N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Dr., Chicago, Illinois 60606

(Address of principal executive offices)                                                             (Zip code)

Peter V. Bonanno, Esq.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004 Copies to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, NW
Washington, DC 20006

(Name and address of agent for service)

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

Date of fiscal year end:        October 31,

Date of reporting period: January 31, 2008

Item 1. Schedule of Investments.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 79.6%
Adjustable Rate Non-Agency(a) — 7.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	128,374		4.990	%	04/25/35	$	128,749
American Home Mortgage Assets Series 2006-3, Class 1A1
	1,732,297		5.632		10/25/46		1,637,510
Banc of America Funding Corp. Series 2007-D, Class 1A5
	2,300,000		4.214		06/20/47		1,944,938
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	41,523		6.714		08/25/33		41,773
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
	559,321		5.063		06/25/35		563,312
Chase Mortgage Finance Corp. Series 2007-A1, Class 3A1
	2,627,297		4.822		02/25/37		2,655,794
Chase Mortgage Finance Corp. Series 2007-A1, Class 5A1
	905,629		4.170		02/25/37		879,374
Chase Mortgage Finance Corp. Series 2007-A1, Class 7A1
	1,770,153		4.603		02/25/37		1,767,482
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	753,812		6.162		09/25/35		700,029
Countrywide Home Loan Trust Series 2003-37, Class 1A1
	54,461		7.420		08/25/33		55,941
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
	203,244		4.555		11/20/34		196,649
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
	2,541,992		4.900		08/20/35		2,361,106
Countrywide Home Loan Trust Series 2006-HYB1, Class 3A1
	2,505,687		5.279		03/20/36		2,321,475
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	277,031		5.280		03/25/33		279,856
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	88,794		4.750		12/25/34		85,794
Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
	952,686		4.244		11/19/35		892,164
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	2,207,021		5.746		12/19/35		2,202,357
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	827,272		4.174		01/19/36		787,537
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	546,593		5.376		08/25/35		514,683
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	2,039,362		5.441		09/25/35		2,043,128
JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
	655,571		5.065		07/25/35		660,701
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	1,851,664		4.200		07/25/35		1,783,209
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	1,728,551		4.752		07/25/35		1,671,745
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	898,608		4.071		07/25/35		903,426

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(a) — (continued)
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
$	1,737,830		4.766	%	07/25/35	$	1,761,920
Lehman XS Trust Series 2007-4N, Class 3A2A
	3,588,108		5.538		03/25/47		3,375,217
Luminent Mortgage Trust Series 2006-5, Class A1A
	1,388,860		3.566		07/25/36		1,261,300
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	100,021		3.756		11/25/34		97,544
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
	1,748,916		5.455		11/25/29		1,678,425
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	2,938,827		5.662		01/25/46		2,816,420
Residential Accredit Loans, Inc. Series 2005-QA10, Class A31
	8,228,355		5.601		09/25/35		7,810,880
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	2,363,961		5.184		09/25/35		2,369,993
Sequoia Mortgage Trust Series 2004-09, Class A2(b)
	990,122		4.171		10/20/34		931,818
Structured Adjustable Rate Mortgage Loan Trust Series 2004-01, Class 3A3
	51,151		7.198		02/25/34		52,325
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 1A
	366,934		7.103		05/25/34		369,010
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	270,976		4.380		05/25/34		266,744
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	103,998		5.250		09/25/34		100,932
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	465,051		5.450		11/25/34		443,875
Structured Adjustable Rate Mortgage Loan Trust Series 2007-09, Class 1A1
	11,583,761		6.000		10/25/37		11,225,389
Structured Asset Securities Corp. Series 2003-24A, Class 1A3
	963,347		5.000		07/25/33		940,348
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	1,369,720		4.700		11/25/33		1,376,197
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	336,584		4.243		06/25/34		333,240
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR6, Class A1
	7,537,056		5.038		04/25/35		7,348,131
TOTAL ADJUSTABLE RATE NON-AGENCY							71,638,440
Collateralized Mortgage Obligations — 2.1%
Interest Only(b) — 0.0%
Countrywide Home Loan Trust Series 2003-42, Class 2X1(a)
	800,523		0.356		10/25/33		1,266
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	95,725		5.500		06/25/33		2,984

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage - Backed Obligations — (continued)
Interest Only(b) — (continued)
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(a)(c)
$	189,735		0.000	%	07/25/33	$	—
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(a)
	254,858		0.605		08/25/33		121
FNMA Series 151, Class 2
	22,946		9.500		07/25/22		6,411
FNMA Series 2004-47, Class EI(a)(d)
	3,160,364		0.000		06/25/34		96,625
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	79,719		0.679		08/25/33		288
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	29,789		1.158		07/25/33		214
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X(a)
	4,843,781		0.478		02/25/34		16,650
Washington Mutual Series 2003-AR07, Class X(a)
	1,076,710		0.935		06/25/08		1,567
							126,126
Inverse Floaters(a) — 0.1%
GNMA Series 2001-48, Class SA
	79,924		13.223		10/16/31		102,454
GNMA Series 2001-51, Class SA
	63,316		14.815		10/16/31		80,858
GNMA Series 2001-51, Class SB
	79,455		13.223		10/16/31		99,363
GNMA Series 2001-59, Class SA
	69,709		13.061		11/16/24		89,098
GNMA Series 2002-13, Class SB
	269,963		18.521		02/16/32		362,065
							733,838
Principal Only(c) — 0.0%
FNMA REMIC Trust Series G-35, Class N
	19,504		0.000		10/25/21		15,726
Regular Floater(a) — 0.5%
BCAP LLC Trust Series 2006-RR1, Class CF
	1,546,733		4.016		11/25/36		1,537,602
FHLMC Series 1760, Class ZB
	231,774		3.520		05/15/24		227,568
FNMA REMIC Series 2006-5, Class 2A1
	3,008,877		4.980		11/25/28		3,014,124
FNMA Series 2004-62, Class DI(d)
	1,426,000		0.000		07/25/33		48,844
FNMA Series 2004-71, Class DI(d)
	2,465,568		0.000		04/25/34		95,495
							4,923,633
Sequential Fixed Rate — 1.5%
FHLMC REMIC Series 2590, Class NV
	2,000,000		5.000		03/15/18		2,059,943
FHLMC Series 2329, Class ZA
	4,372,161		6.500		06/15/31		4,634,445

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage - Backed Obligations — (continued)
Sequential Fixed Rate — (continued)
FNMA REMIC Series 1993-78, Class H
$	5,501		6.500	%	06/25/08	$	5,515
FNMA Series 2001-53, Class GH
	579,639		8.000		09/25/16		630,575
GNMA 2002-42 Class KZ
	6,564,838		6.000		06/16/32		6,759,815
							14,090,293
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	19,889,616
Commercial Mortgage-Backed Securities — 6.0%
Interest Only(a)(b)(f) — 0.2%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
	17,723,003		1.350		03/13/40		534,381
CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP
	10,255,994		1.810		05/15/38		343,150
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
	20,316,291		1.155		01/15/38		448,401
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
	20,626,018		1.454		02/11/36		709,877
							2,035,809
Sequential Fixed Rate — 5.8%
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	10,000,000		5.181		09/10/47		9,887,248
Banc of America Funding Corp. Series 2007-8, Class 2A1
	7,738,760		7.000		10/25/37		7,910,468
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	10,000,000		5.400		07/15/44		9,938,847
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2
	9,358,839		7.202		10/15/32		9,826,883
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	8,000,000		6.278		11/15/39		8,279,250
LB-UBS Commercial Mortgage Trust Series 2007-C1, Class A4
	5,000,000		5.424		02/15/40		4,921,347
Morgan Stanley Capital I Series 2007-T25, Class A3
	5,000,000		5.514		11/12/49		4,964,024
							55,728,067
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	57,763,876
Federal Agencies — 64.1%
Adjustable Rate FHLMC(a) — 1.2%
	599,555		6.412		11/01/32		609,035
	6,080,800		3.469		09/01/33		6,097,081
	4,552,052		4.582		08/01/35		4,623,956
							11,330,072
Adjustable Rate FNMA(a) — 3.4%
	181,902		6.985		06/01/32		183,791
	1,242,711		4.720		11/01/32		1,270,867
	1,300,294		4.821		12/01/32		1,319,943
	6,396,849		4.201		05/01/33		6,447,472
	152,461		4.542		06/01/33		154,267
	6,301,758		4.094		10/01/33		6,363,377
	5,464,685		4.434		02/01/35		5,567,274
	6,344,995		4.824		09/01/35		6,463,933
	4,776,270		5.254		06/01/37		4,879,829
							32,650,753

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage - Backed Obligations — (continued)
Adjustable Rate GNMA(a) — 1.0%
$	207,232		6.375	%	06/20/23		212,924
	90,728		5.625		07/20/23		91,500
	93,645		5.625		08/20/23		94,300
	250,491		5.625		09/20/23		252,243
	70,647		6.375		03/20/24		72,090
	656,702		6.375		04/20/24		674,546
	81,512		6.375		05/20/24		83,728
	632,020		6.375		06/20/24		648,806
	349,160		5.625		07/20/24		352,118
	495,825		5.625		08/20/24		500,097
	160,490		5.625		09/20/24		161,773
	183,970		6.125		11/20/24		187,417
	160,306		6.125		12/20/24		163,247
	131,918		6.375		01/20/25		134,885
	64,369		6.375		02/20/25		65,817
	219,472		6.375		05/20/25		224,725
	160,411		5.625		07/20/25		161,910
	90,465		6.375		02/20/26		92,305
	4,343		5.625		07/20/26		4,375
	257,002		6.375		01/20/27		262,589
	81,975		6.375		02/20/27		83,640
	714,355		6.375		04/20/27		730,027
	84,084		6.375		05/20/27		85,854
	79,706		6.375		06/20/27		81,384
	25,561		6.125		11/20/27		25,971
	93,922		6.125		12/20/27		95,419
	217,410		6.375		01/20/28		221,899
	77,712		6.250		02/20/28		78,877
	82,306		6.375		03/20/28		83,977
	473,614		5.625		07/20/29		476,170
	176,063		5.625		08/20/29		177,013
	68,286		5.625		09/20/29		68,678
	219,347		6.125		10/20/29		223,106
	283,937		6.125		11/20/29		288,838
	71,083		6.125		12/20/29		72,301
	103,625		6.250		01/20/30		105,277
	50,098		6.250		02/20/30		50,897
	193,277		6.250		03/20/30		196,358
	322,978		6.375		04/20/30		330,157
	806,779		6.375		05/20/30		825,222
	81,712		6.375		06/20/30		83,477
	624,516		5.625		07/20/30		628,818
	94,840		5.625		09/20/30		95,403
	185,472		5.875		10/20/30		188,321
	401,689		6.000		03/20/32		408,293
							10,146,772
FHLMC — 11.8%
	1,291,291		5.500		12/01/08		1,302,965
	57,309		7.000		06/01/09		58,618
	904,026		6.500		12/01/13		940,260
	36,014		4.000		02/01/14		35,453
	24,674		6.500		02/01/14		25,663
	596,276		4.000		03/01/14		586,998
	117,336		4.000		04/01/14		115,510
	3,634,589		7.500		11/01/14		3,823,529
	10,373		7.000		02/01/15		10,848
	1,689,318		5.500		07/01/15		1,739,759
	158,139		8.000		07/01/15		167,820
	17,691		7.000		01/01/16		18,521
	79,517		7.000		02/01/16		83,245
	48,339		7.000		09/01/17		51,545
	31,198		7.000		10/01/17		33,267
	560,929		4.500		05/01/18		563,315
	453,901		5.500		05/01/18		466,492
	135,321		4.500		06/01/18		135,897
	2,412,229		5.500		06/01/18		2,479,141
	527,294		4.500		09/01/18		529,537
	392,569		4.500		10/01/18		394,240
	43,975		10.000		10/01/18		50,947
	406,337		4.500		11/01/18		408,065
	10,051,743		4.500		12/01/18		10,094,510
	1,997,951		5.000		12/01/18		2,031,677
	148,279		4.500		01/01/19		148,910
	294,791		4.500		03/01/19		295,821

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage - Backed Obligations — (continued)
FHLMC — (continued)
$	12,232,442		4.000	%	06/01/19	$		12,042,145
	7,255,271		4.500		06/01/19			7,286,140
	578,679		5.000		06/01/19			587,095
	5,796,685		5.000		11/01/19			5,888,362
	801,313		4.500		02/01/20			803,492
	74,823		10.000		07/01/20			87,434
	92,980		10.000		10/01/20			108,869
	335,357		6.500		07/01/21			348,187
	24,647		6.500		08/01/22			25,593
	177,480		9.000		10/01/22			197,581
	1,589,187		4.500		10/01/23			1,558,691
	11,976		7.500		03/01/27			13,184
	825,349		6.500		07/01/28			853,506
	5,107,080		6.500		12/01/29			5,346,882
	18,832		8.000		07/01/30			20,038
	49,820		7.500		12/01/30			53,252
	6,051		7.500		01/01/31			6,467
	330,447		7.000		04/01/31			353,037
	226,758		6.500		07/01/31			237,406
	1,708,680		6.000		05/01/33			1,755,828
	2,467,392		6.000		10/01/34			2,534,162
	4,404,823		4.500		10/01/35			4,257,094
	4,966,070		5.500		11/01/35			5,032,545
	25,385,259		5.500		03/01/36			25,709,249
	4,245,134		5.500		05/01/36			4,299,304
	7,665,749		7.000		11/01/37			8,070,867
								114,068,963
FNMA — 40.0%
	2,014,660		6.039		12/01/08			2,009,552
	42,313		5.500		01/01/09			42,802
	1,897		6.500		02/01/09			1,979
	556,800		5.500		05/01/09			566,604
	90,052		5.500		06/01/09			91,034
	408,543		4.500		03/01/13			417,254
	185,722		4.500		05/01/13			189,755
	248,511		4.000		06/01/13			251,427
	398,930		4.500		06/01/13			407,662
	334,020		4.000		07/01/13			337,939
	414,654		4.500		07/01/13			423,810
	468,125		4.000		08/01/13			473,634
	195,434		4.500		08/01/13			199,780
	690,607		4.000		09/01/13			698,749
	824,029		4.500		09/01/13			842,487
	1,401,034		4.000		10/01/13			1,417,579
	78,372		7.000		03/01/14			83,689
	697,451		4.000		04/01/14			705,683
	3,120,771		5.500		09/01/14			3,210,949
	117,455		7.000		03/01/15			122,793
	33,288		8.000		01/01/16			35,173
	459,491		8.000		11/01/16			501,705
	597,201		5.000		11/01/17			607,993
	20,267,124		5.000		12/01/17			20,618,611
	3,708,257		5.000		01/01/18			3,775,714
	4,639,603		5.000		02/01/18			4,720,568
	4,083,603		5.000		03/01/18			4,148,454
	564,480		4.500		04/01/18			566,685
	1,502,922		5.000		04/01/18			1,529,416
	2,604,001		4.500		05/01/18			2,615,048
	555,262		5.000		05/01/18			564,838
	4,802,292		4.500		06/01/18			4,821,764
	2,446,568		5.000		06/01/18			2,485,927
	377,088		4.500		07/01/18			378,687
	133,776		5.000		07/01/18			135,900
	9,952,729		4.000		08/01/18			9,836,408
	436,259		4.500		08/01/18			438,109
	97,651		5.000		08/01/18			99,202
	732,529		4.500		09/01/18			735,636
	1,401,221		5.000		09/01/18			1,425,920
	5,960,208		4.500		10/01/18			5,985,494
	7,402,262		5.000		10/01/18			7,532,746
	540,460		4.500		11/01/18			542,754
	68,379		5.000		11/01/18			69,465
	699,282		4.500		12/01/18			702,248
	1,368,407		5.500		12/01/18			1,406,169

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage - Backed Obligations — (continued)
FNMA — (continued)
$	140,912		4.500	%	01/01/19	$	141,510
	195,344		4.500		03/01/19		196,173
	2,789,591		5.000		04/01/19		2,838,765
	126,460		4.500		06/01/19		126,841
	2,947,572		5.000		06/01/19		2,999,530
	472,225		6.500		08/01/19		493,974
	3,380,462		6.000		09/01/19		3,501,157
	1,214,625		4.500		04/01/20		1,219,778
	38,248		9.500		08/01/20		42,682
	80,364		9.500		10/01/20		89,680
	4,246,092		6.000		12/01/20		4,397,693
	3,357,542		5.500		02/01/23		3,417,828
	4,378,663		5.500		08/01/23		4,456,315
	40,451		6.500		10/01/28		42,413
	1,047,808		6.000		11/01/28		1,082,394
	46,481		6.500		11/01/28		48,732
	77,594		7.000		11/01/30		82,932
	500,180		7.000		07/01/31		526,112
	5,540,899		5.500		07/01/33		5,610,001
	4,877,212		4.500		09/01/33		4,740,930
	11,878		6.500		01/01/34		12,398
	101,237		7.000		05/01/35		107,120
	7,940,531		5.000		06/01/35		7,911,932
	6,915,370		5.000		07/01/35		6,890,620
	189,784		7.000		07/01/35		200,813
	848,547		5.000		08/01/35		845,510
	226,535		7.000		08/01/35		239,699
	137,755		7.000		10/01/35		145,760
	132,341		7.000		01/01/36		140,031
	690,106		7.000		09/01/36		730,028
	4,201,930		5.500		10/01/36		4,259,414
	1,215,886		7.000		10/01/36		1,280,119
	1,408,856		7.000		03/01/37		1,483,282
	1,901,939		7.000		04/01/37		2,002,414
	3,803,172		7.000		07/01/37		4,004,188
	31,319		7.000		08/01/37		33,139
	1,000,001		7.500		08/01/37		1,060,095
	17,496,426		6.500		10/01/37		18,164,469
	24,337,944		7.500		10/01/37		25,755,057

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage - Backed Obligations — (continued)
FNMA — (continued)
$	21,649,743		6.500	%	11/01/37		22,477,476
	2,995,086		7.500		11/01/37		3,180,157
	46,000,000		6.500		12/01/37		47,760,935
	60,000,000		5.500		TBA-15yr(e)		60,787,500
	51,000,000		7.000		TBA-15yr(e)		53,677,500
							387,980,891
GNMA — 6.7%
	496		9.000		08/15/16		541
	321,649		7.000		12/15/27		344,987
	57,363		6.500		08/15/28		61,575
	622,325		6.000		01/15/29		645,106
	62,827		7.000		06/15/29		67,325
	298,446		7.000		10/15/29		320,420
	6,282,869		5.500		12/15/32		6,416,063
	11,759,169		5.000		05/15/33		11,800,869
	8,118,668		5.000		06/15/33		8,148,920
	25,005,860		5.000		07/15/33		25,108,582
	3,109,130		5.000		09/15/33		3,120,156
	5,498,529		5.000		03/15/34		5,516,855
	3,679,298		5.500		06/15/34		3,755,790
							65,307,189
TOTAL FEDERAL AGENCIES						$	621,484,640
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	770,776,572
Agency Debentures — 12.4%
FFCB
$	6,838,000		4.100	%	07/21/08	$	6,878,542
	10,000,000		4.200		02/23/09		10,164,000
	11,000,000		4.450		06/11/09		11,266,057
	7,000,000		7.375		02/09/10		7,644,581
	9,000,000		4.750		11/06/12		9,533,439
	5,100,000		4.875	(g)	12/16/15		5,372,774
FHLB
	3,900,000		3.500		02/13/09		3,936,727
	1,500,000		7.625		05/14/10		1,652,528
	8,400,000		4.500		09/14/12		8,770,245
	10,000,000		5.375	(h)	06/13/14		10,943,860
	8,800,000		5.375	(g)	05/18/16		9,599,603

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal			Interest			Maturity
Amount			Rate			Date	Value
Agency Debentures — (continued)
FHLMC
	$	7,000,000		4.480	%	09/19/08	$	7,074,368
		3,400,000		5.125	(g)	11/17/17		3,636,582
FNMA(g)
		5,000,000		6.625		09/15/09		5,311,938
		8,000,000		5.375		06/12/17		8,735,872
New Valley Generation II
		3,293,033		5.572		05/01/20		3,599,666
Small Business Administration
		381,374		6.700		12/01/16		398,307
		346,823		7.150		03/01/17		364,186
		248,135		7.500		04/01/17		261,844
		138,181		7.300		05/01/17		145,604
		108,856		6.800		08/01/17		113,987
		274,414		6.300		05/01/18		286,566
		229,447		6.300		06/01/18		239,731
Tennessee Valley Authority(g)
		4,000,000		5.375		04/01/56		4,311,790
TOTAL AGENCY DEBENTURES							$	120,242,797
Asset-Backed Securities — 2.3%
Home Equity — 2.3%
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1(a)
$		219,579		4.457	%	04/25/34	$	220,467
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(f)
		4,182,504		4.376		10/25/37		4,067,485
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(f)
		1,120,000		4.626		10/25/37		1,030,400
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(f)
		2,200,000		4.826		10/25/37		1,914,000
Citigroup Mortgage Loan Trust, Inc. Series 2004-OPT1, Class A2(a)
		594,954		3.736		10/25/34		566,822
Countrywide Home Equity Loan Trust Series 2004-I, Class A(a)
		875,684		4.526		02/15/34		766,747
Countrywide Home Equity Loan Trust Series 2005-B, Class 2A(a)
		965,688		4.416		05/15/35		608,864
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		1,058,917		7.000		09/25/37		1,047,004
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		1,047,410		7.000		09/25/37		1,035,626
Household Home Equity Loan Trust Series 2007-3, Class APT(a)
		4,365,448		5.159		11/20/36		4,266,626
Impac CMB Trust Series 2004-08, Class 1A(a)
		485,790		3.736		10/25/34		479,044
Securitized Asset Backed Receivables LLC Trust Series 2004-OP2, Class A2(a)
		21,324		3.726		08/25/34		20,329
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1(a)
		3,291,646		5.408		10/25/35		3,258,082

Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3(a)
$	2,944,208		5.595	%	07/25/36	$	3,014,579
							22,296,075
Manufactured Housing — 0.0%
Mid-State Trust Series 4, Class A
	230,495		8.330		04/01/30		257,394
TOTAL ASSET-BACKED SECURITIES						$	22,553,469
U.S. Treasury Obligations(g) — 0.9%
United States Treasury Notes
$	2,000,000		4.750	%	05/31/12	$	2,165,780
	6,200,000		4.750		08/15/17		6,749,283
TOTAL U.S. TREASURY OBLIGATIONS						$	8,915,063
Insured Revenue Bonds — 0.8%
New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%	02/15/29	$	2,508,000
Sales Tax Asset Receivable Taxable Series B (FSA)
	5,500,000		3.600		10/15/08		5,502,805
TOTAL INSURED REVENUE BONDS						$	8,010,805
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT AND SECURITIES LENDING COLLATERAL						$	930,498,706
Repurchase Agreement(i) — 14.1%
Joint Repurchase Agreement Account II
$	136,900,000		2.988	%	02/01/08	$	136,900,000
Maturity Value: $136,911,363

	Interest
Shares	Rate			Value
Securities Lending Collateral(a) — 4.9%
State Street Navigator Securities Lending Prime Portfolio
47,360,429		3.920	%	$	47,360,429
TOTAL INVESTMENTS — 115.0%				$	1,114,759,135
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.0)%					(145,255,660	)
NET ASSETS — 100.0%				$	969,503,475

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

(a) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2008.

