about the timing of potential Fed policy tightening became an increasingly key theme. Surprisingly to many, the Fed chose to leave rates unchanged at its September 2015 policy meeting, citing conditions in the global economy. Although the U.S. economy continued to improve, economic growth in other developed countries softened and emerging markets economies broadly weakened. Despite accommodative monetary policies by many global central banks, inflation remained subdued in the world’s major economies.

For the Reporting Period overall, U.S. Treasuries performed strongly, outpacing other fixed income sectors with the exception of asset-backed securities. High yield corporate bonds underperformed U.S. Treasuries the most, followed by investment grade corporate bonds, sovereign emerging market debt and agency securities. Commercial mortgage-backed securities and residential mortgage-backed securities also underperformed U.S. Treasuries, albeit more modestly. The U.S. Treasury yield curve, or spectrum of maturities, steepened during the Reporting Period, as longer-term yields rose more than intermediate-term yields, and shorter-term yields edged down. The yield on the bellwether 10-year U.S. Treasury rose approximately 18 basis points to 2.04%. (A basis point is 1/100th of a percentage point.)

Looking Ahead

At the end of the Reporting Period, we had not changed our broadly positive view for the global economy, though we did see less cause for optimism. We believe the economic slowdown in the emerging markets is constraining global economic growth overall. Further, in our view, U.S. and European economic momentum is moderating, and Japan is facing stronger headwinds. The risks of policy missteps in China have manifested, in our view, raising the prospect of further volatility in the fixed income markets. Additionally, we think the benefits of lower oil prices are fading, with no end in sight for the downward trend in the commodities markets.

We believed, at the end of the Reporting Period, that the U.S. economy was caught in the cross-currents of domestic strength and global weakness. In our view, the U.S. is likely to

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MARKET REVIEW

benefit from labor market tightening as well as from improvements in the housing market and in retail sales. Risks include tight financial conditions and weak global demand, while we believe that production cuts in the energy sector could have an impact on capital expenditures. Although the Fed may yet raise rates in 2015, we believe the odds of a delay are growing.

In the Eurozone, economic growth momentum appears to have flattened. The Syrian refugee crisis seems to have replaced worries about a potential Greek exit as the dominant policy challenge. We think the European Central Bank is likely to expand its quantitative easing in early 2016. In the U.K., we expect economic growth data to remain positive and believe an interest rate hike by the Bank of England in early 2016 is possible. However, we do not expect the U.K. central bank to move before the Fed acts. Japan faces a possible relapse into recession, and we believe the Bank of Japan will probably ease again in the near term. In the emerging markets, we believe that economic growth has weakened under the combined pressures of the commodities slump, China’s economic slowdown, U.S. dollar strength and fears of Fed policy tightening.

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PORTFOLIO RESULTS

Goldman Sachs Enhanced Income Fund

Investment Objective

The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration and IR Shares generated cumulative total returns, without sales charges, of -0.20%, 0.08%, -0.05% and -0.08%, respectively. These returns compare to the 0.19% cumulative total return of the Goldman Sachs Enhanced Income Fund Composite Index (the “Enhanced Income Composite”) during the same period. The Enhanced Income Composite is comprised 50% of the Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index (“BofA ML Six-Month U.S. Treasury Bill Index”) and 50% of the Bank of America Merrill Lynch One-Year U.S. Treasury Note Index (“BofA ML One-Year U.S. Treasury Note Index”), which generated cumulative total returns of 0.17% and 0.21%, respectively, over the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.03%. This return compares to the 0.10% cumulative total return of the Enhanced Income Composite during the same period. The BofA ML Six-Month U.S. Treasury Bill Index and the BofA ML One-Year U.S. Treasury Note Index, comprising the Enhanced Income Composite in equal parts, generated cumulative total returns of 0.11% and 0.08%, respectively, over the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted from the Fund’s results 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. On the other hand, our duration and yield curve positioning strategy contributed positively to the Fund’s results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector. Bottom-up individual issue selection of corporate bonds boosted results, partially offset by selection amongst securitized and government securities, which detracted. The duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

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

A Our cross-sector strategy detracted from the Fund’s results during the Reporting Period overall due mostly to its exposure to the corporate credit sector as spreads, or yield differentials to U.S. Treasuries, widened. During the Reporting Period, corporate spreads hovered around their widest levels since 2012, driven by increased market volatility linked to lower commodity prices, a potential slowdown in Chinese economic growth and prolonged accommodative monetary policy in the U.S. In addition, exposure to asset-backed securities detracted from Fund performance. The Fund’s exposure to U.S. swap spreads added value. (Swap spreads are defined as the difference between the swap rate on a contract and the yield on a government bond of the same maturity. It is used to represent the risk associated with the investment, since changes in interest rates will ultimately affect return. Swap spreads are based on LIBOR rates, the creditworthiness of the swap’s

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parties, and other economic factors that could influence the terms of the investment’s interest rates.)

Our individual security selection strategies overall contributed positively to the Fund’s relative results during the Reporting Period, especially individual selection of corporate bonds. This was slightly offset by selection of government securities and asset-backed securities, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to the Fund’s results during the Reporting Period. The U.S. Treasury yield curve steepened during the Reporting Period, as short-term yields declined modestly, while long-term yields rose. The 10-year U.S. Treasury yield rose approximately 11 basis points to end the Reporting Period at 2.04%. (A basis point is 1/100th of a percentage point.)

The third quarter of 2015 was the main driver of Fund performance during the Reporting Period given the Fund’s overweight to the two-year and three-year nodes, or points, of the U.S. Treasury yield curve. We believe that soft, or muted, inflation data, tight financial conditions and an unwillingness to surprise a market not pricing in a September 2015 lift-off, or interest rate hike, drove the Federal Reserve’s (the “Fed”) decision to keep interest rates constant at its September 2015 meeting. Noting potential risks from global economic and financial developments, at the end of the Reporting Period, we expected the Fed to hike rates in December 2015 or early 2016.

During the Reporting Period, the Fund maintained a moderate short duration positive relative to the Enhanced Income Composite. As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures and Eurodollar futures during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (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.) The Fund employed credit default swaps to manage the credit profile of the Fund.

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

A The Fund’s allocations to U.S. Treasuries and cash decreased during the Reporting Period. A corresponding increase in allocation was concentrated in asset-backed securities and investment grade corporate bonds. Additionally, we modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A While the Fund is benchmarked to U.S. Treasuries, it continued to hold a portion of its assets in non-Treasury sectors not represented in the Enhanced Income Composite. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably quasi-government securities, including agency-issued debentures, as well as asset-backed securities, covered bonds and investment grade corporate bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

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FUND BASICS

Enhanced Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Enhanced Income Composite Index2			BofA ML Six-Month U.S. Treasury Bill Index3			BofA ML One-Year U.S. Treasury Note Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		-0.20	%		0.19	%		0.17	%		0.21	%		0.59	%		0.57	%
Institutional		0.08			0.19			0.17			0.21			0.93			0.92
Administration		-0,05			0.19			0.17			0.21			0.68			0.67
Class IR		-0.08			0.19			0.17			0.21			0.84			0.83
July 31, 2015– September 30, 2015
Class R6		0.03	%		0.10	%		0.11	%		0.08	%		0.91	%		0.90	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Enhanced Income Composite is an equal weight blend of the BofA ML Six-Month U.S. Treasury Bill Index and the BofA ML One-Year U.S. Treasury Note Index.

³  The BofA ML Six-Month U.S. Treasury Bill Index measures the performance of Treasury Bill with time to maturity of less than 6 months. The BofA ML One-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year. The BofA ML Six-Month U.S. Treasury Bill Index and BofA ML One-Year U.S. Treasury Note Index, as reported by Bank of America Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  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.

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FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.93	%		-0.29	%		1.37	%		1.97	%	8/2/00
Institutional		-0.14			0.38			1.90			2.44		8/2/00
Administration		-0.39			0.13			1.66			2.21		8/2/00
Class IR		-0.23			0.30			N/A			0.33		7/30/10
Class R6		N/A			N/A			N/A			0.03		7/31/15

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Administration Shares, Class IR Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.69	%		0.72	%
Institutional		0.35			0.38
Administration		0.60			0.63
Class IR		0.44			0.47
Class R6		0.33			0.36

⁶  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, 2016. 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.

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FUND BASICS

FUND COMPOSITION⁷

⁷  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 certificates of deposit and 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.

⁸  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

⁹  “Agency Debentures” include agency securities offered by companies such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

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PORTFOLIO RESULTS

Goldman Sachs Government Income Fund

Investment Objective

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 0.01%, -0.36%, 0.18%, -0.07%, 0.14% and -0.11%, respectively. These returns compare to the 0.34% cumulative total return of the Fund’s benchmark, the Barclays U.S. Government/Mortgage Index (the “Barclays Index”), during the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.67%. This return compares to the 0.80% cumulative total return of the Barclays Index during the same period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted from the Fund’s results 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 contributed positively to Fund results, specifically within the securitized and government/swaps sectors.

Our duration strategy had a rather neutral impact on the Fund’s performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A Overweighted allocations to commercial mortgage-backed securities, U.S. agency debt and asset-backed securities — tactical positions taken within our cross-sector strategy — detracted from the Fund’s relative results during the Reporting Period, more than offsetting the positive contribution of its exposure to mortgage-backed securities overall and to U.S. swap spreads. (Swap spreads are defined as the difference between the swap rate on a contract and the yield on a government bond of the same maturity. It is used to represent the risk associated with the investment, since changes in interest rates will ultimately affect return. Swap spreads are based on LIBOR rates, the creditworthiness of the swap’s parties, and other economic factors that could influence the terms of the investment’s interest rates.)

Individual issue selection within the securitized sector was bolstered most by selection within the coupon stack as well as by specific selection of mortgage-backed securities, including pass-throughs, and collateralized mortgage obligations, which more than offset the detracting effect of sub-sector selection within the asset-backed securities sector. (Coupon stack is the spectrum of coupons available within a given sector.) The use of mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions also helped. Our government/swaps strategy performed positively primarily because of our tactical auction trades and steepener positions. The government/ swaps selection strategy is primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to

12

PORTFOLIO RESULTS

implement our views in the Fund. (A yield curve steepener position typically describes an investment position that benefits from an increase in long-term yields relative to shorter-term yields, or a decrease in short-term yields relative to longer-term yields, but is neutral with respect to overall increases or decreases in yields across the yield curve. A steepener position will generally decrease in value in response to either an increase in short-term yields relative to longer-term yields, or a decrease in long-term yields relative to shorter-term yields.)

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

A Yield curve positioning, including tactical auction trades and steepener positions, contributed positively to the Fund’s relative results during the Reporting Period. Overall, outright duration positioning did not materially impact Fund returns during the Reporting Period. The Fund began the Reporting Period with a short duration relative to that of the Barclays Index. We gradually lengthened the Fund’s duration, making adjustments throughout as market conditions shifted, moving to a modestly longer duration than that of the Barclays Index by the end of the Reporting Period.

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

A The Fund used Treasury futures, Eurodollar futures and bond exchange traded futures contracts to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) to hedge and express an outright term structure view and to help manage volatility. The Fund used forward contracts to help manage duration. Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

A We increased the Fund’s position in agency mortgage-backed securities during the Reporting Period, but maintained an underweighted allocation relative to the Barclays Index throughout. Additionally, as mentioned earlier, we modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A At the end of September 2015, the Fund had overweighted allocations relative to the Barclays Index on a market-value weighted basis in quasi-government securities, especially agency non-government guaranteed securities, as well as in asset-backed securities, commercial mortgage-backed securities and, to a lesser degree, residential mortgage-backed securities. The Fund was underweight relative to the Barclays Index in U.S. government securities. On a contribution to duration basis, it should be noted, the Fund was modestly underweight residential mortgage-backed securities broadly and, in particular, agency mortgage-backed securities at the end of September 2015. The Fund had a modestly longer duration than that of the Barclays Index at the end of the Reporting Period.

13

FUND BASICS

Government Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.01	%		0.34	%		1.45	%		1.36	%
Class C		-0.36			0.34			0.76			0.67
Institutional		0.18			0.34			1.84			1.75
Service		-0.07			0.34			1.35			1.25
Class IR		0.14			0.34			1.75			1.66
Class R		-0.11			0.34			1.26			1.17
July 31, 2015– September 30, 2015
Class R6		0.67	%		0.80	%		1.83	%		1.73	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Barclays Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Barclays Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  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.

14

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.64	%		1.29	%		3.31	%		4.90	%	2/10/93
Class C		0.45			1.31			2.94			3.87		8/15/97
Institutional		2.56			2.42			4.07			5.03		8/15/97
Service		2.06			1.89			3.54			4.50		8/15/97
Class IR		2.47			2.31			N/A			3.60		11/30/07
Class R6		N/A			N/A			N/A			0.67		7/31/15
Class R		1.96			1.81			N/A			3.10		11/30/07

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares, Class IR, Class R6 and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the 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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.91	%		1.05	%
Class C		1.66			1.80
Institutional		0.58			0.71
Service		1.07			1.21
Class IR		0.66			0.80
Class R6		0.56			0.69
Class R		1.16			1.30

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, 2016, 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.

15

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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”), the Federal National Mortgage Association (“FNMA”) and the 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.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

16

PORTFOLIO RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

The Fund seeks to provide a high level of current income, consistent with low volatility of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of -0.46%, -0.29%, -0.53% and -0.34%, respectively. These returns compare to the 0.02% cumulative total return of the Fund’s benchmark, the Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index (“BofA ML Three-Month U.S. Treasury Bill Index”).

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of -0.15%. This return compares to the 0.02% cumulative total return of the BofA ML Three-Month U.S. Treasury Bill Index during the same period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector. Our cross-sector strategy also detracted from the Fund’s results 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 was positive, especially amongst corporate bonds and government/swap securities.

The duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/ or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

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

A Cross-sector positioning was the primary detractor from the Fund’s results during the Reporting Period, with exposure to corporate bonds and agency mortgage-backed securities hurting most, as spreads, or yield differentials to U.S. Treasuries, widened. During the Reporting Period, corporate spreads hovered around their widest levels since 2012, driven by increased market volatility linked to lower commodity prices, a potential slowdown in Chinese economic growth and prolonged accommodative monetary policy in the U.S. Agency mortgage-backed securities underperformed duration-neutral U.S. Treasuries by approximately 20 basis points in September 2015 largely as a result of increased market volatility and spread widening along with other risk assets. (A basis point is 1/100th of a percentage point.)

Individual issue selection of corporate bonds and of government securities within the government/swaps sector contributed positively to Fund results during the Reporting Period. Selection within the securitized sector added value as well.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period, with the majority of negative return attributable to a core underweighted position in U.S. Treasury securities held

17

PORTFOLIO RESULTS

during the Reporting Period. More specifically, the Fund’s tactical duration positioning detracted from relative results due to an underweighted position in the 10-year and 20-year nodes, or points, of the U.S. Treasury yield curve as well as in the three-year node.

The U.S. Treasury yield curve steepened during the Reporting Period, as short-term yields declined modestly, while long-term yields rose. The 10-year U.S. Treasury yield rose approximately 11 basis points to end the Reporting Period at 2.04%. We believe that soft, or muted, inflation data, tight financial conditions and an unwillingness to surprise a market not pricing in a September 2015 lift-off, or interest rate hike, drove the Federal Reserve’s (the “Fed”) decision to keep interest rates constant at its September 2015 meeting. Noting potential risks from global economic and financial developments, at the end of the Reporting Period, we expected the Fed to hike rates in December 2015 or early 2016.

As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (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.) The Fund employed swaptions (or options on interest rate swap contracts) for the purpose of taking modest short volatility positions, that is, positions that pay a modest return when market volatility remains relatively stable.

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

A The Fund’s exposure to residential mortgage-backed securities, asset-backed securities and government securities increased during the Reporting Period. A corresponding decrease in allocation was concentrated in cash and quasi-government securities. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the BofA ML Three-Month U.S. Treasury Bill Index. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the BofA ML Three-Month U.S. Treasury Bill Index by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A While the Fund is benchmarked to U.S. Treasuries, it held a significant portion of its assets in non-Treasury sectors not represented in the benchmark index at the end of the Reporting Period. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably agency mortgage-backed securities, quasi-government securities (may include taxable municipal debt obligations or municipal securities) and asset-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

18

FUND BASICS

High Quality Floating Rate Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			BofA ML Three- Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.46	%		0.02	%		0.13	%		0.04	%
Institutional		-0.29			0.02			0.47			0.38
Service		-0.53			0.02			0.01			-0.12
Class IR		-0.34			0.02			0.38			0.29
July 31, 2015– September 30, 2015
Class R6		-0.15	%		0.02	%		0.39	%		0.30	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The BofA ML Three-Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by BofA Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

³  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.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.36	%		-0.35	%		1.02	%		2.67	%	5/15/95
Institutional		-0.62			0.24			1.50			3.37		7/17/91
Service		-0.98			-0.21			1.03			2.27		3/27/97
Class IR		-0.71			0.13			N/A			0.49		11/30/07
Class R6		N/A			N/A			N/A			-0.15		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Service Shares, Class IR Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

19

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.66	%		0.90	%
Institutional		0.36			0.56
Service		0.73			1.07
Class IR		0.45			0.65
Class R6		0.34			0.54

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, 2016, 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.

20

FUND BASICS

FUND COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represent repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Agency Debentures” include agency securities offered by companies such as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“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.

⁸  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

21

PORTFOLIO RESULTS

Goldman Sachs Inflation Protected Securities Fund

Investment Objective

The Fund seeks real return consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of -2.43%, -2.70%, -2.20%, -2.25% and -2.52%, respectively. These returns compare to the -2.20% cumulative total return of the Fund’s benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (“Barclays U.S. TIPS Index”), during the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of -1.40%. This return compares to the -1.35% cumulative total return of the Barclays U.S. TIPS Index during the same period.

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

A Our cross-sector strategy detracted most from the Fund’s results 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, including interest rate swaps and/or futures.

Bottom-up individual issue selection of various maturity U.S. Treasury inflation-protected securities (“TIPS”) was the key positive contributor to the Fund’s performance during the Reporting Period.

Our duration and yield curve positioning strategy together contributed positively, to the Fund’s results. The duration strategy for the Fund is primarily implemented via interest rate swaps and/or futures. Furthermore, derivatives are used in combination with cash securities to implement our views in the Fund. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A Positioning in derivatives, implemented via our cross-sector strategy, detracted from the Fund’s relative results, especially in September 2015.

Individual issue selection of various maturity TIPS contributed most positively to Fund performance during the Reporting Period. Particularly beneficial to relative results was the Fund’s overweight to short duration TIPS, i.e. those with maturities of less than two years, and to long duration TIPS, i.e. those with maturities greater than 15 years, especially in August and September 2015.

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

A The combination of the Fund’s U.S. duration and yield curve positioning contributed positively, albeit modestly, to its relative results during the Reporting Period. Overall, the Fund had a modestly short to neutral duration relative to

22

PORTFOLIO RESULTS

that of the Barclays U.S. TIPS Index through most of the Reporting Period. We maintained this stance in response to a downturn in economic data from China as well as to dovish commentary from the European Central Bank, which we saw as offsetting a strengthening U.S. economy. (Dovish commentary is commentary that is not strong or aggressive; opposite of hawkish.)

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

A The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. We used interest rate and bond exchange traded futures contracts to help implement duration positioning within the Fund. Interest rate swaps were used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) to express our views on interest rate volatility and an outright term structure view.

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

A We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. For example, the summer months are usually highlighted by weak inflation technicals, and, as such, we modestly reduced the Fund’s exposure to TIPS during these months. Indeed, inflation breakeven rates fell during the summer of 2015, with 10-year breakeven inflation rates declining 32 basis points since April 2015 to close September 2015 at 1.41%. (A basis point is 1/100th of a percentage point.) Unleaded gas prices also fell during the summer of 2015, causing breakevens to narrow. Also, we adjusted the Fund’s duration and yield curve positioning as market conditions shifted during the Reporting Period. (Breakeven inflation is the difference between the nominal yield on a fixed rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality.)

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A Consumer Price Index (“CPI”) data show that prices were unchanged for the 12 months ended September 2015 on a seasonally unadjusted basis. Much of the flat inflation reading can be attributed to the collapse in energy-related commodity prices, as core CPI (which excludes food and energy) was up 1.9% for the 12 months ended September 2015. Outside of the negative contribution from energy, positive inflation readings were being driven by medical care, shelter (a result of a recovering housing market) and a strengthening U.S. dollar (which kept downward pressure on the prices of imported goods).

At the end of September 2015, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. We maintained our bias toward the short, i.e. less than two years, and long, i.e. more than 15 years, ends of the TIPS rate curve, where, in our view, securities appeared to be inexpensive versus inflation expectations. The Fund had a marginally shorter duration than the Barclays U.S. TIPS Index at the end of the Reporting Period, as we expect the Fed to raise interest rates either later in 2015 or in early 2016.

We recognize that seasonal factors may be a headwind to the TIPS sector performance through early in the fourth quarter of 2015. Going forward, we intend to continue closely monitoring macro developments both domestically and abroad for the potential impact on inflation expectations.

23

FUND BASICS

Inflation Protected Securities Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-2.43	%		-2.20	%		0.02	%		-0.28	%
Class C		-2.70			-2.20			-0.71			-1.01
Institutional		-2.20			-2.20			0.35			0.03
Class IR		-2.25			-2.20			0.27			-0.04
Class R		-2.52			-2.20			-0.23			-0.54
July 31, 2015– September 30, 2015
Class R6		-1.40%			-1.35	%		0.36	%		0.04	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Barclays U.S. TIPS Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Barclays U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  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.

24

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Since Inception			Inception Date
Class A		-5.44	%		1.25	%		3.41	%	8/31/07
Class C		-3.48			1.29			3.18		8/31/07
Institutional		-1.36			2.39			4.30		8/31/07
Class IR		-1.49			2.27			3.51		11/30/07
Class R6		N/A			N/A			-1.40		7/31/15
Class R		-1.95			1.80			3.03		11/30/07

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Class IR Shares, Class R6 Shares and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the 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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.69	%		0.96	%
Class C		1.44			1.71
Institutional		0.35			0.62
Class IR		0.45			0.71
Class R6		0.33			0.60
Class R		0.95			1.22

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, 2016, 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.

25

FUND BASICS

FUND COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represent repurchase agreements. Figures in the 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  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.7 and 9.3 years, respectively, at September 30, 2015 and March 31, 2015.

26

PORTFOLIO RESULTS

Goldman Sachs Limited Maturity Obligations Fund

Investment Objective

The Fund seeks to generate current income while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Limited Maturity Obligations Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional and Administration Shares generated cumulative total returns, without sales charges, of 0.23% and 0.11%, respectively. These returns compare to the 0.09% cumulative total return of the Fund’s benchmark, the Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index (“BofA ML 3-6 Month U.S. Treasury Bill Index”), during the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection amongst corporate bonds, municipal securities and government/agency securities were the main drivers of performance during the Reporting Period, contributing positively.

Within our top-down strategies, our duration and yield curve positioning strategy detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector. Our cross-sector strategy also dampened the Fund’s relative results 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.

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

A Our individual security selection strategies were the primary positive contributor to the Fund’s relative results during the Reporting Period, especially individual selection of government securities and corporate bonds. The key contributor to relative results was selection amongst government and agency securities of short maturity. Selection amongst municipal securities also proved effective.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from the Fund’s results during the Reporting Period. A shorter duration position than the BofA ML 3-6 Month U.S. Treasury Bill Index detracted from returns, as an underweight to the three-month and six-month nodes, or points, of the U.S. Treasury yield curve weighed on performance.

The U.S. Treasury yield curve steepened during the Reporting Period, as short-term yields declined modestly, while long-term yields rose. The 10-year U.S. Treasury yield rose approximately 11 basis points to end the Reporting Period at 2.04%. (A basis point is 1/100th of a percentage point.) We believe that soft, or muted, inflation data, tight

27

PORTFOLIO RESULTS

financial conditions and an unwillingness to surprise a market not pricing in a September 2015 lift-off, or interest rate hike, drove the Federal Reserve’s (the “Fed”) decision to keep interest rates constant at its September 2015 meeting. Noting potential risks from global economic and financial developments, at the end of the Reporting Period, we expected the Fed to hike rates in December 2015 or early 2016.

During the Reporting Period, the Fund maintained a short duration position relative to the BofA ML 3-6 Month U.S. Treasury Bill Index, ending the Reporting Period with a weighted average maturity of 61 days. (The weighted average maturity of a fund is a measure of its price sensitivity to changes in interest rates.) As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund does not use derivatives.

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

A As the Fund launched on February 28, 2014, it was not a matter of making changes during the Reporting Period but of continuing to build the portfolio. That said, the Fund’s weighting in corporate obligations increased during the Reporting Period, and its exposure to municipal debt obligations decreased.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A At the end of the Reporting Period, the Fund had built an emphasis on municipal securities, repurchase agreements, corporate credit and asset-backed commercial paper. The Fund also had a significant portion of its assets in cash and cash equivalents at the end of September 2015.

28

FUND BASICS

Limited Maturity Obligations Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			BofA ML 3-6 Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Institutional		0.23	%		0.09	%		0.53	%		-0.98	%
Administration		0.11			0.09			0.29			-1.21

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The BofA ML 3-6 Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90 to 180-day maturity. The BofA ML 3-6 Month U.S. Treasury Bill Index is unmanaged, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  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.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/15	One Year			Since Inception			Inception Date
Institutional		0.42	%		0.37	%	2/28/14
Administration		0.17			0.13		2/28/14

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional Shares and Administration Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

29

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.19	%		4.62	%
Administration		0.42			4.87

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, 2016, 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 COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represent certificates of deposit and 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.

30

PORTFOLIO RESULTS

Goldman Sachs Short Duration Government Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 0.17%, -0.03%, 0.34%, 0.09% and 0.30%, respectively. These returns compare to the 0.40% cumulative total return of the Fund’s benchmark, the Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index (“BofA ML Two-Year U.S. Treasury Note Index”), during the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.08%. This return compares to the 0.28% cumulative total return of the BofA ML Two-Year U.S. Treasury Note Index during the same period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy was the primary detractor from relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Our duration and yield curve positioning strategies contributed positively to relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Bottom-up individual issue selection overall contributed positively. Security selection amongst mortgage-backed securities and government/swap securities proved especially effective, partially offset by selection among Treasury inflation-protected securities (“TIPS”) within the government/swaps sector, which detracted.

The duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/ or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

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

A Sector positioning was the primary detractor from the Fund’s results during the Reporting Period. The majority of underperformance came from exposures to agency mortgage-backed securities and agency debentures, which lagged U.S. Treasuries largely as a result of increased market volatility and spread, or yield differentials to U.S. Treasuries, widening along with other risk assets. These detractors were partially offset by exposure to U.S. Treasury swaps, which added value.

Individual issue selection within the securitized sector contributed positively to Fund results, primarily our selection of premium coupon mortgage-backed securities. Selection of government securities also buoyed returns, slightly offset by selection of TIPS within the government/swaps sector, which detracted.

31

PORTFOLIO RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period. During May, July and August 2015 the Fund’s tactical duration positioning contributed positively to performance due to an overweight to the five-year and seven-year nodes, or points, of the U.S. Treasury yield curve.

The U.S. Treasury yield curve steepened during the Reporting Period, as short-term yields declined modestly, while long-term yields rose. The 10-year U.S. Treasury yield rose approximately 11 basis points to end the Reporting Period at 2.04%. (A basis point is 1/100th of a percentage point.) We believe that soft, or muted, inflation data, tight financial conditions and an unwillingness to surprise a market not pricing in a September 2015 lift-off, or interest rate hike, drove the Federal Reserve’s (the “Fed”) decision to keep interest rates constant at its September 2015 meeting. Noting potential risks from global economic and financial developments, at the end of the Reporting Period, we expected the Fed to hike rates in December 2015 or early 2016. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (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.) The Fund employed swaptions (or options on interest rate swap contracts) for the purpose of taking modest short volatility positions, that is, positions that pay a modest return when market volatility remains relatively stable. The Fund used forward sales contracts and futures contracts to help manage duration.

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

A The Fund’s exposure to quasi-government securities, mortgage-backed securities and cash decreased during the Reporting Period. A corresponding increase in allocation was concentrated in government securities. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the BofA ML Two-Year U.S. Treasury Note Index. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the BofA ML Two-Year U.S. Treasury Note Index by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A While the Fund is benchmarked to U.S. Treasuries, it continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably quasi-government securities, including agency-issued debentures, as well as agency mortgage-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

32

FUND BASICS

Short Duration Government Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			BofA ML Two-Year U.S. Treasury  Note Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.17	%		0.40	%		0.42	%		0.33	%
Class C		-0.03			0.40			0.03			-0.39
Institutional		0.34			0.40			0.76			0.67
Service		0.09			0.40			0.26			0.18
Class IR		0.30			0.40			0.67			0.58
July 31, 2015– September 30, 2015
Class R6		0.08	%		0.28	%		0.76	%		0.67	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The BofA ML Two-Year U.S. Treasury Note Index is a one-security index comprised of the most recently issued 2-year U.S. Treasury note. The BofA ML Two-Year U.S. Treasury Note Index is rebalanced monthly. In order to qualify for inclusion, a 2-year note must be auctioned on or before the third business day before the last business day of the month. The BofA ML Two-Year U.S. Treasury Note Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

³  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.

33

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.20	%		0.09	%		2.48	%		3.49	%	5/1/97
Class C		-0.79			0.03			2.09			2.82		8/15/97
Institutional		0.60			0.76			3.00			4.96		8/15/88
Service		0.09			0.25			2.49			3.59		4/10/96
Class IR		0.51			0.67			N/A			2.29		11/30/07
Class R6		N/A			N/A			N/A			0.08		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares, Class IR Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.83	%		0.93	%
Class C		1.23			1.69
Institutional		0.49			0.59
Service		0.99			1.10
Class IR		0.58			0.68
Class R6		0.47			0.57

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, 2016, 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.

34

FUND BASICS

FUND COMPOSITION⁶

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represent repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Agency Debentures” include agency securities offered by companies such as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“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.

⁸  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

35

PORTFOLIO RESULTS

Goldman Sachs Short Duration Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Liquidity Management Team discusses the Goldman Sachs Short Duration Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 0.19%, 0.00%, 0.36%, 0.32% and 0.07%, respectively. These returns compare to the 0.54% cumulative total return of the Goldman Sachs Short Duration Income Fund Composite Index (the “Short Duration Income Composite”) during the same period. The Short Duration Income Composite is comprised 50% of the Barclays U.S. 1-5 Year Corporate Bond Index and 50% of the Barclays U.S. 1-5 Year Government Bond Index, which generated cumulative total returns of 0.37% and 0.70%, respectively, over the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.06%. This return compares to the 0.44% cumulative total return of the Short Duration Income Composite during the same period. The Barclays U.S. 1-5 Year Corporate Bond Index and the Barclays U.S. 1-5 Year Government Bond Index, comprising the Short Duration Income Composite in equal parts, generated cumulative total returns of 0.37% and 0.49%, respectively, over the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted from the Fund’s results during the Reporting Period as well. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy more modestly detracted from the Fund’s performance. Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our country strategy added to relative results, with performance driven by relative value trades. Our currency strategy also contributed positively. The Japanese yen, where the Fund was overweighted, was the best performing currency against the U.S. dollar, appreciating approximately 2.19% during the Reporting Period. The Japanese yen benefited from general uncertainty surrounding U.S. Federal Reserve (“Fed”) policy and the Fed’s decision not to raise interest rates at its September 2015 meeting.

Bottom-up individual issue selection amongst the corporate, government and emerging markets debt sectors contributed positively to the Fund’s results, while individual issue selection amongst the securitized debt sector detracted.

The duration, country, currency and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

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

A Sector positioning detracted from the Fund’s results during the Reporting Period, with an overweight to the corporate sector hurting most, as spreads, or yield differentials to U.S. Treasuries, widened. During the Reporting Period, corporate spreads hovered around their widest levels since 2012, driven by increased market volatility linked to lower commodity prices, a potential slowdown in Chinese economic growth and prolonged accommodative monetary policy in the U.S. In addition, exposure to emerging market debt dampened the Fund’s relative results, as sovereign spreads widened

36

PORTFOLIO RESULTS

significantly, closing the Reporting Period at 433 basis points over U.S. Treasuries. (A basis point is 1/100th of a percentage point.)

The Fund’s exposure to U.S. swap spreads added value. (Swap spreads are defined as the difference between the swap rate on a contract and the yield on a government bond of the same maturity. It is used to represent the risk associated with the investment, since changes in interest rates will ultimately affect return. Swap spreads are based on LIBOR rates, the creditworthiness of the swap’s parties, and other economic factors that could influence the terms of the investment’s interest rates.)

Individual issue selection of high yield corporate bonds and shorter-dated investment grade corporate bonds contributed positively to Fund results during the Reporting Period. In addition, effective selection within the government/ swaps and emerging market debt sectors contributed positively. Such positive contributors were slightly offset, however, by individual selection within the securitized sector, particularly selection of asset-backed securities and mortgage-backed securities, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted modestly from its results during the Reporting Period, with the majority of negative return attributable to positioning in the 10-year and 30-year nodes, or points, of the U.S. Treasury yield curve.

The U.S. Treasury yield curve steepened during the Reporting Period, as short-term yields declined modestly, while long-term yields rose. The 10-year U.S. Treasury yield rose approximately 11 basis points to end the Reporting Period at 2.04%. (A basis point is 1/100th of a percentage point.) We believe that soft, or muted, inflation data, tight financial conditions and an unwillingness to surprise a market not pricing in a September 2015 lift-off, or interest rate hike, drove the Federal Reserve’s (the “Fed”) decision to keep interest rates constant at its September 2015 meeting. Noting potential risks from global economic and financial developments, at the end of the Reporting Period, we expected the Fed to hike rates in December 2015 or early 2016.

As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (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.) The Fund employed credit default swaps to manage the credit profile of the Fund. The Fund used forward foreign currency transactions to hedge its exposure to foreign currency exposure and increase total return. The Fund employed swaptions (or options on interest rate swap contracts) to hedge and express an outright term structure view and to help manage volatility.

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

A The Fund’s allocations to asset-backed securities, investment grade corporate bonds and commercial mortgage-backed securities increased during the Reporting Period. A corresponding decrease in allocation was concentrated in government securities, residential mortgage-backed securities, municipal bonds and high yield corporate bonds. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the Short Duration Income Composite. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the Short Duration Income Composite by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of September 2015?

A While the Fund is benchmarked to an equally-balanced composite of the Barclays U.S. 1-5 Year Corporate Bond Index and the Barclays U.S. 1-5 Year Government Bond Index, it held a portion of its assets in non-Treasury sectors not represented in the Short Duration Income Composite. Indeed, the Fund maintained exposure to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably agency mortgage-backed securities, asset-backed securities, high yield corporate bonds and emerging market debt. The Fund also had exposure to government bonds and quasi-government securities at the end of the Reporting Period.

