N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Caroline Kraus, Esq.	Copies to:
Goldman, Sachs & Co.	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	100 Oliver Street
	40th Floor
	Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2013

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2013
	Single Sector Fixed Income Funds
	Dynamic Emerging Markets Debt
	Emerging Markets Debt
	High Yield
	High Yield Floating Rate
	Investment Grade Credit
	Local Emerging Markets Debt
	U.S. Mortgages

Goldman Sachs Single Sector Fixed Income Funds

n DYNAMIC EMERGING MARKETS DEBT

n EMERGING MARKETS DEBT

n HIGH YIELD

n HIGH YIELD FLOATING RATE

n INVESTMENT GRADE CREDIT

n LOCAL EMERGING MARKETS DEBT

n U.S. MORTGAGES

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	3
Market Review	4
Portfolio Management Discussions and Performance Summaries	7
Schedules of Investments	43
Financial Statements	118
Financial Highlights	126
Notes to the Financial Statements	140
Other Information	173

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Dynamic Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to emerging countries or in currencies of such emerging countries. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs High Yield Fund invests primarily in high yield, fixed income securities that, at the time of purchase, are non-investment grade securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

1

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

The Goldman Sachs High Yield Floating Rate Fund invests primarily in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade. Indirect loan participations may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. Investments in loans and fixed income instruments are subject to the risks associated with debt instruments generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated investments. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

The Goldman Sachs Investment Grade Credit Fund invests primarily in investment grade fixed income securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Foreign and emerging markets investments may be more volatile and less liquid than its investment in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

The Goldman Sachs Local Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to emerging countries, denominated in the local currency of such emerging countries, or in currencies of such emerging countries. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs U.S. Mortgages Fund invests primarily in mortgage-backed securities of U.S. issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Investments in mortgage-backed securities are also subject to prepayment risk, the risk that in a declining interest rate environment the Fund’s underlying mortgages may be prepaid, causing the Fund to have to reinvest at lower interest rates. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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

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

n Assess relative value among securities and sectors

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

n Team approach to decision making

n Manage risk by avoiding significant sector and interest rate bets

Fixed Income portfolios that:

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

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

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

3

MARKET REVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

Expectations that the U.S. Federal Reserve (the “Fed”) might taper its asset purchases via its quantitative easing program primarily drove global fixed income market performance during the six months ended September 30, 2013 (the “Reporting Period”).

When the Reporting Period began in April 2013, spread, or non-government bond, sectors were performing well, as investors sought higher yielding assets in the artificially low interest rate environment created by accommodative monetary policies of central banks around the world. The Fed, for example, maintained its quantitative easing program, through which it purchased approximately $85 billion of U.S. Treasury and mortgage-backed securities every month. In early May 2013, the European Central Bank (“ECB”) cut its main policy interest rate by 25 basis points to a record low 0.50%, citing weak Eurozone economic growth and slowing inflation. (A basis point is 1/100th of a percentage point.)

Meanwhile, U.S. economic data strengthened in late April and through May 2013, led by robust housing data and an improved employment picture. The strengthening trend prompted the Fed in mid-May 2013 to signal a possible reduction, or tapering, of its asset purchases later in 2013. In response to Fed Chair Bernanke’s testimony, government bond yields rose substantially, while spread sectors grew more volatile, reflecting widespread uncertainty over how markets might function should the Fed indeed withdraw support.

In June 2013, bond investors focused on the U.S. economy and stronger than expected payrolls data, which reinforced expectations the Fed would start tapering its quantitative easing purchases during 2013. Government bond yields continued to rise, as the June Fed meeting and press conference were more hawkish than expected. Spread sectors remained volatile. Meanwhile, European economic data improved, with modest increases in the Eurozone Purchasing Managers indices (“PMI”) and accelerating expansion in the U.K. Japan’s economy continued to respond positively to the policies of its government and central bank. In contrast, China’s economic data raised concerns about the duration and extent of that nation’s slowdown.

During July 2013, the Fed’s tilt toward a reduction in asset purchases continued to drive volatility in the global fixed income markets broadly. Debate over the successor to Fed Chair Bernanke introduced new concerns about future Fed policy. Government bond yields rose during July and continued to climb in August 2013 on speculation that Larry Summers, not Fed Vice Chair Janet Yellen, might be the frontrunner. It was widely believed the Fed would become more hawkish under Summers. In the Eurozone, economic data suggested the region had pulled itself out of an extended recessionary period, with manufacturing activity pointing to an expansion for the first time in two years. Elsewhere, China showed signs of modest growth in its industrial and export sectors, suggesting to many that Chinese policymakers would likely be successful in engineering a soft landing for China’s economic slowdown. Meanwhile, in Japan, Prime Minister Abe’s Liberal Democratic Party won an expected but resounding victory in its upper house parliamentary election, allowing the Prime Minister to proceed with the structural reforms outlined in his economic policy.

In mid-September 2013, the Fed surprised the financial markets by announcing it would delay tapering of its quantitative easing program asset purchases, citing concerns about the strength of the U.S. economic recovery and the pressures of fiscal tightening, including tax increases that took effect at the beginning of 2013 and federal spending cuts known as sequestration. Volatility in the spread sectors subsided on the unexpected decision and on the implication the Fed’s commitment to an accommodative monetary policy would persist. Also in September

4

MARKET REVIEW

2013, Larry Summers withdrew himself from consideration as the next Fed Chair. (In October 2013, after the end of the Reporting Period, President Obama nominated Janet Yellen for the post.) However, such reduced volatility in the fixed income markets was short lived. Toward the end of the month, U.S. lawmakers did not reach agreement on a bill to keep the federal government funded after September 30, 2013, which led to the first U.S. government shutdown in 17 years. In the Eurozone, German Chancellor Angela Merkel secured a third term, though her Christian Democratic Union fell just short of an absolute majority, and she had to seek a coalition partner. The Italian government under Prime Minister Enrico Letta received a vote of confidence as former Prime Minister Silvio Berlusconi backed down on a threat to destabilize the ruling coalition in Italy due to a lack of support from his Freedom People party. More broadly, global PMI improved in September 2013, with Asia, Europe and the U.S. all demonstrating month-over-month expansion in manufacturing activity, suggesting to many that the worldwide economic recovery was ongoing.

For the Reporting Period overall, high yield corporate bonds posted the strongest performance within the fixed income market. Mortgage-backed securities, investment grade corporate bonds and commercial mortgage-backed securities also outperformed U.S. Treasury securities during the Reporting Period, but more modestly so. Sovereign emerging market debt was weakest within the fixed income market, as the combination of anticipation of the Fed tapering its quantitative easing program, U.S. economic growth outpacing emerging markets economic growth, and worries over an economic slowdown in China drove a sell-off in the sector during the Reporting Period. Agency securities and asset-backed securities also trailed U.S. Treasury returns, albeit more modestly. Meanwhile, U.S. Treasury yields rose during the Reporting Period across the yield curve, or spectrum of maturities. The yield on the bellwether 10-year U.S. Treasury rose approximately 75 basis points to 2.61%. Overall, the U.S. Treasury yield curve steepened during the Reporting Period, with rates on longer-term maturities increasing more than those on shorter-term maturities.

Looking Ahead

At the end of the Reporting Period, the U.S., in our view, was making good progress on the path to sustainable economic growth, and other major economies seemed to be joining the upswing. Leading economic indicators showed broad-based improvement in economic activity, especially in Europe. Going forward, we believe the combination of improving economic growth and ongoing monetary policy accommodation should be positive for spread sector performance. Further, credit fundamentals remained solid at the end of the Reporting Period, including a low number of defaults and strong balance sheets in the corporate sector. Though leverage has increased and merger and acquisition activity has risen, corporate behavior remains moderate, in our view, compared to that seen in the years before the financial crisis. On the other hand, strengthening economic growth, we believe, may well maintain upward pressure on core government yields, particularly in the U.S. (Remember, there is usually an inverse relationship between bond prices and yield movements, so that bond prices fall when yields rise and vice versa.)

The durability of economic growth outside the U.S. is still unclear. Whereas in the U.S., private sector strength has been offsetting temporary headwinds, such as weak capital expenditure and fiscal tightening, the same quality of growth is not yet evident elsewhere. Improvement in the economies of Eurozone peripheral nations has been coming from a low level, and demand remains weak across the region overall. In Japan, the initial benefits from the yen’s steep decline — the result of government and central bank policy — appeared to be

5

MARKET REVIEW

subsiding at the end of the Reporting Period, and the prospects for effective corporate reform remained in doubt. China’s economic rebound, in our opinion, has been mainly due to renewed investment, demonstrating policymakers’ determination to hit their 7% to 7.5% economic growth target. However, we are concerned about rising inventories and the softening of policies meant to restrain credit growth in China, which could increase the risk of crisis over the longer term, with possible spillover to the emerging markets broadly. That said, we think the emerging markets are better positioned than in the past to weather shocks, with greater economic growth, lower debt and tighter fiscal policy than many developed countries. At the same time, we expect emerging market debt returns to become more varied in the months ahead according to the strengths and weaknesses of individual economies. Such weaknesses include current account deficits, high foreign liabilities and excessive credit growth.

At the end of the Reporting Period, global liquidity remained quite strong, in our view. Eurozone and U.K. central banks were officially biased to keep interest rates low, and we think the ECB may offer more special loans going forward. The Bank of Japan could ramp up quantitative easing to offset tax hikes next year, and the Fed continues to buy $85 billion of securities per month. While the Fed’s actions and statements suggest the normalization process of monetary policy will likely be gradual, we consider that process to be underway and expect a reduction in its asset purchases by early 2014.

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PORTFOLIO RESULTS

Goldman Sachs Dynamic Emerging Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the four-month period ending September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of -4.42%, -4.65%, -4.33%, -4.38% and -4.51%, respectively. These returns compare to the -3.89% cumulative total return of the Fund’s benchmark, the Dynamic Emerging Markets Debt Composite Index (the “Index”), which is comprised 50% of the J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index, 25% of the J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index and 25% of the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI^SM) Broad Diversified Index during the same time period. The components of the Fund’s blended benchmark, the J.P. Morgan GBI-EM^SM Global Diversified Index, J.P. Morgan EMBI^SM Global Diversified Index and J.P. Morgan CEMBI^SM Broad Diversified Index, generated cumulative total returns of -4.55%, -3.79% and -2.74%, respectively during the Reporting Period.

Q What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

A When the Reporting Period began, U.S. Treasury yields increased on improving U.S. economic data and concern that the Federal Reserve (the “Fed”) would taper its quantitative easing program. As U.S. Treasury yields rose, investors in external emerging markets debt sought to reduce exposure to longer term bonds, which are generally more sensitive to changes in interest rates. This had the greatest impact on high quality issuers, who — because of their creditworthiness — are able to issue longer maturity bonds. Investors also re-assessed the attractiveness of local emerging markets debt and exited emerging market currencies in favor of the U.S. dollar.

During the Reporting Period overall, external emerging markets debt recorded a negative return. Local emerging markets debt also posted a negative return, driven by changes in local interest rates and currency depreciation.

Within the emerging markets corporate bond sector, there was approximately $271 billion in gross new issuance between January 2013 and the end of the Reporting Period. Approximately $36 billion was issued during the month of September 2013 alone. Quasi-sovereign government bonds dominated new issuance, accounting for approximately 43% of total emerging markets corporate bond issuance between January 2013 and the end of the Reporting Period, approximately 1.2 times as much issuance as during the same time period in 2012.¹

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

A The Fund underperformed the Index during the Reporting Period, largely as a result of our active currency management, through which the Fund invests in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, country and issue selection in external emerging markets debt overall detracted from relative performance.

The Fund’s U.S. duration and yield curve strategy added to Fund returns. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities within a particular sector. Also, our country and issue selection of local emerging markets debt, external emerging markets corporate bonds and emerging markets quasi-sovereign bonds enhanced relative performance.

¹  Source: J.P. Morgan “Emerging Markets Corporate Weekly Monitor,” September 30, 2013.

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PORTFOLIO RESULTS

Q Which segments of emerging markets debt most significantly affected Fund performance?

A The Fund was hurt by its investments in Brazilian local debt, which underperformed during the Reporting Period. Brazilian economic growth fell short of forecasts in the first quarter of 2013, increasing just 0.6% versus expectations of 0.9% — the ninth consecutive quarter of below-trend growth. At the same time, inflation remained high, leading Brazil’s central bank to start hiking interest rates in April 2013. Large protests about government services also contributed to the underperformance of Brazilian local debt during the Reporting Period. Fund returns were further dampened by an overweight in Honduras external debt, which underperformed during the Reporting Period. In addition, an underweight in the Polish zloty, accomplished through the use of forward foreign currency exchange contracts, detracted as the currency appreciated early in the Reporting Period.

On the positive side, the Fund’s underweight in Indonesian local debt enhanced relative performance during the Reporting Period. Indonesian local debt underperformed, especially during the third quarter of 2013 when it posted the lowest returns in the J.P. Morgan GBI-EM^SM Index for each of the three months. Economic data fueled the weakness, after Indonesia’s already large current account deficit had widened further during the second calendar quarter. The Fund also benefited from an underweight in Polish local debt, which underperformed during the Reporting Period. The Fund’s overweight in the Brazilian real, accomplished through the use of forward foreign currency exchange contracts, contributed positively during September 2013 as the currency appreciated.

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

A The Fund’s U.S. duration and yield curve positioning contributed positively, albeit slightly, to relative performance. During the Reporting Period, we tactically adjusted the Fund’s duration position relative to the Index, shifting as we deemed necessary between a short duration bias and a long duration bias. Most of the positive performance occurred during August 2013 when the Fund had a short duration bias. U.S. interest rates increased in August, with the 10-year benchmark U.S. Treasury yield rising 20 basis points to 2.78%. Positive U.S. economic data also put upward pressure on interest rates.

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

A The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, total return swaps and credit linked notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total return swaps and credit linked notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market.

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

A As the Fund launched on May 31, 2013, it was not a matter of making changes during the Reporting Period but of building the portfolio.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the external debt of countries with what we considered to be strong and improving balance sheets, such as Indonesia and Russia. The Fund also continued to have an overweight in Ivory Coast external debt, which we expect to rally further. The Fund had a position in Slovenian external debt because we believe policymakers are demonstrating a willingness to work on their structural fiscal issues. In our opinion, Slovenia has good fundamentals and, as part of the European Union, is likely to receive financial support if it becomes necessary. Some of the Fund’s largest underweights relative to the Index were in the external debt of Central and Eastern European countries, such as Poland, Hungary, Lithuania and Croatia, given the potential risk of Eurozone bank deleveraging to their financial sectors. The Fund was also underweight the external debt of South Africa on concerns about ongoing labor unrest and the potential deterioration in its fiscal accounts.

In local emerging markets debt at the end of the Reporting Period, we saw attractive opportunities in Latin American local debt and had positioned the Fund with overweights in Brazil, Mexico and Colombia. We also favored Brazilian inflation linked bonds. In our opinion, Brazil offers the highest real interest rates (the rate of interest an investor can

8

PORTFOLIO RESULTS

expect to receive after allowing for inflation) in the world. At the end of the Reporting Period, the Fund was underweight in Asian local debt because we considered it expensive relative to the local debt of other regions. The Fund’s largest overweight position at the end of the Reporting Period was in the Dominican peso, which we accomplished through investments in Dominican local debt. The Fund also had investments in the Russian ruble and Mexican peso, accomplished through the use of forward foreign currency exchange contracts.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we continued to have a long-term positive outlook on emerging markets debt because we believe the asset class is shifting from a niche investment to a core portfolio component. Emerging markets countries produce nearly 50% of global Gross Domestic Product (“GDP”), and yet emerging markets at the end of the Reporting Period accounted for only approximately 10% of the global fixed income market. In addition, emerging markets debt is backed by faster growing economies. Growth in the developing world was 5.1% during 2012, according to the International Monetary Fund (“IMF”), almost four times that of developed economies. Also, emerging markets economies generally have lower levels of debt-to-GDP relative to developed economies. In addition, emerging markets debt can benefit from a growing investor base, which, in our view, would promote market depth and stability.

In our opinion, emerging markets economies have become far better able to withstand shocks to the global financial system than in years past, thanks in part to reserve accumulation and improved external debt positions. We believe that greater policy autonomy has also played a key role, as credible monetary policy has helped to moderate inflation, and fiscal consolidation has reduced public sector debt. At the end of the Reporting Period, stand-alone valuations in the emerging markets reflected these fundamental improvements to some extent, but we believe the increasing recognition of emerging markets as a mature asset class should lead to more strategic allocations and could consequently boost valuations.

At the end of the Reporting Period, we continued to view external emerging markets debt as a compelling strategic asset class. In our opinion, the weak performance of the asset class during the Reporting Period was primarily the result of interest rate movements. We considered the credit risk premiums on emerging markets debt at the end of the Reporting Period excessive relative to the probability of default of the underlying issuers.