(b) Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(e) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $114,465,000 which represents approximately 11.8% of net assets as of January 31, 2008.

(f) 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 $9,047,694, which represents approximately 0.9% of net assets as of January 31, 2008.

(g) All or a portion of security is on loan.

(h) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(i) Joint repurchase agreement was entered into on January 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

Investment Abbreviations:
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MBIA	— Insured by Municipal Bond Investors Assurance
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2008, the following futures contracts were open:

	Number of
	Contracts	Settlement	Notional			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)
Eurodollars	95	March 2008	$	23,060,063		$	368,549
Eurodollars	23	June 2008		5,606,825			132,419
Eurodollars	23	September 2008		5,609,413			134,021
Eurodollars	23	December 2008		5,602,513			128,846
Eurodollars	23	March 2009		5,592,738			121,521
Eurodollars	23	June 2009		5,581,238			113,758
U.S. Treasury Bonds	119	March 2008		14,198,188			77,880
2 Year U.S. Treasury Notes	(137)	March 2008		(29,210,969	)		6,176
5 Year U.S. Treasury Notes	708	March 2008		80,004,000			(69,451	)
10 Year U.S. Treasury Notes	727	March 2008		84,854,531			1,824,915
TOTAL						$	2,838,634

SWAP CONTRACTS — At January 31, 2008, 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) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund			the Fund			the Fund			Gain (Loss)
Banc of America Securities LLC	$	30,000		04/07/08		4.339	%	3 month LIBOR			$	—		$	326,563
		35,000		09/02/10		4.309		3 month LIBOR				—			1,410,926
		25,000		10/06/10		4.703		3 month LIBOR				—			1,298,766
		3,300	(a)	06/18/13		4.500		3 month LIBOR				28,884			96,212
		9,300	(a)	06/18/13	3 month LIBOR				4.500	%		(234,143	)		(118,399	)
		30,000		12/09/14		4.641		3 month LIBOR				—			1,268,830
		9,000		05/25/15		4.533		3 month LIBOR				—			318,504
		4,200	(a)	06/18/18	3 month LIBOR				5.000			(328,492	)		106,640
		43,000		11/02/19	3 month LIBOR				4.865			—			(1,827,692	)
		35,000		11/12/19	3 month LIBOR				5.069			—			(1,223,938	)
		36,200	(a)	06/18/23	3 month LIBOR				5.250			(2,113,720	)		(163,066	)
		4,000	(a)	06/18/28		5.250		3 month LIBOR				372,325			(139,751	)
		13,200		04/09/35		5.266		3 month LIBOR				—			1,096,282

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Bear Stearns & Co., Inc.	$	52,800		08/20/12	3 month LIBOR	5.282%	$	—		$	(4,756,474	)
		13,900	(a)	06/18/18	3 month LIBOR	5.000		(171,711	)		(562,512	)
		13,700	(a)	06/18/28	5.250%	3 month LIBOR		217,826			578,741
Deutsche Bank Securities, Inc.		33,340		11/17/10	3 month LIBOR	4.315		—			(739,099	)
		14,660		12/24/10	3 month LIBOR	3.780		—			(158,306	)
		6,450		12/29/10	3 month LIBOR	4.000		—			(95,248	)
		10,850		12/29/10	3 month LIBOR	3.868		—			(133,213	)
		14,220		01/07/11	3 month LIBOR	3.658		—			(115,654	)
		16,150		01/28/11	3 month LIBOR	3.161		—			30,395
		117,000	(a)	06/18/13	3 month LIBOR	4.500		(3,988,876	)		(446,340	)
		58,800	(a)	06/18/13	4.500	3 month LIBOR		425,651			1,803,329
		29,400		11/17/15	4.920	3 month LIBOR		—			1,313,459
		12,800		12/24/15	4.520	3 month LIBOR		—			233,635
		5,600		12/29/15	4.745	3 month LIBOR		—			175,777
		9,500		12/29/15	4.630	3 month LIBOR		—			233,301
		12,400		01/07/16	4.487	3 month LIBOR		—			192,107
		14,000		01/28/16	4.224	3 month LIBOR		—			(20,135	)
		4,700	(a)	06/18/18	5.000	3 month LIBOR		211,625			36,638
		18,000	(a)	06/18/23	3 month LIBOR	5.250		(1,001,432	)		(130,671	)
		4,600	(a)	06/18/28	3 month LIBOR	5.250		(260,078	)		(7,382	)
		8,210		11/17/38	3 month LIBOR	5.309		—			(504,591	)
		3,510		12/24/38	3 month LIBOR	5.011		—			(45,286	)
		1,560		12/29/38	3 month LIBOR	5.215		—			(68,958	)
		2,620		12/29/38	3 month LIBOR	5.121		—			(77,993	)
		3,400		01/07/39	3 month LIBOR	5.017		—			(44,358	)
		3,840		01/28/39	3 month LIBOR	4.939		—			507
JPMorgan Securities, Inc.		127,400	(a)	06/18/13	4.500	3 month LIBOR		936,501			3,892,956

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
JPMorgan Securities, Inc.	$	80,400	(a)	06/18/15	5.000%	3 month LIBOR	$	2,322,193		$	2,515,212
		30,000		03/07/16	3 month LIBOR	5.183%		—			(2,693,108	)
		44,300	(a)	06/18/18	5.000	3 month LIBOR		1,184,157			1,155,849
		26,400	(a)	06/18/23	3 month LIBOR	5.250		(1,539,636	)		(120,783	)
		23,100	(a)	06/18/28	3 month LIBOR	5.250		(1,095,564	)		(247,552	)
		4,300	(a)	06/18/38	5.250	3 month LIBOR		196,332			74,524
TOTAL							$	(4,838,158	)	$	3,718,644

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2008.

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Unrealized
Swap Counterparty	(000s)		Date		Gain
Banc of America Securities LLC	$	6,000		06/03/08	$	306,277
JPMorgan Securities, Inc.		9,000		06/03/08		459,416
TOTAL					$	765,693

The fund receives monthly payments based on any positive monthly duration adjusted return of the Banc of America Securities LLC CMBS AAA 10 Yr Index. The fund makes payments on any negative monthly duration adjusted return of such index.

Investment Abbreviations:
CMBS	— Commercial Mortgage-Backed Securities
LIBOR	— London Interbank Offered Rate

TAX INFORMATION — At January 31, 2008 the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	1,099,103,666
Gross unrealized gain		20,195,160
Gross unrealized loss		(4,539,691	)
Net unrealized security gain	$	15,655,469

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 115.3%
Adjustable Rate Non-Agency(a) — 22.3%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	470,704		4.990	%	04/25/35	$	472,078
American Home Mortgage Assets Series 2006-3, Class 1A1
	6,498,713		5.632		10/25/46		6,143,119
American Home Mortgage Assets Series 2006-3, Class 2A11
	13,886,287		5.602		10/25/46		12,881,280
American Home Mortgage Assets Series 2007-1, Class A1
	6,132,473		5.362		02/25/47		5,691,016
American Home Mortgage Investment Trust Series 2004-3, Class 1A
	37,610		3.746		10/25/34		37,019
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	731,931		4.457		04/25/34		734,889
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
	1,740,109		5.063		06/25/35		1,752,527
Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1
	3,777,318		6.269		09/25/47		3,822,622
Bear Stearns Alt-A Trust Series 2004-3, Class A1
	159,135		4.016		04/25/34		152,475
Bear Stearns Alt-A Trust Series 2005-5, Class 21A1
	2,272,116		4.980		07/25/35		2,227,305
Countrywide Alternative Loan Trust Series 2005-16, Class A1
	1,374,646		6.307		06/25/35		1,305,707
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	376,906		6.162		09/25/35		350,014
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	1,439,919		4.644		11/20/35		1,338,432
Countrywide Alternative Loan Trust Series 2007-0A11, Class A1A
	6,912,909		6.042		11/25/47		6,307,476
Countrywide Home Loan Trust Series 2003-52, Class A1
	877,242		4.503		02/19/34		861,815
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
	609,731		4.555		11/20/34		589,947
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
	2,541,992		4.900		08/20/35		2,361,106
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	221,986		4.750		12/25/34		214,485
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	1,471,347		5.746		12/19/35		1,468,238
Harborview Mortgage Loan Trust Series 2005-15, Class 2A11
	1,064,522		4.204		10/20/45		1,003,037
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	551,515		4.174		01/19/36		525,025
Harborview Mortgage Loan Trust Series 2005-16, Class 3A1A
	2,214,986		4.184		01/19/36		2,107,219
Impac CMB Trust Series 2004-08, Class 1A
	182,171		4.096		10/25/34		179,641
Impac CMB Trust Series 2005-06, Class 1A1
	2,126,517		3.626		10/25/35		2,014,893
Impac Secured Assets Corp. Series 2005-2, Class A1W
	2,677,226		3.626		03/25/36		2,162,579

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(a) — (continued)
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
$	1,093,186		5.376	%	08/25/35	$	1,029,365
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	679,787		5.441		09/25/35		681,043
JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
	1,966,713		5.065		07/25/35		1,982,102
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	925,832		4.200		07/25/35		891,604
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	864,276		4.752		07/25/35		835,872
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	898,608		4.071		07/25/35		903,426
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	868,915		4.766		07/25/35		880,960
Lehman XS Trust Series 2005-5N, Class 3A1A
	1,732,843		3.676		11/25/35		1,637,760
Lehman XS Trust Series 2006-2N, Class 1A1
	2,287,844		3.636		02/25/46		2,164,740
Lehman XS Trust Series 2007-04N, Class 3A2A
	2,691,081		5.538		03/25/47		2,531,413
Lehman XS Trust Series 2007-16N, Class 2A2
	2,964,570		4.226		09/25/47		2,719,993
Luminent Mortgage Trust Series 2006-5, Class A1A
	694,430		3.566		07/25/36		630,650
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,655,167		5.638		12/25/46		1,564,783
Master Adjustable Rate Mortgages Trust Series 2007-1, Class I2A3
	1,778,940		5.528		01/25/47		1,724,460
Merrill Lynch Alternative Note Asset Series 2007-AF1, Class AV1
	2,793,852		5.665		06/25/37		2,586,083
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	1,898,437		5.348		10/25/34		1,934,230
Mortgage IT Trust Series 2005-5, Class A1
	1,440,656		3.636		12/25/35		1,359,597
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	1,763,296		5.662		01/25/46		1,689,852
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	2,185,566		5.208		09/25/35		2,208,387
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	1,575,974		5.184		09/25/35		1,579,995
Sequoia Mortgage Trust Series 2004-09, Class A2
	609,306		4.171		10/20/34		573,427
Structured Adjustable Rate Mortgage Loan Series 2004-06, Class 3A2
	1,234,189		4.708		06/25/34		1,247,140
Structured Adjustable Rate Mortgage Loan Series 2004-19, Class 2A2
	181,818		7.062		01/25/35		182,878
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	812,929		4.380		05/25/34		800,232
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	346,660		5.250		09/25/34		336,442

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(a) — (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
$	1,479,707		5.450	%	11/25/34	$	1,412,331
Structured Adjustable Rate Mortgage Loan Trust Series 2007-09, Class 1A1
	9,653,135		6.000		10/25/37		9,354,491
Structured Adjustable Rate Mortgage Loan Trust Series 2007-10, Class 1A1
	6,737,110		6.000		11/25/37		6,332,883
Structured Asset Mortgage Investments, Inc. Series 2007-AR3, Class 2A1
	6,813,175		3.566		09/25/47		6,384,198
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
	3,974,071		6.162		08/25/47		3,883,576
Structured Asset Securities Corp. Series 2003-26A, Class 3A5
	1,000,000		4.530		09/25/33		1,002,787
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	68,486		4.700		11/25/33		68,810
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	249,974		4.520		12/25/33		246,341
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	1,065,850		4.243		06/25/34		1,055,261
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR9, Class 2A
	3,496,734		5.502		11/25/46		3,332,086
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1
	3,668,842		5.309		03/25/37		3,740,858
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR07, Class 2A
	3,561,599		5.642		07/25/46		3,385,256
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class 2A
	9,805,420		5.382		12/25/46		9,250,003
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY3, Class 4A1
	4,496,414		5.349		03/25/37		4,565,663
Wells Fargo Alternative Loan Trust Series 2007- PA6, Class A1
	13,055,029		6.603		12/28/37		12,994,480
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	1,645,823		5.408		10/25/35		1,629,041
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR6, Class A1
	3,768,528		5.038		04/25/35		3,674,066
TOTAL ADJUSTABLE RATE NON-AGENCY							163,692,509

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Collateralized Mortgage Obligations — 1.5%
Interest Only(b) — 0.0%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
$	50,005		5.500	%	04/25/33	$	3,742
ABN AMRO Mortgage Corp. Series 2003-8, Class A2
	324,486		5.500		06/25/33		29,486
Countrywide Home Loan Trust Series 2003-42, Class 2X1(a)
	522,080		0.356		10/25/33		825
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(a)(c)
	174,916		0.000		11/25/32		—
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	3,762		5.500		04/25/33		76
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	1,595		5.750		05/25/33		16
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	19,145		5.500		06/25/33		597
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	431,264		5.250		07/25/33		61,901
FHLMC REMIC Series 2575, Class IB
	200,419		5.500		08/15/30		14,431
FNMA Series 2004-47, Class EI(a)(d)
	1,419,874		0.000		06/25/34		43,411
FNMA Series 2004-62, Class DI(a)(d)
	633,778		0.000		07/25/33		21,708
FNMA Series E, Class E2
	663		506.000		09/01/10		3,772
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	53,146		0.679		08/25/33		192
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	14,894		1.158		07/25/33		107
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X(a)
	818,206		0.478		02/25/34		2,813
Washington Mutual Mortgage Pass-Through Certificates Series 2003-S3, Class 1A41
	256,421		5.500		06/25/33		18,277
							201,354
Inverse Floaters(a) — 0.0%
FHLMC Series 1544, Class M
	1,937		15.158		07/15/08		1,934
FNMA Series 1993-072, Class SA
	649		9.475		05/25/08		651
FNMA Series 1993-093, Class SA
	930		12.292		05/25/08		938
FNMA Series 1993-095, Class SE
	1,150		12.650		06/25/08		1,158
FNMA Series 1993-135, Class S
	10,474		9.750		07/25/08		10,637
GNMA Series 2001-48, Class SA
	26,641		13.223		10/16/31		34,151

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Inverse Floaters(a) — (continued)
GNMA Series 2001-51, Class SB
$	26,485		13.223	%	10/16/31	$	33,121
GNMA Series 2001-59, Class SA
	40,018		13.061		11/16/24		51,149
							133,739
Planned Amortization Class — 0.7%
FNMA REMIC Series 1993-63, Class PK
	3,320		6.500		05/25/08		3,325
FNMA REMIC Series 1993-76, Class PJ
	10,819		6.000		06/25/08		10,837
FNMA REMIC Series 2003-88, Class TH
	5,000,000		4.500		09/25/18		4,998,294
							5,012,456
Regular Floater(a)(d) — 0.2%
FHLMC REMIC Series 3038, Class XA
	73,654		0.000		09/15/35		73,782
FHLMC REMIC Series 3313, Class AU
	88,405		0.000		04/15/37		92,224
FHLMC Series 3013, Class XH
	173,900		0.000		08/15/35		188,571
FHLMC Series 3325, Class SX
	1,164,903		0.000		06/15/37		1,196,044
FNMA REMIC Series 2006-81, Class LF
	84,642		0.000		09/25/36		84,150
							1,634,771
Sequential Fixed Rate — 0.6%
FHLMC REMIC Series 1703, Class GC
	1,043,429		6.500		04/15/09		1,041,998
FHLMC REMIC Series 1823, Class A
	538,768		6.500		08/15/23		543,467
FHLMC REMIC Series 2042, Class N
	746,762		6.500		03/15/28		776,716
FHLMC REMIC Series 2458, Class OD
	25,397		6.000		04/15/16		25,390
FHLMC REMIC Series 2590, Class NV
	1,000,000		5.000		03/15/18		1,029,972
FNMA REMIC Series 2000-16, Class ZG
	992,000		8.500		06/25/30		1,106,116
FNMA REMIC Trust Series 1993-101, Class PJ
	37,895		7.000		06/25/08		38,011
							4,561,670
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	11,543,990
Commercial Mortgage-Backed Securities — 5.7%
Interest Only(a)(b)(e) — 0.1%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
	5,008,675		1.173		03/13/40		151,020

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Interest Only(a)(b)(e) — (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
$	5,335,592		0.975	%	01/15/38	$	117,762
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
	5,448,382		1.454		02/11/36		187,515
							456,297
Sequential Fixed Rate — 5.6%
Banc of America Commercial Mortgage, Inc. Series 2005-5, Class A4
	4,000,000		5.115		10/10/45		4,005,485
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	5,000,000		5.181		09/10/47		4,943,624
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW14, Class A4
	4,000,000		5.201		12/11/38		3,885,179
Bear Stearns Commercial Mortgage Securities, Inc. Series 2005-PW10, Class A4
	5,000,000		5.405		12/11/40		5,108,714
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4
	5,000,000		5.334		11/10/45		4,991,942
LB-UBS Commercial Mortgage Trust Series 2002-C1, Class A2
	103,859		5.969		03/15/26		104,239
LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	2,000,000		4.954		09/15/30		1,949,502
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
	2,000,000		5.197		11/15/30		1,977,256
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	3,500,000		5.156		02/15/31		3,438,425
Morgan Stanley Capital I Series 2007-T25, Class A3
	7,000,000		5.514		11/12/49		6,943,758
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
	4,000,000		5.210		10/15/44		3,979,659
							41,327,783
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	41,784,080
Federal Agencies — 85.8%
Adjustable Rate FHLMC(a) — 0.9%
	640,975		4.245		04/01/33		648,237
	5,852,638		4.582		08/01/35		5,945,087
							6,593,324
Adjustable Rate FNMA(a) — 1.5%
	28,705		5.609		07/01/22		28,949
	44,275		5.483		07/01/27		44,494
	78,567		5.483		11/01/27		78,955
	9,361		5.483		01/01/31		9,437
	16,758		5.483		06/01/32		16,917
	39,756		5.609		08/01/32		39,806
	3,121,421		4.667		05/01/33		3,152,555
	93,198		5.609		05/01/33		93,522

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate FNMA(a) — (continued)
$	645,718		4.853	%	06/01/33	$	658,520
	676,264		4.344		12/01/33		674,663
	1,248,520		4.645		08/01/34		1,263,201
	4,403,634		4.567		02/01/35		4,476,793
	41,102		5.483		11/01/35		41,200
	186,882		5.483		12/01/37		188,417
	82,283		5.483		01/01/38		82,963
	71,344		5.483		11/01/40		71,940
							10,922,332
Adjustable Rate GNMA(a) — 0.6%
	89,486		6.375		06/20/23		91,945
	40,323		5.625		07/20/23		40,667
	41,620		5.625		08/20/23		41,911
	111,330		5.625		09/20/23		112,108
	30,506		6.375		03/20/24		31,130
	283,576		6.375		04/20/24		291,281
	35,198		6.375		05/20/24		36,155
	272,917		6.375		06/20/24		280,166
	155,182		5.625		07/20/24		156,497
	220,366		5.625		08/20/24		222,265
	71,330		5.625		09/20/24		71,899
	79,442		6.125		11/20/24		80,930
	69,223		6.125		12/20/24		70,493
	56,965		6.375		01/20/25		58,246
	27,796		6.375		02/20/25		28,421
	94,772		6.375		05/20/25		97,040
	71,294		5.625		07/20/25		71,960
	39,065		6.375		02/20/26		39,859
	1,930		5.625		07/20/26		1,944
	110,978		6.375		01/20/27		113,391
	35,398		6.375		02/20/27		36,117
	308,472		6.375		04/20/27		315,239
	36,309		6.375		05/20/27		37,073
	34,419		6.375		06/20/27		35,143
	10,778		6.125		11/20/27		10,950
	40,557		6.125		12/20/27		41,203
	93,882		6.375		01/20/28		95,820
	34,539		6.250		02/20/28		35,057
	35,541		6.375		03/20/28		36,263
	210,495		5.625		07/20/29		211,631
	78,250		5.625		08/20/29		78,672
	30,349		5.625		09/20/29		30,524
	94,718		6.125		10/20/29		96,341
	122,610		6.125		11/20/29		124,726
	30,695		6.125		12/20/29		31,221
	46,056		6.250		01/20/30		46,790
	22,266		6.250		02/20/30		22,621
	85,901		6.250		03/20/30		87,270
	139,467		6.375		04/20/30		142,568
	348,382		6.375		05/20/30		356,346
	35,285		6.375		06/20/30		36,047
	277,563		5.625		07/20/30		279,475
	42,151		5.625		09/20/30		42,401
	80,090		5.875		10/20/30		81,320
	453,925		4.500		12/20/34		455,458
							4,704,584

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — 11.1%
$	214,067		5.000	%	12/01/12	$	217,941
	36,014		4.000		02/01/14		35,453
	596,271		4.000		03/01/14		586,998
	117,335		4.000		04/01/14		115,510
	131,701		4.000		05/01/14		133,386
	9,853		7.000		04/01/15		10,294
	23,298		7.000		02/01/16		24,391
	83,275		6.000		03/01/16		86,347
	249,244		5.000		11/01/17		253,139
	373,951		4.500		05/01/18		375,543
	2,695,504		5.000		05/01/18		2,736,066
	90,213		4.500		06/01/18		90,598
	737,238		4.000		08/01/18		726,782
	15,743		4.500		08/01/18		15,751
	351,526		4.500		09/01/18		353,024
	261,711		4.500		10/01/18		262,826
	678,124		4.500		11/01/18		681,010
	11,093,553		5.000		11/01/18		11,260,486
	14,741,865		4.500		12/01/18		14,786,537
	6,625,493		5.000		12/01/18		6,737,335
	433,028		4.500		01/01/19		433,610
	675,097		5.000		01/01/19		685,256
	1,773,852		4.500		02/01/19		1,774,728
	793,506		5.000		02/01/19		805,162
	1,885,898		4.500		03/01/19		1,887,136
	60,392		5.000		03/01/19		61,270
	658,910		4.000		04/01/19		647,850
	36,939		4.500		04/01/19		36,924
	245,581		5.000		04/01/19		249,153
	72,601		5.000		05/01/19		73,657
	4,017,234		4.500		06/01/19		4,034,326
	666,529		5.000		06/01/19		676,223
	69,252		5.000		07/01/19		70,259
	355,453		5.000		08/01/19		360,623
	279,086		5.000		10/01/19		283,145
	35,241		4.500		11/01/19		35,226
	1,656,063		4.500		02/01/20		1,660,565
	87,657		5.000		04/01/20		88,831
	893,778		5.500		04/01/20		915,945
	83,621		5.000		06/01/20		84,741
	90,975		5.000		07/01/20		92,193
	5,280,582		4.500		08/01/20		5,283,150
	857,203		4.500		10/01/20		857,620
	119,023		5.000		11/01/20		120,616
	94,869		5.000		01/01/21		96,296
	4,755,042		5.500		05/01/21		4,867,106
	3,197,092		4.500		08/01/23		3,160,311
	32,554		7.500		03/01/27		35,836
	2,445,227		6.500		01/01/29		2,561,504
	860,832		6.500		04/01/29		901,559
	432,803		6.500		12/01/29		453,126
	330,447		7.000		04/01/31		353,037
	2,670,671		7.000		09/01/31		2,853,249
	1,187,856		7.000		04/01/32		1,259,133
	2,621,893		7.000		05/01/32		2,779,221
	859,267		6.000		05/01/33		882,976
	400,538		6.500		08/01/33		418,011
							81,328,991