37

FUND BASICS

Short Duration Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Short Duration Income Fund Composite Index2			Barclays U.S. 1-5 Year Corporate Bond Index3			Barclays U.S. 1-5 Year Government Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		0.19	%		0.54	%		0.37	%		0.70	%		1.75	%		1.59	%
Class C		0.00			0.54			0.37			0.70			1.37			0.87
Institutional		0.36			0.54			0.37			0.70			2.11			1.96
Class IR		0.32			0.54			0.37			0.70			2.02			1.86
Class R		0.07			0.54			0.37			0.70			1.47			1.31
July 31, 2015– September 30, 2015
Class R6		0.06	%		0.44	%		0.37	%		0.49	%		1.99	%		1.83	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Short Duration Income Composite Index is comprised of the Barclays U.S. 1-5 Year Corporate Bond Index (50%) and the Barclays U.S. 1-5 Year Government Bond Index (50%).

³  The Barclays U.S. 1-5 Year Corporate Bond Index provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. and non-U.S. corporations. The Barclays U.S. 1-5 Year Corporate Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Barclays U.S. 1-5 Year Government Bond Index provides a broad based measure of securities issued by the U.S. government with final maturities ranging from one to five years. This includes public obligations of the U.S. Treasury, U.S. government agencies, quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government. The Barclays U.S. 1-5 Year Government Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  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.

38

FUND BASICS

STANDARDIZED TOTAL RETURNS6
For the period ended 9/30/15	One Year			Since Inception			Inception Date
Class A		-1.05	%		1.08	%	2/29/12
Class C		-0.63			1.10		2/29/12
Institutional		0.75			1.87		2/29/12
Class IR		0.66			1.78		2/29/12
Class R6		N/A			0.06		7/31/15
Class R		0.17			1.27		2/29/12

⁶  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional Shares, Class IR Shares, Class R6 Shares and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the 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.

EXPENSE RATIOS7
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.99	%
Class C		1.18			1.74
Institutional		0.45			0.64
Class IR		0.55			0.74
Class R6		0.43			0.62
Class R		1.01			1.22

⁷  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, 2016, 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.

39

FUND BASICS

FUND COMPOSITION⁸

⁸  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 certificates of deposit and 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.

⁹  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

¹⁰  “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.

40

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 64.9%
	Aerospace/Defense – 0.3%
	General Dynamics Corp.
$	1,525,000		1.000	%		11/15/17	$	1,514,603
	Automotive(a) – 0.7%
	Daimler Finance North America LLC
	1,400,000		1.650			05/18/18		1,373,421
	1,050,000		2.250			03/02/20		1,018,863
	Harley-Davidson Financial Services, Inc.(b)
	800,000		2.150			02/26/20		798,053
								3,190,337
	Banks – 29.3%
	Abbey National Treasury Services PLC
	1,225,000		2.000			08/24/18		1,229,430
	ABN AMRO Bank NV(a)
	3,925,000		2.500			10/30/18		3,979,989
	American Express Credit Corp.(b)
	3,675,000		2.375			05/26/20		3,669,986
	Associates Corp. of North America
	1,450,000		6.950			11/01/18		1,654,623
	Australia & New Zealand Banking Group Ltd.
	850,000		0.900			02/12/16		851,026
	Bank of America Corp.
	6,125,000		6.000			09/01/17		6,604,188
	Bank of Montreal
	25,000		1.800			07/31/18		25,020
	Bank of Nova Scotia
	2,625,000		0.750			10/09/15		2,625,155
	Bank of Scotland PLC(a)
	100,000		5.250			02/21/17		105,810
	Bank of Tokyo-Mitsubishi UFJ Ltd.(a)(c)
	900,000		0.742			03/10/17		897,711
	Barclays Bank PLC(c)
	4,350,000		0.901			02/17/17		4,347,177
	BNP Paribas SA
	900,000		2.375			05/21/20		899,955
	BPCE SA
	1,726,000		2.500			12/10/18		1,756,775
	Capital One Bank USA NA(b)
	2,075,000		1.150			11/21/16		2,066,897
	1,325,000		0.814	(c)		02/13/17		1,317,766
	Commonwealth Bank of Australia(a)(c)
	2,875,000		0.696			03/13/17		2,871,608
	Compass Bank(b)
	1,250,000		1.850			09/29/17		1,246,431
	Cooperatieve Centrale Raiffeisen – Boerenleenbank BA(c)
	3,450,000		0.820			03/18/16		3,454,630
	Credit Agricole SA(a)(c)
	2,975,000		1.134			10/03/16		2,983,827
	Credit Suisse AG(c)
	3,900,000		0.822			05/26/17		3,886,771
	Credit Suisse New York
	1,475,000		1.750			01/29/18		1,474,287
	Discover Bank(b)
	1,600,000		2.600			11/13/18		1,605,892
	Fifth Third Bank(b)(c)
	3,725,000		0.834			11/18/16		3,721,432
	Corporate Obligations – (continued)
	Banks – (continued)
	HSBC USA, Inc.
$	3,075,000		1.500	%		11/13/17	$	3,062,459
	ING Bank NV(a)
	1,875,000		1.375			03/07/16		1,879,556
	1,600,000		1.800			03/16/18		1,602,310
	1,425,000		2.050			08/17/18		1,431,709
	Intesa Sanpaolo SpA
	2,750,000		3.125			01/15/16		2,764,869
	JPMorgan Chase & Co.
	1,200,000		6.400			10/02/17		1,309,431
	3,925,000		0.924	(c)		01/28/19		3,909,473
	Lloyds Bank PLC
	2,725,000		1.750			03/16/18		2,720,366
	1,100,000		2.000			08/17/18		1,102,415
	Macquarie Bank Ltd.(a)(c)
	2,600,000		0.787			06/15/16		2,599,823
	Mizuho Corporate Bank Ltd.(a)
	1,475,000		2.550			03/17/17		1,496,480
	1,150,000		1.550			10/17/17		1,147,280
	Morgan Stanley & Co.
	1,525,000		4.750			03/22/17		1,596,647
	4,525,000		1.143	(c)		01/24/19		4,527,724
	MUFG Americas Holdings Corp.(b)
	550,000		1.625			02/09/18		547,900
	MUFG Union Bank NA(b)
	2,250,000		2.625			09/26/18		2,286,873
	Nordea Bank AB(a)
	1,900,000		1.875			09/17/18		1,902,941
	PNC Bank NA(b)
	3,050,000		1.150			11/01/16		3,050,706
	Royal Bank of Canada
	1,775,000		0.850			03/08/16		1,777,432
	Royal Bank of Scotland PLC
	2,625,000		4.375			03/16/16		2,668,470
	Santander Bank NA(b)
	950,000		2.000			01/12/18		942,208
	Santander Holdings USA, Inc.(b)
	250,000		2.650			04/17/20		244,995
	Sparebank 1 Boligkreditt AS(a)
	13,400,000		2.625			05/26/16		13,558,192
	Svenska Handelsbanken AB(c)
	2,875,000		0.795			03/21/16		2,878,565
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	1,500,000		1.450			09/08/17		1,489,920
	1,625,000		1.700			03/05/18		1,615,434
	The Toronto-Dominion Bank(a)
	14,800,000		1.500			03/13/17		14,909,083
	Westpac Banking Corp.
	5,025,000		2.300			05/26/20		5,052,145
								137,351,792
	Chemicals – 1.1%
	Ecolab, Inc.
	2,025,000		1.550			01/12/18		2,017,276

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Chemicals – (continued)
	Praxair, Inc.
$	3,125,000		1.050	%		11/07/17	$	3,109,071
								5,126,347
	Construction Machinery – 0.4%
	Caterpillar Financial Services Corp.
	1,350,000		0.474	(c)		03/03/17		1,346,254
	735,000		2.450			09/06/18		749,611
								2,095,865
	Diversified Manufacturing – 0.6%
	Amphenol Corp.
	925,000		1.550			09/15/17		922,398
	1,000,000		2.550	(b)		01/30/19		1,010,095
	Danaher Corp.
	850,000		1.650			09/15/18		853,910
								2,786,403
	Electric – 2.1%
	Alabama Power Co.
	450,000		0.550			10/15/15		449,998
	American Electric Power Co., Inc.(b)
	518,000		1.650			12/15/17		515,581
	Commonwealth Edison Co.(b)
	525,000		2.150			01/15/19		528,638
	Dominion Resources, Inc.
	1,150,000		1.900			06/15/18		1,148,451
	Duke Energy Progress, Inc.(c)
	2,300,000		0.534			03/06/17		2,292,208
	Electricite de France(a)(c)
	3,125,000		0.747			01/20/17		3,123,531
	Exelon Corp.
	1,075,000		1.550			06/09/17		1,072,377
	Virginia Electric and Power Co.(b)
	900,000		1.200			01/15/18		894,527
								10,025,311
	Energy – 1.9%
	Anadarko Petroleum Corp.
	1,425,000		6.375			09/15/17		1,531,235
	BP Capital Markets PLC
	4,425,000		3.125			10/01/15		4,425,000
	Halliburton Co.
	1,925,000		1.000			08/01/16		1,925,054
	Statoil ASA(c)
	1,200,000		0.611			05/15/18		1,189,738
								9,071,027
	Food and Beverage – 4.9%
	Cargill, Inc.(a)
	1,700,000		1.900			03/01/17		1,713,792
	ConAgra Foods, Inc.
	1,975,000		1.900			01/25/18		1,960,741
	Diageo Capital PLC
	2,600,000		5.750			10/23/17		2,821,934
	HJ Heinz Co.(a)
	1,925,000		2.000			07/02/18		1,927,497
	Corporate Obligations – (continued)
	Food and Beverage – (continued)
	Pernod-Ricard SA(a)
$	1,600,000		2.950	%		01/15/17	$	1,626,741
	SABMiller Holdings, Inc.(a)
	1,625,000		2.450			01/15/17		1,646,833
	Starbucks Corp.
	3,725,000		0.875			12/05/16		3,726,225
	Suntory Holdings Ltd.(a)
	2,850,000		1.650			09/29/17		2,842,034
	Sysco Corp.(b)
	625,000		2.600			10/01/20		625,912
	The J.M. Smucker Co.(a)
	2,025,000		1.750			03/15/18		2,026,404
	WM Wrigley Jr Co.(a)
	1,900,000		2.000			10/20/17		1,915,337
								22,833,450
	Health Care – Medical Products – 0.6%
	Becton Dickinson & Co.
	1,250,000		1.800			12/15/17		1,256,287
	Thermo Fisher Scientific, Inc.
	1,675,000		1.300			02/01/17		1,668,970
								2,925,257
	Health Care Services – 1.1%
	McKesson Corp.
	950,000		3.250			03/01/16		958,327
	UnitedHealth Group, Inc.
	2,725,000		1.400			10/15/17		2,724,083
	1,400,000		1.900			07/16/18		1,413,292
								5,095,702
	Life Insurance(a) – 1.1%
	Metropolitan Life Global Funding I(c)
	3,875,000		0.663			04/10/17		3,874,364
	Reliance Standard Life Global Funding II
	1,375,000		2.500			04/24/19		1,389,332
								5,263,696
	Media – Cable – 0.9%
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	2,450,000		2.400			03/15/17		2,479,966
	Time Warner Cable, Inc.
	1,725,000		5.850			05/01/17		1,826,666
								4,306,632
	Media – Non Cable – 0.9%
	NBCUniversal Enterprise, Inc.(a)(c)
	3,500,000		0.826			04/15/16		3,503,854
	Thomson Reuters Corp.
	850,000		0.875			05/23/16		849,255
								4,353,109
	Metals & Mining – 1.1%
	BHP Billiton Finance USA Ltd.(c)
	2,050,000		0.577			09/30/16		2,046,419
	Glencore Finance Canada Ltd.(a)
	1,625,000		2.700			10/25/17		1,461,687

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Metals & Mining – (continued)
	Rio Tinto Finance USA PLC(b)
$	1,750,000		2.000	%		03/22/17	$	1,754,875
								5,262,981
	Noncaptive – Financial – 0.7%
	General Electric Capital Corp.
	2,875,000		5.625			09/15/17		3,132,044
	Pharmaceuticals – 5.2%
	AbbVie, Inc.
	1,750,000		1.750			11/06/17		1,754,781
	5,150,000		1.800			05/14/18		5,134,125
	Actavis Funding SCS
	7,450,000		2.350			03/12/18		7,476,276
	Bayer US Finance LLC(a)(c)
	3,350,000		0.564			10/06/17		3,333,361
	Eli Lilly & Co.
	450,000		1.250			03/01/18		449,242
	EMD Finance LLC(a)
	3,125,000		1.700			03/19/18		3,130,666
	Forest Laboratories, Inc.(a)
	1,825,000		4.375			02/01/19		1,931,611
	Gilead Sciences, Inc.
	1,400,000		1.850			09/04/18		1,409,240
								24,619,302
	Pipelines – 0.9%
	Columbia Pipeline Group, Inc.(a)
	825,000		2.450			06/01/18		826,661
	Enterprise Products Operating LLC
	1,625,000		1.650			05/07/18		1,607,762
	TransCanada PipeLines Ltd.
	1,550,000		1.875			01/12/18		1,553,575
								3,987,998
	Real Estate Investment Trust – 3.1%
	ERP Operating LP
	1,725,000		5.750			06/15/17		1,845,051
	HCP, Inc.
	2,550,000		6.000			01/30/17		2,691,960
	Health Care REIT, Inc.
	2,575,000		4.700			09/15/17		2,715,457
	Select Income REIT(b)
	450,000		2.850			02/01/18		452,250
	Senior Housing Properties Trust(b)
	1,625,000		3.250			05/01/19		1,633,938
	Ventas Realty LP
	1,714,000		1.550			09/26/16		1,719,414
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	3,425,000		1.750			09/15/17		3,402,176
								14,460,246
	Retailers – Food & Drug – 1.1%
	CVS Health Corp.
	3,775,000		1.900			07/20/18		3,798,547
	Corporate Obligations – (continued)
	Retailers – Food & Drug – (continued)
	Walgreens Boots Alliance, Inc.
$	1,175,000		1.750	%		11/17/17	$	1,178,746
								4,977,293
	Technology – 2.3%
	Cisco Systems, Inc.(c)
	2,675,000		0.614			03/03/17		2,674,965
	Fiserv, Inc.(b)
	1,025,000		2.700			06/01/20		1,032,669
	Harris Corp.
	925,000		1.999			04/27/18		920,807
	Hewlett-Packard Co.(c)
	4,000,000		1.226			01/14/19		4,035,964
	QUALCOMM, Inc.
	2,000,000		1.400			05/18/18		1,988,656
								10,653,061
	Tobacco – 1.0%
	BAT International Finance PLC(a)
	1,575,000		1.850			06/15/18		1,582,179
	Reynolds American, Inc.
	2,900,000		2.300			06/12/18		2,932,544
								4,514,723
	Transportation(a) – 0.6%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,300,000		3.750			05/11/17		1,338,883
	1,625,000		2.875			07/17/18		1,647,209
								2,986,092
	Wireless Telecommunications – 0.2%
	Telefonica Emisiones SAU
	1,050,000		3.992			02/16/16		1,060,944
	Wirelines Telecommunications – 2.8%
	BellSouth Corp.(a)(d)
	2,200,000		4.821			04/26/16		2,244,772
	Verizon Communications, Inc.
	1,950,000		3.650			09/14/18		2,052,070
	7,650,000		6.350			04/01/19		8,748,341
								13,045,183
	TOTAL CORPORATE OBLIGATIONS
	(Cost $305,022,562)						$	304,639,398
	Asset-Backed Securities – 18.7%
	Autos – 3.4%
	Ally Auto Receivables Trust Series 2015-SN1, Class A3
$	1,900,000		1.210	%		03/20/17	$	1,903,844
	Ally Master Owner Trust Series 2012-5, Class A
	4,600,000		1.540			09/15/19		4,602,591
	Ally Master Owner Trust Series 2015-2, Class A2
	4,000,000		1.830			01/15/21		4,002,193
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(c)
	4,400,000		0.587			01/15/18		4,401,308

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Autos – (continued)
	GM Financial Automobile Leasing Trust Series 2015-1, Class A3
$	1,200,000		1.530	%		09/20/18	$	1,202,830
								16,112,766
	Credit Card – 5.4%
	Bank of America Credit Card Trust Series 2014-A1, Class A(c)
	7,000,000		0.587			06/15/21		6,996,310
	Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200			12/15/22		3,512,945
	Capital One Multi-Asset Execution Trust Series 2015-A1, Class A
	5,200,000		1.390			01/15/21		5,222,817
	Chase Issuance Trust Series 2015-A2, Class A
	4,250,000		1.590			02/18/20		4,291,737
	Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
	5,400,000		1.020			02/22/19		5,406,926
								25,430,735
	Home Equity(c) – 0.1%
	Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F
	29,817		6.745			06/25/28		29,381
	Centex Home Equity Series 2004-D, Class MV3
	137,626		1.199			09/25/34		118,998
	Morgan Stanley ABS Capital I Series 2004-HE4, Class M3
	41,020		2.449			05/25/34		33,903
								182,282
	Manufactured Housing – 0.0%
	Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	24,047		4.350			04/15/40		24,359
	Student Loan(c) – 9.8%
	Access Group, Inc. Series 2004-1, Class A2
	5,937,628		0.536			09/26/33		5,759,860
	Access Group, Inc. Series 2006-1, Class A2
	446,806		0.439			08/25/23		441,422
	Brazos Higher Education Authority, Inc. Series 2005-1, Class A3
	799,103		0.436			09/26/22		793,965
	Brazos Higher Education Authority, Inc. Series 2006-1, Class A3
	5,081,565		0.436			12/26/24		5,040,777
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a)
	3,392,724		0.994			06/25/26		3,352,586
	Educational Services of America, Inc. Series 2010-1, Class A1(a)
	2,659,807		1.145			07/25/23		2,674,386
	Educational Services of America, Inc. Series 2014-1, Class A(a)
	3,065,448		0.894			02/25/39		3,002,578
	Goal Capital Funding Trust Series 2006-1, Class A3
	266,573		0.449			11/25/26		264,681
	Goal Capital Funding Trust Series 2007-1, Class A3
	1,083,477		0.416			09/25/28		1,072,053
	Higher Education Funding I Series 2005-1, Class A4
	650,000		0.469			02/25/30		638,526
	Nelnet Student Loan Trust Series 2005-4, Class A3
	1,110,323		0.449			06/22/26		1,095,226
	Nelnet Student Loan Trust Series 2006-2, Class A5
	4,200,000		0.395			01/25/30		4,104,996
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	Northstar Education Finance, Inc. Series 2012-1, Class A(a)
$	2,750,932		0.894	%		12/26/31	$	2,704,995
	Scholar Funding Trust Series 2012-B, Class A1(a)
	1,711,048		0.594			10/28/25		1,706,162
	SLM Student Loan Trust Series 2003-12, Class A5(a)
	1,563,917		0.617			09/15/22		1,552,855
	SLM Student Loan Trust Series 2003-14, Class A5
	546,613		0.525			01/25/23		539,985
	SLM Student Loan Trust Series 2004-1, Class A3
	2,258,527		0.505			04/25/23		2,232,008
	SLM Student Loan Trust Series 2006-2, Class A5
	4,882,801		0.405			07/25/25		4,848,863
	SLM Student Loan Trust Series 2006-4, Class A5
	1,994,967		0.395			10/27/25		1,976,449
	SLM Student Loan Trust Series 2006-9, Class A4
	218,122		0.365			10/25/22		217,520
	SLM Student Loan Trust Series 2007-2, Class A2
	76,891		0.295			07/25/17		76,862
	SLM Student Loan Trust Series 2013-3, Class A2
	612,954		0.494			05/26/20		609,227
	SLM Student Loan Trust Series 2014-1, Class A2
	800,000		0.574			07/26/21		795,002
	Wachovia Student Loan Trust Series 2005-1, Class A5
	379,219		0.425			01/26/26		371,840
								45,872,824
	TOTAL ASSET-BACKED SECURITIES
	(Cost $87,738,383)						$	87,622,966
	Foreign Debt Obligations – 1.0%
	Sovereign(a) – 0.2%
	Kommunalbanken AS
$	1,100,000		1.000	%		09/26/17	$	1,101,958
	Supranational – 0.8%
	African Development Bank
	3,800,000		6.875			10/15/15		3,803,462
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $4,907,684)						$	4,905,420
	Government Guarantee Obligation(e) – 1.1%
	Kreditanstalt fuer Wiederaufbau
$	4,900,000		1.125	%		08/06/18	$	4,909,795
	(Cost $4,891,785)
	U.S. Treasury Obligations – 7.0%
	United States Treasury Inflation Protected Securities
$	6,811,560		0.125	%(f)		04/15/16	$	6,745,556
	4,608,786		2.500			07/15/16		4,685,845
	2,101,460		0.125			04/15/17		2,093,916
	3,684,768		2.625			07/15/17		3,861,526

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Note
$	15,500,000		0.500	%		08/31/16	$	15,517,825
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $32,949,991)						$	32,904,668

Shares	Rate			Value
Investment Company(g) – 3.9%
Goldman Sachs Financial Square Government Fund – FST Shares
18,393,484		0.006	%	$	18,393,484
(Cost $18,393,484)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $453,903,889)				$	453,375,731

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 5.5%
	Commercial Paper – 5.5%
	AutoZone, Inc.
$	2,500,000		0.406	%		10/09/15	$	2,499,778
	Diageo Capital PLC
	2,500,000		0.416			11/12/15		2,498,804
	Eastman Chemical Co.
	2,500,000		0.457			10/29/15		2,499,125
	Electricite De France SA
	3,250,000		0.767			01/15/16		3,242,823
	Kellogg Co.
	2,500,000		0.385			10/16/15		2,499,604
	LMA Americas LLC
	2,000,000		0.294			10/15/15		1,999,775
	Marriott International
	2,500,000		0.456			11/02/15		2,499,000
	Omnicom Cap, Inc.
	2,500,000		0.477			11/09/15		2,498,727
	PPG Industries
	2,500,000		0.446			10/13/15		2,499,633
	Versailles Commercial Paper LLC
	3,100,000		0.294			10/13/15		3,099,700
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $25,836,969)						$	25,836,969
	TOTAL INVESTMENTS – 102.1%
	(Cost $479,740,858)						$	479,212,700
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.1)%							(9,920,651	)
	NET ASSETS – 100.0%						$	469,292,049

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 $120,246,454, which represents approximately 25.6% of net assets as of September 30, 2015.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2015.
(e)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $4,909,795, which represents approximately 1.1% of net assets as of September 30, 2015.
(f)	A portion of this security is segregated as collateral for initial margin requirements on future transactions.
(g)	Represents an Affiliated Fund.

Investment Abbreviations:
BP	—British Pound Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		216		December 2015	$	53,775,900		$	(236	)
Eurodollars		118		March 2016		29,346,600			7,102
Eurodollars		118		June 2016		29,309,725			13,002
Eurodollars		(75	)	September 2017		(18,502,500	)		(24,548	)
Eurodollars		(75	)	December 2017		(18,479,063	)		(26,423	)
Eurodollars		(75	)	March 2018		(18,459,375	)		(29,236	)
Eurodollars		(75	)	June 2018		(18,439,687	)		(31,111	)
2 Year U.S. Treasury Notes		(647	)	December 2015		(141,713,219	)		(162,843	)
5 Year U.S. Treasury Notes		(183	)	December 2015		(22,054,359	)		(114,996	)
TOTAL								$	(369,289	)

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 55.4%
	Collateralized Mortgage Obligations – 3.6%
	Adjustable Rate Non-Agency(a) – 0.1%
	MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
$	417,232		1.115	%		11/25/29	$	409,310
	Interest Only(b) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(a)
	34,743		0.000			07/25/33		—
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(a)
	39,395		0.000			08/25/33		—
	FNMA STRIPS Series 151, Class 2
	2,743		9.500			07/25/22		300
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	22,418		0.123			08/25/33		138
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	4,351		0.320			07/25/33		50
								488
	Inverse Floaters(a) – 0.0%
	GNMA REMIC Series 2002-13, Class SB
	59,475		36.64			02/16/32		105,882
	Principal Only(c) – 0.0%
	FNMA REMIC Series G-35, Class N
	4,512		0.000			10/25/21		4,443
	Regular Floater(a) – 0.1%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(d)
	111,309		0.743			02/25/48		111,036
	FHLMC REMIC Series 1760, Class ZB
	124,542		1.520			05/15/24		126,033
								237,069
	Sequential Fixed Rate – 3.3%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	600,000		2.373			05/25/22		606,331
	FHLMC REMIC Series 2329, Class ZA
	753,627		6.500			06/15/31		856,523
	FHLMC REMIC Series 4273, Class PD
	1,394,882		6.500			11/15/43		1,619,099
	FNMA REMIC Series 2001-53, Class GH
	1,190		8.000			09/25/16		1,196
	FNMA REMIC Series 2011-52, Class GB
	1,383,767		5.000			06/25/41		1,533,346
	FNMA REMIC Series 2011-99, Class DB
	1,225,000		5.000			10/25/41		1,358,997
	FNMA REMIC Series 2012-111, Class B
	201,737		7.000			10/25/42		230,618
	FNMA REMIC Series 2012-153, Class B
	790,180		7.000			07/25/42		926,680
	GNMA REMIC Series 2002-42, Class KZ
	2,016,136		6.000			06/16/32		2,284,763
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
$	32,498		1.840	%		10/07/20	$	32,508
	NCUA Guaranteed Notes Series A4
	3,400,000		3.000			06/12/19		3,598,574
								13,048,635
	Sequential Floating Rate(a) – 0.1%
	NCUA Guaranteed Notes Series 2010-R1, Class 1A
	587,252		0.653			10/07/20		589,798
	TOTAL COLLATERALIZED MORTGAGE
	OBLIGATIONS						$	14,395,625
	Commercial Mortgage-Backed Securities – 5.4%
	Sequential Fixed Rate – 0.6%
	ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A
$	2,321,300		5.166	%		12/12/49	$	2,399,683
	Sequential Floating Rate(a) – 4.8%
	Banc of America Commercial Mortgage Trust Series 2006-3, Class A4
	3,092,814		5.889			07/10/44		3,145,460
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	5,278,123		6.263			12/10/49		5,681,635
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	4,107,316		5.526			01/15/49		4,275,108
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A
	3,124,133		6.051			07/15/44		3,328,455
	Morgan Stanley Capital I Trust Series 2007-T25, Class A1A
	2,661,372		5.509			11/12/49		2,767,411
								19,198,069
	TOTAL COMMERCIAL MORTGAGE-BACKED
	SECURITIES						$	21,597,752
	Federal Agencies – 46.4%
	Adjustable Rate FHLMC(a) – 0.3%
$	146,264		2.349	%		11/01/32	$	156,448
	1,043,385		2.377			09/01/33		1,112,346
								1,268,794
	Adjustable Rate FNMA(a) – 1.1%
	71,774		2.295			11/01/32		75,907
	235,562		1.999			12/01/32		247,421
	994,531		1.787			05/01/33		1,036,763
	30,674		2.462			06/01/33		32,810
	918,700		2.238			10/01/33		972,360
	950,735		2.322			02/01/35		1,013,786
	824,045		2.082			09/01/35		867,469
								4,246,516
	Adjustable Rate GNMA(a) – 0.8%
	62,561		1.750			06/20/23		63,780
	29,897		1.625			07/20/23		30,524
	30,182		1.625			08/20/23		30,820
	77,614		1.625			09/20/23		79,271

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate GNMA(a) – (continued)
$	24,246		1.750	%		03/20/24	$	24,777
	214,176		1.750			04/20/24		218,844
	23,732		1.750			05/20/24		24,254
	174,055		1.750			06/20/24		177,908
	39,477		2.000			06/20/24		40,537
	58,652		1.625			07/20/24		60,009
	61,073		2.000			07/20/24		62,738
	107,381		1.625			08/20/24		109,884
	54,246		2.000			08/20/24		55,736
	51,466		1.625			09/20/24		52,674
	64,763		2.000			11/20/24		66,580
	25,891		2.000			12/20/24		26,622
	40,036		2.500			12/20/24		41,752
	44,960		2.000			01/20/25		46,238
	24,074		2.000			02/20/25		24,764
	83,516		2.000			05/20/25		85,959
	69,398		2.000			07/20/25		71,457
	31,387		1.750			02/20/26		32,197
	1,635		1.625			07/20/26		1,680
	43,054		1.750			01/20/27		44,236
	37,735		2.000			01/20/27		38,936
	32,271		1.750			02/20/27		33,162
	235,987		1.750			04/20/27		242,504
	24,972		1.750			05/20/27		25,666
	29,135		1.750			06/20/27		29,948
	10,740		1.625			11/20/27		11,051
	256		2.000			11/20/27		264
	37,732		1.625			12/20/27		38,830
	77,739		1.750			01/20/28		80,007
	27,862		1.750			02/20/28		28,678
	32,046		1.750			03/20/28		32,990
	129,264		1.625			07/20/29		133,246
	71,831		1.625			08/20/29		74,051
	17,454		1.625			09/20/29		18,019
	73,965		1.625			10/20/29		76,330
	91,700		1.625			11/20/29		94,642
	19,997		1.625			12/20/29		20,628
	27,383		1.750			01/20/30		28,267
	12,658		1.750			02/20/30		13,070
	72,705		1.750			03/20/30		75,064
	83,306		1.750			04/20/30		86,003
	128,128		1.750			05/20/30		132,282
	92,941		2.000			05/20/30		96,582
	19,527		1.750			06/20/30		20,135
	178,188		2.000			07/20/30		184,933
	35,127		2.000			09/20/30		36,524
	64,159		1.625			10/20/30		66,303
	124,491		1.750			03/20/32		128,874
								3,320,230
	FHLMC – 3.5%
	5,978		7.000			09/01/17		6,190
	2,931		7.000			10/01/17		3,042
	18,229		5.500			05/01/18		19,083
	239,235		5.500			06/01/18		250,441
	9,164		4.500			09/01/18		9,489
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	2,297		10.000	%		10/01/18	$	2,306
	72,419		5.000			06/01/19		76,317
	3,741		10.000			07/01/20		3,757
	438		10.000			10/01/20		438
	40,790		6.500			07/01/21		46,632
	3,115		6.500			08/01/22		3,561
	41,353		9.000			10/01/22		47,649
	166,030		4.500			10/01/23		179,619
	867,414		5.000			08/01/24		935,343
	168,283		6.500			07/01/28		187,534
	773,449		4.500			03/01/29		838,219
	4,521		8.000			07/01/30		5,535
	11,845		7.500			12/01/30		12,182
	50,767		7.000			04/01/31		59,819
	29,394		5.000			08/01/33		32,355
	5,605		5.000			09/01/33		6,170
	13,223		5.000			10/01/33		14,555
	19,044		5.500			09/01/34		21,212
	414,125		6.000			10/01/34		472,471
	7,010		5.000			11/01/34		7,713
	428,262		5.000			12/01/34		471,214
	1,490		5.500			03/01/35		1,660
	22,185		5.000			07/01/35		24,411
	2,873		5.500			07/01/35		3,213
	5,552		5.000			11/01/35		6,111
	8,535		5.500			11/01/35		9,560
	41,111		5.000			12/01/35		45,614
	116,726		5.500			01/01/36		130,743
	305		5.500			02/01/36		341
	2,586		6.000			06/01/36		2,976
	79,441		5.000			02/01/37		86,993
	6,460		5.000			03/01/38		7,074
	161,404		5.500			03/01/38		179,600
	60,469		5.500			04/01/38		67,286
	10,807		5.500			11/01/38		12,203
	15,757		5.500			12/01/38		17,555
	680,551		7.000			02/01/39		798,325
	4,755		5.500			03/01/39		5,339
	279,293		5.000			07/01/39		307,440
	7,294		5.500			10/01/39		8,127
	14,163		5.500			03/01/40		15,874
	33,882		5.500			06/01/40		37,734
	15,092		5.000			08/01/40		16,594
	1,266,576		5.500			08/01/40		1,405,771
	4,517		4.500			11/01/40		4,897
	13,690		5.000			04/01/41		15,117
	14,176		5.000			06/01/41		15,591
	583,339		5.000			07/01/41		641,914
	26,485		3.000			05/01/42		26,834
	308,679		3.500			06/01/42		324,185
	25,906		3.000			08/01/42		26,247
	29,038		3.000			01/01/43		29,461
	99,712		3.000			02/01/43		101,337
	5,755,358		3.500			04/01/43		6,006,705
								14,095,678

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – 18.7%
$	50		8.000	%		01/01/16	$	50
	14,004		8.000			11/01/16		14,119
	30,973		5.000			08/01/17		32,175
	2,181,454		2.800			03/01/18		2,256,591
	1,874,041		3.740			05/01/18		1,984,617
	1,690,000		3.840			05/01/18		1,795,919
	13,801		4.500			08/01/18		14,315
	140,880		5.000			09/01/18		147,170
	740,406		5.000			10/01/18		774,642
	4,400,000		4.506			06/01/19		4,735,980
	39,833		6.500			08/01/19		45,504
	888,669		3.416			10/01/20		953,374
	11,198		9.500			10/01/20		11,291
	598,983		3.615			12/01/20		649,217
	2,209,989		4.380			06/01/21		2,453,321
	301,770		5.500			02/01/23		336,658
	501,347		5.500			08/01/23		559,358
	1,613,486		5.000			06/01/25		1,775,365
	121,739		6.000			11/01/28		138,485
	9,464		6.500			11/01/28		10,641
	29,142		5.000			02/01/30		32,098
	109,971		3.000			08/01/30		114,606
	884,959		3.000			09/01/30		922,260
	72,216		7.000			07/01/31		80,305
	529		6.000			03/01/32		605
	1,540		5.500			03/01/33		1,730
	6,143		6.000			03/01/33		7,022
	4,716,929		5.500			04/01/33		5,322,661
	2,177		6.000			05/01/33		2,542
	5,878		5.000			07/01/33		6,528
	1,010,498		5.500			07/01/33		1,108,365
	37,092		5.000			08/01/33		41,023
	7,213		5.500			09/01/33		8,104
	33,724		5.500			12/01/33		37,899
	1,887		6.000			12/01/33		2,183
	9,827		5.500			02/01/34		11,043
	2,632		5.500			03/01/34		2,960
	1,708		5.500			04/01/34		1,933
	9,925		5.500			05/01/34		11,166
	119		5.500			06/01/34		135
	11,305		5.500			08/01/34		12,791
	6,707		5.500			09/01/34		7,540
	5,370		5.500			10/01/34		6,061
	3,807		5.500			11/01/34		4,295
	61,985		5.500			12/01/34		69,927
	10,003		5.500			04/01/35		11,284
	278,081		6.000			04/01/35		317,869
	9,935		5.000			05/01/35		11,126
	7,189		5.500			05/01/35		8,080
	14,286		5.000			07/01/35		15,894
	11,442		5.500			07/01/35		12,905
	6,156		5.000			08/01/35		6,865
	1,097		5.500			08/01/35		1,247
	189		6.000			08/01/35		219
	11,557		5.500			09/01/35		13,054
	104,586		6.000			10/01/35		121,693
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	67,776		6.000	%		11/01/35	$	77,785
	5,315		5.500			12/01/35		6,039
	224		5.500			02/01/36		252
	55,407		6.000			03/01/36		63,951
	90,623		6.000			04/01/36		104,578
	3,494		4.500			07/01/36		3,816
	738		5.500			02/01/37		830
	21,702		5.500			04/01/37		24,480
	443		5.500			05/01/37		498
	637		5.500			06/01/37		716
	1,337,230		5.500			08/01/37		1,497,459
	344,641		6.000			10/01/37		395,026
	301,440		7.500			11/01/37		350,590
	316		5.500			12/01/37		356
	18,063		5.500			02/01/38		20,231
	8,353		5.500			03/01/38		9,392
	13,364		6.000			03/01/38		15,322
	28,918		5.500			04/01/38		32,619
	8,974		5.500			05/01/38		10,123
	2,009		5.500			06/01/38		2,258
	2,335		5.500			07/01/38		2,627
	2,097		5.500			08/01/38		2,360
	2,407		5.500			09/01/38		2,710
	615		5.500			12/01/38		693
	6,857		5.500			02/01/39		7,750
	468,267		7.000			03/01/39		534,714
	5,450		4.500			04/01/39		5,907
	15,929		4.500			05/01/39		17,555
	9,729		5.500			06/01/39		10,937
	9,471		4.000			08/01/39		10,105
	47,940		4.500			08/01/39		52,871
	161,017		5.000			09/01/39		177,339
	8,678		5.500			11/01/39		9,759
	699,606		4.500			12/01/39		771,561
	591,825		5.000			07/01/40		659,816
	581,319		5.000			03/01/41		641,108
	567,326		4.500			05/01/41		616,420
	218,598		5.000			07/01/41		241,081
	269,960		4.500			08/01/41		293,718
	240,418		5.000			10/01/41		265,145
	478,700		5.000			04/01/42		527,935
	128,526		3.000			05/01/42		130,644
	147,968		3.000			06/01/42		150,406
	1,055,949		3.000			08/01/42		1,077,636
	219,682		4.500			08/01/42		241,556
	2,852,431		3.000			09/01/42		2,903,620
	131,229		3.000			10/01/42		134,017
	674,136		3.000			11/01/42		688,459
	6,002,314		3.000			12/01/42		6,128,699
	4,661,608		3.000			01/01/43		4,761,045
	1,513,223		3.000			02/01/43		1,545,614
	1,683,212		3.000			03/01/43		1,716,145
	3,892,095		3.000			04/01/43		3,962,521
	1,322,863		3.000			05/01/43		1,348,973
	159,549		3.000			06/01/43		162,964
	1,438,821		3.000			07/01/43		1,469,620