Relative to emerging markets nations’ management of interest rates, we believe the process has undergone a structural shift during the last decade. Historically, emerging markets countries tended to follow pro-cyclical monetary policies in which they tightened liquidity during times of stress in order to prevent currency depreciation. However, because most emerging markets nations have pursued what we believe are sound economic policies in recent years and have benefited from strong economic growth, we believe they are in a position to follow counter-cyclical monetary policies. In our view, overall, their yields are more sensitive to developed market interest rates than to the behavior of the credit markets. As such, we believe local currency denominated bonds offer attractive risk profiles.

Over the medium term, we expect the performance of local emerging markets debt to be supported by currency appreciation. We base this view on the strong divergence in real GDP growth between the emerging markets and the mature markets as well as on expected continuing net investment inflows to emerging markets countries. In our opinion, current account balances and foreign direct investment flows into emerging markets regions — despite some outflows during the second quarter of 2013 — should remain robust. We believe emerging markets currencies are undervalued, which makes a compelling long-term case, in our view, for currency exposure through investment in unhedged local debt.

Relative to emerging markets corporate bonds, we have a positive outlook, given that emerging markets corporate bonds have wider spreads (or yield differentials) over comparable developed markets bonds. In addition, we believe that emerging markets corporate issuers have less leverage and their balance sheets are generally robust with limited near-term need to refinance debt. Nevertheless, the liquidity of emerging markets corporate bonds is less than that of emerging markets sovereign debt. Going forward, we expect strong issuance to continue. J.P. Morgan forecasts $315 billion in emerging markets corporate bond issuance for 2013 as a whole.

9

FUND BASICS

Dynamic Emerging Markets Debt Fund

as of September 30, 2013

PERFORMANCE REVIEW
May 31, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Dynamic Emerging Markets Debt Composite Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-4.42	%		-3.89	%		3.75	%		-4.81	%
Class C		-4.65			-3.89			3.19			-5.75
Institutional		-4.33			-3.89			4.22			-4.81
Class IR		-4.38			-3.89			4.10			-4.87
Class R		-4.51			-3.89			3.64			-5.32

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

²  The Dynamic Emerging Markets Debt Composite Index is comprised of the J.P. Morgan GBI-EM^SM Global Diversified Index (50%), the J.P. Morgan EMBI^SM Global Diversified Index (25%), and the J.P. Morgan CEMBI^SM Broad Diversified Index (25%). The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	Since Inception			Inception Date
Class A		-8.71	%	5/31/13
Class C		-5.61		5/31/13
Institutional		-4.33		5/31/13
Class IR		-4.38		5/31/13
Class R		-4.51		5/31/13

⁴  The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

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

10

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		2.28	%
Class C		2.00			3.03
Institutional		0.91			1.94
Class IR		1.00			2.03
Class R		1.50			2.53

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least May 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
Mexico		10.4	%
Colombia		8.6
Russia		8.4
Turkey		7.1
Peru		4.4
Poland		4.4
Brazil		4.1
Indonesia		4.0
United Arab Emirates		3.1
South Africa		2.9

⁶  The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include short-term investments of 12.0%. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

11

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -5.83%, -6.19%, -5.66% and -5.71%, respectively. These returns compare to the -4.52% cumulative total return of the Fund’s benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified (Gross, USD, Unhedged) Index (the “Index”), during the same time period.

Q What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

A When the Reporting Period began during the second quarter of 2013, yields on 10-year U.S. Treasury securities increased on improving U.S. economic data and on concern that the Federal Reserve (the “Fed”) would taper its quantitative easing program. As U.S. Treasury yields rose, investors in external emerging markets debt sought to reduce exposure to longer term bonds, which are generally more sensitive to changes in interest rates. This had the greatest impact on high quality issuers, who — because of their creditworthiness — are able to issue longer maturity bonds. During the third quarter of 2013, external emerging markets debt posted a positive return, though spreads (or yield differentials) between comparable maturity emerging markets corporate bonds and emerging markets high yield bonds were volatile.

For the Reporting Period overall, external emerging markets debt recorded a negative return. Sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) tightened 41 basis points to

¹  All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

close the Reporting Period 341 basis points wider than U.S. Treasury securities. (A basis point is 1/100th of a percentage point.) The weakest performing emerging external debt markets during the Reporting Period, as represented by the Index, were (in U.S. dollar terms¹) Indonesia (-10.28%), Brazil (-7.36%) and Venezuela (-9.11%). The top performing emerging external debt markets were Hungary (+5.71%), Pakistan (+17.06%) and Egypt (+9.27%).

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

A During the Reporting Period, the Fund’s performance was hampered by our active currency management, through which the Fund invests in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, the Fund’s results were hurt by our country and issue selection of local emerging markets debt, emerging markets corporate bonds and emerging markets quasi- sovereign bonds.

The Fund benefited from our country and issue selection of external emerging markets debt overall. Also enhancing relative performance was our sector positioning, particularly the Fund’s allocations to emerging markets corporate bonds and emerging markets quasi-sovereign bonds. The Fund’s U.S. duration and yield curve strategy further added to Fund returns. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities within a particular sector.

Q Which segments of emerging markets debt most significantly affected Fund performance?

A The Fund’s underweight in Hungarian external debt dampened relative performance. Hungarian external debt outperformed during the Reporting Period. An overweight in Indonesian external debt also detracted. Economic data

12

PORTFOLIO RESULTS

fueled weakness in Indonesia external debt during the third quarter of 2013 after the country’s already large current account deficit had widened further during the second calendar quarter. In addition, the Fund was hampered by its overweight in Brazilian local debt, which underperformed. Brazilian economic growth fell short of forecasts in the first quarter of 2013, increasing just 0.6% versus expectations of 0.9% — the ninth consecutive quarter of below-trend growth. At the same time, inflation remained high, leading Brazil’s central bank to start hiking interest rates in April 2013. Large protests about government services also contributed to the underperformance of Brazilian external debt during the Reporting Period. An investment in the Mexican peso, accomplished through the use of forward foreign currency exchange contracts, hurt Fund returns. The Mexican peso depreciated during May 2013 on concern the Fed might reduce its quantitative easing measures.

On the positive side, the Fund benefited from its underweight in Turkish external debt, which underperformed during the Reporting Period, especially during the third calendar quarter. Turkey was pressured both by civil unrest and a large current account deficit (5.4% of Turkish Gross Domestic Product (“GDP”) as of July 2013) and expectations of soft domestic demand going forward. The escalation of the Syrian conflict added to Turkey’s list of vulnerabilities during August 2013, with the broad market beginning to price in potential disruptions in oil supply and further instability across the Middle East. An increase in oil prices would negatively affect Turkey because the country is a net energy importer, while instability could disrupt Turkey’s export markets. The Fund’s holdings of Slovenian external debt contributed positively during the Reporting Period. An underweight in the Indonesian rupiah, accomplished through the use of forward foreign currency exchange contracts, also added to relative returns. The Indonesian rupiah depreciated significantly during the Reporting Period, as investors focused on Indonesia’s large current account deficit. Indonesia’s central bank hiked interest rates three times during the third quarter of 2013, raising the benchmark rate from 6.0% to 7.25%, in an effort to defend the falling currency. The Fund’s underweight in Polish local debt, which underperformed during the Reporting Period, also enhanced relative performance.

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

A The Fund’s U.S. duration and yield curve positioning contributed positively, albeit slightly, to relative performance. During the Reporting Period, we tactically adjusted the Fund’s duration position relative to the Index, shifting as we deemed necessary between a short duration bias and a long duration bias. Most of the positive performance occurred during August 2013 when the Fund had a short duration bias. U.S. interest rates increased in August, with the 10-year benchmark U.S. Treasury yield rising 20 basis points to 2.78%. Positive U.S. economic data also put upward pressure on interest rates.

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

A The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, total return swaps and credit linked notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total return swaps and credit linked notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market.

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

A During the Reporting Period, we decreased the Fund’s underweight position in Brazilian external debt but continued to maintain an underweight. We moved the Fund from an underweight in South African external debt to a neutral position by the end of the Reporting Period. The Fund, which had a neutral position in Mexican external debt at the beginning of the Reporting Period, had an overweight position at the end of the Reporting Period. In addition, we shifted the Fund from an overweight position in Ukrainian

13

PORTFOLIO RESULTS

external debt to an underweight position. The Fund was neutral to slightly underweight in Turkish external debt at the beginning of the Reporting Period but was strongly underweight at the end of the Reporting Period. We increased the Fund’s already underweight position in South Korean local debt during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the external debt of countries with what we considered to be strong and improving balance sheets, such as Indonesia and Russia. The Fund also continued to have an overweight compared to the Index in Ivory Coast external debt, which we expect to rally further. The Fund had a position in Slovenian external debt because we believe policymakers are demonstrating a willingness to work on their structural fiscal issues. In our opinion, Slovenia has good fundamentals and, as part of the European Union, is likely to receive financial support if it becomes necessary. Some of the Fund’s largest underweights relative to the Index were in the external debt of Central and Eastern European countries, such as Poland, Hungary, Lithuania and Croatia, given the potential risk of Eurozone bank deleveraging to their financial sectors. The Fund was also underweight compared to the Index in South Africa on concerns about ongoing labor unrest and the potential deterioration in its fiscal accounts.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we continued to have a long-term positive outlook on emerging markets debt because we believe the asset class is shifting from a niche investment to a core portfolio component. Emerging markets countries produce nearly 50% of global GDP, and yet emerging markets at the end of the Reporting Period accounted for only approximately 10% of the global fixed income market. In addition, emerging markets debt is backed by faster growing economies. Growth in the developing world was 5.1% during 2012, according to the International Monetary Fund (“IMF”), almost four times that of developed economies. Also, emerging markets economies generally have lower levels of debt-to-GDP relative to developed economies. In addition, emerging markets debt can benefit from a growing investor base, which, in our view, would promote market depth and stability.

In our opinion, emerging markets economies have become far better able to withstand shocks to the global financial system than in years past, thanks in part to reserve accumulation and improved external debt positions. We believe that greater policy autonomy has also played a key role, as credible monetary policy has helped to moderate inflation, and fiscal consolidation has reduced public sector debt. At the end of the Reporting Period, stand-alone valuations in the emerging markets reflected these fundamental improvements to some extent, but we believe the increasing recognition of emerging markets as a mature asset class should lead to more strategic allocations and could consequently boost valuations.

At the end of the Reporting Period, we continued to view external emerging markets debt as a compelling strategic asset class. In our opinion, the weak performance of the asset class during the Reporting Period was primarily the result of interest rate movements. We considered the credit risk premiums on emerging markets debt at the end of the Reporting Period excessive relative to the probability of default of the underlying issuers.

14

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			J.P. Morgan EMBISM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-5.83	%		-4.52	%		4.58	%		4.56	%
Class C		-6.19			-4.52			4.06			4.04
Institutional		-5.66			-4.52			5.14			5.12
Class IR		-5.71			-4.52			5.05			5.03

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

²  The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified (Gross, USD, Unhedged) Index is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year	Five Years	Ten Years	Since Inception	Inception Date
Class A	-8.97%	9.14%	8.92%	9.12%	8/29/03
Class C	-6.37	9.37	N/A	6.66	9/29/06
Institutional	-4.35	10.54	9.82	10.01	8/29/03
Class IR	-4.46	N/A	N/A	6.13	7/30/10

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

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

15

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.26	%
Class C		1.98			2.01
Institutional		0.89			0.92
Class IR		0.97			1.01

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Mexico		6.9	%		9.3	%
Colombia		6.6			6.6
Russia		6.2			4.2
United States		5.1			2.5
Indonesia		5.0			6.3
Venezuela		4.3			5.7
Turkey		4.2			6.4
Brazil		3.9			3.5
Chile		3.4			3.8
Dominican Republic		3.0			3.3

⁶  The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include short-term investments of 0.6% as of 9/30/13 and 1.4% as of 3/31/13. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

16

PORTFOLIO RESULTS

Goldman Sachs High Yield Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 0.28%, -0.09%, -0.10%, 0.59%, 0.20%, 0.41% and 0.15%, respectively. These returns compare to the 0.81% cumulative total return of the Fund’s benchmark, the Barclays U.S. High-Yield Bond 2% Issuer Capped Bond Index (the “Index”), during the same time period.

Q What economic and market factors most influenced the high yield bond market as a whole during the Reporting Period?

A When the Reporting Period began, high yield corporate bonds recorded gains as yields reached all-time lows. However, commentary from the Federal Reserve (the “Fed”) about the potential tapering of its quantitative easing program led to a sharp increase in U.S. Treasury yields during May and June 2013. Yields on five-year and 10-year U.S. Treasury securities rose 63 basis points and 64 basis points, respectively, during the second calendar quarter overall. (A basis point is 1/100th of a percentage point.) The yields on high yield corporate bonds also increased as volatility picked up, and high yield corporate bond mutual funds experienced record investment outflows. During the second calendar quarter, option adjusted spreads widened 35 basis points, ending June 2013 at 492 basis points. The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. Lower quality credits performed best during the second quarter of 2013 due to their lower sensitivity to an increase in interest rates. High yield corporate bonds underperformed both high yield loans (represented by the Barclays Bank Loan Index/U.S. High-Yield Loan Index) and equities (represented by the S&P 500^® Total Return Index). During the second calendar quarter, the average price of a high yield corporate bond dropped $3.72 to $101.57, and yields on high yield corporate bonds ended June 2013 at 6.66%, up 99 basis points.¹

In the third quarter of 2013, the high yield corporate bond market posted positive returns. Riskier assets overall performed well as volatility began to subside. Option adjusted spreads tightened by 31 basis points, ending the Reporting Period at 461 basis points. Lower quality credits performed best. High yield corporate bonds underperformed equities but outperformed high yield loans. The average price of a high yield corporate bond increased $0.27 to $101.84, and the yields on high yield corporate bonds decreased 43 basis points to end the Reporting Period at 6.23%.¹

Issuance was strong during the second calendar quarter despite increased market volatility in May and June 2013, with $98.6 billion of bonds priced across 218 deals. Refinancing continued to be the primary use of proceeds, though this slowed as acquisition finance and general corporate expenditures increased. During the third calendar quarter, after a typical summer slowdown in July and August 2013, issuance picked up significantly in September 2013. In fact, September was the most active new issuance market on record, as $52.7 billion in bonds were priced during the month, bringing the third calendar quarter total to $91.3 billion across 172 deals.¹

Demand for high yield corporate bonds dropped drastically during the second quarter of 2013. June 2013 saw record investment outflows, as $11.8 billion was withdrawn from high yield corporate bond mutual funds. However, demand picked up significantly near the end of the third quarter of 2013. For the third calendar quarter overall, high yield corporate bond mutual funds saw investment inflows of $6.6 billion, $5.2 billion of which was in September 2013 alone.¹

¹  Source: J.P. Morgan.

17

PORTFOLIO RESULTS

The default rate for high yield corporate bonds remained quite low in historical terms. During the Reporting Period as a whole, there were 12 defaults among high yield issuers, affecting approximately $5.1 billion in bonds. The 12-month par-weighted default high yield corporate bond rate through September 30, 2013 was 1.09%.¹

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

A During the Reporting Period, the Fund underperformed the Index. Because we expected spreads (yield differential between high yield corporate bonds and U.S. Treasury securities of similar maturity) to narrow, the Fund was underweight short spread duration credits and overweight intermediate spread duration credits. (Spread duration represents the price sensitivity of a high yield bond to a change in spreads.) This positioning hurt relative performance when spreads widened slightly during the Reporting Period. In addition, the Fund was hampered by its cash position and an overweight to emerging markets corporate bonds. Its long duration position also dampened relative performance. Duration is a measure of a portfolio’s sensitivity to changes in interest rates.

Slightly offsetting these results was the Fund’s overweight to lower credit-quality credits, which contributed positively to relative results. The Fund also benefited from its overweighted positions in Euro-denominated bonds and non-rated credits.

Q Which segments within high yield most significantly affected Fund performance?

A The Fund’s overweight in lower credit-quality credits, in particular its overweighted position in CCC-rated bonds, and its underweighted position in higher credit-quality credits, particularly BB-rated bonds, added to relative returns, as lower quality bonds outperformed higher quality bonds during the Reporting Period.

In terms of sector positioning, the Fund benefited from overweighted positions in commercial services, food and drugs, and chemicals. In addition, an underweight in utilities contributed positively. This was slightly offset by overweighted positions in home construction, gaming and cellular telecommunications, which detracted. An underweighted position in technology also detracted from relative returns.

Relative to issue selection, Fund performance was enhanced by overweighted positions in Sitel, a telemarketing and outsourcing business, and in the restructured equity of Houghton Mifflin, an educational and trade publisher. The Fund benefited from its lack of exposure to electric utility company Energy Future Holdings and from a neutral position relative to the Index in automobile maker General Motors. Detracting were the Fund’s overweighted positions in OGX Petróleo e Gás Participações, a Brazilian oil and gas company; Getty Images, a stock photo agency; Caesars Entertainment, a casino operator; and Sprint Nextel, a telecommunications firm.

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

A The Fund’s slightly long duration bias compared to the Index detracted from relative performance as interest rates increased during the Reporting Period.

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

A To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign exchange currency contracts during the Reporting Period. Additionally, a specialized index of credit default swaps (CDX) was used to manage the beta of the Fund on an active basis. It was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows.