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — 71.7%
$	82,837		4.000	%	06/01/13	$	83,809
	111,340		4.000		07/01/13		112,646
	156,042		4.000		08/01/13		157,878
	295,224		4.000		09/01/13		298,705
	6,888		5.500		09/01/13		7,077
	613,057		4.000		10/01/13		620,297
	16,495		5.500		02/01/14		16,948
	464,967		4.000		04/01/14		470,455
	3,273		5.500		04/01/14		3,362
	7,230		5.500		04/01/16		7,436
	7,784		5.500		08/01/16		8,005
	95,834		5.500		11/01/16		98,563
	179,563		5.000		12/01/16		183,154
	77,016		5.500		12/01/16		79,209
	111,475		5.500		01/01/17		114,649
	33,467		5.000		02/01/17		34,137
	260,894		5.000		04/01/17		266,111
	70,244		5.000		05/01/17		71,649
	8,196		5.500		05/01/17		8,418
	354,334		5.000		06/01/17		361,420
	38,132		5.500		07/01/17		39,168
	5,200		5.500		09/01/17		5,341
	13,554,248		5.000		10/01/17		13,778,145
	3,338,153		5.000		11/01/17		3,393,692
	11,052,258		5.000		12/01/17		11,236,565
	239,393		4.500		01/01/18		240,496
	4,917,996		5.000		01/01/18		5,001,330
	61,650		5.500		01/01/18		63,382
	3,603,281		5.000		02/01/18		3,664,972
	50,272		5.500		02/01/18		51,705
	6,483		6.000		02/01/18		6,664
	455,756		4.500		03/01/18		457,358
	8,424,587		5.000		03/01/18		8,562,721
	642,196		4.500		04/01/18		644,620
	4,915,815		5.000		04/01/18		5,001,630
	88,316		5.500		04/01/18		90,816
	4,227,648		4.500		05/01/18		4,245,650
	4,628,003		5.000		05/01/18		4,708,856
	16,196		5.500		05/01/18		16,637
	65,589		6.000		05/01/18		67,422
	8,708,259		4.500		06/01/18		8,740,764
	6,477,566		5.000		06/01/18		6,584,612
	1,916,228		4.500		07/01/18		1,924,357
	1,773,177		5.000		07/01/18		1,801,783
	3,937,202		4.000		08/01/18		3,891,187
	1,167,302		4.500		08/01/18		1,172,040
	429,792		5.000		08/01/18		436,618
	571,177		5.000		09/01/18		580,248
	1,355,141		5.000		10/01/18		1,376,663
	2,744,032		5.000		11/01/18		2,787,986
	399,392		6.000		11/01/18		410,556
	581,519		7.000		11/01/18		607,946
	589,799		4.000		12/01/18		582,906
	52,362		4.500		12/01/18		52,584
	4,776,582		5.000		12/01/18		4,852,437
	1,368,407		5.500		12/01/18		1,406,169
	715,884		6.000		12/01/18		735,892
	226,834		5.000		01/01/19		230,436
	563,387		6.000		01/01/19		579,133

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	324,842		5.000	%	02/01/19	$	329,934
	13,366		5.500		02/01/19		13,721
	4,587,504		5.000		04/01/19		4,668,370
	62,840		5.500		04/01/19		64,458
	201,442		6.000		04/01/19		208,904
	281,534		4.000		05/01/19		277,599
	319,800		5.000		05/01/19		324,879
	16,315		5.500		05/01/19		16,758
	41,312		6.000		05/01/19		42,766
	960,339		5.000		06/01/19		975,566
	86,137		5.500		07/01/19		88,355
	7,695,414		5.000		08/01/19		7,814,176
	227,178		5.500		08/01/19		233,026
	112,191		5.000		09/01/19		113,973
	105,131		5.500		09/01/19		107,838
	1,448,769		6.000		09/01/19		1,500,496
	1,380,088		4.000		10/01/19		1,360,800
	60,796		5.000		10/01/19		61,735
	222,215		5.500		10/01/19		227,934
	140,451		5.000		11/01/19		142,618
	66,717		5.500		11/01/19		68,434
	142,975		5.000		12/01/19		145,182
	49,210		5.500		12/01/19		50,477
	403,697		5.500		02/01/20		414,435
	368,816		5.000		03/01/20		374,508
	1,819,754		6.000		12/01/20		1,884,725
	91,120		5.500		01/01/21		93,466
	147,624		7.000		09/01/21		157,650
	405,549		7.000		06/01/22		432,683
	191,066		7.000		07/01/22		203,850
	55,800		6.500		01/01/29		58,366
	3,714		7.000		01/01/29		3,970
	126,031		6.500		04/01/29		131,678
	98,846		6.500		05/01/29		103,275
	913,793		6.500		06/01/29		954,740
	496,850		6.500		07/01/29		519,113
	54,075		6.500		09/01/29		56,498
	3,915		7.000		09/01/29		4,185
	8,931		7.000		02/01/30		9,545
	101,398		7.000		08/01/31		106,634
	3,853		7.000		03/01/32		4,112
	2,857		7.000		04/01/32		3,048
	10,942		7.000		05/01/32		11,680
	28,136		7.000		06/01/32		30,021
	3,727		7.000		07/01/32		3,977
	7,282		6.500		08/01/32		7,597
	294,374		6.500		11/01/32		307,099
	232,543		6.000		01/01/33		239,220
	5,367		6.000		02/01/33		5,521
	133,846		6.000		06/01/33		137,605
	44,113		6.000		07/01/33		45,352
	110,680		6.000		09/01/33		113,787
	31,397		6.000		10/01/33		32,279
	250,306		5.500		07/01/34		253,962
	72,020		6.000		11/01/34		73,997
	1,890,807		6.000		12/01/34		1,942,702
	700,485		7.500		05/01/35		750,245
	389,151		7.500		08/01/36		412,571
	209,104		7.500		12/01/36		221,688

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	17,850,441		7.000	%	04/01/37	$	18,793,435
	2,155,860		7.500		05/01/37		2,284,342
	265,625		7.000		07/01/37		277,283
	1,999,802		7.500		07/01/37		2,119,979
	8,182,827		7.000		08/01/37		8,656,920
	74,854		7.500		08/01/37		79,105
	33,131		7.000		09/01/37		34,585
	5,410,585		7.500		09/01/37		5,726,004
	23,324,985		6.500		10/01/37		24,215,108
	3,512,509		7.000		10/01/37		3,693,088
	3,372,711		7.500		10/01/37		3,569,842
	29,488,985		6.500		11/01/37		30,616,232
	10,840,407		7.500		11/01/37		11,511,135
	6,464,490		8.000		11/01/37		6,917,535
	116,413		7.500		12/01/37		123,409
	3,825,002		8.000		12/01/37		4,075,180
	159,242		8.000		01/01/38		169,499
	119,000,000		6.500		TBA-15yr(f)		123,313,750
	141,000,000		7.000		TBA-15yr(f)		148,402,500
							526,558,129
GNMA — 0.0%
	1,044		6.000		12/15/23		1,105
	32,056		6.000		03/15/26		33,251
	28,853		6.000		04/15/26		29,929
							64,285
TOTAL FEDERAL AGENCIES						$	630,171,645
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	847,192,224
Agency Debenture(g) — 0.4%
Tennessee Valley Authority
$	2,800,000		5.375	%	04/01/56	$	3,018,253
Asset-Backed Securities — 1.6%
Home Equity — 1.6%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(e)
$	2,323,613		4.376	%	10/25/37	$	2,259,714
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(e)
	570,000		4.626		10/25/37		524,400
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(e)
	1,100,000		4.826		10/25/37		957,000
ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7(a)
	2,291		6.970		12/25/13		2,282
Countrywide Home Equity Loan Trust Series 2002-E, Class A(a)
	63,640		4.496		10/15/28		54,623
Countrywide Home Equity Loan Trust Series 2003-D, Class A(a)
	284,059		4.496		06/15/29		266,852
Countrywide Home Equity Loan Trust Series 2004-G, Class 2A(a)
	92,200		4.456		12/15/29		88,878

Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
Countrywide Home Equity Loan Trust Series 2004-I, Class A(a)
$	875,684		4.526	%	02/15/34	$	766,746
Countrywide Home Equity Loan Trust Series 2004-J, Class 2A(a)
	91,166		4.526		12/15/33		79,152
Countrywide Home Equity Loan Trust Series 2004-O, Class 1A(a)
	332,496		4.516		02/15/34		297,227
Countrywide Home Equity Loan Trust Series 2005-A, Class 2A(a)
	564,101		4.476		04/15/35		522,213
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	818,254		7.000		09/25/37		809,049
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	809,362		7.000		09/25/37		800,257
Household Home Equity Loan Trust Series 2007-3, Class APT(a)
	3,416,438		5.159		11/20/36		3,339,098
Morgan Stanley Capital, Inc. Series 2004-HE1, Class A4(a)
	548,071		3.746		01/25/34		495,890
Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII(a)
	259,799		3.856		03/25/34		252,013
TOTAL ASSET-BACKED SECURITIES						$	11,515,394
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 117.3%						$	861,725,871
Repurchase Agreement(h) — 18.7%
Joint Repurchase Agreement Account II
$	137,000,000		2.988	%	02/01/08	$	137,000,000
Maturity Value: $137,011,371
TOTAL INVESTMENTS — 136.0%						$	998,725,871
LIABILITIES IN EXCESS OF OTHER ASSETS — (36.0)%							(264,317,710	)
NET ASSETS — 100.0%						$	734,408,161

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

(a) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2008.

(b) Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

(e) 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 amounted to $4,197,411, which represents approximately 0.6% of net assets as of January 31, 2008.

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $271,716,250 which represents approximately 37.0% of net assets as of January 31, 2008.

(g) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(h) Joint repurchase agreement was entered into on January 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACT — At January 31, 2008, the Fund had the following Forward Sales Contract:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date	Date		Amount		Value
FNMA (Proceeds Receivable: $2,013,750)		5.000	%	TBA-15yr		02/19/08	$	2,000,000	$	2,026,876

FUTURES CONTRACTS — At January 31, 2008, the following futures contracts were open:

	Number of
	Contracts Long	Settlement	Notional			Unrealized
Type	(Short)	Month	Value			Gain (Loss)
Eurodollars	(235)	March 2008	$	(57,043,312	)	$	(418,954	)
Eurodollars	(153)	June 2008		(37,297,575	)		(523,725	)
Eurodollars	(147)	September 2008		(35,851,462	)		(453,054	)
Eurodollars	(63)	December 2008		(15,346,012	)		(82,676	)
Eurodollars	(63)	March 2009		(15,319,238	)		(52,977	)
Eurodollars	(63)	June 2009		(15,287,738	)		(32,502	)
Eurodollars	(72)	September 2009		(17,441,100	)		(25,978	)
Eurodollars	(72)	December 2009		(17,412,300	)		(20,578	)
U.S. Treasury Bonds	(290)	March 2008		(34,600,625	)		(466,849	)
2 Year U.S. Treasury Notes	(33)	March 2008		(7,036,219	)		4,740
5 Year U.S. Treasury Notes	272	March 2008		30,736,000			364,320
10 Year U.S. Treasury Notes	215	March 2008		25,094,531			23,754
TOTAL						$	(1,684,479	)

SWAP CONTRACTS — At January 31, 2008, 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) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Banc of America Securities LLC	$	12,000		09/02/10	4.309%	3 month LIBOR	$	—		$	483,746
		15,000		10/06/10	4.703	3 month LIBOR		—			778,115
		15,600	(a)	06/18/13	4.500	3 month LIBOR		136,543			454,819
		2,400	(a)	06/18/18	3 month LIBOR	5.000%		(187,709	)		60,937
		21,500	(a)	06/18/23	3 month LIBOR	5.250		(1,266,755	)		(85,480	)
		2,400	(a)	06/18/28	5.250	3 month LIBOR		223,395			(83,851	)
Bear Stearns & Co., Inc.		8,600	(a)	06/18/18	3 month LIBOR	5.000		(106,238	)		(348,029	)
		8,400	(a)	06/18/28	5.250	3 month LIBOR		133,557			354,848
Deutsche Bank Securities, Inc.		22,340		11/17/10	3 month LIBOR	4.315		—			(495,245	)
		10,540		12/24/10	3 month LIBOR	3.780		—			(113,816	)
		4,380		12/29/10	3 month LIBOR	4.000		—			(64,680	)

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Deutsche Bank Securities, Inc.	$	6,280		12/29/10	3 month LIBOR	3.868%	$	—		$	(77,104	)
		10,210		01/07/11	3 month LIBOR	3.658		—			(83,040	)
		6,800		01/28/11	3 month LIBOR	3.161		—			12,798
		28,100	(a)	06/18/13	4.500%	3 month LIBOR		279,635			785,575
		10,100	(a)	06/18/13	3 month LIBOR	4.500		(236,210	)		(146,659	)
		19,700		11/17/15	4.920	3 month LIBOR		—			880,107
		9,200		12/24/15	4.520	3 month LIBOR		—			167,925
		3,800		12/29/15	4.745	3 month LIBOR		—			119,278
		5,500		12/29/15	4.630	3 month LIBOR		—			135,069
		8,900		01/07/16	4.487	3 month LIBOR		—			137,883
		5,900		01/28/16	4.224	3 month LIBOR		—			(8,486	)
		2,900	(a)	06/18/18	5.000	3 month LIBOR		130,577			22,606
		19,700	(a)	06/18/23	5.250	3 month LIBOR		865,106			373,919
		8,700	(a)	06/18/23	3 month LIBOR	5.250		(484,026	)		(63,158	)
		2,800	(a)	06/18/28	3 month LIBOR	5.250		(158,309	)		(4,493	)
		5,500		11/17/38	3 month LIBOR	5.309		—			(338,033	)
		2,520		12/24/38	3 month LIBOR	5.011		—			(32,513	)
		1,060		12/29/38	3 month LIBOR	5.215		—			(46,856	)
		1,520		12/29/38	3 month LIBOR	5.121		—			(45,248	)
		2,440		01/07/39	3 month LIBOR	5.017		—			(31,833	)
		1,620		01/28/39	3 month LIBOR	4.939		—			214
JPMorgan Securities, Inc.		14,100	(a)	06/18/15	5.000	3 month LIBOR		407,413			440,938
		10,000		03/07/16	3 month LIBOR	5.183		—			(899,666	)
		49,500	(a)	06/18/18	5.000	3 month LIBOR		1,219,994			1,394,685
		18,200	(a)	06/18/28	3 month LIBOR	5.250		(810,377	)		(247,835	)
		5,400	(a)	06/18/38	5.250	3 month LIBOR		246,557			93,588
TOTAL							$	393,153		$	3,481,025

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2008.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Unrealized
Swap Counterparty	(000s)		Date		Gain (Loss)
Banc of America Securities LLC	$	14,000		02/04/08	$	252,930
		9,000		03/04/08		(50,853	)
		18,000		06/03/08		(917,922	)
Citibank NA		6,000		02/04/08		(302,206	)
		2,500		06/03/08		(125,896	)
DMG & Partners		2,200		06/03/08		(112,091	)
TOTAL					$	(1,256,038	)

The fund receives monthly payments based on any positive monthly duration adjusted return of the Banc of America Securities LLC CMBS AAA 10 Yr Index. The fund makes payments on any negative monthly duration adjusted return of such index.

Investment Abbreviation:
CMBS	— Commercial Mortgage-Backed Securities
LIBOR	— London Interbank Offered Rate

TAX INFORMATION — At January 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	994,568,053
Gross unrealized gain		11,936,669
Gross unrealized loss		(7,778,851	)
Net unrealized security gain	$	4,157,818

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — 19.5%
Automotive — 0.1%
General Motors Acceptance Corp. LLC
$	2,900,000		6.875	%	09/15/11	$	2,532,972
Banks — 4.0%
ANZ Capital Trust II(a)(b)
	3,500,000		5.360		12/15/49		3,198,297
Associates Corp. NA(c)
	2,000,000		8.550		07/15/09		2,116,950
Astoria Financial Corp.(b)
	4,600,000		5.750		10/15/12		4,635,673
Bank of America Corp.
	500,000		5.375		06/15/14		509,016
	3,250,000		5.750		12/01/17		3,343,860
	7,250,000		8.000	(b)(d)	01/30/49		7,530,937
Citigroup, Inc.
	2,000,000		7.250		10/15/11		2,178,466
	4,325,000		5.850		07/02/13		4,546,142
Fleet Boston Financial Corp.
	450,000		7.375		12/01/09		480,060
Greater Bay Bancorp Series D
	2,900,000		5.125		04/15/10		3,009,252
GreenPoint Financial Corp.
	2,400,000		3.200		06/06/08		2,388,734
HBOS Capital Funding LP(a)(b)(d)
	4,325,000		6.071		06/30/49		4,101,791
ING Capital Funding Trust III(b)(d)
	2,150,000		8.439		12/31/49		2,318,001
JPMorgan & Co., Inc.
	155,000		6.000		01/15/09		158,278
JPMorgan Chase & Co.
	7,950,000		6.000		01/15/18		8,250,526
JPMorgan Chase Bank NA
	4,475,000		6.000		10/01/17		4,661,204
Mizuho JGB Investment LLC(a)(b)(d)
	1,600,000		9.870		06/30/49		1,619,848
MUFG Capital Finance 1 Ltd.(d)
	4,650,000		6.346		07/25/49		4,361,983
National Australia Bank Ltd.(b)
	2,000,000		8.600		05/19/10		2,215,202
Regions Financial Corp.
	4,500,000		7.000		03/01/11		4,720,171
Resona Bank Ltd.(a)(b)(d)
	3,500,000		5.850		04/15/49		3,234,504
EUR	2,675,000		4.125		09/27/49		3,567,294
Resona Preferred Global Securities Ltd.(a)(b)(d)
$	1,375,000		7.191		12/29/49		1,364,008
Royal Bank of Scotland Group PLC(b)
	4,500,000		9.118		03/31/49		4,874,508
	2,425,000		6.990	(a)(d)	10/29/49		2,425,628
Santander Issuances S.A. Unipersonal(a)(b)(d)
	1,600,000		5.805		06/20/16		1,646,592
	400,000		6.671		10/24/49		405,266
Sovereign Bank
	1,000,000		4.000		02/01/08		1,000,000

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Banks — (continued)
Sovereign Bank
$	375,000		5.125	%	03/15/13	$	348,056
	2,550,000		4.375	(b)(d)	08/01/13		2,548,975
Union Planters Corp.
	150,000		7.750		03/01/11		160,282
Wachovia Bank NA
	5,000,000		7.875		02/15/10		5,403,754
Wells Fargo & Co.
	500,000		3.500		04/04/08		499,869
	8,500,000		4.375		01/31/13		8,497,713
	1,850,000		5.625		12/11/17		1,901,202
Wells Fargo Bank NA
	1,000,000		6.450		02/01/11		1,064,018
							105,286,060
Brokerage — 1.5%
Bear Stearns Cos., Inc.
	500,000		4.500		10/28/10		491,451
	4,225,000		6.400		10/02/17		4,010,780
	4,900,000		7.250		02/01/18		4,899,819
FMR Corp.(a)
	500,000		4.750		03/01/13		512,957
Lehman Brothers Capital Trust VII(b)(d)
	2,200,000		5.857		11/30/49		1,699,500
Lehman Brothers Holdings, Inc.
	4,500,000		5.250		02/06/12		4,481,608
EUR	2,650,000		5.375		10/17/12		3,831,603
$	1,375,000		5.625		01/24/13		1,392,764
	4,825,000		6.200		09/26/14		4,965,687
Merrill Lynch & Co., Inc.
	4,575,000		5.450		02/05/13		4,582,114
	2,950,000		6.400		08/28/17		2,994,181
Morgan Stanley
	2,300,000		5.750		08/31/12		2,379,382
	3,000,000		5.300	(b)	03/01/13		2,979,322
							39,221,168
Captive Financial — 0.2%
International Lease Finance Corp.
	2,625,000		4.950		02/01/11		2,620,566
Nelnet, Inc.(b)
	2,580,000		5.125		06/01/10		2,521,786
							5,142,352
Diversified Manufacturing(a)(b) — 0.1%
Tyco Electronics Group SA
	1,950,000		6.000		10/01/12		2,045,866
Electric — 1.2%
Arizona Public Service Co.(b)
	2,590,000		5.800		06/30/14		2,640,251
	4,425,000		6.250		08/01/16		4,666,249
CenterPoint Energy, Inc. Series B(b)
	550,000		7.250		09/01/10		592,324
Commonwealth Edison Co.(b)
	2,400,000		5.875		02/01/33		2,243,321
	2,725,000		5.900		03/15/36		2,544,095

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Electric — (continued)
FirstEnergy Corp. Series C(b)
$	3,150,000		7.375	%	11/15/31	$	3,437,016
MidAmerican Energy Holdings Co.(b)
	2,210,000		7.520		09/15/08		2,253,437
	3,575,000		6.125		04/01/36		3,558,614
NiSource Finance Corp.(b)(d)
	5,000,000		5.585		11/23/09		4,877,910
Progress Energy, Inc.(b)
	50,000		5.625		01/15/16		50,752
	2,250,000		7.750		03/01/31		2,656,681
Union Electric Co.
	500,000		6.750		05/01/08		502,605
							30,023,255
Energy(b) — 0.8%
Canadian Natural Resources Ltd.
	2,250,000		5.150		02/01/13		2,294,851
	2,050,000		5.700		05/15/17		2,051,341
	2,675,000		6.500		02/15/37		2,627,400
EnCana Corp.
	6,175,000		6.500		02/01/38		6,372,693
Kerr-McGee Corp.
	4,575,000		6.950		07/01/24		4,871,971
Transocean, Inc.
	3,675,000		6.800		03/15/38		3,823,540
							22,041,796
Entertainment — 0.1%
Time Warner Entertainment Co.
	2,175,000		8.375		03/15/23		2,515,784
Environmental(b) — 0.1%
Waste Management, Inc.
	2,000,000		7.375		08/01/10		2,142,638
Food & Beverage — 0.3%
Cargill, Inc.(a)(b)
	6,425,000		6.000		11/27/17		6,500,307
Kraft Foods, Inc.
	2,375,000		6.500		08/11/17		2,479,367
							8,979,674
Gaming(b) — 0.1%
Harrah’s Operating Co., Inc.
	2,475,000		5.500		07/01/10		2,221,313
MGM Mirage, Inc.
	850,000		8.500		09/15/10		879,750
							3,101,063
Health Care — Services(a) — 0.3%
UnitedHealth Group, Inc.
	7,700,000		5.500		11/15/12		7,983,668
Life Insurance — 0.5%
American International Group, Inc.(b)(d)
	1,675,000		6.250		03/15/37		1,463,432