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	35,317		3.500	%		02/01/45		$	36,875
	30,772		3.500			07/01/45			32,129
	5,176,278		3.500			08/01/45			5,404,285
	7,903,513		3.500			09/01/45			8,250,180
									74,638,630
	GNMA – 22.0%
	10		9.000			08/15/16			10
	509,701		3.950			07/15/25			555,922
	107,402		7.000			12/15/27			122,919
	15,553		6.500			08/15/28			17,833
	170,401		6.000			01/15/29			193,932
	195,022		7.000			10/15/29			230,072
	102,391		5.500			11/15/32			117,171
	1,231,232		5.500			12/15/32			1,404,928
	65,007		5.500			01/15/33			74,063
	91,084		5.500			02/15/33			103,773
	103,612		5.500			03/15/33			118,048
	99,365		5.500			07/15/33			112,534
	54,358		5.500			08/15/33			61,931
	37,084		5.500			09/15/33			42,251
	48,808		5.500			04/15/34			55,520
	68,299		5.500			05/15/34			77,690
	617,451		5.500			06/15/34			702,355
	488,417		5.500			09/15/34			555,578
	403,657		5.500			12/15/34			459,162
	402,844		5.500			01/15/35			454,642
	271,819		5.000			03/15/38			301,461
	1,676		5.000			11/15/38			1,851
	30,437,612		3.500			08/20/45			31,938,092
	2,993,294		4.000			08/20/45			3,199,667
	1,000,000		3.500			09/20/45			1,049,297
	5,000,000		4.000			09/20/45			5,344,727
	38,000,000		4.000			TBA-30yr	(e)		40,456,014
									87,751,443
	TOTAL FEDERAL AGENCIES							$	185,321,291
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $217,594,871)							$	221,314,668
	Agency Debentures – 9.0%
	FFCB
$	1,500,000		1.460	%		11/19/19		$	1,498,505
	FHLB
	1,500,000		1.530			11/21/19			1,500,225
	2,200,000		1.875			03/13/20			2,244,621
	2,800,000		3.000			09/10/21			2,996,323
	3,700,000		2.125			06/09/23			3,667,499
	1,900,000		3.250			06/09/23			2,010,384
	2,100,000		3.375			09/08/23			2,267,481
	300,000		3.375			12/08/23			322,393
	FNMA
	2,600,000		6.250			05/15/29			3,617,781
	4,000,000		6.625			11/15/30			5,781,574
	Agency Debentures – (continued)
	New Valley Generation III
$	2,430,619		4.929	%		01/15/21		$	2,684,524
	Small Business Administration
	10,014		7.500			04/01/17			10,318
	23,650		6.300			05/01/18			25,105
	16,120		6.300			06/01/18			17,127
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21			7,200,658
	TOTAL AGENCY DEBENTURES
	(Cost $34,829,290)							$	35,844,518
	Asset-Backed Securities – 5.9%
	Auto Floor Plan ABS – 1.1%
	Ally Master Owner Trust Series 2015-3, Class A
$	2,550,000		1.630	%		05/15/20		$	2,545,546
	GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1(d)
	2,000,000		1.650			05/15/20			1,996,828
									4,542,374
	Automobiles – 0.6%
	Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A
	2,150,000		2.630			12/20/21			2,174,082
	Student Loan(a) – 4.2%
	Access Group, Inc. Series 2005-2, Class A3
	1,644,095		0.509			11/22/24			1,629,478
	Access Group, Inc. Series 2006-1, Class A2
	362,275		0.439			08/25/23			357,910
	Alaska State Student Loan Corp. Series 2013, Class A
	3,845,585		0.694			08/25/31			3,851,123
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(d)
	2,198,101		0.994			10/25/56			2,153,824
	Goal Capital Funding Trust Series 2006-1, Class A3
	219,531		0.449			11/25/26			217,973
	Higher Education Funding I Series 2005-1, Class A4
	550,000		0.469			02/25/30			540,291
	Nelnet Student Loan Trust Series 2005-4, Class A3
	918,888		0.449			06/22/26			906,394
	Nelnet Student Loan Trust Series 2013-5A, Class A(d)
	480,639		0.824			01/25/37			472,040
	Scholar Funding Trust Series 2013-A, Class A(d)
	3,220,170		0.844			01/30/45			3,183,080
	SLM Student Loan Trust Series 2003-14, Class A5
	451,550		0.525			01/25/23			446,074
	SLM Student Loan Trust Series 2006-9, Class A4
	179,630		0.365			10/25/22			179,134
	SLM Student Loan Trust Series 2008-5, Class A4
	2,600,000		1.995			07/25/23			2,613,189
	Wachovia Student Loan Trust Series 2005-1, Class A5
	341,297		0.425			01/26/26			334,656
									16,885,166
	TOTAL ASSET-BACKED SECURITIES
	(Cost $23,729,331)							$	23,601,622

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligation – 0.6%
	New Jersey – 0.6%
	New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%		02/15/29	$	2,261,060
	(Cost $2,000,000)
	Government Guarantee Obligations(f) – 2.0%
	Hashemite Kingdom of Jordan Government AID Bond
$	4,600,000		2.503	%		10/30/20	$	4,789,545
	Israel Government AID Bond
	1,400,000		5.500			09/18/23		1,724,647
	500,000		5.500			12/04/23		617,534
	700,000		5.500			04/26/24		864,715
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $7,815,942)						$	7,996,441
	U.S. Treasury Obligations – 34.7%
	United States Treasury Bonds
$	650,000		2.750	%		11/15/42	$	633,158
	10,010,000		3.625	(g)		08/15/43		11,526,316
	5,900,000		3.750	(g)		11/15/43		6,947,604
	5,500,000		3.625			02/15/44		6,325,550
	1,600,000		3.000			05/15/45		1,637,488
	3,200,000		2.875			08/15/45		3,198,016
	United States Treasury Inflation Protected Securities
	1,621,800		0.125			04/15/16		1,606,085
	2,836,176		2.500			07/15/16		2,883,597
	2,942,044		0.125			04/15/17		2,931,482
	1,612,086		2.625			07/15/17		1,689,418
	2,319,746		0.125			01/15/22		2,265,023
	974,235		0.375			07/15/23		958,861
	2,792,271		0.625			01/15/24		2,782,666
	703,563		0.125			07/15/24		672,339
	452,872		0.375			07/15/25		441,550
	1,333,884		2.500			01/15/29		1,602,328
	386,456		2.125			02/15/40		456,922
	1,075,200		1.375			02/15/44		1,093,683
	United States Treasury Notes
	300,000		0.375	(g)		02/15/16		300,315
	39,400,000		1.750			09/30/19		40,238,041
	6,400,000		1.625			12/31/19		6,496,768
	9,300,000		1.625			06/30/20		9,418,295
	6,300,000		2.000			05/31/21		6,451,389
	4,700,000		2.000			10/31/21		4,798,888
	4,700,000		2.125			12/31/21		4,827,699
	2,800,000		1.750			02/28/22		2,809,996
	6,000,000		1.875			05/31/22		6,057,720
	600,000		2.125			06/30/22		615,672
	1,300,000		2.000			07/31/22		1,322,568
	5,700,000		1.750			09/30/22		5,697,777
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $134,177,398)						$	138,687,214

Shares		Rate	Value
	Investment Company(h) – 2.1%
	Goldman Sachs Financial Square Government Fund – FST Shares
	8,656,741	0.006%	$	8,656,741
	(Cost $8,656,741)
	TOTAL INVESTMENTS – 109.7%
	(Cost $428,803,573)		$	438,362,264
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.7)%			(38,641,140	)
	NET ASSETS – 100.0%		$	399,721,124

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 on September 30, 2015.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $7,916,808, which represents approximately 2.0% of net assets as of September 30, 2015.
(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 $40,456,014 which represents approximately 10.1% of net assets as of September 30, 2015.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,996,441, which represents approximately 2.0% of net assets as of September 30, 2015.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an Affiliated Fund.

Investment Abbreviations:
FDIC	—Federal Deposit Insurance Corp.
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
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MBIA	—Insured by Municipal Bond Investors Insurance
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FHLMC		3.500	%	TBA-30yr		10/14/15	$	(2,000,000	)	$	(2,080,625	)
FNMA		3.000		TBA-30yr		10/14/15		(3,000,000	)		(3,039,844	)
FNMA		3.500		TBA-30yr		10/14/15		(5,000,000	)		(5,214,844	)
FNMA		5.000		TBA-30yr		10/14/15		(1,000,000	)		(1,102,187	)
GNMA		3.500		TBA-30yr		10/21/15		(15,000,000	)		(15,712,500	)
TOTAL (Proceeds Receivable: $26,859,844)										$	(27,150,000	)

(a) 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.

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		(18	)	December 2015	$	(2,887,313	)	$	(42,691	)
2 Year U.S. Treasury Notes		162		December 2015		35,483,063			43,011
5 Year U.S. Treasury Notes		(99	)	December 2015		(11,931,047	)		(86,755	)
10 Year U.S. Treasury Notes		39		December 2015		5,020,641			63,571
20 Year U.S. Treasury Bonds		(33	)	December 2015		(5,192,344	)		(28,077	)
TOTAL								$	(50,941	)

SWAP CONTRACTS — At September 30, 2015, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged		Market Value
Notional Amount (000s)(b)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	13,300	06/24/21	2.923%	3 month LIBOR	$	(6,133	)	$	178,483
	16,500	09/02/22	2.810	3 month LIBOR		35,891			54,528
	3,400	06/24/29	3 month LIBOR	3.218%		13,868			(162,102	)
	3,870	09/02/30	3 month LIBOR	3.005		(14,307	)		(46,487	)
	TOTAL				$	29,319		$	24,422

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

INTEREST RATE SWAPTION CONTRACTS

For the six months ended September 30, 2015, the Fund had the following interest rate swaptions activities:

	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		14,600			339,335
Contracts Bought to Close		(14,600	)		(339,335	)
Contracts Outstanding September 30, 2015	$	—		$	—

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations(a) – 0.3%
	Banks – 0.3%
	Bank of Nova Scotia
$	700,000		1.650	%		10/29/15	$	700,556
	DnB Boligkreditt AS
	800,000		1.450			03/21/19		800,524
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,499,590)						$	1,501,080
	Mortgage-Backed Obligations – 37.7%
	Collateralized Mortgage Obligations – 29.9%
	Interest Only(b) – 0.0%
	FNMA REMIC Series 1990-145, Class B
$	281		1,004.961	%		12/25/20	$	1,642
	Regular Floater(c) – 22.7%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A(a)
	2,804,023		0.565			09/20/66		2,628,062
	Collateralized Mortgage Securities Corp. Series N, Class 2
	2,301		0.929			08/25/17		2,304
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(a)
	333,927		0.743			02/25/48		333,108
	FHLMC REMIC Series 1826, Class F
	32,920		0.607			09/15/21		32,989
	FHLMC REMIC Series 3208, Class FD
	2,033,501		0.607			08/15/36		2,041,767
	FHLMC REMIC Series 3208, Class FE
	3,480,767		0.607			08/15/36		3,494,916
	FHLMC REMIC Series 3208, Class FG
	1,978,541		0.607			08/15/36		1,986,584
	FHLMC REMIC Series 3307, Class FA
	14,589,561		0.637			07/15/34		14,680,150
	FHLMC REMIC Series 3371, Class FA
	674,387		0.807			09/15/37		682,528
	FHLMC REMIC Series 3374, Class FT
	702,616		0.507			04/15/37		702,272
	FHLMC REMIC Series 3471, Class FB
	3,062,700		1.207			08/15/35		3,137,910
	FHLMC REMIC Series 3545, Class FA
	887,104		1.057			06/15/39		900,301
	FHLMC REMIC Series 3588, Class CW
	3,171,766		2.645			10/15/37		3,379,735
	FHLMC REMIC Series 4039, Class FA
	4,621,714		0.707			05/15/42		4,669,228
	FHLMC REMIC Series 4057, Class CF
	8,819,671		0.657			04/15/39		8,874,573
	FHLMC REMIC Series 4272, Class FD
	8,274,661		0.557			11/15/43		8,298,026
	FHLMC REMIC Series 4316, Class FY
	2,586,981		0.607			11/15/39		2,603,559
	FHLMC STRIPS Series 237, Class F23
	584,637		0.607			05/15/36		586,887
	FNMA REMIC Series 1990-145, Class A
	114,377		1.192			12/25/20		114,588
	Mortgage-Backed Obligations – (continued)
	Regular Floater(c) – (continued)
	FNMA REMIC Series 1997-20, Class F
$	256,935		0.714	%		03/25/27	$	253,951
	FNMA REMIC Series 1998-66, Class FC
	80,043		0.707			11/17/28		80,601
	FNMA REMIC Series 2006-42, Class CF
	13,236,641		0.644			06/25/36		13,332,547
	FNMA REMIC Series 2006-72, Class XF
	1,430,386		0.694			08/25/36		1,437,236
	FNMA REMIC Series 2007-33, Class HF
	86,585		0.544			04/25/37		87,029
	FNMA REMIC Series 2007-92, Class OF
	647,110		0.764			09/25/37		653,707
	FNMA REMIC Series 2008-22, Class FD
	1,101,442		1.034			04/25/48		1,113,775
	FNMA REMIC Series 2009-75, Class MF
	1,444,614		1.344			09/25/39		1,481,343
	FNMA REMIC Series 2010-123, Class FL
	3,781,846		0.624			11/25/40		3,799,707
	FNMA REMIC Series 2011-110, Class FE
	4,839,811		0.594			04/25/41		4,866,203
	FNMA REMIC Series 2011-53, Class FT
	927,282		0.774			06/25/41		937,786
	FNMA REMIC Series 2012-56, Class FG
	3,920,550		0.694			03/25/39		3,953,439
	FNMA REMIC Series 2014-19, Class FA
	2,524,425		0.594			11/25/39		2,540,423
	FNMA REMIC Series 2014-19, Class FJ
	2,802,220		0.594			11/25/39		2,819,767
	GNMA REMIC Series 2010-53, Class FC
	1,463,062		1.036			04/20/40		1,494,705
	GNMA REMIC Series 2012-12, Class HF
	1,744,754		0.616			01/20/42		1,753,837
	NCUA Guaranteed Notes Series 2010-A1, Class A
	389,652		0.554			12/07/20		390,382
	NCUA Guaranteed Notes Series 2011-R1, Class 1A
	720,628		0.653			01/08/20		723,640
	NCUA Guaranteed Notes Series 2011-R2, Class 1A
	2,144,107		0.595			02/06/20		2,149,216
	NCUA Guaranteed Notes Series 2011-R3, Class 1A
	1,978,395		0.603			03/11/20		1,984,191
	NCUA Guaranteed Notes Series 2011-R4, Class 1A
	1,767,918		0.583			03/06/20		1,770,473
	NCUA Guaranteed Notes Series 2011-R5, Class 1A
	1,124,952		0.583			04/06/20		1,124,952
								107,898,397
	Sequential Fixed Rate – 0.3%
	FHLMC REMIC Series 4248, Class LM
	1,188,709		6.500			05/15/41		1,380,773
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	20,311		1.840			10/07/20		20,318
								1,401,091

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate(c) – 6.9%
	FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1
$	3,690,823		0.574	%		07/25/20	$	3,693,202
	FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A
	12,947,883		0.534			01/25/21		12,943,623
	FHLMC Multifamily Structured Pass Through Certificates, Series KS02, Class A
	7,849,103		0.572			08/25/23		7,849,102
	FNMA ACES Series 2013-M11, Class FA
	1,604,909		0.524			01/25/18		1,606,110
	FNMA ACES Series 2014-M5, Class FA
	937,612		0.559			01/25/17		937,840
	Granite Master Issuer PLC Series 2007-1, Class 2A1
	176,541		0.356			12/20/54		175,650
	Granite Master Issuer PLC Series 2007-2, Class 4A1
	4,192,843		0.297			12/17/54		4,170,336
	Granite Mortgages PLC Series 2004-3, Class 2A1
	633,093		0.625			09/20/44		631,612
	Leek Finance PLC Series 2017A, Class A2B(a)
	342,624		0.561			12/21/37		361,017
	Leek Finance PLC Series 2018X, Class A2B
	395,145		0.541			09/21/38		408,009
								32,776,501
	TOTAL COLLATERALIZED MORTGAGE
	OBLIGATIONS						$	142,077,631
	Commercial Mortgage-Backed Securities(a)(c) – 2.2%
	Sequential Floating Rate – 2.2%
	Boca Hotel Portfolio Trust Series 2013-BOCA, Class A
$	517,828		1.357	%		08/15/26	$	516,569
	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class A
	4,700,000		1.104			06/11/27		4,664,816
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	5,300,000		1.157			12/15/28		5,270,950
	TOTAL COMMERCIAL MORTGAGE-BACKED
	SECURITIES						$	10,452,335
	Federal Agencies – 5.6%
	Adjustable Rate FHLMC(c) – 2.2%
$	10,887		1.937	%		08/01/16	$	10,914
	18,033		2.580			08/01/18		18,361
	10,060		2.506			11/01/18		10,206
	82,908		2.912			11/01/18		83,781
	4,129		2.250			02/01/19		4,185
	15,174		1.933			03/01/19		15,325
	10,496		2.540			03/01/19		10,686
	17,329		2.198			06/01/19		17,568
	5,763		2.270			07/01/19		5,839
	316,253		2.639			11/01/19		322,422
	187,331		6.877			11/01/19		200,161
	14,325		2.961			01/01/20		14,566
	34,676		1.930			05/01/21		35,226
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FHLMC(c) – (continued)
$	6,881		1.930	%		10/01/26	$	6,974
	506,143		3.500			08/01/28		539,438
	215,151		2.444			05/01/29		223,206
	18,717		4.159			06/01/29		20,273
	37,780		1.950			04/01/30		38,907
	29,661		4.391			06/01/30		32,127
	128,480		2.552			12/01/30		133,865
	25,064		2.471			02/01/31		26,300
	8,130		2.280			06/01/31		8,594
	1,815,365		2.579			05/01/34		1,931,833
	1,629,774		2.410			05/01/35		1,731,987
	138,129		3.693			05/01/35		143,178
	4,461,462		2.420			01/01/38		4,771,871
								10,357,793
	Adjustable Rate FNMA(c) – 2.6%
	20,071		6.750			04/01/17		20,135
	12,696		4.258			08/01/17		12,848
	38,468		2.745			09/01/17		38,807
	1,087		4.875			12/01/17		1,120
	32,797		2.039			03/01/18		33,059
	17,017		2.669			03/01/18		17,087
	182,382		2.066			07/01/18		183,913
	10,897		1.878			10/01/18		11,017
	13,329		2.676			10/01/18		13,894
	28,493		2.738			10/01/18		28,495
	40,405		1.917			01/01/19		40,841
	108,580		3.981			04/01/19		112,681
	8,605		5.996			04/01/19		9,090
	58,184		1.937			05/01/19		59,215
	246,131		1.947			05/01/19		249,238
	25,914		6.080			07/01/19		27,235
	95,303		4.291			08/01/19		99,218
	87,407		5.900			05/01/20		91,697
	118,275		1.967			06/01/20		119,723
	9,403		6.737			02/01/22		10,058
	36,374		2.420			05/20/22		36,739
	95,408		2.196			02/01/23		97,644
	226,498		2.253			01/01/24		233,497
	274,371		2.315			03/01/24		283,360
	175,688		2.035			06/20/24		177,438
	7,533		3.522			08/01/24		7,690
	59,394		5.082			01/01/25		63,529
	12,830		3.589			06/01/27		13,539
	8,669		4.250			12/01/27		9,390
	15,501		4.516			01/01/28		16,790
	11,880		1.941			06/01/29		12,201
	11,795		2.068			06/01/29		12,187
	1,691,507		2.506			07/01/33		1,809,278
	466,526		2.552			11/01/34		497,303
	7,912		3.822			05/01/36		8,392
	2,594,628		2.503			03/01/37		2,775,279
	560,726		2.524			09/01/37		599,713
	4,097,973		2.349			12/01/37		4,363,847

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(c) – (continued)
$	81,583		1.583	%		06/01/40	$	83,888
	6,679		1.383			02/01/41		6,810
								12,287,885
	Adjustable Rate GNMA(c) – 0.4%
	1,224,962		1.750			04/20/33		1,267,285
	257,498		1.750			05/20/33		265,957
	496,772		1.625			08/20/34		515,763
								2,049,005
	FHLMC – 0.2%
	880		8.000			12/01/15		880
	115,271		5.500			01/01/20		122,388
	99,641		7.000			04/01/21		107,312
	38,182		7.000			08/01/21		41,488
	134,699		7.000			05/01/22		149,011
	429,557		7.000			06/01/22		473,955
	3,082		4.500			05/01/23		3,293
								898,327
	FNMA – 0.2%
	17		8.000			01/01/16		17
	6,171		7.000			05/01/17		6,438
	20,115		5.500			03/01/18		21,049
	41,329		5.500			04/01/18		43,189
	3,857		5.000			09/01/19		4,084
	738		5.000			11/01/19		771
	4,977		5.000			01/01/20		5,223
	42,550		7.000			07/01/21		46,340
	92,765		7.000			11/01/21		104,555
	46,043		7.000			12/01/21		47,292
	119,019		7.000			01/01/22		126,115
	21,413		7.000			02/01/22		24,129
	77,257		7.000			01/01/28		87,119
	20,896		6.500			04/01/33		24,839
	42,090		6.000			05/01/38		47,511
	52,516		6.000			11/01/38		59,280
	119,419		6.000			09/01/39		134,801
	41,606		6.000			10/01/39		46,974
	30,859		6.000			10/01/40		34,833
	43,932		6.000			05/01/41		49,590
								914,149
	GNMA – 0.0%
	38,035		7.000			04/15/26		42,980
	TOTAL FEDERAL AGENCIES						$	26,550,139
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $178,912,159)						$	179,080,105
	Agency Debentures(c) – 12.9%
	FFCB
$	11,000,000		0.207	%		06/30/16	$	10,995,512
	25,000,000		0.233			09/09/16		24,993,725
	Agency Debentures(c) –(continued)
	FFCB – (continued)
$	15,000,000		0.224	%		12/28/16	$	15,005,145
	10,100,000		0.230			05/26/17		10,085,890
	TOTAL AGENCY DEBENTURES
	(Cost $61,099,679)						$	61,080,272
	Asset-Backed Securities – 38.6%
	Auto(c) – 0.5%
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2
$	2,500,000		0.587	%		01/15/18	$	2,500,743
	Collateralized Loan Obligations(c) – 11.9%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(a)
	3,189,592		0.928			11/01/18		3,166,631
	ACIS CLO Ltd. Series 2013-1A, Class A1(a)
	1,150,000		1.145			04/18/24		1,119,058
	ACIS CLO Ltd. Series 2013-2A, Class A(a)
	1,966,990		0.777			10/14/22		1,942,783
	Atrium X Series 2010-A, Class A(a)
	2,750,000		1.396			07/16/25		2,705,832
	B&M CLO Ltd. Series 2014-1A, Class A1(a)
	750,000		1.676			04/16/26		737,839
	Black Diamond CLO Ltd. Series 2006-1A, Class AD(a)
	1,236,886		0.544			04/29/19		1,202,796
	Brentwood CLO Corp. Series 2006-1A, Class A1A(a)
	1,355,641		0.548			02/01/22		1,332,864
	Brentwood CLO Corp. Series 2006-1A, Class A1B(a)
	1,074,281		0.548			02/01/22		1,056,232
	Crown Point CLO Ltd. Series 2012-1A, Class A1LA(a)
	590,100		1.026			11/21/22		580,366
	Crown Point CLO Ltd. Series 2013-2A, Class A1L(a)
	8,000,000		1.247			12/31/23		7,850,720
	Dryden XXVI Senior Loan Fund Series 2013-26A, Class A(a)
	1,800,000		1.375			07/15/25		1,766,336
	Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(a)
	4,700,000		0.580			05/01/22		4,607,593
	Goldentree Loan Opportunities V Ltd. Series 2007-5A, Class A(a)
	436,291		0.970			10/18/21		434,060
	ICG US CLO Ltd. Series 2014-1A, Class A1(a)
	2,100,000		1.425			04/20/26		2,058,197
	KKR Financial CLO Ltd. Series 2013-1A, Class A1(a)
	5,250,000		1.425			07/15/25		5,139,041
	OCP CLO Ltd. Series 2012-2A, Class A1(a)
	1,050,000		1.149			11/22/23		1,032,445
	OCP CLO Ltd. Series 2014-5A, Class A1(a)
	2,350,000		1.277			04/26/26		2,282,736
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA(a)
	1,000,000		1.204			04/17/25		975,211
	OFSI Fund V Ltd. Series 2014-7A, Class A(a)
	2,100,000		1.615			10/18/26		2,061,969
	OFSI Fund VI Ltd. Series 2014-6A, Class A1(a)
	2,250,000		1.300			03/20/25		2,187,995
	OZLM Funding III Ltd. Series 2013-3A, Class A1(a)
	2,000,000		1.606			01/22/25		1,986,780

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations(c) – (continued)
	Sound Point CLO Vlll Ltd. Series 2015-1A, Class A(a)
$	5,100,000		1.824	%		04/15/27	$	5,048,771
	Symphony CLO XI Ltd. Series 2013-11A, Class A(a)
	2,000,000		1.574			01/17/25		1,977,124
	Trinitas CLO Ltd. Series 2014-1A, Class A1(a)
	600,000		1.805			04/15/26		593,461
	Westchester CLO Ltd. Series 2007-1X, Class A1A
	1,089,512		0.503			08/01/22		1,075,263
	Zais CLO 1 Ltd. Series 2014-1A, Class A1(a)
	1,700,000		1.675			04/15/26		1,683,306
								56,605,409
	Credit Card(c) – 1.6%
	BA Credit Card Trust Series 2007-A11, Class A11
	1,667,000		0.277			12/15/19		1,661,106
	Bank of America Credit Card Trust Series 2014-A1, Class A
	5,650,000		0.587			06/15/21		5,647,021
								7,308,127
	Home Equity(a) – 0.8%
	HLSS Servicer Advance Receivables Backed Notes Series 2013-T5, Class AT5
	3,600,000		1.979			08/15/46		3,606,750
	Student Loan(c) – 23.8%
	Academic Loan Funding Trust Series 2013-1, Class A(a)
	3,869,364		0.994			12/26/44		3,846,133
	Access Group, Inc. Series 2005-2, Class A3
	1,914,021		0.509			11/22/24		1,897,004
	Access Group, Inc. Series 2006-1, Class A2
	434,730		0.439			08/25/23		429,492
	Access Group, Inc. Series 2013-1, Class A(a)
	1,960,691		0.694			02/25/36		1,894,570
	Access Group, Inc. Series 2015-1, Class A(a)
	1,007,512		0.894			07/25/56		977,615
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	2,872,161		0.994			02/25/41		2,803,478
	Alaska State Student Loan Corp. Series 2013, Class A
	2,978,975		0.694			08/25/31		2,983,264
	Bank of America Student Loan Trust Series 2010-1A, Class A(a)
	2,563,591		1.095			02/25/43		2,527,529
	Brazos Higher Education Authority, Inc. Series 2005-1, Class A3
	774,888		0.436			09/26/22		769,905
	Brazos Higher Education Authority, Inc. Series 2005-2, Class A10
	1,135,348		0.446			12/26/19		1,130,919
	Brazos Higher Education Authority, Inc. Series 2006-1, Class A3
	1,610,355		0.436			12/26/24		1,597,430
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	476,614		1.129			02/25/30		475,653
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a)
	3,986,450		0.994			06/25/26		3,939,288
	Educational Services of America, Inc. Series 2010-1, Class A1(a)
	3,370,723		1.145			07/25/23		3,389,198
	Educational Services of America, Inc. Series 2012-1, Class A1(a)
	4,189,084		1.344			09/25/40		4,201,135
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	Educational Services of America, Inc. Series 2014-1, Class A(a)
$	3,428,027		0.894	%		02/25/39	$	3,357,721
	GCO Education Loan Funding Trust Series 2005-2, Class A6L
	763,482		0.479			05/27/24		759,330
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	2,511,241		0.459			05/25/25		2,463,640
	Goal Capital Funding Trust Series 2006-1, Class A3
	250,892		0.449			11/25/26		249,112
	Goal Capital Funding Trust Series 2007-1, Class A3
	1,033,083		0.416			09/25/28		1,022,190
	Goal Capital Funding Trust Series 2010-1, Class A(a)
	90,717		1.029			08/25/48		88,464
	Higher Education Funding I Series 2005-1, Class A4
	650,000		0.469			02/25/30		638,526
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	7,038,771		0.947			12/01/31		7,001,817
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	2,239,005		1.279			02/25/42		2,251,970
	Massachusetts Educational Financing Authority Series 2008-1, Class A1
	942,554		1.245			04/25/38		946,555
	Missouri Higher Education Loan Authority Series 2010-2, Class A1
	4,106,678		1.179			08/27/29		4,065,489
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	4,512,528		1.216			05/20/30		4,538,850
	Nelnet Student Loan Trust Series 2005-4, Class A3
	1,072,036		0.449			06/22/26		1,057,460
	Nelnet Student Loan Trust Series 2006-2, Class A5
	3,950,000		0.395			01/25/30		3,860,651
	Nelnet Student Loan Trust Series 2013-5A, Class A(a)
	961,278		0.824			01/25/37		944,079
	Northstar Education Finance, Inc. Series 2012-1, Class A(a)
	1,201,556		0.894			12/26/31		1,181,492
	Rhode Island Student Loan Authority Series 2012-1, Class A1
	3,335,775		1.089			07/01/31		3,286,447
	Rhode Island Student Loan Authority Series 2014-1, Class A1
	830,023		0.899			10/02/28		819,647
	Scholar Funding Trust Series 2010-A, Class A(a)
	989,264		1.044			10/28/41		958,973
	Scholar Funding Trust Series 2012-B, Class A1(a)
	2,378,067		0.594			10/28/25		2,371,276
	Scholar Funding Trust Series 2013-A, Class A(a)
	4,292,673		0.844			01/30/45		4,243,230
	SLC Student Loan Center Series 2011-1, Class A(a)
	1,897,213		1.414			10/25/27		1,901,119
	SLC Student Loan Trust Series 2010-1, Class A
	1,176,579		1.204			11/25/42		1,169,827
	SLM Student Loan Trust Series 2003-12, Class A5(a)
	2,302,433		0.617			09/15/22		2,286,147
	SLM Student Loan Trust Series 2003-14, Class A5
	522,848		0.525			01/25/23		516,507

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2004-1, Class A3
$	2,407,441		0.505	%		04/25/23	$	2,379,173
	SLM Student Loan Trust Series 2004-8A, Class A5(a)
	2,363,807		0.795			04/25/24		2,344,022
	SLM Student Loan Trust Series 2005-9, Class A6
	3,100,000		0.845			10/26/26		3,075,035
	SLM Student Loan Trust Series 2006-2, Class A5
	2,294,916		0.405			07/25/25		2,278,966
	SLM Student Loan Trust Series 2006-4, Class A5
	4,715,376		0.395			10/27/25		4,671,608
	SLM Student Loan Trust Series 2006-8, Class A4
	139,229		0.375			10/25/21		138,773
	SLM Student Loan Trust Series 2006-9, Class A4
	218,122		0.365			10/25/22		217,520
	SLM Student Loan Trust Series 2008-2, Class A3
	913,967		1.045			04/25/23		883,138
	SLM Student Loan Trust Series 2008-5, Class A4
	850,000		1.995			07/25/23		854,312
	SLM Student Loan Trust Series 2012-3, Class A
	1,582,951		0.844			12/26/25		1,550,960
	SLM Student Loan Trust Series 2012-6, Class A2
	384,956		0.474			09/25/19		383,429
	SLM Student Loan Trust Series 2013-3, Class A2
	612,954		0.494			05/26/20		609,227
	SLM Student Loan Trust Series 2014-1, Class A2
	750,000		0.574			07/26/21		745,314
	South Carolina Student Loan Corp. Series 2005, Class A2
	133,339		0.449			12/01/20		133,267
	Utah State Board of Regents Series 2012-1, Class A
	3,344,507		0.944			12/26/31		3,344,808
	Utah State Board of Regents Series 2015-1, Class A
	4,433,865		0.794			02/25/43		4,242,290
	Wachovia Student Loan Trust Series 2005-1, Class A5
	379,219		0.425			01/26/26		371,840
								113,066,814
	TOTAL ASSET-BACKED SECURITIES
	(Cost $183,808,691)						$	183,087,843
	Government Guarantee Obligation(d) – 0.9%
	Hashemite Kingdom of Jordan Government AID Bond
$	4,000,000		2.503	%		10/30/20	$	4,164,821
	(Cost $4,000,000)
	U.S. Treasury Obligations – 8.3%
	United States Treasury Bond(e)
$	1,500,000		3.750	%		11/15/43	$	1,766,340
	United States Treasury Floating Rate Note(c)
	20,000,000		0.084			04/30/16		20,000,400
	United States Treasury Inflation Protected Securities
	6,487,200		0.125			04/15/16		6,424,339
	945,392		2.500			07/15/16		961,199
	1,576,095		0.125			04/15/17		1,570,437
	U.S. Treasury Obligations – (continued)
	United States Treasury Inflation Protected Securities – (continued)
$	1,036,341		2.625	%		07/15/17	$	1,086,054
	4,006,834		0.125			01/15/22		3,912,313
	769,133		0.375			07/15/23		756,996
	2,659,306		0.625			01/15/24		2,650,158
	386,456		2.125			02/15/40		456,922
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $39,501,247)						$	39,585,158

Shares	Rate	Value
Investment Company(f) – 0.0%
Goldman Sachs Financial Square Government Fund – FST Shares
270	0.006%	$	270
(Cost $270)
TOTAL INVESTMENTS – 98.7%
(Cost $468,821,636)		$	468,499,549
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			6,104,659
NET ASSETS – 100.0%		$	474,604,208

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 $114,864,489, which represents approximately 24.2% of net assets as of September 30, 2015.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(d)	Guaranteed by the United States Government until maturity. Total market value for this security amounts to $4,164,821, which represents approximately 0.9% of net assets as of September 30, 2015.
(e)	A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(f)	Represents an Affiliated Fund.

Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
CLO	—Collateralized Loan Obligation
FDIC	—Federal Deposit Insurance Corp.
FFCB	—Federal Farm Credit Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		61		December 2015	$	9,784,781		$	103,127
2 Year U.S. Treasury Notes		(25	)	December 2015		(5,475,781	)		(6,762	)
5 Year U.S. Treasury Notes		(87	)	December 2015		(10,484,859	)		(51,733	)
10 Year U.S. Treasury Notes		23		December 2015		2,960,891			28,219
20 Year U.S. Treasury Bonds		(42	)	December 2015		(6,608,438	)		(84,923	)
TOTAL								$	(12,072	)

SWAP CONTRACTS — At September 30, 2015, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged		Market Value
Notional Amount (000s)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	2,000	12/16/20	3 month LIBOR	2.000%	$	(27,072	)	$	(23,749	)
	29,600	06/24/21	2.923%	3 month LIBOR		(10,128	)		393,702
	39,020	09/02/22	2.810	3 month LIBOR		56,790			157,036
	500	12/16/25	2.500	3 month LIBOR		7,683			12,458
	7,600	06/24/29	3 month LIBOR	3.218		25,979			(357,324	)
	9,150	09/02/30	3 month LIBOR	3.005		(12,872	)		(130,866	)
	10,800	12/16/30	3 month LIBOR	2.500		71,465			(310,133	)
	TOTAL				$	111,845		$	(258,876	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – 94.8%
	United States Treasury Inflation Protected Securities
$	2,162,400		0.125	%		04/15/16	$	2,141,446
	945,392		2.500			07/15/16		961,199
	29,132,697		2.625			07/15/17		30,530,193
	5,162,100		0.125			04/15/18		5,159,674
	20,859,936		0.625			07/15/21		21,179,302
	2,319,746		0.125			01/15/22		2,265,023
	3,411,969		0.125			01/15/23		3,295,211
	11,895,916		0.375			07/15/23		11,708,198
	10,944,067		0.625			01/15/24		10,906,419
	21,910,962		0.125	(a)		07/15/24		20,938,554
	3,668,181		2.500			01/15/29		4,406,402
	14,795,744		2.125			02/15/40		17,493,600
	6,359,040		1.375			02/15/44		6,468,352
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $139,379,602)						$	137,453,573
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $139,379,602)						$	137,453,573
	Short-term Investment(b) – 4.8%
	Repurchase Agreements – 4.8%
	Joint Repurchase Agreement Account II
$	7,000,000		0.122	%		10/01/15	$	7,000,000
	(Cost $7,000,000)
	TOTAL INVESTMENTS – 99.6%
	(Cost $146,379,602)						$	144,453,573
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%							554,662
	NET ASSETS – 100.0%						$	145,008,235

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Joint repurchase agreement was entered into on September 30, 2015. Additional information appears on page 83.

Investment Abbreviation:
LIBOR	—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(5	)	June 2016	$	(1,241,938	)	$	(5,699	)
Eurodollars		(6	)	September 2016		(1,488,150	)		(7,514	)
Eurodollars		(6	)	December 2016		(1,485,825	)		(7,664	)
Eurodollars		3		December 2017		739,163			(7	)
Eurodollars		3		March 2018		738,375			31
Eurodollars		3		June 2018		737,588			68
Ultra Long U.S. Treasury Bonds		19		December 2015		3,047,719			34,351
2 Year U.S. Treasury Notes		(14	)	December 2015		(3,066,438	)		(3,399	)
5 Year U.S. Treasury Notes		100		December 2015		12,051,563			85,412
10 Year U.S. Treasury Notes		99		December 2015		12,744,703			132,305
20 Year U.S. Treasury Bonds		(69	)	December 2015		(10,856,719	)		(136,796	)
TOTAL								$	91,088

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2015, 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	$34,000	08/17/17	3 month LIBOR	1.065%	$(65,885)

* There are no upfront payments on the swap contracts, 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)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	22,810	06/24/21	2.923%	3 month LIBOR	$	38,269		$	257,317
	28,590	09/02/22	2.810	3 month LIBOR		34,716			121,953
	1,100	12/16/22	3 month LIBOR	2.250%		(15,222	)		(19,803	)
	6,000	06/24/29	3 month LIBOR	3.218		(28,409	)		(233,179	)
	6,760	09/02/30	3 month LIBOR	3.004		1,578			(107,771	)
	TOTAL				$	30,932		$	18,517

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 50.3%
	Banks – 44.3%
	Australia & New Zealand Banking Group Ltd.(a)
$	300,000		0.596	%		06/13/17	$	298,549
	Bank of America NA(a)
	250,000		0.779			11/14/16		249,757
	Bank of Montreal(a)
	300,000		0.883			04/09/18		299,998
	Commonwealth Bank of Australia(a)(b)
	400,000		0.845			09/20/16		400,778
	Credit Suisse New York(a)
	160,000		0.984			01/29/18		159,517
	HSBC Bank PLC(a)(b)
	300,000		0.961			05/15/18		299,364
	JPMorgan Chase & Co.(a)
	400,000		0.841			02/15/17		399,689
	Royal Bank of Canada(a)
	400,000		0.793			09/09/16		400,914
	Sumitomo Mitsui Banking Corp.
	250,000		0.900			01/18/16		250,053
	Svenska Handelsbanken AB(a)
	400,000		0.796			09/23/16		400,855
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)(b)
	500,000		1.356			09/14/18		501,163
	The Toronto-Dominion Bank(a)
	400,000		0.793			09/09/16		400,952
	Wells Fargo & Co.(a)
	400,000		0.629			06/02/17		398,951
								4,460,540
	Health Care – 6.0%
	McLaren Health Care Corp.
	200,000		1.040			05/15/16		199,975
	Providence Health & Services Obligated Group(a)
	400,000		0.934			10/01/15		400,000
								599,975
	TOTAL CORPORATE OBLIGATIONS
	(Cost $5,064,579)						$	5,060,515
	Municipal Debt Obligations – 34.2%
	California – 13.8%
	California Statewide Communities Development Authority (Sifma – Kaiser Permanente) Series 2012 B(a)
$	350,000		0.970	%		04/01/52	$	350,973
	Los Angeles California Department of Airports RB Build America Bonds Direct Payment to Issuer Series 2009 C
	300,000		5.175			05/15/17		311,517
	Orange County CA Pension Obligation RB (Refunding-Pension- Taxable) Series 2015 A
	350,000		0.580			11/02/15		350,063
	University of California RB (Floating Rate Notes) Series 2011 Y-2(a)
	175,000		0.697			07/01/41		174,970
	Municipal Debt Obligations – (continued)
	California – (continued)
	University of California RB (Taxable Floating Rate Notes) Series 2011 Y-1(a)
$	200,000		0.697	%		07/01/41	$	199,966
								1,387,489
	Colorado – 1.1%
	University of Colorado Enterprise RB Build America Subseries 2010 A-2
	105,000		2.672			06/01/16		106,356
	Florida(a)(b) – 3.6%
	Puttable Floating Option Taxable Notes RB Series 2014 TNP-1011
	365,000		0.400			12/01/25		365,000
	Massachusetts(a) – 1.4%
	Commonwealth of Massachusetts State GO Bonds Refunding (Sifma Index) Series 2013 A
	50,000		0.310			02/01/16		50,003
	Massachusetts State GO Consolidated Loan Series 2012 D
	90,000		0.450			01/01/18		89,971
								139,974
	Missouri – 1.5%
	Missouri State Health & Educational Facilities Authority RB for Washington University Taxable Series 2011 A
	150,000		1.970			11/15/15		150,159
	New Jersey – 0.6%
	New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	60,000		4.252			01/01/16		60,522
	New York – 8.2%
	New York State Local Government Assistance Corp. RB Refunding Sub-Lien (AGM) Series 2003 A-10 V(a)
	125,000		0.225			04/01/17		122,539
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	300,000		0.632			11/01/15		300,003
	Port Authority of New York & New Jersey RB Consolidated Bonds – 176TH Series 2012
	400,000		0.600			12/01/15		400,116
								822,658
	South Carolina(a) – 4.0%
	South Carolina State Public Service Authority RB (Taxable LIBOR Index Bonds) Series 2013 D
	400,000		1.297			06/01/16		400,272
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,432,290)						$	3,432,430
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $8,496,869)						$	8,492,945

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 17.8%
	Repurchase Agreement – 17.8%
	Citigroup Global Markets, Inc.
$	490,000		1.245	%		03/29/16	$	490,000
	Maturity Value: $493,084
	Settlement Date: 09/29/2015
	Collateralized by various corporate obligations, 0.537% to 0.637%, due 12/22/2036 to 03/22/2037, and various mortgage obligations, 3.897% to 7.86%, due 03/01/2030 to 06/17/2032. The aggregate market value of the collateral, including accrued interest, was $581,611.
	Joint Repurchase Agreement Account II(c)
	1,300,000		0.122			10/01/15		1,300,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,790,000)						$	1,790,000
	TOTAL INVESTMENTS – 102.3%
	(Cost $10,286,869)						$	10,282,945
	LIABILITIES IN EXCESS OF     OTHER ASSETS — (2.3)%							(227,193	)
	NET ASSETS – 100.0%						$	10,055,752

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 on September 30, 2015.
(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 $1,566,305, which represents approximately 15.6% of net assets as of September 30, 2015.
(c)	Joint repurchase agreement was entered into on September 30, 2015. Additional information appears on page 83.

Investment Abbreviations:
AGM	—Assured Guaranteed Municipal Corp
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
RB	—Revenue Bond

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 29.3%
	Collateralized Mortgage Obligations – 8.5%
	Inverse Floaters(a) – 0.0%
	FNMA REMIC Series 1990-134, Class SC
$	9,196		21.309	%		11/25/20	$	12,426
	IOette(b) – 0.0%
	FHLMC REMIC Series 1161, Class U
	222		1,172.807			11/15/21		4,281
	Regular Floater(a) – 4.7%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(c)
	4,563,670		0.743			02/25/48		4,552,477
	FNMA REMIC Series 1988-12, Class B
	14,437		0.000			02/25/18		14,298
	FNMA REMIC Series 2007-33, Class HF
	745,154		0.544			04/25/37		748,980
	NCUA Guaranteed Notes Series 2010-A1, Class A
	2,402,856		0.544			12/07/20		2,407,357
	NCUA Guaranteed Notes Series 2010-R2, Class 1A
	4,890,936		0.564			11/06/17		4,898,387
	NCUA Guaranteed Notes Series 2011-R1, Class 1A
	4,220,821		0.653			01/08/20		4,238,463
	NCUA Guaranteed Notes Series 2011-R2, Class 1A
	14,365,517		0.595			02/06/20		14,399,748
	NCUA Guaranteed Notes Series 2011-R3, Class 1A
	13,409,112		0.603			03/11/20		13,448,397
	NCUA Guaranteed Notes Series 2011-R4, Class 1A
	15,061,739		0.583			03/06/20		15,083,507
	NCUA Guaranteed Notes Series 2011-R5, Class 1A
	7,012,688		0.574			04/06/20		7,012,688
	NCUA Guaranteed Notes Series 2011-R6, Class 1A
	727,274		0.583			05/07/20		727,274
								67,531,576
	Sequential Fixed Rate – 3.5%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	6,611,828		3.250			04/25/38		6,827,023
	FHLMC REMIC Series 108, Class G
	49,958		8.500			12/15/20		52,832
	FHLMC REMIC Series 1980, Class Z
	521,549		7.000			07/15/27		598,953
	FHLMC REMIC Series 2019, Class Z
	526,012		6.500			12/15/27		596,828
	FHLMC REMIC Series 2755, Class ZA
	1,125,427		5.000			02/15/34		1,242,691
	FHLMC REMIC Series 3530, Class DB
	7,993,882		4.000			05/15/24		8,478,157
	FHLMC REMIC Series 4273, Class PD
	2,243,315		6.500			11/15/43		2,603,911
	FNMA REMIC Series 1989-66, Class J
	102,735		7.000			09/25/19		108,687
	FNMA REMIC Series 1990-16, Class E
	93,754		9.000			03/25/20		105,013
	FNMA REMIC Series 2005-65, Class WL
	123,225		5.500			07/25/34		123,304
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-111, Class B
$	1,025,497		7.000	%		10/25/42	$	1,172,306
	FNMA REMIC Series 2012-153, Class B
	3,347,866		7.000			07/25/42		3,926,195
	FNMA REMIC Series 2015-30, Class EA
	12,792,751		3.000			05/25/45		13,253,313
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	121,868		1.840			10/07/20		121,906
	NCUA Guaranteed Notes Series A4
	11,000,000		3.000			06/12/19		11,642,444
								50,853,563
	Sequential Floating Rate(a) – 0.3%
	FHLMC REMIC Series 4273, Class PS
	2,919,186		5.893			11/15/43		457,192
	FNMA REMIC Series 1988-12, Class A
	28,104		3.856			02/25/18		28,567
	NCUA Guaranteed Notes Series 2010-R1, Class 1A
	3,607,402		0.653			10/07/20		3,623,043
								4,108,802
	TOTAL COLLATERALIZED MORTGAGE
	OBLIGATIONS						$	122,510,648
	Commercial Mortgage-Backed Securities(a) – 5.9%
	Sequential Floating Rate – 5.9%
	FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1
$	17,424,941		0.574	%		07/25/20	$	17,436,177
	FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A
	9,879,309		0.534			01/25/21		9,876,059
	FHLMC Multifamily Structured Pass Through Certificates, Series KP02, Class A2
	21,500,000		2.355			04/25/21		21,913,374
	FNMA ACES Series 2014-M1, Class ASQ2
	32,500,000		2.323			11/25/18		33,496,817
	FNMA ACES Series 2014-M5, Class FA
	3,016,664		0.559			01/25/17		3,017,397
	TOTAL COMMERCIAL MORTGAGE-BACKED
	SECURITIES						$	85,739,824
	Federal Agencies – 14.9%
	Adjustable Rate FHLMC(a) – 0.3%
$	26,218		2.365	%		05/01/18	$	26,337
	27,744		2.948			10/01/25		28,165
	625,949		2.432			11/01/34		669,531
	2,508,601		2.451			06/01/35		2,677,919
	242,677		2.943			05/01/36		259,574
	82,881		2.143			10/01/36		88,365
	110,091		2.540			11/01/36		117,756
								3,867,647
	Adjustable Rate FNMA(a) – 2.4%
	19,811		2.645			02/01/18		19,947
	35,872		2.110			06/01/18		36,530
	43,349		5.900			05/01/20		45,477

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(a) – (continued)
$	22,170		3.116	%		01/01/23	$	22,459
	108,713		3.152			02/01/27		110,428
	959,414		2.425			08/01/29		972,288
	86,936		2.505			07/01/32		92,100
	89,957		2.044			01/01/33		94,530
	1,685,972		2.550			05/01/33		1,792,394
	279,084		2.750			08/01/33		297,900
	1,234,216		4.610			08/01/33		1,336,797
	1,173,141		2.442			02/01/34		1,253,975
	718,153		2.360			05/01/34		768,155
	471,460		2.445			05/01/34		504,172
	702,851		2.470			06/01/34		751,787
	540,609		2.156			10/01/34		577,231
	446,641		2.186			10/01/34		473,590
	118,047		2.123			02/01/35		124,433
	1,071,367		2.131			02/01/35		1,128,094
	320,125		2.285			03/01/35		342,047
	952,542		2.345			03/01/35		1,018,863
	1,472,975		1.944			04/01/35		1,549,749
	2,503,888		2.030			04/01/35		2,625,467
	440,252		2.470			04/01/35		467,773
	553,851		2.059			05/01/35		581,587
	324,857		2.210			05/01/35		345,095
	2,245,947		2.473			08/01/35		2,398,620
	725,362		2.253			10/01/35		775,865
	1,521,802		2.333			03/01/36		1,617,676
	516,512		2.384			04/01/36		544,424
	1,346,106		2.548			04/01/36		1,439,829
	2,112,393		2.634			06/01/36		2,257,903
	1,389,335		2.643			06/01/36		1,474,306
	1,590,034		2.519			07/01/36		1,682,358
	3,097,100		2.393			09/01/36		3,302,663
	247,376		2.507			11/01/36		264,599
	163,283		2.542			11/01/36		174,652
	2,015,520		2.535			07/01/37		2,155,850
	68,737		2.445			12/01/46		73,523
								35,495,136
	Adjustable Rate GNMA(a) – 0.4%
	345,657		1.750			05/20/34		357,902
	706,536		1.625			07/20/34		733,518
	434,951		1.625			08/20/34		451,578
	3,453,428		1.625			09/20/34		3,585,537
	437,319		1.625			10/20/34		453,923
	549,471		1.625			12/20/34		568,367
								6,150,825
	FHLMC – 0.3%
	304		8.000			12/01/15		305
	1,006		7.000			03/01/16		1,011
	570,581		5.500			01/01/20		605,809
	190,527		7.000			04/01/22		207,427
	3,082		4.500			05/01/23		3,293
	13,617		7.500			01/01/31		14,931
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	2,586		6.000	%		06/01/36	$	2,977
	3,088,653		7.000			02/01/39		3,623,167
								4,458,920
	FNMA – 11.0%
	117		8.500			12/01/15		117
	1,509		5.500			01/01/18		1,573
	7,089,725		2.800			03/01/18		7,333,921
	59,044,881		3.743			06/01/18		62,427,893
	87,642		5.500			07/01/18		92,022
	63,779		5.500			08/01/18		66,738
	116,959		5.500			09/01/18		122,992
	15,800,000		2.960			11/01/18		16,549,596
	16,804		5.500			12/01/18		17,730
	10,305		5.500			01/01/19		10,866
	12,227		5.500			03/01/19		12,929
	590		5.500			08/01/19		591
	5,813		5.000			09/01/19		6,159
	21,474		7.000			11/01/19		22,654
	39,017,234		4.317			07/01/21		43,169,163
	165,113		5.000			07/01/23		181,868
	1,760,035		5.500			09/01/23		1,923,456
	458,823		5.500			10/01/23		503,234
	4,012		7.000			12/01/24		4,547
	94,489		5.000			06/01/25		103,969
	1,302		7.000			08/01/27		1,526
	1,451		7.000			10/01/28		1,610
	1,271		7.000			01/01/29		1,453
	1,125,603		4.500			09/01/29		1,220,073
	393		7.000			11/01/29		397
	887		7.000			04/01/31		1,010
	8,873		7.000			05/01/32		10,226
	6,825		7.000			06/01/32		7,495
	1,146		7.000			08/01/32		1,361
	29,564		6.000			03/01/33		34,271
	7,039		6.000			04/01/33		8,046
	1,771,193		6.500			04/01/33		2,095,256
	5,709		6.000			11/01/33		6,526
	1,568		7.000			04/01/34		1,849
	22,819		6.000			01/01/35		26,069
	2,989,370		6.000			04/01/35		3,417,095
	55,281		6.000			06/01/35		63,684
	230,039		6.000			09/01/35		260,247
	313		6.000			11/01/35		354
	16,652		6.000			01/01/36		18,839
	9,203		6.000			02/01/36		10,620
	88,518		6.000			05/01/36		101,961
	3,052		6.000			06/01/36		3,535
	205,542		6.000			08/01/36		236,907
	515,399		6.000			09/01/36		584,344
	880,562		4.500			11/01/36		956,763
	32,881		6.000			04/01/37		37,801
	120,490		6.000			08/01/37		138,016
	250,344		7.500			10/01/37		296,654
	231,873		6.000			11/01/37		265,809
	7,716		6.000			02/01/38		8,853

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	93,429		6.000	%		01/01/39		$	107,173
	278,709		4.500			02/01/39			302,052
	1,873,067		7.000			03/01/39			2,138,856
	266,557		4.500			04/01/39			288,882
	13,431		4.500			08/01/39			14,812
	37,487		4.500			05/01/41			40,730
	1,079,839		4.500			08/01/41			1,174,874
	269,980		4.500			10/01/41			293,343
	133,941		5.000			02/01/42			148,345
	937,844		3.000			12/01/42			957,978
	797,649		3.000			01/01/43			815,444
	212,248		3.000			04/01/43			216,792
	95,194		3.000			05/01/43			96,704
	9,000,000		6.000			TBA-30yr	(d)		10,170,000
									159,136,653
	GNMA – 0.5%
	234,053		5.500			07/15/20			247,512
	4,656		6.500			01/15/32			5,338
	11,206		6.500			02/15/32			12,850
	11,552		6.500			08/15/34			13,587
	17,149		6.500			05/15/35			20,069
	6,411		6.500			06/15/35			7,447
	12,790		6.500			07/15/35			14,970
	3,367		6.500			08/15/35			3,945
	7,389		6.500			09/15/35			8,630
	7,898		6.500			10/15/35			9,247
	34,320		6.500			11/15/35			40,166
	34,306		6.500			12/15/35			40,105
	54,291		6.500			01/15/36			63,515
	48,818		6.500			02/15/36			57,172
	50,411		6.500			03/15/36			59,058
	119,806		6.500			04/15/36			139,787
	190,477		6.500			05/15/36			223,081
	164,006		6.500			06/15/36			192,114
	707,054		6.500			07/15/36			837,648
	687,468		6.500			08/15/36			804,070
	1,038,258		6.500			09/15/36			1,211,302
	420,181		6.500			10/15/36			488,025
	547,423		6.500			11/15/36			637,204
	213,829		6.500			12/15/36			248,443
	96,773		6.500			01/15/37			112,158
	41,590		6.500			02/15/37			48,514
	25,429		6.500			03/15/37			29,799
	68,451		6.500			04/15/37			79,948
	50,634		6.500			05/15/37			58,601
	30,376		6.500			08/15/37			35,314
	174,592		6.500			09/15/37			202,284
	180,907		6.500			10/15/37			207,434
	99,909		6.500			11/15/37			117,050
	4,093		6.500			02/15/38			4,782
	36,536		6.500			05/15/38			42,504
	4,641		6.500			08/15/38			5,438
	117,200		6.000			11/15/38			135,665
	47,484		6.500			11/15/38			55,470
	Mortgage-Backed Obligations – (continued)
	GNMA – (continued)
$	12,137		6.500	%		01/15/39		$	14,160
	31,181		6.500			02/15/39			36,371
									6,570,777
	TOTAL FEDERAL AGENCIES							$	215,679,958
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $418,056,888)							$	423,930,430
	Agency Debentures – 19.8%
	FFCB
$	5,000,000		0.750	%		08/14/17		$	5,001,550
	3,200,000		1.460			11/19/19			3,196,810
	16,000,000		3.500			12/20/23			17,446,517
	FHLB
	5,000,000		0.260			04/20/16			4,999,760
	5,000,000		0.270			04/22/16			4,999,775
	23,500,000		0.375			06/10/16			23,499,600
	12,200,000		2.125			06/10/16			12,344,045
	28,500,000		0.750			02/13/17			28,577,648
	22,000,000		1.000			06/09/17			22,130,627
	3,200,000		1.530			11/21/19			3,200,480
	7,000,000		1.875			03/13/20			7,141,975
	2,300,000		3.250			06/09/23			2,433,623
	1,800,000		5.375			08/15/24			2,222,100
	FHLMC
	2,780,000		0.850			12/26/17			2,780,133
	4,800,000		1.000			01/17/18			4,813,733
	FNMA
	70,200,000		2.375			04/11/16			70,982,941
	39,500,000		0.750			03/14/17			39,583,333
	5,200,000		6.250			05/15/29			7,235,561
	16,080,000		7.125			01/15/30			24,200,400
	Small Business Administration
	20,740		7.200			06/01/17			21,435
	47,300		6.300			05/01/18			50,211
	40,299		6.300			06/01/18			42,817
	TOTAL AGENCY DEBENTURES
	(Cost $283,657,698)							$	286,905,074
	Government Guarantee Obligation(e) – 1.4%
	Hashemite Kingdom of Jordan Government AID Bond
$	19,300,000		2.503	%		10/30/20		$	20,095,262
	(Cost $19,300,000)
	U.S. Treasury Obligations – 49.7%
	United States Treasury Bonds
$	2,100,000		3.625	%(f)		08/15/43		$	2,418,108
	8,600,000		3.750	(f)		11/15/43			10,127,016
	800,000		3.625			02/15/44			920,080
	2,900,000		3.000			05/15/45			2,967,947

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Bonds – (continued)
$	5,500,000		2.875	%		08/15/45	$	5,496,590
	United States Treasury Inflation Protected Securities
	17,515,440		0.125			04/15/16		17,345,715
	19,853,232		2.500			07/15/16		20,185,178
	6,409,453		0.125			04/15/17		6,386,443
	8,290,728		2.625			07/15/17		8,688,434
	11,282,401		0.125			01/15/22		11,016,249
	3,568,775		0.375			07/15/23		3,512,460
	9,041,640		0.625			01/15/24		9,010,537
	3,312,480		2.125			02/15/40		3,916,478
	1,382,400		1.375			02/15/44		1,406,163
	United States Treasury Notes
	24,300,000		0.375			10/31/16		24,293,196
	14,400,000		0.625			12/31/16		14,427,936
	118,400,000		0.500			02/28/17		118,418,943
	100,000,000		0.500			03/31/17		99,988,998
	111,600,000		0.875			07/15/17		112,130,098
	116,200,000		0.625			08/31/17		116,195,354
	47,900,000		1.000			05/31/18		48,079,143
	16,800,000		1.500			01/31/19		17,053,848
	3,700,000		1.625			04/30/19		3,767,636
	20,500,000		1.625			06/30/20		20,760,759
	10,800,000		2.250			04/30/21		11,211,372
	2,800,000		2.000			05/31/21		2,867,284
	4,800,000		1.750			02/28/22		4,817,137
	10,900,000		1.875			05/31/22		11,004,858
	1,200,000		2.125			06/30/22		1,231,344
	2,400,000		2.000			07/31/22		2,441,664
	7,900,000		1.750			09/30/22		7,896,919
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $717,308,938)						$	719,983,887

Shares	Rate			Value
Investment Company(g) – 0.0%
Goldman Sachs Financial Square Government Fund – FST Shares
80		0.006	%		80
(Cost $80)
TOTAL INVESTMENTS – 100.2%
(Cost $1,438,323,604)				$	1,450,914,733
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%					(2,513,551	)
NET ASSETS – 100.0%				$	1,448,401,182

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 on September 30, 2015.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $11,379,500, which represents approximately 0.8% of net assets as of September 30, 2015.
(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 $10,170,000 which represents approximately 0.7% of net assets as of September 30, 2015.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $20,095,262, which represents approximately 1.4% of net assets as of September 30, 2015.
(f)	A portion of these securities are segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an Affiliated Fund.

Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
FDIC	—Federal Deposit Insurance Corp.
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
LIBOR	—London Interbank Offered Rate
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		68		December 2015	$	10,907,625		$	144,733
2 Year U.S. Treasury Notes		3,562		December 2015		780,189,313			1,222,438
5 Year U.S. Treasury Notes		(188	)	December 2015		(22,656,938	)		(164,776	)
10 Year U.S. Treasury Notes		(486	)	December 2015		(62,564,906	)		(705,695	)
20 Year U.S. Treasury Bonds		(342	)	December 2015		(53,811,563	)		(551,573	)
TOTAL								$	(54,873	)

SWAP CONTRACTS — At September 30, 2015, 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)
$	31,000		11/02/16		3 month LIBOR	1.780%	$	(295,908	)	$	(338,336	)
	133,200	(a)	01/11/18		3 month LIBOR	1.876		400			(3,204,792	)
	61,800	(a)	12/16/20		3 month LIBOR	2.000		(851,729	)		(718,640	)
	67,300	(a)	06/24/21		2.923%	3 month LIBOR		(32,244	)		904,358
	79,030	(a)	09/02/22		2.810	3 month LIBOR		109,704			323,373
	14,200	(a)	12/16/22		3 month LIBOR	2.250		(209,812	)		(242,325	)
	21,800	(a)	12/16/25		3 month LIBOR	2.500		(409,316	)		(468,813	)
	17,300	(a)	06/25/29		3 month LIBOR	3.218		65,509			(819,754	)
	18,530	(a)	09/03/30		3 month LIBOR	3.005		(25,318	)		(265,772	)
	14,600	(a)	12/16/30		3 month LIBOR	2.500		97,951			(420,595	)
	1,600	(a)	12/18/45		3 month LIBOR	2.750		(10,792	)		(58,774	)
	TOTAL						$	(1,561,555	)	$	(5,310,070	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 59.7%
	Automotive – 3.9%
	Daimler Finance North America LLC(a)
$	1,500,000		2.450	%		05/18/20	$	1,466,318
	Ford Motor Credit Co. LLC
	2,050,000		8.000			12/15/16		2,202,184
	900,000		8.125			01/15/20		1,079,217
	General Motors Financial Co., Inc.
	3,500,000		4.750			08/15/17		3,636,759
	Schaeffler Holding Finance BV(a)(b)(c)
	4,045,000		6.875			08/15/18		4,186,575
								12,571,053
	Banks – 19.7%
	ABN AMRO Bank NV(a)
	2,350,000		1.800			06/04/18		2,351,842
	American Express Co.(b)(d)
	1,600,000		6.800			09/01/66		1,616,000
	American Express Credit Corp.(b)
	1,650,000		1.800			07/31/18		1,649,037
	Associates Corp. of North America
	1,375,000		6.950			11/01/18		1,569,039
	Banco de Bogota SA(a)
	200,000		5.000			01/15/17		204,000
	Banco del Estado de Chile(a)
	170,000		2.000			11/09/17		170,000
	Bank of America Corp.
	5,375,000		6.000			09/01/17		5,795,512
	1,200,000		2.650			04/01/19		1,213,811
	Bank of America NA
	2,700,000		1.750			06/05/18		2,692,889
	BNP Paribas SA
	550,000		2.375			05/21/20		549,972
	BPCE SA
	1,026,000		2.500			12/10/18		1,044,294
	Capital One Bank USA NA(b)
	800,000		2.250			02/13/19		796,751
	Citigroup, Inc.
	1,500,000		1.800			02/05/18		1,498,242
	450,000		6.125			05/15/18		497,533
	1,325,000		2.500			07/29/19		1,330,964
	Commonwealth Bank of Australia
	525,000		1.900			09/18/17		531,121
	2,100,000		1.625			03/12/18		2,105,225
	Compass Bank(b)
	775,000		2.750			09/29/19		771,344
	Credit Suisse Group Funding Guernsey Ltd.(a)
	1,425,000		2.750			03/26/20		1,416,906
	Credit Suisse New York
	1,500,000		0.822	(d)		05/26/17		1,494,912
	725,000		1.750			01/29/18		724,649
	Discover Bank(b)
	1,150,000		2.600			11/13/18		1,154,235
	HBOS PLC(a)
	1,325,000		6.750			05/21/18		1,459,857
	ING Bank NV(a)
	1,525,000		1.800			03/16/18		1,527,202
	Corporate Obligations – (continued)
	Banks – (continued)
	Intesa Sanpaolo SpA
$	2,550,000		3.875	%		01/16/18	$	2,629,222
	JPMorgan Chase & Co.
	3,200,000		6.400			10/02/17		3,491,816
	650,000		1.700	(b)		03/01/18		648,147
	1,825,000		2.250	(b)		01/23/20		1,808,216
	KBC Bank NV(b)(d)
	400,000		8.000			01/25/23		437,060
	Lloyds Bank PLC
	600,000		1.750			03/16/18		598,980
	1,000,000		2.300			11/27/18		1,010,621
	Macquarie Bank Ltd.(a)
	700,000		1.600			10/27/17		698,219
	Morgan Stanley, Inc.
	4,100,000		5.950			12/28/17		4,465,735
	875,000		6.625			04/01/18		972,732
	775,000		2.650			01/27/20		777,954
	MUFG Americas Holdings Corp.(b)
	625,000		1.625			02/09/18		622,614
	Nomura Holdings, Inc.
	600,000		2.000			09/13/16		602,836
	Royal Bank of Scotland PLC
	275,000		4.375			03/16/16		279,554
	1,625,000		6.400			10/21/19		1,829,447
	Santander Holdings USA, Inc.(b)
	1,675,000		3.450			08/27/18		1,714,834
	1,275,000		2.650			04/17/20		1,249,473
	Sumitomo Mitsui Banking Corp.
	575,000		1.750			01/16/18		574,083
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	1,100,000		1.700			03/05/18		1,093,524
	700,000		2.150			09/14/18		704,710
	Wells Fargo & Co.
	2,200,000		5.625			12/11/17		2,390,305
	600,000		2.150			01/30/20		597,878
								63,363,297
	Chemicals – 1.1%
	AVINTIV Specialty Materials, Inc.(b)
	217,000		7.750			02/01/19		225,138
	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV(a)(b)
	700,000		7.375			05/01/21		739,375
	Eastman Chemical Co.(b)
	1,250,000		2.700			01/15/20		1,246,164
	Ecolab, Inc.
	1,000,000		1.550			01/12/18		996,185
	Incitec Pivot Ltd.(a)
	375,000		4.000			12/07/15		376,717
								3,583,579
	Construction Machinery – 1.6%
	Case New Holland, Inc.
	1,300,000		7.875			12/01/17		1,376,375
	Caterpillar Financial Services Corp.
	2,600,000		2.250			12/01/19		2,607,607

