Goldman Sachs High Yield Instl NCSR Certified 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: March 31, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				March 31, 2016

				Multi Sector Fixed Income Funds
				Bond Fund
				Core Fixed Income
				Global Income
				Strategic Income

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Goldman Sachs Multi Sector Fixed Income Funds

BOND FUND

CORE FIXED INCOME

GLOBAL INCOME

STRATEGIC INCOME


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions and Performance Summaries			4

Schedules of Investments			31

Financial Statements			114

Financial Highlights			118

Notes to the Financial Statements			126

Report of Independent Registered Public Accounting Firm			158

Other Information			159



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

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

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

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

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Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

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

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Fixed Income portfolios that:

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

Capitalize on GSAM’s industry-renowned credit research capabilities

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

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

Shifting expectations about global economic growth, central bank monetary policy and commodities prices influenced the performance of the global fixed income markets during the 12 months ended March 31, 2016 (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 Federal Reserve’s (the “Fed”) 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. The U.S. dollar appreciated modestly during the third calendar quarter on cautious optimism that the Fed was on track to raise rates in 2015. However, 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.

In the fourth quarter of 2015, spread sectors generated positive returns. Outside the U.S., the global monetary policy environment remained highly accommodative, with the European Central Bank (“ECB”) lowering interest rates into negative territory and expanding its stimulus program. The U.S. dollar gained on expectations the Fed would hike interest rates, which it did at its December 2015 policy meeting. During the fourth calendar quarter, the U.S. economy continued to display a positive growth trend, but economic growth in other developed countries had softened by the end of 2015. At the same time, growth in emerging markets countries broadly weakened, largely due to commodity price declines and concerns about the slowing Chinese economy.

The first quarter of 2016 was very much a tale of two halves. Spread sectors sold off significantly from January to mid-February 2016 and then largely retraced their losses by the end of March 2016. Volatility early in the first calendar quarter was driven by an increase in a number of perceived risks, such as slowing Chinese economic activity, the possibility of persistent oil oversupply, and deteriorating corporate bond fundamentals as the U.S. credit cycle entered its later stage. Some of these risks eased in the second half of the first calendar quarter, as economic news from China improved, U.S. oil production showed signs of slowing, and commodity prices appeared to stabilize. Global central banks remained accommodative. The Bank of Japan, in a surprise move at its January 2016 policy meeting, introduced a -0.1% interest rate, reaffirming its commitment to achieving a 2% inflation target. The ECB shifted its focus from currency depreciation to credit creation by leaving the deposit rate unchanged, expanding its asset purchase program to include purchases of non-financial corporate credit and announcing a new series of easing measures in the form of targeted

MARKET REVIEW

long-term refinancing operations (“TLTRO II”). (TLTRO II is designed to offer attractive long-term funding conditions to Eurozone banks to further ease private sector credit conditions and to stimulate credit creation.) In the U.S., Fed statements during March 2016 suggested U.S. interest rates would remain lower for longer than previously expected. After a sustained period of appreciation, the U.S. dollar weakened during the first calendar quarter due to generally tighter financial conditions, mixed U.S. economic data and the Fed’s more dovish commentary. (Dovish commentary tends to imply lower interest rates.)

For the Reporting Period overall, sovereign emerging markets debt and asset-backed securities slightly outperformed U.S. Treasuries. Mortgage-backed securities and commercial mortgage-backed securities generally performed in line with U.S. Treasuries, while investment grade corporate bonds and agencies underperformed. High yield corporate bonds significantly underperformed Treasuries. The U.S. Treasury yield curve, or spectrum of maturities, flattened during the Reporting Period. Both short-term and long-term yields rose during the Reporting Period, but long-term yields rose less. Intermediate-term U.S. Treasury yields actually declined modestly, with the yield on the bellwether 10-year U.S. Treasury declining approximately 15 basis points to end the Reporting Period at 1.77%. (A basis point is 1/100th of a percentage point.)

Looking Ahead

At the end of the Reporting Period, we expected a continuation of trends seen in the early months of 2016: 1) modest global economic growth; 2) extreme monetary policy measures helping to support gradual economic improvement in Europe and Japan; and 3) a backdrop of rising U.S. inflation, rising debt in China and unpredictable politics globally.

Overall, we believe global economic growth may be stuck in low gear. After a modestly stronger year for the U.S., Europe and Japan in 2015, we expect some softening in 2016. In terms of monetary policy, we believe the economic benefits of negative interest rates in Europe and Japan and a strong U.S. dollar are questionable, and investors appear increasingly focused on the potential negatives. Indeed, we see the ECB’s policy decision in March 2016 as shifting its emphasis away from negative rates and currency depreciation and toward stimulating domestic demand through the credit channel. In Japan, the corporate bond market is relatively small and government bond purchases are already at what we consider to be extreme levels, which we believe could limit the Bank of Japan’s options. As a result, we think further rate cuts are possible. In the U.S., the Fed has adjusted its approach, reducing the number of projected interest rate hikes in 2016 from four to two, while emphasizing risks from soft global economic growth and continued strength of the U.S. dollar. In terms of the emerging markets, we believe they remain broadly at risk from developments in China.

At the end of the Reporting Period, we considered the environment positive for selective exposure to corporate bonds, emerging markets debt and other higher yielding sectors of the fixed income market. At the same time, however, the volatility in the first quarter of 2016 added to our sense that markets are fragile and longer-term risks are growing. As a result, we remained biased to staying nimble overall with an emphasis on higher credit quality.

PORTFOLIO RESULTS

Goldman Sachs Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated average annual total returns, without sales charges, of 1.83%, 0.98%, 2.18%, 1.68%, 2.18% and 1.58%, respectively. These returns compare to the 1.96% average annual total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond 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 2.42%. This return compares to the 2.99% cumulative total return of the Barclays Index during the same period.

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

Our cross-sector strategy detracted from Fund performance 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.

Tactical management of the Fund’s duration and yield curve positioning strategy contributed positively to relative 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. Yield curve indicates the spectrum of maturities within a particular sector.

Our top-down currency strategy further boosted the Fund’s relative results. In our currency strategy, positions in several developed market currencies proved beneficial during the Reporting Period, particularly having underweighted positions in the Australian dollar and Canadian dollar. The currency strategy is primarily implemented via currency forwards. Bottom-up individual issue selection overall added value as well.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweighted exposure to corporate credit detracted from relative results. Credit spreads, or the yield differential between corporate bonds and duration-equivalent U.S. Treasuries, widened during the Reporting Period amidst concerns of protracted low commodity prices, economic slowdown in China and broad global market volatility. An allocation to tax-exempt Puerto Rican municipal debt also dampened results, as spreads widened due largely to increased concerns about the commonwealth’s ability to meet its debt obligations. Exposure to the government/swaps sector further detracted from the Fund’s relative performance during the Reporting Period. This was slightly offset by an allocation to mortgage-backed securities, which contributed positively to Fund results.

Individual issue selection of structured debt, investment grade industrials and high yield financials within the corporate credit sector added value. Tactical trades within our government/swaps strategy also contributed positively to relative results. The government/swaps selections strategy is

PORTFOLIO RESULTS

primarily implemented via interest rate swaps and/or futures. Selections of mortgage-backed securities contributed positively to performance within our securitized strategy. Within emerging markets debt, selections of U.S. dollar-denominated Brazilian and Venezuelan debt added to returns. There were no meaningful detractors from a security selection perspective during the Reporting Period.

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

Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period. We maintained a short U.S. duration position relative to the Barclays Index during the second quarter of 2015, which helped as government yields rose broadly on stronger economic data and expectations that the Federal Reserve (the “Fed”) would raise interest rates in 2015. In August 2015, we removed the short U.S. duration position and moved to a rather neutral position relative to the Barclays Index as volatility picked up early in the month. We then shifted to a modestly longer duration position than that of the Barclays Index in September 2015, ahead of the Fed’s meeting, due to tightening financial conditions and on our view, proved correct, that the Fed was not likely to raise rates. We maintained a bullish bias regarding the Fed’s monetary policy, but toward the end of September 2015, we returned to a more neutral duration position in the Fund compared to that of the Barclays Index as yields moved lower amid Fed rhetoric indicating its bias toward hiking rates in late 2015. We subsequently moved back to a longer duration position than that of the Barclays Index in both U.S. and European rates in the fourth quarter of 2015. The Fed finally raised rates in December 2015, signaling that the U.S. economy was strengthening. After the initial lift-off, as that first interest rate hike was commonly referred to, financial conditions tightened, driven largely by a strong U.S. dollar and weakness in credit markets. In January 2016, we moved to a neutral duration position relative to the Barclays Index in U.S. rates. We similarly moved to a neutral European rates duration position, as upside surprises in economic data contended with expectations for further easing from the European Central Bank (“ECB”) given persistently low inflation data. Later in the first quarter of 2016, we moved to a short U.S. duration position relative to the Barclays Index given what we viewed to be positive inflation, labor market and economic growth data.

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

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

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

As mentioned earlier, we adjusted the Fund’s U.S. and European duration positions during the Reporting Period as market conditions and perceptions around central bank policy shifted.

From a sector perspective, we reduced the Fund’s overweighted exposure to corporate credit on our expectations that acceleration in global economic growth would likely be muted. The Fund’s allocation to U.S. Treasury Obligations also decreased during the Reporting Period, while its allocation to Federal agency securities increased. We maintained the Fund’s underweighted exposure to agency mortgage-backed securities on our view that valuations within the sector remained unattractive relative to other fixed income sectors amid high prepayment speeds.

PORTFOLIO RESULTS

How was the Fund positioned relative to its benchmark index at the end of March 2016?

At the end of March 2016, the Fund had overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities, residential mortgage-backed securities and high yield corporate bonds. The Fund also had modest exposure to municipal bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the Barclays Index in U.S. government securities and, to a lesser extent, in quasi-government securities and investment grade corporate bonds. The Fund held rather neutral positions compared to the Barclays Index in commercial mortgage-backed securities, covered bonds and emerging markets debt. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash at the end of the Reporting Period. The Fund maintained a shorter overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Bond Fund

as of March 31, 2016

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PERFORMANCE REVIEW
April 1, 2015– March 31, 2016	Fund Total Return (based on NAV)¹			Barclays U.S. Aggregate Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		1.83	%		1.96	%		1.60	%		1.38	%
Class C		0.98			1.96			0.93			0.70
Institutional		2.18			1.96			2.00			1.77
Service		1.68			1.96			1.55			1.32
Class IR		2.18			1.96			1.90			1.68
Class R		1.58			1.96			1.42			1.19


July 31, 2015– March 31, 2016
Class R6		2.42	%		2.99	%		1.90	%		1.68	%

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

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

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

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-2.01	%		3.48	%		4.30	%	11/30/06
Class C		-0.03			3.51			3.94		11/30/06
Institutional		2.18			4.64			5.10		11/30/06
Service		1.68			4.13			4.89		6/20/07
Class IR		2.18			4.46			4.85		11/30/07
Class R		1.58			4.01			4.36		11/30/07
Class R6		N/A			N/A			2.42		7/31/15

⁴

The Standardized Total Returns are average annual total returns or cumulative total returns for periods of less than 1 year 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 average annual total return figures shown. Because Institutional, Service, Class IR, Class R 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		0.79	%		1.12	%
Class C		1.54			1.87
Institutional		0.45			0.78
Service		0.95			1.29
Class IR		0.54			0.87
Class R		1.04			1.38
Class R6		0.43			0.76

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

FUND COMPOSITION⁶

Percentage of Net Assets

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⁶

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

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

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“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.

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

GOLDMAN SACHS BOND FUND

Performance Summary

March 31, 2016

The following graph shows the value, as of March 31, 2016, of a $1,000,000 investment made on November 30, 2006 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Bond Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from November 30, 2006 through March 31, 2016.

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Average Annual Total Return through March 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced November 30, 2006)
Excluding sales charges	1.83%	4.28%	4.73%
Including sales charges	-2.01%	3.48%	4.30%

Class C (Commenced November 30, 2006)
Excluding contingent deferred sales charges	0.98%	3.51%	3.94%
Including contingent deferred sales charges	-0.03%	3.51%	3.94%

Institutional Class (Commenced November 30, 2006)	2.18%	4.64%	5.10%

Service Class (Commenced June 20, 2007)	1.68%	4.13%	4.89%

Class IR (Commenced November 30, 2007)	2.18%	4.46%	4.85%

Class R (Commenced November 30, 2007)	1.58%	4.01%	4.36%

Class R6 (Commenced July 31, 2015)	N/A	N/A	2.42%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated average annual total returns, without sales charges, of 1.35%, 0.69%, 1.69%, 1.19%, 1.60% and 1.09%, respectively. These returns compare to the 1.96% average annual total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 2.34%. This return compares to the 2.99% cumulative total return of the Barclays Index during the same period.

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

Our top-down cross-sector strategy overall detracted from 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.

Tactical management of the Fund’s duration and yield curve positioning strategy also detracted from relative 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. Yield curve indicates the spectrum of maturities within a particular sector.

Our top-down country and currency strategies were the primary positive contributors to Fund performance during the Reporting Period. In our country strategy, a long Europe versus short U.S. and U.K. rates position contributed most positively. The country strategy is primarily implemented via interest rate swaps and/or futures. In our currency strategy, an overweight position in the Swedish krona helped most, although some of the positive performance was offset by an underweight to the Japanese yen, which detracted. The currency strategy is primarily implemented via currency forwards. Our bottom-up individual issue selection overall also added value during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweighted exposure to corporate credit detracted from relative results. Credit spreads, or the yield differential between corporate bonds and duration-equivalent U.S. Treasuries, widened during the Reporting Period amidst concerns of protracted low commodity prices, economic slowdown in China and broad global market volatility. The Fund’s overweighted allocation to U.S. agency debt also detracted. On the positive side, the Fund’s exposure to the government/swaps sector boosted results. The government/ swaps selection strategy is primarily implemented via interest rate swaps and/or futures.

Individual issue selection amongst long-dated securities and structured products within the corporate credit sector and amongst mortgage-backed securities within the securitized sector contributed positively to relative results. To a lesser

PORTFOLIO RESULTS

extent, selections of emerging markets debt and government/ swaps added value as well. There were no meaningful detractors from a security selection perspective during the Reporting Period.

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

Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period due primarily to the Fund’s U.S. rates position. We maintained a short U.S. duration position relative to the Barclays Index at the beginning of the Reporting Period and through most of the third quarter of 2015 and then moved to a neutral U.S. rates position relative to the Barclays Index at the end of the third quarter of 2015 amid global market volatility driven by low commodity prices. We then shifted to a slightly long U.S. rates position relative to the Barclays Index in the fourth quarter of 2015. The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2015, signaling improvement in the U.S. economy. Financial conditions tightened in the new year, driven in large part by a strong U.S. dollar and by weakness in the credit markets. In January 2016, we moved the Fund back to a modestly short U.S. rates position relative to the Barclays Index based on improved labor market data and positive inflation.

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

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

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

As mentioned earlier, we shifted the Fund’s U.S. duration position as market conditions and perceptions around central bank policy shifted.

From a sector perspective, we maintained the Fund’s overweighted exposure relative to the Barclays Index to corporate credit based on our view that there is a supportive macroeconomic outlook in the developed markets despite the greater global volatility. However, we reduced the Fund’s overweight in early 2016 due to weakness in the credit markets. We maintained the Fund’s underweighted exposure to agency mortgage-backed securities during the Reporting Period based on our belief that the sector faces headwinds, including high prepayment speeds.

How was the Fund positioned relative to its benchmark index at the end of March 2016?

At the end of March 2016, the Fund had its most overweighted allocations relative to the Barclays Index on a market-value weighted basis in investment grade corporate bonds (with an emphasis on the financials and industrials industries) and asset-backed securities. The Fund also had a more modestly overweighted exposure at the end of the Reporting Period to quasi-government securities, commercial mortgage-backed securities and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had its most underweighted exposure relative to the Barclays Index in U.S. government securities and residential mortgage-backed securities. The Fund maintained rather neutral exposures relative to the Barclays Index to high yield corporate bonds and emerging markets debt. The Fund had a sizable position in cash and cash equivalents at the end of March 2016. The Fund maintained a rather neutral overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Fixed Income Fund

as of March 31, 2016

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PERFORMANCE REVIEW
April 1, 2015– March 31, 2016	Fund Total Return (based on NAV)¹			Barclays Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		1.35	%		1.96	%		1.86	%		1.79	%
Class C		0.69			1.96			1.20			1.12
Institutional		1.69			1.96			2.27			2.19
Service		1.19			1.96			1.79			1.70
Class IR		1.60			1.96			2.18			2.10
Class R		1.09			1.96			1.56			1.46


July 31, 2015– March 31, 2016
Class R6		2.34	%		2.99	%		2.29	%		2.21	%

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.40	%		2.92	%		3.59	%		4.73	%	5/1/97
Class C		-0.31			2.94			3.23			4.03		8/15/97
Institutional		1.69			4.05			4.34			5.42		1/5/94
Service		1.19			3.53			3.83			4.85		3/13/96
Class IR		1.60			3.98			N/A			3.80		11/30/07
Class R		1.09			3.45			N/A			3.30		11/30/07
Class R6		N/A			N/A			N/A			2.34		7/31/15

⁴

The Standardized Total Returns are average annual total returns or cumulative total returns for periods of less than 1 year 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 average annual total return figures shown. Because Institutional, Service, Class IR, Class R 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		0.78	%		0.81	%
Class C		1.53			1.56
Institutional		0.44			0.47
Service		0.94			0.97
Class IR		0.53			0.58
Class R		1.03			1.07
Class R6		0.42			0.45

⁵

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

LOGO

⁶

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. 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

⁸

⁹

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Performance Summary

March 31, 2016

The following graph shows the value, as of March 31, 2016, of a $1,000,000 investment made on April 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2006 through March 31, 2016.

LOGO


Average Annual Total Return through March 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	1.35%	3.70%	3.99%	4.94%
Including sales charges	-2.40%	2.92%	3.59%	4.73%

Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	0.69%	2.94%	3.23%	4.03%
Including contingent deferred sales charges	-0.31%	2.94%	3.23%	4.03%

Institutional Class (Commenced January 5, 1994)	1.69%	4.05%	4.34%	5.42%

Service Class (Commenced March 13, 1996)	1.19%	3.53%	3.83%	4.85%

Class IR (Commenced November 30, 2007)	1.60%	3.98%	N/A	3.80%

Class R (Commenced November 30, 2007)	1.09%	3.45%	N/A	3.30%

Class R6 (Commenced July 31, 2015)	N/A	N/A	N/A	2.34%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated average annual total returns, without sales charges, of 1.67%, 0.83%, 2.00%, 1.23% and 1.95%, respectively. These returns compare to the 2.44% average annual total return of the Fund’s benchmark, the Barclays Global Aggregate Bond Index (Gross, USD, hedged) (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 2.92%. This return compares to the 3.72% cumulative total return of the Barclays Index during the same period.

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

Detracting from the Fund’s performance was our cross-sector strategy. Our cross sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

The primary contributor to the Fund’s performance was our country strategy. Within our country strategy, our five-year/ five-year relative value trading, implemented via the use of interest rate swaps, proved most effective. (The strategy looks at various countries, both developed and emerging market, for relative value opportunities.) In particular, the Fund’s exposure to the European and Canadian interest rate curves proved effective. Such positioning more than offset the detracting impact of positioning in the U.K. and Japan during the Reporting Period. Additionally, several relative value trades benefited results, especially our long Japanese yen versus short U.S. dollar; our long Canadian dollar versus short U.S. dollar; and our outright long Australian dollar and long Canadian dollar trades. The country strategy is primarily implemented via interest rate swaps and/or futures.

Bottom-up individual issue selection within the government/ swaps sector also contributed positively to the Fund’s results during the Reporting Period. The government/swaps strategy is primarily implemented via interest rate swaps and/or futures. Individual issue selection strategies reflect any active views we take on a particular sector.

To a more modest degree, our duration strategy also added value. 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.

Which fixed income market sectors most significantly affected Fund performance?

Our cross-sector strategy was a significant detractor. Cross-sector positioning detracted primarily due to an overweighted allocation to corporate credit, as credit spreads widened during the Reporting Period. Such widening was driven by factors that included persistent weakness in commodity prices, concerns about slowing economic growth in China, uncertainty around the future path of central bank monetary policy, and fears of a possible U.S. recession.

On the positive side, individual issue selection within the government/swaps sector proved particularly effective during the Reporting Period. Positions in a number of Italian government bonds contributed positively to the Fund’s relative results. Also, a number of butterfly and curve steepener/ flattener positions across both the European and U.S. interest rate curves added value. (A butterfly position is a neutral option strategy that use four option contracts with the same expiration

but three different strike prices to create a range of prices the strategy can profit from. A strike price is the price at which a

PORTFOLIO RESULTS

specific derivative contract can be exercised. The trader sells two option contracts at the middle strike price and buys one option contract at a lower strike price and one option contract at a higher strike price. Both puts and calls can be used for a butterfly spread. A curve steepener strategy is one that uses derivatives to benefit from escalating yield differences that occur as a result of increases in the yield curve between two Treasury bonds of different maturities. This strategy can be effective in certain macroeconomic scenarios in which the price of the longer term Treasury is driven down. A curve flattener is the converse, using derivatives to benefit in a yield-rate environment in which long-term rates are decreasing at a rate faster than short-term rates. This causes the yield curve to flatten as the short-term and long-term rates start to converge.) The Fund’s New York tactical auction trade, which looks to take advantage of mis-pricing in the yield curve in the run-up to, or time preceding, issuance, also performed well.

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

The combined effect of the Fund’s duration and yield curve positioning contributed positively to results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted.

For example, we maintained a short U.S. duration position relative to the Barclays Index during the second quarter of 2015, which helped as government yields rose broadly on stronger economic data and expectations that the Federal Reserve (the “Fed”) would raise interest rates in 2015. In August 2015, we removed the short U.S. duration position and moved to a rather neutral position relative to the Barclays Index as volatility picked up early in the month. We then shifted to a modestly longer duration position than that of the Barclays Index in September 2015, ahead of the Fed’s meeting, due to tightening financial conditions and on our view, proved correct, that the Fed was not likely to raise rates. We maintained a bullish bias regarding the Fed’s monetary policy, but toward the end of September 2015, we returned to a more neutral duration position in the Fund compared to that of the Barclays Index as yields moved lower amid Fed rhetoric indicating its bias toward hiking rates in late 2015. We subsequently moved back to a longer duration position than that of the Barclays Index in both U.S. and European rates in the fourth quarter of 2015. The Fed finally raised rates in December 2015, signaling that the U.S. economy was strengthening. After the initial lift-off, as that first interest rate hike was commonly referred to, financial conditions tightened, driven largely by a strong U.S. dollar and weakness in credit markets. In January 2016, we moved to a neutral duration position relative to the Barclays Index in U.S. rates. We similarly moved to a neutral European rates duration positions, as upside surprises in economic data contended with expectations for further easing from the European Central Bank (“ECB”) given persistently low inflation data. Later in the first quarter of 2016, we moved to a short U.S. duration position relative to the Barclays Index given what we viewed to be positive inflation, labor market and economic growth data. As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

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

PORTFOLIO RESULTS

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

As mentioned earlier, we adjusted the Fund’s U.S. and European duration positions during the Reporting Period as market conditions and perceptions around central bank policy shifted.

From a sector perspective, on a market-value weighted basis, we increased the Fund’s exposure relative to the Barclays Index to U.S. Treasuries as well as to asset-backed securities and residential mortgage-backed securities. We decreased its relative weightings in quasi-government securities, commercial mortgage-backed securities and emerging market debt.

From a country perspective, on a market-value weighted basis, we increased the Fund’s exposure relative to the Barclays Index to Japan and the U.S. and decreased its relative weightings in Canada, the U.K. and the Eurozone overall.

How was the Fund positioned relative to its benchmark index at the end of March 2016?

At the end of March 2016, on a market-value weighted basis, the Fund had overweighted allocations relative to the Barclays Index in asset-backed securities, residential mortgage-backed securities, commercial mortgage-backed securities and investment grade corporate bonds. The Fund had underweighted exposure relative to the Barclays Index in quasi-government securities, covered bonds and emerging markets debt. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund was rather neutrally weighted compared to the Barclays Index in government securities and had no position in high yield corporate bonds at the end of the Reporting Period.

From a country perspective, on a market-value weighted basis, the Fund was overweight relative to the Barclays Index in the U.S. The Fund was underweight compared to the Barclays Index in the U.K. and Australia. The Fund was relatively neutrally weighted to the Eurozone overall, but within the region, was overweight Germany, underweight France and rather neutral to the remaining markets at the end of the Reporting Period. The Fund was also relatively neutrally weighted at the end of the Reporting Period to Canada, Denmark, Japan, Norway and Sweden. The Fund had a modestly shorter duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

Global Income Fund

as of March 31, 2016

LOGO


PERFORMANCE REVIEW
April 1, 2015– March 31, 2016	Fund Total Return (based on NAV)¹			Barclays Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		1.67	%		2.44	%		0.33	%		0.21	%
Class C		0.83			2.44			-0.31			-0.53
Institutional		2.00			2.44			0.68			0.56
Service		1.23			2.44			0.18			0.06
Class IR		1.95			2.44			0.59			0.46


July 31, 2015– March 31, 2016
Class R6		2.92	%		3.72	%		0.70	%		0.57	%

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

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.16	%		3.50	%		3.94	%		5.32	%	8/2/91
Class C		-0.18			3.51			3.56			3.98		8/15/97
Institutional		2.00			4.65			4.70			5.74		8/1/95
Service		1.23			4.06			4.14			4.67		3/12/97
Class IR		1.95			4.54			N/A			3.85		7/30/10
Class R6		N/A			N/A			N/A			2.92		7/31/15

⁴

The Standardized Total Returns are average annual total returns or cumulative total returns for periods of less than 1 year 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 average annual total return figures shown. Because Institutional, Service, 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		1.03	%		1.18	%
Class C		1.77			1.93
Institutional		0.70			0.84
Service		1.20			1.34
Class IR		0.77			0.90
Class R6		0.68			0.82

⁵

FUND BASICS


CURRENCY ALLOCATION⁶
	Percentage of Net Assets
	as of 3/31/16			as of 3/31/15
U.S. Dollar⁷		56.6	%		45.7	%
Euro		25.7			27.6
Japanese Yen		17.0			11.0
British Pound		3.8			5.8
Canadian Dollar		2.1			3.4
Mexican Peso		0.6			3.5
South Korean Won		0.5			0.8
Australian Dollar		0.3			0.5
South African Rand		0.2			0.4
Danish Krone		0.1			0.2
Polish Zloty		0.1			0.1
Czech Koruna		0.1			0.1

⁶

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

⁷

These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 3/31/16 and 3/31/15 would have been 61.7% and 50.0%, respectively.

GOLDMAN SACHS GLOBAL INCOME FUND

Performance Summary

March 31, 2016

The following graph shows the value, as of March 31, 2016, of a $1,000,000 investment made on April 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Barclays Global Aggregate Bond Index (Gross, USD, hedged) is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. Performance of Class A, Class C, Service, Class IR and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Global Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2006 through March 31, 2016.

LOGO


Average Annual Total Return through March 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 1991)
Excluding sales charges	1.67%	4.29%	4.34%	5.48%
Including sales charges	-2.16%	3.50%	3.94%	5.32%

Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	0.83%	3.51%	3.56%	3.98%
Including contingent deferred sales charges	-0.18%	3.51%	3.56%	3.98%

Institutional Class (Commenced August 1, 1995)	2.00%	4.65%	4.70%	5.74%

Service Class (Commenced March 12, 1997)	1.23%	4.06%	4.14%	4.67%

Class IR (Commenced July 30, 2010)	1.95%	4.54%	N/A	3.85%

Class R6 (Commenced July 31, 2015)	N/A	N/A	N/A	2.92%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated average annual total returns, without sales charges, of -2.49%, -3.21%, -2.16%, -2.24% and -2.73%, respectively. These returns compare to the 0.33% average annual total return of the Fund’s benchmark, the Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of -3.05%. This return compares to the 0.24% cumulative total return of the LIBOR Index during the same period.

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

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

Detracting most from the Fund’s performance during the Reporting Period was individual issue selection. These strategies reflect any active views we take on these particular sectors.

Within our top-down strategies, our country and currency strategies contributed positively to Fund performance. Within our country strategy, the Fund benefited through most of the first half of the Reporting Period from a long Japan/U.S. versus short U.K./Europe trade, implemented as we sought to capture the divergence of the respective economies. Following strong performance, we wound down the trade and pivoted into a long Europe versus short U.K. and U.S. rates position. Within our currency strategy, the Fund benefited most from overweighted exposure to the Swedish krona and from underweighted exposure to a basket of Asian currencies, such as the Chinese renminbi and the South Korean won. Such positive contributors were partially offset by an overweighted position in the Mexican peso, which detracted.

The Fund’s duration strategy contributed positively, albeit modestly, to its performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Which fixed income market sectors most significantly affected Fund performance?

Individual issue selection within the corporate bond and municipal debt sectors detracted. Through much of the Reporting Period, the broad corporate bond sector, both investment grade and high yield, experienced significant spread widening, meaning the differential in yields between these sectors and U.S. Treasuries increased. The Fund held modest exposure to corporate credit during the Reporting Period on our view that valuations were expensive. Toward the end of 2015, spreads widened further, and we took the opportunity to begin increasing exposure to the sector. However, as oil prices deteriorated at the end of 2015 and to start 2016, credit spreads meaningfully widened amidst heightened investor risk globally, which hurt overall performance. Early in 2016, we reduced the Fund’s corporate credit exposure. Within the municipal debt sector, exposure to Puerto Rico debt, primarily general obligation and special tax bonds, hurt most. There was significant downward price movement following comments in June 2015 by the commonwealth’s governor indicating that its current debt was unsustainable and there was a need for a debt restructure. At the end of the Reporting Period, the commonwealth was continuing to explore various options to restructure its outstanding debt.

PORTFOLIO RESULTS

Conversely, individual issue selection within the government/ swaps sector contributed positively to the Fund’s performance. In particular, the Fund benefited from its U.S. and Europe yield curve steepening positions within the sector.

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

The combined effect of the Fund’s tactical duration and yield curve positioning contributed positively, albeit modestly, to results during the Reporting Period. The Fund benefited from tactical long exposure during certain points in the Reporting Period. We are able to make tactical duration bets by going either long or short in duration within the Fund. During the Reporting Period, we had decided to take active views in duration by establishing long duration positions in European interest rates, which was beneficial to the Fund. However, such positive contribution was partially offset by short positions in U.S. interest rates, which detracted.

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

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

Both the country strategy and currency strategy employ derivatives to achieve their views. In the country strategy, the Fund’s Team primarily uses swaps/futures to express relative value trades in the interest rates of two separate countries. The country strategy overall contributed positively to the Fund’s performance during the Reporting Period. In the currency strategy, transactions were carried out primarily using OTC spot and forward foreign exchange contracts as well as by purchasing OTC options. The currency strategy overall contributed positively, albeit modestly, to the Fund’s performance during the Reporting Period.

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

The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging market fixed income sectors.

As mentioned earlier, we tactically adjusted the Fund’s duration and country positions during the Reporting Period as market conditions and perceptions around central bank policy shifted. Also during the Reporting Period, we modestly reduced our exposure to Puerto Rico municipal debt, as these securities had come under heavy pressure following comments from the commonwealth’s governor. We kept the Fund’s corporate bond exposure relatively modest throughout the Reporting Period, but added to this position towards the end of 2015 based on what we considered to be attractive valuations. As credit spreads further deteriorated in 2016, we switched to a more neutral stance on credit. During the Reporting Period, we also added to the Fund’s securitized exposure mainly through commercial mortgage-backed securities, as we sought to capture more spread in the Fund. Within our currency strategy, we increased the Fund’s exposure to the Swedish krona toward the end of the Reporting Period, as we believe the market was underpricing the strength in domestic growth in Sweden.

PORTFOLIO RESULTS

How was the Fund positioned at the end of March 2016?

At the end of March 2016, the Fund had the majority of its total net assets invested in U.S. government securities, followed by collateralized loan obligations, emerging markets debt, agency and non-agency mortgage-backed securities, investment grade corporate bonds, commercial mortgage-backed securities, asset-backed securities, quasi-government securities, high yield corporate bonds and municipal bonds. The Fund’s credit exposure at the end of the Reporting Period was modest, as we reduced the allocation to begin 2016 on the back of significant spread widening. The Fund held Federal Family Education Loan Program (“FFELP”) student loans, as we believe these securities represent an opportunity to garner high quality cash flows at attractive levels. The Fund also had a substantial position in cash and cash equivalents at the end of the Reporting Period.

The Fund’s largest duration positions at the end of the Reporting Period were its long duration position in Europe versus its short duration positions in the U.K., U.S. and Japan. From a currency perspective, the Fund maintained long currency positions in the U.S. dollar, Mexican peso and Swedish krona. The Fund was most short a basket of Asian currencies at the end of the Reporting Period.

FUND BASICS

Strategic Income Fund

as of March 31, 2016

LOGO


PERFORMANCE REVIEW
April 1, 2015– March 31, 2016	Fund Total Return (based on NAV)¹			LIBOR Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-2.49	%		0.33	%		1.98	%		1.95	%
Class C		-3.21			0.33			1.36			1.29
Institutional		-2.16			0.33			2.39			2.36
Class IR		-2.24			0.33			2.30			2.27
Class R		-2.73			0.33			1.81			1.77


July 31, 2015– March 31, 2016
Class R6		-3.05	%		0.24	%		2.41	%		2.38	%

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

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-6.12	%		1.36	%		1.59	%	6/30/10
Class C		-4.17			1.37			1.51		6/30/10
Institutional		-2.16			2.50			2.61		6/30/10
Class IR		-2.24			2.41			2.52		6/30/10
Class R		-2.73			1.89			2.01		6/30/10
Class R6		N/A			N/A			-3.05		7/31/15

⁴

The Standardized Total Returns are average annual total returns or cumulative total returns for periods of less than 1 year as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class��A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R 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 period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.91	%		0.91	%
Class C		1.66			1.66
Institutional		0.57			0.57
Class IR		0.66			0.66
Class R		1.16			1.16
Class R6		0.55			0.55

⁵

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

LOGO

⁶

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificate of deposits 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.

⁷

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Performance Summary

March 31, 2016

The following graph shows the value, as of March 31, 2016, of a $1,000,000 investment made on June 30, 2010 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Strategic Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from June 30, 2010 through March 31, 2016.

LOGO


Average Annual Total Return through March 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced June 30, 2010)
Excluding sales charges	-2.49%	2.13%	2.27%
Including sales charges	-6.12%	1.36%	1.59%

Class C (Commenced June 30, 2010)
Excluding contingent deferred sales charges	-3.21%	1.37%	1.51%
Including contingent deferred sales charges	-4.17%	1.37%	1.51%

Institutional Class (Commenced June 30, 2010)	-2.16%	2.50%	2.61%

Class IR (Commenced June 30, 2010)	-2.24%	2.41%	2.52%

Class R (Commenced June 30, 2010)	-2.73%	1.89%	2.01%

Class R6 (Commenced July 31, 2015)	N/A	N/A	-3.05%*

Total return for periods of less than one year represents cumulative total return.

GOLDMAN SACHS BOND FUND

Schedule of Investments

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 25.7%
	Automotive – 0.8%
	Ford Motor Credit Co. LLC
$	2,175,000		5.875	%		08/02/21	$	2,486,082
	General Motors Financial Co., Inc.
	1,050,000		3.500			07/10/19		1,070,649

								3,556,731

	Banks – 5.5%
	American Express Co.^(a)(b)
	1,200,000		6.800			09/01/66		1,197,000
	Banco Bilbao Vizcaya Argentaria SA
	1,175,000		3.000			10/20/20		1,184,620
	Banco Nacional de Costa Rica^(c)
	260,000		6.250			11/01/23		254,800
	Bank of America Corp.
	625,000		4.125			01/22/24		658,717
	575,000		4.000			04/01/24		601,698
	BNP Paribas SA^(a)(b)(c)
	450,000		7.625			03/30/49		452,475
	Citigroup, Inc.^(a)(b)
	375,000		5.875			03/27/49		360,000
	425,000		6.125			11/15/49		429,250
	Compass Bank
	275,000		1.850	^(a)		09/29/17		273,639
	475,000		5.500			04/01/20		505,288
	Credit Suisse AG^(c)
	250,000		6.500			08/08/23		268,750
	Credit Suisse Group AG^(a)(b)(c)
	400,000		7.500			12/18/49		393,000
	Credit Suisse Group Funding Guernsey Ltd.
	250,000		3.750			03/26/25		237,973
	Discover Financial Services^(a)
	900,000		3.750			03/04/25		871,136
	ING Bank NV^(a)(b)
	700,000		4.125			11/21/23		705,999
	ING Groep NV^(a)(b)
	475,000		6.000			04/16/49		446,500
	Intesa Sanpaolo SpA
	675,000		2.375			01/13/17		677,928
	950,000		3.875			01/16/18		972,076
	1,025,000		5.017	^(c)		06/26/24		961,232
	200,000		5.710	^(c)		01/15/26		194,809
	JPMorgan Chase & Co.^(a)(b)
	1,075,000		5.300			05/01/49		1,077,688
	Lloyds Bank PLC
	350,000		2.300			11/27/18		352,804
	1,875,000		2.350			09/05/19		1,892,544
	Lloyds Banking Group PLC^(a)(b)
	325,000		7.500			06/27/49		323,375
	Macquarie Bank Ltd.^(c)
	400,000		6.625			04/07/21		455,143
	Mitsubishi UFJ Financial Group, Inc.
	525,000		2.950			03/01/21		535,446
	900,000		3.850			03/01/26		935,835
	Nationwide Building Society^(c)
	900,000		3.900			07/21/25		949,885

	Corporate Obligations – (continued)
	Banks – (continued)
	PNC Preferred Funding Trust II^(a)(b)(c)
$	800,000		1.856	%		03/29/49	$	672,000
	Royal Bank of Scotland Group PLC^(a)(b)
	300,000		7.500			08/10/49		279,612
	275,000		8.000			08/10/49		262,625
	Santander Bank NA
	325,000		2.000	^(a)		01/12/18		322,248
	400,000		8.750			05/30/18		445,686
	Santander Holdings USA, Inc.^(a)
	275,000		4.500			07/17/25		280,445
	Santander UK Group Holdings PLC
	950,000		2.875			10/16/20		945,907
	775,000		4.750	^(c)		09/15/25		737,296
	Sumitomo Mitsui Financial Group, Inc.^(c)
	975,000		4.436			04/02/24		1,018,622
	Synchrony Financial^(a)
	1,675,000		3.000			08/15/19		1,689,880
	UBS Group Funding Jersey Ltd.^(c)
	1,275,000		4.125			09/24/25		1,276,818

								26,100,749

	Brokerage – 0.5%
	Morgan Stanley, Inc.
	325,000		3.875			04/29/24		338,994
	1,050,000		3.700			10/23/24		1,078,403
	50,000		4.000			07/23/25		52,237
	750,000		5.550	^(a)(b)		07/15/49		736,875

								2,206,509

	Building Materials^(a)(c) – 0.1%
	HD Supply, Inc.
	300,000		5.250			12/15/21		314,625

	Chemicals^(a) – 0.3%
	Eastman Chemical Co.
	675,000		3.800			03/15/25		684,319
	LyondellBasell Industries NV
	300,000		5.000			04/15/19		319,543
	Solvay Finance America LLC^(c)
��	575,000		3.400			12/03/20		584,552

								1,588,414

	Consumer Products – 0.3%
	Newell Rubbermaid, Inc.
	625,000		2.600			03/29/19		634,286
	Sally Holdings LLC/Sally Capital, Inc.^(a)
	450,000		5.625			12/01/25		479,812
	Spectrum Brands, Inc.^(a)
	100,000		6.625			11/15/22		108,000

								1,222,098

	Diversified Financial Services^(c) – 0.1%
	GE Capital International Funding Co.
	551,000		4.418			11/15/35		596,966

	Electric^(a) – 0.3%
	Consumers Energy Co.
	850,000		3.950			05/15/43		876,977


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Electric^(a) – (continued)
	Puget Sound Energy, Inc.^(b)
$	600,000		6.974	%		06/01/67	$	457,500

								1,334,477

	Energy – 1.5%
	Anadarko Petroleum Corp.
	330,000		3.450	^(a)		07/15/24		294,913
	275,000		6.450			09/15/36		274,058
	Antero Resources Corp.^(a)
	475,000		5.625			06/01/23		434,625
	Apache Corp.^(a)
	100,000		3.250			04/15/22		95,974
	650,000		4.250			01/15/44		554,627
	Brazil Minas SPE via State of Minas Gerais
	420,000		5.333			02/15/28		360,150
	ConocoPhillips Co.^(a)
	400,000		4.200			03/15/21		417,784
	580,000		3.350			11/15/24		552,147
	325,000		4.950			03/15/26		339,940
	400,000		4.150			11/15/34		349,823
	Devon Energy Corp.^(a)
	250,000		3.250			05/15/22		208,750
	200,000		5.600			07/15/41		155,138
	Halliburton Co.^(a)
	525,000		3.375			11/15/22		533,174
	525,000		3.800			11/15/25		523,558
	Laredo Petroleum, Inc.^(a)
	150,000		6.250			03/15/23		125,625
	Occidental Petroleum Corp.^(a)
	825,000		3.400			04/15/26		834,346
	Petroleos de Venezuela SA
	120,000		9.000			11/17/21		44,400
	590,000		6.000			05/16/24		183,195
	270,000		6.000			11/15/26		83,295
	20,000		5.375			04/12/27		6,323
	10,000		5.500			04/12/37		3,175
	Pioneer Natural Resources Co.^(a)
	525,000		3.450			01/15/21		522,007
	Valero Energy Corp.
	425,000		3.650			03/15/25		417,533

								7,314,560

	Food & Beverage – 1.6%
	Anheuser-Busch InBev Finance, Inc.^(a)
	2,425,000		2.650			02/01/21		2,490,851
	2,050,000		3.650			02/01/26		2,154,316
	300,000		4.900			02/01/46		336,294
	Kraft Heinz Foods Co.^(a)(c)
	525,000		2.800			07/02/20		536,700
	775,000		3.950			07/15/25		824,440
	SABMiller Holdings, Inc.^(c)
	675,000		4.950			01/15/42		753,109
	Suntory Holdings Ltd.^(c)
	550,000		2.550			09/29/19		558,006

								7,653,716

	Corporate Obligations – (continued)
	Food & Drug Retailers^(a) – 0.5%
	CVS Health Corp.
$	425,000		3.500	%		07/20/22	$	455,617
	1,525,000		3.375			08/12/24		1,597,973
	Walgreens Boots Alliance, Inc.
	200,000		2.700			11/18/19		203,904
	50,000		4.800			11/18/44		49,688

								2,307,182

	Gaming – 0.1%
	MGM Resorts International
	475,000		6.750			10/01/20		510,625

	Health Care – Services – 0.5%
	CHS/Community Health Systems, Inc.^(a)
	100,000		8.000			11/15/19		97,375
	McKesson Corp.^(a)
	650,000		2.700			12/15/22		645,763
	UnitedHealth Group, Inc.
	450,000		4.625			07/15/35		501,057
	925,000		4.750			07/15/45		1,063,265

								2,307,460

	Health Care Products – 0.3%
	Becton Dickinson & Co.
	475,000		2.675			12/15/19		485,267
	Stryker Corp.^(a)
	275,000		2.625			03/15/21		280,539
	475,000		3.500			03/15/26		493,493
	Thermo Fisher Scientific, Inc.^(a)
	350,000		3.650			12/15/25		357,476

								1,616,775

	Home Construction – 0.2%
	MDC Holdings, Inc.
	500,000		5.625			02/01/20		508,272
	200,000		5.500	^(a)		01/15/24		192,583
	300,000		6.000	^(a)		01/15/43		234,686

								935,541

	Life Insurance^(c) – 0.7%
	Meiji Yasuda Life Insurance Co.^(a)(b)
	550,000		5.200			10/20/45		593,010
	Reliance Standard Life Global Funding II
	675,000		2.500			01/15/20		677,197
	Teachers Insurance & Annuity Association of America
	870,000		4.900			09/15/44		932,248
	The Northwestern Mutual Life Insurance Co.
	800,000		6.063			03/30/40		983,325

								3,185,780

	Media – Cable – 0.7%
	CCO Safari II LLC^(a)(c)
	150,000		3.579			07/23/20		152,783
	925,000		4.908			07/23/25		977,923
	Numericable-SFR SA^(a)(c)
	1,000,000		6.000			05/15/22		975,000


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Cable – (continued)
	Time Warner Cable, Inc.
$	225,000		5.000	%		02/01/20	$	243,658
	Videotron Ltd.
	825,000		5.000			07/15/22		849,750

								3,199,114

	Media – Non Cable – 0.9%
	21st Century Fox America, Inc.
	1,125,000		4.000			10/01/23		1,209,135
	NBCUniversal Media LLC
	750,000		4.375			04/01/21		836,740
	1,525,000		4.450			01/15/43		1,634,461
	Nielsen Finance LLC/Nielsen Finance Co.^(a)
	525,000		4.500			10/01/20		538,125
	Time Warner, Inc.^(a)
	150,000		3.875			01/15/26		157,200

								4,375,661

	Metals & Mining – 0.2%
	Freeport-McMoRan, Inc.^(a)
	475,000		5.400			11/14/34		290,937
	Glencore Finance Canada Ltd.^(c)
	880,000		2.700			10/25/17		862,400

								1,153,337

	Noncaptive – Financial – 0.6%
	Capital One Financial Corp.^(a)
	700,000		4.200			10/29/25		711,852
	General Electric Co.
MXN	2,000,000		8.500			04/06/18		123,770
$	200,000		6.150			08/07/37		269,722
	172,000		5.875			01/14/38		224,849
	International Lease Finance Corp.^(c)
	200,000		6.750			09/01/16		203,000
	575,000		7.125			09/01/18		626,031
	Roper Technologies, Inc.^(a)
	475,000		3.000			12/15/20		483,697

								2,642,921

	Packaging^(a) – 0.1%
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu
	575,000		5.750			10/15/20		589,375

	Paper^(a)(c) – 0.1%
	Sappi Papier Holding GmbH
	550,000		7.750			07/15/17		574,063

	Pharmaceuticals – 1.6%
	AbbVie, Inc.^(a)
	750,000		2.500			05/14/20		761,346
	Actavis Funding SCS
	1,125,000		2.350			03/12/18		1,138,113
	275,000		3.450	^(a)		03/15/22		284,392
	595,000		3.800	^(a)		03/15/25		618,095
	550,000		4.850	^(a)		06/15/44		585,700
	Bayer US Finance LLC^(c)
	1,025,000		3.000			10/08/21		1,072,201

	Corporate Obligations – (continued)
	Pharmaceuticals – (continued)
	EMD Finance LLC^(a)(c)
$	1,500,000		2.950	%		03/19/22	$	1,531,071
	Forest Laboratories LLC^(a)(c)
	1,050,000		4.375			02/01/19		1,114,075
	425,000		5.000			12/15/21		474,480

								7,579,473

	Pipelines – 0.6%
	Enbridge, Inc.^(a)
	325,000		3.500			06/10/24		288,828
	Energy Transfer Partners LP^(a)
	70,000		3.600			02/01/23		60,392
	100,000		4.750			01/15/26		91,295
	Enterprise Products Operating LLC^(a)(b)
	1,075,000		8.375			08/01/66		849,250
	125,000		7.034			01/15/68		124,063
	Kinder Morgan, Inc.
	500		7.750			01/15/32		523
	Sunoco Logistics Partners Operations LP^(a)
	200,000		4.250			04/01/24		181,768
	Western Gas Partners LP^(a)
	525,000		3.950			06/01/25		448,875
	Williams Partners LP^(a)
	475,000		3.600			03/15/22		387,125
	600,000		3.900			01/15/25		480,000

								2,912,119

	Property/Casualty Insurance – 0.4%
	Allied World Assurance Co. Holdings Ltd.^(a)
	100,000		4.350			10/29/25		100,504
	American International Group, Inc.^(a)
	450,000		3.750			07/10/25		450,542
	The Chubb Corp.^(a)(b)
	500,000		6.375			03/29/67		432,500
	Trinity Acquisition PLC
	475,000		4.400			03/15/26		484,274
	ZFS Finance USA Trust II^(a)(b)(c)
	625,000		6.450			12/15/65		623,750

								2,091,570

	Real Estate Investment Trust – 1.5%
	American Campus Communities Operating Partnership LP^(a)
	800,000		3.750			04/15/23		807,958
	ARC Properties Operating Partnership LP^(a)
	575,000		3.000			02/06/19		563,849
	CBRE Services, Inc.^(a)
	500,000		5.250			03/15/25		513,750
	DDR Corp.
	755,000		7.500			04/01/17		797,163
	Education Realty Operating Partnership LP^(a)
	750,000		4.600			12/01/24		745,511
	HCP, Inc.
	525,000		6.000			01/30/17		542,325
	800,000		4.250	^(a)		11/15/23		798,215
	National Retail Properties, Inc.^(a)
	400,000		4.000			11/15/25		407,393


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trust – (continued)
	Select Income REIT^(a)
$	125,000		2.850	%		02/01/18	$	125,236
	225,000		3.600			02/01/20		226,120
	325,000		4.150			02/01/22		319,909
	Senior Housing Properties Trust^(a)
	300,000		3.250			05/01/19		298,552
	Trust F/1401^(a)(c)
	300,000		5.250			12/15/24		305,250
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)(c)
	900,000		3.750			09/17/24		916,026

								7,367,257

	Retailers^(a) – 0.4%
	Amazon.com, Inc.
	1,650,000		3.300			12/05/21		1,751,917
	Dollar Tree, Inc.^(c)
	50,000		5.250			03/01/20		52,312
	150,000		5.750			03/01/23		158,625

								1,962,854

	Schools – 0.1%
	Rensselaer Polytechnic Institute
	350,000		5.600			09/01/20		397,828

	Technology – 1.3%
	Cisco Systems, Inc.
	650,000		2.200			02/28/21		662,559
	Fidelity National Information Services, Inc.^(a)
	1,000,000		3.625			10/15/20		1,034,045
	Fiserv, Inc.^(a)
	675,000		2.700			06/01/20		683,959
	Hewlett Packard Enterprise Co.^(a)(c)
	600,000		4.900			10/15/25		615,598
	Intel Corp.^(a)
	1,125,000		3.700			07/29/25		1,230,779
	Microsoft Corp.^(a)
	800,000		3.125			11/03/25		841,830
	Oracle Corp.^(a)
	775,000		2.500			05/15/22		789,785
	Tech Data Corp.
	400,000		3.750			09/21/17		407,540

								6,266,095

	Tobacco – 1.4%
	BAT International Finance PLC^(c)
	1,450,000		3.950			06/15/25		1,587,244
	Philip Morris International, Inc.^(a)
	500,000		2.750			02/25/26		507,909
	Reynolds American, Inc.
	700,000		4.850			09/15/23		787,723
	3,550,000		4.450	^(a)		06/12/25		3,906,213

								6,789,089

	Transportation^(c) – 0.4%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	500,000		2.875			07/17/18		503,627
	750,000		3.050	^(a)		01/09/20		745,749

	Corporate Obligations – (continued)
	Transportation^(c) – (continued)
$	525,000		3.375	%^(a)		02/01/22	$	521,247

								1,770,623

	Wireless Telecommunications – 0.5%
	American Tower Corp.
	300,000		3.400			02/15/19		308,057
	275,000		3.300	^(a)		02/15/21		279,789
	Crown Castle International Corp.
	575,000		5.250			01/15/23		619,562
	Digicel Ltd.^(a)(c)
	800,000		6.750			03/01/23		702,000
	Sprint Communications, Inc.^(c)
	250,000		7.000			03/01/20		250,938

								2,160,346

	Wirelines Telecommunications – 1.6%
	AT&T, Inc.^(a)
	400,000		4.450			04/01/24		432,838
	175,000		3.950			01/15/25		182,159
	Telefonica Emisiones SAU
	600,000		5.134			04/27/20		664,327
	150,000		5.462			02/16/21		169,482
	Verizon Communications, Inc.
	275,000		2.625			02/21/20		282,365
	1,500,000		4.500			09/15/20		1,655,917
	2,100,000		5.150			09/15/23		2,423,248
	1,775,000		4.150	^(a)		03/15/24		1,934,432

								7,744,768

	TOTAL CORPORATE OBLIGATIONS
	(Cost $121,641,088)						$	122,328,701


	Mortgage-Backed Obligations – 39.4%
	Adjustable Rate Non-Agency^(b) – 0.5%
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	530,296		0.066	%		09/20/66	$	586,518
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(c)
	1,151,415		2.750			04/20/20		1,283,991
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1
$	543,265		0.573			07/25/47		431,652
	Lehman XS Trust Series 2007-4N, Class 1A1
	41,453		0.566			03/25/47		40,747
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B
	297,458		1.522			12/25/46		224,174

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	2,567,082

	Collateralized Mortgage Obligations – 4.3%
	Interest Only^(d) – 0.2%
	FHLMC STRIPS Series 304, Class C45
$	554,729		3.000	%		12/15/27	$	51,102


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Interest Only^(d) – (continued)
	GNMA REMIC Series 2015-117, Class KI
$	3,075,357		5.000	%		08/20/45	$	542,076
	GNMA REMIC Series 2015-14, Class IO
	1,429,043		5.000			10/20/44		255,267

