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 811-5349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Suite 500, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Jack W. Murphy
One New York Plaza	Dechert LLP
New York, New York 10004	1775 I Street, N.W.
	Washington, DC 20006
(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: October 31

Date of reporting period: October 31, 2007

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

SPECIAL FOCUS FIXED INCOME FUNDS Annual Report October 31, 2007 

Current income potential from portfolios that invest in a variety of fixed income securities.

Goldman Sachs Special Focus

Fixed Income Funds

n	GOLDMAN SACHS GLOBAL INCOME FUND
n	GOLDMAN SACHS HIGH YIELD FUND
n	GOLDMAN SACHS EMERGING MARKETS DEBT FUND

TABLE OF CONTENTS

Investment Risks	1
Investment Process	2
Letters to Shareholders and Performance Summaries	3
Schedules of Investments	19
Financial Statements	50
Notes to the Financial Statements	54
Financial Highlights	68
Report of Independent Registered Public Accounting Firm	74
Other Information	75

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Investment Risks

The Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may invest in foreign and emerging market securities, which may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. The Fund may concentrate its investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be susceptible to greater losses because of these developments.

The High Yield Fund invests primarily in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit, liquidity and interest rate risk. The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign issuers who are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. The Fund’s foreign and emerging market investments may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Emerging Markets Debt Fund invests primarily in fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The majority of the countries in which the Fund invests have sovereign ratings that are below investment grade or are unrated. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. Fixed income securities of emerging countries are less liquid and are subject to greater price volatility and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Fund may concentrate its investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds and may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be susceptible to greater losses because of these developments.

1

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

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

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

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




n  Assess relative value among securities and sectors

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



n  Team approach to decision making

n  Manage risk by avoiding significant sector and interest rate bets

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




Fixed Income portfolios that:
n  Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

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

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

2

PORTFOLIO RESULTS

Global Income Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Global Income Fund (the “Fund”) during the one-year reporting period that ended October 31, 2007.

  Performance Review

Over the one-year period that ended October 31, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 4.46%, 3.59%, 3.69%, 4.76% and 4.31%, respectively. These returns compare to the 4.33% cumulative total return of the Fund’s benchmark, the Lehman Brothers Global Aggregate Index (USD hedged) and the 4.45% return of the Fund’s previous benchmark, the J.P. Morgan Global Government Bond Index (hedged), over the same time period.

Effective July 2, 2007, the Fund changed its benchmark from the J.P. Morgan Global Government Bond Index (hedged) to the Lehman Brothers Global Aggregate Index (USD hedged). The Fund’s investment adviser, Goldman Sachs Asset Management International, believes that changing the Fund’s benchmark will permit the Fund (consistent with its investment objectives and strategy) to access a broader universe of investment opportunities in countries that are not included in the J.P. Morgan Global Government Bond Index (hedged).

The primary drivers of performance over the period were the Fund’s currency strategy, duration and relative country positioning. Class B, C, and Service Shares were impacted by the same strategies, however, unlike the A and Institutional Shares, they did not outperform the benchmark due to higher expenses.

  Market Review

U.S. Treasuries rallied over the reporting period in conjunction with significant steepening of the yield curve. U.S Treasury bonds sold off in December 2006 and into January 2007 due to stronger-than-expected manufacturing data and a tight labor market. However, rising delinquencies within the subprime section of the mortgage market and a global equity sell-off saw Treasuries rally sharply in February. A significant bond sell-off in March through mid-June was erased as a full-blown credit crisis materialized in July. This carried on throughout the summer, causing investors to seek the relative safety of government debt. The subprime crisis led to contagion in the global credit markets which continued to negatively impact the markets for the remainder of the year. Although the Federal Reserve Board (the “Fed”) cut interest rates 50 basis points in mid-September and then an additional 25 basis points on the last day of October, we believe the markets continue to anticipate further easing to combat future downside risks to economic growth.

European bonds sold off consistently up until the summer credit crunch due to strong economic data in the Eurozone. Industrial and business confidence surveys continued to register multi-year highs. Consumer confidence also improved, despite soft income growth and the increase in German value added tax, aided by healthy job growth and a falling unemployment rate. The European Central Bank tightened policy to 4% in June and has been on hold for the remainder of the fiscal year amid liquidity concerns and weakness in the U.S. Nonetheless, European bonds have consistently outperformed U.S. bonds over the past 12 months.

3

PORTFOLIO RESULTS

Mixed economic data in Japan saw Japanese government bonds end the period marginally stronger, albeit with some wild swings during the summer months. Weak consumption data and poor industrial production growth characterized the macroeconomic landscape over the period. Also, while employment growth remained strong, real wage growth was stagnant. Japanese government debt traded roughly in line with the global markets as Japanese bonds sold off in the spring months before sharply rallying in July and August. The Bank of Japan raised overnight rates from 0.25% to 0.50% in February 2007 but stayed on hold for the remainder of the reporting period.

INVESTMENT OBJECTIVE

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

  Factors Affecting Performance

Our duration strategy contributed positively to performance, primarily driven by positions in the second quarter of 2007. During that time, our short Japan, U.S. and UK positions enhanced results as better macroeconomic data led to a global sell-off of bonds. Some profits on our short Japan trade were given back in August. However, we believe our decision to go long U.S. duration more than offset these losses in Japan as risk aversion swept through financial markets amid the summer credit crunch, pushing government bond prices higher.

Our country strategy added value over the period as our short Europe/long U.S. trade continued to perform well. A stable European economic environment, discussion from the European Central Bank (the “ECB”) regarding rate hikes and a downward revision to Fed interest rate expectations saw European government bonds underperform U.S. Treasuries. This decoupling theme among the Eurozone and U.S. markets gained traction as the world economy relies less heavily on the U.S. than in the past. Gains were pared back by losses on our short Japan/long Europe trade. Despite comments from the Bank of Japan regarding possible rate hikes, we were hurt by a stronger-than-expected European business outlook.

Our currency strategy was the main positive contributor to performance over the reporting period as long Norwegian krone and Australian dollar positions added value due to strong commodity prices and potential central bank rate hikes. Our short Japanese yen position also generated excess returns due to continued support for carry trades and further demand from Japanese investors for offshore investments. (With a carry trade, an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate.) Finally, our short New Zealand dollar position enhanced results, primarily in July, as global carry trades unwound amongst the credit crunch and global flight to quality.

4

PORTFOLIO RESULTS

Our corporate selection strategy detracted from performance as corporate bond spreads widened significantly in the third quarter of 2007. High quality financial bonds were hit particularly hard due to volatility in the inter-bank lending market and speculation about exposure to mortgage losses.

  Outlook

In the U.S., we believe there are a number of factors that could negatively impact economic growth. Weaker U.S. consumption, modest wage growth and higher financing costs are likely to further depress confidence levels. Although the Fed has stepped in and eased much of the fear surrounding the market, the consumer position appears substantially poorer this quarter and will likely worsen. There is evidence of weaker employment growth combined with higher labor costs and lower savings rates. Jobless claims are on the rise but so are labor costs, which hurt corporate margins and earnings.

We believe risks for growth and inflation in the Eurozone remain skewed to the downside. Eurozone export growth has been stable, where strong export growth in Germany was offset by weakness in France and Italy. In addition, trade improvement has been exclusively due to weaker imports. Despite fast growth and falling unemployment, inflation risk remains stable.

Despite solid job growth, Japanese consumption has disappointed, which leads to conservative growth forecasts. We believe that a combination of slowing U.S. growth and solid Asian growth may combine to give Japan stable, but close-to-trend growth in the upcoming months. Although growth is still believed to be at or slightly above trend in 2007 and 2008, inflation remains elusive and inflation forecasts have also been revised downward.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Global Fixed Income Investment Management Team

November 15, 2007

5

FUND BASICS

Global Income Fund

as of October 31, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			Lehman Brothers Global Aggregate			30-Day Standardized
October 31, 2007	(based on NAV)1			Index (USD hedged)2			Yield3
Class A		4.46	%		4.33	%		2.49	%
Class B		3.59			4.33			1.86
Class C		3.69			4.33			1.86
Institutional		4.76			4.33			2.95
Service		4.31			4.33			2.45

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	Effective July 2, 2007, the Goldman Sachs Global Income Fund changed its benchmark from the JP Morgan Global Government Bond Index (hedged) to the Lehman Brothers Global Aggregate Index (USD hedged). The Lehman Brothers Global Aggregate Index, an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The J.P. Morgan Global Government Bond Index (hedged) is a broad measure of bond performance in developed countries, including the United States, is unmanaged, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. 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.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴

For the period ended 9/30/07	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.19	%		2.89	%		4.20	%		5.74	%	8/2/91
Class B		-1.38			2.74			4.08			4.85		5/1/96
Class C		2.72			3.16			4.07			4.27		8/15/97
Institutional		4.82			4.33			5.27			6.42		8/1/95
Service		4.37			3.81			4.73			6.08	5	8/2/91

⁴ The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns 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.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. 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.

⁵ Performance data for Service Shares prior to 3/12/97 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares in the Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares.

6

FUND BASICS

EXPENSE RATIOS⁶

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.06	%		1.17	%
Class B		1.81			1.92
Class C		1.81			1.92
Institutional		0.69			0.80
Service		1.19			1.30

⁶ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

CURRENCY ALLOCATION⁷

	Percentage of Net Assets
	as of 10/31/07			as of 10/31/06
U.S. Dollar8		39.1	%		27.5	%
Euro		34.2			34.3
Japanese Yen		15.1			18.8
British Pound		3.4			4.7
Canadian Dollar		1.2			3.7
Danish Krone		0.5			0.7
Polish Zloty		0.4			1.0
Swedish Krona		0.4			0.6
Deutschemark		0.3			0.4
Australian Dollar		0.1			0.1

7	The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets. Figures in the above table are reflective of the Fund’s total investments before the effect of derivative instruments, including forward foreign currency contracts. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.
8	These figures represent the value excluding short-term obligations. If short-term obligations had been included the percentage for 2007 and 2006 would have been 73.5% and 34.8%, respectively.

7

GOLDMAN SACHS GLOBAL INCOME FUND

Performance Summary

October 31, 2007

The following graph shows the value, as of October 31, 2007, of a $10,000 investment made on November 1, 1997 in Institutional Class Shares of the Goldman Sachs Global Income Fund. For comparative purposes, the performance of the Fund’s benchmark, the Lehman Brothers Global Aggregate Index (USD hedged) (the “Lehman GA Index (USD hedged)”) and the Fund’s previous benchmark, J.P. Morgan Global Government Bond Index (hedged) (the “JP Morgan GGB Index (hedged)”), are 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 expense limitations in effect. 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 redemptions of Fund shares. Performance of Class A, Class B, Class C, and Service Shares will vary from Institutional Class Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the portfolio.

Global Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, Distributions Reinvested November 1, 1997 to October 31, 2007.

Average Annual Total Return Through October 31, 2007	One Year		Five Years		Ten Years		Since Inception
Class A (commenced August 2, 1991)
Excluding sales charges		4.46%		4.10%		4.67%		6.05%
Including sales charges		-0.24%		3.14%		4.19%		5.75%
Class B (commenced May 1, 1996)
Excluding contingent deferred sales charges		3.59%		3.39%		4.05%		4.85%
Including contingent deferred sales charges		-1.52%		2.98%		4.05%		4.85%
Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		3.69%		3.42%		4.06%		4.28%
Including contingent deferred sales charges		2.66%		3.42%		4.06%		4.28%
Institutional Class (commenced August 1, 1995)		4.76%		4.58%		5.26%		6.42%
Service Class (commenced March 12, 1997)		4.31%		4.06%		4.73%		6.08%

8

PORTFOLIO RESULTS

High Yield Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs High Yield Fund (the “Fund”) during the one-year reporting period that ended October 31, 2007.

  Performance Review

Over the one-year period that ended October 31, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 6.41%, 5.61%, 5.61%, 6.79% and 6.28%, respectively. These returns compared to the 6.88% cumulative total return of the Fund’s benchmark, the Lehman Brothers U.S. Corporate High Yield Bond Index – 2% Issuer Capped, over the same time period.

While the Fund generated positive performance during the reporting period, it lagged its benchmark. This was due, in part, to the Fund’s exposure to European holdings, as they significantly underperformed their U.S. counterparts. Further, the market has been trading in a relatively narrow range for a given credit quality providing fewer opportunities to outperform the benchmark.

  Market Environment

The high yield market performed well through May 2007, due to generally solid company earnings, favorable merger and acquisition activity and a generally strong equity market. The environment changed dramatically towards the end of the second quarter, as subprime mortgage and housing concerns led to a broader liquidity crunch, with investors balking at the structured (and levered) vehicles which had fueled the mortgage credit boom.

Contagion from the subprime crisis spread to the high yield loan and bond markets in late June, causing those markets to sell- off. The credit markets had just begun to attempt to fund over $350 billion of bank and bond commitments to the leveraged buyouts that had been agreed over the prior eighteen months, and with the equity markets suddenly weaker and more volatile, the viability of several of these transactions was called into question. A sudden absence of bank loan buyers, primarily Collateralized Loan Obligations and hedge funds, caused the new issue market to stall and led to a correction in the secondary market bond prices.

The high yield market rebounded sharply on July 31, 2007, and a slow recovery continued through mid-October, benefiting from an equity market rally, the Federal Reserve Board’s 50 basis point rate cut in September and the build-up of cash available for reinvestment in many portfolios. However, this rally reversed (along with the equity market) early in the fourth quarter on renewed subprime and liquidity fears. These factors have taken a steep toll on financial institutions and raised the risk of a consumer-led recession in the U.S. The new issue supply excess remains estimated at over $50 billion for the bond market alone, while private equity sponsors attempt to raise portions of their leveraged buyout financings, restructure others, or, in extreme cases, renege on the original transaction.

9

PORTFOLIO RESULTS

INVESTMENT OBJECTIVE

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

  Factors Affecting Performance

During the twelve month reporting period, the Fund performed largely in line with the market. As mentioned, the Fund’s shortfall was caused by its overweight to European companies. The European high yield market underperformed the U.S. market by over 400 basis points during the reporting period, reflecting that market’s less-developed issuer and investor base. Offsetting this shortfall was our underweight to BB rated securities. In addition, Fund performance benefited from a number of premium tender offers as a result of acquisitions or the refinancing of higher cost debt.

  Outlook

It may take several months to resolve the excess of supply in the high yield market. We believe that the subordinated bridge loans (a type of short-term loan that is issued pending the arrangement of larger or longer-term financing) may eventually find buyers from high yield, mezzanine funds (i.e. private equity or merchant banking funds consisting of debt or debt-like instruments, paired with equities) and equity investors. However, we believe this will take time and will require significant price discounts. The paralysis in the bank loan market appears to have ended with the successful sale of First Data’s bank loan, starting the process of clearing supply.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs High Yield Investment Management Team

November 28, 2007

10

FUND BASICS

High Yield Fund

as of October 31, 2007

PERFORMANCE REVIEW

				Lehman Brothers
				U.S. Corporate			30-Day
November 1, 2006–	Fund Total Return			High Yield Bond Index–			Standardized
October 31, 2007	(based on NAV)1			2% Issuer Capped2			Yield3
Class A		6.41	%		6.88	%		7.18	%
Class B		5.61			6.88			6.76
Class C		5.61			6.88			6.76
Institutional		6.79			6.88			7.87
Service		6.28			6.88			7.36

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers U.S. Corporate High Yield Bond Index– 2% Issuer Capped, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. 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.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴

For the period ended 9/30/07	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.46	%		11.70	%		6.14	%		6.23	%	8/1/97
Class B		1.09			11.48			5.82			5.91		8/1/97
Class C		5.35			11.90			5.83			5.96		8/15/97
Institutional		7.73			13.15			7.03			7.12		8/1/97
Service		7.08			12.54			6.48			6.57		8/1/97

⁴ The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns 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.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. 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.

11

FUND BASICS

EXPENSE RATIOS⁵

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.12	%		1.14	%
Class B		1.87			1.89
Class C		1.87			1.89
Institutional		0.75			0.77
Service		1.25			1.27

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

TOP 10 ISSUERS AS OF 10/31/07⁶

Company	% of Net Assets			Line of Business
Ford		2.1	%	Automotive
HCA		1.5		Health Care – Services
MGM Mirage		1.4		Gaming
GMAC		1.1		Finance
RH Donnelley		1.1		Publishing
Intelsat		1.1		Telecommunications – Satellites
Sungard Data		1.1		Technology – Software/Services
Nielsen		1.1		Publishing
Rexnord		1.0		Capital Goods
Nortek		0.9		Building Materials

⁶ The top 10 issuers may not be representative of the Fund’s future investments.

TOP 10 INDUSTRY ALLOCATION⁷

	Percentage of Net Assets
	as of 10/31/07			as of 10/31/06
Gaming		6.5	%		5.7	%
Chemicals		4.6			6.5
Publishing		4.3			4.7
Packaging		4.2			3.7
Health Care – Services		3.7			2.7
Utilities – Electric		3.7			3.4
Building Materials		3.4			3.3
Media – Cable		3.4			4.2
Telecommunications – Cellular		3.2			3.7
Automotive – OEM		3.0			2.9

⁷ The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

12

GOLDMAN SACHS HIGH YIELD FUND

Performance Summary

October 31, 2007

The following graph shows the value, as of October 31, 2007, of a $10,000 investment made on November 1, 1997 (commencement of operations) in Class A Shares (with the maximum sales charge of 4.5%) of the Goldman Sachs High Yield Fund. For comparative purposes, the performance of the Fund’s benchmark, the Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped, 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 expense limitations in effect. 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 B, Class C, Institutional and Service Shares will vary from Class A Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

High Yield Fund’s 10 Year Performance

Performance of a $10,000 Investment, Distributions Reinvested November 1, 1997 to October 31, 2007.

Average Annual Total Return Through October 31, 2007	One Year		Five Years		Ten Years		Since Inception
Class A (commenced August 1, 1997)
Excluding sales charges		6.41%		13.27%		6.73%		6.72%
Including sales charges		1.61%		12.24%		6.24%		6.24%
Class B (commenced August 1, 1997)
Excluding contingent deferred sales charges		5.61%		12.42%		5.95%		5.93%
Including contingent deferred sales charges		0.33%		12.05%		5.95%		5.93%
Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		5.61%		12.43%		5.94%		5.97%
Including contingent deferred sales charges		4.56%		12.43%		5.94%		5.97%
Institutional Class (commenced August 1, 1997)		6.79%		13.69%		7.14%		7.12%
Service Class (commenced August 1, 1997)		6.28%		13.08%		6.59%		6.57%

13

PORTFOLIO RESULTS

Emerging Markets Debt Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Emerging Markets Debt Fund (the “Fund”) during the one-year reporting period that ended October 31, 2007.

  Performance Review

Over the one-year period that ended October 31, 2007, the Fund’s Class A, Class C, and Institutional Shares generated cumulative total returns, without sales charges, of 8.86%, 7.80%, and 9.25%, respectively. These returns compare to the 7.72% cumulative total return of the Fund’s benchmark, the J.P. Morgan EMBI Global Diversified Index, over the same time period.

The Fund generated a positive return during the reporting period and outperformed its benchmark. This was largely due to the Fund’s local debt security selection and active currency strategy during the period. Slightly offsetting this was security selection of Argentine local market debt and an underweight to Brazil versus the benchmark, both of which detracted from relative performance.

  Market Review

Emerging market debt spreads tightened two basis points (“bps”) to close the period at 201 bps. Emerging market debt continued to perform well, aided by the ongoing improvement in emerging market fundamentals, supportive technical factors and strong investor demand. The Ivory Coast (+55.6%), Uruguay (+13.0%) and Brazil (+12.3%) were the top performers within the Index, while Venezuela (-2.2%), Iraq (-1.4%), and Pakistan (1.2%) were the bottom performers within the Index during the 12-month period.

INVESTMENT OBJECTIVE

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

  Portfolio Composition

At the end of the reporting period relative to the benchmark, the Fund held underweight positions in Asia and Middle East/ Africa. Also relative to the benchmark, the Fund was overweight securities in Europe and Latin America. The Fund remains well diversified across 29 countries and all emerging market regions. At the end of the period, the portfolio’s largest relative overweight was Argentina and its largest underweight was Mexico. The Fund’s average credit quality rating was BB.

14

PORTFOLIO RESULTS

  Portfolio Highlights

In terms of county exposure relative to the benchmark, the Fund’s underweight to Lebanon was a positive contributor to performance as the sovereign underperformed the Index. This was offset by the Fund’s underweight to Brazil, which detracted from performance as the country surpassed the benchmark. Security selection of Brazilian and Turkish local debt were the primary positive contributors to performance for the period, as these countries exhibited strong economies and a low risk of default. In the hard currency (USD denominated) debt space, the Fund’s main positive contributor to performance was security selection of Argentine bonds while the primary detractor was security selection of Brazilian bonds. The Fund’s active currency strategy significantly contributed to performance, especially its short exposure to the U.S. dollar as the value of the dollar fell more than 10% over the past 12 months. From a top-down perspective, the Fund’s overweight to spread duration marginally contributed to returns, as spreads slightly tightened over the period.

  Outlook

Fundamentally, we continue to see a favorable external environment due to supportive sovereign macroeconomic stabilization programs and improved debt management efforts. We believe sustained or rising commodity prices may continue to support emerging markets, particularly the oil exporters. We believe that the long-term technical picture also shines favorably on the emerging market asset class. Strategic inflows remain strong as investor demand is high and broadening, while net supply remains favorable as emergers are paying down more debt than they are issuing. We continue to have confidence in the asset class despite recent spread widening. Fundamentally, countries continue to benefit from strong balance sheets and the asset class remains structurally sound. Increased volatility in emerging market debt is not uncommon in times of global risk aversion, where all spread sectors are affected. We believe that value has been created in the near term but we continue to be cognizant of market news and will prudently add or decrease exposure based on fundamental valuations and/or market technicals.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Global Fixed Income Investment Management Team

November 16, 2007

15

FUND BASICS

Emerging Markets Debt Fund

as of October 31, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			J.P. Morgan EMBI Global			30-Day Standardized
October 31, 2007	(based on NAV)1			Diversified Index2			Yield3
Class A		8.86	%		7.72	%		5.66	%
Class C		7.80			7.72			5.42
Institutional		9.25			7.72			6.26

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The J.P. Morgan EMBI Global Diversified Index is an unmanaged index of debt instruments of 31 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. 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.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴

For the period ended 9/30/07	One Year			Since Inception			Inception Date
Class A		3.68	%		11.86	%	8/29/03
Class C		6.57			7.62		9/29/06
Institutional		8.91			13.57		8/29/03

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is less than one 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 4.5% 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 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns 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.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. 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		1.25	%		1.53	%
Class C		2.00			2.28
Institutional		0.88			1.16

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

16

FUND BASICS

TOP 10 COUNTRY ALLOCATION⁶

	Percentage of Net Assets
	as of 10/31/07			as of 10/31/06
Argentina		9.5	%		7.4	%
Russia		9.5			13.0
Venezuela		7.9			5.9
United States7		5.8			11.1
Turkey		5.7			6.8
Philippines		5.6			7.4
Brazil		5.1			9.1
Colombia		4.5			2.9
Mexico		4.5			4.7
Peru		4.2			3.9

6	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
7	The figures include short-term investments of 4.1% and 8.1% for 10/31/07 and 10/31/06, respectively. Short-term investments include repurchase agreements.

17

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Performance Summary

October 31, 2007

The following graph shows the value, as of October 31, 2007, of a $10,000 investment made on August 29, 2003 (commencement of operations) in Institutional Shares of the Goldman Sachs Emerging Markets Debt Fund. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBI Global Diversified 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 expense limitations in effect. 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 and Class C Shares will vary from Institutional Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Emerging Markets Debt Fund’s Lifetime Performance

Performance of a $10,000 Investment, Distributions Reinvested August 29, 2003 to October 31, 2007.