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Life Insurance — (continued)
Americo Life, Inc.(a)(b)
$	1,600,000		7.875	%	05/01/13	$	1,669,136
Phoenix Life Insurance Co.(a)(b)
	3,200,000		7.150		12/15/34		3,536,451
Principal Financial Group Australia(a)(b)
	2,750,000		8.200		08/15/09		2,946,856
Reinsurance Group of America, Inc.
	550,000		6.750		12/15/11		583,199
Symetra Financial Corp.(a)(b)(d)
	3,100,000		8.300		10/15/37		3,237,814
							13,436,888
Media — Cable — 1.5%
Comcast Cable Communications Holdings, Inc.
	7,395,000		8.375		03/15/13		8,393,660
	2,050,000		9.455		11/15/22		2,561,418
Cox Communications, Inc.(b)
	7,211,000		4.625		01/15/10		7,231,007
	5,050,000		5.875	(a)	12/01/16		5,037,491
Cox Enterprises, Inc.(a)(b)
	2,825,000		4.375		05/01/08		2,828,351
Rogers Cable, Inc.(b)
	1,525,000		7.875		05/01/12		1,690,010
	1,575,000		5.500		03/15/14		1,551,981
Time Warner Cable, Inc.(b)
	8,050,000		5.400		07/02/12		8,173,366
	150,000		6.550		05/01/37		148,592
Viacom, Inc.(b)
	1,975,000		5.750		04/30/11		2,018,238
							39,634,114
Media — Non Cable(b) — 0.5%
AMFM, Inc.
	5,325,000		8.000		11/01/08		5,519,301
News America, Inc.
	2,750,000		6.400		12/15/35		2,714,082
	4,400,000		6.650	(a)	11/15/37		4,467,113
							12,700,496
Metals & Mining(b) — 0.2%
Inco Ltd.
	5,550,000		5.700		10/15/15		5,570,229
Noncaptive — Financial — 1.6%
American General Finance Corp.
	2,525,000		5.900		09/15/12		2,564,307
Countrywide Home Loans, Inc.
	750,000		6.250		04/15/09		701,250
	550,000		5.625		07/15/09		505,262
GATX Financial Corp.(b)
	5,775,000		5.125		04/15/10		5,854,770
General Electric Capital Corp.
	3,000,000		7.375		01/19/10		3,217,600
	345,000		6.125		02/22/11		365,306
	1,300,000		6.000		06/15/12		1,384,327
HSBC Finance Corp.
	250,000		8.000		07/15/10		274,240

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Noncaptive — Financial — (continued)
HSBC Finance Corp.
$	8,375,000		5.700	%	06/01/11	$	8,612,825
	1,000,000		6.375		10/15/11		1,071,782
PHH Corp.(b)
	7,950,000		6.000		03/01/08		7,962,529
	1,900,000		7.125		03/01/13		1,846,271
Residential Capital LLC(b)
	5,200,000		6.375		06/30/10		3,380,000
SLM Corp.
	5,775,000		5.400		10/25/11		5,280,452
							43,020,921
Pipelines(b) — 1.2%
Boardwalk Pipelines LP
	4,400,000		5.875		11/15/16		4,455,407
CenterPoint Energy Resources Corp. Series B
	4,075,000		5.950		01/15/14		4,190,437
Energy Transfer Partners LP
	2,175,000		5.650		08/01/12		2,200,090
	6,450,000		5.950		02/01/15		6,490,486
Enterprise Products Operating LP
	3,525,000		5.600		10/15/14		3,516,987
	2,450,000		5.000		03/01/15		2,345,639
ONEOK Partners LP
	2,625,000		6.650		10/01/36		2,588,741
	2,900,000		6.850		10/15/37		2,954,607
Panhandle Eastern Pipe Line Co.
	1,350,000		4.800		08/15/08		1,348,125
Southern Natural Gas Co.(a)
	1,650,000		5.900		04/01/17		1,651,069
							31,741,588
Property/Casualty Insurance — 1.3%
AON Capital Trust A
	1,852,000		8.205		01/01/27		1,868,897
Arch Capital Group Ltd.(b)
	3,200,000		7.350		05/01/34		3,290,749
Aspen Insurance Holdings Ltd.(b)
	1,525,000		6.000		08/15/14		1,569,435
CNA Financial Corp.
	98,000		6.600		12/15/08		99,766
	500,000		5.850	(b)	12/15/14		503,063
Endurance Specialty Holdings Ltd.(b)
	2,950,000		6.150		10/15/15		2,987,111
Hartford Financial Services Group, Inc.(b)
	2,000,000		7.900		06/15/10		2,186,386
QBE Insurance Group Ltd.(a)(b)(d)
	3,150,000		5.647		07/01/23		3,187,936
Swiss Re Capital I LP(a)(b)(d)
	5,100,000		6.854		05/29/49		4,933,541
The Chubb Corp.(b)(d)
	4,225,000		6.375		03/29/67		4,148,416
White Mountains Reinsurance Group Ltd.(a)(b)
	4,900,000		6.375		03/20/17		4,578,462
ZFS Finance USA Trust I(a)(b)(d)
	625,000		6.150		12/15/65		591,056

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Property/Casualty Insurance — (continued)
ZFS Finance USA Trust IV(a)(b)(d)
$	3,050,000		5.875	%	05/09/32	$	2,875,983
							32,820,801
Real Estate Investment Trust(b) — 0.9%
Brandywine Operating Partnership LP
	3,740,000		4.500		11/01/09		3,655,397
Highwoods Properties, Inc.
	3,525,000		5.850		03/15/17		3,155,108
iStar Financial, Inc.
	2,200,000		5.650		09/15/11		1,972,529
iStar Financial, Inc. Series B
	3,275,000		5.700		03/01/14		2,789,900
Liberty Property LP
	1,100,000		7.250		03/15/11		1,124,161
Simon Property Group LP(c)
	1,625,000		7.000		06/15/08		1,647,981
Westfield Capital Corp.(a)
	3,725,000		5.125		11/15/14		3,473,332
Westfield Group(a)
	4,411,000		5.400		10/01/12		4,456,358
							22,274,766
Retailers(b) — 0.6%
CVS Caremark Corp.
	4,525,000		5.750		06/01/17		4,676,248
Marks & Spencer PLC(a)
	2,850,000		6.250		12/01/17		2,893,722
	3,825,000		7.125		12/01/37		3,764,080
Nordstrom, Inc.
	5,250,000		6.250		01/15/18		5,409,448
							16,743,498
Technology(b) — 0.2%
Fiserv, Inc.
	4,800,000		6.125		11/20/12		4,993,982
Tobacco — 0.1%
Altria Group, Inc.
	475,000		7.000		11/04/13		538,740
	1,020,000		7.750		01/15/27		1,308,083
							1,846,823
Wireless Telecommunications(b) — 0.8%
America Movil SA de CV
	1,800,000		5.500		03/01/14		1,796,292
AT&T Wireless Services, Inc.
	5,775,000		7.875		03/01/11		6,337,279
Intelsat
	3,850,000		5.250		11/01/08		3,811,500
Sprint Capital Corp.
	3,100,000		7.625		01/30/11		3,126,008
	2,735,000		6.875		11/15/28		2,267,825

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Wireless Telecommunications(b) — (continued)
Telecom Italia Capital SA
$	2,475,000		4.875	%	10/01/10	$	2,493,344
							19,832,248
Wirelines Telecommunications — 1.3%
Ameritech Capital Funding
	775,000		6.250		05/18/09		806,159
AT&T, Inc.(b)
	2,725,000		4.125		09/15/09		2,739,812
BellSouth Corp.(b)
	7,000,000		6.000		10/15/11		7,388,038
Deutsche Telekom International Finance BV
	2,800,000		5.375	(b)	03/23/11		2,862,017
	2,900,000		8.250		06/15/30		3,577,748
France Telecom SA(b)
	5,750,000		7.750		03/01/11		6,263,428
Qwest Capital Funding, Inc.(b)
	500,000		7.900		08/15/10		500,625
Telecom Italia Capital(b)
	3,050,000		4.000		01/15/10		3,023,154
	2,625,000		4.950		09/30/14		2,539,552
Telefonica Europe BV(b)
	2,575,000		7.750		09/15/10		2,781,338
TPSA Finance BV(a)
	2,200,000		7.750		12/10/08		2,276,283
							34,758,154
TOTAL CORPORATE BONDS						$	510,390,804
Mortgage-Backed Obligations — 88.2%
Adjustable Rate Non-Agency(d) — 24.2%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	2,267,936		4.990	%	04/25/35	$	2,274,557
American Home Mortgage Assets Series 2007-1, Class A1
	21,025,622		5.362		02/25/47		19,512,055
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	83,046		6.714		08/25/33		83,547
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	3,513,270		4.457		04/25/34		3,527,469
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
	8,389,812		5.063		06/25/35		8,449,683
Bear Stearns Adjustable Rate Mortgage Trust Series 2006-2, Class 3A2
	790,892		5.750		07/25/36		798,130
Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1
	19,830,921		6.269		09/25/47		20,068,767
Bear Stearns Alt-A Trust Series 2005-8, Class 11A1
	2,691,292		3.646		10/25/35		2,623,729
Bear Stearns Mortgage Funding Trust Series 2006-AR2, Class 1A1
	20,859,859		3.576		09/25/36		19,188,317

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Chase Mortgage Finance Corp. Series 2007-A1, Class 1A3
$	14,068,738		4.355	%	02/25/37	$	13,904,366
Chase Mortgage Finance Corp. Series 2007-A1, Class 4A1
	6,690,766		4.475		02/25/37		6,610,082
Chase Mortgage Finance Corp. Series 2007-A1, Class 5A1
	2,716,888		4.170		02/25/37		2,638,122
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	1,884,530		6.162		09/25/35		1,750,072
Countrywide Alternative Loan Trust Series 2005-51, Class 1A1
	5,161,290		4.254		11/20/35		4,869,718
Countrywide Alternative Loan Trust Series 2005-51, Class 2A1
	6,153,522		4.234		11/20/35		5,803,983
Countrywide Alternative Loan Trust Series 2005-51, Class 4A1
	7,579,231		4.254		11/20/35		7,116,824
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	6,911,613		4.644		11/20/35		6,424,474
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	5,759,678		4.314		11/20/35		5,209,361
Countrywide Alternative Loan Trust Series 2005-62, Class 1A1
	11,609,323		3.676		12/25/35		10,690,791
Countrywide Alternative Loan Trust Series 2006-OA19, Class A1
	9,278,451		4.114		02/20/47		8,463,857
Countrywide Home Loan Trust Series 2003-37, Class 1A1
	54,461		7.420		08/25/33		55,941
Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1
	8,459,312		4.855		04/20/35		8,160,053
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
	2,913,158		4.555		11/20/34		2,818,635
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
	11,054,711		4.900		08/20/35		10,268,064
Countrywide Home Loan Trust Series 2006-3, Class 1A1
	4,543,278		3.616		03/25/36		4,280,804
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	104,656		5.280		03/25/33		105,723
Downey Savings & Loan Association Mortgage Loan Trust Series 2005-AR6, Class 2A1A
	7,920,809		4.224		10/19/45		7,504,816
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	1,154,326		4.750		12/25/34		1,115,323
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
	4,868,678		4.398		06/25/34		4,747,587
Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
	10,003,207		4.244		11/19/35		9,367,721
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	6,621,062		5.746		12/19/35		6,607,072
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	1,654,545		4.174		01/19/36		1,575,075
Harborview Mortgage Loan Trust Series 2005-16, Class 3A1A
	9,745,936		4.184		01/19/36		9,271,765
Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
	15,405,215		4.124		01/19/38		14,320,583

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Impac CMB Trust Series 2005-06, Class 1A1
$	8,080,765		3.626	%	10/25/35	$	7,656,593
Impac Secured Assets Corp. Series 2005-2, Class A1W
	8,567,122		3.626		03/25/36		6,920,252
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	5,465,928		5.376		08/25/35		5,146,827
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	5,438,298		5.441		09/25/35		5,448,342
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	7,959,193		3.596		04/25/46		7,244,105
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	9,439,596		3.586		05/25/46		8,803,192
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	6,480,823		4.200		07/25/35		6,241,230
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	2,592,827		4.752		07/25/35		2,507,617
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	1,797,217		4.071		07/25/35		1,806,851
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	6,951,320		4.766		07/25/35		7,047,681
Lehman XS Trust Series 2005-5N, Class 3A1A
	8,911,763		3.676		11/25/35		8,422,766
Lehman XS Trust Series 2005-9N, Class 1A1
	10,010,814		3.646		02/25/36		9,408,024
Luminent Mortgage Trust Series 2006-2, Class A1A
	9,124,852		3.576		02/25/46		8,419,941
Luminent Mortgage Trust Series 2006-5, Class A1A
	4,861,010		3.566		07/25/36		4,414,551
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	166,702		3.756		11/25/34		162,573
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	3,310,335		5.638		12/25/46		3,129,565
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
	3,672,723		5.455		11/25/29		3,524,692
Mortgage IT Trust Series 2005-AR1, Class 1A1
	8,926,546		3.626		11/25/35		8,248,954
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	8,228,715		5.662		01/25/46		7,885,975
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	23,618,597		6.549		11/25/37		23,589,074
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	13,113,397		5.208		09/25/35		13,250,320
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	7,091,883		5.184		09/25/35		7,109,979
Sequoia Mortgage Trust Series 2003-4, Class 1A2
	2,256,254		4.084		07/20/33		2,159,265
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	3,987,224		4.380		05/25/34		3,924,949
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	1,663,969		5.250		09/25/34		1,614,920

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
$	7,271,702		5.450	%	11/25/34	$	6,940,598
Structured Asset Mortgage Investments, Inc. Series 2006-AR1, Class 3A1
	14,917,606		3.606		02/25/36		13,637,982
Structured Asset Mortgage Investments, Inc. Series 2006-AR2, Class A1
	8,431,975		3.606		02/25/36		7,941,642
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
	23,844,426		6.162		08/25/47		23,301,456
Structured Asset Securities Corp. Series 2003-26A, Class 3A4
	1,324,886		4.500		09/25/33		1,325,627
Structured Asset Securities Corp. Series 2003-26A, Class 3A5
	4,000,000		4.530		09/25/33		4,011,150
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	3,749,607		4.520		12/25/33		3,695,118
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	23,282,713		3.496		09/25/46		22,319,423
Washington Mutual Mortgage Alternative Pass-Through Certificates Series 2006-AR9, Class 2A
	20,980,403		5.502		11/25/46		19,992,513
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	5,104,861		4.243		06/25/34		5,054,144
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR08, Class 2A1A
	8,979,327		3.666		07/25/45		8,477,383
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
	5,201,116		3.696		08/25/45		4,845,281
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1
	9,443,774		3.666		10/25/45		8,839,045
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	3,920,331		5.582		09/25/46		3,701,390
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 1A
	6,814,495		5.362		03/25/47		6,130,638
Washington Mutual Series 2002-AR19, Class A7
	362,361		6.320		02/25/33		360,023
Washington Mutual Series 2005-AR15, Class A1A1
	10,775,004		3.636		11/25/45		10,123,674
Washington Mutual Series 2005-AR17, Series A1A1
	8,464,220		3.646		12/25/45		8,025,879
Wells Fargo Alternative Loan Trust Series 2007- PA6, Class A1
	23,274,134		6.604		12/28/37		23,166,189
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1
	23,364,873		5.039		04/25/35		22,779,207

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
$	8,229,116		5.486	%	10/25/35	$	8,145,204
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2, Class 2A3
	23,850,221		5.106		03/25/36		24,265,856
TOTAL ADJUSTABLE RATE NON-AGENCY							631,374,726
Collateralized Mortgage Obligations — 0.8%
Interest Only(e) — 0.0%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
	1,875,191		5.500		04/25/33		140,330
Countrywide Home Loan Trust Series 2003-42, Class 2X1(d)
	2,610,402		0.356		10/25/33		4,127
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(d)(f)
	788,078		0.000		11/25/32		1
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	195,606		5.500		04/25/33		3,951
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	74,955		5.750		05/25/33		744
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	197,832		5.500		06/25/33		6,166
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(d)
	2,181,958		0.000		07/25/33		2
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(d)
	2,930,869		0.605		08/25/33		1,391
FNMA Series 2004-47, Class EI(d)(g)
	5,816,901		0.000		06/25/34		177,845
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X(d)
	10,178,485		0.478		02/25/34		34,989
Washington Mutual Series 2003-AR05, Class X1(d)
	11,529,286		0.756		02/25/08		169
Washington Mutual Series 2003-AR06, Class X2
	9,024,513		0.371		05/25/08		7,582
Washington Mutual Series 2003-AR07, Class X(d)
	14,670,171		0.935		06/25/08		21,351
Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class AI0(d)
	11,562,591		0.760		06/25/33		170,361
							569,009
Inverse Floaters(d) — 0.1%
FHLMC Series 1544, Class M
	7,747		15.158		07/15/08		7,735
FNMA Series 1993-072, Class SA
	4,540		9.475		05/25/08		4,557
FNMA Series 1993-093, Class SA
	4,341		12.292		05/25/08		4,377

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Inverse Floaters(d) — (continued)
FNMA Series 1993-095, Class SE
$	5,173		12.651	%	06/25/08	$	5,210
FNMA Series 1993-135, Class S
	41,894		9.750		07/25/08		42,550
FNMA Series 1993-175, Class SA
	50,562		13.173		09/25/08		51,924
GNMA Series 2001-48, Class SA
	186,490		13.223		10/16/31		239,059
GNMA Series 2001-51, Class SA
	358,789		14.815		10/16/31		458,193
GNMA Series 2001-51, Class SB
	370,790		13.223		10/16/31		463,693
GNMA Series 2001-59, Class SA
	66,892		13.061		11/16/24		85,499
GNMA Series 2002-11, Class SA
	183,535		18.521		02/16/32		247,176
GNMA Series 2002-13, Class SB
	433,807		18.521		02/16/32		581,808
							2,191,781
Inverse Floating Rate — Interest Only(d)(e) — 0.0%
FNMA Series 2003-46, Class BS
	10,691,247		4.324		04/25/17		767,624
Planned Amortization Class — 0.2%
FHLMC Series 2639, Class UL
	288,563		4.750		03/15/22		293,573
FHLMC Series 2681, Class PC
	1,500,000		5.000		01/15/19		1,523,033
FHLMC Series 2775, Class MC
	1,458,800		5.000		08/15/27		1,482,806
FHLMC Series 2949, Class WV
	2,000,000		5.000		12/15/20		1,931,042
FNMA Series 2003-134, Class ME
	363,973		4.500		06/25/33		360,509
FNMA Series 2004-64, Class BA
	237,180		5.000		03/25/34		240,116
							5,831,079
Regular Floater(d) — 0.4%
FHLMC REMIC Series 3038, Class XA(g)
	515,578		0.000		09/15/35		516,474
FHLMC REMIC Series 3268, Class DO(g)
	283,347		0.000		01/15/37		306,294
FHLMC Series 3013, Class XH(g)
	1,037,404		0.000		08/15/35		1,124,924
FHLMC Series 3138, Class X(g)
	72,724		0.000		04/15/36		75,368
FHLMC Series 3273, Class TC(g)
	725,919		0.000		02/15/37		766,359
FHLMC Series 3292, Class WA(g)
	2,325,333		0.000		07/15/36		2,431,295

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Regular Floater(d) — (continued)
FHLMC Series 3325, Class SX(g)
$	1,844,430		0.000	%	06/15/37	$	1,893,737
FNMA Series 1993-175, Class FA
	109,215		3.470		09/25/08		108,592
FNMA Series 2004-62, Class DI(e)(g)
	2,640,740		0.000		07/25/33		90,451
FNMA Series 2004-71, Class DI(e)(g)
	5,547,528		0.000		04/25/34		214,863
FNMA Series 2006-48, Class VF
	656,399		3.726		02/25/20		653,293
FNMA Series 2006-81, Class LF(g)
	253,925		0.000		09/25/36		252,449
FNMA Series 2007-27, Class XA(g)
	271,267		0.000		05/25/35		278,912
FNMA Series 2007-53, Class UF(g)
	91,766		0.000		06/25/37		92,865
FNMA Series 2007-56, Class GY(g)
	335,800		0.000		06/25/37		336,573
							9,142,449
Sequential Fixed Rate — 0.1%
FHLMC Series 2367, Class BC
	120,020		6.000		04/15/16		119,904
FHLMC Series 2664, Class MA
	423,040		5.000		04/15/30		426,669
FHLMC Series 2796, Class AB
	210,065		5.500		10/15/31		214,368
FNMA REMIC Series 1993-78, Class H
	69,673		6.500		06/25/08		69,857
FNMA Series 2005-103, Class DA
	417,723		5.000		06/25/16		419,531
							1,250,329
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	19,752,271
Commercial Mortgage-Backed Securities — 6.0%
Agency — 0.3%
FNMA
	1,238,955		7.040		08/01/15		1,399,828
	2,729,656		6.460		12/01/28		2,783,399
FNMA Series 2001-M2, Class C(d)
	2,900,089		6.300		09/25/15		3,034,254
							7,217,481
Interest Only(a)(d)(e) — 0.0%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2001-TOP2, Class X2
	38,000,000		1.285		02/15/35		106,210
CS First Boston Mortgage Securities Corp. Series 2002-CKS4, Class ASP
	23,309,953		1.750		11/15/36		579,544
							685,754