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

A Near the end of the second quarter of 2013, we made a tactical decision to reduce the Fund’s exposure to risk. Overall, we had a positive outlook for the U.S. economy, the health of U.S. corporations and corporate default rates. Though these views supported an overall favorable view of spreads, we saw several threats to the near-term performance of corporate credit overall. Volatility had increased, the relative attractiveness of other fixed income assets, notably mortgage-backed securities, had improved, and large non-traditional investors — who owned high yield securities because of their relatively higher yields — were selling many of their high yield investments. We implemented a higher risk target in September 2013 after the Fed said it would maintain the pace of its asset purchases under quantitative easing and the Syrian crisis was resolved without military intervention.

18

PORTFOLIO RESULTS

Throughout the Reporting Period, we maintained the Fund’s overweight in lower credit-quality bonds. We increased the Fund’s exposure to energy as well as to retail and apparel. We decreased exposure to non-cellular telecommunications and health care. In addition, over the course of the Reporting Period, we increased the Fund’s exposure to European credits.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight commercial services, gaming and lodging, and home construction relative to the Index. It was underweight compared to the Index in gas utilities, autos, and metals and mining at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed corporate profitability was reasonably strong and did not expect defaults to pick up for at least another 18 months. We had also observed a greater willingness by corporations to increase debt — either for growth initiatives or to enhance shareholder returns — and as a result, somewhat more aggressive deals are being brought to market. Though we continue to see broadly healthy balance sheets and an economic environment that is supportive of modestly higher debt, we plan to monitor this trend for signs of excess.

19

FUND BASICS

High Yield Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays U.S. High-Yield Bond 2% Issuer Capped Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.28	%		0.81	%		5.06	%		5.06	%
Class B		-0.09			0.81			4.55			4.55
Class C		-0.10			0.81			4.55			4.55
Institutional		0.59			0.81			5.64			5.64
Service		0.20			0.81			5.14			5.14
Class IR		0.41			0.81			5.55			5.55
Class R		0.15			0.81			5.05			5.05

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

²  The Barclays U.S. High-Yield Bond 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

20

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year			Five Years	Ten Years	Since Inception			Inception Date
Class A		2.03	%	9.98%	7.19%		6.41	%	8/1/97
Class B		0.69		9.83	7.05		5.32		8/1/97
Class C		4.93		10.19	6.89		5.95		8/15/97
Institutional		7.29		11.45	8.08		7.11		8/1/97
Service		6.62		10.85	7.53		6.57		8/1/97
Class IR		7.05		11.36	N/A		7.56		11/30/07
Class R		6.52		10.72	N/A		6.98		11/30/07

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service, Class R and IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

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

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.05	%		1.05	%
Class B		1.80			1.80
Class C		1.80			1.80
Institutional		0.71			0.71
Service		1.21			1.21
Class IR		0.80			0.80
Class R		1.30			1.30

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

21

FUND BASICS

TOP TEN ISSUERS AS OF 9/30/136
Company	% of Net Assets			Line of Business
Sprint Nextel Corp.		3.2	%	Telecommunications – Cellular
HCA, Inc.		2.3		Health Care – Services
First Data Corp.		2.2		Technology –Software/Services
Reynolds Group Issuer, Inc.		1.8		Packaging
Intelsat Luxembourg SA		1.8		Telecommunications – Satellites
MGM Resorts International		1.8		Gaming
HD Supply, Inc.		1.5		Consumer Products – Industrial
The AES Corp.		1.4		Utilities – Electric
Caesars Entertainment Operating Co., Inc.		1.3		Gaming
Frontier Communications Corp.		1.3		Telecommunications

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

TOP TEN INDUSTRY ALLOCATION7
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Energy		12.2	%		10.2	%
Telecommunications		9.6			10.7
Media		7.8			6.7
Health Care		7.2			8.0
Finance		6.6			7.2
Consumer Products		6.0			5.7
Technology		5.3			5.2
Gaming		5.2			6.1
Services Cyclical		3.9			3.8
Home Construction		3.3			2.7

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include repurchase agreements of 1.7% as of 9/30/13 and 2.7% as of 03/31/13. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

22

PORTFOLIO RESULTS

Goldman Sachs High Yield Floating Rate Fund

Investment Objective

The Fund seeks a high level of current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 0.80%, 0.43%, 0.98%, 0.93% and 0.67%, respectively. These returns compare to the 1.35% cumulative total return of the Fund’s benchmark, the Barclays U.S. High-Yield Loans Index (the “Index”), during the same time period.

Q What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

A The high yield loan market remained relatively firm throughout the Reporting Period. The weighted average price for the loans in the Index was relatively flat, declining slightly from $98.14 to $98.05.

When the Reporting Period began in the second quarter of 2013, high yield loans generated healthy returns, as the Federal Reserve’s (the “Fed”) quantitative easing program pushed down interest rates and motivated investors to seek higher-yielding alternatives to U.S. Treasury securities and mortgage-backed securities. After the Fed hinted in mid-May 2013 it might taper quantitative easing, conditions grew more volatile, and the high yield loan market sold off during May and June 2013. Volatility decreased in July 2013, as U.S. Treasury yields started to stabilize, and high yield loans performed well. Their performance then cooled again during August 2013. In September 2013, high yield loans provided positive returns on improved risk sentiment following the Fed’s surprise announcement that it would not taper its quantitative easing program. By the end of the Reporting Period, the high yield loan market had retraced all the losses it had incurred in the broad market selloff during May and June 2013.

The technical backdrop was supportive for high yield loans during the Reporting Period. Demand was strong, as yields remained near all-time lows and issuers continued to refinance their existing debt. Primary market activity remained at sustained high levels, with $301 billion of new high yield loans issued during the Reporting Period. Proceeds were used primarily to refinance existing debt, as companies remained focused on managing cash and extending maturities. However, there was also a noticeable uptick in more aggressive deals, with 43.2% of proceeds from the September 2013 new issuance used to finance acquisitions as compared to 18.3% for the period between January 2013 and the end of the Reporting Period.¹

Investment inflows into high yield loan mutual funds were also strong. High yield loan mutual funds saw investment inflows of $52.3 billion, eclipsing the previous high of $17.9 billion set during calendar year 2010. At the end of the Reporting Period, high yield loan mutual funds had 67 consecutive weeks of investment inflows. Meanwhile, issuance of collateralized loan obligations (“CLOs”) was robust, with $70.3 billion priced during the first 3 quarters of 2013.¹

During the Reporting Period, the default rate for high yield loans remained quite low on a historical basis. There were six defaults among high yield loan issuers during the Reporting Period, affecting $6.21 billion in high yield loans. The trailing 12-month loan-only default rate through September 30, 2013 was 1.94%.¹

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

A The Fund’s bias toward higher quality securities was most responsible for its underperformance during the Reporting Period. The Fund was also hindered by its cash position.

¹  Source: J.P. Morgan.

23

PORTFOLIO RESULTS

Q Which segments of the high yield floating rate loan market significantly affected Fund performance?

A The Fund was hampered by its “up-in-quality” bias during the Reporting Period. It was overweight higher credit-quality BB-rated high yield bank loans and underweight lower credit-quality CCC-rated high yield bank loans. During the Reporting Period, CCC-rated high yield bank loans rallied, outperforming the Index as a whole.

These results were offset somewhat by effective issue selection. Fund performance was enhanced by its exposure to telecommunications firm Verizon; publishing and business services provider McGraw Hill; and clothing manufacturer American Apparel. The Fund also benefited from its lack of exposure to Energy Future Holdings, an electric utility company, and Avaya, a global provider of business communications and collaboration systems. Detracting during the Reporting Period were investments in telecommunications company Sprint-Nextel and stock photo agency Getty Images. In addition, the Fund was hurt by its lack of exposure to Education Management, a private operator of post-secondary educational institutions; Federal-Mogul, a supplier of automotive products; and Supermedia, a marketing company.

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

A The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

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

A To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign exchange currency contracts during the Reporting Period. The Fund also employed interest rate swaps as a cost-efficient instrument to provide us with greater precision and versatility in the management of duration. Interest rate swaps are only utilized in the Fund for the purpose of hedging duration, as the Fund does not take active duration and yield curve positions. Additionally, a specialized index of credit default swaps (CDX) was used to manage the beta of the Fund on an active basis. It was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows.

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

A During the Reporting Period, we increased the Fund’s exposure to building materials, food and tobacco, gaming and lodging, packaging, and retail and apparel. We reduced the Fund’s exposure to commercial services and energy.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in media and telecommunications, consumer non-durables, and food and tobacco. It was underweight relative to the Index in information technology, utilities and health care. Relative to individual issuers, we focused Fund investments on higher conviction names and maintained our investing discipline in the face of continued investment inflows into the asset class.

Q What is the Fund’s tactical view and strategy for the months ahead?

A Looking ahead, we expect several factors to boost demand for high yield loans, including strong investor appetite for yield in an ultra-low interest rate environment and revival of the structured finance market. Even if there are further modest declines in yields as a result of refinancing and repricing activity, we believe high yield loans are likely to remain attractive, largely because of their persistently and historically low default rate (to date).

When the Reporting Period ended, the Fund was focused on B-rated to BB-rated high yield loans. We continued to maintain the Fund’s “up-in-quality” bias for three reasons. First, we believe as one reaches for yield in lower-rated credits, the volatility of returns on high yield loans tends to be substantially higher with minimal total return benefit over time. Second, corporate leverage has risen as more companies take advantage of favorable market conditions to raise debt. Third, we believe issuers’ terms on loans are becoming more aggressive.

We intend to continue to look for attractive investments in high quality companies that in our view generally exhibit some of the following characteristics: 1) leading market positions; 2) high cash flow generative businesses with attractive returns on capital; and 3) high barriers to entry,

24

PORTFOLIO RESULTS

such as regulatory approvals or significant required initial investments in infrastructure or intellectual property. Overall, in the course of our credit analysis, we look for appropriately capitalized industry leaders with characteristics that may better enable the businesses to weather economic cycles.

25

FUND BASICS

High Yield Floating Rate Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays U.S. High-Yield Loans Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.80	%		1.35	%		3.09	%		3.09	%
Class C		0.43			1.35			2.41			2.41
Institutional		0.98			1.35			3.51			3.51
Class IR		0.93			1.35			3.42			3.42
Class R		0.67			1.35			2.92			2.92

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

²  The Barclays U.S. High-Yield Loans Index provides broad and comprehensive total return metrics of the universe of syndicated term loans. To be included in the index, a bank loan must be dollar denominated, have at least $150 million, a minimum term of one year, and a minimum initial spread of LIBOR+125. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year			Since Inception	Inception Date
Class A		1.54	%	2.61%	3/31/11
Class C		2.18		2.83	3/31/11
Institutional		4.35		3.99	3/31/11
Class IR		4.25		3.88	3/31/11
Class R		3.73		3.34	3/31/11

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 2.25% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

26

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.04	%		1.04	%
Class C		1.79			1.79
Institutional		0.70			0.70
Class IR		0.80			0.80
Class R		1.28			1.28

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN INDUSTRY ALLOCATION6
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Food & Beverages		7.4	%		3.1	%
Media – Broadcasting & Radio		6.4			5.4
Retailers		6.1			9.0
Health Care		4.5			6.2
Health Care – Services		4.3			3.4
Airlines		4.0			2.0
Services Cyclical – Business Services		3.8			5.4
Media – Cable		3.7			3.5
Technology – Software/Services		3.4			1.7
Wireless Telecommunications		3.3			2.8

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include short-term investments of 11.2% as of 09/30/13 and 27.2% as of 03/31/13. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

27

PORTFOLIO RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, IR and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of -2.62%, -2.46%, -2.50% and -2.46%, respectively. These returns compare to the -2.74% cumulative total return of the Fund’s benchmark, the Barclays U.S. Credit Index (the “Index”), during the same time period.

Q What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

A The investment grade corporate bond market declined overall during the Reporting Period. After strong performance early in the second quarter of 2013, when the Reporting Period began, investment grade corporate bonds sold off during June 2013 in response to indications from the Federal Reserve (the “Fed”) that it would taper its quantitative easing program if economic data strengthened. Investment grade credit spreads, or the difference in yields between corporate bonds and duration-equivalent U.S. Treasury securities, widened by 13 basis points to end the second calendar quarter at 152 basis points. (A basis point is 1/100th of a percentage point.) European investment grade corporate bonds outperformed U.S. investment grade corporate bonds, as investors digested the possibility of a reduction in the Fed’s asset purchases. In Europe, a loss of momentum in manufacturing, slowing inflation and weak lending growth contributed to a widespread belief that the European Central Bank would continue its easing measures.

During the third quarter of 2013, investment grade corporate bonds rebounded somewhat. Investment grade credit spreads tightened by 11 basis points, ending the Reporting Period at 141 basis points. European investment grade corporate bonds outperformed U.S. investment grade corporate bonds, largely in response to European economic data that exceeded expectations. Meanwhile, the U.S. economy hit a soft patch.

Issuance was strong during the Reporting Period as a whole. In the second quarter of 2013, U.S. new issuance was approximately $188 billion, and European new issuance was approximately $108 billion. In the third calendar quarter, U.S. new issuance was approximately $230 billion, and European new issuance was approximately $123 billion. For 2013 through September 30, 2013, U.S. new issuance totaled approximately $653 billion, and European new issuance totaled approximately $383 billion. The largest corporate debt offering on record took place during the Reporting Period, as Verizon sold $49 billion of bonds on orders by investors of nearly double that amount.¹

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

A Issue selection amongst investment grade corporate bonds was most responsible for the Fund’s relative outperformance during the Reporting Period. Our cross-sector strategy also enhanced relative returns. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. The Fund’s duration and yield curve positioning contributed positively to relative results as well. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities within a particular sector.

There were no meaningful detractors from the Fund’s returns during the Reporting Period.

¹  Source: Goldman Sachs Asset Management.

28

PORTFOLIO RESULTS

Q Which segments of investment grade credit most significantly affected Fund performance?

A Individual issue selection of investment grade corporate bonds added to the Fund’s relative returns. In terms of sector positioning, the Fund benefited from select investments in the investment grade corporate bonds of industrial companies. The Fund’s underweight in the highest credit quality investment grade corporate bonds also added to relative performance.

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

A The Fund’s duration and yield curve positioning enhanced relative performance during the Reporting Period. We tactically adjusted the Fund’s duration position relative to the Index during the Reporting Period, shifting as we deemed necessary between a short duration bias and a long duration bias. At the end of the Reporting Period, the Fund had a short duration bias. Ten-year U.S. Treasury security yields increased from 1.85% at the beginning of the Reporting Period to 2.61% at the end of the Reporting Period. Yields of 30-year U.S. Treasury securities started the Reporting Period at 3.10% and ended the Reporting Period at 3.69%.

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

A As market conditions warranted during the Reporting Period, the Fund used U.S. Treasury futures and Eurodollar futures to hedge interest rate exposure and facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Interest rate swaps were used to express our views on the direction of a country’s interest rates. The Fund employed interest rate swaps and swaptions (options on interest rate swap contracts) to hedge interest rate exposure and express an outright term structure view (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds). In addition, it used credit default swaps to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point change in its spread over the London Interbank Offered Rate (“LIBOR”). It utilized forward foreign currency exchange contracts to hedge currency exposure.

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

A Following very strong performance early in the Reporting Period, we decreased the Fund’s position in investment grade corporate bonds during May 2013. In early June 2013, we further decreased the Fund’s position, adopting an underweight in investment grade corporate bonds, because we saw more attractive opportunities in other asset classes. In late June 2013, we increased the Fund’s holdings of investment grade corporate bonds as investment grade credit spreads tightened. In late August 2013, we reduced the Fund’s overweight position in investment grade corporate bonds because we believed there would be increased volatility in response to the uncertainty about Syria, identity of the next Fed chairman, possibility of Fed tapering, U.S. budget negotiations, softer economic data, weaker corporate earnings and large amounts of new corporate issuance. During September 2013, as uncertainty lessened, we increased the Fund’s overweight in investment grade corporate bonds, ending the Reporting Period with a small overweight position overall. Also, during the Reporting Period, we established a position in high quality, long-dated municipal bonds, as prior underperformance of the sector drove valuations to what we considered to be attractive levels.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in real estate investment trusts (“REITs”) and banking. The Fund was also overweight communications, transportation and natural gas utilities. Compared to the Index, the Fund was underweight consumer non-cyclical sectors, capital goods and technology. In terms of maturities, we generally favored lower credit-quality issues and intermediate maturities.

29

PORTFOLIO RESULTS

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we were targeting an overweighted position relative to the Index in investment grade corporate bonds, mainly due to our positive outlook for U.S. economic growth and expectations for Fed policy continuity. We also believed global risks, such as military intervention in Syria, had diminished. In our opinion, underlying corporate fundamentals remained solid, with most companies enjoying high profit margins and healthy cash balances. Furthermore, we believe a shortage of high quality assets should support demand for investment grade corporate bonds. Nonetheless, we remain cautious because leveraged buyouts and shareholder-friendly activities are increasing. At the end of Reporting Period, we favored issues lower on the credit quality spectrum and credits in the intermediate part of the yield curve, primarily because of our view on their attractive valuations.

