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 Drive, 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:
Geoffrey R.T. Kenyon, Esq.
Dechert LLP
200 Clarendon Street
27^th Floor
Boston, MA 02116-5021

(Name and address of agent for service)

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

Date of fiscal year end:      March 31

Date of reporting period: December 31, 2009

Item 1. Schedule of Investments.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — 26.8%
Banks — 8.4%
ANZ National (International) Ltd.(a)
$	3,675,000		6.200	%	07/19/13	$	3,956,266
Bank of America Corp.
	975,000		7.400		01/15/11		1,032,060
Bank of New York Mellon Corp.(b)
	2,000,000		0.349		03/23/12		1,986,958
Barclays Bank PLC
	3,225,000		5.450		09/12/12		3,487,628
BB&T Corp.
	2,725,000		3.850		07/27/12		2,820,525
Bear Stearns & Co., Inc.
	3,000,000		0.423	(b)	10/22/10		3,000,597
	4,025,000		6.950		08/10/12		4,491,887
Citigroup, Inc.
	325,000		5.250		02/27/12		336,089
Credit Suisse (USA), Inc.(c)
	3,525,000		6.125		11/15/11		3,801,304
Intesa Sanpaolo New York
	11,700,000		2.375		12/21/12		11,596,911
JPMorgan Chase & Co.
	1,550,000		7.875		06/15/10		1,598,476
	18,829,000		0.454	(b)	01/17/11		18,824,801
Keybank National Association
	450,000		7.300		05/01/11		463,545
National Australia Bank Ltd.(c)
	875,000		8.600		05/19/10		901,871
PNC Funding Corp.(b)
	1,376,000		0.421		01/31/12		1,344,596
Rabobank Nederland(a)
	5,900,000		2.650		08/17/12		5,963,726
	4,675,000		4.200		05/13/14		4,837,802
Royal Bank of Scotland Group PLC(a)
	2,975,000		4.875		08/25/14		3,015,713
Sovereign Bank
	5,848,000		5.125		03/15/13		5,900,971
The Charles Schwab Corp.
	1,075,000		4.950		06/01/14		1,134,054
US Bank NA
	1,875,000		6.375		08/01/11		2,015,595
Wachovia Corp.
	1,925,000		0.414	(b)	10/15/11		1,903,463
	5,127,000		5.500		05/01/13		5,448,190
Wells Fargo Bank NA
	525,000		7.550		06/21/10		542,066
Westpac Banking Corp.
	9,225,000		2.250		11/19/12		9,203,248
							99,608,342
Brokerage — 0.5%
Credit Suisse (USA), Inc.
	250,000		4.125		01/15/10		250,221
Morgan Stanley & Co.
	1,350,000		5.050		01/21/11		1,400,067
	2,750,000		6.750	(c)	04/15/11		2,913,578
	850,000		6.000		05/13/14		913,922
							5,477,788

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Captive Financial — 0.1%
American Express Centurion
$	623,000		5.200	%	11/26/10	$	644,541
Caterpillar Financial Services Corp.
	725,000		4.850		12/07/12		779,606
							1,424,147
Construction Machinery — 0.2%
John Deere Capital Corp.
	2,000,000		5.400		04/07/10		2,026,576
Electric — 2.4%
Carolina Power & Light Co.(c)
	3,140,000		6.500		07/15/12		3,442,630
Enel Finance International SA(a)(c)
	6,375,000		5.700		01/15/13		6,880,085
Pacific Gas & Electric Co.
	2,850,000		1.206	(b)	06/10/10		2,861,403
	725,000		4.200	(c)	03/01/11		748,147
Public Service Co. of Colorado(c)
	2,325,000		7.875		10/01/12		2,667,693
Scottish Power PLC(c)
	7,750,000		4.910		03/15/10		7,814,240
Southern Co.
	3,500,000		0.683	(b)	10/21/11		3,509,422
	875,000		4.150	(c)	05/15/14		899,807
							28,823,427
Energy — 1.1%
Conoco Funding Co.(c)
	1,375,000		6.350		10/15/11		1,495,946
ConocoPhillips
	1,200,000		9.375		02/15/11		1,298,536
ConocoPhillips Canada Funding Co. I(c)
	1,000,000		5.300		04/15/12		1,071,843
EnCana Corp.(c)
	1,525,000		6.300		11/01/11		1,640,202
	625,000		4.750		10/15/13		656,594
Shell International Finance BV
	6,125,000		1.300		09/22/11		6,140,809
StatoilHydro ASA(c)
	650,000		3.875		04/15/14		675,472
							12,979,402
Food and Beverage — 1.1%
Cargill, Inc.(a)(c)
	4,650,000		5.200		01/22/13		4,930,595
Diageo Finance BV
	3,700,000		5.500		04/01/13		3,985,444
Kellogg Co.(c)
	3,200,000		5.125		12/03/12		3,472,841
							12,388,880
Health Care Services(c) — 0.6%
Thermo Fisher Scientific, Inc.(a)
	5,900,000		2.150		12/28/12		5,818,545
UnitedHealth Group, Inc.
	1,400,000		5.125		11/15/10		1,448,440
							7,266,985

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Life Insurance — 2.0%
AXA Financial, Inc.(c)
$	2,125,000		7.750	%	08/01/10	$	2,205,348
ING Security Life Institutional Funding(a)
	2,500,000		4.250		01/15/10		2,497,675
Metropolitan Life Global Funding I(a)
	3,400,000		5.125		11/09/11		3,559,661
	1,725,000		5.125		04/10/13		1,827,448
	3,437,000		5.125		06/10/14		3,637,367
Nationwide Life Global Funding I(a)
	1,175,000		5.450		10/02/12		1,160,658
Prudential Financial, Inc.
	3,625,000		5.800		06/15/12		3,847,468
Reinsurance Group of America, Inc.
	2,375,000		6.750		12/15/11		2,527,560
TIAA Global Markets, Inc.(a)(c)
	1,900,000		5.125		10/10/12		2,047,375
							23,310,560
Media(c) — 0.1%
The Walt Disney Co.
	1,100,000		4.700		12/01/12		1,184,318
Media-Non Cable(c) — 0.7%
Reed Elsevier Capital, Inc.
	3,425,000		4.625		06/15/12		3,560,202
	4,050,000		7.750		01/15/14		4,611,026
							8,171,228
Noncaptive-Financial — 1.5%
American General Finance Corp.
	1,500,000		4.875		05/15/10		1,479,252
Countrywide Financial Corp.
	6,500,000		5.800		06/07/12		6,899,822
General Electric Capital Corp.
	1,400,000		5.200		02/01/11		1,460,481
HSBC Finance Corp.(b)
	450,000		0.485		08/09/11		441,330
	2,000,000		0.552		04/24/12		1,928,968
	1,350,000		0.634		07/19/12		1,301,824
	2,775,000		0.604		09/14/12		2,670,130
John Deere Capital Corp.
	1,775,000		5.250		10/01/12		1,916,886
							18,098,693
Pharmaceuticals(c) — 1.2%
GlaxoSmithKline Capital, Inc.
	1,375,000		4.850		05/15/13		1,475,992
Merck & Co., Inc.
	2,550,000		1.875		06/30/11		2,574,026
Roche Holdings, Inc.(a)
	9,175,000		4.500		03/01/12		9,636,659
							13,686,677
Pipelines — 0.1%
TransCanada Pipelines Ltd.
	1,200,000		8.625		05/15/12		1,361,771

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Property/Casualty Insurance(c) — 0.3%
The Chubb Corp.
$	450,000		6.000	%	11/15/11	$	483,447
The Travelers Cos., Inc.
	3,150,000		5.375		06/15/12		3,334,937
							3,818,384
Real Estate Investment Trust(c) — 0.4%
Simon Property Group LP
	1,522,000		4.875		03/18/10		1,532,067
	1,325,000		5.000		03/01/12		1,369,537
WEA Finance LLC(a)
	141,000		5.400		10/01/12		149,571
Westfield Capital Corp.(a)
	1,825,000		4.375		11/15/10		1,875,187
							4,926,362
Retailers — 0.2%
Wal-Mart Stores, Inc.
	2,400,000		3.200		05/15/14		2,444,042
Software — 0.2%
Microsoft Corp.
	2,800,000		2.950		06/01/14		2,829,994
Technology(c) — 1.2%
Dell, Inc.
	1,425,000		3.375		06/15/12		1,473,625
Hewlett-Packard Co.
	1,600,000		2.250		05/27/11		1,622,723
	2,725,000		4.250		02/24/12		2,858,351
	1,820,000		6.125		03/01/14		2,033,645
International Business Machines Corp.
	700,000		6.500		10/15/13		799,932
Oracle Corp.
	5,050,000		4.950		04/15/13		5,418,958
							14,207,234
Tobacco — 0.4%
Philip Morris International, Inc.
	4,775,000		4.875		05/16/13		5,040,757
Wireless Telecommunications(c) — 2.2%
New Cingular Wireless Services, Inc.
	12,550,000		8.125		05/01/12		14,180,659
Telefonica Emisiones SAU(b)
	2,150,000		0.609		02/04/13		2,116,563
Vodafone Group PLC
	575,000		7.750		02/15/10		579,393
	4,325,000		5.350		02/27/12		4,611,231
	4,450,000		5.000		12/16/13		4,711,852
							26,199,698
Wirelines Telecommunications — 1.9%
AT&T, Inc.(c)
	950,000		6.250		03/15/11		1,006,024
Cellco Partnership/Verizon Wireless Capital LLC(c)
	4,500,000		3.750		05/20/11		4,640,247
	2,025,000		5.250		02/01/12		2,147,765
Deutsche Telekom International Finance BV
	1,500,000		8.500		06/15/10		1,550,139

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Obligations — (continued)
Wirelines Telecommunications — (continued)
France Telecom SA(c)
$	5,175,000		7.750	%	03/01/11	$	5,546,410
	1,325,000		4.375		07/08/14		1,384,575
Telefonica Emisiones SAU(c)
	2,850,000		5.984		06/20/11		3,014,297
Telefonica Europe BV(c)
	2,900,000		7.750		09/15/10		3,033,713
							22,323,170
TOTAL CORPORATE OBLIGATIONS						$	317,598,435
Agency Debentures — 17.9%
FHLB(d)
$	10,700,000		0.500	%	07/27/11	$	10,701,049
FHLMC
	10,750,000		1.750		02/09/11		10,762,932
	10,900,000		2.000	(e)	02/25/11		10,920,634
	26,500,000		2.050		03/09/11		26,569,350
	72,500,000		2.000		03/16/11		72,680,670
	5,000,000		2.500		03/23/12		5,019,595
FNMA
	10,900,000		2.000		02/11/11		10,919,467
	4,000,000		2.000		03/02/11		4,011,224
	28,500,000		2.000		04/01/11		28,619,586
	13,500,000		2.050		04/01/11		13,558,266
	1,900,000		1.750		04/15/11		1,907,211
	10,000,000		2.125		04/15/11		10,043,190
	5,830,000		2.500		02/17/12		5,845,729
TOTAL AGENCY DEBENTURES						$	211,558,903
Asset-Backed Securities — 7.2%
Autos — 5.2%
Bank of America Auto Trust Series 2009-1A, Class A2(a)
$	9,250,000		1.700	%	12/15/11	$	9,294,563
Bank of America Auto Trust Series 2009-2A, Class A3(a)
	6,500,000		2.130		09/15/13		6,562,208
Bank of America Auto Trust Series 2009-3A, Class A2(a)
	13,750,000		0.890		04/15/12		13,745,988
Capital Auto Receivables Asset Trust Series 2007-3, Class A3A
	803,567		5.020		09/15/11		815,019
Capital One Prime Auto Receivables Trust Series 2007-2, Class A3
	859,899		4.890		01/15/12		871,605
Chase Manhattan Auto Owner Trust Series 2006-B, Class A4
	502,519		5.110		04/15/14		514,028
Daimler Chrysler Auto Trust Series 2006-D, Class A3
	24,948		4.980		02/08/11		24,981
Ford Credit Auto Owner Trust Series 2009-B, Class A3
	15,000,000		2.790		08/15/13		15,286,081
Ford Credit Auto Owner Trust Series 2009-E, Class A2
	11,000,000		0.800		03/15/12		10,985,574
Harley-Davidson Motorcycle Trust Series 2006-2, Class A2
	340,700		5.350		03/15/13		350,613
Long Beach Auto Receivables Trust Series 2006-A, Class A4
	1,371,506		5.500		05/15/13		1,404,696
Nissan Auto Receivables Owner Trust Series 2007-B, Class A3
	650,917		5.030		05/16/11		657,339
USAA Auto Owner Trust Series 2007-2, Class A3
	881,356		4.900		02/15/12		892,659
							61,405,354

Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — (continued)
Credit Card — 2.0%
Bank of America Credit Card Trust Series 2006-A16, Class A16
$	425,000		4.720	%	05/15/13	$	438,897
Chase Issuance Trust Series 2005-A8, Class A8(b)
	5,700,000		0.273		10/15/12		5,692,394
Chase Issuance Trust Series 2007-A15, Class A
	2,500,000		4.960		09/17/12		2,575,493
Chase Issuance Trust Series 2009-A5, Class A5(b)
	15,000,000		1.033		06/15/12		15,033,292
							23,740,076
Home Equity(b) — 0.0%
Aegis Asset Backed Securities Trust Series 2006-1, Class A1
	37,349		0.311		01/25/37		35,995
Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F
	32,264		6.745		06/25/28		15,771
Centex Home Equity Series 2004-D, Class MV3
	189,136		1.231		09/25/34		2,855
Countrywide Asset-Backed Certificates Series 2006-20, Class 2A1
	41,086		0.281		04/25/47		39,799
Morgan Stanley ABS Capital I Series 2004-HE4, Class M3
	65,210		1.731		05/25/34		13,532
							107,952
Manufactured Housing — 0.0%
Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	85,883		4.350		05/15/14		71,666
Student Loan(a) — 0.0%
GCO Slims Trust Series 2006-1A Class Note
	223,835		5.720		03/01/22		161,161
TOTAL ASSET-BACKED SECURITIES						$	85,486,209
Foreign Debt Obligations — 7.2%
Sovereign — 3.5%
Kommunalbanken AS
$	11,900,000		5.125	%	05/30/12	$	12,785,644
Landeskreditbank Baden-Wuerttemberg Foerderbank
	7,340,000		3.250		10/29/10		7,478,843
	5,600,000		0.541	(b)	11/04/11		5,590,074
Landwirtschaftliche Rentenbank
	8,200,000		1.875		09/24/12		8,195,646
NRW.BANK
	7,500,000		5.375		07/19/10		7,688,970
							41,739,177
Supranational — 3.7%
European Investment Bank(b)
	6,250,000		0.555		03/05/12		6,297,950
International Bank for Reconstruction & Development
	14,300,000		1.400	(d)	04/14/11		14,353,528
	22,500,000		1.650		05/18/11		22,623,873
							43,275,351
TOTAL FOREIGN DEBT OBLIGATIONS						$	85,014,528

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Government Guarantee Obligations — 24.2%
Achmea Hypotheekbank NV(a)(b)(f)
$	8,200,000		0.631	%	11/03/14	$	8,188,504
ANZ National (International) Ltd.(a)(f)
	4,700,000		0.458	(b)	08/05/11		4,706,754
	5,800,000		3.250		04/02/12		5,980,112
Bank of America Corp.(b)(g)
	18,200,000		1.077		12/02/11		18,496,933
	19,200,000		0.451		06/22/12		19,305,350
Bank of America NA(b)(g)
	4,000,000		0.429		12/23/10		4,009,960
Citibank NA(g)
	1,000,000		1.875		05/07/12		1,005,321
Citigroup Funding, Inc.(b)(g)
	17,000,000		0.611		04/30/12		17,156,196
Citigroup, Inc.(g)
	2,600,000		0.807	(b)	12/09/10		2,615,176
	7,700,000		2.125		04/30/12		7,782,452
Danske Bank A/S(a)(f)
	5,200,000		2.500		05/10/12		5,255,223
Dexia Credit Local(a)(f)
	6,300,000		2.375		09/23/11		6,429,352
FIH Erhvervsbank AS(a)(f)
	12,300,000		0.645		09/29/10		12,289,769
	5,500,000		2.450		08/17/12		5,560,121
	5,700,000		0.487	(b)	12/06/12		5,692,875
General Electric Capital Corp.(g)
	9,000,000		0.454	(b)	03/12/12		9,053,307
	12,000,000		0.426	(b)	06/01/12		12,053,604
	3,400,000		2.000		09/28/12		3,409,783
	5,000,000		0.253	(b)	12/21/12		5,001,885
	1,800,000		2.125		12/21/12		1,801,669
	9,000,000		2.625		12/28/12		9,164,016
JPMorgan Chase & Co.(b)(g)
	1,600,000		0.347		02/23/11		1,609,565
Landwirtschaftliche Rentenbank(f)
	3,500,000		3.125		06/15/11		3,605,049
	2,400,000		4.125		07/15/13		2,530,380
	6,500,000		4.875		01/10/14		7,037,324
LeasePlan Corp. NV(a)(f)
	1,800,000		3.000		05/07/12		1,847,618
Royal Bank of Scotland Group PLC(a)(f)
	10,800,000		1.500		03/30/12		10,607,926
	2,700,000		0.973	(b)	05/11/12		2,736,553
Societe Financement de l’Economie Francaise(a)(f)
	15,700,000		1.500		10/29/10		15,731,703
	14,100,000		2.000		02/25/11		14,275,348
	2,525,000		2.125		01/30/12		2,557,138
	21,300,000		2.375		03/26/12		21,612,359
Suncorp-Metway Ltd.(a)(b)(f)
	7,500,000		0.628		12/17/10		7,500,038
	5,500,000		1.534		04/15/11		5,581,004
SunTrust Bank(b)(g)
	4,500,000		0.904		12/16/10		4,531,036
United States Central Federal Credit Union(g)
	3,200,000		1.250		10/19/11		3,196,868
	2,300,000		1.900		10/19/12		2,298,661
Westpac Banking Corp.(a)(f)
	7,500,000		3.250		12/16/11		7,743,225
	7,200,000		1.900		12/14/12		7,141,860
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	287,102,017

Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — 9.5%
United States Treasury Inflation Protected Securities
$	49,338,240		4.250	%	01/15/10	$	49,396,065
	24,533,005		0.875		04/15/10		24,615,411
	21,859,904		3.500		01/15/11		22,674,535
	2,831,634		2.375		04/15/11		2,915,255
	7,297,276		1.875		07/15/13		7,685,513
	4,913,664		2.000		01/15/14		5,196,200
TOTAL U.S. TREASURY OBLIGATIONS						$	112,482,979
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	1,111,195,821
Short-term Investments — 6.1%
Commercial Paper — 1.0%
Westpac Banking Corp.
$	12,000,000		1.120	%	07/09/10	$	11,952,750
Repurchase Agreement(h) — 5.1%
Joint Repurchase Agreement Account II
	60,300,000		0.007		01/04/10		60,300,000
Maturity Value: $60,300,047
TOTAL SHORT-TERM INVESTMENTS						$	72,252,750
TOTAL INVESTMENTS — 98.9%						$	1,171,495,821
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%							13,151,802
NET ASSETS — 100.0%						$	1,184,647,623

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

(a) Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $242,995,735, which represents approximately 20.5% of net assets as of December 31, 2009.

(b) Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

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

(d) Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2009.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

(f) Guaranteed by a foreign government. Total market value of the securities amounts to $164,610,235, which represents approximately 13.9% of net assets as of December 31, 2009.

(g) Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of the securities amounts to $122,491,782, which represents approximately 10.3% of net assets as of December 31, 2009.

(h) Joint repurchase agreement was entered into on December 31, 2009. 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:
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
LIBOR	— London Interbank Offered Rate

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration				Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)
Eurodollars		94		January 2010	$	23,438,313		$	10,928
Eurodollars		437		March 2010		108,862,163			482,790
Eurodollars		337		June 2010		83,677,100			78,245
Eurodollars		(225	)	September 2010		(55,631,250	)		(306,375	)
Eurodollars		(145	)	December 2010		(35,695,375	)		(185,238	)
Eurodollars		(205	)	March 2011		(50,260,875	)		(248,263	)
Eurodollars		(5	)	June 2011		(1,221,063	)		(7,450	)
2 Year U.S. Treasury Notes		174		March 2010		37,630,219			(192,653	)
5 Year U.S. Treasury Notes		(984	)	March 2010		(112,552,688	)		2,331,350
TOTAL								$	1,963,334

INTEREST RATE SWAP CONTRACTS — At December 31, 2009, the Fund had outstanding swap contracts with the following terms:

					Rates Exchanged
	Notional				Payments	Payments
	Amount		Termination		received by	made by			Unrealized
Swap Counterparty	(000s)		Date		the Fund	the Fund			Loss*
Deutsche Bank Securities, Inc.	$	18,400		07/02/13	3 month LIBOR		4.283	%	$	(1,597,878	)

^* There are no upfront payments on the swap contract, therefore, the unrealized loss of the swap contract is equal to its market value.

TAX INFORMATION — At December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	1,166,285,664
Gross unrealized gain		6,742,687
Gross unrealized loss		(1,532,530	)
Net unrealized security gain	$	5,210,157

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 GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 55.5%
Collateralized Mortgage Obligations — 7.2%
Adjustable Rate Non-Agency(a) — 0.6%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	93,781		3.394	%	04/25/35	$	78,647
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	31,577		4.094		08/25/33		27,089
Chase Mortgage Finance Corp. Series 2007-A1, Class 3A1
	1,594,445		4.348		02/25/37		1,426,194
Chase Mortgage Finance Corp. Series 2007-A1, Class 7A1
	1,082,639		4.590		02/25/37		967,912
Countrywide Home Loan Trust Series 2003-37, Class 1A1
	40,348		3.851		08/25/33		33,894
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	148,916		3.800		03/25/33		122,836
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	57,085		3.007		12/25/34		51,686
JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
	489,218		5.059		07/25/35		387,160
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	1,196		0.611		11/25/34		1,164
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
	1,247,626		0.999		11/25/29		989,899
Sequoia Mortgage Trust Series 2004-09, Class A2
	738,153		1.039		10/20/34		571,296
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 1A
	223,040		3.142		05/25/34		190,567
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	78,351		3.249		09/25/34		67,269
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	835,065		3.107		11/25/33		668,601
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	223,778		3.136		06/25/34		204,478
							5,788,692
Interest Only(b) — 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(a)(c)
	98,446		0.000		07/25/33		—
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(a)(c)
	134,212		0.000		08/25/33		—
FNMA REMIC Series 2004-47, Class EI(a)(c)
	2,138,333		0.000		06/25/34		26,569
FNMA REMIC Series 2004-62, Class DI(a)(c)
	943,750		0.000		07/25/33		7,045
FNMA REMIC Series 2004-71, Class DI(a)(c)
	1,837,669		0.000		04/25/34		51,321

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Interest Only — (continued)
FNMA Series 151, Class 2
$	15,627		9.500	%	07/25/22	$	3,671
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	44,483		0.120		08/25/33		63
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	20,102		0.320		07/25/33		74
							88,743
Inverse Floaters(a) — 0.1%
GNMA Series 2001-48, Class SA
	56,541		25.732		10/16/31		86,425
GNMA Series 2001-51, Class SA
	43,915		31.493		10/16/31		64,117
GNMA Series 2001-51, Class SB
	55,109		25.732		10/16/31		84,376
GNMA Series 2001-59, Class SA
	48,942		25.569		11/16/24		66,650
GNMA Series 2002-13, Class SB
	193,199		36.482		02/16/32		336,520
							638,088
Principal Only(d) — 0.0%
FNMA REMIC Trust Series G-35, Class N
	14,606		0.000		10/25/21		12,552
Regular Floater(a) — 1.9%
BCAP LLC Trust Series 2006-RR1, Class CF
	720,953		0.871		11/25/36		613,451
FHLMC REMIC Series 1760, Class ZB
	443,874		2.750		05/15/24		443,831
FNMA REMIC Series 2006-68, Class FM
	16,554,091		0.681		08/25/36		16,377,578
							17,434,860
Sequential Fixed Rate — 4.6%
FHLMC REMIC Series 2329, Class ZA
	2,893,221		6.500		06/15/31		3,125,866
FHLMC REMIC Series 2590, Class NV
	2,000,000		5.000		03/15/18		2,122,626
FHLMC REMIC Series 3284, Class CA
	11,833,226		5.000		10/15/21		12,436,469
FNMA REMIC Series 2001-53, Class GH
	363,078		8.000		09/25/16		396,618
FNMA REMIC Series 2007-36, Class AB
	16,474,762		5.000		11/25/21		17,298,239
GNMA 2002-42 Class KZ
	7,268,437		6.000		06/16/32		7,869,678
							43,249,496
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	67,212,431
Commercial Mortgage-Backed Securities — 2.8%
Interest Only(a)(b)(e) — 0.1%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
$	14,340,781		1.148	%	03/13/40	$	203,037
CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP
	7,712,427		1.692		05/15/38		56,104