Average Annual Total Return Through October 31, 2007	One Year		Since Inception
Class A (commenced August 29, 2003)
Excluding sales charges		8.86%		13.44%
Including sales charges		4.00%		12.20%
Class C (commenced September 29, 2006)
Excluding sales charges		7.80%		9.07%
Including sales charges		6.73%		9.07%
Institutional Class (commenced August 29, 2003)		9.25%		13.89%

18

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Foreign Sovereign Debt Obligations – 50.7%
Australian Dollar – 0.1%
Australia Government Bond
	AUD1,100,000		6.000	%		02/15/17	$	1,011,892
British Pound – 2.3%
United Kingdom Treasury
	GBP1,300,000		8.750			08/25/17		3,487,149
	7,240,000		8.000			06/07/21		19,609,516
	4,750,000		4.250			06/07/32		9,361,114
								32,457,779
Canadian Dollar – 1.2%
Government of Canada
	CAD3,900,000		4.500			06/01/15		4,189,450
	10,450,000		5.750			06/01/29		13,107,496
								17,296,946
Danish Krone – 0.5%
Kingdom of Denmark
	DKK20,000,000		6.000			11/15/09		4,014,938
	16,000,000		4.000			11/15/15		3,051,249
								7,066,187
Euro – 30.7%
Federal Republic of Germany
	EUR23,050,000		3.500			04/08/11		32,707,250
	64,000,000		4.000			07/04/16		91,246,998
	4,750,000		6.250			01/04/24		8,278,334
	6,260,000		4.750			07/04/28		9,338,413
	10,100,000		5.500			01/04/31		16,627,094
	50,000		4.000			01/04/37		66,652
Government of France
	27,000,000		4.000			04/25/09		39,013,437
	4,200,000		3.500			04/25/15		5,793,643
	5,500,000		3.750			04/25/21		7,405,902
	5,300,000		5.500			04/25/29		8,641,349
Kingdom of Belgium
	17,500,000		5.000			09/28/12		26,211,494
Kingdom of Spain
	2,950,000		4.200			07/30/13		4,271,168
	10,000,000		4.400			01/31/15		14,597,463
Kingdom of The Netherlands
	19,900,000		3.750			07/15/09		28,635,440
	29,800,000		4.250			07/15/13		43,299,282
Republic of Austria
	13,650,000		3.500			07/15/15		18,786,234
Republic of Italy
	20,000,000		3.000			02/01/09		28,557,274
	13,100,000		5.500			11/01/10		19,646,413
	24,820,000		4.000			04/15/12		35,576,199
								438,700,039
Japanese Yen – 15.1%
Government of Japan
	JPY4,475,000,000		0.900			12/22/08		38,895,203
	3,675,000,000		0.800			09/20/09		31,854,428
	5,200,000,000		0.800			12/20/10		44,839,447
	1,000,000,000		1.300			06/20/12		8,759,632
	3,000,000,000		1.500			06/20/12		26,512,859
	1,102,000,000		1.700			09/20/16		9,720,621
	400,000,000		1.900			06/20/25		3,376,754
	1,325,000,000		2.000			12/20/25		11,261,713
	430,000,000		2.100			12/20/26		3,688,384
	785,000,000		2.500			09/20/34		6,921,725
Government of Japan CPI Linked Bond
	85,170,000		0.800			12/10/15		723,796
	109,218,000		0.800			03/10/16		925,795
	170,680,000		1.000			06/10/16		1,463,056
	722,277,000		1.100			09/10/16		6,253,911
	2,437,665,000		1.100			12/10/16		21,075,084
								216,272,408
Polish Zloty – 0.4%
Government of Poland
	PLN16,000,000		4.750			04/25/12		6,166,524
Swedish Krona – 0.4%
Kingdom of Sweden
	SEK11,000,000		6.750			05/05/14		1,971,049
	20,000,000		4.500			08/12/15		3,196,763
								5,167,812
TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
(Cost $675,820,365)							$	724,139,587
Corporate Bonds – 7.5%
Banks – 2.6%
Banca Popolare di Bergamo Capital Trust(a)
	EUR1,180,000		8.364	%		12/29/49	$	1,833,929
Bancaja Emisiones SA Unipersonal(a)
$	500,000		4.625			12/29/49		595,817
Banco Popolare Scarl(a)
	1,850,000		6.156			06/29/49		2,565,388
BayernLB Capital Trust I(a)
	3,250,000		6.203			03/29/49		2,917,720
BCI US Funding Trust II
	870,000		6.322			10/15/49		1,260,238
Caja de Ahorros de Valencia Castellon y Alicante(a)
	EUR2,100,000		4.375			12/31/49		2,394,896
Citicorp
	DEM4,500,000		6.250			09/19/09		3,425,934
Deutsche Postbank Funding Trust IV(a)
	EUR950,000		5.983			06/29/49		1,308,888
Instituto de Credito Oficial MTN
$	2,100,000		4.625			10/26/10		2,115,212
Landwirtschaftliche Rentenbank
	8,940,000		5.000			11/08/16		9,024,675
Nordea Bank Finland PLC
	1,010,000		6.500			04/01/09		1,030,772
OTP Bank Nyrt.
	EUR1,300,000		5.270			09/19/16		1,759,291

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

19

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Banks – (continued)
RBS Capital Trust I(a)
$	860,000		4.709	%		12/29/49	$	781,462
Resona Bank Ltd. MTN(a)
	EUR1,180,000		3.750			04/15/15		1,648,950
Resona Preferred Global Securities Ltd.(a)(b)
$	2,500,000		7.191			07/30/49		2,512,120
Schieneninfrastructurfinanzierungs-Gesellschaft mBH MTN
	760,000		4.625			11/21/13		756,451
Washington Mutual Bank
	GBP500,000		5.500			06/10/19		918,696
								36,850,439
Brokerage – 0.3%
Merrill Lynch & Co., Inc.
$	1,700,000		6.400			08/28/17		1,709,793
The Bear Stearns Cos., Inc.
	2,410,000		5.850			07/19/10		2,426,170
								4,135,963
Capital Goods(b) – 0.0%
Bombardier, Inc.
	250,000		6.300			05/01/14		244,375
	360,000		7.450			05/01/34		364,500
								608,875
Communications – 0.7%
AMFM, Inc.
	900,000		8.000			11/01/08		920,250
Bell Atlantic New Jersey, Inc.
	65,000		8.000			06/01/22		74,904
Comcast Cable Communications Holdings, Inc.
	170,000		9.455			11/15/22		220,532
Cox Communications, Inc.
	1,850,000		4.625			01/15/10		1,829,515
Deutsche Telekom International Finance BV
	230,000		8.250			06/15/30		286,718
Koninklijke (Royal) KPN NV
	EUR2,700,000		4.750			05/29/14		3,808,847
Telecom Italia Finance SA
	399,000		7.750			01/24/33		666,458
Time Warner Cable, Inc.(b)
$	2,600,000		6.550			05/01/37		2,614,926
								10,422,150
Consumer Noncyclical – 0.3%
Casino Guichard-Perrachon SA
	EUR1,750,000		4.875			04/10/14		2,448,772
Imperial Tobacco Overseas BV
$	1,410,000		7.125			04/01/09		1,448,959
								3,897,731
Diversified Financial Services – 0.9%
Lehman Brothers Holdings, Inc.
	EUR3,100,000		5.375			10/17/12		4,423,207
$	4,500,000		6.200			09/26/14		4,523,581
Morgan Stanley
	EUR2,950,000		5.500			10/02/17		4,241,346
								13,188,134
Financial Companies – 1.0%
Capital One Financial Corp.
$	4,540,000		5.700			09/15/11		4,553,183
Countrywide Home Loans, Inc.
	710,000		4.250			12/19/07		701,586
Dexia Funding Luxembourg(a)
	EUR2,155,000		4.892			11/30/49		2,893,744
PHH Corp.
$	1,233,000		6.000			03/01/08		1,236,206
Residential Capital LLC
	EUR4,250,000		6.625			05/17/12		4,247,870
								13,632,589
Insurance – 1.6%
American International Group, Inc.(a)
	4,650,000		4.875			03/15/67		6,139,820
AXA SA(a)
	2,280,000		5.777			07/29/49		3,244,158
	2,500,000		6.211			10/31/49		3,634,409
CNA Financial Corp.
$	420,000		6.600			12/15/08		425,176
Endurance Specialty Holdings Ltd.
	20,000		7.000			07/15/34		20,055
Resolution PLC(a)
	GBP1,950,000		6.586			11/29/49		3,677,506
SL Finance PLC(a)
	EUR650,000		5.314			01/29/49		894,301
	GBP1,400,000		6.546			11/29/49		2,768,768
ZFS Finance USA Trust IV(a)(b)
$	1,050,000		5.875			05/09/32		1,006,360
ZFS Finance USA Trust V(a)(b)
	1,900,000		6.500			05/09/37		1,800,900
								23,611,453
Transportation – 0.1%
OeBB Infrastruktur Bau AG
	810,000		4.750			10/28/13		809,593
TOTAL CORPORATE BONDS
(Cost $107,093,365)							$	107,156,927
Foreign Debt Obligations – 0.2%
Sovereign — 0.2%
Quebec Province of Canada
$	3,350,000		5.125	%		11/14/06	$	3,370,674
(Cost $3,337,018)

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

20

GOLDMAN SACHS GLOBAL INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date			Value
Asset-Backed Securities – 0.8%
Home Equity – 0.8%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(b)
$	5,800,000		6.129	%		10/25/37		$	5,800,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(b)
	1,600,000		6.379			10/25/37			1,600,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(b)
	2,900,000		6.579			10/25/37			2,900,000
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	325,000		7.000			09/25/37			325,610
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	325,000		7.000			09/25/37			325,609
									10,951,219
TOTAL ASSET-BACKED SECURITIES
(Cost $10,951,219)								$	10,951,219
Mortgage-Backed Obligations – 16.2%
Collateralized Mortgage Obligations(a) – 3.3%
Countrywide Home Loans Series 2005-HYB4, Class 2A1
$	2,051,271		4.898	%		08/20/35		$	2,024,630
Countrywide Home Loans, Series 2004-HYB5, Class 2A1
	890,703		4.855			04/20/35			884,089
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
	1,845,936		4.399			06/25/34			1,823,212
Granite Master Issuer PLC Series 2007-1, Class 5A1
	GBP4,450,000		6.498			12/20/54			9,060,140
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	9,582,473		6.029			08/19/36			9,752,579
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	558,839		5.377			08/25/35			559,052
Merrill Lynch Alternative Note Asset Series 2007-AF1, Class AV1
	9,553,363		5.678			06/25/37			9,507,697
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	2,393,763		5.983			01/25/46			2,351,499
Sequoia Mortgage Trust Series 2004-10, Class A3A
	551,646		5.409			11/20/34			543,216
Structured Adjustable Rate Mortgage Loan Series 2004-12, Class 3A2
	251,635		5.250			09/25/34			249,158
Structured Adjustable Rate Mortgage Loan Series 2004-16, Class 3A1
	1,213,684		5.450			11/25/34			1,214,485
WAMU Mortgage Pass-Through Certificates Series 2006-AR7, Class 2A
	5,237,718		5.913			07/25/46			5,145,854
Washington Mutual Mortgage Pass Through Certificates Series 2007-0A1, Class A1A
	2,462,803		5.633			02/25/47			2,393,152
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	1,644,022		5.853			09/25/46			1,610,627
									47,119,390
FNMA – 12.4%
	7,030,826		6.500			09/01/36			7,197,143
	14,239,882		6.500			10/01/36			14,576,733
	5,026,205		6.500			11/01/36			5,145,102
	19,233,948		6.570			09/01/37			19,708,786
	10,605,118		5.987			10/01/37			10,770,409
	17,804,215		7.500			10/01/37			18,470,693
	60,000,000		6.500			TBA-15yr	(c)		61,256,277
	4,000,000		6.500			TBA-15yr	(c)		4,088,752
	35,000,000		7.000			TBA-15yr	(c)		36,246,875
									177,460,770
Home Equity – 0.5%(a)
American Home Mortgage Investment Trust Series 2004-3, Class 1A
	63,431		5.243			10/25/34			62,861
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	389,693		6.433			09/25/35			386,832
Countrywide Alternative Loan Trust Series 2005-82, Class A1
	4,606,875		5.143			02/25/36			4,489,559
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	1,621,378		5.208			03/20/46			1,591,467
									6,530,719
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $230,917,437)								$	231,110,879
U.S. Treasury Obligations(d) – 13.9%
Sovereign – 13.9%
United States Treasury Bonds
$	19,500,000		7.500	%		11/15/24		$	25,613,641
	26,160,000		5.250			11/15/28			27,748,696
United States Treasury Notes
	18,000,000		4.000			09/30/09			18,022,500
	80,000,000		4.250			09/30/12			80,343,760
	48,110,000		4.250			08/15/15			47,756,872
									199,485,469
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $197,400,905)								$	199,485,469
Agency Debentures – 5.4%
FHLB
$	10,000,000		5.375	%(d)		08/19/11		$	10,292,471
	23,000,000		5.000			03/14/14			23,275,811
FNMA
	1,450,000		3.550			11/16/07			1,449,285

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

21

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Agency Debentures – (continued)
FHLB – (continued)
$	7,130,000		5.270	%		01/16/09	$	7,140,313
	24,534,428		5.815	(a)		07/01/37		24,802,773
	10,566,979		5.900			09/01/37		10,708,148
TOTAL AGENCY DEBENTURES
(Cost $77,358,905)							$	77,668,801

		Exercise			Expiration
Contracts*		Rate			Date		Value
Options Purchased – 0.0%
Cross Currency Option
Call ILS 3,695,000
Put USD 14,041,000			3.800	%		01/24/08	$	11,621
Option on Futures Contracts
U.K. 3 Month Sterling Call
	GBP  329		93.750			12/19/07		44,851
TOTAL OPTION PURCHASED
(Cost $16,997)							$	56,472

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Short-Term Obligations – 17.7%
Time Deposit – 17.7%
	ABN Amro
$	134,348,278		4.900	%		11/01/07	$	134,348,278
JPMorgan Corp.
	38,337,375		4.850			11/01/07		38,337,375
	Rabobank
	81,047,846		4.900			11/01/07		81,047,846
								253,733,499
TOTAL SHORT-TERM OBLIGATIONS
(Cost $253,733,499)							$	253,733,499
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $1,556,629,710)							$	1,607,673,527

		Interest
Shares		Rate	Value
Securities Lending Collateral(a) – 16.6%
Securities Lending Quality Trust
	237,527,113	5.120%	$	237,527,113
(Cost $237,527,113)
TOTAL INVESTMENTS – 129.0%
(Cost $1,794,156,823)			$	1,845,200,640
LIABILITIES IN EXCESS OF OTHER ASSETS – (29.0)%				(414,428,741	)
NET ASSETS – 100.0%			$	1,430,771,899

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

*	The principal/contract amount of each security is stated in the currency in which the bond/option is denominated. See below.
(a)	Variable rate security. Interest rate disclosed is that which is in effect at October 31, 2007.
(b)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $18,234,306, which represents approximately 1.3% of net assets as of October 31, 2007.
(c)	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 amounts to $101,591,904 which represents approximately 7.1% of net assets as of October 31, 2007.
(d)	All or a portion of security is on loan.

Currency Description
$	=	U.S. Dollar	GBP	=	British Pounds
AUD	=	Australian Dollar	ILS	=	Israeli Shekel
CAD	=	Canadian Dollar	JPY	=	Japanese Yen
DEM	=	German Mark	PLN	=	Polish Zloty
DKK	=	Danish Krone	SEK	=	Swedish Krona
EUR	=	Euro

Investment Abbreviations:
FHLB	—	Federal Home Loan Bank
FNMA	—	Federal National Mortgage Association
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium-Term Note

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

22

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At October 31, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date		Settlement Date		Value		Gain
Australian Dollar		Purchase		12/19/07	$	70,700,927	$	76,426,772	$	5,725,845
Brazilian Real		Purchase		11/13/07		2,208,915		2,523,717		314,802
Brazilian Real		Purchase		11/26/07		2,044,000		2,205,790		161,790
Brazilian Real		Purchase		12/12/07		2,055,000		2,336,329		281,329
Brazilian Real		Purchase		12/19/07		4,104,618		4,551,345		446,727
Brazilian Real		Purchase		01/10/08		3,769,000		3,942,922		173,922
British Pound		Purchase		11/15/07		27,024,230		27,503,181		478,951
British Pound		Purchase		12/19/07		7,203,569		7,334,897		131,328
Canadian Dollar		Purchase		12/19/07		14,183,531		14,621,172		437,641
Czech Koruna		Purchase		12/19/07		1,416,550		1,485,689		69,139
Euro		Purchase		12/19/07		195,800,514		201,701,539		5,901,025
Indonesian Rupiah		Purchase		11/08/07		2,044,000		2,059,105		15,105
Indonesian Rupiah		Sale		11/08/07		605,000		604,154		846
Indonesian Rupiah		Purchase		11/13/07		658,235		680,909		22,674
Indonesian Rupiah		Purchase		11/26/07		6,499,858		6,540,393		40,535
Indonesian Rupiah		Sale		11/26/07		1,965,000		1,961,414		3,586
Indian Rupee		Purchase		11/19/07		955,000		985,170		30,170
Indian Rupee		Purchase		11/26/07		2,094,000		2,116,043		22,043
Indian Rupee		Purchase		12/12/07		6,394,523		6,517,566		123,043
Indian Rupee		Purchase		12/13/07		3,173,396		3,286,622		113,226
Indian Rupee		Purchase		01/10/08		3,091,000		3,091,183		183
Israeli Shekel		Purchase		01/28/08		606,000		611,145		5,145
Japanese Yen		Sale		12/19/07		31,067,111		31,003,429		63,682
Malaysian Ringgit		Purchase		11/15/07		1,351,548		1,393,998		42,450
Malaysian Ringgit		Purchase		12/04/07		2,565,671		2,582,229		16,558
Mexican Peso		Purchase		12/19/07		13,487,447		13,689,269		201,822
Norwegian Krone		Purchase		12/19/07		56,230,808		59,499,327		3,268,519
New Zealand Dollar		Purchase		12/19/07		30,815,380		32,162,082		1,346,702
Philippine Peso		Purchase		11/05/07		9,545,152		9,742,258		197,106
Philippine Peso		Purchase		11/07/07		696,964		733,739		36,775
Philippine Peso		Purchase		11/13/07		2,044,000		2,114,950		70,950
Philippine Peso		Purchase		11/21/07		2,761,318		2,861,953		100,635
Philippine Peso		Purchase		11/26/07		5,650,985		5,861,070		210,085
Philippine Peso		Purchase		01/16/08		1,925,286		1,931,792		6,506
Polish Zloty		Purchase		12/19/07		1,530,184		1,700,840		170,656
Russian Ruble		Purchase		11/02/07		11,175,363		11,561,860		386,497
Russian Ruble		Purchase		11/23/07		7,209,307		7,384,329		175,022
South African Rand		Purchase		12/19/07		10,086,825		10,594,926		508,101
South Korean Won		Purchase		11/08/07		4,246,818		4,385,271		138,453
South Korean Won		Purchase		11/20/07		4,501,608		4,665,146		163,538
South Korean Won		Purchase		11/27/07		1,265,000		1,294,636		29,636
South Korean Won		Purchase		01/07/08		1,134,000		1,143,465		9,465
South Korean Won		Purchase		01/10/08		3,864,000		3,919,846		55,846
South Korean Won		Purchase		01/16/08		3,763,000		3,822,508		59,508
South Korean Won		Purchase		01/22/08		3,681,000		3,749,962		68,962
South Korean Won		Purchase		01/29/08		3,099,000		3,153,959		54,959
Swedish Krona		Purchase		12/19/07		40,645,000		42,310,453		1,665,453
Swiss Franc		Purchase		12/19/07		84,163,000		86,123,059		1,960,059
Turkish Lira		Purchase		11/26/07		2,517,591		2,700,727		183,136
Turkish Lira		Purchase		12/18/07		4,131,746		4,297,586		165,840
Turkish Lira		Purchase		01/15/08		3,078,000		3,383,380		305,380

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

23

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

October 31, 2007

ADDITIONAL INVESTMENT INFORMATION (continued)

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date		Settlement Date		Value		Gain
Turkish Lira		Purchase		01/16/08	$	1,122,000	$	1,159,691	$	37,691
Turkish Lira		Purchase		01/22/08		2,053,000		2,204,797		151,797
Taiwan Dollar		Purchase		11/02/07		3,520,380		3,541,844		21,464
Taiwan Dollar		Sale		01/29/08		2,944,000		2,943,399		601
Yuan Renminbi		Purchase		11/15/07		1,847,058		1,854,936		7,878
Yuan Renminbi		Sale		11/15/07		1,266,729		1,266,516		213
Yuan Renminbi		Purchase		12/20/07		10,136,432		10,166,973		30,541
TOTAL									$	26,411,541

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date		Settlement Date		Value		Loss
Argentine Peso		Purchase		05/23/08	$	1,524,000	$	1,463,445	$	(60,555	)
Argentine Peso		Sale		05/23/08		1,490,000		1,494,606		(4,606	)
Argentine Peso		Purchase		05/30/08		274,000		262,843		(11,157	)
Argentine Peso		Purchase		06/03/08		659,000		630,064		(28,936	)
Australian Dollar		Sale		12/19/07		33,251,886		35,789,127		(2,537,241	)
British Pound		Sale		11/15/07		75,435,837		77,825,308		(2,389,471	)
British Pound		Sale		12/19/07		57,488,000		59,515,160		(2,027,160	)
Canadian Dollar		Sale		12/19/07		39,178,000		40,842,274		(1,664,274	)
Canadian Dollar		Sale		01/15/08		15,409,627		16,113,523		(703,896	)
Chilean Peso		Sale		12/04/07		1,375,649		1,393,344		(17,695	)
Czech Koruna		Sale		12/19/07		1,266,729		1,321,094		(54,365	)
Danish Kroner		Sale		12/12/07		7,488,221		7,833,508		(345,287	)
Euro		Sale		11/20/07		486,237,987		495,646,611		(9,408,624	)
Euro		Sale		12/19/07		191,017,663		197,108,292		(6,090,629	)
Hungarian Forint		Sale		12/19/07		984,072		1,019,263		(35,191	)
Indian Rupee		Sale		12/12/07		2,250,111		2,272,580		(22,469	)
Indian Rupee		Purchase		12/13/07		983,024		981,816		(1,208	)
Indian Rupee		Purchase		01/10/08		772,750		772,600		(150	)
Indian Rupee		Purchase		01/16/08		1,882,000		1,877,581		(4,419	)
Indonesian Rupiah		Sale		11/08/07		1,451,772		1,454,951		(3,179	)
Indonesian Rupiah		Sale		11/13/07		680,037		680,909		(872	)
Indonesian Rupiah		Sale		11/26/07		4,566,909		4,578,979		(12,070	)
Israeli Shekel		Sale		01/28/08		606,000		610,923		(4,923	)
Japanese Yen		Sale		11/21/07		226,249,482		226,444,553		(195,071	)
Japanese Yen		Sale		12/19/07		26,027,000		26,263,186		(236,186	)
Japanese Yen		Purchase		12/19/07		109,581,679		108,655,501		(926,178	)
Mexican Peso		Sale		12/19/07		13,469,360		13,954,293		(484,933	)
Norwegian Krone		Sale		12/19/07		30,864,479		32,905,189		(2,040,710	)
New Zealand Dollar		Purchase		12/19/07		12,766,000		12,752,710		(13,290	)
New Zealand Dollar		Sale		12/19/07		54,073,749		58,049,976		(3,976,227	)
Philippine Peso		Sale		11/05/07		9,688,941		9,742,258		(53,317	)
Philippine Peso		Sale		11/07/07		2,675,975		2,870,420		(194,445	)
Philippine Peso		Purchase		01/16/08		3,861,973		3,843,741		(18,232	)
Polish Zloty		Sale		11/08/07		6,091,128		6,341,299		(250,171	)
Russian Ruble		Sale		11/02/07		11,123,332		11,561,860		(438,528	)
Russian Ruble		Sale		11/23/07		7,117,471		7,384,329		(266,858	)
Singapore Dollar		Sale		12/19/07		5,850,980		5,980,872		(129,892	)
South African Rand		Sale		12/19/07		9,506,369		10,589,057		(1,082,688	)
South Korean Won		Sale		11/08/07		3,839,000		3,929,450		(90,450	)
South Korean Won		Sale		11/20/07		3,960,000		4,128,912		(168,912	)
Swedish Krona		Sale		12/11/07		11,742,020		12,555,971		(813,951	)
Swedish Krona		Sale		12/19/07		3,687,771		3,739,688		(51,917	)

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

24

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date		Settlement Date		Value		Loss
Swiss Franc		Sale		12/19/07	$	84,608,685	$	86,080,470	$	(1,471,785	)
Taiwan Dollar		Sale		11/02/07		1,500,000		1,509,270		(9,270	)
Taiwan Dollar		Sale		11/21/07		635,063		646,933		(11,870	)
Taiwan Dollar		Sale		11/26/07		1,865,005		1,894,788		(29,783	)
Taiwan Dollar		Sale		12/03/07		1,153,134		1,160,511		(7,377	)
Taiwan Dollar		Sale		12/12/07		5,870,512		5,973,252		(102,740	)
Taiwan Dollar		Sale		12/13/07		793,622		807,709		(14,087	)
Taiwan Dollar		Sale		01/09/08		776,000		785,444		(9,444	)
Taiwan Dollar		Sale		01/31/08		3,091,000		3,132,900		(41,900	)
Turkish Lira		Sale		12/18/07		3,651,000		3,873,631		(222,631	)
Turkish Lira		Sale		12/19/07		1,265,687		1,321,771		(56,084	)
Yuan Renminbi		Purchase		11/15/07		4,452,286		4,440,315		(11,971	)
TOTAL									$	(38,849,275	)

Open Forward Foreign Currency	Expiration		Purchase		Sale		Unrealized
Cross Contracts with Unrealized Gain (Purchase/Sale)	Date		Current Value		Current Value		Gain
Hungarian Forint/Euro		12/19/07	$	11,509,370	$	11,430,508	$	78,862
Slovakian Koruna/Euro		12/19/07		8,744,919		8,634,811		110,108
TOTAL							$	188,970

Open Forward Foreign Currency	Expiration		Purchase		Sale		Unrealized
Cross Contracts with Unrealized Loss (Purchase/Sale)	Date		Current Value		Current Value		Loss
Euro/Polish Zloty		12/19/07	$	1,084,239	$	1,110,699	$	(26,460	)
Euro/Slovakian Koruna		12/19/07		8,561,869		8,683,289		(121,420	)
Norwegian Krone/Euro		12/19/07		248,816		250,766		(1,950	)
TOTAL							$	(149,830	)

FUTURES CONTRACTS — At October 31, 2007, the following futures contracts were open:

	Number of
	Contracts			Settlement		Notional			Unrealized
Type	Long (Short)			Month		Value			Gain (Loss)
Australia 10 Year Treasury Bond		98			December 2007	$	8,520,419		$	(225,969	)
2 Year Euro Schatz		(65	)		December 2007		(9,705,739	)		24,920
5 Year Euro-Bobl		(1,149	)		December 2007		(179,048,029	)		95,956
10 Year Euro-Bund		(501	)		December 2007		(82,144,049	)		494,119
Japan 10 Year Treasury Bond		26			December 2007		30,669,539			151,104
U.K. Life Long Gilt		(10	)		December 2007		(2,228,997	)		5,193
U.S. Long Bonds		(1,580	)		December 2007		(177,898,125	)		(862,406	)
2 Year U.S. Treasury Notes		10			December 2007		8,284,375			(1,719	)
5 Year U.S. Treasury Notes		6,063			December 2007		650,825,156			1,393,437
10 Year U.S. Treasury Notes		233			December 2007		25,633,641			176,016
TOTAL									$	1,250,651

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

25

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

October 31, 2007

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At October 31, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount		Termination		received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)		Date		the Fund	the Fund	by the Fund			Gain (Loss)
ABN Amro Bank N.V.		SEK 96,000(a)		12/19/17	4.500%	3 month STIB	$	(454,346	)	$	63,621
		EUR 10,300(a)		12/19/17	6 month EURO	4.500%		281,823			(95,395	)
Banc of America Securities LLC		CAD 24,870(a)		05/31/10	3 month CDOR	4.967		—			(162,129	)
		CAD 15,600(a)		05/30/13	4.955	3 month CDOR		—			145,890
		CAD 2,150(a)		05/31/38	3 month CDOR	4.990		—			7,078
Bank of America NA		USD 102,880(a)		12/19/09	5.000	3 month LIBOR		(896,040	)		1,810,786
Barclays Bank PLC		EUR 129,510(a)		12/19/09	6 month EURO	4.500		1,213,136			(993,582	)
		USD 100,570(a)		12/19/09	5.000	3 month LIBOR		27,913			866,294
		EUR 49,020(a)		12/19/12	4.500	6 month EURO		89,032			(245,268	)
		GBP 73,890(a)		12/19/12	5.750	6 month BP		(1,101,464	)		2,296,297
		GBP 81,560(a)		12/19/12	6 month BP	5.750		(355,320	)		(963,562	)
		SEK 436,020(a)		12/19/12	4.500	3 month STIB		(711,880	)		(91,602	)
		USD 279,900(a)		12/19/12	5.000	3 month LIBOR		(3,156,912	)		5,348,358
		USD 119,100(a)		12/19/12	3 month LIBOR	5.000		18,334			(949,784	)
		JPY 8,895,000 (a)		12/19/14	6 month JYOR	1.750		(781,662	)		(379,995	)
		USD 28,980(a)		12/19/14	3 month LIBOR	5.000		807,582			(875,412	)
		EUR 39,860(a)		12/19/17	6 month EURO	4.500		1,021,753			(300,293	)
		SEK 715,000(a)		12/19/17	3 month STIB	4.500		2,147,060			763,026
		SEK 376,000(a)		12/19/17	4.500	3 month STIB		(1,620,924	)		90,585
		USD 12,810(a)		12/19/22	5.250	3 month LIBOR		(783,047	)		779,609
		USD 95,910(a)		12/19/27	3 month LIBOR	5.250		4,166,470			(3,891,822	)
		USD 14,750(a)		12/19/27	5.250	3 month LIBOR		(616,295	)		483,317
		USD 154,270(a)		12/20/27	6.000	3 month LIBOR		448,866			1,654,814
		EUR 18,790		12/19/37	6 month EURO	4.500		890,175			409,471
		EUR 13,720(a)		12/19/37	4.500	6 month EURO		(1,375,963	)		426,993
		GBP 13,010(a)		12/19/37	4.750	6 month BP		(323,967	)		(44,917	)
		GBP 9,170(a)		12/19/37	6 month BP	4.750		434,752			(174,748	)
Citibank NA		USD 112,090(a)		12/19/09	3 month LIBOR	5.000		(438,084	)		(558,552	)
		USD 10,000(a)		09/21/11	5.600	3 month LIBOR		15,316			294,461
		GBP 37,570(a)		12/19/12	5.750	6 month BP		(811,187	)		1,418,711
		GBP 27,560(a)		12/19/12	6 month BP	5.750		1,162,263			(1,608,206	)
		JPY 6,097,000 (a)		12/19/12	6 month JYOR	1.500		396,262			(981,575	)
		JPY 2,606,000 (a)		12/19/12	1.500	6 month JYOR		56,707			157,257
		SEK 187,000(a)		12/19/12	4.500	3 month STIB		(387,219	)		42,621
		USD 88,990(a)		12/19/12	3 month LIBOR	5.000		1,019,978			(1,715,945	)
		USD 31,530(a)		12/19/12	5.000	3 month LIBOR		(733,674	)		980,261
		JPY 17,253,000 (a)		12/19/14	6 month JYOR	1.750		1,765,634			(4,086,813	)
		JPY 12,077,000 (a)		12/19/14	1.750	6 month JYOR		711,281			865,934
		JPY 8,605,000 (a)		12/19/17	2.000	6 month JYOR		(977,934	)		2,293,582
		USD 42,940(a)		12/19/27	5.250	3 month LIBOR		(3,175,251	)		2,788,126
		USD 14,650(a)		12/19/27	3 month LIBOR	5.250		1,039,884			(907,807	)
		USD 15,480(a)		12/20/27	6.000	3 month LIBOR		(34,194	)		245,284
		USD 57,900(a)		12/20/27	3 month LIBOR	6.000		25,191			(814,735	)
Credit Suisse International (London)		EUR 306,200(a)		12/19/09	4.500	6 month EURO		(1,444,110	)		925,019
		EUR 240,920(a)		12/19/09	6 month EURO	4.500		2,155,171			(1,746,748	)
		USD 4,350		04/18/11	3 month LIBOR	5.368		—			(93,816	)
		EUR 4,260(a)		12/19/12	4.500	6 month EURO		(10,767	)		(2,810	)