30

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays U.S. Credit Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-2.62	%		-2.74	%		2.99	%		2.84	%
Institutional		-2.46			-2.74			3.44			3.29
Class IR		-2.50			-2.74			3.35			3.20
Separate Account		-2.46			-2.74			3.44			3.29
Institutional

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

²  The Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year			Five Years	Since Inception	Inception Date
Class A		-4.56	%	7.07%	4.23%	11/3/03
Institutional		-0.60		8.23	5.02	11/3/03
Class IR		-0.69		N/A	4.82	7/29/11
Separate Account Institutional		-0.60		8.25	5.05	11/3/03

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Separate Account Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

31

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.72	%		0.84	%
Institutional		0.38			0.50
Class IR		0.48			0.59
Separate Account Institutional		0.38			0.50

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

⁷  “Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association and Federal Home Loan Mortgage Corp., which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similarly to any other publicly traded company.

32

FUND BASICS

TOP TEN INDUSTRY ALLOCATION8
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Banks		15.4	%		19.7	%
Energy		9.3			10.6
Real Estate Investment Trusts		6.7			9.3
Wirelines Telecommunications		6.4			2.3
Electric		5.6			2.8
Pipelines		5.1			4.4
Media		3.3			4.1
Food & Beverage		3.0			6.8
Brokerage		2.8			3.4
Technology		2.6			1.8

⁸  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include repurchase agreements of 0.2% as of 9/30/13 and 0.2% as of 3/31/13. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

33

PORTFOLIO RESULTS

Goldman Sachs Local Emerging

Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -8.66%, -8.89%, -8.50% and -8.55%, respectively. These returns compare to the -7.44% cumulative total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified (Gross, USD, Unhedged) Index (the “Index”), during the same time period.

Q What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

A During the Reporting Period, U.S. Treasury yields increased on improving U.S. economic data and on concern that the Federal Reserve (the “Fed”) would taper its quantitative easing program. Faced with higher U.S. Treasury yields, investors re-assessed the attractiveness of local emerging markets debt and exited emerging market currencies in favor of the U.S. dollar. Local emerging markets debt recorded a negative return during the Reporting Period, driven by changes in local interest rates and currency depreciation. Emerging markets currencies, as represented by the J.P. Morgan Emerging Local Markets Plus (ELMI+) Index, returned -1.92%. Among countries, on a total market-value weighted basis, the weakest performers (in U.S. dollar terms¹) during the Reporting Period were Indonesia (-26.18%), Turkey (-13.44%) and Brazil (-9.72%). The top performers were Hungary (+12.67%), Poland (+4.30%) and Romania (+10.15%).

¹  All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

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

A The Fund underperformed the Index during the Reporting Period, primarily as a result of our active currency management, through which the Fund invests in local currencies (accomplished through the use of forward foreign currency exchange contracts and bonds denominated in local currencies). Our sector positioning also detracted from Fund returns. The Fund benefited from country and issue selection among local currency denominated bonds and external emerging markets debt.

Q Which segments of local emerging markets debt most significantly affected Fund performance?

A During the Reporting Period, the Fund’s holdings of Brazilian local debt detracted from relative returns. Brazilian economic growth fell short of forecasts during the first quarter of 2013, increasing just 0.6% versus expectations of 0.9% — the ninth consecutive quarter of below-trend growth. At the same time, inflation remained high, leading Brazil’s central bank to start hiking interest rates. Large protests about government services also contributed to the underperformance of Brazilian local debt during the Reporting Period. In addition, the Fund was hampered — especially during the second quarter of 2013 when the Reporting Period began — by its investments in Mexican local debt. An investment in the Mexican peso and an overweight in the Indian rupee, both positions accomplished through the use of forward foreign currency exchange contracts, also detracted from relative results. The Mexican peso and the Indian rupee depreciated significantly during the second calendar quarter on concern the Fed might reduce its quantitative easing measures.

34

PORTFOLIO RESULTS

On the positive side, the Fund’s underweight in Indonesian local debt enhanced relative performance during the Reporting Period. Indonesian local debt underperformed, especially during the third quarter of 2013 when it posted the lowest returns in the Index for each of the three months. Economic data fueled the weakness, as Indonesia’s already large current account deficit had widened further during the second calendar quarter. Also, during the Reporting Period, the Fund’s holdings of South Korean local debt added to relative returns, especially early in the Reporting Period. As Polish local debt underperformed during the Reporting Period, the Fund benefited from an underweight position. In addition, the Fund’s overweight in the South Korean won, accomplished through the use of forward foreign currency exchange contracts, contributed positively as the South Korean won appreciated during April and early May 2013.

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

A The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

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

A The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, credit default swaps, total return swaps and credit linked notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Credit default swaps were used to implement specific credit-related investment strategies. Total return swaps and credit linked notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market.

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

A During the Reporting Period, we shifted the Fund from neutral positions relative to the Index in Colombian and Mexican local debt to overweight positions. We increased the Fund’s overweight in Brazilian local debt and increased its underweight in Malaysian local debt. We increased the Fund’s underweight in South Korean local debt so it was significantly underweight by the end of the Reporting Period. At the beginning of the Reporting Period, the Fund had an overweight relative to the Index in Russian local debt, which we reduced to an underweight by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, we saw attractive opportunities in Latin American local debt and had positioned the Fund with overweights in Brazil, Mexico and Colombia. We also favored Brazilian inflation linked bonds. In our opinion, Brazil offers the highest real interest rates (the rate of interest an investor can expect to receive after allowing for inflation) in the world. At the end of the Reporting Period, the Fund was underweight in Asian local debt because we considered it expensive relative to the local debt of other regions. The Fund’s largest overweight position at the end of the Reporting Period was in the Dominican peso, which we accomplished through investments in Dominican local debt. The Fund also had investments in the Russian ruble and Mexican peso, accomplished through the use of forward foreign currency exchange contracts.

35

PORTFOLIO RESULTS

Q What is the Fund’s tactical view and strategy for the months ahead?

A Relative to emerging markets nations’ management of interest rates, we believe the process has undergone a structural shift during the last decade. Historically, emerging markets countries tended to follow pro-cyclical monetary policies in which they tightened liquidity during times of stress in order to prevent currency depreciation. However, because most emerging markets nations have pursued what we believe are sound economic policies in recent years and have benefited from strong economic growth, we believe they are in a position to follow counter-cyclical monetary policies. In our view, overall, their yields are more sensitive to developed market interest rates than to the behavior of the credit markets. As such, we believe local currency denominated bonds offer attractive risk profiles.

Over the medium term, we expect the performance of local emerging markets debt to be supported by currency appreciation. We base this view on the strong divergence in real Gross Domestic Product (“GDP”) growth between the emerging markets and the mature markets as well as on expected continuing net investment inflows to emerging markets countries. In our opinion, current account balances and foreign direct investment flows into emerging markets regions — despite some outflows during the second quarter of 2013 — should remain robust. We believe emerging markets currencies are undervalued, which makes a compelling long-term case, in our view, for currency exposure through investment in unhedged local debt.

36

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			J.P. Morgan GBI EMSM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-8.66	%		-7.44	%		4.87	%		4.68	%
Class C		-8.89			-7.44			4.35			4.15
Institutional		-8.50			-7.44			5.44			5.24
Class IR		-8.55			-7.44			5.34			5.14

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

²  The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified (Gross, USD, Unhedged) Index is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year			Five Years	Since Inception	Inception Date
Class A		-9.05	%	4.30%	2.25%	2/15/08
Class C		-6.32		4.54	2.36	2/15/08
Institutional		-4.44		5.64	3.44	2/15/08
Class IR		-4.54		N/A	3.44	7/30/10

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

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

37

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		1.38	%
Class C		2.00			2.13
Institutional		0.91			1.04
Class IR		1.00			1.12

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Turkey		13.8	%		12.7	%
United States		11.5			2.4
Brazil		7.9			6.8
Thailand		7.6			6.4
Colombia		7.5			3.1
Poland		6.5			5.4
Russia		6.2			11.9
Mexico		6.0			8.9
Indonesia		4.8			4.9
South Africa		4.4			4.0

⁶  The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include repurchase agreements of 5.4% as of 9/30/13 and 5.2% as of 3/31/13. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

38

PORTFOLIO RESULTS

Goldman Sachs U.S. Mortgages Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, IR and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of -1.10%, -0.83%, -0.98% and -0.84%, respectively. These returns compare to the -0.92% cumulative total return of the Fund’s benchmark, the Barclays U.S. Securitized Bond Index (with dividends reinvested) (the “Index”), during the same time period.

Q What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

A During the second quarter of 2013 when the Reporting Period began, the mortgage-backed securities market declined. One of the key drivers of the underperformance was Federal Reserve (“Fed”) Chair Ben Bernanke’s implication that the Fed would start reducing its quantitative easing program in 2013, sooner than expected. In the third calendar quarter, mortgage-backed securities retraced some of their losses on positive economic data and on the Fed’s announcement in September 2013 that it would not yet taper quantitative easing.

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

A During the Reporting Period, our cross-sector strategy contributed positively to relative performance overall. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. The Fund’s yield curve and duration strategy also added to relative returns during the Reporting Period. Yield curve indicates the spectrum of maturities within a particular sector. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Detracting was our bottom-up individual issue selection among government securities and agency mortgage-backed securities.

Q Which segments of the U.S. mortgage-backed securities sector most significantly affected Fund performance?

A Our bottom-up individual issue selection among government securities and agency mortgage-backed securities hampered the Fund’s relative performance during the Reporting Period. In particular, the Fund’s overweight in U.S. Treasury securities dampened returns, as yields increased during May, June and July 2013. Also, during May 2013, the Fund’s underweighted exposure relative to the Index in higher coupon agency mortgage-backed securities (i.e., those with higher interest rates) detracted from relative performance. In addition, the Fund’s investments in agency multi-family mortgage-backed securities hurt returns. During September 2013, agency multi-family mortgage-backed securities lagged most other spread (or non-government) sectors of the fixed income market. They also underperformed agency single-family mortgage-backed securities after the Fed announced in mid-September 2013 that it would not yet taper its quantitative easing program.

On the positive side, our sector positioning enhanced relative returns. More specifically, the Fund benefited from our tactical shifts of its weightings in mortgage-backed securities throughout June 2013, as spreads (or yield differentials) between mortgage-backed securities and comparable maturity U.S. Treasuries widened and tightened. In addition, the Fund’s overweighted position in non-agency residential mortgage-backed securities added to results, led by particularly strong performance during April 2013.

39

PORTFOLIO RESULTS

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

A The Fund’s duration and yield curve positioning strategy contributed positively to relative performance during the Reporting Period. In April 2013, the Fund’s underweight in the seven-year segment of the U.S. Treasury yield curve dampened performance as interest rates declined. This was more than offset in August 2013 when the Fund was underweight the 10-year segment of the U.S. Treasury yield curve and interest rates increased.

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

A The Fund used U.S. Treasury futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. It used Eurodollar futures to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Interest rate swaps were used to hedge interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the terms structure of interest rates, which is the relationship between the yield to the maturity and the time to maturity for pure discount bonds.) The Fund uses mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions. It used swaptions to hedge volatility and yield curve risks in the Fund and/or to express tactical views on rate markets. The Fund also employed derivatives contracts called CMBX, which reference the performance of a list of commercial mortgage-backed securities (“CMBS”), to help us express the Fund’s marginal overweight to the CMBS sector.

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

A Because of uncertainty about the future of the Fed’s quantitative easing program, we shifted the Fund from a significantly short duration bias relative to the Index at the beginning of the Reporting Period to a less short duration bias by the end of the Reporting Period. Over the course of the Reporting Period, we moved the Fund from a modest underweight relative to the Index in agency mortgage- backed securities to a neutral position, expressed through an overweight in agency multi-family mortgage-backed securities and an underweight in pass-through mortgage securities. (Pass-through mortgage securities consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.) At the beginning of the Reporting Period, the Fund had an underweight position in par coupon securities (securities with a price that is close to par). However, we shifted to an overweighted allocation to these securities relative to the Index at the end of the Reporting Period, as the Fed continued to support these coupons and as interest rate movements supported their relative value, in our view.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in CMBS. It was underweight compared to the Index in pass-through mortgage securities, asset-backed securities and residential mortgage-backed securities. At the end of the Reporting Period, the Fund also had positions in agency collateralized mortgage obligations and government securities, which are not represented in the Index.

Q What is the Fund’s tactical view and strategy for the months ahead?

A In the months ahead, we expect to remain neutral relative to the Index in the Fund’s allocation to agency mortgage- backed securities. At the end of the Reporting Period, we favored agency multi-family mortgage-backed securities because, in our opinion, their agency backing, coupled with prepayment protection on the underlying loans, results in a high credit quality investment with stable expected cash flows. Relative to coupon selection, we plan to maintain the Fund’s underweight in higher coupons, as we believe they are most susceptible to increased prepayment risk. We remained constructive on non-agency mortgage-backed securities because of improving housing fundamentals and their relatively wide spreads compared to U.S. Treasuries. We favored short duration, high-quality CMBS, which offered attractive relative value, in our view, at the end of the Reporting Period. In addition, we had a positive outlook on collateralized loan obligations and Federal Family Education Loan Program (“FFELP”) asset-backed securities.

40

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays U.S. Securitized Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-1.10	%		-0.92	%		1.12	%		0.84	%
Institutional		-0.83			-0.92			1.50			1.20
Class IR		-0.98			-0.92			1.40			1.09
Separate Account Institutional		-0.84			-0.92			1.50			1.20

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

²  The Barclays U.S. Securitized Bond Index (with dividends reinvested) is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.
The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/13	One Year			Five Years	Since Inception	Inception Date
Class A		-4.43	%	4.63%	3.77%	11/3/03
Institutional		-0.39		5.83	4.58	11/3/03
Class IR		-0.44		N/A	3.11	7/29/11
Separate Account Institutional		-0.31		5.81	4.60	11/3/03

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual return figures shown. Because Institutional, Separate Account Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

41

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.72	%		0.91	%
Institutional		0.38			0.56
Class IR		0.31			0.49
Separate Account Institutional		0.38			0.56

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association and Federal Home Loan Mortgage Corp. GNMA instruments are backed by the full faith and credit of the U.S. Government.

42

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – 62.3%
	Brazil – 0.6%
	Federal Republic of Brazil (A-/Baa2)
BRL	187,221		6.000	%		08/15/50	$	85,045
	Chile – 0.9%
	Republic of Chile (AA-/Aa3)
$	150,000		3.625			10/30/42		122,250
	Colombia – 6.0%
	Republic of Colombia (NR/NR)
COP	670,700,000		7.000			05/04/22		353,871
	216,900,000		6.000			04/28/28		100,073
	Republic of Colombia (BBB/Baa3)(a)
$	200,000		2.625			03/15/23		176,500
	200,000		4.000			02/26/24		195,000
								825,444
	Costa Rica – 0.6%
	Republic of Costa Rica (BB/Baa3)
	70,000		9.995			08/01/20		88,900
	Dominican Republic – 1.8%
	Dominican Republic (NR/NR)
DOP	5,700,000		14.500			02/10/23		129,365
	Dominican Republic (B+/B1)
$	110,000		7.500			05/06/21		117,700
								247,065
	Gabon – 0.8%
	Republic of Gabon (BB-/NR)
	100,000		8.200			12/12/17		112,250
	Hungary – 0.8%
	Hungary Government Bond (BB/Ba1)
HUF	22,280,000		6.750			11/24/17		107,816
	Indonesia – 2.7%
	Republic of Indonesia (BB+/Baa3)
$	340,000		6.875			01/17/18		378,250
	Ivory Coast(b) – 0.6%
	Republic of Ivory Coast (NR/NR)
	100,000		5.750			12/31/32		87,000
	Malaysia – 0.4%
	Malaysia Government Bond (NR/NR)
MYR	140,000		3.314			10/31/17		42,543
	40,000		3.492			03/31/20		12,097
								54,640
	Mexico – 9.7%
	United Mexican States (A-/Baa1)
MXN	4,023,300		6.250			06/16/16		323,852
	385,700		7.250			12/15/16		32,021
	1,136,700		7.500			06/03/27		95,547
	66,100		8.500			05/31/29		5,916
	289,600		7.750			05/29/31		23,891
	774,200		10.000			11/20/36		78,010
	365,300		8.500			11/18/38		32,075
	3,459,500		7.750			11/13/42		280,589
	Sovereign Debt Obligations – (continued)
	Mexico – (continued)
	United Mexican States (BBB/Baa1)
$	220,000		3.625	%		03/15/22	$	217,800
	250,000		4.000			10/02/23		250,738
								1,340,439
	Nigeria – 2.7%
	Nigeria Government Bond (NR/NR)
NGN	15,885,000		15.100			04/27/17		103,292
	Nigeria Government Bond (BB-/NR)(c)
$	260,000		6.375			07/12/23		264,550
								367,842
	Panama – 0.5%
	Republic of Panama (BBB/Baa2)
	50,000		8.875			09/30/27		69,000
	Paraguay – 1.3%
	Republic of Paraguay (BB-/Ba3)
	200,000		4.625			01/25/23		182,000
	Peru – 2.1%
	Peru Government Bond (NR/NR)
PEN	235,000		5.200			09/12/23		83,252
	Republic of Peru (NR/Baa2)
	27,000		6.950			08/12/31		10,304
	6,000		6.850			02/12/42		2,217
	Republic of Peru (A-/Baa2)
	6,000		8.200			08/12/26		2,654
	7,000		6.900			08/12/37		2,622
	Republic of Peru (BBB+/Baa2)
$	170,000		8.375			05/03/16		196,605
								297,654
	Poland – 4.4%
	Poland Government Bond (A/A2)
PLN	321,098		3.000			08/24/16		107,665
	1,258,000		5.750			10/25/21		440,152
	Poland Government Bond (A/NR)
	190,000		2.500			07/25/18		57,194
								605,011
	Russia – 8.4%
	Russian Federation Bond (BBB/Baa1)
$	200,000		3.500	(c)		01/16/19		201,500
	486,200		7.500	(b)		03/31/30		573,716
	Russian Federation Bond (BBB+/Baa1)
RUB	12,000,000		7.600			07/20/22		380,755
								1,155,971
	Slovenia(c) – 2.6%
	Republic of Slovenia (A-/Ba1)
$	370,000		4.750			05/10/18		355,303
	South Africa – 2.9%
	Republic of South Africa (A-/Baa1)
ZAR	1,370,000		7.250			01/15/20		136,566
	340,000		8.000			12/21/18		35,374