								848,445

	Inverse Floaters^(b) – 0.9%
	FHLMC REMIC Series 4314, Class SE
	719,062		5.614			03/15/44		120,233
	FHLMC REMIC Series 4320, Class SD
	484,158		5.664			07/15/39		78,827
	FHLMC REMIC Series 4431, Class ST
	911,038		5.664			01/15/45		209,883
	FNMA REMIC Series 2010-126, Class LS
	1,258,740		4.562			11/25/40		243,710
	FNMA REMIC Series 2013-121, Class SA
	1,024,156		5.667			12/25/43		174,693
	FNMA REMIC Series 2013-96, Class SW
	478,248		5.667			09/25/43		82,590
	FNMA REMIC Series 2014-87, Class MS
	1,565,126		5.817			01/25/45		270,473
	FNMA REMIC Series 2015-79, Class SA
	889,268		5.817			11/25/45		144,133
	FNMA REMIC Series 2015-81, Class SA
	3,298,175		5.267			11/25/45		487,434
	FNMA REMIC Series 2015-82, Class MS
	1,019,425		5.267			11/25/45		160,118
	FNMA REMIC Series 2015-86, Class BS
	456,245		5.267			11/25/45		70,918
	GNMA REMIC Series 2010-101, Class S
	924,961		5.568			08/20/40		148,294
	GNMA REMIC Series 2010-20, Class SE
	954,300		5.818			02/20/40		158,171
	GNMA REMIC Series 2010-31, Class SA
	721,035		5.318			03/20/40		107,572
	GNMA REMIC Series 2012-149, Class MS
	203,703		5.818			12/20/42		32,748
	GNMA REMIC Series 2013-113, Class SD
	667,091		6.259			08/16/43		134,268
	GNMA REMIC Series 2013-134, Class DS
	258,055		5.668			09/20/43		42,048
	GNMA REMIC Series 2013-152, Class SG
	832,376		5.718			06/20/43		134,067
	GNMA REMIC Series 2013-167, Class SG
	393,153		5.718			11/20/43		60,063
	GNMA REMIC Series 2013-181, Class SA
	1,071,059		5.668			11/20/43		175,223
	GNMA REMIC Series 2014-133, Class BS
	661,760		5.168			09/20/44		97,768
	GNMA REMIC Series 2014-41, Class SA
	282,627		5.668			03/20/44		47,096
	GNMA REMIC Series 2015-110, Class MS
	3,746,642		5.278			08/20/45		570,892
	GNMA REMIC Series 2015-126, Class HS
	458,655		5.768			09/20/45		78,935

	Mortgage-Backed Obligations – (continued)
	Inverse Floaters^(b) – (continued)
	GNMA REMIC Series 2015-167, Class AS
$	883,184		5.818	%		11/20/45	$	127,276
	GNMA REMIC Series 2015-168, Class SD
	453,104		5.768			11/20/45		74,201
	GNMA REMIC Series 2016-4, Class SM
	1,481,826		5.218			01/20/46		224,480
	GNMA REMIC Series 2016-6, Class SB
	1,175,856		5.218			01/20/46		180,592

								4,436,706

	Planned Amortization Class – 0.0%
	FNMA REMIC Series 2005-70, Class PA
	110,588		5.500			08/25/35		124,328

	Sequential Fixed Rate – 1.6%
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	1,500,000		4.317			11/25/19		1,644,402
	FHLMC Multifamily Structured Pass-Through Certificates Series K026, Class A2
	2,000,000		2.510			11/25/22		2,069,220
	FHLMC Multifamily Structured Pass-Through Certificates Series K044, Class A2
	1,700,000		2.811			01/25/25		1,770,209
	FNMA REMIC Series 2011-52, Class GB
	909,219		5.000			06/25/41		1,008,299
	FNMA REMIC Series 2012-111, Class B
	85,232		7.000			10/25/42		98,562
	FNMA REMIC Series 2012-153, Class B
	218,962		7.000			07/25/42		258,336
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19		634,429

								7,483,457

	Sequential Floating Rate^(b) – 1.6%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	225,000		5.800			04/10/49		231,260
	Commercial Mortgage Trust Series 2007-C9, Class A1A
	2,349,246		6.006			12/10/49		2,440,199
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
	1,719,120		0.686			11/25/36		1,003,059
	FHLMC Multifamily Structured Pass-Through Certificates Series K033, Class A2
	1,200,000		3.060			07/25/23		1,279,818
	FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2
	600,000		3.034			10/25/20		635,796
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3
	260,000		3.736			10/25/27		245,232
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ1, Class M3
	300,000		4.236			03/25/25		289,560
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	71,781		1.636			07/25/24		71,524


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate^(b) – (continued)
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1
$	10,529		1.936	%		02/25/25	$	10,531
	FNMA REMIC Series 2011-63, Class FG
	230,884		0.883			07/25/41		230,984
	FREMF Mortgage Trust Series 2014-K40, Class C^(c)
	600,000		4.072			11/25/47		523,963
	FREMF Mortgage Trust Series 2014-K41, Class B^(c)
	400,000		3.831			11/25/47		355,896
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		50,699
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		48,109

								7,416,630

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,309,566

	Federal Agencies – 34.6%
	Adjustable Rate FHLMC^(b) – 0.0%
$	78,930		2.530	%		09/01/35	$	83,026

	FHLMC – 0.7%
	8,982		5.000			05/01/18		9,345
	266,542		6.000			08/01/27		301,652
	25,059		5.000			08/01/33		27,656
	5,111		5.000			09/01/33		5,641
	7,371		5.000			10/01/33		8,134
	3,287		6.000			12/01/33		3,820
	6,335		5.000			11/01/34		6,989
	364,725		5.000			12/01/34		402,348
	10,250		5.000			07/01/35		11,307
	3,625		5.000			11/01/35		4,001
	54,981		6.500			08/01/37		64,958
	162,550		6.500			10/01/37		192,888
	22,126		6.500			09/01/38		25,891
	276,100		6.000			01/01/39		313,943
	274,634		7.000			02/01/39		324,253
	85,989		5.000			03/01/39		94,486
	22,479		5.000			05/01/39		24,700
	44,491		5.000			04/01/40		49,130
	8,362		5.000			08/01/40		9,224
	1,086,734		5.500			08/01/40		1,210,968
	6,764		5.000			04/01/41		7,485
	7,667		5.000			06/01/41		8,451

								3,107,270

	FNMA – 22.0%
	718,314		2.800			03/01/18		730,379
	1,600,000		4.506			06/01/19		1,679,339
	43,375		6.000			06/01/21		46,879
	44,185		5.000			08/01/23		48,176
	23,873		5.500			09/01/23		26,071
	14,448		5.500			10/01/23		15,853
	101,885		5.000			02/01/24		109,499
	380,407		5.500			05/01/25		396,539
	68,905		6.000			12/01/32		79,448

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	1,375		5.500	%		03/01/33	$	1,549
	120,872		5.500			04/01/33		137,513
	245		6.000			05/01/33		286
	3,549		5.000			08/01/33		3,931
	906		5.500			09/01/33		1,023
	29,586		5.500			12/01/33		33,447
	216		6.000			12/01/33		250
	1,137		5.500			02/01/34		1,285
	13,985		6.000			02/01/34		16,123
	2,581		5.500			03/01/34		2,920
	212		5.500			04/01/34		241
	6,063		5.500			09/01/34		6,843
	2,184		5.500			10/01/34		2,468
	8,061		5.500			12/01/34		9,124
	43,382		5.000			04/01/35		48,412
	163		6.000			04/01/35		188
	5,897		5.500			05/01/35		6,646
	2,433		5.500			07/01/35		2,750
	549,626		6.000			07/01/35		627,058
	1,391		5.500			09/01/35		1,583
	133,805		6.000			09/01/35		152,655
	5,256		6.000			03/01/36		6,057
	8,190		6.000			04/01/36		9,416
	101		5.500			02/01/37		114
	202		5.500			04/01/37		228
	63		5.500			05/01/37		71
	6,226		5.000			02/01/38		6,884
	14,948		5.500			02/01/38		16,798
	251		5.500			03/01/38		284
	224		5.500			06/01/38		253
	223		5.500			07/01/38		252
	235		5.500			08/01/38		265
	229		5.500			09/01/38		258
	206,046		6.000			11/01/38		236,578
	63		5.500			12/01/38		71
	74,714		6.000			12/01/38		85,725
	36,101		4.500			02/01/39		39,278
	182,590		7.000			03/01/39		216,578
	18,099		4.500			04/01/39		19,985
	4,234		5.500			06/01/39		4,786
	58,353		5.000			07/01/39		64,539
	21,986		4.500			08/01/39		24,301
	768,060		5.000			10/01/39		849,474
	3,805		5.500			11/01/39		4,296
	244,387		4.500			12/01/39		270,124
	274,579		4.500			06/01/40		299,453
	115,271		4.500			08/01/41		125,952
	741,461		3.500			12/01/41		778,822
	164,968		5.000			12/01/41		182,793
	1,416,790		3.500			02/01/42		1,487,944
	1,801,312		3.500			03/01/42		1,891,777
	581,272		3.500			07/01/42		610,465
	590,701		3.500			09/01/42		620,366
	100,226		3.000			12/01/42		103,550
	244,528		3.000			01/01/43		252,638
	73,981		3.000			02/01/43		76,434


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	252,666		3.000	%		03/01/43		$	261,044
	554,896		3.000			04/01/43			573,298
	288,737		3.000			05/01/43			298,313
	78,822		3.000			06/01/43			81,436
	702,534		3.000			07/01/43			725,832
	1,348,322		3.500			07/01/43			1,414,564
	584,881		3.500			08/01/43			613,616
	804,722		3.500			11/01/43			845,137
	579,965		5.000			11/01/43			641,026
	86,851		5.000			06/01/44			96,086
	56,324		3.500			02/01/45			59,099
	37,230		3.500			03/01/45			39,064
	848,846		3.000			04/01/45			873,151
	8,288,777		3.500			11/01/45			8,701,921
	26,867,353		3.500			01/01/46			28,208,623
	10,057,141		3.500			02/01/46			10,559,213
	31,000,000		3.000			TBA-30yr	^(e)		31,801,641
	6,000,000		4.000			TBA-30yr	^(e)		6,412,031

									104,680,382

	GNMA – 11.9%
	183,210		3.950			07/15/25			203,858
	82,002		5.500			11/15/32			93,674
	45,867		5.500			01/15/33			52,601
	74,322		5.500			02/15/33			85,234
	90,292		5.500			03/15/33			103,548
	73,668		5.500			07/15/33			83,543
	41,874		5.500			08/15/33			48,022
	32,239		5.500			09/15/33			36,972
	42,644		5.500			04/15/34			48,809
	44,462		5.500			05/15/34			50,890
	385,564		5.500			09/15/34			441,309
	326,503		5.500			12/15/34			373,709
	316,493		5.500			01/15/35			359,558
	2,116		5.500			05/15/36			2,404
	37,478		5.000			11/15/40			41,873
	77,273		4.000			08/20/43			82,761
	1,958,032		4.000			10/20/43			2,094,635
	2,336,516		4.000			10/20/45			2,501,533
	1,000,000		3.000			TBA-30yr	^(e)		1,033,984
	46,000,000		4.000			TBA-30yr	^(e)		49,187,657

									56,926,574

	TOTAL FEDERAL AGENCIES							$	164,797,252

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $185,806,323)							$	187,673,900


	Agency Debentures – 1.2%
	FHLB
$	2,400,000		4.625	%		09/11/20		$	2,730,734
	400,000		5.375			08/15/24			500,008
	FNMA
	800,000		6.250			05/15/29			1,142,304

	Agency Debentures – (continued)
	Tennessee Valley Authority
$	1,200,000		3.875	%		02/15/21		$	1,335,604

	TOTAL AGENCY DEBENTURES
	(Cost $5,179,194)							$	5,708,650


	Asset-Backed Securities – 9.6%
	Collateralized Loan Obligations – 6.9%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(b)(c)
$	4,000,000		1.543	%		04/18/24		$	3,804,800
	ACIS CLO Ltd. Series 2013-2A, Class A^(b)(c)
	287,744		0.821			10/14/22			283,430
	ACIS CLO Ltd. Series 2013-2A, Class ACOM^(b)(c)
	2,084,210		1.019			10/14/22			2,034,606
	Crown Point CLO lll Ltd. Series 2015-3A, Class ACOM^(b)(c)
	3,900,000		0.000			12/31/27			3,797,040
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(b)(c)
	917,897		0.000			11/21/22			906,790
	Duane Street CLO IV Ltd. Series 2007-4A, Class A1R^(b)(c)
	2,683,103		0.622			11/14/21			2,626,618
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A^(b)(c)
	159,512		0.856			07/31/21			158,374
	Greywolf CLO V Ltd. Series 2015-1A, Class A1^(b)(c)
	1,450,000		1.920			04/25/27			1,444,557
	Halcyon Loan Advisors Funding Ltd. Series 2015-1A, Class A^(b)(c)
	1,700,000		1.767			04/20/27			1,661,583
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A^(b)(c)
	2,300,000		1.720			07/25/27			2,232,272
	NewMark Capital Funding CLO Ltd. Series 2013-1A, Class A2^(b)(c)
	2,500,000		1.536			06/02/25			2,437,220
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(b)(c)
	2,069,639		0.000			11/22/23			2,039,422
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(c)
	1,650,000		1.618			04/17/25			1,596,540
	Red River CLO Ltd. Series 1A, Class A^(b)(c)
	328,679		0.599			07/27/18			327,587
	Regatta IV Funding Ltd. Series 2014-1A, Class A1^(b)(c)
	1,538,552		1.730			07/25/26			1,519,439
	Regatta IV Funding Ltd. Series 2014-1A, Class B^(b)(c)
	311,448		2.330			07/25/26			300,202
	Sound Point CLO Vlll Ltd. Series 2015-1A, Class B^(b)(c)
	700,000		2.371			04/15/27			658,243
	SPS Servicer Advance Receivables Trust Series 2015-T2, Class AT2^(c)
	1,800,000		2.620			01/15/47			1,800,394
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(b)
	3,508,991		0.554			08/01/22			3,464,736

									33,093,853


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Home Equity – 0.5%
	Bayview Opportunity Master Fund IIIb RPL Trust Series 2015-3, Class A1^(c)(f)
$	134,736		3.623	%		04/28/30	$	134,727
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2^(b)
	7,141		1.233			10/27/32		6,481
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1^(b)
	3,823		1.096			10/25/32		3,671
	Bear Stearns Asset Backed Securities Trust Series 2005-SD4, Class 2A1^(b)
	44,908		1.236			12/25/42		44,907
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1^(b)
	1,425		1.056			01/25/32		1,179
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1^(b)
	78,618		7.000			09/25/37		78,000
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1^(b)
	41,511		7.000			09/25/37		41,518
	GSAMP Trust Series 2006-HE8, Class A2C^(b)
	1,330,380		0.606			01/25/37		1,041,091
	Home Equity Asset Trust Series 2002-1, Class A4^(b)
	257		1.036			11/25/32		209
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3^(b)
	1,400,000		0.666			04/25/37		846,097
	Renaissance Home Equity Loan Trust Series 2003-2, Class A^(b)
	1,069		1.316			08/25/33		956
	Renaissance Home Equity Loan Trust Series 2003-3, Class A^(b)
	3,933		0.936			12/25/33		3,724

								2,202,560

	Student Loan^(b) – 2.2%
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(c)
	1,916,438		1.233			10/25/56		1,833,609
	Scholar Funding Trust Series 2010-A, Class A^(c)
	723,282		1.371			10/28/41		672,983
	SLM Student Loan Trust Series 2005-4, Class A3
	493,873		0.739			01/25/27		463,466
	SLM Student Loan Trust Series 2005-5, Class A4
	1,650,000		0.759			10/25/28		1,552,069
	SLM Student Loan Trust Series 2006-10, Class A5A
	1,507,484		0.719			04/25/27		1,471,217
	SLM Student Loan Trust Series 2006-2, Class A5
	3,530,487		0.729			07/25/25		3,482,008
	SLM Student Loan Trust Series 2008-2, Class A3
	381,076		1.369			04/25/23		365,218
	SLM Student Loan Trust Series 2008-4, Class A4
	850,000		2.269			07/25/22		851,008

								10,691,578

	TOTAL ASSET-BACKED SECURITIES
	(Cost $45,915,120)						$	45,987,991


	Foreign Debt Obligations – 4.9%
	Sovereign – 4.7%
	Dominican Republic
DOP	100,000		10.375	%		03/04/22	$	2,191
	300,000		14.500			02/10/23		7,466
$	280,000		6.600	^(c)		01/28/24		296,800
	210,000		6.600			01/28/24		222,600
	360,000		6.875	^(c)		01/29/26		381,600
	191,000		8.625			04/20/27		217,740
DOP	100,000		11.375			07/06/29		2,233
$	450,000		6.850			01/27/45		441,000
	Italy Buoni Poliennali Del Tesoro
EUR	2,726,725		2.350			09/15/19		3,412,108
	Japan Treasury Discount Bill^(g)
JPY	930,000,000		0.000			04/18/16		8,263,361
	Republic of Colombia
$	500,000		8.125			05/21/24		626,250
	260,000		4.500			01/28/26		265,850
	Republic of Croatia
EUR	150,000		3.875			05/30/22		174,739
	Republic of Indonesia
$	320,000		4.125	^(c)		01/15/25		321,600
	1,060,000		4.750	^(c)		01/08/26		1,110,350
	220,000		7.750			01/17/38		282,700
	Republic of South Africa
	200,000		5.875			09/16/25		217,000
	Republic of Turkey
	500,000		5.750			03/22/24		540,625
	Republic of Venezuela
	270,000		7.750			10/13/19		101,250
	60,000		6.000			12/09/20		20,100
	50,000		12.750			08/23/22		21,500
	20,000		9.000			05/07/23		7,000
	300,000		8.250			10/13/24		102,000
	60,000		11.750			10/21/26		23,550
	40,000		9.250			09/15/27		16,000
	400,000		9.250			05/07/28		141,000
	130,000		11.950			08/05/31		51,350
	90,000		9.375			01/13/34		31,725
	Spain Government Inflation Linked Bond^(c)
EUR	2,279,069		0.550			11/30/19		2,689,306
	United Mexican States
MXN	2,128,400		6.500			06/10/21		129,390
$	530,000		3.625			03/15/22		547,225
MXN	186,400		8.000			12/07/23		12,276
	4,356,000		7.500			06/03/27		279,622
	1,065,300		8.500			05/31/29		73,741
	3,616,300		7.750			11/23/34		235,475
$	20,000		6.050			01/11/40		23,450
	700,000		4.750			03/08/44		700,000
	90,000		5.550			01/21/45		99,675
	480,000		4.600			01/23/46		470,400

								22,562,248


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – (continued)
	Supranational – 0.2%
	Inter-American Development Bank
$	700,000		1.000	%		02/27/18	$	696,235

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $22,831,627)						$	23,258,483


	Structured Note – 0.2%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	4,674,294		6.000	%		08/15/40	$	1,222,447
	(Cost $2,548,010)


	Municipal Debt Obligations – 1.3%
	California – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	321,519
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		756,231
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,174,869

								2,252,619

	Illinois – 0.1%
	Illinois State GO Bonds Build America Series 2010
	500,000		7.350			07/01/35		546,280
	Illinois State GO Bonds Taxable-Pension Series 2003
	115,000		5.100			06/01/33		107,542

								653,822

	Ohio – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		302,873

	Puerto Rico – 0.6%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	85,000		6.000			07/01/38		57,163
	45,000		6.000			07/01/44		30,150
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	120,000		5.500			07/01/28		79,800
	20,000		5.750			07/01/37		13,300
	35,000		6.000			07/01/47		23,363
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	50,000		5.000			07/01/33		32,375
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750			07/01/41		5,975
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	15,000		5.500			07/01/32		8,925

	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
$	10,000		5.750	%		07/01/38	$	5,975
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	1,060,000		5.750			07/01/28		638,650
	170,000		5.000			07/01/41		100,725
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	15,000		5.250			07/01/37		8,906
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	595,000		8.000			07/01/35		409,062
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250			07/01/27		6,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C^(g)
	15,000		0.000			08/01/37		1,415
	15,000		0.000			08/01/38		1,326
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	105,000		5.250			08/01/27		43,050
	325,000		0.000	^(g)		08/01/32		125,947
	95,000		5.750			08/01/37		39,663
	15,000		6.375			08/01/39		6,394
	270,000		6.000			08/01/42		114,075
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	50,000		0.000	^(g)		08/01/33		13,270
	80,000		5.500			08/01/37		33,000
	75,000		5.375			08/01/39		30,750
	595,000		5.500			08/01/42		245,437
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	150,000		5.375			08/01/36		61,500
	15,000		5.375			08/01/38		6,150
	290,000		6.000			08/01/39		122,525
	935,000		5.250			08/01/41		381,012
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	370,000		5.000			08/01/43		148,925
	50,000		5.250			08/01/43		20,375
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	130,000		5.500			08/01/28		53,950

								2,869,133

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $6,733,851)						$	6,078,447


	Government Guarantee Obligations^(h) – 1.1%
	Hashemite Kingdom of Jordan Government AID Bond
$	1,600,000		2.503	%		10/30/20	$	1,669,021


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Government Guarantee Obligations^(h) – (continued)
	Israel Government AID Bond
$	2,000,000		5.500	%		09/18/23	$	2,492,473
	300,000		5.500			12/04/23		375,366
	650,000		5.500			04/26/24		814,888
	40,000		5.500			09/18/33		54,495

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $5,209,428)						$	5,406,243


	U.S. Treasury Obligations – 16.7%
	United States Treasury Bonds
$	9,000,000		3.750	%⁽ⁱ⁾		11/15/43	$	11,185,020
	4,800,000		3.625	⁽ⁱ⁾		02/15/44		5,825,904
	2,080,000		3.000			11/15/44		2,245,193
	100,000		2.875			08/15/45		105,233
	4,800,000		3.000	⁽ⁱ⁾		11/15/45		5,184,336
	United States Treasury Inflation Protected Securities
	1,355,939		0.125			04/15/17		1,371,614
	1,844,730		0.125			04/15/18		1,878,157
	1,360,697		0.125			01/15/22		1,382,591
	513,175		0.125			01/15/23		517,983
	3,588,380		0.375			07/15/23		3,699,942
	3,685,575		0.625			01/15/24		3,841,623
	937,857		0.125			07/15/24		942,255
	882,736		2.500			01/15/29		1,110,870
	712,446		2.125			02/15/40		912,486
	1,067,325		1.375			02/15/44		1,198,574
	United States Treasury Notes
	5,400,000		0.750			01/31/18		5,401,512
	6,600,000		1.625			06/30/20		6,731,868
	4,300,000		1.625			07/31/20		4,385,656
	15,100,000		1.500			02/28/23		15,060,136
	6,500,000		1.500			03/31/23		6,479,200

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $76,559,189)						$	79,460,153


Shares	Rate			Value
Investment Company^(b)(j) – 12.4%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares
58,985,636		0.250	%	$	58,985,636
(Cost $58,985,636)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $531,409,466)				$	536,110,651


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 2.8%
	Commercial Paper – 2.8%
	AutoZone, Inc.^(g)
$	2,200,000		0.000	%		04/08/16	$	2,199,705
	Barclays Bank PLC
	3,250,000		1.222			04/13/16		3,250,000
	Bayer Corp.^(g)
	1,800,000		0.000			04/05/16		1,799,872
	Southern Co.^(g)
	1,800,000		0.000			04/21/16		1,799,190
	2,200,000		0.000			04/01/16		2,200,000
	United Healthcare Co.
	2,000,000		0.864			05/09/16		1,998,205

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $13,246,972)						$	13,246,972

	TOTAL INVESTMENTS – 115.3%
	(Cost $544,656,438)						$	549,357,623

	LIABILITIES IN EXCESS OF OTHER ASSETS – (15.3)%							(73,007,780	)

	NET ASSETS – 100.0%						$	476,349,843


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2016.
(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed 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 $69,768,343, which represents approximately 14.7% of net assets as of March 31, 2016.
(d)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $88,435,313 which represents approximately 18.6% of net assets as of March 31, 2016.
(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2016.
(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,406,243, which represents approximately 1.1% of net assets as of March 31, 2016.
(i)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(j)		Represents an affiliated fund.


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

GOLDMAN SACHS BOND FUND



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


Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FREMF		—Freddie Mac Multi Family
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NCUA		—National Credit Union Administration
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
SPA		—Stand-by Purchase Agreement
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2016, 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
Bank of America Securities LLC	AUD	129,719	USD	97,098	$	99,308		04/28/16	$	2,209
	BRL	2,381,388	USD	649,000		661,509		04/04/16		12,509
	CAD	965,842	USD	694,120		743,685		04/06/16		49,565
	HUF	120,071,386	EUR	382,000		435,035		04/26/16		19
	JPY	769,158,394	USD	6,788,430		6,839,734		04/26/16		51,303
	NZD	2,427,000	USD	1,618,338		1,675,227		04/26/16		56,889
	PLN	3,184,986	EUR	739,000		853,238		04/26/16		11,676
	RUB	61,668,563	USD	827,000		916,827		04/04/16		89,827
	SEK	44,240,621	EUR	4,743,807		5,454,524		04/26/16		52,344
Barclays Bank PLC	AUD	1,653,000	USD	1,245,124		1,265,590		04/26/16		20,466
	CAD	552,987	USD	423,000		425,802		04/26/16		2,802
	CNH	2,494,570	USD	363,764		383,005		09/01/16		19,241
	CNY	698,756	USD	105,792		107,850		05/19/16		2,058
	CNY	2,659,920	USD	392,840		408,444		08/05/16		15,604
	CNY	3,283,331	USD	487,720		503,798		08/16/16		16,078
	EUR	738,000	GBP	578,161		840,424		04/26/16		9,975
	EUR	667,613	SEK	6,155,722		760,268		04/26/16		1,315
	INR	27,557,414	USD	399,000		415,616		04/07/16		16,616
	INR	27,406,015	USD	406,000		412,663		04/18/16		6,663


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Barclays Bank PLC	NZD	629,000	USD	416,918	$	434,165		04/26/16	$	17,247
(continued)	ZAR	2,479,431	USD	162,000		167,085		04/26/16		5,085
BNP Paribas SA	CNH	7,173,294	USD	1,053,038		1,101,356		09/01/16		48,318
	EUR	384,000	GBP	301,813		437,294		04/26/16		3,781
	GBP	312,000	USD	442,787		448,145		04/26/16		5,358
	HUF	120,809,088	EUR	384,000		437,708		04/26/16		414
	INR	26,959,421	USD	404,068		406,814		04/04/16		2,746
	INR	27,501,235	USD	398,000		414,769		04/07/16		16,769
	MXN	251,546	USD	14,182		14,524		04/26/16		342
	MYR	1,652,284	USD	400,000		423,864		04/01/16		23,864
	MYR	1,632,595	USD	408,752		421,073		04/25/16		12,321
	NOK	3,811,608	USD	447,325		460,582		04/26/16		13,257
	NZD	266,782	USD	177,962		184,145		04/26/16		6,183
	RUB	44,825,580	USD	652,122		665,073		04/11/16		12,951
	TWD	54,050,565	USD	1,669,000		1,681,518		04/21/16		12,518
Citibank NA (London)	BRL	774,429	USD	210,878		215,123		04/04/16		4,245
	CNH	9,467,244	USD	1,386,680		1,453,558		09/01/16		66,878
	COP	578,922,296	USD	180,448		192,928		04/04/16		12,480
	EUR	376,000	GBP	293,212		428,183		04/26/16		7,025
	GBP	2,204,831	USD	3,158,178		3,166,753		04/07/16		8,575
	GBP	140,815	USD	199,562		202,261		04/26/16		2,699
	IDR	5,775,635,978	USD	434,000		437,985		05/02/16		3,985
	INR	18,005,628	USD	271,292		271,558		04/07/16		266
	MYR	1,663,087	USD	398,000		426,635		04/01/16		28,635
	NZD	1,306,071	USD	887,241		901,510		04/26/16		14,269
	RUB	29,682,608	USD	399,000		441,292		04/04/16		42,292
	RUB	81,010,121	USD	1,069,681		1,202,984		04/08/16		133,303
	RUB	67,180,759	USD	906,978		994,166		04/20/16		87,188
	RUB	22,102,453	USD	316,604		326,892		04/22/16		10,288
	RUB	74,744,013	USD	1,098,732		1,104,178		04/26/16		5,446
	SEK	309,033	EUR	33,267		38,101		04/26/16		217
	USD	173,375	NZD	250,883		173,171		04/26/16		204
	ZAR	2,517,172	USD	162,000		169,628		04/26/16		7,628
Credit Suisse International	COP	517,656,300	USD	159,000		172,511		04/04/16		13,511
(London)	COP	1,314,529,580	USD	434,000		437,590		05/02/16		3,590
	COP	1,618,792,234	USD	531,274		537,874		05/13/16		6,600
	EUR	366,000	CHF	395,448		417,463		06/15/16		4,783
	EUR	369,000	USD	417,435		420,212		04/26/16		2,777
	RUB	22,781,412	USD	324,000		337,713		04/14/16		13,713
	RUB	127,944,118	USD	1,796,147		1,894,459		04/18/16		98,312
	RUB	11,965,725	USD	171,000		176,818		04/25/16		5,818
Deutsche Bank AG (London)	CNH	2,477,524	USD	364,000		380,388		09/01/16		16,388
	CNY	3,147,938	USD	465,967		483,708		07/26/16		17,743
	CNY	2,736,568	USD	404,968		420,299		08/02/16		15,332
	CNY	1,346,379	USD	198,962		206,771		08/03/16		7,809
	HUF	287,060,155	USD	1,016,142		1,040,058		04/26/16		23,915
	IDR	5,316,522,000	USD	400,000		404,237		04/07/16		4,237
	IDR	5,533,527,450	USD	417,000		420,270		04/18/16		3,270
	MXN	103,429,712	USD	5,788,220		5,972,097		04/26/16		183,877
	USD	435,801	EUR	382,000		435,016		04/26/16		784
	USD	940,337	THB	32,723,735		929,617		04/26/16		10,721
HSBC Bank PLC	CNH	4,893,048	USD	725,000		751,257		09/01/16		26,257
	CNY	2,339,975	USD	347,487		361,978		04/14/16		14,492
	CNY	4,729,205	USD	694,973		727,273		07/14/16		32,300


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
HSBC Bank PLC	CNY	4,033,347	USD	596,936	$	620,220		07/15/16	$	23,284
(continued)	CNY	2,416,843	USD	356,283		371,495		07/21/16		15,212
	CNY	3,813,286	USD	564,221		585,668		08/02/16		21,447
	CNY	2,691,812	USD	404,601		412,979		08/18/16		8,378
	EUR	1,121,000	USD	1,253,678		1,276,579		04/26/16		22,901
	KRW	2,017,620,843	USD	1,667,593		1,760,914		04/08/16		93,321
	MYR	1,476,642	USD	380,000		380,859		05/04/16		859
	NOK	3,498,013	EUR	368,000		422,688		04/26/16		3,614
	SEK	23,817,826	EUR	2,549,024		2,936,552		04/26/16		33,760
	TRY	2,371,622	USD	811,000		835,282		04/26/16		24,282
	TWD	13,250,216	USD	406,000		412,199		04/18/16		6,199
	TWD	27,976,812	USD	868,000		870,420		04/26/16		2,420
	USD	137,538	KRW	157,205,827		137,204		04/08/16		334
JPMorgan Chase Bank	BRL	5,763,471	USD	1,564,975		1,600,993		04/04/16		36,018
(London)	CNH	2,467,707	USD	363,000		378,881		09/01/16		15,881
	CNY	7,283,260	USD	1,065,688		1,120,272		07/11/16		54,584
	CNY	4,888,287	USD	716,260		751,839	��	07/12/16		35,579
	EUR	2,589,075	USD	2,905,331		2,950,601		05/19/16		45,271
	IDR	5,306,728,000	USD	396,024		402,077		04/04/16		6,053
	IDR	3,790,442,982	USD	285,318		288,203		04/07/16		2,885
	INR	27,240,136	USD	407,512		411,050		04/04/16		3,538
	MXN	29,327,932	USD	1,671,000		1,693,414		04/26/16		22,414
	MYR	1,660,175	USD	406,000		428,161		04/20/16		22,161
	MYR	1,703,186	USD	417,000		439,259		04/21/16		22,259
	PLN	14,158,577	USD	3,579,448		3,792,995		04/26/16		213,547
	RUB	12,894,811	USD	174,672		191,707		04/04/16		17,035
	USD	357,000	CNH	2,303,632		353,689		09/01/16		3,311
	USD	435,000	RUB	29,406,000		434,034		04/29/16		966
Morgan Stanley & Co.	BRL	5,251,666	USD	1,395,225		1,458,822		04/04/16		63,597
International PLC	CNH	1,395,011	USD	204,568		214,184		09/01/16		9,616
	EUR	372,000	USD	419,382		423,628		04/26/16		4,247
	MXN	7,289,013	USD	406,000		420,872		04/26/16		14,872
	MYR	1,525,859	USD	369,679		393,465		04/08/16		23,786
	NZD	605,000	USD	404,387		417,599		04/26/16		13,212
	RUB	23,538,582	USD	324,000		349,240		04/11/16		25,240
	RUB	28,679,293	USD	419,000		424,284		04/21/16		5,284
	RUB	29,607,003	USD	434,000		437,001		04/29/16		3,001
Royal Bank of Canada	AUD	766,949	USD	573,559		587,202		04/26/16		13,642
	BRL	1,597,388	USD	397,570		443,727		04/04/16		46,157
	CAD	566,688	USD	436,000		436,351		04/26/16		351
	USD	425,000	BRL	1,527,369		424,277		04/04/16		723
	USD	435,000	MXN	7,473,313		431,514		04/26/16		3,486
Royal Bank of Scotland PLC	COP	522,213,638	USD	159,000		174,030		04/04/16		15,030
	COP	1,264,618,128	USD	400,027		421,366		04/11/16		21,338
	COP	517,668,084	USD	162,000		172,464		04/15/16		10,464
	EUR	366,000	GBP	284,184		416,796		04/26/16		8,604
	EUR	372,000	NOK	3,496,019		423,628		04/26/16		1,182
	NOK	6,904,820	EUR	728,000		834,355		04/26/16		5,318
	TRY	3,634,503	USD	1,257,000		1,280,067		04/26/16		23,067
	USD	419,000	MXN	7,252,505		418,764		04/26/16		236
Standard Chartered Bank	AUD	563,000	USD	424,412		431,051		04/26/16		6,639
	CNH	4,962,114	USD	727,000		761,861		09/01/16		34,861
	CNY	4,924,430	USD	722,799		756,937		07/21/16		34,138
	CNY	4,890,436	USD	722,822		751,661		07/22/16		28,839


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Standard Chartered Bank	EUR	2,902,001	USD	3,251,886	$	3,304,758		04/26/16	$	52,872
(continued)	INR	52,270,155	USD	756,223		788,329		04/07/16		32,106
	INR	27,337,807	USD	406,000		411,636		04/18/16		5,636
	MYR	3,291,165	USD	805,000		848,705		04/11/16		43,705
	NZD	353,910	USD	233,448		244,285		04/26/16		10,837
	USD	1,431,000	CNH	9,255,760		1,421,089		09/01/16		9,911
	USD	261,000	ZAR	3,859,736		260,102		04/26/16		898
	ZAR	5,189,672	USD	338,000		349,724		04/26/16		11,724
State Street Bank (London)	EUR	375,000	SEK	3,461,850		427,045		04/26/16		225
	EUR	726,067	USD	814,235		826,834		04/26/16		12,599
	GBP	303,526	EUR	382,000		435,973		04/26/16		957
	GBP	153,587	USD	216,774		220,606		04/26/16		3,832
	MXN	7,221,928	USD	406,000		416,999		04/26/16		10,999
	SEK	55,720,685	EUR	5,996,681		6,869,926		04/26/16		40,990
	ZAR	31,198,951	USD	2,000,317		2,102,450		04/26/16		102,133
UBS AG (London)	AUD	541,000	USD	404,699		414,207		04/26/16		9,508
	BRL	4,651,107	USD	1,208,000		1,291,998		04/04/16		83,998
	CHF	809,059	EUR	737,000		842,360		04/26/16		3,074
	EUR	365,000	GBP	282,862		415,657		04/26/16		9,366
	EUR	736,000	USD	823,928		838,147		04/26/16		14,217
	NOK	6,911,611	EUR	730,000		834,944		06/15/16		2,300
	PLN	1,595,492	EUR	370,000		427,422		04/26/16		6,071
	SEK	3,445,959	EUR	368,000		424,860		04/26/16		5,787
	USD	436,857	AUD	568,000		434,879		04/26/16		1,978
	USD	2,972,807	JPY	330,627,223		2,940,099		04/26/16		32,707
Westpac Banking Corp.	AUD	477,700	USD	360,587		365,743		04/26/16		5,156
	CNH	2,501,455	USD	364,000		384,062		09/01/16		20,062
	IDR	5,306,728,000	USD	399,754		403,045		04/18/16		3,292
	MYR	904,094	USD	231,108		233,134		04/08/16		2,026
	NZD	1,620,937	USD	1,101,292		1,118,846		04/26/16		17,554
	USD	393,270	IDR	5,158,524,780		391,789		04/18/16		1,481
	USD	434,500	NZD	626,000		432,094		04/26/16		2,406
TOTAL									$	3,295,015

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	1,134,000	USD	868,253	$	868,227		04/26/16	$	(25	)
	EUR	376,000	PLN	1,603,264		428,183		04/26/16		(1,321	)
	HUF	120,220,642	EUR	387,020		435,576		04/26/16		(5,157	)
	USD	554,812	CAD	772,000		594,429		04/06/16		(39,617	)
	USD	398,000	CNH	2,634,386		406,146		06/15/16		(8,146	)
	USD	417,599	EUR	368,000		419,073		04/26/16		(1,474	)
	USD	399,000	INR	27,036,240		407,973		04/04/16		(8,973	)
Barclays Bank PLC	USD	427,000	CAD	566,103		435,901		04/26/16		(8,901	)
	USD	105,792	CNH	698,756		107,877		05/19/16		(2,085	)
	USD	392,840	CNH	2,658,348		408,725		08/05/16		(15,885	)
	USD	487,720	CNH	3,281,380		504,228		08/16/16		(16,508	)
	USD	1,882,706	CNH	12,636,643		1,940,173		09/01/16		(57,467	)
	USD	435,244	EUR	383,000		436,155		04/26/16		(911	)
	USD	404,987	NZD	601,000		414,838		04/26/16		(9,850	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Barclays Bank PLC	USD	834,859	TWD	27,366,680	$	851,345		04/18/16	$	(16,486	)
(continued)	USD	1,475,441	TWD	48,629,045		1,512,956		04/26/16		(37,516	)
BNP Paribas SA	EUR	365,000	PLN	1,565,970		415,657		04/26/16		(3,857	)
	HUF	6,364,952	EUR	20,322		23,061		04/26/16		(82	)
	USD	1,625,524	AED	6,003,637		1,630,889		12/07/16		(5,365	)
	USD	406,404	EUR	364,000		414,518		04/26/16		(8,114	)
	USD	399,000	INR	27,163,318		409,891		04/04/16		(10,891	)
	USD	402,921	INR	26,959,421		405,938		04/18/16		(3,018	)
	USD	848,616	JPY	96,234,794		855,767		04/26/16		(7,151	)
	USD	598,924	KRW	699,237,215		609,948		04/28/16		(11,024	)
	USD	408,660	MYR	1,632,595		418,813		04/01/16		(10,153	)
Citibank NA (London)	EUR	357,080	CHF	390,781		406,637		04/26/16		(228	)
	EUR	626,085	SEK	5,822,088		712,976		04/26/16		(4,842	)
	IDR	5,323,841,460	USD	406,000		404,508		04/14/16		(1,492	)
	USD	2,667,000	AED	9,829,052		2,673,415		08/11/16		(6,415	)
	USD	1,527,330	AUD	2,057,592		1,575,359		04/26/16		(48,030	)
	USD	210,878	BRL	765,541		212,654		04/04/16		(1,776	)
	USD	1,576,415	CAD	2,103,947		1,620,047		04/26/16		(43,631	)
	USD	357,379	CNH	2,337,005		358,813		09/01/16		(1,435	)
	USD	186,320	COP	627,991,373		209,134		04/28/16		(22,814	)
	USD	859,912	EUR	770,590		877,537		04/26/16		(17,624	)
	USD	3,391,258	GBP	2,373,414		3,408,884		04/07/16		(17,627	)
	USD	671,110	IDR	9,106,964,982		692,440		04/07/16		(21,329	)
	USD	270,802	INR	18,005,628		271,118		04/18/16		(316	)
	USD	183,779	JPY	20,855,282		185,455		04/26/16		(1,676	)
	USD	402,000	KRW	484,570,800		422,918		04/08/16		(20,918	)
	USD	402,000	KRW	486,233,070		424,335		04/11/16		(22,335	)
	USD	365,994	KRW	449,871,900		392,456		04/25/16		(26,463	)
	USD	594,193	MYR	2,429,953		626,599		04/08/16		(32,406	)
	USD	427,000	MYR	1,722,667		444,320		04/28/16		(17,320	)
	USD	1,105,190	RUB	74,744,013		1,111,220		04/04/16		(6,030	)
	USD	428,569	RUB	30,400,306		451,046		04/11/16		(22,478	)
	USD	178,361	SEK	1,490,097		183,717		04/26/16		(5,357	)
	USD	2,626,817	SGD	3,634,332		2,696,084		04/26/16		(69,268	)
	USD	375,552	TWD	12,479,582		388,204		04/14/16		(12,652	)
	USD	755,524	TWD	24,811,392		771,864		04/19/16		(16,340	)
	USD	162,000	ZAR	2,459,967		165,773		04/26/16		(3,773	)
Credit Suisse International	EUR	370,000	CHF	405,265		421,351		04/26/16		(595	)
(London)	GBP	300,065	EUR	380,000		431,002		04/26/16		(1,737	)
	JPY	19,463,921	USD	173,526		173,083		04/26/16		(444	)
	USD	258,579	CAD	343,051		264,151		04/26/16		(5,572	)
	USD	534,255	COP	1,618,792,234		539,469		04/04/16		(5,214	)
	USD	168,000	RUB	11,547,312		170,980		04/18/16		(2,980	)
	USD	169,000	RUB	11,515,694		170,315		04/22/16		(1,315	)
Deutsche Bank AG (London)	EUR	369,000	SEK	3,435,656		420,212		04/26/16		(3,377	)
	IDR	9,286,142,160	USD	708,000		705,778		04/11/16		(2,222	)
	IDR	5,483,834,290	USD	419,000		416,370		04/21/16		(2,630	)
	MXN	7,476,627	USD	434,000		431,705		04/26/16		(2,295	)
	USD	465,967	CNH	3,146,187		483,983		07/26/16		(18,017	)
	USD	404,968	CNH	2,734,746		420,537		08/02/16		(15,570	)
	USD	198,962	CNH	1,345,583		206,907		08/03/16		(7,945	)
	USD	1,792,777	CNH	11,977,286		1,838,939		09/01/16		(46,162	)
	USD	354,493	IDR	4,856,556,600		368,595		04/25/16		(14,102	)
	USD	850,000	KRW	989,950,800		863,607		04/25/16		(13,607	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
HSBC Bank PLC	KRW	157,205,827	USD	137,478	$	137,142		04/25/16	$	(336	)
	USD	1,023,948	AED	3,782,774		1,027,591		12/07/16		(3,642	)
	USD	193,997	AUD	260,044		199,098		04/26/16		(5,101	)
	USD	419,000	BRL	1,524,850		423,577		04/04/16		(4,577	)
	USD	347,487	CNH	2,342,060		362,129		04/14/16		(14,642	)
	USD	694,973	CNH	4,728,597		727,863		07/14/16		(32,890	)
	USD	596,936	CNH	4,032,124		620,624		07/15/16		(23,688	)
	USD	356,283	CNH	2,416,308		371,802		07/21/16		(15,519	)
	USD	564,221	CNH	3,811,402		586,101		08/02/16		(21,880	)
	USD	404,601	CNH	2,689,789		413,279		08/18/16		(8,678	)
	USD	2,157,212	CNH	14,513,612		2,228,355		09/01/16		(71,143	)
	USD	855,000	HKD	6,633,355		855,269		04/26/16		(269	)
	USD	905,142	INR	62,481,973		942,342		04/07/16		(37,199	)
	USD	249,395	MYR	1,049,330		269,187		04/01/16		(19,792	)
	USD	427,000	SGD	585,461		434,317		04/26/16		(7,317	)
	USD	265,932	TWD	8,761,129		272,552		04/19/16		(6,620	)
JPMorgan Chase Bank	IDR	3,637,464,940	USD	276,824		276,070		04/25/16		(754	)
(London)	NZD	630,000	USD	434,880		434,855		04/26/16		(25	)
	USD	1,016,151	BRL	4,253,000		1,181,410		04/04/16		(165,259	)
	USD	1,145,960	BRL	4,253,000		1,162,488		06/02/16		(16,528	)
	USD	126,117	CAD	167,978		129,341		04/06/16		(3,224	)
	USD	3,498,053	CNH	22,869,570		3,534,522		04/26/16		(36,469	)
	USD	1,065,688	CNH	7,286,105		1,121,711		07/11/16		(56,024	)
	USD	716,260	CNH	4,890,264		752,827		07/12/16		(36,567	)
	USD	709,000	CNH	4,661,516		715,708		09/01/16		(6,708	)
	USD	846,543	EUR	753,000		857,506		04/26/16		(10,962	)
	USD	11,270,287	EUR	10,043,476		11,445,899		05/19/16		(175,612	)
	USD	524,205	IDR	6,979,260,852		530,448		04/11/16		(6,243	)
	USD	427,000	IDR	5,690,330,100		431,701		04/29/16		(4,701	)
	USD	284,568	IDR	3,790,442,982		287,441		05/02/16		(2,874	)
	USD	964,000	KRW	1,163,413,040		1,015,389		04/08/16		(51,389	)
	USD	811,000	MXN	14,449,567		834,327		04/26/16		(23,327	)
	USD	423,000	MYR	1,696,272		437,496		04/25/16		(14,496	)
	USD	326,307	SEK	2,805,000		345,749		04/19/16		(19,442	)
	USD	266,866	SEK	2,220,668		273,791		04/26/16		(6,926	)
	USD	423,847	TWD	14,139,543		439,829		04/12/16		(15,982	)
Morgan Stanley & Co.	USD	1,939,675	BRL	7,304,338		2,029,019		04/04/16		(89,344	)
International PLC	USD	835,000	JPY	94,250,625		838,123		04/26/16		(3,123	)
	USD	406,000	KRW	483,546,000		421,945		04/15/16		(15,945	)
	USD	423,000	KRW	490,468,500		427,872		04/25/16		(4,872	)
	USD	151,000	MYR	633,445		162,499		04/01/16		(11,499	)
	USD	785,653	MYR	3,177,360		819,445		04/20/16		(33,792	)
	USD	424,572	NZD	633,000		436,926		04/26/16		(12,354	)
	USD	398,000	RUB	29,501,969		438,606		04/04/16		(40,606	)
	USD	170,000	RUB	11,551,772		170,849		04/22/16		(849	)
	USD	402,000	TWD	13,167,832		409,597		04/11/16		(7,597	)
Royal Bank of Canada	CAD	1,082,403	USD	834,000		833,454		04/26/16		(546	)
	GBP	301,040	EUR	380,000		432,402		04/26/16		(336	)
	USD	868,000	BRL	3,136,145		871,167		04/04/16		(3,167	)
	USD	804,000	CAD	1,071,539		825,089		04/26/16		(21,089	)
	USD	4,017,290	EUR	3,613,110		4,114,558		04/26/16		(97,268	)
	USD	8,205,240	JPY	929,711,145		8,269,647		05/06/16		(64,407	)
	USD	774,825	MXN	13,966,609		805,382		05/10/16		(30,557	)
	USD	154,840	SEK	1,310,908		161,585		04/19/16		(6,745	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Royal Bank of Scotland PLC	COP	522,599,256	USD	174,000	$	173,908		05/04/16	$	(92	)
	EUR	380,000	PLN	1,620,337		432,739		04/26/16		(1,340	)
	GBP	596,756	EUR	756,000		857,158		04/26/16		(3,764	)
	MXN	7,521,141	USD	435,000		434,275		04/26/16		(725	)
	USD	848,000	MXN	14,779,974		853,405		04/26/16		(5,405	)
	USD	1,905,827	TRY	5,640,250		1,986,489		04/26/16		(80,661	)
Standard Chartered Bank	USD	722,799	CNH	4,924,430		757,731		07/21/16		(34,932	)
	USD	722,822	CNH	4,887,544		752,016		07/22/16		(29,194	)
	USD	748,000	CNH	5,000,379		767,736		09/01/16		(19,736	)
	USD	342,000	ZAR	5,156,871		347,513		04/26/16		(5,513	)
State Street Bank (London)	EUR	377,000	SEK	3,488,279		429,322		04/26/16		(755	)
	USD	4,298,806	AUD	5,793,539		4,435,722		04/26/16		(136,917	)
	USD	409,202	CAD	544,558		419,312		04/26/16		(10,110	)
	USD	728,000	EUR	655,655		746,651		04/26/16		(18,651	)
UBS AG (London)	CHF	399,727	EUR	366,673		417,145		06/15/16		(1,087	)
	EUR	383,000	PLN	1,638,434		436,155		04/26/16		(2,771	)
	USD	400,000	BRL	1,554,341		431,769		04/04/16		(31,769	)
	USD	428,873	EUR	381,000		433,877		04/26/16		(5,004	)
	USD	183,115	KRW	212,431,176		185,403		04/08/16		(2,289	)
	USD	283,219	SEK	2,361,530		291,158		04/26/16		(7,940	)
Westpac Banking Corp.	USD	700,615	AUD	922,056		705,956		04/26/16		(5,341	)
	USD	1,079,000	CNH	7,188,862		1,103,746		09/01/16		(24,746	)
	USD	417,570	EUR	368,000		419,073		04/26/16		(1,504	)
	USD	399,603	IDR	5,306,728,000		402,077		04/04/16		(2,474	)
	USD	370,231	IDR	5,006,630,000		380,253		04/18/16		(10,022	)
	USD	914,184	INR	62,852,458		947,929		04/07/16		(33,745	)
	USD	209,084	MYR	866,402		223,422		04/11/16		(14,338	)
	USD	1,010,592	MYR	4,153,181		1,071,110		04/20/16		(60,517	)
	USD	2,152,232	NZD	3,197,112		2,206,794		04/26/16		(54,563	)
	USD	654,485	TWD	21,437,657		666,864		04/14/16		(12,379	)
TOTAL									$	(2,867,521	)

FORWARD SALES CONTRACT — At March 31, 2016, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Received: $(24,049,063))		3.500	%	TBA-30yr		04/13/16	$	(23,000,000	)	$	(24,117,657	)

(a)

TBA (To Be Announced) Securities are purchased or sold 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.