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Construction Machinery – (continued)
	John Deere Capital Corp.
$	1,200,000		2.300	%		09/16/19	$	1,212,449
								5,196,431
	Consumer Cyclical Services(b) – 0.7%
	CDK Global, Inc.
	525,000		3.300			10/15/19		529,766
	First Data Corp.(a)
	750,000		6.750			11/01/20		783,750
	Iron Mountain, Inc.(a)
	800,000		6.000			10/01/20		806,000
								2,119,516
	Consumer Products – 0.7%
	Beam, Inc.
	250,000		5.375			01/15/16		253,017
	Kimberly-Clark Corp.
	625,000		1.850			03/01/20		621,685
	Sally Holdings LLC(b)
	1,250,000		6.875			11/15/19		1,300,000
								2,174,702
	Diversified Manufacturing – 0.2%
	Danaher Corp.
	575,000		1.650			09/15/18		577,645
	Pentair Finance SA
	125,000		1.350			12/01/15		125,074
								702,719
	Electric – 1.1%
	Commonwealth Edison Co.(b)
	300,000		2.150			01/15/19		302,079
	Dominion Resources, Inc.
	900,000		1.900			06/15/18		898,788
	Exelon Corp.(b)
	350,000		2.850			06/15/20		351,871
	Sempra Energy(b)
	1,100,000		2.400			03/15/20		1,094,195
	The Southern Co.(b)
	800,000		2.750			06/15/20		793,838
								3,440,771
	Energy – 1.6%
	Anadarko Petroleum Corp.
	1,425,000		6.375			09/15/17		1,531,235
	BP Capital Markets PLC
	1,125,000		1.846			05/05/17		1,133,470
	Canadian Natural Resources Ltd.(d)
	450,000		0.702			03/30/16		449,009
	Devon Energy Corp.(d)
	450,000		0.877			12/15/16		444,987
	Noble Holding International Ltd.
	100,000		2.500			03/15/17		92,000
	Corporate Obligations – (continued)
	Energy – (continued)
	Petroleos de Venezuela SA
$	90,000		9.000	%		11/17/21	$	32,310
	260,000		6.000			05/16/24		84,500
	280,000		6.000			11/15/26		88,578
	50,000		5.375			04/12/27		15,813
	State Oil Company of the Azerbaijan Republic
	638,000		5.450			02/09/17		647,570
	Transocean, Inc.
	835,000		2.500			10/15/17		755,675
								5,275,147
	Energy – Exploration & Production – 0.8%
	Chesapeake Energy Corp.
	1,225,000		7.250			12/15/18		1,019,812
	Marathon Oil Corp.(b)
	650,000		2.700			06/01/20		613,650
	Whiting Petroleum Corp.(b)
	1,255,000		5.000			03/15/19		1,091,850
								2,725,312
	Food & Beverage – 1.5%
	Beam Suntory, Inc.
	800,000		1.750			06/15/18		794,313
	ConAgra Foods, Inc.
	325,000		4.950			08/15/20		355,325
	HJ Heinz Co.(a)
	1,300,000		2.000			07/02/18		1,301,686
	Pernod-Ricard SA(a)
	525,000		2.950			01/15/17		533,774
	Sysco Corp.(b)
	400,000		2.600			10/01/20		400,584
	The J.M. Smucker Co.(a)
	800,000		1.750			03/15/18		800,555
	550,000		2.500			03/15/20		550,554
								4,736,791
	Gaming – 0.3%
	MGM Resorts International
	975,000		8.625			02/01/19		1,077,375
	Health Care Products – 0.7%
	Becton Dickinson & Co.
	1,100,000		2.675			12/15/19		1,112,195
	Medtronic, Inc.
	1,100,000		1.500			03/15/18		1,100,330
								2,212,525
	Health Care Services – 2.1%
	Cardinal Health, Inc.
	905,000		4.625			12/15/20		985,560
	CHS/Community Health Systems, Inc.(b)
	800,000		5.125			08/15/18		816,000
	1,100,000		8.000			11/15/19		1,146,750
	McKesson Corp.
	175,000		1.400			03/15/18		173,238
	650,000		2.284			03/15/19		650,602

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Health Care Services – (continued)
	Providence Health & Services Obligated Group(d)
$	525,000		1.084	%		10/01/16	$	526,470
	UnitedHealth Group, Inc.
	400,000		1.400			10/15/17		399,866
	2,100,000		1.900			07/16/18		2,119,938
								6,818,424
	Life Insurance – 0.1%
	MetLife, Inc.
	150,000		1.756			12/15/17		150,949
	Media – Cable – 1.8%
	Comcast Corp.
	440,000		6.500			01/15/17		469,746
	600,000		5.700			05/15/18		664,206
	COX Communications, Inc.
	100,000		5.500			10/01/15		100,000
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	1,350,000		1.750			01/15/18		1,344,843
	725,000		5.875			10/01/19		808,059
	Time Warner Cable, Inc.
	1,470,000		5.850			05/01/17		1,556,637
	775,000		5.000			02/01/20		830,158
								5,773,649
	Media – Non Cable – 0.2%
	21st Century Fox America, Inc.
	550,000		6.900			03/01/19		631,180
	Metals & Mining – 0.9%
	Anglo American Capital PLC(a)(d)
	700,000		1.239			04/15/16		699,430
	CITIC Ltd.
	340,000		6.800			01/17/23		385,182
	Freeport-McMoRan, Inc.
	350,000		2.375			03/15/18		304,500
	Glencore Finance Canada Ltd.(a)
	1,750,000		2.700			10/25/17		1,574,125
								2,963,237
	Noncaptive – Financial – 1.1%
	CIT Group, Inc.
	700,000		5.250			03/15/18		722,750
	General Electric Capital Corp.
	650,000		2.300			04/27/17		662,668
	General Electric Capital Corp./LJ VP Holdings LLC(a)
	825,000		3.800			06/18/19		885,386
	Navient LLC
	1,150,000		8.450			06/15/18		1,181,625
								3,452,429
	Pharmaceuticals – 4.1%
	AbbVie, Inc.
	4,075,000		1.800			05/14/18		4,062,439
	Actavis Funding SCS(b)
	2,400,000		3.000			03/12/20		2,404,318
	EMD Finance LLC(a)
	1,625,000		1.700			03/19/18		1,627,946
	Corporate Obligations – (continued)
	Pharmaceuticals – (continued)
	Forest Laboratories, Inc.(a)
$	2,000,000		4.375	%		02/01/19	$	2,116,834
	Gilead Sciences, Inc.
	1,000,000		1.850			09/04/18		1,006,600
	Perrigo Co. PLC
	750,000		1.300			11/08/16		746,760
	Valeant Pharmaceuticals International, Inc.(a)(b)
	1,100,000		6.750			08/15/18		1,119,250
								13,084,147
	Pipelines – 2.8%
	Columbia Pipeline Group, Inc.(a)
	475,000		2.450			06/01/18		475,956
	El Paso Natural Gas Co. LLC
	325,000		5.950			04/15/17		342,089
	Enterprise Products Operating LLC(b)(d)
	1,150,000		8.375			08/01/66		1,131,312
	675,000		7.034			01/15/68		715,500
	Kinder Morgan Energy Partners LP
	550,000		2.650			02/01/19		541,121
	Kinder Morgan, Inc.
	2,250,000		7.000			06/15/17		2,406,317
	ONEOK Partners LP(b)
	250,000		3.250			02/01/16		251,115
	Spectra Energy Partners LP(b)
	350,000		2.950			06/15/16		354,459
	TransCanada PipeLines Ltd.
	570,000		1.875			01/12/18		571,315
	950,000		6.350	(b)(d)		05/15/67		798,000
	Western Gas Partners LP(b)
	1,470,000		2.600			08/15/18		1,455,068
								9,042,252
	Property/Casualty Insurance(b)(d) – 0.6%
	The Chubb Corp.
	2,100,000		6.375			03/29/67		2,079,000
	Real Estate Investment Trust – 3.2%
	ARC Properties Operating Partnership LP(b)
	2,475,000		3.000			02/06/19		2,360,454
	DDR Corp.(b)
	1,000,000		4.750			04/15/18		1,056,893
	HCP, Inc.(b)
	600,000		3.750			02/01/19		625,284
	Kilroy Realty LP
	450,000		5.000			11/03/15		451,345
	Realty Income Corp.(b)
	125,000		2.000			01/31/18		125,500
	Select Income REIT(b)
	1,275,000		3.600			02/01/20		1,298,842
	Senior Housing Properties Trust(b)
	750,000		3.250			05/01/19		754,125
	Ventas Realty LP/Ventas Capital Corp.(b)
	900,000		2.000			02/15/18		902,589
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	1,475,000		1.750			09/15/17		1,465,171

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trust – (continued)
	Welltower, Inc.(b)
$	1,225,000		4.125	%		04/01/19	$	1,293,640
								10,333,843
	Restaurants – 0.0%
	Brinker International, Inc.
	150,000		2.600			05/15/18		150,690
	Retailers – Food & Drug – 1.3%
	CVS Health Corp.
	2,600,000		1.900			07/20/18		2,616,218
	Walgreens Boots Alliance, Inc.(b)
	1,550,000		2.700			11/18/19		1,566,280
								4,182,498
	Technology – 0.8%
	Fiserv, Inc.(b)
	625,000		2.700			06/01/20		629,676
	Harris Corp.
	550,000		1.999			04/27/18		547,507
	Hewlett-Packard Co.
	900,000		1.226	(d)		01/14/19		908,092
	575,000		3.750			12/01/20		594,761
								2,680,036
	Technology – Hardware – 1.5%
	Automatic Data Processing, Inc.
	1,050,000		2.250			09/15/20		1,057,560
	Intel Corp.
	1,550,000		2.450			07/29/20		1,570,065
	NXP BV/NXP Funding LLC(a)
	750,000		3.750			06/01/18		754,687
	QUALCOMM, Inc.
	1,450,000		2.250			05/20/20		1,445,176
	Tech Data Corp.
	75,000		3.750			09/21/17		77,016
								4,904,504
	Tobacco – 1.0%
	BAT International Finance PLC(a)
	1,225,000		1.850			06/15/18		1,230,583
	Reynolds American, Inc.
	1,925,000		2.300			06/12/18		1,946,603
								3,177,186
	Transportation(a) – 0.4%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,101,000		3.375			03/15/18		1,131,982
	Wireless Telecommunications – 0.9%
	America Movil SAB de CV
MXN	2,760,000		6.000			06/09/19		162,458
	American Tower Corp.
$	525,000		4.500			01/15/18		552,145
	Intelsat Jackson Holdings SA(b)
	600,000		7.250			04/01/19		562,500
	Corporate Obligations – (continued)
	Wireless Telecommunications – (continued)
	Sprint Communications, Inc.
$	1,400,000		6.000	%		12/01/16	$	1,380,750
	175,000		8.375			08/15/17		173,687
								2,831,540
	Wirelines Telecommunications – 3.0%
	AT&T, Inc.
	725,000		2.300			03/11/19		726,769
	2,225,000		2.450	(b)		06/30/20		2,190,908
	Frontier Communications Corp.
	1,325,000		8.250			04/15/17		1,397,875
	Telecom Italia Capital SA
	816,000		5.250			10/01/15		816,000
	Telefonica Emisiones SAU
	825,000		3.192			04/27/18		844,913
	Verizon Communications, Inc.
	1,975,000		6.350			04/01/19		2,258,559
	1,300,000		2.550			06/17/19		1,321,887
								9,556,911
	TOTAL CORPORATE OBLIGATIONS
	(Cost $194,478,561)						$	192,123,675
	Mortgage-Backed Obligations – 7.7%
	Collateralized Mortgage Obligations – 5.9%
	Interest Only(e) – 0.5%
	FHLMC STRIPS Series 329, Class C1
$	754,567		4.000	%		12/15/41	$	141,741
	FNMA REMIC Series 2012-146, Class IO
	5,899,191		3.500			01/25/43		1,281,729
	GNMA REMIC Series 2015-95, Class GI
	1,097,197		4.500			07/16/45		232,350
								1,655,820
	Inverse Floaters – 0.5%
	FNMA REMIC Series 2013-96, Class SW(d)
	478,816		5.906			09/25/43		77,642
	FNMA REMIC Series 2014-19, Class MS(d)
	584,589		6.406			11/25/39		94,829
	FNMA REMIC Series 2015
	1,000,000		6.054			10/01/45		158,218
	FNMA REMIC Series 2015-20, Class ES(d)
	959,556		5.956			04/25/45		230,897
	FNMA REMIC Series 2015-79
	3,425,000		5.506			10/01/45		459,164
	GNMA REMIC Series 2010-1, Class SD(d)
	48,260		5.574			01/20/40		8,225
	GNMA REMIC Series 2010-31, Class SA(d)
	508,386		5.534			03/20/40		75,289
	GNMA REMIC Series 2010-98, Class QS(d)
	321,989		6.384			01/20/40		47,171
	GNMA REMIC Series 2011-17, Class SA(d)
	377,483		5.884			09/20/40		56,089
	GNMA REMIC Series 2011-61, Class CS(d)
	265,729		6.464			12/20/35		23,200

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Inverse Floaters – (continued)
	GNMA REMIC Series 2011-79, Class AS(d)
$	131,988		5.894	%		07/20/37	$	4,248
	GNMA REMIC Series 2013-113, Class SD(d)
	264,573		6.491			08/16/43		49,733
	GNMA REMIC Series 2013-152, Class TS(d)
	610,950		5.884			06/20/43		102,042
	GNMA REMIC Series 2015-126, Class HS(d)
	500,000		6.001			09/20/45		92,795
								1,479,542
	Sequential Fixed Rate – 0.3%
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	267,848		2.779			09/25/22		280,444
	FHLMC Multifamily Structured Pass-Through Certificates Series K501, Class A2
	199,408		1.655			11/25/16		200,631
	FHLMC Multifamily Structured Pass-Through Certificates Series K707, Class A2
	100,000		2.220			12/25/18		102,203
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	100,000		1.883			05/25/19		100,992
	FNMA REMIC Series 2012-111, Class B
	67,246		7.000			10/25/42		76,873
	FNMA REMIC Series 2012-153, Class B
	207,942		7.000			07/25/42		243,863
								1,005,006
	Sequential Floating Rate(d) – 4.6%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	1,835,983		0.383			09/20/66		1,951,455
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
	1,066,390		0.223			09/20/66		1,126,306
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(a)
	792,840		2.750			04/20/20		877,060
	Darrowby PLC Series 2012-1, Class A
GBP	41,715		2.267			02/20/44		63,799
	FHLMC REMIC Series 4320, Class FD
$	556,388		0.607			07/15/39		559,367
	FNMA REMIC Series 2007-33, Class HF
	44,604		0.544			04/25/37		44,833
	Granite Master Issuer PLC Series 2005-1, Class A6
GBP	11,034		0.748			12/20/54		16,621
	Granite Master Issuer PLC Series 2005-4, Class A6
	55,169		0.748			12/20/54		83,111
	Granite Master Issuer PLC Series 2006-1X, Class A6
EUR	1,357,157		0.097			12/20/54		1,510,513
	Granite Master Issuer PLC Series 2006-1X, Class A7
GBP	44,135		0.748			12/20/54		66,484
	Granite Master Issuer PLC Series 2006-2, Class A6
	33,101		0.728			12/20/54		49,863
	Granite Master Issuer PLC Series 2007-1, Class 2A1
$	77,237		0.356			12/20/54		76,847
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate(d) – (continued)
	Granite Master Issuer PLC Series 2007-1, Class 5A1
GBP	44,135		0.728	%		12/20/54	$	66,473
	Granite Master Issuer PLC Series 2007-2, Class 2B1
$	500,000		0.447			12/17/54		490,675
	Granite Master Issuer PLC Series 2007-2, Class 4A2
GBP	55,831		0.729			12/17/54		84,095
	Granite Mortgages PLC Series 2003-2, Class 1B
$	64,002		1.267			07/20/43		63,829
	Granite Mortgages PLC Series 2003-2, Class 3A
GBP	85,431		1.064			07/20/43		129,139
	Granite Mortgages PLC Series 2004-2, Class 3A
	150,817		0.906			06/20/44		227,422
	Granite Mortgages PLC Series 2004-3, Class 2A1
$	34,768		0.625			09/20/44		34,687
	Granite Mortgages PLC Series 2004-3, Class 3A2
GBP	95,939		0.966			09/20/44		144,874
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
$	5,381,608		5.988			08/10/45		5,682,051
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	43,905		0.246			09/21/38		50,760
	Leek Finance PLC Series 2017X, Class A2C
	28,552		0.266			12/21/37		33,670
	Leek Finance PLC Series 2018X, Class A2B
$	175,620		0.541			09/21/38		181,338
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1(a)
	824,073		3.750			04/25/52		853,543
	Quadrivio Finance Series 2011-1, Class A1
EUR	155,554		0.498			07/25/60		172,607
	Springleaf Mortgage Loan Trust Series 2012-3A, Class A(a)
$	59,646		1.570			12/25/59		59,325
	Thrones PLC Series 2013-1, Class A
GBP	70,265		2.069			07/20/44		105,923
								14,806,670
								18,947,038
	Federal Agencies – 1.8%
	FHLMC – 0.1%
$	261,750		7.000	%		02/01/39	$	307,048
	FNMA – 1.7%
	60,880		6.000			06/01/22		68,608
	164,692		6.000			04/01/26		185,590
	15,198		6.000			11/01/34		17,362
	851,458		6.000			10/01/35		966,746
	5,793		6.000			11/01/35		6,648
	291,110		6.000			10/01/36		337,520
	696,563		6.000			11/01/38		795,719
	665,913		6.000			01/01/39		766,528
	156,089		7.000			03/01/39		178,238
	20,985		3.000			12/01/42		21,421

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	34,089		3.000	%		01/01/43		$	34,819
	2,000,000		6.000			TBA-30yr	(f)		2,260,000
									5,639,199
	TOTAL FEDERAL AGENCIES							$	5,946,247
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $25,506,952)							$	24,893,285
	Agency Debenture – 0.4%
	FFCB
$	1,300,000		3.500	%		12/20/23		$	1,417,530
	(Cost $1,298,419)
	Asset-Backed Securities – 22.0%
	Auto – 1.4%
	Ally Auto Receivables Trust Series 2015-SN1, Class A3
$	1,000,000		1.210	%		03/20/17		$	1,002,023
	Ally Master Owner Trust Series 2012-5, Class A
	350,000		1.540			09/15/19			350,197
	Ally Master Owner Trust Series 2015-2, Class A2
	2,050,000		1.830			01/15/21			2,051,124
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(d)
	900,000		0.587			01/15/18			900,267
									4,303,611
	Collateralized Loan Obligations – 11.7%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(a)(d)
	1,123,378		0.928			11/01/18			1,115,291
	ACIS CLO Ltd. Series 2013-1A, Class ACOM(a)(d)
	600,000		0.000	(g)		04/18/24			577,260
	ACIS CLO Ltd. Series 2013-2A, Class A(a)(d)
	81,958		0.777			10/14/22			80,949
	ACIS CLO Ltd. Series 2013-2A, Class ACOM(a)(d)(g)
	690,191		0.000			10/14/22			677,422
	ARES XII CLO Ltd. Series 2007-12A, Class A(a)(d)
	1,285,952		0.912			11/25/20			1,272,233
	B&M CLO Ltd. Series 2014-1A, Class A1(a)(d)
	600,000		1.676			04/16/26			590,271
	B&M CLO Ltd. Series 2014-1A, Class A2(a)(d)
	100,000		2.226			04/16/26			96,666
	Black Diamond CLO Ltd. Series 2006-1A, Class AD(a)(d)
	398,995		0.544			04/29/19			387,999
	Brentwood CLO Corp. Series 2006-1A, Class A1A(a)(d)
	434,828		0.548			02/01/22			427,523
	Brentwood CLO Corp. Series 2006-1A, Class A1B(a)(d)
	792,922		0.548			02/01/22			779,600
	Crown Point CLO Ltd. Series 2012-1A, Class A1LA(a)(d)
	84,300		1.026			11/21/22			82,909
	Crown Point CLO Ltd. Series 2013-2A, Class A1L(a)(d)
	2,793,897		1.247			12/31/23			2,741,763
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Crown Point CLO Ltd. Series 2013-2A, Class A2L(a)(d)
$	368,270		2.207	%		12/31/23		$	359,011
	Crown Point CLO Ltd. Series 2013-2A, Class ACOM(a)(d)
	1,200,000		0.000			12/31/23			1,175,502
	Flagship CLO VI Series 2007-1A, Class A1A(a)(d)
	306,844		0.512			06/10/21			302,855
	Franklin CLO VI Ltd. Series 6A, Class A(a)(d)
	860,676		0.509			08/09/19			835,491
	Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(a)(d)
	2,300,000		0.580			05/01/22			2,254,780
	Grayson CLO Ltd. Series 2006-1A, Class A1A(a)(d)
	130,398		0.523			11/01/21			127,107
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(a)(d)
	1,650,000		1.727			07/25/27			1,626,090
	ICG US CLO Ltd. Series 2014-1A, Class ACOM(a)(d)
	1,100,000		0.000			04/20/26			1,068,540
	Jasper CLO Ltd. Series 2005-1A, Class A(a)(d)
	8,012		0.579			08/01/17			8,008
	KKR Financial CLO Ltd. Series 2007-1A, Class A(a)(d)
	728,161		0.671			05/15/21			721,721
	KKR Financial CLO Ltd. Series 2013-1A, Class A1(a)(d)
	2,750,000		1.425			07/15/25			2,691,879
	Magnetite VIII Ltd. Series 2014-8A, Class A(a)(d)
	950,000		1.755			04/15/26			946,664
	Magnetite VIII Ltd. Series 2014-8A, Class B(a)(d)
	200,000		2.275			04/15/26			198,147
	OCP CLO Ltd. Series 2012-2A, Class ACOM(a)(d)
	300,000		1.569			11/22/23			295,470
	OCP CLO Ltd. Series 2014-5A, Class ACOM(a)(d)
	1,150,000		1.421			04/26/26			1,112,510
	OFSI Fund V Ltd. Series 2013-5A, Class COMB(a)
	300,000		1.592			04/17/25			292,140
	OFSI Fund VI Ltd. Series 2014-6A, Class ACOM(a)(d)
	1,050,000		0.000	(g)		03/20/25			1,015,140
	Parallel Ltd. Series 2015-1A, Class A(a)(d)
	1,250,000		1.752			07/20/27			1,240,379
	Parallel Ltd. Series 2015-1A, Class B(a)(d)
	250,000		2.352			07/20/27			243,746
	Red River CLO Ltd. Series 1A, Class A(a)(d)
	125,840		0.548			07/27/18			125,233
	Shackleton CLO Ltd. Series 2014-5A, Class A(a)(d)
	1,300,000		1.811			05/07/26			1,288,876
	Shackleton CLO Ltd. Series 2014-5A, Class B1(a)(d)
	300,000		2.311			05/07/26			292,780
	SPS Servicer Advance Receivables Trust Series 2015-T1, Class A(a)
	6,450,000		2.530			06/15/45			6,450,000
	Westchester CLO Ltd. Series 2007-1X, Class A1A(d)
	136,189		0.503			08/01/22			134,408
	Whitehorse VIII Ltd. Series 2014-1A, Class A(a)(d)
	1,250,000		1.689			05/01/26			1,233,194
	Whitehorse VIII Ltd. Series 2014-1A, Class B(a)(d)
	250,000		2.239			05/01/26			241,187

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM(a)(d)
$	1,800,000		1.737	%		07/16/27	$	1,761,300
	Zais CLO 1 Ltd. Series 2014-1A, Class ACOM(a)(d)
	800,000		1.714			04/15/26		786,320
								37,658,364
	Credit Card – 2.2%
	Bank of America Credit Card Trust Series 2014-A1, Class A(d)
	2,050,000		0.587			06/15/21		2,048,919
	Capital One Multi-Asset Execution Trust Series 2015-A1, Class A
	2,800,000		1.390			01/15/21		2,812,286
	Chase Issuance Trust Series 2015-A2, Class A
	2,300,000		1.590			02/18/20		2,322,588
								7,183,793
	Home Equity(a)(d) – 0.1%
	Springleaf Mortgage Loan Trust Series 2013-2A, Class A
	345,086		1.780			12/25/65		341,541
	Student Loan(d) – 6.6%
	Access Group, Inc. Series 2006-1, Class A2
	289,820		0.439			08/25/23		286,328
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	832,510		0.994			02/25/41		812,603
	Brazos Higher Education Authority, Inc. Series 2005-1, Class A3
	532,735		0.436			09/26/22		529,310
	Educational Services of America, Inc. Series 2012-1, Class A1(a)
	110,239		1.344			09/25/40		110,556
	Educational Services of America, Inc. Series 2014-1, Class A(a)
	1,450,319		0.894			02/25/39		1,420,574
	EFS Volunteer No 3 LLC Series 2012-1, Class A2(a)
	500,000		1.194			02/25/25		499,040
	Goal Capital Funding Trust Series 2006-1, Class A3
	172,488		0.449			11/25/26		171,265
	Higher Education Funding I Series 2005-1, Class A4
	450,000		0.469			02/25/30		442,056
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	3,590,246		0.943			12/01/31		3,571,397
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	3,384,396		1.216			05/20/30		3,404,137
	Nelnet Student Loan Trust Series 2005-4, Class A3
	727,453		0.449			06/22/26		717,562
	Northstar Education Finance, Inc. Series 2012-1, Class A(a)
	221,339		0.894			12/26/31		217,643
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(a)
	108,750		0.744			05/25/27		109,317
	SLC Student Loan Trust Series 2006-1, Class A4
	70,244		0.417			12/15/21		69,924
	SLM Student Loan Trust Series 2003-12, Class A5(a)
	1,281,543		0.617			09/15/22		1,272,478
	SLM Student Loan Trust Series 2003-14, Class A5
	356,487		0.525			01/25/23		352,164
	Asset-Backed Securities – (continued)
	Student Loan(d) – (continued)
	SLM Student Loan Trust Series 2004-1, Class A3
$	1,489,139		0.505	%		04/25/23	$	1,471,654
	SLM Student Loan Trust Series 2004-8A, Class A5(a)
	1,575,871		0.795			04/25/24		1,562,681
	SLM Student Loan Trust Series 2006-2, Class A5
	3,124,992		0.405			07/25/25		3,103,273
	SLM Student Loan Trust Series 2006-8, Class A4
	69,615		0.375			10/25/21		69,386
	SLM Student Loan Trust Series 2006-9, Class A4
	205,291		0.365			10/25/22		204,725
	SLM Student Loan Trust Series 2008-4, Class A4
	500,000		1.945			07/25/22		503,483
	SLM Student Loan Trust Series 2012-2, Class A
	154,629		0.894			01/25/29		151,504
	Wachovia Student Loan Trust Series 2005-1, Class A5
	265,453		0.425			01/26/26		260,288
								21,313,348
	TOTAL ASSET-BACKED SECURITIES
	(Cost $70,788,835)						$	70,800,657
	Foreign Debt Obligations – 4.8%
	Sovereign – 4.8%
	Dominican Republic
$	459,050		9.040	%		01/23/18	$	486,593
	200,000		7.500			05/06/21		215,000
	520,000		5.500	(a)		01/27/25		501,150
	200,000		7.450			04/30/44		204,250
	110,000		6.850			01/27/45		105,738
	Hungary Government Bond
	800,000		4.125			02/19/18		829,600
	Italy Buoni Poliennali Del Tesoro
EUR	1,159,736		2.350			09/15/19		1,413,943
	590,000		3.750			05/01/21		757,542
	470,000		5.500			11/01/22		671,356
	Kommunalbanken AS(a)
$	100,000		1.000			09/26/17		100,178
	Republic of Croatia
	200,000		6.375			03/24/21		215,000
	200,000		5.500			04/04/23		205,000
	Republic of Indonesia
	600,000		6.875	(a)		01/17/18		657,750
	320,000		6.875			01/17/18		350,800
	Republic of Turkey
	170,000		7.000			09/26/16		177,565
	Republic of Venezuela
	90,000		7.750			10/13/19		30,825
	70,000		6.000			12/09/20		23,100
	70,000		12.750			08/23/22		29,925
	60,000		9.000			05/07/23		20,550
	430,000		8.250			10/13/24		144,050
	130,000		7.650			04/21/25		43,225
	50,000		11.750			10/21/26		19,250
	120,000		9.250			09/15/27		46,500

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations (continued)
	Republic of Venezuela – (continued)
$	150,000		9.250	%		05/07/28	$	50,250
	100,000		11.950			08/05/31		39,000
	30,000		9.375			01/13/34		10,350
	60,000		7.000			03/31/38		19,350
	Spain Government Bond(a)
EUR	410,000		5.500			04/30/21		567,646
	United Mexican States
MXN	41,838,570		0.000	(g)		10/01/15		2,471,646
	5,201,300		0.000	(g)		10/15/15		307,139
	31,417,380		0.000	(g)		11/19/15		1,849,498
	12,014,410		0.000	(g)		12/10/15		705,950
	27,043,420		0.000	(g)		12/17/15		1,588,072
	3,950,960		5.000			06/16/16		242,995
$	390,000		3.625			03/15/22		393,510
	20,000		6.050			01/11/40		21,900
	30,000		4.750			03/08/44		27,375
	50,000		5.550			01/21/45		51,250
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $16,112,404)						$	15,594,821
	Municipal Debt Obligations – 1.4%
	Massachusetts – 0.5%
	Massachusetts State Development Finance Agency RB (Refunding-Taxable) (Simmons College) Series 2015 K-2
$	1,715,000		1.800	%		10/01/16	$	1,716,166
	New Jersey – 0.4%
	New Jersey Economic Development Authority RB Series B(g)
	550,000		0.000			02/15/16		547,509
	New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	715,000		4.252			01/01/16		721,220
								1,268,729
	Puerto Rico – 0.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	10,000		6.000			07/01/38		6,963
	15,000		6.000			07/01/44		10,388
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	15,000		5.500			07/01/28		10,406
	20,000		5.750			07/01/37		13,725
	30,000		5.250			07/01/42		20,325
	15,000		6.000			07/01/47		10,350
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	30,000		5.000			07/01/33		20,325
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750			07/01/41		6,500
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	35,000		5.500			07/01/32		22,794
	Municipal Debt Obligations (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
$	10,000		5.875	%		07/01/36	$	6,513
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	10,000		6.000			07/01/34		6,550
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	10,000		5.500			07/01/26		6,588
	65,000		5.500			07/01/39		42,087
	25,000		5.000			07/01/41		16,062
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	20,000		5.250			07/01/37		12,900
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	860,000		8.000			07/01/35		645,000
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250			07/01/27		6,550
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A(g)
	10,000		0.000			08/01/35		1,082
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C(g)
	10,000		0.000			08/01/37		987
	10,000		0.000			08/01/38		927
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	5,000		5.250			08/01/40		3,119
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	5,000		5.250			08/01/27		2,144
	120,000		0.000	(g)		08/01/32		48,760
	60,000		5.750			08/01/37		25,350
	5,000		6.375			08/01/39		2,131
	350,000		6.000			08/01/42		147,875
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	25,000		0.000	(g)		08/01/33		7,689
	40,000		5.500			08/01/37		16,850
	45,000		5.375			08/01/39		18,956
	105,000		5.500			08/01/42		44,231
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	20,000		5.375			08/01/38		8,425
	5,000		6.000			08/01/39		2,113
	370,000		5.250			08/01/41		155,862
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	230,000		5.000			08/01/43		96,887
	20,000		5.250			08/01/43		8,425

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
$	90,000		5.500	%		08/01/28	$	38,812
								1,494,651
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,911,359)						$	4,479,546
	U.S. Treasury Obligations – 1.9%
	United States Treasury Bonds(h)
$	359,000		3.625	%		08/15/43	$	413,381
	600,000		3.625			02/15/44		690,060
	United States Treasury Inflation Protected Securities
	2,741,518		0.125			01/15/22		2,676,846
	1,206,916		0.625			01/15/24		1,202,764
	165,624		2.125			02/15/40		195,824
	United States Treasury Notes
	100,000		1.500	(h)		05/31/20		100,893
	700,000		1.750			09/30/22		699,727
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $5,921,378)						$	5,979,495
	TOTAL INVESTMENTS BEFORE     SHORT-TERM INVESTMENT
	(Cost $319,017,908)						$	315,289,009
	Short-term Investments – 1.1%
	Commercial Paper – 0.7%
	Barclays Bank PLC
$	2,217,000		1.038	%		03/11/16	$	2,217,000
	Repurchase Agreements(i) – 0.4%
	Joint Repurchase Agreement Account II
	1,500,000		0.122			10/01/15		1,500,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $3,717,000)						$	3,717,000
	TOTAL INVESTMENTS – 99.0%
	(Cost $322,734,908)						$	319,006,009
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%							3,074,809
	NET ASSETS – 100.0%						$	322,080,818

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 $80,927,352, which represents approximately 25.1% of net assets as of September 30, 2015.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Pay-in-kind securities.
(d)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(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 $2,260,000 which represents approximately 0.7% of net assets as of September 30, 2015.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Joint repurchase agreement was entered into on September 30, 2015. Additional information appears on page 83.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

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
FFCB	—Federal Farm Credit 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
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Barclays Bank PLC	BRL	661,971	USD	161,000	$	166,845		10/02/15	$	5,845
	INR	10,742,108	USD	162,883		163,326		10/19/15		444
	USD	354,054	JPY	42,421,072		353,738		10/29/15		316
	USD	1,570,713	MXN	26,419,238		1,559,285		10/26/15		11,428
	USD	160,000	TRY	487,803		157,392		12/16/15		2,608
	USD	163,168	TWD	5,311,118		161,168		10/02/15		2,000
	USD	161,610	TWD	5,267,681		159,231		10/26/15		2,379
	ZAR	2,263,991	USD	159,714		161,100		12/17/15		1,386
BNP Paribas SA	COP	488,579,850	USD	155,129		158,141		10/05/15		3,011
	EUR	143,000	PLN	606,774		160,004		12/16/15		692
	USD	160,000	BRL	609,056		153,508		10/02/15		6,492
	USD	165,060	GBP	106,845		161,579		12/16/15		3,481
	USD	160,000	TRY	494,880		159,675		12/16/15		325
	USD	161,119	TWD	5,246,840		159,026		10/05/15		2,093
	USD	314,164	TWD	10,395,674		314,069		11/30/15		95
Citibank NA	COP	159,502,500	USD	51,000		51,627		10/05/15		627
	EUR	144,000	GBP	105,546		161,123		12/16/15		1,508
	JPY	38,601,052	USD	321,000		322,219		12/16/15		1,219
	USD	427,270	CAD	566,528		424,386		12/16/15		2,883
	USD	161,072	CNH	1,053,298		160,912		09/01/16		160
	USD	9,341,580	EUR	8,303,000		9,283,000		11/06/15		58,582
	USD	161,652	EUR	143,000		160,004		12/16/15		1,648
	USD	1,944,783	GBP	1,237,873		1,872,510		10/08/15		72,274
	USD	986,070	MXN	16,620,404		980,950		10/26/15		5,120
	USD	341,746	SGD	485,160		340,042		12/16/15		1,705