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	South Africa – (continued)
	Republic of South Africa (NR/NR)
$	200,000		5.875	%		09/16/25	$	211,250
ZAR	194,000		7.750			02/28/23		19,548
								402,738
	Thailand – 2.5%
	Thailand Government Bond (NR/Baa1)
THB	9,010,000		3.450			03/08/19		284,697
	Thailand Government Bond (A-/Baa1)
	1,820,000		3.625			06/16/23		56,803
								341,500
	Turkey – 5.8%
	Republic of Turkey (NR/Baa3)
$	100,000		7.000			03/11/19		112,750
	Turkey Government Bond (NR/NR)
TRY	305,000		5.000			05/13/15		143,359
	480,000		9.000			03/08/17		239,627
	60,000		6.300			02/14/18		27,095
	150,000		8.300			06/20/18		72,447
	110,000		9.500			01/12/22		55,402
	33,185		3.000			02/23/22		16,366
	70,000		8.500			09/14/22		33,635
	250,000		7.100			03/08/23		109,023
								809,704
	Ukraine – 0.9%
	Ukraine Government Bond (B/Caa1)
$	150,000		7.750			09/23/20		127,500
	Uruguay – 1.1%
	Republic of Uruguay (BBB-/Baa3)
	150,911		4.500			08/14/24		153,760
	Venezuela – 2.2%
	Republic of Venezuela (B/B2)
	360,000		7.750			10/13/19		298,800
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $8,778,324)						$	8,615,882
	Corporate Obligations – 23.8%
	Australia(c) – 1.5%
	CNOOC Curtis Funding No. 1 Pty Ltd. (AA-/Aa3)
$	200,000		4.500	%		10/03/23	$	201,539
	Brazil – 2.5%
	Banco do Estado do Rio Grande do Sul SA (NR/Ba1)
	200,000		7.375			02/02/22		197,728
	Hypermarcas SA (BB-/Ba2)(a)
	150,000		6.500			04/20/21		151,544
								349,272
	Canada – 1.5%
	PTTEP Canada International Finance Ltd. (BBB+/Baa1)
	200,000		6.350			06/12/42		206,698
	Corporate Obligations – (continued)
	Chile – 1.4%
	Banco de Credito e Inversiones (A/A1)
$	200,000		3.000	%		09/13/17	$	197,457
	Colombia – 2.6%
	Bancolombia SA (NR/Baa2)
	100,000		5.950			06/03/21		102,107
	Ecopetrol SA (BBB/Baa2)
	50,000		5.875			09/18/23		52,233
	Empresa de Energia de Bogota SA (BB+/Baa3)(a)
	200,000		6.125			11/10/21		204,513
								358,853
	Ireland – 1.5%
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB/Ba3)
	200,000		7.748			02/02/21		214,500
	Kazakhstan – 1.3%
	KazMunayGas National Co. (BBB-/Baa3)
	200,000		5.750			04/30/43		176,000
	Luxembourg(a)(c) – 1.5%
	Offshore Drilling Holding SA (BB/NR)
	200,000		8.375			09/20/20		202,322
	Mexico – 0.7%
	Petroleos Mexicanos (NR/Baa1)
	20,000		3.500			07/18/18		20,300
	Petroleos Mexicanos (BBB/Baa1)
	70,000		4.875			01/18/24		70,525
								90,825
	Netherlands – 1.5%
	Lukoil International Finance BV (BBB/Baa2)
	200,000		6.125			11/09/20		213,250
	Peru – 2.3%
	Corp. Lindley S.A. (BB+/NR)
	300,000		6.750			11/23/21		314,997
	Turkey – 1.3%
	Turkiye Vakiflar Bankasi Tao (NR/Baa2)
	200,000		3.750			04/15/18		185,500
	United Arab Emirates – 3.1%
	Dolphin Energy Ltd. (NR/A1)
	200,000		5.500			12/15/21		218,000
	Ruwais Power Co. PJSC (A-/A3)(c)
	200,000		6.000			08/31/36		206,500
								424,500
	United States(c) – 1.1%
	Brazil Loan Trust 1 (BBB/NR)
	150,000		5.477			07/24/23		152,250
	TOTAL CORPORATE OBLIGATIONS
	(Cost $3,400,854)						$	3,287,963

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Structured Notes – 2.3%
	Brazil – 1.0%
	Notas do Tesouro Nacional (Issuer Deutsche Bank AG (London)) (NR/NR)
BRL	125,000		6.000	%		08/15/50	$	132,646
	Indonesia – 1.3%
	Republic of Indonesia (Issuer Deutsche Bank AG (London) (NR/NR)
IDR	2,200,000,000		8.250			06/17/32		179,860
	TOTAL STRUCTURED NOTES
	(Cost $413,583)						$	312,506

Shares		Description	Value
	Investment Company – 12.0%
	1,662,721	SSgA U.S. Government Money Market Fund
	(Cost $1,662,721)		$	1,662,721
	TOTAL INVESTMENTS – 100.4%
	(Cost $14,255,482)		$	13,879,072
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%			(53,878	)
	NET ASSETS – 100.0%		$	13,825,194

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2013.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,583,964, which represents approximately 11.5% of net assets as of September 30, 2013.

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

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CNH	—Chinese Yuan Renminbi Offshore
CLP	—Chilean Peso
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NGN	—Nigerian Naira
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
CLICP	—Sinacofi Chile Interbank Rate
JIBAR	—Johannesburg Interbank Agreed Rate
KWCDC	—South Korean Won Certificate of Deposit
NR	—Not Rated
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America Securities LLC	CZK/EUR		12/18/13	$	35,181	$	12
	EUR/USD		12/18/13		69,010		871
	HUF/EUR		12/18/13		34,406		34
	PLN/USD		12/18/13		134,706		706
Barclays Bank PLC	EUR/USD		12/18/13		33,828		523
	HUF/EUR		12/18/13		33,828		178
	USD/MYR		10/11/13		59,612		388
	USD/PHP		10/17/13		17,146		354
BNP Paribas SA	HUF/USD		12/18/13		88,015		871
Citibank NA	EUR/USD		12/18/13		14,283		230
	PHP/USD		10/11/13		33,251		251
	RUB/USD		10/07/13		34,089		1,089
	USD/IDR		10/24/13		19,566		434
	USD/RUB		10/10/13		26,912		88
	USD/RUB		10/24/13		34,356		644
Credit Suisse International (London)	RUB/USD		10/10/13		133,995		3,995
	RUB/USD		10/17/13		37,836		1,177
	USD/PEN		10/17/13		5,696		8
	USD/RUB		10/17/13		66,782		218
Deutsche Bank AG (London)	ILS/USD		12/18/13		33,048		48
	KRW/USD		10/24/13		49,805		1,689
	MYR/USD		10/03/13		65,667		667
	RUB/USD		10/17/13		91,012		2,080
	TWD/USD		10/15/13		33,115		115
	USD/MXN		12/18/13		34,618		382
	USD/MYR		10/03/13		263,489		8
	USD/MYR		10/24/13		7,399		4
	USD/PEN		10/17/13		12,933		67
	USD/THB		10/31/13		75,520		31
HSBC Bank PLC	BRL/USD		10/17/13		76,262		990
	KRW/USD		10/23/13		33,169		169
	MYR/USD		10/03/13		99,629		1,629
	MYR/USD		10/11/13		65,981		981
	RUB/USD		10/17/13		45,109		1,109
	USD/MYR		10/24/13		7,392		11
	USD/TRY		12/18/13		18,036		186
	USD/ZAR		12/18/13		204,733		4,780
JPMorgan Securities, Inc.	BRL/USD		10/17/13		403,965		15,251
	HUF/USD		12/18/13		100,261		2,896
	JPY/USD		12/18/13		34,111		111
	PEN/USD		10/17/13		18,629		51
	RUB/USD		10/17/13		32,246		925
	USD/TRY		12/18/13		34,163		44
Morgan Stanley Capital Services, Inc.	BRL/USD		10/15/13		147,556		719
	HUF/EUR		12/18/13		33,828		187
	HUF/USD		12/18/13		75,541		1,296
	RUB/USD		10/15/13		67,058		1,058
	RUB/USD		10/17/13		91,012		2,105
	USD/MXN		12/18/13		67,870		1,130

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Royal Bank of Canada	BRL/USD		10/07/13	$	35,097	$	2,097
	BRL/USD		10/11/13		34,304		1,304
	BRL/USD		10/18/13		33,646		646
	MXN/USD		12/18/13		33,214		214
Standard Chartered Bank	SGD/USD		12/18/13		33,170		170
	USD/TRY		12/18/13		23,887		726
State Street Bank	MXN/USD		12/18/13		33,258		258
	RON/USD		12/18/13		32,991		996
	RUB/USD		10/07/13		34,190		1,190
	USD/MXN		12/18/13		67,469		531
	USD/TRY		12/18/13		28,388		484
	ZAR/USD		12/18/13		659,122		11,911
UBS AG (London)	BRL/USD		10/18/13		33,601		601
	MYR/USD		10/11/13		33,120		120
	PHP/USD		10/07/13		66,221		1,221
	PHP/USD		10/11/13		33,142		142
	TWD/USD		10/11/13		65,076		76
	USD/IDR		11/19/13		52,827		4,173
	USD/ZAR		12/18/13		41,138		862
Westpac Banking Corp.	AUD/USD		12/18/13		99,307		1,910
	USD/AUD		12/18/13		67,751		71
	USD/MYR		10/23/13		67,841		829
TOTAL						$	83,322

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	35,181	$	(59	)
	EUR/PLN		12/18/13		67,928		(948	)
	HUF/EUR		12/18/13		33,828		(185	)
	IDR/USD		10/24/13		124,435		(15,605	)
	MYR/USD		10/24/13		184,575		(4,626	)
	TRY/USD		12/18/13		66,196		(1,804	)
	USD/ILS		12/18/13		67,746		(747	)
	USD/MYR		10/03/13		33,295		(295	)
Barclays Bank PLC	MXN/USD		12/18/13		32,979		(1,021	)
	USD/MYR		10/24/13		7,395		(20	)
	USD/TRY		12/18/13		33,245		(245	)
	USD/ZAR		12/18/13		69,138		(138	)
	ZAR/USD		12/18/13		154,392		(1,608	)
BNP Paribas SA	RUB/USD		10/15/13		66,757		(1,176	)
Citibank NA	IDR/USD		10/07/13		19,397		(626	)
	MYR/USD		10/23/13		73,734		(2,266	)
	MYR/USD		10/24/13		92,274		(2,503	)
	PHP/USD		10/17/13		66,870		(130	)
	PHP/USD		10/24/13		122,129		(502	)
	RUB/USD		10/17/13		66,946		(54	)
	TRY/USD		12/18/13		32,877		(1,123	)
	USD/MXN		12/18/13		347,711		(2,101	)
	USD/MYR		10/03/13		33,214		(214	)

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Citibank NA (continued)	USD/MYR		10/18/13	$	69,137	$	(137	)
	USD/RUB		10/10/13		67,504		(1,504	)
	USD/RUB		10/21/13		34,009		(9	)
	USD/TRY		12/18/13		33,914		(914	)
Credit Suisse International (London)	CLP/USD		10/16/13		47,482		(98	)
	CLP/USD		10/25/13		34,415		(585	)
	RUB/USD		10/21/13		66,255		(1,745	)
	USD/COP		10/17/13		83,185		(1,943	)
	USD/JPY		12/18/13		65,581		(581	)
	USD/RUB		10/07/13		67,178		(2,178	)
	USD/RUB		10/15/13		33,340		(340	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		33,412		(12	)
	IDR/USD		10/24/13		25,167		(833	)
	ILS/USD		12/18/13		33,685		(315	)
	MXN/USD		12/18/13		31,520		(768	)
	MYR/USD		10/18/13		66,469		(531	)
	MYR/USD		10/23/13		32,884		(1,116	)
	MYR/USD		10/24/13		401,554		(2,751	)
	THB/USD		10/31/13		251,065		(2,648	)
	TRY/USD		12/18/13		90,322		(643	)
	USD/CNH		12/18/13		133,992		(30	)
	USD/CNH		01/08/14		119,533		(1,533	)
	USD/CZK		12/18/13		66,339		(1,552	)
	USD/PHP		10/17/13		17,014		(14	)
	USD/PLN		12/18/13		84,719		(1,290	)
	USD/RUB		10/15/13		18,149		(180	)
HSBC Bank PLC	BRL/USD		10/17/13		35,487		(248	)
	PLN/USD		12/18/13		99,427		(109	)
	RON/USD		12/18/13		53,760		(49	)
	USD/HUF		12/18/13		119,117		(2,809	)
	USD/IDR		10/24/13		28,461		(462	)
	USD/KRW		10/24/13		61,330		(3,470	)
	USD/MYR		10/03/13		26,432		(432	)
	USD/PHP		11/21/13		83,620		(297	)
	USD/PLN		12/18/13		27,283		(195	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		132,188		(1,812	)
	USD/EUR		12/18/13		35,181		(162	)
	USD/IDR		10/07/13		4,923		(48	)
	USD/RUB		10/15/13		15,186		(186	)
	USD/TRY		12/18/13		125,914		(1,679	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		34,043		(1,327	)
	USD/BRL		11/04/13		27,214		(214	)
	USD/COP		10/17/13		61,994		(1,058	)
Royal Bank of Canada	IDR/USD		10/24/13		124,435		(13,474	)
	USD/BRL		10/15/13		33,922		(922	)
	USD/BRL		10/17/13		59,295		(2,848	)
	USD/BRL		10/18/13		34,615		(615	)
Royal Bank of Scotland PLC	TRY/USD		12/18/13		218,035		(4,835	)
	USD/TRY		12/18/13		33,409		(409	)
Standard Chartered Bank	IDR/USD		10/24/13		52,016		(3,397	)
	MYR/USD		10/03/13		222,276		(6,686	)
	USD/SGD		12/18/13		17,212		(296	)

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Standard Chartered Bank (continued)	USD/TRY		12/18/13	$	172,176	$	(722	)
	ZAR/USD		12/18/13		32,614		(1,386	)
State Street Bank	JPY/USD		12/18/13		33,832		(168	)
	MXN/USD		12/18/13		189,366		(3,947	)
	USD/AUD		12/18/13		32,484		(258	)
	USD/COP		10/17/13		62,580		(658	)
	USD/JPY		12/18/13		33,626		(626	)
UBS AG (London)	RUB/USD		10/24/13		68,042		(958	)
	USD/BRL		10/07/13		34,877		(1,877	)
	USD/BRL		10/11/13		34,098		(1,098	)
	USD/IDR		10/07/13		23,679		(384	)
	USD/MYR		10/24/13		7,320		(20	)
	USD/ZAR		12/18/13		103,593		(593	)
	ZAR/USD		12/18/13		98,310		(1,690	)
Westpac Banking Corp.	USD/AUD		12/18/13		33,412		(175	)
	USD/EUR		12/18/13		69,010		(100	)
TOTAL						$	(124,945	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		2		December 2013	$	284,188		$	9,752
5 Year Treasury Notes		(1	)	December 2013		(121,047	)		(351	)
10 Year U.S. Treasury Notes		(8	)	December 2013		(1,011,125	)		(10,305	)
20 Year U.S. Treasury Bonds		(10	)	December 2013		(1,333,750	)		(18,799	)
TOTAL								$	(19,703	)