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Interest Only — (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
$	16,229,082		0.968	%	01/15/38	$	132,254
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
	15,520,011		1.457		02/11/36		249,551
							640,946
Sequential Fixed Rate — 2.7%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	10,000,000		5.224		07/15/44		9,940,002
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A1
	6,832,691		7.202		10/15/32		6,982,443
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	8,000,000		6.278		11/15/39		8,375,912
							25,298,357
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	25,939,303
Federal Agencies — 45.5%
Adjustable Rate FHLMC(a) — 0.7%
$	232,313		4.072	%	11/01/32	$	241,084
	2,940,115		2.756		09/01/33		3,051,039
	2,991,203		3.979		08/01/35		3,081,038
							6,373,161
Adjustable Rate FNMA(a) — 2.2%
	343,745		2.850		11/01/32		359,018
	542,289		4.792		12/01/32		558,708
	3,568,943		4.208		05/01/33		3,647,599
	74,823		3.055		06/01/33		77,400
	3,480,887		4.072		10/01/33		3,616,207
	3,618,003		3.935		02/01/35		3,706,840
	4,765,325		4.767		09/01/35		4,951,692
	3,722,793		5.222		06/01/37		3,902,142
							20,819,606
Adjustable Rate GNMA(a) — 0.8%
	150,983		4.375		06/20/23		156,781
	69,708		3.625		07/20/23		71,815
	73,215		3.625		08/20/23		75,433
	190,526		3.625		09/20/23		196,308
	55,680		4.375		03/20/24		57,582
	484,358		4.375		04/20/24		503,260
	60,099		4.375		05/20/24		62,448
	499,093		4.375		06/20/24		518,625
	274,244		3.625		07/20/24		282,843
	380,096		3.625		08/20/24		391,877
	117,570		3.625		09/20/24		121,220
	144,328		4.125		11/20/24		148,262
	124,104		4.125		12/20/24		128,582
	100,858		4.375		01/20/25		104,362
	49,839		4.375		02/20/25		51,575
	169,574		4.375		05/20/25		176,332
	125,043		3.625		07/20/25		129,001
	60,962		4.375		02/20/26		63,128
	3,404		3.625		07/20/26		3,513
	185,826		4.375		01/20/27		192,523
	62,515		4.375		02/20/27		64,771
	501,765		4.375		04/20/27		522,369
	58,397		4.375		05/20/27		60,798
	55,268		4.375		06/20/27		57,542

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate GNMA — (continued)
$	18,733		4.125	%	11/20/27	$	19,277
	77,592		4.125		12/20/27		79,847
	157,736		4.375		01/20/28		163,499
	53,527		4.250		02/20/28		55,372
	61,638		4.375		03/20/28		63,895
	296,483		3.625		07/20/29		306,478
	125,331		3.625		08/20/29		129,559
	38,894		3.625		09/20/29		40,168
	152,253		4.125		10/20/29		156,753
	195,589		4.125		11/20/29		201,434
	47,621		4.125		12/20/29		49,045
	62,729		4.250		01/20/30		64,946
	32,589		4.250		02/20/30		33,743
	130,376		4.250		03/20/30		134,986
	195,996		4.375		04/20/30		204,237
	481,516		4.375		05/20/30		501,237
	38,745		4.375		06/20/30		40,290
	389,512		3.625		07/20/30		402,232
	65,784		3.625		09/20/30		68,002
	134,610		3.875		10/20/30		138,354
	275,548		4.000		03/20/32		283,900
							7,278,204
FHLMC — 9.4%
	419,640		6.500		12/01/13		456,683
	18,332		4.000		02/01/14		18,753
	11,620		6.500		02/01/14		12,646
	313,687		4.000		03/01/14		320,887
	60,895		4.000		04/01/14		62,293
	2,202,002		7.500		11/01/14		2,407,124
	3,264		7.000		02/01/15		3,510
	868,459		5.500		07/01/15		923,392
	93,243		8.000		07/01/15		101,631
	12,574		7.000		01/01/16		13,599
	57,155		7.000		02/01/16		61,815
	36,257		7.000		09/01/17		40,504
	21,437		7.000		10/01/17		23,947
	147,743		4.500		05/01/18		154,246
	256,268		5.500		05/01/18		273,486
	87,596		4.500		06/01/18		91,452
	1,776,293		5.500		06/01/18		1,895,083
	212,333		4.500		09/01/18		221,679
	276,467		4.500		10/01/18		288,635
	23,440		10.000		10/01/18		24,769
	1,323,243		5.000		12/01/18		1,396,721
	109,604		4.500		01/01/19		114,429
	100,610		4.500		03/01/19		105,039
	424,272		5.000		06/01/19		447,586
	3,882,363		5.000		11/01/19		4,095,698
	61,186		10.000		07/01/20		65,124
	79,957		10.000		10/01/20		84,971
	217,803		6.500		07/01/21		235,052
	15,283		6.500		08/01/22		16,491
	148,577		9.000		10/01/22		170,246
	1,175,595		4.500		10/01/23		1,196,165
	624,584		6.500		07/01/28		657,688
	5,255		8.000		07/01/30		5,751
	33,655		7.500		12/01/30		37,011

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	5,854		7.500	%	01/01/31	$	6,438
	185,780		7.000		04/01/31		204,612
	1,469,323		6.000		05/01/33		1,580,958
	1,522,553		6.000		10/01/34		1,625,326
	3,729,017		4.500		10/01/35		3,735,948
	214,880		5.000		12/01/35		221,033
	927,299		5.500		01/01/36		978,012
	2,128		5.500		02/01/36		2,244
	19,968		6.000		06/01/36		21,338
	23,033		6.000		10/01/36		24,596
	38,118		6.000		11/01/36		40,704
	49,896		5.500		03/01/37		52,819
	207,919		5.500		04/01/37		219,713
	19,140		6.000		05/01/37		20,420
	23,236		5.500		06/01/37		24,598
	21,526		6.000		06/01/37		22,967
	449,539		6.000		07/01/37		479,619
	39,859		6.000		11/01/37		42,507
	225,712		5.500		12/01/37		238,361
	431,310		5.500		02/01/38		455,503
	168,988		5.000		04/01/38		173,774
	498,802		5.500		04/01/38		526,782
	40,574		6.000		04/01/38		43,270
	290,447		5.500		05/01/38		306,739
	7,415,288		6.000		05/01/38		7,907,999
	1,980,989		5.500		06/01/38		2,095,625
	114,900		6.000		09/01/38		122,499
	127,897		5.500		10/01/38		135,071
	14,136,575		6.000		11/01/38		15,195,161
	850,402		6.000		12/01/38		907,970
	41,836		6.000		02/01/39		44,603
	1,048,609		5.000		03/01/39		1,078,306
	2,523,955		5.000		04/01/39		2,595,435
	38,886		5.500		04/01/39		41,188
	830,326		5.000		05/01/39		854,879
	3,959,575		5.000		06/01/39		4,074,482
	1,500,235		5.000		07/01/39		1,543,326
	345,715		5.000		08/01/39		355,686
	5,746,155		4.500		09/01/39		5,747,112
	5,950,130		5.000		09/01/39		6,115,174
	3,037,038		5.000		10/01/39		3,122,176
	2,079,989		5.000		11/01/39		2,136,295
	7,000,000		4.500		TBA-30yr(f)		6,982,500
							88,127,874
FNMA — 22.1%
	180,595		4.500		03/01/13		185,499
	85,709		4.500		05/01/13		88,105
	119,499		4.000		06/01/13		122,275
	186,134		4.500		06/01/13		191,404
	161,620		4.000		07/01/13		166,007
	199,225		4.500		07/01/13		205,837
	228,724		4.000		08/01/13		234,134
	93,519		4.500		08/01/13		96,232
	349,947		4.000		09/01/13		358,289
	402,799		4.500		09/01/13		414,613
	714,644		4.000		10/01/13		731,803
	42,858		7.000		03/01/14		47,029
	368,802		4.000		04/01/14		377,915
	1,523,980		5.500		09/01/14		1,627,988
	64,094		7.000		03/01/15		69,071
	20,666		8.000		01/01/16		22,617
	100,311		6.000		11/01/16		107,503
	328,072		8.000		11/01/16		375,778

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	631,588		5.000	%	08/01/17	$	658,722
	357,722		5.000		11/01/17		377,785
	13,111,752		5.000		12/01/17		13,831,965
	2,204,592		5.000		01/01/18		2,328,235
	734,892		5.000		02/01/18		775,519
	2,815,510		5.000		03/01/18		2,971,154
	915,908		5.000		04/01/18		966,540
	167,304		4.500		05/01/18		174,381
	1,075,567		5.000		05/01/18		1,134,890
	693,732		4.500		06/01/18		723,294
	1,458,847		5.000		06/01/18		1,537,134
	73,667		4.500		07/01/18		76,783
	79,901		5.000		07/01/18		84,318
	111,938		4.500		08/01/18		116,835
	65,529		5.000		08/01/18		69,152
	78,937		4.500		09/01/18		82,390
	982,757		5.000		09/01/18		1,037,085
	834,131		4.500		10/01/18		870,484
	5,066,044		5.000		10/01/18		5,345,767
	167,427		4.500		11/01/18		174,750
	45,843		5.000		11/01/18		48,298
	281,593		4.500		12/01/18		293,911
	97,618		4.500		01/01/19		101,888
	685,643		5.000		01/01/19		721,509
	840,454		5.000		02/01/19		884,526
	134,036		4.500		03/01/19		139,899
	1,861,528		5.000		04/01/19		1,964,436
	625,547		4.500		05/01/19		651,772
	467,149		5.000		05/01/19		492,710
	90,615		4.500		06/01/19		94,414
	1,926,812		5.000		06/01/19		2,033,329
	36,405		5.000		07/01/19		38,397
	32,751		5.000		08/01/19		34,543
	307,160		6.500		08/01/19		334,869
	2,083,991		6.000		09/01/19		2,233,393
	29,342		9.500		08/01/20		33,747
	67,166		9.500		10/01/20		77,250
	38,009		5.000		12/01/20		40,052
	2,599,576		6.000		12/01/20		2,785,941
	86,787		6.000		05/01/21		92,846
	34,963		6.000		07/01/21		37,404
	961,508		6.000		09/01/21		1,030,675
	688,956		5.000		01/01/22		723,168
	203,500		5.000		04/01/22		213,001
	138,192		5.000		06/01/22		144,787
	76,516		6.000		09/01/22		81,941
	2,095,673		5.500		02/01/23		2,211,895
	1,397,731		6.000		02/01/23		1,495,314
	339,831		4.500		05/01/23		350,277
	35,722		5.000		05/01/23		37,405
	3,097,273		5.500		08/01/23		3,269,042
	667,055		6.000		11/01/28		715,086
	28,852		6.500		11/01/28		31,205
	1,539		5.500		04/01/29		1,619
	49,350		7.000		11/01/30		54,633
	687,950		6.000		03/01/31		736,107
	239,989		7.000		07/01/31		263,284
	679		6.000		03/01/32		726
	20,576,714		5.500		04/01/33		21,725,947
	65,142		6.000		05/01/33		69,542
	25,581		5.000		07/01/33		26,370
	7,678,557		5.500		07/01/33		8,057,033
	274,860		5.000		08/01/33		283,330
	4,087,575		4.500		09/01/33		4,114,175
	28,005		5.000		09/01/33		28,868
	28,133		5.500		09/01/33		29,662

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	28,708		5.000	%	11/01/33	$	29,593
	17,180		5.000		12/01/33		17,709
	13,659		5.500		12/01/33		14,362
	28,443		6.000		12/01/33		30,372
	17,064		5.000		01/01/34		17,590
	35,997		5.500		02/01/34		37,954
	5,727		5.500		04/01/34		6,049
	34,046		5.500		05/01/34		35,898
	1,146		5.500		06/01/34		1,208
	48,617		5.500		08/01/34		51,351
	3,272		5.500		10/01/34		3,456
	382,987		5.500		12/01/34		403,871
	9,863		6.000		12/01/34		10,525
	170,291		6.000		02/01/35		181,606
	24,814		5.000		03/01/35		25,513
	37,824		5.000		04/01/35		38,902
	59,491		5.500		04/01/35		62,708
	1,539,971		6.000		04/01/35		1,647,184
	21,965		5.000		05/01/35		22,584
	304,642		5.000		07/01/35		313,307
	47,581		5.500		07/01/35		50,143
	255,437		6.000		07/01/35		272,210
	864,656		5.000		08/01/35		889,325
	5,227		5.500		08/01/35		5,520
	3,349		6.000		08/01/35		3,569
	222,904		5.000		09/01/35		229,185
	47,858		5.500		09/01/35		50,483
	77,197		5.000		10/01/35		79,372
	547,298		6.000		10/01/35		585,887
	113,216		5.000		11/01/35		116,406
	1,373,402		6.000		11/01/35		1,461,642
	24,208		5.500		12/01/35		25,566
	738,807		6.000		01/01/36		787,320
	1,152		5.500		02/01/36		1,214
	64,591		6.000		02/01/36		68,751
	472,654		6.000		03/01/36		504,591
	489,576		6.000		04/01/36		522,795
	87,727		6.000		06/01/36		93,426
	42,977		5.000		07/01/36		44,241
	587,595		6.000		09/01/36		630,050
	30,179		6.000		10/01/36		32,203
	1,118,781		6.000		11/01/36		1,193,819
	36,709		5.500		12/01/36		38,755
	826,378		6.000		12/01/36		885,935
	4,005		5.500		01/01/37		4,240
	411,819		6.000		01/01/37		441,394
	29,196		5.500		02/01/37		30,848
	65,814		6.000		02/01/37		70,166
	114,317		5.500		03/01/37		120,637
	219,014		5.500		04/01/37		230,652
	220,443		6.000		04/01/37		235,022
	115,607		5.500		05/01/37		121,586
	13,344		5.500		05/01/37		14,034
	119,392		6.000		05/01/37		127,314
	45,622		5.500		06/01/37		48,007
	25,116		6.000		06/01/37		26,777
	62,332		5.500		07/01/37		65,679
	174,490		6.000		07/01/37		185,947
	29,359		5.500		08/01/37		30,764
	117,890		6.000		08/01/37		125,632
	22,133		6.000		09/01/37		23,587
	292,332		6.000		11/01/37		311,528
	2,262,168		7.500		11/01/37		2,482,196
	2,128		5.500		12/01/37		2,239
	45,944		5.500		01/01/38		48,629