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2016, 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		33		June 2016	$	3,312,631		$	22,088
Ultra Long U.S. Treasury Bonds		32		June 2016		5,521,000			10,560
5 Year German Euro-Bobl		2		June 2016		298,357			(595	)
2 Year U.S. Treasury Notes		178		June 2016		38,937,500			29,882
5 Year U.S. Treasury Notes		(75	)	June 2016		(9,087,305	)		(92,862	)
5 Year U.S. Treasury Notes		161		June 2016		19,507,414			30,491
10 Year U.S. Treasury Notes		(185	)	June 2016		(24,122,266	)		(42,148	)
20 Year U.S. Treasury Bonds		43		June 2016		7,070,813			94,094
TOTAL								$	51,510

SWAP CONTRACTS — At March 31, 2016, 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		MYR	380			08/14/23		3 month KLIBOR		4.485%	$	(4,238	)
		KRW	2,447,430	^(b)		10/01/25		3 month KWCDC		2.160		(48,328	)
Citibank NA			1,102,660			10/06/17		2.239%		3 month KWCDC		13,062
		MYR	1,220			11/19/18		3 month KLIBOR		3.915		(2,678	)
			775			11/15/23		3 month KLIBOR		4.450		(8,250	)
Deutsche Bank AG		KRW	765,310			10/06/17		2.245		3 month KWCDC		9,139
			3,978,210			10/15/17		2.253		3 month KWCDC		47,936
		MYR	1,100			11/14/18		3 month KLIBOR		3.880		(2,152	)
			330			08/14/23		3 month KLIBOR		4.490		(3,708	)
JPMorgan Securities, Inc.		MYR	420			09/26/23		3 month KLIBOR		4.330		(3,544	)
		KRW	133,720			01/15/24		3 month KWCDC		3.445		(17,480	)
			878,070	^(b)		11/09/25		2.236		3 month KWCDC		20,096
			1,183,800	^(b)		11/10/25		2.330		3 month KWCDC		31,758
Morgan Stanley & Co. International PLC			1,213,740			10/29/17		2.175		3 month KWCDC		13,326
		MYR	1,440			11/20/18		3 month KLIBOR		3.934		(3,377	)
			374,240	^(b)		11/11/25		2.297		3 month KWCDC		9,523
TOTAL											$	51,085

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

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


					Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
MXN	28,730			11/07/16	3.910%	Mexico Interbank TIIE 28 Days	$	4		$	(3,809	)
	12,210			11/08/16	3.920	Mexico Interbank TIIE 28 Days		2			(1,585	)
	24,710			11/09/16	3.900	Mexico Interbank TIIE 28 Days		4			(3,401	)
SEK	126,750	^(b)		06/15/18	0.050	3 month STIBOR		122,617			(10,439	)
EUR	13,200	^(b)		02/17/19	6 month EURO	0.086%		1,131			(8,859	)
	5,300	^(b)		02/09/20	6 month EURO	0.100		(3,374	)		(6,401	)
	14,480	^(b)		02/26/20	0.050	6 month EURO		6,214			1,324
GBP	3,220	^(b)		02/16/21	6 month GBP	1.160		(3,797	)		(770	)
CAD	47,380	^(b)		06/15/21	1.000	6 month CDOR		2,805			3,897
AUD	5,110	^(b)		06/15/21	2.500	6 month AUDOR		13,372			16,982
$	23,510	^(b)		06/15/21	3 month LIBOR	2.000		(678,479	)		(207,907	)
SEK	151,520	^(b)		06/15/21	3 month STIBOR	0.500		(139,835	)		5,170
GBP	4,780	^(b)		06/15/21	6 month GBP	1.750		(249,524	)		7,458
	3,410	^(b)		12/11/22	6 month GBP	1.940		(12,906	)		(142,571	)
EUR	1,780	^(b)		02/09/23	0.500	6 month EURO		2,096			13,546
	11,100	^(b)		06/15/23	0.750	6 month EURO		365,794			70,221
JPY	2,118,080	^(b)		06/15/23	6 month JYOR	0.100		(95,428	)		(5,273	)
GBP	3,160	^(b)		02/16/25	1.570	6 month GBP		13,372			7,871
EUR	2,950	^(b)		05/11/25	1.567	6 month EURO		91,813			25,297
	21,930	^(b)		05/11/25	1.567	6 month EURO		(107,910	)		978,495
NOK	6,510	^(b)		06/17/25	3 month NIBOR	2.500		(8,324	)		(18,142	)
ZAR	6,340	^(b)		08/24/25	3 month JIBAR	9.145		3,074			(1,809	)
EUR	5,735	^(b)		09/16/25	2.000	6 month EURO		104,474			237,982
GBP	5,115	^(b)		09/16/25	6 month GBP	2.750		(551,409	)		217,754
ZAR	10,510	^(b)		09/28/25	9.370	3 month JIBAR		9			2,171
	4,700	^(b)		10/27/25	9.200	3 month JIBAR		4			(552	)
	38,090	^(b)		12/10/25	10.065	3 month JIBAR		30			55,379
	7,310	^(b)		12/11/25	10.455	3 month JIBAR		6			15,818
JPY	1,108,160	^(b)		12/16/25	6 month JYOR	1.000		(460,406	)		134,668
EUR	15,180	^(b)		01/06/26	1.550	6 month EURO		435,121			25,992
ZAR	6,480	^(b)		01/20/26	10.130	3 month JIBAR		5			10,024
PLN	1,610	^(b)		01/20/26	3.295	6 month WIBOR		5			11,656
	3,310	^(b)		01/22/26	3.125	6 month WIBOR		10			17,419
	1,550	^(b)		01/25/26	3.155	6 month WIBOR		5			8,715
AUD	4,050	^(b)		03/24/26	3.100	6 month AUDOR		13,104			9,931
EUR	29,900	^(b)		06/15/26	1.000	6 month EURO		1,449,072			9,533
$	7,980	^(b)		06/15/26	3 month LIBOR	2.250		(288,173	)		(139,151	)
NZD	8,960	^(b)		06/15/26	3 month NZDOR	3.000		68,273			(61,557	)
SEK	53,090	^(b)		06/15/26	3 month STIBOR	1.250		(23,346	)		(11,984	)
AUD	16,870	^(b)		06/15/26	3.000	6 month AUDOR		342,884			91,528
	4,370	^(b)		06/16/26	3.000	6 month AUDOR		73,259			39,204
$	5,840	^(b)		12/15/26	2.500	3 month LIBOR		53,091			18,709
EUR	1,410	^(b)		12/15/26	6 month EURO	1.500		(20,662	)		(2,987	)
GBP	6,000	^(b)		12/11/27	2.190	6 month GBP		40,592			390,100
	3,060	^(b)		12/11/32	6 month GBP	2.250		(21,931	)		(259,525	)
	910	^(b)		02/16/33	6 month GBP	1.820		(5,679	)		462
EUR	7,480	^(b)		05/11/35	6 month EURO	1.695		(160,470	)		(328,430	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged			Market Value
Notional Amount (000s)			Termination Date	Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	7,860	^(b)	12/17/35		3.000%	3 month LIBOR	$	299,232		$	9,767
JPY	1,001,450	^(b)	12/17/35		6 month JYOR	2.000%		(880,696	)		(105,194	)
	260,540	^(b)	03/30/36		6 month JYOR	0.900		(5,052	)		(3,279	)
	105,670	^(b)	06/15/36		6 month JYOR	0.500		946			222
EUR	2,560	^(b)	12/19/45		1.250	6 month EURO		(393	)		32,978
$	7,820	^(b)	12/19/45		2.750	3 month LIBOR		161,773			845
JPY	1,086,670	^(b)	12/19/45		6 month JYOR	2.000		(706,680	)		(297,885	)
GBP	4,300	^(b)	01/05/46		6 month GBP	2.250		(164,440	)	$	(261,812	)
$	460	^(b)	06/15/46		2.500	3 month LIBOR		36,026			1,604
GBP	6,370	^(b)	06/15/46		6 month GBP	2.000		(807,762	)		24,148
	TOTAL						$	(1,696,457	)	$	613,548

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(c)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China 7.500%, 10/28/27	$	60		(1.000	)%		06/20/19		0.791	%	$	(231	)	$	(185	)
			40		(1.000	)		06/20/19		0.791			(171	)		(106	)
			830		(1.000	)		12/20/20		1.128			4,652			(45	)
Barclays Bank PLC			270		(1.000	)		03/20/19		0.752			(624	)		(1,422	)
Citibank NA			2,860		(1.000	)		03/20/19		0.752			(8,292	)		(13,384	)
			4,390		(1.000	)		06/20/19		0.791			(12,834	)		(17,564	)
			720		(1.000	)		12/20/20		1.128			5,740			(1,784	)
			220		(1.000	)		03/20/19		0.752			(247	)		(1,420	)
JPMorgan Securities, Inc.			270		(1.000	)		03/20/19		0.752			(563	)		(1,484	)
			120		(1.000	)		06/20/19		0.791			(522	)		(308	)
			6,410		(1.000	)		12/20/20		1.128			47,489			(12,046	)
TOTAL												$	34,397		$	(49,748	)

(c)

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.


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(c)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 25	$24,775		1.000	%		12/20/20		0.899	%	$	118,465	$	1,739

(c)

For the fiscal year ended March 31, 2016, the Fund had the following interest rate swaptions activities:

INTEREST RATE SWAPTION CONTRACTS


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		11,400			264,960
Contracts Bought to Close		(11,400	)		(264,960	)
Contracts Outstanding March 31, 2016	$	—		$	—


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 35.1%
	Automotive – 0.7%
	Ford Motor Credit Co. LLC
$	3,250,000		5.875	%		08/02/21	$	3,714,834
	General Motors Financial Co., Inc.
	1,125,000		3.250			05/15/18		1,139,090
	1,755,000		3.500			07/10/19		1,789,514

								6,643,438

	Banks – 6.9%
	American Express Co.^(a)
	700,000		3.625			12/05/24		696,931
	2,475,000		6.800	^(b)		09/01/66		2,468,812
	Banco Bilbao Vizcaya Argentaria SA
	3,125,000		3.000			10/20/20		3,150,585
	Bank of America Corp.
	3,050,000		4.125			01/22/24		3,214,541
	2,300,000		4.000			04/01/24		2,406,793
	Bank of Scotland PLC^(c)
	400,000		5.250			02/21/17		414,301
	BNP Paribas SA^(a)(b)(c)
	925,000		7.625			12/29/49		930,087
	Compass Bank^(a)
	875,000		1.850			09/29/17		870,670
	1,000,000		2.750			09/29/19		987,982
	Credit Suisse AG
	1,475,000		2.300			05/28/19		1,487,755
	Credit Suisse Group Funding Guernsey Ltd.
	475,000		3.750			03/26/25		452,149
	Discover Financial Services^(a)
	1,625,000		3.750			03/04/25		1,572,884
	ING Bank NV^(a)(b)
	2,025,000		4.125			11/21/23		2,042,354
	Intesa Sanpaolo SpA
	1,175,000		2.375			01/13/17		1,180,097
	2,800,000		3.875			01/16/18		2,865,067
	1,550,000		5.017	^(c)		06/26/24		1,453,570
	850,000		5.710	^(c)		01/15/26		827,937
	JPMorgan Chase & Co.^(a)(b)
	2,250,000		5.300			12/29/49		2,255,625
	KBC Bank NV^(a)(b)
	1,600,000		8.000			01/25/23		1,724,000
	Keycorp
	4,350,000		2.900			09/15/20		4,384,992
	Lloyds Bank PLC
	1,575,000		2.300			11/27/18		1,587,616
	Macquarie Bank Ltd.^(c)
	1,175,000		6.625			04/07/21		1,336,983
	Mitsubishi UFJ Financial Group, Inc.
	325,000		2.950			03/01/21		331,467
	1,350,000		3.850			03/01/26		1,403,752
	Nationwide Building Society^(c)
	1,950,000		3.900			07/21/25		2,058,085
	PNC Preferred Funding Trust II^(a)(b)(c)
	2,500,000		1.856			03/29/49		2,100,000
	Royal Bank of Scotland Group PLC
	1,700,000		5.125			05/28/24		1,639,618


	Corporate Obligations – (continued)
	Banks – (continued)
	Royal Bank of Scotland PLC^(a)(b)
$	1,025,000		9.500	%		03/16/22	$	1,086,500
	Santander Bank NA
	1,900,000		2.000	^(a)		01/12/18		1,883,908
	975,000		8.750			05/30/18		1,086,360
	Santander Holdings USA, Inc.^(a)
	650,000		2.650			04/17/20		638,788
	Santander UK Group Holdings PLC
	1,375,000		2.875			10/16/20		1,369,075
	1,125,000		4.750	^(c)		09/15/25		1,070,269
	Santander UK PLC^(c)
	1,125,000		5.000			11/07/23		1,141,769
	Synchrony Financial^(a)
	1,625,000		2.600			01/15/19		1,628,515
	1,900,000		3.000			08/15/19		1,916,879
	The Bank of Tokyo-Mitsubishi UFJ Ltd.^(c)
	2,700,000		2.150			09/14/18		2,714,124
	UBS Group Funding Jersey Ltd.^(c)
	3,350,000		4.125			09/24/25		3,354,777

								63,735,617

	Brokerage – 0.8%
	Morgan Stanley, Inc.
	4,700,000		3.700			10/23/24		4,827,135
	700,000		4.000			07/23/25		731,320
	TD Ameritrade Holding Corp.^(a)
	1,950,000		2.950			04/01/22		1,989,202

								7,547,657

	Chemicals – 0.4%
	Ecolab, Inc.
	975,000		5.500			12/08/41		1,107,960
	Monsanto Co.^(a)
	1,175,000		4.400			07/15/44		1,087,185
	Solvay Finance America LLC^(a)(c)
	1,575,000		3.400			12/03/20		1,601,164

								3,796,309

	Consumer Products – 0.3%
	Kimberly-Clark Corp.
	1,525,000		3.700			06/01/43		1,535,363
	Newell Rubbermaid, Inc.
	1,275,000		2.600			03/29/19		1,293,943

								2,829,306

	Diversified Financial Services^(c) – 0.1%
	GE Capital International Funding Co.
	1,110,000		4.418			11/15/35		1,202,600

	Diversified Manufacturing^(a) – 0.1%
	Roper Technologies, Inc.
	1,300,000		3.000			12/15/20		1,323,802

	Electric – 0.8%
	Florida Power & Light Co.^(a)
	2,132,000		4.125			02/01/42		2,276,384
	Pacific Gas & Electric Co.^(a)
	975,000		3.500			06/15/25		1,026,040


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Electric – (continued)
	Puget Sound Energy, Inc.^(a)(b)
$	1,230,000		6.974	%		06/01/67	$	937,875
	Ruwais Power Co. PJSC^(c)
	740,000		6.000			08/31/36		802,900
	Southern California Edison Co.^(a)
	1,950,000		4.050			03/15/42		1,993,705

								7,036,904

	Energy – 1.8%
	Anadarko Petroleum Corp.
	190,000		3.450	^(a)		07/15/24		169,798
	1,125,000		6.450			09/15/36		1,121,146
	Apache Corp.^(a)
	275,000		3.250			04/15/22		263,929
	1,375,000		4.250			01/15/44		1,173,249
	ConocoPhillips Co.^(a)
	850,000		4.200			03/15/21		887,790
	1,510,000		3.350			11/15/24		1,437,487
	725,000		4.950			03/15/26		758,328
	900,000		4.150			11/15/34		787,103
	Devon Energy Corp.^(a)
	250,000		4.000			07/15/21		220,000
	425,000		5.600			07/15/41		329,668
	825,000		4.750			05/15/42		610,771
	Dolphin Energy Ltd.^(c)
	415,164		5.888			06/15/19		443,188
	Halliburton Co.^(a)
	1,425,000		3.375			11/15/22		1,447,186
	1,475,000		3.800			11/15/25		1,470,949
	Occidental Petroleum Corp.^(a)
	1,650,000		3.400			04/15/26		1,668,691
	Petroleos Mexicanos^(c)
	250,000		5.500			02/04/19		261,250
	610,000		6.375			02/04/21		649,040
	470,000		6.875			08/04/26		507,600
	Pioneer Natural Resources Co.^(a)
	1,450,000		3.450			01/15/21		1,441,735
	Valero Energy Corp.
	950,000		3.650			03/15/25		933,309

								16,582,217

	Food & Beverage – 3.1%
	Amazon.com, Inc.^(a)
	2,650,000		3.300			12/05/21		2,813,685
	Anheuser-Busch InBev Finance, Inc.^(a)
	6,000,000		2.650			02/01/21		6,162,930
	4,550,000		3.650			02/01/26		4,781,530
	800,000		4.900			02/01/46		896,783
	CVS Health Corp.^(a)
	1,100,000		4.125			05/15/21		1,201,218
	2,100,000		3.500			07/20/22		2,251,282
	2,150,000		3.375			08/12/24		2,252,880


	Corporate Obligations – (continued)
	Food & Beverage – (continued)
	Kraft Heinz Foods Co.^(a)(c)
$	1,050,000		2.800	%		07/02/20	$	1,073,401
	1,550,000		3.950			07/15/25		1,648,880
	Pernod-Ricard SA^(c)
	2,300,000		4.450			01/15/22		2,482,772
	SABMiller Holdings, Inc.^(c)
	525,000		4.950			01/15/42		585,751
	Suntory Holdings Ltd.^(c)
	2,550,000		2.550			09/29/19		2,587,118
	Walgreens Boots Alliance, Inc.^(a)
	450,000		2.700			11/18/19		458,784

								29,197,014

	Health Care – Services – 0.5%
	Cigna Corp.^(a)
	1,675,000		3.250			04/15/25		1,664,085
	UnitedHealth Group, Inc.
	950,000		4.625			07/15/35		1,057,788
	2,000,000		4.750			07/15/45		2,298,951

								5,020,824

	Health Care Products – 0.8%
	Becton Dickinson & Co.
	2,000,000		2.675			12/15/19		2,043,229
	Medtronic, Inc.
	725,000		2.500			03/15/20		749,715
	1,275,000		3.150			03/15/22		1,341,750
	Stryker Corp.^(a)
	575,000		2.625			03/15/21		586,581
	1,400,000		3.375			11/01/25		1,436,268
	575,000		3.500			03/15/26		597,387
	Thermo Fisher Scientific, Inc.^(a)
	1,025,000		3.650			12/15/25		1,046,895

								7,801,825

	Home Construction – 0.3%
	MDC Holdings, Inc.
	1,950,000		5.625			02/01/20		1,982,259
	1,350,000		6.000	^(a)		01/15/43		1,056,089

								3,038,348

	Life Insurance^(c) – 1.1%
	AIA Group Ltd.^(a)
	1,525,000		3.200			03/11/25		1,534,406
	Meiji Yasuda Life Insurance Co.^(a)(b)
	1,100,000		5.200			10/20/45		1,186,020
	Reliance Standard Life Global Funding II
	2,050,000		2.500			01/15/20		2,056,673
	Teachers Insurance & Annuity Association of America
	1,760,000		4.900			09/15/44		1,885,926
	The Northwestern Mutual Life Insurance Co.
	2,500,000		6.063			03/30/40		3,072,890

								9,735,915


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Lodging^(a) – 0.1%
	Marriott International, Inc.
$	766,000		2.875	%		03/01/21	$	773,528

	Media – Cable – 0.7%
	CCO Safari II LLC^(a)(c)
	350,000		3.579			07/23/20		356,493
	1,975,000		4.908			07/23/25		2,087,998
	Comcast Corp.^(a)
	3,075,000		3.375			08/15/25		3,271,557
	Time Warner Cable, Inc.
	425,000		5.000			02/01/20		460,243
	202,000		7.300			07/01/38		233,717
	275,000		5.875	^(a)		11/15/40		284,546

								6,694,554

	Media – Non Cable – 0.8%
	21st Century Fox America, Inc.^(a)
	2,900,000		3.700			09/15/24		3,054,511
	NBCUniversal Media LLC
	3,850,000		4.375			04/01/21		4,295,265
	Time Warner, Inc.^(a)
	450,000		3.875			01/15/26		471,601

								7,821,377

	Metals & Mining – 0.4%
	Freeport-McMoRan, Inc.^(a)
	1,175,000		5.400			11/14/34		719,687
	Glencore Funding LLC^(c)
	3,075,000		2.700			10/25/17		3,013,500
	228,000		2.500			01/15/19		208,620

								3,941,807

	Noncaptive – Financial – 0.9%
	Capital One Financial Corp.^(a)
	1,950,000		4.200			10/29/25		1,983,017
	General Electric Co.
	337,000		6.150			08/07/37		454,481
	International Lease Finance Corp.
	4,000,000		5.750			05/15/16		4,000,000
	1,400,000		7.125	^(c)		09/01/18		1,524,250

								7,961,748

	Pharmaceuticals – 2.0%
	AbbVie, Inc.^(a)
	1,950,000		2.500			05/14/20		1,979,501
	Actavis Funding SCS
	2,200,000		2.350			03/12/18		2,225,644
	525,000		3.450	^(a)		03/15/22		542,929
	1,935,000		3.800	^(a)		03/15/25		2,010,106
	1,225,000		4.850	^(a)		06/15/44		1,304,514
	Bayer US Finance LLC^(c)
	2,775,000		3.000			10/08/21		2,902,789
	EMD Finance LLC^(a)(c)
	3,325,000		2.950			03/19/22		3,393,874


	Corporate Obligations – (continued)
	Pharmaceuticals – (continued)
	Forest Laboratories LLC^(a)(c)
$	3,175,000		4.375	%		02/01/19	$	3,368,751
	900,000		5.000			12/15/21		1,004,781

								18,732,889

	Pipelines – 1.3%
	Columbia Pipeline Group, Inc.^(a)(c)
	925,000		3.300			06/01/20		915,380
	Enbridge, Inc.^(a)
	700,000		3.500			06/10/24		622,092
	Energy Transfer Partners LP^(a)
	175,000		5.200			02/01/22		165,375
	210,000		3.600			02/01/23		181,175
	125,000		4.750			01/15/26		114,119
	EnLink Midstream Partners LP^(a)
	1,650,000		4.150			06/01/25		1,266,375
	Enterprise Products Operating LLC^(a)
	215,000		3.350			03/15/23		211,535
	85,000		3.750			02/15/25		84,591
	2,900,000		8.375	^(b)		08/01/66		2,291,000
	1,350,000		7.000	^(b)		06/01/67		955,125
	Kinder Morgan, Inc.^(a)
	1,850,000		3.050			12/01/19		1,812,055
	Sunoco Logistics Partners Operations LP^(a)
	475,000		4.250			04/01/24		431,700
	Tennessee Gas Pipeline Co.
	425,000		8.375			06/15/32		459,298
	Western Gas Partners LP^(a)
	1,050,000		3.950			06/01/25		897,750
	Williams Partners LP^(a)
	1,600,000		3.900			01/15/25		1,280,000

								11,687,570

	Property/Casualty Insurance – 0.5%
	Allied World Assurance Co. Holdings Ltd.^(a)
	300,000		4.350			10/29/25		301,513
	American International Group, Inc.^(a)
	1,000,000		3.750			07/10/25		1,001,204
	Arch Capital Group Ltd.
	1,200,000		7.350			05/01/34		1,539,729
	The Chubb Corp.^(a)(b)
	1,125,000		6.375			03/29/67		973,125
	ZFS Finance USA Trust II^(a)(b)(c)
	1,175,000		6.450			12/15/65		1,172,650

								4,988,221

	Real Estate Investment Trusts – 2.4%
	American Campus Communities Operating Partnership LP^(a)
	2,575,000		3.750			04/15/23		2,600,615
	Camden Property Trust
	3,575,000		5.700			05/15/17		3,720,753
	CubeSmart LP^(a)
	1,500,000		4.000			11/15/25		1,525,352
	HCP, Inc.
	2,250,000		6.000			01/30/17		2,324,250


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trusts – (continued)
	Healthcare Trust of America Holdings LP^(a)
$	2,275,000		3.700	%		04/15/23	$	2,235,654
	Kilroy Realty LP
	2,375,000		6.625			06/01/20		2,724,075
	1,500,000		3.800	^(a)		01/15/23		1,531,902
	National Retail Properties, Inc.^(a)
	1,150,000		4.000			11/15/25		1,171,254
	Select Income REIT^(a)
	275,000		2.850			02/01/18		275,519
	525,000		3.600			02/01/20		527,612
	725,000		4.150			02/01/22		713,642
	Ventas Realty LP^(a)
	975,000		3.500			02/01/25		956,494
	Welltower, Inc.^(a)
	1,557,000		4.125			04/01/19		1,635,933

								21,943,055

	Schools – 0.3%
	Rensselaer Polytechnic Institute
	2,600,000		5.600			09/01/20		2,955,290

	Technology – Hardware – 1.5%
	Cisco Systems, Inc.
	1,450,000		2.200			02/28/21		1,478,016
	Fidelity National Information Services, Inc.^(a)
	2,575,000		3.625			10/15/20		2,662,666
	Fiserv, Inc.^(a)
	1,425,000		2.700			06/01/20		1,443,914
	Hewlett Packard Enterprise Co.^(a)(c)
	1,625,000		4.900			10/15/25		1,667,244
	Intel Corp.^(a)
	2,375,000		3.700			07/29/25		2,598,311
	Microsoft Corp.^(a)
	2,200,000		3.125			11/03/25		2,315,033
	Oracle Corp.^(a)
	1,600,000		2.500			05/15/22		1,630,524

								13,795,708

	Tobacco – 2.8%
	BAT International Finance PLC^(c)
	14,950,000		2.750			06/15/20		15,374,161
	Philip Morris International, Inc.^(a)
	1,075,000		2.750			02/25/26		1,092,004
	Reynolds American, Inc.^(a)
	9,050,000		4.450			06/12/25		9,958,092

								26,424,257

	Transportation^(c) – 0.7%
	ERAC USA Finance LLC
	3,525,000		2.350			10/15/19		3,531,042
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	^(a)		02/01/22		1,216,243
	1,425,000		4.250			01/17/23		1,443,955

								6,191,240

	Corporate Obligations – (continued)
	Wirelines Telecommunications – 3.0%
	American Tower Corp.^(a)
$	1,025,000		3.300	%		02/15/21	$	1,042,848
	AT&T, Inc.
	2,450,000		3.800			03/15/22		2,567,467
	Telefonica Emisiones SAU
	3,875,000		5.462			02/16/21		4,378,274
	Verizon Communications, Inc.
	6,181,000		2.625			02/21/20		6,346,530
	3,300,000		4.500			09/15/20		3,643,018
	8,500,000		5.150			09/15/23		9,808,386

								27,786,523

	TOTAL CORPORATE OBLIGATIONS
	(Cost $322,323,457)						$	327,189,543


	Mortgage-Backed Obligations – 33.9%
	Adjustable Rate Non-Agency^(b) – 1.0%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
$	809,813		0.843	%		09/20/66	$	780,044
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	1,414,122		0.066			09/20/66		1,564,048
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(c)
$	1,730,635		0.863			09/20/66		1,668,220
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	734,933		0.672			01/19/36		460,335
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	248,664		0.127			09/21/38		298,719
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A
GBP	156,486		0.865			12/21/37		241,173
	Leek Finance PLC Series 2017X, Class A2C
EUR	339,053		0.147			12/21/37		413,956
	Leek Finance PLC Series 2018X, Class A2B
$	1,699,204		0.830			09/21/38		1,788,698
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,189,832		1.172			12/25/46		870,036
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
	808,591		1.509			07/20/33		737,079
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
	52,363		2.538			02/25/33		50,585

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	8,872,893

	Collateralized Mortgage Obligations – 1.5%
	Interest Only^(b)(d) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
$	360,454		0.000	%		07/25/33	$	—
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
	405,686		0.000			08/25/33		1

								1


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB
$	87,777		35.507	%		02/16/32	$	154,930

	Planned Amortization Class – 0.0%
	FNMA REMIC Series 2003-134, Class ME
	23,502		4.500			06/25/33		24,121
	FNMA REMIC Series 2004-64, Class BA
	13,922		5.000			03/25/34		14,197

								38,318

	Sequential Fixed Rate – 1.5%
	FHLMC REMIC Series 2755, Class ZA
	825,608		5.000			02/15/34		908,155
	FHLMC REMIC Series 4273, Class PD
	2,180,003		6.500			11/15/43		2,533,604
	FNMA REMIC Series 2011-52, Class GB
	2,101,305		5.000			06/25/41		2,330,292
	FNMA REMIC Series 2011-99, Class DB
	2,030,764		5.000			10/25/41		2,245,283
	FNMA REMIC Series 2012-111, Class B
	369,338		7.000			10/25/42		427,103
	FNMA REMIC Series 2012-153, Class B
	1,240,784		7.000			07/25/42		1,463,904
	NCUA Guaranteed Notes Series A4
	3,500,000		3.000			06/12/19		3,700,837

								13,609,178

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	13,802,427

	Commercial Mortgage-Backed Securities – 2.2%
	Sequential Fixed Rate – 1.1%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	800,000		2.373	%		05/25/22	$	823,224
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class A4
	9,000,000		5.509			04/15/47		9,117,838

								9,941,062

	Sequential Floating Rate^(b) – 1.1%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	10,126,810		6.051			12/10/49		10,571,078

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	20,512,140


	Federal Agencies – 29.2%
	Adjustable Rate FNMA^(b) – 0.8%
$	9,188	2.583	%	06/01/33	$	9,690
	1,320,205	2.451		07/01/34		1,387,129
	2,857,026	2.330		09/01/34		2,982,173
	2,193,061	2.595		05/01/35		2,307,574
	499,703	2.166		06/01/35		519,226

						7,205,792

	Mortgage-Backed Obligations – (continued)
	FHLMC – 0.6%
$	171	5.000	%	01/01/17	$	177
	1,183	5.000		02/01/17		1,220
	1,181	5.000		03/01/17		1,201
	9,460	5.000		09/01/17		9,767
	27,482	5.000		10/01/17		28,380
	168	7.000		10/01/17		172
	20,639	5.000		11/01/17		21,310
	8,263	5.000		12/01/17		8,534
	11,992	5.000		01/01/18		12,368
	31,862	5.000		02/01/18		32,785
	22,337	5.000		03/01/18		23,019
	14,605	5.000		04/01/18		15,058
	9,844	5.000		05/01/18		10,158
	8,081	5.000		06/01/18		8,344
	17,339	5.000		07/01/18		17,954
	4,844	5.000		08/01/18		5,008
	27,912	4.500		09/01/18		28,790
	2,815	5.000		10/01/18		2,919
	5,088	5.000		11/01/18		5,275
	58,647	5.000		06/01/19		61,420
	101,127	5.000		05/01/23		111,369
	289,933	4.500		10/01/23		314,746
	54,245	5.500		10/01/25		60,538
	30,398	5.500		11/01/25		33,800
	5,917	7.000		06/01/26		6,464
	20,715	7.500		12/01/30		22,555
	13,383	7.500		01/01/31		14,629
	517,807	5.500		03/01/33		581,000
	24,240	5.000		10/01/33		26,763
	63,146	6.500		10/01/33		74,125
	963	5.500		12/01/33		1,089
	25,376	5.500		09/01/34		28,598
	2,113	5.500		12/01/34		2,370
	1,962	5.500		03/01/35		2,194
	4,873	5.000		04/01/35		5,378
	35,255	5.000		07/01/35		38,893
	57,673	5.500		11/01/35		64,617
	187,128	5.000		12/01/35		208,655
	410	5.500		02/01/36		464
	81,186	5.500		06/01/36		90,776
	64,598	5.500		08/01/37		71,970
	382,580	5.000		01/01/38		420,257
	187,747	5.500		03/01/38		210,871
	74,837	5.500		04/01/38		84,055
	107,477	5.500		08/01/38		121,051
	2,676	5.500		09/01/38		3,006
	6,459	6.500		09/01/38		7,558
	13,361	5.500		11/01/38		15,193
	21,200	5.500		12/01/38		23,704
	914,844	5.000		01/01/39		1,004,972
	1,144,310	7.000		02/01/39		1,351,056
	6,405	5.500		03/01/39		7,218
	258,713	5.000		06/01/39		284,278
	9,008	5.500		10/01/39		10,105
	19,724	5.500		03/01/40		22,271


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	40,750		5.500	%		06/01/40	$	45,718
	24,845		5.000			08/01/40		27,408
	7,533		4.500			11/01/40		8,203
	20,098		5.000			04/01/41		22,240
	22,782		5.000			06/01/41		25,110

								5,749,126

	FNMA – 14.4%
	4,489,462		2.800			03/01/18		4,564,869
	2,786,005		3.740			05/01/18		2,913,140
	3,480,000		3.840			05/01/18		3,649,066
	29,025		5.000			06/01/18		30,014
	202,238		4.500			07/01/18		208,740
	13,182		4.500			08/01/18		13,605
	169		6.500			10/01/18		193
	9,000,000		4.506			06/01/19		9,446,282
	1,869,870		3.414			10/01/20		2,013,138
	1,440,224		3.619			12/01/20		1,557,047
	3,821,654		4.381			06/01/21		4,253,525
	475,361		6.000			11/01/22		541,666
	199,999		5.000			07/01/23		221,103
	178,433		5.000			08/01/23		197,261
	137,424		5.500			09/01/23		150,134
	43,343		5.500			10/01/23		47,558
	697,925		5.000			11/01/23		771,568
	407,542		5.000			02/01/24		437,996
	492,433		6.000			03/01/24		561,119
	428,487		6.000			07/01/25		488,254
	212,858		6.000			03/01/26		242,435
	126,940		6.000			11/01/26		144,646
	142,261		6.000			04/01/27		162,105
	436,481		6.000			07/01/27		497,363
	63,610		7.000			08/01/27		74,477
	2,011		6.500			09/01/27		2,328
	476,759		6.000			03/01/28		543,258
	249,864		7.000			03/01/28		293,988
	4,096		6.500			05/01/28		4,744
	169,467		5.000			06/01/29		187,309
	188,115		5.000			07/01/29		207,920
	206,474		5.000			03/01/30		228,213
	199,864		5.000			08/01/30		220,906
	18,578		8.000			02/01/31		22,149
	99,572		7.000			03/01/31		112,842
	1,716		5.500			05/01/33		1,932
	25,243		5.000			07/01/33		28,161
	56,076		5.000			08/01/33		62,113
	1,905		5.000			09/01/33		2,110
	10,856		5.500			09/01/33		12,256
	1,872		6.500			09/01/33		2,179
	20,128		5.000			12/01/33		22,401
	726		5.500			12/01/33		818
	1,305		5.500			01/01/34		1,476
	15,345		5.500			02/01/34		17,344
	2,538		5.500			04/01/34		2,890
	8,740		5.500			05/01/34		9,895
	2,758		6.000			07/01/34		3,179

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	3,432		5.500	%		08/01/34	$	3,906
	8,598		5.500			10/01/34		9,717
	6,606		5.500			11/01/34		7,482
	96,533		5.500			12/01/34		109,272
	162,134		6.000			02/01/35		184,095
	232,602		5.000			04/01/35		259,569
	8,897		5.500			04/01/35		10,083
	7,783		5.500			07/01/35		8,822
	349		5.500			08/01/35		398
	1,453,546		5.000			09/01/35		1,609,913
	22,379		5.500			09/01/35		25,429
	1,615		5.500			12/01/35		1,843
	306		5.500			02/01/36		347
	151,607		5.500			03/01/36		171,813
	26,280		6.000			03/01/36		30,283
	1,329		5.500			04/01/36		1,505
	4,855		6.000			04/01/36		5,573
	316,015		6.000			07/01/36		359,857
	334,886		6.000			09/01/36		381,346
	2,645		5.500			01/01/37		2,994
	5,272		6.000			01/01/37		6,079
	1,135		5.500			02/01/37		1,284
	30,758		6.000			02/01/37		35,021
	66,411		6.000			03/01/37		75,629
	2,541		5.500			04/01/37		2,874
	2,457		5.500			05/01/37		2,786
	1,096		5.500			06/01/37		1,239
	682		5.500			07/01/37		768
	531,261		6.000			07/01/37		604,888
	31,099		6.000			07/01/37		35,409
	49		5.500			08/01/37		56
	8,557		6.000			08/01/37		9,743
	181,408		6.000			09/01/37		206,549
	513,773		6.000			10/01/37		584,976
	558,794		6.000			11/01/37		641,930
	538		5.500			12/01/37		608
	30,322		5.000			02/01/38		33,187
	1,287		5.500			02/01/38		1,454
	6,585		5.500			03/01/38		7,441
	37,611		6.000			03/01/38		43,312
	77,724		5.000			04/01/38		85,933
	302,976		6.000			04/01/38		345,037
	1,197		5.500			05/01/38		1,352
	620,933		6.000			05/01/38		706,987
	7,125		5.500			06/01/38		8,044
	71,743		6.000			06/01/38		81,685
	5,179		5.500			07/01/38		5,848
	2,750		5.500			08/01/38		3,080
	2,939		5.500			09/01/38		3,319
	349,099		6.000			10/01/38		397,480
	372,972		6.000			11/01/38		424,883
	4,360		5.500			12/01/38		4,913
	66,131		5.000			02/01/39		73,119
	97,844		6.000			02/01/39		111,427
	730,360		7.000			03/01/39		866,312
	47,998		4.500			04/01/39		53,000


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	453,656		6.000	%		04/01/39		$	516,528
	14,834		4.500			05/01/39			16,380
	16,243		5.500			06/01/39			18,362
	10,154		4.500			07/01/39			11,223
	751,450		5.000			07/01/39			831,103
	90,589		4.500			08/01/39			100,129
	493,894		6.000			09/01/39			562,342
	14,616		5.500			11/01/39			16,505
	485,511		6.000			11/01/39			554,216
	648,110		4.500			12/01/39			716,364
	62,485		6.000			04/01/40			71,159
	409,306		5.000			06/01/40			453,468
	132,771		5.000			07/01/40			147,097
	708,615		6.000			10/01/40			806,820
	409,546		5.000			11/01/40			452,957
	448,466		6.000			04/01/41			510,618
	1,200,745		4.500			05/01/41			1,309,692
	323,690		6.000			05/01/41			368,549
	243,351		4.500			08/01/41			265,899
	571,763		5.000			07/01/42			633,453
	43,526		3.000			11/01/42			44,962
	892,066		3.000			12/01/42			920,198
	1,320,872		3.000			01/01/43			1,364,971
	205,971		3.000			02/01/43			212,801
	1,317,365		3.000			03/01/43			1,361,055
	2,210,087		3.000			04/01/43			2,283,384
	413,184		3.500			04/01/43			433,484
	1,600,436		3.000			05/01/43			1,653,513
	153,842		3.000			06/01/43			158,945
	1,371,192		3.000			07/01/43			1,416,667
	9,230,211		3.500			07/01/43			9,683,690
	2,907,652		3.500			08/01/43			3,050,504
	1,921,197		5.000			05/01/44			2,125,475
	1,408,275		5.000			06/01/44			1,558,015
	39,000,000		3.000			TBA-30yr	^(e)		40,008,517
	11,000,000		3.500			TBA-30yr	^(e)		11,534,532
	4,000,000		4.000			TBA-30yr	^(e)		4,274,688

									134,277,879

	GNMA – 13.4%
	1,160,331		3.950			07/15/25			1,291,103
	15,688		6.000			11/15/38			18,196
	188,707		5.000			07/15/40			210,833
	362,961		5.000			01/15/41			405,518
	23,496,837		4.000			10/20/43			25,136,108
	19,238,379		4.000			07/20/45			20,592,580
	5,313,511		4.000			10/20/45			5,688,778
	10,172,389		4.000			11/20/45			10,884,872
	15,877,589		4.000			01/20/46			16,989,669
	2,990,731		4.000			02/20/46			3,208,727
	38,000,000		4.000			TBA-30yr	^(e)		40,633,282

									125,059,666

	TOTAL FEDERAL AGENCIES							$	272,292,463

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $313,288,513)							$	315,479,923

	Agency Debentures – 3.8%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	6,910,221
	3,500,000		3.375			09/08/23			3,859,299
	750,000		3.375			12/08/23			828,782
	2,400,000		5.000			09/28/29			3,025,150
	FNMA^(f)
	4,200,000		6.250			05/15/29			5,997,098
	Private Export Funding Corp.
	7,000,000		5.450			09/15/17			7,460,950
	Small Business Administration
	34,092		6.300			06/01/18			35,889
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21			6,010,218
	1,400,000		4.625			09/15/60			1,593,527

	TOTAL AGENCY DEBENTURES
	(Cost $33,835,300)							$	35,721,134


	Asset-Backed Securities – 8.7%
	Collateralized Loan Obligations^(c) – 5.5%
	B&M CLO Ltd. Series 2014-1A, Class A1^(b)
$	3,700,000		1.717	%		04/16/26		$	3,621,612
	B&M CLO Ltd. Series 2014-1A, Class A2^(b)
	650,000		2.267			04/16/26			613,881
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1^(b)
	3,400,000		1.845			04/18/26			3,329,647
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B^(b)
	6,950,000		1.743			04/28/25			6,824,031
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2^(b)
	1,750,000		2.323			04/28/25			1,637,297
	Madison Park Funding X Ltd. Series 2012-10A, Class A1A^(b)
	4,700,000		1.687			01/20/25			4,674,051
	Magnetite VIII Ltd. Series 2014-8A, Class A^(b)
	5,750,000		1.801			04/15/26			5,734,176
	Shackleton CLO Ltd. Series 2014-5A, Class A^(b)
	7,800,000		1.844			05/07/26			7,752,248
	Shackleton CLO Ltd. Series 2014-5A, Class B1^(b)
	1,150,000		2.344			05/07/26			1,110,569
	SPS Servicer Advance Receivables Trust Series 2015-T2, Class AT2
	4,850,000		2.620			01/15/47			4,851,062
	Trinitas CLO Ltd. Series 2014-1A, Class A1^(b)
	2,950,000		1.851			04/15/26			2,902,411
	Trinitas CLO Ltd. Series 2014-1A, Class B1^(b)
	750,000		2.221			04/15/26			691,704
	Whitehorse VIII Ltd. Series 2014-1A, Class A^(b)
	7,500,000		1.829			05/01/26			7,352,670

									51,095,359

	Credit Card – 0.3%
	Discover Card Execution Note Trust Series 2015-A2, Class A
	2,700,000		1.900			10/17/22			2,719,170

	Home Equity^(b) – 0.0%
	Impac CMB Trust Series 2004-08, Class 1A
	315,543		1.156			10/25/34			252,300


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Student Loan^(b) – 2.9%
	Chase Education Loan Trust Series 2007-A, Class A3
$	778,819		0.700	%		12/28/23	$	762,585
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(c)
	3,955,201		1.233			10/25/56		3,784,257
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	4,113,460		1.269			04/25/35		4,008,943
	EFS Volunteer No 3 LLC Series 2012-1, Class A2^(c)
	4,720,363		1.433			02/25/25		4,693,271
	Nelnet Student Loan Trust Series 2006-1, Class A5
	4,200,000		0.728			08/23/27		4,086,777
	Nelnet Student Loan Trust Series 2013-5A, Class A^(c)
	816,768		1.063			01/25/37		784,847
	Northstar Education Finance, Inc. Series 2004-2, Class A3
	728,880		0.791			07/30/18		725,042
	Scholar Funding Trust Series 2010-A, Class A^(c)
	1,928,753		1.371			10/28/41		1,794,622
	SLC Student Loan Trust Series 2006-2, Class A5
	4,250,000		0.734			09/15/26		4,101,202
	SLM Student Loan Trust Series 2005-3, Class A5
	2,412,659		0.709			10/25/24		2,361,853

								27,103,399

	TOTAL ASSET-BACKED SECURITIES
	(Cost $82,282,058)						$	81,170,228


	Foreign Debt Obligations – 2.2%
	Sovereign – 1.9%
	Italy Buoni Poliennali Del Tesoro
EUR	2,355,890		2.350	%		09/15/19	$	2,948,061
	Republic of Chile
$	239,000		3.125			01/21/26		241,988
	390,000		3.625			10/30/42		370,500
	Republic of Colombia
	1,750,000		4.000			02/26/24		1,758,750
	200,000		5.625			02/26/44		199,000
	Republic of Indonesia
	200,000		5.875			01/15/24		225,000
	420,000		4.125	^(c)		01/15/25		422,100
	380,000		4.125			01/15/25		381,900
	510,000		6.750			01/15/44		614,644
	Republic of Turkey
	1,560,000		4.250			04/14/26		1,513,200
	Spain Government Bond^(c)
EUR	110,000		5.500			04/30/21		156,851
	10,000		4.400			10/31/23		14,169
	Spain Government Inflation Linked Bond^(c)
	2,160,676		0.550			11/30/19		2,549,602
	United Mexican States
$	20,000		6.050			01/11/40		23,450
	3,750,000		4.750			03/08/44		3,750,000
	1,340,000		5.550			01/21/45		1,484,050
	920,000		4.600			01/23/46		901,600
	60,000		5.750			10/12/49		61,050

								17,615,915

	Foreign Debt Obligations – (continued)
	Supranational – 0.3%
	Inter-American Development Bank
$	2,700,000		1.000	%		02/27/18	$	2,685,479

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $20,082,770)						$	20,301,394


	Municipal Debt Obligations – 1.0%
	California – 0.6%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,388,710
	1,650,000		7.550			04/01/39		2,526,216
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,990,400

								5,905,326

	Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010
	1,280,000		7.350			07/01/35		1,398,477

	Ohio – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,059,533

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,442,905)						$	9,363,336


	Government Guarantee Obligations^(g) – 3.1%
	Hashemite Kingdom of Jordan Government AID Bond
$	7,400,000		2.503	%		10/30/20	$	7,719,220
	Israel Government AID Bond
	7,827,000		5.500			09/18/23		9,754,295
	1,200,000		5.500			12/04/23		1,501,465
	2,400,000		5.500			04/26/24		3,008,816
	4,700,000		5.500			09/18/33		6,403,162

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $26,517,190)						$	28,386,958


	U.S. Treasury Obligations – 11.7%
	United States Treasury Bonds
$	7,900,000		3.625	%		08/15/43	$	9,600,160
	3,200,000		3.750			11/15/43		3,976,896
	1,400,000		3.625			02/15/44		1,699,222
	31,750,000		3.000			11/15/44		34,271,583
	900,000		2.875			08/15/45		947,097
	10,600,000		3.000			11/15/45		11,448,742
	United States Treasury Inflation Protected Securities
	2,711,848		0.125			04/15/17		2,743,197
	11,273,350		0.125			04/15/18		11,477,623
	2,360,605		0.125			01/15/23		2,382,724
	8,245,638		0.375	^(f)		07/15/23		8,501,995
	7,574,213		0.625			01/15/24		7,894,905


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Inflation Protected Securities – (continued)
$	3,034,405		2.500	%		01/15/29	$	3,818,617
	712,446		2.125			02/15/40		912,486
	1,931,350		1.375			02/15/44		2,168,848
	United States Treasury Notes
	1,200,000		1.625			06/30/20		1,223,976
	800,000		1.625			07/31/20		815,936
	4,700,000		1.500			03/31/23		4,684,960

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $103,413,486)						$	108,568,967


Shares	Rate			Value
Investment Company^(b)(h) – 8.8%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares
81,617,969		0.250	%	$	81,617,969
(Cost $81,617,969)

TOTAL INVESTMENTS – 108.3%
(Cost $990,803,648)				$	1,007,799,452

LIABILITIES IN EXCESS OF OTHER ASSETS – (8.3)%					(76,865,946	)

NET ASSETS – 100.0%				$	930,933,506


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2016.
(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed 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 $151,908,554, which represents approximately 16.3% of net assets as of March 31, 2016.
(d)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $96,451,019 which represents approximately 10.4% of net assets as of March 31, 2016.
(f)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $28,386,958, which represents approximately 3.1% of net assets as of March 31, 2016.
(h)		Represents an affiliated fund.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NCUA		—National Credit Union Administration
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


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2016, 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
Bank of America Securities LLC	EUR	3,017,477	USD	3,388,431	$	3,438,823		05/19/16	$	50,392
	JPY	679,615,633	USD	6,001,196		6,043,475		04/26/16		42,280
	NZD	4,311,000	USD	2,874,601		2,975,651		04/26/16		101,050
	SEK	39,494,170	EUR	4,234,857		4,869,323		04/26/16		46,729
Barclays Bank PLC	AUD	3,474,595	USD	2,612,837		2,660,263		04/26/16		47,426
	CAD	1,913,402	USD	1,468,000		1,473,327		04/26/16		5,327
	EUR	1,267,000	GBP	992,588		1,442,842		04/26/16		17,126
	EUR	817,401	SEK	7,540,550		930,844		04/26/16		1,152
	GBP	3,398,712	USD	4,858,612		4,881,500		04/07/16		22,888
	NZD	1,080,000	USD	715,853		745,466		04/26/16		29,613
BNP Paribas SA	AUD	961,000	USD	719,357		735,773		04/26/16		16,416
	CHF	708,477	EUR	644,000		737,638		04/26/16		4,260
	EUR	1,300,000	GBP	1,014,691		1,480,421		04/26/16		22,959
	EUR	1,926,000	USD	2,162,111		2,193,302		04/26/16		31,191
	GBP	745,685	USD	1,058,269		1,071,074		04/26/16		12,805
	NOK	11,053,856	USD	1,297,264		1,335,710		04/26/16		38,446
	NZD	1,537,826	USD	1,027,369		1,061,479		04/26/16		34,110
	SEK	6,115,280	EUR	653,000		753,966		04/26/16		10,339
	USD	737,312	EUR	646,000		735,656		04/26/16		1,656
Citibank NA	EUR	696,000	CHF	752,299		793,864		06/15/16		8,783
	EUR	1,296,000	GBP	1,008,423		1,475,867		04/26/16		27,405
	EUR	646,000	NOK	6,066,328		735,656		04/26/16		2,622
	EUR	648,000	SEK	5,984,928		737,933		04/26/16		38
	EUR	634,000	USD	716,674		721,990		04/26/16		5,317
	GBP	242,409	USD	343,541		348,187		04/26/16		4,646
	NOK	12,255,912	EUR	1,292,000		1,480,962		04/26/16		9,651
	NZD	2,264,696	USD	1,537,960		1,563,198		04/26/16		25,238
	SEK	533,785	EUR	57,462		65,812		04/26/16		375
	USD	294,290	NZD	425,853		293,943		04/26/16		347
Credit Suisse International (London)	GBP	657,597	USD	930,135		944,493		04/07/16		14,358
HSBC Bank PLC	EUR	1,955,000	USD	2,186,265		2,226,326		04/26/16		40,061
	NOK	6,007,457	EUR	632,000		725,920		04/26/16		6,208
	SEK	21,262,478	EUR	2,275,546		2,621,498		04/26/16		30,138
Royal Bank of Canada	AUD	678,422	USD	515,856		519,374		04/28/16		3,518
Standard Chartered Bank	AUD	970,000	USD	731,225		742,664		04/26/16		11,439
	EUR	6,269,327	USD	7,005,564		7,139,420		04/26/16		133,856
	NZD	610,197	USD	402,501		421,186		04/26/16		18,685
State Street Bank (London)	CHF	703,677	EUR	642,000		732,640		04/26/16		1,540
	EUR	645,000	SEK	5,954,382		734,517		04/26/16		388
	EUR	1,264,369	USD	1,417,744		1,439,845		04/26/16		22,101
	GBP	513,292	EUR	646,000		737,273		04/26/16		1,617
	GBP	264,807	USD	373,751		380,358		04/26/16		6,607
	NOK	13,132,025	EUR	1,390,000		1,586,390		06/15/16		942
	SEK	106,844,384	EUR	11,499,015		13,173,080		04/26/16		78,164
	USD	738,547	AUD	960,000		735,007		04/26/16		3,540
	USD	2,281,099	JPY	254,166,858		2,260,176		04/26/16		20,922


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Westpac Banking Corp.	AUD	822,800	USD	621,082	$	629,963		04/26/16	$	8,880
	NZD	2,782,164	USD	1,890,184		1,920,378		04/26/16		30,196
	USD	735,735	NZD	1,060,000		731,661		04/26/16		4,075
TOTAL									$	1,057,822

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	1,922,000	USD	1,471,589	$	1,471,546		04/26/16	$	(43	)
	USD	717,181	EUR	632,000		719,713		04/26/16		(2,532	)
	USD	11,935,800	EUR	10,629,110		12,113,308		05/19/16		(177,508	)
Barclays Bank PLC	CAD	1,861,411	USD	1,434,000		1,433,293		04/26/16		(707	)
	GBP	518,454	EUR	654,000		744,687		04/26/16		(78	)
	USD	2,171,000	CAD	2,887,882		2,223,680		04/26/16		(52,680	)
	USD	736,392	EUR	648,000		737,933		04/26/16		(1,541	)
	USD	719,004	NZD	1,067,000		736,493		04/26/16		(17,488	)
BNP Paribas SA	CHF	715,358	EUR	656,280		746,530		06/15/16		(2,029	)
	USD	1,455,858	EUR	1,298,000		1,478,144		04/26/16		(22,286	)
	USD	3,057,061	JPY	345,884,414		3,075,774		04/26/16		(18,713	)
	USD	729,428	NZD	1,090,000		752,368		04/26/16		(22,940	)
	USD	487,620	SEK	4,065,309		501,221		04/26/16		(13,601	)
Citibank NA	EUR	1,291,938	CHF	1,416,287		1,471,241		04/26/16		(3,340	)
	EUR	1,828,328	SEK	16,972,164		2,082,074		04/26/16		(10,462	)
	GBP	1,545,909	EUR	1,958,000		2,220,485		04/26/16		(9,258	)
	JPY	33,038,472	USD	294,615		293,794		04/26/16		(821	)
	USD	2,988,623	AUD	4,026,220		3,082,606		04/26/16		(93,983	)
	USD	2,857,458	CAD	3,810,145		2,933,825		04/26/16		(76,367	)
	USD	1,477,256	EUR	1,323,807		1,507,533		04/26/16		(30,277	)
	USD	1,157,963	GBP	813,823		1,168,877		04/07/16		(10,914	)
	USD	316,864	JPY	35,957,750		319,754		04/26/16		(2,890	)
	USD	314,777	SEK	2,629,772		324,230		04/26/16		(9,454	)
HSBC Bank PLC	USD	345,938	AUD	463,715		355,035		04/26/16		(9,097	)
	USD	668,343	CAD	929,000		715,317		04/06/16		(46,974	)
JPMorgan Securities, Inc.	USD	705,621	SEK	6,065,658		747,664		04/19/16		(42,043	)
Royal Bank of Canada	USD	1,005,401	JPY	113,919,000		1,013,293		05/06/16		(7,892	)
Royal Bank of Scotland PLC	USD	4,918,970	GBP	3,438,517		4,938,670		04/07/16		(19,700	)
Standard Chartered Bank	NZD	1,066,000	USD	736,118		735,802		04/26/16		(315	)
	USD	1,450,239	EUR	1,290,000		1,469,034		04/26/16		(18,794	)
	USD	460,317	SEK	3,828,777		472,058		04/26/16		(11,742	)
State Street Bank (London)	EUR	1,304,000	SEK	12,097,847		1,484,976		04/26/16		(6,593	)
	USD	3,609,953	AUD	4,865,165		3,724,930		04/26/16		(114,977	)
	USD	703,592	CAD	936,326		720,975		04/26/16		(17,383	)
	USD	286,284	EUR	257,835		293,618		04/26/16		(7,334	)
Westpac Banking Corp.	USD	1,207,137	AUD	1,588,672		1,216,339		04/26/16		(9,203	)
	USD	717,130	EUR	632,000		719,713		04/26/16		(2,582	)
	USD	4,711,740	NZD	6,996,783		4,829,502		04/26/16		(117,762	)
TOTAL									$	(1,012,303	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACT — At March 31, 2016, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Received: $(4,059,219))		3.000	%	TBA-30yr		05/12/16	$	(4,000,000	)	$	(4,095,000	)

(a)

FUTURES CONTRACTS — At March 31, 2016, 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		29		June 2016	$	2,911,100		$	19,411
Eurodollars		1		March 2017		247,825			248
Ultra Long U.S. Treasury Bonds		(61	)	June 2016		(10,524,406	)		(23,127	)
2 Year U.S. Treasury Notes		432		June 2016		94,500,000			30,796
5 Year U.S. Treasury Notes		399		June 2016		48,344,461			156,658
10 Year U.S. Treasury Notes		(239	)	June 2016		(31,163,359	)		(96,034	)
20 Year U.S. Treasury Bonds		3		June 2016		493,312			6,288
TOTAL								$	94,240