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

26

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)
					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount		Termination		received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)		Date		the Fund	the Fund	by the Fund			Gain (Loss)
Credit Suisse International (London)		EUR 228,230(a)		12/19/12	6 month EURO	4.500	$	1,836,340		$	(1,108,932	)
		GBP 19,850(a)		12/19/12	6 month BP	5.750		54,939			(375,922	)
		SEK 127,000(a)		12/19/12	3 month STIB	4.500		170,856			63,176
		SEK 94,000(a)		12/19/12	4.500	3 month STIB		(217,766	)		44,546
		USD 333,530(a)		12/19/12	3 month LIBOR	5.000		7,938,369			(10,546,816	)
		USD 205,510(a)		12/19/12	5.000	3 month LIBOR		(3,162,117	)		4,769,356
		EUR 216,030(a)		12/19/17	4.500	6 month EURO		(6,586,996	)		2,676,884
		EUR 109,270(a)		12/19/17	6 month EURO	4.500		5,536,632			(3,558,860	)
		GBP 8,710(a)		12/19/17	6 month BP	5.500		124,721			(295,162	)
		SEK 458,000(a)		12/19/17	3 month STIB	4.500		1,768,111			95,972
		SEK 176,000(a)		12/19/17	4.500	3 month STIB		(1,033,530	)		317,200
		USD 11,180(a)		12/19/17	5.250	3 month LIBOR		(263,267	)		387,507
		USD 51,180(a)		12/19/27	5.250	3 month LIBOR		(3,928,123	)		3,466,711
		USD 30,890(a)		12/19/27	3 month LIBOR	5.250		1,725,240			(1,446,752	)
		USD 129,190(a)		12/20/27	3 month LIBOR	6.000		(54,299	)		(1,708,093	)
		EUR 4,200		12/10/35	3.904	6 month EURO		—			(743,065	)
		EUR 1,350		12/24/35	3.838	6 month EURO		—			(260,217	)
		EUR 88,790(a)		12/19/37	4.500	6 month EURO		(8,583,373	)		2,442,044
		EUR 49,050(a)		12/19/37	6 month EURO	4.500		5,599,893			(2,207,256	)
		GBP 9,790(a)		12/19/37	6 month BP	4.750		644,245			(366,662	)
Deutsche Bank AG		EUR 64,230(a)		12/19/09	4.500	6 month EURO		60,456			(169,343	)
		AUD 135,940(a)		12/19/12	6.500	6 month BBSW		(1,788,429	)		(2,223,296	)
		AUD 101,420(a)		12/19/12	6 month BBSW	6.500		1,648,430			1,344,575
		CAD 71,440(a)		12/19/12	4.500	3 month CDOR		(1,310,550	)		568,140
		EUR 54,433(a)		12/19/12	4.500	6 month EURO		(22,512	)		(150,975	)
		JPY 6,349,000 (a)		12/19/12	1.500	6 month JYOR		(741,756	)		1,258,747
		SEK 115,000(a)		12/19/12	4.500	3 month STIB		(362,713	)		150,795
		USD 10,670(a)		12/19/12	5.000	3 month LIBOR		(169,511	)		252,958
		USD 18,390(a)		12/19/12	3 month LIBOR	5.000		(39,349	)		(104,474	)
		JPY 7,273,000 (a)		12/19/14	1.750	6 month JYOR		(1,152,059	)		2,193,985
		EUR 40,690(a)		12/19/17	4.500	6 month EURO		(1,543,155	)		806,672
		EUR 5,230(a)		12/19/17	6 month EURO	4.500		60,959			33,703
		JPY 7,249,000 (a)		12/19/17	6 month JYOR	2.000		1,037,500			(2,316,811	)
		SEK 157,000(a)		12/19/17	3 month STIB	4.500		219,546			20,588
		EUR 1,850		05/23/36	6 month EURO	4.558		—			94,704
		EUR 15,210(a)		12/19/37	4.500	6 month EURO		(1,188,818	)		136,790
		EUR 7,570(a)		12/19/12	4.500	6 month EURO		(148,780	)		124,653
		EUR 28,120(a)		12/19/17	4.500	6 month EURO		(1,265,801	)		756,833
JPMorgan Securities, Inc.		CAD 2,200(a)		12/19/12	4.500	3 month CDOR		(52,139	)		40,894
Lehman Brother International (Europe)		JPY 3,846,000 (a)		12/17/10	1.187	6 month JYOR		—			(2,709	)
		JPY 2,437,000 (a)		12/17/15	6 month JYOR	1.709		—			6,953
		USD 21,170(a)		12/20/27	3 month LIBOR	6.000		(342,987	)		—
		JPY 493,000(a)		12/17/38	2.648	6 month JYOR		—			(2,126	)
Merrill Lynch Capital Markets		USD 6,600		07/19/10	4.398	3 month LIBOR		—			32,799
		USD 6,600		07/19/10	4.402	3 month LIBOR		—			33,283
		USD 7,050		03/10/11	3 month LIBOR	5.236		—			(119,096	)
		CAD 20,200(a)		12/19/12	4.500	3 month CDOR		(201,351	)		(8,523	)

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

27

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

October 31, 2007

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)
					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount		Termination		received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)		Date		the Fund	the Fund	by the Fund			Gain (Loss)
Merrill Lynch Capital Markets		EUR 2,180		04/14/36	4.438	6 month EURO	$	—		$	(112,477	)
		EUR 2,170		04/14/36	4.446	6 month EURO		—			(107,962	)
		GBP 12,600(a)		12/19/37	6 month BP	4.750		613,697			(256,439	)
Morgan Stanley Capital Services, Inc.		GBP 5,360(a)		12/19/12	6 month BP	5.750		(34,714	)		(51,961	)
		USD 45,440(a)		12/19/12	3 month LIBOR	5.000		(290,887	)		(67,303	)
		SEK 244,000(a)		12/19/17	3 month STIB	4.500		776,108			216,984
The Royal Bank of Scotland		GBP 34,850(a)		12/19/10	5.750	6 month BP		298,822			(110,295	)
UBS AG (London)		GBP 35,660(a)		12/19/10	5.750	6 month BP		(402,664	)		595,572
		GBP 70,510(a)		12/19/10	6 month BP	5.750		(105,846	)		(275,590	)
		AUD 40,840(a)		12/19/12	6 month BBSW	6.500		548,681			656,547
		AUD 35,860(a)		12/19/12	6.500	6 month BBSW		(593,403	)		(464,861	)
		EUR 55,470(a)		12/19/12	6 month EURO	4.500		(522,854	)		699,647
		EUR 3,710(a)		12/19/12	4.500	6 month EURO		(11,172	)		(652	)
		GBP 18,480(a)		12/19/12	6 month BP	5.750		(346,477	)		47,648
		GBP 82,860(a)		12/19/12	5.750	6 month BP		1,548,224			(207,967	)
		JPY 8,526,000 (a)		12/19/12	1.500	6 month JYOR		501,328			193,112
		JPY 3,924,000 (a)		12/19/12	6 month JYOR	1.500		96,667			(381,822	)
		SEK 107,000(a)		12/19/12	4.500	3 month STIB		(221,548	)		24,372
		JPY 6,001,000 (a)		12/19/14	1.750	6 month JYOR		462,497			321,213
TOTAL							$	(3,712,342	)	$	(1,404,977	)

(a)   Represents forward starting interest rate swaps whose effective dates of commencement of cash flows and associated accruals occur subsequent to October 31, 2007.

CREDIT DEFAULT SWAP CONTRACTS

								Upfront
		Notional		Rates				Payments
		Amount		Received by		Termination		made by		Unrealized
Swap Counterparty	Referenced Obligation	(000s)		Fund		Date		the Fund		Loss
Protection Sold:
Bank of America NA	CDX North America Investment Grade Index	$	107,600		0.600%		12/20/12		187,786	$	(95,987	)
Citibank NA	ITRX Europe Index		88,900		0.500		06/20/17		163,077		(487,034	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index		98,100		0.600		12/20/12		136,440		(111,574	)
TOTAL								$	487,303	$	(694,595	)

Investment Abbreviations:
BBSW	—	Australian Bank Bill Swap Reference Rate
BP	—	British Pound Offered Rate
CDOR	—	Canadian Dollar Offered Rate
EURO	—	Euro Offered Rate
JYOR	—	Japanese Yen Offered Rate
LIBOR	—	London Interbank Offered Rate
STIB	—	Stockholm Interbank Offered Rate

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

28

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS — For the year ended October 31, 2007, the Fund had the following written options activity:

	Number of			Premiums
	Contracts			Received
Contracts Outstanding October 31, 2006		—		$	—
Contracts written		8,176,329			43,823
Contracts expired		(8,176,000	)		(43,823	)
Contracts Outstanding October 31, 2007		329		$	—

At October 31, 2007, the Fund had outstanding written options as follows:

	Exercise		Number of
Call Options	Rate		Contracts		Expiration Month		Value
U.K. 3 Month Sterling (Premiums Received: $—)	$	94		329		December 2007		—

FORWARD SALES CONTRACTS — At October 31, 2007, the Fund had the following Forward Sales Contracts:

		Interest		Maturity		Settlement		Principal
Description		Rate		Date		Date		Amount		Value
	FNMA		6.500%		07/01/37		11/13/07	$	2,000,198	$	2,048,641
	FNMA		6.500		08/01/37		11/13/07		3,000,297		3,072,961
	FNMA		6.500		09/01/37		11/13/07		7,000,693		7,170,243
	FNMA		6.500		10/01/37		11/13/07		1,000,099		1,024,321
	FNMA		6.500		TBA - 15yr		11/13/07		13,000,000		13,304,693
TOTAL (Proceeds Receivable: $26,649,525)										$	26,620,859

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

29

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – 89.6%
Aerospace – 0.4%
Esterline Technologies Corp. (B+/B1)
$	770,000		7.750	%		06/15/13	$	791,175
Mecachrome International, Inc. (B-/B3)
	EUR3,500,000		9.000			05/15/14		5,386,792
Moog, Inc. (BB-/Ba3)
$	210,000		6.250			01/15/15		205,275
Sequa Corp. (BB-/B2)
	4,000,000		9.000			08/01/09		4,340,000
TransDigm, Inc. (B-/B3)
	2,500,000		7.750			07/15/14		2,565,625
Vought Aircraft Industries, Inc. (CCC/B3)
	2,500,000		8.000			07/15/11		2,484,375
								15,773,242
Agriculture – 0.7%
Land O’ Lakes, Inc. (B+/Ba2)
	320,000		8.750			11/15/11		327,200
Land O’ Lakes, Inc. (BB+/Ba1)
	3,150,000		9.000			12/15/10		3,283,875
National Beef Packing Co. LLC/NB Finance Corp. (B-/Caa1)
	2,750,000		10.500			08/01/11		2,763,750
Pilgrim’s Pride Corp. (B/B1)
	6,000,000		7.625			05/01/15		6,015,000
Pilgrim’s Pride Corp. (B/B2)
	4,750,000		8.375			05/01/17		4,761,875
Smithfield Foods, Inc. (BB/Ba3)
	850,000		7.750			05/15/13		871,250
	4,000,000		7.750			07/01/17		4,130,000
Tereos Europe (BB/Ba3)
	EUR3,750,000		6.375			04/15/14		5,065,395
								27,218,345
Automotive – 2.8%
FCE Bank PLC (B+/B1)
	2,000,000		5.726	(a)		09/30/09		2,694,301
	4,500,000		7.125			01/16/12		5,948,104
	9,250,000		7.125			01/15/13		11,958,677
Ford Motor Co. (CCC+/Caa1)
	8,750,000		7.450			07/16/31		6,868,750
	1,250,000		8.900			01/15/32		1,087,500
Ford Motor Credit Co. LLC (B/B1)
	4,735,000		7.875			06/15/10		4,557,271
	2,500,000		9.750			09/15/10		2,500,310
	11,250,000		9.875			08/10/11		11,233,114
	14,000,000		7.250			10/25/11		13,119,301
	5,375,000		7.000			10/01/13		4,798,843
	8,500,000		8.000			12/15/16		7,844,743
General Motors Corp. (B-/Caa1)
	EUR2,250,000		7.250			07/03/13		3,079,978
$	2,000,000		7.700			04/15/16		1,840,000
	1,750,000		8.800	(c)		03/01/21		1,627,500
	2,750,000		8.250			07/15/23		2,475,000
	EUR2,000,000		8.375			07/05/33		2,534,961
$	18,540,000		8.375			07/15/33		16,825,050
General Motors Nova Scotia Finance Co. (B-/Caa1)
	750,000		6.850	%		10/15/08		746,250
								101,739,653
Automotive – Distributor – 0.1%
Keystone Automotive Operations, Inc. (CCC+/Caa2)
	4,000,000		9.750			11/01/13		3,250,000
Automotive Parts – 1.3%
Accuride Corp. (B-/B3)
	3,000,000		8.500			02/01/15		2,820,000
Allison Transmission, Inc. (B-/Caa1)(b)
	4,500,000		11.000			11/01/15		4,590,000
	2,625,000		11.250	(d)		11/01/15		2,598,750
Tenneco Automotive, Inc. (BB/Ba3)
	2,000,000		10.250			07/15/13		2,160,000
Tenneco, Inc. (B/B3)
	3,250,000		8.625			11/15/14		3,315,000
The Goodyear Tire & Rubber Co. (B/B2)
	5,000,000		7.857			08/15/11		5,150,000
The Goodyear Tire & Rubber Co. (B/Ba3)
	1,950,000		9.000			07/01/15		2,132,812
The Goodyear Tire & Rubber Co. (B+/Ba3)
	4,000,000		11.250			03/01/11		4,280,000
TRW Automotive, Inc. (BB-/Ba3)
	EUR3,500,000		6.375			03/15/14		4,867,125
$	5,000,000		7.000	(b)		03/15/14		4,900,000
	825,000		7.250	(b)		03/15/17		806,438
United Components, Inc. (CCC+/Caa1)
	5,500,000		9.375			06/15/13		5,610,000
Visteon Corp. (CCC+/Caa2)
	3,500,000		8.250			08/01/10		3,255,000
	2,000,000		7.000			03/10/14		1,620,000
								48,105,125
Building Materials – 3.4%
ACIH, Inc. (CCC+/Caa1)(b)(e)
	6,000,000		11.500			12/15/12		4,335,000
Associated Materials, Inc. (CCC/B3)
	1,250,000		9.750			04/15/12		1,275,000
Associated Materials, Inc. (CCC/Caa2)(e)
	13,000,000		11.250			03/01/14		8,710,000
CPG International, Inc. (B-/B3)
	3,500,000		10.500			07/01/13		3,500,000
Goodman Global Holdings Co., Inc. (B-/B1)(a)
	1,360,000		8.360			06/15/12		1,373,600
Goodman Global Holdings Co., Inc. (B-/B3)
	13,500,000		7.875			12/15/12		14,310,000
Grohe Holding GMBH (CCC+/B3)
	EUR22,000,000		8.625			10/01/14		29,238,961
Heating Finance PLC (CCC+/Caa2)
	GBP2,000,000		7.875			03/31/14		3,118,951
Interface, Inc. (B-/B3)
$	2,000,000		9.500			02/01/14		2,085,000
Legrand S.A. (BBB/Baa3)
	5,050,000		8.500			02/15/25		5,876,938

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

30

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Building Materials – (continued)
Masonite Corp.
$	5,750,000		11.000	%		04/06/15	$	4,898,673
Nortek, Inc. (CCC+/B3)
	25,000,000		8.500			09/01/14		22,125,000
NTK Holdings, Inc. (CCC+/Caa1)(e)
	17,250,000		10.750			03/01/14		11,320,312
Panolam Industries International, Inc. (CCC+/Caa1)(b)
	6,500,000		10.750			10/01/13		6,134,375
PLY Gem Industries, Inc. (CCC+/Caa1)
	7,000,000		9.000			02/15/12		5,696,250
Texas Industries, Inc. (BB-/Ba3)
	1,760,000		7.250			07/15/13		1,751,200
Werner Holdings Co., Inc. (WR)(f)
	3,000,000		10.000			11/15/07		30,000
								125,779,260
Capital Goods – 2.1%
Altra Industrial Motion, Inc. (B/B2)
	2,750,000		9.000			12/01/11		2,763,750
Baldor Electric Co. (B/B3)
	12,685,000		8.625			02/15/17		13,255,825
Belden, Inc. (BB-/Ba2)
	1,250,000		7.000			03/15/17		1,253,125
Briggs & Stratton Corp. (BB+/Ba1)
	2,500,000		8.875			03/15/11		2,662,500
General Cable Corp. (B+/B1)
	50,000		7.125			04/01/17		50,000
Mueller Water Products, Inc. (B/B3)
	5,000,000		7.375			06/01/17		4,687,500
RBS Global & Rexnord Corp. (CCC+/B3)
	15,000,000		9.500			08/01/14		15,375,000
	7,000,000		8.875			09/01/16		7,035,000
RBS Global & Rexnord Corp. (CCC+/Caa1)
	14,000,000		11.750			08/01/16		14,770,000
Sensata Technologies (B-/B3)
	8,910,000		8.000			05/01/14		8,731,800
Texon International PLC (WR)(f)
	DEM2,250,000		10.000			02/01/10		—
VAC Finanzierung GMBH (B/B3)
	EUR3,000,000		9.250			04/15/16		4,476,016
								75,060,516
Chemicals – 4.6%
Basell AF SCA (B/B2)
	17,500,000		8.375	(b)		08/15/15		15,946,875
	EUR5,000,000		8.375			08/15/15		6,663,325
Compass Minerals International, Inc.(B)(e)
$	7,750,000		12.000			06/01/13		7,808,125
Equistar Chemical/Funding (BB-/B1)
	1,714,000		10.625			05/01/11		1,786,845
Equistar Chemicals LP (BB-/B1)
	1,571,000		10.125			09/01/08		1,622,058
	2,000,000		7.550			02/15/26		1,750,000
Ferro Corp. (B+/B1)
	3,250,000		9.125			01/01/09		3,315,000
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC (B/B3)
	11,250,000		9.750			11/15/14		12,318,750
Huntsman International LLC (B/B2)
	3,000,000		7.875			11/15/14		3,225,000
Ineos Group Holdings PLC (B-/B3)
	EUR13,000,000		7.875			02/15/16		17,277,568
$	12,570,000		8.500	(b)		02/15/16		11,941,500
Invista (BB-/Ba3)(b)
	6,325,000		9.250			05/01/12		6,672,875
KRATON Polymers LLC/Capital Corp. (CCC+/B3)
	7,975,000		8.125			01/15/14		7,695,875
Lyondell Chemical Co. (B+/B1)
	2,970,000		8.250			09/15/16		3,385,800
	1,000,000		6.875			06/15/17		1,102,500
Lyondell Chemical Co. (BB+/Ba2)
	4,000,000		10.500			06/01/13		4,280,000
MacDermid, Inc. (CCC+/Caa1)(b)
	7,500,000		9.500			04/15/17		7,350,000
Momentive Performance Materials, Inc. (B-/B3)(b)
	10,750,000		9.750			12/01/14		10,454,375
	4,000,000		10.125	(d)		12/01/14		3,840,000
Momentive Performance Materials, Inc. (CCC+/Caa2)(b)
	8,000,000		11.500			12/01/16		7,740,000
Rhodia S.A. (B/B1)(a)
	EUR4,500,000		7.482			10/15/13		6,469,582
Rockwood Specialties Group, Inc. (B-/B3)
$	290,000		7.500			11/15/14		292,175
	EUR10,500,000		7.625			11/15/14		15,285,813
SPCM SA (B/B3)
	2,875,000		8.250			06/15/13		4,206,224
The Mosaic Co. (BB-/Ba1)(b)
	1,125,000		7.325			12/01/14		1,192,500
	3,385,000		7.625			12/01/16		3,647,338
								167,270,103
Conglomerates – 1.3%
Blount, Inc. (B/B2)
	6,750,000		8.875			08/01/12		6,817,500
Bombardier, Inc.(b)
	EUR2,000,000		7.250			11/15/16		2,962,283
Bombardier, Inc. (BB/Ba2)(b)
$	6,750,000		6.750			05/01/12		6,834,375
	3,000,000		8.000			11/15/14		3,135,000
Invensys PLC (B+/B2)(b)
	1,463,000		9.875			03/15/11		1,558,095
Park-Ohio Industries, Inc. (B-/B3)
	5,000,000		8.375			11/15/14		4,650,000
Polypore, Inc. (CCC+/Caa1)
	EUR7,750,000		8.750			05/15/12		10,945,598
$	4,500,000		8.750			05/15/12		4,443,750
Trimas Corp. (B-/B3)
	5,401,000		9.875			06/15/12		5,522,522
								46,869,123

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

31

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Consumer Products – Household & Leisure – 2.7%
Affinion Group, Inc. (B-/B2)
$	6,500,000		10.125	%		10/15/13	$	6,776,250
Affinion Group, Inc. (B-/Caa1)
	4,500,000		11.500			10/15/15		4,702,500
Ames True Temper (CCC-/Caa3)
	3,750,000		10.000			07/15/12		2,962,500
Elizabeth Arden, Inc. (B/B1)
	395,000		7.750			01/15/14		394,013
FTD Group, Inc. (B-/B3)
	3,859,000		7.750			02/15/14		3,675,697
Harry & David Holdings, Inc. (B-/B3)
	3,110,000		9.000			03/01/13		2,985,600
Jarden Corp. (B-/B3)
	7,000,000		7.500			05/01/17		6,650,000
Safilo Capital International S.A. (B/B2)
	EUR7,150,000		9.625			05/15/13		10,978,553
Sealy Mattress Co. (B/B2)
$	5,500,000		8.250			06/15/14		5,472,500
Simmons Bedding Co. (CCC+/B2)
	3,000,000		7.875			01/15/14		2,880,000
Simmons Bedding Co. (CCC+/B3)(e)
	4,500,000		10.000			12/15/14		3,633,750
Solo Cup Co. (CCC-/Caa2)
	5,250,000		8.500			02/15/14		4,725,000
Spectrum Brands, Inc. (CCC-/Caa3)
	5,500,000		11.250	(d)		10/02/13		4,702,500
	13,500,000		7.375			02/01/15		9,720,000
True Temper Sports, Inc. (CCC-/Caa2)
	1,250,000		8.375			09/15/11		843,750
Visant Corp. (B-/B1)
	6,625,000		7.625			10/01/12		6,823,750
Visant Holding Corp. (B-/B3)
	11,250,000		8.750			12/01/13		11,587,500
	8,750,000		10.250	(e)		12/01/13		8,181,250
								97,695,113
Consumer Products – Industrial – 0.7%
Johnsondiversey Holdings, Inc. (CCC+/Caa1)(e)
	7,000,000		10.670			05/15/13		7,262,500
Johnsondiversey, Inc. (CCC+/B3)
	4,005,000		9.625			05/15/12		4,165,200
	EUR3,860,000		9.625			05/15/12		5,745,162
Norcross Safety Products (B-/B2)
$	5,000,000		9.875			08/15/11		5,200,000
Safety Products Holdings, Inc. Series B (B-/B3)(d)
	1,991,836		11.750			01/01/12		2,091,428
								24,464,290
Consumer Products – Non Durable – 1.5%
Chattem, Inc. (B/B2)
	2,655,000		7.000	%		03/01/14		2,621,813
Constellation Brands, Inc. (B/B2)
	1,522,000		8.125			01/15/12		1,552,440
Constellation Brands, Inc. (BB-/Ba3)
	575,000		7.250			09/01/16		579,313
	6,000,000		7.250	(b)		05/15/17		6,015,000
Del Laboratories, Inc. (CCC/Caa2)
	8,750,000		8.000			02/01/12		8,432,812
Prestige Brands, Inc. (B-/B3)
	2,100,000		9.250			04/15/12		2,100,000
Reddy Ice Holdings, Inc. (B-/B3)(e)
	3,750,000		10.500			11/01/12		3,581,250
Sally Holdings LLC (CCC+/B2)
	10,545,000		9.250			11/15/14		10,624,087
Sally Holdings LLC (CCC+/Caa1)
	15,750,000		10.500			11/15/16		15,750,000
Yankee Acquisition Corp. (CCC+/B3)
	2,875,000		8.500			02/15/15		2,695,312
Yankee Acquisition Corp. (CCC+/Caa1)
	2,250,000		9.750			02/15/17		2,081,250
								56,033,277
Defense – 1.0%
Alliant Techsystems, Inc. (B+/B1)
	6,000,000		6.750			04/01/16		5,970,000
Communications & Power Industries, Inc. (B-/B3)
	2,000,000		8.000			02/01/12		2,025,000
DRS Technologies, Inc. (B/B3)
	2,750,000		6.875			11/01/13		2,756,875
	3,000,000		7.625			02/01/18		3,067,500
DRS Technologies, Inc. (B+/B1)
	1,225,000		6.625			02/01/16		1,212,750
Heckler Koch GMBH (B-/B2)
	EUR2,000,000		9.250			07/15/11		3,005,739
L-3 Communications Corp. (BB+/Ba3)
$	2,250,000		6.125			07/15/13		2,216,250
	4,500,000		6.125			01/15/14		4,432,500
	3,000,000		5.875			01/15/15		2,940,000
	8,975,000		6.375			10/15/15		8,952,563
								36,579,177
Energy – Coal – 0.6%
Arch Western Finance LLC (BB-/B1)
	3,445,000		6.750			07/01/13		3,367,487
Foundation PA Coal Co. (B/Ba3)
	275,000		7.250			08/01/14		271,563
Massey Energy Co. (B+/B2)
	6,500,000		6.875			12/15/13		6,158,750
New World Resources BV (B/B3)
	EUR3,500,000		7.375			05/15/15		4,892,474
Peabody Energy Corp. (BB/Ba1)
$	4,000,000		6.875			03/15/13		4,030,000
	1,000,000		5.875			04/15/16		950,000
	2,975,000		7.375			11/01/16		3,105,156
								22,775,430
Energy – Exploration & Production – 2.6%
Chesapeake Energy Corp. (BB/Ba2)
	5,125,000		6.375			06/15/15		4,984,062
	6,530,000		6.625			01/15/16		6,415,725
	9,750,000		6.875			01/15/16		9,689,062
	11,125,000		6.500			08/15/17		10,763,437