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	33,718		6.000	%	01/01/38	$	35,932
	4,160		5.500		02/01/38		4,375
	4,253,923		5.000		03/01/38		4,372,402
	75,607		5.500		03/01/38		79,604
	109,744		6.000		03/01/38		117,104
	218,861		5.500		04/01/38		230,466
	534,704		5.500		05/01/38		565,217
	56,506		5.500		06/01/38		59,461
	107,516		5.500		07/01/38		113,385
	32,010		6.000		07/01/38		34,102
	67,996		5.500		08/01/38		71,835
	490,216		5.500		09/01/38		517,211
	47,731		5.500		10/01/38		50,213
	189,459		6.000		10/01/38		201,840
	75,799		5.500		11/01/38		80,229
	131,295		5.500		12/01/38		138,925
	198,607		6.000		12/01/38		211,586
	1,004,896		5.500		01/01/39		1,063,618
	366,514		6.000		01/01/39		390,467
	586,163		5.000		02/01/39		603,287
	301,917		5.500		02/01/39		319,000
	21,643,240		6.000		02/01/39		23,064,424
	599,106		5.000		03/01/39		616,541
	366,186		5.500		03/01/39		386,807
	72,420		5.000		04/01/39		74,527
	1,157,903		5.000		05/01/39		1,192,258
	188,870		4.500		06/01/39		189,047
	258,363		5.000		06/01/39		265,945
	223,700		4.500		07/01/39		223,910
	1,557,504		5.000		07/01/39		1,603,680
	378,636		4.500		08/01/39		378,898
	243,485		5.000		08/01/39		250,633
	495,688		4.500		09/01/39		496,152
	1,485,242		5.000		09/01/39		1,529,219
	1,987,140		4.500		10/01/39		1,988,258
	6,769,910		5.000		10/01/39		6,966,905
	895,953		5.000		11/01/39		920,906
	10,000,000		4.000		TBA-15yr(f)		10,057,810
	15,000,000		4.500		TBA-30yr(f)		14,971,875
	17,000,000		5.500		TBA-30yr(f)		17,794,223
							206,092,813
GNMA — 10.3%
	404		9.000		08/15/16		449
	263,104		7.000		12/15/27		291,080
	30,463		6.500		08/15/28		33,339
	416,119		6.000		01/15/29		443,708
	285,156		7.000		10/15/29		315,564
	4,708,650		5.500		12/15/32		4,976,008
	9,587,511		5.000		05/15/33		9,937,361
	5,864,745		5.000		06/15/33		6,081,820
	20,503,831		5.000		07/15/33		21,262,748
	2,490,162		5.000		09/15/33		2,582,332
	4,084,578		5.000		03/15/34		4,228,670
	2,463,537		5.500		06/15/34		2,597,809
	3,148,384		6.000		12/15/38		3,336,057
	1,065,538		5.000		04/15/39		1,101,009
	2,224,606		5.000		05/15/39		2,297,419
	296,805		4.500		06/15/39		297,748
	3,157,512		5.000		06/15/39		3,261,352
	1,212,982		5.000		07/15/39		1,252,310

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
GNMA — (continued)
$	498,422		4.500	%	10/15/39	$	499,996
	6,972,291		5.000		10/15/39		7,200,945
	13,000,000		6.000		TBA-30yr(f)		13,735,306
	10,000,000		5.500		TBA-30yr(f)		10,475,000
							96,208,030
TOTAL FEDERAL AGENCIES						$	424,899,688
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	518,051,422
Agency Debentures — 20.5%
FFCB
$	9,000,000		4.750	%	11/06/12	$	9,722,781
	5,100,000		4.875		12/16/15		5,533,413
	10,000,000		5.050		08/01/18		10,503,560
FHLB
	10,000,000		5.375	(g)	06/13/14		11,103,120
	1,500,000		5.000		09/28/29		1,423,757
FHLMC
	8,000,000		2.050		03/09/11		8,020,936
	1,600,000		2.125		03/16/11		1,604,514
	13,100,000		1.750		07/27/11		13,149,387
	18,200,000		1.625		08/11/11		18,246,537
	19,500,000		2.050		05/11/12		19,551,461
FNMA
	8,500,000		2.000		03/02/11		8,523,851
	30,000,000		2.050		04/01/11		30,129,480
	8,000,000		1.750		04/15/11		8,030,360
	13,935,000		1.700		04/29/11		13,985,821
New Valley Generation
	3,701,655		4.929		01/15/21		3,769,207
New Valley Generation II
	4,007,811		5.572		05/01/20		4,243,950
Private Export Funding Corp.
	14,600,000		3.050		10/15/14		14,630,142
Small Business Administration
	228,344		6.700		12/01/16		248,947
	176,829		7.150		03/01/17		193,482
	131,218		7.500		04/01/17		144,391
	61,915		7.300		05/01/17		68,037
	54,410		6.800		08/01/17		59,249
	186,867		6.300		05/01/18		201,842
	116,688		6.300		06/01/18		126,027
Tennessee Valley Authority
	4,000,000		5.375		04/01/56		3,995,716
Tennessee Valley Authority Series B
	4,200,000		4.375		06/15/15		4,407,551
TOTAL AGENCY DEBENTURES						$	191,617,519
Asset-Backed Securities — 0.4%
Home Equity(a) — 0.4%
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
$	109,791		3.634	%	04/25/34	$	97,499
Citigroup Mortgage Loan Trust, Inc. Series 2004-OPT1, Class A2
	594,954		0.591		10/25/34		478,664
Household Home Equity Loan Trust Series 2007-3, Class APT
	3,140,921		1.433		11/20/36		2,708,166

Principal		Interest			Maturity
Amount		Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
Securitized Asset Backed Receivables LLC Trust Series 2004-OP2, Class A2
$	21,324		0.581	%	08/25/34	$	14,088
							3,298,417
Manufactured Housing — 0.0%
Mid-State Trust Series 4, Class A
	173,895		8.330		04/01/30		173,518
TOTAL ASSET-BACKED SECURITIES						$	3,471,935
Government Guarantee Obligations(h) — 14.6%
Citigroup Funding, Inc.
$	29,500,000		1.875	%	10/22/12	$	29,446,000
	4,500,000		1.875		11/15/12		4,488,399
General Electric Capital Corp.
	12,900,000		2.000		09/28/12		12,937,118
	14,500,000		0.253	(a)	12/21/12		14,505,467
	8,300,000		2.125		12/21/12		8,307,694
	9,700,000		2.625		12/28/12		9,876,773
GMAC, Inc.
	15,000,000		1.750		10/30/12		14,902,350
	20,000,000		2.200		12/19/12		20,122,640
PNC Funding Corp.
	10,000,000		2.300		06/22/12		10,175,352
United States Central Federal Credit Union
	6,800,000		1.250		10/19/11		6,793,344
	5,000,000		1.900		10/19/12		4,997,090
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	136,552,227
U.S. Treasury Obligations — 11.6%
United States Treasury Bonds
$	10,800,000		4.375	%	11/15/39	$	10,337,631
United States Treasury Inflation Protected Securities
	15,746,766		0.875		04/15/10		15,799,659
	8,321,668		3.500		01/15/11		8,631,783
	3,622,752		1.625		01/15/15		3,767,662
	6,208,378		2.500		07/15/16		6,760,824
United States Treasury Notes
	2,600,000		1.000		12/31/11		2,592,694
	16,700,000		2.375		10/31/14		16,519,807
	1,700,000		3.375		11/15/19		1,635,247
United States Treasury Principal-Only STRIPS(d)
	50,400,000		0.000		08/15/20		32,064,984
	12,900,000		0.000		05/15/21		7,836,763
	3,000,000		0.000		11/15/21		1,766,511
TOTAL U.S. TREASURY OBLIGATIONS						$	107,713,565
Municipal Debt Obligation — 0.2%
New Jersey — 0.2%
New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%	02/15/29	$	2,128,180
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	959,534,848

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Short-term Investment(i) — 5.4%
Repurchase Agreement — 5.4%
Joint Repurchase Agreement Account II
$	50,200,000		0.007	%	01/04/10	$	50,200,000
Maturity Value: $50,200,039
TOTAL INVESTMENTS — 108.2%						$	1,009,734,848
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.2)%							(76,587,948	)
NET ASSETS — 100.0%						$	933,146,900

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 December 31, 2009.

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

(c) Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(d) Issued with a zero coupon. Income is recognized through the accretion of discount.

(e) 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 $640,946, which represents approximately 0.1% of net assets as of December 31, 2009.

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $74,016,714 which represents approximately 7.9% of net assets as of December 31, 2009.

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

(h) Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of these securities amounts to $136,552,227, which represents approximately 14.6% of net assets as of December 31, 2009.

(i) Joint repurchase agreement was entered into on December 31, 2009. 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
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MBIA	— Insured by Municipal Bond Investors Assurance
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2009, the Fund had the following forward sales contracts:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date(f)	Date		Amount		Value
FHLMC		5.000	%	TBA - 30yr		01/13/2010	$	16,000,000	$	16,404,992
FNMA		5.000		TBA - 30yr		01/13/2010		9,000,000		9,234,846
TOTAL									$	25,639,838

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration				Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)
Eurodollars		77		January 2010	$	19,199,469		$	8,951
Eurodollars		(1	)	December 2010		(246,175	)		(763	)
2 Year U.S. Treasury Notes		284		March 2010		61,419,438			(474,330	)
5 Year U.S. Treasury Notes		(260	)	March 2010		(29,739,531	)		410,518
10 Year U.S. Treasury Notes		1,143		March 2010		131,962,922			(3,956,954	)
30 Year U.S. Treasury Bonds		100		March 2010		11,537,500			(232,955	)
TOTAL								$	(4,245,533	)

INTEREST RATE SWAP CONTRACTS — At December 31, 2009, the Fund had outstanding swap contracts with the following terms:

						Rates Exchanged					Upfront
	Notional					Payments	Payments				Payments
	Amount			Termination		received by	made by	Market			made (received)		Unrealized
Swap Counterparty	(000s)			Date		the Fund	the Fund	Value			by the Fund		Gain (Loss)
Banc of America Securities LLC	$	9,000			05/25/15	4.533%	3 month LIBOR	$	689,662		$	—	$	689,662
		43,000			11/02/19	3 month LIBOR	4.865%		(3,628,886	)		—		(3,628,886	)
Citibank NA		15,400	(a)		06/16/17	3 month LIBOR	3.250		573,090			186,591		386,499
Deutsche Bank Securities, Inc.		17,400	(a)		06/16/17	3 month LIBOR	3.250		647,517			199,596		447,921
		13,100	(a)		09/04/17	4.568	3 month LIBOR		(102,445	)		—		(102,445	)
		7,700	(a)		09/04/22	3 month LIBOR	4.710		192,878			—		192,878
TOTAL								$	(1,628,184	)	$	386,187	$	(2,014,371	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2009.