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — 5.7%
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
$	20,000,000		5.180	%	09/10/47	$	19,774,495
Banc of America Commercial Mortgage, Inc. Series 2006-4 Class A4
	6,000,000		5.634		07/10/46		6,025,634
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A3
	13,000,000		5.914		03/15/49		13,219,248
Commercial Mortgage Pass Through Certificates Series 2006-C7, Class A4
	24,000,000		5.768		06/10/46		24,474,730
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2
	16,747,396		7.202		10/15/32		17,584,949
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	15,000,000		6.278		11/15/39		15,523,595
LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	9,000,000		4.954		09/15/30		8,772,760
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
	10,175,000		5.197		11/15/30		10,059,292
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	12,000,000		5.156		02/15/31		11,788,885
Merrill Lynch Mortgage Investors, Inc. Series 1999-C1, Class A2
	3,873,462		7.560		11/15/31		4,001,518
Morgan Stanley Capital I Series 2006-T21, Class A4
	19,000,000		5.162		10/12/52		18,670,980
							149,896,086
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	157,799,321
Federal Agencies — 57.2%
Adjustable Rate FNMA(d) — 1.8%
	50,820		4.542		06/01/33		51,422
	5,039,995		5.816		07/01/34		5,102,495
	19,608,371		4.096		09/01/34		19,637,412
	14,909,854		4.344		05/01/35		14,954,083
	6,698,916		4.756		06/01/35		6,733,007
							46,478,419
FHLMC — 3.6%
	214,067		5.000		12/01/12		217,941
	19,819		5.500		07/01/13		20,447
	144,326		5.500		12/01/13		148,905
	1,780,932		6.500		12/01/13		1,852,312
	108,041		4.000		02/01/14		106,360
	53,190		5.500		02/01/14		54,877
	1,788,830		4.000		03/01/14		1,761,002
	352,008		4.000		04/01/14		346,531
	14,693		5.500		06/01/14		15,131
	50,635		5.500		09/01/14		52,147
	3,226		7.000		10/01/14		3,371
	791,485		6.000		12/01/14		820,156
	26,308		7.000		05/01/15		27,514
	79,069		8.000		07/01/15		83,910

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	13,577		7.000	%	02/01/16	$	14,191
	32,392		7.000		03/01/16		33,911
	619,884		7.500		05/01/16		650,611
	2,354		7.000		10/01/17		2,510
	2,243,716		4.500		05/01/18		2,253,262
	541,285		4.500		06/01/18		543,588
	2,109,181		4.500		09/01/18		2,118,156
	1,570,277		4.500		10/01/18		1,576,958
	1,432,730		5.000		10/01/18		1,456,915
	2,032,581		4.500		11/01/18		2,041,228
	1,672,079		4.500		12/01/18		1,679,193
	4,695,564		5.000		12/01/18		4,774,828
	593,118		4.500		01/01/19		595,641
	1,583,910		4.500		03/01/19		1,589,130
	38,328,326		4.000		06/01/19		37,732,063
	7,255,271		4.500		06/01/19		7,286,140
	578,679		5.000		06/01/19		587,095
	3,205,252		4.500		02/01/20		3,213,967
	3,257,344		5.000		06/01/20		3,308,861
	4,746,295		5.000		07/01/20		4,814,098
	3,178,374		4.500		10/01/23		3,117,382
	517,373		5.500		10/01/25		526,275
	730,714		5.500		11/01/25		743,286
	63,497		7.000		06/01/26		67,496
	61,553		7.500		03/01/27		67,760
	16,071		6.500		06/01/29		16,810
	2,034,176		6.500		12/01/29		2,129,690
	59,336		7.500		12/01/30		63,423
	42,700		7.500		01/01/31		45,640
	69,082		6.500		03/01/32		72,095
	17,717		6.500		04/01/32		18,489
	192,758		6.500		07/01/32		201,167
	1,247,553		6.500		08/01/33		1,301,975
	417,106		6.500		10/01/33		435,034
	3,896,060		7.000		11/01/37		4,101,958
	618,034		7.500		11/01/37		655,754
	393,221		7.500		01/01/38		417,231
							95,764,415
FNMA — 51.8%
	335,438		8.500		10/01/15		379,127
	11,326		7.000		01/01/16		11,833
	575,853		6.000		12/01/16		596,646
	7,395,191		5.000		10/01/17		7,517,350
	48,939,553		5.000		12/01/17		49,748,164
	1,416,365		5.000		01/01/18		1,440,858
	4,974,065		5.000		02/01/18		5,054,411
	1,022,969		4.500		04/01/18		1,027,309
	1,440,009		5.000		04/01/18		1,465,392
	1,017,465		5.000		05/01/18		1,035,401
	8,788,505		4.500		05/01/18		8,825,787
	17,766,226		4.500		06/01/18		17,841,321
	768,663		5.000		06/01/18		782,213
	5,596,630		4.000		07/01/18		5,531,220
	2,769,245		4.500		07/01/18		2,780,006
	2,734,611		4.000		08/01/18		2,702,651
	14,331,314		4.500		08/01/18		14,382,663
	70,857		6.000		08/01/18		72,837

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	24,201,889		4.000	%	09/01/18	$	23,954,404
	7,809,594		4.500		09/01/18		7,837,426
	3,105,985		4.500		10/01/18		3,119,162
	2,161,843		4.500		11/01/18		2,171,015
	2,770,949		4.500		12/01/18		2,782,706
	2,052,611		5.500		12/01/18		2,109,254
	563,649		4.500		01/01/19		566,040
	781,375		4.500		03/01/19		784,690
	2,604,148		5.000		04/01/19		2,650,052
	186,357		5.000		05/01/19		189,300
	379,351		4.500		06/01/19		380,494
	296,055		5.000		06/01/19		301,274
	245,186		4.500		07/01/19		245,861
	220,602		4.500		08/01/19		221,209
	9,658,463		6.000		09/01/19		10,003,304
	382,172		5.000		11/01/19		388,208
	712,530		5.000		12/01/19		723,845
	4,858,501		4.500		04/01/20		4,879,113
	12,131,691		6.000		12/01/20		12,564,836
	22,583		6.500		12/01/30		23,560
	57,528		7.500		12/01/30		60,823
	125,191		8.000		01/01/31		133,560
	64,843		8.000		02/01/31		69,434
	632,347		7.000		03/01/31		672,501
	24,123		7.500		07/01/31		26,068
	41,253		7.500		08/01/32		44,494
	45,125		7.500		11/01/32		48,669
	15,023		6.500		09/01/33		15,659
	585,903		7.000		10/01/35		619,950
	9,756,832		6.500		09/01/36		10,129,722
	68,467		7.000		09/01/36		72,084
	928,926		7.500		09/01/36		984,831
	12,040,002		6.500		10/01/36		12,495,630
	525,776		7.500		10/01/36		557,418
	8,541,941		6.500		11/01/36		8,868,400
	119,281		7.500		11/01/36		126,460
	568,197		8.000		11/01/36		608,025
	3,045,103		7.000		12/01/36		3,205,968
	2,255,247		7.000		03/01/37		2,374,417
	100,924,013		7.000		04/01/37		106,255,795
	746,245		7.000		06/01/37		785,688
	265,625		7.000		07/01/37		277,283
	161,872		7.000		08/01/37		169,867
	70,974		7.500		08/01/37		75,240
	33,131		7.000		09/01/37		34,585
	89,148,322		6.500		10/01/37		92,554,409
	565,900		7.000		10/01/37		590,736
	1,000,001		7.500		10/01/37		1,060,095
	73,780,460		6.500		11/01/37		76,601,146
	21,279,378		7.500		11/01/37		22,647,576
	292,000,000		6.500		TBA-15yr(h)		302,585,000
	323,000,000		7.000		TBA-15yr(h)		339,957,500
	21,000,000		7.500		TBA-15yr(h)		22,260,000

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	147,000,000		5.500	%	TBA-15yr(h)	$	148,929,375
							1,352,989,350
GNMA — 0.0%
	438		9.000		09/15/08		446
TOTAL FEDERAL AGENCIES						$	1,495,232,630
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	2,304,158,948
Agency Debentures — 10.2%
FFCB
$	420,000		5.810	%	01/10/11	$	452,867
	250,000		5.220		10/20/14		250,000
	9,000,000		4.830		12/22/14		9,553,086
	2,000,000		5.200		03/21/16		2,157,094
	500,000		5.625		10/19/20		522,126
	2,000,000		5.300		08/25/26		2,122,676
FHLB
	100,000,000		4.800	(i)	05/02/08		100,475,800
	500,000		4.050		08/13/08		500,213
	2,565,000		5.800	(i)(j)	09/02/08		2,609,834
	325,000		5.250		11/14/08		331,298
	875,000		5.490		12/22/08		896,661
	5,000,000		5.375	(j)	05/15/09		5,159,252
	10,000,000		6.715		06/29/09		10,560,100
	10,000,000		6.500		08/14/09		10,545,073
	200,000		5.000		03/30/10		200,923
	550,000		4.000	(j)	04/22/10		564,439
	100,000		6.000		05/13/11		108,405
	9,595,000		4.250		11/15/11		9,968,840
	500,000		5.000		02/21/12		500,684
	500,000		5.000		06/26/18		501,710
	500,000		5.650		03/22/19		500,157
	500,000		5.300		11/04/19		511,778
	500,000		5.850		12/27/19		500,165
FHLMC
	200,000		3.250		03/14/08		200,082
	50,000		5.750		04/15/08		50,308
	1,810,000		5.125		07/15/12		1,946,508
	500,000		5.125		08/06/13		500,152
	10,500,000		5.000		01/30/14		11,236,274
	500,000		5.000		10/27/14		536,117
	750,000		5.000		11/13/14		806,298
	800,000		5.250		03/17/17		800,208
	500,000		4.500		07/15/18		500,098
	496,000		5.000		07/30/18		496,126
FNMA
	2,850,000		5.750	(i)	02/15/08		2,853,104
	50,000,000		4.200	(i)	03/24/08		50,087,650
	1,000,000		4.000		09/02/08		1,007,094
	1,250,000		5.250	(i)	01/15/09		1,281,357
	5,150,000		6.250		02/01/11		5,587,131
	19,560,000		5.300		02/22/11		19,573,643

Principal		Interest			Maturity
Amount *		Rate			Date	Value
Agency Debentures — (continued)
FNMA — (continued)
$	750,000		5.375	%(i)	11/15/11	$	809,512
	4,600,000		5.250	(i)	08/01/12		4,906,620
	300,000		5.000		04/15/13		301,351
	500,000		4.625		10/15/14		525,670
	800,000		5.000		04/26/17		812,814
	669,000		5.250		03/11/22		668,698
	306,000		5.000		06/16/28		295,576
Small Business Administration
	573,618		6.300		06/01/18		599,328
TOTAL AGENCY DEBENTURES						$	265,874,900
Asset-Backed Securities — 3.0%
Credit Card — 0.1%
MBNA Master Credit Card Trust II Series 1999-J, Class A
$	3,000,000		7.000	%	02/15/12	$	3,156,330
Home Equity — 2.6%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(d)
	12,082,789		4.376		10/25/37		11,750,513
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(d)
	3,400,000		4.626		10/25/37		3,128,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(d)
	6,500,000		4.826		10/25/37		5,655,000
ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7(d)
	687		4.496		12/25/13		685
Countrywide Home Equity Loan Trust Series 2002-E, Class A
	1,590,988		4.496		10/15/28		1,365,583
Countrywide Home Equity Loan Trust Series 2004-G, Class 2A(d)
	691,504		4.456		12/15/29		666,590
Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B(d)
	22,298,819		4.386		11/15/36		20,778,054
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	2,887,955		7.000		09/25/37		2,855,465
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	3,332,667		7.000		09/25/37		3,295,175
Household Home Equity Loan Trust Series 2007-3, Class APT(d)
	12,337,136		5.159		11/20/36		12,057,855
Impac CMB Trust Series 2004-08, Class 1A(d)
	1,032,304		4.096		10/25/34		1,017,968
Impac CMB Trust Series 2004-10, Class 2A(d)
	1,222,911		3.696		03/25/35		1,193,087
Morgan Stanley Capital, Inc. Series 2004-HE1, Class A4(d)
	4,071,384		3.746		01/25/34		3,683,752
							67,447,727
Manufactured Housing — 0.1%
Mid-State Trust Series 4, Class A
	1,547,732		8.330		04/01/30		1,728,353
Utilities — 0.2%
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A5
	6,150,000		7.030		03/15/12		6,381,240
TOTAL ASSET-BACKED SECURITIES						$	78,713,650

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
U.S. Treasury Obligations(i) — 2.9%
United States Treasury Notes
$	3,000,000		3.625	%	01/15/10	$	3,084,480
	150,000		3.500		02/15/10		153,990
	1,000,000		6.500		02/15/10		1,085,230
	500,000		4.000		03/15/10		518,980
	500,000		4.500		02/28/11		532,090
	1,750,000		4.000		11/15/12		1,847,020
United States Treasury Principal-Only STRIPS(f)
	560,000		0.000		05/15/18		370,854
	10,200,000		0.000		05/15/20		6,037,686
	1,800,000		0.000		08/15/20		1,051,128
	6,400,000		0.000		05/15/21		3,584,128
	99,600,000		0.000		11/15/21		54,332,796
	400,000		0.000		02/15/25		185,376
	6,000,000		0.000		08/15/25		2,712,240
TOTAL U.S. TREASURY OBLIGATIONS						$	75,495,998
Emerging Market Debt(a)(d) — 0.3%
Regional Banks — 0.3%
VTB Capital (Vneshtorgbank)
$	7,980,000		5.494	%	08/01/08	$	7,940,100

		Dividend			Maturity
Shares		Rate			Date	Value
Preferred Stock(b) — 0.4%
FNMA
	350,000		8.250	%	12/31/10	$	9,247,000
Municipal Bond(b) — 0.1%
Ohio — 0.1%
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2 (BBB/Baa3)
$	1,775,000		5.125	%	06/01/24	$	1,710,798
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT AND SECURITIES LENDING COLLATERAL						$	3,253,532,198
Repurchase Agreement — 4.7%
Joint Repurchase Agreement Account II
$	123,500,000		2.988	%	02/01/08	$	123,500,000
Maturity Value: $123,510,251

		Interest
Shares		Rate			Value
Securities Lending Collateral(d) — 9.0%
State Street Navigator Securities Lending Prime Portfolio
	235,456,876		3.920	%	$	235,456,876
TOTAL INVESTMENTS — 138.3%					$	3,612,489,074
LIABILITIES IN EXCESS OF OTHER ASSETS — (38.3)%						(999,886,373	)
NET ASSETS — 100.0%					$	2,612,602,701

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. All amounts shown are in U.S. dollars unless otherwise shown. See below.

Currency Legend:
EUR	— Euro

(a) 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 $ 126,170,427, which represents approximately 4.8% of net assets as of January 31, 2008.

(b) Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(c) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2008.

(e) Represents security with nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(f) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(g) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(h) 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 $813,731,875 which represents approximately 31.2% of net assets as of January 31, 2008.

(i) All or a portion of security is on loan.

(j) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(k) Joint repurchase agreement was entered into on January 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

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.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Investment Abbreviations:
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At January 31, 2008, 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
British Pound	Purchase		02/20/08	$	3,747,877	$	3,761,617	$	13,740
British Pound	Sale		02/20/08		2,943,225		2,831,341		111,884
British Pound	Purchase		03/19/08		56,390,000		56,907,971		517,971
British Pound	Sale		03/19/08		58,046,889		56,171,094		1,875,795
Canadian Dollar	Sale		03/19/08		7,880,000		7,743,184		136,816
Euro	Purchase		03/19/08		128,438,416		129,316,812		878,396
Euro	Sale		03/19/08		8,040,000		8,009,732		30,268
Japanese Yen	Purchase		03/19/08		64,580,473		65,830,176		1,249,703
Japanese Yen	Sale		03/19/08		16,382,000		16,327,505		54,495
Swedish Krona	Purchase		03/19/08		8,046,000		8,058,899		12,899
Swedish Krona	Sale		03/19/08		16,197,000		16,120,965		76,035
Swiss Franc	Purchase		03/19/08		48,667,580		49,587,954		920,374
TOTAL								$	5,878,376

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Australian Dollar	Purchase		03/19/08	$	8,033,000	$	7,998,537	$	(34,463	)
Australian Dollar	Sale		03/19/08		8,173,000		8,472,759		(299,759	)
British Pound	Purchase		03/19/08		16,308,000		15,813,003		(494,997	)
British Pound	Sale		03/19/08		24,082,000		24,337,523		(255,523	)
Euro	Sale		02/26/08		8,640,924		8,771,928		(131,004	)
Euro	Purchase		03/19/08		8,249,000		8,236,295		(12,705	)
Euro	Sale		03/19/08		96,690,000		98,347,867		(1,657,867	)
Japanese Yen	Purchase		03/19/08		24,597,000		24,533,398		(63,602	)
Japanese Yen	Sale		03/19/08		56,504,000		58,115,560		(1,611,560	)
Norwegian Krone	Sale		03/19/08		16,294,000		16,623,789		(329,789	)
Swedish Krona	Sale		03/19/08		16,282,000		16,582,706		(300,706	)
Swiss Franc	Sale		03/19/08		32,275,000		32,736,273		(461,273	)
TOTAL								$	(5,653,248	)

Open Forward Foreign Currency
Cross Contracts with Unrealized Gain	Expiration	Purchase		Sale		Unrealized
(Purchase/Sale)	Date	Current Value		Current Value		Gain
Norwegian Krone/Euro	03/19/08	$	7,583,552	$	7,535,211	$	48,341

Open Forward Foreign Currency
Cross Contracts with Unrealized Loss	Expiration	Purchase		Sale		Unrealized
(Purchase/Sale)	Date	Current Value		Current Value		Loss
Swedish Krona/Euro	03/19/08	$	15,923,111	$	16,164,174	$	(241,063	)

FUTURES CONTRACTS — At January 31, 2008, the following futures contracts were open:

	Number of
	Contracts	Settlement	Notional			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)
Eurodollars	(215)	March 2008	$	(52,188,563	)	$	(350,606	)
Eurodollars	(381)	June 2008		(92,878,275	)		(724,868	)
Eurodollars	(473)	September 2008		(115,358,788	)		(756,614	)
Eurodollars	(473)	December 2008		(115,216,888	)		(524,301	)
Eurodollars	(173)	March 2009		(42,067,113	)		(145,476	)
Eurodollars	(173)	June 2009		(41,980,613	)		(89,251	)
Eurodollars	(243)	September 2009		(58,863,713	)		(87,676	)
Eurodollars	(243)	December 2009		(58,766,513	)		(69,450	)
U.S. Treasury Bonds	(528)	March 2008		(62,997,000	)		(427,805	)
2 Year U.S. Treasury Notes	501	March 2008		106,822,594			620
5 Year U.S. Treasury Notes	23	March 2008		2,599,000			(2,256	)
10 Year U.S. Treasury Notes	(443)	March 2008		(51,706,406	)		296,844
TOTAL						$	(2,880,839	)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

SWAP CONTRACTS — At January 31, 2008, 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) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund			the Fund			the Fund			Gain (Loss)
Banc of American Securities LLC	$	100,000		10/14/08		3.514	%	3 month LIBOR			$	—		$	968,612
		80,000		09/02/10		4.309		3 month LIBOR				—			3,224,974
		65,000		10/06/10		4.703		3 month LIBOR				—			3,376,792
		65,000		04/19/12		4.547		3 month LIBOR				—			3,612,053
		141,400	(a)	06/18/13		4.500		3 month LIBOR				293,495			5,066,672
		47,900	(a)	06/18/13	3 month LIBOR				4.500	%		(1,205,964	)		(609,821	)
		11,000		05/25/15		4.533		3 month LIBOR				—			389,283
		25,000		10/19/15		4.965		3 month LIBOR				—			1,875,536
		11,400	(a)	06/18/18	3 month LIBOR				5.000			(891,620	)		289,452
		80,000		03/23/20	3 month LIBOR				5.108			—			(5,935,050	)
		103,600	(a)	06/18/23	3 month LIBOR				5.250			(6,081,844	)		(434,043	)
		11,100	(a)	06/18/28		5.250		3 month LIBOR				1,033,203			(387,810	)
		9,000		03/30/35		5.330		3 month LIBOR				—			810,350
		10,000		04/09/35		5.266		3 month LIBOR				—			771,317
Bear Stearns & Co., Inc.		135,000		08/20/12	3 month LIBOR				5.282			—			(12,161,438	)
		85,000		06/20/16		5.666		3 month LIBOR				—			9,480,109
Deutsche Bank Securities, Inc.		126,460		11/17/10	3 month LIBOR				4.315			—			(2,803,435	)
		65,870		12/24/10	3 month LIBOR				3.780			—			(711,295	)
		25,810		12/28/10	3 month LIBOR				4.000			—			(381,140	)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Deutsche Bank Securities, Inc.	$	41,700		12/29/10	3 month LIBOR	3.868%	$	—		$	(511,981	)
		47,030		01/07/11	3 month LIBOR	3.658		—			(382,503	)
		39,440		01/28/11	3 month LIBOR	3.161		—			74,228
	GBP	87,500	(a)	06/18/13	5.250%	6 month BP		949,723			1,552,795
	$	184,200	(a)	06/18/13	4.500	3 month LIBOR		1,395,431			5,587,191
		325,400	(a)	06/18/13	3 month LIBOR	4.500		(9,077,723	)		(3,257,485	)
	GBP	39,500	(a)	06/18/13	6 month BP	5.250		(1,148,169	)		—
	$	111,500		11/17/15	4.920	3 month LIBOR		—			4,981,317
		57,500		12/24/15	4.520	3 month LIBOR		—			1,049,534
		22,600		12/29/15	4.745	3 month LIBOR		—			709,387
		36,500		12/29/15	4.630	3 month LIBOR		—			896,367
		41,000		01/07/16	4.487	3 month LIBOR		—			635,192
		34,200		01/28/16	4.224	3 month LIBOR		—			(49,188	)
		13,400	(a)	06/18/18	5.000	3 month LIBOR		603,355			104,457
		93,700	(a)	06/18/23	3 month LIBOR	5.250		(6,504,009	)		610,780
		100,400	(a)	06/18/23	5.250	3 month LIBOR		4,408,966			1,905,658
		13,000	(a)	06/18/28	3 month LIBOR	5.250		(735,004	)		(20,862	)
		32,200	(a)	06/18/38	3 month LIBOR	5.250		(2,046,374	)		—
	EUR	26,700	(a)	06/18/38	4.750	6 month EURO		138,052			—
	$	31,120		11/17/38	3 month LIBOR	5.309		—			(1,912,651	)
		15,770		12/24/38	3 month LIBOR	5.011		—			(203,464	)
		10,070		12/29/38	3 month LIBOR	5.121		—			(299,767	)
		6,230		12/29/38	3 month LIBOR	5.215		—			(275,389	)
		11,250		01/07/39	3 month LIBOR	5.017		—			(146,773	)
		9,390		01/28/39	3 month LIBOR	4.939		—			1,240

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
JPMorgan Securities, Inc.	$	99,200	(a)	06/18/11	4.500%	3 month LIBOR	$	1,553,092		$	2,109,182
		403,000	(a)	06/18/13	4.500	3 month LIBOR		2,804,411			12,472,445
		123,700	(a)	06/18/15	5.000	3 month LIBOR		3,572,569			3,870,058
		123,800	(a)	06/18/18	5.000	3 month LIBOR		3,347,315			3,192,024
		88,600	(a)	06/18/28	3 month LIBOR	5.250%		(3,931,013	)		(1,220,503	)
		40,900	(a)	06/18/28	5.250	3 month LIBOR		658,890			1,719,180
		42,200	(a)	06/18/38	5.250	3 month LIBOR		1,926,796			731,375
TOTAL							$	(8,936,422	)	$	40,362,962

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2008.