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

32

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Energy – Exploration & Production – (continued)
Cimarex Energy Co. (BB-/B1)
$	5,000,000		7.125	%		05/01/17	$	4,950,000
Encore Acquisition Co. (B/B1)
	8,250,000		6.000			07/15/15		7,466,250
	3,000,000		7.250			12/01/17		2,872,500
EXCO Resources, Inc. (B-/Caa1)
	4,000,000		7.250			01/15/11		3,960,000
KCS Energy, Inc. (B/B3)
	2,375,000		7.125			04/01/12		2,345,313
Newfield Exploration Co. (BB-/Ba3)
	6,000,000		6.625			04/15/16		5,895,000
OPTI Canada, Inc. (BB+/B1)(b)
	8,000,000		7.875			12/15/14		7,980,000
Plains Exploration & Production Co. (BB-/B1)
	5,000,000		7.750			06/15/15		4,975,000
	3,000,000		7.000			03/15/17		2,857,500
Pogo Producing Co. (B+/B1)
	1,250,000		7.875			05/01/13		1,273,438
	4,970,000		6.875			10/01/17		5,019,700
Quicksilver Resources, Inc. (B/B1)
	3,750,000		7.125			04/01/16		3,684,375
Range Resources Corp. (B+/Ba3)
	3,500,000		6.375			03/15/15		3,412,500
Whiting Petroleum Corp. (B/B1)
	2,500,000		7.250			05/01/13		2,462,500
	2,500,000		7.000			02/01/14		2,456,250
								93,462,612
Energy – Refining(b) – 0.2%
Petroplus Finance Ltd. (BB-/B1)
	2,125,000		6.750			05/01/14		2,018,750
	6,500,000		7.000			05/01/17		6,207,500
								8,226,250
Energy – Services – 0.1%
Compagnie Generale de Geophysique-Veritas (B+/Ba3)
	2,000,000		7.500			05/15/15		2,052,500
Seitel, Inc. (B-/B3)
	2,000,000		9.750			02/15/14		1,860,000
								3,912,500
Entertainment & Leisure – 0.8%
AMC Entertainment, Inc. (B-/Ba3)
	1,875,000		8.625			08/15/12		1,950,000
AMC Entertainment, Inc. (CCC+/B2)
	4,250,000		11.000			02/01/16		4,590,000
Festival Fun Parks LLC (B/B3)
	3,250,000		10.875			04/15/14		3,282,500
HRP Myrtle Beach Operations LLC (B+/B2)(a)(b)
	1,750,000		9.894			04/01/12		1,750,000
Universal City Development Partners (B-/B1)
	8,750,000		11.750			04/01/10		9,143,750
Universal City Florida Holding Co. (B-/B3)
	1,125,000		8.375			05/01/10		1,147,500
Warner Music Group (B/B2)
	5,625,000		7.375			04/15/14		4,978,125
WMG Holdings Corp. (B/B2)(e)
	4,550,000		9.500			12/15/14		3,332,875
								30,174,750
Environmental – 1.0%
Allied Waste North America, Inc. (BB+/B1)
	2,000,000		6.500			11/15/10		2,030,000
	3,875,000		6.375			04/15/11		3,875,000
	4,000,000		7.875			04/15/13		4,160,000
	3,000,000		6.125			02/15/14		2,913,750
	8,250,000		7.250			03/15/15		8,394,375
Allied Waste North America, Inc. Series B (BB+/B1)
	3,305,000		7.125			05/15/16		3,338,050
	4,500,000		6.875			06/01/17		4,432,500
Waste Services (CCC+/Caa1)
	5,000,000		9.500			04/15/14		5,087,500
WCA Waste Corp. (B-/B3)
	2,000,000		9.250			06/15/14		2,065,000
								36,296,175
Finance – 1.5%
ETrade Financial Corp. (BB-/Ba2)
	4,000,000		7.375			09/15/13		3,640,000
General Motors Acceptance Corp. (BB+/Ba2)
	EUR1,500,000		4.750			09/14/09		2,008,830
$	3,000,000		7.250			03/02/11		2,804,798
	21,160,000		6.875			09/15/11		19,591,569
	6,000,000		6.750			12/01/14		5,273,232
	13,785,000		8.000			11/01/31		12,751,125
GMAC Canada Ltd. (BB+/Ba2)
	GBP500,000		6.625			12/17/10		935,685
NCO Group, Inc. (B-/Caa1)
$	7,250,000		11.875			11/15/14		7,168,437
Nuveen Investments, Inc. (B-/B3)(b)
	1,500,000		10.500			11/15/15		1,500,000
								55,673,676
Finance Insurance – 0.2%
HUB International Holdings, Inc. (CCC+/B3)(b)
$	6,000,000		9.000			12/15/14		5,835,000
Food – 1.4%
Dean Foods Co. (B/B1)
	7,000,000		7.000			06/01/16		6,545,000
Dole Food Co. (B-/Caa1)
	4,513,000		8.625			05/01/09		4,513,000
	2,000,000		7.250			06/15/10		1,900,000
	3,000,000		8.875			03/15/11		2,925,000
Foodcorp Ltd. (B+/B2)
	EUR4,750,000		8.875			06/15/12		7,018,220
Michael Foods, Inc. (B-/B3)
$	4,500,000		8.000			11/15/13		4,500,000
Pinnacle Foods Finance LLC (CCC/Caa2)(b)
	15,500,000		9.250			04/01/15		14,763,750
	10,750,000		10.625			04/01/17		10,051,250
								52,216,220

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

33

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Gaming – 6.5%
Boyd Gaming Corp. (B+/Ba3)
$	3,000,000		6.750	%		04/15/14	$	2,921,250
	1,000,000		7.125			02/01/16		975,000
Buffalo Thunder Development Authority (B/B2)(b)
	2,500,000		9.375			12/15/14		2,337,500
Caesars Entertainment, Inc. (BB/Baa3)
	1,500,000		7.500			09/01/09		1,545,000
CCM Merger, Inc. (CCC+/B3)(b)
	3,500,000		8.000			08/01/13		3,342,500
Chukchansi Economic Development Authority (BB-/B2)(b)
	4,000,000		8.000			11/15/13		4,020,000
Circus & Eldorado (B/B2)
	3,500,000		10.125			03/01/12		3,640,000
Cirsa Capital Luxembourg SA (B-/B3)
	EUR1,750,000		7.875			07/15/12		2,420,888
Cirsa Finance Luxembourg SA (B/B2)
	6,250,000		8.750			05/15/14		8,917,630
Codere Finance Luxembourg SA (B/B2)
	15,000,000		8.250			06/15/15		22,054,158
Galaxy Entertainment Finance Co. Ltd. (B+/B1)(b)
$	1,250,000		9.875			12/15/12		1,331,250
Greektown Holdings LLC (CCC+/Caa1)(b)
	1,500,000		10.750			12/01/13		1,488,750
Harrah’s Operating Co., Inc. (BB/Baa3)
	8,125,000		5.625			06/01/15		6,296,875
	8,000,000		6.500			06/01/16		6,340,000
Herbst Gaming, Inc. (B-/B3)
	2,000,000		8.125			06/01/12		1,780,000
Indianapolis Downs LLC & Capital Corp. (B/B3)(b)
	2,250,000		11.000			11/01/12		2,272,500
Isle of Capri Casinos, Inc. (B/B3)
	3,250,000		7.000			03/01/14		2,884,375
Mandalay Resort Group (B+/B1)
	2,000,000		9.375			02/15/10		2,100,000
MGM Mirage, Inc. (B+/B1)
	5,125,000		8.375			02/01/11		5,368,437
MGM Mirage, Inc. (BB/Ba2)
	2,000,000		8.500			09/15/10		2,095,000
	750,000		6.750			09/01/12		739,688
	5,750,000		6.750			04/01/13		5,606,250
	2,000,000		5.875			02/27/14		1,860,000
	20,000,000		6.625			07/15/15		18,900,000
	8,000,000		7.500			06/01/16		7,990,000
	1,750,000		7.625			01/15/17		1,758,750
Mirage Resorts, Inc. (BB/Ba2)
	3,125,000		7.250			08/01/17		3,031,250
Mohegan Tribal Gaming Authority (B/Ba2)
	3,000,000		8.000			04/01/12		3,071,250
	1,305,000		7.125			08/15/14		1,291,950
MTR Gaming Group, Inc. (B/B2)
	3,000,000		9.750			04/01/10		3,086,250
Park Place Entertainment Corp. (B+/Ba1)
	5,000,000		7.875			03/15/10		5,175,000
	2,500,000		8.125			05/15/11		2,543,750
Peermont Global Ltd. (B/B3)
	EUR10,750,000		7.750			04/30/14		14,949,026
Penn National Gaming, Inc. (B+/B1)
$	3,000,000		6.750			03/01/15		3,060,000
Pinnacle Entertainment, Inc. (B-/B3)
	4,500,000		8.250			03/15/12		4,640,625
	1,500,000		8.750			10/01/13		1,573,125
	6,000,000		7.500	(b)		06/15/15		5,805,000
Pokagon Gaming Authority (B/B3)(b)
	2,000,000		10.375			06/15/14		2,215,000
River Rock Entertainment (B+/B2)
	2,500,000		9.750			11/01/11		2,600,000
San Pasqual Casino (B+/B2)(b)
	2,375,000		8.000			09/15/13		2,363,125
Seneca Gaming Corp. (BB/Ba2)
	550,000		7.250			05/01/12		550,000
Shingle Springs Tribal Gaming Authority (B/B3)(b)
	7,250,000		9.375			06/15/15		7,358,750
Snoqualmie Entertainment Authority (B/B3)(b)
	5,000,000		9.125			02/01/15		4,912,500
Station Casinos, Inc. (B/Ba3)
	12,500,000		6.500			02/01/14		10,500,000
	17,600,000		6.875			03/01/16		14,608,000
Station Casinos, Inc. (B+/Ba2)
	2,000,000		6.000			04/01/12		1,875,000
	1,000,000		7.750			08/15/16		981,250
Turning Stone Casino Resort Enterprise (B+/B1)(b)
	2,950,000		9.125			09/15/14		3,038,500
Wimar Opco LLC/Wimar Opco Finance Corp. (CCC+/Caa1)(b)
	7,250,000		9.625			12/15/14		5,437,500
Wynn Las Vegas LLC (BBB-/Ba2)
	13,750,000		6.625			12/01/14		13,526,562
								239,179,214
Health Care – Medical Products – 2.0%
Accellent, Inc. (CCC+/Caa2)
	9,000,000		10.500			12/01/13		8,460,000
Advanced Medical Optics, Inc. (B-/B2)
	4,780,000		7.500			05/01/17		4,517,100
Bausch & Lomb, Inc. (B-/Caa1)(b)
	8,000,000		9.875			11/01/15		8,250,000
Fisher Scientific International, Inc. (BBB/Baa3)
	2,250,000		6.125			07/01/15		2,237,068
Fresenius (BB-/Ba3)(b)
	6,625,000		6.875			07/15/17		6,673,299
PTS Acquisition Corp. (B-/Caa1)(b)(d)
	19,000,000		9.500			04/15/15		18,430,000
PTS Acquisition Corp. (B-/Caa1)
	EUR2,125,000		9.750			04/15/17		2,939,649
The Cooper Companies, Inc. (BB-/Ba3)
$	1,250,000		7.125			02/15/15		1,253,125
Varietal Distribution (CCC+/Caa1)(b)(d)
	19,500,000		10.250			07/15/15		18,915,000
								71,675,241

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

34

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Health Care – Pharmaceutical – 0.5%
Angiotech Pharmaceuticals, Inc. (CCC/Caa1)
$	5,000,000		7.750	%		04/01/14	$	4,237,500
Elan Finance PLC/Elan Finance Corp. (B/B3)
	6,000,000		7.750			11/15/11		5,925,000
	1,500,000		8.875			12/01/13		1,513,125
Warner Chilcott Corp. (B-/B3)
	5,731,000		8.750			02/01/15		5,917,258
								17,592,883
Health Care – Services – 3.7%
Alliance Imaging, Inc. (B-/B3)
	4,000,000		7.250			12/15/12		3,860,000
Community Health Systems, Inc. (B-/B3)(b)
	18,000,000		8.875			07/15/15		18,247,500
CRC Health Corp. (CCC+/Caa1)
	2,625,000		10.750			02/01/16		2,798,906
DaVita, Inc. (B/B2)
	5,250,000		7.250			03/15/15		5,309,062
HCA, Inc. (B-/Caa1)
	2,065,000		6.950			05/01/12		1,917,869
	925,000		6.300			10/01/12		830,188
	12,000,000		6.250			02/15/13		10,560,000
	5,170,000		6.750			07/15/13		4,614,225
	8,750,000		6.375			01/15/15		7,437,500
	4,000,000		6.500			02/15/16		3,415,000
HCA, Inc. (BB-/B2)
	2,500,000		9.125			11/15/14		2,593,750
	11,225,000		9.250			11/15/16		11,814,312
	12,250,000		9.625	(d)		11/15/16		12,893,125
Psychiatric Solutions, Inc. (B-/B3)
	2,220,000		7.750			07/15/15		2,258,850
Select Medical Corp. (CCC+/B3)
	6,250,000		7.625			02/01/15		5,578,125
Senior Housing Properties Trust (BB+/Ba2)
	1,950,000		7.875			04/15/15		2,013,375
Tenet Healthcare Corp. (CCC+/Caa1)
	2,500,000		6.375			12/01/11		2,187,500
	3,500,000		6.500			06/01/12		2,983,750
	9,250,000		7.375			02/01/13		7,885,625
	3,520,000		9.875			07/01/14		3,203,200
	2,000,000		9.250			02/01/15		1,770,000
U.S. Oncology, Inc. (CCC+/B2)
	5,175,000		9.000			08/15/12		5,200,875
U.S. Oncology, Inc. (CCC+/B3)
	1,875,000		10.750			08/15/14		1,950,000
United Surgical Partners International, Inc. (CCC+/Caa1)
	5,000,000		8.875			05/01/17		5,100,000
Universal Hospital Services, Inc. (B+/B3)(b)(d)
	1,750,000		8.500			06/01/15		1,763,125
Vanguard Health Holding Co. I (CCC+/Caa1)(e)
	3,500,000		11.250			10/01/15		2,730,000
Vanguard Health Holding Co. II (CCC+/Caa1)
	4,000,000		9.000			10/01/14		3,900,000
Ventas Realty LP (BB+/Ba1)
	2,000,000		9.000			05/01/12		2,180,000
								136,995,862
Home Construction – 0.4%
K. Hovnanian Enterprises, Inc. (BB-/Ba3)
	1,500,000		6.250			01/15/15		1,158,750
	3,450,000		7.500			05/15/16		2,725,500
	4,000,000		8.625			01/15/17		3,340,000
KB Home (BB+/Ba1)
	2,750,000		6.375			08/15/11		2,571,250
	1,500,000		7.250			06/15/18		1,387,500
Kimball Hill, Inc. (B-/Caa1)
	2,250,000		10.500			12/15/12		1,440,000
Meritage Homes Corp. (BB/Ba3)
	4,750,000		6.250			03/15/15		3,728,750
								16,351,750
Lodging – 0.4%
Gaylord Entertainment Co. (B-/B3)
	3,325,000		8.000			11/15/13		3,374,875
Host Hotels & Resorts LP (BB)
	3,000,000		6.875			11/01/14		3,030,000
Host Marriott LP (BB/Ba1)
	5,750,000		7.125			11/01/13		5,821,875
	3,125,000		6.375			03/15/15		3,078,125
								15,304,875
Machinery – 0.2%
Case New Holland, Inc. (BB+/Ba3)
	3,000,000		7.125			03/01/14		3,105,000
Douglas Dynamics LLC (B-/B3)(b)
	750,000		7.750			01/15/12		678,750
Dresser-Rand Group, Inc. (B/B1)
	4,344,000		7.375			11/01/14		4,365,720
								8,149,470
Media – 0.8%
DIRECTV Holdings LLC (BB-/Ba3)
	4,500,000		8.375			03/15/13		4,702,500
	1,500,000		6.375			06/15/15		1,445,625
EchoStar DBS Corp. (BB-/Ba3)
	5,500,000		6.375			10/01/11		5,555,000
	4,250,000		7.000			10/01/13		4,425,313
	5,150,000		7.125			02/01/16		5,375,312
Lamar Media Corp. (B/Ba3)(b)
	3,000,000		7.250			01/01/13		2,957,500
	4,500,000		6.625			08/15/15		4,297,500
								28,758,750
Media – Broadcasting & Radio – 2.1%
Bonten Media Acquisition Co. (CCC+/Caa1)(b)(d)
$	3,500,000		9.000			06/01/15		3,220,000
Chancellor Media (CCU) (B+/Baa3)
	3,000,000		8.000			11/01/08		3,067,500

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

35

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Media – Broadcasting & Radio – (continued)
Clear Channel Communications, Inc. (B+/Baa3)
$	2,500,000		6.250	%		03/15/11	$	2,300,000
	5,250,000		5.750			01/15/13		4,462,500
	9,000,000		5.500			09/15/14		7,132,500
	5,500,000		5.500			12/15/16		4,262,500
CMP Susquehanna Corp. (CCC/Caa1)
	6,750,000		9.875			05/15/14		6,243,750
Liberty Media LLC (BB+/Ba2)
	2,120,000		8.250			02/01/30		2,084,002
LIN Television Corp. (B-/B1)
	6,500,000		6.500			05/15/13		6,305,000
Local TV Finance LLC (CCC+/Caa1)(b)(d)
	5,000,000		9.250			06/15/15		4,775,000
Radio One, Inc. (CCC+/B1)
	2,250,000		6.375			02/15/13		1,980,000
Sinclair Broadcast Group, Inc. (B/Ba3)
	836,000		8.000			03/15/12		860,035
Univision Communications, Inc. (CCC+/B3)(b)(d)
	29,500,000		9.750			03/15/15		28,762,500
								75,455,287
Media – Cable – 3.4%
Adelphia Communications Corp.(f)
	2,000,000		10.250			06/15/49		352,500
Atlantic Broadband Finance LLC (CCC+/Caa1)
	3,250,000		9.375			01/15/14		3,193,125
Cablevision Systems Corp. (B+/B3)
	7,875,000		8.000			04/15/12		7,668,281
CCH I Holdings LLC (CCC/Caa2)
	13,585,000		11.000			10/01/15		13,177,450
CCH I Holdings LLC (CCC/Caa3)
	3,250,000		9.920			04/01/14		2,665,000
	5,500,000		11.750	(e)		05/15/14		4,812,500
Charter Communications Holdings II (CCC/Caa1)
	7,125,000		10.250			09/15/10		7,267,500
Charter Communications Operating LLC/Capital (B+/B2)(b)
	580,000		8.375			04/30/14		577,100
CSC Holdings, Inc. (B+/B2)
	8,250,000		8.125			07/15/09		8,404,687
	1,250,000		8.125			08/15/09		1,273,438
	2,000,000		7.625			04/01/11		1,990,000
	3,750,000		6.750			04/15/12		3,628,125
Frontier Vision(f)
	2,000,000		11.000			10/15/49		—
Kabel Deutschland GmbH (B-/B2)
	5,750,000		10.625			07/01/14		6,260,313
Mediacom LLC (B/B3)
	3,560,000		9.500			01/15/13		3,560,000
Ono Finance II (CCC+/B3)
	EUR11,500,000		8.000			05/16/14		15,825,398
Ono Finance PLC (CCC+/B3)
	4,250,000		10.500			05/15/14		6,518,018
Rainbow National Services LLC (B+/B2)(b)
$	200,000		8.750			09/01/12		208,000
Rainbow National Services LLC (B+/B3)(b)
	1,909,000		10.375			09/01/14		2,099,900
UPC Holding BV (CCC+/B3)
	EUR4,250,000		7.750			01/15/14		6,156,333
	9,500,000		8.625			01/15/14		14,105,246
	6,000,000		8.000			11/01/16		8,647,837
Virgin Media Finance PLC (B-/B2)
	GBP2,250,000		9.750			04/15/14		4,701,818
								123,092,569
Media – Diversified – 0.5%
CanWest MediaWorks, Inc. (CCC+/B3)
$	4,500,000		8.000			09/15/12		4,381,875
Quebecor Media, Inc. (B/B2)
	6,035,000		7.750	(b)		03/15/16		5,944,475
Rogers Wireless Communications, Inc. (BB+/Ba1)
	5,000,000		8.000			12/15/12		5,281,250
Rogers Wireless Communications, Inc. (BBB-/Baa3)
	2,000,000		7.500			03/15/15		2,160,000
Videotron Ltee (B+/Ba1)
	375,000		6.875			01/15/14		374,063
								18,141,663
Metals – 1.5%
AK Steel Corp. (B+/B1)
	8,000,000		7.750			06/15/12		8,160,000
Aleris International, Inc. (B-/B3)(d)
	8,750,000		9.000			12/15/14		7,853,125
Aleris International, Inc. (B-/Caa1)
	16,250,000		10.000			12/15/16		14,137,500
Freeport-McMoRan Copper & Gold, Inc. (BB/Ba3)
	125,000		8.250			04/01/15		135,312
	1,565,000		8.375			04/01/17		1,713,675
GrafTech Finance, Inc. (B/B2)
	3,674,000		10.250			02/15/12		3,839,330
Novelis, Inc. (B/B3)
	12,675,000		7.250			02/15/15		12,168,000
Steel Dynamics, Inc. (BB+/Ba2)(b)
	6,500,000		7.375			11/01/12		6,483,750
								54,490,692
Packaging – 4.2%
Ball Corp. (BB/Ba1)
	50,000		6.875			12/15/12		50,875
Berry Plastics Holding Corp. (B/B3)
	9,865,000		8.875			09/15/14		10,111,625
Berry Plastics Holding Corp. (CCC+/Caa2)
	8,000,000		10.250			03/01/16		7,680,000
Beverage Packaging Holdings II SA/Luxembourg (B+/B2)
	EUR5,500,000		8.000			12/15/16		7,728,009
Beverage Packaging Holdings II SA/Luxembourg (B-/B3)
	14,500,000		9.500			06/15/17		19,691,213
Consol Speciality Glass Ltd. (BB-/B1)
	4,250,000		7.625			04/15/14		6,063,988
Crown Americas LLC (B/B1)
$	8,445,000		7.750			11/15/15		8,698,350
Gerresheimer Holdings GMBH (B+/B2)
	EUR4,650,000		7.875			03/01/15		6,996,763

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

36

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Packaging – (continued)
Graham Packaging Co., Inc. (CCC+/Caa1)
$	20,875,000		9.875	%		10/15/14	$	20,666,250
Graphic Packaging International, Inc. (B-/B3)
	13,000,000		9.500			08/15/13		13,617,500
Impress Holdings BV (B-/B3)
	EUR13,500,000		9.250			09/15/14		20,728,736
Impress Holdings BV (BB-/Ba3)(a)
	1,000,000		7.857			09/15/13		1,459,413
Owens Brockway Glass Container (B/B3)
$	2,500,000		8.250			05/15/13		2,612,500
	1,000,000		6.750			12/01/14		1,002,500
Owens Brockway Glass Container (BB/Ba2)
	7,032,000		8.875			02/15/09		7,093,530
Plastipak Holdings, Inc. (B/B3)(b)
	1,165,000		8.500			12/15/15		1,191,213
Pliant Corp. (CCC/Caa1)
	2,375,000		11.125			09/01/09		2,060,312
Pregis Corp. (CCC+/Caa1)
	6,750,000		12.375			10/15/13		7,357,500
Stichting Participatie Impress Cooperatieve UA(d)
	EUR891,756		17.000			09/29/49		1,401,551
Tekni-Plex, Inc. (C/Caa1)
$	4,500,000		8.750			11/15/13		4,185,000
Tekni-Plex, Inc. (CCC-/B1)
	2,500,000		10.875			08/15/12		2,706,250
								153,103,078
Paper – 2.3%
Ainsworth Lumber Co. Ltd. (CCC+/B2)
	4,000,000		7.250			10/01/12		2,680,000
	2,500,000		6.750			03/15/14		1,581,250
Boise Cascade LLC (B+/B2)
	6,000,000		7.125			10/15/14		5,910,000
Catalyst Paper Corp. (B/B2)
	3,000,000		8.625			06/15/11		2,377,500
	1,500,000		7.375			03/01/14		1,098,750
Georgia-Pacific Corp. (B/B2)
	8,500,000		8.125			05/15/11		8,670,000
	1,000,000		9.500			12/01/11		1,055,000
	1,500,000		7.700			06/15/15		1,477,500
	1,250,000		8.000			01/15/24		1,228,125
	2,750,000		7.750			11/15/29		2,626,250
Georgia-Pacific Corp. (B/Ba3)(b)
	7,500,000		7.000			01/15/15		7,368,750
	8,125,000		7.125			01/15/17		7,962,500
Jefferson Smurfit Corp. (B-/B3)
	6,000,000		8.250			10/01/12		6,000,000
	1,750,000		7.500			06/01/13		1,710,625
JSG Funding PLC (B/B2)
	2,250,000		7.750			04/01/15		2,216,250
NewPage Corp. (B/B2)
	5,500,000		10.000			05/01/12		5,816,250
Smurfit Kappa Funding PLC (B/B2)
	EUR3,000,000		7.750			04/01/15		4,334,783
Smurfit-Stone Container Enterprises, Inc. (B-/B3)
$	8,500,000		8.000			03/15/17		8,446,875
Stone Container Finance (B-/B3)
	2,250,000		7.375			07/15/14		2,176,875
Verso Paper Holdings LLC, Inc. (B+/B2)
	4,750,000		9.125			08/01/14		4,904,375
Verso Paper Holdings LLC, Inc. (CCC+/B3)
	5,000,000		11.375			08/01/16		5,300,000
								84,941,658
Printing – 0.2%
SGS International, Inc. (B-/B3)
	4,750,000		12.000			12/15/13		4,999,375
Valassis Communications, Inc. (B-/B3)
	4,500,000		8.250			03/01/15		3,791,250
								8,790,625
Publishing – 4.3%
Dex Media East LLC (B/B1)
	3,087,000		12.125			11/15/12		3,274,165
Dex Media West Finance Co. (B/Ba3)
	300,000		8.500			08/15/10		309,375
Dex Media West LLC (B/B1)
	6,744,000		9.875			08/15/13		7,190,790
Dex Media, Inc. (B/B2)
	1,250,000		8.000			11/15/13		1,260,938
	12,750,000		9.000	(e)		11/15/13		12,128,438
Idearc, Inc. (B+/B2)
	13,395,000		8.000			11/15/16		13,428,487
Lighthouse International Co. SA (B/B2)
	EUR10,000,000		8.000			04/30/14		15,010,589
Morris Publishing Group LLC (B/B1)
$	3,250,000		7.000			08/01/13		2,494,375
Nielsen Finance LLC Co. (CCC+/Caa1)
	16,500,000		10.000			08/01/14		17,407,500
	20,000,000		12.500	(e)		08/01/16		14,500,000
RH Donnelley Corp. (B/B3)
	7,000,000		6.875			01/15/13		6,580,000
	11,000,000		8.875			01/15/16		11,000,000
The Nielsen Co. (CCC+/Caa1)(e)
	EUR7,000,000		11.125			08/01/16		6,692,296
TL Acquisitions, Inc. (CCC+/Caa1)(b)
	19,000,000		10.500			01/15/15		18,905,000
Truvo Subsidiary Corp. (CCC+/Caa1)
	EUR20,000,000		8.500			12/01/14		29,468,918
								159,650,871
Real Estate(b) – 0.6%
Castle HoldCo Ltd. (B/B2)(a)
	GBP2,000,000		9.264			05/15/14		3,326,881
Castle HoldCo Ltd. (CCC+/Caa1)
$	2,500,000		9.875			05/15/15		3,274,898
Fontainebleau Las Vegas Holdings Corp. LLC (CCC+/Caa1)
	5,000,000		10.250			06/15/15		4,662,500
Realogy Corp. (CCC+/Caa1)
	7,000,000		10.500			04/15/14		5,810,000
	2,750,000		11.000	(d)		04/15/14		2,241,250