TAX INFORMATION — At December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	995,694,695
Gross unrealized gain		19,869,398
Gross unrealized loss		(5,829,245	)
Net unrealized security gain	$	14,040,153

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 INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — 97.6%
United States Treasury Inflation Protected Securities
$	385,455		4.250	%	01/15/10	$	385,907
	1,825,712		0.875		04/15/10		1,831,845
	12,668,808		3.500		01/15/11		13,140,924
	3,158,361		2.375		04/15/11		3,251,631
	8,175,504		3.000		07/15/12		8,789,942
	19,067,076		1.875		07/15/13		20,081,502
	5,615,616		2.000		01/15/14		5,938,514
	15,396,696		1.625		01/15/15		16,012,564
	13,180,730		1.875		07/15/15		13,888,166
	11,544,884		2.000		01/15/16		12,191,582
	14,343,494		2.500		07/15/16		15,619,835
	3,858,948		2.375		01/15/17		4,167,965
	2,086,020		2.625		07/15/17		2,294,134
	1,208,220		2.125		01/15/19		1,281,280
	12,604,629		1.875		07/15/19		13,083,214
	9,862,566		2.375		01/15/25		10,406,546
	17,208,412		2.000	(a)	01/15/26		17,282,356
	12,112,809		2.375		01/15/27		12,746,842
	6,810,276		1.750		01/15/28		6,530,414
	6,148,038		3.625		04/15/28		7,599,073
	6,141,785		2.500		01/15/29		6,587,543
TOTAL U.S. TREASURY OBLIGATIONS						$	193,111,779
Short-term Investment(b) — 1.5%
Repurchase Agreement — 1.5%
Joint Repurchase Agreement Account II
$	3,100,000		0.007	%	01/04/10	$	3,100,000
Maturity Value: $3,100,002
TOTAL INVESTMENTS — 99.1%						$	196,211,779
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%							1,696,094
NET ASSETS — 100.0%						$	197,907,873

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

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

(b) Joint repurchase agreement was entered into on December 31, 2009. 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.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration				Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)
Eurodollars		(2	)	September 2010	$	(494,500	)	$	(1,623	)
2 Year U.S. Treasury Notes		24		March 2010		5,190,375			(26,003	)
5 Year U.S. Treasury Notes		(47	)	March 2010		(5,375,992	)		76,473
10 Year U.S. Treasury Notes		(1	)	March 2010		(115,453	)		3,468
30 Year U.S. Treasury Bonds		(16	)	March 2010		(1,846,000	)		104,710
TOTAL								$	157,025

TAX INFORMATION — At December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	192,473,675
Gross unrealized gain		4,370,634
Gross unrealized loss		(632,530	)
Net unrealized security gain	$	3,738,104

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 SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 22.2%
Collateralized Mortgage Obligations — 4.9%
Interest Only(a) — 0.0%
FHLMC REMIC Series 2575, Class IB
$	559,008		5.500	%	08/15/30	$	11,846
FHLMC REMIC Trust Series 2586, Class NX
	548,860		4.500		08/15/16		21,190
							33,036
Inverse Floaters(b) — 0.0%
FNMA REMIC Trust Series 1990-134, Class SC
	35,151		21.225		11/25/20		47,794
GNMA Series 2001-59, Class SA
	13,760		25.569		11/16/24		18,738
							66,532
IOette(a) — 0.0%
FHLMC REMIC Series 1161, Class U
	854		1,172.807		11/15/21		21,736
Planned Amortization Class — 0.1%
FHLMC REMIC Series 1556, Class H
	521,128		6.500		08/15/13		546,931
FHLMC REMIC Series 1916, Class PC
	714,337		6.750		12/15/11		738,028
							1,284,959
Regular Floater(b) — 1.1%
FHLMC REMIC Series 3151, Class KY(c)
	316,686		0.000		05/15/36		299,021
FHLMC REMIC Series 3297, Class HF
	9,075,678		0.623		04/15/37		8,884,709
FHLMC REMIC Series 3326, Class FC
	13,335,272		0.693		06/15/37		13,063,615
FHLMC REMIC Series 3397, Class FK
	15,553,965		1.013		12/15/37		15,483,352
FNMA REMIC Series 1988-12, Class B(c)
	139,083		0.000		02/25/18		104,081
FNMA REMIC Series 2001-60, Class OF
	1,731,598		1.181		10/25/31		1,758,713
FNMA REMIC Trust Series 2001-70, Class OF
	865,799		1.181		10/25/31		876,864
							40,470,355
Sequential Fixed Rate — 3.7%
FHLMC REMIC Series 108, Class G
	320,196		8.500		12/15/20		358,234
FHLMC REMIC Series 1980, Class Z
	1,605,650		7.000		07/15/27		1,760,483
FHLMC REMIC Series 2019, Class Z
	1,623,835		6.500		12/15/27		1,752,517
FHLMC REMIC Series 3284, Class CA
	29,555,287		5.000		10/15/21		31,061,980
FNMA REMIC Series 1988-12, Class A
	270,747		5.613		02/25/18		272,121

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — (continued)
FNMA REMIC Series 2007-36, Class AB
$	41,102,564		5.000	%	11/25/21	$	43,157,039
FNMA REMIC Series 2009-70, Class AL
	48,510,977		5.000		08/25/19		51,324,526
FNMA REMIC Trust Series 1989-66, Class J
	520,261		7.000		09/25/19		570,664
FNMA REMIC Trust Series 1990-16, Class E
	330,983		9.000		03/25/20		373,641
FNMA REMIC Trust Series 1992-33, Class K
	937,243		8.500		03/25/18		969,549
GNMA REMIC Trust Series 1995-3, Class DQ
	74,659		8.050		06/16/25		84,483
							131,685,237
Targeted Amortization Class(b)(c) — 0.0%
FHLMC REMIC Trust Series 3291, Class XC
	420,590		0.000		03/15/37		411,366
TOTAL COLLATERALIZED MORTGAGE						$	173,973,221
OBLIGATIONS
Federal Agencies — 17.3%
Adjustable Rate FHLMC(b) — 2.3%
$	185,788		3.762	%	05/01/18	$	188,168
	107,245		4.959		10/01/25		110,133
	3,843,320		3.302		09/01/34		3,991,749
	1,542,204		4.256		11/01/34		1,605,653
	1,296,176		4.095		04/01/35		1,339,488
	8,435,797		3.638		06/01/35		8,679,921
	3,272,713		3.434		08/01/35		3,407,251
	2,440,315		4.530		11/01/35		2,532,827
	1,541,445		5.882		05/01/36		1,634,385
	671,344		5.961		10/01/36		701,593
	566,456		5.867		11/01/36		592,646
	41,873,966		5.928		08/01/37		44,110,999
	12,106,173		6.388		09/01/37		12,762,073
							81,656,886
Adjustable Rate FNMA(b) — 6.3%
	194,361		2.785		11/01/17		197,579
	294,770		4.807		02/01/18		300,586
	155,162		6.133		06/01/18		159,625
	207,008		5.719		05/01/20		219,235
	94,047		4.722		01/01/23		97,267
	653,761		3.930		02/01/27		680,075
	7,049,551		3.025		08/01/29		7,221,969
	124,944		2.735		07/01/32		129,741
	45,775		3.380		07/01/32		47,596
	436,895		3.713		01/01/33		455,358
	4,813,500		4.028		05/01/33		5,010,776
	576,153		3.375		08/01/33		597,733
	3,910,976		4.612		08/01/33		4,070,771
	3,300,252		3.307		02/01/34		3,422,124
	1,934,209		3.732		05/01/34		2,006,094
	1,142,352		3.945		05/01/34		1,185,677
	2,127,885		2.848		06/01/34		2,207,353
	2,510,489		3.109		10/01/34		2,625,429
	1,644,786		3.111		10/01/34		1,725,721
	800,613		3.358		12/01/34		831,993
	1,519,280		4.256		02/01/35		1,566,862
	447,990		4.587		02/01/35		462,256
	702,107		3.722		03/01/35		725,436

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate FNMA — (continued)
$	4,623,973		5.038	%	03/01/35	$	4,780,744
	4,922,657		4.380		04/01/35		5,044,518
	4,006,674		4.682		04/01/35		4,156,608
	12,216,153		5.008		04/01/35		12,559,671
	914,279		3.612		05/01/35		942,852
	1,816,502		3.651		05/01/35		1,863,829
	15,350,060		3.692		07/01/35		15,843,165
	5,404,874		4.733		08/01/35		5,601,670
	4,182,633		4.715		10/01/35		4,330,426
	11,658,320		5.821		03/01/36		12,346,883
	3,643,987		2.951		04/01/36		3,769,176
	7,707,920		5.635		04/01/36		8,111,484
	7,144,051		2.974		06/01/36		7,393,835
	8,817,804		5.936		06/01/36		9,338,601
	9,560,394		3.062		07/01/36		9,916,050
	221,013		5.500		07/01/36		234,048
	10,563,739		5.945		09/01/36		11,057,446
	642,662		5.418		11/01/36		670,921
	782,568		5.651		11/01/36		819,040
	13,003,350		3.927		04/01/37		13,466,789
	14,888,860		5.819		07/01/37		15,635,537
	17,595,706		6.799		09/01/37		18,711,943
	21,994,587		5.363		11/01/38		23,256,730
	757,751		5.688		12/01/46		794,263
							226,593,485
Adjustable Rate GNMA(b) — 0.5%
	4,011,750		2.750		05/20/34		4,105,051
	896,666		3.500		05/20/34		922,721
	1,688,591		3.500		07/20/34		1,743,004
	1,069,004		3.625		08/20/34		1,104,880
	4,737,702		3.500		09/20/34		4,883,230
	2,431,635		3.625		09/20/34		2,513,241
	1,052,372		3.750		10/20/34		1,078,355
	1,592,055		3.750		12/20/34		1,631,430
							17,981,912
FHLMC — 3.3%
	1,288		6.500		06/01/10		1,326
	35,590		6.500		07/01/10		36,618
	4,177		7.000		07/01/10		4,202
	110		6.500		08/01/10		113
	3,072		7.000		01/01/11		3,147
	7,290		7.000		12/01/12		7,450
	51,856		6.500		01/01/13		56,433
	40,627		6.500		04/01/13		44,214
	108,475		6.500		05/01/13		118,049
	50,015		6.500		06/01/13		54,430
	461,395		4.000		09/01/13		472,783
	31,169		6.500		10/01/13		33,920
	492,107		4.000		11/01/13		504,346
	598,085		5.000		12/01/13		631,296
	666,318		4.000		01/01/14		685,096
	591,014		4.000		05/01/14		604,579
	296,268		4.500		06/01/14		308,761
	1,102,525		4.500		10/01/14		1,149,018
	2,890,200		5.000		10/01/14		3,049,017
	695,648		4.000		11/01/14		711,615
	1,208,886		4.500		11/01/14		1,259,864
	924,747		4.000		03/01/15		945,349
	6,516,084		4.500		03/01/15		6,733,431
	471,015		4.500		08/01/15		489,668
	52,693		8.500		10/01/15		57,139

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	454,610		8.000	%	12/01/15	$	490,780
	15,383		7.000		03/01/16		16,638
	6,330,013		5.000		10/01/17		6,673,310
	7,021,137		5.000		11/01/17		7,402,288
	11,502,006		5.000		01/01/18		12,126,162
	7,489,959		5.000		02/01/18		7,896,290
	27,691,536		5.000		03/01/18		29,192,497
	133,024		4.500		04/01/18		138,880
	226,008		4.500		11/01/18		235,956
	12,701,671		5.500		01/01/19		13,520,965
	321,534		4.500		05/01/19		335,093
	6,343,162		5.500		01/01/20		6,760,243
	762,988		4.500		04/01/20		796,574
	2,755,135		5.500		05/01/20		2,936,293
	2,463,431		5.500		07/01/20		2,625,409
	502,135		4.500		08/01/20		523,309
	1,253,276		7.000		04/01/22		1,392,299
	31,029		4.500		05/01/23		31,963
	35,515		7.500		01/01/31		39,057
	19,968		6.000		06/01/36		21,339
	449,539		6.000		07/01/37		479,619
	80,434		6.000		09/01/38		85,753
	5,425,623		6.000		12/01/38		5,792,912
							117,475,493
FNMA — 4.4%
	2,547,250		4.000		05/01/10		2,569,443
	499		8.500		05/01/10		506
	2,828,260		4.000		06/01/10		2,854,658
	506		5.500		04/01/11		538
	43		5.500		07/01/11		44
	8,656		7.000		07/01/11		9,009
	1,617,688		5.500		01/01/13		1,693,521
	425		5.500		04/01/13		454
	1,631		5.500		06/01/13		1,740
	1,038,815		4.500		08/01/13		1,068,947
	5,471,814		4.500		09/01/13		5,627,824
	3,217,555		4.000		11/01/13		3,295,323
	2,287		5.500		12/01/13		2,440
	30,411		6.000		01/01/14		32,423
	99,364		6.000		03/01/14		105,938
	17,261		5.500		04/01/14		18,340
	616,268		4.000		01/01/15		631,598
	249,683		4.500		01/01/15		257,891
	3,322		8.500		09/01/15		3,535
	179,658		8.500		10/01/15		190,789
	23,673		8.500		12/01/15		25,697
	4,011		5.500		04/01/16		4,285
	34,485		5.500		07/01/16		36,844
	4,856		5.500		11/01/16		5,188
	741,973		5.500		01/01/17		791,466
	18,605		5.500		02/01/17		19,902
	10,976		5.500		04/01/17		11,741
	50,275		5.500		10/01/17		53,669
	6,019		5.500		11/01/17		6,439
	31,366		5.500		01/01/18		33,493
	66,119		5.500		02/01/18		70,715
	244,246		5.500		03/01/18		261,281
	35,247		5.500		04/01/18		37,701
	41,757		5.500		06/01/18		44,659
	678,229		5.500		07/01/18		724,387
	303,009		5.500		08/01/18		323,510
	540,731		5.500		09/01/18		577,821
	21,873		5.500		10/01/18		23,393