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Credit Suisse International (London)	COP	523,022,012	USD	167,314	$	168,802		10/29/15	$	1,489
	GBP	211,892	EUR	286,000		320,439		12/16/15		430
	USD	760,525	CAD	1,007,141		754,450		12/16/15		6,075
Deutsche Bank AG	CNH	2,087,623	USD	322,000		324,941		12/16/15		2,941
	COP	469,532,000	USD	145,108		152,026		10/02/15		6,919
	EUR	144,000	HUF	45,177,120		161,123		12/16/15		116
	HUF	69,810,173	USD	247,694		248,797		12/16/15		1,102
	ILS	634,256	USD	161,000		161,679		10/02/15		679
	ILS	634,256	USD	161,351		161,856		12/16/15		505
	TWD	10,507,918	USD	318,133		318,867		10/02/15		734
	USD	320,000	CNH	2,046,304		318,510		12/16/15		1,490
	USD	467,384	ILS	1,809,758		461,834		12/16/15		5,550
	USD	160,000	KRW	188,080,000		158,629		10/05/15		1,371
	USD	161,000	KRW	190,076,600		160,200		10/23/15		800
	USD	753,856	MXN	11,974,247		708,272		10/01/15		45,584
	USD	325,226	MXN	5,160,526		304,877		10/15/15		20,349
	USD	1,587,580	MXN	26,815,818		1,576,328		12/17/15		11,252
	USD	160,000	SGD	224,219		157,152		12/16/15		2,848
	USD	160,000	TRY	491,328		158,529		12/16/15		1,471
	USD	160,000	TWD	5,196,800		157,699		10/02/15		2,301
HSBC Bank PLC	CLP	285,552,713	USD	408,000		409,246		10/26/15		1,246
	PHP	7,571,273	USD	160,442		161,835		10/19/15		1,393
	RUB	20,473,692	USD	307,759		310,175		10/21/15		2,416
	TRY	996,440	USD	321,000		321,506		12/16/15		506
	USD	160,000	BRL	615,935		155,242		10/02/15		4,758
	USD	471,796	ILS	1,838,163		469,082		12/16/15		2,713
	USD	160,000	TWD	5,177,952		156,938		10/05/15		3,062
	USD	178,499	TWD	5,779,451		174,822		10/19/15		3,678
JPMorgan Securities, Inc.	CNH	2,086,807	USD	322,000		324,815		12/16/15		2,815
	HUF	68,101,411	USD	242,147		242,707		12/16/15		560
	INR	10,935,670	USD	165,316		165,850		11/03/15		534
	JPY	38,465,440	USD	320,000		321,087		12/16/15		1,087
	KRW	382,892,385	USD	321,192		322,995		10/02/15		1,804
	RUB	17,306,312	USD	261,062		262,190		10/21/15		1,127
	SEK	1,997,154	EUR	212,190		239,058		12/16/15		1,637
	USD	386,000	BRL	1,547,736		385,697		11/04/15		303
	USD	733,001	CAD	969,277		726,086		12/16/15		6,915
	USD	323,296	KRW	382,892,385		322,995		10/02/15		301
	USD	287,902	MXN	4,480,615		265,027		10/01/15		22,875
	USD	279,897	TWD	9,239,403		279,130		12/04/15		767
Morgan Stanley & Co.	BRL	1,296,275	USD	322,000		326,716		10/02/15		4,716
	BRL	2,265,039	USD	545,871		564,450		11/04/15		18,579
	HUF	67,724,999	USD	241,306		241,365		12/16/15		59
	USD	320,000	BRL	1,243,694		313,463		10/02/15		6,537
Royal Bank of Canada	MXN	9,205,783	USD	538,010		543,333		10/26/15		5,323
	USD	91,580	BRL	329,741		83,109		10/02/15		8,471
	USD	1,040,498	MXN	16,177,924		956,918		10/01/15		83,581
	USD	1,714,119	MXN	28,339,538		1,669,607		11/19/15		44,513
	USD	847,162	MXN	14,300,097		841,090		12/10/15		6,072
State Street Bank and Trust	EUR	287,000	GBP	207,891		321,128		12/16/15		6,738
	EUR	191,696	USD	214,049		214,321		11/06/15		272
	SEK	981,228	EUR	104,435		117,453		12/16/15		599

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
State Street Bank and Trust (continued)	USD	642,000	JPY	76,571,422	$	639,173		12/16/15	$	2,827
Westpac Banking Corp.	INR	12,310,833	USD	184,515		187,178		10/19/15		2,663
	NZD	255,000	USD	159,133		162,113		12/16/15		2,981
	USD	2,093,913	EUR	1,853,860		2,074,306		12/16/15		19,608
	USD	160,000	KRW	186,720,000		157,383		10/21/15		2,617
	USD	282,562	TWD	9,255,329		280,519		10/05/15		2,043
TOTAL									$	581,023

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Barclays Bank PLC	GBP	38,234	USD	58,947	$	57,820		12/16/15	$	(1,126	)
	USD	722,328	CNH	4,810,707		734,928		09/01/16		(12,600	)
	USD	161,000	INR	10,693,556		162,588		10/19/15		(1,588	)
	ZAR	2,217,748	USD	161,000		157,809		12/17/15		(3,191	)
BNP Paribas SA	BRL	604,861	USD	160,000		152,451		10/02/15		(7,549	)
	CAD	1,855,091	EUR	1,252,336		1,389,651		12/16/15		(11,603	)
	EUR	144,000	USD	161,147		161,123		12/16/15		(23	)
	GBP	210,908	EUR	287,000		318,951		12/16/15		(2,177	)
	GBP	68,611	USD	107,263		103,759		12/16/15		(3,505	)
	MXN	21,485,628	USD	1,279,467		1,263,104		12/16/15		(16,363	)
	PLN	949,068	USD	251,603		249,184		12/16/15		(2,419	)
	USD	478,044	ILS	1,875,223		478,540		12/16/15		(496	)
	USD	160,000	TRY	501,296		161,746		12/16/15		(1,746	)
Citibank NA	CLP	216,621,700	USD	314,400		310,849		10/13/15		(3,552	)
	COP	789,992,300	USD	257,000		255,057		10/26/15		(1,943	)
	EUR	136,719	USD	152,878		152,855		11/06/15		(23	)
	EUR	143,000	USD	160,988		160,004		12/16/15		(984	)
	GBP	426,998	USD	670,842		645,912		10/08/15		(24,930	)
	GBP	268,843	USD	415,057		406,565		12/16/15		(8,492	)
	HUF	67,699,614	USD	241,659		241,275		12/16/15		(384	)
	USD	671,827	CNH	4,344,909		676,292		12/16/15		(4,464	)
	USD	160,000	ZAR	2,253,872		160,380		12/17/15		(380	)
Credit Suisse International (London)	USD	322,000	RUB	21,576,962		326,890		10/21/15		(4,890	)
Deutsche Bank AG	CLP	91,835,949	USD	133,347		131,668		10/22/15		(1,679	)
	GBP	125,000	USD	193,095		189,085		10/08/15		(4,009	)
	MXN	10,539,274	USD	624,069		619,586		12/16/15		(4,483	)
	PLN	604,261	EUR	143,000		158,653		12/16/15		(1,352	)
	TWD	8,731,053	USD	268,896		264,104		10/19/15		(4,792	)
	USD	161,000	CNH	1,039,786		161,844		12/16/15		(844	)
	USD	992,739	CNH	6,598,383		1,008,031		09/01/16		(15,291	)
	USD	187,000	INR	12,384,494		188,298		10/19/15		(1,298	)
	USD	160,000	INR	10,634,128		161,277		11/03/15		(1,277	)
	USD	194,715	SEK	1,655,000		197,756		10/06/15		(3,040	)
	USD	501,392	SGD	717,999		503,235		12/16/15		(1,843	)
	USD	161,000	TWD	5,370,960		162,305		10/29/15		(1,305	)
	USD	317,124	TWD	10,507,918		317,460		11/30/15		(335	)
	ZAR	2,146,373	USD	160,000		152,730		12/17/15		(7,270	)
HSBC Bank PLC	BRL	1,311,424	USD	333,487		330,534		10/02/15		(2,952	)
	CLP	110,352,000	USD	160,000		158,353		10/13/15		(1,647	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
HSBC Bank PLC (continued)	MXN	10,475,338	USD	620,283	$	615,827		12/16/15	$	(4,456	)
	TRY	491,112	USD	160,000		158,460		12/16/15		(1,540	)
	USD	160,000	BRL	638,285		160,875		10/02/15		(875	)
	USD	160,000	TRY	502,366		162,091		12/16/15		(2,091	)
	ZAR	2,244,346	USD	161,000		159,702		12/17/15		(1,298	)
HSBC Securities, Inc.	USD	481,000	CNH	3,173,107		484,753		09/01/16		(3,753	)
JPMorgan Securities, Inc.	CAD	627,677	USD	481,000		470,194		12/16/15		(10,806	)
	EUR	282,000	USD	320,850		315,533		12/16/15		(5,317	)
	KRW	217,704,076	USD	184,133		183,615		10/05/15		(518	)
	MXN	26,628,430	USD	1,581,918		1,571,632		10/26/15		(10,287	)
	MXN	2,719,152	USD	160,000		159,854		12/16/15		(146	)
	TWD	19,680,121	USD	601,662		596,483		10/05/15		(5,179	)
	USD	321,000	CNH	2,110,503		322,420		09/01/16		(1,420	)
	USD	320,782	KRW	382,892,385		322,609		11/02/15		(1,826	)
	USD	160,000	TRY	498,538		160,856		12/16/15		(856	)
Morgan Stanley & Co.	BRL	1,200,804	USD	312,451		302,653		10/02/15		(9,797	)
	EUR	426,000	USD	480,956		476,657		12/16/15		(4,299	)
	MXN	2,635,687	USD	159,270		154,948		12/16/15		(4,323	)
	USD	319,690	AUD	461,000		322,235		12/16/15		(2,545	)
	USD	552,314	BRL	2,265,039		570,886		10/02/15		(18,572	)
	USD	96,929	BRL	405,560		101,066		11/04/15		(4,138	)
	USD	254,790	TRY	798,321		257,582		12/16/15		(2,792	)
Royal Bank of Canada	BRL	626,416	USD	160,000		157,883		10/02/15		(2,117	)
	CAD	634,500	USD	481,000		475,304		12/16/15		(5,696	)
	MXN	10,499,562	USD	619,078		617,251		12/16/15		(1,827	)
	USD	161,000	MXN	2,797,979		164,488		12/16/15		(3,488	)
State Street Bank and Trust	AUD	225,000	USD	160,241		157,273		12/16/15		(2,968	)
	EUR	199,323	USD	225,854		223,024		12/16/15		(2,830	)
	NZD	498,000	USD	318,994		316,598		12/16/15		(2,396	)
Westpac Banking Corp.	AUD	444,000	USD	318,148		310,352		12/16/15		(7,796	)
	CAD	210,442	USD	160,000		157,642		12/16/15		(2,358	)
	GBP	106,044	EUR	144,000		160,369		12/16/15		(755	)
	USD	796,633	CNH	5,191,260		808,027		12/16/15		(11,394	)
	USD	320,000	CNH	2,100,760		320,932		09/01/16		(932	)
	USD	673,421	KRW	802,401,541		675,944		11/09/15		(2,523	)
	USD	878,090	NZD	1,401,581		891,039		12/16/15		(12,949	)
TOTAL									$	(324,708	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2015, 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		15		December 2015	$	1,362,521		$	15,595
Italian 10 Year Government Bonds		2		December 2015		304,581			5,774
Ultra Long U.S. Treasury Bonds		(7	)	December 2015		(1,122,844	)		(11,830	)
5 Year German Euro-Bobl		(9	)	December 2015		(1,297,502	)		(4,439	)
10 Year German Euro-Bund		(5	)	December 2015		(872,633	)		(15,986	)
2 Year U.S. Treasury Notes		144		December 2015		31,540,500			40,469
5 Year U.S. Treasury Notes		475		December 2015		57,244,922			345,865
10 Year U.S. Treasury Notes		21		December 2015		2,703,422			1,823
20 Year U.S. Treasury Bonds		8		December 2015		1,258,750			8,312
TOTAL								$	385,583

SWAP CONTRACTS — At September 30, 2015, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Counterparty	Notional Amount (000s)		Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Barclays Bank PLC	KRW	126,360		05/10/23	3 month KWCDC	2.735%	$	(7,495	)
		141,900		05/20/23	3 month KWCDC	2.830		(9,256	)
		141,900		05/20/23	3 month KWCDC	2.840		(9,346	)
TOTAL							$	(26,097	)

* There are no upfront payments on the swap contracts, 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)
EUR	60	(a)	12/16/20	0.500%	6 month EURO	$	(343	)	$	(36	)
CAD	5,700	(a)	12/16/20	1.250	6 month CDOR		8,133			(1,762	)
NOK	7,130	(a)	12/16/20	1.500	3 month NIBOR		1,832			5,972
$	10,840	(a)	12/16/20	3 month LIBOR	2.000%		(147,794	)		(127,656	)
SEK	2,370	(a)	12/16/20	3 month STIBOR	0.500		14,442			3,114
$	9,000	(a)	06/24/21	2.923	3 month LIBOR		(8,795	)		125,422
	10,890		09/02/22	2.810	3 month LIBOR		5,189			54,488
EUR	370	(a)	12/16/22	6 month EURO	0.500		8,555			(4,075	)
	3,070		05/15/24	1.100	6 month EURO		(12,466	)		96,987
	7,020		05/11/25	1.568	6 month EURO		(20,839	)		38,850
	3,410	(a)	06/08/25	1.850	6 month EURO		(10,504	)		68,056
	520	(a)	07/10/25	1.700	6 month EURO		(17,444	)		21,467
	2,440		09/16/25	2.000	6 month EURO		(35,370	)		88,318
GBP	1,830		09/16/25	6 month BP	2.750		(23,113	)		(38,789	)
EUR	230	(a)	09/28/25	1.500	6 month EURO		(1,022	)		(250	)
$	190	(a)	09/28/25	2.750	3 month LIBOR		(604	)		1,105
GBP	290		09/28/25	6 month BP	2.250		499			(382	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	16,630	(a)	12/16/25	0.750%	6 month EURO	$	(520,112	)	$	59,867
	10,000	(a)	12/16/25	1.500	6 month EURO		(303,802	)		225,385
GBP	450	(a)	12/16/25	2.000	6 month BP		1,509			7,746
$	11,090	(a)	12/16/25	3 month LIBOR	2.500		(185,547	)		(261,170	)
	1,990	(a)	12/16/25	3 month LIBOR	3.000		(17,497	)		(7,414	)
NZD	390		12/16/25	3 month NZDOR	3.750		(1,756	)		(2,912	)
SEK	19,430		12/16/25	3 month STIBOR	1.500		(18,605	)		(150	)
AUD	2,340	(a)	12/16/25	3.000	6 month AUDOR		(3,463	)		17,178
	1,680		12/16/25	6 month AUDOR	3.500		3,136			(4,090	)
GBP	1,840	(a)	12/16/25	6 month BP	2.750		(49,827	)		(10,139	)
CAD	2,100	(a)	12/16/25	6 month CDOR	2.500		32,879			(20,483	)
JPY	332,300	(a)	12/16/25	6 month JYOR	1.000		(22,156	)		2,524
$	2,300	(a)	06/24/29	3 month LIBOR	3.218		14,223			(114,498	)
EUR	1,760	(a)	06/08/30	6 month EURO	2.100		(3,944	)		(45,811	)
$	2,570	(a)	09/02/30	3 month LIBOR	3.005		10,860			(51,233	)
EUR	1,200	(a)	12/16/30	6 month EURO	1.000		78,190			(10,035	)
	2,640		05/11/35	6 month EURO	1.695		52,899			23,212
GBP	1,855	(a)	12/16/45	6 month BP	2.250		(65,277	)		(46,565	)
	TOTAL					$	(1,237,934	)	$	92,241

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 25	500		1.000	%		12/20/20		0.926	%		3,307		(1,329	)
TOTAL										$	3,307	$	(1,329	)

(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.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2015, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2015, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Inflation Protected Securities	$	7,000,000	$	7,000,024	$	7,143,241
Limited Maturity Obligations		1,300,000		1,300,004		1,326,602
Short Duration Income Fund		1,500,000		1,500,005		1,530,695

REPURCHASE AGREEMENTS — At September 30, 2015, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Inflation Protected Securities		Short Duration Income Fund		Limited Maturity Obligations
BNP Paribas Securities Co.		0.110	%	$	2,775,646	$	594,781	$	515,477
Citigroup Global Markets, Inc.		0.120			2,279,611		488,488		423,356
Merrill Lynch & Co., Inc.		0.140			1,944,743		416,731		361,167
TOTAL				$	7,000,000	$	1,500,000	$	1,300,000

At September 30, 2015, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		0.270	%		05/14/18
Federal Home Loan Banks		1.625 to 5.625			06/13/16 to 09/07/32
Federal Home Loan Mortgage Corp.		2.500 to 8.000			10/01/16 to 07/01/45
Federal National Mortgage Association		1.250 to 6.500			04/01/16 to 10/01/45
Government National Mortgage Association		3.000 to 7.000			05/15/18 to 09/20/45
United States Inflation Indexed Bonds		0.125			07/15/22
United States Treasury Note		0.500 to 2.375			09/30/16 to 12/31/20
United States Treasury Stripped Securities		0.000			02/15/27 to 05/15/44

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2015 (Unaudited)

	Enhanced Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $461,347,374, $420,146,832, $468,821,366, $139,379,602, $8,496,869, $1,438,323,524 and $321,234,908)	$	460,819,216
Investments of affiliated issuers, at value (cost $18,393,484, $8,656,741, $270, $0, $0, $80 and $0)		18,393,484
Repurchase agreement, at value which equals cost		—
Cash		4,772,239
Foreign currencies, at value (cost $0, $0, $0, $0, $0, $0 and $10,195, respectively)		—
Unrealized gain on forward foreign currency exchange contracts		—
Variation margin on certain derivative contracts		40,394
Receivables:
Dividends and Interest		1,796,371
Fund shares sold		88,455
Reimbursement from investment adviser		1,532
Investments sold		—
Due from broker — upfront payment		—
Collateral on certain derivative contracts(a)		—
Investments sold on an extended-settlement basis		—
Other assets		3,743
Total assets		485,915,434
Liabilities:
Unrealized loss on swap contracts		—
Unrealized loss on forward foreign currency exchange contracts		—
Variation margin on certain derivative contracts		—
Payables:
Fund shares redeemed		11,794,104
Investments purchased		4,593,937
Management fees		94,431
Distribution and Service fees and Transfer Agency fees		24,578
Income distribution		14,759
Collateral on certain derivative contracts		—
Forward sale contracts, at value (proceeds received $0, $26,859,844, $0, $0, $0, $0 and $0, respectively)		—
Investments purchased on an extended — settlement basis		—
Accrued expenses		101,576
Total liabilities		16,623,385
Net Assets:
Paid-in capital		489,806,122
Undistributed (distributions in excess of) net investment income		497,920
Accumulated net realized gain (loss)		(20,114,546	)
Net unrealized gain (loss)		(897,447	)
NET ASSETS	$	469,292,049
Net Assets:
Class A	$	32,278,412
Class C		—
Institutional		436,513,231
Administration		164,048
Service		—
Class IR		326,359
Class R		—
Class R6(b)		9,999
Total Net Assets	$	469,292,049
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		3,439,439
Class C		—
Institutional		46,559,028
Administration		17,442
Service		—
Class IR		34,831
Class R		—
Class R6(b)		1,066
Net asset value, offering and redemption price per share:(c)
Class A		$9.38
Class C		—
Institutional		9.38
Administration		9.41
Service		—
Class IR		9.37
Class R		—
Class R6(b)		9.38

(a) Segregated for initial margin on swap transactions of $208,430, $1,189,709, $357,751, $6,049,205 and $1,055,335 for the Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, and Short Duration Income Funds, respectively.

(b) Commenced operations on July 31, 2015.

(c) Maximum public offering price per share for Class A shares of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $9.52, $15.48, $8.80, $10.48, $10.25 and $10.18, respectively. At redemption, 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 (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Limited Maturity Obligations Fund			Short Duration Government Fund			Short Duration Income Fund
$	429,705,523		$	468,499,279		$	137,453,573		$	8,492,945		$	1,450,914,653		$	317,506,009
	8,656,741			270			—			—			80			—
	—			—			7,000,000			1,790,000			—			1,500,000
	4,368,432			2,478,609			146,815			38,146			1,742,307			73,859
	—			—			—			—			—			10,127
	—			—			—			—			—			581,023
	10,412			15,895			17,412			—			139,975			9,725
	1,466,055			463,640			301,022			16,658			4,114,708			2,304,985
	447,890			384,785			170,249			—			8,818,739			339,996
	24,712			199			33,524			12,097			38,700			40,419
	—			5,420,657			—			45,000			72,570			5,936
	—			—			151			—			—			4,973
	208,430			1,189,709			357,751			—			6,049,205			1,055,336
	89,755,818			—			—			—			—			4,044,011
	3,014			4,527			849			130			9,028			3,605
	534,647,027			478,457,570			145,481,346			10,394,976			1,471,899,965			327,480,004
	—			—			65,885			—			—			26,097
	—			—			—			—			—			324,708
	—			12,446			20,925			—			45,904			32,915
	910,009			1,016,625			199,054			—			6,002,021			180,629
	2,932,452			2,531,856			—			250,143			6,387,694			1,701,373
	171,594			121,335			35,105			1,483			513,946			105,023
	80,622			20,084			23,976			88			126,034			12,789
	119,799			12,771			51,593			—			57,397			3,418
	270,000			—			—			—			—			—
	27,150,000			—			—			—			—			—
	103,089,102			—			—			—			10,162,969			2,874,008
	202,325			138,245			76,573			87,510			202,818			138,226
	134,925,903			3,853,362			473,111			339,224			23,498,783			5,399,186
	400,247,256			506,039,266			165,428,169			10,058,336			1,454,548,418			325,258,536
	502,006			(318,353	)		(153,740	)		188			6,737,808			(39,291	)
	(10,270,154	)		(30,523,675	)		(18,383,885	)		1,152			(20,111,230	)		(109,793	)
	9,242,016			(593,030	)		(1,882,309	)		(3,924	)		7,226,186			(3,028,634	)
$	399,721,124		$	474,604,208		$	145,008,235		$	10,055,752		$	1,448,401,182		$	322,080,818
	$164,298,905		$	14,835,238		$	32,005,925		$	—		$	202,144,399		$	7,159,296
	11,872,030			—			6,947,282			—			33,977,824			645,757
	142,400,902			458,744,201			96,209,227			10,030,704			1,164,646,984			313,845,980
	—			—			—			25,048			—			—
	55,889,014			205,374			—			—			32,309,581			—
	3,789,582			809,414			2,332,338			—			15,312,392			409,319
	21,460,629			—			7,503,601			—			—			10,466
	10,062			9,981			9,862			—			10,002			10,000
	$399,721,124		$	474,604,208		$	145,008,235		$	10,055,752		$	1,448,401,182		$	322,080,818
	11,026,861			1,711,322			3,171,545			—			20,007,531			713,958
	796,784			—			694,243			—			3,385,335			64,384
	9,571,763			52,936,328			9,446,150			1,003,346			115,624,485			31,249,426
	—			—			—			2,505			—			—
	3,761,048			23,580			—			—			3,212,452			—
	254,497			93,593			230,092			—			1,514,250			40,772
	1,442,077			—			744,736			—			—			1,042
	676			1,152			968			—			993			996
	$14.90			$8.67			$10.09			$—			$10.10			$10.03
	14.90			—			10.01			—			10.04			10.03
	14.88			8.67			10.19			10.00			10.07			10.04
	—			—			—			10.00			—			—
	14.86			8.71			—			—			10.06			—
	14.89			8.65			10.14			—			10.11			10.04
	14.88			—			10.08			—			—			10.04
	14.88			8.67			10.18			—			10.08			10.04

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2015 (Unaudited)

	Enhanced Income Fund
Investment income:
Dividends—affiliated issuers	$	2,406
Interest		2,836,901
Total investment income		2,839,307
Expenses:
Management fees		615,931
Transfer Agency fees(a)		113,814
Custody, accounting and administrative services		72,747
Professional fees		46,275
Distribution and Service fees(a)		41,919
Registration fees		17,277
Printing and mailing costs		16,765
Trustee fees		14,294
Administration share fees		207
Service Share fees — Shareholder Administration Plan		—
Service Share fees — Service Plan		—
Other		6,385
Total expenses		945,614
Less — expense reductions		(47,769	)
Net expenses		897,845
NET INVESTMENT INCOME		1,941,462
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments—unaffiliated issuers		98,185
Futures contracts		(896,072	)
Written options		—
Swap contracts		—
Forward foreign currency exchange contracts		—
Foreign currency transactions		—
Net change in unrealized gain (loss) on:
Investments		(1,351,778	)
Futures contracts		86,136
Swap contracts		—
Forward foreign currency exchange contracts		—
Foreign currency translation		—
Net realized and unrealized loss		(2,063,529	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(122,067	)

(a) Class specific Distribution and Service and Transfer Agency fees were as follows:

	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class C		Administration		Class R		Class A		Class C		Institutional		Administration		Service		Class IR		Class R		Class R6(b)
Enhanced Income		41,919		—		—		—		21,798		—		91,730		33		—		252		—		1
Government Income		214,640		61,086		—		56,702		111,613		7,941		31,367		—		10,743		2,426		14,742		1
High Quality Floating Rate		20,345		—		—		—		10,580		—		92,844		—		39		587		—		1
Inflation Protected Securities		47,085		39,295		—		18,016		24,484		5,108		15,915		—		—		1,611		4,684		1
Limited Maturity Obligations		—		—		31		—		—		—		501		2		—		—		—		—
Short Duration Government		262,061		174,193		—		—		136,272		22,645		233,478		—		6,659		8,972		—		1
Short Duration Income		6,642		3,481		—		26		3,454		453		62,426		—		—		200		7		1

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Limited Maturity Obligations Fund			Short Duration Government Fund			Short Duration Income Fund
$	1,667		$	1,938		$	—		$	—		$	2,259		$	—
	4,766,007			2,246,412			2,743,748			32,819			10,378,133			3,769,057
	4,767,674			2,248,350			2,743,748			32,819			10,380,392			3,769,057
	1,136,419			963,203			222,406			12,557			3,532,710			636,932
	178,833			104,051			51,803			503			408,027			66,541
	109,873			88,126			4,332			12,021			132,309			116,553
	53,724			57,066			32,997			52,792			52,877			60,612
	332,428			20,345			104,396			31			436,254			10,149
	37,419			46,371			24,984			12,638			43,825			31,482
	38,634			18,595			10,984			12,584			47,994			11,024
	14,222			15,749			13,937			13,655			16,323			14,118
	—			—			—			—			—			—
	67,145			247			—			—			41,618			—
	67,145			247			—			—			41,618			—
	5,797			7,457			1,432			5,874			17,756			8,603
	2,041,639			1,321,457			467,271			122,655			4,771,311			956,014
	(300,010	)		(443,241	)		(79,230	)		(112,878	)		(755,214	)		(220,882	)
	1,741,629			878,216			388,041			9,777			4,016,097			735,132
	3,026,045			1,370,134			2,355,707			23,042			6,364,295			3,033,925
	403,301			(115,912	)		(153,048	)		1,648			936,349			(1,691,665	)
	2,189,719			(254,371	)		278,752			—			6,583,169			1,988,415
	(130,060	)		—			—			—			—			—
	(24,822	)		(402,530	)		69,982			—			(89,037	)		1,368,924
	—			—			—			—			—			316,210
	—			—			—			—			—			276,181
	(6,043,786	)		(2,824,799	)		(5,834,175	)		(2,787	)		(7,239,971	)		(3,555,456	)
	(97,485	)		(180,325	)		40,624			—			(128,423	)		23,513
	384,587			798,430			40,653			—			(2,479,520	)		(664,480	)
	—			—			—			—			—			66,386
	—			5			—			—			—			(7,757	)
	(3,318,546	)		(2,979,502	)		(5,557,212	)		(1,139	)		(2,417,433	)		(1,879,729	)
$	(292,501	)	$	(1,609,368	)	$	(3,201,505	)	$	21,903		$	3,946,862		$	1,154,196

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Enhanced Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
From operations:
Net investment income	$	1,941,462		$	2,043,906
Net realized gain (loss)		(797,887	)		(1,694,506	)
Net change in unrealized gain (loss)		(1,265,642	)		(999,980	)
Net increase (decrease) in net assets resulting from operations		(122,067	)		(650,580	)
Distributions to shareholders:
From net investment income
Class A Shares		(75,685	)		(25,499	)
Class B Shares(a)		—			—
Class C Shares		—			—
Institutional Shares		(1,814,320	)		(2,000,258	)
Administration Shares		(448	)		(264	)
Service Shares		—			—
Class IR Shares		(1,357	)		(1,643	)
Class R Shares		—			—
Class R6 Shares(b)		(14	)		—
Total distributions to shareholders		(1,891,824	)		(2,027,664	)
From share transactions:
Proceeds from sales of shares		81,271,701			254,212,617
Reinvestment of distributions		1,805,760			1,923,619
Cost of shares redeemed		(105,766,389	)		(319,292,198	)
Net increase (decrease) in net assets resulting from share transactions		(22,688,928	)		(63,155,962	)
TOTAL INCREASE (DECREASE)		(24,702,819	)		(65,834,206	)
Net assets:
Beginning of period		493,994,868			559,829,074
End of period	$	469,292,049		$	493,994,868
Undistributed (distributions in excess of) net investment income	$	497,920		$	448,282

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund						High Quality Floating Rate Fund
For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
$	3,026,045		$	5,840,569		$	1,370,134		$	1,690,534
	2,438,138			1,680,589			(772,813	)		(3,330,819	)
	(5,756,684	)		10,673,339			(2,206,689	)		546,528
	(292,501	)		18,194,497			(1,609,368	)		(1,093,757	)
	(1,400,140	)		(2,564,428	)		(18,771	)		(40,118	)
	—			(16,675	)		—			—
	(53,805	)		(88,744	)		—			—
	(1,548,235	)		(3,260,768	)		(1,311,293	)		(1,598,305	)
	—			—			—			—
	(394,318	)		(658,503	)		(74	)		(66	)
	(35,101	)		(67,343	)		(2,180	)		(3,820	)
	(156,470	)		(246,630	)		—			—
	(34	)		—			(8	)		—
	(3,588,103	)		(6,903,091	)		(1,332,326	)		(1,642,309	)
	52,347,398			125,395,143			152,462,598			478,400,986
	2,811,799			5,378,332			1,235,149			1,353,696
	(111,608,997	)		(171,196,123	)		(199,508,777	)		(377,995,273	)
	(56,449,800	)		(40,422,648	)		(45,811,030	)		101,759,409
	(60,330,404	)		(29,131,242	)		(48,752,724	)		99,023,343
	460,051,528			489,182,770			523,356,932			424,333,589
$	399,721,124		$	460,051,528		$	474,604,208		$	523,356,932
$	502,006		$	1,064,064		$	(318,353	)	$	(356,161	)

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
From operations:
Net investment income (loss)	$	2,355,707		$	(112,874	)
Net realized gain (loss)		195,686			(705,745	)
Net change in unrealized gain (loss)		(5,752,898	)		4,035,679
Net increase (decrease) in net assets resulting from operations		(3,201,505	)		3,217,060
Distributions to shareholders:
From net investment income
Class A Shares		(170,938	)		(435,645	)
Class C Shares		(16,967	)		(85,274	)
Institutional Shares		(477,434	)		(1,177,192	)
Administration		—			—
Service Shares		—			—
Class IR Shares		(13,411	)		(25,440	)
Class R Shares		(27,807	)		(55,213	)
Class R6 Shares(a)		(34	)		—
Total distributions to shareholders		(706,591	)		(1,778,764	)
From share transactions:
Proceeds from sales of shares		43,756,408			66,147,736
Reinvestment of distributions		534,604			1,432,221
Cost of shares redeemed		(25,062,529	)		(85,654,399	)
Net increase (decrease) in net assets resulting from share transactions		19,228,483			(18,074,442	)
TOTAL INCREASE (DECREASE)		15,320,387			(16,636,146	)
Net assets:
Beginning of period		129,687,848			146,323,994
End of period	$	145,008,235		$	129,687,848
Undistributed (distributions in excess of) net investment income	$	(153,740	)	$	(1,802,856	)

(a) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Limited Maturity Obligations Fund						Short Duration Government Fund						Short Duration Income Fund
For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
$	23,042		$	34,698		$	6,364,295		$	12,530,593		$	3,033,925		$	2,932,853
	1,648			(496	)		7,430,481			(14,508,586	)		2,258,065			(1,042,459	)
	(2,787	)		(239	)		(9,847,914	)		10,114,595			(4,137,794	)		63,782
	21,903			33,963			3,946,862			8,136,602			1,154,196			1,954,176
	—			—			(776,743	)		(2,048,229	)		(47,328	)		(42,638	)
	—			—			(59,703	)		(182,133	)		(4,841	)		(7,496	)
	(23,015	)		(35,445	)		(6,294,945	)		(12,085,363	)		(3,306,155	)		(3,602,165	)
	(27	)		(26	)		—			—			—			—
	—			—			(96,334	)		(242,379	)		—			—
	—			—			(68,085	)		(191,018	)		(3,112	)		(3,140	)
	—			—			—			—			(79	)		(110	)
	—			—			(18	)		—			(35	)		—
	(23,042	)		(35,471	)		(7,295,828	)		(14,749,122	)		(3,361,550	)		(3,655,549	)
	—			—			389,861,602			520,933,615			119,423,308			248,878,222
	23,042			35,471			6,896,354			13,492,623			3,340,835			3,635,264
	—			(1,063	)		(252,758,536	)		(646,210,246	)		(93,518,471	)		(125,005,966	)
	23,042			34,408			143,999,420			(111,784,008	)		29,245,672			127,507,520
	21,903			32,900			140,650,454			(118,396,528	)		27,038,318			125,806,147
	10,033,849			10,000,949			1,307,750,728			1,426,147,256			295,042,500			169,236,353
$	10,055,752		$	10,033,849		$	1,448,401,182		$	1,307,750,728		$	322,080,818		$	295,042,500
$	188		$	188		$	6,737,808		$	7,669,341		$	(39,291	)	$	288,334

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
	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)
2015 - A	$	9.42	$	0.02	$	(0.04	)	$	(0.02	)	$	(0.02	)
2015 - Institutional		9.41		0.04		(0.03	)		0.01			(0.04	)
2015 - Administration		9.44		0.03		(0.03	)		—	(d)		(0.03	)
2015 - IR		9.41		0.03		(0.04	)		(0.01	)		(0.03	)
2015 - R6 (Commenced July 31, 2015)		9.39		0.01		(0.01	)		—	(d)		(0.01	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		9.47		0.01		(0.05	)		(0.04	)		(0.01	)
2015 - Institutional		9.46		0.04		(0.05	)		(0.01	)		(0.04	)
2015 - Administration		9.49		0.01		(0.05	)		(0.04	)		(0.01	)
2015 - IR		9.45		0.03		(0.04	)		(0.01	)		(0.03	)
2014 - A		9.49		0.03		(0.02	)		0.01			(0.03	)
2014 - Institutional		9.48		0.06		(0.02	)		0.04			(0.06	)
2014 - Administration		9.51		0.04		(0.02	)		0.02			(0.04	)
2014 - IR		9.48		0.06		(0.04	)		0.02			(0.05	)
2013 - A		9.49		0.07		—	(d)		0.07			(0.07	)
2013 - Institutional		9.47		0.10		0.01			0.11			(0.10	)
2013 - Administration		9.51		0.08		(0.01	)		0.07			(0.07	)
2013 - IR		9.47		0.09		0.01			0.10			(0.09	)
2012 - A		9.60		0.09		(0.11	)		(0.02	)		(0.09	)
2012 - Institutional		9.59		0.12		(0.11	)		0.01			(0.13	)
2012 - Administration		9.62		0.10		(0.11	)		(0.01	)		(0.10	)
2012 - IR		9.58		0.11		(0.10	)		0.01			(0.12	)
2011 - A		9.67		0.10		(0.07	)		0.03			(0.10	)
2011 - Institutional		9.66		0.13		(0.07	)		0.06			(0.13	)
2011 - Administration		9.69		0.11		(0.07	)		0.04			(0.11	)
2011 - IR (Commenced July 30, 2010)		9.62		0.09		(0.04	)		0.05			(0.09	)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

(e) Annualized.