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

37

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Real Estate(b) – (continued)
Realogy Corp. (CCC+/Caa2)
$	5,250,000		12.375	%		04/15/15	$	3,845,625
								23,161,154
Restaurants – 0.6%
Landry’s Restaurants, Inc. (CCC+/B3)(c)
	11,150,000		9.500			12/15/14		11,177,875
OSI Restaurant Partners, Inc. (CCC+/Caa1)(b)
	8,750,000		10.000			06/15/15		7,514,062
Seminole Hard Rock Entertainment, Inc. (BB/B1)(a)(b)
	3,325,000		8.194			03/15/14		3,258,500
								21,950,437
Retailers – 1.7%
AutoNation, Inc. (BB+/Ba2)
	745,000		7.000			04/15/14		720,788
Burlington Coat Factory Warehouse Corp. (CCC+/B3)
	2,750,000		11.125			04/15/14		2,502,500
Claire’s Stores, Inc. (CCC+/Caa1)(b)
	2,000,000		9.250			06/01/15		1,700,000
	3,000,000		9.625	(d)		06/01/15		2,445,000
Claire’s Stores, Inc. (CCC+/Caa2)(b)
	3,750,000		10.500			06/01/17		2,831,250
Edcon Proprietary Ltd. (BB-/B2)(a)
	EUR10,500,000		7.980			06/15/14		14,145,131
Michaels Stores, Inc. (CCC/B2)
$	8,750,000		10.000			11/01/14		8,837,500
Michaels Stores, Inc. (CCC/Caa1)
	11,250,000		11.375			11/01/16		11,193,750
Neiman-Marcus Group, Inc. (B/B2)(d)
	5,935,000		9.000			10/15/15		6,291,100
Neiman-Marcus Group, Inc. (B/B3)
	12,000,000		10.375			10/15/15		13,050,000
								63,717,019
Retailers – Food & Drug – 0.7%
Ahold Lease USA, Inc. (BBB-/Baa3)(e)
	890,955		7.820			01/02/20		943,298
	2,000,000		8.620			01/02/25		2,250,000
Ingles Markets, Inc. (B/B3)
	4,615,000		8.875			12/01/11		4,759,219
Rite Aid Corp. (BB-/B3)
	4,500,000		7.500			03/01/17		4,196,250
Rite Aid Corp. (CCC+/Caa1)(b)
	3,625,000		9.375			12/15/15		3,316,875
	7,000,000		9.500			06/15/17		6,405,000
Supervalu, Inc. (B/B1)
	5,000,000		7.500			11/15/14		5,168,750
								27,039,392
Services Cyclical – Business Services – 1.4%
ACCO Brands Corp. (B/B2)
	7,500,000		7.625			08/15/15		7,125,000
Carlson Wagonlit BV (B-/B2)(a)
	EUR3,000,000		10.002			05/01/15		4,519,473
Cornell Co., Inc. (B-/B2)
$	1,500,000		10.750			07/01/12		1,601,250
Corrections Corp. of America (BB/Ba2)
	2,000,000		7.500			05/01/11		2,035,000
	625,000		6.750			01/31/14		629,687
Iron Mountain, Inc. (B/B3)
	4,000,000		8.625			04/01/13		4,060,000
	1,500,000		6.625			01/01/16		1,425,000
Savcio Holdings Ltd. (B+/B2)
	EUR2,000,000		8.000			02/15/13		2,926,069
West Corp. (B-/Caa1)
$	10,000,000		9.500			10/15/14		10,300,000
	15,000,000		11.000			10/15/16		15,787,500
								50,408,979
Services Cyclical – Consumer Services – 0.1%
Service Corp. International (BB-/B1)
	960,000		6.750			04/01/16		933,600
	2,000,000		7.000			06/15/17		1,965,000
								2,898,600
Services Cyclical – Rental Equipment – 1.7%
Ahern Rentals, Inc. (B+/B3)
	3,000,000		9.250			08/15/13		2,857,500
Ashtead Capital, Inc. (B/B1)(b)
	3,000,000		9.000			08/15/16		2,925,000
Ashtead Holdings PLC (B/B1)(b)
	2,000,000		8.625			08/01/15		1,945,000
Avis Budget Car Rental (BB-/Ba3)
	955,000		7.625			05/15/14		940,675
Hertz Corp. (B/B1)
	11,475,000		8.875			01/01/14		11,847,937
Hertz Corp. (B/B2)
	10,000,000		10.500			01/01/16		10,800,000
Neff Corp. (B-/Caa2)
	3,500,000		10.000			06/01/15		2,524,375
RSC Equipment Rental, Inc. (B-/Caa1)
	15,320,000		9.500			12/01/14		14,707,200
United Rentals North America, Inc. (B/B3)
	7,000,000		7.750			11/15/13		7,483,140
	5,750,000		7.000			02/15/14		6,119,725
United Rentals North America, Inc. (B+/B1)
	425,000		6.500			02/15/12		440,653
								62,591,205
Technology – Hardware – 2.7%
Avago Technologies (CCC+/Caa1)
	6,250,000		11.875			12/01/15		7,046,875
Avago Technologies Finance Corp. (B/B2)
	10,750,000		10.125			12/01/13		11,610,000
Freescale Semiconductor, Inc. (B/B1)
	4,750,000		8.875			12/15/14		4,512,500
	13,575,000		9.125	(d)		12/15/14		12,319,312
Freescale Semiconductor, Inc. (B/B2)
	12,500,000		10.125			12/15/16		11,312,500

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

38

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Technology – Hardware – (continued)
Lucent Technologies, Inc. (B+/Ba2)
$	4,000,000		5.500	%		11/15/08	$	3,940,000
	11,000,000		6.450			03/15/29		9,240,000
Nortel Networks Corp. (B-/B3)
	750,000		4.250			09/01/08		736,544
Nortel Networks Ltd. (B-/B3)(b)
	4,375,000		10.125			07/15/13		4,473,438
	2,000,000		10.750			07/15/16		2,085,000
NXP BV / NXP Funding LLC (B/B3)
	EUR2,125,000		8.625			10/15/15		2,751,111
$	10,005,000		9.500			10/15/15		9,454,725
NXP BV / NXP Funding LLC (BB/Ba3)
	400,000		7.993	(a)		10/15/13		378,000
	4,437,000		7.875			10/15/14		4,326,075
Spansion, Inc. (B/Caa1)(b)
	8,625,000		11.250			01/15/16		8,301,562
Xerox Corp. (BBB-/Baa3)
	EUR2,000,000		9.750			01/15/09		3,041,953
$	2,250,000		9.750			01/15/09		2,367,522
	2,000,000		7.625			06/15/13		2,082,422
								99,979,539
Technology – Software/Services – 2.6%
First Data Corp. (B-/B3)(b)
	14,750,000		9.875			09/24/15		14,049,375
Sabre Holdings Corp. (B-/Caa1)
	10,000,000		8.350			03/15/16		9,100,000
Serena Software, Inc. (CCC+/Caa1)
	4,000,000		10.375			03/15/16		4,170,000
Sungard Data Systems, Inc. (B-/Caa1)
	13,615,000		9.125			08/15/13		13,989,412
	25,000,000		10.250			08/15/15		26,250,000
Travelport, Inc. (CCC+/B3)
	14,125,000		9.875			09/01/14		14,531,094
Travelport, Inc. (CCC+/Caa1)
	10,750,000		11.875			09/01/16		11,610,000
								93,699,881
Telecommunications – 1.8%
Citizens Communications Co. (BB+/Ba2)
	7,125,000		9.250			05/15/11		7,792,969
	755,000		9.000			08/15/31		778,594
Level 3 Financing, Inc. (CCC+/B3)
	10,740,000		9.250			11/01/14		10,203,000
Nordic Telephone Co. Holdings (B/B2)
	EUR8,250,000		8.250			05/01/16		12,727,314
$	8,750,000		8.875	(b)		05/01/16		9,154,687
Qwest Capital Funding, Inc. (B+/B1)
	750,000		7.000			08/03/09		752,813
	6,750,000		7.900			08/15/10		6,834,375
Qwest Communications International, Inc. (B+/Ba3)
	2,000,000		7.500			02/15/14		2,030,000
Qwest Corp. (BBB-/Ba1)
	4,000,000		8.875			03/15/12		4,375,000
	1,450,000		7.500			10/01/14		1,513,437
Windstream Corp. (BB-/Ba3)
	6,040,000		8.625			08/01/16		6,470,350
	2,200,000		7.000			03/15/19		2,178,000
								64,810,539
Telecommunications – Cellular – 3.2%
Alamosa Delaware, Inc. (BBB/Baa3)
	1,500,000		8.500			01/31/12		1,561,225
American Cellular Corp. (CCC/B3)
	1,088,000		10.000			08/01/11		1,142,400
American Tower Corp. (BB+/Ba1)
	5,000,000		7.125			10/15/12		5,162,500
	2,750,000		7.000	(b)		10/15/17		2,811,875
Centennial Cellular Communications (CCC+/B2)
	1,500,000		10.125			06/15/13		1,597,500
Digicel Group Ltd. (Caa2)(b)
	8,750,000		8.875			01/15/15		8,093,750
	5,448,000		9.125	(d)		01/15/15		5,161,980
Digicel Group Ltd. (B3)(b)
	3,000,000		9.250			09/01/12		3,112,500
Dobson Cellular Systems, Inc. (B+/Ba2)
	1,050,000		8.375			11/01/11		1,113,000
Dobson Cellular Systems, Inc. (B-/B1)
	245,000		9.875			11/01/12		265,519
Dobson Communications Corp. (CCC/Caa1)
	2,350,000		8.875			10/01/13		2,496,875
Hellas Telecommunications III (CCC+/B3)
	EUR7,125,000		8.500			10/15/13		10,682,144
Hellas Telecommunications Luxembourg II (CCC+/Caa1)(a)
	8,250,000		10.732			01/15/15		11,711,519
Nextel Communications, Inc. (BBB/Baa3)
$	3,000,000		5.950			03/15/14		2,871,439
	14,000,000		7.375			08/01/15		14,051,711
Orascom Telecom Finance SCA (B-/B2)(b)
	14,500,000		7.875			02/08/14		13,847,500
Rural Cellular Corp. (CCC/B3)
	4,000,000		9.875			02/01/10		4,185,000
Wind Acquisition Finance SA (B-/B2)
	EUR6,500,000		9.750			12/01/15		10,310,047
$	16,750,000		10.750	(b)		12/01/15		18,592,500
								118,770,984
Telecommunications – Satellites – 1.3%
Inmarsat Finance II PLC (B+/B1)(e)
	6,000,000		10.375			11/15/12		5,820,000
Inmarsat Finance PLC (B+/Ba3)
	1,232,000		7.625			06/30/12		1,268,960
Intelsat Bermuda Ltd. (B/B2)
	2,750,000		9.250			06/15/16		2,842,813
Intelsat Bermuda Ltd. (B-/Caa1)
	2,400,000		11.409	(a)		06/15/13		2,517,000
	1,000,000		6.500			11/01/13		787,500
	5,000,000		11.250			06/15/16		5,387,500
Intelsat Corp. (B-/B2)
	1,500,000		9.000			06/15/16		1,533,750

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

39

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Telecommunications – Satellites – (continued)
Intelsat Ltd. (B-/B3)(e)
$	8,665,000		9.250	%		02/01/15	$	7,126,962
Intelsat Ltd. (B-/Caa1)
	9,000,000		7.625			04/15/12		7,830,000
Intelsat Subsidiary Holding Co. Ltd. (B/B2)
	4,375,000		8.250			01/15/13		4,407,812
	2,500,000		8.625			01/15/15		2,550,000
PanAmSat Corp. (B-/B2)
	5,258,000		9.000			08/15/14		5,376,305
								47,448,602
Textiles & Apparel – 0.5%
Oxford Industries, Inc. (B/B1)
	3,500,000		8.875			06/01/11		3,517,500
Perry Ellis International, Inc. (B-/B3)
	1,225,000		8.875			09/15/13		1,228,063
Phillips-Van Heusen Co. (BB+/Ba3)
	210,000		7.250			02/15/11		210,000
	325,000		8.125			05/01/13		333,125
Propex Fabrics, Inc. (CCC/Caa2)
	2,500,000		10.000			12/01/12		1,912,500
Quiksilver, Inc. (B+/Ba3)
	8,500,000		6.875			04/15/15		7,915,625
Warnaco, Inc. (BB-/B1)
	2,000,000		8.875			06/15/13		2,080,000
								17,196,813
Tobacco – 0.2%
Alliance One International, Inc. (B/B2)
	1,500,000		8.500			05/15/12		1,507,500
	6,000,000		11.000			05/15/12		6,465,000
								7,972,500
Transportation – 0.1%
Stena AB (BB-/Ba3)
	1,000,000		7.500			11/01/13		997,500
	EUR3,000,000		6.125			02/01/17		3,932,811
								4,930,311
Utilities – Distribution – 0.7%
AmeriGas Partners L.P. (B1)
$	2,275,000		7.250			05/20/15		2,246,562
AmeriGas Partners LP/AmeriGas Eagle Finance Corp. (B1)
	6,130,000		7.125			05/20/16		5,976,750
Ferrellgas Finance LP (B+/Ba3)
	438,000		6.750			05/01/14		431,430
Inergy LP/Inergy Finance Corp. (B/B1)
	3,550,000		6.875			12/15/14		3,479,000
	3,000,000		8.250			03/01/16		3,135,000
Sabine Pass LNG LP (BB/Ba3)
	300,000		7.250			11/30/13		294,000
	6,000,000		7.500			11/30/16		5,865,000
Suburban Propane Partners LP (B-/B1)
	4,170,000		6.875			12/15/13		4,065,750
								25,493,492
Utilities – Electric – 3.7%
AES Corp. (B/B1)
	5,250,000		9.500			06/01/09		5,479,688
	5,250,000		9.375			09/15/10		5,565,000
	4,000,000		7.750			10/15/15		4,020,000
	4,000,000		8.000			10/15/17		4,025,000
Allegheny Energy Supply Co. LLC (BB+/Ba1)(b)
	5,000,000		8.250			04/15/12		5,425,000
Calpine Corp.(D)(b)(f)
	1,250,000		8.500			07/15/10		1,340,625
	2,750,000		9.875			12/01/11		2,908,125
	3,000,000		8.750			07/15/13		3,232,500
Dynegy Holdings, Inc. (B-/B2)
	3,000,000		8.750			02/15/12		3,101,250
	2,500,000		7.500	(b)		06/01/15		2,384,375
	4,000,000		8.375			05/01/16		4,020,000
	1,500,000		7.125			05/15/18		1,350,000
	7,000,000		7.750	(b)		06/01/19		6,597,500
Edison Mission Energy (BB-/B1)
	2,000,000		7.500			06/15/13		2,040,000
	2,455,000		7.750			06/15/16		2,516,375
	9,500,000		7.000	(b)		05/15/17		9,333,750
	4,500,000		7.200	(b)		05/15/19		4,393,125
Elwood Energy LLC (BB-/Ba1)
	2,324,580		8.159			07/05/26		2,382,695
Intergen NV (BB-/Ba3)(b)
	5,000,000		9.000			06/30/17		5,281,250
Ipalco Enterprises, Inc. (BB-/Ba1)
	1,500,000		8.625			11/14/11		1,578,750
Midwest Generation LLC (BB+/Baa3)
	687,646		8.300			07/02/09		701,399
	4,174,001		8.560			01/02/16		4,476,616
Mirant Americas Generation LLC (B-/Caa1)
	8,000,000		8.300			05/01/11		8,120,000
Mirant Mid-Atlantic LLC (BB/Ba2)
	2,236,320		9.125			06/30/17		2,493,496
Mirant North America LLC (B-/B2)
	5,415,000		7.375			12/31/13		5,509,763
NRG Energy, Inc. (B/B1)
	5,000,000		7.250			02/01/14		5,018,750
	14,985,000		7.375			02/01/16		15,022,462
	6,000,000		7.375			01/15/17		6,015,000
Orion Power Holdings, Inc. (B/B2)
	2,000,000		12.000			05/01/10		2,220,000
Reliant Energy, Inc. (B-/B3)
	8,000,000		7.875			06/15/17		8,080,000
South Point Energy Center LLC (D/WR)(b)(f)
	634,217		8.400			05/30/12		631,838
								135,264,332
Utilities – Pipelines – 2.0%
El Paso Corp. (BB-/Ba3)
	4,500,000		7.000			06/15/17		4,556,250
El Paso Natural Gas Co. (BB/Baa3)
	2,875,000		8.625			01/15/22		3,385,491
	2,375,000		7.500			11/15/26		2,549,447
	4,250,000		8.375			06/15/32		5,040,817

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

40

GOLDMAN SACHS HIGH YIELD FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Utilities – Pipelines – (continued)
MarkWest Energy Partners LP/Mark West Energy Finance Corp. (B/B2)
$	6,750,000		8.500	%		07/15/16	$	6,766,875
Northwest Pipeline Corp. (BB+/Ba1)
	775,000		7.000			06/15/16		823,437
Regency Energy Partners (B/B1)
	3,916,000		8.375			12/15/13		4,116,695
Southern Natural Gas Co. (BB/Baa3)
	3,000,000		7.350			02/15/31		3,207,316
	3,000,000		8.000			03/01/32		3,442,378
Southern Star Central Corp. (BB+/Ba2)
	1,000,000		6.750			03/01/16		950,000
Targa Resources, Inc. (CCC+/B3)(b)
	5,250,000		8.500			11/01/13		5,302,500
Tennessee Gas Pipeline Co. (BB/Baa3)
	3,000,000		7.000			10/15/28		3,030,964
	3,750,000		8.375			06/15/32		4,397,431
	1,500,000		7.625			04/01/37		1,638,938
The Williams Cos., Inc. (BB/Ba2)
	6,500,000		8.125			03/15/12		7,028,125
	3,000,000		7.625			07/15/19		3,273,750
	11,000,000		7.875			09/01/21		12,182,500
	1,000,000		7.500			01/15/31		1,060,000
								72,752,914
TOTAL CORPORATE BONDS
(Cost $3,272,360,520)							$	3,286,171,018

		Dividend			Maturity
Shares		Rate			Date		Value
Preferred Stocks – 0.2%
Lucent Technologies Capital Trust I
	1,000		7.750	%		03/15/17	$	966,250
Pliant Corp.(d)
	2,796		13.000			09/01/09		1,258,200
Spanish Broadcasting Systems, Inc.(c)(d)
	2,994		10.750			10/15/13		3,158,670
TOTAL PREFERRED STOCKS
(Cost $6,866,180)							$	5,383,120

Shares		Description	Value
Common Stocks(f) – 0.3%
	1,996,917	Adelphia Recovery Trust Series ACC-1	$	149,769
	24,334	Axiohm Transaction Solutions, Inc.		243
	79,102	Dobson Communications Corp.		1,023,580
	538	General Chemical Industrial Product, Inc.		149,860
	195,700	Huntsman Corp.		5,156,695
	8,366	iPCS, Inc.		299,084
	11,243	Mattress Discounters		—
	1,656	Nycomed		24
	567,500	Parmalat SpA(b)		2,095,721
	351	Pliant Corp.		3
	33,975	Polymer Group, Inc.		917,325
	2,500	Port Townsend Holdings Co., Inc.		1,000,000
	20,372	Smurfit Kappa Funding PLC		409,892
	103,389	Viasystems Group, Inc.		904,654
TOTAL COMMON STOCKS
(Cost $16,589,088)			$	12,106,850

		Expiration
Units		Date		Value
Warrants(f) – 0.0%
APP China Group Ltd.
	2,731		03/15/10		—
Avecia Group PLC (Ordinary)(b)
	40,000		07/01/10	$	400
Avecia Group PLC (Preferred)(b)
	40,000		01/01/10		400
General Chemical Industrial Product, Inc. Series A
	311		04/30/11		—
General Chemical Industrial Product, Inc. Series B
	231		04/30/11		—
Merrill Corp. Class A(b)
	1,500		05/01/09		15
Parmalat SpA(b)
	650		12/31/15		1,750
TOTAL WARRANTS
(Cost $1,027,120)				$	2,565

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

41

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

October 31, 2007

Shares		Description	Value
Special Purpose Entity – 0.0%
$	526,991	Adelphia Recovery Trust	$	14,598
(Cost $63,727)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Repurchase Agreement(g) – 9.0%
Joint Repurchase Agreement Account II
$	331,400,000		4.933	%		11/01/07	$	331,400,000
Maturity Value: $331,445,411
(Cost $331,400,000)
TOTAL INVESTMENTS — 99.1%
(Cost $3,628,306,635)							$	3,635,078,151
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%								31,499,065
NET ASSETS — 100.0%							$	3,666,577,216

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

 *    The principal amount of each security is stated in the currency in which the bond is denominated. See below.

Currency Description
$	=	U.S. Dollar
DEM	=	German Mark
EUR	=	Euro
GBP	=	British Pound

(a)	Variable rate security. Interest rate disclosed is that which is in effect at October 31, 2007.
(b)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 571,952,869, which represents approximately 15.6% of net assets as of October 31, 2007.
(c)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Pay-in-kind securities.
(e)	These securities are issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.
(f)	Security is currently in default/non-income producing.
(g)	Joint repurchase agreement was entered into on October 31, 2007. Additional information appears on page XX.

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

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

42

GOLDMAN SACHS HIGH YIELD FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At October 31, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Sale Contract		Date		Settlement Date		Value		Gain
British Pound		Purchase		11/14/07	$	13,437,147	$	13,885,960	$	448,813
Euro		Purchase		11/14/07		2,004,559		2,044,046		39,487
TOTAL									$	488,300

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Sale Contract		Date		Settlement Date		Value		Loss
British Pound		Sale		11/14/07	$	30,710,157	$	31,973,575	$	(1,263,418	)
Euro		Sale		11/14/07		461,873,144		489,280,741		(27,407,597	)
TOTAL									$	(28,671,015	)

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

43

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

October 31, 2007

Principal		Interest			Maturity
Amount•		Rate			Date		Value
Sovereign Debt Obligations – 75.2%
Argentina – 9.5%
Republic of Argentina (B+)
$	1,750,000		7.000	%		03/28/11	$	1,673,000
	8,700,000		7.000			09/12/13		7,805,592
	ARS12,902,160		2.000	(a)		01/03/16		5,848,516
	6,887,428		5.830	(a)		12/31/33		1,795,636
	EUR645,640		1.200	(b)		12/31/38		358,899
$	6,430,000		2.500	(b)		12/31/38		3,006,025
Republic of Argentina (B+/B3)(a)
	3,784,375		5.389			08/03/12		3,435,158
Republic of Argentina(a)
	ARS4,021,029		2.000			01/03/10		1,193,691
	1,208,995		2.000			02/04/18		279,926
	EUR3,300,000		0.662			12/15/35		583,186
								25,979,629
Brazil – 1.7%
Federal Republic of Brazil (BB+/Ba1)
$	4,500,000		6.000			01/17/17		4,590,000
Bulgaria – 0.8%
Republic of Bulgaria (BBB+/Baa3)
	1,860,000		8.250			01/15/15		2,194,800
Colombia – 3.5%
Republic of Colombia (BB+/Ba2)
	COP2,410,000,000		12.000			10/22/15		1,372,370
Republic of Colombia (BBB-/Ba2)
$	6,520,000		7.375			01/27/17		7,194,820
	830,000		8.375			02/15/27		1,009,280
								9,576,470
Dominican Republic – 0.2%
Dominican Republic (B+/B2)
	451,399		9.040			01/23/18		519,109
Ecuador(b) – 1.5%
Republic of Ecuador (CCC/Caa2)
	4,365,000		10.000			08/15/30		4,190,400
El Salvador – 1.7%
Republic of El Salvador (BB+/Baa3)
	3,880,000		8.250			04/10/32		4,733,600
Ghana(c) – 0.6%
Republic of Ghana (B+)
	1,490,000		8.500			10/04/17		1,527,250
Hungary – 2.9%
Hungary Government Bond (BBB+/A2)
	HUF1,377,000,000		7.250			06/12/12		8,080,580
Indonesia – 4.0%
Republic of Indonesia (BB-/Ba3)
$	2,260,000		7.500			01/15/16		2,463,400
	8,540,000		6.625	(c)		02/17/37		8,379,875
								10,843,275
Iraq – 0.5%
Republic of Iraq
$	2,320,000		5.800			01/15/28		1,383,300
Jamaica — 0.5%
Government of Jamaica (B/B1)
	1,003,000		9.000			06/02/15		1,083,240
	250,000		8.000			03/15/39		245,000
								1,328,240
Lebanon(a) – 0.9%
Republic of Lebanon MTN (B-)
	2,490,000		8.630			11/30/09		2,465,100
Malaysia – 0.9%
Malaysia (A-/A3)
	2,400,000		7.500			07/15/11		2,603,464
Mexico – 4.5%
Mexican Fixed Rate Bonds (A+/Baa1)
	MXN114,060,000		8.000			12/19/13		10,844,927
United Mexican States (BBB+/Baa1)
$	1,140,000		7.500			04/08/33		1,385,100
								12,230,027
Pakistan – 0.6%
Islamic Republic of Pakistan (B+/B1)
	1,600,000		6.875	(c)		06/01/17		1,456,000
	140,000		6.875			06/01/17		127,400
								1,583,400
Panama – 3.3%
Republic of Panama (BB/Ba1)
	1,610,000		9.375	(d)		04/01/29		2,189,600
	6,462,000		6.700			01/26/36		6,849,720
								9,039,320
Peru – 4.2%
Republic of Peru (BB+/Ba2)
	6,825,000		8.375			05/03/16		8,036,437
	3,420,000		6.550			03/14/37		3,599,550
								11,635,987
Philippines – 5.6%
Republic of Philippines (BB-/B1)
	4,080,000		10.625			03/16/25		5,839,500
Republic of Philippines (B1)
	8,675,000		7.500			09/25/24		9,650,937
								15,490,437
Russia(b) – 9.3%
Russian Federation (BBB+/Baa2)
	22,547,250		7.500			03/31/30		25,422,024
Serbia(b) – 0.7%
Republic of Serbia (BB-)
	2,070,000		3.750			11/01/24		1,976,850
Trinidad and Tobago – 1.1%
Trinidad & Tobago (A-/Baa1)
	2,540,000		5.875	(c)		05/17/27		2,489,200
	440,000		5.875			05/17/27		431,200
								2,920,400