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	1,338,076		5.500	%	12/01/18	$	1,431,312
	2,668,589		5.500		01/01/19		2,854,646
	69,124		5.500		03/01/19		73,839
	1,357,888		5.500		05/01/19		1,452,592
	1,886,780		5.000		07/01/19		1,985,480
	2,685,885		5.000		08/01/19		2,826,699
	30,828		5.500		08/01/19		32,768
	7,120,686		5.000		09/01/19		7,496,141
	8,159,905		5.000		10/01/19		8,586,806
	7,473,999		5.000		11/01/19		7,865,598
	114,414		7.000		11/01/19		127,264
	30,954,050		5.000		12/01/19		32,600,329
	3,483,586		5.000		01/01/20		3,665,818
	1,786,864		5.000		02/01/20		1,880,337
	20,411		5.500		03/01/20		21,734
	509,500		5.500		06/01/20		542,520
	175,486		5.000		07/01/20		184,666
	12,313,190		6.000		10/01/21		13,195,928
	274,777		4.500		04/01/23		283,223
	14,251,524		5.500		09/01/23		15,142,919
	2,280,766		5.500		10/01/23		2,426,164
	15,626		7.000		12/01/24		17,253
	4,442		7.000		07/01/27		4,905
	4,398		7.000		08/01/27		4,878
	5,983		7.000		10/01/28		6,647
	4,769		7.000		01/01/29		5,289
	5,431		7.000		11/01/29		6,018
	139,753		8.000		02/01/31		152,941
	4,696		7.000		04/01/31		5,190
	34,135		7.000		05/01/32		37,691
	21,385		7.000		06/01/32		23,613
	6,816		7.000		08/01/32		7,526
	2,760,214		6.000		03/01/33		2,948,368
	5,137,772		6.500		04/01/33		5,584,517
	6,543		7.000		10/01/33		7,200
	6,409		7.000		04/01/34		7,085
	40,421		6.000		12/01/34		43,132
	16,128,853		6.000		04/01/35		17,253,099
	3,008		6.000		11/01/35		3,202
	1,219,720		8.500		09/01/37		1,338,465
	3,276,167		7.500		10/01/37		3,594,820
	999,136		7.500		09/01/47		1,089,162
							158,234,936
GNMA — 0.5%
	12,048		9.000		07/15/12		12,847
	1,196,001		5.500		07/15/20		1,283,645
	322,765		6.000		10/15/38		345,434
	999,766		6.000		11/15/38		1,067,441
	8,874,787		6.000		12/15/38		9,419,261
	3,969,149		6.000		01/15/39		4,247,920
							16,376,548
TOTAL FEDERAL AGENCIES						$	618,319,260
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	792,292,481
Agency Debentures — 28.1%
FHLB
$	12,000,000		0.500	%(d)	07/27/11	$	12,001,176
	50,900,000		3.750		09/09/11		53,180,880
	8,130,000		5.000		09/09/11		8,615,377
	67,200,000		1.750		12/14/12		66,858,019
	12,000,000		4.875		12/14/12		13,007,460

Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — (continued)
FHLB — (continued)
$	83,200,000		3.750	%	09/09/16	$	83,211,149
	37,000,000		3.875		12/14/18		36,358,864
FHLMC
	55,000,000		2.000		02/25/11		55,104,115
	119,300,000		2.050		03/09/11		119,612,208
	89,000,000		2.000		03/16/11		89,221,788
	21,000,000		3.500		05/05/11		21,681,807
	64,400,000		1.750		07/27/11		64,642,788
	38,900,000		1.625		08/11/11		38,999,467
	27,000,000		2.500		03/23/12		27,105,813
	42,400,000		2.050		05/11/12		42,511,894
FNMA
	10,000,000		2.000		02/11/11		10,017,860
	32,800,000		2.000		03/02/11		32,892,037
	6,200,000		2.000		04/01/11		6,226,015
	33,000,000		2.050		04/01/11		33,142,428
	50,800,000		1.750		04/15/11		50,992,786
	30,000,000		2.125		04/15/11		30,129,570
	32,000,000		1.700		04/29/11		32,116,704
	36,700,000		4.680	(e)	06/15/11		38,642,714
	20,000,000		2.500		02/17/12		20,053,960
	17,000,000		2.150		05/04/12		17,085,000
Small Business Administration
	152,735		7.200		06/01/17		167,774
	373,734		6.300		05/01/18		403,685
	291,722		6.300		06/01/18		315,067
TOTAL AGENCY DEBENTURES						$	1,004,298,405
Government Guarantee Obligations(f) — 24.7%
American Express Bank FSB
$	25,300,000		3.150	%	12/09/11	$	26,176,349
Bank of America Corp.
	132,500,000		0.581	(b)	04/30/12		133,656,327
	18,000,000		2.100		04/30/12		18,194,629
Bank of the West
	20,000,000		2.150		03/27/12		20,259,860
Citibank NA
	15,900,000		1.875		05/07/12		15,984,604
Citigroup Funding, Inc.
	12,400,000		2.125		07/12/12		12,495,753
	30,700,000		1.875		10/22/12		30,643,804
Citigroup, Inc.
	19,500,000		0.807	(b)	12/09/10		19,613,822
	75,300,000		2.125		04/30/12		76,106,312
General Electric Capital Corp.
	25,000,000		3.000		12/09/11		25,770,550
	51,000,000		0.454	(b)	03/12/12		51,302,073
	17,000,000		0.426	(b)	06/01/12		17,075,939
	7,000,000		2.000		09/28/12		7,020,142
	29,500,000		2.125		12/21/12		29,527,346
	20,400,000		2.625		12/28/12		20,771,770
GMAC, Inc.
	80,000,000		1.750		10/30/12		79,479,200
	72,200,000		2.200		12/19/12		72,642,730
HSBC USA, Inc.
	65,200,000		3.125		12/16/11		67,472,350
John Deere Capital Corp.
	20,700,000		2.875		06/19/12		21,331,660
Morgan Stanley & Co.(b)
	25,000,000		1.106		12/01/11		25,435,900
PNC Funding Corp.
	16,200,000		1.875		06/22/11		16,364,884
	7,000,000		2.300		06/22/12		7,122,746

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Government Guarantee Obligations(f) — (continued)
United States Central Federal Credit Union
$	30,700,000		1.250	%	10/19/11	$	30,669,951
	29,700,000		1.900		10/19/12		29,682,712
Western Corporate Federal Credit Union
	26,300,000		1.750		11/02/12		26,156,552
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	880,957,965
U.S. Treasury Obligations — 10.5%
United States Treasury Inflation Protected Securities
$	126,300,755		4.250	%	01/15/10	$	126,448,779
	79,760,793		0.875		04/15/10		80,028,710
	78,993,744		3.500		01/15/11		81,937,525
	3,267,270		2.375		04/15/11		3,363,756
	27,423,634		1.875		07/15/13		28,882,654
	13,472,109		1.625		01/15/15		14,010,993
United States Treasury Notes
	40,800,000		1.000		12/31/11		40,685,353
TOTAL U.S. TREASURY OBLIGATIONS						$	375,357,770
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	3,052,906,621
Short-term Investment(g) — 14.8%
Repurchase Agreement — 14.8%
Joint Repurchase Agreement Account II
$	528,300,000		0.007	%	01/04/10	$	528,300,000
Maturity Value: $528,300,411
TOTAL INVESTMENTS — 100.3%						$	3,581,206,621
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%							(9,728,611	)
NET ASSETS — 100.0%						$	3,571,478,010

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

(a) Securities with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b) Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(c) Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(d) Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2009.

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

(f) Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of these securities amounts to $880,957,965, which represents approximately 24.7% of net assets as of December 31,2009.

(g) Joint repurchase agreement was entered into on December 31, 2009. 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:
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
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration				Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)
Eurodollars		102		June 2010	$	25,326,600		$	141,270
Eurodollars		102		September 2010		25,219,500			113,220
2 Year U.S. Treasury Notes		11,254		March 2010		2,433,853,355			(13,173,585	)
5 Year U.S. Treasury Notes		(1,866	)	March 2010		(213,438,329	)		4,074,285
10 Year U.S. Treasury Notes		(21	)	March 2010		(2,424,516	)		893
30 Year U.S. Treasury Bonds		(421	)	March 2010		(48,572,875	)		1,979,736
TOTAL								$	(6,864,181	)

INTEREST RATE SWAP CONTRACTS — At December 31, 2009, the Fund had outstanding swap contracts with the following terms:

					Rates Exchanged					Upfront
	Notional				Payments	Payments				Payments
	Amount			Termination	received by	made by	Market			made (received)			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	Value			by the Fund			Gain (Loss)
Bank of America Securities LLC	$	29,500		10/27/16	3 month LIBOR	3.263%	$	241,198		$	—		$	241,198
Citibank NA		21,100	(a)	06/16/17	3 month LIBOR	3.250		785,209			255,655			529,554
Deutsche Bank Securities, Inc.		139,300	(a)	06/16/13	3 month LIBOR	2.250		1,496,608			(567,799	)		2,064,407
		19,200	(a)	06/16/17	3.250%	3 month LIBOR		(714,502	)		(748,371	)		33,869
		23,800	(a)	06/16/17	3 month LIBOR	3.250		885,684			273,010			612,674
		33,300	(a)	09/04/17	4.568	3 month LIBOR		(260,414	)		—			(260,414	)
		19,500	(a)	09/04/22	3 month LIBOR	4.710		488,458			—			488,458
JPMorgan Securities, Inc.		49,800		10/21/16	3 month LIBOR	3.185		617,914			—			617,914
		37,000		10/05/18	3 month LIBOR	3.242		1,346,819			—			1,346,819
TOTAL							$	4,886,974		$	(787,505	)	$	5,674,479

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2009.

TAX INFORMATION — At December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	3,557,145,783
Gross unrealized gain		28,845,714
Gross unrealized loss		(4,784,876	)
Net unrealized security gain	$	24,060,838

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 ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 20.5%
Collateralized Mortgage Obligations — 4.2%
Adjustable Rate Non-Agency(a) — 0.3%
Bank of America Mortgage Securities Series 2002-J, Class A2
$	59,586		3.666	%	09/25/32	$	50,355
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	63,155		4.094		08/25/33		54,179
Countrywide Home Loan Trust Series 2003-37, Class 1A1
	40,348		3.851		08/25/33		33,894
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	853,782		3.800		03/25/33		704,257
Sequoia Mortgage Trust Series 2004-10, Class A3A
	1,437,830		0.921		11/20/34		1,162,703
							2,005,388
Interest Only(b) — 0.0%
FHLMC REMIC Trust Series 2586, Class NX
	983,093		4.500		08/15/16		37,955
FNMA REMIC Trust Series 1990-145, Class B
	1,257		1,004.961		12/25/20		28,220
							66,175
Planned Amortization Class — 0.2%
FHLMC REMIC Trust Series 2113, Class TE
	1,020,160		6.000		01/15/14		1,071,488
FNMA REMIC Trust Series 1993-225, Class WC
	580,788		6.500		12/25/13		607,733
							1,679,221
Regular Floater(a) — 1.1%
BCAP LLC Trust Series 2006-RR1, Class CF
	381,681		0.871		11/25/36		324,768
Collateralized Mortgage Securities Corp. Series N, Class 2
	172,255		0.862		08/25/17		173,076
FHLMC REMIC Series 3297, Class HF
	5,069,861		0.623		04/15/37		4,963,182
FHLMC REMIC Trust Series 1826, Class F
	129,428		0.650		09/15/21		129,362
FHLMC REMIC Trust Series 3152, Class NX(c)
	721,377		0.000		05/15/36		601,216
FNMA REMIC Trust Series 1990-145, Class A
	511,686		1.927		12/25/20		512,493
FNMA REMIC Trust Series 1997-20, Class F
	1,055,140		1.495		03/25/27		1,056,276
FNMA REMIC Trust Series 1998-66, Class FC
	242,389		0.732		11/17/28		243,420
FNMA REMIC Trust Series 2001-70, Class OF
	1,154,399		1.181		10/25/31		1,169,152
							9,172,945
Sequential Fixed Rate — 2.6%
FHLMC REMIC Series 3284, Class CA
	4,333,294		5.000		10/15/21		4,554,200

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — (continued)
FHLMC REMIC Trust Series 1720, Class PJ
$	37,624		7.250	%	01/15/24	$	37,610
First Nationwide Trust Series 2001-4, Class 1A1
	55,094		6.750		09/21/31		56,601
FNMA REMIC Series 2007-36, Class AB
	6,072,609		5.000		11/25/21		6,376,143
FNMA REMIC Series 2009-70, Class AL
	9,205,119		5.000		08/25/19		9,738,999
							20,763,553
TOTAL COLLATERALIZED MORTGAGE						$	33,687,282
OBLIGATIONS
Federal Agencies — 16.3%
Adjustable Rate FHLMC(a) — 1.7%
$	65,821		2.849	%	08/01/16	$	66,776
	97,119		4.539		08/01/18		99,628
	67,050		3.788		11/01/18		68,194
	433,390		4.735		11/01/18		445,662
	16,186		3.409		02/01/19		16,521
	25,888		3.903		02/01/19		26,370
	71,414		2.725		03/01/19		72,641
	42,085		3.927		03/01/19		43,081
	73,712		3.703		06/01/19		74,970
	55,050		3.448		07/01/19		56,536
	997,952		4.030		11/01/19		1,022,348
	907,998		6.868		11/01/19		961,517
	83,026		3.311		01/01/20		84,491
	94,639		2.723		05/01/21		96,488
	21,190		5.975		01/01/25		21,753
	72,493		2.782		10/01/26		73,621
	842,262		5.481		08/01/28		890,955
	499,856		4.356		05/01/29		512,910
	61,857		4.197		06/01/29		64,385
	81,048		3.082		04/01/30		82,856
	98,518		4.340		06/01/30		102,543
	225,754		4.514		12/01/30		231,071
	7,190		3.109		01/01/31		7,438
	106,295		3.066		02/01/31		108,750
	28,941		3.915		05/01/31		30,083
	17,398		5.267		06/01/31		18,058
	8,497		4.095		11/01/31		8,836
	16,056		3.500		10/01/32		16,701
	3,146		3.976		02/01/33		3,208
	847,915		2.624		07/01/33		871,326
	1,384,304		2.718		09/01/33		1,434,842
	56,023		4.961		11/01/33		58,849
	683,700		5.657		05/01/35		707,743
	4,861,709		5.928		08/01/37		5,121,436
							13,502,587
Adjustable Rate FNMA(a) — 4.9%
	331,104		6.736		04/01/17		346,966
	43,951		4.258		08/01/17		44,057
	155,969		2.741		09/01/17		157,843
	97,803		2.750		09/01/17		98,678
	41,842		2.798		11/01/17		42,439
	50,636		3.250		12/01/17		51,227
	36,872		4.875		12/01/17		38,379
	109,731		2.783		03/01/18		110,854
	284,374		3.195		03/01/18		288,248
	1,136,469		3.226		07/01/18		1,151,934
	72,210		2.699		10/01/18		73,009