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rates				Upfront Payments
		Amount		Paid (Received) by			Termination	received by the			Unrealized
Swap Counterparty	Referenced Obligation	(000s)		Fund			Date	Fund			Gain (Loss)
Protection Purchased:
JPMorgan Securities, Inc.	Nordstrom, Inc.     6.95%, 03/15/28	$	5,250		0.870	%	12/20/17	$	—		$	56,466
Protection Sold:
Bear Stearns & Co., Inc.	CDX North America     Investment Grade Index		350,000		(0.600	)	12/20/12		(7,401,334	)		515,850
Credit Suisse First Boston Corp.	ABX-HE-AAA.07-1 Index		16,200		(0.090	)	08/25/37		(3,807,142	)		(380,526	)
	ABX-HE-AAA 07-2 Index		8,000		(0.760	)	01/25/38		(1,760,000	)		(586,353	)
JPMorgan Securities, Inc.	Countrywide Home Loans, Inc.     6.00%, 01/24/2018		1,975		(2.300	)	03/20/13		(2,872	)		(142,513	)
Salomon Smith Barney, Inc.	Countrywide Home Loans, Inc.     6.00%, 01/24/2018		350		(2.350	)	03/20/13		(520	)		(24,500	)
	Countrywide Home Loans, Inc.     6.00%, 01/24/2018		1,750		(2.400	)	03/20/13		(190	)		(121,185	)
TOTAL								$	(12,972,058	)	$	(682,761	)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Unrealized
Swap Counterparty	(000s)		Date		Gain (Loss)
Banc of America Securities LLC	$	74,000		02/04/08	$	1,726,446
		37,000		03/04/08		(958,098	)
		13,000		06/04/08		(663,671	)
Citibank, Inc.		34,000		02/04/08		(1,712,500	)
DMG & Partners		96,000		02/04/08		1,519,781
JPMorgan Securities, Inc.		50,000		02/04/08		(507,817	)
TOTAL					$	(595,859	)

The fund receives monthly payments based on any positive monthly duration adjusted return of the Banc of America Securities LLC CMBS AAA 10 Yr Index. The fund makes payments on any negative monthly duration adjusted return of such index.

Currency Legend:
EUR	— Euro
GBP	— British Pound

Investment Abbreviations:
BP	— British Pound Offered Rate
CMBS	— Commercial Mortgage-Backed Securities
EURO	— Euro Offered Rate
LIBOR	— London Interbank Offered Rate

TAX INFORMATION — At January 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	3,610,327,537
Gross unrealized gain		44,056,016
Gross unrealized loss		(41,894,479	)
Net unrealized security gain	$	2,161,537

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — 94.3%
Automotive — 0.6%
Ford Motor Credit Co. LLC
$	1,700,000		5.700	%	01/15/10	$	1,566,880
Banks — 18.7%
ANZ Capital Trust I(a)(b)
	1,725,000		4.484		01/29/49		1,695,634
ANZ Capital Trust II(a)(b)
	800,000		5.360		12/29/49		731,039
Astoria Financial Corp.(b)
	225,000		5.750		10/15/12		226,745
Banca Popolare di Bergamo Capital Trust(b)(c)
EUR	475,000		8.364		02/15/49		741,979
Bank of America Corp.
$	5,000,000		5.420		03/15/17		4,930,255
	1,150,000		8.000	(b)(c)	01/30/49		1,194,562
Greater Bay Bancorp Series D
	2,700,000		5.125		04/15/10		2,801,717
GreenPoint Financial Corp.
	600,000		3.200		06/06/08		597,183
HBOS PLC(a)(b)(c)
	1,750,000		5.375		11/01/49		1,622,453
HSBC Capital Funding LP(a)(b)(c)
	1,050,000		4.610		06/27/49		956,848
Huntington National Bank
	1,000,000		8.000		04/01/10		1,085,411
ING Capital Funding Trust III(b)(c)
	1,075,000		8.439		12/31/49		1,159,001
JPMorgan Chase Bank NA
	2,575,000		6.000		10/01/17		2,682,145
JPMorgan Chase Capital Co. Series T(b)
	1,650,000		6.550		09/29/36		1,510,870
Lehman Brothers Holdings E-Capital Trust I(b)(c)
	675,000		5.685		08/19/65		533,083
Manufacturers & Traders Trust Co.(b)(c)
	1,495,000		5.585		12/28/20		1,417,082
Mizuho JGB Investment LLC(a)(b)(c)
	1,275,000		9.870		06/30/49		1,290,816
MUFG Capital Finance 1 Ltd.(b)(c)
	3,025,000		6.346		07/25/49		2,837,634
Nordea Bank Sweden AB(a)(b)(c)
	2,380,000		8.950		11/29/49		2,578,878
PNC Bank NA
	850,000		6.000		12/07/17		867,842
Popular North America, Inc.
	1,770,000		4.250		04/01/08		1,770,642
RBS Capital Trust II(b)(c)
	1,000,000		5.512		09/30/49		922,246
Resona Bank Ltd.(a)(b)(c)
	1,475,000		5.850		04/15/49		1,363,112
EUR	925,000		4.125		09/27/49		1,233,550
Resona Preferred Global Securities Ltd.(a)(b)(c)
$	3,475,000		7.191		07/30/49		3,447,221

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Banks — (continued)
Royal Bank of Scotland Group PLC(b)
$	2,425,000		9.118	%	03/30/49	$	2,626,818
Santander Issuances S.A. Unipersonal(a)(b)(c)
	700,000		5.805		06/20/16		720,384
Sovereign Bank
	300,000		5.125		03/15/13		278,445
	455,000		4.375	(b)(c)	08/01/13		454,817
Sumitomo Mitsui Banking Corp.(a)(b)(c)
	450,000		5.625		10/15/49		425,514
Tokai Preferred Capital Co. LLC(a)(b)(c)
	650,000		9.980		12/29/49		660,303
Unicredito Italiano Capital Trust II(a)(b)(c)
	500,000		9.200		10/05/49		542,827
VTB Capital (Vneshtorgbank)(a)(c)
	700,000		3.839		08/01/08		696,500
Wachovia Capital Trust III(b)(c)
	1,775,000		5.800		03/15/42		1,402,250
Washington Mutual Bank
	500,000		5.950		05/20/13		455,980
Wells Fargo & Co.
	1,350,000		4.375		01/31/13		1,349,637
							49,811,423
Brokerage — 7.5%
Bear Stearns Co., Inc.
	5,500,000		5.550		01/22/17		4,813,209
Lehman Brothers Capital Trust VII(a)(b)
	825,000		5.857		11/29/49		637,313
Lehman Brothers Holdings, Inc.
EUR	5,150,000		5.375		10/17/12		7,446,322
$	750,000		6.200		09/26/14		771,869
Merrill Lynch & Co., Inc.
	1,200,000		6.400		08/28/17		1,217,972
Morgan Stanley(b)
	5,100,000		5.550		04/27/17		5,080,834
							19,967,519
Captive Auto — 0.4%
General Motors Acceptance Corp. LLC
	1,275,000		6.875		09/15/11		1,113,634
Captive Financial(b) — 0.6%
Nelnet, Inc.
	1,760,000		5.125		06/01/10		1,720,288
Distributor(a)(b) — 0.4%
Southern Star Central Gas Pipeline, Inc.
	1,100,000		6.000		06/01/16		1,078,000
Diversified Manufacturing(b) — 0.7%
Tyco International Group SA
	2,000,000		6.875		01/15/29		1,899,128

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Electric(b) — 4.8%
Arizona Public Service Co.
$	500,000		6.250	%	08/01/16	$	527,260
CenterPoint Energy, Inc. Series B
	350,000		7.250		09/01/10		376,933
Commonwealth Edison Co.
	1,475,000		6.150		09/15/17		1,536,117
	1,025,000		5.900		03/15/36		956,953
MidAmerican Energy Holdings Co.
	2,100,000		6.125		04/01/36		2,090,375
NiSource Finance Corp.(c)
	500,000		5.585		11/23/09		487,791
Ohio Edison Co.
	1,500,000		6.875		07/15/36		1,552,167
Progress Energy, Inc.
	2,175,000		5.625		01/15/16		2,207,725
	1,000,000		7.000		10/30/31		1,084,374
Public Service Co. of Oklahoma Series G
	1,650,000		6.625		11/15/37		1,698,460
Tampa Electric Co.
	275,000		6.550		05/15/36		285,775
							12,803,930
Energy(b) — 3.4%
EnCana Corp.
	2,325,000		6.500		02/01/38		2,399,435
Kerr-McGee Corp.
	3,000,000		6.950		07/01/24		3,203,760
Valero Energy Corp.
	3,450,000		6.625		06/15/37		3,407,855
							9,011,050
Entertainment — 0.6%
Time Warner Entertainment Co.
	1,290,000		8.375		03/15/23		1,492,120
Food & Beverage — 0.8%
Cargill, Inc.(a)(b)
	1,250,000		6.000		11/27/17		1,264,651
Kraft Foods, Inc.
	750,000		6.500		08/11/17		782,958
							2,047,609
Gaming(b) — 0.8%
Harrah’s Operating Co., Inc.
	2,425,000		5.500		07/01/10		2,176,438
Health Care — Services(a) — 1.0%
UnitedHealth Group, Inc.
	2,650,000		5.500		11/15/12		2,747,626
Life Insurance — 6.3%
American International Group, Inc.(b)
	700,000		6.250		03/15/37		611,584
Americo Life, Inc.(a)(b)
	550,000		7.875		05/01/13		573,765

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Life Insurance — (continued)
AXA Financial, Inc.(b)
$	805,000		7.750	%	08/01/10	$	881,079
AXA SA(a)(b)(c)
	550,000		6.463		12/31/49		479,061
Lincoln National Corp.(b)(c)
	1,600,000		7.000		05/17/66		1,595,848
Nationwide Life Global Funding I(a)
	2,450,000		5.450		10/02/12		2,596,605
Phoenix Life Insurance Co.(a)(b)
	2,600,000		7.150		12/15/34		2,873,367
Reinsurance Group of America, Inc.
	625,000		6.750		12/15/11		662,726
	2,250,000		6.750	(b)(c)	12/15/65		2,010,467
SL Finance PLC(b)(c)
EUR	650,000		6.375		07/12/22		993,606
Stingray Pass-Through Trust(a)
$	400,000		5.902		01/12/15		160,114
Symetra Financial Corp.(b)
	1,600,000		6.125	(a)	04/01/16		1,606,458
	725,000		8.300	(c)	10/15/37		757,231
The MONY Group, Inc.(b)
	1,000,000		8.350		03/15/10		1,098,215
							16,900,126
Lodging(b) — 0.7%
Starwood Hotels & Resorts Worldwide, Inc.
	1,925,000		6.250		02/15/13		1,965,879
Media — Cable — 2.3%
Comcast Cable Communications Holdings, Inc.
	1,350,000		9.455		11/15/22		1,686,788
Comcast Cable Communications Holdings, LLC
	325,000		6.750		01/30/11		342,369
Cox Communications, Inc.(b)
	850,000		4.625		01/15/10		852,358
Cox Enterprises, Inc.(a)(b)
	3,275,000		4.375		05/01/08		3,278,884
							6,160,399
Media — Non Cable(b) — 1.6%
AMFM, Inc.
	1,700,000		8.000		11/01/08		1,762,030
News America, Inc.(a)
	2,450,000		6.650		11/15/37		2,487,370
							4,249,400
Metals & Mining(b) — 1.0%
Inco Ltd.
	2,050,000		5.700		10/15/15		2,057,472
Xstrata Canada Corp.
	500,000		7.250		07/15/12		541,146
							2,598,618

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Noncaptive — Financial — 7.0%
American General Finance Corp.(d)(e)
$	1,825,000		8.450	%	10/15/09	$	1,923,824
Capital One Financial Corp.
	1,775,000		5.700		09/15/11		1,648,173
Countrywide Home Loans, Inc.
	350,000		5.625		07/15/09		321,530
	804,000		4.125		09/15/09		719,580
GATX Financial Corp.(b)
	3,400,000		5.125		04/15/10		3,446,964
MGIC Investment Corp.(b)
	1,300,000		5.625		09/15/11		1,156,279
Nelnet, Inc.(b)(c)
	625,000		7.400		09/29/36		649,063
PHH Corp.(b)
	3,088,000		6.000		03/01/08		3,092,867
	750,000		7.125		03/01/13		728,791
Residential Capital LLC(b)
	625,000		6.375		06/30/10		406,250
SLM Corp.
	5,000,000		5.400		10/25/11		4,571,820
							18,665,141
Pipelines(b) — 6.4%
Energy Transfer Partners LP
	6,652,000		5.950		02/01/15		6,693,754
Enterprise Products Operating LP
	2,350,000		5.600		10/15/14		2,344,658
	275,000		5.000		03/01/15		263,286
Gulf South Pipeline Co. LP(a)
	2,375,000		6.300		08/15/17		2,525,259
ONEOK Partners LP
	1,375,000		5.900		04/01/12		1,433,530
	1,400,000		6.850		10/15/37		1,426,362
Panhandle Eastern Pipe Line Co.
	150,000		4.800		08/15/08		149,792
Southern Natural Gas Co.(a)
	700,000		5.900		04/01/17		700,454
TransCanada PipeLines Ltd.(c)
	1,500,000		6.350		05/15/67		1,396,738
							16,933,833
Property/Casualty Insurance — 7.9%
Ace Capital Trust II(b)
	250,000		9.700		04/01/30		290,584
AON Capital Trust A
	1,000,000		8.205		01/01/27		1,009,124
Arch Capital Group Ltd.(b)
	1,245,000		7.350		05/01/34		1,280,307
Aspen Insurance Holdings Ltd.(b)
	1,025,000		6.000		08/15/14		1,054,866
Catlin Insurance Co. Ltd.(a)(b)(c)
	1,050,000		7.249		07/19/49		942,280
CNA Financial Corp.(b)
	1,000,000		5.850		12/15/14		1,006,126

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Property/Casualty Insurance — (continued)
Endurance Specialty Holdings Ltd.(b)
$	1,100,000		6.150	%	10/15/15	$	1,113,838
	1,350,000		7.000		07/15/34		1,264,161
Everest Reinsurance Holdings, Inc.(b)(c)
	1,500,000		6.600		05/15/37		1,324,980
Marsh & McLennan Cos., Inc.(b)
	1,000,000		5.150		09/15/10		1,014,025
PartnerRe Finance(b)(c)
	175,000		6.440		12/01/66		151,527
QBE Capital Funding II LP(a)(b)(c)
	925,000		6.797		06/01/49		870,990
QBE Insurance Group Ltd.(a)(b)(c)
	855,000		5.647		07/01/23		865,297
Swiss Re Capital I LP(a)(b)(c)
	2,475,000		6.854		05/29/49		2,394,218
The Chubb Corp.(b)(c)
	1,625,000		6.375		03/29/37		1,595,545
The Travelers Cos., Inc.(b)(c)
	1,300,000		6.250		03/15/37		1,236,182
White Mountains Reinsurance Group Ltd.(a)(b)
	1,725,000		6.375		03/20/17		1,611,805
ZFS Finance USA Trust II(a)(b)(c)
	2,100,000		6.450		12/15/65		1,935,717
							20,961,572
Real Estate Investment Trust — 11.0%
Arden Realty LP(b)
	1,160,000		5.200		09/01/11		1,204,615
BRE Properties, Inc.(b)
	3,525,000		7.450		01/15/11		3,723,398
Camden Property Trust
	1,650,000		4.375		01/15/10		1,621,292
Colonial Realty LP(b)
	1,750,000		6.050		09/01/16		1,564,167
Health Care Property Investors, Inc.(b)
	1,825,000		5.950		09/15/11		1,791,843
Highwoods Properties, Inc.(b)
	2,925,000		5.850		03/15/17		2,618,068
Hospitality Properties Trust(b)
	2,150,000		6.700		01/15/18		2,067,539
iStar Financial, Inc. Series B(b)
	3,200,000		5.700		03/01/14		2,726,010
Liberty Property LP(b)
	225,000		7.750		04/15/09		229,813
Pan Pacific Retail Properties, Inc.(b)
	1,350,000		5.950		06/01/14		1,290,126
Post Apartment Homes LP
	1,500,000		7.700		12/20/10		1,658,781
	3,000,000		6.300	(b)	06/01/13		3,180,018
ProLogis(b)
	2,250,000		5.500		04/01/12		2,251,744
Shurgard Storage Centers, Inc.(b)
	2,050,000		7.750		02/22/11		2,231,386

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Real Estate Investment Trust — (continued)
Simon Property Group LP(b)(d)
$	200,000		7.000	%	06/15/08	$	202,828
	1,000,000		5.600		09/01/11		1,006,575
							29,368,203
Restaurants(b) — 0.5%
Darden Restaurants, Inc.
	1,225,000		5.625		10/15/12		1,238,210
Retailers(b) — 3.0%
CVS Caremark Corp.
	800,000		6.250		06/01/27		797,247
Federated Retail Holdings, Inc.
	2,050,000		5.350		03/15/12		1,993,966
Lowe’s Cos, Inc.
	5,000,000		5.600		09/15/12		5,248,205
							8,039,418
Software(b) — 0.4%
Sabre Holdings Corp.
	1,300,000		6.350		03/15/16		1,053,000
Technology(b) — 0.7%
Fiserv, Inc.
	1,775,000		6.125		11/20/12		1,846,733
Tobacco — 0.8%
Altria Group, Inc.
	275,000		7.000		11/04/13		311,902
	393,000		7.750		01/15/27		503,997
Imperial Tobacco Overseas BV
	1,200,000		7.125		04/01/09		1,248,184
							2,064,083
Wireless Telecommunications(b) — 2.1%
AT&T Wireless Services, Inc.
	900,000		8.750		03/01/31		1,120,257
Intelsat
	350,000		5.250		11/01/08		346,500
Sprint Capital Corp.
	1,500,000		7.625		01/30/11		1,512,584
	3,150,000		6.875		11/15/28		2,611,938
							5,591,279
Wirelines Telecommunications — 2.3%
Ameritech Capital Funding
	575,000		6.250		05/18/09		598,118
Deutsche Telekom International Finance BV
	550,000		5.375	(b)	03/23/11		562,182
	1,650,000		8.250		06/15/30		2,035,615
France Telecom SA
	175,000		8.125		01/28/33		325,288
Telecom Italia Capital(b)
	700,000		4.000		01/15/10		693,839
	1,700,000		4.950		09/30/14		1,644,663

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Wirelines Telecommunications — (continued)
TPSA Finance BV(a)
$	350,000		7.750	%	12/10/08	$	362,136
							6,221,841
TOTAL CORPORATE BONDS						$	251,293,380
Emerging Market Debt(a)(b) — 0.5%
Lukoil International Finance BV
$	1,525,000		6.656	%	06/07/22	$	1,406,813
Municipal Bond — 0.1%
Ohio — 0.1%
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2 (BBB/Baa3)
$	375,000		5.125	%	06/01/24	$	361,436

		Dividend			Maturity
Shares		Rate			Date	Value
Preferred Stock(b) — 0.4%
FNMA
	36,000		8.250	%	12/31/10	$	951,120
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 95.3%						$	254,012,749
Repurchase Agreement(f) — 2.8%
Joint Repurchase Agreement Account II
$	7,500,000		2.988	%	02/01/08	$	7,500,000
Maturity Value: $7,500,623
TOTAL INVESTMENTS — 98.1%						$	261,512,749
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.9%							5,128,771
NET ASSETS — 100.0%						$	266,641,520

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. All amounts shown are in U.S. dollars unless otherwise noted. See below.

Currency Legend:
EUR	—Euro

(a) 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 $51,363,262, which represents approximately 19.3% of net assets as of January 31, 2008.

(b) Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

(c) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2008.

(d) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(e) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(f) Joint repurchase agreement was entered into on January 31, 2008. Additional information appears in the Notes to the schedule of Investments section.

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

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

Investment Abbreviations:
FNMA	— Federal National Mortgage Association
RB	— Revenue Bond

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At January 31, 2008, the Fund had outstanding forward foreign currency exchange contracts, to sell foreign currencies:

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date		Settlement Date		Value		Gain
British Pound	Sale		02/20/08	$	542,049	$	521,444	$	20,605

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Euro	Sale		02/26/08	$	10,722,773	$	10,885,314	$	(162,541	)

FUTURES CONTRACTS — At January 31, 2008, the following futures contracts were open:

	Number of
	Contracts Long	Settlement	Notional			Unrealized
Type	(Short)	Month	Value			Gain (Loss)
Eurodollars	29	March 2008	$	7,039,388		$	106,918
Eurodollars	9	June 2008		2,193,975			53,223
Eurodollars	5	September 2008		1,219,438			29,135
Eurodollars	5	December 2008		1,217,938			28,010
Eurodollars	5	March 2009		1,215,813			26,418
Eurodollars	5	June 2009		1,213,313			24,730
5 Year Euro-Bobl	(65)	March 2008		(10,686,431	)		(138,865	)
U.S. Treasury Bonds	78	March 2008		9,306,375			61,383
2 Year U.S. Treasury Notes	(3)	March 2008		(639,656	)		(9,312	)
5 Year U.S. Treasury Notes	246	March 2008		27,798,000			657,689
10 Year U.S. Treasury Notes	(435)	March 2008		(50,772,656	)		(1,543,352	)
TOTAL						$	(704,023	)

SWAP CONTRACTS — At January 31, 2008, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments
	Amount			Termination	received by	made by	Upfront Payments made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Banc of America Securities LLC	$	8,000		09/02/10	4.309%	3 month LIBOR	$	—		$	322,498
		2,700	(a)	06/18/13	4.500	3 month LIBOR		23,632			78,719
		7,000		10/19/15	4.965	3 month LIBOR		—			528,866
		800	(a)	06/18/18	3 month LIBOR	5.000%		(62,570	)		20,312
		4,400	(a)	06/18/23	3 month LIBOR	5.250		(269,412	)		(7,324	)
		800	(a)	06/18/28	5.250	3 month LIBOR		74,465			(27,950	)
		4,000		03/19/35	5.288	3 month LIBOR		—			341,469
		2,800		04/09/35	5.266	3 month LIBOR		—			230,209
Deutsche Bank Securities, Inc.		10,660		11/17/10	3 month LIBOR	4.315		—			(236,317	)
		4,010		12/24/10	3 month LIBOR	3.780		—			(43,302	)
		2,860		12/29/10	3 month LIBOR	3.868		—			(35,114	)
		1,950		12/29/10	3 month LIBOR	4.000		—			(28,796	)
		4,470		01/07/11	3 month LIBOR	3.658		—			(36,355	)
		2,770		01/28/11	3 month LIBOR	3.161		—			5,213
		9,000	(a)	06/18/13	4.500	3 month LIBOR		76,852			264,319
		9,400		11/17/15	4.920	3 month LIBOR		—			419,950
		3,500		12/24/15	4.520	3 month LIBOR		—			63,885
		2,500		12/29/15	4.630	3 month LIBOR		—			61,395
		1,700		12/29/15	4.745	3 month LIBOR		—			53,361
		3,900		01/07/16	4.487	3 month LIBOR		—			60,421

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Deutsche Bank Securities, Inc.		2,400		01/28/16	4.224%	3 month LIBOR	$	—		$	(3,452	)
		1,000	(a)	06/18/18	5.000	3 month LIBOR		45,027			7,795
		14,900	(a)	06/18/23	3 month LIBOR	5.250%		(547,296	)		(389,834	)
		900	(a)	06/18/28	3 month LIBOR	5.250		(50,885	)		(1,444	)
		2,620		11/17/38	3 month LIBOR	5.309		—			(161,027	)
		960		12/24/38	3 month LIBOR	5.011		—			(12,386	)
		690		12/29/38	3 month LIBOR	5.121		—			(20,540	)
		470		12/29/38	3 month LIBOR	5.215		—			(20,776	)
		1,070		01/07/39	3 month LIBOR	5.017		—			(13,960	)
		660		01/28/39	3 month LIBOR	4.939		—			87
JPMorgan Securities, Inc.		10,200	(a)	06/18/13	4.500	3 month LIBOR		75,187			311,473
		26,100	(a)	06/18/15	5.000	3 month LIBOR		753,821			816,531
		5,900	(a)	06/18/18	5.000	3 month LIBOR		171,823			139,826
		5,900	(a)	06/18/28	3 month LIBOR	5.250		(262,377	)		(80,670	)
		2,700	(a)	06/18/28	5.250	3 month LIBOR		43,496			113,491
		2,800	(a)	06/18/38	5.250	3 month LIBOR		127,844			48,527
TOTAL								$199,607		$	2,769,100

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2008.