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

44

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal		Interest			Maturity
Amount•		Rate			Date		Value
Sovereign Debt Obligations – (continued)
Turkey – 4.6%
Republic of Turkey (BB-/Ba3)
$	1,450,000		6.750	%		04/03/18	$	1,464,154
	7,680,000		7.375			02/05/25		8,131,200
	2,630,000		8.000			02/14/34		2,952,175
								12,547,529
Ukraine – 2.2%
Ukraine Government (BB-/B1)
	3,460,000		6.875			03/04/11		3,563,800
	1,000,000		6.385	(c)		06/26/12		1,010,170
	1,240,000		7.650			06/11/13		1,336,100
								5,910,070
Uruguay – 4.1%
Republic of Uruguay (B+/B1)
	UYU29,817,920		4.250			04/05/27		1,438,697
Republic of Uruguay (BB-/B1)
$	8,639,587		8.000			11/18/22		9,849,129
								11,287,826
Venezuela – 5.5%
Republic of Venezuela (BB-/B2)
	950,000		10.750			09/19/13		1,063,050
	3,220,000		8.500			10/08/14		3,305,330
	2,970,000		6.000			12/09/20		2,487,375
	6,072,000		7.650			04/21/25		5,753,220
	2,200,000		9.375			01/13/34		2,420,000
								15,028,975
Vietnam – 0.3%
Socialist Republic of Vietnam (BB/Ba3)
	430,000		6.875	(c)		01/15/16		458,943
	400,000		6.875			01/15/16		426,924
								885,867
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $201,914,695)							$	205,973,929
Corporate Obligations – 11.7%
Brazil – 0.4%
Companhia Energetica de Sao Paulo
	BRL968,095		9.750	%		01/15/15	$	570,570
RBS – Zero Hora Editora Jornali (BB-)(c)
	800,000		11.250			06/15/17		422,963
								993,533
British Virgin Islands(c) – 0.5%
GTL Trade Finance, Inc. (BBB-)
$	1,430,000		7.250			10/20/17		1,449,335
Colombia(c) – 1.0%
EEB International Ltd. (BB)
	1,330,000		8.750			10/31/14	$	1,330,013
TGI International Ltd. (BB)
	1,300,000		9.500			10/03/17		1,360,060
								2,690,073
Cyprus(c) – 0.3%
Alfaru MTN Markets for ABH Financial Ltd. (BB/Ba1)
$	900,000		8.200			06/25/12		857,160
Dominican Republic(c) – 0.4%
Cerveceria Nacional Dominicana (B+/Ba3)
	980,000		16.000	(a)		03/27/12		1,020,670
	166,000		8.000			03/27/14		170,565
								1,191,235
Luxembourg – 3.0%
Gaz Capital for Gazprom (BBB/A3)(c)
	1,000,000		6.212			11/22/16		988,000
VTB Capital SA (BBB+/A2)
	1,790,000		5.494			08/01/08		1,772,100
VTB Capital SA (A2)
	5,440,000		6.609	(c)		10/31/12		5,397,931
								8,158,031
Netherlands – 1.8%
CenterCredit International BV (BB-/Ba1)
	KZT232,000,000		8.250			09/30/11		1,687,970
Majapahit Holding BV (BB-/Ba3)
$	1,780,000		7.750			10/17/16		1,817,439
	1,310,000		7.875	(c)		06/29/37		1,290,513
								4,795,922
Russia(c) – 0.2%
RSHB Capital SA for OJSC Russian Agricultural Bank (A3)
	540,000		7.175			05/16/13		552,825
Trinidad and Tobago(c) – 0.4%
National Gas Co. of Trinidad & Tobago Ltd. (BBB+/A3)
	980,000		6.050			01/15/36		948,018
Turkey – 0.6%
International Bank for Reconstruction & Development (AAA/Aaa)
	TRY1,900,000		13.625			05/09/17		1,685,764
Ukraine – 0.3%
Nak Naftogaz Ukrainy (Ba2)
$	1,000,000		8.125			09/30/09		910,000
United Kingdom(c) – 0.4%
UK SPV Credit Finance PLC (Ba2)
	1,300,000		8.000			02/06/12		1,197,222
Venezuela – 2.4%
Petroleos de Venezuela SA (BB-)
$	1,980,000		5.250			04/12/17		1,495,890
	7,780,000		5.375			04/12/27		5,095,900
								6,591,790
TOTAL CORPORATE OBLIGATIONS
(Cost $32,111,077)							$	32,020,908

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

45

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

October 31, 2007

Principal		Interest			Maturity
Amount•		Rate			Date		Value
Credit Linked Notes – 5.9%
Brazil – 4.7%
Federal Republic of Brazil Inflation Linked(e)
	BRL4,265,000		6.000	%		05/15/09	$	2,689,884
$	2,203,450		13.000			03/08/10		2,161,584
	BRL3,800,000		6.000			05/19/15		3,414,763
$	443,768		6.000			05/16/17		483,441
	BRL3,200,000		6.000			05/17/45		4,296,540
								13,046,212
Turkey – 1.2%(f)
Republic of Turkey Inflation Linked
$	1,530,000		10.000			02/17/12		1,712,315
	1,400,000		10.000			02/21/12		1,497,749
								3,210,064
TOTAL CREDIT LINKED NOTES
(Cost $13,526,886)							$	16,256,276
U.S. Treasury Obligation(e) – 0.4%
United States Treasury Notes
$	1,200,000		4.625	%		02/15/17	$	1,215,384
(Cost $1,209,675)
Commercial Paper – 0.2%
Galleon Capital Corp.
$	474,000		5.294	%		11/01/07	$	474,000
(Cost $474,000)
Structured Note – 0.5%
JPMorgan Securities, Inc.(f)
	TRY1,700,000		14.000	%		01/19/11	$	1,409,601
(Cost $1,108,919)
Repurchase Agreement(f) – 3.4%
United States – 3.4%
Joint Repurchase Agreement Account II
$	9,300,000		4.933	%		11/01/07	$	9,300,000
Maturity Value: $9,301,274
(Cost $9,300,000)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $259,645,252)							$	266,650,098

		Interest
Shares		Rate	Value
Securities Lending Collateral(a) – 0.5%
Securities Lending Quality Trust
	1,258,584	5.120%
(Cost $1,258,584)			$	1,258,584
TOTAL INVESTMENTS – 97.8%
(Cost $260,903,836)			$	267,908,682
OTHER ASSETS IN EXCESS
OF LIABILITIES – 2.2%				6,057,884
NET ASSETS – 100.0%			$	273,966,566

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

 •     The principal amount of each security is stated in the currency in which the bond is denominated. See below.

Currency Description
$	=	U.S. Dollar	HUF	=	Hungarian Forint
ARS	=	Argentine Peso	KZT	=	Kazakhstan Tenge
BRL	=	Brazilian Real	MXN	=	Mexican Peso
COP	=	Colombian Peso	TRY	=	Turkish Lira
EUR	=	Euro Currency	UYU	=	Uruguayan Peso

(a)	Variable rate security. Interest rate disclosed is that which is in effect at October 31, 2007.
(b)	Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at October 31, 2007.
(c)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $32,306,713, which represents approximately 11.8% of net assets as of October 31, 2007.
(d)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	The underlying security is a government bond issued by the Federal Republic of Brazil.
(f)	The underlying security is a government bond issued by the Republic of Turkey.
(g)	All or a portion of security is on loan.

 (h)   Joint repurchase agreement was entered into on October 31, 2007. Additional information appears on page XX.

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

Investment Abbreviations:
MTN	—	Medium-Term Note

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

46

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At October 31, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date		Settlement Date		Value		Gain
Brazilian Real		Purchase		11/01/07	$	19,111,630	$	19,814,400	$	702,770
Indian Rupee		Purchase		01/23/08		2,685,000		2,702,728		17,728
Korean Won		Purchase		01/23/08		2,685,000		2,735,240		50,240
Philippine Peso		Purchase		01/23/08		2,685,000		2,701,019		16,019
Polish Zloty		Purchase		11/08/07		6,236,782		6,815,395		578,613
TOTAL									$	1,365,370

Open Forward Foreign Currency	Contract		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date		Settlement Date		Value		Loss
Brazilian Real		Sale		11/01/07	$	18,755,129	$	19,814,401	$	(1,059,272	)
Brazilian Real		Sale		02/06/08		6,446,476		6,617,265		(170,789	)
Euro		Sale		11/20/07		643,610		656,193		(12,583	)
Mexican Peso		Sale		01/15/08		10,995,735		11,134,925		(139,190	)
Polish Zloty		Sale		11/08/07		6,223,973		6,815,395		(591,422	)
TOTAL									$	(1,973,256	)

SWAP CONTRACTS — At October 31, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

						Rates Exchanged
									Upfront
	Notional					Payments	Payments		Payments
	Amount			Termination		received by	made by		received by			Unrealized
Swap Counterparty	(000s)			Date		the Fund	the Fund		the Fund			Gain
JPMorgan Securities, Inc.		BRL28,500			01/04/10	11.650%	Brazilian Interbank Deposit Average		$	—		$	74,359
		29,000			01/04/10	10.780	Brazilian Interbank Deposit Average			—			17,948
		USD2,100	(a)		12/19/14	5.000	3 month LIBOR			(84,819	)		89,734
		2,100	(a)		12/19/14	3 month LIBOR		5.000%		(27,885	)		22,970
TOTAL									$	(112,704	)	$	205,011

(a)  Represents forward starting interest rate swaps whose effective dates of commencement of cash flows and associated accruals occur subsequent to October 31, 2007.

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rates Paid
	Referenced	Amount		(Received) by			Termination		Unrealized
Swap Counterparty	Obligation	(000s)		Fund			Date		Gain (Loss)
Protection Purchased:
JPMorgan Securities, Inc.	Republic of Argentina 8.280%, 12/31/33	$	3,000		4.850%			09/20/12	$	(179,102	)
Protection Sold:
JPMorgan Securities, Inc.	Turkish Government International Bond 11.875%, 01/15/30		1,600		(2.740	)		03/20/17		52,390
	11.875%, 01/15/30		1,946		(2.500	)		05/20/17		30,008
TOTAL									$	(96,704	)

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

47

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

October 31, 2007

ADDITIONAL INVESTMENT INFORMATION (continued)

TOTAL RETURN SWAP CONTRACTS

	Notional
	Amount		Reference	Termination			Payments		Unrealized
Swap Counterparty	(000s)		Security	Date		Financing Fee#	Made		Gain
Deutsche Bank Securities, Inc.		TRY 5,300	Turkish Government Bond 16.000%, 03/16/12		03/07/12	TRY Central Deposit Bank + 0.250%	$	163,128	$	663,278

#  The Fund receives semi-annual coupon payments in accordance with the swap contract. On the termination date of the swap contract, 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)

Investment Abbreviations:
LIBOR	—	London Interbank Offered Rate

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

48

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At October 31, 2007, the High Yield and Emerging Markets Debt Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

	Principal
Fund	Amount
High Yield	$	331,400,000
Emerging Markets Debt		9,300,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
ABN Amro, Inc.	$	2,500,000,000		4.93	%		11/01/07	$	2,500,342,361
Banc of America Securities LLC		4,000,000,000		4.93			11/01/07		4,000,547,778
Barclays Capital PLC		500,000,000		4.93			11/01/07		500,068,472
Barclays Capital PLC		2,100,000,000		4.92			11/01/07		2,100,287,000
Bear Stearns		250,000,000		4.95			11/01/07		250,034,375
Citigroup Global Markets, Inc.		3,000,000,000		4.95			11/01/07		3,000,412,500
Credit Suisse Securities (USA) LLC		2,000,000,000		4.96			11/01/07		2,000,275,556
Deutsche Bank Securities, Inc		3,000,000,000		4.92			11/01/07		3,000,410,000
Deutsche Bank Securities, Inc.		1,000,000,000		4.93			11/01/07		1,000,136,944
Deutsche Bank Securities, Inc.		1,000,000,000		4.95			11/01/07		1,000,137,500
Greenwich Capital Markets		1,000,000,000		4.95			11/01/07		1,000,137,500
Lehman Brothers Holdings, Inc.		1,000,000,000		4.90			11/01/07		1,000,136,111
Merrill Lynch		1,500,000,000		4.93			11/01/07		1,500,205,417
Morgan Stanley		1,000,000,000		4.93			11/01/07		1,000,136,944
UBS Securities LLC		1,000,000,000		4.92			11/01/07		1,000,136,667
Wachovia Bank		250,000,000		4.93			11/01/07		250,034,236
TOTAL								$	25,103,439,361

At October 31, 2007, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 4.400% to 5.820%, due 07/23/08 to 07/26/32; Federal Home Loan Bank, 0.000% to 6.640%, due 11/02/07 to 05/15/24; Federal Home Loan Mortgage Association, 0.000% to 11.000%, due 11/19/07 to 10/01/37; Federal National Mortgage Association, 0.000% to 10.500%, due 11/07/07 to 10/01/47 and Government National Mortgage Association, 6.000%, due 02/15/33. The aggregate market value of the collateral, including accrued interest, was $25,696,700,613.

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

49

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Statements of Assets and Liabilities

October 31, 2007

		Global Income			High Yield			Emerging Markets
		Fund			Fund			Debt Fund
Assets:
Investments in securities, at value (identified cost $1,556,629,710, $3,628,306,635 and $259,645,252, respectively)(a)		$	1,607,673,527		$	3,635,078,151		$	266,650,098
Securities lending collateral, at value which equals cost			237,527,113			—			1,258,584
Cash(b)			26,916,637			9,479,814			11,470,876
Foreign currencies, at value (identified cost $498,065, $583,340, $0, respectively)			499,826			590,524			—
Swap contracts, at value (includes upfront payments made (received) of $24,768,509, $0 and $247,947, respectively)			40,016,274			—			1,006,026
Receivables:
	Investment securities sold, at value		248,289,939			380,519			172,235
	Forward foreign currency exchange contracts, at value		26,600,511			488,300			1,365,370
	Interest and dividends, at value (net of allowances)		14,891,279			77,370,875			4,216,978
	Due from broker-variation margin, at value(c)		4,678,219			—			—
	Fund shares sold		1,394,060			5,763,055			532,087
	Premium for swaps purchased		1,016,855			—			—
	Reimbursement from investment adviser		131,030			165,827			11,433
	Securities lending income		118,729			—			1,863
Other assets			43,779			18,388			2,881
Total assets			2,209,797,778			3,729,335,453			286,688,431
Liabilities:
Due to Custodian — Foreign currencies, at value (identified cost $503,126, $0, and $152, respectively)			503,378			—			155
Due to Broker			3,500,110			—			—
Swap contracts, at value (includes upfront payments made (received) of $27,993,548, $0 and $27,885, respectively)			45,340,885			—			184,017
Forward foreign currency exchange contracts, at value			38,999,105			28,671,015			1,973,256
Payables:
	Investment securities purchased, at value		424,824,301			18,864,430			8,283,596
	Payable upon return of securities loaned		237,527,113			—			1,258,584
	Forward Sale Contract, at value (proceeds receivable $26,649,525)		26,620,859			—			—
	Amounts owed to affiliates		921,999			2,897,532			213,703
	Fund shares repurchased		529,696			7,466,248			620,311
	Income distribution		—			4,460,332			59,910
Accrued expenses and other liabilities			258,433			398,680			128,333
Total liabilities			779,025,879			62,758,237			12,721,865
Net Assets:
Paid-in capital			1,444,776,303			3,672,603,898			263,699,628
Accumulated undistributed (distribution in excess of) net investment income			(5,642,679	)		13,282,715			296,193
Accumulated net realized gain (loss) on investments, futures, options, swaps and foreign currency related transactions			(46,717,173	)		1,416,326			2,748,954
Net unrealized gain (loss) on investments, futures, options, swaps and translation of assets and liabilities denominated in foreign currencies			38,355,448			(20,725,723	)		7,221,791
NET ASSETS		$	1,430,771,899		$	3,666,577,216		$	273,966,566
Net Assets:
	Class A	$	324,537,347		$	1,777,149,835		$	84,660,639
	Class B		11,127,150			115,817,479			—
	Class C		5,281,583			119,073,104			994,881
	Institutional		1,089,449,858			1,646,137,649			188,311,046
	Service		375,961			8,399,149			—
Shares Outstanding:
	Class A		25,106,263			224,091,070			6,959,478
	Class B		863,812			14,588,753			—
	Class C		410,823			15,013,373			81,955
	Institutional		84,394,628			207,290,526			15,467,426
	Service		29,150			1,060,274			—
Total shares outstanding, $0.001 par value (unlimited number of shares authorized)			110,804,676			462,043,996			22,508,859
Net asset value, offering and redemption price per share:(d)
	Class A		$12.93		$	7.93		$	12.16
	Class B		12.88			7.94			—
	Class C		12.86			7.93			12.14
	Institutional		12.91			7.94			12.17
	Service		12.90			7.92			—

(a)	Includes loaned securities having a market value of $231,435,882 and $1,226,658, for Global Income and Emerging Markets Debt Funds, respectively.
(b)	Includes restricted cash of $13,487,667 and $1,037,110 relating to swap contracts for Global Income and Emerging Markets Debt Funds, respectively.
(c)	Includes restricted cash of $3,427,568 related to initial margin requirements and collateral on futures transactions for Global Income Fund.
(d)	Maximum public offering price per share for Class A Shares of the Global Income, High Yield and Emerging Markets Debt Funds (NAV per share multiplied by 1.0471) is $13.54, $8.30 and $12.73, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

50

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Statements of Operations

For the Year Ended October 31, 2007

		Global Income			High Yield			Emerging Markets
		Fund			Fund			Debt Fund
Investment income:
Interest — net of allowances (including securities lending income of $331,375, $0 and $4,957, respectively)(a)		$	49,636,941		$	273,772,199		$	13,758,962
Dividends			65,561			1,758,232			—
Total investment income			49,702,502			275,530,431			13,758,962
Expenses:
Management fees			7,976,391			21,697,308			1,689,330
Distribution and Service fees(b)			969,467			6,175,676			196,108
Transfer Agent fees(b)			859,687			3,283,605			169,471
Custody and accounting fees			435,418			425,842			132,231
Printing fees			89,579			166,369			40,522
Professional fees			84,995			121,557			98,459
Registration fees			81,417			121,256			41,450
Shareholder meeting expense			27,510			115,621			21,295
Trustee fees			16,500			16,500			16,500
Service share fees — Service Plan			991			12,814			—
Service share fees — Shareholder Administration Plan			991			12,814			—
Other			67,126			292,809			26,019
Total expenses			10,610,072			32,442,171			2,431,385
Less — expense reductions			(794,400	)		(609,667	)		(311,180	)
Net expenses			9,815,672			31,832,504			2,120,205
NET INVESTMENT INCOME			39,886,830			243,697,927			11,638,757
Realized and unrealized gain (loss) on investments, futures, options, short sales, swap and foreign currency related transactions:
Net realized gain (loss) from:
	Investment transactions		(3,026,233	)		36,843,700			2,823,387
	Futures transactions		5,226,224			—			—
	Written options		(178,294	)		—			—
	Swap contracts		(54,435	)		—			1,541,985
	Foreign currency related transactions		(11,006,312	)		(1,397,884	)		(798,130	)
Net change in unrealized gain (loss) on:
	Investments		41,174,195			(60,412,805	)		2,702,817
	Futures		1,518,239			—			—
	Swap contracts		(2,383,680	)		—			552,165
	Translation of assets and liabilities denominated in foreign currencies		(7,434,496	)		(29,479,089	)		(251,403	)
Net realized and unrealized gain (loss) on investments, futures, options, swaps and foreign currency related transactions			23,835,208			(54,446,078	)		6,570,821
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	63,722,038		$	189,251,849		$	18,209,578

(a)	Net of $85,356 in foreign withholding tax for the High Yield Fund.
(b)	Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service
Global Income	$	770,447	$	140,845	$	58,175	$	460,071	$	21,336	$	8,793	$	369,328	$	159
High Yield		4,023,227		1,059,791		1,092,658		2,404,416		157,538		162,747		556,854		2,050
Emerging Markets Debt		192,980		—		3,128		115,576		—		430		53,465		—

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

51

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Statements of Changes in Net Assets

		Global Income Fund
		For the			For the
		Year Ended			Year Ended
		October 31, 2007			October 31, 2006
From operations:
Net investment income		$	39,886,830		$	15,175,226
Net realized gain (loss) on investments, futures, options, swaps and foreign currency related transactions			(9,039,050	)		(6,650,901	)
Net change in unrealized gain (loss) on investments, futures, options, swaps and translation of assets and liabilities denominated in foreign currencies			32,874,258			8,069,554
Net increase in net assets resulting from operations			63,722,038			16,593,879
Distributions to shareholders:
From net investment income
	Class A Shares		(8,314,867	)		(10,177,713	)
	Class B Shares		(269,626	)		(1,057,409	)
	Class C Shares		(113,130	)		(329,720	)
	Institutional Shares		(28,629,452	)		(16,109,652	)
	Service Shares		(9,897	)		(24,929	)
From net realized gains
	Class A Shares		—			—
	Class C Shares		—			—
	Institutional Shares		—			—
From capital
	Class A Shares		(924,754	)		(673,831	)
	Class B Shares		(29,987	)		(70,007	)
	Class C Shares		(12,582	)		(21,830	)
	Institutional Shares		(3,184,081	)		(1,066,563	)
	Service Shares		(1,101	)		(1,650	)
Total distributions to shareholders			(41,489,477	)		(29,533,304	)
From share transactions:
Net proceeds from sales of shares			914,681,652			623,711,550
Proceeds received in connection with merger			—			—
Reinvestment of dividends and distributions			40,918,077			26,966,721
Cost of shares repurchased(a)			(415,622,549	)		(190,950,469	)
Net increase in net assets resulting from share transactions			539,977,180			459,727,802
TOTAL INCREASE			562,209,741			446,788,377
Net assets:
Beginning of year			868,562,158			421,773,781
End of year		$	1,430,771,899		$	868,562,158
Accumulated undistributed (distribution in excess of) net investment income		$	(5,642,679	)	$	(1,826,999	)

(a)   Net of redemption fees, remitted to the Funds as follows:

	For the		For the
	Year Ended		Year Ended
Fund	October 31, 2007		October 31, 2006
Global Income	$	8,278	$	6,373
High Yield		310,735		75,035
Emerging Markets Debt		5,494		19,806

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

52

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

High Yield Fund						Emerging Markets Debt Fund
For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2007			October 31, 2006			October 31, 2007			October 31, 2006
$	243,697,927		$	173,344,032		$	11,638,757		$	6,477,163
	35,445,816			10,357,444			3,567,242			2,438,504
	(89,891,894	)		56,407,429			3,003,579			3,242,522
	189,251,849			240,108,905			18,209,578			12,158,189
	(121,637,861	)		(84,061,954	)		(3,991,437	)		(3,310,565	)
	(7,218,281	)		(6,619,789	)		—			—
	(7,427,455	)		(5,260,116	)		(14,850	)		(5	)
	(110,683,239	)		(75,965,184	)		(7,522,819	)		(3,479,083	)
	(379,636	)		(169,229	)		—			—
	—			—			(1,270,842	)		(1,535,731	)
	—			—			(379	)		—
	—			—			(1,659,868	)		(1,540,548	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(247,346,472	)		(172,076,272	)		(14,460,195	)		(9,865,932	)
	1,746,992,051			1,402,984,435			167,975,848			129,969,181
	131,649,843			—			—			—
	195,239,156			131,273,894			13,303,327			8,984,045
	(1,231,153,803	)		(731,412,439	)		(65,437,875	)		(62,158,343	)
	842,727,247			802,845,890			115,841,300			76,794,883
	784,632,624			870,878,523			119,590,683			79,087,140
	2,881,944,592			2,011,066,069			154,375,883			75,288,743
$	3,666,577,216		$	2,881,944,592		$	273,966,566		$	154,375,883
$	13,282,715		$	11,514,693		$	296,193		$	(331,587	)

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

53

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements

October 31, 2007

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 Trust includes the Goldman Sachs Global Income Fund (“Global Income”), Goldman Sachs High Yield Fund (“High Yield”) and Goldman Sachs Emerging Markets Debt Fund (“Emerging Markets Debt”) (collectively, the “Funds” or individually a “Fund”). High Yield is a diversified portfolio of the Trust whereas Global Income and Emerging Markets Debt are registered as non-diversified portfolios. Global Income and High Yield offer five classes of shares — Class A, Class B, Class C, Institutional and Service. Emerging Markets Debt offers three classes of shares — Class A, Class C and Institutional. Class A shares of the Funds are sold with front-end sales charges of up to 4.50%. Class B shares of Global Income and High Yield are sold with contingent deferred sales charges that decline from 5.00% to zero, depending upon the period of time the shares are held. Class C shares of the Funds have a contingent deferred sales charge of 1% during the first 12 months. Institutional Class shares of the Funds, and Service Class Shares of Global Income and High Yield, are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”), as distributor of the Funds receives such sales charges of which a certain portion may be retained.

     High Yield invests primarily in non-investment grade fixed income securities, which are considered speculative by traditional investment standards. Non-investment grade fixed-income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities, also referred to as high yield securities, may be subject to greater price volatility due to such factors as specific corporate or municipal developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity.

     Emerging Markets Debt and Global Income invest in securities of foreign companies and foreign governments which involves special risks including, but not limited to, the possibility of future political and economic developments that could adversely affect the value of such securities. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid, and their prices more volatile, than those of comparable U.S. companies and the United States government. In addition, Emerging Markets Debt invests in the sovereign debt obligations of countries that are considered emerging markets countries at the time of purchase. Therefore, the Fund is susceptible to governmental factors and economic developments that may adversely affect the economies of these emerging markets countries. In addition, these debt obligations may be less liquid and subject to greater volatility than debt obligations of more developed countries. Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and have delayed settlements, and their prices may be more volatile than those of comparable securities in the United States.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. The Funds’ investments for which market quotations are readily available are valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. If accurate quotations are not readily available, or if the Investment Adviser believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Trustees. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

     In addition, the Investment Adviser, consistent with applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of either domestic or foreign securities where permissible in light of significant events, to reflect what is believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant

54

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in foreign markets; market disruptions or market closings; governmental actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements on earnings; significant litigation; and regulatory news such as governmental approvals.

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, premium amortized and discount accreted. Dividend income is recorded on the ex-dividend date (net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds). In addition, it is the Funds’ policy to accrue for estimated capital gains taxes in foreign securities held by the Funds, which are subject to such taxes. Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

     Certain mortgage security paydown gains and losses are recorded as interest income (loss) and are included in interest income in the accompanying Statements of Operations. Original issue discounts (OID) on debt securities are accreted to interest income over the life of the security with a corresponding increase in the cost basis of that security. Market discounts and market premiums on debt securities are accreted/amortized to interest income over the expected life of the security with a corresponding adjustment in the cost basis of that security.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

     Class A, Class B and Class C shareholders of the Funds bear all expenses and fees relating to their respective Distribution and Service Plans. Service Shares bear all expenses and fees relating to their Service and Shareholder Administration Plans. Each class of shares of the Funds separately bears its respective class-specific Transfer agency 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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income distributions for High Yield and Emerging Markets Debt are declared daily and paid monthly. Income distributions for Global Income are declared and paid monthly. Capital gain distributions, if any, are declared and paid annually for the Funds. Net capital losses are carried forward to future 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 gain distributions.

     The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from U.S. generally accepted accounting principles. Therefore, 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 as a tax return of capital.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

     Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iii) gains and losses from the difference between

55

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those securities and derivative instruments, but are included with the net realized and unrealized gain (loss) on securities and derivative instruments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. The Funds may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded in the Fund’s financial statements. The Funds record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

     The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2007, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

G. Forward Sales Contracts — The Funds may enter into forward security sales of mortgage-backed securities in which the Funds sell securities in the current month for delivery of securities defined by pool stipulated characteristics on a specified future date. The value of the contract is recorded as an asset and a liability on the Fund’s records with the difference between its market value and expected cash proceeds recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold.

H. Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, Funds are required to segregate cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds, dependent on the fluctuations in the value of the contracts, and are recorded for financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realize a gain or loss which is reported in the Statements of Operations.

     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. This risk may decrease the effectiveness of the Funds’ strategies and potentially result in a loss.