SWAP CONTRACTS — At March 31, 2016, 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)
SEK	97,180		06/15/18	0.050%	3 month STIBOR	$	93,834		$	(7,827	)
EUR	12,510		02/17/19	6 month EURO	0.086%		1,073			(8,397	)
	4,540		02/09/20	6 month EURO	0.100		(3,050	)		(5,323	)
	11,280		02/26/20	0.050	6 month EURO		4,516			1,357
GBP	2,620		02/16/21	6 month GBP	1.160		(2,927	)		(790	)
CAD	36,750		06/15/21	1.000	6 month CDOR		2,017			3,181
AUD	5,110		06/15/21	2.500	6 month AUDOR		13,372			16,982
$	16,440		06/15/21	3 month LIBOR	2.000		(479,748	)		(140,081	)
SEK	99,260		06/15/21	3 month STIBOR	0.500		(89,235	)		1,017
GBP	3,780		06/15/21	6 month GBP	1.750		(199,621	)		8,196
	3,240		12/11/22	6 Month GBP	1.940		(10,776	)		(136,949	)
EUR	1,520		02/09/23	0.500	6 month EURO		1,798			11,559
	8,380		06/15/23	0.750	6 month EURO		275,991			53,180
JPY	1,596,410		06/15/23	6 month JYOR	0.100		(71,872	)		(4,027	)
GBP	2,570		02/16/25	1.570	6 Month GBP		10,571			6,706
EUR	2,530		05/11/25	1.567	6 month EURO		78,739			21,698
	17,550		05/11/25	1.568	6 month EURO		20,943			675,763
	4,240		09/16/25	2.000	6 month EURO		80,221			172,963
GBP	2,780		09/16/25	6 month GBP	2.750		(258,621	)		77,279
JPY	1,670,820		12/16/25	6 month JYOR	1.000		(565,963	)		74,833
EUR	12,110		01/06/26	1.550	6 month EURO		1,851,609			(1,483,751	)
AUD	3,010		03/24/26	3.100	6 month AUDOR		9,739			7,381
EUR	22,330		06/15/26	1.000	6 month EURO		1,092,292			(2,972	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)^(b)		Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	6,920		06/15/26	3 month LIBOR	2.250%	$	(249,894	)	$	(120,667	)
NZD	6,790		06/15/26	3 month NZDOR	3.000		51,384			(46,294	)
SEK	46,250		06/15/26	3 month STIBOR	1.250		(20,338	)		(10,440	)
AUD	14,400		06/15/26	3.000%	6 month AUDOR		292,608			78,200
	2,410		06/16/26	3.000	6 month AUDOR		37,694			24,327
$	7,200		12/15/26	2.500	3 month LIBOR		67,042			21,479
SEK	14,260		12/15/26	2.750	3 month STIBOR		(976	)		46,600
GBP	5,700		12/11/27	2.190	6 month GBP		33,740			375,417
	2,910		12/11/32	6 month GBP	2.250		(17,571	)		(250,088	)
	740		02/16/33	6 month GBP	1.820		(4,398	)		155
EUR	6,100		05/11/35	6 month GBP	1.695		(117,254	)		(281,448	)
$	5,830		12/17/35	3.000	3 month LIBOR		223,887			5,306
JPY	742,850		12/17/35	6 month JYOR	2.000		(648,958	)		(82,349	)
	193,300		03/30/36	6 month JYOR	0.900		(3,748	)		(2,433	)
	78,290		06/15/36	6 month JYOR	0.500		701			165
EUR	1,860		12/19/45	1.250	6 month EURO		(113	)		23,788
$	5,880		12/19/45	2.750	3 month LIBOR		121,859			417
JPY	807,750		12/19/45	6 month JYOR	2.000		(519,444	)		(227,276	)
GBP	3,380		01/05/46	6 month GBP	2.250		(126,023	)		(209,031	)
$	330		06/15/46	2.500	3 month LIBOR		25,858			1,138
GBP	34,590		06/15/46	6 month GBP	2.000		(588,436	)		23,791
	TOTAL					$	412,522		$	(1,287,265	)

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(c)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX Investment Grade Index 26	$59,725		(1.000	)%		06/20/21		0.796	%	$	(577,109	)	$	(46,721	)

(c)

INTEREST RATE SWAPTION CONTRACTS

For the fiscal year ended March 31, 2016, the Fund had the following interest rate swaptions activities:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		30,000			697,260
Contracts Bought to Close		(30,000	)		(697,260	)
Contracts Outstanding March 31, 2016	$	—		$	—


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

March 31, 2016


Principal Amount			Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – 46.2%
	British Pound – 3.3%
	United Kingdom Treasury
GBP	3,400,000			1.750	%		07/22/19	$	5,067,541
	2,930,000			2.000			09/07/25		4,428,090
	2,000,000			4.500			09/07/34		3,939,373
	1,200,000			4.250			03/07/36		2,313,867
	2,170,000			3.250			01/22/44		3,739,120
	2,970,000			3.500			01/22/45		5,362,234
	720,000			3.500			07/22/68		1,482,557

									26,332,782

	Canadian Dollar – 1.6%
	British Columbia Province of Canada
CAD	800,000			3.250			12/18/21		676,472
	Government of Canada
	2,530,000			2.500			06/01/24		2,154,498
	2,920,000			4.000			06/01/41		3,120,482
	Ontario Province of Canada
	1,800,000			4.400			06/02/19		1,527,232
	1,700,000			2.600			06/02/25		1,354,398
	2,300,000			4.650			06/02/41		2,244,588
	Quebec Province of Canada
	1,800,000			4.250			12/01/21		1,590,763

									12,668,433

	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000			1.500			10/29/19		496,044

	Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000			4.500			11/15/39		799,502

	Euro – 20.8%
	Federal Republic of Germany
EUR	10,750,000			0.500			02/23/18		12,460,680
	14,900,000			0.000			03/16/18		17,117,303
	950,000			2.250			09/04/20		1,209,471
	4,000,000			1.000			08/15/24		4,948,772
	6,270,000			4.750			07/04/34		12,261,436
	500,000			2.500			08/15/46		822,445
	Government of France
	2,200,000			1.000			11/25/18		2,595,229
	18,980,000			1.750			11/25/24		24,366,980
	1,330,000			4.500			04/25/41		2,566,950
	Italy Buoni Poliennali Del Tesoro
	3,468,394			2.350			09/15/19		4,340,201
	1,370,000			5.000			03/01/22		1,962,138
	8,030,198			2.350	^(a)		09/15/24		10,669,015
	2,040,000			3.500	^(a)		03/01/30		2,857,679
	190,000			5.000			08/01/34		318,006
	Kingdom of Belgium
	4,485,000			3.750	^(a)		09/28/20		6,032,824
	40,000			2.250			06/22/23		52,791
	3,100,000			2.600	^(a)		06/22/24		4,216,055
	Kingdom of The Netherlands^(a)
	7,320,000			4.000			07/15/18		9,179,611
	3,580,000			0.250			07/15/25		4,080,688


	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Republic of Austria^(a)
EUR	8,990,000			4.350	%		03/15/19	$	11,661,880
	Republic of Ireland
	860,000			4.500			04/18/20		1,158,861
	510,000			3.400			03/18/24		710,462
	Republic of Italy
	7,059,088			2.150			11/12/17		8,334,718
	1,310,000			5.000			08/01/39		2,260,912
	Spain Government Bond^(a)
	2,200,000			4.800			01/31/24		3,200,821
	2,230,000			3.800			04/30/24		3,048,065
	1,250,000			2.750			10/31/24		1,593,984
	5,345,000			5.900			07/30/26		8,650,169
	Spain Government Inflation Linked Bond^(a)
	3,157,152			0.550			11/30/19		3,725,446

									166,403,592

	Japanese Yen – 17.0%
	Government of Japan
JPY	2,402,800,000			0.300			03/20/18		21,565,955
	667,500,000			0.200			09/20/18		5,993,414
	3,126,500,000			1.300			06/20/20		29,549,585
	2,037,100,000			0.800			09/20/23		19,420,190
	108,950,000			0.400			06/20/25		1,012,114
	642,950,000			0.400			09/20/25		5,974,302
	436,000,000			2.200			03/20/31		5,032,256
	225,000,000			1.700			09/20/32		2,465,374
	214,000,000			1.400			09/20/34		2,251,616
	1,574,200,000			2.500			09/20/34		19,303,025
	348,000,000			2.200			09/20/39		4,244,985
	391,000,000			1.400			09/20/45		4,277,115
	141,600,000			2.000			03/20/52		1,827,809
	162,700,000			1.400			03/20/55		1,834,002
	Japanese Government CPI Linked Bond
	23,359,000			0.100			09/10/24		218,408
	1,177,969,200			0.100			03/10/25		11,024,523

									135,994,673

	Mexican Peso – 0.5%
	United Mexican States
MXN	13,428,840			0.000	^(b)		04/28/16		774,027
	14,260,700			0.000	^(b)		05/12/16		820,778
	14,401,940			0.000	^(b)		06/16/16		827,012
	7,154,300			7.750			11/23/34		465,851
	13,763,300	��		10.000			11/20/36		1,096,346
	1,882,300			8.500			11/18/38		131,588

									4,115,602

	Polish Zloty – 0.1%
	Poland Government Bond
PLN	980,000			3.250			07/25/19		276,258
	290,000			4.000			10/25/23		85,546
	1,200,000			3.250			07/25/25		335,783

									697,587


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – (continued)
	South African Rand – 0.2%
	Republic of South Africa
ZAR	18,820,000		7.750	%		02/28/23	$	1,196,065
	6,569,608		10.500			12/21/26		486,309

								1,682,374

	South Korean Won – 0.5%
	Republic of Korea
KRW	3,819,000,000		5.000			06/10/20		3,804,851

	United States Dollar – 2.0%
	Republic of Chile
$	6,171,000		3.125			01/21/26		6,248,137
	150,000		3.625			10/30/42		142,500
	Republic of Colombia
	200,000		5.625			02/26/44		199,000
	200,000		5.000			06/15/45		187,500
	Republic of Indonesia
	970,000		5.875			01/15/24		1,091,250
	200,000		4.125	^(a)		01/15/25		201,000
	1,110,000		4.125			01/15/25		1,115,550
	1,050,000		6.750			01/15/44		1,265,444
	230,000		5.125			01/15/45		228,850
	Republic of Kazakhstan
	550,000		5.125			07/21/25		565,950
	Republic of Korea
	660,000		7.125			04/16/19		767,930
	Republic of Peru
	580,000		6.550			03/14/37		722,100
	Republic of South Africa
	210,000		5.875			09/16/25		227,850
	Republic of Turkey
	500,000		5.750			03/22/24		540,625
	United Mexican States
	460,000		4.750			03/08/44		460,000
	1,210,000		5.550			01/21/45		1,340,075
	470,000		5.750			10/12/10		478,225

								15,781,986

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $355,947,674)						$	368,777,426


	Corporate Obligations – 19.8%
	Automotive – 0.5%
	BMW US Capital LLC
EUR	350,000		1.125	%		09/18/21	$	413,260
	FCE Bank PLC
	750,000		1.625			09/09/16		858,783
	Ford Motor Credit Co. LLC
$	2,300,000		3.984			06/15/16		2,314,580
	300,000		4.250			02/03/17		306,693

								3,893,316


	Corporate Obligations – (continued)
	Banks – 7.4%
	ABN AMRO Bank NV
EUR	1,000,000		2.875	%^(c)(d)		06/30/25	$	1,160,055
$	800,000		4.750	^(a)		07/28/25		805,790
	American Express Credit Corp.
	700,000		2.800			09/19/16		705,956
	Bank of America Corp.
EUR	300,000		4.625			08/07/17		362,036
$	1,550,000		5.750			12/01/17		1,645,070
	1,000,000		5.650			05/01/18		1,072,646
	1,400,000		2.600			01/15/19		1,422,439
	600,000		2.650			04/01/19		609,974
	1,450,000		4.125			01/22/24		1,528,224
	150,000		3.875			08/01/25		155,725
	Bank of Ireland
EUR	6,500,000		1.250			04/09/20		7,473,123
	BBVA Subordinated Capital SAU^(c)(d)
	600,000		3.500			04/11/24		701,884
	BNP Paribas SA^(c)(d)
	150,000		4.730			04/12/49		170,709
	Branch Banking & Trust Co.^(d)
$	1,250,000		3.625			09/16/25		1,304,702
	Citigroup, Inc.
	1,300,000		3.700			01/12/26		1,335,010
	Cooperatieve Rabobank UA
EUR	1,600,000		3.875			07/25/23		2,054,774
	Credit Agricole SA^(a)
$	1,500,000		2.125			04/17/18		1,510,548
	Credit Suisse AG
	750,000		6.500			08/08/23		806,250
	HSBC Holdings PLC
	200,000		4.250			08/18/25		197,193
	450,000		6.800			06/01/38		543,365
	ING Bank NV
EUR	300,000		6.125	^(c)(d)		05/29/23		373,984
$	900,000		5.800	^(a)		09/25/23		980,719
	2,800,000		4.125	^(c)(d)		11/21/23		2,823,996
	Intesa Sanpaolo SpA
	800,000		2.375			01/13/17		803,470
	1,700,000		3.875			01/16/18		1,739,505
	900,000		3.875			01/15/19		924,153
	500,000		5.017	^(a)		06/26/24		468,894
	JPMorgan Chase & Co.^(d)
	1,550,000		3.300			04/01/26		1,568,891
	KBC Bank NV^(c)(d)
	1,000,000		8.000			01/25/23		1,077,500
	KBC Groep NV^(c)(d)
EUR	1,600,000		1.875			03/11/27		1,777,272
	Lloyds TSB Bank PLC^(c)(d)
	1,250,000		11.875			12/16/21		1,531,625
	Mitsubishi UFJ Financial Group, Inc.
$	1,150,000		2.950			03/01/21		1,172,882
	1,100,000		3.850			03/01/26		1,143,798
	Morgan Stanley, Inc.
	500,000		5.625			09/23/19		555,513
EUR	900,000		2.375			03/31/21		1,089,694
$	50,000		3.875			04/29/24		52,153


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

	Corporate Obligations – (continued)
	Banks – (continued)
	Morgan Stanley, Inc. – (continued)
$	1,700,000		3.700	%		10/23/24		$	1,745,985
EUR	300,000		1.750			01/30/25			340,168
$	300,000		4.000			07/23/25			313,423
	1,000,000		3.950			04/23/27			992,545
	350,000		4.300			01/27/45			351,129
	Regions Financial Corp.^(d)
	750,000		2.000			05/15/18	��		745,537
	Santander UK Group Holdings PLC^(a)
	3,600,000		4.750			09/15/25			3,424,860
	900,000		5.625			09/15/45			830,281
	Synchrony Financial^(d)
	100,000		1.875			08/15/17			99,578
	250,000		3.000			08/15/19			252,221
	The Bank of Tokyo-Mitsubishi UFJ Ltd.^(a)
	1,050,000		1.700			03/05/18			1,044,331
	UBS Group Funding Jersey Ltd.^(a)
	2,400,000		3.000			04/15/21			2,404,411
	1,750,000		4.125			09/24/25			1,752,495
	Wells Fargo & Co.
	800,000		3.300			09/09/24			824,763

									58,771,249

	Chemicals – 0.3%
	Bayer AG^(c)(d)
EUR	850,000		3.750			07/01/74			999,036
	Eastman Chemical Co.^(d)
$	650,000		3.800			03/15/25			658,974
	LYB International Finance BV
	150,000		5.250			07/15/43			154,629
	LyondellBasell Industries NV^(d)
	500,000		5.000			04/15/19			532,572
	Monsanto Co.^(d)
	150,000		4.400			07/15/44			138,790

									2,484,001

	Communications – 2.0%
	21st Century Fox America, Inc.
	50,000		4.000			10/01/23			53,739
	600,000		3.700	^(d)		09/15/24			631,968
	550,000		3.700	^(d)		10/15/25			574,931
	America Movil SAB de CV
MXN	5,260,000		6.000			06/09/19			300,431
	American Tower Corp.^(d)
$	450,000		3.300			02/15/21			457,836
	AT&T, Inc.^(d)
	1,750,000		3.400			05/15/25			1,754,802
	British Telecommunications PLC
GBP	244,000		6.625			06/23/17			372,351
	CCO Safari II LLC^(a)(d)
$	150,000		3.579			07/23/20			152,783
	1,150,000		4.908			07/23/25			1,215,796
	Comcast Corp.
	50,000		4.500			01/15/43			54,343
	1,600,000		4.600	^(d)		08/15/45			1,781,042


	Corporate Obligations – (continued)
	Communications – (continued)
	Orange SA
$	50,000		5.375	%		01/13/42		$	58,322
	250,000		5.500	^(d)		02/06/44			297,048
	Time Warner Cable, Inc.
	300,000		6.750			07/01/18			328,830
	450,000		5.000			02/01/20			487,316
	100,000		4.125	^(d)		02/15/21			105,233
	28,000		7.300			07/01/38			32,396
	100,000		5.500	^(d)		09/01/41			99,859
	Verizon Communications, Inc.
	2,248,000		2.625			02/21/20			2,308,203
	350,000		4.500			09/15/20			386,381
	750,000		5.150			09/15/23			865,446
	2,850,000		3.500	^(d)		11/01/24			2,990,034
	40,000		6.400			09/15/33			49,397
	86,000		6.550			09/15/43			112,806
	505,000		4.522			09/15/48			505,153
	25,000		4.672			03/15/55			24,096

									16,000,542

	Consumer Cyclical Services^(d) – 0.2%
	Visa, Inc.
	350,000		2.800			12/14/22			364,520
	1,100,000		3.150			12/14/25			1,148,158

									1,512,678

	Diversified Manufacturing – 0.1%
	Roper Technologies, Inc.
	400,000		2.050			10/01/18			399,628

	Electric – 0.5%
	Berkshire Hathaway Energy Co.
	350,000		5.950			05/15/37			420,846
	EDP Finance BV
EUR	200,000		4.875			09/14/20			260,506
	350,000		4.125			01/20/21			443,954
	100,000		2.625			01/18/22			118,930
	Electricite de France SA^(c)(d)
	400,000		4.125			01/22/49			433,927
	700,000		5.000			01/22/49			754,792
	Enel Finance International NV
GBP	150,000		5.625			08/14/24			256,827
	100,000		5.750			09/14/40			177,066
	Engie^(c)(d)
EUR	400,000		3.875			07/10/49			473,662
	Exelon Corp.^(d)
$	450,000		3.950			06/15/25			466,382
	Ruwais Power Co. PJSC^(a)
	520,000		6.000			08/31/36			564,200

									4,371,092

	Energy – 1.2%
	Anadarko Petroleum Corp.^(d)
	50,000		3.450			07/15/24			44,684
	400,000		4.500			07/15/44			312,875


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Energy – (continued)
	Apache Corp.^(d)
$	100,000		3.250	%		04/15/22	$	95,974
	100,000		4.750			04/15/43		90,023
	APT Pipelines Ltd.
EUR	800,000		1.375			03/22/22		884,012
	1,650,000		2.000			03/22/27		1,773,425
	Brazil Minas SPE via State of Minas Gerais^(e)
$	231,000		5.333			02/15/28		198,083
	Buckeye Partners LP^(d)
	550,000		4.150			07/01/23		482,444
	Columbia Pipeline Group, Inc.^(a)
	100,000		2.450			06/01/18		98,700
	150,000		3.300	^(d)		06/01/20		148,440
	Devon Energy Corp.^(d)
	500,000		3.250			05/15/22		417,500
	200,000		5.600			07/15/41		155,138
	50,000		4.750			05/15/42		37,016
	Dolphin Energy Ltd.
	224,284		5.888			06/15/19		239,423
	334,040		5.888	^(a)		06/15/19		356,588
	Energy Transfer Partners LP^(d)
	150,000		3.600			02/01/23		129,411
	Enterprise Products Operating LLC^(d)
	500,000		3.750			02/15/25		497,595
	Halliburton Co.^(d)
	550,000		3.375			11/15/22		558,563
	50,000		3.500			08/01/23		50,050
	550,000		3.800			11/15/25		548,489
	Kinder Morgan, Inc.^(d)
	350,000		3.050			12/01/19		342,821
	TOTAL SA^(c)(d)
EUR	900,000		2.250			02/26/49		963,585
	700,000		2.625			02/26/49		724,683
	Williams Partners LP^(d)
$	450,000		3.900			01/15/25		360,000

								9,509,522

	Financial Companies – 0.4%
	GE Capital European Funding
EUR	1,200,000		2.875			06/18/19		1,484,986
	GE Capital International Funding Co.^(a)
$	1,500,000		3.373			11/15/25		1,600,222

								3,085,208

	Food & Beverage – 1.7%
	Anheuser-Busch InBev Finance, Inc.^(d)
	2,050,000		2.650			02/01/21		2,105,668
	600,000		3.300			02/01/23		624,417
	3,500,000		3.650			02/01/26		3,678,100
	350,000		4.900			02/01/46		392,343
	CVS Health Corp.^(d)
	550,000		2.800			07/20/20		570,272
	300,000		3.500			07/20/22		321,612
	350,000		4.000			12/05/23		382,557
	250,000		3.875			07/20/25		269,615


	Corporate Obligations – (continued)
	Food & Beverage – (continued)
	Kraft Heinz Foods Co.^(a)(d)
$	600,000		2.800	%		07/02/20	$	613,372
	500,000		3.500			07/15/22		525,114
	500,000		3.950			07/15/25		531,897
	150,000		5.000			07/15/35		164,447
	150,000		5.200			07/15/45		168,411
	Mead Johnson Nutrition Co.^(d)
	800,000		4.125			11/15/25		849,250
	Pernod-Ricard SA^(a)
	400,000		4.450			01/15/22		431,786
	1,050,000		4.250			07/15/22		1,128,464
	885,000		5.500			01/15/42		954,931

								13,712,256

	Health Care – Services – 0.1%
	Humana, Inc.^(d)
	150,000		3.850			10/01/24		153,372
	UnitedHealth Group, Inc.
	700,000		2.875			12/15/21		726,835

								880,207

	Health Care Products – 0.4%
	Medtronic, Inc.
	200,000		2.500			03/15/20		206,818
	350,000		3.500			03/15/25		372,599
	300,000		4.625			03/15/45		335,294
	Stryker Corp.^(d)
	1,850,000		3.375			11/01/25		1,897,926
	50,000		3.500			03/15/26		51,947

								2,864,584

	Insurance – 0.4%
	Allianz Finance II BV^(c)(d)
EUR	100,000		5.750			07/08/41		131,240
	Assicurazioni Generali SpA^(c)(d)
GBP	50,000		6.416			02/28/49		69,588
	Chubb INA Holdings, Inc.^(d)
$	400,000		2.875			11/03/22		412,285
	Generali Finance BV^(c)(d)
GBP	150,000		6.214			12/31/49		214,627
	Meiji Yasuda Life Insurance Co.^(a)(c)(d)
$	850,000		5.200			10/20/45		916,470
	Prudential Financial, Inc.^(c)(d)
	200,000		5.375			05/15/45		197,000
	QBE Insurance Group Ltd.^(a)
	400,000		2.400			05/01/18		401,350
	Standard Life PLC^(c)(d)
GBP	150,000		6.546			01/06/49		223,193
	Teachers Insurance & Annuity Association of America^(a)
$	800,000		4.900			09/15/44		857,239

								3,422,992


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Metals & Mining – 0.2%
	Glencore Funding LLC^(a)
$	350,000		2.500	%		01/15/19	$	320,250
	Rio Tinto Finance USA Ltd.
	752,000		9.000			05/01/19		893,305

								1,213,555

	Noncaptive – Financial – 0.2%
	Capital One Financial Corp.^(d)
	1,000,000		4.200			10/29/25		1,016,932
	General Electric Co.
MXN	2,000,000		8.500			04/06/18		123,770
$	350,000		5.550			05/04/20		403,683
	150,000		4.650			10/17/21		171,126

								1,715,511

	Pharmaceuticals – 1.3%
	AbbVie, Inc.
	1,500,000		1.750			11/06/17		1,506,165
	400,000		2.500	^(d)		05/14/20		406,052
	50,000		3.200	^(d)		11/06/22		51,297
	200,000		3.600	^(d)		05/14/25		209,381
	Actavis Funding SCS
	50,000		2.450			06/15/19		50,670
	250,000		3.000	^(d)		03/12/20		255,905
	100,000		3.450	^(d)		03/15/22		103,415
	850,000		3.800	^(d)		03/15/25		882,992
	100,000		4.850	^(d)		06/15/44		106,491
	EMD Finance LLC^(a)(d)
	2,050,000		3.250			03/19/25		2,047,296
	Forest Laboratories LLC^(a)(d)
	300,000		4.375			02/01/19		318,307
	4,100,000		5.000			12/15/21		4,577,334
	Merck KGaA^(c)(d)
EUR	150,000		2.625			12/12/74		171,282

								10,686,587

	Real Estate Investment Trusts^(d) – 0.7%
	Hammerson PLC
EUR	100,000		2.000			07/01/22		118,137
	HCP, Inc.
$	100,000		2.625			02/01/20		98,553
	1,750,000		5.375			02/01/21		1,910,707
	200,000		4.250			11/15/23		199,554
	Prologis LP
EUR	100,000		3.000			01/18/22		123,877
	Trust F/1401^(a)
$	330,000		5.250			12/15/24		335,775
	Ventas Realty LP
	1,600,000		3.500			02/01/25		1,569,631
	Ventas Realty LP/Ventas Capital Corp.
	200,000		3.250			08/15/22		200,476
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)
	350,000		2.700			09/17/19		352,379
	400,000		3.750			09/17/24		407,123

								5,316,212


	Corporate Obligations – (continued)
	Restaurants^(d) – 0.0%
	McDonald’s Corp.
$	100,000		2.750	%		12/09/20	$	103,342

	Technology – 0.4%
	Apple, Inc.
	400,000		3.850			05/04/43		387,536
	Fidelity National Information Services, Inc.^(d)
	650,000		4.500			10/15/22		686,589
	1,100,000		5.000			10/15/25		1,182,557
	Oracle Corp.^(d)
	1,050,000		2.950			05/15/25		1,075,265

								3,331,947

	Tobacco – 1.5%
	BAT International Finance PLC^(a)
	800,000		2.750			06/15/20		822,698
	200,000		3.500			06/15/22		212,726
	3,300,000		3.950			06/15/25		3,612,348
	Philip Morris International, Inc.^(d)
	800,000		1.875			02/25/21		803,236
	1,300,000		2.750			02/25/26		1,320,563
	Reynolds American, Inc.
	108,000		3.250			06/12/20		112,843
	150,000		4.000			06/12/22		162,776
	2,700,000		4.450	^(d)		06/12/25		2,970,922
	250,000		5.700	^(d)		08/15/35		293,839
	1,100,000		5.850	^(d)		08/15/45		1,342,695

								11,654,646

	Transportation^(a) – 0.3%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	2,350,000		3.375	^(d)		02/01/22		2,333,200
	450,000		4.250			01/17/23		455,986

								2,789,186

	TOTAL CORPORATE OBLIGATIONS
	(Cost $155,592,078)						$	157,718,261


	Foreign Debt Obligations^(e) – 0.6%
	Supranational – 0.6%
	European Financial Stability Facility
EUR	500,000		2.350	%		07/29/44	$	725,013
	3,310,000		1.200			02/17/45		3,710,592

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,931,402)						$	4,435,605


	Asset-Backed Securities^(c) – 9.3%
	Collateralized Loan Obligations^(a) – 6.1%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A
$	1,313,119		0.979	%		11/01/18	$	1,302,684
	B&M CLO Ltd. Series 2014-1A, Class A1
	1,750,000		1.717			04/16/26		1,712,924


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Asset-Backed Securities^(c) – (continued)
	Collateralized Loan Obligations^(a) – (continued)
	B&M CLO Ltd. Series 2014-1A, Class A2
$	300,000		2.267	%		04/16/26	$	283,330
	Callidus Debt Partners CLO Fund VI Ltd. Series 2006-A, Class A1T
	1,834,649		0.576			10/23/21		1,799,833
	Duane Street CLO IV Ltd. Series 2007-4A, Class A1R
	4,503,220		0.622			11/14/21		4,408,418
	Greywolf CLO V Ltd. Series 2015-1A, Class A1
	1,800,000		1.920			04/25/27		1,793,243
	Halcyon Loan Advisors Funding Ltd. Series 2013-1A, Class A1
	2,450,000		1.471			04/15/25		2,393,354
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1
	5,650,000		1.845			04/18/26		5,533,090
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B
	3,250,000		1.743			04/28/25		3,191,094
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2
	850,000		2.323			04/28/25		795,258
	Madison Park Funding X Ltd. Series 2012-10A, Class A1A
	2,600,000		1.687			01/20/25		2,585,645
	Magnetite VIII Ltd. Series 2014-8A, Class A
	2,700,000		1.801			04/15/26		2,692,570
	OFSI Fund V Ltd. Series 2014-7A, Class ACOM
	2,850,000		0.000			10/18/26		2,778,465
	OHA Credit Partners VIII Ltd. Series 2013-8A, Class A
	6,100,000		1.437			04/20/25		6,024,262
	Shackleton CLO Ltd. Series 2014-5A, Class A
	3,650,000		1.844			05/07/26		3,627,655
	Shackleton CLO Ltd. Series 2014-5A, Class B1
	550,000		2.344			05/07/26		531,142
	Sound Point CLO Vlll Ltd. Series 2015-1A, Class A
	900,000		1.851			04/15/27		890,252
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM
	1,250,000		0.000			07/15/26		1,193,500
	Trinitas CLO Ltd. Series 2014-1A, Class A1
	1,550,000		1.851			04/15/26		1,524,995
	Trinitas CLO Ltd. Series 2014-1A, Class B1
	400,000		2.221			04/15/26		368,909
	Whitehorse VIII Ltd. Series 2014-1A, Class A
	3,500,000		1.829			05/01/26		3,431,246

								48,861,869

	Home Equity – 0.6%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)
	2,495,075		1.883			10/25/37		2,295,478
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	46,456		7.000			09/25/37		46,091
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	89,942		7.000			09/25/37		89,957
	New Century Home Equity Loan Trust Series 2005-3, Class M1
	2,179,126		0.916			07/25/35		2,172,769

								4,604,295


	Asset-Backed Securities^(c) – (continued)
	Student Loans – 2.6%
	Chase Education Loan Trust Series 2007-A, Class A3
$	467,291		0.700	%		12/28/23	$	457,551
	Educational Services of America, Inc. Series 2010-1, Class A1^(a)
	890,549		1.469			07/25/23		877,394
	Educational Services of America, Inc. Series 2015-2, Class A^(a)
	3,530,651		1.436			12/25/56		3,513,687
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	670,842		1.579			02/25/42		668,468
	Nelnet Student Loan Trust Series 2006-2, Class A5
	2,374,418		0.719			01/25/30		2,314,707
	Nelnet Student Loan Trust Series 2010-3A, Class A^(a)
	692,029		1.399			07/27/48		677,603
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a)
	383,090		1.283			02/25/43		370,799
	Northstar Education Finance, Inc. Series 2004-2, Class A3
	425,180		0.791			07/30/18		422,941
	Scholar Funding Trust Series 2010-A, Class A^(a)
	1,145,197		1.371			10/28/41		1,065,557
	SLC Student Loan Center Series 2011-1, Class A^(a)
	859,541		1.653			10/25/27		852,815
	SLC Student Loan Trust Series 2006-1, Class A4
	521,444		0.714			12/15/21		519,231
	SLC Student Loan Trust Series 2006-1, Class A5
	2,550,000		0.744			03/15/27		2,445,958
	SLM Student Loan Trust Series 2005-3, Class A5
	1,431,239		0.709			10/25/24		1,401,099
	SLM Student Loan Trust Series 2006-5, Class A5
	3,303,114		0.729			01/25/27		3,218,416
	Wachovia Student Loan Trust Series 2006-1, Class A5^(a)
	2,097,164		0.739			07/26/27		2,059,606

								20,865,832

	TOTAL ASSET-BACKED SECURITIES
	(Cost $74,803,874)						$	74,331,996


	Mortgage-Backed Obligations – 20.1%
	Adjustable Rate Non-Agency^(c) – 0.4%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	165,113		1.822	%		09/25/35	$	137,876
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	869,038		0.642			03/20/46		625,968
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	131,308		2.595			04/20/35		127,707
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	821,506		2.883			08/19/36		656,390
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	1,059,855		1.322			01/25/46		715,523


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)
	Sequoia Mortgage Trust Series 2004-10, Class A3A
$	187,638		1.178	%		11/20/34	$	176,511
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	422,475		2.719			11/25/34		416,512

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	2,856,487

	Collateralized Mortgage Obligations – 1.8%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(a)(c)
$	612,832		0.843	%		09/20/66	$	590,303
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(a)(c)
	916,719		0.863			09/20/66		883,658
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2^(c)
EUR	1,528,957		0.026			09/20/66		1,689,006
	FHLMC REMIC Series 4320, Class SD^(c)
$	583,837		5.664			07/15/39		95,056
	FHLMC STRIPS Series 304, Class C45
	665,675		3.000			12/15/27		61,322
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1^(c)
	12,959		1.936			02/25/25		12,962
	FNMA REMIC Series 2010-126, Class LS^(c)
	2,423,074		4.562			11/25/40		469,141
	FNMA REMIC Series 2011-52, Class GB
	909,219		5.000			06/25/41		1,008,300
	FNMA REMIC Series 2011-99, Class DB
	836,197		5.000			10/25/41		924,528
	FNMA REMIC Series 2012-111, Class B
	113,642		7.000			10/25/42		131,416
	FNMA REMIC Series 2012-153, Class B
	437,924		7.000			07/25/42		516,672
	FNMA REMIC Series 2013-121, Class SA^(c)
	1,234,240		5.667			12/25/43		210,528
	FNMA REMIC Series 2013-96, Class SW^(c)
	549,477		5.667			09/25/43		94,891
	FNMA REMIC Series 2014-87, Class MS^(c)
	2,248,745		5.817			01/25/45		388,611
	FNMA REMIC Series 2015-79, Class SA^(c)
	889,268		5.817			11/25/45		144,133
	FNMA REMIC Series 2015-81, Class SA^(c)
	4,249,997		5.267			11/25/45		628,103
	FNMA REMIC Series 2015-82, Class MS^(c)
	1,178,002		5.267			11/25/45		185,025
	FNMA REMIC Series 2015-86, Class BS^(c)
	479,058		5.267			11/25/45		74,463
	GNMA REMIC Series 2010-101, Class S^(c)
	1,970,167		5.568			08/20/40		315,866
	GNMA REMIC Series 2010-20, Class SE^(c)
	553,494		5.818			02/20/40		91,739
	GNMA REMIC Series 2010-31, Class SA^(c)
	836,401		5.318			03/20/40		124,783
	GNMA REMIC Series 2012-149, Class MS^(c)
	1,089,812		5.818			12/20/42		175,203
	GNMA REMIC Series 2013-134, Class DS^(c)
	312,383		5.668			09/20/43		50,901


	Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – (continued)
	GNMA REMIC Series 2013-152, Class SG^(c)
$	581,342		5.718	%		06/20/43	$	93,634
	GNMA REMIC Series 2013-152, Class TS^(c)
	535,834		5.668			06/20/43		88,990
	GNMA REMIC Series 2013-167, Class SG^(c)
	298,254		5.718			11/20/43		45,565
	GNMA REMIC Series 2013-181, Class SA^(c)
	1,803,175		5.668			11/20/43		294,996
	GNMA REMIC Series 2014-133, Class BS^(c)
	661,760		5.168			09/20/44		97,768
	GNMA REMIC Series 2014-41, Class SA^(c)
	357,002		5.668			03/20/44		59,489
	GNMA REMIC Series 2015-110, Class MS^(c)
	4,162,935		5.278			08/20/45		634,324
	GNMA REMIC Series 2015-117, Class KI
	5,690,456		5.000			08/20/45		1,003,025
	GNMA REMIC Series 2015-126, Class HS^(c)
	1,605,292		5.768			09/20/45		276,271
	GNMA REMIC Series 2015-129, Class IC
	859,092		4.500			09/16/45		129,616
	GNMA REMIC Series 2015-14, Class IO
	2,858,087		5.000			10/20/44		510,533
	GNMA REMIC Series 2015-167, Class AS^(c)
	883,184		5.818			11/20/45		127,276
	GNMA REMIC Series 2015-168, Class SD^(c)
	453,104		5.768			11/20/45		74,201
	GNMA REMIC Series 2016-1, Class ST^(c)
	961,919		5.768			01/20/46		165,546
	GNMA REMIC Series 2016-4, Class SM^(c)
	1,290,622		5.218			01/20/46		195,515
	GNMA REMIC Series 2016-6, Class SB^(c)
	1,199,854		5.218			01/20/46		184,278
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C^(c)
EUR	124,332		0.127			09/21/38		149,360
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A^(c)
GBP	78,243		0.865			12/21/37		120,587
	Leek Finance PLC Series 2017X, Class A2C^(c)
EUR	130,405		0.147			12/21/37		159,214
	Leek Finance PLC Series 2018X, Class A2B^(c)
$	704,548		0.830			09/21/38		741,655

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	14,018,453

	Commercial Mortgage-Backed Securities – 2.2%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM^(c)
$	600,000		5.800	%		04/10/49	$	616,695
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
	2,349,887		5.602			06/11/50		2,458,040
	Commercial Mortgage Trust Series 2007-C9, Class A1A^(c)
	3,888,407		6.006			12/10/49		4,038,950
	FNMA ACES Series 2012-M8, Class ASQ2
	145,960		1.520			12/25/19		146,607


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – (continued)
	FNMA ACES Series 2012-M8, Class ASQ3
$	300,000		1.800	%		12/25/19	$	303,659
	FREMF Mortgage Trust Series 2015-K44, Class B^(a)(c)
	1,750,000		3.685			01/25/48		1,520,696
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A^(c)
	3,474,576		5.794			08/10/45		3,586,812
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A^(c)
	2,995,155		5.852			07/15/44		3,095,656
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM^(c)
	150,000		5.478			02/12/44		152,098
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM^(c)
	250,000		5.931			12/15/44		240,543
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A^(c)
	1,717,052		5.608			05/15/46		1,753,132

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	17,912,888

	Federal Agencies – 15.7%
	FHLMC – 0.2%
$	79		5.000	%		09/01/16	$	80
	683		5.000			11/01/16		706
	326		5.000			12/01/16		337
	2,621		5.000			01/01/17		2,700
	5,271		5.000			02/01/17		5,433
	5,249		5.000			03/01/17		5,399
	10,189		5.000			04/01/17		10,499
	437		5.000			05/01/17		452
	179		5.000			06/01/17		185
	494		5.000			08/01/17		510
	35,842		5.000			09/01/17		37,010
	46,304		5.000			10/01/17		47,814
	31,205		5.000			11/01/17		32,221
	31,427		5.000			12/01/17		32,449
	40,705		5.000			01/01/18		42,101
	93,596		5.000			02/01/18		96,884
	90,526		5.000			03/01/18		93,821
	89,641		5.000			04/01/18		92,818
	67,034		5.000			05/01/18		69,634
	18,185		5.000			06/01/18		18,833
	18,618		5.000			07/01/18		19,281
	7,959		5.000			08/01/18		8,246
	5,987		5.000			09/01/18		6,207
	25,893		5.000			10/01/18		26,927
	30,741		5.000			11/01/18		31,947
	21,588		5.000			12/01/18		22,459
	14,006		5.000			01/01/19		14,582
	1,428		5.000			02/01/19		1,495
	3,818		5.000			03/01/19		4,008
	3,742		5.000			01/01/33		4,142
	1,021		5.000			06/01/33		1,127
	9,426		5.000			07/01/33		10,403
	11,348		5.000			08/01/33		12,524
	2,137		5.000			10/01/33		2,358
	8,691		5.000			11/01/33		9,591
	2,644		5.000			12/01/33		2,918


	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	8,710		5.000	%		02/01/34	$	9,611
	3,322		5.000			03/01/34		3,664
	5,535		5.000			04/01/34		6,106
	10,308		5.000			05/01/34		11,376
	142,560		5.000			06/01/34		157,324
	1,858		5.000			11/01/34		2,049
	38,570		5.000			04/01/35		42,567
	2,914		5.000			11/01/35		3,216
	8,381		5.000			02/01/37		9,348
	822		5.000			11/01/37		903
	366,179		7.000			02/01/39		432,338
	51,926		5.000			01/01/40		57,405

								1,504,008

	FNMA – 6.6%
	1,012		5.000			04/01/18		1,047
	8,002		5.000			05/01/18		8,254
	1,212		5.000			06/01/18		1,253
	1,082		5.000			11/01/18		1,121
	1,377		5.000			03/01/19		1,440
	1,827		5.000			04/01/19		1,912
	4,000,000		4.506			06/01/19		4,198,348
	1,382,078		3.416			10/01/20		1,487,972
	1,101,348		3.612			12/01/20		1,190,683
	707,288		3.763			12/01/20		767,878
	1,910,827		4.375			06/01/21		2,126,762
	390,421		3.830			07/01/21		426,785
	174,483		5.000			05/01/26		192,854
	3,549		5.000			08/01/33		3,931
	2,544		5.500			02/01/34		2,876
	4,479		5.500			05/01/34		5,071
	3,207		5.500			10/01/34		3,629
	17,606		5.500			12/01/34		19,953
	4,594		5.500			04/01/35		5,206
	3,912		5.500			07/01/35		4,434
	603,541		4.500			07/01/36		659,557
	64,228		4.500			12/01/36		70,169
	53,271		4.500			05/01/38		57,950
	228,238		7.000			03/01/39		270,723
	40,765		4.500			05/01/39		45,013
	23,027		4.500			06/01/39		25,427
	21,986		4.500			08/01/39		24,301
	30,568		4.500			09/01/39		33,258
	46,560		4.500			10/01/39		50,658
	15,239		4.500			03/01/40		16,580
	220,084		4.500			04/01/40		240,021
	237,753		5.000			06/01/40		263,405
	14,439		4.500			12/01/40		15,746
	257,742		4.500			01/01/41		281,261
	69,289		4.500			04/01/41		75,677
	99,527		4.500			06/01/41		108,558
	104,471		4.500			07/01/41		114,102
	118,592		5.000			07/01/41		131,471
	151,282		4.500			08/01/41		165,230
	425,003		4.500			09/01/41		464,319
	333,818		4.500			10/01/41		364,383


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	282,171		4.500	%		11/01/41		$	308,007
	111,945		4.500			12/01/41			122,103
	204,840		4.500			01/01/42			223,441
	60,207		4.500			03/01/42			65,757
	79,699		4.500			04/01/42			86,934
	140,689		3.000			12/01/42			145,356
	372,566		3.000			01/01/43			384,992
	430,820		3.000			04/01/43			445,107
	378,715		3.500			07/01/43			397,322
	584,881		3.500			08/01/43			613,616
	43,786		3.500			10/01/45			45,943
	80,641		3.500			11/01/45			84,614
	30,000,000		3.000			TBA-30yr	^(f)		30,775,782
	4,000,000		3.500			TBA-30yr	^(f)		4,194,375
	1,000,000		4.500			TBA-30yr	^(f)		1,088,281

									52,910,848

	GNMA – 8.9%
	549,630		3.950			07/15/25			611,575
	12,727,208		4.000			10/20/43			13,615,130
	12,504,946		4.000			07/20/45			13,385,177
	96,460		3.500			09/20/45			102,112
	975,125		4.000			10/20/45			1,043,993
	5,000,000		3.000			TBA-30yr	^(f)		5,177,188
	35,000,000		4.000			TBA-30yr	^(f)		37,425,391

									71,360,566

	TOTAL FEDERAL AGENCIES							$	125,775,422

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $161,646,181)							$	160,563,250


	Agency Debenture – 0.3%
	FHLMC
	1,800,000		6.750	%		03/15/31		$	2,715,148
	(Cost $2,371,970)


	Government Guarantee Obligations^(e) – 2.1%
	Banca Monte dei Paschi di Siena SpA
EUR	3,500,000		3.500	%		03/20/17		$	4,091,312
	Canada Housing Trust No. 1^(a)
CAD	5,200,000		2.350			12/15/18			4,162,923
	Dexia Credit Local SA
GBP	1,800,000		1.875			07/17/17			2,606,499
$	3,500,000		1.875	^(a)		03/28/19			3,516,849
	Kreditanstalt fuer Wiederaufbau
AUD	3,000,000		6.000			08/20/20			2,613,185

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $18,533,014)							$	16,990,768



	U.S. Treasury Obligations – 8.7%
	United States Treasury Bonds
$	19,460,000		3.750	%		11/15/43		$	24,184,499
	1,000,000		3.000			11/15/45			1,080,070
	2,500,000		2.500	^(g)		02/15/46			2,438,175
	United States Treasury Inflation Protected Securities
	5,313,856		0.375			07/15/23			5,479,063
	5,259,306		0.625			01/15/24			5,481,985
	788,199		0.125			07/15/24			791,896
	774,217		0.375			07/15/25			791,877
	624,760		2.125			02/15/40			800,180
	1,941,515		1.375			02/15/44			2,180,263
	United States Treasury Notes
	17,150,000		1.500			05/31/20			17,410,852
	8,800,000		1.500			03/31/23			8,771,840
	300,000		2.250			11/15/25			312,252

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $69,012,456)							$	69,722,952

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $841,838,649)							$	855,255,406


	Short-term Investments – 5.1%
	Commercial Paper – 0.5%
	Barclays Bank PLC
$	3,750,000		1.222	%		04/13/16		$	3,750,000

	Repurchase Agreements^(h) – 4.6%
	Joint Repurchase Agreement Account II
	37,200,000		0.301			04/01/16			37,200,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $40,950,000)							$	40,950,000

	TOTAL INVESTMENTS – 112.2%
	(Cost $882,788,649)							$	896,205,406

	LIABILITIES IN EXCESS OF OTHER ASSETS – (12.2)%								(97,437,365	)

	NET ASSETS – 100.0%							$	798,768,041


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016


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. Such securities may be deemed 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 $180,214,435, which represents approximately 22.6% of net assets as of March 31, 2016.
(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2016.
(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $21,624,456, which represents approximately 2.7% of net assets as of March 31, 2016.
(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 $78,661,017 which represents approximately 9.9% of net assets as of March 31, 2016.
(g)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)		Joint repurchase agreement was entered into on March 31, 2016. Additional information appears on page 113.



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

Investment Abbreviations:
ACES		—Alternative Credit Enhancement Securities
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FREMF		—Freddie Mac Multi Family
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NZDOR		—New Zealand Dollar Offered Rate
REMIC		—Real Estate Mortgage Investment Conduit
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2016, 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
Bank of America Securities LLC	BRL	3,258,351	USD	888,000	$	905,114		04/04/16	$	17,114
	GBP	1,762,811	USD	2,529,875		2,531,889		04/07/16		2,013
	HUF	159,990,407	EUR	509,000		579,667		04/26/16		25
	JPY	1,055,195,637	USD	9,312,792		9,383,317		04/26/16		70,524
	NZD	3,313,000	USD	2,209,128		2,286,785		04/26/16		77,657
	PLN	4,344,334	EUR	1,008,000		1,163,820		04/26/16		15,923
	RUB	88,438,834	USD	1,186,000		1,314,821		04/04/16		128,821
	SEK	62,828,942	EUR	6,736,984		7,746,319		04/26/16		74,337
Barclays Bank PLC	AUD	2,237,000	USD	1,684,789		1,712,720		04/26/16		27,932
	CAD	736,008	USD	563,000		566,729		04/26/16		3,729
	CNH	3,247,551	USD	473,565		498,615		09/01/16		25,049
	CNY	982,626	USD	148,770		151,665		05/19/16		2,895
	CNY	3,671,846	USD	542,290		563,831		08/05/16		21,541
	CNY	4,500,746	USD	668,560		690,600		08/16/16		22,040
	EUR	984,000	GBP	770,881		1,120,565		04/26/16		13,300
	EUR	868,965	SEK	8,012,511		989,565		04/26/16		1,684
	INR	38,953,337	USD	564,000		587,487		04/07/16		23,487
	INR	37,396,385	USD	554,000		563,092		04/18/16		9,092
	NZD	838,000	USD	555,449		578,426		04/26/16		22,977
	ZAR	3,382,434	USD	221,000		227,937		04/26/16		6,937
BNP Paribas SA	CNH	28,255,629	USD	4,271,448		4,360,751		05/26/16		89,303
	CNH	25,086,935	USD	3,781,000		3,868,118		06/13/16		87,118
	CNH	28,384,840	USD	4,314,461		4,359,443		08/26/16		44,982
	CNH	7,089,459	USD	1,040,731		1,088,484		09/01/16		47,753
	CNH	33,383,027	USD	5,050,382		5,123,349		09/09/16		72,966
	EUR	515,000	GBP	404,775		586,475		04/26/16		5,072
	GBP	395,000	USD	560,580		567,363		04/26/16		6,783
	HUF	160,764,177	EUR	511,000		582,470		04/26/16		550
	INR	36,437,054	USD	546,119		549,830		04/04/16		3,711
	INR	38,833,402	USD	562,000		585,678		04/07/16		23,678
	MXN	341,384	USD	19,247		19,712		04/26/16		465
	MYR	2,267,760	USD	549,000		581,753		04/01/16		32,753
	MYR	2,268,115	USD	567,866		584,984		04/25/16		17,117
	NOK	4,122,076	USD	483,761		498,097		04/26/16		14,337
	NZD	366,112	USD	244,222		252,707		04/26/16		8,485
	RUB	53,118,608	USD	772,769		788,116		04/11/16		15,347
	TWD	72,056,625	USD	2,225,000		2,241,688		04/21/16		16,688
Citibank NA (London)	BRL	1,030,236	USD	280,535		286,182		04/04/16		5,647
	CNH	7,233,216	USD	1,057,179		1,110,556		09/01/16		53,377
	CNY	15,419,184	USD	2,332,000		2,378,219		05/31/16		46,219
	COP	796,018,157	USD	248,116		265,276		04/04/16		17,160
	EUR	502,000	GBP	391,469		571,670		04/26/16		9,379
	GBP	188,754	USD	267,502		271,119		04/26/16		3,617
	IDR	7,691,976,026	USD	578,000		583,307		05/02/16		5,307
	INR	15,635,881	USD	235,587		235,818		04/07/16		231
	MYR	2,381,808	USD	570,000		611,010		04/01/16		41,010
	NZD	1,766,135	USD	1,199,506		1,219,068		04/26/16		19,562
	RUB	40,915,875	USD	550,000		608,297		04/04/16		58,297
	RUB	71,363,959	USD	942,310		1,059,740		04/08/16		117,430


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Citibank NA (London) (continued)	RUB	40,914,000	USD	552,362	$	605,461		04/20/16	$	53,099
	RUB	39,954,216	USD	572,320		590,916		04/22/16		18,597
	RUB	104,833,511	USD	1,541,046		1,548,684		04/26/16		7,638
	SEK	412,044	EUR	44,356		50,802		04/26/16		290
	USD	231,929	NZD	335,613		231,656		04/26/16		273
	ZAR	3,433,920	USD	221,000		231,407		04/26/16		10,407
Credit Suisse International (London)	COP	742,299,600	USD	228,000		247,374		04/04/16		19,374
	COP	1,750,686,860	USD	578,000		582,781		05/02/16		4,781
	COP	2,287,152,407	USD	750,624		759,949		05/13/16		9,325
	EUR	525,000	CHF	567,242		598,820		06/15/16		6,862
	EUR	492,000	USD	556,580		560,283		04/26/16		3,703
	RUB	28,125,200	USD	400,000		416,929		04/14/16		16,929
	RUB	210,005,973	USD	2,938,571		3,109,541		04/18/16		170,971
	RUB	15,954,300	USD	228,000		235,758		04/25/16		7,758
Deutsche Bank AG (London)	CNY	4,279,559	USD	633,488		657,592		07/26/16		24,104
	CNY	3,718,733	USD	550,312		571,146		08/02/16		20,834
	CNY	1,864,216	USD	275,486		286,299		08/03/16		10,812
	HUF	355,456,930	USD	1,258,255		1,287,868		04/26/16		29,614
	IDR	7,296,926,445	USD	549,000		554,815		04/07/16		5,815
	IDR	7,378,036,600	USD	556,000		560,361		04/18/16		4,361
	MXN	138,349,436	USD	7,742,427		7,988,384		04/26/16		245,957
	USD	579,546	EUR	508,000		578,503		04/26/16		1,043
	USD	1,262,965	THB	43,951,183		1,248,566		04/26/16		14,399
HSBC Bank PLC	CNH	28,514,051	USD	4,312,211		4,400,634		05/26/16		88,423
	CNH	275,092	USD	40,644		42,414		06/14/16		1,770
	CNH	28,384,840	USD	4,220,794		4,359,443		08/26/16		138,649
	CNH	6,278,504	USD	930,000		963,974		09/01/16		33,974
	CNY	3,069,272	USD	455,787		474,796		04/14/16		19,008
	CNY	6,203,153	USD	911,575		953,942		07/14/16		42,367
	CNY	5,271,168	USD	780,134		810,563		07/15/16		30,430
	CNY	3,169,059	USD	467,172		487,118		07/21/16		19,947
	CNY	5,184,121	USD	767,052		796,209		08/02/16		29,157
	CNY	3,781,187	USD	568,343		580,112		08/18/16		11,769
	CNY	15,558,575	USD	2,330,000		2,385,718		08/26/16		55,718
	EUR	1,504,000	USD	1,681,927		1,712,734		04/26/16		30,807
	KRW	3,145,396,622	USD	2,599,716		2,745,200		04/08/16		145,484
	MYR	2,249,936	USD	579,000		580,308		05/04/16		1,308
	NOK	4,667,186	EUR	491,000		563,967		04/26/16		4,822
	SEK	33,825,221	EUR	3,620,032		4,170,386		04/26/16		47,945
	TRY	3,240,158	USD	1,108,000		1,141,180		04/26/16		33,180
	TWD	18,145,616	USD	556,000		564,489		04/18/16		8,489
	TWD	37,259,441	USD	1,156,000		1,159,223		04/26/16		3,223
	USD	1,490,219	KRW	1,703,320,684		1,486,603		04/08/16		3,616
JPMorgan Chase Bank (London)	BRL	2,070,322	USD	551,000		575,100		04/04/16		24,100
	CNH	13,910,726	USD	2,122,000		2,144,753		06/14/16		22,753
	CNH	3,222,295	USD	474,000		494,737		09/01/16		20,737
	CNH	50,161,945	USD	7,637,906		7,696,435		09/14/16		58,530
	CNY	9,519,795	USD	1,392,938		1,464,283		07/11/16		71,346
	CNY	6,411,344	USD	939,427		986,092		07/12/16		46,665
	IDR	7,610,506,000	USD	567,948		576,628		04/04/16		8,680