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Bank of America Securities, LLC		BRL	310			01/04/16	10.010%	1 month Brazilian Interbank Deposit Average	$	(2,012	)
Citibank NA		MXN	190			06/01/23	6.230	Mexico Interbank TIIE 28 Days		(359	)
		KRW	405,460			06/05/23	3 month KWCDC	3.040%		8,892
Deutsche Bank Securities, Inc.		BRL	480			01/04/16	10.347	1 month Brazilian Interbank Deposit Average		(1,999	)
			700			01/04/16	10.156	1 month Brazilian Interbank Deposit Average		(3,659	)
			2,650			01/04/16	9.280	1 month Brazilian Interbank Deposit Average		(31,601	)
		CLP	15,160			09/25/18	6 month CLICP	4.950		65
			28,180	(a)		10/01/18	6 month CLICP	4.990		24
		MXN	390			06/01/23	6.255	Mexico Interbank TIIE 28 Days		(677	)
		KRW	171,420			08/28/23	3 month KWCDC	3.588		(3,569	)
Morgan Stanley Capital Services, Inc.		BRL	540			01/04/16	10.190	1 month Brazilian Interbank Deposit Average		(2,671	)
		ZAR	6,350			07/23/20	7.490	3 month JIBAR		1,609
		KRW	175,320			07/11/23	3 month KWCDC	3.405		(1,287	)
TOTAL									$	(37,244	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – 59.1%
	Argentina – 1.3%
	Republic of Argentina (NR/NR)
EUR	2,923,974		7.820	%		12/31/33	$	2,472,312
$	332,319		8.280			12/31/33		207,699
	15,600,000		0.000	(a)		12/15/35		1,279,200
EUR	39,715,341		1.000	(a)		12/15/35		4,325,178
$	6,570,000		4.383	(a)		12/15/35		532,170
EUR	3,093,972		7.820			12/31/33		2,636,980
$	955,416		8.280			12/31/33		609,077
EUR	4,910,000		2.260	(b)		12/31/38		2,341,480
$	14,560,000		2.500	(b)		12/31/38		5,168,800
								19,572,896
	Armenia(c) – 0.2%
	Republic of Armenia (NR/Ba2)
	3,400,000		6.000			09/30/20		3,321,460
	Belarus – 0.3%
	Republic of Belarus (B-/B3)
	3,979,000		8.750			08/03/15		3,829,788
	310,000		8.950			01/26/18		290,625
								4,120,413
	Belize(b)(c) – 0.1%
	Government of Belize (B-/NR)
	2,446,500		5.000			02/20/38		1,492,365
	Bermuda(c) – 0.3%
	Bermuda Government Bond (AA-/Aa3)
	3,950,000		4.854			02/06/24		3,930,250
	Brazil – 0.8%
	Federal Republic of Brazil (A-/Baa2)
BRL	8,783,189		6.000			08/15/40		4,033,925
	14,459,903		6.000			08/15/50		6,568,414
	Federal Republic of Brazil (BBB/Baa2)
$	50,000		8.250			01/20/34		65,000
	1,350,000		5.625			01/07/41		1,346,625
								12,013,964
	Chile – 1.0%
	Republic of Chile (AA-/Aa3)
	5,501,000		3.250			09/14/21		5,437,378
	11,510,000		3.625			10/30/42		9,380,650
								14,818,028
	Colombia – 4.4%
	Republic of Colombia (BBB/Baa3)
	3,540,000		8.250			12/22/14		3,863,910
	3,368,000		7.375			01/27/17		3,923,720
	22,740,000		7.375			03/18/19		27,515,400
	9,540,000		2.625			03/15/23		8,419,050
	9,330,000		4.000			02/26/24		9,096,750
	440,000		8.125			05/21/24		570,900
	4,540,000		7.375			09/18/37		5,675,000
	8,167,000		6.125			01/18/41		8,902,030
								67,966,760
	Sovereign Debt Obligations – (continued)
	Costa Rica – 1.7%
	Republic of Costa Rica (BB/Baa3)
$	390,000		9.995	%		08/01/20	$	495,300
	2,820,000		4.250			01/26/23		2,509,800
	11,150,000		4.250	(c)		01/26/23		9,923,500
	4,710,000		4.375			04/30/25		4,097,700
	2,620,000		5.625			04/30/43		2,227,000
	8,140,000		5.625	(c)		04/30/43		6,919,000
								26,172,300
	Croatia – 0.1%
	Republic of Croatia (BB+/Ba1)
	1,780,000		6.375			03/24/21		1,833,400
	Dominican Republic – 3.0%
	Dominican Republic (NR/NR)
DOP	32,400,000		14.500			02/10/23		735,341
	11,200,000		18.500			02/04/28		296,645
	217,900,000		18.500	(c)		02/04/28		5,771,336
	Dominican Republic (B+/B1)
$	5,587,298		9.040			01/23/18		6,006,345
	3,320,000		7.500	(c)		05/06/21		3,552,400
	19,042,000		7.500			05/06/21		20,374,940
	7,420,000		5.875	(c)		04/18/24		6,852,528
	2,320,000		5.875			04/18/24		2,146,000
	680,000		8.625			04/20/27		748,000
								46,483,535
	Egypt – 0.6%
	Republic of Egypt (CCC+/Caa1)
	9,170,000		5.750			04/29/20		8,436,400
	990,000		6.875			04/30/40		806,850
								9,243,250
	Gabon – 0.7%
	Republic of Gabon (BB-/NR)
	8,930,000		8.200			12/12/17		10,023,925
	590,000		8.200	(c)		12/12/17		662,275
								10,686,200
	Ghana – 0.3%
	Republic of Ghana (B/NR)
	4,659,000		8.500			10/04/17		5,066,663
	Guatemala – 0.4%
	Republic of Guatemala (BB/Ba1)
	760,000		5.750			06/06/22		775,200
	3,300,000		5.750	(c)		06/06/22		3,366,000
	2,800,000		4.875	(c)		02/13/28		2,548,000
								6,689,200
	Honduras(c) – 0.9%
	Republic of Honduras (B/B2)
	15,950,000		7.500			03/15/24		13,238,500

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Hungary – 0.6%
	Hungary Government Bond (BB/Ba1)
EUR	2,950,000		4.375	%		07/04/17	$	4,007,471
$	1,910,000		5.375			02/21/23		1,852,700
	2,830,000		7.625			03/29/41		3,021,025
								8,881,196
	Indonesia – 4.2%
	Republic of Indonesia (BB+/Baa3)
	820,000		7.500			01/15/16		903,025
	5,750,000		11.625	(c)		03/04/19		7,640,313
	5,904,000		11.625			03/04/19		7,844,940
	9,470,000		5.875			03/13/20		9,955,337
	431,000		4.875			05/05/21		426,690
	9,770,000		3.750			04/25/22		8,768,575
	4,030,000		8.500			10/12/35		4,886,375
	3,440,000		6.625			02/17/37		3,483,000
	3,198,000		7.750	(c)		01/17/38		3,629,730
	15,014,000		7.750			01/17/38		17,040,890
								64,578,875
	Iraq – 0.7%
	Republic of Iraq (NR/NR)
	12,650,000		5.800			01/15/28		10,657,625
	Ivory Coast(b) – 2.0%
	Republic of Ivory Coast (NR/NR)
	36,135,000		5.750			12/31/32		31,437,450
	Malaysia – 0.3%
	Federation of Malaysia (A-/A3)
	5,060,000		4.646			07/06/21		5,362,175
	Mexico – 4.7%
	United Mexican States (A-/Baa1)
MXN	24,321,400		6.500			06/10/21		1,948,274
	4,864,200		8.000			12/07/23		428,401
	68,746,800		7.500			06/03/27		5,778,608
	10,713,200		8.500			05/31/29		958,874
	9,366,200		7.750			05/29/31		772,694
	982,900		10.000			11/20/36		99,039
	2,142,900		8.500			11/18/38		188,156
	35,460,700		7.750			11/13/42		2,876,102
	United Mexican States (BBB/Baa1)
$	10,570,000		5.875			01/15/14		10,723,265
	12,124,000		3.625			03/15/22		12,002,760
	4,640,000		4.000			10/02/23		4,653,702
	11,910,000		6.050			01/11/40		13,041,450
	21,140,000		4.750			03/08/44		19,131,700
								72,603,025
	Nigeria – 1.4%
	Republic of Nigeria (BB-/NR)
	1,500,000		6.375			07/12/23		1,526,250
	Nigeria Government Bond (BB-/NR)
	7,090,000		6.375	(c)		07/12/23		7,214,075
	Sovereign Debt Obligations – (continued)
	Nigeria – (continued)
	Republic of Nigeria (BB-/NR)
$	590,000		5.125	%		07/12/18	$	596,638
	10,040,000		6.750			01/28/21		10,717,700
	800,000		6.750	(c)		01/28/21		854,000
								20,908,663
	Pakistan – 0.3%
	Islamic Republic of Pakistan (B-/Caa1)
	1,070,000		6.875	(c)		06/01/17		1,029,875
	1,830,000		6.875			06/01/17		1,761,375
	2,900,000		7.875			03/31/36		2,341,750
								5,133,000
	Panama – 2.0%
	Republic of Panama (BBB/Baa2)
	4,758,000		8.875			09/30/27		6,566,040
	3,610,000		9.375	(d)		04/01/29		5,126,200
	14,930,000		6.700			01/26/36		17,169,500
	1,690,000		4.300			04/29/53		1,326,650
								30,188,390
	Paraguay – 0.8%
	Republic of Paraguay (BB-/Ba3)
	8,700,000		4.625	(c)		01/25/23		7,917,000
	4,740,000		4.625			01/25/23		4,313,400
								12,230,400
	Peru – 1.9%
	Republic of Peru (BBB+/Baa2)
	7,152,000		7.350			07/21/25		9,136,680
	7,554,000		8.750			11/21/33		10,839,990
	2,460,000		6.550			03/14/37		2,890,500
	5,900,000		5.625			11/18/50		6,077,000
								28,944,170
	Philippines – 1.0%
	Republic of Philippines (BBB-/Ba1)
	5,869,000		8.375			06/17/19		7,424,285
	4,410,000		6.500			01/20/20		5,181,750
	1,170,000		7.500			09/25/24		1,462,500
	1,200,000		7.750			01/14/31		1,564,500
	100,000		6.375			01/15/32		117,000
								15,750,035
	Romania – 1.1%
	Republic of Romania (BB+/Baa3)
EUR	1,687,000		6.500			06/18/18		2,554,076
$	4,720,000		6.750	(c)		02/07/22		5,357,200
	5,020,000		6.750			02/07/22		5,697,700
	3,330,000		4.375	(c)		08/22/23		3,188,475
								16,797,451
	Russia – 6.2%
	Russian Federation (BBB/Baa1)
	900,000		5.000			04/29/20		965,250
	20,000,000		4.500	(c)		04/04/22		20,400,000
	15,000,000		4.875	(c)		09/16/23		15,375,000

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Russia – (continued)
	Russian Federation Bond (BBB/Baa1)
$	25,400,000		3.500	%(c)		01/16/19	$	25,590,500
	27,691,950		7.500	(b)		03/31/30		32,676,501
								95,007,251
	Slovenia – 2.2%
	Republic of Slovenia (A-/Ba1)
	26,240,000		5.500	(c)		10/26/22		24,468,800
	5,730,000		5.500			10/26/22		5,343,225
	3,990,000		5.850	(c)		05/10/23		3,792,660
								33,604,685
	South Africa – 1.7%
	Republic of South Africa (BBB/Baa1)
	25,230,000		5.875			09/16/25		26,649,187
	Sri Lanka – 0.3%
	Republic of Sri Lanka (B+/NR)
	274,000		7.400			01/22/15		283,590
	540,000		7.400	(c)		01/22/15		558,900
	Republic of Sri Lanka (B+/B1)
	1,000,000		6.250			10/04/20		970,000
	200,000		6.250			07/27/21		191,000
	3,190,000		5.875			07/25/22		2,942,775
								4,946,265
	Turkey – 3.1%
	Hazine Mustesarligi Varlik Kiralama AS (NR/Baa3)
	4,068,000		2.803			03/26/18		3,813,750
	Republic of Turkey (NR/Baa3)
	1,440,000		4.875			04/16/43		1,191,600
	1,060,000		7.500			07/14/17		1,205,750
	10,040,000		7.000			03/11/19		11,320,100
	5,100,000		5.625			03/30/21		5,329,500
	1,250,000		6.250			09/26/22		1,342,188
	2,070,000		7.375			02/05/25		2,341,687
	610,000		8.000			02/14/34		730,475
	3,771,000		6.875			03/17/36		4,016,115
	6,510,000		7.250			03/05/38		7,250,512
	9,150,000		6.000			01/14/41		8,806,875
								47,348,552
	Ukraine – 2.0%
	Financing of Infrastructural Projects State Enterprise (NR/Caa1)
	2,930,000		9.000	(c)		12/07/17		2,461,200
	2,400,000		9.000			12/07/17		2,016,000
	2,030,000		7.400			04/20/18		1,599,574
	Ukraine Government Bond (B/Caa1)
	860,000		7.950			06/04/14		819,150
	5,080,000		6.250			06/17/16		4,368,800
	13,250,000		9.250			07/24/17		12,173,438
	2,460,000		7.750			09/23/20		2,091,000
	5,610,000		7.800			11/28/22		4,656,300
								30,185,462
	Sovereign Debt Obligations – (continued)
	Uruguay – 2.2%
	Republic of Uruguay (BBB-/Baa3)
$	13,548,707		4.500	%		08/14/24	$	13,804,449
	1,130,000		6.875			09/28/25		1,322,100
	14,586,000		7.625			03/21/36		18,524,220
								33,650,769
	Venezuela – 2.9%
	Republic of Venezuela (B/B2)
	1,170,000		13.625			08/15/18		1,307,475
	1,830,000		7.750			10/13/19		1,518,900
	4,781,000		6.000			12/09/20		3,442,320
	1,630,000		12.750			08/23/22		1,617,775
	14,560,000		9.000			05/07/23		11,684,400
	25,090,000		8.250			10/13/24		18,692,050
	2,050,000		7.650			04/21/25		1,465,750
	160,000		9.250			05/07/28		125,200
	4,630,000		11.950			08/05/31		4,259,600
								44,113,470
	Vietnam – 0.5%
	Socialist Republic of Vietnam (BB-/B2)
	4,310,000		6.875			01/15/16		4,568,600
	2,720,000		6.750			01/29/20		2,896,800
								7,465,400
	Zambia – 0.9%
	Republic of Zambia (B+/NR)
	3,030,000		5.375	(c)		09/20/22		2,643,675
	13,741,000		5.375			09/20/22		11,989,023
								14,632,698
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $941,892,038)						$	907,725,378
	Foreign Debt Obligations – 1.3%
	Supranational – 1.3%
	Corporacion Andina de Fomento (AA-/Aa3)
$	10,149,000		3.750	%		01/15/16	$	10,643,083
	9,664,000		4.375			06/15/22		9,664,000
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $20,154,157)						$	20,307,083
	Corporate Obligations – 31.8%
	Australia(c) – 0.9%
	CNOOC Curtis Funding No. 1 Pty Ltd. (NR/Aa3)
$	13,250,000		4.500	%		10/03/23	$	13,351,919
	Azerbaijan – 0.3%
	State Oil Company of the Azerbaijan Republic (BB+/Ba1)
	5,000,000		5.450			02/09/17		5,287,500