I. Options — The Funds may write and/or purchase call and put options on futures, currencies, securities or any securities index consisting of securities in which the Funds may invest. When the Funds write call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current market value of the option written. Options on a future may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a written option expires on its stipulated expiration date or the Funds enter into a closing purchase transaction, the Funds realize a gain or loss without regard to any unrealized gain or loss on the underlying future, security or currency transaction, and the liability related to such option is extinguished. When a written call option is exercised, the Funds realize a gain or loss from the sale of the underlying future security or currency transaction, and the proceeds of the sale are increased by the premium originally received. When a

56

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

written put option is exercised, the amount of the premium originally received will reduce the cost of the future, security or currency transaction which the Funds purchase upon exercise. There is a risk of loss from a change in value of such options which may exceed the related premiums received.

     Upon the purchase of a call option or a put option by the Funds, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current market 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. If an option which the Funds have purchased expires on the stipulated expiration date, the Funds will realize a loss in the amount of the cost of the option. If the Funds enter into a closing sale transaction, the Funds will realize a gain or loss, depending on whether the sale proceeds for the closing sale transaction are greater or less than the cost of the option. If the Funds exercise a purchased put option, the Funds will realize a gain or loss from the sale of the underlying future, security, or currency transaction, and the proceeds from such sale will be decreased by the premium originally paid. If the Funds exercise a purchased call option, the cost of the future, security or currency transaction which the Funds purchase upon exercise will be increased by the premium originally paid. Purchased over-the-counter options are subject to the risk that the counterparty may default on its obligations, which could result in a loss to a Fund.

J. 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. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

     Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management or investment advisory agreements with Goldman Sachs Asset Management, L.P. (“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. In addition, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

K. Segregation Transactions — The Funds may enter into certain derivative or other transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, swap contracts, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets with a current value equal to or greater than the market value of the corresponding transactions.

L. Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds, and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market, liquidity, elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may invest in the following type of swaps:

     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 specified prices, rates or indices for a specified amount of an underlying asset or notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

     A total return swap is an agreement that gives the 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

57

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

     Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically a corporate issuer on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of a corporate issuer or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly. If the Fund enters into a buy contract and no credit event occurs, its exposure is limited to the periodic payments previously made to the counterparty. In addition, if the Fund enters into a sale contract and a credit event occurs, the value of the referenced obligation received by the Fund reduced by the periodic payments previously received may be less than the maximum payout amount it pays to the counterparty, resulting in a loss to the Fund.

     Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or models prices and the change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability on the Statements of Assets and Liabilities and are only recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on termination date. Periodic payments received or made on swap contracts are recorded as realized gain or loss on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements or, with respect to credit default swaps, when a credit event occurs and recorded as realized gains from swaps on the Statements of Operations.

M. Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (TIPS), specially structured bonds 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 (“CPIU”). The adjustments to principle due to inflation are reflected as interest income on the Statements of Operations. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

N. Structured Notes — The Funds may invest in structured notes whose values are based on the price movements of a reference security or index. The value of these structured notes will rise and fall in response to changes in the reference security or index. On termination date of each structured note, the Funds will receive a payment from a counterparty based on the value of the referenced security (notional multiplied by price of the referenced security) and record a realized gain or loss. These structured notes are subject to credit and interest rate risks.

O. Redemption Fees — Redemption fees are reimbursed to the Fund and reflected as a reduction in share redemptions on the Statements of Changes in Net Assets. Redemption fees are credited to Paid-in capital and are allocated to each share class of the Fund on a pro-rata basis.

3. AGREEMENTS

A. Management Agreement — GSAM, an affiliate of Goldman Sachs, serves as investment adviser pursuant to a Management Agreement with the Trust on behalf of High Yield and Emerging Markets Debt, and Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser pursuant to the Management Agreement with the Trust on behalf of Global Income. Under the Agreement, the respective investment adviser manages the Funds, subject to the general supervision of the Trust’s Board of Trustees.

     As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, the investment advisers are entitled to a fee

58

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

3. AGREEMENTS (continued)

(“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

     For the year ended October 31, 2007, the Funds’ management fees as an annual percentage rate of average daily net assets were as follows:

	Contractual Management Rate
	Up to			Next			Over			Effective
Fund	$1 Billion			$1 Billion			$2 Billion			Rate
Global Income		0.65	%		0.59	%		0.56	%		0.64	%
High Yield		0.70			0.70			0.63			0.68
Emerging Markets Debt		0.80			0.80			0.72			0.80

B. Distribution Agreement and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a monthly fee for distribution services which may not exceed, on an annual basis, 0.25% and 0.75% of the average daily net assets attributable to Emerging Markets Debt Class A and Class C Shares, respectively, and 0.25%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C Shares, respectively, of Global Income and High Yield. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of the average daily net assets attributable to Class B and Class C Shares of Global Income and High Yield and Class C Shares of Emerging Markets Debt.

     Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the year ended October 31, 2007 Goldman Sachs advised the Funds that it retained the following approximate amounts:

	Front End		Contingent Deferred
	Sales Load		Sales Charge
Fund	Class A		Class B		Class C
Global Income	$	10,600	$	—	$	—
High Yield		343,500		100		1,300
Emerging Markets Debt		12,700		N/A		—

     All shares of the Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less (60 calendar days or less in the case of High Yield). For this purpose, the Funds use a first-in first-out (“FIFO”) method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to the Funds and reflected as a reduction in share redemptions on the Statements of Changes in Net Assets. Redemption fees are credited to Paid in Capital and are allocated to each share class of a Fund on a pro rata basis.

C. Transfer Agency Agreement — Goldman Sachs serves as Transfer Agent of the Funds. The Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.13% of the average daily net assets for Class A and Class C Shares of the Funds and Class B (Global Income and High Yield only) Shares, and 0.04% of the average daily net assets for Institutional and Service shares (Global Income and High Yield only). Prior to July 2, 2007 this fee as a percentage of the average daily net assets was 0.16% for Class A, Class B and Class C Shares.

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of Global Income and High Yield, has adopted a Service Plan and Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to

59

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

3. AGREEMENTS (continued)

compensate service organizations for providing varying levels of personal and account administration 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 in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.

E. Other Agreements — Each investment adviser has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service fees, Transfer agency fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent expense reductions) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse their respective investment advisers for prior fiscal year expense reimbursements, if any.

     For the year ended October 31, 2007, as an annual percentage rate of average daily net assets, the Other Expense limitations of Global Income, High Yield and Emerging Markets Debt were 0.004%, 0.024%, and 0.044%, respectively. For the year ended October 31, 2007, GSAM and GSAMI have voluntarily agreed to reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction of the Funds’ expenses. These expense reductions were as follows (in thousands):

			Expense Credits
	Other Expense		Custody		Transfer		Total Expense
Fund	Reimbursement		Fee		Agent Fee		Reductions
Global Income	$	725	$	53	$	16	$	794
High Yield		371		147		92		610
Emerging Markets Debt		262		45		4		311

     As of October 31, 2007, the amounts owed to affiliates of the Trust were as follows (in thousands):

	Management		Distribution		Transfer
Fund	Fees		and Service Fees		Agent Fees		Total
Global Income	$	763	$	84	$	75	$	922
High Yield		2,054		570		274		2,898
Emerging Markets Debt		181		18		15		214

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GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended October 31, 2007, was as follows:

					Sales and Maturities		Sales and Maturities
	Purchases of U.S.		Purchases (Excluding		of U.S. Government		(Excluding U.S.
	Government and Agency		U.S. Government and		and Agency		Government and
Fund	Obligations		Agency Obligations)		Obligations		Agency Obligations)
Global Income	$	868,017,441	$	976,464,602	$	621,129,170	$	758,163,281
High Yield		—		2,192,527,070		—		1,485,635,971
Emerging Markets Debt		2,700,219		257,995,171		—		158,804,375

5. SECURITIES LENDING

Securities Lending — The Funds may lend their securities through a securities lending agent, State Street Securities Finance (“SSSF”). In accordance with the Funds’ security lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, in accordance with the Funds’ valuation policies or, if applicable, by the valuation procedures established by the Trust’s Board of Trustees, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

     The Funds invest the cash collateral received in connection with securities lending transactions in the Securities Lending Quality Trust, a New Hampshire investment trust. The Securities Lending Quality Trust is exempt from registration under Section 3(c)(7) of the Act and is managed by State Street Global Advisors (“SSgA”). The Securities Lending Quality Trust is managed consistently with the objectives of providing liquidity and preserving capital while investing in high-quality instruments and offering competitive returns. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Funds and SSSF receive compensation relating to the lending of the Funds’ securities. The amount earned by the Funds for the year ended October 31, 2007 is reported parenthetically under investment income on the Statements of Operations.

6. LINE OF CREDIT FACILITY

The Funds participate in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM, GSAMI or affiliates. Under the most restrictive arrangement under the facility, each Fund must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate plus a spread. The committed 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 year ended October 31, 2007, the Funds did not have any borrowings under the facility.

61

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2007 was as follows:

						Emerging
		Global Income		High Yield		Markets Debt
Distributions paid from:
Ordinary Income		$	37,336,972	$	247,346,472	$	13,856,163
Net long-term capital gains			—		—		604,032
	Total taxable distributions	$	37,336,972	$	247,346,472	$	14,460,195
Total return on capital			4,152,505		—		—

     The tax character of distributions paid during the fiscal year ended October 31, 2006 was as follow

		Global				Emerging
		Income		High Yield		Markets Debt
Distributions paid from:
Ordinary Income		$	27,699,423	$	172,076,272	$	9,553,421
Net long-term capital gains			—		—		312,511
	Total taxable distributions	$	27,699,423	$	172,076,272	$	9,865,932
Total return on capital			1,833,881		—		—

     As of October 31, 2007, the components of accumulated earnings (losses) on a tax basis were as follows:

								Emerging Markets
		Global Income			High Yield			Debt
Undistributed ordinary income — net		$	—		$	17,985,851		$	2,462,052
Undistributed long-term capital gains			—			—			1,355,664
	Total undistributed earnings	$	—		$	17,985,851		$	3,817,716
Capital loss carryforward:*
Expiring 2008		$	—		$	(1,850,805	)	$	—
Expiring 2009			—			(11,007,057	)		—
Expiring 2010			(9,424,838	)		(3,471,539	)		—
Expiring 2011			(28,737,453	)		(1,975,923	)		—
Expiring 2012			(1,611,665	)		—			—
Expiring 2014			(3,390,508	)		(8,291,304	)		—
Total capital loss carryforward†		$	(43,164,464	)	$	(26,596,628	)	$	—
Timing differences (deferred straddle losses, taxable interest on defaulted securities and income distribution payable)		$	(23,301,275	)	$	(4,703,136	)	$	(676,824	)
Unrealized gains — net			52,461,335			7,287,231			7,126,046
	Total accumulated earnings (losses) — net	$	(14,004,404	)	$	(6,026,682	)	$	10,266,938

*   Expiration occurs on October 31 of the year indicated. Due to Fund mergers, utilization of these losses may be substantially limited under the Code.

†   The Global Income and High Yield Funds utilized $16,830,535 and $1,240,193, respectively, of capital losses in the current fiscal year.

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GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

7. TAX INFORMATION (continued)

     At October 31, 2007, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

							Emerging Markets
	Global Income			High Yield			Debt
Tax Cost	$	1,792,237,600		$	3,628,476,396		$	261,641,214
Gross unrealized gain		64,128,021			110,871,185			9,699,743
Gross unrealized loss		(11,164,981	)		(104,269,430	)		(3,432,275	)
Net unrealized security gain	$	52,963,040		$	6,601,755		$	6,267,468
Net unrealized gain (loss) on other investment		(501,705	)		685,476			858,578
Net unrealized gain	$	52,461,335		$	7,287,231		$	7,126,046

     The difference between book and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on Section 1256 futures and foreign currency contracts recognized for tax purposes and differences related to the tax treatment of partnership investments and market premium amortization.

     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. Reclassifications result primarily from the differing book/tax treatments for foreign currency transactions, swap transactions, certain consent fee payments, taxable overdistributions, paydown losses and capital loss carryforwards assumed in the reorganization described in Footnote 8.

							Accumulated net
							realized
				Accumulated			gain (loss) on
	Paid-in			undistributed net			investment
Fund	capital			investment income			transactions
Global Income	$	(16,754,638	)	$	(6,365,538	)	$	23,120,176
High Yield		16,455,242			5,416,567			(21,871,809	)
Emerging Markets Debt		—			518,129			(518,129	)

8. OTHER MATTERS

The following Goldman Sachs Asset Allocation Portfolios were beneficial owners of the Funds as of October 31, 2007 with amounts of 5% or greater (as a percentage of outstanding Institutional Shares) as follows:

	Goldman Sachs			Goldman Sachs			Goldman Sachs
	Balanced			Growth Strategy			Growth and Income
Fund	Strategy Portfolio			Portfolio			Strategy Portfolio
Global Income		6.4	%		26.3	%		66.0	%
Emerging Markets Debt		5.5	%		26.7	%		46.7	%
High Yield		—			5.8	%		9.2	%

63

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

8. OTHER MATTERS (continued)

Mergers and Reorganizations — At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise High-Yield Bond Fund by High Yield Fund. The acquisition was completed on June 25, 2007, as of the close of business on June 22, 2007.

     Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise High-Yield Bond Fund’s (“Acquired Fund”) Class A, Class B, Class C and Class Y were transferred into the High Yield Fund’s (“Survivor Fund”) Class A, Class B, Class C and Institutional Class, respectively, in a tax-free exchange as follows:

	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/Acquired Fund	Issued		Exchanged Shares		as of June 22, 2007
High Yield Class A/AXA Enterprise High-Yield Bond Class A		8,370,809	$	68,222,384		7,030,741
High Yield Class B/AXA Enterprise High-Yield Bond Class B		4,327,921		35,359,057		3,647,903
High Yield Class C/AXA Enterprise High-Yield Bond Class C		2,322,931		18,955,171		1,956,052
High Yield Institutional Class/AXA Enterprise High-Yield Bond Class Y		1,116,820		9,113,231		938,668

     The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation and capital loss carryforwards. Utilization of the Acquired Fund’s capital loss carryforward may be limited under the Code.

					Survivor
			Acquired		Fund’s
	Survivor Fund’s		Fund’s		Aggregate
	Aggregate		Aggregate		Net Assets		Acquired		Acquired
	Net Assets		Net Assets		Immediately		Fund’s		Fund’s
	before		before		after		Unrealized		Capital Loss
Survivor/Acquired Fund	acquisition		acquisition		acquisition		Appreciation		Carryforward
High Yield/AXA Enterprise High-Yield Bond	$	3,315,990,233	$	131,649,843	$	3,447,640,076	$	1,226,239	$	(16,622,835	)

New Accounting Pronouncements — On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in Fund net asset value calculations as late as the Funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the Funds will incorporate the impact of FIN 48, if any, in their April 30, 2008 semiannual report. GSAM does not expect FIN 48 to have a material effect on the Funds’ financial statements. However, as analysis is on-going, the assessment regarding FIN 48 may be subject to review and adjustment.

     On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157, “Fair Value Measurement” (“FAS 157”), which provides enhanced guidance for using fair value to measure assets and liabilities. FAS 157 requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations of an entity’s financial performance. FAS 157 does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective

64

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

8. OTHER MATTERS (continued)

for financial statements issued for fiscal years beginning after November 15, 2007. GSAM does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

On December 14, 2006, the Board of Trustees of the Trust, upon the recommendation of the Board’s audit committee, determined not to retain Ernst & Young LLP and approved a change of the Funds’ independent registered public accounting firm to PricewaterhouseCoopers LLP. For the years ended October 31, 2006 and October 31, 2005, Ernst & Young LLP’s audit reports contained no adverse opinion or disclaimer of opinion; nor were their reports qualified or modified as to uncertainty, audit scope, or accounting principles. Further, there were no disagreements between the Funds and Ernst & Young LLP on accounting principles or practices, financial statement disclosure or audit scope or procedures, which if not resolved to the satisfaction of Ernst & Young LLP would have caused them to make reference to the disagreement in their reports.

10. SUBSEQUENT EVENT

On December 13, 2007, the Board of Trustees of the Trust approved a change of the Funds’ fiscal year end from October 31 to March 31, for fiscal year 2008.

65

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Notes to Financial Statements (continued)

October 31, 2007

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Income Fund
	For the Year Ended						For the Year Ended
	October 31, 2007						October 31, 2006
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		15,075,138		$	192,152,271			11,905,993		$	151,347,777
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		699,165			8,922,506			773,632			9,933,914
Shares converted from Class B		70,217			895,407			48,774			632,232
Shares repurchased		(10,589,392	)		(135,013,641	)		(5,984,030	)		(76,641,869	)
		5,255,128			66,956,543			6,744,369			85,272,054
Class B Shares
Shares sold		45,674			581,353			60,972			777,498
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		19,021			241,780			70,664			906,495
Shares converted to Class A		(70,504	)		(895,407	)		(48,983	)		(632,232	)
Shares repurchased		(525,606	)		(6,681,886	)		(567,097	)		(7,247,692	)
		(531,415	)		(6,754,160	)		(484,444	)		(6,195,931	)
Class C Shares
Shares sold		155,547			1,978,412			178,494			2,271,072
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		7,386			93,740			20,674			264,555
Shares repurchased		(297,209	)		(3,767,219	)		(289,164	)		(3,733,311	)
		(134,276	)		(1,695,067	)		(89,996	)		(1,197,684	)
Institutional Shares
Shares sold		56,619,606			719,904,481			36,969,936			469,268,400
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		2,483,178			31,656,557			1,239,946			15,852,486
Shares repurchased		(21,115,181	)		(270,026,669	)		(8,003,654	)		(103,261,990	)
		37,987,603			481,534,369			30,206,228			381,858,896
Service Shares
Shares sold		5,127			65,135			3,630			46,803
Reinvestment of dividends and distributions		274			3,494			722			9,271
Shares repurchased		(10,482	)		(133,134	)		(5,170	)		(65,607	)
		(5,081	)		(64,505	)		(818	)		(9,533	)
NET INCREASE		42,571,959		$	539,977,180			36,375,339		$	459,727,802

(a)	Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.
(b)	Less than 0.5 shares.

66

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

High Yield Fund												Emerging Markets Debt Fund
For the Year Ended						For the Year Ended						For the Year Ended						For the Year Ended
October 31, 2007						October 31, 2006						October 31, 2007						October 31, 2006
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	96,811,653		$	784,743,576			84,785,341		$	672,552,166			4,353,597		$	52,317,508			6,562,901		$	77,214,520
	8,370,809			68,222,384			—			—			—			—			—			—
	12,888,183			103,737,100			8,605,618			68,277,260			369,563			4,425,421			348,525			4,045,052
	393,525			3,149,357			358,760			2,837,177			—			—			—			—
	(67,997,624	)		(547,222,326	)		(49,060,035	)		(388,283,776	)		(3,548,141	)		(42,424,740	)		(4,049,208	)		(46,991,805	)
	50,466,546			412,630,091			44,689,684			355,382,827			1,175,019			14,318,189			2,862,218			34,267,767
	1,658,242			13,495,012			2,017,511			16,010,287			—			—			—			—
	4,327,921			35,359,057			—			—			—			—			—			—
	653,818			5,261,142			590,917			4,691,601			—			—			—			—
	(392,852	)		(3,149,357	)		(358,307	)		(2,837,177	)		—			—			—			—
	(3,681,580	)		(29,577,301	)		(3,609,924	)		(28,608,623	)		—			—			—			—
	2,565,549			21,388,553			(1,359,803	)		(10,743,912	)		—			—			—			—
	5,101,822			41,491,709			4,194,002			33,221,422			82,909			985,311			124			1,462
	2,322,931			18,955,171			—			—			—			—			—			—
	594,235			4,781,271			436,524			3,462,905			807			9,614			—	(b)		5
	(4,268,770	)		(34,240,044	)		(2,661,355	)		(21,059,692	)		(1,885	)		(22,264	)		—			—
	3,750,218			30,988,107			1,969,171			15,624,635			81,831			972,661			124			1,467
	111,403,467			900,996,513			85,609,899			679,637,335			9,558,691			114,673,029			4,525,781			52,753,199
	1,116,820			9,113,231			—			—			—			—			—			—
	10,066,461			81,175,867			6,890,895			54,750,060			740,538			8,868,292			424,776			4,938,988
	(76,426,912	)		(619,115,202	)		(36,928,796	)		(293,121,131	)		(1,924,964	)		(22,990,871	)		(1,340,699	)		(15,166,538	)
	46,159,836			372,170,409			55,571,998			441,266,264			8,374,265			100,550,450			3,609,858			42,525,649
	777,362			6,265,241			197,698			1,563,225			—			—			—			—
	35,411			283,776			11,607			92,068			—			—			—			—
	(123,655	)		(998,930	)		(42,888	)		(339,217	)		—			—			—			—
	689,118			5,550,087			166,417			1,316,076			—			—			—			—
	103,631,267		$	842,727,247			101,037,467		$	802,845,890			9,631,115		$	115,841,300			6,472,200		$	76,794,883

67

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from							Distributions
			investment operations							to shareholders
	Net asset
	value,		Net		Net realized			Total from		From net
	beginning		investment		and unrealized			investment		investment			From			Total
Year - Share Class	of year		income(a)		gain (loss)			operations		income			Capital			distributions
FOR THE YEARS ENDED OCTOBER 31,
2007 - A	$	12.74	$	0.37	$	0.20		$	0.57	$	(0.34	)	$	(0.04	)	$	(0.38	)
2007 - B		12.70		0.27		0.19			0.46		(0.25	)		(0.03	)		(0.28	)
2007 - C		12.67		0.27		0.20			0.47		(0.25	)		(0.03	)		(0.28	)
2007 - Institutional		12.73		0.42		0.18			0.60		(0.38	)		(0.04	)		(0.42	)
2007 - Service		12.71		0.35		0.20			0.55		(0.32	)		(0.04	)		(0.36	)
2006 - A		13.25		0.34		(0.09	)		0.25		(0.71	)		(0.05	)		(0.76	)
2006 - B		13.20		0.24		(0.08	)		0.16		(0.62	)		(0.04	)		(0.66	)
2006 - C		13.18		0.24		(0.09	)		0.15		(0.62	)		(0.04	)		(0.66	)
2006 - Institutional		13.23		0.38		(0.07	)		0.31		(0.76	)		(0.05	)		(0.81	)
2006 - Service		13.22		0.32		(0.08	)		0.24		(0.70	)		(0.05	)		(0.75	)
2005 - A		13.65		0.32		0.28			0.60		(1.00	)		—			(1.00	)
2005 - B		13.61		0.22		0.27			0.49		(0.90	)		—			(0.90	)
2005 - C		13.58		0.22		0.28			0.50		(0.90	)		—			(0.90	)
2005 - Institutional		13.64		0.37		0.28			0.65		(1.06	)		—			(1.06	)
2005 - Service		13.63		0.30		0.28			0.58		(0.99	)		—			(0.99	)
2004 - A		14.39		0.36		0.19			0.55		(1.29	)		—			(1.29	)
2004 - B		14.34		0.28		0.19			0.47		(1.20	)		—			(1.20	)
2004 - C		14.32		0.28		0.18			0.46		(1.20	)		—			(1.20	)
2004 - Institutional		14.37		0.43		0.20			0.63		(1.36	)		—			(1.36	)
2004 - Service		14.36		0.37		0.19			0.56		(1.29	)		—			(1.29	)
2003 - A		14.34		0.46		0.32			0.78		(0.73	)		—			(0.73	)
2003 - B		14.30		0.39		0.30			0.69		(0.65	)		—			(0.65	)
2003 - C		14.27		0.38		0.32			0.70		(0.65	)		—			(0.65	)
2003 - Institutional		14.33		0.56		0.30			0.86		(0.82	)		—			(0.82	)
2003 - Service		14.31		0.49		0.31			0.80		(0.75	)		—			(0.75	)

(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 changes. Total return would be reduced if a sales or redemption charge were 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.

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

68

GOLDMAN SACHS GLOBAL INCOME FUND

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			year		to average			to average			to average			to average			turnover
of year		return(b)			(in 000s)		net assets			net assets			net assets			net assets			rate
$	12.93		4.46	%	$	324,537		1.04	%		2.92	%		1.10	%		2.86	%		116	%
	12.88		3.59			11,127		1.79			2.13			1.85			2.07			116
	12.86		3.69			5,282		1.79			2.13			1.85			2.07			116
	12.91		4.76			1,089,450		0.68			3.30			0.74			3.24			116
	12.90		4.31			376		1.18			2.75			1.24			2.69			116
	12.74		2.07			252,962		1.05			2.63			1.17			2.51			97
	12.70		1.36			17,716		1.80			1.89			1.93			1.76			97
	12.67		1.28			6,908		1.80			1.89			1.93			1.76			97
	12.73		2.53			590,541		0.68			3.00			0.80			2.88			97
	12.71		1.93			435		1.18			2.51			1.31			2.38			97
	13.25		4.56			173,712		1.08			2.36			1.32			2.12			137
	13.20		3.72			24,819		1.83			1.61			2.07			1.37			137
	13.18		3.80			8,370		1.83			1.61			2.07			1.37			137
	13.23		4.90			214,410		0.69			2.70			0.91			2.48			137
	13.22		4.38			463		1.19			2.26			1.43			2.02			137
	13.65		4.01			168,340		1.25			2.60			1.67			2.18			109
	13.61		3.47			31,252		1.84			2.00			2.26			1.58			109
	13.58		3.40			8,463		1.84			2.01			2.26			1.59			109
	13.64		4.66			117,471		0.69			3.12			1.11			2.70			109
	13.63		4.13			470		1.19			2.65			1.61			2.23			109
	14.39		5.45			224,553		1.35			3.15			1.74			2.76			106
	14.34		4.87			37,118		1.85			2.64			2.24			2.25			106
	14.32		4.96			11,238		1.85			2.64			2.24			2.25			106
	14.37		6.07			90,368		0.70			3.82			1.09			3.43			106
	14.36		5.61			609		1.20			3.37			1.59			2.98			106

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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from
			investment operations
										Distributions
	Net asset									to shareholders
	value,		Net		Net realized			Total from		from net
	beginning		investment		and unrealized			investment		investment
Year - Share Class	of year		income(a)		gain (loss)			operations		income
FOR THE YEARS ENDED OCTOBER 31,
2007 - A	$	8.04	$	0.60	$	(0.10	)	$	0.50	$	(0.61	)
2007 - B		8.05		0.54		(0.10	)		0.44		(0.55	)
2007 - C		8.04		0.54		(0.10	)		0.44		(0.55	)
2007 - Institutional		8.05		0.63		(0.10	)		0.53		(0.64	)
2007 - Service		8.03		0.59		(0.10	)		0.49		(0.60	)
2006 - A		7.81		0.58		0.23			0.81		(0.58	)
2006 - B		7.82		0.53		0.22			0.75		(0.52	)
2006 - C		7.81		0.53		0.22			0.75		(0.52	)
2006 - Institutional		7.82		0.61		0.23			0.84		(0.61	)
2006 - Service		7.80		0.57		0.23			0.80		(0.57	)
2005 - A		8.08		0.62		(0.22	)		0.40		(0.67	)
2005 - B		8.09		0.56		(0.22	)		0.34		(0.61	)
2005 - C		8.08		0.56		(0.22	)		0.34		(0.61	)
2005 - Institutional		8.09		0.65		(0.21	)		0.44		(0.71	)
2005 - Service		8.09		0.62		(0.24	)		0.38		(0.67	)
2004 - A		7.79		0.65		0.32			0.97		(0.68	)
2004 - B		7.80		0.60		0.31			0.91		(0.62	)
2004 - C		7.79		0.60		0.31			0.91		(0.62	)
2004 - Institutional		7.81		0.69		0.30			0.99		(0.71	)
2004 - Service		7.80		0.65		0.31			0.96		(0.67	)
2003 - A		6.38		0.65		1.40			2.05		(0.64	)
2003 - B		6.39		0.60		1.39			1.99		(0.58	)
2003 - C		6.38		0.59		1.40			1.99		(0.58	)
2003 - Institutional		6.39		0.68		1.41			2.09		(0.67	)
2003 - Service		6.39		0.64		1.40			2.04		(0.63	)

(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 changes. Total return would be reduced if a sales or redemption charge were 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.