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
JPMorgan Chase Bank (London) (continued)	IDR	4,141,003,972	USD	311,705	$	314,857		04/07/16	$	3,152
	INR	38,274,115	USD	572,580		577,551		04/04/16		4,971
	MXN	39,281,217	USD	2,238,000		2,268,123		04/26/16		30,123
	MYR	2,265,361	USD	554,000		584,239		04/20/16		30,239
	MYR	2,270,915	USD	556,000		585,678		04/21/16		29,678
	PLN	19,428,700	USD	4,911,794		5,204,828		04/26/16		293,034
	RUB	17,730,365	USD	240,174		263,598		04/04/16		23,424
	USD	450,000	CNH	2,903,738		445,827		09/01/16		4,173
	USD	579,000	RUB	39,140,400		577,714		04/29/16		1,286
Morgan Stanley & Co. International PLC	BRL	7,091,834	USD	1,883,391		1,969,989		04/04/16		86,598
	CNH	1,820,412	USD	266,950		279,498		09/01/16		12,548
	EUR	497,000	USD	560,303		565,977		04/26/16		5,674
	MXN	9,946,092	USD	554,000		574,294		04/26/16		20,294
	MYR	2,091,414	USD	506,700		539,302		04/08/16		32,602
	NZD	829,000	USD	554,110		572,214		04/26/16		18,104
	RUB	32,111,275	USD	442,000		476,432		04/11/16		34,432
	RUB	38,330,320	USD	560,000		567,063		04/21/16		7,063
	RUB	39,430,524	USD	578,000		581,996		04/29/16		3,996
Royal Bank of Canada	AUD	1,050,403	USD	785,539		804,223		04/26/16		18,684
	BRL	2,290,898	USD	570,176		636,372		04/04/16		66,196
	CAD	753,850	USD	580,000		580,468		04/26/16		468
	USD	565,000	BRL	2,030,503		564,039		04/04/16		961
	USD	579,000	MXN	9,947,237		574,360		04/26/16		4,640
Royal Bank of Scotland PLC	COP	748,834,650	USD	228,000		249,552		04/04/16		21,552
	COP	1,732,180,174	USD	547,926		577,155		04/11/16		29,229
	COP	706,201,522	USD	221,000		235,274		04/15/16		14,274
	EUR	500,000	GBP	388,230		569,393		04/26/16		11,754
	EUR	497,000	NOK	4,670,756		565,977		04/26/16		1,578
	EUR	510,000	SEK	4,710,513		580,781		04/26/16		11
	NOK	9,408,766	EUR	992,000		1,136,923		04/26/16		7,247
	TRY	4,881,154	USD	1,688,000		1,719,136		04/26/16		31,136
	USD	560,000	MXN	9,693,085		559,685		04/26/16		315
Standard Chartered Bank	AUD	750,000	USD	565,380		574,225		04/26/16		8,845
	CNH	6,470,498	USD	948,000		993,451		09/01/16		45,451
	CNH	33,694,875	USD	5,050,138		5,171,208		09/09/16		121,070
	CNY	6,466,423	USD	949,130		993,958		07/21/16		44,828
	CNY	6,414,727	USD	948,118		985,946		07/22/16		37,828
	EUR	3,764,012	USD	4,218,049		4,286,403		04/26/16		68,354
	INR	71,401,715	USD	1,033,011		1,076,868		04/07/16		43,857
	INR	37,303,313	USD	554,000		561,690		04/18/16		7,690
	MYR	4,509,510	USD	1,103,000		1,162,884		04/11/16		59,884
	NZD	473,195	USD	312,131		326,621		04/26/16		14,490
	USD	1,797,000	CNH	11,623,032		1,784,548		09/01/16		12,452
	USD	2,612,563	JPY	290,871,000		2,587,256		05/06/16		25,307
	USD	348,000	ZAR	5,146,314		346,802		04/26/16		1,198
	ZAR	6,909,327	USD	450,000		465,609		04/26/16		15,609
State Street Bank (London)	CNH	88,955,485	USD	13,471,000		13,715,916		06/13/16		244,916
	CNH	54,595,130	USD	8,374,000		8,417,467		06/14/16		43,467
	CNH	33,251,782	USD	4,861,727		5,119,982		07/08/16		258,255
	CNH	35,119,731	USD	5,220,324		5,389,883		09/09/16		169,559


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016

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 (London) (continued)	CNH	18,619,003	USD	2,771,618	$	2,856,746		09/14/16	$	85,128
	EUR	501,000	SEK	4,625,032		570,532		04/26/16		301
	EUR	981,422	USD	1,100,472		1,117,630		04/26/16		17,157
	GBP	403,642	EUR	508,000		579,775		04/26/16		1,273
	GBP	205,352	USD	289,836		294,960		04/26/16		5,124
	MXN	9,854,552	USD	554,000		569,008		04/26/16		15,008
	SEK	78,457,640	EUR	8,443,759		9,673,216		04/26/16		57,582
	ZAR	43,823,940	USD	2,809,767		2,953,229		04/26/16		143,462
UBS AG (London)	AUD	738,000	USD	552,067		565,037		04/26/16		12,970
	BRL	6,461,112	USD	1,677,000		1,794,785		04/04/16		117,785
	CHF	1,091,210	EUR	994,000		1,136,125		04/26/16		4,172
	CNH	12,372,453	USD	1,851,055		1,898,821		09/09/16		47,766
	EUR	500,000	GBP	387,482		569,393		04/26/16		12,829
	EUR	994,000	USD	1,112,620		1,131,953		04/26/16		19,333
	NOK	9,922,422	EUR	1,048,000		1,198,660		06/15/16		3,301
	PLN	2,181,943	EUR	506,000		584,529		04/26/16		8,304
	SEK	4,700,738	EUR	502,000		579,564		04/26/16		7,894
	USD	581,451	AUD	756,000		578,818		04/26/16		2,633
	USD	4,094,513	JPY	455,380,240		4,049,464		04/26/16		45,048
Westpac Banking Corp.	AUD	635,800	USD	479,927		486,789		04/26/16		6,862
	CNH	3,257,390	USD	474,000		500,125		09/01/16		26,125
	IDR	7,610,506,000	USD	573,296		578,017		04/18/16		4,720
	MYR	997,090	USD	254,880		257,114		04/08/16		2,234
	NZD	2,162,923	USD	1,469,475		1,492,949		04/26/16		23,474
	USD	1,205,489	IDR	15,812,402,000		1,200,949		04/18/16		4,540
	USD	578,871	NZD	834,000		575,665		04/26/16		3,206
TOTAL									$	5,871,991

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	1,508,000	USD	1,154,608	$	1,154,574		04/26/16	$	(34	)
	EUR	501,000	PLN	2,136,264		570,532		04/26/16		(1,761	)
	HUF	160,185,882	EUR	515,678		580,375		04/26/16		(6,872	)
	USD	1,484,000	CNH	9,822,685		1,514,374		06/15/16		(30,374	)
	USD	557,177	EUR	491,000		559,144		04/26/16		(1,967	)
	USD	19,845,824	EUR	17,681,281		20,150,211		05/19/16		(304,387	)
	USD	550,000	INR	37,268,000		562,369		04/04/16		(12,369	)
Barclays Bank PLC	USD	570,000	CAD	755,687		581,882		04/26/16		(11,882	)
	USD	148,770	CNH	982,626		151,703		05/19/16		(2,933	)
	USD	542,290	CNH	3,669,676		564,218		08/05/16		(21,928	)
	USD	668,560	CNH	4,498,072		691,189		08/16/16		(22,629	)
	USD	1,627,772	CNH	10,969,343		1,684,184		09/01/16		(56,412	)
	USD	578,431	EUR	509,000		579,642		04/26/16		(1,211	)
	USD	552,562	NZD	820,000		566,002		04/26/16		(13,440	)
	USD	565,057	TWD	18,522,570		576,215		04/18/16		(11,158	)
	USD	1,901,847	TWD	62,682,989		1,950,205		04/26/16		(48,358	)
	USD	1,612,737	ZAR	26,016,197		1,748,010		05/10/16		(135,272	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
BNP Paribas SA	EUR	500,000	PLN	2,145,165	$	569,393		04/26/16	$	(5,284	)
	HUF	8,592,685	EUR	27,435		31,132		04/26/16		(109	)
	USD	5,784,687	AED	21,283,520		5,788,929		08/11/16		(4,242	)
	USD	1,396,063	AED	5,139,431		1,397,812		08/15/16		(1,749	)
	USD	4,340,190	CNH	28,384,840		4,380,692		05/26/16		(40,502	)
	USD	5,050,382	CNH	33,193,638		5,118,078		06/13/16		(67,696	)
	USD	4,271,448	CNH	28,394,451		4,360,919		08/26/16		(89,471	)
	USD	3,781,000	CNH	25,206,668		3,868,509		09/09/16		(87,509	)
	USD	554,898	EUR	497,000		565,977		04/26/16		(11,079	)
	USD	550,000	INR	37,443,170		565,012		04/04/16		(15,012	)
	USD	544,568	INR	36,437,054		548,647		04/18/16		(4,078	)
	USD	1,092,469	JPY	123,888,147		1,101,674		04/26/16		(9,205	)
	USD	1,017,385	KRW	1,187,787,024		1,036,112		04/28/16		(18,726	)
	USD	567,738	MYR	2,268,115		581,844		04/01/16		(14,106	)
Citibank NA (London)	EUR	487,193	CHF	533,175		554,809		04/26/16		(311	)
	EUR	855,359	SEK	7,954,153		974,071		04/26/16		(6,615	)
	IDR	7,264,552,140	USD	554,000		551,964		04/14/16		(2,036	)
	USD	2,162,709	AUD	2,913,563		2,230,719		04/26/16		(68,010	)
	USD	280,535	BRL	1,018,411		282,897		04/04/16		(2,362	)
	USD	2,329,093	CAD	3,108,501		2,393,557		04/26/16		(64,464	)
	USD	417,781	CNH	2,731,992		419,458		09/01/16		(1,677	)
	USD	327,968	CNH	2,264,455		344,326		02/03/17		(16,358	)
	USD	509,645	COP	1,717,758,866		572,049		04/28/16		(62,404	)
	USD	1,147,316	EUR	1,028,140		1,170,831		04/26/16		(23,514	)
	USD	1,661,697	GBP	1,167,850		1,677,359		04/07/16		(15,662	)
	USD	842,884	IDR	11,437,930,417		869,672		04/07/16		(26,789	)
	USD	235,161	INR	15,635,881		235,435		04/18/16		(274	)
	USD	245,720	JPY	27,884,405		247,962		04/26/16		(2,241	)
	USD	551,000	KRW	664,175,400		579,671		04/08/16		(28,671	)
	USD	551,000	KRW	666,453,785		581,613		04/11/16		(30,613	)
	USD	971,367	KRW	1,193,984,340		1,041,600		04/25/16		(70,234	)
	USD	755,228	MYR	3,088,504		796,416		04/08/16		(41,188	)
	USD	570,000	MYR	2,299,580		593,120		04/28/16		(23,120	)
	USD	1,550,104	RUB	104,833,511		1,558,561		04/04/16		(8,458	)
	USD	59,922	RUB	4,250,526		63,065		04/11/16		(3,143	)
	USD	244,768	SEK	2,044,893		252,119		04/26/16		(7,351	)
	USD	3,869,561	SGD	5,353,732		3,971,599		04/26/16		(102,038	)
	USD	492,277	TWD	16,358,371		508,862		04/14/16		(16,585	)
	USD	1,499,522	TWD	49,244,291		1,531,953		04/19/16		(32,431	)
	USD	221,000	ZAR	3,355,881		226,148		04/26/16		(5,148	)
Credit Suisse International (London)	EUR	505,000	CHF	553,132		575,087		04/26/16		(812	)
	GBP	398,771	EUR	505,000		572,779		04/26/16		(2,308	)
	JPY	26,037,501	USD	232,132		231,538		04/26/16		(593	)
	USD	354,366	CAD	470,130		362,002		04/26/16		(7,636	)
	USD	754,836	COP	2,287,152,407		762,203		04/04/16		(7,367	)
	USD	224,000	RUB	15,396,416		227,973		04/18/16		(3,973	)
	USD	226,000	RUB	15,399,685		227,759		04/22/16		(1,759	)
Deutsche Bank AG (London)	EUR	505,000	SEK	4,701,914		575,087		04/26/16		(4,623	)
	IDR	12,722,539,400	USD	970,000		966,956		04/11/16		(3,044	)
	IDR	7,329,229,600	USD	560,000		556,486		04/21/16		(3,514	)
	MXN	9,957,351	USD	578,000		574,944		04/26/16		(3,056	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Deutsche Bank AG (London) (continued)	USD	633,488	CNH	4,277,179	$	657,966		07/26/16	$	(24,478	)
	USD	550,312	CNH	3,716,257		571,470		08/02/16		(21,158	)
	USD	275,486	CNH	1,863,115		286,487		08/03/16		(11,000	)
	USD	1,515,066	CNH	10,145,006		1,557,619		09/01/16		(42,553	)
	USD	441,875	IDR	6,053,691,000		459,453		04/25/16		(17,578	)
	USD	1,718,000	KRW	2,000,865,264		1,745,502		04/25/16		(27,502	)
	USD	628,479	PLN	2,488,986		666,842		04/20/16		(38,363	)
HSBC Bank PLC	KRW	1,703,320,684	USD	1,489,568		1,485,932		04/25/16		(3,636	)
	USD	266,957	AUD	357,844		273,977		04/26/16		(7,020	)
	USD	560,000	BRL	2,037,986		566,117		04/04/16		(6,117	)
	USD	15,606,785	CAD	21,693,509		16,703,706		04/06/16		(1,096,921	)
	USD	455,787	CNH	3,072,007		474,993		04/14/16		(19,206	)
	USD	4,251,137	CNH	28,384,840		4,380,692		05/26/16		(129,555	)
	USD	14,366	CNH	97,310		15,004		06/13/16		(638	)
	USD	911,575	CNH	6,202,355		954,716		07/14/16		(43,141	)
	USD	780,134	CNH	5,269,568		811,092		07/15/16		(30,958	)
	USD	467,172	CNH	3,168,358		487,521		07/21/16		(20,349	)
	USD	767,052	CNH	5,181,559		796,797		08/02/16		(29,745	)
	USD	568,343	CNH	3,778,346		580,533		08/18/16		(12,190	)
	USD	6,601,448	CNH	43,922,154		6,745,718		08/26/16		(144,270	)
	USD	3,217,619	CNH	21,736,424		3,337,313		09/01/16		(119,695	)
	USD	1,141,000	HKD	8,852,232		1,141,359		04/26/16		(359	)
	USD	1,190,331	INR	82,168,560		1,239,251		04/07/16		(48,920	)
	USD	746,178	MXN	14,141,557		815,312		05/12/16		(69,135	)
	USD	353,635	MYR	1,487,918		381,698		04/01/16		(28,064	)
	USD	570,000	SGD	781,529		579,768		04/26/16		(9,768	)
	USD	569,728	TWD	18,769,687		583,911		04/19/16		(14,183	)
JPMorgan Chase Bank (London)	IDR	5,176,392,415	USD	393,942		392,869		04/25/16		(1,072	)
	NZD	838,000	USD	578,459		578,426		04/26/16		(33	)
	USD	4,839,256	CNH	31,638,085		4,889,707		04/26/16		(50,452	)
	USD	7,681,180	CNH	50,161,945		7,733,959		06/14/16		(52,780	)
	USD	1,392,938	CNH	9,523,514		1,466,165		07/11/16		(73,227	)
	USD	939,427	CNH	6,413,936		987,387		07/12/16		(47,961	)
	USD	1,368,000	CNH	9,065,075		1,391,811		09/01/16		(23,811	)
	USD	2,122,000	CNH	13,973,537		2,143,984		09/14/16		(21,984	)
	USD	1,388,290	EUR	1,234,000		1,405,262		04/26/16		(16,972	)
	USD	184,296,758	EUR	164,235,403		187,168,448		05/19/16		(2,871,690	)
	USD	659,343	IDR	8,778,496,422		667,196		04/11/16		(7,852	)
	USD	570,000	IDR	7,595,991,000		576,276		04/29/16		(6,276	)
	USD	310,886	IDR	4,141,003,972		314,026		05/02/16		(3,139	)
	USD	551,000	KRW	664,979,860		580,373		04/08/16		(29,373	)
	USD	3,877,454	KRW	4,655,077,000		4,060,535		04/29/16		(183,082	)
	USD	1,107,000	MXN	19,723,418		1,138,843		04/26/16		(31,843	)
	USD	563,000	MYR	2,257,686		582,294		04/25/16		(19,294	)
	USD	356,811	SEK	2,969,128		366,070		04/26/16		(9,260	)
	USD	484,583	TWD	16,165,705		502,855		04/12/16		(18,272	)
Morgan Stanley & Co. International PLC	USD	2,977,890	BRL	11,086,422		3,079,616		04/04/16		(101,726	)
	USD	474,157	CZK	11,729,150		493,670		04/20/16		(19,513	)
	USD	1,113,000	JPY	125,629,875		1,117,162		04/26/16		(4,162	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC (continued)	USD	554,000	KRW	659,814,000	$	575,757		04/15/16	$	(21,757	)
	USD	563,000	KRW	652,798,500		569,484		04/25/16		(6,484	)
	USD	788,770	MXN	14,260,961		819,683		06/16/16		(30,913	)
	USD	213,000	MYR	893,535		229,220		04/01/16		(16,220	)
	USD	1,105,343	MYR	4,470,121		1,152,849		04/20/16		(47,505	)
	USD	564,755	NZD	842,000		581,187		04/26/16		(16,433	)
	USD	570,000	RUB	42,251,564		628,155		04/04/16		(58,155	)
	USD	226,000	RUB	15,357,062		227,128		04/22/16		(1,128	)
	USD	551,000	TWD	18,048,446		561,413		04/11/16		(10,413	)
Royal Bank of Canada	CAD	1,443,204	USD	1,112,000		1,111,272		04/26/16		(728	)
	GBP	400,066	EUR	505,000		574,640		04/26/16		(447	)
	USD	1,156,000	BRL	4,176,709		1,160,218		04/04/16		(4,218	)
	USD	1,102,000	CAD	1,468,702		1,130,905		04/26/16		(28,905	)
	USD	5,327,506	EUR	4,791,504		5,456,497		04/26/16		(128,991	)
	USD	134,693,915	JPY	15,261,763,406		135,751,187		05/06/16		(1,057,272	)
	USD	3,012,551	MXN	54,302,744		3,131,357		05/10/16		(118,806	)
Royal Bank of Scotland PLC	COP	696,799,008	USD	232,000		231,877		05/04/16		(123	)
	EUR	505,000	PLN	2,153,342		575,087		04/26/16		(1,780	)
	GBP	795,675	EUR	1,008,000		1,142,877		04/26/16		(5,019	)
	MXN	10,010,898	USD	579,000		578,036		04/26/16		(964	)
	USD	31,231,768	GBP	21,832,000		31,356,848		04/07/16		(125,080	)
	USD	1,135,000	MXN	19,782,111		1,142,232		04/26/16		(7,232	)
	USD	2,714,970	TRY	8,035,210		2,829,990		04/26/16		(115,020	)
Standard Chartered Bank	USD	2,332,000	CNH	15,415,686		2,378,670		05/31/16		(46,670	)
	USD	5,050,138	CNH	33,488,981		5,163,617		06/13/16		(113,479	)
	USD	949,130	CNH	6,466,423		995,000		07/21/16		(45,870	)
	USD	948,118	CNH	6,410,935		986,411		07/22/16		(38,293	)
	USD	415,000	CNH	2,764,523		424,452		09/01/16		(9,452	)
	USD	456,000	ZAR	6,875,827		463,351		04/26/16		(7,351	)
State Street Bank (London)	EUR	502,000	SEK	4,644,870		571,670		04/26/16		(1,006	)
	USD	5,782,672	AUD	7,793,358		5,966,850		04/26/16		(184,178	)
	USD	546,584	CAD	727,383		560,088		04/26/16		(13,504	)
	USD	5,220,324	CNH	34,890,037		5,379,644		06/13/16		(159,319	)
	USD	2,789,791	CNH	18,619,003		2,870,675		06/14/16		(80,883	)
	USD	13,471,000	CNH	89,363,419		13,714,751		09/09/16		(243,751	)
	USD	8,374,000	CNH	54,807,411		8,409,197		09/14/16		(35,197	)
	USD	4,861,727	CNH	33,487,576		5,130,763		10/11/16		(269,036	)
	USD	222,918	EUR	200,766		228,629		04/26/16		(5,711	)
UBS AG (London)	CHF	548,259	EUR	502,924		572,149		06/15/16		(1,491	)
	EUR	511,000	PLN	2,186,004		581,920		04/26/16		(3,697	)
	USD	549,000	BRL	2,133,333		592,603		04/04/16		(43,603	)
	USD	1,861,919	CNH	12,372,453		1,907,690		06/13/16		(45,771	)
	USD	670,399	DKK	4,549,000		695,046		04/20/16		(24,647	)
	USD	575,208	EUR	511,000		581,920		04/26/16		(6,711	)
	USD	97,337	KRW	112,920,678		98,554		04/08/16		(1,216	)
	USD	379,639	SEK	3,165,503		390,282		04/26/16		(10,643	)
Westpac Banking Corp.	USD	932,901	AUD	1,227,760		940,013		04/26/16		(7,112	)
	USD	2,737,852	AUD	3,656,758		2,799,473		04/28/16		(61,622	)
	USD	1,312,000	CNH	8,750,744		1,343,551		09/01/16		(31,551	)
	USD	557,138	EUR	491,000		559,144		04/26/16		(2,006	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Westpac Banking Corp. (continued)	USD	573,080	IDR	7,610,506,000	$	576,628		04/04/16	$	(3,548	)
	USD	461,237	IDR	6,237,310,000		473,723		04/18/16		(12,485	)
	USD	1,202,222	INR	82,655,775		1,246,599		04/07/16		(44,377	)
	USD	292,717	MYR	1,212,963		312,791		04/11/16		(20,074	)
	USD	1,332,090	MYR	5,487,118		1,415,133		04/20/16		(83,046	)
	USD	3,371,092	NZD	5,006,509		3,455,723		04/26/16		(84,635	)
	USD	1,107,892	TWD	36,289,000		1,128,847		04/14/16		(20,956	)
TOTAL									$	(10,928,897	)

FUTURES CONTRACTS — At March 31, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Australian 3 Year Government Bonds		62		June 2016	$	5,321,182		$	24,139
Australian 10 year Government Bonds		95		June 2016		9,536,361			63,586
Canada 10 Year Government Bonds		3		June 2016		325,882			(2,386	)
Euro Buxl 30 Year Bonds		(8	)	June 2016		(1,534,253	)		(37,791	)
Italian 10 Year Government Bonds		47		June 2016		7,520,539			113,308
Japan 10 Year Government Bond		4		June 2016		5,377,405			3,895
Ultra Long U.S. Treasury Bonds		(41	)	June 2016		(7,073,781	)		(35,620	)
5 Year German Euro-Bobl		37		June 2016		5,519,610			(11,003	)
10 Year German Euro-Bund		5		June 2016		929,209			4,464
10 Year U.K. Long Gilt		(16	)	June 2016		(2,785,634	)		(18,871	)
2 Year U.S. Treasury Notes		30		June 2016		6,562,500			1,356
5 Year U.S. Treasury Notes		(10	)	June 2016		(1,211,641	)		(10,213	)
10 Year U.S. Treasury Notes		(426	)	June 2016		(55,546,406	)		(161,778	)
20 Year U.S. Treasury Bonds		(50	)	June 2016		(8,221,875	)		(31,089	)
TOTAL								$	(98,003	)

SWAP CONTRACTS — At March 31, 2016, 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)
MXN	47,600		11/07/16	3.910%	Mexico Interbank TIIE 28 Days	$	7		$	(6,302	)
	20,230		11/08/16	3.920	Mexico Interbank TIIE 28 Days		3			(2,626	)
	40,930		11/09/16	3.900	Mexico Interbank TIIE 28 Days		6			(5,633	)
SEK	175,080	^(a)	06/15/18	0.050	3 month STIBOR		169,353			(14,402	)
GBP	6,210	^(a)	06/15/18	1.250	6 month GBP		64,118			13,460
EUR	9,020	^(a)	06/15/18	6 month EURO	0.250%		(93,167	)		10,448
	17,530	^(a)	02/17/19	6 month EURO	0.086		1,503			(11,765	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
GBP	1,180	^(a)	06/15/19	1.500%	6 month GBP	$	36,330		$	(5,111	)
EUR	7,050	^(a)	02/09/20	6 month EURO	0.100%		(4,737	)		(8,265	)
	20,050	^(a)	02/26/20	0.050	6 month EURO		8,296			2,141
GBP	4,580	^(a)	02/16/21	6 month GBP	1.160		(9,443	)		2,946
CHF	2,460	^(a)	06/15/21	0.500	6 month CHFOR		19,844			(13,261	)
EUR	8,830	^(a)	06/15/21	0.500	6 month EURO		238,850			(10,351	)
CAD	64,600	^(a)	06/15/21	1.000	6 month CDOR		2,686			6,451
AUD	6,440	^(a)	06/15/21	2.500	6 month AUDOR		16,852			21,402
$	30,720	^(a)	06/15/21	3 month LIBOR	2.000		(896,942	)		(261,279	)
SEK	180,990	^(a)	06/15/21	3 month STIBOR	0.500		(162,754	)		1,897
GBP	2,910	^(a)	06/15/21	6 month GBP	1.750		(153,676	)		6,310
	4,330	^(a)	12/11/22	6 month GBP	1.940		(21,409	)		(176,013	)
EUR	2,370	^(a)	02/09/23	0.500	6 month EURO		2,801			18,026
	15,140	^(a)	06/15/23	0.750	6 month EURO		498,737			95,972
GBP	800	^(a)	06/15/23	2.000	6 month GBP		66,904			(5,557	)
JPY	2,897,070	^(a)	06/15/23	6 month JYOR	0.100		(130,434	)		(7,303	)
GBP	4,450	^(a)	02/16/25	1.570	6 month GBP		26,452			3,463
EUR	3,930	^(a)	05/11/25	1.567	6 month EURO		122,310			33,705
	28,940	^(a)	05/11/25	1.568	6 month EURO		(50,010	)		1,198,881
	7,740	^(a)	09/16/25	2.000	6 month EURO		180,873			281,308
GBP	5,890	^(a)	09/16/25	6 month GBP	2.750		(714,160	)		329,951
JPY	3,033,920	^(a)	12/16/25	6 month JYOR	1.000		(1,011,218	)		119,410
EUR	21,230	^(a)	01/06/26	1.550	6 month EURO		109,022			535,868
AUD	5,460	^(a)	03/24/26	3.100	6 month AUDOR		17,666			13,389
CHF	2,250	^(a)	06/15/26	0.100	6 month CHFOR		11,647			(2,139	)
EUR	38,900	^(a)	06/15/26	1.000	6 month EURO		1,902,828			(5,178	)
GBP	2,580	^(a)	06/15/26	2.000	6 month GBP		197,201			(3,058	)
$	10,820	^(a)	06/15/26	3 month LIBOR	2.250		(390,731	)		(188,674	)
NZD	12,120	^(a)	06/15/26	3 month NZDOR	3.000		92,227			(83,141	)
SEK	59,580	^(a)	06/15/26	3 month STIBOR	1.250		(26,200	)		(13,450	)
AUD	22,650	^(a)	06/15/26	3.000	6 month AUDOR		460,548			122,702
	4,370	^(a)	06/16/26	3.000	6 month AUDOR		68,350			44,112
$	12,700	^(a)	12/15/26	2.500	3 month LIBOR		120,403			35,737
	16,430	^(a)	12/15/26	2.750	3 month STIBOR		(1,125	)		53,692
GBP	7,600	^(a)	12/11/27	2.190	6 month GBP		67,567			477,976
EUR	350	^(a)	06/15/31	1.250	6 month EURO		17,530			3,175
GBP	3,870	^(a)	12/11/32	6 month GBP	2.250		(38,989	)		(316,970	)
	1,280	^(a)	02/16/33	6 month GBP	1.820		(11,685	)		4,347
EUR	9,950	^(a)	05/11/35	6 month EURO	1.695		(104,323	)		(546,019	)
$	10,520	^(a)	12/17/35	3.000	3 month LIBOR		409,388			4,183
JPY	1,339,240	^(a)	12/17/35	6 month JYOR	2.000		(1,170,978	)		(147,454	)
	350,190	^(a)	03/30/36	6 month JYOR	0.900		(6,790	)		(4,408	)
	142,000	^(a)	06/15/36	6 month JYOR	0.500		1,270			299
EUR	3,400	^(a)	12/19/45	1.250	6 month EURO		(466	)		43,743
$	10,600	^(a)	12/19/45	2.750	3 month LIBOR		220,263			165
JPY	1,455,220	^(a)	12/19/45	6 month JYOR	2.000		(938,177	)		(407,092	)
GBP	5,970	^(a)	01/05/46	6 month GBP	2.250		(215,049	)		(376,746	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	910	^(a)	06/15/46	1.500%	6 month EURO	$	104,120		$	25,001
$	600	^(a)	06/15/46	2.500	3 month LIBOR		46,991			2,092
GBP	7,540	^(a)	06/15/46	6 month GBP	2.000%		(964,661	)		37,119
	TOTAL					$	(1,814,178	)	$	927,174

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:
Citibank NA	People’s Republic of China 7.500% 10/28/27	$	13,280		(1.000	)%		12/20/20		1.128	%	$	95,057	$	(22,082	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		5,400		1.000			06/20/16		0.157			338		11,537
Morgan Stanley & Co. International PLC	CDX North America Investment Grade Index 16		2,650		1.000			06/20/16		0.157			158		5,669
TOTAL												$	95,553	$	(4,876	)

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
iTraxx Europe Series 24	$45,700		1.000	%		12/20/20		0.730	%	$	696,419	$	(24,415	)
CDX North America Investment Grade Index 26	27,950		1.000			06/20/21		0.796			284,306		7,634
TOTAL										$	980,725	$	(16,781	)

(b)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — For the fiscal year ended March 31, 2016 the Fund had following written options:

WRITTEN CURRENCY OPTION CONTRACTS

Counterparty

Description

Notional
Amount
(000s)

Expiration
Date

Exercise
Price

Value

Citibank NA

Call USD/Put CNH

2,216

01/25/17

7.550%

(13,571

)

(Premium received $44,808)

For the fiscal year ended March 31, 2016, the Fund had the following currency options activities:

CURRENCY OPTION CONTRACTS


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		18,383			119,321
Contracts Expired		(16,167	)		(74,513	)
Contracts Outstanding March 31, 2016	$	2,216		$	44,808


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 9.4%
	Airlines^(a)(b) – 0.2%
	Air Canada
$	24,840,000		6.750	%		10/01/19	$	25,585,200

	Automotive – 0.0%
	General Motors Co.
	2,200,000		3.500			10/02/18		2,242,940

	Banks – 2.5%
	American Express Co.^(a)(c)
	10,415,000		6.800			09/01/66		10,388,963
	Banco Nacional de Costa Rica
	3,100,000		6.250	^(b)		11/01/23		3,038,000
	2,810,000		6.250			11/01/23		2,753,800
	Bank of America Corp.
	36,375,000		4.000			01/22/25		36,229,069
	Intesa Sanpaolo SpA^(b)
	33,975,000		5.017			06/26/24		31,861,313
	JPMorgan Chase & Co.
	14,825,000		3.875			09/10/24		15,136,632
	12,575,000		3.125	^(a)		01/23/25		12,566,014
	16,075,000		5.300	^(a)(c)		05/01/49		16,115,188
	Lloyds Bank PLC^(a)(c)
	17,730,000		9.875			12/16/21		18,653,024
GBP	16,268,000		10.750			12/16/21		24,669,762
	Morgan Stanley, Inc.
$	13,125,000		4.000			07/23/25		13,712,252
	35,950,000		3.950			04/23/27		35,682,010
	PNC Preferred Funding Trust II^(a)(b)(c)
	60,900,000		1.856			03/29/49		51,156,000
	Royal Bank of Scotland PLC^(a)(c)
	45,465,000		9.500			03/16/22		48,192,900
	Santander UK PLC^(b)
	25,720,000		5.000			11/07/23		26,103,382

								346,258,309

	Consumer Cyclical Services^(a)(b) – 0.0%
	First Data Corp.
	300,000		5.750			01/15/24		300,000

	Electric^(a)(c) – 0.5%
	EDP – Energias de Portugal SA
EUR	16,700,000		5.375			09/16/75		18,582,392
	Electricite de France SA
	5,100,000		4.125			01/22/49		5,532,566
	3,100,000		4.250			01/29/49		3,502,091
	RWE AG
$	36,250,000		7.000			10/12/72		35,737,062

								63,354,111

	Energy – 0.5%
	Petroleos de Venezuela SA
	76,870,000		6.000			05/16/24		23,868,135
	68,160,000		6.000			11/15/26		21,027,360
	7,040,000		5.375			04/12/27		2,225,696
	2,650,000		5.500			04/12/37		841,375
	TOTAL SA^(a)(c)
EUR	20,575,000		2.625			02/26/49		21,300,501

								69,263,067


Corporate Obligations – (continued)
	Energy – Exploration & Production – 0.4%
	Antero Resources Corp.^(a)
$	14,050,000		5.625	%		06/01/23	$	12,855,750
	Laredo Petroleum, Inc.^(a)
	11,925,000		5.625			01/15/22		9,987,187
	MEG Energy Corp.^(a)(b)
	24,995,000		6.375			01/30/23		14,747,050
	SM Energy Co.^(a)
	9,625,000		5.000			01/15/24		6,641,250
	Whiting Petroleum Corp.
	8,900,000		1.250	^(b)		04/01/20		5,178,688
	9,800,000		5.750	^(a)		03/15/21		6,517,000
	50,000		6.250	^(a)		04/01/23		33,625

								55,960,550

	Food & Beverage^(a) – 0.6%
	Anheuser-Busch InBev Finance, Inc.
	22,875,000		3.650			02/01/26		24,039,010
	5,975,000		4.700			02/01/36		6,466,652
	22,300,000		4.900			02/01/46		24,997,842
	Bumble Bee Holding, Inc.^(b)
	3,166,000		9.000			12/15/17		3,173,915
	Sysco Corp.
	18,813,000		4.850			10/01/45		20,192,168

								78,869,587

	Gaming – 0.4%
	MGM Resorts International
	21,900,000		7.500			06/01/16		21,900,000
	25,800,000		10.000			11/01/16		26,961,000
	5,000,000		8.625			02/01/19		5,687,500

								54,548,500

	Media – Cable – 0.5%
	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)
	6,129,000		7.000			01/15/19		6,257,709
	CCO Safari II LLC^(a)(b)
	14,650,000		3.579			07/23/20		14,921,788
	14,525,000		4.908			07/23/25		15,356,037
	16,500,000		6.484			10/23/45		18,375,844
	Time Warner Cable, Inc.
	19,754,000		5.850			05/01/17		20,567,171

								75,478,549

	Media – Non Cable^(a) – 0.3%
	Grupo Televisa SAB
	3,400,000		4.625			01/30/26		3,518,286
	14,310,000		6.125			01/31/46		15,054,406
	Univision Communications, Inc.^(b)
	16,087,000		8.500			05/15/21		16,408,740

								34,981,432

	Noncaptive – Financial – 0.1%
	CIBanco SA Institucion de Banca Multiple^(a)(b)(d)
	1,514,838		9.625			05/02/21		45,445
	General Electric Co.
MXN	110,000,000		8.500			04/06/18		6,807,373


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
	Noncaptive – Financial – (continued)
	Speedy Cash Intermediate Holdings Corp.^(a)(b)
$	17,625,000		10.750	%		05/15/18	$	10,486,875

								17,339,693

	Packaging^(a) – 0.2%
	Ardagh Packaging Finance PLC
	2,239,000		9.125	^(b)		10/15/20		2,306,170
EUR	19,775,000		9.250			10/15/20		23,514,557

								25,820,727

	Pharmaceuticals^(a) – 0.7%
	Actavis Funding SCS
$	56,620,000		3.800			03/15/25		58,817,671
	4,825,000		4.750			03/15/45		5,081,234
	Bayer AG^(c)
EUR	12,150,000		2.375			04/02/75		13,376,845
	Celgene Corp.
$	4,450,000		5.000			08/15/45		4,799,777
	Merck KGaA^(c)
EUR	11,950,000		2.625			12/12/74		13,645,495

								95,721,022

	Pipelines^(a)(c) – 0.3%
	Enterprise Products Operating LLC
$	42,850,000		8.375			08/01/66		33,851,500
	1,850,000		7.000			06/01/67		1,308,875
	5,900,000		7.034			01/15/68		5,855,750

								41,016,125

	Property/Casualty Insurance^(a)(c) – 0.2%
	ING Capital Funding Trust III
	12,250,000		4.231			12/29/49		11,913,125
	The Chubb Corp.
	11,794,000		6.375			03/29/67		10,201,810

								22,114,935

	Real Estate Investment Trusts^(b) – 0.1%
	Trust F/1401
	18,700,000		5.250	^(a)		12/15/24		19,027,250
	300,000		6.950			01/30/44		291,000

								19,318,250

	Retailers^(a) – 0.3%
	Amazon.com, Inc.
	37,300,000		4.950			12/05/44		42,770,703

	Retailers – Food & Drug^(a) – 0.4%
	BI-LO LLC/BI-LO Finance Corp.^(b)(e)
	11,205,000		8.625			09/15/18		8,515,800
	CVS Health Corp.
	25,000		3.875			07/20/25		26,962
	38,500,000		5.125			07/20/45		44,699,674

								53,242,436

	Telecommunications – Cellular – 0.1%
	America Movil SAB de CV
MXN	256,740,000		6.000			06/09/19		14,664,011


	Corporate Obligations – (continued)
	Tobacco^(a) – 0.6%
	Reynolds American, Inc.
$	12,425,000		4.450	%		06/12/25	$	13,671,745
	53,869,000		5.850			08/15/45		65,754,218

								79,425,963

	Wireless Telecommunications – 0.2%
	Intelsat Jackson Holdings SA^(a)
	18,150,000		5.500			08/01/23		10,980,750
	Sprint Capital Corp.
	175,000		6.875			11/15/28		127,750
	Sprint Communications, Inc.
	100,000		7.000			08/15/20		79,250
	Sprint Corp.
	23,175,000		7.125			06/15/24		17,381,250

								28,569,000

	Wirelines Telecommunications – 0.3%
	Verizon Communications, Inc.
	20,800,000		5.150			09/15/23		24,001,698
	19,650,000		4.862			08/21/46		20,820,669

								44,822,367

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,347,380,897)						$	1,291,667,477


Mortgage-Backed Obligations – 16.0%
	Adjustable Rate Non-Agency^(c) – 4.7%
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A1
GBP	1,525,017		0.948	%		09/20/66	$	2,132,075
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A3
$	3,761,708		0.963			09/20/66		3,639,152
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(b)
	31,355,087		0.843			09/20/66		30,202,443
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A2
GBP	11,077,287		0.888			09/20/66		15,453,613
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(b)
$	27,969,102		0.863			09/20/66		26,960,396
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
EUR	8,762,526		0.026			09/20/66		9,679,777
	American Home Mortgage Assets Trust Series 2006-2, Class 2A1
$	10,379,273		0.626			09/25/46		7,344,191
	American Home Mortgage Assets Trust Series 2006-6, Class A1A
	5,916,744		0.626			12/25/46		3,687,673
	American Home Mortgage Investment Trust Series 2005-3, Class 2A4
	6,100,000		2.506			09/25/35		3,613,626
	American Home Mortgage Investment Trust Series 2006-3, Class 11A1
	174,876		0.616			12/25/46		137,600
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1
	4,942,377		0.666			03/25/47		2,635,394
	Banc of America Funding Corp. Series 2006-H, Class 6A1
	26,101,705		0.622			10/20/36		20,078,567


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1
$	4,302,900		0.636	%		09/25/47	$	3,341,615
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1^(b)
	6,211,923		0.636			10/25/36		4,783,181
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-1A, Class A1^(b)
	32,009,519		0.583			12/25/46		24,055,154
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-2A, Class A1^(b)
	20,240,522		0.563			04/25/47		14,042,874
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-3A, Class A1^(b)
	16,557,488		0.563			08/25/47		11,681,308
	Citigroup Mortgage Loan Trust, Inc. Series 2006-AR7, Class 2A2A
	5,223,068		2.852			11/25/36		4,402,084
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
	5,187,080		1.967			06/25/35		4,407,684
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5
	1,060,150		0.936			05/25/35		865,134
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B
	3,706,970		0.606			11/25/36		3,650,700
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	394,433		0.642			03/20/46		284,110
	Countrywide Alternative Loan Trust Series 2007-19, Class 1A11
	12,143,102		0.936			08/25/37		7,674,461
	Countrywide Alternative Loan Trust Series 2007-HY6, Class A1
	6,260,254		0.646			08/25/47		5,197,264
	Countrywide Alternative Loan Trust Series 2007-OA11, Class A1A
	29,972,815		1.702			11/25/47		21,816,609
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2005-3, Class 1A1
	7,964,409		0.746			04/25/35		5,998,950
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(b)
EUR	54,884,118		2.750			04/20/20		61,203,575
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A
$	3,501,442		0.633			08/25/47		2,799,004
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B
	4,369,800		0.653			08/25/47		3,557,452
	Downey Savings & Loan Association Mortgage Trust Series 2005-AR5, Class 2A1A
	10,964,671		0.760			09/19/45		7,644,322
	GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1
	1,757,778		0.616			01/25/37		1,370,998
	HarborView Mortgage Loan Trust Series 2006-11, Class A1A
	6,682,408		0.600			12/19/36		4,800,598
	HomeBanc Mortgage Trust Series 2006-1, Class 3A2
	3,061,475		2.441			04/25/37		1,849,866


Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)
	Impac Secured Assets Trust Series 2006-5, Class 1A1B
$	25,495,515		0.636	%		02/25/37	$	21,247,534
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1
	5,516,977		0.696			06/25/35		4,721,707
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	1,052,197		2.587			08/25/35		881,877
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	3,765,920		2.826			11/25/35		3,009,521
	Indymac Index Mortgage Loan Trust Series 2006-AR41, Class A3
	8,021,719		0.616			02/25/37		5,722,729
	Indymac Index Mortgage Loan Trust Series 2007-AR1, Class 1A1
	7,685,521		3.123			03/25/37		6,896,623
	Indymac Index Mortgage Loan Trust Series 2007-FLX4, Class 2A1
	8,009,305		0.613			07/25/37		6,551,342
	JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	7,698,505		2.835			05/25/36		6,156,982
	JPMorgan Alternative Loan Trust Series 2006-A5, Class 1A1
	7,567,750		0.596			10/25/36		6,065,879
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	8,910,460		0.127			09/21/38		10,704,111
	Leek Finance Number Seventeen PLC Series 2017A, Class A2B^(b)
$	5,737,820		0.850			12/21/37		6,152,345
	Lehman XS Trust Series 2005-5N, Class 1A1
	19,495,576		0.736			11/25/35		16,229,748
	Lehman XS Trust Series 2005-7N, Class 1A1A
	10,738,258		0.705			12/25/35		9,043,872
	Lehman XS Trust Series 2005-9N, Class 1A1
	5,157,347		0.706			02/25/36		3,960,110
	Lehman XS Trust Series 2006-GP1, Class A2A
	12		0.606			05/25/46		12
	Lehman XS Trust Series 2007-12N, Class 2A1
	4,672,108		0.613			07/25/37		3,185,629
	Lehman XS Trust Series 2007-16N, Class 2A2
	13,206,183		1.283			09/25/47		10,204,230
	Lehman XS Trust Series 2007-4N, Class 3A2A
	5,988,150		1.072			03/25/47		4,703,089
	Lehman XS Trust Series 2007-5H, Class 3A4
	7,872,861		2.835			05/25/37		5,326,710
	Lehman XS Trust Series Series 2006-14N, Class 1A1A
	15,578,323		0.626			09/25/46		12,556,100
	LSTAR Securities Investment Trust Series 2014-2, Class A^(b)
	21,227,579		2.439			12/01/21		20,866,604
	LSTAR Securities Investment Trust Series 2015-3, Class A^(b)
	14,881,719		2.439			03/01/20		14,539,882
	Luminent Mortgage Trust Series 2007-2, Class 2A1
	1,742,169		0.666			05/25/37		1,227,620
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1
	9,416,275		1.122			12/25/46		6,868,012
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	3,718,224		1.172			12/25/46		2,718,861


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1
$	4,409,612		0.586	%		03/25/47	$	3,552,986
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1
	1,898,260		0.633			05/25/47		1,448,338
	Master Adjustable Rate Mortgages Trust Series 2007-HF2, Class A1
	6,623,879		0.746			09/25/37		5,949,617
	Morgan Stanley Mortgage Loan Trust Series 2005-6AR, Class 1A3
	1,241,280		0.846			11/25/35		1,111,072
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A
	2,661,820		0.676			12/25/36		1,987,685
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	5,921,941		1.322			01/25/46		3,997,985
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	6,945,026		3.740			12/25/35		5,532,660
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A1
	12,768,283		0.621			12/25/36		9,527,219
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A2
	6,694,955		0.616			12/25/36		5,213,147
	Residential Accredit Loans, Inc. Series 2006-QA2, Class 2A1
	4,979,253		4.262			02/25/36		3,565,603
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1
	3,251,977		0.706			02/25/46		1,832,660
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1
	6,315,486		1.122			09/25/46		4,280,276
	Residential Accredit Loans, Inc. Series 2007-QO4, Class A1A
	1,569,110		0.626			05/25/47		1,220,883
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	6,068,855		3.026			09/25/35		5,150,246
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	3,324,009		3.266			11/25/35		2,844,904
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-11, Class 1A1
	5,935,095		0.596			12/25/36		4,760,845
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-9, Class 3A1
	3,595,300		5.976			10/25/36		2,475,319
	Structured Adjustable Rate Mortgage Loan Trust Series 2007-11, Class 1A1
	8,459,866		1.586			12/25/37		5,610,316
	Structured Asset Mortgage Investments II Trust Series 2005-AR7, Class 5A1
	1,504,521		1.782			03/25/46		1,218,860
	Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 21A1
	4,383,175		0.836			02/25/36		3,125,153
	Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1
	6,907,516		0.646			05/25/46		5,038,110


Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)
	Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A
$	594,037		0.646	%		08/25/36	$	448,352
	Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A4A
	6,839,768		0.616			09/25/47		5,472,414
	Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1
	1,759,409		1.286			05/25/47		1,261,954
	Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 3A1
	15,997,187		6.500			05/25/47		10,399,939
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class CB1
	94,275		0.886			06/25/35		69,973
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR4, Class DA
	2,880,455		1.292			06/25/46		1,565,599
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1
	8,883,479		1.116			01/25/45		8,114,819
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1
	545,302		0.706			12/25/45		500,850
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A
	336,293		0.706			07/25/45		313,214
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
	1,250,341		0.726			07/25/45		1,152,205
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A
	4,502,691		1.076			07/25/45		4,190,827
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	7,309,919		1.202			10/25/46		5,636,277
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	9,587,006		1.062			01/25/47		7,435,455
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4, Class A1A
	6,479,614		1.082			04/25/47		4,721,745
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA6, Class 2A
	5,597,033		1.755			07/25/47		3,740,627

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	645,000,713

	Collateralized Mortgage Obligations – 4.0%
	Interest Only^(f) – 0.3%
	FHLMC STRIPS Series 304, Class C45
$	44,388,455		3.000	%		12/15/27	$	4,089,087
	FNMA REMIC Series 2015-34, Class LS^(c)
	41,761,644		5.667			06/25/45		8,785,055
	GNMA REMIC Series 2013-182, Class PI
	20,965,792		4.500			12/20/43		3,561,482


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
	Interest Only^(f) – (continued)
	GNMA REMIC Series 2014-11, Class NI
$	18,511,607		4.500	%		12/16/42	$	2,279,582
	GNMA REMIC Series 2014-180, Class PI
	20,317,934		4.000			08/20/44		2,732,037
	GNMA REMIC Series 2015-111, Class IW
	21,254,575		4.000			06/20/45		3,233,945
	GNMA REMIC Series 2015-129, Class IC
	8,590,917		4.500			09/16/45		1,296,164
	GNMA REMIC Series 2015-95, Class GI
	64,322,541		4.500			07/16/45		13,135,351

								39,112,703

	Inverse Floaters^(c) – 2.7%
	FHLMC REMIC Series 3753, Class SK
	23,673,815		5.614			11/15/38		2,672,589
	FHLMC REMIC Series 4273, Class PS
	60,268,777		5.664			11/15/43		10,364,609
	FHLMC REMIC Series 4320, Class SD
	63,171,166		5.664			07/15/39		10,285,056
	FHLMC REMIC Series 4431, Class ST
	21,864,913		5.664			01/15/45		5,037,197
	FHLMC REMIC Series 4468, Class SY
	19,014,189		5.664			05/15/45		4,121,628
	FNMA REMIC Series 2010-126, Class LS
	7,460,770		4.562			11/25/40		1,444,510
	FNMA REMIC Series 2013-121, Class SA
	57,155,808		5.667			12/25/43		9,749,215
	FNMA REMIC Series 2013-96, Class SW
	63,596,858		5.667			09/25/43		10,982,758
	FNMA REMIC Series 2014-19, Class MS
	34,014,244		6.167			11/25/39		4,940,814
	FNMA REMIC Series 2014-87, Class MS
	23,476,896		5.817			01/25/45		4,057,101
	FNMA REMIC Series 2015-20, Class ES
	58,822,737		5.717			04/25/45		13,754,438
	FNMA REMIC Series 2015-22, Class DS
	14,896,719		5.767			04/25/45		3,366,590
	FNMA REMIC Series 2015-24, Class SG
	23,395,594		5.167			04/25/45		4,948,107
	FNMA REMIC Series 2015-79, Class SA
	48,909,738		5.817			11/25/45		7,927,300
	FNMA REMIC Series 2015-79, Class SE
	19,719,924		5.817			11/25/45		3,199,721
	FNMA REMIC Series 2015-81, Class SA
	191,382,664		5.267			11/25/45		28,284,272
	FNMA REMIC Series 2015-82, Class MS
	135,719,465		5.267			11/25/45		21,316,995
	FNMA REMIC Series 2015-86, Class BS
	33,328,719		5.267			11/25/45		5,180,526
	GNMA REMIC Series 2010-1, Class SD
	11,153,396		5.358			01/20/40		1,776,808
	GNMA REMIC Series 2010-162, Class SE
	28,010,491		6.118			12/20/40		3,175,687
	GNMA REMIC Series 2010-20, Class SC
	16,313,839		5.718			02/20/40		2,690,100


Mortgage-Backed Obligations – (continued)
	Inverse Floaters^(c) – (continued)
	GNMA REMIC Series 2010-20, Class SD
$	14,820,708		5.248	%		02/20/40	$	2,197,379
	GNMA REMIC Series 2010-20, Class SE
	23,017,723		5.818			02/20/40		3,815,093
	GNMA REMIC Series 2010-35, Class DS
	17,952,798		5.248			03/20/40		2,673,768
	GNMA REMIC Series 2010-37, Class SG
	36,589,545		5.268			03/20/40		5,448,352
	GNMA REMIC Series 2010-58, Class AI
	5,793,973		5.338			05/20/40		872,203
	GNMA REMIC Series 2010-59, Class SA
	10,271,840		6.068			05/20/40		1,789,967
	GNMA REMIC Series 2010-85, Class SN
	21,840,093		5.508			07/20/40		3,921,172
	GNMA REMIC Series 2010-9, Class XD
	39,875,257		6.159			01/16/40		6,846,602
	GNMA REMIC Series 2010-9, Class YD
	55,147,171		6.359			01/16/40		9,884,496
	GNMA REMIC Series 2010-90, Class ES
	35,027,570		5.518			07/20/40		5,352,651
	GNMA REMIC Series 2012-149, Class MS
	9,125,901		5.818			12/20/42		1,467,116
	GNMA REMIC Series 2013-103, Class DS
	22,426,337		5.718			07/20/43		3,680,364
	GNMA REMIC Series 2013-111, Class SA
	23,284,914		6.268			07/20/43		4,208,106
	GNMA REMIC Series 2013-113, Class SA
	27,447,842		6.268			08/20/43		5,027,764
	GNMA REMIC Series 2013-113, Class SD
	91,392,063		6.259			08/16/43		18,394,846
	GNMA REMIC Series 2013-117, Class PS
	31,729,850		5.718			04/20/43		4,666,436
	GNMA REMIC Series 2013-147, Class SD
	30,555,143		6.218			12/20/39		5,480,703
	GNMA REMIC Series 2013-152, Class SJ
	35,284,960		5.718			05/20/41		5,773,251
	GNMA REMIC Series 2013-167, Class SG
	29,350,923		5.718			11/20/43		4,484,026
	GNMA REMIC Series 2014-133, Class BS
	17,205,748		5.168			09/20/44		2,541,955
	GNMA REMIC Series 2014-3, Class TS
	13,749,577		5.118			01/20/44		1,969,881
	GNMA REMIC Series 2014-41, Class SA
	38,823,975		5.668			03/20/44		6,469,449
	GNMA REMIC Series 2014-5, Class SA
	21,341,553		5.118			01/20/44		3,028,780
	GNMA REMIC Series 2014-56, Class ST
	33,637,403		5.659			12/16/39		5,238,911
	GNMA REMIC Series 2014-76, Class SA
	44,627,896		5.168			01/20/40		6,390,884
	GNMA REMIC Series 2014-96, Class SE
	27,198,056		5.168			07/20/44		3,872,484
	GNMA REMIC Series 2015-110, Class MS
	29,184,366		5.278			08/20/45		4,446,944
	GNMA REMIC Series 2015-111, Class SM
	24,938,634		5.768			08/20/45		4,268,559


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
	Inverse Floaters^(c) – (continued)
	GNMA REMIC Series 2015-112, Class SB
$	49,078,814		5.308	%		08/20/45	$	7,526,236
	GNMA REMIC Series 2015-123, Class SE
	30,050,891		5.288			09/20/45		4,580,131
	GNMA REMIC Series 2015-126, Class HS
	53,387,792		5.768			09/20/45		9,188,039
	GNMA REMIC Series 2015-126, Class LS
	16,238,695		5.768			09/20/45		2,794,679
	GNMA REMIC Series 2015-133, Class SA
	9,341,333		5.268			09/20/45		1,414,978
	GNMA REMIC Series 2015-133, Class SB
	14,052,147		5.268			09/20/45		2,172,462
	GNMA REMIC Series 2015-144, Class QS
	32,803,466		5.268			10/20/45		4,778,438
	GNMA REMIC Series 2015-167, Class SA
	28,429,977		5.818			11/20/45		4,193,953
	GNMA REMIC Series 2015-168, Class SD
	44,109,675		5.768			11/20/45		7,223,475
	GNMA REMIC Series 2016-4, Class SM
	122,062,389		5.218			01/20/46		18,491,097
	GNMA REMIC Series 2016-6, Class S
	32,093,542		5.218			01/20/46		4,809,442
	GNMA REMIC Series 2016-6, Class SB
	60,952,560		5.218			01/20/46		9,361,320