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

GOLDMAN SACHS ENHANCED 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)
$	9.38		(0.20	)%	$	32,278		0.68	%(e)		0.70	%(e)		0.47	%(e)		27	%
	9.38		0.08			436,513		0.34	(e)		0.36	(e)		0.81	(e)		27
	9.41		(0.05	)		164		0.59	(e)		0.61	(e)		0.56	(e)		27
	9.37		(0.08	)		326		0.43	(e)		0.45	(e)		0.72	(e)		27
	9.38		0.03			10		0.36	(e)		0.38	(e)		0.85	(e)		27
	9.42		(0.47	)		35,556		0.69			0.71			0.06			39
	9.41		(0.13	)		457,826		0.35			0.37			0.40			39
	9.44		(0.38	)		176		0.60			0.62			0.15			39
	9.41		(0.12	)		437		0.44			0.46			0.31			39
	9.47		0.10			46,289		0.69			0.73			0.33			40
	9.46		0.44			512,656		0.36			0.38			0.60			40
	9.49		0.19			198		0.61			0.64			0.42			40
	9.45		0.25			583		0.45			0.48			0.64			40
	9.49		0.69			50,859		0.68			0.70			0.70			98
	9.48		1.14			295,940		0.34			0.36			1.04			98
	9.51		0.79			220		0.59			0.61			0.83			98
	9.48		1.05			1,345		0.43			0.45			0.96			98
	9.49		(0.19	)		110,136		0.64			0.69			0.94			86
	9.47		0.05			395,751		0.30			0.35			1.28			86
	9.51		(0.09	)		1,682		0.55			0.60			1.03			86
	9.47		0.06			2,040		0.39			0.44			1.17			86
	9.60		0.29			225,355		0.63			0.68			1.01			71
	9.59		0.63			578,458		0.29			0.34			1.35			71
	9.62		0.38			2,779		0.54			0.59			1.11			71
	9.58		0.53			1		0.38	(e)		0.43	(e)		1.39	(e)		71

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

GOLDMAN SACHS GOVERNMENT 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 (loss)(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)
2015 - A	$	15.02	$	0.10		$	(0.10	)	$	—		$	(0.12	)	$	—		$	(0.12	)
2015 - C		15.02		0.05			(0.10	)		(0.05	)		(0.07	)		—			(0.07	)
2015 - Institutional		15.00		0.13			(0.10	)		0.03			(0.15	)		—			(0.15	)
2015 - Service		14.98		0.09			(0.10	)		(0.01	)		(0.11	)		—			(0.11	)
2015 - IR		15.01		0.12			(0.10	)		0.02			(0.14	)		—			(0.14	)
2015 - R		15.00		0.08			(0.10	)		(0.02	)		(0.10	)		—			(0.10	)
2015 - R6 (Commenced July 31, 2015)		14.83		0.05			0.05			0.10			(0.05	)		—			(0.05	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		14.67		0.17			0.39			0.56			(0.21	)		—			(0.21	)
2015 - C		14.67		0.06			0.38			0.44			(0.09	)		—			(0.09	)
2015 - Institutional		14.64		0.22			0.40			0.62			(0.26	)		—			(0.26	)
2015 - Service		14.63		0.15			0.38			0.53			(0.18	)		—			(0.18	)
2015 - IR		14.66		0.21			0.38			0.59			(0.24	)		—			(0.24	)
2015 - R		14.65		0.13			0.39			0.52			(0.17	)		—			(0.17	)
2014 - A		15.00		0.12			(0.25	)		(0.13	)		(0.16	)		(0.04	)		(0.20	)
2014 - C		15.00		0.02			(0.25	)		(0.23	)		(0.06	)		(0.04	)		(0.10	)
2014 - Institutional		14.97		0.17			(0.25	)		(0.08	)		(0.21	)		(0.04	)		(0.25	)
2014 - Service		14.96		0.10			(0.25	)		(0.15	)		(0.14	)		(0.04	)		(0.18	)
2014 - IR		14.99		0.18			(0.27	)		(0.09	)		(0.20	)		(0.04	)		(0.24	)
2014 - R		14.98		0.09			(0.25	)		(0.16	)		(0.13	)		(0.04	)		(0.17	)
2013 - A		15.37		0.11			0.24			0.35			(0.17	)		(0.55	)		(0.72	)
2013 - C		15.37		(0.01	)		0.24			0.23			(0.05	)		(0.55	)		(0.60	)
2013 - Institutional		15.34		0.15			0.25			0.40			(0.22	)		(0.55	)		(0.77	)
2013 - Service		15.33		0.08			0.24			0.32			(0.14	)		(0.55	)		(0.69	)
2013 - IR		15.36		0.14			0.25			0.39			(0.21	)		(0.55	)		(0.76	)
2013 - R		15.35		0.06			0.25			0.31			(0.13	)		(0.55	)		(0.68	)
2012 - A		14.95		0.18			0.76			0.94			(0.18	)		(0.34	)		(0.52	)
2012 - C		14.95		0.06			0.77			0.83			(0.07	)		(0.34	)		(0.41	)
2012 - Institutional		14.92		0.23			0.77			1.00			(0.24	)		(0.34	)		(0.58	)
2012 - Service		14.91		0.15			0.77			0.92			(0.16	)		(0.34	)		(0.50	)
2012 - IR		14.94		0.21			0.77			0.98			(0.22	)		(0.34	)		(0.56	)
2012 - R		14.93		0.13			0.78			0.91			(0.15	)		(0.34	)		(0.49	)
2011 - A		15.18		0.24			0.30			0.54			(0.23	)		(0.54	)		(0.77	)
2011 - C		15.18		0.12			0.31			0.43			(0.12	)		(0.54	)		(0.66	)
2011 - Institutional		15.16		0.29			0.30			0.59			(0.29	)		(0.54	)		(0.83	)
2011 - Service		15.15		0.21			0.30			0.51			(0.21	)		(0.54	)		(0.75	)
2011 - IR		15.18		0.27			0.30			0.57			(0.27	)		(0.54	)		(0.81	)
2011 - R		15.17		0.19			0.31			0.50			(0.20	)		(0.54	)		(0.74	)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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.

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

GOLDMAN SACHS GOVERNMENT 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 (loss) to average net assets			Portfolio turnover rate(c)
$	14.90			0.01	%	$	164,299		0.90	%(d)		1.04	%(d)		1.37	%(d)		352	%
	14.90			(0.36	)		11,872		1.65	(d)		1.79	(d)		0.62	(d)		352
	14.88			0.18			142,401		0.56	(d)		0.70	(d)		1.70	(d)		352
	14.86			(0.07	)		55,889		1.06	(d)		1.20	(d)		1.22	(d)		352
	14.89			0.14			3,790		0.65	(d)		0.79	(d)		1.62	(d)		352
	14.88			(0.11	)		21,461		1.15	(d)		1.29	(d)		1.12	(d)		352
	14.88			0.67			10		0.54	(d)		0.67	(d)		1.91	(d)		352
	15.02			3.80			182,381		0.91			1.05			1.16			471
	15.02			3.03			12,918		1.66			1.80			0.41			471
	15.00			4.23			186,519		0.58			0.71			1.50			471
	14.98			3.64			51,176		1.07			1.21			1.00			471
	15.01			4.06			3,875		0.66			0.80			1.41			471
	15.00			3.55			23,184		1.16			1.30			0.90			471
	14.67			(0.83	)		194,179		0.92			1.02			0.83			655
	14.67			(1.53	)		15,202		1.62			1.78			0.12			655
	14.64			(0.50	)		197,289		0.58			0.69			1.19			655
	14.63			(1.00	)		53,172		1.08			1.18			0.66			655
	14.66			(0.58	)		4,157		0.67			0.78			1.25			655
	14.65			(1.08	)		20,743		1.17			1.28			0.62			655
	15.00	��		2.26			285,955		0.91			1.00			0.69			943
	15.00			1.50			25,655		1.66			1.75			(0.06	)		943
	14.97			2.61			346,782		0.57			0.66			0.97			943
	14.96			2.07			79,620		1.07			1.16			0.51			943
	14.99			2.51			1,509		0.67			0.75			0.93			943
	14.98			2.00			21,907		1.16			1.25			0.41			943
	15.37			6.32			396,439		0.92			1.00			1.14			763
	15.37			5.53			32,148		1.67			1.75			0.38			763
	15.34			6.69			241,382		0.58			0.66			1.48			763
	15.33			6.17			89,677		1.08			1.16			0.97			763
	15.36			6.59			1,669		0.67			0.75			1.35			763
	15.35			6.07			20,368		1.17			1.25			0.87			763
	14.95			3.63			442,915		0.92			0.99			1.53			545
	14.95			2.86			33,279		1.67			1.74			0.78			545
	14.92			3.92			266,217		0.58			0.65			1.86			545
	14.91			3.40			98,072		1.08			1.15			1.36			545
	14.94			3.89			663		0.67			0.74			1.74			545
	14.93			3.31			13,913		1.17			1.24			1.24			545

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE 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)
2015 - A	$	8.72	$	0.01		$	(0.05	)	$	(0.04	)	$	(0.01	)
2015 - Institutional		8.72		0.03			(0.06	)		(0.03	)		(0.02	)
2015 - Service		8.76		—	(d)		(0.05	)		(0.05	)		—	(d)
2015 - IR		8.70		0.02			(0.05	)		(0.03	)		(0.02	)
2015 - R6 (Commenced July 31, 2015)		8.69		0.01			(0.02	)		(0.01	)		(0.01	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		8.76		0.01			(0.04	)		(0.03	)		(0.01	)
2015 - Institutional		8.77		0.03			(0.05	)		(0.02	)		(0.03	)
2015 - Service		8.81		—	(d)		(0.05	)		(0.05	)		—	(d)
2015 - IR		8.75		0.03			(0.05	)		(0.02	)		(0.03	)
2014 - A		8.78		0.02			(0.02	)		—	(d)		(0.02	)
2014 - Institutional		8.78		0.04			—	(d)		0.04			(0.05	)
2014 - Service		8.83		—	(d)		(0.01	)		(0.01	)		(0.01	)
2014 - IR		8.77		0.04			(0.02	)		0.02			(0.04	)
2013 - A		8.77		0.04			—	(d)		0.04			(0.03	)
2013 - Institutional		8.77		0.07			—	(d)		0.07			(0.06	)
2013 - Service		8.81		0.03			0.01			0.04			(0.02	)
2013 - IR		8.76		0.05			0.01			0.06			(0.05	)
2012 - A		8.81		0.05			(0.07	)		(0.02	)		(0.02	)
2012 - Institutional		8.82		0.08			(0.08	)		—	(d)		(0.05	)
2012 - Service		8.86		0.04			(0.08	)		(0.04	)		(0.01	)
2012 - IR		8.81		0.07			(0.08	)		(0.01	)		(0.04	)
2011 - A		8.86		0.06			(0.06	)		—	(d)		(0.05	)(f)
2011 - Institutional		8.86		0.09			(0.05	)		0.04			(0.08	)(f)
2011 - Service		8.90		0.04			(0.04	)		—	(d)		(0.04	)(f)
2011 - IR		8.85		0.08			(0.05	)		0.03			(0.07	)(f)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

(e) Annualized.

(f) Includes a return of capital amounting to less than $0.005 per share.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.67		(0.46	)%	$	14,835		0.69	%(e)		0.88	%(e)		0.25	%(e)		31	%
	8.67		(0.29	)		458,744		0.35	(e)		0.54	(e)		0.58	(e)		31
	8.71		(0.53	)		205		0.84	(e)		1.04	(e)		0.10	(e)		31
	8.65		(0.34	)		809		0.44	(e)		0.63	(e)		0.50	(e)		31
	8.67		(0.15	)		10		0.36	(e)		0.51	(e)		0.53	(e)		31
	8.72		(0.36	)		18,565		0.66			0.90			0.12			64
	8.72		(0.19	)		503,652		0.36			0.56			0.38			64
	8.76		(0.53	)		145		0.73			1.07			0.05			64
	8.70		(0.28	)		996		0.45			0.65			0.32			64
	8.76		(0.01	)		43,550		0.72			0.95			0.20			130
	8.77		0.45			378,958		0.38			0.59			0.50			130
	8.81		(0.01	)		255		0.85			1.10			0.05			130
	8.75		0.24			1,570		0.47			0.69			0.43			130
	8.78		0.44			47,438		0.74			0.96			0.44			286
	8.78		0.78			158,132		0.40			0.62			0.79			286
	8.83		0.41			160		0.89			1.12			0.38			286
	8.77		0.69			1,018		0.49			0.71			0.63			286
	8.77		(0.21	)		85,905		0.75			0.90			0.53			178
	8.77		0.01			212,611		0.41			0.56			0.87			178
	8.81		(0.44	)		448		0.86			1.06			0.41			178
	8.76		(0.08	)		930		0.50			0.65			0.79			178
	8.81		0.00			118,804		0.82			0.87			0.65			175
	8.82		0.45			293,924		0.48			0.53			1.00			175
	8.86		(0.05	)		924		0.98			1.03			0.49			175
	8.81		0.36			1,151		0.57			0.62			0.93			175

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES 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 (loss)(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)
	2015 - A	$	10.39	$	0.18		$	(0.43	)	$	(0.25	)	$	(0.05	)	$	—		$	—		$	(0.05	)
	2015 - C		10.31		0.14			(0.42	)		(0.28	)		(0.02	)		—			—			(0.02	)
	2015 - Institutional		10.48		0.19			(0.42	)		(0.23	)		(0.06	)		—			—			(0.06	)
	2015 - IR		10.43		0.19			(0.42	)		(0.23	)		(0.06	)		—			—			(0.06	)
	2015 - R		10.38		0.16			(0.42	)		(0.26	)		(0.04	)		—			—			(0.04	)
	2015 -R6 (Commenced July 31,2015)		10.36		0.03			(0.17	)		(0.14	)		(0.04	)		—			—			(0.04	)
FOR THE FISCAL YEARS ENDED MARCH 31,
	2015 - A		10.29		(0.05	)		0.27			0.22			(0.12	)		—			—			(0.12	)
	2015 - C		10.27		(0.10	)		0.23			0.13			(0.09	)		—			—			(0.09	)
	2015 - Institutional		10.36		0.03			0.22			0.25			(0.13	)		—			—			(0.13	)
	2015 - IR		10.32		(0.04	)		0.28			0.24			(0.13	)		—			—			(0.13	)
	2015 - R		10.30		(0.12	)		0.31			0.19			(0.11	)		—			—			(0.11	)
	2014 - A		11.24		0.09			(0.83	)		(0.74	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
	2014 - C		11.28		—	(e)		(0.82	)		(0.82	)		—			(0.16	)		(0.03	)		(0.19	)
	2014 - Institutional		11.28		0.13			(0.83	)		(0.70	)		(0.03	)		(0.16	)		(0.03	)		(0.22	)
	2014 - IR		11.25		0.11			(0.83	)		(0.72	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
	2014 - R		11.27		0.01			(0.78	)		(0.77	)		(0.01	)		(0.16	)		(0.03	)		(0.20	)
	2013 - A		11.16		0.04			0.56			0.60			(0.16	)		(0.36	)		—			(0.52	)
	2013 - C		11.20		(0.03	)		0.55			0.52			(0.08	)		(0.36	)		—			(0.44	)
	2013 - Institutional		11.20		0.06			0.58			0.64			(0.20	)		(0.36	)		—			(0.56	)
	2013 - IR		11.17		0.03			0.60			0.63			(0.19	)		(0.36	)		—			(0.55	)
	2013 - R		11.19		—	(e)		0.57			0.57			(0.13	)		(0.36	)		—			(0.49	)
	2012 - A		10.95		0.19			1.11			1.30			(0.30	)		(0.79	)		—			(1.09	)
	2012 - C		10.99		0.13			1.09			1.22			(0.22	)		(0.79	)		—			(1.01	)
	2012 - Institutional		10.99		0.23			1.11			1.34			(0.34	)		(0.79	)		—			(1.13	)
	2012 - IR		10.97		0.02			1.30			1.32			(0.33	)		(0.79	)		—			(1.12	)
	2012 - R		10.98		0.18			1.09			1.27			(0.27	)		(0.79	)		—			(1.06	)
	2011 - A		10.89		0.19			0.61			0.80			(0.17	)		(0.57	)		—			(0.74	)
	2011 - C		10.93		0.11			0.61			0.72			(0.09	)		(0.57	)		—			(0.66	)
	2011 - Institutional		10.93		0.22			0.62			0.84			(0.21	)		(0.57	)		—			(0.78	)
	2011 - IR		10.91		0.22			0.61			0.83			(0.20	)		(0.57	)		—			(0.77	)
	2011 - R		10.91		0.17			0.61			0.78			(0.14	)		(0.57	)		—			(0.71	)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES 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)
$	10.09		(2.43	)%	$	32,006		0.72	%(d)		0.84	%(d)		3.51	%(d)		89	%
	10.01		(2.70	)		6,947		1.47	(d)		1.59	(d)		2.69	(d)		89
	10.19		(2.20	)		96,209		0.38	(d)		0.50	(d)		3.60	(d)		89
	10.14		(2.25	)		2,332		0.47	(d)		0.59	(d)		3.68	(d)		89
	10.08		(2.52	)		7,504		0.97	(d)		1.09	(d)		3.13	(d)		89
	10.18		(1.40	)		10		0.38	(d)		0.63	(d)		2.05	(d)		89
	10.39		2.09			38,976		0.69			0.96			(0.47	)		161
	10.31		1.25			8,161		1.44			1.71			(1.00	)		161
	10.48		2.40			72,940		0.35			0.62			0.29			161
	10.43		2.27			2,526		0.45			0.71			(0.42	)		161
	10.38		1.81			7,085		0.95			1.22			(1.19	)		161
	10.29		(6.60	)		37,940		0.63			0.84			0.88			262
	10.27		(7.29	)		10,173		1.38			1.59			(0.01	)		262
	10.36		(6.22	)		91,483		0.29			0.50			1.19			262
	10.32		(6.35	)		2,021		0.38			0.59			1.03			262
	10.30		(6.82	)		4,707		0.88			1.10			0.10			262
	11.24		5.37			73,665		0.62			0.81			0.39			230
	11.28		4.57			19,203		1.38			1.56			(0.29	)		230
	11.28		5.71			276,216		0.28			0.46			0.53			230
	11.25		5.63			3,617		0.37			0.55			0.24			230
	11.27		5.10			2,023		0.87			1.05			0.02			230
	11.16		11.99			123,135		0.63			0.83			1.63			194
	11.20		11.24			24,312		1.28			1.58			1.17			194
	11.20		12.34			159,075		0.29			0.49			2.05			194
	11.17		12.16			393		0.38			0.58			0.21			194
	11.19		11.70			1,411		0.88			1.08			1.61			194
	10.95		7.53			79,215		0.67			0.83			1.71			211
	10.99		6.72			22,111		1.42			1.58			0.96			211
	10.99		7.88			108,491		0.33			0.49			1.99			211
	10.97		7.80			116		0.42			0.58			1.93			211
	10.98		7.36			1,145		0.92			1.08			1.50			211

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income from investment operations
	Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
	2015 - Institutional	$	10.00	$	0.02		$	—	(d)	$	0.02		$	(0.02	)
	2015 - Administration		10.00		0.01			—	(d)		0.01			(0.01	)
FOR THE FISCAL YEARS ENDED MARCH 31,
	2015 - Institutional		10.00		0.03			0.01			0.04			(0.04	)
	2015 - Administration		10.00		0.01			—	(d)		0.01			(0.01	)
	2014 - Institutional (Commenced February 28, 2014)		10.00		—	(d)		—	(d)		—	(d)		—
	2014 - Administration (Commenced February 28, 2014)		10.00		—	(d)		—	(d)		—	(d)		—

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

(e) Annualized.

(f) Amount is less than 0.005% per share.

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS 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)
$	10.00		0.23	%	$	10,031		0.19	%(e)		2.44	%(e)		0.46	%(e)		16	%
	10.00		0.11			25		0.43	(e)		2.68	(e)		0.22	(e)		16
	10.00		0.36			10,009		0.19			4.62			0.35			40
	10.00		0.10			25		0.42			4.87			0.12			40
	10.00		—	(f)		9,976		0.19	(e)		4.30	(e)		0.10	(e)		—
	10.00		—	(f)		25		0.44	(e)		4.55	(e)		(0.15	)(e)		—

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT 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)
	2015 - A	$	10.12	$	0.03	$	(0.01	)	$	0.02		$	(0.04	)	$	—		$	(0.04	)
	2015 - C		10.06		0.01		(0.01	)		—	(d)		(0.02	)		—			(0.02	)
	2015 - Institutional		10.09		0.05		(0.02	)		0.03			(0.05	)		—			(0.05	)
	2015 - Service		10.08		0.02		(0.01	)		0.01			(0.03	)		—			(0.03	)
	2015 - IR		10.13		0.04		(0.01	)		0.03			(0.05	)		—			(0.05	)
	2015 - R6 (Commenced July 31, 2015)		10.09		0.02		(0.01	)		0.01			(0.02	)		—			(0.02	)
FOR THE FISCAL YEARS ENDED MARCH 31,
	2015 - A		10.17		0.07		(0.04	)		0.03			(0.08	)		—			(0.08	)
	2015 - C		10.11		0.03		(0.04	)		(0.01	)		(0.04	)		—			(0.04	)
	2015 - Institutional		10.14		0.10		(0.03	)		0.07			(0.12	)		—			(0.12	)
	2015 - Service		10.13		0.05		(0.03	)		0.02			(0.07	)		—			(0.07	)
	2015 - IR		10.18		0.09		(0.03	)		0.06			(0.11	)		—			(0.11	)
	2014 - A		10.24		0.07		(0.06	)		0.01			(0.08	)		—			(0.08	)
	2014 - C		10.17		0.03		(0.05	)		(0.02	)		(0.04	)		—			(0.04	)
	2014 - Institutional		10.21		0.10		(0.06	)		0.04			(0.11	)		—			(0.11	)
	2014 - Service		10.20		0.05		(0.06	)		(0.01	)		(0.06	)		—			(0.06	)
	2014 - IR		10.25		0.09		(0.05	)		0.04			(0.11	)		—			(0.11	)
	2013 - A		10.30		0.04		(0.01	)		0.03			(0.06	)		(0.03	)		(0.09	)
	2013 - C		10.23		0.01		(0.02	)		(0.01	)		(0.02	)		(0.03	)		(0.05	)
	2013 - Institutional		10.27		0.08		(0.01	)		0.07			(0.10	)		(0.03	)		(0.13	)
	2013 - Service		10.25		0.03		—	(d)		0.03			(0.05	)		(0.03	)		(0.08	)
	2013 - IR		10.30		0.07		—	(d)		0.07			(0.09	)		(0.03	)		(0.12	)
	2012 - A		10.23		0.05		0.06			0.11			(0.04	)		—	(d)		(0.04	)
	2012 - C		10.17		0.02		0.05			0.07			(0.01	)		—	(d)		(0.01	)
	2012 - Institutional		10.20		0.09		0.06			0.15			(0.08	)		—	(d)		(0.08	)
	2012 - Service		10.19		0.04		0.05			0.09			(0.03	)		—	(d)		(0.03	)
	2012 - IR		10.24		0.08		0.05			0.13			(0.07	)		—	(d)		(0.07	)
	2011 - A		10.37		0.06		0.06			0.12			(0.06	)		(0.20	)		(0.26	)
	2011 - C		10.30		0.01		0.07			0.08			(0.01	)		(0.20	)		(0.21	)
	2011 - Institutional		10.33		0.10		0.06			0.16			(0.09	)		(0.20	)		(0.29	)
	2011 - Service		10.32		0.05		0.06			0.11			(0.04	)		(0.20	)		(0.24	)
	2011 - IR		10.37		0.09		0.06			0.15			(0.08	)		(0.20	)		(0.28	)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

(e) Annualized.

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT 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)
$	10.10		0.17	%	$	202,144		0.81	%(e)		0.91	%(e)		0.61	%(e)		44	%
	10.04		(0.03	)		33,978		1.21	(e)		1.66	(e)		0.22	(e)		44
	10.07		0.34			1,164,647		0.47	(e)		0.57	(e)		0.95	(e)		44
	10.06		0.09			32,310		0.97	(e)		1.07	(e)		0.45	(e)		44
	10.11		0.30			15,312		0.56	(e)		0.66	(e)		0.86	(e)		44
	10.08		0.08			10		0.45	(e)		0.55	(e)		0.90	(e)		44
	10.12		0.33			220,814		0.82			0.91			0.67			185
	10.06		(0.07	)		36,722		1.22			1.67			0.27			185
	10.09		0.67			1,003,694		0.48			0.57			1.00			185
	10.08		0.17			33,015		0.98			1.08			0.51			185
	10.13		0.58			13,505		0.57			0.66			0.91			185
	10.17		0.10			277,312		0.82			0.91			0.65			211
	10.11		(0.20	)		48,324		1.22			1.66			0.26			211
	10.14		0.44			1,043,676		0.48			0.57			1.00			211
	10.13		(0.06	)		38,818		0.98			1.07			0.49			211
	10.18		0.35			18,018		0.57			0.66			0.91			211
	10.24		0.32			471,348		0.81			0.89			0.42			640
	10.17		(0.06	)		69,496		1.19			1.64			0.05			640
	10.21		0.66			1,133,613		0.47			0.55			0.77			640
	10.20		0.26			53,464		0.97			1.05			0.27			640
	10.25		0.67			24,501		0.56			0.64			0.68			640
	10.30		1.10			808,034		0.79			0.87			0.53			359
	10.23		0.65			95,446		1.15			1.62			0.18			359
	10.27		1.45			1,265,479		0.45			0.53			0.87			359
	10.25		0.85			69,463		0.95			1.03			0.39			359
	10.30		1.25			36,019		0.54			0.62			0.77			359
	10.23		1.11			1,013,335		0.82			0.87			0.61			312
	10.17		0.74			126,533		1.31			1.62			0.12			312
	10.20		1.56			1,512,908		0.48			0.53			0.95			312
	10.19		1.05			128,073		0.98			1.03			0.45			312
	10.24		1.46			9,395		0.57			0.62			0.85			312

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

GOLDMAN SACHS SHORT DURATION 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)
	2015 - A	$	10.10	$	0.08		$	(0.06	)	$	0.02		$	(0.09	)	$	—		$	(0.09	)
	2015 - C		10.10		0.06			(0.06	)		—	(d)		(0.07	)		—			(0.07	)
	2015 - Institutional		10.11		0.10			(0.06	)		0.04			(0.11	)		—			(0.11	)
	2015 - IR		10.11		0.09			(0.06	)		0.03			(0.10	)		—			(0.10	)
	2015 - R		10.11		0.07			(0.06	)		0.01			(0.08	)		—			(0.08	)
	2015 - R6 (Commenced July 31, 2015)		10.07		0.03			(0.02	)		0.01			(0.04	)		—			(0.04	)
FOR THE FISCAL YEARS ENDED MARCH 31,
	2015 - A		10.17		0.10			(0.04	)		0.06			(0.13	)		—			(0.13	)
	2015 - C		10.17		0.06			(0.04	)		0.02			(0.09	)		—			(0.09	)
	2015 - Institutional		10.18		0.13			(0.03	)		0.10			(0.17	)		—			(0.17	)
	2015 - IR		10.18		0.13			(0.04	)		0.09			(0.16	)		—			(0.16	)
	2015 - R		10.18		0.08			(0.04	)		0.04			(0.11	)		—			(0.11	)
	2014 - A		10.17		0.12			0.01			0.13			(0.13	)		—	(d)		(0.13	)
	2014 - C		10.17		0.08			0.01			0.09			(0.09	)		—	(d)		(0.09	)
	2014 - Institutional		10.18		0.15			0.01			0.16			(0.16	)		—	(d)		(0.16	)
	2014 - IR		10.18		0.15			—	(d)		0.15			(0.15	)		—	(d)		(0.15	)
	2014 - R		10.18		0.09			0.01			0.10			(0.10	)		—	(d)		(0.10	)
	2013 - A		9.96		0.11			0.26			0.37			(0.13	)		(0.03	)		(0.16	)
	2013 - C		9.97		0.08			0.24			0.32			(0.09	)		(0.03	)		(0.12	)
	2013 - Institutional		9.97		0.14			0.26			0.40			(0.16	)		(0.03	)		(0.19	)
	2013 - IR		9.97		0.13			0.26			0.39			(0.15	)		(0.03	)		(0.18	)
	2013 - R		9.97		0.08			0.26			0.34			(0.10	)		(0.03	)		(0.13	)
FOR THE PERIOD ENDED MARCH 31,
	2012 - A (Commenced February 29, 2012)		10.00		0.01			(0.04	)		(0.03	)		(0.01	)		—			(0.01	)
	2012 - C (Commenced February 29, 2012)		10.00		—	(d)		(0.03	)		(0.03	)		—	(d)		—			—	(d)
	2012 - Institutional (Commenced February 29, 2012)		10.00		0.01			(0.03	)		(0.02	)		(0.01	)		—			(0.01	)
	2012 - IR (Commenced February 29, 2012)		10.00		0.01			(0.03	)		(0.02	)		(0.01	)		—			(0.01	)
	2012 - R (Commenced February 29, 2012)		10.00		—	(d)		(0.02	)		(0.02	)		(0.01	)		—			(0.01	)

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

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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) Amount is less than $0.005 per share.

(e) Amount is less than 0.005% per share.

(f) Annualized.

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

GOLDMAN SACHS SHORT DURATION 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)
$	10.03		0.19	%	$	7,159		0.79	%(f)		0.93	%(f)		1.58	%(f)		50	%
	10.03		—	(e)		646		1.20	(f)		1.69	(f)		1.18	(f)		50
	10.04		0.36			313,846		0.45	(f)		0.59	(f)		1.91	(f)		50
	10.04		0.32			409		0.54	(f)		0.68	(f)		1.82	(f)		50
	10.04		0.07			10		1.03	(f)		1.17	(f)		1.32	(f)		50
	10.04		0.06			10		0.48	(f)		0.62	(f)		1.96	(f)		50
	10.10		0.60			3,986		0.79			0.99			0.95			139
	10.10		0.21			864		1.18			1.74			0.57			139
	10.11		0.94			289,892		0.45			0.64			1.29			139
	10.11		0.85			289		0.55			0.74			1.25			139
	10.11		0.37			10		1.01			1.22			0.76			139
	10.17		1.28			2,327		0.80			1.19			1.16			157
	10.17		0.87			564		1.20			1.93			0.77			157
	10.18		1.62			166,129		0.46			0.84			1.50			157
	10.18		1.53			206		0.55			0.93			1.43			157
	10.18		1.02			10		1.03			1.44			0.91			157
	10.17		3.69			870		0.79			1.89			1.05			707
	10.17		3.19			174		1.17			1.83			0.75			707
	10.18		4.04			78,696		0.45			1.67			1.42			707
	10.18		3.94			152		0.54			1.51			1.32			707
	10.18		3.40			10		1.06			2.74			0.77			707
	9.96		(0.34	)		1,747		0.79	(f)		6.26	(f)		0.79	(f)		29
	9.97		(0.28	)		10		1.19	(f)		7.01	(f)		0.38	(f)		29
	9.97		(0.21	)		11,122		0.45	(f)		5.92	(f)		1.11	(f)		29
	9.97		(0.22	)		10		0.54	(f)		6.01	(f)		0.97	(f)		29
	9.97		(0.25	)		10		1.04	(f)		6.51	(f)		0.50	(f)		29

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2015 (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
Enhanced Income	A, Institutional, Administration, IR and R6	Diversified
Government Income	A, C, Institutional, Service, IR, R and R6	Diversified
High Quality Floating Rate	A, Institutional, Service, IR and R6	Diversified
Inflation Protected Securities	A, C, Institutional, IR, R and R6	Diversified
Limited Maturity Obligations	Institutional and Administration	Diversified
Short Duration Government	A, C, Institutional, Service, IR and R6	Diversified
Short Duration Income	A, C, Institutional, IR, R and R6	Diversified

* Class R6 Shares commenced operations on July 31, 2015.

Class A Shares of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 1.50%, 3.75%, 1.50%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Institutional, Administration, Service, Class IR, Class R and Class R6 Shares are not subject to a sales charge.

At the close of business on November 14, 2014, Class B Shares of the Enhanced Income and Government Income Funds were converted to Class A Shares of the Funds.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (each, an “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

106

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 Agency 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 applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

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

107

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the FST Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

The Underlying Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, 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.

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.

108

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

v.  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 there is no sale or official closing price or it is believed by GSAM to not represent fair value, 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.

109

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor 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.

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

110

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if 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.

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 of the transaction, income payments, events of default and maintenance of securities for both repurchase and reverse repurchase agreements. An 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.