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Brazil – 2.1%
	Banco do Estado do Rio Grande do Sul SA (NR/Ba1)
$	7,920,000		7.375	%(c)		02/02/22	$	7,836,499
	1,720,000		7.375			02/02/22		1,700,457
	Brazil Minas SPE via State of Minas Gerais (BBB/NR)(c)
	15,720,000		5.333			02/15/28		15,091,200
	Companhia Energetica de Sao Paulo (NR/Ba1)
BRL	2,597,349		9.750			01/15/15		1,165,686
	Independencia International Ltd. (NR/NR)(c)(e)
$	1,277,436		12.000			12/30/16		—
	Raizen Energy Finance Ltd. (BBB/Baa3)(f)
	5,458,000		9.500			08/15/14		5,771,682
	450,000		7.000			02/01/17		500,625
								32,066,149
	British Virgin Islands – 0.6%
	CNOOC Finance 2013 Ltd. (AA-/Aa3)(f)
	1,950,000		3.000			05/09/23		1,737,548
	PCCW Capital No 4 Ltd. (NR/NR)
	1,930,000		5.750			04/17/22		1,942,757
	Sparkle Assets Ltd. (BB+/B1)(f)
	2,840,000		6.875			01/30/20		2,641,200
	Yingde Gases Investment Ltd. (BB-/Ba3)(c)(f)
	2,227,000		8.125			04/22/18		2,227,000
								8,548,505
	Canada – 0.8%
	Pacific Rubiales Energy Corp. (BB+/Ba2)(c)(f)
	4,580,000		5.125			03/28/23		4,170,518
	PTT Exploration and Production Public Co. Ltd. (BBB+/Baa1)
	1,009,000		5.692			04/05/21		1,074,908
	PTTEP Canada International Finance Ltd. (BBB+/Baa1)
	3,080,000		5.692	(c)		04/05/21		3,284,050
	1,150,000		6.350	(c)		06/12/42		1,183,540
	2,130,000		6.350			06/12/42		2,201,334
								11,914,350
	Chile – 2.4%
	AES Gener SA (BBB-/Baa3)(f)
	1,320,000		5.250	(c)		08/15/21		1,339,536
	6,509,000		5.250			08/15/21		6,633,404
	Automotores Gildemeister SA (NR/Ba3)(f)
	1,960,000		8.250			05/24/21		1,691,955
	280,000		6.750			01/15/23		217,844
	Banco de Credito e Inversiones (A/A1)(f)
	10,520,000		3.000	(c)		09/13/17		10,386,608
	1,030,000		3.000			09/13/17		1,016,905
	Banco del Estado de Chile(f)
	4,670,000		4.125	(c)		10/07/20		4,745,443
	2,340,000		3.875	(c)		02/08/22		2,277,371
	1,510,000		3.875			02/08/22		1,469,222
	CFR International SpA (BB+/NR)(f)
	2,180,000		5.125			12/06/22		1,984,248
	E.CL SA (BBB-/NR)
	2,490,000		5.625	(c)		01/15/21		2,523,654
	430,000		5.625			01/15/21		435,450
	Corporate Obligations – (continued)
	Chile – (continued)
	Embotelladora Andina SA (BBB/NR)(c)
$	1,500,000		5.000	%		10/01/23	$	1,506,566
								36,228,206
	Colombia – 2.2%
	Banco de Bogota SA (BBB-/Baa2)(f)
	1,450,000		5.000	(c)		01/15/17		1,503,196
	5,314,000		5.000			01/15/17		5,507,396
	Bancolombia SA (NR/Ba1)
	1,970,000		6.125			07/26/20		2,011,370
	Bancolombia SA (NR/Baa2)
	3,520,000		5.950			06/03/21		3,594,166
	Ecopetrol SA (BBB/Baa2)
	2,170,000		5.875			09/18/23		2,266,919
	1,470,000		7.375			09/18/43		1,591,619
	Empresa de Energia de Bogota SA (BB+/Baa3)(f)
	4,100,000		6.125	(c)		11/10/21		4,196,137
	4,427,000		6.125			11/10/21		4,526,887
	Empresas Publicas de Medellin ESP (NR/Baa3)(f)
	3,039,000		7.625			07/29/19		3,511,640
	Transportadora de Gas Internacional SA (BBB-/Baa3)(f)
	2,240,000		5.700			03/20/22		2,258,970
	Transportadora de Gas Internacional SA ESP (BBB-/Baa3)(c)(f)
	3,250,000		5.700			03/20/22		3,279,498
								34,247,798
	Costa Rica(c) – 0.5%
	Banco de Costa Rica (NR/Baa3)
	5,820,000		5.250			08/12/18		5,878,200
	Instituto Costarricense de Electricidad (NR/Baa3)
	1,940,000		6.375			05/15/43		1,658,700
								7,536,900
	Croatia(c) – 0.1%
	Hrvatska Elektroprivreda (BB-/Ba2)
	2,290,000		6.000			11/09/17		2,335,800
	Guatemala(f) – 0.3%
	Central American Bottling Corp. (BB/Ba2)
	2,560,000		6.750	(c)		02/09/22		2,670,863
	1,274,000		6.750			02/09/22		1,325,493
								3,996,356
	Hong Kong – 0.9%
	China Oil & Gas Group Ltd. (BB+/Ba1)(c)(f)
	2,140,000		5.250			04/25/18		2,065,100
	Hainan Airlines Hong Kong Co. Ltd. (A/A1)(f)
	3,000,000		3.625			02/07/20		2,872,233
	Metropolitan Light International Ltd. (NR/NR)(f)
	4,080,000		5.250			01/17/18		4,018,800
	Sun Hung Kai Properties Capital Market Ltd. (A+/A1)
	4,740,000		4.500			02/14/22		4,788,869
								13,745,002

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Indonesia(c) – 0.8%
	Pertamina Persero PT (BB+/Baa3)
$	10,970,000		5.625	%		05/20/43	$	8,584,025
	Republic of Indonesia (BB+/Baa3)
	3,000,000		6.125			03/15/19		3,101,250
								11,685,275
	Ireland – 2.3%
	AHML Finance Ltd. (BBB/Baa1)(c)
RUB	103,900,000		7.750			02/13/18		3,118,138
	EDC Finance Ltd. (BB+/NR)(c)
$	3,640,000		4.875			04/17/20		3,476,200
	MTS International Funding Ltd. (BB+/Ba2)
	7,880,000		8.625			06/22/20		9,170,350
	Phosagro OAO via Phosagro Bond Funding Ltd. (NR/Baa3)(c)
	3,830,000		4.204			02/13/18		3,762,975
	Rosneft Oil Co. via Rosneft International Finance Ltd. (BBB/Baa1)(c)
	3,430,000		4.199			03/06/22		3,159,888
	Sibur Securities Ltd. (NR/Ba1)(c)
	5,900,000		3.914			01/31/18		5,619,750
	Uralkali OJSC via Uralkali Finance Ltd. (NR/Baa3)(c)
	4,300,000		3.723			04/30/18		4,106,500
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB/Ba3)
	270,000		9.125			04/30/18		312,525
	1,850,000		7.748	(c)		02/02/21		1,984,125
								34,710,451
	Israel(c) – 0.0%
	Israel Electric Corp. Ltd. (BB+/Baa3)
	730,000		5.625			06/21/18		754,638
	Kazakhstan – 2.4%
	Kazakhstan Temir Zholy Finance BV (BBB-/Baa3)
	1,200,000		6.950	(c)		07/10/42		1,212,000
	200,000		6.950			07/10/42		202,000
	Kazatomprom (NR/Baa3)
	700,000		6.250	(c)		05/20/15		738,500
	1,780,000		6.250			05/20/15		1,877,900
	KazMunaiGaz Finance Sub BV (BBB-/Baa3)
	2,100,000		11.750	(c)		01/23/15		2,346,750
	2,620,000		11.750			01/23/15		2,927,850
	KazMunayGas National Co. (BBB-/Baa3)
	950,000		9.125			07/02/18		1,160,188
	1,726,000		7.000			05/05/20		1,948,222
	1,530,000		6.375	(c)		04/09/21		1,667,700
	25,710,000		5.750	(c)		04/30/43		22,624,800
								36,705,910
	Luxembourg – 2.5%
	Andrade Gutierrez International SA (NR/Ba1)(c)(f)
	2,340,000		4.000			04/30/18		2,206,638
	BC Luxco 1 SA (NR/Ba3)(f)
	2,380,000		7.375			01/29/20		2,243,150
	GPN Capital SA for Gazprom (BBB-/Baa3)(c)
	3,910,000		4.375			09/19/22		3,597,200
	Corporate Obligations – (continued)
	Luxembourg – (continued)
	Millicom International Cellular SA (NR/Ba2)(c)(f)
$	3,340,000		4.750	%		05/22/20	$	3,148,181
	Offshore Drilling Holding SA (BB/NR)(c)(f)
	5,180,000		8.375			09/20/20		5,240,147
	SB Capital SA (NR/Baa1)
	800,000		5.717			06/16/21		824,000
	TNK-BP Finance SA (BBB/Baa2)
	1,869,000		7.500			07/18/16		2,093,280
	1,180,000		6.625	(c)		03/20/17		1,299,475
	3,000,000		6.625			03/20/17		3,303,750
	7,150,000		7.875			03/13/18		8,267,187
	2,840,000		7.250			02/02/20		3,202,100
	Wind Acquisition Finance SA (B/B3)(f)
	1,040,000		11.750	(c)		07/15/17		1,106,300
	1,000,000		11.750			07/15/17		1,061,250
	Wind Acquisition Holdings Finance SA (B-/Caa1)(f)(g)
EUR	1,140,000		12.250			07/15/17		1,530,683
								39,123,341
	Mexico – 2.2%
	GEO Maquinaria (CC/NR)(f)
$	385,750		9.625	(c)		05/02/21		135,012
	501,475		9.625			05/02/21		175,516
	Grupo Cementos de Chihuahua SAB de CV (B/NR)(c)(f)
	710,000		8.125			02/08/20		739,036
	Grupo KUO SAB de CV (BB/NR)(c)(f)
	1,640,000		6.250			12/04/22		1,584,307
	Metalsa SA de CV (BB+/NR)(c)
	4,130,000		4.900			04/24/23		3,786,082
	Pemex Project Funding Master Trust (BBB/Baa1)(f)
	4,490,000		6.625			06/15/35		4,759,400
	Petroleos Mexicanos (BBB/Baa1)
	4,780,000		3.500			07/18/18		4,851,700
	512,000		8.000	(f)		05/03/19		619,520
	3,530,000		5.500	(f)		01/21/21		3,785,925
	2,020,000		4.875	(f)		01/24/22		2,065,258
	8,920,000		4.875			01/18/24		8,986,900
	628,000		6.500	(f)		06/02/41		651,550
	610,000		5.500			06/27/44		555,100
	Tenedora Nemak SA de CV (BB+/Ba2)(c)(f)
	1,510,000		5.500			02/28/23		1,424,227
								34,119,533
	Netherlands – 2.2%
	Ajecorp BV (BB/NR)(f)
	1,700,000		6.500	(c)		05/14/22		1,653,792
	3,650,000		6.500			05/14/22		3,549,597
	Arcos Dorados Holdings, Inc. (NR/Ba2)(f)
	3,934,000		7.500			10/01/19		4,191,616
	Bharti Airtel International Netherlands BV (BB+/NR)(c)
	4,254,000		5.125			03/11/23		3,786,060
	Listrindo Capital BV (BB-/Ba2)(f)
	1,290,000		6.950	(c)		02/21/19		1,325,440
	3,560,000		6.950			02/21/19		3,613,400

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Netherlands – (continued)
	Lukoil International Finance BV (BBB/Baa2)(f)
$	1,270,000		7.250	%		11/05/19	$	1,441,450
	860,000		6.125			11/09/20		916,975
	880,000		4.563			04/24/23		818,400
	1,300,000		4.563	(c)		04/24/23		1,209,000
	Marfrig Holding Europe BV (B/B2)(c)(f)
	2,100,000		11.250			09/20/21		2,068,500
	Myriad International Holdings BV (NR/Baa3)(c)
	1,070,000		6.000			07/18/20		1,134,200
	Republic of Angola Via Northern Lights III BV (BB-/Ba3)
	3,390,000		7.000			08/16/19		3,635,775
	VimpelCom Holdings BV (BB/Ba3)
	490,000		7.504	(c)		03/01/22		514,500
	1,800,000		7.504			03/01/22		1,890,000
	2,700,000		5.950	(c)		02/13/23		2,538,000
								34,286,705
	Paraguay(f) – 0.4%
	Banco Continental SAECA (BB-/Ba2)
	150,000		8.875			10/15/17		159,030
	1,900,000		8.875	(c)		10/15/17		2,014,000
	Telefonica Celular del Paraguay SA (NR/Ba3)
	4,420,000		6.750			12/13/22		4,398,698
								6,571,728
	Peru – 0.8%
	Banco de Credito del Peru (BBB/Ba1)(a)(c)(f)
	3,380,000		6.125			04/24/27		3,323,043
	Corp Financiera de Desarrollo SA (BBB+/NR)
	1,339,000		4.750	(c)		02/08/22		1,296,878
	4,208,000		4.750			02/08/22		4,071,889
	Corp Lindley S.A. (BB+/NR)(c)
	880,000		6.750			11/23/21		924,734
	1,500,000		4.625			04/12/23		1,354,506
	Corp. Lindley S.A. (BB+/NR)
	2,030,000		6.750			11/23/21		2,131,481
								13,102,531
	Philippines – 0.3%
	Development Bank of Philippines (BBB-/NR)
	1,610,000		5.500			03/25/21		1,658,300
	Energy Development Corp. (NR/NR)
	2,525,000		6.500			01/20/21		2,600,750
								4,259,050
	South Africa – 0.7%
	Eskom Holdings SOC Ltd. (BBB/Baa3)(c)
	6,500,000		6.750			08/06/23		6,678,750
	Peermont Proprietary Global Ltd. (CCC/Caa1)(f)
EUR	3,000,000		7.750			04/30/14		4,017,966
								10,696,716
	Sri Lanka(c) – 0.3%
	National Savings Bank (B+/NR)
	5,020,000		8.875			09/18/18		5,169,094
	Corporate Obligations – (continued)
	Turkey – 1.1%
	Anadolu Efes Biracilik ve Malt Sanayii AS (BBB-/Baa3)(c)
$	3,980,000		3.375	%		11/01/22	$	3,223,800
	Coca-Cola Icecek AS (NR/Baa3)(c)
	3,770,000		4.750			10/01/18		3,751,559
	Export Credit Bank of Turkey (BB+/Baa3)
	270,000		5.375	(c)		11/04/16		280,125
	2,240,000		5.375			11/04/16		2,324,000
	Turkiye Vakiflar Bankasi Tao (NR/Baa2)(c)
	7,160,000		3.750			04/15/18		6,640,900
								16,220,384
	Ukraine – 0.3%
	Financing of Infrastructural Projects State Enterprise (NR/Caa1)
	4,990,000		8.375			11/03/17		4,141,700
	United Arab Emirates – 1.6%
	ADCB Finance Cayman Ltd. (A-/NR)
	5,920,000		4.500			03/06/23		5,573,680
	Dolphin Energy Ltd. (NR/A1)
	2,596,109		5.888	(f)		06/15/19		2,836,249
	3,350,000		5.500			12/15/21		3,651,500
	Dubai Holding Commercial Operations MTN Ltd. (NR/B2)
EUR	1,050,000		4.750			01/30/14		1,414,811
GBP	1,450,000		6.000			02/01/17		2,367,360
	National Bank of Abu Dhabi (A+/Aa3)
$	1,530,000		3.000			08/13/19		1,503,225
	Ruwais Power Co. PJSC (A-/A3)(c)
	7,650,000		6.000			08/31/36		7,898,625
								25,245,450
	United Kingdom – 0.5%
	State Export-Import Bank of Ukraine JSC via Biz Finance PLC (NR/Caa1)
	3,910,000		8.750			01/22/18		3,128,000
	Vedanta Resources PLC (BB/Ba3)(c)
	4,460,000		7.125			05/31/23		4,151,780
								7,279,780
	United States(c) – 0.9%
	Brazil Loan Trust 1 (BBB/NR)
	13,430,000		5.477			07/24/23		13,631,450
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)(f)(g)
	750,000		10.625			05/01/19		748,125
								14,379,575
	Venezuela – 1.4%
	Petroleos de Venezuela SA (B/NR)
	8,841,900		5.250			04/12/17		7,029,310
	14,960,000		9.000			11/17/21		12,155,000
	3,720,000		5.375			04/12/27		2,139,000
	310,000		5.500			04/12/37		172,825
								21,496,135
	TOTAL CORPORATE OBLIGATIONS
	(Cost $509,452,864)						$	489,206,481

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Structured Notes – 1.0%
	Brazil – 1.0%
	Notas do Tesouro Nacional (Issuer Deutsche Bank AG (London)) (NR/NR)
BRL	1,797,000		6.000	%		04/12/14	$	1,906,919
	3,445,000		6.000			04/15/14		3,655,724
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.) (NR/NR)
	22,420,246		6.000			08/15/40		10,297,123
	TOTAL STRUCTURED NOTES
	(Cost $21,168,067)						$	15,859,766
	U.S. Treasury Obligations – 2.9%
	United States – 2.9%
	United States Treasury Bond
$	15,300,000		3.625	%		08/15/43	$	15,124,356
	United States Treasury Notes
	24,500,000		2.125			08/31/20		24,717,070
	5,400,000		2.000			09/30/20		5,394,330
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $44,500,094)						$	45,235,756

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost $1,537,167,220)	$	1,478,334,464

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 0.6%
	Certificate of Deposit – 0.3%
	Banco Del Estado De Chile (NR/NR)
$	4,700,000		0.180	%		10/28/13	$	4,700,000
	Repurchase Agreement(h) – 0.3%
	Joint Repurchase Agreement Account II
	4,100,000		0.083			10/01/13		4,100,000
	TOTAL SHORT-TERM INVESTMENTS – 0.6%
	(Cost $8,800,000)						$	8,800,000
	TOTAL INVESTMENTS – 96.7%
	(Cost $1,545,967,220)						$	1,487,134,464
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.3%							50,135,074
	NET ASSETS – 100.0%						$	1,537,269,538

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 September 30, 2013.
(b)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2013.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $453,051,120, which represents approximately 29.5% of net assets as of September 30, 2013.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2013.
(e)	Security is currently in default and/or non-income producing.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Pay-in-kind securities.
(h)	Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 117.