								370,022,413

	Planned Amortization Class^(c) – 0.0%
	GNMA REMIC Series 2011-50, Class PS
	39,794,759		5.668			02/20/41		6,128,723

	Regular Floater^(c) – 0.5%
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1
	980,421		0.936			07/25/35		731,803
	Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A
	7,933,281		0.746			08/25/35		6,015,828
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	1,262,085		1.236			12/25/35		1,016,626
	FHLMC REMIC Series 3231, Class FB
	785,787		0.786			10/15/36		784,539
	FHLMC REMIC Series 3314, Class FC
	494,307		0.836			12/15/36		493,733
	FHLMC REMIC Series 3371, Class FA
	661,066		1.036			09/15/37		664,933
	FHLMC REMIC Series 3545, Class FA
	961,986		1.286			06/15/39		967,950
	FHLMC REMIC Series 3827, Class KF
	1,094,538		0.806			03/15/41		1,094,185
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3
	13,210,000		3.736			10/25/27		12,459,654
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ1, Class M3
	15,550,000		4.236			03/25/25		15,008,860
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	14,935,980		1.636			07/25/24		14,882,600


Mortgage-Backed Obligations – (continued)
	Regular Floater^(c) – (continued)
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1
$	598,522		1.936	%		02/25/25	$	598,675
	FNMA REMIC Series 2006-45, Class TF
	1,396,072		0.833			06/25/36		1,395,448
	FNMA REMIC Series 2006-76, Class QF
	1,481,765		0.833			08/25/36		1,480,723
	FNMA REMIC Series 2006-79, Class PF
	1,512,897		0.833			08/25/36		1,511,504
	FNMA REMIC Series 2007-33, Class HF
	1,976,439		0.783			04/25/37		1,966,261
	FNMA REMIC Series 2007-75, Class VF
	537,066		0.883			08/25/37		537,610
	FNMA REMIC Series 2009-84, Class WF
	353,577		1.533			10/25/39		358,480
	Nomura Resecuritization Trust Series 2014-5R, Class 2A11^(b)
	4,810,359		8.500			12/26/36		3,138,077
	Sequoia Mortgage Trust Series 2007-3, Class 2AA1
	4,962,723		2.685			07/20/37		3,991,909

								69,099,398

	Sequential Fixed Rate – 0.5%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
	2,192,672		7.000			10/25/37		1,176,682
	BCAP LLC Trust Series 2007-AA2, Class 2A7
	1,980,882		6.000			04/25/37		1,655,012
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	131,238		5.500			05/25/22		134,720
	Citigroup Mortgage Loan Trust Series 2007-9, Class 1A1^(b)
	8,768,648		5.750			04/25/47		7,241,460
	CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7
	1,414,259		6.000			01/25/37		1,164,051
	CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7
	7,531,393		5.750			03/25/37		6,120,871
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	2,702,105		6.000			02/25/36		2,281,880
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
	3,366,366		5.750			04/25/47		2,839,584
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
	1,332,798		5.750			07/25/37		1,195,128
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
	530,802		6.000			08/25/37		488,493
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	1,514,500		6.000			03/25/37		1,384,535
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-7, Class A3
	3,028,810		5.750			06/25/37		2,730,015
	Countrywide Home Mortgage Loan Pass-Through Trust Series 2007-10, Class A5
	2,329,878		6.000			07/25/37		2,080,636
	Countrywide Home Mortgage Pass-Through Trust Series 2007-10, Class A22
	4,379,012		6.000			07/25/37		3,910,563


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	JPMorgan Alternative Loan Trust Series 2008-R2, Class A1^(b)
$	9,242,492		6.000	%		11/25/36	$	7,657,534
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	675,704		5.000			08/25/35		670,954
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	771,828		5.500			02/25/36		627,267
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	1,290,487		6.000			06/25/36		1,044,877
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	2,198,726		6.500			07/25/36		1,758,934
	Residential Asset Securitization Trust Series 2006-A15, Class A13
	7,348,566		6.250			01/25/37		5,014,387
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	1,781,711		6.000			08/25/36		1,525,355
	Residential Asset Securitization Trust Series 2006-A8, Class 2A3
	7,381,331		6.000			08/25/36		4,212,283
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	5,679,685		6.000			10/25/37		4,564,978
	Wells Fargo Mortgage Backed Securities Trust Series 2007-11, Class A85
	1,359,580		6.000			08/25/37		1,281,090

								62,761,289

	Sequential Floating Rate^(c) – 0.0%
	Banc of America Funding Corp. Series 2007-2, Class 2A1
	85,870		5.735			03/25/37		84,545
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3
	6,265,111		0.936			08/25/37		4,697,905
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
	1,145,801		0.536			12/25/36		756,126

								5,538,576

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	552,663,102

	Commercial Mortgage-Backed Securities – 6.0%
	Sequential Fixed Rate – 2.8%
	Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class A1A
$	102,187,056		5.361	%		02/15/40	$	103,870,057
	CSMC Trust Series 2014-USA, Class E^(b)
	17,900,000		4.373			09/15/37		14,732,062
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	20,744,660		2.779			09/25/22		21,656,450
	FHLMC Multifamily Structured Pass-Through Certificates Series K037, Class A2
	122,500,000		3.490			01/25/24		133,987,278
	FHLMC Multifamily Structured Pass-Through Certificates Series K038, Class A2
	24,500,000		3.389			03/25/24		26,609,188


Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class A1A
$	72,320,545		5.559	%		10/15/48	$	72,976,181
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,698,343

								376,529,559

	Sequential Floating Rate^(c) – 3.2%
	CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class E^(b)
	12,450,000		3.786			04/10/28		12,078,659
	Citigroup Commercial Mortgage Trust Series 2014-388G, Class E^(b)
	27,996,000		2.786			06/15/33		27,119,188
	Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class D^(b)
	9,913,500		3.486			09/15/17		9,211,860
	Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class E^(b)
	11,719,000		3.836			09/15/17		10,841,322
	COMM 2015-CCRE23 Mortgage Trust Series 2015-CR23, Class CMD^(b)
	15,000,000		3.685			05/10/48		13,423,645
	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class F^(b)
	14,494,000		3.938			06/11/27		14,327,367
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	132,419,851		5.526			01/15/49		135,683,193
	Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class A1A1
	63,386,472		5.699			06/15/39		64,977,587
	FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2
	33,200,000		3.320			02/25/23		35,984,650
	FREMF Mortgage Trust Series 2014-K40, Class C^(b)
	7,800,000		4.072			09/25/25		6,811,515
	FREMF Mortgage Trust Series 2014-K41, Class B^(b)
	19,950,000		3.831			11/25/47		17,750,341
	GRACE Mortgage Trust Series 2014-GRCE, Class F^(b)
	15,250,000		3.590			06/10/28		13,749,261
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A
	25,257,497		5.794			08/10/45		26,073,362
	Hilton Mortgage Trust Series 2014-ORL, Class E^(b)
	17,950,000		3.686			07/15/29		16,713,496
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CBM, Class E^(b)
	15,000,000		4.286			10/15/29		14,177,277
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	1,450,000		5.478			02/12/44		1,470,279
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	1,200,000		5.931			12/15/44		1,154,606
	Morgan Stanley Capital I Trust Series 2014-CPT, Class F^(b)
	15,245,000		3.446			07/13/29		14,287,006
	Tricon American Homes Trust Series 2015-SFR1, Class D^(b)
	1,920,000		2.641			05/17/32		1,789,215


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate^(c) – (continued)
	Tricon American Homes Trust Series 2015-SFR1, Class E^(b)
$	3,790,000		3.427	%		05/17/32	$	3,484,579

								441,108,408

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	817,637,967

	Federal Agencies – 1.3%
	FHLMC – 0.0%
$	22,743		5.000	%		01/01/33	$	25,177
	2,250		5.000			03/01/33		2,483
	13,299		5.000			04/01/33		14,677
	4,100		5.000			05/01/33		4,525
	10,055		5.000			06/01/33		11,096
	57,298		5.000			07/01/33		63,235
	80,028		5.000			08/01/33		88,341
	9,952		5.000			09/01/33		11,005
	17,141		5.000			10/01/33		18,917
	52,829		5.000			11/01/33		58,303
	18,774		5.000			12/01/33		20,719
	18,681		5.000			01/01/34		20,617
	59,563		5.000			02/01/34		65,726
	23,930		5.000			03/01/34		26,398
	41,553		5.000			04/01/34		45,839
	67,258		5.000			05/01/34		74,225
	866,563		5.000			06/01/34		956,304
	13,940		5.000			11/01/34		15,379
	234,454		5.000			04/01/35		258,748
	17,712		5.000			11/01/35		19,548

								1,801,262

	FNMA – 1.3%
	3,824,187		3.094			01/01/18		3,895,318
	6,007,930		3.434			01/01/18		6,140,448
	155,210		5.000			01/01/18		161,367
	810,158		5.000			02/01/18		844,124
	544,539		5.000			03/01/18		567,369
	814,814		5.000			04/01/18		848,973
	82,550		5.000			05/01/18		86,011
	72,175		5.000			06/01/18		75,201
	1,069		5.500			01/01/19		1,123
	37,344		5.500			02/01/19		38,933
	40,837		5.500			03/01/19		42,638
	32,409		5.500			04/01/19		33,823
	17,173		5.500			05/01/19		18,003
	82,943		5.500			06/01/19		86,420
	234,784		5.500			07/01/19		245,269
	220,818		5.500			08/01/19		231,803
	198,106		5.500			09/01/19		208,570
	59,839		5.500			10/01/19		62,899
	61,186		5.500			11/01/19		64,543
	103,079		5.500			12/01/19		108,613
	9,389		5.500			01/01/20		9,900
	3,837		5.500			06/01/20		4,015
	1,152,790		5.500			07/01/20		1,215,285
	1,788,571		3.416			10/01/20		1,925,611
	1,355,505		3.619			12/01/20		1,465,456


	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	5,459,506		4.381	%		06/01/21	$	6,076,464
	335,281		6.000			08/01/22		382,047
	3,843		6.000			01/01/24		4,379
	97,412		6.000			04/01/24		111,224
	2,187,343		5.500			05/01/25		2,280,097
	141,460		6.000			09/01/25		161,192
	484,856		6.000			10/01/25		552,485
	71,055		6.000			02/01/26		80,966
	316,800		6.000			03/01/26		360,821
	83,155		6.000			04/01/26		94,754
	561,454		6.000			03/01/27		639,767
	42,011		6.000			07/01/27		47,871
	64,482		6.000			09/01/28		73,476
	676,480		6.000			10/01/28		770,838
	5,363		4.500			09/01/29		5,833
	7,411		6.000			12/01/32		8,545
	998		6.000			01/01/33		1,151
	4,579		6.000			04/01/33		5,280
	193,998		6.000			10/01/33		226,581
	6,945		6.000			02/01/34		8,007
	53,072		6.000			03/01/34		61,187
	152,425		6.000			08/01/34		175,879
	38,393		6.000			11/01/34		44,263
	355,728		6.000			05/01/35		410,420
	79,663		6.000			06/01/35		91,405
	201,072		6.000			10/01/35		231,220
	24,818		6.000			11/01/35		28,454
	33,073		6.000			12/01/35		37,732
	150,450		6.000			02/01/36		173,384
	14,026		6.000			05/01/36		16,136
	682,976		6.000			08/01/36		780,320
	35,511		6.000			09/01/36		40,760
	25,873		6.000			10/01/36		29,858
	252,753		6.000			11/01/36		291,826
	509,001		6.000			12/01/36		580,083
	1,810,077		6.000			01/01/37		2,061,194
	3,058,279		6.000			02/01/37		3,519,138
	108,703		6.000			04/01/37		125,025
	905,969		6.000			05/01/37		1,032,928
	1,398,965		6.000			07/01/37		1,611,147
	83,148		4.500			08/01/37		90,767
	1,735,937		6.000			08/01/37		1,987,247
	42,774		6.000			09/01/37		48,703
	144,472		6.000			10/01/37		165,248
	5,796		6.000			11/01/37		6,650
	420,676		6.000			12/01/37		479,010
	1,247,462		6.000			01/01/38		1,426,430
	111,847		5.000			03/01/38		125,128
	102,912		6.000			03/01/38		118,409
	365,363		6.000			05/01/38		418,213
	24,631		6.000			07/01/38		28,051
	24,805		6.000			08/01/38		28,384
	911,403		6.000			09/01/38		1,047,089
	448,896		6.000			10/01/38		512,640
	2,272,068		6.000			11/01/38		2,600,625
	6,609,440		6.000			12/01/38		7,529,428


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount			Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	3,531			6.000	%		01/01/39		$	4,040
	18,596			4.500			04/01/39			20,290
	9,093			6.000			04/01/39			10,471
	123,690			6.000			07/01/39			143,378
	28,340			4.000			08/01/39			30,287
	13,980			4.000			09/01/39			14,940
	103,793			6.000			09/01/39			118,202
	73,133			4.500			10/01/39			80,950
	954,575			6.000			10/01/39			1,098,391
	318,443			6.000			10/01/40			362,575
	10,433			4.500			05/01/41			11,492
	1,635,872			6.000			05/01/41			1,862,729
	46,904			4.500			06/01/41			51,390
	166,388			6.000			07/01/41			190,929
	54,019			4.500			08/01/41			59,708
	14,805			4.500			10/01/41			16,304
	418,047			5.000			11/01/41			463,218
	15,035			6.000			01/01/42			17,412
	8,495			4.500			11/01/42			9,266
	1,749,223			3.000			12/01/42			1,807,234
	3,162,786			3.000			01/01/43			3,269,080
	825,939			3.000			04/01/43			853,330
	72,524			4.500			12/01/43			79,845
	2,000,000			3.000			TBA-30yr	^(g)		2,051,719
	100,000,000			3.500			TBA-30yr	^(g)		104,859,380
	1,000,000			6.000			TBA-30yr	^(g)		1,140,469

										176,854,903

	TOTAL FEDERAL AGENCIES								$	178,656,165

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $2,193,440,574)								$	2,193,957,947


	Agency Debentures – 2.4%
	FFCB
$	31,600,000			3.440	%		06/17/30		$	33,774,965
	11,000,000			2.850			02/10/31			10,875,777
	3,000,000			3.020			04/09/31			3,042,135
	FHLB^(h)
	130,000,000			0.000			04/21/16			129,984,400
	150,000,000			0.000			04/26/16			149,978,100

	TOTAL AGENCY DEBENTURES
	(Cost $324,472,616)								$	327,655,377


	Asset-Backed Securities – 19.6%
	Auto^(b) – 0.1%
	Skopos Auto Receivables Trust Series 2015-1A, Class A
$	5,170,249	��		3.100	%		12/15/23		$	5,167,307
	Skopos Auto Receivables Trust Series 2015-2A, Class A
	9,915,743			3.550			02/15/20			9,904,719

										15,072,026


	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – 14.3%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(b)(c)
$	23,550,000			1.543	%		04/18/24		$	22,400,760
	ACIS CLO Ltd. Series 2013-2A, Class A^(b)(c)
	8,596,364			0.821			10/14/22			8,467,479
	ACIS CLO Ltd. Series 2013-2A, Class ACOM^(b)(c)
	53,626,295			1.019			10/14/22			52,349,990
	ACIS CLO Ltd. Series 2014-4A, Class ACOM^(b)(c)
	177,900,000			1.814			05/01/26			171,460,020
	ACIS CLO Ltd. Series 2014-4A, Class C^(b)(c)
	11,050,000			2.879			05/01/26			9,122,604
	B&M CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	74,650,000			1.717			04/16/26			73,068,465
	B&M CLO Ltd. Series 2014-1A, Class A2^(b)(c)
	12,850,000			2.267			04/16/26			12,135,964
	Black Diamond CLO Ltd. Series 2006-1A, Class AD^(b)(c)
	15,637,596			0.868			04/29/19			15,309,269
	Callidus Debt Partners CLO Fund VI Ltd. Series 6X, Class A1D^(c)
	6,959,013			0.576			10/23/21			6,840,167
	Crown Point CLO lll Ltd. Series 2015-3A, Class ACOM^(b)(c)
	32,600,000			0.000			12/31/27			31,739,360
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(b)(c)
	5,617,527			0.000			11/21/22			5,549,555
	Crown Point CLO Ltd. Series 2013-2A, Class ACOM^(b)(c)
	118,100,000			0.000			12/14/23			114,924,764
	Cutwater 2015-I Ltd. Series 2015-1A, Class A2^(b)(c)
	24,850,000			1.851			07/15/27			24,199,725
	Doral CLO 1 Ltd. Series 2012-3A, Class A1^(b)(c)
	9,868,001			2.020			12/19/22			9,755,121
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1^(b)(c)
	47,300,000			1.845			04/18/26			46,321,268
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B^(b)(c)
	64,150,000			1.743			04/28/25			62,987,281
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2^(b)(c)
	55,600,000			2.323			04/28/25			52,019,249
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A^(b)(c)
	113,550,000			1.720			07/25/27			110,206,293
	ICG US CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	88,820,289			1.467			04/20/26			86,644,903
	ICG US CLO Ltd. Series 2014-1A, Class A2^(b)(c)
	23,329,710			2.067			04/20/26			21,643,415
	Monroe Capital BSL CLO Ltd. Series 2015-1A, Class ACOM^(b)(c)
	154,600,000			1.931			05/22/27			151,121,500
	Monroe Capital BSL CLO Ltd. Series 2015-1A, Class B^(b)(c)
	10,248,000			2.578			05/22/27			9,839,976
	Mountain View Funding CLO Series 2007-3A, Class A1^(b)(c)
	1,315,303			0.532			04/16/21			1,309,238
	Ocean Trails CLO Ltd. Series 2006-1X, Class A1^(c)
	1,661,542			0.571			10/12/20			1,637,938
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(b)(c)
	14,722,660			0.000			11/22/23			14,507,709
	OCP CLO Ltd. Series 2014-5A, Class ACOM^(b)(c)
	140,200,000			0.000			04/26/26			134,802,300


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(b)(h)
$	11,950,000		0.000	%		04/17/25	$	11,562,820
	OFSI Fund VI Ltd. Series 2014-6A, Class A1^(b)(c)
	32,975,300		1.351			03/20/25		31,986,701
	OFSI Fund VI Ltd. Series 2014-6A, Class ACOM^(b)(c)
	120,000,000		0.000			03/20/25		115,440,000
	OFSI Fund VII Ltd. Series 2014-7A, Class ACOM^(b)(c)
	146,000,000		0.000			10/18/26		142,335,400
	OHA Park Avenue CLO I Ltd. Series 2007-1A, Class A1A^(b)(c)
	5,233,916		0.752			03/14/22		5,126,605
	Saratoga Investment CLO Corp. Series 2013-1A, Ltd. Class A1^(b)(c)
	16,000,000		1.617			10/20/23		15,879,520
	Sound Point CLO VI Ltd. Series 2014-2A, Class B^(b)(c)
	29,982,680		2.297			10/20/26		28,260,655
	Sound Point CLO VI Ltd. Series 2014-2A, Class C^(b)(c)
	11,700,000		3.217			10/20/26		11,112,145
	Symphony CLO XI Ltd. Series 2013-11A, Class A^(b)(c)
	6,500,000		1.615			01/17/25		6,446,674
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM^(b)(c)
	57,100,000		0.000			07/15/26		54,519,080
	Trinitas CLO II Ltd. Series 2014-2A, Class C^(b)(c)
	10,050,000		3.131			07/15/26		8,257,763
	Trinitas CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	58,150,000		1.851			04/15/26		57,211,924
	Trinitas CLO Ltd. Series 2014-1A, Class B1^(b)(c)
	14,950,000		2.221			04/15/26		13,787,966
	Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM^(b)(c)
	120,650,000		0.000			07/16/27		116,837,460
	Zais CLO 1 Ltd. Series 2014-1A, Class ACOM^(b)(c)
	93,200,000		1.714			04/15/26		91,028,440

								1,960,157,466

	Home Equity – 1.2%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C^(c)
	10,939,400		0.696			03/25/37		6,318,141
	ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D^(c)
	16,641,000		0.706			05/25/36		10,568,636
	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 05-R8, Class M2^(c)
	5,440,000		0.926			10/25/35		4,935,234
	Bayview Financial Mortgage Pass-Through Trust 2006-A, Class M3^(c)
	10,095,000		1.083			02/28/41		7,835,183
	Bayview Opportunity Master Fund IIIb RPL Trust Series 2015-3, Class A1^(b)(i)
	6,762,864		3.623			04/28/30		6,762,436
	Citigroup Mortgage Loan Trust Series 2006-WFH1, Class M3^(c)
	6,400,000		0.836			01/25/36		5,293,451
	Citigroup Mortgage Loan Trust Series 2007-WFH2, Class A4^(c)
	300,000		0.786			03/25/37		269,765


	Asset-Backed Securities – (continued)
	Home Equity – (continued)
	Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3⁽ⁱ⁾
$	8,886,000		4.131	%		12/25/35	$	8,346,132
	First Franklin Mortgage Loan Trust Series 2006-FF12, Class A4^(c)
	2,206,559		0.576			09/25/36		1,998,454
	First Franklin Mortgage Loan Trust Series 2006-FF6, Class A4^(c)
	25,000,000		0.686			04/25/36		19,663,383
	GSAA Home Equity Trust Series 2007-10, Class A2A
	4,373,323		6.500			11/25/37		3,099,883
	GSAMP Trust Series 2006-HE8, Class A2C^(c)
	17,492,032		0.606			01/25/37		13,688,419
	HSI Asset Securitization Corp. Trust Series 2006-OPT1, Class 2A4^(c)
	8,600,000		0.736			12/25/35		7,698,901
	JPMorgan Mortgage Acquisition Trust Series 2006-CH1, Class A5^(c)
	3,850,000		0.665			07/25/36		3,607,731
	JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AV5^(c)
	7,450,000		0.696			01/25/37		5,678,040
	Lehman XS Trust Series 2006-16N, Class A321^(c)
	7,732,973		0.636			11/25/46		5,551,443
	Morgan Stanley Mortgage Loan Trust Series 2007-1XS, Class 2A1^(c)
	7,832,750		0.516			09/25/46		2,768,431
	Saxon Asset Securities Trust Series 2007-2, Class A2C^(c)
	6,874,306		0.676			05/25/47		4,727,906
	Securitized Asset Backed Receivables LLC Trust Series 2004-DO1, Class M1^(c)
	4,889,592		1.411			07/25/34		4,514,536
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC3, Class A3^(c)
	3,178,111		0.596			10/25/36		2,385,076
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1^(c)
	5,698,493		0.651			03/25/37		4,155,533
	Vericrest Opportunity Loan Trust XXV LLC Series 2015-NPL8, Class A1^(b)(i)
	31,047,542		3.500			06/26/45		30,701,983
	Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1^(c)
	4,188,952		1.096			10/25/35		4,006,699

								164,575,396

	Student Loan^(c) – 4.0%
	Access Group, Inc. Series 2006-1, Class A2
	10,779,462		0.739			08/25/23		10,698,651
	Access Group, Inc. Series 2015-1, Class A^(b)
	40,860,081		1.133			07/25/56		39,133,939
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	4,305,184		0.759			05/25/25		4,170,628
	Goal Capital Funding Trust Series 2006-1, Class A3
	5,585,628		0.749			11/25/26		5,567,823
	Higher Education Funding I Series 2005-1, Class A4
	22,400,000		0.769			02/25/30		22,089,708
	Nelnet Student Loan Trust Series 2005-4, Class A3
	37,746,347		0.754			06/22/26		37,155,473


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


Principal Amount		Interest Rate			Maturity Date		Value

	Asset-Backed Securities – (continued)
	Student Loan^(c) – (continued)
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
$	5,925,177		1.575	%		07/01/24	$	5,894,453
	Scholar Funding Trust Series 2010-A, Class A^(b)
	35,923,019		1.371			10/28/41		33,424,835
	SLC Student Loan Trust Series 2005-3, Class A3
	8,800,000		0.754			06/15/29		8,337,722
	SLM Student Loan Trust Series 2003-14, Class A5
	19,674,799		0.849			01/25/23		19,378,177
	SLM Student Loan Trust Series 2005-4, Class A3
	72,545,435		0.739			01/25/27		68,078,993
	SLM Student Loan Trust Series 2005-5, Class A4
	12,400,000		0.759			10/25/28		11,664,029
	SLM Student Loan Trust Series 2006-9, Class A4
	4,191,585		0.689			10/25/22		4,181,254
	SLM Student Loan Trust Series 2007-1, Class A5
	50,750,000		0.709			01/26/26		48,188,064
	SLM Student Loan Trust Series 2007-2, Class A4
	81,200,000		0.679			07/25/22		74,474,691
	SLM Student Loan Trust Series 2008-2, Class A3
	20,662,801		1.369			04/25/23		19,802,941
	SLM Student Loan Trust Series 2008-4, Class A4
	40,600,000		2.269			07/25/22		40,648,164
	SLM Student Loan Trust Series 2008-5, Class A4
	46,645,000		2.319			07/25/23		46,672,479
	SunTrust Student Loan Trust Series 2006-1A, Class A4^(b)
	35,350,000		0.811			10/28/37		32,597,709
	Wachovia Student Loan Trust Series 2005-1, Class A5
	12,012,417		0.749			01/26/26		11,765,512

								543,925,245

	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,712,090,336)						$	2,683,730,133


	Foreign Debt Obligations – 15.8%
	Sovereign – 15.2%
	Brazil Letras do Tesouro Nacional^(h)
BRL	256,152,000		0.000	%		01/01/17	$	64,587,050
	Brazil Loan Trust 1
$	7,668,544		5.477			07/24/23		7,035,889
	Brazil Notas do Tesouro Nacional
BRL	32,887,000		10.000			01/01/17		8,910,634
	45,853,686		6.000			08/15/40		11,991,908
	640,369,752		6.000			08/15/50		165,671,472
	Dominican Republic
DOP	61,100,000		10.375			03/04/22		1,338,928
	98,700,000		14.500			02/10/23		2,456,342
$	17,540,000		6.600	^(b)		01/28/24		18,592,400
	16,850,000		6.600			01/28/24		17,861,000
	15,512,000		5.875			04/18/24		15,899,800
	75,910,000		5.500	^(b)		01/27/25		75,720,225
	8,375,000		5.500			01/27/25		8,354,063
	2,784,000		8.625			04/20/27		3,173,760
DOP	30,000,000		18.500			02/04/28		928,607


	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	Dominican Republic – (continued)
DOP	58,700,000		11.375	%		07/06/29	$	1,310,571
$	15,210,000		7.450	^(b)		04/30/44		15,970,500
	15,340,000		7.450			04/30/44		16,107,000
	7,850,000		6.850			01/27/45		7,693,000
	2,900,000		6.850	^(b)		01/27/45		2,842,000
	Italy Buoni Poliennali Del Tesoro
EUR	96,037,719		2.100			09/15/16		111,674,562
	202,050,323		2.350			09/15/19		252,837,189
	Japan Treasury Discount Bill^(h)
JPY	37,130,000,000		0.000			04/18/16		329,912,479
	Japanese Government CPI Linked Bond
	2,075,770,200		0.100			09/10/24		19,408,530
	Republic of Costa Rica
$	3,360,000		9.995			08/01/20		4,078,200
	10,280,000		5.625			04/30/43		7,928,450
	18,800,000		7.158	^(b)		03/12/45		17,108,000
	2,430,000		7.158			03/12/45		2,211,300
	Republic of Croatia
	15,660,000		6.625			07/14/20		17,179,020
EUR	10,110,000		3.875			05/30/22		11,777,391
	Republic of Honduras^(b)
$	13,980,000		8.750			12/16/20		15,622,650
	Republic of Indonesia
	13,166,000		5.375			10/17/23		14,433,228
	32,300,000		5.875			01/15/24		36,337,500
	31,370,000		4.125			01/15/25		31,526,850
	42,660,000		4.750	^(b)		01/08/26		44,686,350
	1,800,000		5.250			01/17/42		1,809,000
	5,140,000		6.750			01/15/44		6,194,651
	9,710,000		5.125			01/15/45		9,661,450
	Republic of Sri Lanka
	8,819,000		6.125			06/03/25		8,069,385
	Republic of Venezuela
	28,990,000		7.750			10/13/19		10,871,250
	6,130,000		12.750	^(j)		08/23/22		2,635,900
	18,317,000		9.000			05/07/23		6,410,950
	54,030,000		8.250			10/13/24		18,370,200
	9,230,000		11.750			10/21/26		3,622,775
	23,330,000		9.250			05/07/28		8,223,825
	18,810,000		11.950			08/05/31		7,429,950
	Spain Government Inflation Linked Bond^(b)
EUR	121,954,862		0.550			11/30/19		143,906,993
	United Mexican States
MXN	1,242,540,430		0.000	^(h)		04/28/16		71,618,957
	1,468,425,940		0.000	^(h)		05/12/16		84,515,564
	1,594,311,900		0.000	^(h)		06/16/16		91,551,207
	1,632,738,142		5.000			06/16/16		94,700,967
	309,206,360		0.000	^(h)		06/23/16		17,715,901
	1,600,614,300		4.750			06/14/18		93,077,688
	241,369,600		6.500			06/10/21		14,673,341
	154,502,100		8.000			12/07/23		10,174,966
	39,328,100		10.000			12/05/24		2,922,209
	75,763,000		8.500			05/31/29		5,244,373
	475,100		10.000			11/20/36		37,845


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	United Mexican States – (continued)
$	780,000		6.050	%		01/11/40	$	914,550
	2,890,000		4.750			03/08/44		2,890,000
	2,318,000		4.600			01/23/46		2,271,640

								2,082,682,385

	Supranational – 0.6%
	European Investment Bank
GBP	29,200,000		3.875			06/08/37		51,949,192
	16,900,000		5.000			04/15/39		34,844,305

								86,793,497

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $2,311,262,010)						$	2,169,475,882


	Structured Note – 0.0%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
$	7,809,491		6.000	%		08/15/40	$	2,042,381
	(Cost $4,217,901)


	Municipal Debt Obligations – 1.8%
	Puerto Rico – 1.8%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
$	4,955,000		6.000	%		07/01/38	$	3,332,237
	17,570,000		6.000			07/01/44		11,771,900
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	6,730,000		5.750			07/01/37		4,475,450
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	2,680,000		5.000			07/01/33		1,735,300
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	3,020,000		5.750			07/01/41		1,804,450
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	1,485,000		5.500			07/01/32		883,575
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	1,150,000		5.875			07/01/36		688,563
	3,340,000		5.750			07/01/38		1,995,650
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C
	1,285,000		6.000			07/01/39		769,394
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	1,110,000		6.000			07/01/34		664,613
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E
	1,000,000		5.625			07/01/32		596,250


	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
$	515,000		5.500	%		07/01/26	$	309,644
	5,720,000		5.750			07/01/28		3,446,300
	455,000		5.500			07/01/39		270,725
	2,095,000		5.000			07/01/41		1,241,287
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	5,270,000		5.250			07/01/37		3,129,062
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	112,780,000		8.000			07/01/35		77,536,250
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A
	1,950,000		5.125			07/01/31		1,157,812
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A
	455,000		5.000			07/01/34		269,588
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	605,000		5.250			07/01/27		363,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A^(h)
	1,990,000		0.000			08/01/35		208,572
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C^(h)
	5,285,000		0.000			08/01/37		498,693
	4,305,000		0.000			08/01/38		380,519
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	1,205,000		5.250			08/01/40		732,038
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	1,005,000		5.500			08/01/23		434,663
	1,650,000		5.250			08/01/27		676,500
	35,660,000		0.000	⁽ⁱ⁾		08/01/32		13,819,320
	20,990,000		5.750			08/01/37		8,763,325
	155,000		6.375			08/01/39		66,069
	30,650,000		6.000			08/01/42		12,949,625
	500,000		6.500			08/01/44		213,750
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	9,275,000		0.000	⁽ⁱ⁾		08/01/33		2,461,585
	19,375,000		5.500			08/01/37		7,992,187
	20,435,000		5.375			08/01/39		8,378,350
	53,680,000		5.500			08/01/42		22,143,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	5,965,000		5.375			08/01/38		2,445,650
	1,935,000		6.000			08/01/39		817,537
	61,625,000		5.250			08/01/41		25,112,187
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	14,040,000		5.000			08/01/43		5,651,100
	9,575,000		5.250			08/01/43		3,901,812


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


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
$	29,245,000		5.500	%		08/01/28	$	12,136,675

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $379,955,347)						$	246,224,207


	U.S. Treasury Obligations – 20.3%
	United States Treasury Bills^(h)
$	925,000,000		0.000	%		04/21/16	$	924,946,017
	400,000,000		0.000			06/30/16		399,795,012
	United States Treasury Bonds
	293,600,000		2.875			08/15/45		308,964,094
	42,400,000		3.000	^(k)		11/15/45		45,794,970
	United States Treasury Inflation Protected Securities
	41,877,655		0.125			04/15/17		42,361,760
	38,635,090		2.625	^(i)(k)		07/15/17		40,675,409
	34,375,020		0.125			04/15/19		35,132,302
	71,384,258		0.125			01/15/22		72,532,831
	110,399,931		0.375			07/15/23		113,832,265
	45,902,165		0.625			01/15/24		47,845,663
	28,534,792		0.125			07/15/24		28,668,620
	22,178,742		2.500			01/15/29		27,910,616
	88,689,625		1.375			02/15/44		99,595,788
	United States Treasury Notes
	410,000,000		0.250			05/15/16		409,979,512
	75,900,000		1.625			06/30/20		77,416,476
	111,000,000		2.000			07/31/20		114,960,489

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,761,714,659)						$	2,790,411,824


	Bank Loans^(l) – 3.4%
	Automotive – 0.0%
	Chrysler Group LLC
$	5,513,136		3.500	%		05/24/17	$	5,509,332

	Building Materials – 0.0%
	Atkore International, Inc.
	6,790,000		7.750			10/09/21		6,178,900

	Consumer Cyclical Services – Business – 0.2%
	First Data Corp.
	25,075,000		4.182			07/08/22		24,899,475

	Energy – 0.5%
	American Energy – Marcellus LLC
	24,800,885		5.250			08/04/20		4,050,729
	10,300,000		8.500			08/04/21		394,799
	Magnum Hunter Resources, Inc.
	20,268,720		9.000			09/15/16		20,066,033
	96,554,092		0.000	^(d)		10/22/19		41,228,597

								65,740,158


	Bank Loans^(l) – (continued)
	Energy – Exploration & Production – 0.1%
	EP Energy LLC
$	12,810,626		3.500	%		05/24/18	$	8,422,986

	Entertainment – 0.1%
	WMG Acquisition Corp.
	6,778,684		3.750			07/01/20		6,674,157

	Environmental – 0.2%
	EnergySolutions LLC
	36,962,579		6.750			05/29/20		34,005,572

	Food & Beverages – 0.3%
	Shearer’s Foods, Inc.
	16,340,736		7.750			06/30/22		15,033,478
	US Foods, Inc.
	21,348,197		4.500			03/31/19		21,233,770

								36,267,248

	Gaming – 0.1%
	MGM Resorts International
	11,325,476		3.500			12/20/19		11,293,086

	Health Care – 0.1%
	American Renal Holdings, Inc.
	18,771,176		8.500			03/20/20		18,395,752

	Health Care – Services – 0.3%
	MPH Acquisition Holdings LLC
	23,935,213		3.750			03/31/21		23,683,893
	Sedgwick Claims Management Services, Inc.
	8,118,837		3.750			03/01/21		7,888,830
	8,375,909		6.750			02/28/22		7,758,186
	8,910,000		6.750			02/28/22		8,252,887

								47,583,796

	Media – Broadcasting & Radio – 0.2%
	Getty Images, Inc.
	35,679,373		4.750			10/18/19		26,422,003

	Media – Cable – 0.0%
	Neptune Finco Corp.
	1,375,000		5.000			10/09/22		1,374,780

	Media – Non Cable – 0.4%
	Checkout Holding Corp.
	46,758,393		4.500			04/09/21		39,744,634
	16,750,000		7.750			04/11/22		10,265,405

								50,010,039

	Pharmaceutical – 0.1%
	Valeant Pharmaceuticals International, Inc.
	13,188,016		4.000			04/01/22		12,435,244

	Retailers – 0.4%
	Neiman Marcus Group Ltd., Inc.
	26,307,888		4.250			10/25/20		24,051,987
	Petco Animal Supplies, Inc.
	8,500,000		5.750			01/26/23		8,486,995
	True Religion Apparel, Inc.
	57,140,833		5.875			07/30/19		25,141,966


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Bank Loans^(l) – (continued)
	Retailers – (continued)
	True Religion Apparel, Inc. – (continued)
$	8,400,000		11.000	%		01/30/20	$	3,360,000

								61,040,948

	Services Cyclical – Business Services – 0.1%
	ADS Waste Holdings, Inc.
	12,256,056		3.750			10/09/19		12,143,668

	Technology – Software – 0.2%
	BMC Software Finance, Inc.
	18,492,451		5.000			09/10/20		15,470,045
	Renaissance Learning, Inc.
	1,700,000		8.000			04/11/22		1,504,500
	TTM Technologies, Inc.
	6,298,306		6.000			05/31/21		5,967,645

								22,942,190

	Technology – Software/Services – 0.1%
	NXP BV
	7,980,000		3.750			12/07/20		7,992,449

	TOTAL BANK LOANS
	(Cost $600,313,157)						$	459,331,783


Shares	Rate			Value

Preferred Stocks – 0.7%
Banks – 0.4%
Citigroup Capital XIII^(c)
797,300		6.988	%	$	20,961,017
ING Groep NV
707,693		6.125			17,982,479
248,139		6.200			6,312,656
300,962		6.375			7,743,752

					52,999,904

Diversified Financial Services^(c) – 0.3%
GMAC Capital Trust I
1,971,974		6.402			48,333,083

TOTAL PREFERRED STOCKS – 0.7%
(Cost $106,283,863)				$	101,332,987


Investment Company^(c)(m) – 18.8%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares
$2,576,641,388		0.250	%	$	2,576,641,388
(Cost $2,576,641,388)


Principal Amount			Interest Rate			Maturity Date		Value
	Short-term Investments^(h) – 2.1%
	Commercial Paper – 2.1%
	AutoZone, Inc.
$	10,000,000			0.000	%		04/08/16	$	9,998,658
	Dominion Resources, Inc.
	13,350,000			0.000			04/12/16		13,347,063
	Duke Energy Corp.
	25,000,000			0.000			04/12/16		24,993,431
	30,000,000			0.000			05/18/16		29,963,575
	Eaton Corp.
	12,997,000			0.000			04/07/16		12,995,375
	Marriott International, Inc.
	10,100,000			0.000			04/22/16		10,095,581
	7,600,000			0.000			04/15/16		7,597,636
	Mondelez International, Inc.
	17,000,000			0.000			05/03/16		16,987,911
	Southern Co.
	1,850,000			0.000			04/01/16		1,850,000
	St. Jude Medical, Inc.
	50,000,000			0.000			04/01/16		50,000,000
	United Healthcare Co.
	50,000,000			0.000			04/19/16		49,981,000
	31,100,000			0.000			05/09/16		31,072,097
	Virginia Electric & Power
	24,500,000			0.000			05/09/16		24,478,794

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $283,361,121)							$	283,361,121

	TOTAL INVESTMENTS – 110.3%
	(Cost $15,601,133,869)							$	15,125,832,507


	Reverse Repurchase Agreement – (0.1)%
	First Boston Reverse Repurchase Agreement
$	(2,663,485	)		(0.500	)%		02/04/17	$	(2,663,485	)
	(Cost $(2,663,485))

	LIABILITIES IN EXCESS OF OTHER ASSETS – (10.2)%								(1,405,052,917	)

	NET ASSETS – 100.0%							$	13,718,116,105


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,133,721,530, which represents approximately 22.8% of net assets as of March 31, 2016.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2016.
(d)		Security is currently in default and/or non-income producing.
(e)		Pay-in-kind securities.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016


(f)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(g)		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 $108,051,568 which represents approximately 0.8% of net assets as of March 31, 2016.
(h)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2016.
(j)		All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2016, the value of securities pledged amounted to $2,635,900.
(k)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(l)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on March 31, 2016. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(m)		Represents an affiliated fund.



Currency Abbreviations:
AED		—United Arab Emirates Dirham
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand
Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FREMF		—Freddie Mac Multi Family
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2016, 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
Bank of America Securities LLC	AUD	75,372,260	USD	56,418,398	$	57,702,096		04/28/16	$	1,283,698
	BRL	136,032,911	USD	37,073,000		37,787,595		04/04/16		714,595
	CAD	272,371,204	USD	195,744,623		209,722,115		04/06/16		13,977,492
	GBP	14,726,424	USD	21,134,437		21,151,257		04/07/16		16,821
	HUF	6,235,539,674	EUR	19,838,000		22,592,200		04/26/16		967
	JPY	46,872,644,898	USD	413,667,820		416,814,528		04/26/16		3,146,708
	NZD	139,152,000	USD	92,787,389		96,049,120		04/26/16		3,261,732
	PLN	181,979,464	EUR	42,224,000		48,751,168		04/26/16		667,077
	RUB	2,677,847,359	USD	35,911,000		39,811,596		04/04/16		3,900,596
	SEK	2,888,824,076	EUR	309,761,079		356,169,501		04/26/16		3,417,979
	SEK	1,433,759,000	USD	166,912,887		176,727,745		04/19/16		9,814,858
	USD	51,013,113	BRL	183,457,947		50,961,451		04/04/16		51,662
Barclays Bank PLC	AUD	91,468,000	USD	68,862,156		70,030,890		04/26/16		1,168,735
	CAD	29,922,721	USD	22,889,000		23,040,603		04/26/16		151,603
	CNH	183,736,605	USD	26,792,901		28,210,099		09/01/16		1,417,198
	CNY	42,143,731	USD	6,380,580		6,504,731		05/19/16		124,151
	CNY	171,434,712	USD	25,318,965		26,324,676		08/05/16		1,005,711
	CNY	208,465,697	USD	30,966,384		31,987,229		08/16/16		1,020,845
	EUR	40,943,000	GBP	32,075,401		46,625,308		04/26/16		553,426
	EUR	37,020,000	SEK	341,330,914		42,157,851		04/26/16		74,408
	INR	1,649,093,657	USD	23,877,000		24,871,332		04/07/16		994,332
	INR	1,564,370,438	USD	23,175,000		23,555,323		04/18/16		380,323
	NZD	34,883,000	USD	23,121,394		24,077,853		04/26/16		956,459
	ZAR	141,878,555	USD	9,270,000		9,560,981		04/26/16		290,981
BNP Paribas SA	CNH	684,364,311	USD	100,464,520		105,074,244		09/01/16		4,609,724
	EUR	20,314,000	GBP	15,966,215		23,133,295		04/26/16		200,033
	GBP	19,186,069	USD	27,228,677		27,558,137		04/26/16		329,460
	HUF	1,917,529,665	EUR	6,095,000		6,947,468		04/26/16		6,569
	INR	1,013,484,275	USD	15,190,112		15,293,341		04/04/16		103,229
	INR	1,655,394,681	USD	23,957,000		24,966,363		04/07/16		1,009,363
	MXN	13,080,399	USD	737,464		755,271		04/26/16		17,807
	MYR	96,352,941	USD	23,326,000		24,717,607		04/01/16		1,391,607
	MYR	95,557,543	USD	23,924,675		24,645,839		04/25/16		721,164
	NOK	436,816,070	USD	51,264,077		52,783,339		04/26/16		1,519,262
	NZD	15,218,541	USD	10,151,832		10,504,538		04/26/16		352,706
	RUB	4,188,199,375	USD	60,929,899		62,139,918		04/11/16		1,210,019
	TWD	2,999,563,470	USD	92,622,000		93,316,687		04/21/16		694,687
Citibank NA	BRL	41,752,592	USD	11,369,293		11,598,149		04/04/16		228,856
	CNH	1,229,976,620	USD	180,507,263		188,845,124		09/01/16		8,337,861
	COP	33,707,750,685	USD	10,506,585		11,233,248		04/04/16		726,663
	EUR	20,857,000	GBP	16,264,685		23,751,656		04/26/16		389,683
	GBP	7,834,699	USD	11,103,312		11,253,463		04/26/16		150,151
	IDR	275,141,183,975	USD	20,675,000		20,864,841		05/02/16		189,841
	INR	2,121,133,975	USD	31,959,228		31,990,558		04/07/16		31,330
	MYR	98,535,802	USD	23,581,000		25,277,581		04/01/16		1,696,581
	NZD	71,317,444	USD	48,413,409		49,226,586		04/26/16		813,177
	NZD	146,342,000	USD	98,791,826		101,001,310		04/28/16		2,209,484
	RUB	1,732,601,325	USD	23,290,000		25,758,609		04/04/16		2,468,609


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Citibank NA (continued)	RUB	2,033,855,800	USD	26,855,609	$	30,202,340		04/08/16	$	3,346,732
	RUB	5,716,672,094	USD	77,178,276		84,597,441		04/20/16		7,419,165
	RUB	2,389,620,274	USD	34,229,853		35,342,093		04/22/16		1,112,240
	RUB	3,413,294,463	USD	50,175,215		50,423,897		04/26/16		248,682
	SEK	16,743,984	EUR	1,802,483		2,064,403		04/26/16		11,761
	USD	9,021,960	NZD	13,055,248		9,011,334		04/26/16		10,626
	ZAR	65,803,854	USD	4,235,000		4,434,422		04/26/16		199,422
Credit Suisse International (London)	COP	54,274,321,530	USD	17,919,000		18,067,220		05/02/16		148,220
	COP	64,695,710,872	USD	21,232,593		21,496,353		05/13/16		263,760
	EUR	21,702,000	CHF	23,448,143		24,753,508		06/15/16		283,625
	EUR	20,487,000	USD	23,176,124		23,330,305		04/26/16		154,181
	RUB	1,303,603,020	USD	18,540,000		19,324,662		04/14/16		784,662
	RUB	4,398,442,847	USD	61,999,858		65,127,382		04/18/16		3,127,525
	RUB	1,356,605,325	USD	19,387,000		20,046,626		04/25/16		659,626
Deutsche Bank AG	CNH	182,608,476	USD	26,829,000		28,036,891		09/01/16		1,207,891
	CNY	212,345,981	USD	31,431,641		32,628,828		07/26/16		1,197,187
	CNY	179,661,304	USD	26,586,949		27,593,497		08/02/16		1,006,548
	CNY	87,810,514	USD	12,976,284		13,485,573		08/03/16		509,289
	HUF	23,797,903,037	USD	84,240,365		86,223,008		04/26/16		1,982,644
	IDR	310,032,980,430	USD	23,326,000		23,573,067		04/07/16		247,067
	IDR	307,263,376,750	USD	23,155,000		23,336,600		04/18/16		181,600
	MXN	5,802,237,336	USD	324,709,684		335,024,863		04/26/16		10,315,179
	USD	22,592,035	EUR	19,803,000		22,551,375		04/26/16		40,659
	USD	65,200,631	THB	2,268,981,956		64,457,286		04/26/16		743,345
HSBC Bank PLC	CNH	379,435,526	USD	56,279,000		58,256,838		09/01/16		1,977,838
	CNY	168,405,587	USD	25,008,255		26,051,206		04/14/16		1,042,951
	CNY	340,356,094	USD	50,016,509		52,341,119		07/14/16		2,324,610
	CNY	287,605,480	USD	42,565,654		44,225,961		07/15/16		1,660,308
	CNY	168,886,462	USD	24,896,655		25,959,655		07/21/16		1,062,999
	CNY	250,125,137	USD	37,008,972		38,415,769		08/02/16		1,406,797
	CNY	162,780,817	USD	24,467,280		24,973,918		08/18/16		506,638
	COP	43,965,364,058	USD	13,044,941		14,641,364		04/28/16		1,596,423
	EUR	61,729,000	USD	69,027,496		70,296,110		04/26/16		1,268,613
	KRW	89,499,631,455	USD	73,972,751		78,112,375		04/08/16		4,139,624
	MYR	87,763,052	USD	22,585,000		22,636,028		05/04/16		51,028
	NOK	194,073,181	EUR	20,417,000		23,451,130		04/26/16		200,540
	SEK	1,555,256,391	EUR	166,446,172		191,750,995		04/26/16		2,204,455
	TRY	135,466,400	USD	46,324,000		47,711,087		04/26/16		1,387,087
	TWD	756,110,848	USD	23,168,000		23,521,721		04/18/16		353,721
	TWD	1,458,661,976	USD	45,256,000		45,382,173		04/26/16		126,173
	USD	24,864,293	KRW	28,419,886,510		24,803,955		04/08/16		60,338
JPMorgan Chase Bank (London)	BRL	1,159,624,104	USD	310,103,837		322,123,558		04/04/16		12,019,722
	CNH	182,413,149	USD	26,833,000		28,006,901		09/01/16		1,173,901
	CNY	531,162,419	USD	77,719,750		81,700,529		07/11/16		3,980,779
	CNY	353,131,587	USD	51,742,863		54,313,119		07/12/16		2,570,256
	EUR	105,229,470	USD	118,083,250		119,923,209		05/19/16		1,839,959
	IDR	805,408,949,000	USD	60,105,145		61,023,755		04/04/16		918,609
	IDR	459,322,218,935	USD	34,574,499		34,924,135		04/07/16		349,636
	INR	2,013,356,392	USD	30,119,775		30,381,277		04/04/16		261,502
	MXN	1,595,211,698	USD	90,874,000		92,108,535		04/26/16		1,234,535


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
JPMorgan Chase Bank (London) (continued)	MYR	94,764,893	USD	23,175,000	$	24,439,963		04/20/16	$	1,264,963
	MYR	94,573,819	USD	23,155,000		24,390,972		04/21/16		1,235,972
	PLN	882,919,471	USD	223,211,985		236,528,644		04/26/16		13,316,659
	RUB	750,800,374	USD	10,170,277		11,162,160		04/04/16		991,883
	USD	30,274,000	CNH	195,350,554		29,993,253		09/01/16		280,747
	USD	22,585,000	RUB	1,526,746,000		22,534,830		04/29/16		50,170
Merrill Lynch & Co., Inc.	NOK	175,890,000	USD	20,190,395		21,254,688		04/19/16		1,064,293
Morgan Stanley & Co.	BRL	297,043,966	USD	78,869,887		82,513,687		04/04/16		3,643,799
	CNH	102,820,710	USD	15,077,898		15,786,633		09/01/16		708,735
	EUR	20,320,000	USD	22,908,158		23,140,128		04/26/16		231,969
	MXN	416,066,221	USD	23,175,000		24,023,927		04/26/16		848,927
	MYR	88,268,309	USD	21,385,298		22,761,271		04/08/16		1,375,973
	NZD	34,555,000	USD	23,096,838		23,851,453		04/26/16		754,614
	RUB	410,908,083	USD	5,656,000		6,096,604		04/11/16		440,604
	RUB	1,566,546,489	USD	22,887,000		23,175,650		04/21/16		288,650
	RUB	564,170,303	USD	8,270,000		8,327,175		04/29/16		57,175
Royal Bank of Canada	AUD	47,211,922	USD	35,307,200		36,146,991		04/26/16		839,791
	BRL	94,756,193	USD	23,583,641		26,321,635		04/04/16		2,737,994
	CAD	29,322,180	USD	22,560,000		22,578,184		04/26/16		18,184
	USD	22,855,000	BRL	82,136,528		22,816,110		04/04/16		38,890
	USD	22,585,000	MXN	388,010,978		22,404,000		04/26/16		181,000
Royal Bank of Scotland PLC	COP	30,987,960,188	USD	9,435,000		10,326,866		04/04/16		891,866
	COP	49,956,324,209	USD	15,762,758		16,645,244		04/11/16		882,486
	COP	29,622,118,140	USD	9,270,000		9,868,745		04/15/16		598,745
	EUR	24,201,000	GBP	18,791,108		27,559,755		04/26/16		568,925
	EUR	20,310,000	NOK	190,871,349		23,128,740		04/26/16		64,508
	EUR	19,881,000	SEK	183,626,880		22,640,201		04/26/16		437
	GBP	508,031,512	USD	726,764,480		729,675,097		04/07/16		2,910,617
	NOK	393,992,070	EUR	41,540,000		47,608,635		04/26/16		303,473
	TRY	230,427,161	USD	79,655,000		81,156,141		04/26/16		1,501,141
	USD	22,889,000	MXN	396,187,532		22,876,119		04/26/16		12,881
Standard Chartered Bank	AUD	30,347,000	USD	22,876,782		23,234,655		04/26/16		357,873
	CNH	366,032,340	USD	53,628,000		56,198,973		09/01/16		2,570,973
	CNY	344,610,588	USD	50,581,328		52,970,332		07/21/16		2,389,004
	CNY	341,709,486	USD	50,505,781		52,520,854		07/22/16		2,015,073
	EUR	209,283,102	USD	234,405,487		238,328,627		04/26/16		3,923,140
	INR	3,458,439,432	USD	50,035,293		52,159,557		04/07/16		2,124,264
	INR	1,560,477,038	USD	23,175,000		23,496,698		04/18/16		321,698
	MYR	189,652,885	USD	46,388,000		48,906,491		04/11/16		2,518,491
	NZD	19,593,554	USD	12,924,398		13,524,373		04/26/16		599,975
	USD	121,273,000	CNH	784,396,411		120,432,726		09/01/16		840,274
	USD	13,551,000	ZAR	200,395,711		13,504,363		04/26/16		46,637
	ZAR	281,132,839	USD	18,310,000		18,945,116		04/26/16		635,116
	ZAR	275,354,867	USD	17,069,919		18,500,895		05/10/16		1,430,976
State Street Bank (London)	EUR	25,383,000	SEK	234,325,703		28,905,800		04/26/16		15,267
	EUR	40,892,766	USD	45,852,748		46,568,102		04/26/16		715,353
	GBP	15,734,870	EUR	19,803,000		22,600,966		04/26/16		49,591
	GBP	8,503,006	USD	12,001,227		12,213,392		04/26/16		212,165
	MXN	412,236,900	USD	23,175,000		23,802,820		04/26/16		627,820
	SEK	3,329,934,276	EUR	358,527,776		410,554,951		04/26/16		2,268,606
	ZAR	1,853,429,423	USD	118,832,431		124,899,798		04/26/16		6,067,367