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rates				Upfront Payments
		Amount		Paid (received) by			Termination	made (received) by			Unrealized
Swap Counterparty	Referenced Obligation	(000s)		Fund			Date	the Fund			Gain (Loss)
Protection Purchased:
Banc of America Securities LLC	Lowe’s Cos., Inc.	$	5,000		0.180	%	06/20/13	$	—		$	153,132
	8.250%, 06/01/10
Deutsche Bank Securities, Inc.	Core Investment Grade Bond Trust		18,000		0.650		12/20/16		(129,065	)		870,753
	CDX North America		20,000		0.600		06/20/17		575,849			279,197
	Investment Grade Index
Protection Sold:
	Countrywide Home Loans, Inc.
JPMorgan Securities, Inc.	4.000%, 03/22/11		2,500		(0.450	)	03/20/12		—			(353,921	)
	Countrywide Home Loans, Inc.
	6.000%, 01/24/18		200		(2.300	)	03/20/13		(291	)		(14,432	)
Solomon Smith Barney, Inc.	Residential Capital LLC		675		(2.570	)	09/20/12		—			(243,297	)
	6.500%, 04/17/13
	Countrywide Home Loans, Inc.
	6.000%, 01/24/18		50		(2.350	)	03/20/13		(74	)		(3,500	)
	Countrywide Home Loans, Inc.
	6.000%, 01/24/18		175		(2.400	)	03/20/13		(266	)		(11,872	)
TOTAL								$	446,153		$	676,060

Investment Abbreviation:
LIBOR	— London Interbank Offered Rate

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

TAX INFORMATION — At January 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	266,505,424
Gross unrealized gain		3,817,473
Gross unrealized loss		(8,810,148	)
Net unrealized security loss		($4,992,675	)

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — 19.0%
Airlines — 0.0%
United Air Lines, Inc.
$	1,105		6.602	%	09/01/13	$	1,102
Banks — 5.5%
ANZ Capital Trust I(a)(b)
	250,000		4.484		01/29/49		245,744
Bank of America Corp.(b)(c)
	325,000		8.000		12/29/49		337,594
Bank of America NA(c)
	500,000		4.966		12/18/08		500,522
Barclays Bank PLC(c)
	830,000		5.121		03/13/09		832,560
Citigroup, Inc.
	525,000		4.125		02/22/10		527,055
Fortis Bank NY(c)
	400,000		5.265		04/28/08		399,925
JPMorgan Chase & Co.
	375,000		6.000		01/15/18		389,176
JPMorgan Chase Capital XXII Series V(b)
	250,000		6.450		02/02/37		224,289
MUFG Capital Finance 1 Ltd.(b)(c)
	250,000		6.346		07/29/49		234,515
Nordea Bank Finland PLC(a)(c)
	400,000		4.991		05/28/08		399,904
Rabobank Nederland(a)(c)
	500,000		4.646		04/06/09		500,363
Resona Preferred Global Securities Ltd.(a)(b)(c)
	300,000		7.191		12/29/49		297,602
Royal Bank of Scotland Group PLC
	175,000		9.118	(b)	03/31/49		189,564
	200,000		7.640	(b)(c)	09/29/49		204,842
	200,000		6.990	(a)(c)	10/05/49		200,052
UFJ Finance Aruba AEC
	30,000		6.750		07/15/13		31,906
Wachovia Corp.
	225,000		5.750		02/01/18		225,507
Washington Mutual, Inc.
	350,000		8.250		04/01/10		337,750
Wells Fargo & Co.
	400,000		4.375		01/31/13		399,892
	300,000		5.625		12/11/17		308,303
							6,787,065
Brokerage — 2.7%
Citigroup Global Markets Holdings, Inc.(c)
	1,200,000		5.091		03/17/09		1,191,924
Lehman Brothers Capital Trust VII(b)(c)
	75,000		5.857		11/29/49		57,938
Lehman Brothers Holdings, Inc.
EUR	400,000		5.375		10/17/12		578,355
$	125,000		5.625		01/24/13		126,615
Merrill Lynch & Co., Inc.
	150,000		5.450		02/05/13		150,233
	200,000		6.400		08/28/17		202,995

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Brokerage — (continued)
Morgan Stanley(c)
$	550,000		4.793	%	01/09/12	$	529,070
The Bear Stearns Cos., Inc.
	450,000		7.250		02/01/18		449,983
							3,287,113
Captive Financial — 0.4%
General Electric Capital Corp.(b)(c)
	200,000		6.375		11/15/67		207,924
International Lease Finance Corp.
	125,000		4.950		02/01/11		124,789
VTB Capital SA(a)
	150,000		6.609		10/31/12		149,380
							482,093
Chemicals(b) — 0.1%
Ferro Corp.
	125,000		9.125		01/01/09		127,500
Distributors(a)(b) — 0.7%
Ras Laffan Liquefied Natural Gas Co. Ltd.
	34,144		3.437		09/15/09		34,191
Southern Star Central Gas Pipeline, Inc.
	900,000		6.000		06/01/16		882,000
							916,191
Electric(b) — 0.9%
AEP Texas Central Co.
	115,000		6.650		02/15/33		118,531
Arizona Public Service Co.
	150,000		6.250		08/01/16		158,178
Commonwealth Edison Co.
	150,000		5.875		02/01/33		140,207
	125,000		5.900		03/15/36		116,702
MidAmerican Energy Holdings Co.
	250,000		6.125		04/01/36		248,854
Progress Energy, Inc.
	100,000		5.625		01/15/16		101,505
Scottish Power PLC
	125,000		4.910		03/15/10		128,070
The AES Corp.
	125,000		9.500		06/01/09		128,125
							1,140,172
Energy — 1.5%
Anadarko Petroleum Corp.(b)
	325,000		5.950		09/15/16		335,127
Canadian Natural Resources Ltd.(b)
	275,000		5.700		05/15/17		275,180
	75,000		6.500		02/15/37		73,666
Halliburton Co.(a)
	25,000		7.600		08/15/96		29,669
Kerr-McGee Corp.(b)
	75,000		6.950		07/01/24		79,868
Nexen, Inc.(b)
	375,000		6.400		05/15/37		362,837

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Energy — (continued)
Transocean, Inc.(b)
$	175,000		6.800	%	03/15/38	$	182,073
Valero Energy Corp.(b)
	375,000		6.625		06/15/37		370,419
XTO Energy, Inc.(b)
	150,000		5.000		01/31/15		148,690
							1,857,529
Entertainment(b) — 0.1%
Universal City Development Partners
	125,000		11.750		04/01/10		129,063
Food & Beverage — 0.4%
Cargill, Inc.(a)(b)
	250,000		5.200		01/22/13		252,059
Kraft Foods, Inc.
	150,000		6.500		08/11/17		156,592
Land O’ Lakes, Inc.(b)
	125,000		8.750		11/15/11		127,656
							536,307
Gaming(b) — 0.1%
Mohegan Tribal Gaming Authority
	170,000		6.375		07/15/09		168,300
Health Care -Services(b)(d) — 0.1%
HCA, Inc.
	125,000		9.625		11/15/16		132,500
Life Insurance(b) — 0.3%
American International Group, Inc.
	100,000		6.250		03/15/37		87,369
Americo Life, Inc.(a)
	50,000		7.875		05/01/13		52,160
Phoenix Life Insurance Co.(a)
	100,000		7.150		12/15/34		110,514
Symetra Financial Corp.(a)
	100,000		6.125		04/01/16		100,404
							350,447
Media — Cable — 0.9%
Comcast Cable Communications Holdings, Inc.
	175,000		9.455		11/15/22		220,977
Comcast Holdings Corp.
	200,000		10.625		07/15/12		237,776
Cox Communications, Inc.(a)(b)
	150,000		5.875		12/01/16		149,629
CSC Holdings, Inc. Series B
	125,000		7.625		04/01/11		123,750
Time Warner Cable, Inc.(b)
	250,000		5.400		07/02/12		253,831
	150,000		6.550		05/01/37		148,592
							1,134,555

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Media — Non Cable(b) — 0.4%
AMFM, Inc.
$	50,000		8.000	%	11/01/08	$	51,824
DIRECTV Holdings/Finance LLC
	125,000		8.375		03/15/13		129,375
News America, Inc.(a)
	300,000		6.650		11/15/37		304,576
							485,775
Metals & Mining(b) — 0.1%
GrafTech Finance, Inc.
	125,000		10.250		02/15/12		129,063
Noncaptive — Financial — 1.0%
Countrywide Home Loans, Inc.
	50,000		5.625		07/15/09		45,933
	25,000		4.125		09/15/09		22,375
GATX Financial Corp.(b)
	150,000		8.875		06/01/09		159,744
General Electric Capital Corp.
	810,000		4.125		09/01/09		819,281
Pemex Project Funding Master Trust
	10,000		9.125		10/13/10		11,185
Residential Capital LLC(b)
	175,000		7.875		06/30/10		113,750
							1,172,268
Packaging(b)(c) — 0.1%
Impress Holdings BV
EUR	125,000		7.701		09/15/13		167,254
Pipelines — 1.6%
Boardwalk Pipelines LP(b)
$	200,000		5.875		11/15/16		202,519
El Paso Corp.(b)
	500		7.750		01/15/32		495
Energy Transfer Partners LP(b)
	500,000		5.950		02/01/15		503,139
Enterprise Products Operating LP(b)
	125,000		5.600		10/15/14		124,716
	75,000		5.000		03/01/15		72,595
	100,000		7.034	(c)	01/15/68		88,209
Gulf South Pipeline Co. LP(a)(b)
	175,000		6.300		08/15/17		186,072
ONEOK Partners LP(b)
	225,000		6.150		10/01/16		229,727
	125,000		6.650		10/01/36		123,273
Southern Natural Gas Co.(a)(b)
	50,000		5.900		04/01/17		50,032
Tennessee Gas Pipeline Co.
	325,000		7.625		04/01/37		349,846
							1,930,623
Property/Casualty Insurance — 0.6%
CNA Financial Corp.
	150,000		7.250		11/15/23		154,956

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Corporate Bonds — (continued)
Property/Casualty Insurance — (continued)
Endurance Specialty Holdings Ltd.(b)
$	75,000		6.150	%	10/15/15	$	75,944
	150,000		7.000		07/15/34		140,462
QBE Capital Funding II LP(a)(b)(c)
	175,000		6.797		06/29/49		164,782
Swiss Re Capital I LP(a)(b)(c)
	100,000		6.854		05/29/49		96,736
The Chubb Corp.(b)(c)
	125,000		6.375		03/29/37		122,734
							755,614
Real Estate Investment Trust(b) — 0.2%
iStar Financial, Inc. Series B
	100,000		5.700		03/01/14		85,188
Westfield Capital Corp.(a)
	150,000		5.125		11/15/14		139,866
							225,054
Technology(b) — 0.2%
Fiserv, Inc.
	225,000		6.125		11/20/12		234,093
Wireless Telecommunications(b) — 0.5%
Hellas Telecommunications Luxembourg V(c)
EUR	125,000		8.076		10/15/12		170,506
Inmarsat Finance II PLC
$	125,000		10.375		11/15/12		121,875
Sprint Capital Corp.
	375,000		6.875		11/15/28		310,945
							603,326
Wirelines Telecommunications — 0.6%
Deutsche Telekom International Finance BV
	200,000		8.250		06/15/30		246,741
New England Telephone &Telegraph Co.(e)
	5,000		7.875		11/15/29		5,662
Nordic Telephone Co. Holdings(b)
EUR	125,000		8.250		05/01/16		176,546
Telecom Italia Capital(b)
$	175,000		6.200		07/18/11		182,383
	150,000		4.950		09/30/14		145,117
							756,449
TOTAL CORPORATE BONDS						$	23,509,456
Mortgage-Backed Obligations — 71.9%
Adjustable Rate Non-Agency(c) — 17.1%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	171,165		4.990	%	04/25/35	$	171,665
American Home Mortgage Assets Series 2007-1, Class A1
	876,068		5.362		02/25/47		813,002
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	219,579		4.457		04/25/34		220,467

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(c) — (continued)
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
$	559,321		5.063	%	06/25/35	$	563,312
Countrywide Alternative Loan Trust Series 2005-38, Class A3
	376,906		3.726		09/25/35		353,731
Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1
	422,966		4.855		04/20/35		408,003
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
	203,244		4.555		11/20/34		196,649
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
	827,625		4.900		08/20/35		768,732
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	88,794		4.750		12/25/34		85,794
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
	442,607		4.398		06/25/34		431,599
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	735,674		5.746		12/19/35		734,119
Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A
	825,992		4.114		11/19/36		777,137
Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
	1,621,602		4.124		01/19/38		1,507,430
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	546,593		5.376		08/25/35		514,683
JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
	655,571		5.065		07/25/35		660,701
Lehman XS Trust Series 2006-2N, Class 1A1
	1,715,883		3.636		02/25/46		1,623,555
Lehman XS Trust Series 2007-16N, Class 2A2
	1,482,285		4.226		09/25/47		1,359,997
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	33,340		3.756		11/25/34		32,515
Master Adjustable Rate Mortgages Trust Series 2006-A2, Class 4A1B
	827,584		5.988		12/25/46		739,138
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	759,375		5.348		10/25/34		773,692
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	587,765		5.662		01/25/46		563,284
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	984,108		6.549		11/25/37		982,878
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	728,522		5.208		09/25/35		736,129
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	787,987		5.184		09/25/35		789,998
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	270,976		4.380		05/25/34		266,744
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	103,998		5.250		09/25/34		100,932
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	465,051		5.450		11/25/34		443,875

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(c) — (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 5A2
$	1,000,000		5.250	%	02/25/36	$	995,564
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	336,584		4.243		06/25/34		333,240
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1
	803,689		5.309		03/25/37		819,465
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY3, Class 4A1
	899,283		5.349		03/25/37		913,133
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR6, Class A1
	1,507,411		5.038		04/25/35		1,469,626
TOTAL ADJUSTABLE RATE NON-AGENCY							21,150,789
Collateralized Mortgage Obligations — 1.5%
Planned Amortization Class — 0.5%
FNMA REMIC Series 2005-70, Class PA
	561,858		5.500		08/25/35		578,808
Regular Floater(c)(f) — 0.2%
FHLMC REMIC Series 3038, Class XA
	73,654		0.000		09/15/35		73,782
FHLMC REMIC Series 3167, Class X
	79,538		0.000		06/15/36		78,849
FHLMC REMIC Series 3176, Class XI
	373,774		0.000		10/15/35		3,486
FHLMC REMIC Series 3268, Class DO
	94,449		0.000		01/15/37		102,098
							258,215
Sequential Fixed Rate — 0.8%
FHLMC REMIC Series 3200, Class AD
	960,425		5.500		05/15/29		977,539
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	1,814,562
Commercial Mortgage-Backed Securities — 3.2%
Sequential Fixed Rate — 3.2%
Banc of America Commercial Mortgage, Inc. Series 2002-2, Class A3
	530,000		5.118	%	07/11/43		531,356
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	1,000,000		5.181		09/10/47		1,013,498
GMAC Commercial Mortgage Securities, Inc. Series 2000-C3, Class A2
	745,000		6.957		09/15/35		781,659
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3, Class A4A
	1,000,000		4.936		08/15/42		987,100

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-CB18, Class A4
$	700,000		5.440	%	06/12/47	$	688,889
							4,002,502
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	4,002,502
Federal Agencies — 50.1%
Adjustable Rate FHLMC(c) — 0.9%
	709,301		4.814		09/01/35		723,180
	336,292		5.748		04/01/37		345,083
							1,068,263
FHLMC — 2.8%
	385,072		5.000		05/01/18		390,867
	355,896		5.500		05/01/33		361,100
	760,828		5.500		06/01/37		770,404
	890,890		7.500		08/01/37		945,263
	942,422		7.000		11/01/37		992,227
							3,459,861
FNMA — 45.4%
	63,678		4.500		04/01/18		63,902
	3,243,716		4.500		06/01/18		3,257,477
	886,174		4.500		01/01/19		889,315
	201,320		6.000		02/01/19		208,177
	386,056		5.000		05/01/19		392,862
	487,034		4.000		06/01/19		480,417
	499,823		5.000		08/01/19		507,718
	454,222		6.000		08/01/19		469,695
	482,923		6.000		09/01/19		500,165
	859,935		5.500		06/01/20		883,140
	606,585		6.000		12/01/20		628,242
	518,774		5.000		01/01/21		526,255
	761,621		6.000		04/01/21		789,121
	286,921		6.000		06/01/21		296,760
	247,539		5.500		07/01/21		253,605
	220,277		6.000		07/01/21		227,826
	715,695		6.000		12/01/32		736,246
	847,243		5.500		12/01/33		860,011
	488,212		5.500		02/01/34		495,343
	112,728		6.000		02/01/34		115,894
	477,684		5.500		03/01/34		484,661
	950,999		5.500		04/01/34		965,330
	318,222		5.500		05/01/34		322,870
	252,905		5.500		07/01/34		256,573
	656,425		5.500		08/01/34		666,012
	1,172,671		5.500		09/01/34		1,189,799
	3,755,118		5.500		11/01/34		3,809,966
	1,313,440		5.500		01/01/35		1,332,624
	1,340,792		5.500		02/01/35		1,360,376
	325,737		5.000		11/01/35		324,571
	189,073		4.500		03/01/36		183,555
	1,366,508		5.000		03/01/36		1,361,617
	2,651,790		5.000		07/01/36		2,641,245

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	34,233		7.000	%	09/01/36	$	36,042
	1,106,471		6.000		11/01/36		1,135,598
	862,785		5.000		02/01/37		859,360
	974,385		5.000		03/01/37		970,510
	551,915		7.000		03/01/37		581,071
	987,866		5.000		04/01/37		983,945
	349,727		7.000		04/01/37		368,202
	31,319		7.000		08/01/37		33,139
	921,737		8.000		10/01/37		986,334
	5,000,000		5.500		TBA-15yr(g)		5,065,625
	9,000,000		6.500		TBA-15yr(g)		9,326,250
	8,000,000		7.000		TBA-15yr(g)		8,420,000
							56,247,446
GNMA — 1.0%
	1,222,142		5.500		05/15/36		1,247,079
TOTAL FEDERAL AGENCIES						$	62,022,649
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	88,990,502
Agency Debentures — 3.9%
FHLB(h)
$	2,400,000		4.625	%	09/11/20	$	2,450,119
FHLMC
	2,000,000		3.250		02/25/11		2,011,034
FNMA(h)
	300,000		4.625		05/01/13		312,591
TOTAL AGENCY DEBENTURES						$	4,773,744
Asset-Backed Securities — 2.9%
Automotive — 0.7%
Capital Auto Receivables Asset Trust Series 2004-2, Class A3
$	115,853		3.580	%	01/15/09	$	115,912
Nissan Auto Receivables Owner Trust Series 2006-C, Class A3
	675,000		5.440		04/15/10		682,836
							798,748
Home Equity — 1.8%
Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2(c)
	26,106		3.776		10/27/32		24,454
Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1(c)
	15,966		3.706		10/25/32		15,512
Bear Stearns Asset Backed Securities Trust Series 2003-2, Class A2(c)
	7,915		3.826		03/25/43		7,723
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(c)
	464,723		4.376		10/25/37		451,943
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(c)
	150,000		4.626		10/25/37		138,000

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(c)
$	250,000		4.826	%	10/25/37	$	217,500
CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1(c)
	2,554		3.996		01/25/32		2,506
First Alliance Mortgage Loan Trust Series 1999-4, Class A2(c)
	5,503		4.694		03/20/31		5,242
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	96,265		7.000		09/25/37		95,182
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	142,829		7.000		09/25/37		141,222
GSAMP Trust Series 2002-NC1, Class A2(c)
	274		4.016		07/25/32		203
Home Equity Asset Trust Series 2002-1, Class A4(c)
	257		3.976		11/25/32		242
Household Home Equity Loan Trust Series 2007-3, Class APT(c)
	474,506		5.159		11/20/36		463,764
Renaissance Home Equity Loan Trust Series 2003-2, Class A(c)
	3,141		3.816		08/25/33		3,026
Renaissance Home Equity Loan Trust Series 2003-3, Class A(c)
	11,266		3.876		12/25/33		10,567
Salomon Brothers Mortgage Securities VII Series 2002-CIT1, Class A(c)
	2,557		3.676		03/25/32		2,531
Saxon Asset Securities Trust Series 2002-1, Class AV2(c)
	521		3.646		01/25/32		518
Wells Fargo Home Equity Trust Series 2005-3, Class AI1A(a)(c)
	709,831		3.646		11/25/35		669,349
							2,249,484
Sallie Mae Student Loans(c) — 0.4%
SLM Student Loan Trust Series 2005-6 Class AJB
	500,000		3.341		07/27/26		499,756
TOTAL ASSET-BACKED SECURITIES						$	3,547,988
Credit Linked Note — 0.1%
Brazil — 0.1%
Federal Republic of Brazil Inflation Linked
BRL	297,000		6.000	%	12/31/17	$	110,442
Foreign Debt Obligations — 7.2%
Government of Japan
JPY	630,000,000		1.700		12/20/16	$	6,121,649
Israel Government AID Bond
$	50,000		5.500		04/26/24		56,155
	40,000		5.500		09/18/33		45,476
Republic of Argentina
$	1,170,000		7.000		09/12/13		1,038,017
ARS	1,014,379		2.000	(c)	01/03/16		259,827
United Mexican States
$	30,000		5.077	(c)	01/13/09		30,060

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date	Value
Foreign Debt Obligations — (continued)
United Mexican States
MXN	12,220,000		10.000	%	12/05/24	$	1,377,790
TOTAL FOREIGN DEBT OBLIGATIONS						$	8,928,974
Municipal Bonds — 0.2%
New York(c) — 0.0%
New York City Municipal Water Finance Authority Water & Sewer Systems RB Residuals Series 2005-1105 (FSA)
$	10,000		7.840	%	06/15/34	$	10,721
Ohio — 0.2%
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2 (BBB/Baa3)
	75,000		5.125		06/01/24		72,287
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2 (BBB/Baa3)
	75,000		5.875		06/01/30		73,393
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2 (BBB/Baa3)
	150,000		5.875		06/01/47		145,002
							290,682
TOTAL MUNICIPAL BONDS						$	301,403

		Dividend		Maturity
Shares		Rate		Date	Value
Preferred Stock — 0.3%
Fannie Mae
	16,000		8.250%	12/31/10	$	422,720
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 105.5%					$	130,585,229

Principal		Interest		Maturity
Amount*		Rate		Date	Value
Repurchase Agreement(i) — 13.2%
Joint Repurchase Agreement Account II
$	16,300,000		2.988%	02/01/08	$	16,300,000
Maturity Value: $16,301,353
TOTAL INVESTMENTS — 118.7%					$	146,885,229
LIABILITIES IN EXCESS OF OTHER ASSETS — (18.7)%						(23,127,416	)
NET ASSETS — 100.0%					$	123,757,813

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. All amounts shown are in U.S. dollars unless otherwise noted. See below.