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Federal Agencies — (continued)
Adjustable Rate FNMA(a) — (continued)
$	126,470		2.743	%	10/01/18	$	129,880
	60,829		2.751		10/01/18		61,955
	136,286		2.757		10/01/18		138,030
	379,352		3.444		10/01/18		385,211
	4,674		2.296		11/01/18		4,739
	63,533		3.500		12/01/18		64,635
	166,227		3.152		01/01/19		168,313
	606,652		4.023		04/01/19		631,438
	33,146		5.920		04/01/19		34,149
	254,004		2.662		05/01/19		262,818
	1,191,615		3.188		05/01/19		1,207,193
	225,325		3.402		06/01/19		229,827
	236,843		3.553		06/01/19		241,059
	183,154		6.178		07/01/19		193,972
	433,864		3.509		08/01/19		441,322
	461,590		4.283		08/01/19		480,450
	1,614,368		3.491		11/01/19		1,654,111
	45,274		3.655		11/01/19		45,954
	9,059		3.625		04/01/20		9,219
	417,398		5.719		05/01/20		442,050
	509,744		3.067		06/01/20		516,339
	162,842		3.507		06/01/20		165,532
	261,726		3.389		11/01/20		266,178
	349,195		3.457		03/01/21		356,668
	110,579		2.954		09/01/21		113,331
	99,942		3.830		12/01/21		102,341
	1,395,298		3.287		01/01/22		1,436,300
	36,959		6.475		02/01/22		39,137
	118,996		4.163		05/20/22		123,050
	367,174		4.113		02/01/23		375,733
	8,221		6.219		12/01/23		8,557
	577,001		4.560		01/01/24		592,995
	569,528		3.705		03/01/24		582,252
	7,355,503		3.459		04/01/24		7,557,927
	543,024		4.138		06/20/24		562,454
	35,241		4.416		08/01/24		36,411
	167,676		5.098		01/01/25		177,579
	317,861		3.930		02/01/27		330,655
	44,015		3.772		06/01/27		44,992
	34,301		4.250		12/01/27		35,702
	64,228		4.523		01/01/28		66,852
	58,612		3.260		05/01/28		60,142
	14,868		4.065		09/01/28		15,298
	577,924		3.746		01/01/29		594,298
	35,618		2.723		06/01/29		36,445
	14,180		3.010		06/01/29		14,672
	23,650		3.069		06/01/29		24,006
	1,043,227		3.797		05/01/30		1,075,270
	4,857		4.260		02/01/31		5,055
	94,964		3.244		05/01/31		98,268
	53,252		3.155		06/01/31		55,194
	640,494		2.846		07/01/31		665,863
	88,383		2.825		08/01/31		91,677
	290,347		3.048		08/01/31		300,856
	348,922		3.006		11/01/31		365,139
	84,843		4.240		12/01/31		87,213
	156,682		3.482		01/01/32		159,719
	188,082		2.820		02/01/32		191,773
	59,655		2.890		03/01/32		60,986
	511,181		3.580		03/01/32		528,300
	20,723		4.549		03/01/32		21,545
	519,225		2.809		04/01/32		540,129
	6,366		3.125		04/01/32		6,585
	32,475		3.123		05/01/32		33,164
	126,947		2.955		07/01/32		132,329

Principal		Interest			Maturity
Amount		Rate			Date	Value
Federal Agencies — (continued)
Adjustable Rate FNMA(a) — (continued)
$	33,984		2.761	%	09/01/32	$	35,155
	342,570		2.775		09/01/32		356,146
	38,041		2.909		09/01/32		39,591
	36,061		3.000		09/01/32		37,194
	12,492		3.300		09/01/32		12,905
	39,190		3.269		10/01/32		40,356
	9,546		3.216		12/01/32		9,982
	221,661		2.615		01/01/33		229,993
	648,732		3.596		02/01/33		664,946
	262,306		3.458		04/01/33		271,261
	68,669		3.636		04/01/33		71,034
	3,351,378		2.392		05/01/33		3,420,620
	1,051,179		3.083		05/01/33		1,098,683
	14,665		4.525		08/01/33		15,158
	129,040		4.702		01/01/34		133,555
	36,716		3.920		02/01/34		37,650
	1,542,538		4.380		04/01/35		1,580,724
	1,373,591		5.008		04/01/35		1,412,216
	1,274,143		2.585		10/01/35		1,317,955
	31,275		3.975		05/01/36		32,553
	6,935		3.134		11/01/38		7,174
	171,380		2.032		06/01/40		173,643
	596,150		3.042		07/01/40		617,579
	23,915		1.832		02/01/41		24,015
							39,524,958
Adjustable Rate GNMA(a) — 1.3%
	9,075,587		3.500		08/20/34		9,354,109
	1,220,945		3.625		08/20/34		1,261,921
							10,616,030
FHLMC — 3.5%
	122,245		6.500		03/01/13		133,036
	173,413		6.500		04/01/13		188,720
	73,691		6.500		05/01/13		80,196
	155,786		6.500		06/01/13		169,537
	398,724		5.000		12/01/13		420,864
	444,212		4.000		01/01/14		456,730
	1,313,824		8.000		12/01/15		1,418,354
	270,031		6.000		05/01/17		290,271
	1,248,253		5.000		10/01/17		1,315,950
	1,384,540		5.000		11/01/17		1,459,701
	2,268,149		5.000		01/01/18		2,391,230
	1,476,990		5.000		02/01/18		1,557,117
	5,460,659		5.000		03/01/18		5,756,643
	2,732,683		5.500		01/01/19		2,908,949
	1,281,474		5.500		01/01/20		1,365,734
	556,605		5.500		05/01/20		593,203
	497,673		5.500		07/01/20		530,397
	388,338		7.000		04/01/21		431,639
	209,269		7.000		08/01/21		232,603
	1,904,476		7.000		03/01/22		2,115,736
	568,114		7.000		05/01/22		631,134
	2,281,838		7.000		06/01/22		2,534,958
	31,029		4.500		05/01/23		31,963
	22,812		7.000		12/01/25		25,306
	498,770		5.000		10/01/39		512,772
							27,552,743
FNMA — 4.9%
	2,097,735		4.000		05/01/10		2,116,012
	2,495,523		4.000		06/01/10		2,518,815

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Federal Agencies — (continued)
FNMA — (continued)
$	307,962		6.000	%	09/01/11	$	322,229
	497,320		6.500		04/01/12		520,985
	917,021		6.000		05/01/12		971,863
	239,726		6.500		05/01/12		251,902
	726,211		6.000		06/01/12		770,965
	254,428		6.500		06/01/12		267,601
	3,965,837		5.500		01/01/13		4,151,522
	1,038,815		4.500		08/01/13		1,068,947
	4,526,882		4.500		09/01/13		4,655,959
	598,451		8.000		01/01/16		653,454
	663,692		7.000		03/01/17		720,417
	181,283		7.000		05/01/17		196,848
	5,624,734		5.500		03/01/18		6,007,040
	553,282		5.500		04/01/18		590,888
	337,256		5.000		07/01/19		354,898
	467,466		5.000		08/01/19		491,971
	1,379,654		5.000		09/01/19		1,452,476
	1,614,297		5.000		10/01/19		1,698,741
	1,514,579		5.000		11/01/19		1,593,940
	2,291,681		5.000		12/01/19		2,411,915
	735,080		5.000		01/01/20		773,536
	392,463		5.000		02/01/20		412,993
	33,496		5.000		07/01/20		35,249
	214,069		7.000		07/01/21		239,202
	368,001		7.000		11/01/21		411,207
	122,010		7.000		12/01/21		136,334
	250,838		7.000		01/01/22		280,288
	65,811		7.000		02/01/22		73,538
	712,603		4.500		04/01/23		734,507
	213,345		7.000		01/01/28		235,771
	223,941		6.500		04/01/33		243,309
	330,911		5.000		01/01/37		340,028
	34,237		5.500		01/01/38		35,877
	448,341		5.000		03/01/38		460,657
	735,224		5.500		06/01/38		770,300
	298,551		5.000		10/01/39		306,866
							39,279,050
GNMA — 0.0%
	43,758		7.000		12/15/25		47,684
	105,969		7.000		04/15/26		117,666
							165,350
TOTAL FEDERAL AGENCIES						$	130,640,718
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	164,328,000
Agency Debentures — 28.5%
FHLB
$	7,900,000		3.250	%	03/11/11	$	8,135,459
	11,100,000		0.500	(d)	07/27/11		11,101,088
	17,000,000		3.750		09/09/16		17,002,278
	8,000,000		3.875		12/14/18		7,861,376
FHLMC
	10,000,000		1.750		02/09/11		10,012,030
	8,300,000		2.000		02/25/11		8,315,712
	15,400,000		2.050		03/09/11		15,440,302
	64,315,000		2.000	(e)	03/16/11		64,475,273
	5,400,000		1.750		07/27/11		5,420,358
FNMA
	12,500,000		2.000		02/11/11		12,522,325
	10,300,000		2.000		04/01/11		10,343,219
	12,500,000		2.050		04/01/11		12,553,950
	23,100,000		1.750		04/15/11		23,187,664

Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — (continued)
FNMA — (continued)
$	17,000,000		2.500	%	03/02/12	$	17,061,387
	5,000,000		4.550		01/04/13		5,000,000
TOTAL AGENCY DEBENTURES						$	228,432,421
Asset-Backed Securities — 5.8%
Auto — 4.2%
Bank of America Auto Trust Series 2009-1A, Class A2(f)
$	5,250,000		1.700	%	12/15/11	$	5,275,293
Bank of America Auto Trust Series 2009-3A, Class A2(f)
	10,000,000		0.890		04/15/12		9,997,082
Ford Credit Auto Owner Trust Series 2009-B, Class A3
	10,000,000		2.790		08/15/13		10,190,721
Ford Credit Auto Owner Trust Series 2009-E, Class A2
	8,000,000		0.800		03/15/12		7,989,508
							33,452,604
Credit Card(a) — 0.7%
Chase Issuance Trust Series 2009-A5, Class A5
	6,000,000		1.033		06/15/12		6,013,317
Manufactured Housing(a) — 0.9%
SLM Student Loan Trust Series 2006-1, Class A3
	7,027,268		0.322		10/25/16		7,010,279
TOTAL ASSET-BACKED SECURITIES						$	46,476,200
Municipal Debt Obligation(a) — 0.5%
Pennsylvania — 0.5%
Pennsylvania State Higher Education Assistance Agency Student Loan VRDN RB Series 2009-2 Class A-1
$	3,800,000		0.886	%	04/25/19	$	3,798,898
Government Guarantee Obligations(g) — 11.9%
Bank of America Corp.(a)
$	12,100,000		1.077	%	12/02/11	$	12,297,411
	13,400,000		0.451		06/22/12		13,473,526
Citibank NA
	1,800,000		1.875		05/07/12		1,809,578
Citigroup Funding, Inc.
	8,600,000		0.611	(a)	04/30/12		8,679,017
	6,400,000		1.875		10/22/12		6,388,285
Citigroup, Inc.
	1,200,000		2.125		04/30/12		1,212,850
General Electric Capital Corp.
	9,400,000		0.454	(a)	03/12/12		9,455,676
	8,600,000		0.426	(a)	06/01/12		8,638,416
	2,100,000		2.000		09/28/12		2,106,043
	2,000,000		0.253	(a)	12/21/12		2,000,754
	6,000,000		2.625		12/28/12		6,109,344
GMAC, Inc.
	12,800,000		1.750		10/30/12		12,716,672
	1,200,000		2.200		12/19/12		1,207,358
United States Central Federal Credit Union
	2,100,000		1.250		10/19/11		2,097,944
	1,500,000		1.900		10/19/12		1,499,127

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Government Guarantee Obligations(g) — (continued)
Western Corporate Federal Credit Union
$	5,400,000		1.750	%	11/02/12	$	5,370,547
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$	95,062,548
U.S. Treasury Obligations — 13.2%
United States Treasury Inflation Protected Securities
$	54,220,670		4.250	%	01/15/10	$	54,284,217
	16,317,301		0.875		04/15/10		16,372,111
	17,388,560		3.500		01/15/11		18,036,562
	1,089,090		2.375		04/15/11		1,121,252
	5,767,202		1.875		07/15/13		6,074,034
United States Treasury Notes
	800,000		1.000		12/31/11		797,752
	8,500,000		3.250		05/31/16		8,535,198
TOTAL U.S. TREASURY OBLIGATIONS						$	105,221,126
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	643,319,193
Short-term Investment(h) — 19.0%
Repurchase Agreement — 19.0%
Joint Repurchase Agreement Account II
$	152,200,000		0.007	%	01/04/10	$	152,200,000
Maturity Value: $152,200,118
TOTAL INVESTMENTS — 99.4%						$	795,519,193
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%							4,932,815
NET ASSETS — 100.0%						$	800,452,008

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 December 31, 2009.