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
UBS AG (London)	AUD	30,907,000	USD	23,120,229	$	23,663,409		04/26/16	$	543,181
	BRL	269,429,935	USD	69,943,000		74,842,985		04/04/16		4,899,985
	CHF	45,545,724	EUR	41,488,000		47,420,396		04/26/16		174,451
	EUR	20,847,000	GBP	16,155,654		23,740,268		04/26/16		534,904
	EUR	41,432,000	USD	46,375,915		47,182,174		04/26/16		806,258
	KRW	24,307,619,000	USD	20,234,092		21,203,074		04/29/16		968,982
	NOK	410,360,322	EUR	43,342,000		49,572,819		06/15/16		136,521
	PLN	91,279,380	EUR	21,168,000		24,453,179		04/26/16		347,361
	SEK	197,468,454	EUR	21,088,000		24,346,322		04/26/16		331,606
	USD	22,617,365	AUD	29,407,000		22,514,960		04/26/16		102,404
	USD	183,462,695	JPY	20,404,207,220		181,444,210		04/26/16		2,018,485
Westpac Banking Corp.	AUD	25,740,550	USD	19,429,997		19,707,806		04/26/16		277,810
	CNH	184,138,723	USD	26,795,000		28,271,838		09/01/16		1,476,838
	IDR	805,408,949,000	USD	60,671,107		61,170,670		04/18/16		499,563
	JPY	8,011,183,000	USD	70,570,675		71,258,319		05/06/16		687,644
	MYR	97,621,648	USD	24,954,409		25,173,166		04/08/16		218,757
	NZD	87,320,495	USD	59,311,643		60,272,627		04/26/16		960,984
	USD	18,407,408	IDR	241,449,967,230		18,338,083		04/18/16		69,326
	USD	22,564,172	NZD	32,509,000		22,439,209		04/26/16		124,964
TOTAL									$	241,736,659

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	59,085,000	USD	45,238,726	$	45,237,407		04/26/16	$	(1,319	)
	EUR	20,293,000	PLN	86,529,352		23,109,381		04/26/16		(71,296	)
	HUF	6,668,671,494	EUR	21,468,104		24,161,495		04/26/16		(286,077	)
	USD	190,949,519	CAD	265,699,000		204,584,609		04/06/16		(13,635,090	)
	USD	23,581,000	CNH	156,084,054		24,063,650		06/15/16		(482,650	)
	USD	23,183,555	EUR	20,430,000		23,265,394		04/26/16		(81,839	)
	USD	23,290,000	INR	1,578,130,400		23,813,776		04/04/16		(523,776	)
	USD	149,032,744	SEK	1,280,170,999		157,796,208		04/19/16		(8,763,465	)
Barclays Bank PLC	USD	22,734,000	CAD	30,139,987		23,207,899		04/26/16		(473,899	)
	USD	6,380,580	CNH	42,143,731		6,506,356		05/19/16		(125,776	)
	USD	25,318,965	CNH	171,333,436		26,342,779		08/05/16		(1,023,814	)
	USD	30,966,384	CNH	208,341,832		32,014,528		08/16/16		(1,048,144	)
	USD	161,026,295	CNH	1,079,476,077		165,737,942		09/01/16		(4,711,647	)
	USD	22,645,182	EUR	19,927,000		22,692,585		04/26/16		(47,403	)
	USD	23,139,541	NZD	34,339,000		23,702,360		04/26/16		(562,818	)
	USD	24,398,247	TWD	799,774,536		24,880,048		04/18/16		(481,801	)
	USD	89,269,872	TWD	2,942,245,708		91,539,717		04/26/16		(2,269,845	)
BNP Paribas SA	EUR	20,838,000	PLN	89,401,897		23,730,019		04/26/16		(220,194	)
	HUF	345,935,142	EUR	1,104,501		1,253,370		04/26/16		(4,420	)
	USD	132,324,858	AED	488,722,670		132,761,581		12/07/16		(436,723	)
	USD	23,206,349	EUR	20,785,000		23,669,663		04/26/16		(463,315	)
	USD	21,280,000	INR	1,448,710,267		21,860,843		04/04/16		(580,843	)
	USD	15,146,978	INR	1,013,484,275		15,260,420		04/18/16		(113,442	)
	USD	52,890,920	JPY	5,997,936,087		53,336,587		04/26/16		(445,667	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
BNP Paribas SA (continued)	USD	43,457,101	KRW	50,735,730,313	$	44,256,988		04/28/16	$	(799,888	)
	USD	23,919,285	MYR	95,557,543		24,513,562		04/01/16		(594,277	)
Citibank NA	EUR	20,401,468	CHF	22,326,959		23,232,903		04/26/16		(13,039	)
	EUR	36,843,385	SEK	342,617,773		41,956,724		04/26/16		(285,378	)
	IDR	303,891,689,250	USD	23,175,000		23,089,823		04/14/16		(85,177	)
	USD	241,727,000	AED	890,869,076		242,308,518		08/11/16		(581,518	)
	USD	90,829,843	AUD	122,364,362		93,686,155		04/26/16		(2,856,313	)
	USD	11,369,293	BRL	41,273,376		11,465,031		04/04/16		(95,738	)
	USD	86,287,260	CAD	115,162,429		88,675,485		04/26/16		(2,388,225	)
	USD	32,490,236	CNH	212,463,399		32,620,683		09/01/16		(130,447	)
	USD	47,740,088	EUR	42,781,115		48,718,527		04/26/16		(978,439	)
	USD	97,852,469	GBP	68,771,291		98,774,775		04/07/16		(922,306	)
	USD	56,695,298	IDR	769,355,199,365		58,497,202		04/07/16		(1,801,903	)
	USD	31,901,549	INR	2,121,133,975		31,938,724		04/18/16		(37,175	)
	USD	10,174,553	JPY	1,154,610,355		10,267,361		04/26/16		(92,808	)
	USD	23,255,000	KRW	28,031,577,000		24,465,051		04/08/16		(1,210,051	)
	USD	23,194,000	KRW	28,053,954,790		24,482,631		04/11/16		(1,288,631	)
	USD	25,565,141	KRW	31,424,160,150		27,413,609		04/25/16		(1,848,468	)
	USD	45,455,424	MYR	185,889,958		47,934,438		04/08/16		(2,479,013	)
	USD	22,734,000	MYR	91,716,913		23,656,114		04/28/16		(922,114	)
	USD	50,470,124	RUB	3,413,294,463		50,745,498		04/04/16		(275,375	)
	USD	532,874	RUB	37,799,149		560,822		04/11/16		(27,948	)
	USD	10,174,555	SEK	85,002,303		10,480,122		04/26/16		(305,567	)
	USD	169,373,679	SGD	234,336,953		173,839,965		04/26/16		(4,466,286	)
	USD	26,232,792	TWD	871,715,667		27,116,585		04/14/16		(883,793	)
	USD	75,286,241	TWD	2,472,400,160		76,914,509		04/19/16		(1,628,267	)
	USD	9,270,000	ZAR	140,764,765		9,485,924		04/26/16		(215,924	)
Credit Suisse International (London)	EUR	21,158,000	CHF	23,174,569		24,094,430		04/26/16		(34,010	)
	GBP	16,153,768	EUR	20,457,000		23,202,655		04/26/16		(93,486	)
	JPY	1,012,850,338	USD	9,029,842		9,006,762		04/26/16		(23,081	)
	USD	14,786,995	CAD	19,617,611		15,105,631		04/26/16		(318,636	)
	USD	21,351,720	COP	64,695,710,872		21,560,114		04/04/16		(208,394	)
	USD	9,155,000	RUB	629,259,770		9,317,398		04/18/16		(162,398	)
	USD	9,141,000	RUB	622,869,568		9,212,139		04/22/16		(71,139	)
Deutsche Bank AG	EUR	21,096,000	SEK	196,418,949		24,023,826		04/26/16		(193,101	)
	IDR	535,422,168,440	USD	40,822,000		40,693,911		04/11/16		(128,089	)
	IDR	299,542,996,170	USD	22,887,000		22,743,367		04/21/16		(143,633	)
	MXN	389,818,213	USD	22,628,000		22,508,351		04/26/16		(119,649	)
	USD	31,431,641	CNH	212,227,780		32,647,358		07/26/16		(1,215,717	)
	USD	26,586,949	CNH	179,541,663		27,609,122		08/02/16		(1,022,174	)
	USD	12,976,284	CNH	87,758,609		13,494,427		08/03/16		(518,143	)
	USD	139,015,716	CNH	929,587,133		142,724,662		09/01/16		(3,708,946	)
	USD	30,653,234	IDR	419,949,306,000		31,872,607		04/25/16		(1,219,372	)
	USD	329,591,408	JPY	37,133,415,960		330,133,429		04/18/16		(542,021	)
	USD	43,248,000	KRW	50,368,696,704		43,940,323		04/25/16		(692,323	)
	USD	16,949,089	MXN	305,702,248		17,560,853		06/23/16		(611,763	)
HSBC Bank PLC	KRW	28,419,886,510	USD	24,853,421		24,792,760		04/25/16		(60,661	)
	USD	83,353,237	AED	307,931,845		83,649,728		12/07/16		(296,491	)
	USD	11,068,121	AUD	14,836,325		11,359,175		04/26/16		(291,054	)
	USD	22,887,000	BRL	83,291,744		23,137,009		04/04/16		(250,009	)
	USD	25,008,255	CNH	168,555,637		26,062,051		04/14/16		(1,053,797	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

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)	USD	50,016,509	CNH	340,312,330	$	52,383,591		07/14/16	$	(2,367,082	)
	USD	42,565,654	CNH	287,518,220		44,254,792		07/15/16		(1,689,138	)
	USD	24,896,655	CNH	168,849,117		25,981,117		07/21/16		(1,084,462	)
	USD	37,008,972	CNH	250,001,527		38,444,129		08/02/16		(1,435,157	)
	USD	24,467,280	CNH	162,658,480		24,992,063		08/18/16		(524,782	)
	USD	176,195,590	CNH	1,182,750,315		181,594,208		09/01/16		(5,398,618	)
	USD	45,468,000	HKD	352,754,839		45,482,299		04/26/16		(14,299	)
	USD	64,159,067	INR	4,428,900,385		66,795,873		04/07/16		(2,636,807	)
	USD	14,743,543	MYR	62,033,456		15,913,563		04/01/16		(1,170,020	)
	USD	11,079,000	SGD	15,190,461		11,268,855		04/26/16		(189,855	)
	USD	12,374,277	TWD	407,670,553		12,682,324		04/19/16		(308,047	)
JPMorgan Chase Bank (London)	IDR	220,206,531,389	USD	16,758,488		16,712,865		04/25/16		(45,623	)
	NZD	32,678,000	USD	22,557,133		22,555,861		04/26/16		(1,272	)
	USD	212,205,763	BRL	888,166,000		246,717,183		04/04/16		(34,511,421	)
	USD	244,548,272	BRL	907,592,000		248,075,367		06/02/16		(3,527,096	)
	USD	7,932,091	CAD	10,564,942		8,134,861		04/06/16		(202,771	)
	USD	155,731,785	CNH	1,018,143,267		157,355,366		04/26/16		(1,623,581	)
	USD	77,719,750	CNH	531,369,931		81,805,505		07/11/16		(4,085,755	)
	USD	51,742,863	CNH	353,274,397		54,384,490		07/12/16		(2,641,627	)
	USD	89,746,000	CNH	593,334,343		91,097,909		09/01/16		(1,351,909	)
	USD	39,759,064	EUR	35,390,000		40,301,630		04/26/16		(542,566	)
	USD	862,173,263	EUR	768,322,651		875,607,543		05/19/16		(13,434,280	)
	USD	44,313,391	IDR	589,988,488,752		44,841,137		04/11/16		(527,746	)
	USD	22,734,000	IDR	302,960,104,200		22,984,304		04/29/16		(250,304	)
	USD	34,483,650	IDR	459,322,218,935		34,831,882		05/02/16		(348,232	)
	USD	23,255,000	KRW	28,065,529,300		24,494,684		04/08/16		(1,239,684	)
	USD	46,389,000	MXN	826,518,645		47,723,711		04/26/16		(1,334,711	)
	USD	18,125,000	MYR	72,683,063		18,746,140		04/25/16		(621,140	)
	USD	14,774,469	SEK	122,942,785		15,157,887		04/26/16		(383,419	)
	USD	7,415,450	TWD	247,379,414		7,695,059		04/12/16		(279,609	)
Merrill Lynch & Co., Inc.	USD	22,025,886	NOK	191,880,000		23,186,932		04/19/16		(1,161,047	)
Morgan Stanley & Co.	USD	121,768,767	BRL	459,895,189		127,750,945		04/04/16		(5,982,178	)
	USD	42,314,000	JPY	4,776,192,750		42,472,246		04/26/16		(158,246	)
	USD	23,175,000	KRW	27,601,425,000		24,085,150		04/15/16		(910,150	)
	USD	22,889,000	KRW	26,539,795,500		23,152,618		04/25/16		(263,618	)
	USD	87,317,776	MXN	1,578,705,397		90,739,930		06/16/16		(3,422,153	)
	USD	8,891,000	MYR	37,297,745		9,568,063		04/01/16		(677,063	)
	USD	37,858,073	MYR	152,696,950		39,380,699		04/20/16		(1,522,626	)
	USD	22,871,222	NZD	34,099,000		23,536,701		04/26/16		(665,478	)
	USD	23,581,000	RUB	1,747,954,595		25,986,866		04/04/16		(2,405,866	)
	USD	15,314,000	RUB	1,040,610,802		15,390,464		04/22/16		(76,464	)
	USD	9,890,000	TWD	323,954,862		10,076,902		04/11/16		(186,902	)
Royal Bank of Canada	CAD	75,054,376	USD	57,830,000		57,792,140		04/26/16		(37,860	)
	GBP	16,210,993	EUR	20,463,000		23,284,852		04/26/16		(18,122	)
	GBP	3,086,597	USD	4,434,681		4,433,216		04/07/16		(1,466	)
	USD	45,256,000	BRL	163,513,096		45,421,116		04/04/16		(165,116	)
	USD	46,388,000	CAD	61,824,071		47,604,758		04/26/16		(1,216,758	)
	USD	228,860,544	EUR	205,834,830		234,401,785		04/26/16		(5,541,241	)
	USD	386,668,359	MXN	6,969,890,508		401,917,384		05/10/16		(15,249,025	)
	USD	11,734,948	SEK	99,350,590		12,246,135		04/19/16		(511,187	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Royal Bank of Scotland PLC	COP	27,103,078,656	USD	9,024,000	$	9,019,212		05/04/16	$	(4,788	)
	EUR	20,464,000	PLN	87,259,396		23,304,113		04/26/16		(72,137	)
	GBP	32,150,633	EUR	40,730,000		46,179,941		04/26/16		(202,805	)
	MXN	390,494,198	USD	22,585,000		22,547,383		04/26/16		(37,617	)
	USD	797,424,071	GBP	557,424,816		800,617,673		04/07/16		(3,193,602	)
	USD	63,001,000	MXN	1,097,568,124		63,374,279		04/26/16		(373,279	)
	USD	127,125,121	TRY	376,271,958		132,522,485		04/26/16		(5,397,365	)
Standard Chartered Bank	EUR	27,298,920	PLN	116,262,962		31,087,623		04/26/16		(58,502	)
	GBP	5,774,000	USD	8,372,566		8,293,076		04/07/16		(79,489	)
	USD	50,581,328	CNH	344,610,588		53,025,851		07/21/16		(2,444,523	)
	USD	50,505,781	CNH	341,507,463		52,545,628		07/22/16		(2,039,847	)
	USD	32,374,000	CNH	215,659,401		33,111,383		09/01/16		(737,383	)
	USD	29,074,000	ZAR	438,246,555		29,532,771		04/26/16		(458,771	)
State Street Bank (London)	EUR	20,906,000	SEK	193,437,573		23,807,456		04/26/16		(41,889	)
	USD	291,469,085	AUD	392,815,479		300,752,369		04/26/16		(9,283,284	)
	USD	22,697,469	CAD	30,205,338		23,258,219		04/26/16		(560,750	)
	USD	17,275,529	CHF	17,008,000		17,692,681		04/06/16		(417,153	)
	USD	9,252,760	EUR	8,333,267		9,489,807		04/26/16		(237,047	)
	USD	91,987,516	NZD	136,046,019		93,905,229		04/26/16		(1,917,713	)
UBS AG (London)	CHF	23,078,222	EUR	21,169,884		24,083,842		06/15/16		(62,728	)
	EUR	20,355,000	PLN	87,076,553		23,179,985		04/26/16		(147,282	)
	USD	23,326,000	BRL	90,641,384		25,178,612		04/04/16		(1,852,612	)
	USD	22,139,324	EUR	19,668,000		22,397,639		04/26/16		(258,316	)
	USD	4,295,008	KRW	4,982,638,645		4,348,685		04/08/16		(53,678	)
	USD	15,757,819	SEK	131,391,687		16,199,571		04/26/16		(441,753	)
Westpac Banking Corp.	USD	34,499,812	AUD	45,404,048		34,762,823		04/26/16		(263,011	)
	USD	91,114,000	CNH	605,649,028		92,988,650		09/01/16		(1,874,650	)
	USD	23,177,382	EUR	20,426,000		23,260,839		04/26/16		(83,457	)
	USD	60,648,264	IDR	805,408,949,000		61,023,755		04/04/16		(375,490	)
	USD	34,911,281	IDR	472,105,249,856		35,856,312		04/18/16		(945,031	)
	USD	64,799,991	INR	4,455,161,360		67,191,937		04/07/16		(2,391,946	)
	USD	61,017,617	JPY	6,926,719,922		61,612,176		05/06/16		(594,559	)
	USD	12,591,629	MYR	52,177,191		13,455,125		04/11/16		(863,496	)
	USD	72,818,568	MYR	297,140,729		76,632,898		04/20/16		(3,814,330	)
	USD	140,401,888	NZD	208,514,653		143,926,418		04/26/16		(3,524,529	)
	USD	53,648,907	TWD	1,757,269,934		54,663,649		04/14/16		(1,014,741	)
TOTAL									$	(247,110,550	)

FUTURES CONTRACTS — At March 31, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Japan 10 Year Government Bonds		(19	)	June 2016	$	(25,542,672	)	$	67,994
Ultra Long U.S. Treasury Bonds		(1,501	)	June 2016		(258,969,406	)		(752,875	)
2 Year U.S. Treasury Notes		(1,931	)	June 2016		(422,406,250	)		(1,121,294	)
5 Year U.S. Treasury Notes		8,439		June 2016		1,022,503,528			1,804,040
10 Year U.S. Treasury Notes		(4,064	)	June 2016		(529,907,500	)		(2,531,665	)
20 Year U.S. Treasury Bonds		(3,195	)	June 2016		(525,377,813	)		1,761,856
TOTAL								$	(771,944	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2016, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Bank of America Securities LLC	KRW		57,343,520			11/04/17	2.060%	3 month KWCDC	$	533,755
			33,004,820	^(a)		06/03/25	3 month KWCDC	2.427%		(1,045,522	)
Barclays Bank PLC	KRW		217,875,100			11/07/17	2.034	3 month KWCDC		1,932,404
			19,262,500			05/20/23	3 month KWCDC	2.840		(1,582,724	)
	MYR		31,310			08/14/23	3 month KLIBOR	4.485		(349,163	)
	KRW		39,385,400	^(a)		07/15/25	3 month KWCDC	2.615		(1,554,415	)
Citibank NA			7,061,700			10/14/17	2.240	3 month KWCDC		83,819
			136,480,620			10/28/17	2.173	3 month KWCDC		1,496,073
	MYR		112,250			09/17/18	3 month KLIBOR	3.830		(179,081	)
			42,800			09/24/18	3 month KLIBOR	3.785		(56,569	)
			169,560			11/19/18	3 month KLIBOR	3.915		(372,223	)
			51,130			11/21/18	3 month KLIBOR	3.960		(129,328	)
			36,600			11/15/23	3 month KLIBOR	4.450		(389,602	)
	KRW		28,266,470			01/07/24	3 month KWCDC	3.471		(3,748,011	)
Credit Suisse International (London)	BRL		36,980			01/02/18	11.935	1 month Brazilian Interbank Deposit Average		(368,876	)
Deutsche Bank AG	KRW		55,677,880			03/03/17	2.850	3 month KWCDC		662,373
			111,467,390			10/13/17	2.248	3 month KWCDC		1,330,668
			278,210,230			10/15/17	2.253	3 month KWCDC		3,352,343
	KRW		34,254,690			11/04/17	2.075	3 month KWCDC		326,699
	BRL		40			01/02/18	11.900	1 month Brazilian Interbank Deposit Average		(408	)
	MYR		112,770			09/13/18	3 month KLIBOR	3.920		(242,055	)
			50,380			11/14/18	3 month KLIBOR	3.880		(98,571	)
			477,120			03/12/19	3 month KLIBOR	4.027		(1,511,767	)
			26,840			08/14/23	3 month KLIBOR	4.490		(301,571	)
JPMorgan Securities, Inc.	KRW		230,094,560			03/05/17	2.889	3 month KWCDC		2,821,475
	MYR	��	113,040			11/26/18	3 month KLIBOR	3.955		(281,481	)
			254,240			12/11/18	3 month KLIBOR	3.972		(663,159	)
			34,420			08/15/23	3 month KLIBOR	4.520		(404,011	)
			64,380			09/26/23	3 month KLIBOR	4.330		(543,312	)
	KRW		31,495,660			10/31/23	3 month KWCDC	3.230		(3,552,028	)
			62,836,430			11/06/23	3 month KWCDC	3.320		(7,457,419	)
			34,996,240			01/15/24	3 month KWCDC	3.445		(4,574,687	)
			55,465,440	^(a)		11/09/25	2.236	3 month KWCDC		1,269,381
			38,001,380	^(a)		11/10/25	2.330	3 month KWCDC		1,019,471
			8,900,000			12/18/28	3 month KWCDC	3.495		(1,785,565	)
Morgan Stanley & Co. International PLC			19,402,350			10/13/17	2.250	3 month KWCDC		232,359
			113,180,350			10/13/17	2.245	3 month KWCDC		1,346,800
			14,081,670			10/14/17	2.250	3 month KWCDC		169,295
			14,081,680			10/14/17	2.245	3 month KWCDC		168,220
			53,882,840			10/28/17	2.168	3 month KWCDC		586,126
			132,770,610			10/29/17	2.175	3 month KWCDC		1,457,688


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)


						Rates Exchanged
Counterparty	Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Morgan Stanley & Co. International PLC (continued)	MYR	67,180			11/20/18	3 month KLIBOR	3.934%	$	(157,530	)
	BRL	63,100			01/04/21	1 month Brazilian Interbank Deposit Average	11.980		1,045,272
	KRW	36,546,310			06/27/23	3 month KWCDC	3.413		(4,301,632	)
		150	^(a)		09/23/25	3 month KWCDC	2.265		(4	)
		19,344,010	^(a)		09/23/25	3 month KWCDC	2.260		(465,792	)
TOTAL								$	(16,282,285	)

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

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.

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)
SEK	7,907,650	^(a)	06/15/18	0.050%	3 month STIBOR	$	7,628,502		$	(629,990	)
$	811,400	^(a)	06/15/18	3 month LIBOR	1.250%		(3,123,372	)		(2,530,301	)
EUR	829,050	^(a)	02/17/19	6 month EURO	0.086		71,114			(556,481	)
$	870,700	^(a)	06/15/19	3 month LIBOR	1.500		(7,967,240	)		(4,834,837	)
PLN	285,790		06/17/19	3.048	6 month WIBOR		1,029,178			3,865,208
	285,790		06/17/19	6 month WIBOR	3.045		328			(4,890,544	)
EUR	127,140		06/18/19	1.250	6 month EURO		—			(12,659	)
	364,820	^(a)	02/09/20	6 month EURO	0.100		(232,364	)		(440,434	)
	909,300	^(a)	02/26/20	0.050	6 month EURO		380,133			93,238
GBP	172,390	^(a)	02/16/21	6 month GBP	1.160		(204,448	)		(40,102	)
CAD	2,847,140	^(a)	06/15/21	1.000	6 month CDOR		134,561			268,149
AUD	362,100	^(a)	06/15/21	2.500	6 month AUDOR		947,548			1,203,352
$	4,140,480	^(a)	06/15/21	3 month LIBOR	2.000		(119,849,058	)		(36,257,389	)
SEK	9,296,720	^(a)	06/15/21	3 month STIBOR	0.500		(8,136,475	)		(126,105	)
GBP	275,920	^(a)	06/15/21	6 month GBP	1.750		(14,571,267	)		598,284
CAD	415,250	^(a)	09/29/22	2.241	6 month CDOR		(573,532	)		5,051,869
GBP	268,930	^(a)	12/11/22	6 month GBP	1.940		(395,613	)		(11,866,025	)
EUR	122,720	^(a)	02/09/23	0.500	6 month EURO		144,701			933,721
CAD	129,300	^(a)	02/12/23	1.589	6 month CDOR		784			(74,764	)
EUR	669,060	^(a)	06/15/23	0.750	6 month EURO		22,018,209			4,262,898
$	594,250	^(a)	06/15/23	3 month LIBOR	2.000		(14,843,540	)		(7,497,289	)
JPY	127,770,580	^(a)	06/15/23	6 month JYOR	0.100		(5,744,896	)		(329,783	)
GBP	32,010		12/15/24	6 month GBP	3.150		(2,073,124	)		(725,523	)
	168,990	^(a)	02/16/25	1.570	6 month GBP		687,177			448,860
EUR	202,960	^(a)	05/11/25	1.567	6 month EURO		6,316,700			1,740,480
	1,386,260	^(a)	05/11/25	1.567	6 month EURO		(7,662,393	)		62,694,650
NOK	496,880	^(a)	06/17/25	3 month NIBOR	2.500		(635,297	)		(1,384,679	)
ZAR	532,560	^(a)	08/24/25	9.145	3 month JIBAR		491			(106,795	)
EUR	336,180	^(a)	09/16/25	2.000	6 month EURO		6,353,713			13,720,718
GBP	274,020	^(a)	09/16/25	6 month GBP	2.750		(25,675,305	)		7,800,787


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
ZAR	451,720	^(a)	10/27/25	9.200%	3 month JIBAR	$	403		$	(53,008	)
	928,450	^(a)	12/10/25	10.065	3 month JIBAR		732			1,349,870
	660,960	^(a)	12/11/25	10.455	3 month JIBAR		508			1,430,281
JPY	63,645,010	^(a)	12/16/25	6 month JYOR	1.000%		(31,157,466	)		12,449,299
EUR	898,880	^(a)	01/06/26	1.550	6 month EURO		89,207,338			(61,902,646	)
ZAR	109,080	^(a)	01/20/26	10.130	3 month JIBAR		79			168,737
PLN	120,250	^(a)	01/20/26	3.295	6 month WIBOR		358			870,608
	258,340	^(a)	01/22/26	3.125	6 month WIBOR		765			1,359,523
	124,260	^(a)	01/25/26	3.155	6 month WIBOR		367			698,665
AUD	233,960	^(a)	03/24/26	3.100	6 month AUDOR		757,046			573,673
EUR	1,691,360	^(a)	06/15/26	1.000	6 month EURO		78,194,180			4,315,077
$	539,880	^(a)	06/15/26	3 month LIBOR	2.250		(19,679,182	)		(9,231,068	)
NZD	520,920	^(a)	06/15/26	3 month NZDOR	3.000		4,004,568			(3,614,083	)
SEK	3,492,960	^(a)	06/15/26	3 month STIBOR	1.250		(1,094,266	)		(1,230,258	)
EUR	33,030	^(a)	06/15/26	6 month EURO	1.000		(1,532,951	)		(78,344	)
AUD	1,486,800	^(a)	06/16/26	3.000	6 month AUDOR		28,124,230			10,138,692
$	337,790	^(a)	12/15/26	2.500	3 month LIBOR		3,097,923			1,055,036
EUR	82,240	^(a)	12/15/26	6 month EURO	1.500%		(1,205,158	)		(174,206	)
GBP	472,430	^(a)	12/11/27	2.190	6 month GBP		1,183,995			32,727,981
	32,010		12/15/29	3.377	6 month GBP		2,927,902			1,244,781
	240,760	^(a)	12/11/32	6 month GBP	2.250		(310,545	)		(21,834,349	)
GBP	48,890	^(a)	02/16/33	6 month GBP	1.820		(289,735	)		9,459
EUR	475,180	^(a)	05/11/35	6 month EURO	1.695		(11,679,744	)		(19,378,479	)
$	457,080	^(a)	12/17/35	3.000	3 month LIBOR		17,287,488			681,607
JPY	57,747,460	^(a)	12/17/35	6 month JYOR	2.000		(50,168,356	)		(6,681,836	)
	15,018,980	^(a)	03/30/36	6 month JYOR	0.900		(291,194	)		(189,048	)
	6,005,310	^(a)	06/15/36	6 month JYOR	0.500		53,847			12,510
GBP	31,000		06/08/37	6 month GBP	2.100		(1,355,341	)		(2,265,604	)
	19,800		04/15/39	6 month GBP	2.060		(645,347	)		(1,696,049	)
	24,900		12/15/39	3.568	6 month GBP		3,370,308			2,180,257
CAD	58,010	^(a)	09/29/40	6 month CDOR	2.835		745,658			(4,152,434	)
	17,300	^(a)	02/12/41	6 month CDOR	2.265		427			243,530
GBP	24,900		12/15/44	6 month GBP	3.565		(4,063,106	)		(3,055,327	)
EUR	142,840	^(a)	12/19/45	1.250	6 month EURO		(41,152	)		1,859,282
$	462,640	^(a)	12/19/45	2.750	3 month LIBOR		9,513,981			106,664
JPY	63,346,990	^(a)	12/19/45	6 month JYOR	2.000		(40,504,934	)		(18,055,782	)
GBP	270,580	^(a)	01/05/46	6 month GBP	2.250		(10,885,759	)		(15,936,349	)
$	25,550	^(a)	06/15/46	2.500	3 month LIBOR		2,000,822			89,275
	159,500	^(a)	06/15/46	3 month LIBOR	2.500		(10,234,494	)		(2,813,276	)
GBP	367,810	^(a)	06/15/46	6 month GBP	2.000		(46,469,935	)		1,223,354
	TOTAL					$	(157,110,525	)	$	(67,175,471	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2016.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China 7.500% 10/28/27	$	13,180		(1.000	)%		03/20/19		0.752	%	$	(14,795	)	$	(85,098	)
Barclays Bank PLC			98,670		(1.000	)		03/20/19		0.752			(196,412	)		(551,423	)
Citibank NA			518,290		(1.000	)		03/20/19		0.752			(1,526,701	)		(2,401,500	)
			1,072,530		(1.000	)		06/20/19		0.791			(3,706,980	)		(3,719,493	)
JPMorgan Securities, Inc.			66,660		(1.000	)		03/20/19		0.752			(186,298	)		(318,927	)
			24,020		(1.000	)		06/20/19		0.791			(90,746	)		(75,575	)
TOTAL												$	(5,721,932	)	$	(7,152,016	)

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2016^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:
CDX North America High Yield Index 25	$399,350		(5.000	)%		12/20/20		4.279	%	$	309,093	$	(12,615,504	)

(b)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


							Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date		Financing Fee#	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Barclays Bank PLC	$	21,177	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67		01/12/38	1 month LIBOR	$	48,365		$	18,615
Credit Suisse International (London)		31,238	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 2.064%, Series 13		01/12/44	1 month LIBOR		(5,304	)		331,464
		30,935	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 14		01/12/45	1 month LIBOR		111,595			(545,771	)
		137,837	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 13		01/12/44	1 month LIBOR		(1,837,587	)		280,490
		26,568	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67		01/12/38	1 month LIBOR		39,908			44,125
Deutsche Bank AG		148,918	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67		01/12/38	1 month LIBOR		(116,158	)		587,168
JPMorgan Securities, Inc.		21,333	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 13		01/12/44	1 month LIBOR		(7,986	)		230,730
		64,312	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 14		01/12/45	1 month LIBOR		(834,666	)		(67,963	)
		65,635	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 13		01/12/44	1 month LIBOR		(364,368	)		(377,005	)
		123,678	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67		01/12/38	1 month LIBOR		45,834			(252,791	)
		27,436	Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10		01/12/41	1 month LIBOR		76,559			(197,441	)
TOTAL							$	(2,843,808	)	$	51,621

The Fund receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments

March 31, 2016

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At March 31, 2016, the Global Income Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of April 1, 2016, as follows:


Principal Amount	Maturity Value	Collateral Allocation Value
$37,200,000	$37,200,311	$37,944,003

REPURCHASE AGREEMENTS — At March 31, 2016, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Principal Amount
BNP Paribas Securities Co.		0.310	%	$	9,183,506
Citigroup Global Markets, Inc.		0.330			7,312,791
Merrill Lynch & Co., Inc.		0.300			6,928,445
Merrill Lynch & Co., Inc.		0.280			13,775,258
TOTAL				$	37,200,000

At March 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		3.050% to 3.340	%		10/18/27 to 02/01/33
Federal Home Loan Banks		2.750 to 5.500			06/08/18 to 07/15/36
Federal Home Loan Mortgage Corp.		3.000 to 6.000			04/01/22 to 10/01/45
Federal National Mortgage Association		3.500 to 6.000			12/01/17 to 09/01/44
Government National Mortgage Association		3.500 to 10.000			04/05/18 to 09/20/45
United States Treasury Note		0.625 to 2.875			03/31/18 to 11/15/25
United States Treasury Stripped Securities		0.000			02/15/31 to 02/15/45


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2016


	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $485,670,802, $909,185,679, $882,788,649 and $13,024,492,481)	$	490,371,987		$	926,181,483		$	896,205,406		$	12,549,191,119
Investments of affiliated issuers, at value (cost $58,985,636, $81,617,969, $0 and $2,576,641,388)		58,985,636			81,617,969			—			2,576,641,388
Cash		4,757,860			9,362,251			103,365			139,837,342
Foreign currencies, at value (cost $44,755, $37,298, $359,736 and $380,769, respectively)		42,907			36,863			360,409			213,086
Unrealized gain on swap contracts		144,840			—			17,206			21,326,813
Unrealized gain on forward foreign currency exchange contracts		3,295,015			1,057,822			5,871,991			241,736,659
Variation margin on certain derivative contracts		9,604			50,543			21,003			—
Receivables:
Investments sold on an extended-settlement basis		29,215,822			21,966,830			9,255,392			163,252,565
Collateral on certain derivative contracts^(a)		5,257,270			3,517,163			6,833,221			337,572,463
Investments sold		1,363,284			1,975,950			14,339,216			303,227,934
Interest		2,328,313			5,282,386			4,726,691			73,320,482
Fund shares sold		1,758,253			2,708,234			3,359,417			12,645,708
Due from broker — upfront payment		135,021			16,061			39,393			1,697,825
Reimbursement from investment adviser		65,021			59,930			85,407			—
Upfront payments made on swap contracts		57,881			—			95,553			322,261
Other assets		1,189			4,021			1,843			94,764
Total assets		597,789,903			1,053,837,506			941,315,513			16,421,080,409

Liabilities:
Reverse Repurchase Agreement, at value		—			—			—			2,663,485
Unrealized loss on swap contracts		143,503			—			22,082			44,709,493
Unrealized loss on forward foreign currency exchange contracts		2,867,521			1,012,303			10,928,897			247,110,550
Variation margin on certain derivative contracts		180,122			77,353			262,387			15,641,225
Written option contracts, at value (premium received $0, $0, $44,808 and $0, respectively		—			—			13,571			—
Forward sale contracts, at value (proceeds received $24,049,063, $4,059,219, $0 and $0, respectively)		24,117,657			4,095,000			—			—
Payables:
Investments purchased on an extended — settlement basis		93,058,411			112,631,973			88,929,740			107,462,891
Fund shares redeemed		528,776			2,515,107			41,449,421			52,513,033
Management fees		149,870			306,339			445,858			5,639,988
Distribution and Service fees and Transfer Agency fees		88,451			90,522			68,635			1,551,691
Income distribution		32,438			56,800			9,253			2,612,245
Upfront payments received on swap contracts		23,484			—			—			8,888,001
Investments purchased		11,348			1,656,570			—			2,208,698,486
Collateral on certain derivative contracts		10,000			250,000			189,803			4,240,000
Collateral on Reverse Repurchase agreements		4,000			—			—			35,904
Accrued expenses		224,479			212,033			227,825			1,197,312
Total liabilities		121,440,060			122,904,000			142,547,472			2,702,964,304

Net Assets:
Paid-in capital		474,395,802			933,748,691			798,369,427			16,058,274,369
Undistributed (distributions in excess of) net investment income		(634,504	)		10,231,659			(7,344,072	)		(127,267,112	)
Accumulated net realized gain (loss)		(3,142,136	)		(28,812,947	)		(1,530,424	)		(1,628,453,277	)
Net unrealized gain (loss)		5,730,681			15,766,103			9,273,110			(584,437,875	)
NET ASSETS	$	476,349,843		$	930,933,506		$	798,768,041		$	13,718,116,105
Net Assets:
Class A	$	129,351,218		$	142,298,862		$	111,851,545		$	1,383,884,966
Class C		17,254,181			18,124,286			12,653,184			710,230,260
Institutional		279,435,456			697,260,007			639,914,743			11,261,977,360
Service		1,119,074			1,577,829			2,280,078			—
Class IR		39,938,779			5,057,974			31,548,300			332,916,721
Class R		9,240,901			9,523,779			—			9,398,739
Class R6		10,234			57,090,769			520,191			19,708,059
Total Net Assets	$	476,349,843		$	930,933,506		$	798,768,041		$	13,718,116,105
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		12,583,512			13,514,492			9,139,725			147,075,715
Class C		1,679,744			1,712,131			1,042,239			75,456,661
Institutional		27,191,349			65,941,804			52,372,100			1,196,873,610
Service		108,898			149,157			187,538			—
Class IR		3,897,854			479,975			2,585,471			35,393,974
Class R		900,045			903,700			—			999,667
Class R6		996			5,398,918			42,579			2,094,470
Net asset value, offering and redemption price per share:^(b)
Class A		$10.28			$10.53			$12.24			$9.41
Class C		10.27			10.59			12.14			9.41
Institutional		10.28			10.57			12.22			9.41
Service		10.28			10.58			12.16			—
Class IR		10.25			10.54			12.20			9.41
Class R		10.27			10.54			—			9.40
Class R6		10.28			10.57			12.22			9.41

(a)

Segregated for initial margin and/or collateral on future transactions of $640,000 and $11,197,000 for the Bond and Strategic Income Funds, respectively. Also includes amounts segregated for initial margin and/or collateral on swap transactions of $4,617,270, $3,517,163, $6,833,221 and $326,375,463 for the Bond, Core Fixed Income, Global Income and Strategic Income Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income, Global Income and Strategic Income Funds is $10.68, $10.94, $12.72 and $9.78, 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 or the original purchase price of the shares.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2016


	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Investment income:
Interest (net of foreign withholding taxes of $44, $0, $24,526 and $21,260)	$	11,547,466		$	27,122,912		$	13,208,762		$	691,051,603
Dividends — unaffiliated issuers		—			—			—			10,339,913
Dividends — affiliated issuers		36,053			35,658			—			1,094,952
Total investment income		11,583,519			27,158,570			13,208,762			702,486,468

Expenses:
Management fees		1,879,089			3,933,334			4,091,276			94,750,329
Distribution and Service fees^(a)		449,655			554,938			241,687			14,224,749
Custody, accounting and administrative services		353,845			323,904			407,377			2,654,977
Transfer Agency fees^(a)		309,039			542,534			331,885			10,621,614
Professional fees		139,308			136,615			134,622			176,861
Registration fees		119,363			106,398			106,463			264,060
Printing and mailing costs		68,183			73,975			71,888			1,035,525
Trustee fees		23,873			31,603			30,573			80,789
Service Share fees — Service Plan		171			4,626			1,916			—
Service Share fees — Shareholder Administration Plan		171			4,626			1,916			—
Other		14,359			32,954			22,264			308,244
Total expenses		3,357,056			5,745,507			5,441,867			124,117,148
Less — expense reductions		(930,108	)		(677,283	)		(748,500	)		(1,180,525	)
Net expenses		2,426,948			5,068,224			4,693,367			122,936,623
NET INVESTMENT INCOME		9,156,571			22,090,346			8,515,395			579,549,845

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,670,852	)		(1,062,663	)		(10,727,185	)		(867,444,696	)
Futures contracts		3,657,295			4,209,792			3,651,220			(9,030,280	)
Written options		(101,550	)		(267,180	)		74,513			—
Swap contracts		3,197,915			1,549,999			2,658,875			130,461,728
Forward foreign currency exchange contracts		(1,422,822	)		(332,294	)		(13,274,881	)		83,152,257
Foreign currency transactions		475,048			393,896			9,089,715			81,569,012
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,292,934	)		(9,232,546	)		28,542,196			(310,284,243	)
Futures contracts		(953,645	)		(1,594	)		(455,988	)		15,021,763
Written options		—			—			31,237			—
Swap contracts		(475,974	)		(755,259	)		(2,066,150	)		5,937,523
Forward foreign currency exchange contracts		109,966			(103,487	)		(8,656,962	)		(75,988,408	)
Foreign currency translation		9,572			3,383			237,527			743,308
Net realized and unrealized gain (loss)		(467,981	)		(5,597,953	)		9,104,117			(945,862,036	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,688,590		$	16,492,393		$	17,619,512		$	(366,312,191	)

(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		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6^(b)
Bond	$	291,971	$	130,484	$	27,200	$	151,825	$	16,963	$	103,886	$	29	$	29,262	$	7,072	$	2
Core Fixed Income		360,394		187,033		7,511		187,405		24,314		317,838		740		6,446		1,953		3,838
Global Income		170,403		71,284		—		88,610		9,267		215,820		307		17,865		—		16
Strategic Income		5,058,888		9,116,152		49,709		2,630,622		1,185,100		6,153,250		—		638,236		12,924		1,482

(b)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


		Bond Fund
	For the Fiscal Year Ended March 31, 2016			For the Fiscal Year Ended March 31, 2015
From operations:
Net investment income	$	9,156,571		$	5,521,597
Net realized gain (loss)		4,135,034			4,839,244
Net change in unrealized gain (loss)		(4,603,015	)		1,112,990
Net increase (decrease) in net assets resulting from operations		8,688,590			11,473,831

Distributions to shareholders:
From net investment income
Class A Shares		(3,961,371	)		(1,147,520	)
Class B Shares^(a)		—			(17,592	)
Class C Shares		(341,571	)		(130,944	)
Institutional Shares		(9,211,907	)		(5,401,984	)
Service Shares		(1,365	)		(310	)
Class IR Shares		(784,440	)		(215,201	)
Class R Shares		(192,061	)		(1,932	)
Class R6 Shares^(b)		(287	)		—
From net realized gains
Class A Shares		(11,720	)		(758,933	)
Class C Shares		(1,224	)		(151,624	)
Institutional Shares		(22,834	)		(2,898,668	)
Service Shares		(1	)		(230	)
Class IR Shares		(2,040	)		(146,579	)
Class R Shares		(718	)		(1,545	)
Class R6 Shares^(b)		(1	)		—
Return of capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares^(b)		—			—
Total distributions to shareholders		(14,531,540	)		(10,873,062	)

From share transactions:
Proceeds from sales of shares		218,562,128			277,906,927
Reinvestment of distributions		13,754,731			10,233,485
Cost of shares redeemed		(195,724,054	)		(98,640,237	)
Net increase (decrease) in net assets resulting from share transactions		36,592,805			189,500,175
TOTAL INCREASE (DECREASE)		30,749,855			190,100,944

Net assets:
Beginning of year		445,599,988			255,499,044
End of year	$	476,349,843		$	445,599,988
Undistributed (distributions in excess of) net investment income	$	(634,504	)	$	1,017,799

(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.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Fixed Income Fund						Global Income Fund						Strategic Income Fund
For the Fiscal Year Ended March 31, 2016			For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2016			For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2016			For the Fiscal Year Ended March 31, 2015

$	22,090,346		$	21,695,131		$	8,515,395		$	7,483,331		$	579,549,845		$	570,638,704
	4,491,550			16,006,646			(8,527,743	)		45,743,748			(581,291,979	)		(736,339,322	)
	(10,089,503	)		11,868,359			17,631,860			(26,722,377	)		(364,570,057	)		(491,939,658	)
	16,492,393			49,570,136			17,619,512			26,504,702			(366,312,191	)		(657,640,276	)


	(3,435,801	)		(3,124,347	)		(3,642,568	)		(1,456,880	)		(81,465,780	)		(89,978,961	)
	—			(27,740	)		—			(5,781	)		—			—
	(304,056	)		(284,053	)		(349,221	)		(90,663	)		(30,121,737	)		(23,626,625	)
	(21,524,563	)		(21,321,052	)		(34,535,212	)		(11,422,559	)		(675,970,981	)		(605,463,366	)
	(41,047	)		(34,030	)		(21,936	)		(4,575	)		—			—
	(130,448	)		(69,739	)		(774,269	)		(139,405	)		(20,986,423	)		(24,753,453	)
	(31,417	)		(14,716	)		—			—			(401,579	)		(135,507	)
	(605,243	)		—			(1,372	)		—			(510,041	)		—
	—			—			(63,770	)		(1,303,585	)		—			—
	—			—			(7,092	)		(115,184	)		—			—
	—			—			(571,392	)		(8,585,681	)		—			—
	—			—			(346	)		(3,820	)		—			—
	—			—			(12,363	)		(162,396	)		—			—
	—			—			—			—			—			—
	—			—			(10	)		—			—			—
	—			—			—			—			—			(231,031	)
	—			—			—			—			—			(60,664	)
	—			—			—			—			—			(1,554,593	)
	—			—			—			—			—			(509	)
	—			—			—			—			—			(63,396	)
	—			—			—			—			—			—
	(26,072,575	)		(24,875,677	)		(39,979,551	)		(23,290,529	)		(809,456,541	)		(745,868,105	)


	399,469,538			222,387,498			565,955,923			238,497,946			3,677,437,056			13,610,453,817
	24,899,720			23,337,727			39,281,036			22,753,298			670,751,973			610,293,925
	(420,613,359	)		(391,122,027	)		(303,265,507	)		(239,996,406	)		(12,579,124,637	)		(10,593,267,722	)
	3,755,899			(145,396,802	)		301,971,452			21,254,838			(8,230,935,608	)		3,627,480,020
	(5,824,283	)		(120,702,343	)		279,611,413			24,469,011			(9,406,704,340	)		2,223,971,639


	936,757,789			1,057,460,132			519,156,628			494,687,617			23,124,820,445			20,900,848,806
$	930,933,506		$	936,757,789		$	798,768,041		$	519,156,628		$	13,718,116,105		$	23,124,820,445
$	10,231,659		$	9,469,673		$	(7,344,072	)	$	32,095,532		$	(127,267,112	)	$	(132,269,442	)


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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations							Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		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 FISCAL YEARS ENDED MARCH 31,
2016 - A	$	10.44	$	0.21	$	(0.03	)	$	0.18	$	(0.34	)	$	—	^(d)	$	(0.34	)
2016 - C		10.44		0.13		(0.03	)		0.10		(0.27	)		—	^(d)		(0.27	)
2016 - Institutional		10.44		0.24		(0.02	)		0.22		(0.38	)		—	^(d)		(0.38	)
2016 - Service		10.44		0.18		(0.01	)		0.17		(0.33	)		—	^(d)		(0.33	)
2016 - IR		10.40		0.23		(0.01	)		0.22		(0.37	)		—	^(d)		(0.37	)
2016 - R		10.43		0.18		(0.02	)		0.16		(0.32	)		—	^(d)		(0.32	)
2016 - R6 (Commenced July 31, 2015)		10.33		0.16		0.08			0.24		(0.29	)		—	^(d)		(0.29	)
2015 - A		10.42		0.17		0.25			0.42		(0.24	)		(0.16	)		(0.40	)
2015 - C		10.41		0.10		0.25			0.35		(0.16	)		(0.16	)		(0.32	)
2015 - Institutional		10.42		0.22		0.24			0.46		(0.28	)		(0.16	)		(0.44	)
2015 - Service		10.42		0.17		0.24			0.41		(0.23	)		(0.16	)		(0.39	)
2015 - IR		10.38		0.19		0.26			0.45		(0.27	)		(0.16	)		(0.43	)
2015 - R		10.41		0.15		0.25			0.40		(0.22	)		(0.16	)		(0.38	)
2014 - A		10.57		0.22		(0.09	)		0.13		(0.28	)		—			(0.28	)
2014 - C		10.57		0.15		(0.11	)		0.04		(0.20	)		—			(0.20	)
2014 - Institutional		10.57		0.26		(0.09	)		0.17		(0.32	)		—			(0.32	)
2014 - Service		10.57		0.21		(0.10	)		0.11		(0.26	)		—			(0.26	)
2014 - IR		10.54		0.25		(0.11	)		0.14		(0.30	)		—			(0.30	)
2014 - R		10.57		0.19		(0.10	)		0.09		(0.25	)		—			(0.25	)
2013 - A		10.37		0.20		0.57			0.77		(0.25	)		(0.32	)		(0.57	)
2013 - C		10.37		0.12		0.57			0.69		(0.17	)		(0.32	)		(0.49	)
2013 - Institutional		10.37		0.23		0.57			0.80		(0.28	)		(0.32	)		(0.60	)
2013 - Service		10.37		0.18		0.57			0.75		(0.23	)		(0.32	)		(0.55	)
2013 - IR		10.34		0.22		0.57			0.79		(0.27	)		(0.32	)		(0.59	)
2013 - R		10.37		0.18		0.56			0.74		(0.22	)		(0.32	)		(0.54	)
2012 - A		10.17		0.27		0.42			0.69		(0.27	)		(0.22	)		(0.49	)
2012 - C		10.16		0.19		0.43			0.62		(0.19	)		(0.22	)		(0.41	)
2012 - Institutional		10.17		0.30		0.43			0.73		(0.31	)		(0.22	)		(0.53	)
2012 - Service		10.17		0.25		0.43			0.68		(0.26	)		(0.22	)		(0.48	)
2012 - IR		10.18		0.29		0.38			0.67		(0.29	)		(0.22	)		(0.51	)
2012 - R		10.17		0.25		0.41			0.66		(0.24	)		(0.22	)		(0.46	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year 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)

Rounds to less than $0.01 per share.

(e)

Annualized.