111

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (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

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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, 2015:

ENHANCED INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	304,639,398	$	—
Asset-Backed Securities		—			87,622,966		—
Foreign Debt Obligations		—			4,905,420		—
Government Guarantee Obligation		—			4,909,795		—
U.S. Treasury Obligations		32,904,668			—		—
Investment Company		18,393,484			—		—
Short-term Investments		—			25,836,969		—
Total	$	51,298,152		$	427,914,548	$	—
Derivative Type
Assets(a)
Futures Contracts	$	20,104		$	—	$	—
Liabilities(a)
Futures Contracts	$	(389,393	)	$	—	$	—

112

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	221,314,668		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		138,687,214			35,844,518			—
Asset-Backed Securities		—			23,601,622			—
Municipal Debt Obligation		—			2,261,060			—
Government Guarantee Obligations		—			7,996,441			—
Investment Company		8,656,741			—			—
Total	$	147,343,955		$	291,018,309		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(27,150,000	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	106,582		$	—		$	—
Interest Rate Swap Contracts		—			233,011			—
Total	$	106,582		$	233,011		$	—
Liabilities(a)
Futures Contracts	$	(157,523	)	$	—		$	—
Interest Rate Swap Contracts		—			(208,589	)		—
Total	$	(157,523	)	$	(208,589	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,501,080		$	—
Mortgage-Backed Obligations		—			179,080,105			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		39,585,158			61,080,272			—
Asset-Backed Securities		—			183,087,843			—
Government Guarantee Obligation		—			4,164,821			—
Investment Company		270			—			—
Total	$	39,585,428		$	428,914,121		$	—

113

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH QUALITY FLOATING RATE (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	131,346		$	—		$	—
Interest Rate Swap Contracts		—			563,196			—
Total	$	131,346		$	563,196		$	—
Liabilities(a)
Futures Contracts	$	(143,418	)	$	—		$	—
Interest Rate Swap Contracts		—			(822,072	)		—
Total	$	(143,418	)	$	(822,072	)	$	—
INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	137,453,573		$	—		$	—
Short-term Investments		—			7,000,000			—
Total	$	137,453,573		$	7,000,000		$	—
Derivative Type
Assets(a)
Futures Contracts	$	252,167		$	—		$	—
Interest Rate Swap Contracts		—			379,270			—
Total	$	252,167		$	379,270		$	—
Liabilities(a)
Futures Contracts	$	(161,079	)	$	—		$	—
Interest Rate Swap Contracts		—			(426,638	)		—
Total	$	(161,079	)	$	(426,638	)	$	—
LIMITED MATURITY OBLIGATIONS FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	5,060,515		$	—
Municipal Debt Obligations		—			3,432,430			—
Short-term Investments		—			1,790,000			—
Total	$	—		$	10,282,945		$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	423,930,430		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		719,983,887			286,905,074			—
Government Guarantee Obligation		—			20,095,262			—
Investment Company		80			—			—
Total	$	719,983,967		$	730,930,766		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,367,171		$	—		$	—
Interest Rate Swap Contracts		—			1,227,731			—
Total	$	1,367,171		$	1,227,731		$	—
Liabilities(a)
Futures Contracts	$	(1,422,044	)	$	—		$	—
Interest Rate Swap Contracts		—			(6,537,801	)		—
Total	$	(1,422,044	)	$	(6,537,801	)	$	—
SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	192,123,675		$	—
Mortgage-Backed Obligations		—			24,016,225			877,060
U.S. Treasury Obligations and/or Other U.S. Government Agencies		5,979,495			1,417,530			—
Asset-Backed Securities		—			64,350,657			6,450,000
Foreign Debt Obligations		2,842,841			12,751,980			—
Municipal Debt Obligations		—			4,479,546			—
Short-term Investments		—			3,717,000			—
Total	$	8,822,336		$	302,856,613		$	7,327,060

115

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	581,023		$	—
Futures Contracts		417,838			—			—
Interest Rate Swap Contracts		—			839,691			—
Total	$	417,838		$	1,420,714		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(324,708	)	$	—
Futures Contracts		(32,255	)		—			—
Interest Rate Swap Contracts		—			(773,547	)		—
Credit Default Swap Contracts		—			(1,329	)		—
Total	$	(32,255	)	$	(1,099,584	)	$	—

The following is a reconciliation of Level 3 investments for the period ended September 30, 2015:

	Mortgage-Backed Obligations			Asset-Backed Securities
Beginning Balance as of April 1, 2015	$	—		$	—
Realized gain (loss)		137			27
Net change in unrealized gain (loss) relating to instruments still held at reporting  date		47,828			—
Purchases		830,623			6,449,973
Sales		(1,528	)		—
Ending Balance as of September 30, 2015	$	877,060		$	6,450,000

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2015. 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.

Enhanced Income
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on certain derivative contracts	$	20,104	(a)	Variation margin on certain derivative contracts	$	(389,393)	(a)

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4. INVESTMENTS IN DERIVATIVES (continued)

Government 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	$	339,593	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(366,112)	(a)
High Quality Floating Rate
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	$	694,542	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(965,490)	(a)
Inflation Protected Securities
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	$	631,437	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(587,717)	(a)(b)
Short Duration Government
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts; Investments, at value	$	2,594,902	(a)	Variation margin on certain derivative contracts	$	(7,959,845)	(a)
Short Duration 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	$	1,257,529	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(805,802)	(a)(b)
Credit	—		—		Payable for unrealized loss on swap contracts		(1,329)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		581,023		Payable for unrealized loss on forward foreign currency exchange contracts		(324,708)
Total		$	1,838,552			$	(1,131,839)

(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 $65,885 and $26,097 for Inflation Protected Securities and Short Duration Income Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2015. 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:

Enhanced 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/Net change in unrealized gain (loss) on futures contracts	$	(896,072	)	$	86,136			768
Government Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	2,029,618		$	287,102			363
High Quality Floating Rate
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(1,185,431	)	$	833,343			345
Inflation Protected Securities
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 futures contracts and swap contracts	$	341,230		$	81,277			357
Short Duration Government
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	$	5,884,949		$	(2,360,099	)		5,307

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4. INVESTMENTS IN DERIVATIVES (continued)

Short Duration 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	$	2,973,328	$	(338,815	)		871
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		70,062		(161,397	)		2
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		316,210		66,386			280
Total		$	3,359,600	$	(433,826	)		1,153

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2015.

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 forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives (foreign currency exchange contracts, and certain options and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended September 30, 2015, contractual and effective net management fees with GSAM 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			Effective Net Management Rate(1)
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.25	%
Government Income		0.54			0.49			0.47			0.46			0.45			0.54			0.53	(2)
High Quality Floating Rate		0.40			0.36			0.34			0.33			0.32			0.40			0.31	(2)
Inflation Protected Securities		0.33			0.30			0.28			0.27			0.26			0.33			0.26	(2)
Limited Maturity Obligations		0.25			0.25			0.25			0.25			0.25			0.25			0.18	(2)
Short Duration Government		0.50			0.45			0.43			0.42			0.41			0.48			0.43	(2)
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40

(1) Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(2) GSAM has agreed to waive a portion of its management fee in order to achieve the effective net management rate shown above as an annual percentage rate of the average daily net assets of the Funds through at least July 29, 2016. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

The Enhanced Income, Government Income, High Quality Floating Rate and Short Duration Government Funds invest in FST Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has contractually agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended September 30, 2015, GSAM waived $31,704, $27,741, $27,994, and $48,263 of the management fee for the Enhanced Income, Government Income, High Quality Floating Rate and Short Duration Government Funds, respectively.

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 C			Class R*
Distribution Plan		0.25	%		0.75	%		0.50	%
Service Plan		—			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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of the distribution and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to a minimum of 0.35% as an annual percentage rate of the average daily net assets. These arrangements will remain in place through July 29, 2016, for the Short Duration Government and Short Duration Income Funds. Prior to such date Goldman Sachs may not terminate the arrangement without the approval of the trustees.

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 Shares front end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2015, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Enhanced Income	$	28		N/A
Government Income		1,748	$	—
High Quality Floating Rate		143		N/A
Inflation Protected Securities		398		—
Short Duration Government		1,744		—
Short Duration Income		710		—

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 C, Class IR and Class R Shares; 0.02% of the average daily net assets of Class R6 Shares; 0.04% of the average daily net assets of Institutional, Administration and Service Shares; and 0.01% of the average daily net assets of the Institutional and Administration Shares of the Limited Maturity Obligations Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees (as applicable), 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 for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Limited Maturity Obligations, Short Duration Government and Short Duration Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.004% and 0.014% respectively. These Other Expense limitations will remain in place through at least July 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the 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.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, Transfer Agency Agreement, and/or Management Agreement and these waivers may exceed what is stipulated in any fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended September 30, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Management Fees Waivers		Class A Distribution and Service Fees		Class C Distribution and Service Fees		Service Class Fees		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	31,704	$	—		N/A		N/A	$	16,065	$	47,769
Government Income		48,786		—	$	—	$	—		251,224		300,010
High Quality Floating Rate		244,714		—		N/A		—		198,527		443,241
Inflation Protected Securities		20,219		—		—		N/A		59,011		79,230
Limited Maturity Obligations		3,516		N/A		N/A		N/A		109,362		112,878
Short Duration Government		413,009		—		60,968		—		281,237		755,214
Short Duration Income		—		—		1,218		N/A		219,664		220,882

G.  Line of Credit Facility — As of September 30, 2015, the Funds participated in a $1,205,000,000 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 up to an additional $115,000,000, for a total of up to $1,320,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. 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, 2015, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2015, Goldman Sachs earned approximately $7,886, $606, $406, $591, $7,799 and $1,201 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, and Short Duration Income Funds, respectively.

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2015, the Goldman Sachs Group, Inc. was a beneficial owner of approximately 5% or more of outstanding Institutional, Administration, Class R and Class R6 Shares of the following funds:

Fund	Institutional			Administration			Class R			Class R6
Enhanced Income		—	%		—	%		N/A			100	%
High Quality Floating Rate		—			N/A			N/A			100
Inflation Protected Securities		—			N/A			N/A			100
Limited Maturity Obligations		100			100			N/A			N/A
Short Duration Government		—			N/A			N/A			100
Short Duration Income		—			N/A			100	%		100

The table below shows the transactions in and earnings from investments in this affiliated Fund For the six months ended September 30, 2015:

Fund	Underlying Fund	Market Value 3/31/15		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Market Value 09/30/2015		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund	$	226	$	211,516,108	$	(193,122,850	)	$	—	$	—	$	18,393,484	$	2,406
Government Income	Goldman Sachs Financial Square Government Fund		31		154,728,499		(146,071,789	)		—		—		8,656,741		1,667
High Quality Floating Rate	Goldman Sachs Financial Square Government Fund		49,903,803		199,774,672		(249,678,205	)		—		—		270		1,938
Short Duration Government	Goldman Sachs Financial Square Government Fund		25,980,969		414,681,805		(440,662,694	)		—		—		80		2,259

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2015, 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)
Enhanced Income	$	17,678,508	$	91,299,461	$	73,557,112	$	72,389,592
Government Income		1,640,437,627		11,489,194		1,644,075,724		8,936,777
High Quality Floating Rate		116,460,671		44,494,187		80,361,829		45,576,062
Inflation Protected Securities		125,660,008		—		116,221,537		—
Limited Maturity Obligations		—		3,013,109		—		915,000
Short Duration Government		761,798,112		—		560,078,039		35,277,620
Short Duration Income		69,399,527		118,010,311		95,774,256		53,179,272

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2015, the Funds’ capital loss carryfowards and certain timing differences, on a tax basis were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Limited Maturity Obligations			Short Duration Government			Short Duration Income
Capital loss carryforwards:(1)
Expiring 2016	$	(2,472,185	)	$	—		$	—		$	—		$	—		$	—		$	—
Expiring 2018		(1,658,767	)		—			(21,924,176	)		—			—			—			—
Expiring 2019		(9,056,394	)		—			(2,415,726	)		—			—			—			—
Perpetual Short-term		(2,686,204	)		(2,798,158	)		(918,536	)		(1,242,407	)		(97	)		(6,037,405	)		—
Perpetual Long-term		(1,968,991	)		(5,868,817	)		(2,079,318	)		(11,316,996	)		—			(7,946,309	)		(306,768	)
Total capital loss carryforwards	$	(17,842,541	)	$	(8,666,975	)	$	(27,337,756	)	$	(12,559,403	)	$	(97	)	$	(13,983,714	)	$	(306,768	)
Timing differences (Income Distribution Payable, Qualified Late Year and Straddle Loss Deferrals)	$	(1,938,472	)	$	(4,088,390	)	$	(2,252,062	)	$	(5,019,809	)	$	(399	)	$	(13,483,015	)	$	(1,749,426	)

(1) With the exception of perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated.

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7. TAX INFORMATION (continued)

As of September 30, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Limited Maturity Obligations			Short Duration Government			Short Duration Income
Tax Cost	$	481,992,370		$	430,181,515		$	471,418,241		$	149,132,353		$	10,286,869		$	1,431,349,737		$	322,770,016
Gross unrealized gain		693,434			12,632,353			1,334,380			143,327			2,119			22,036,257			1,092,444
Gross unrealized loss		(3,473,104	)		(4,451,604	)		(4,253,072	)		(4,822,107	)		(6,043	)		(2,471,261	)		(4,856,451	)
Net unrealized security gain (loss)	$	(2,779,670	)	$	8,180,749		$	(2,918,692	)	$	(4,678,780	)	$	(3,924	)	$	19,564,996		$	(3,764,007	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of inflation protected securities, premium amortization, and the accretion of market discount.

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

8. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments.

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. 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. 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, as a result, maintains a larger cash position than it ordinarily would.

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.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

8. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		292,035		$	2,746,871			1,534,374		$	14,495,791
Reinvestment of distributions		7,203			67,722			2,319			21,906
Shares converted from Class B(a)		—			—			6,490			61,354
Shares redeemed		(633,090	)		(5,956,488	)		(2,658,840	)		(25,121,550	)
		(333,852	)		(3,141,895	)		(1,115,657	)		(10,542,499	)
Class B Shares(a)
Shares sold		—			—			2			17
Reinvestment of distributions		—			—			—			1
Shares converted to Class A		—			—			(6,504	)		(61,354	)
Shares redeemed		—			—			(4,309	)		(40,646	)
		—			—			(10,811	)		(101,982	)
Institutional Shares
Shares sold		8,346,852			78,462,611			25,367,711			239,631,731
Reinvestment of distributions		184,815			1,736,228			201,298			1,899,808
Shares redeemed		(10,607,075	)		(99,635,451	)		(31,132,620	)		(293,878,166	)
		(2,075,408	)		(19,436,612	)		(5,563,611	)		(52,346,627	)
Class IR Shares
Shares sold		4,867			45,747			5,601			52,891
Reinvestment of distributions		144			1,349			174			1,642
Shares redeemed		(16,587	)		(155,806	)		(21,065	)		(198,749	)
		(11,576	)		(108,710	)		(15,290	)		(144,216	)
Administration Shares
Shares sold		686			6,472			3,402			32,187
Reinvestment of distributions		48			448			28			262
Shares redeemed		(1,975	)		(18,644	)		(5,599	)		(53,087	)
		(1,241	)		(11,724	)		(2,169	)		(20,638	)
Class R6(b)
Shares sold		1,065			10,000			—			—
Reinvestment of distributions		1			13			—			—
		1,066			10,013			—			—
NET DECREASE		(2,422,077	)	$	(22,688,928	)		(6,707,538	)	$	(63,155,962	)

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Government Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,134,363		$	16,866,589			2,618,314		$	38,920,028
Reinvestment of distributions		80,110			1,191,772			147,821			2,198,727
Shares converted from Class B(a)		—			—			93,362			1,384,415
Shares redeemed		(2,329,763	)		(34,632,100	)		(3,956,248	)		(58,780,802	)
		(1,115,290	)		(16,573,739	)		(1,096,751	)		(16,277,632	)
Class B Shares(a)
Shares sold		—			—			2,873			42,483
Reinvestment of distributions		—			—			933			13,810
Shares converted to Class A		—			—			(93,362	)		(1,384,415	)
Shares redeemed		—			—			(213,262	)		(3,161,486	)
		—			—			(302,818	)		(4,489,608	)
Class C Shares
Shares sold		68,387			1,017,452			143,893			2,139,623
Reinvestment of distributions		2,642			39,311			4,294			63,811
Shares redeemed		(134,239	)		(1,995,445	)		(324,651	)		(4,823,276	)
		(63,210	)		(938,682	)		(176,464	)		(2,619,842	)
Institutional Shares
Shares sold		1,323,295			19,657,476			3,656,799			54,226,544
Reinvestment of distributions		72,100			1,071,150			150,782			2,238,963
Shares redeemed		(4,260,664	)		(63,225,884	)		(4,842,479	)		(71,749,793	)
		(2,865,269	)		(42,497,258	)		(1,034,898	)		(15,284,286	)
Service Shares
Shares sold		802,873			11,929,557			1,541,509			22,758,344
Reinvestment of distributions		21,988			326,208			37,483			556,030
Shares redeemed		(479,904	)		(7,121,980	)		(1,797,705	)		(26,605,127	)
		344,957			5,133,785			(218,713	)		(3,290,753	)
Class IR Shares
Shares sold		22,810			339,342			70,412			1,047,164
Reinvestment of distributions		2,361			35,101			4,530			67,365
Shares redeemed		(28,833	)		(427,318	)		(100,399	)		(1,496,522	)
		(3,662	)		(52,875	)		(25,457	)		(381,993	)
Class R Shares
Shares sold		170,102			2,526,977			421,584			6,260,957
Reinvestment of distributions		9,976			148,226			16,130			239,626
Shares redeemed		(283,343	)		(4,206,265	)		(308,321	)		(4,579,117	)
		(103,265	)		(1,531,062	)		129,393			1,921,466
Class R6 Shares(b)
Shares sold		675			10,005			—			—
Reinvestment of distributions		2			31			—			—
Shares redeemed		(1	)		(5	)		—			—
		676			10,031			—			—
NET DECREASE		(3,805,063	)	$	(56,449,800	)		(2,725,708	)	$	(40,422,648	)

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Quality Floating Rate Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		127,116		$	1,105,019			1,186,003		$	10,383,510
Reinvestment of distributions		2,122			18,473			4,525			39,635
Shares redeemed		(546,455	)		(4,759,223	)		(4,030,662	)		(35,183,095	)
		(417,217	)		(3,635,731	)		(2,840,134	)		(24,759,950	)
Institutional Shares
Shares sold		17,374,333			151,141,362			53,480,364			467,701,209
Reinvestment of distributions		139,634			1,214,442			149,757			1,310,182
Shares redeemed		(22,345,018	)		(194,421,839	)		(39,096,686	)		(341,814,640	)
		(4,831,051	)		(42,066,035	)		14,533,435			127,196,751
Service Shares
Shares sold		12,295			107,711			49			433
Reinvestment of distributions		6			48			8			66
Shares redeemed		(5,217	)		(45,698	)		(12,558	)		(110,471	)
		7,084			62,061			(12,501	)		(109,972	)
Class IR Shares
Shares sold		11,354			98,501			36,187			315,834
Reinvestment of distributions		251			2,179			437			3,813
Shares redeemed		(32,444	)		(282,012	)		(101,655	)		(887,067	)
		(20,839	)		(181,332	)		(65,031	)		(567,420	)
Class R6 Shares(a)
Shares sold		1,152			10,005			—			—
Reinvestment of distributions		1			7			—			—
Shares redeemed		(1	)		(5	)		—			—
		1,152			10,007			—			—
NET INCREASE (DECREASE)		(5,260,871	)	$	(45,811,030	)		11,615,769		$	101,759,409

(a) Commenced operations on July 31, 2015.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		591,947		$	6,050,474			1,974,454		$	20,609,887
Reinvestment of distributions		12,130			123,623			28,891			306,094
Shares redeemed		(1,184,348	)		(12,063,275	)		(1,937,527	)		(20,214,871	)
		(580,271	)		(5,889,178	)		65,818			701,110
Class C Shares
Shares sold		37,316			379,936			87,110			907,079
Reinvestment of distributions		1,364			13,756			6,318			66,743
Shares redeemed		(135,629	)		(1,372,462	)		(292,752	)		(3,036,390	)
		(96,949	)		(978,770	)		(199,324	)		(2,062,568	)
Institutional Shares
Shares sold		3,408,965			35,168,320			3,682,455			38,661,251
Reinvestment of distributions		34,917			358,732			91,900			980,092
Shares redeemed		(958,551	)		(9,944,374	)		(5,645,705	)		(59,193,263	)
		2,485,331			25,582,678			(1,871,350	)		(19,551,920	)
Class IR Shares
Shares sold		28,410			293,644			108,737			1,134,382
Reinvestment of distributions		1,304			13,336			2,393			25,426
Shares redeemed		(41,831	)		(430,596	)		(64,766	)		(676,512	)
		(12,117	)		(123,616	)		46,364			483,296
Class R Shares
Shares sold		181,115			1,854,029			464,345			4,835,137
Reinvestment of distributions		2,472			25,126			5,083			53,866
Shares redeemed		(121,728	)		(1,251,817	)		(243,658	)		(2,533,363	)
		61,859			627,338			225,770			2,355,640
Class R6(a)
Shares sold		966			10,005			—			—
Reinvestment of distributions		3			31			—			—
Shares redeemed		(1	)		(5	)		—			—
		968			10,031			—			—
NET INCREASE (DECREASE)		1,858,821		$	19,228,483			(1,732,722	)	$	(18,074,442	)

(a) Commenced operations on July 31, 2015.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Limited Maturity Obligations Fund
	For the Six Months Ended September 30, 2015 (Unaudited)				For the Fiscal Year Ended March 31, 2015
	Shares		Dollars		Shares			Dollars
Institutional Shares
Reinvestment of distributions		2,301	$	23,015		3,544		$	35,445
Shares redeemed		—		—		(106	)		(1,063	)
		2,301		23,015		3,438			34,382
Administration Shares
Reinvestment of distributions		2		27		3			26
		2		27		3			26
NET INCREASE		2,303	$	23,042		3,441		$	34,408

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Short Duration Government Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,823,942		$	28,559,498			6,369,831		$	64,640,113
Reinvestment of distributions		68,796			696,020			183,504			1,862,779
Shares redeemed		(4,695,830	)		(47,490,592	)		(12,003,418	)		(121,845,576	)
		(1,803,092	)		(18,235,074	)		(5,450,083	)		(55,342,684	)
Class C Shares
Shares sold		323,432			3,249,444			422,584			4,258,358
Reinvestment of distributions		4,316			43,376			12,689			127,992
Shares redeemed		(593,228	)		(5,961,028	)		(1,566,338	)		(15,791,405	)
		(265,480	)		(2,668,208	)		(1,131,065	)		(11,405,055	)
Institutional Shares
Shares sold		34,810,362			351,506,674			42,943,721			434,331,265
Reinvestment of distributions		595,619			6,007,952			1,096,812			11,098,058
Shares redeemed		(19,217,275	)		(193,822,913	)		(47,516,969	)		(480,401,294	)
		16,188,706			163,691,713			(3,476,436	)		(34,971,971	)
Service Shares
Shares sold		325,927			3,284,016			349,028			3,528,163
Reinvestment of distributions		8,062			81,190			21,071			212,938
Shares redeemed		(396,967	)		(3,997,126	)		(927,920	)		(9,369,122	)
		(62,978	)		(631,920	)		(557,821	)		(5,628,021	)
Class IR Shares
Shares sold		321,718			3,251,965			1,395,355			14,175,716
Reinvestment of distributions		6,695			67,800			18,786			190,856
Shares redeemed		(146,825	)		(1,486,872	)		(1,851,091	)		(18,802,849	)
		181,588			1,832,893			(436,950	)		(4,436,277	)
Class R6 Shares(a)
Shares sold		992			10,005			—			—
Reinvestment of distributions		2			16			—			—
Shares redeemed		(1	)		(5	)		—			—
		993			10,016			—			—
NET INCREASE (DECREASE)		14,239,737		$	143,999,420			(11,052,355	)	$	(111,784,008	)

(a) Commenced operations on July 31, 2015.

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Short Duration Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		367,528		$	3,695,213			449,324		$	4,556,746
Reinvestment of distributions		4,280			43,027			4,189			42,417
Shares redeemed		(52,697	)		(529,522	)		(287,549	)		(2,911,128	)
		319,111			3,208,718			165,964			1,688,035
Class C Shares
Shares sold		28,178			283,079			78,769			797,293
Reinvestment of distributions		481			4,841			739			7,486
Shares redeemed		(49,843	)		(501,948	)		(49,393	)		(499,481	)
		(21,184	)		(214,028	)		30,115			305,298
Institutional Shares
Shares sold		11,422,707			115,180,384			24,010,179			243,426,545
Reinvestment of distributions		326,672			3,289,774			353,185			3,582,111
Shares redeemed		(9,168,400	)		(92,351,338	)		(12,013,669	)		(121,578,381	)
		2,580,979			26,118,820			12,349,695			125,430,275
Class IR Shares
Shares sold		25,314			254,627			9,685			97,638
Reinvestment of distributions		306			3,082			309			3,140
Shares redeemed		(13,455	)		(135,658	)		(1,668	)		(16,976	)
		12,165			122,051			8,326			83,802
Class R Shares
Reinvestment of distributions		8			79			10			110
		8			79			10			110
Class R6 Shares(a)
Shares sold		994			10,005			—			—
Reinvestment of distributions		3			32			—			—
Shares redeemed		(1	)		(5	)		—			—
		996			10,032			—			—
NET INCREASE		2,892,075		$	29,245,672			12,554,110		$	127,507,520

(a) Commenced operations on July 31, 2015.

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Fund Expenses — Six Month Period Ended September 30, 2015 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Administration, Service, Class IR, Class R and Class R6 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 C Shares), and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, 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 C, Institutional, Administration, Service, Class IR, Class R or Class R6 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, 2015 through September 30, 2015, which represents a period of 183 out of 366 days.

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.

	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*
Class A
Actual	$	1,000.00	$	998.00		$	3.41	$	1,000.00	$	1,000.10		$	4.51	$	1,000.00	$	995.40		$	3.45	$	1,000.00	$	975.70		$	3.57
Hypothetical 5% return		1,000.00		1,021.66	+		3.45		1,000.00		1,020.56	+		4.56		1,000.00		1,021.61	+		3.50		1,000.00		1,021.46	+		3.65
Class C
Actual		N/A		N/A			N/A		1,000.00		996.40			8.26		N/A		N/A			N/A		1,000.00		973.00			7.27
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,016.80	+		8.34		N/A		N/A			N/A		1,000.00		1,017.70	+		7.44
Institutional
Actual		1,000.00		1,000.80			1.71		1,000.00		1,001.80			2.81		1,000.00		997.10			1.75		1,000.00		978.00			1.88
Hypothetical 5% return		1,000.00		1,023.36	+		1.72		1,000.00		1,022.26	+		2.84		1,000.00		1,023.31	+		1.78		1,000.00		1,023.16	+		1.93
Administration
Actual		1,000.00		999.50			2.96		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,022.11	+		2.99		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Service
Actual		N/A		N/A			N/A		1,000.00		999.30			5.31		1,000.00		994.70			4.20		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,019.75	+		5.37		1,000.00		1,020.86	+		4.26		N/A		N/A			N/A
Class IR
Actual		1,000.00		999.20			2.16		1,000.00		1,001.40			3.26		1,000.00		996.60			2.20		1,000.00		977.50			2.33
Hypothetical 5% return		1,000.00		1,022.91	+		2.18		1,000.00		1,021.81	+		3.29		1,000.00		1,022.86	+		2.23		1,000.00		1,022.71	+		2.38
Class R
Actual		N/A		N/A			N/A		1,000.00		998.90			5.76		N/A		N/A			N/A		1,000.00		974.80			4.80
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,019.30	+		5.82		N/A		N/A			N/A		1,000.00		1,020.20	+		4.91
Class R6(a)
Actual		1,000.00		1,000.30			0.59		1,000.00		1,006.70			0.91		1,000.00		998.50			0.60		1,000.00		986.00			0.63
Hypothetical 5% return		1,000.00		1,007.76	+		0.59		1,000.00		1,007.45	+		0.91		1,000.00		1,007.75	+		0.60		1,000.00		1,007.72	+		0.64

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

	Limited Maturity Obligations Fund							Short Duration Government Fund							Short Duration Income Fund
Share Class	Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*
Class A
Actual	$	N/A	$	N/A		$	N/A	$	1,000.00	$	1,001.70		$	4.06	$	1,000.00	$	1,001.90		$	3.96
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,021.01	+		4.10		1,000.00		1,021.11	+		4.00
Class C
Actual		N/A		N/A			N/A		1,000.00		999.70			6.07		1,000.00		1,000.00			5.97
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,019.00	+		6.12		1,000.00		1,019.10	+		6.02
Institutional
Actual		1,000.00		1,002.30			0.95		1,000.00		1,003.40			2.36		1,000.00		1,003.60			2.26
Hypothetical 5% return		1,000.00		1,024.12	+		0.96		1,000.00		1,022.71	+		2.38		1,000.00		1,022.81	+		2.28
Administration
Actual		1,000.00		1,001.10			2.16		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,022.91	+		2.18		N/A		N/A			N/A		N/A		N/A			N/A
Service
Actual		N/A		N/A			N/A		1,000.00		1,000.90			4.87		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,020.20	+		4.91		N/A		N/A			N/A
Class IR
Actual		N/A		N/A			N/A		1,000.00		1,003.00			2.81		1,000.00		1,003.20			2.71
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,022.26	+		2.84		1,000.00		1,022.36	+		2.74
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,000.70			5.17
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.90	+		5.22
Class R6(a)
Actual		N/A		N/A			N/A		1,000.00		1,000.60			0.75		1,000.00		1,000.60			0.80
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,007.60	+		0.75		1,000.00		1,007.55	+		0.81

* 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, 2015. 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 C			Institutional			Administration			Service			Class IR			Class R			Class R6(a)
Enhanced Income		0.68	%		N/A			0.34	%		0.59	%		N/A			0.43	%		N/A			0.35	%
Government Income		0.90			1.65	%		0.56			N/A			1.06	%		0.65			1.15	%		0.54
High Quality Floating Rate		0.69			N/A			0.35			N/A			0.84			0.44			N/A			0.36
Inflation Protected Securities		0.72			1.47			0.38			N/A			N/A			0.47			0.97			0.38
Limited Maturity Obligations		N/A			N/A			0.19			0.43			N/A			N/A			N/A			N/A
Short Duration Government		0.81			1.21			0.47			N/A			0.97			0.56			N/A			0.45
Short Duration Income		0.79			1.19			0.45			N/A			N/A			0.54			1.03			0.48

(a) Commenced operations on July 31, 2015.

+ 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.

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Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Limited Maturity Obligations Fund, Goldman Sachs Short Duration Government Fund and Goldman Sachs Short Duration Income Fund and (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 throughout 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”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreements were most recently approved for continuation until June 30, 2016 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 10-11, 2015 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. Such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding); sales and distribution support groups and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of each Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and composites of accounts with comparable investment strategies managed by the Investment Adviser (in the case of the Enhanced Income, High Quality Floating Rate, Short Duration Government, and Short Duration Income Funds), and general investment outlooks in the markets in which the Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether a Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreements and other agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(e) fee and 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) the expense trends over time of each Fund (except for the Limited Maturity Obligations Fund, which commenced operations in 2014); and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(f) 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;

(g) the undertakings of the Investment Adviser and its affiliates to waive certain fees and to limit certain expenses of each Fund that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

(h) 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 Adviser and its affiliates;

(i) whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

(l) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m) 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;

(n) the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees and non-Rule 12b-1 shareholder service and/or administration fees with respect to the Funds. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

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 to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only with respect to the Limited Maturity Obligations

137

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Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

and Short Duration Income Funds) compiled by the Outside Data Provider as of December 31, 2014, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2015. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Enhanced Income, High Quality Floating Rate, Short Duration Government, and Short Duration Income Funds’ performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Enhanced Income Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the ten-year period, in the third quartile for the three-year period, and in the fourth quartile for the one- and five-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2015. They observed that the Government Income Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2015. The Trustees noted that the High Quality Floating Rate Fund’s Institutional Shares had placed in the fourth quartile of its peer group for the one-, three-, five-, and ten-year periods, and had outperformed its benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2015. The Trustees observed that the Inflation Protected Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2015. They noted that the Limited Maturity Obligations Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2015. They further noted that the Short Duration Government Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the three- and ten-year periods and in the third quartile for the one- and five-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2015. The Trustees observed that the Short Duration Income Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the three-year period and the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one-year period ended March 31, 2015.

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 under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the management fees and breakpoints of each Fund (with the exception of the Limited Maturity Obligations Fund, which does not have 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 the transfer agency, custody, and distribution fees for each Fund (with the exception of the Limited Maturity Obligations Fund, which does not have distribution fees), other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of its management fees (with respect to each Fund other than the Enhanced Income and Short Duration Income Funds) and to limit certain expenses of each Fund that exceed specified levels, as well as the undertakings of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ distributor and transfer agent, to waive a portion of the distribution and service fees paid by the Short Duration Government and Short

138

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Duration Income Funds’ Class C Shares and a portion of the transfer agency fees paid by the Limited Maturity Obligations Fund. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2014 and 2013 (2014 only for the Limited Maturity Obligations Fund), and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds (other than the Limited Maturity Obligations Fund) at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
First $1 billion		0.25	%		0.54	%		0.40	%		0.33	%		0.50	%		0.40	%
Next $1 billion		0.23			0.49			0.36			0.30			0.45			0.36
Next $3 billion		0.22			0.47			0.34			0.28			0.43			0.34
Next $3 billion		0.22			0.46			0.33			0.27			0.42			0.33
Over $8 billion		0.22			0.45			0.32			0.26			0.41			0.32

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fees (with respect to each Fund other than the Enhanced Income and Short Duration Income Funds) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs’ undertaking to waive a portion of the distribution and service fees paid by the Short Duration Government and Short Duration Income Funds’ Class C Shares and a portion of the transfer agency fees paid by the Limited Maturity Obligations Fund. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Short Duration Government Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

With respect to the Limited Maturity Obligations Fund, the Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund’s recent purchase and redemption activity; the information

139

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; the Investment Adviser’s undertakings to limit certain expenses of the Fund that exceed a specified level; and the willingness of the Investment Adviser and Goldman Sachs to waive certain fees on a temporary basis in order to maintain positive Fund yields. They considered a report prepared by the Outside Data Provider, which surveyed comparable funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the mutual fund business and the competitiveness of the fees charged to the Fund by the Investment Adviser.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of each Fund (with the exception of the Limited Obligations Maturity Fund) as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management 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 the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2016.

140

FUND BASICS

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.02 trillion in assets under supervision as of September 30, 2015, 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.

Money Market¹

Financial Square Funds^SM

n Financial Square Tax-Exempt Funds

n Financial Square Treasury Solutions Fund²

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Limited Maturity Obligations Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Bond Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund³

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Focused Value Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund⁴

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund⁵

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n International Small Cap Fund

n Asia Equity Fund

n Emerging Markets Equity Fund⁶

n N-11 Equity Fund

Select Satellite⁷

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Global Real Estate Securities Fund

n Commodity Strategy Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Absolute Return Multi-Asset Fund

Total Portfolio Solutions⁷

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Implementation Fund

n Balanced Strategy Portfolio

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  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.

²  Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

³  Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund.

⁴  Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵  Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund.

⁶  Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷  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 and exchange-traded funds.

TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy 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 Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs 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’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman, Sachs & Co. (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of September 30, 2015 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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).

© 2015 Goldman Sachs. All rights reserved. 172510.MF.MED.TMPL/11/2015/SDFISAR-15/23k

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.

	2015			2014			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,570,472		$	2,208,710	Financial Statement audits.
Audit-Related Fees:
• PwC		$	0		$	0	Other attest services.
Tax Fees:
• PwC		$	659,410		$	723,485	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2015			2014			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,568,616		$	1,486,420	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2015 and March 31, 2014 were approximately $659,410 and $723,485 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $10.2 million and $9.8 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2014 and 2013 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.
(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/Chief Executive Officer
	Goldman Sachs Trust
Date:	December 7, 2015

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/Chief Executive Officer
	Goldman Sachs Trust
Date:	December 7, 2015
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 7, 2015