Currency Legend:
ARS	— Argentine Peso
BRL	— Brazilian Dollar
EUR	— Euro
JPY	— Japanese Yen
MXN	— Mexican Peso

(a) 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 $5,822,527, which represents approximately 4.7% of net assets as of January 31, 2008.

(b) Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(c) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2008.

(d) Pay-in-kind securities.

(e) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(g) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities amounts to $22,811,875 which represents approximately 18.4% of net assets as of January 31, 2008.

(h) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(i) Joint repurchase agreement was entered into on January 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

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

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

Investment Abbreviations:
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At January 31, 2008, 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		02/06/08	$	109,631	$	111,082	$	1,451
British Pound	Purchase		03/19/08		2,630,000		2,653,912		23,912
British Pound	Sale		02/20/08		79,612		76,586		3,026
British Pound	Sale		03/19/08		2,589,259		2,507,159		82,100
Canadian Dollar	Sale		03/19/08		365,000		358,663		6,337
Euro	Purchase		03/19/08		5,916,856		5,957,427		40,571
Euro	Sale		03/19/08		375,000		373,588		1,412
Japanese Yen	Purchase		03/19/08		2,929,988		2,986,535		56,547
Japanese Yen	Sale		03/19/08		762,000		759,466		2,534
Swedish Krona	Purchase		03/19/08		397,795		399,917		2,122
Swedish Krona	Sale		03/19/08		725,000		721,694		3,306
Swiss Franc	Purchase		03/19/08		2,264,000		2,306,437		42,437
TOTAL								$	265,755

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Australian Dollar	Purchase		03/19/08	$	374,000	$	372,395	$	(1,605	)
Australian Dollar	Sale		03/19/08		380,000		393,937		(13,937	)
Brazilian Real	Sale		02/06/08		110,000		111,082		(1,082	)
Brazilian Real	Sale		05/15/08		107,846		109,278		(1,432	)
British Pound	Purchase		02/20/08		37,416		36,113		(1,303	)
British Pound	Purchase		03/19/08		715,000		693,445		(21,555	)
British Pound	Sale		03/19/08		1,204,026		1,217,840		(13,814	)
Euro	Purchase		03/19/08		414,886		414,288		(598	)
Euro	Sale		02/26/08		931,164		949,214		(18,050	)
Euro	Sale		03/19/08		4,450,000		4,526,634		(76,634	)
Japanese Yen	Purchase		03/19/08		1,206,886		1,204,014		(2,872	)
Japanese Yen	Sale		02/21/08		6,025,132		6,063,124		(37,992	)
Japanese Yen	Sale		03/19/08		2,574,000		2,647,340		(73,340	)
Mexican Peso	Sale		04/15/08		1,293,898		1,305,697		(11,799	)
Norwegian Krone	Sale		03/19/08		737,000		751,864		(14,864	)
Swedish Krona	Sale		03/19/08		743,000		756,853		(13,853	)
Swiss Franc	Sale		03/19/08		1,509,000		1,530,562		(21,562	)
TOTAL								$	(326,292	)

Open Forward Foreign Currency	Expiration	Purchase		Sale		Unrealized
Cross Contracts with Unrealized Gain (Purchase/Sale)	Date	Current Value		Current Value		Gain
Norwegian Krone/Euro	03/19/08	$	372,706	$	370,330	$	2,376

Open Forward Foreign Currency	Expiration	Purchase		Sale		Unrealized
Cross Contracts with Unrealized Loss (Purchase/Sale)	Date	Current Value		Current Value		Loss
Swedish Krona/Euro	03/19/08	$	699,050	$	708,504	$	(9,454	)

FUTURES CONTRACTS — At January 31, 2008, the following futures contracts were open:

	Number of
	Contracts Long	Settlement	Notional			Unrealized
Type	(Short)	Month	Value			Gain (Loss)
Eurodollars	40	March 2008	$	9,709,500		$	151,414
Eurodollars	5	June 2008		1,218,875			28,787
Eurodollars	5	September 2008		1,219,438			29,135
Eurodollars	5	December 2008		1,217,938			28,010
Eurodollars	5	March 2009		1,215,813			26,418
Eurodollars	5	June 2009		1,213,313			24,730
10 Year Japanese Yen Bond	(4)	March 2008		(5,181,250	)		(59,467	)

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FUTURES CONTRACTS (continued)

	Number of
	Contracts Long	Settlement	Notional			Unrealized
Type	(Short)	Month	Value			Gain (Loss)
5 Year Euro-Bobl	(44)	March 2008	$	(7,233,892	)	$	(66,772	)
U.K. Life Long Gilt	2	March 2008		439,748			1,783
U.S. Treasury Bonds	14	March 2008		1,670,375			(463	)
2 Year U.S. Treasury Notes	49	March 2008		10,447,719			154,209
5 Year U.S. Treasury Notes	55	March 2008		6,215,000			148,393
5 Year U.S. Treasury Notes	(77)	March 2008		(8,071,000	)		(243,264	)
10 Year U.S. Treasury Notes	(34)	March 2008		3,968,438			(112,671	)
TOTAL						$	110,242

SWAP CONTRACTS — At January 31, 2008, 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) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Banc of America	USD	11,200	(a)	06/18/13	4.500%	3 month LIBOR	$	64,057		$	360,510
Securities LLC		1,900	(a)	06/18/13	3 month LIBOR	4.500%		(47,836	)		(24,189	)
		500	(a)	06/18/18	3 month LIBOR	5.000		(39,106	)		12,695
		3,500	(a)	06/18/23	3 month LIBOR	5.250		(202,311	)		(17,820	)
		500	(a)	06/18/28	5.250	3 month LIBOR		46,541			(17,469	)
Barclays Bank PLC	EUR	900	(a)	06/18/13	4.250	6 month EURO		8,293			4,308
		1,185	(a)	06/18/13	6 month EURO	4.250		5,691			(22,284	)
	USD	1,340	(a)	06/18/13	4.500	3 month LIBOR		1,677			49,120
	SEK	6,200	(a)	06/18/13	3 month STIB	4.750		(5,401	)		(11,980	)
	GBP	840	(a)	06/18/13	6 month BP	5.250		(26,827	)		2,803
	SEK	10,100	(a)	06/18/18	3 month STIB	4.750		7,678			(28,471	)
	EUR	290	(a)	06/18/38	4.750	6 month EURO		3,916			—
	USD	360	(a)	06/18/38	3 month LIBOR	5.250		(23,489	)		—
Bear Stearns & Co., Inc		4,400		08/20/12	3 month LIBOR	5.282		—			(395,763	)
Citibank NA	JPY	23,000	(a)	06/18/13	1.250	6 month JYOR		86			1,126
	USD	240	(a)	06/18/13	4.500	3 month LIBOR		2,827			6,271
	GBP	2,350	(a)	06/18/13	5.250	6 month BP		12,655			54,556
	JPY	397,000	(a)	06/18/13	6 month JYOR	1.250		(25,433	)		4,517
		213,000		12/20/16	6 month JYOR	1.872		—			(67,112	)
CSFB International London	GBP	130	(a)	06/18/13	5.250	6 month BP		3,572			146

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
CSFB International London	SEK	1,400	(a)	06/18/13	3 month STIB	4.750%	$	(3,137	)	$	(932	)
	GBP	40	(a)	06/18/13	6 month BP	5.250		(824	)		(320	)
	EUR	120	(a)	06/18/13	6 month EURO	4.250		469			(2,150	)
		1,110	(a)	06/18/18	4.500%	6 month EURO		(1,443	)		16,822
	SEK	11,000	(a)	06/18/18	3 month STIB	4.750		3,315			(25,962	)
	EUR	1,320	(a)	06/18/38	4.750	6 month EURO		6,333			10,826
	USD	590	(a)	06/18/38	3 month LIBOR	5.250		(36,507	)		(580	)
	GBP	210	(a)	06/18/38	6 month BP	4.750		(2,359	)		(4,423	)
Deutsche Bank AG	JPY	169,000		12/17/10	1.160	6 month JYOR		—			8,925
		169,000		12/17/10	1.170	6 month JYOR		—			9,237
		263,000		12/17/10	1.181	6 month JYOR		—			14,920
		494,000		12/17/10	1.183	6 month JYOR		—			28,142
	USD	260	(a)	06/18/13	4.500	3 month LIBOR		4,775			5,081
	JPY	8,000	(a)	06/18/13	1.250	6 month JYOR		297			125
	EUR	910	(a)	06/18/13	4.250	6 month EURO		13,904			(1,163	)
	JPY	16,000	(a)	06/18/13	6 month JYOR	1.250		(693	)		—
		552,000	(a)	03/19/15	1.500	6 month JYOR		15,871			52,205
		138,000		12/17/15	6 month JYOR	1.703		—			(22,859	)
		167,000		12/17/15	6 month JYOR	1.699		—			(27,329	)
		107,000		12/17/15	6 month JYOR	1.670		—			(15,579	)
		107,000		12/17/15	6 month JYOR	1.641		—			(13,627	)
		176,000		12/17/15	6 month JYOR	1.691		—			(27,890	)
	EUR	1,120	(a)	06/18/18	4.500	6 month EURO		(4,398	)		19,915
	USD	470	(a)	06/18/38	3 month LIBOR	5.250		(29,894	)		289
	EUR	390	(a)	06/18/38	4.750	6 month EURO		(952	)		6,238

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Deutsche Bank AG	EUR	430	(a)	06/18/38	6 month EURO	4.750%	$	8,305		$	(14,134	)
	JPY	22,000		12/17/38	2.540%	6 month JYOR		—			1,478
		22,000		12/17/38	2.570	6 month JYOR		—			2,818
		35,000		12/17/38	2.585	6 month JYOR		—			5,550
		33,000		12/17/38	2.594	6 month JYOR		—			5,816
		28,000		12/17/38	2.595	6 month JYOR		—			5,009
Deutsche Bank Securities, Inc.	USD	8,050		11/17/10	3 month LIBOR	4.315		—			(178,457	)
		2,750		12/24/10	3 month LIBOR	3.780		—			(29,696	)
		2,060		12/29/10	3 month LIBOR	3.868		—			(25,292	)
		1,440		12/29/10	3 month LIBOR	4.000		—			(21,265	)
		3,440		01/07/11	3 month LIBOR	3.658		—			(27,978	)
		2,420		01/28/11	3 month LIBOR	3.161		—			4,555
		5,300	(a)	06/18/13	3 month LIBOR	4.500		(171,499	)		(29,412	)
		15,200	(a)	06/18/13	4.500	3 month LIBOR		142,788			433,411
		7,100		11/17/15	4.920	3 month LIBOR		—			317,196
		2,400		12/24/15	4.520	3 month LIBOR		—			43,807
		1,800		12/29/15	4.630	3 month LIBOR		—			44,204
		1,300		12/29/15	4.745	3 month LIBOR		—			40,805
		3,000		01/07/16	4.487	3 month LIBOR		—			46,477
		2,100		01/28/16	4.224	3 month LIBOR		—			(3,020	)
		700	(a)	06/18/18	5.000	3 month LIBOR		31,519			5,457
		4,300	(a)	06/18/23	3 month LIBOR	5.250		(298,526	)		28,078
		700	(a)	06/18/28	3 month LIBOR	5.250		(39,577	)		(1,123	)
		1,980		11/17/38	3 month LIBOR	5.309		—			(121,692	)
		660		12/24/38	3 month LIBOR	5.011		—			(8,515	)

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
Deutsche Bank Securities, Inc.	USD	350		12/29/38	3 month LIBOR	5.215%	$	—		$	(15,471	)
		500		12/29/38	3 month LIBOR	5.121		—			(14,884	)
		820		01/07/39	3 month LIBOR	5.017		—			(10,698	)
		580		01/28/39	3 month LIBOR	4.939		—			77
JPMorgan Securities, Inc.	BRL	7,500		01/04/10	12.700%	Brazilian Interbank		—			4,484
						Deposit Average
	USD	18,400	(a)	06/18/13	4.500	3 month LIBOR		127,584			569,920
		1,800	(a)	06/18/13	3 month LIBOR	4.500		(45,641	)		(22,593	)
		9,800	(a)	06/18/15	5.000	3 month LIBOR		283,137			306,497
		3,900	(a)	06/18/15	3 month LIBOR	5.000		(70,368	)		(164,282	)
	JPY	208,000		12/20/16	6 month JYOR	1.719		—			(39,717	)
	USD	4,100	(a)	06/18/18	5.000	3 month LIBOR		120,505			96,065
		2,800	(a)	06/18/23	3 month LIBOR	5.250		(28,431	)		(147,674	)
		1,900	(a)	06/18/28	5.250	3 month LIBOR		30,609			79,864
		4,000	(a)	06/18/28	3 month LIBOR	5.250		(177,892	)		(54,682	)
		2,800	(a)	06/18/38	5.250	3 month LIBOR		127,844			48,527
Merrill Lynch Capital	USD	230	(a)	06/18/13	4.500	3 month LIBOR		7,616			1,103
Markets
	CAD	950	(a)	06/18/13	4.750	3 month CDOR		10,871			14,968
		690	(a)	06/18/13	3 month CDOR	4.750		(16,935	)		(1,832	)
	GBP	840	(a)	06/18/13	6 month BP	5.250		(27,744	)		3,720
Morgan Stanley Capital	USD	470	(a)	06/18/13	4.500	3 month LIBOR		17,147			669
Services, Inc.
	CAD	60	(a)	06/18/13	4.750	3 month CDOR		755			877
	AUD	250	(a)	06/18/13	7.250	6 month BBSW		(1,234	)		1,289
	CAD	360	(a)	06/18/13	3 month CDOR	4.750		(4,730	)		(5,061	)
	JPY	207,000		12/20/16	6 month JYOR	1.728		—			(40,935	)
UBS AG London		82,000	(a)	06/18/13	1.250	6 month JYOR		(4,497	)		8,817

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received) by			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	the Fund			Gain (Loss)
UBS AG London	GBP	980	(a)	06/18/13	5.250%	6 month BP	$	10,521		$	17,507
	AUD	710	(a)	06/18/13	7.250	6 month BBSW		(4,957	)		5,114
		1,130	(a)	06/18/13	6 month BBSW	7.250%		(1,048	)		589
TOTAL							$	(222,531	)	$	1,107,210

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2008.

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rates				Upfront Payments
		Amount		Paid (Received)			Termination	received by the			Unrealized
Swap Counterparty	Referenced Obligation	(000s)		by Fund			Date	Fund			Gain (Loss)
Protection Purchased:
Deutsche Bank Securities, Inc.	Argentine Republic 8.280%, 12/31/33	$	410		4.786	%	09/20/12	$	—		$	(10,068	)
	Argentine Republic 8.280%, 12/31/33		400		4.984		09/20/12		—			(13,577	)
JPMorgan Securities, Inc.	Argentine Republic 8.280%, 12/31/33		360		5.055		09/20/12		—			(13,328	)
Protection Sold:
Bear Stearns and Co., Inc.	CDX North America Investment Grade Index		15,000		(0.600	)	12/20/12		(317,200	)		15,226
Credit Suisse First Boston Corp.	ABX.HE AAA 07-1 Index		900		(0.090	)	08/25/37		(211,508	)		(21,140	)
	ABX.HE AAA 07-2 Index		600		(0.760	)	01/25/38		(154,500	)		(21,534	)
Deutsche Bank Securities, Inc.	ABX.HE AAA 06-2 Index		600		(0.110	)	05/25/46		(78,002	)		(3,914	)
JPMorgan Securities, Inc.	Countrywide Home Loans, Inc. 6.000%, 01/24/18		200		(2.300	)	03/20/13		(290	)		(14,432	)
TOTAL								$	(761,500	)	$	(82,767	)

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Unrealized
Swap Counterparty	(000s)		Date		Gain (Loss)
Banc of America Securities LLC	$	8,000		02/04/08	$	200,360
		2,000		03/04/08		(172	)
		1,000		06/03/08		(51,002	)
Deutsche Bank Securities, Inc		4,000		02/04/08		833
		500		06/03/08		(25,475	)
JPMorgan Securities, Inc.		10,000		02/04/08		(201,586	)
TOTAL					$	(77,042	)

The fund receives monthly payments based on any positive monthly duration adjusted return of the Banc of America Securities LLC CMBS AAA 10 Yr Index. The fund makes payments on any negative monthly duration adjusted return of such index.

Currency Legend:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
SEK	— Swedish Krona
USD	— U.S. Dollar

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

TAX INFORMATION — At January 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	144,623,462
Gross unrealized gain		3,443,495
Gross unrealized loss		(1,181,728	)
Net unrealized security gain	$	2,261,767

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS SINGLE/MULTI SECTOR TAXABLE FIXED INCOME FUNDS

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — 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. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. 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 in light of significant events, to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events 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.

Forward Foreign Currency Exchange Contracts — Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income 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. Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income 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 Funds’ financial statements. Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income 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 January 31, 2008, Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income had segregated sufficient cash and/or securities to cover any commitments under these contracts.

Forward Sales Contracts — The Funds may enter into forward security sales of mortgage-backed securities in which the Fund sells 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 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.

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, the

GOLDMAN SACHS SINGLE/MULTI SECTOR TAXABLE FIXED INCOME FUNDS

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

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 Statement 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 Statement 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.

Mortgage Dollar Rolls — The Funds may enter into mortgage “dollar rolls” in which the Funds sell securities in the current month for delivery and simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. For financial and tax reporting purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

     During the settlement period between sale and repurchase, the Funds will not be entitled to accrued interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Funds may decline below the repurchase price of those securities. In the event the buyer of the securities under a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds of the transaction may be restricted pending a determination by, or with respect to, the other party.

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 Fund’s 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.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At January 31, 2008, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

	Principal
Fund	Amount
Government Income	$	136,900,000
U.S. Mortgages		137,000,000
Core Fixed Income		123,500,000
Investment Grade Credit		7,500,000
Core Plus Fixed Income		16,300,000

GOLDMAN SACHS SINGLE/MULTI SECTOR TAXABLE FIXED INCOME FUNDS

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
ABN Amro, Inc.	$	3,000,000,000		2.98	%		02/01/08	$	3,000,248,333
Banc of America Securities LLC		3,950,000,000		3.00			02/01/08		3,950,329,167
Barclays Capital PLC		4,500,000,000		3.00			02/01/08		4,500,375,000
Bear Stearns & Co.		250,000,000		2.99			02/01/08		250,020,764
Citigroup Global Markets, Inc.		3,000,000,000		2.98			02/01/08		3,000,248,333
Credit Suisse Securities (USA) LLC		1,150,000,000		2.95			02/01/08		1,150,094,236
Deutsche Bank Securities, Inc		6,000,000,000		3.00			02/01/08		6,000,500,000
Greenwich Capital Markets		1,250,000,000		3.00			02/01/08		1,250,104,167
Merrill Lynch & Co., Inc.		2,500,000,000		2.98			02/01/08		2,500,206,944
UBS Securities LLC		4,500,000,000		2.92			02/01/08		4,500,365,000
UBS Securities LLC		380,000,000		3.60			02/01/08		380,038,000
TOTAL								$	30,482,529,944

At January 31, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 4.400% to 5.125%, due 06/13/08 to 06/15/10; Federal Home Loan Mortgage Corp, 4.000% to 9.000%, due 03/01/08 to 01/01/48 and Federal National Mortgage Association, 3.000% to 10.000%, due 03/14/08 to 12/01/47. The aggregate market value of the collateral, including accrued interest, was $31,165,159,976.

Securities Lending — The Funds may lend their securities through an agreement with their custodian, State Street Bank and Trust Company (“SSB”). 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, 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 State Street Navigator Securities Lending Prime Portfolio (the “Portfolio ”). The Portfolio is a private, registered money market fund and is managed by State Street Global Advisors (“SSgA”). The Portfolio has been established primarily for the investment of cash collateral on behalf of funds participating in State Street’s securities lending program and complies with the requirements of Rule 2a-7 of the 1940 Act. 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 SSB receive compensation relating to the lending of the Funds’ securities.

Securities purchased on a when-issued or delayed-delivery basis — The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

GOLDMAN SACHS SINGLE/MULTI SECTOR TAXABLE FIXED INCOME FUNDS

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

Segregation Transactions — The Funds may enter into certain derivative or other transactions to seek to increase total return. Forward foreign currency contracts, futures contracts, swaps contracts, written options, mortgage dollar rolls, 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.

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 Statement 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 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 model prices and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability on the Statement of Assets and Liabilities and are recorded as a realized gain or loss on termination date. Periodic payments received or made on swap contracts are recorded as realized gain or loss in the Statement of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gain on the Statement of Operations.

GOLDMAN SACHS SINGLE/MULTI SECTOR TAXABLE FIXED INCOME FUNDS

Schedule of Investments (continued)

January 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

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 principal 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.

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are 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.

(Registrant)	Goldman Sachs Trust
By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	March 28, 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 (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	March 28, 2008
By (Signature and Title)*		JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date	March 28, 2008

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

CERTIFICATIONS

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-Q of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 28, 2008

/s/ JAMES A. McNAMARA                                                         
James A. McNamara
Principal Executive Officer

CERTIFICATIONS

I, John M. Perlowski, certify that:

1. I have reviewed this report on Form N-Q of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 28, 2008

/s/ JOHN M. PERLOWSKI                                       
John M. Perlowski
Principal Financial Officer