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

(c) Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(d) Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2009.

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

(f) 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 $15,272,375, which represents approximately 1.9% of net assets as of December 31, 2009.

(g) Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of these securities amounts to $95,062,548, which represents approximately 11.9% of net assets as of December 31, 2009.

(h) Joint repurchase agreement was entered into on December 31, 2009. 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:
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
VRDN	— Variable Rate Demand Notes

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2009, the following futures contracts were open:

	Number of
	Contracts			Expiration				Unrealized
Type	Long (Short)			Date	Value			Gain (Loss)
Eurodollars		92		January 2010	$	22,939,625		$	10,695
Eurodollars		234		March 2010		58,292,325			135,705
Eurodollars		147		June 2010		36,500,100			125,170
Eurodollars		58		September 2010		14,340,500			(14,645	)
Eurodollars		(28	)	December 2010		(6,892,900	)		(21,370	)
Eurodollars		(26	)	March 2011		(6,374,550	)		(45,890	)
Eurodollars		(55	)	June 2011		(13,431,688	)		2,612
2 Year U.S. Treasury Notes		394		March 2010		85,208,657			(461,683	)
5 Year U.S. Treasury Notes		(900	)	March 2010		(102,944,532	)		1,736,873
10 Year U.S. Treasury Notes		66		March 2010		7,619,906			(57,869	)
30 Year U.S. Treasury Bonds		34		March 2010		3,922,750			(80,985	)
TOTAL								$	1,328,613

INTEREST RATE SWAP CONTRACTS — At December 31, 2009, the Fund had outstanding swap contracts with the following terms:

						Rates Exchanged									Upfront
	Notional					Payments			Payments						Payments
	Amount			Termination		received by			made by			Market			made (received)			Unrealized
Swap Counterparty	(000s)			Date		the Fund			the Fund			Value			by the Fund			Gain (Loss)
Bank of America Securities LLC		6,100			10/27/16	3 month LIBOR				3.263	%	$	49,875		$	—		$	49,875
		5,300	(a)		06/16/30	3 month LIBOR				4.250			258,056			(73,506	)		331,562
Citibank NA		11,200	(a)		06/16/17	3 month LIBOR				3.250			416,793			135,703			281,090
Deutsche Bank Securities, Inc.		12,800	(a)		06/16/17	3 month LIBOR				3.250			476,334			146,829			329,505
		18,200	(a)		06/16/17		3.250	%	3 month LIBOR				(677,288	)		(709,393	)		32,105
		6,300	(a)		09/04/17		4.568	%	3 month LIBOR				(49,268	)		—			(49,268	)
		3,700	(a)		09/04/22	3 month LIBOR				4.710			92,682			—			92,682
JPMorgan Securities, Inc.		10,100			10/21/16	3 month LIBOR				3.185			125,320			—			125,320
		8,000			10/05/18	3 month LIBOR				3.242			291,204			—			291,204
TOTAL												$	983,708		$	(500,367	)	$	1,484,075

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2009.

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

TAX INFORMATION — At December 31, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	794,703,685
Gross unrealized gain		3,647,585
Gross unrealized loss		(2,832,077	)
Net unrealized security gain	$	815,508

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 SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value. If accurate quotations are not readily available, or if Goldman Sachs Asset Management, L.P. (“GSAM”) believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

     Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date.

     GSAM, consistent with its procedures and applicable regulatory guidance, may 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 the Funds’ 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 U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government 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, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

Fair Value of Investments — The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Accounting principles generally accepted in the United States of America (“GAAP”), establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

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

     Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

     Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

     The following is a summary of the Funds’ investments categorized in the fair value hierarchy:

Enhanced Income	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	112,482,979		$	211,558,903		$	—
Government Guarantee Obligations		—			287,102,017			—
Corporate Obligations		—			317,598,435			—
Foreign Debt Obligations		—			85,014,528			—
Asset-Backed Securities		—			85,325,048			161,161
Short-term Investments		—			72,252,750			—
Derivatives		2,903,313			—			—
Total	$	115,386,292		$	1,058,851,681		$	161,161
Liabilities
Derivatives	$	(939,979	)	$	(1,597,878	)	$	—
							Fixed Income
							Asset-Backed
Level 3 reconciliation							Securities
Beginning Balance as of April 1, 2009							$	—
Unrealized Gain (Loss) relating to instruments still held at reporting date								(44,613	)
Net Purchases (Sales)								(34,029	)
Net Transfers in and/or out of Level 3								239,803
Ending Balance as of December 31, 2009							$	161,161
Government Income	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	107,713,565		$	191,617,519		$	—
Municipal Debt Obligations		—			2,128,180			—
Government Guarantee Obligations		—			136,552,227			—
Mortgage-Backed Obligations		—			518,051,422			—
Asset-Backed Securities		—			3,471,935			—
Short-term Investments		—			50,200,000			—
Derivatives		419,469			2,103,147			—
Total	$	108,133,034		$	904,124,430		$	—
Liabilities
Fixed Income — Forward Sales Contracts
Mortgage-Backed Obligations	$	—		$	(25,639,838	)	$	—
Derivatives		(4,665,002	)		(3,731,331	)		—
Total	$	(4,665,002	)	$	(29,371,169	)	$	—
Inflation Protected Securities	Level 1			Level 2			Level 3
Assets
U.S. Treasuries	$	193,111,779		$	—		$	—
Short-term Investments		—			3,100,000			—
Derivatives		184,651			—			—
Total	$	193,296,430		$	3,100,000		$	—
Liabilities
Derivatives	$	(27,626	)	$	—		$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Short Duration Government	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	375,357,770		$	1,004,298,405		$	—
Government Guarantee Obligations		—			880,957,965			—
Mortgage-Backed Obligations		—			792,292,481			—
Short-term Investments		—			528,300,000			—
Derivatives		6,309,404			5,861,890			—
Total	$	381,667,174		$	3,211,710,741		$	—
Liabilities
Derivatives	$	(13,173,585	)	$	(974,916	)	$	—
Ultra-Short Duration Government	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	105,221,126		$	228,432,421		$	—
Municipal Debt Obligations		—			3,798,898			—
Government Guarantee Obligations		—			95,062,548			—
Mortgage-Backed Obligations		—			164,328,000			—
Asset-Backed Securities		—			46,476,200			—
Short-term Investments		—			152,200,000			—
Derivatives		2,011,055			1,710,264			—
Total	$	107,232,181		$	692,008,331		$	—
Liabilities
Derivatives	$	(682,442	)	$	(726,556	)	$	—

Investments in Derivatives — The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

Futures Contracts — The Funds may purchase or sell futures contracts 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 Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash as collateral on these contracts which is recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

     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 an unrealized gain or loss. Upfront payments made and/or received by the Funds, are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statements of Operations. The Funds invest in the following type of swap:

     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.

     GAAP requires enhanced disclosures about the Funds’ derivatives and hedging activities. The following tables set forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of December 31, 2009. The values in the tables below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.

Enhanced Income

	Derivative		Derivative
Risk	Assets		Liabilities
Interest rate	$	2,903,313	$	(2,537,857	)(a)
Government Income
	Derivative		Derivative
Risk	Assets		Liabilities
Interest rate	$	2,522,616	$	(8,396,333	)(a)
Inflation Protected Securities
	Derivative		Derivative
Risk	Assets		Liabilities
Interest rate	$	184,651	$	(27,626	)
Short Duration Government
	Derivative		Derivative
Risk	Assets		Liabilities
Interest rate	$	12,171,294	$	(14,148,501	)(a)
Ultra-Short Duration Government
	Derivative		Derivative
Risk	Assets		Liabilities
Interest rate	$	3,721,319	$	(1,408,998	)(a)

(a) Amounts include $1,597,878, $3,731,331, $974,916 and $726,556 for Enhanced Income, Government Income, Short Duration Government and Ultra-Short Duration Government Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Mortgage-Backed and Asset-Backed Securities — The Funds may invest in mortgage-backed and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, real estate mortgage investment conduit pass-through or participation certificates and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.

     The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage-backed and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.

     Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or ‘‘IO’’ and/or the high coupon rate with relatively low principal amount, or ‘‘IOette’’), and the other that receives substantially all of the principal payments (the principal-only, or ‘‘PO’’) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, adjustments are made to the cost of the security on a daily basis until maturity. These adjustments are included in interest income. Payments received for PO’s, are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains.

Mortgage Dollar Rolls — The Funds (except for the Enhanced Income Fund) may enter into mortgage dollar rolls (“dollar rolls”) in which the Funds sell securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Funds treat 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 accrue interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of those securities. In the event the buyer of the securities in a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds from the transaction may be restricted pending a determination by, or with respect to, the other counterparty.

Repurchase Agreements — The Funds may enter into 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 at the Funds’ custodian or designated subcustodians under tri-party 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 agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds’ credit exposure is allocated to the underlying repurchase agreements 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At December 31, 2009, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

Portfolio	Principal Amount
Enhanced Income	$	60,300,000
Government Income		50,200,000
Inflation Protected Securities		3,100,000
Short Duration Government		528,300,000
Ultra-Short Duration Government		152,200,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity	Maturity
Counterparty	Amount		Rate			Date	Value
Banc of America Securities LLC	$	700,000,000		0.01	%	01/04/10	$	700,000,778
Banc of America Securities LLC		1,150,000,000		0.02		01/04/10		1,150,002,556
Barclays Capital, Inc.		2,000,000,000		0.00		01/04/10		2,000,000,000
Citigroup Global Markets, Inc.		1,500,000,000		0.01		01/04/10		1,500,001,667
Credit Suisse Securities (USA) LLC		3,900,000,000		0.00		01/04/10		3,900,000,043
Deutsche Bank Securities, Inc.		500,000,000		0.00		01/04/10		500,000,000
Deutsche Bank Securities, Inc.		1,700,000,000		0.01		01/04/10		1,700,001,889
JPMorgan Securities		1,250,000,000		0.00		01/04/10		1,250,000,000
Merrill Lynch & Co., Inc.		850,000,000		0.01		01/04/10		850,000,944
Morgan Stanley & Co.		1,000,000,000		0.00		01/04/10		1,000,000,011
Morgan Stanley & Co.		3,075,000,000		0.01		01/04/10		3,075,003,417
RBS Securities, Inc.		1,500,000,000		0.01		01/04/10		1,500,001,667
UBS Securities LLC		207,900,000		0.00		01/04/10		207,900,002
UBS Securities LLC		550,000,000		0.01		01/04/10		550,000,611
Wachovia Capital Markets		2,550,000,000		0.01		01/04/10		2,550,002,833
TOTAL							$	22,432,916,418

At December 31, 2009, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
Federal Farm Credit Bank		4.500% to 7.350%		03/07/11 to 08/03/37
Federal Farm Credit Bank Principal-Only Stripped Security		0.000		12/16/15
Federal Home Loan Bank		0.000 to 8.290		01/04/10 to 09/14/35
Federal Home Loan Mortgage Corp.		0.000 to 14.000		02/01/10 to 01/01/40
Federal Home Loan Mortgage Corp. Interest-Only Stripped Securities		0.000		07/15/12 to 03/15/25
Federal National Mortgage Association		0.000 to 16.000		01/01/10 to 11/01/49
Federal National Mortgage Association Interest-Only Stripped Securities		0.000		11/15/12 to 10/08/27
Government National Mortgage Association		4.250 to 6.500		08/15/18 to 08/15/49
Tennessee Valley Authority		4.375 to 4.750		08/01/13 to 06/15/15
Tennessee Valley Authority Interest-Only Stripped Security		0.000		11/01/10
U.S. Treasury Interest-Only Stripped Securities		0.000		05/15/10 to 05/15/18
U.S. Treasury Notes		0.750 to 9.250		02/28/11 to 11/15/19
U.S. Treasury Principal-Only Stripped Securities		0.000		11/15/15 to 11/15/19

The aggregate market value of the collateral, including accrued interest, was $22,947,435,662.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2009 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), including 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. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Funds distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized but not yet issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts. The Funds may dispose of or renegotiate these contracts after they have been entered into and may sell these securities before they are delivered, which may result in a capital gain or loss.

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

Item 2. Controls and Procedures.

(a) The Registrant’s President 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 president 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
Date	February 25, 2010

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
Date	February 25, 2010
By (Signature and Title)*		/s/ GEORGE F. TRAVERS, PRINCIPAL FINANCIAL OFFICER
Date	February 25, 2010

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