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

GOLDMAN SACHS BOND FUND



Net asset value, end of year		Total return^(b)				Net assets, end of year (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)

$	10.28		1.83	%	$		129,351			0.78	%		1.00	%		2.00	%		588	%
	10.27		0.98				17,254			1.53			1.75			1.25			588
	10.28		2.18				279,435			0.44			0.66			2.33			588
	10.28		1.68				1,119			0.94			1.17			1.74			588
	10.25		2.18				39,939			0.53			0.75			2.23			588
	10.27		1.58				9,241			1.03			1.26			1.77			588
	10.28		2.42				10			0.47	^(e)		0.69	^(e)		2.37	^(e)		588
	10.44		4.09				106,694			0.80			1.06			1.64			454
	10.44		3.41				11,813			1.56			1.82			0.97			454
	10.44		4.45				302,035			0.47			0.73			2.06			454
	10.44		3.94				15			0.96			1.23			1.61			454
	10.40		4.36				24,680			0.54			0.80			1.80			454
	10.43		3.84				363			1.06			1.33			1.47			454
	10.42		1.27				34,403			0.84			1.06			2.15			580
	10.41		0.42				7,298			1.59			1.81			1.40			580
	10.42		1.62				207,604			0.50			0.71			2.46			580
	10.42		1.12				14	��		1.00			1.22			2.01			580
	10.38		1.42				3,808			0.59			0.81			2.41			580
	10.41		0.92				133			1.09			1.29			1.83			580
	10.57		7.48				40,783			0.83			0.98			1.86			1,025
	10.57		6.68				9,993			1.58			1.73			1.11			1,025
	10.57		7.84				301,201			0.49			0.64			2.20			1,025
	10.57		7.31				14			0.99			1.13			1.70			1,025
	10.54		7.76				2,847			0.58			0.73			2.11			1,025
	10.57		7.22				195			1.08			1.24			1.68			1,025
	10.37		6.89				91,437			0.83			0.99			2.60			767
	10.37		6.20				10,592			1.58			1.74			1.85			767
	10.37		7.25				232,692			0.49			0.65			2.94			767
	10.37		6.75				13			0.99			1.15			2.44			767
	10.34		6.74				2,739			0.58			0.74			2.82			767
	10.37		6.63				21			1.08			1.24			2.37			767


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from Investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2016 - A	$	10.64	$	0.21	$	(0.07	)	$	0.14		$	(0.25	)
2016 - C		10.69		0.13		(0.06	)		0.07			(0.17	)
2016 - Institutional		10.68		0.24		(0.06	)		0.18			(0.29	)
2016 - Service		10.69		0.19		(0.07	)		0.12			(0.23	)
2016 - IR		10.65		0.23		(0.06	)		0.17			(0.28	)
2016 - R		10.65		0.19		(0.08	)		0.11			(0.22	)
2016 - R6 (Commenced July 31, 2015)		10.52		0.16		0.08			0.24			(0.19	)
2015 - A		10.38		0.20		0.29			0.49			(0.23	)
2015 - C		10.43		0.12		0.29			0.41			(0.15	)
2015 - Institutional		10.42		0.23		0.30			0.53			(0.27	)
2015 - Service		10.43		0.18		0.30			0.48			(0.22	)
2015 - IR		10.39		0.22		0.30			0.52			(0.26	)
2015 - R		10.39		0.17		0.30			0.47			(0.21	)
2014 - A		10.61		0.19		(0.18	)		0.01			(0.24	)
2014 - C		10.67		0.11		(0.19	)		(0.08	)		(0.16	)
2014 - Institutional		10.65		0.22		(0.17	)		0.05			(0.28	)
2014 - Service		10.66		0.15		(0.16	)		(0.01	)		(0.22	)
2014 - IR		10.62		0.21		(0.17	)		0.04			(0.27	)
2014 - R		10.62		0.16		(0.18	)		(0.02	)		(0.21	)
2013 - A		10.31		0.16		0.36			0.52			(0.22	)
2013 - C		10.37		0.08		0.36			0.44			(0.14	)
2013 - Institutional		10.36		0.20		0.35			0.55			(0.26	)
2013 - Service		10.36		0.14		0.37			0.51			(0.21	)
2013 - IR		10.32		0.19		0.36			0.55			(0.25	)
2013 - R		10.33		0.13		0.36			0.49			(0.20	)
2012 - A		9.79		0.19		0.53			0.72			(0.20	)
2012 - C		9.84		0.12		0.53			0.65			(0.12	)
2012 - Institutional		9.83		0.23		0.53			0.76			(0.23	)
2012 - Service		9.84		0.17		0.53			0.70			(0.18	)
2012 - IR		9.79		0.22		0.53			0.75			(0.22	)
2012 - R		9.80		0.17		0.53			0.70			(0.17	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS CORE FIXED INCOME FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (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)

$	10.53		1.35	%	$	142,299		0.78	%		0.85	%		1.98	%		450	%
	10.59		0.69			18,124		1.53			1.60			1.23			450
	10.57		1.69			697,260		0.44			0.51			2.31			450
	10.58		1.19			1,578		0.94			1.01			1.82			450
	10.54		1.60			5,058		0.53			0.60			2.23			450
	10.54		1.09			9,524		1.03			1.11			1.79			450
	10.57		2.34			57,091		0.43	^(d)		0.49	^(d)		2.36	^(d)		450
	10.64		4.77			150,677		0.83			0.85			1.86			388
	10.69		3.98			19,477		1.58			1.60			1.12			388
	10.68		5.11			758,542		0.49			0.51			2.21			388
	10.69		4.59			1,882		0.99			1.01			1.71			388
	10.65		5.03			5,054		0.56			0.60			2.10			388
	10.65		4.51			1,126		1.07			1.10			1.60			388
	10.38		0.12			134,288		0.83			0.83			1.80			516
	10.43		(0.71	)		20,262		1.58			1.58			1.05			516
	10.42		0.47			895,504		0.49			0.49			2.13			516
	10.43		(0.03	)		1,837		0.98			0.98			1.40			516
	10.39		0.37			1,374		0.58			0.58			2.03			516
	10.39		(0.13	)		557		1.08			1.08			1.54			516
	10.61		5.08			159,470		0.81			0.81			1.54			782
	10.67		4.28			25,723		1.56			1.56			0.79			782
	10.65		5.32			1,198,584		0.47			0.47			1.88			782
	10.66		4.90			17,528		0.97			0.97			1.35			782
	10.62		5.34			1,622		0.56			0.56			1.78			782
	10.62		4.72			648		1.06			1.06			1.24			782
	10.31		7.37			204,327		0.81			0.81			1.90			687
	10.37		6.65			28,539		1.56			1.56			1.13			687
	10.36		7.81			1,363,229		0.47			0.47			2.23			687
	10.36		7.17			10,969		0.97			0.97			1.70			687
	10.32		7.74			1,081		0.56			0.56			2.14			687
	10.33		7.21			19		1.06			1.06			1.64			687


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations						Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2016 - A	$	12.76	$	0.13	$	0.07	$	0.20	$	(0.71	)	$	(0.01	)	$	(0.72	)
2016 - C		12.67		0.04		0.05		0.09		(0.61	)		(0.01	)		(0.62	)
2016 - Institutional		12.74		0.17		0.07		0.24		(0.75	)		(0.01	)		(0.76	)
2016 - Service		12.71		0.09		0.05		0.14		(0.68	)		(0.01	)		(0.69	)
2016 - IR		12.72		0.16		0.07		0.23		(0.74	)		(0.01	)		(0.75	)
2016 - R6 (Commenced July 31, 2015)		12.55		0.09		0.26		0.35		(0.67	)		(0.01	)		(0.68	)
2015 - A		12.70		0.16		0.50		0.66		(0.31	)		(0.29	)		(0.60	)
2015 - C		12.61		0.06		0.51		0.57		(0.22	)		(0.29	)		(0.51	)
2015 - Institutional		12.68		0.20		0.50		0.70		(0.35	)		(0.29	)		(0.64	)
2015 - Service		12.66		0.14		0.49		0.63		(0.29	)		(0.29	)		(0.58	)
2015 - IR		12.66		0.15		0.54		0.69		(0.34	)		(0.29	)		(0.63	)
2014 - A		13.20		0.24		0.03		0.27		(0.58	)		(0.19	)		(0.77	)
2014 - C		13.11		0.14		0.03		0.17		(0.48	)		(0.19	)		(0.67	)
2014 - Institutional		13.18		0.28		0.03		0.31		(0.62	)		(0.19	)		(0.81	)
2014 - Service		13.16		0.22		0.03		0.25		(0.56	)		(0.19	)		(0.75	)
2014 - IR		13.17		0.27		0.02		0.29		(0.61	)		(0.19	)		(0.80	)
2013 - A		13.17		0.22		0.60		0.82		(0.34	)		(0.45	)		(0.79	)
2013 - C		13.09		0.12		0.59		0.71		(0.24	)		(0.45	)		(0.69	)
2013 - Institutional		13.15		0.27		0.60		0.87		(0.39	)		(0.45	)		(0.84	)
2013 - Service		13.13		0.20		0.60		0.80		(0.32	)		(0.45	)		(0.77	)
2013 - IR		13.15		0.26		0.59		0.85		(0.38	)		(0.45	)		(0.83	)
2012 - A		12.63		0.23		0.54		0.77		(0.23	)		—			(0.23	)
2012 - C		12.55		0.14		0.54		0.68		(0.14	)		—			(0.14	)
2012 - Institutional		12.61		0.27		0.55		0.82		(0.28	)		—			(0.28	)
2012 - Service		12.59		0.21		0.54		0.75		(0.21	)		—			(0.21	)
2012 - IR		12.61		0.24		0.57		0.81		(0.27	)		—			(0.27	)

(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)

(d)

Annualized.


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

GOLDMAN SACHS GLOBAL INCOME FUND



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

$	12.24		1.67	%	$	111,852		1.03	%		1.15	%		1.06	%		261	%
	12.14		0.83			12,653		1.77			1.90			0.31			261
	12.22		2.00			639,915		0.69			0.81			1.41			261
	12.16		1.23			2,280		1.18			1.29			0.75			261
	12.20		1.95			31,548		0.78			0.90			1.26			261
	12.22		2.92			520		0.68	^(d)		0.79	^(d)		1.10	^(d)		261
	12.76		5.27			64,939		1.03			1.18			1.26			226
	12.67		4.53			6,592		1.77			1.93			0.50			226
	12.74		5.63			437,007		0.70			0.84			1.60			226
	12.71		5.03			358		1.20			1.34			1.12			226
	12.72		5.54			10,261		0.77			0.90			1.20			226
	12.70		2.16			61,198		1.04			1.20			1.83			288
	12.61		1.40			4,688		1.79			1.95			1.08			288
	12.68		2.51			426,746		0.70			0.86			2.19			288
	12.66		1.98			239		1.20			1.35			1.70			288
	12.66		2.34			757		0.79			0.95			2.09			288
	13.20		6.32			79,838		1.04			1.15			1.64			444
	13.11		5.57			5,757		1.79			1.90			0.92			444
	13.18		6.69			387,889		0.69			0.81			1.99			444
	13.16		6.16			145		1.19			1.31			1.49			444
	13.17		6.51			545		0.79			0.90			1.94			444
	13.17		6.16			198,463		1.03			1.14			1.78			333
	13.09		5.32			6,359		1.78			1.89			1.06			333
	13.15		6.53			574,373		0.69			0.80			2.10			333
	13.13		6.01			189		1.19			1.30			1.61			333
	13.15		6.43			402		0.78			0.89			1.87			333


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2016 - A	$	10.06	$	0.28	$	(0.52	)	$	(0.24	)	$	(0.41	)	$	—		$	(0.41	)
2016 - C		10.06		0.21		(0.52	)		(0.31	)		(0.34	)		—			(0.34	)
2016 - Institutional		10.06		0.31		(0.52	)		(0.21	)		(0.44	)		—			(0.44	)
2016 - IR		10.06		0.31		(0.53	)		(0.22	)		(0.43	)		—			(0.43	)
2016 - R		10.05		0.25		(0.52	)		(0.27	)		(0.38	)		—			(0.38	)
2016 - R6 (Commenced July 31, 2015)		10.04		0.20		(0.50	)		(0.30	)		(0.33	)		—			(0.33	)
2015 - A		10.64		0.22		(0.51	)		(0.29	)		(0.29	)		—	^(e)		(0.29	)
2015 - C		10.64		0.14		(0.51	)		(0.37	)		(0.21	)		—	^(e)		(0.21	)
2015 - Institutional		10.64		0.25		(0.50	)		(0.25	)		(0.33	)		—	^(e)		(0.33	)
2015 - IR		10.63		0.24		(0.49	)		(0.25	)		(0.32	)		—	^(e)		(0.32	)
2015 - R		10.63		0.19		(0.51	)		(0.32	)		(0.26	)		—	^(e)		(0.26	)
2014 - A		10.46		0.22		0.21			0.43			(0.25	)		—			(0.25	)
2014 - C		10.46		0.14		0.21			0.35			(0.17	)		—			(0.17	)
2014 - Institutional		10.46		0.26		0.21			0.47			(0.29	)		—			(0.29	)
2014 - IR		10.46		0.25		0.20			0.45			(0.28	)		—			(0.28	)
2014 - R		10.45		0.21		0.19			0.40			(0.22	)		—			(0.22	)
2013 - A		9.87		0.32		0.73			1.05			(0.46	)		—			(0.46	)
2013 - C		9.88		0.24		0.72			0.96			(0.38	)		—			(0.38	)
2013 - Institutional		9.87		0.35		0.73			1.08			(0.49	)		—			(0.49	)
2013 - IR		9.87		0.34		0.73			1.07			(0.48	)		—			(0.48	)
2013 - R		9.87		0.30		0.71			1.01			(0.43	)		—			(0.43	)
2012 - A		10.03		0.32		(0.16	)		0.16			(0.32	)		—			(0.32	)
2012 - C		10.04		0.24		(0.15	)		0.09			(0.25	)		—			(0.25	)
2012 - Institutional		10.03		0.35		(0.15	)		0.20			(0.36	)		—			(0.36	)
2012 - IR		10.03		0.34		(0.15	)		0.19			(0.35	)		—			(0.35	)
2012 - R		10.03		0.29		(0.15	)		0.14			(0.30	)		—			(0.30	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Rounds to less than $0.01 per share.


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

GOLDMAN SACHS STRATEGIC INCOME FUND



Net asset value, end of year		Total return^(b)			Net assets, end of year (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)

$	9.41		(2.49	)%	$	1,383,885		0.90	%		0.91	%		2.83	%		212	%
	9.41		(3.21	)		710,230		1.65			1.66			2.08			212
	9.41		(2.16	)		11,261,977		0.56			0.57			3.17			212
	9.41		(2.24	)		332,917		0.65			0.66			3.09			212
	9.40		(2.73	)		9,399		1.15			1.16			2.58			212
	9.41		(3.05	)		19,708		0.53	^(d)		0.55	^(d)		3.19	^(d)		212
	10.06		(2.78	)		2,648,848		0.91			0.91			2.10			188
	10.06		(3.51	)		1,096,577		1.66			1.66			1.34			188
	10.06		(2.45	)		18,685,774		0.57			0.57			2.43			188
	10.06		(2.44	)		684,204		0.66			0.66			2.34			188
	10.05		(3.03	)		9,418		1.16			1.16			1.85			188
	10.64		4.16			3,694,217		0.91			0.91			2.08			302
	10.64		3.37			1,017,213		1.66			1.66			1.31			302
	10.64		4.51			15,469,529		0.57			0.57			2.44			302
	10.63		4.32			71,823		0.66			0.66			2.32			302
	10.63		3.90			5,454		1.16			1.16			1.96			302
	10.46		10.80			709,730		0.99			0.99			3.17			727
	10.46		9.86			239,501		1.74			1.74			2.36			727
	10.46		11.18			2,428,689		0.65			0.65			3.42			727
	10.46		11.07			107,502		0.74			0.74			3.33			727
	10.45		10.45			12		1.23			1.23			2.98			727
	9.87		1.60			728,059		1.00			1.00			3.23			636
	9.88		0.94			148,590		1.75			1.75			2.51			636
	9.87		2.04			993,936		0.66			0.66			3.59			636
	9.87		1.95			50,350		0.75			0.75			3.54			636
	9.87		1.46			29		1.25			1.25			3.00			636


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2016

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered*	Diversified/ Non-diversified
Bond and Core Fixed Income	A, C, Institutional, Service, IR, R and R6	Diversified
Global Income	A, C, Institutional, Service, IR and R6	Non-diversified
Strategic Income	A, C, Institutional, IR, R and R6	Diversified

Class R6 commenced operations July 31, 2015.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR, Class R, and Class R6 Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements 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,

126

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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. 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.

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

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

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

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

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

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

127

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 and GSAMI’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 and GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issue challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, Assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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ii. 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.

iii. 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.

iv. 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. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

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

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

vii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement which may result in a realized gain or loss.

Equity Securities — Equity securities 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

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March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the FST Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

A non-deliverable bond forward is a short term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by a Fund on a daily basis, and realized gains or losses are recorded on the termination date or sale of a contract.

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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. Option Contracts — When a Fund writes call or put option contracts, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

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

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

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

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

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March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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

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

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation 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.

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

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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.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by the Funds subject to the Funds’ agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

A Fund entering into a reverse repurchase agreement is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, the Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to the Fund.

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 and GSAMI believe that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Board of Trustees. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what 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.

GSAM and GSAMI did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

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March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2016:



BOND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	122,328,701		$	—
Mortgage-Backed Obligations		—			186,389,909			1,283,991
U.S. Treasury Obligations and/or Other U.S. Government Agencies		79,460,153			5,708,650			—
Asset-Backed Securities		—			45,987,991			—
Foreign Debt Obligations		11,675,469			11,583,014			—
Structured Note		—			1,222,447			—
Municipal Debt Obligations		—			6,078,447			—
Government Guarantee Obligations		—			5,406,243			—
Investment Company		58,985,636			—			—
Short-term Investments		—			13,246,972			—
Total	$	150,121,258		$	397,952,374		$	1,283,991
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(24,117,657	)	$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	3,295,015		$	—
Futures Contracts		187,115			—			—
Interest Rate Swap Contracts		—			2,641,710			—
Credit Default Swap Contracts		—			1,739			—
Total	$	187,115		$	5,938,464		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,867,521	)	$	—
Futures Contracts		(135,605	)		—			—
Interest Rate Swap Contracts		—			(1,977,077	)		—
Credit Default Swap Contracts		—			(49,748	)		—
Total	$	(135,605	)	$	(4,894,346	)	$	—

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CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	327,189,543		$	—
Mortgage-Backed Obligations		—			315,479,922			1
U.S. Treasury Obligations and/or Other U.S. Government Agencies		108,568,967			35,721,134			—
Asset-Backed Securities		—			81,170,228			—
Foreign Debt Obligations		2,948,061			17,353,333			—
Municipal Debt Obligations		—			9,363,336			—
Government Guarantee Obligations		—			28,386,958			—
Investment Company		81,617,969			—			—
Total	$	193,134,997		$	814,664,454		$	1
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,095,000	)	$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,057,822		$	—
Futures Contracts		213,401			—			—
Interest Rate Swap Contracts		—			1,732,878			—
Total	$	213,401		$	2,790,700		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,012,303	)	$	—
Futures Contracts		(119,161	)		—			—
Interest Rate Swap Contracts		—			(3,020,143	)		—
Credit Default Swap Contracts		—			(46,721	)
Total	$	(119,161	)	$	(4,079,167	)	$	—

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Notes to Financial Statements (continued)

March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	284,087,823		$	84,689,603		$	—
Corporate Obligations		—			157,718,261			—
Foreign Debt Obligations		—			4,435,605			—
Asset-Backed Securities		—			74,331,996			—
Mortgage-Backed Obligations		—			160,563,250			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		69,722,952			2,715,148			—
Government Guarantee Obligations		4,162,923			12,827,845			—
Short-term Investments		—			40,950,000			—
Total	$	357,973,698		$	538,231,708		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	5,871,991		$	—
Futures Contracts		210,748			—			—
Interest Rate Swap Contracts		—			3,549,371			—
Credit Default Swap Contracts		—			24,840			—
Total	$	210,748		$	9,446,202		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(10,928,897	)	$	—
Futures Contracts^(a)		(308,751	)		—			—
Interest Rate Swap Contracts^(a)		—			(2,622,197	)		—
Credit Default Swap Contracts^(a)		—			(46,497	)		—
Written Options Contracts		—			(13,571	)		—
Total	$	(308,751	)	$	(13,611,162	)	$	—

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STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,291,667,477		$	—
Mortgage-Backed Obligations		—			2,132,754,372			61,203,575
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,790,411,824			327,655,377			—
Asset-Backed Securities		—			2,683,730,133			—
Foreign Debt Obligations		713,832,760			1,455,643,122			—
Structured Note		—			2,042,381			—
Municipal Debt Obligations		—			246,224,207			—
Bank Loans		—			314,528,492			144,803,291
Common Stock and/or Other Equity Investments^(b)
North America		—			69,294,100			—
Europe		—			32,038,887			—
Investment Company		2,576,641,388			—			—
Short-term Investments		—			283,361,121			—
Total	$	6,080,885,972		$	8,838,939,669		$	206,006,866
Liabilities
Reverse Repurchase Agreements	$	—		$	(2,663,485	)	$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	241,736,659		$	—
Futures Contracts		3,633,890			—			—
Interest Rate Swap Contracts		—			197,304,596			—
Total Return Swap Contracts		—			1,492,592			—
Total	$	3,633,890		$	440,533,847		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(247,110,550	)	$	—
Futures Contracts		(4,405,834	)		—			—
Interest Rate Swap Contracts		—			(280,762,352	)		—
Credit Default Swap Contracts		—			(19,767,520	)		—
Total Return Swap Contracts		—			(1,440,971	)		—
Total	$	(4,405,834	)	$	(549,081,393	)	$	—

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Notes to Financial Statements (continued)

March 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2016:


	Mortgage-Backed Securities			Bank Loans
Beginning Balance as of April 1, 2015	$	—		$	102,685,355
Realized gain (loss)		86,157			(284,405	)
Net change in unrealized gain (loss) relating to instruments still held at reporting date		3,800,271			(89,335,924	)
Purchases		59,389,537			56,908,617
Sales		(2,072,390	)		(29,973,863	)
Amortization		—			1,384,635
Transfers into Level 3		—			103,418,876
Ending Balance as of March 31, 2016	$	61,203,575		$	144,803,291

(a)

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

(b)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principle exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of March 31, 2016. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Bond

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

2,828,825

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(2,112,682)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

1,739

Payable for unrealized loss on swap contracts

(49,748)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

3,295,015

Payable for unrealized loss on forward foreign currency exchange contracts

(2,867,521)

Total

6,125,579

(5,029,951)

138

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Core Fixed Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

1,946,279

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(3,139,304)

^(a)

Credit

Receivable for unrealized gain on swap contracts

—

Payable for unrealized loss on swap contracts

(46,721)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

1,057,822

Payable for unrealized loss on forward foreign currency exchange contracts

(1,012,303)

Total

3,004,101

(4,198,328)

Global Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

3,760,119

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(2,930,948)

^(a)

Credit

Receivable for unrealized gain on swap contracts

24,840

Payable for unrealized loss on swap contracts

(46,497)

Currency

Receivable for unrealized gain on

forward foreign currency exchange

contracts

5,871,991

Payable for unrealized loss on forward foreign currency exchange contracts; Investments, at value; Written options, at value

(10,942,468)

Total

9,656,950

(13,919,913)

Strategic Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

202,431,078

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(286,609,157)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

—

Payable for unrealized loss on swap contracts

(19,767,520)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

241,736,659

Payable for unrealized loss on forward foreign currency exchange contracts

(247,110,550)

Total

444,167,737

(553,487,227)

(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 $143,503, $22,082 and $44,709,493 for Bond, Global Income and Strategic Income Funds, 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.

139

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

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 fiscal year ended March 31, 2016. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



Bond
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	7,080,464		$	(1,221,694	)		988
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(340,579	)		(207,925	)		53
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,422,822	)		109,966			367
Total		$	5,317,063		$	(1,319,653	)		1408

Core Fixed Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	6,329,086		$	(668,924	)		1,321
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(847,241	)		(87,929	)		14
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(332,294	)		(103,487	)		172
Total		$	5,149,551		$	(860,340	)		1,507

Global Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	7,389,962		$	(2,373,010	)		1,113
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,091,684	)		(149,128	)		4
Currency	Net realized gain (loss) from investments, forward foreign currency exchange contracts and written options/Net change in unrealized gain (loss) on investments forward foreign currency exchange contracts and written options		(13,531,567	)		(8,542,204	)		495
Total		$	(7,233,289	)	$	(11,064,342	)		1,612

140

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Strategic Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	188,617,797		$	49,239,213			30,135
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(125,296,915	)		(3,154,597	)		63
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		83,152,257			(75,988,408	)		391
Total		$	146,473,139		$	(29,903,792	)		30,589

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2016.

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. 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 the Investment Adviser 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 to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

141

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2016:



Bond Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	—	$	326,341	$	326,341	$	(336	)	$	(64,713	)	$	(65,049	)	$	261,292		$	—	$	261,292
Barclays Bank PLC		—		133,150		133,150		(53,988	)		(165,609	)		(219,597	)		(86,447	)		86,447		—
BNP Paribas SA		—		158,822		158,822		—			(59,655	)		(59,655	)		99,167			—		99,167
Citibank NA		13,062		—		13,062		(45,080	)		—			(45,080	)		(32,018	)		32,018		—
Citibank NA (London)		—		435,623		435,623		—			(444,575	)		(444,575	)		(8,952	)		—		(8,952	)
Credit Suisse International (London)		—		149,104		149,104		—			(17,857	)		(17,857	)		131,247			—		131,247
Deutsche Bank AG		57,075		—		57,075		(5,860	)		—			(5,860	)		51,215			—		51,215
Deutsche Bank AG (London)		—		284,076		284,076		—			(125,927	)		(125,927	)		158,149			—		158,149
HSBC Bank PLC		—		329,060		329,060		—			(273,293	)		(273,293	)		55,767			—		55,767
JPMorgan Chase Bank (London)		—		501,502		501,502		—			(653,512	)		(653,512	)		(152,010	)		—		(152,010	)
JPMorgan Securities, Inc.		51,854		—		51,854		(34,862	)		—			(34,862	)		16,992			—		16,992
Morgan Stanley & Co. International PLC		22,849		162,855		185,704		(3,377	)		(219,981	)		(223,358	)		(37,654	)		—		(37,654	)
Royal Bank of Canada		—		64,359		64,359		—			(224,115	)		(224,115	)		(159,756	)		—		(159,756	)
Royal Bank of Scotland PLC		—		85,239		85,239		—			(91,987	)		(91,987	)		(6,748	)		—		(6,748	)
Standard Chartered Bank		—		272,166		272,166		—			(89,375	)		(89,375	)		182,791			—		182,791
State Street Bank (London)		—		171,735		171,735		—			(166,433	)		(166,433	)		5,302			—		5,302
UBS AG (London)		—		169,006		169,006		—			(50,860	)		(50,860	)		118,146			—		118,146
Westpac Banking Corp.		—		51,977		51,977		—			(219,629	)		(219,629	)		(167,652	)		—		(167,652	)
Total	$	144,840	$	3,295,015	$	3,439,855	$	(143,503	)	$	(2,867,521	)	$	(3,011,024	)	$	428,831		$	118,465	$	547,296

142

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Global Income Fund
	Derivative Assets⁽¹⁾					Derivative Liabilities⁽¹⁾												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Swaps	Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$11,537	$	386,414	$	397,951	$	—		$	(357,764	)	$	—		$	(357,764	)	$	40,187		$	—	$	40,187
Barclays Bank PLC	—		180,663		180,663		—			(325,223	)		—			(325,223	)		(144,560	)		—		(144,560	)
BNP Paribas SA	—		487,108		487,108		—			(368,768	)		—			(368,768	)		118,340			—		118,340
Citibank NA	—		—		—		(22,082	)		—			(13,571	)		(35,653	)		(35,653	)		—		(35,653	)
Citibank NA (London)	—		467,540		467,540		—			(661,697	)		—			(661,697	)		(194,157	)		—		(194,157	)
Credit Suisse International (London)	—		239,703		239,703		—			(24,448	)		—			(24,448	)		215,255			—		215,255
Deutsche Bank AG (London)	—		356,939		356,939		—			(196,869	)		—			(196,869	)		160,070			—		160,070
HSBC Bank PLC	—		750,086		750,086		—			(1,833,870	)		—			(1,833,870	)		(1,083,784	)		—		(1,083,784	)
JPMorgan Chase Bank (London)	—		672,891		672,891		—			(3,468,373	)		—			(3,468,373	)		(2,795,482	)		—		(2,795,482	)
Morgan Stanley & Co. International PLC	5,669		221,311		226,980		—			(334,409	)		—			(334,409	)		(107,429	)		—		(107,429	)
Royal Bank of Canada	—		90,949		90,949		—			(1,339,367	)		—			(1,339,367	)		(1,248,418	)		—		(1,248,418	)
Royal Bank of Scotland PLC	—		117,096		117,096		—			(255,218	)		—			(255,218	)		(138,122	)		—		(138,122	)
Standard Chartered Bank	—		506,863		506,863		—			(261,115	)		—			(261,115	)		245,748			—		245,748
State Street Bank (London)	—		1,041,232		1,041,232		—			(992,585	)		—			(992,585	)		48,647			—		48,647
UBS AG (London)	—		282,035		282,035		—			(137,779	)		—			(137,779	)		144,256			—		144,256
Westpac Banking Corp.	—		71,161		71,161		—			(371,412	)		—			(371,412	)		(300,251	)		—		(300,251	)
Total	$17,206	$	5,871,991	$	5,889,197	$	(22,082	)	$	(10,928,897	)	$	(13,571	)	$	(10,964,550	)	$	(5,075,353	)	$	—	$	(5,075,353	)

143

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)



Strategic Income Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	533,755	$	40,254,185	$	40,787,940	$	(1,130,620	)	$	(23,845,512	)	$	(24,976,132	)	$	15,811,808		$	—		$	15,811,808
Barclays Bank PLC		1,951,019		8,138,172		10,089,191		(4,037,725	)		(10,745,147	)		(14,782,872	)		(4,693,681	)		2,510,000			(2,183,681	)
BNP Paribas SA		—		12,165,630		12,165,630		—			(3,658,769	)		(3,658,769	)		8,506,861			—			8,506,861
Citibank NA		1,579,892		29,590,864		31,170,756		(10,995,807	)		(25,819,903	)		(36,815,710	)		(5,644,954	)		5,644,954			—
Credit Suisse International (London)		656,079		5,421,599		6,077,678		(914,647	)		(911,144	)		(1,825,791	)		4,251,887			—			4,251,887
Deutsche Bank AG		6,259,251		17,431,409		23,690,660		(2,154,372	)		(10,114,931	)		(12,269,303	)		11,421,357			(3,930,000	)		7,491,357
HSBC Bank PLC		—		21,370,143		21,370,143		—			(18,770,279	)		(18,770,279	)		2,599,864			—			2,599,864
JPMorgan Chase Bank (London)		—		41,489,293		41,489,293		—			(66,952,746	)		(66,952,746	)		(25,463,453	)		—			(25,463,453	)
JPMorgan Securities, Inc.		5,341,057		—		5,341,057		(20,551,364	)		—			(20,551,364	)		(15,210,307	)		15,210,307			—
Merrill Lynch & Co., Inc.		—		1,064,293		1,064,293		—			(1,161,047	)		(1,161,047	)		(96,754	)		—			(96,754	)
Morgan Stanley & Co.		—		8,350,446		8,350,446		—			(16,270,744	)		(16,270,744	)		(7,920,298	)		—			(7,920,298	)
Morgan Stanley & Co. International PLC		5,005,760		—		5,005,760		(4,924,958	)		—			(4,924,958	)		80,802			—			80,802
Royal Bank of Canada		—		3,815,859		3,815,859		—			(22,740,775	)		(22,740,775	)		(18,924,916	)		—			(18,924,916	)
Royal Bank of Scotland PLC		—		7,735,079		7,735,079		—			(9,281,593	)		(9,281,593	)		(1,546,514	)		—			(1,546,514	)
Standard Chartered Bank		—		19,773,494		19,773,494		—			(5,818,515	)		(5,818,515	)		13,954,979			—			13,954,979
State Street Bank (London)		—		9,956,169		9,956,169		—			(12,457,836	)		(12,457,836	)		(2,501,667	)		—			(2,501,667	)
UBS AG (London)		—		10,864,138		10,864,138		—			(2,816,369	)		(2,816,369	)		8,047,769			—			8,047,769
Westpac Banking Corp.		—		4,315,886		4,315,886		—			(15,745,240	)		(15,745,240	)		(11,429,354	)		—			(11,429,354	)
Total	$	21,326,813	$	241,736,659	$	263,063,472	$	(44,709,493	)	$	(247,110,550	)	$	(291,820,043	)	$	(28,756,571	)	$	19,435,261		$	(9,321,310	)

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended March 31, 2016, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


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

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

GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Funds’ most recent prospectuses. These waivers will be effective through at least July 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

The Bond, Core Fixed Income, and Strategic Income Funds invest in FST Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has 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 fiscal year ended March 31, 2016, GSAM waived $61,046, $110,550 and $1,155,596 of the management fee for the Bond, Core Fixed Income, and Strategic Income 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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Notes to Financial Statements (continued)

March 31, 2016

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2016, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	4,769	$	87
Core Fixed Income		4,731		1,536
Global Income		8,618		—
Strategic Income		80,396		4

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 and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and 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 and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Income and Strategic Income Funds are 0.41%, 0.014%, 0.004% and 0.054%, respectively. The Other Expense limitations will remain in place through at least July 29, 2016, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Distribution and Service Fees		Other Expense Reimbursements		Total Expense Reductions
Bond	$	228,076	$	—	$	702,032	$	930,108
Core Fixed Income		110,550		—		566,733		677,283
Global Income		—		883		747,617		748,500
Strategic Income		1,155,596		24,929		—		1,180,525

G. Line of Credit Facility — As of March 31, 2016, 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 certain 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 fiscal year ended March 31, 2016, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2016, Goldman Sachs earned $47,393, $58,085, $63,916, and $2,254,957 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income, Global Income and Strategic Income Funds, respectively.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2016, the purchase, sale transactions and related net realized gain (loss) for the Strategic Income Fund with an affiliated fund in compliance with Rule 17a-7 under the Act were $24,936,224, $30,563,214 and $(39,781) respectively.

As of March 31, 2016, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund

Goldman Sachs

Balanced Strategy

Portfolio

Goldman Sachs

Growth and Income

Strategy Portfolio

Global Income

As of March 31, 2016, Goldman Sachs Group, Inc. was the beneficial owner of 100% of outstanding Class R6 Shares of the Bond Fund.

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Notes to Financial Statements (continued)

March 31, 2016

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in this affiliated Fund for the fiscal year ended March 31, 2016:


Fund	Underlying Fund	Market Value 3/31/15		Purchases at Cost		Proceeds from Sales			Market Value 3/31/16		Dividend Income
Bond Fund	Goldman Sachs Financial Square Government Fund	$	113,325,598	$	516,795,440	$	(571,135,402	)	$	58,985,636	$	36,053
Core Fixed Income Fund	Goldman Sachs Financial Square Government Fund		104,601,189		782,950,225		(805,933,445	)		81,617,969		35,658
Strategic Income	Goldman Sachs Financial Square Government Fund		325,124,425		16,558,885,988		(14,307,369,025	)		2,576,641,388		1,094,952

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2016, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Bond	$	2,413,143,660	$	135,684,370	$	2,331,042,162	$	129,263,040
Core Fixed Income		4,369,588,384		272,309,199		4,317,064,469		242,260,960
Global Income		1,386,874,481		573,555,734		1,257,623,581		363,552,896
Strategic Income		20,984,157,719		13,251,917,970		25,837,278,400		18,286,756,393

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2016:


Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Bond	$	2,143,308		0.775	%		288
Core Fixed Income		2,215,094		1.133			310
Strategic Income		34,379,450		1.197			332

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

As of March 31, 2016 the remaining contractual maturity of the reverse repurchase agreement was greater than 90 days for the Strategic Income Fund. The gross value of the reverse repurchase agreement is reported on the Statement of Assets and Liabilities. The gross amount of recognized liabilities for reverse repurchase agreements was $2,663,485 with associated foreign debt obligations and cash pledged as collateral.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2016 was as follows:


	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	14,493,976	$	26,072,575	$	39,324,578	$	809,456,541
Net long-term capital gains		37,564		—		654,973		—
Total taxable distributions	$	14,531,540	$	26,072,575	$	39,979,551	$	809,456,541

The tax character of distributions paid during the fiscal year ended March 31, 2015 was as follows:


	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	6,916,174	$	24,875,677	$	22,091,731	$	743,957,912
Net long-term capital gains		3,956,888		—		1,198,798		—
Total taxable distributions	$	10,873,062	$	24,875,677	$	23,290,529	$	743,957,912
Tax return of capital	$	—	$	—	$	—	$	1,910,193

As of March 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


	Bond			Core Fixed Income			Global Income			Strategic Income
Undistributed ordinary income — net	$	1,152,716		$	10,774,405		$	4,809,614		$	32,488,874
Undistributed long-term capital gains		—			—			130,341			—
Total undistributed earnings	$	1,152,716		$	10,774,405		$	4,939,955		$	32,488,874
Capital loss carryforwards:^{(1) (2)}
Expiring 2018		—			(22,550,107	)		—			—
Perpetual Short-Term		(71,097	)		—			—			(695,819,431	)
Perpetual Long-Term		—			—			—			(300,996,024	)
Total capital loss carryforwards	$	(71,097	)	$	(22,550,107	)	$	—		$	(996,815,455	)
Timing differences Qualified Late Year Loss Deferral, Straddle Deferral, Dividend and Distribution Payable)	$	(3,959,991	)	$	(6,498,214	)	$	(18,579,346	)	$	(735,005,459	)
Unrealized gains (losses) — net		4,832,413			15,458,731			14,038,006			(640,826,224	)
Total accumulated earnings (losses) net	$	1,954,041		$	(2,815,185	)	$	398,615		$	(2,340,158,264	)

(1)

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

(2)

The Core Fixed Income Fund utilized $763,493 of capital losses in the current fiscal year.

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Notes to Financial Statements (continued)

March 31, 2016

7. TAX INFORMATION (continued)

��

As of March 31, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Bond			Core Fixed Income			Global Income			Strategic Income
Tax Cost	$	544,784,632		$	990,992,331		$	883,211,251		$	15,608,463,047
Gross unrealized gain		10,911,376			27,355,456			27,008,669			178,931,577
Gross unrealized loss		(6,338,385	)		(10,548,335	)		(14,014,514	)		(661,562,117	)
Net unrealized gains (losses) on securities	$	4,572,991		$	16,807,121		$	12,994,155		$	(482,630,540	)
Net unrealized gains (losses) on other investments		259,422			(1,348,390	)		1,043,851			(158,195,684	)
Net unrealized gains (losses)	$	4,832,413		$	15,458,731		$	14,038,006		$	(640,826,224	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, foreign currency contracts, and differences related to the tax treatment of inflation protected securities and swap transactions.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from paydown securities, dividend redesignation, redemptions utilized as distributions, consent fees, material modification of debt securities and inflation protected securities and differences in the tax treatment of swap transactions, foreign currency transactions and underlying fund investments.


Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Bond		393,187		(4,077,315	)		3,684,128
Core Fixed Income		—		(4,744,215	)		4,744,215
Global Income		—		8,630,421			(8,630,421	)
Strategic Income		—		(234,909,026	)		234,909,026

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year 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:

Derivatives Risk — Loss may result from the Funds’ investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be

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8. OTHER RISKS (continued)

recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

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 the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowings and the use of derivatives may result in leverage and may make the Funds more volatile. When the Funds use leverage, the sum of each Fund’s investment exposure may significantly exceed the amount of assets invested in each Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. Each Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause the Funds to liquidate portfolio positions to satisfy their obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by each Fund can substantially increase the adverse impact to which each Fund’s investment portfolio may be subject.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the 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. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Funds’ investments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and

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Notes to Financial Statements (continued)

March 31, 2016

8. OTHER RISKS (continued)

difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Non-Diversification Risk — The Global Income Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — As a result of the Global Income Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if its investments were not so concentrated.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Bond Fund

	For the Fiscal Year Ended March 31, 2016						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,993,945		$	51,178,185			8,072,473		$	84,508,818
Reinvestment of distributions		360,014			3,676,908			165,537			1,732,419
Shares converted from Class B^(a)		—			—			84,367			891,377
Shares redeemed		(2,987,560	)		(30,662,635	)		(1,406,921	)		(14,777,926	)
		2,366,399			24,192,458			6,915,456			72,354,688
Class B Shares^(a)
Shares sold		—			—			5,448			56,966
Reinvestment of distributions		—			—			1,373			14,480
Shares converted to Class A		—			—			(84,447	)		(891,377	)
Shares redeemed		—			—			(137,420	)		(1,450,088	)
		—			—			(215,046	)		(2,270,019	)
Class C Shares
Shares sold		889,003			9,074,268			613,552			6,445,571
Reinvestment of distributions		25,087			255,633			21,063			220,162
Shares redeemed		(366,352	)		(3,763,207	)		(203,431	)		(2,134,205	)
		547,738			5,566,694			431,184			4,531,528
Institutional Shares
Shares sold		11,979,862			122,560,143			15,787,785			165,285,733
Reinvestment of distributions		879,826			8,996,243			754,297			7,902,566
Shares redeemed		(14,599,108	)		(150,137,633	)		(7,540,706	)		(79,458,639	)
		(1,739,420	)		(18,581,247	)		9,001,376			93,729,660
Service Shares
Shares sold		108,752			1,105,191			—			—
Reinvestment of distributions		133			1,367			52			540
Shares redeemed		(1,420	)		(14,564	)		—			—
		107,465			1,091,994			52			540
Class IR Shares
Shares sold		2,379,638			24,182,232			2,043,425			21,313,093
Reinvestment of distributions		77,162			785,740			34,738			361,772
Shares redeemed		(931,715	)		(9,519,254	)		(72,141	)		(751,307	)
		1,525,085			15,448,718			2,006,022			20,923,558
Class R Shares
Shares sold		1,020,324			10,452,104			28,431			296,746
Reinvestment of distributions		3,790			38,556			148			1,546
Shares redeemed		(158,917	)		(1,626,756	)		(6,487	)		(68,072	)
		865,197			8,863,904			22,092			230,220
Class R6 Shares^(b)
Shares sold		969			10,005			—			—
Reinvestment of distributions		28			284			—			—
Shares redeemed		(1	)		(5	)		—			—
		996			10,284			—			—
NET INCREASE		3,673,460		$	36,592,805			18,161,136		$	189,500,175

(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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Core Fixed Income Fund

	For the Fiscal Year Ended March 31, 2016						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,252,990		$	33,932,511			5,099,659		$	53,735,846
Reinvestment of distributions		319,873			3,342,023			287,467			3,034,550
Shares converted from Class B^(a)		—			—			31,881			335,465
Shares redeemed		(4,224,084	)		(44,126,078	)		(4,191,307	)		(44,170,106	)
		(651,221	)		(6,851,544	)		1,227,700			12,935,755
Class B Shares^(a)
Shares sold		—			—			11,588			122,357
Reinvestment of distributions		—			—			2,308			24,367
Shares converted to Class A		—			—			(31,755	)		(335,465	)
Shares redeemed		—			—			(330,928	)		(3,496,749	)
		—			—			(348,787	)		(3,685,490	)
Class C Shares
Shares sold		508,257			5,332,470			438,581			4,651,241
Reinvestment of distributions		26,813			281,538			24,841			263,520
Shares redeemed		(644,416	)		(6,758,102	)		(583,801	)		(6,182,549	)
		(109,346	)		(1,144,094	)		(120,379	)		(1,267,788	)
Institutional Shares
Shares sold		27,965,702			292,874,669			14,960,991			158,423,574
Reinvestment of distributions		1,953,290			20,490,618			1,879,885			19,917,051
Shares redeemed		(34,999,122	)		(366,124,700	)		(31,748,821	)		(335,879,047	)
		(5,080,130	)		(52,759,413	)		(14,907,945	)		(157,538,422	)
Service Shares
Shares sold		33,804			354,906			64,012			677,867
Reinvestment of distributions		2,002			21,005			1,363			14,447
Shares redeemed		(62,728	)		(656,549	)		(65,443	)		(690,563	)
		(26,922	)		(280,638	)		(68	)		1,751
Class IR Shares
Shares sold		81,723			853,932			389,647			4,104,801
Reinvestment of distributions		12,469			130,405			6,584			69,739
Shares redeemed		(89,024	)		(931,375	)		(53,734	)		(567,992	)
		5,168			52,962			342,497			3,606,548
Class R Shares
Shares sold		823,059			8,578,041			63,511			671,812
Reinvestment of distributions		2,748			28,803			1,328			14,053
Shares redeemed		(27,806	)		(290,567	)		(12,756	)		(135,021	)
		798,001			8,316,277			52,083			550,844
Class R6 Shares^(b)
Shares sold		5,506,298			57,543,009			—			—
Reinvestment of distributions		57,877			605,328			—			—
Shares redeemed		(165,257	)		(1,725,988	)		—			—
		5,398,918			56,422,349			—			—
NET INCREASE (DECREASE)		334,468		$	3,755,899			(13,754,899	)	$	(145,396,802	)

(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.

155

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Global Income Fund

	For the Fiscal Year Ended March 31, 2016						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,506,569		$	67,160,547			1,586,338		$	20,325,913
Reinvestment of distributions		297,989			3,600,719			210,095			2,675,011
Shares converted from Class B^(a)		—			—			18,795			243,133
Shares redeemed		(1,754,152	)		(21,744,852	)		(1,546,288	)		(19,861,472	)
		4,050,406			49,016,414			268,940			3,382,585
Class B Shares^(a)
Shares sold		—			—			2,457			31,682
Reinvestment of distributions		—			—			368			4,712
Shares converted to Class A		—			—			(18,868	)		(243,133	)
Shares redeemed		—			—			(67,729	)		(871,960	)
		—			—			(83,772	)		(1,078,699	)
Class C Shares
Shares sold		650,861			7,885,464			229,686			2,915,333
Reinvestment of distributions		26,894			321,133			14,547			183,561
Shares redeemed		(155,922	)		(1,915,497	)		(95,731	)		(1,221,241	)
		521,833			6,291,100			148,502			1,877,653
Institutional Shares
Shares sold		37,434,632			461,794,981			16,097,969			205,279,334
Reinvestment of distributions		2,863,569			34,552,548			1,539,528			19,582,924
Shares redeemed		(22,227,361	)		(273,644,934	)		(16,999,841	)		(217,509,193	)
		18,070,840			222,702,595			637,656			7,353,065
Service Shares
Shares sold		176,874			2,116,062			31,658			405,008
Reinvestment of distributions		1,567			18,859			417			5,289
Shares redeemed		(19,066	)		(233,220	)		(22,770	)		(292,806	)
		159,375			1,901,701			9,305			117,491
Class IR Shares
Shares sold		2,174,979			26,444,885			742,176			9,540,676
Reinvestment of distributions		65,265			786,398			23,848			301,801
Shares redeemed		(461,738	)		(5,685,730	)		(18,837	)		(239,734	)
		1,778,506			21,545,553			747,187			9,602,743
Class R6 Shares^(b)
Shares sold		45,878			553,984			—			—
Reinvestment of distributions		114			1,379			—			—
Shares redeemed		(3,413	)		(41,274	)		—			—
		42,579			514,089			—			—
NET INCREASE		24,623,539		$	301,971,452			1,727,818		$	21,254,838

(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.

156

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Strategic Income Fund

	For the Fiscal Year Ended March 31, 2016						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		36,868,744		$	363,552,779			139,942,256		$	1,468,550,175
Reinvestment of distributions		7,904,030			77,435,551			8,316,052			86,539,197
Shares redeemed		(160,983,204	)		(1,582,299,263	)		(232,189,012	)		(2,424,542,617	)
		(116,210,430	)		(1,141,310,933	)		(83,930,704	)		(869,453,245	)
Class C Shares
Shares sold		7,231,309			71,646,822			41,310,685			434,597,330
Reinvestment of distributions		2,432,712			23,792,801			1,770,115			18,371,732
Shares redeemed		(43,166,049	)		(425,167,852	)		(29,695,594	)		(307,734,078	)
		(33,502,028	)		(329,728,229	)		13,385,206			145,234,984
Institutional Shares
Shares sold		314,004,126			3,101,913,662			1,075,029,579			11,278,202,983
Reinvestment of distributions		55,944,745			547,783,055			46,283,903			480,503,449
Shares redeemed		(1,030,340,783	)		(10,109,131,076	)		(718,001,633	)		(7,425,931,157	)
		(660,391,912	)		(6,459,434,359	)		403,311,849			4,332,775,275
Class IR Shares
Shares sold		11,204,074			110,163,385			40,287,154			423,066,106
Reinvestment of distributions		2,138,511			20,963,327			2,380,769			24,732,972
Shares redeemed		(45,981,957	)		(453,121,610	)		(41,947,589	)		(433,303,517	)
		(32,639,372	)		(321,994,898	)		720,334			14,495,561
Class R Shares
Shares sold		570,892			5,621,320			578,286			6,037,223
Reinvestment of distributions		27,401			267,225			14,134			146,575
Shares redeemed		(535,313	)		(5,192,301	)		(168,664	)		(1,756,353	)
		62,980			696,244			423,756			4,427,445
Class R6 Shares^(a)
Shares sold		2,484,802			24,539,088			—			—
Reinvestment of distributions		53,301			510,014			—			—
Shares redeemed		(443,633	)		(4,212,535	)		—			—
		2,094,470			20,836,567			—			—
NET INCREASE (DECREASE)		(840,586,292	)	$	(8,230,935,608	)		333,910,441		$	3,627,480,020

(a)

Commenced operations on July 31, 2015.

157

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Multi-Sector Fixed Income Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Core Fixed Income Fund, Goldman Sachs Bond Fund, Goldman Sachs Strategic Income Fund, and the Goldman Sachs Global Income Fund (collectively the “Funds”), funds of Goldman Sachs Trust, at March 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying fund and the application of alternative auditing procedures where confirmation of securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2016

158

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R or 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 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, 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 October 1, 2015 through March 31, 2016, which represents a period of 183 days of a 366 day year.

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

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

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


	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 10/1/15		Ending Account Value 3/31/16			Expenses Paid for the 6 months ended 3/31/16*		Beginning Account Value 10/1/15		Ending Account Value 3/31/16			Expenses Paid for the 6 months ended 3/31/16*		Beginning Account Value 10/1/15		Ending Account Value 3/31/16			Expenses Paid for the 6 months ended 3/31/16*		Beginning Account Value 10/1/15		Ending Account Value 3/31/16			Expenses Paid for the 6 months ended 3/31/16*
Class A
Actual	$	1,000.00	$	1,019.20		$	3.94	$	1,000.00	$	1,019.70		$	3.94	$	1,000.00	$	1,025.80		$	5.22	$	1,000.00	$	978.60		$	4.45
Hypothetical 5% return		1,000.00		1,021.10	+		3.94		1,000.00		1,021.10	+		3.94		1,000.00		1,019.85	+		5.20		1,000.00		1,020.50	+		4.55
Class C
Actual		1,000.00		1,015.40			7.71		1,000.00		1,016.80			7.71		1,000.00		1,022.10			8.90		1,000.00		975.00			8.10
Hypothetical 5% return		1,000.00		1,017.35	+		7.72		1,000.00		1,017.35	+		7.72		1,000.00		1,016.20	+		8.87		1,000.00		1,016.80	+		8.27
Institutional
Actual		1,000.00		1,020.90			2.22		1,000.00		1,021.40			2.22		1,000.00		1,027.50			3.50		1,000.00		980.30			2.77
Hypothetical 5% return		1,000.00		1,022.80	+		2.23		1,000.00		1,022.80	+		2.23		1,000.00		1,021.55	+		3.49		1,000.00		1,022.20	+		2.83
Service
Actual		1,000.00		1,018.60			4.74		1,000.00		1,018.90			4.74		1,000.00		1,022.30			5.92		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.30	+		4.75		1,000.00		1,020.30	+		4.75		1,000.00		1,019.15	+		5.91		N/A		N/A	+		N/A
Class IR
Actual		1,000.00		1,021.50			2.68		1,000.00		1,021.00			2.68		1,000.00		1,027.50			3.95		1,000.00		979.90			3.22
Hypothetical 5% return		1,000.00		1,022.35	+		2.68		1,000.00		1,022.35	+		2.68		1,000.00		1,021.10	+		3.94		1,000.00		1,021.75	+		3.29
Class R
Actual		1,000.00		1,018.00			5.20		1,000.00		1,018.50			5.20		N/A		N/A			N/A		1,000.00		977.40			5.69
Hypothetical 5% return		1,000.00		1,019.85	+		5.20		1,000.00		1,019.85	+		5.20		N/A		N/A			N/A		1,000.00		1,019.25	+		5.81
Class R6
Actual		1,000.00		1,020.70			2.37		1,000.00		1,020.50			2.15		1,000.00		1,027.50			3.45		1,000.00		980.40			2.62
Hypothetical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,022.87	+		2.15		1,000.00		1,021.60	+		3.44		1,000.00		1,022.35	+		2.68

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2016. 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			Service			Class IR			Class R			Class R6
Bond		0.78	%		1.53	%		0.44	%		0.94	%		0.53	%		1.03	%		0.47	%
Core Fixed Income		0.78			1.53			0.44			0.94			0.53			1.03			0.43
Global Income		1.03			1.76			0.69			1.17			0.78			N/A			0.68
Strategic Income		0.90			1.64			0.56			N/A			0.65			1.15			0.53

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.

159

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	142	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None
Diana M. Daniels Age: 66	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None
Herbert J. Markley Age: 65	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None

160

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Roy W. Templin Age: 55	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015) and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	Verizon Communications Inc.

161

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	109	None

These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2016.

Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2016, Goldman Sachs Trust consisted of 100 portfolios (95 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (seven of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 14 portfolios (five of which offered shares to the public).

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

162

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held With the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 38	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of March 31, 2016.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

163

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Multi Sector Fixed Income Funds Tax Information (Unaudited)

For the fiscal year ended March 31, 2016, 0.99% of the dividends paid from net investment company taxable income by the Strategic Income Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Bond and Global Income Funds designate $37,564 and $654,973, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended March 31, 2016.

164

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.11 trillion in assets under supervision as of March 31, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund⁴

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity Fund

Income Builder Fund

Focused Value Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund

International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund⁵

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund⁶

N-11 Equity Fund

Select Satellite⁷

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Total Portfolio Solutions⁷

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Implementation Fund

Balanced Strategy Portfolio

Multi-Manager Real Assets Strategy Fund

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in a money market portfolio. The Fund’s sponsor has no legal obligation to provide financial support to a money market portfolio, and you should not expect that the sponsor will provide financial support to the money market portfolio at any time.

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

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁴

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

⁵

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights 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.

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 Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Caroline L. Kraus, Secretary GOLDMAN, SACHS & CO. Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolios’ 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. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect our judgment as of the date of this report 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.

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 March 31, 2016 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.

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).

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

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. Gregory G. Weaver 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.

The following disclosure relates to the independence of PricewaterhouseCoopers LLP (“PwC”) with respect to SEC Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” The Goldman Sachs Asset Management investment company complex (the “Funds”) has been notified by PwC that one of its lenders owns more than ten percent of at least one of the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as PwC’s conclusions concerning its independence and its objectivity and impartiality with respect to the audits of the Funds.

PwC has advised the Funds that, after evaluating the facts and circumstances related to the matter described above, it has concluded that its financial relationship described above did not and will not impair PwC’s application of objective and impartial judgment on any issues encompassed within its audits of the financial statements of the Funds. PwC has advised the Funds that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over the fund adviser to the Funds; (2) an investment in any such Fund is passive; (3) the PwC lenders are part of various syndicates of unrelated lenders; (4) there have been no changes to the loans in question since the origination of each respective note; (5) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (6) the debt balances are immaterial to PwC and to each lender; and (7) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team.

If it were ultimately determined that PwC was not independent with respect to the Funds for certain periods, any Fund filings with the SEC which contain the Funds’ financial statements for such periods would not comply with applicable securities laws which potentially could have a material adverse effect on the Funds.

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.


	2016			2015			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	3,724,925		$	3,570,472	Financial Statement audits.

Audit-Related Fees:

• PwC		$	158,000		$	0	Other attest services.

Tax Fees:

• PwC		$	1,091,628		$	659,410	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.


	2016			2015			Description of Services Rendered



Audit-Related Fees:

• PwC		$	1,653,616		$	1,568,616	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, 2016 and March 31, 2015 were approximately $1,091,628 and $659,410 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, 2015 and December 31, 2014 were approximately $14.4 million and $10.2 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2015 and 2014 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 Shareholders 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:		June 6, 2016

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:		June 6, 2016

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		June 6, 2016

Goldman Sachs High Yield Instl (GSHIX) N-CSRCertified annual shareholder report (management investment company)