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

70

GOLDMAN SACHS HIGH YIELD FUND

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			year		to average			to average			to average			to average			turnover
of year		return(b)			(in 000s)		net assets			net assets			net assets			net assets			rate
$	7.93		6.41	%	$	1,777,150		1.09	%		7.46	%		1.11	%		7.44	%		50	%
	7.94		5.61			115,817		1.84			6.72			1.86			6.70			50
	7.93		5.61			119,073		1.84			6.71			1.86			6.69			50
	7.94		6.79			1,646,138		0.73			7.82			0.75			7.80			50
	7.92		6.28			8,399		1.24			7.34			1.26			7.32			50
	8.04		10.76			1,395,265		1.12			7.38			1.14			7.36			41
	8.05		9.93			96,743		1.87			6.64			1.89			6.62			41
	8.04		9.94			90,528		1.87			6.64			1.89			6.62			41
	8.05		11.16			1,296,429		0.75			7.76			0.77			7.74			41
	8.03		10.63			2,980		1.25			7.26			1.27			7.24			41
	7.81		5.10			1,006,734		1.15			7.74			1.17			7.72			52
	7.82		4.31			104,637		1.90			6.98			1.92			6.96			52
	7.81		4.32			72,590		1.90			6.95			1.92			6.93			52
	7.82		5.50			825,508		0.76			8.11			0.79			8.08			52
	7.80		4.72			1,597		1.26			7.62			1.29			7.59			52
	8.08		12.94			1,109,364		1.16			8.31			1.18			8.29			47
	8.09		12.09			105,106		1.91			7.54			1.93			7.52			47
	8.08		12.10			56,174		1.91			7.53			1.93			7.51			47
	8.09		13.23			832,175		0.76			8.73			0.78			8.71			47
	8.09		12.81			1,160		1.26			8.18			1.28			8.16			47
	7.79		33.34			1,821,032		1.17			8.97			1.19			8.95			54
	7.80		32.31			97,894		1.92			8.25			1.94			8.23			54
	7.79		32.36			46,812		1.92			8.21			1.94			8.19			54
	7.81		33.98			1,119,417		0.77			9.42			0.79			9.40			54
	7.80		33.16			958		1.27			8.86			1.29			8.84			54

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income from						Distributions
			investment operations						to shareholders
	Net asset
	value,		Net		Net realized		Total from		From net			From net
	beginning		investment		and unrealized		investment		investment			realized			Total
Year - Share Class	of year		income(a)		gain		operations		income			gains			distributions
FOR THE YEARS ENDED OCTOBER 31,
2007 - A	$	11.98	$	0.63	$	0.38	$	1.01	$	(0.62	)	$	(0.21	)	$	(0.83	)
2007 - C		11.97		0.53		0.38		0.91		(0.53	)		(0.21	)		(0.74	)
2007 - Institutional		11.99		0.67		0.39		1.06		(0.67	)		(0.21	)		(0.88	)
2006 - A		11.75		0.60		0.69		1.29		(0.65	)		(0.41	)		(1.06	)
2006 - C (commenced September 29, 2006)		11.78		0.01		0.22		0.23		(0.04	)		—			(0.04	)
2006 - Institutional		11.76		0.64		0.69		1.33		(0.69	)		(0.41	)		(1.10	)
2005 - A		11.18		0.74		1.00		1.74		(0.64	)		(0.53	)		(1.17	)
2005 - Institutional		11.19		0.77		1.02		1.79		(0.69	)		(0.53	)		(1.22	)
2004 - A		10.22		0.59		0.97		1.56		(0.57	)		(0.03	)		(0.60	)
2004 - Institutional		10.23		0.62		0.98		1.60		(0.61	)		(0.03	)		(0.64	)
FOR THE PERIOD ENDED OCTOBER 31,
2003 - A (commenced August 29, 2003)		10.00		0.08		0.26		0.34		(0.12	)		—			(0.12	)
2003 - Institutional (commenced August 29, 2003)		10.00		0.11		0.24		0.35		(0.12	)		—			(0.12	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption changes. Total returns for periods less that one full year are not annualized. Total return would be reduced if a sales or redemption charge were 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.
(c)	Annualized.

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

72

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			year		to average			to average			to average			to average			turnover
of year		return(b)			(in 000s)		net assets			net assets			net assets			net assets			rate
$	12.16		8.86	%	$	84,661		1.23	%		5.23	%		1.38	%		5.08	%		81	%
	12.14		7.80			995		1.98			4.64			2.13			4.49			81
	12.17		9.25			188,311		0.87			5.68			1.02			5.53			81
	11.98		11.63			69,302		1.23			5.17			1.53			4.87			167
	11.97		1.98			1		1.71	(c)		1.36	(c)		1.75	(c)		1.32	(c)		167
	11.99		11.93			85,073		0.86			5.51			1.16			5.21			167
	11.75		16.48			34,327		1.26			6.13			1.82			5.57			207
	11.76		17.01			40,962		0.88			6.58			1.52			5.94			207
	11.18		15.78			5,411		1.28			5.43			3.09			3.62			273
	11.19		16.22			20,387		0.88			5.90			2.57			4.21			273
	10.22		3.36			1,088		1.28	(c)		5.35	(c)		5.53	(c)		1.10	(c)		49
	10.23		3.52			11,688		0.88	(c)		5.96	(c)		4.88	(c)		1.96	(c)		49

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Goldman Sachs Trust — Goldman Sachs Special Focus 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 Goldman Sachs Global Income Fund, Goldman Sachs High Yield Fund and Goldman Sachs Emerging Markets Debt Fund, (collectively the “Goldman Sachs Special Focus Fixed Income Funds”), portfolios of the Goldman Sachs Trust, at October 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the period then ended, 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 Goldman Sachs Special Focus Fixed Income 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 audits 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 October 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Goldman Sachs Special Focus Fixed Income Funds as of October 31, 2006 and the financial highlights for each of the periods then ended and prior, were audited by other auditors whose report dated December 21, 2006 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 28, 2007

74

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended October 31, 2007

          As a shareholder of Class A, Class B, Class C, Institutional or Service Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional and Service 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 May 1, 2007 through October 31, 2007.

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 for 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 expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 (loads), 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.

	Global Income Fund							High Yield Fund							Emerging Markets Debt Fund
						Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	5/1/07		10/31/07			10/31/07*		5/1/07		10/31/07			10/31/07*		5/1/07		10/31/07			10/31/07*
Class A
Actual	$	1,000	$	1,030.00		$	5.26	$	1,000	$	995.60		$	5.45	$	1,000	$	1,019.40		$	6.22
Hypothetical 5% return		1,000		1,020.02	+		5.24		1,000		1,019.74	+		5.52		1,000		1,019.04	+		6.22
Class B
Actual		1,000		1,026.20			9.08		1,000		991.80			9.22		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.24	+		9.03		1,000		1,015.95	+		9.33		N/A		N/A			N/A
Class C
Actual		1,000		1,026.30			9.08		1,000		991.80			9.21		1,000		1,014.80			9.97
Hypothetical 5% return		1,000		1,016.24			9.04		1,000		1,015.96	+		9.32		1,000		1,015.31	+		9.97
Institutional
Actual		1,000		1,031.90			3.47		1,000		997.40			3.70		1,000		1,021.30			4.45
Hypothetical 5% return		1,000		1,021.79	+		3.46		1,000		1,021.50	+		3.74		1,000		1,020.80	+		4.45
Service
Actual		1,000		1,029.30			6.02		1,000		994.90			6.22		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,019.27	+		5.99		1,000		1,018.97	+		6.29		N/A		N/A			N/A

*   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 October 31, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class B			Class C			Institutional			Service
Global Income		1.04	%		1.79	%		1.79	%		0.68	%		1.18	%
High Yield		1.09			1.84			1.84			0.73			1.24
Emerging Markets Debt		1.23			N/A			1.96			0.87			N/A

+  Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

75

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

     The Trustees oversee the management of Goldman Sachs Trust (the “Trust”), and review the investment performance and expenses of the investment funds covered by this Report (the “Funds”) at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International (the “Investment Advisers”) with respect to the Funds.

     The Management Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on June 13, 2007 (the “Annual Contract Meeting”).

     To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to their reviews of the Funds’ investment performance, expenses and other matters at other regularly scheduled Board meetings, the Trustees have established a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 14, 2006, February 8, 2007 and May 9, 2007. At these Committee meetings, the Independent Trustees considered matters relating to the Management Agreement, including: (a) the Funds’ investment performance; (b) the Funds’ management fee arrangements; (c) the Investment Advisers’ undertaking to reimburse certain expenses of the Funds that exceed specified levels; (d) potential economies of scale and the level of breakpoints in the fees payable by the Funds under the Management Agreement; (e) the relative expense levels of the Funds as compared to those of comparable funds; (f) capacity constraints relating to certain of the Funds; (g) information on the advisory fees charged by the Investment Advisers to institutional accounts; (h) data relating to the Investment Advisers’ profitability with respect to the Trust and the Funds; (i) the quality of the non-advisory services provided by the Investment Advisers and their affiliates; (j) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds; and (k) reports on due diligence visits to outside service providers and the quality of services provided by the Funds’ unaffiliated service providers.

     At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Advisers and their affiliates with respect to the Goldman Sachs mutual funds; (b) the quality of the Investment Advisers’ services; (c) the structure, staff and capabilities of the Investment Advisers and their portfolio management teams; (d) the groups within the Investment Advisers that support the portfolio management teams, including the legal and compliance departments, the credit department, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Advisers’ business continuity and disaster recovery planning; (f) the Investment Advisers’ financial resources and their ability to hire and retain talented personnel; (g) the fees received by the Investment Advisers’ affiliates from the Funds for transfer agency, securities lending, distribution and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Advisers’ oversight of the Funds’ other service providers including the custodian and fund accounting agent; and (j) the Investment Advisers’ policies addressing various types of potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length each Fund’s investment performance, fees and expenses, including each Fund’s expense trends over time, the breakpoints in the contractual fee rates under the Management Agreement and the current expense levels of the Funds.

     In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees attended sessions at which the Trustees reviewed the payment of Rule 12b-1 distribution and service fees by the Funds. Information was also provided to the Trustees relating to revenue sharing payments made by the Investment Advisers to intermediaries that sell Fund shares, portfolio manager compensation and the alignment of the interests of the Funds and the portfolio managers, the number and types of accounts managed by the portfolio managers and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent counsel, without representatives of the Investment Advisers or their affiliates present.

76

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

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

     The presentations made at the Contract Review Committee meetings and at the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the Management Agreement for all of the Funds and the other mutual fund portfolios for which the Board of Trustees has responsibility were approved at the same Annual Contract Meeting, the Trustees considered the Management Agreement as it applied to each Fund separately.

     In evaluating the Management Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers, their services and the Funds. At those meetings the Trustees received materials relating to the Investment Advisers’ investment management and other services under the Management Agreement, including: (a) information on the investment performance of the Funds, including a comparison to the performance of similar mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with disclosure materials regarding the Goldman Sachs mutual funds and their expenses that were provided to investors who invest in the funds, as well as information on the Goldman Sachs mutual funds’ competitive universe, and discussed the broad range of other investment choices that are available to those investors.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

     In connection with their approval of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Advisers and their affiliates. These services include services as the Funds’ transfer agent, securities lending agent and distributor. In addition, affiliates of the Investment Advisers receive sales loads, distribution and service fees on the sale of certain classes of shares offered by the Funds. The Trustees concluded that the Investment Advisers were both able to commit substantial financial and other resources to the operations of the Funds and had continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Trustees also believed that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers, including education and training initiatives.

Investment Performance

     The Trustees also considered the investment performance of the Funds and the Investment Advisers. In this regard, the Trustees compared the investment performance of the Funds to the performance of other SEC-registered funds and to rankings and ratings issued by the Outside Data Provider. The Trustees also reviewed the Funds’ investment performance relative to their respective performance benchmarks. This information on each Fund’s investment performance was provided for one-, three-, five- and ten-year periods, to the extent that each Fund had been in existence for those periods, and since the commencement of each Fund’s investment operations. In addition, the Trustees considered the investment performance trends of the Funds over time, and reviewed the investment performance of the Funds in light of their respective investment objectives, policies and credit and duration parameters, as well as in light of periodic analyses of their respective quality and risk profiles. The Trustees also considered whether the Funds had operated within their investment policies, and their record of compliance with their investment limitations. The Trustees believed that the Funds were providing investment performance within a competitive range for long-term investors.

77

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

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

Costs of Services Provided and Comparative Information

     The Board of Trustees also considered the contractual fee rates payable by the Funds under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds. They also considered information that indicated that these mutual fund services differed in various significant respects from the services provided to the Investment Advisers’ institutional accounts, which generally paid lower fees. In addition, the fees paid by the Funds and the Funds’ total operating expense ratios (before and after voluntary fee waivers and expense reimbursements) were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms. Most of the comparisons of the Funds’ fee rates and total operating expense ratios were prepared by the Outside Data Provider.

     More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees to relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history (or, in the case of Emerging Markets Debt Fund, which commenced investment operations within a shorter period, since inception) comparing each Fund’s expenses to the category average. The analyses also compared the Funds’ transfer agency fees, custody and accounting fees and other expenses to peer groups and medians. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees noted the Investment Advisers’ voluntary undertaking to limit the Funds’ “other expenses” ratios (excluding certain expenses) to specified levels.

Economies of Scale

     The Board of Trustees also considered the breakpoints in the contractual fee rates under the Management Agreement for each of the Funds that had been implemented at the following annual percentages of the average daily net assets of the respective Funds:

	Management Fee			Average Daily
Fund	Annual Rate			Net Assets
Global Income Fund		0.65	%	First $	1 Billion
		0.59		Next $	1 Billion
		0.56		Over $	2 Billion
High Yield Fund		0.70		First $	2 Billion
		0.63		Over $	2 Billion
Emerging Markets Debt Fund		0.80		First $	2 Billion
		0.72		Over $	2 Billion

     In approving these fee breakpoints, the Trustees reviewed information regarding the Investment Advisers’ potential economies of scale, and whether the Funds and their shareholders were participating in the benefits of those economies. In this regard, the Trustees considered the amount of assets in the Funds; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and the profits realized by them; and information comparing fee rates charged by the Investment Advisers with fee rates charged by other, unaffiliated investment managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting, the Trustees continued to believe that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Advisers and Their Affiliates

     The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from the Funds as stated above, including the fees received by them for transfer agency, securities lending and distribution services. The Trustees noted the reduction of the transfer agency fees on Class A, Class B and Class C Shares of the applicable Funds in 2005.

78

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

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

Profitability

     The Trustees reviewed the Investment Advisers’ pre-tax revenues and pre-tax margins with respect to the Trust and the Funds. In this regard the Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules and expense allocation methodologies, as well as a report of an independent registered public accounting firm regarding the results of certain agreed-upon procedures performed to assist the Trustees in their evaluation of the Investment Advisers’ schedules of revenues and expenses for mathematical accuracy and conformity with the Investment Advisers’ allocation methodologies. The Trustees considered the Investment Advisers’ revenues and margins both in absolute terms and in comparison to the information on the reported margins earned by other asset management firms.

Conclusion

     After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded that the management fees paid by each of the Funds were reasonable in light of the services provided by the Investment Advisers, their costs and the Funds’ current and reasonably anticipated asset levels, and that the Management Agreement should be approved and continued with respect to each of the Funds.

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GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Ashok N. Bakhru Age: 65	Chairman of the Board of Trustees	Since 1991	President, ABN Associates (July 1994-March 1996 and November 1998-Present); Executive Vice President—Finance and Administration and Chief Financial Officer and Director, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004 and 2006-Present); Trustee of the Walnut Street Theater (1992-2004 and 2006-Present); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-Present); Director, Private Equity Investors—III and IV (November 1998-Present), and Equity-Limited Investors II (April 2002-Present); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees—Goldman Sachs Mutual Fund Complex (registered investment companies).	98	None
John P. Coblentz, Jr. Age: 66	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003); Director, Emerging Markets Group, Ltd. (2004-2006); Director, Elderhostel, Inc. (2006-Present). Trustee—Goldman Sachs Mutual Fund Complex (registered investment companies).	98	None
Diana M. Daniels Age: 58	Trustee	Since 2007	Ms. Daniels is retired (since January 2007). Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is Chairman of the Executive Committee, Cornell University (2006-2007); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (since 2007), and 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 Mutual Fund Complex (registered investment companies).	98	None
Patrick T. Harker Age: 49	Trustee	Since 2000	President, University of Delaware (July 2007-Present); Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-June 2007); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-January 2000); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee—Goldman Sachs Mutual Fund Complex (registered investment companies).	98	None
Jessica Palmer Age: 58	Trustee	Since 2007	Ms. Palmer is retired (since 2006). Formerly, she was Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer is a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-Present). Trustee—Goldman Sachs Mutual Fund Complex (registered investment companies).	98	None

80

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
Richard P. Strubel Age: 68	Trustee	Since 1987	Vice Chairman and Director, Cardean Learning Group (provider of educational services via the internet) (2003-Present); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee—Goldman Sachs Mutual Fund Complex (registered investment companies).	98	Gildan Activewear Inc. (a clothing marketing and manufacturing company); Cardean Learning Group (provider of educational services via the Internet); Northern Mutual Fund Complex (58 Portfolios).

Interested Trustees

				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age1	the Trust	Time Served2	During Past 5 Years	Trustee3	Held by Trustee4
James A. McNamara* Age: 45	President & 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—Goldman Sachs Mutual Fund Complex (registered investment companies) (November 2007- Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	98	None
Alan A. Shuch* Age: 58	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 Mutual Fund Complex (registered investment companies).	98	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.
1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
2	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) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 72 years (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.
3	The Goldman Sachs Mutual Fund Complex consists of the Trust and Goldman Sachs Variable Insurance Trust. As of October 31, 2007, the Trust consisted of 86 portfolios (of which 80 offer shares to the public), and Goldman Sachs Variable Insurance Trust consisted of 12 portfolios (of which 11 offer shares to the public).
4	This column includes only directorships of companies required to report to the SEC 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): 1-800-292-4726.

81

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

		Term of
		Office and
	Position(s) Held	Length of
Name, Age And Address	With the Trust	Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 32 Old Slip New York, NY 10005 Age: 45	Trustee & 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—Goldman Sachs Mutual Fund Complex (registered investment companies) (November 2007-Present); Senior Vice President—Goldman Sachs Mutual Fund Complex (May 2007-November 2007); Vice President—Goldman Sachs Mutual Fund Complex (2001-2007). Trustee—Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).
John M. Perlowski 32 Old Slip New York, NY 10005 Age: 43	Treasurer & Senior Vice President	Since 1997 Since 2007	Managing Director, Goldman Sachs (November 2003-Present) and Vice President, Goldman Sachs (July 1995-November 2003). Treasurer and Senior Vice President—Goldman Sachs Mutual Fund Complex (registered investment companies).
Peter V. Bonanno 32 Old Slip New York, NY 10005 Age: 40	Secretary	Since 2003	Managing Director, Goldman Sachs (December 2006-Present); Associate General Counsel, Goldman Sachs (2002-Present); Vice President, Goldman Sachs (1999-2006) and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary—Goldman Sachs Mutual Fund Complex (registered investment companies) (2006-Present); Assistant Secretary—Goldman Sachs Mutual Fund Complex (2003-2006).

1	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.
*	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): 1-800-292-4726.

82

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders of the Goldman Sachs Trust (the “Trust”) was held on August 3, 2007 (the “Meeting”) for the purpose of electing eight trustees of the Trust.

At the Meeting, Ashok N. Bakhru, John P. Coblentz, Jr., Diana M. Daniels, Patrick T. Harker, Jessica Palmer, Alan A. Shuch, Richard P. Strubel and Kaysie P. Uniacke were elected to the Trust’s Board of Trustees. The Funds have accrued and paid their pro-rata share of the expenses associated with this shareholder proxy meeting. In electing trustees, the Trust’s shareholders voted as follows:

Trustee	For		Against		Abstain		Broker Non-Votes
Ashok N. Bakhru		33,710,084,386		0		700,102,557		0
John P. Coblentz, Jr.		33,711,781,505		0		698,405,438		0
Diana M. Daniels		33,845,914,104		0		564,272,839		0
Patrick T. Harker		33,711,725,619		0		698,461,325		0
Jessica Palmer		33,846,634,466		0		563,552,477		0
Alan A. Shuch		33,850,365,750		0		559,821,193		0
Richard P. Strubel		33,704,705,418		0		705,481,525		0
Kaysie P. Uniacke		33,849,216,713		0		560,970,230		0

83

GOLDMAN SACHS SPECIAL FOCUS FIXED INCOME FUNDS

Special Focus Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Emerging Markets Debt Fund designates $604,032 as capital gain dividends paid during the year ended October 31, 2007.

For the year ended October 31, 2007, 0.24% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2007, 0.24% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 871(k) of the Internal Revenue Code, the Emerging Markets Debt Fund designates $2,327,428 as short-term capital gain dividends paid during the year ended October 31, 2007.

84

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $779.5 billion in assets under management as of September 30, 2007 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.

Money Market¹

Fixed Income
▪  Enhanced Income Fund
▪  Ultra-Short Duration
Government Fund
▪  Short Duration Government Fund
▪  Short Duration Tax-Free Fund
▪  California AMT-Free
Municipal Fund²
▪  New York AMT-Free
Municipal Fund²
▪  Tennessee Municipal Fund
▪  Municipal Income Fund
▪  Government Income Fund
▪  Inflation Protected Securities Fund
▪  U.S. Mortgages Fund
▪  Core Fixed Income Fund
▪  Core Plus Fixed Income Fund
▪  Investment Grade Credit Fund
▪  Global Income Fund
▪  High Yield Municipal Fund
▪  High Yield Fund
▪  Emerging Markets Debt Fund Domestic Equity
▪  Balanced Fund
▪  Growth and Income Fund
▪  Structured Large Cap Value Fund
▪  Large Cap Value Fund
▪  Structured U.S. Equity Fund
▪  Structured U.S. Equity Flex Fund
▪  Structured Large Cap Growth Fund
▪  Capital Growth Fund
▪  Strategic Growth Fund
▪  Concentrated Growth Fund
▪  Mid Cap Value Fund
▪  Growth Opportunities Fund
▪  Small/Mid Cap Growth Fund
▪  Structured Small Cap Equity Fund
▪  Structured Small Cap Value Fund
▪  Structured Small Cap Growth Fund
▪  Small Cap Value Fund

Asset Allocation³
▪  Asset Allocation Portfolios
▪  Income Strategies Portfolio
▪  Satellite Strategies Portfolio

Retirement Strategies³ International Equity
▪  Structured International Equity Fund
▪  Structured International Equity Flex Fund
▪  Strategic International Equity Fund
▪  Concentrated International Equity Fund ²
▪  Japanese Equity Fund
▪  Structured International Small Cap Fund
▪  International Small Cap Fund
▪  Asia Equity Fund
▪  Structured Emerging Markets Equity Fund
▪  Emerging Markets Equity Fund
▪  Concentrated Emerging Markets Equity Fund
▪  BRIC Fund (Brazil, Russia, India, China)

Specialty³
▪  U.S. Equity Dividend and Premium Fund
▪  Structured Tax-Managed Equity Fund
▪  Real Estate Securities Fund
▪  International Real Estate Securities Fund
▪  Tollkeeper Fund^SM
▪  Commodity Strategy Fund

1	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.
2	Effective December 26, 2006, the International Equity Fund was renamed the Concentrated International Equity Fund. Effective June 1, 2007, the California Intermediate AMT-Free Municipal Fund was renamed the California AMT-Free Municipal Fund and the New York Intermediate AMT-Free Municipal Fund was renamed the New York AMT-Free Municipal Fund.
3	Individual Funds within the Asset Allocation, Retirement and Specialty 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 Asset Allocation, Retirement or Specialty category.

The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005

TRUSTEES
Ashok N. Bakhru, Chairman
John P. Coblentz, Jr.
Diana M. Daniels
Patrick T. Harker
James A. McNamara
Jessica Palmer
Alan A. Shuch
Richard P. Strubel OFFICERS
James A. McNamara, President
John M. Perlowski, Senior Vice President and Treasurer
Peter V. Bonanno, Secretary

GOLDMAN, SACHS & CO.
Distributor and Transfer Agent


GOLDMAN SACHS ASSET MANAGEMENT, L.P.
Investment Adviser GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
Investment Adviser
Christchurch Court
10-15 Newgate Street,
London, England EC1 A7HD

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, 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).

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

Copyright 2007 Goldman, Sachs & Co. All rights reserved. 07-3295.MF
SFFIAR / 93.3K / 12-07

ITEM 2. CODE OF ETHICS.

(a)	As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b)	During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c)	During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d)	A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

	2007		2006		Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)	$	1,995,700	$	1,071,400	Financial statement audits
• Ernst & Young LLP (“E&Y”)	$	0	$	733,788	Financial statement audits
Audit-Related Fees:
• PwC	$	249,000	$	195,000	Other attest services
• E&Y	$	0	$	0
Tax Fees:
• PwC	$	511,900	$	281,400	Tax compliance services provided in connection with the preparation and review of the Registrant’s tax returns
• E&Y	$	0	$	107,400	Tax compliance services provided in connection with the preparation and review of the Registrant’s tax returns
All Other Fees:
• PwC	$	0	$	0
• E&Y	$	0	$	0

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.

	2007			2006	Description of Services Rendered
Audit Fees:
• E&Y	$	0	$	94,130	Audit fees borne by the Funds’ adviser
Audit-Related Fees:
• PwC	$	937,000	$	937,000	Internal control review performed in accordance with Statement on Auditing Standards No. 70.
• PwC	$	0	$	10,000	Audit related time borne by the Funds’ adviser
• E&Y	$	0	$	0
Tax Fees:
• PwC	$	0	$	0
• E&Y	$	0	$	0
All Other Fees:
• PwC	$	199,500	$	125,500	Review of fund reorganization documents. Services provided for fund launch and new share classes
• E&Y	$	0	$	18,000	Review of fund merger documents (2006).

* 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 PricewaterhouseCoopers LLP for the 12 months ended October 31, 2007 and October 31, 2006 were approximately $760,900 and $476,400 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PricewaterhouseCoopers LLP for non-audit services for the twelve months ended November 25, 2006 and November 26, 2005 were approximately $5.9 million and $5.2 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2005 and 2006 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.

The aggregate non-audit fees billed to GST by Ernst & Young LLP for the 12 months ended October 31, 2007 and October 31, 2006 were approximately 0 and $107,400 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by Ernst & Young LLP for non-audit services for the twelve months ended December 31, 2006 and December 31, 2005 were approximately $55.9 million and $49.0  million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2005 and 2006 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	January 9, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	January 9, 2008
By:	/s/ John M. Perlowski
	John M. Perlowski
	Treasurer/Principal Financial Officer
	Goldman Sachs Trust
Date:	January 9, 2008