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

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
PHP	—Philippine Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
MTN	—Medium Term Note
NR	—Not Rated
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America Securities LLC	CZK/EUR		12/18/13	$	3,006,656	$	1,016
	EUR/USD		12/18/13		6,001,134		76,403
	HUF/EUR		12/18/13		4,047,807		4,042
	PLN/USD		12/18/13		11,761,618		61,618
Barclays Bank PLC	EUR/USD		12/18/13		2,955,237		45,671
	HUF/EUR		12/18/13		2,963,356		15,559
	USD/MYR		10/11/13		5,868,788		38,212
	USD/PHP		10/17/13		1,477,971		30,529
Citibank NA	MXN/USD		12/18/13		16,365,184		103,050
	PHP/USD		10/11/13		2,887,761		21,761
	RUB/USD		10/07/13		2,999,802		95,802
	USD/IDR		10/24/13		2,852,663		63,337
	USD/RUB		10/10/13		2,930,385		9,615
	USD/RUB		10/24/13		2,961,525		55,475
Credit Suisse International (London)	RUB/USD		10/07/13		3,008,797		104,797
	RUB/USD		10/10/13		11,978,110		357,110
	RUB/USD		10/17/13		15,972,860		450,150
	USD/RUB		10/17/13		5,830,972		19,028
Deutsche Bank AG (London)	EUR/USD		10/25/13		2,270,864		7,825
	ILS/USD		12/18/13		2,929,268		4,268
	MYR/USD		10/03/13		5,901,906		59,906
	TWD/USD		10/15/13		2,918,145		10,145
	USD/MXN		10/30/13		5,447,498		104,882
	USD/MXN		12/18/13		2,959,359		32,641
HSBC Bank PLC	BRL/USD		10/17/13		3,052,468		39,640
	KRW/USD		10/23/13		2,939,973		14,973
	MYR/USD		10/03/13		5,351,522		87,522
	MYR/USD		10/11/13		5,897,662		87,662
JPMorgan Securities, Inc.	JPY/USD		12/18/13		2,999,789		9,789
	USD/TRY		12/18/13		2,237,696		2,861
Morgan Stanley Capital Services, Inc.	HUF/EUR		12/18/13		2,963,356		16,342
	RUB/USD		10/15/13		5,908,236		93,236
	TRY/USD		10/21/13		14,548,195		50,456
	USD/MXN		12/18/13		5,933,181		98,819
Royal Bank of Canada	BRL/USD		10/07/13		3,088,518		184,518
	BRL/USD		10/11/13		3,019,805		114,805
	BRL/USD		10/18/13		2,982,220		57,220
	MXN/USD		12/18/13		2,923,878		18,878
Royal Bank of Scotland PLC	USD/TRY		10/21/13		13,614,492		81,341
Standard Chartered Bank	SGD/USD		12/18/13		2,940,091		15,091
	USD/IDR		10/24/13		453,139		29,590
State Street Bank	MXN/USD		12/18/13		2,927,708		22,708
	USD/MXN		12/18/13		5,860,897		46,103
UBS AG (London)	BRL/USD		10/18/13		2,978,266		53,266
	MYR/USD		10/11/13		2,915,589		10,589
	PHP/USD		10/07/13		5,917,095		109,095
	PHP/USD		10/11/13		2,920,553		12,553
	TWD/USD		10/11/13		5,816,762		6,762

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
UBS AG (London) (continued)	USD/IDR		11/19/13	$	5,574,982	$	437,018
	USD/ZAR		12/18/13		5,785,799		121,201
Westpac Banking Corp.	AUD/USD		12/18/13		8,888,427		170,761
	USD/AUD		12/18/13		5,907,365		6,135
	USD/MYR		10/23/13		5,760,574		70,384
TOTAL						$	3,842,160

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	3,009,362	$	(5,100	)
	EUR/PLN		12/18/13		6,038,730		(84,279	)
	HUF/EUR		12/18/13		2,970,121		(16,285	)
	TRY/USD		12/18/13		5,750,268		(156,732	)
	USD/MYR		10/03/13		2,943,037		(26,037	)
Barclays Bank PLC	MXN/USD		12/18/13		2,864,333		(88,667	)
	USD/TRY		12/18/13		2,929,551		(21,551	)
	USD/ZAR		12/18/13		5,842,691		(11,691	)
	ZAR/USD		12/18/13		12,079,199		(110,802	)
BNP Paribas SA	RUB/USD		10/15/13		6,002,218		(105,696	)
Citibank NA	MYR/USD		10/23/13		6,219,874		(191,126	)
	PHP/USD		10/17/13		5,838,687		(11,313	)
	RUB/USD		10/17/13		5,845,261		(4,739	)
	TRY/USD		12/18/13		2,848,653		(97,347	)
	USD/EUR		12/18/13		3,856,422		(61,946	)
	USD/MXN		12/18/13		2,874,366		(10,366	)
	USD/MYR		10/03/13		2,935,879		(18,879	)
	USD/MYR		10/18/13		5,432,800		(10,800	)
	USD/RUB		10/10/13		5,900,581		(131,581	)
	USD/RUB		10/21/13		3,012,796		(796	)
	USD/TRY		12/18/13		2,977,201		(80,201	)
Credit Suisse International (London)	CLP/USD		10/16/13		3,183,101		(6,519	)
	CLP/USD		10/25/13		2,966,558		(50,442	)
	RUB/USD		10/21/13		5,794,353		(152,647	)
	USD/JPY		12/18/13		5,836,680		(51,680	)
	USD/RUB		10/07/13		5,680,122		(184,122	)
	USD/RUB		10/15/13		2,936,970		(29,970	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		2,905,885		(1,092	)
	ILS/USD		12/18/13		2,945,495		(27,505	)
	MXN/USD		10/30/13		3,535,504		(86,113	)
	MYR/USD		10/18/13		5,803,657		(46,343	)
	MYR/USD		10/23/13		2,850,305		(96,695	)
	USD/CNH		12/18/13		11,008,978		(2,475	)
	USD/CNH		01/08/14		12,260,234		(157,234	)
	USD/KRW		10/24/13		1,424,638		(48,299	)
	USD/MXN		10/30/13		3,460,763		(32,439	)
	USD/PHP		10/17/13		1,507,218		(1,218	)
	USD/PLN		12/18/13		6,546,827		(99,668	)
	USD/RUB		10/15/13		1,599,292		(15,886	)
	USD/RUB		10/17/13		9,609,902		(219,594	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell		Settlement Date		Current Value		Unrealized Loss
HSBC Bank PLC		USD/MYR		10/03/13	$	2,945,137	$	(48,137	)
JPMorgan Securities, Inc.		MXN/USD		12/18/13		11,541,798		(158,202	)
		USD/BRL		10/17/13		15,579,261		(588,153	)
		USD/EUR		10/25/13		19,511,275		(409,093	)
		USD/EUR		12/18/13		3,028,306		(13,977	)
		USD/HUF		12/18/13		12,964,298		(374,419	)
		USD/IDR		10/07/13		441,894		(4,269	)
		USD/MXN		10/30/13		20,714,209		(9,622	)
		USD/RUB		10/15/13		1,346,516		(16,516	)
		USD/TRY		12/18/13		10,012,768		(150,814	)
Morgan Stanley Capital Services, Inc.		MXN/JPY		12/18/13		2,988,983		(116,468	)
		USD/BRL		10/15/13		6,998,763		(34,119	)
		USD/BRL		11/04/13		3,035,857		(23,857	)
		USD/ILS		12/18/13		5,770,688		(66,351	)
		USD/RUB		10/17/13		9,609,902		(222,275	)
Royal Bank of Canada		USD/BRL		10/15/13		2,988,200		(81,200	)
		USD/BRL		10/18/13		3,006,391		(53,391	)
		USD/GBP		10/24/13		2,468,312		(58,743	)
Royal Bank of Scotland PLC		TRY/USD		12/18/13		18,331,044		(464,616	)
		USD/TRY		12/18/13		2,952,117		(36,117	)
Standard Chartered Bank		USD/SGD		12/18/13		2,805,263		(48,290	)
		USD/TRY		12/18/13		9,626,211		(40,346	)
		ZAR/USD		12/18/13		2,851,812		(121,188	)
State Street Bank		JPY/USD		12/18/13		2,997,134		(14,866	)
		MXN/USD		12/18/13		5,772,165		(134,835	)
		USD/AUD		12/18/13		2,868,761		(22,754	)
		USD/CZK		12/18/13		5,954,960		(127,286	)
		USD/JPY		12/18/13		2,918,359		(54,359	)
UBS AG (London)		RUB/USD		10/24/13		5,950,209		(83,791	)
		USD/BRL		10/07/13		3,061,776		(164,776)
		USD/BRL		10/11/13		3,001,638		(96,638	)
		USD/IDR		10/07/13		2,078,694		(33,702	)
		USD/ZAR		12/18/13		9,044,507		(51,507	)
		ZAR/USD		12/18/13		8,618,144		(147,856	)
Westpac Banking Corp.		USD/AUD		12/18/13		2,889,180		(15,105	)
		USD/EUR		12/18/13		5,438,231		(7,879	)
TOTAL							$	(6,651,392	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		87		December 2013	$	12,362,156		$	440,339
2 Year U.S. Treasury Notes		156		December 2013		34,361,438			86,377
5 Year U.S. Treasury Notes		236		December 2013		28,567,062			123,497
10 Year U.S. Treasury Notes		(69	)	December 2013		(8,720,953	)		(175	)
20 Year U.S. Treasury Bonds		(697	)	December 2013		(92,962,375	)		(1,282,236	)
TOTAL								$	(632,198	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
Counterparty	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Unrealized Gain (Loss)*
Bank of America Securities LLC	BRL	5,340		01/04/16	8.010%	1 month Brazilian Interbank Deposit Average	$	(118,634	)
		82,240		01/04/16	8.090	1 month Brazilian Interbank Deposit Average		(1,759,029	)
	MXN	40,240		05/31/23	6.650	Mexico Interbank TIIE 28 Days		29,067
Barclays Bank PLC	KRW	1,000,000		08/09/23	3 month KWCDC	3.440%		(9,478	)
	MYR	6,800		08/14/23	3 month KLIBOR	4.485		(59,913	)
Citibank NA		18,970		09/18/18	3 month KLIBOR	3.830		(34,278	)
		11,920		09/24/18	3 month KLIBOR	3.785		(486	)
	KRW	12,731,400		08/08/23	3 month KWCDC	3.450		(131,163	)
		2,069,140		08/16/23	3 month KWCDC	3.485		(26,682	)
		2,648,200		08/21/23	3 month KWCDC	3.625		(63,432	)
Credit Suisse International (London)	BRL	3,740		01/04/16	8.130	1 month Brazilian Interbank Deposit Average		(78,590	)
		69,100		01/04/16	9.925	1 month Brazilian Interbank Deposit Average		(498,799	)
Deutsche Bank Securities, Inc.		29,070		01/04/16	10.347	1 month Brazilian Interbank Deposit Average		(121,072	)
	MYR	19,420		09/13/18	3 month KLIBOR	3.920		(60,893	)
	KRW	21,700,000	(a)	12/21/22	3 month KWCDC	3.390		188,015
		1,400,000	(a)	01/08/23	3 month KWCDC	3.390		12,310
	MYR	5,830		08/14/23	3 month KLIBOR	4.490		(52,145	)
	KRW	3,676,760		09/06/23	3 month KWCDC	3.570		(70,378	)
JPMorgan Securities, Inc.		3,387,950		08/14/23	3 month KWCDC	3.415		(24,974	)
	MYR	6,450		08/15/23	3 month KLIBOR	4.520		(62,766	)
	KRW	2,607,840		08/21/23	3 month KWCDC	3.563		(49,555	)
	MYR	9,260		09/26/23	3 month KLIBOR	4.330		(1,777	)
Morgan Stanley Capital Services, Inc.	PLN	37,710	(a)	09/02/15	3.670	3 month WIBOR		24,994
	BRL	4,340		01/04/16	8.140	1 month Brazilian Interbank Deposit Average		(90,736	)
		35,410		01/04/16	10.190	1 month Brazilian Interbank Deposit Average		(175,133	)
	KRW	6,983,920	(a)	12/11/22	3 month KWCDC	3.260		94,076
		18,128,470	(a)	12/12/22	3 month KWCDC	3.290		223,835
		18,128,470	(a)	12/13/22	3 month KWCDC	3.300		217,111
		33,000,000	(a)	01/09/23	3 month KWCDC	3.380		302,494
		2,022,340		08/16/23	3 month KWCDC	3.485		(26,078	)
TOTAL							$	(2,424,089	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

					Rates Exchanged		Market Value
		Notional Amount (000s)	Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)		Unrealized Gain (Loss)
	PLN	26,360(a)		08/31/15	3.670%	6 month WIBOR	$	19	$	16,791
		61,360(a)		09/01/15	3.690	6 month WIBOR		43		41,887
		21,120		08/07/18	6 month WIBOR	3.650%		32		33,402
TOTAL							$	94	$	92,080

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America Securities LLC	Russian Federation, 7.500%, 03/31/30	$	8,500		1.000	%		09/20/18		1.721	%	$	(418,427	)	$	131,767
Deutsche Bank Securities, Inc.	Federal Republic of Brazil, 12.250%, 03/06/30		13,700		1.000			09/20/18		2.171			(1,356,718	)		63,301
	Federal Republic of Brazil, 12.250%, 03/06/30		3,400		1.000			09/20/23		2.183			(333,603	)		6,818
	United Mexican States, 5.950%, 03/19/19		3,000		1.000			09/20/23		1.661			(189,582	)		23,598
TOTAL												$	(2,298,330	)	$	225,484

(b) Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

NON-DELIVERABLE BOND FORWARD CONTRACTS*

Counterparty	Notional Amount (000s)		Reference Obligation	Settlement Date	Unrealized Gain (Loss)
Deutsche Bank Securities, Inc.		COP 5,570,000	Titulos de Tesoreria 7.000% 10/11/13	10/11/13	$	(18,892	)
		10,962,500	Titulos de Tesoreria 10.000% 07/24/24	10/17/13		96,586
		10,962,500	Titulos de Tesoreria 10.000% 07/24/24	10/18/13		97,507
TOTAL					$	175,201

* Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 94.6%
	Aerospace – 0.5%
	Silver II Borrower/Silver II US Holdings LLC (CCC+/Caa1)(a)
$	7,050,000		7.750	%		12/15/20	$	7,214,500
	Spirit AeroSystems, Inc. (BB-/Ba3)
	5,000,000		6.750			12/15/20		5,237,500
	TransDigm, Inc. (CCC+/Caa1)(a)
	11,800,000		7.500			07/15/21		12,626,000
								25,078,000
	Airlines – 0.5%
	Air Canada (B+/B2)(a)
	13,550,000		6.750			10/01/19		13,547,427
	Air Canada (BB/B1)(a)
	2,650,000		5.375			11/15/22		2,558,840
	Continental Airlines, Inc. (B+/B1)
	450,000		6.125			04/29/18		456,750
	United Continental Holdings, Inc. (B/B2)
	9,600,000		6.375			06/01/18		9,744,000
								26,307,017
	Automotive – 0.2%
	General Motors Financial Co., Inc. (BB-/Ba3)(a)
	5,400,000		4.750			08/15/17		5,602,500
	1,650,000		3.250			05/15/18		1,600,500
	General Motors Liquidation Co. (NR/NR)(b)
	2,000,000		7.700			04/15/16		—
	7,125,000		7.125			07/15/13		—
	1,000,000		8.800			03/01/49		—
	14,500,000		8.375			07/15/49		—
	LKQ Corp. (BB-/Ba3)(a)
	5,000,000		4.750			05/15/23		4,625,000
								11,828,000
	Automotive Parts – 0.4%
	Accuride Corp. (B-/B3)
	9,150,000		9.500			08/01/18		9,538,875
	Navistar International Corp. (CCC-/B3)
	3,050,000		8.250			11/01/21		3,095,750
	Schaeffler Holding Finance BV (B/B1)(a)(c)
	7,200,000		6.875			08/15/18		7,565,935
								20,200,560
	Banks – 1.4%
	Bank of Scotland Capital Funding LP (BB/Ba2)(d)
GBP	4,695,000		6.059			03/29/49		7,524,733
	BNP Paribas SA (BBB/Ba2)(d)
	600,000		5.945			04/29/49		952,011
$	13,700,000		5.186	(a)		06/29/49		13,838,370
	Citigroup, Inc. (BB/B1)(d)
	14,000,000		5.900			12/29/49		13,055,000
	HBOS Capital Funding LP (BB/NR)(d)
GBP	2,000,000		6.461			11/30/49		3,160,386
	LBG Capital No.2 PLC (BB+/NR)
$	9,000,000		7.875			03/19/20		9,573,750
	Merrill Lynch & Co., Inc. (BBB+/Baa3)
	5,150,000		7.750			05/14/38		6,323,507
	Corporate Obligations – (continued)
	Banks – (continued)
	Royal Bank of Scotland Group PLC (BB+/Ba2)
$	2,530,000		6.125	%		12/15/22	$	2,569,078
	8,470,000		6.100			06/10/23		8,543,330
	Royal Bank of Scotland PLC (BBB-/NR)(d)
	8,850,000		9.500			03/16/22		10,177,500
								75,717,665
	Building Materials – 1.2%
	American Builders & Contractors Supply Co., Inc. (B/B3)(a)
	8,000,000		5.625			04/15/21		7,800,000
	Builders FirstSource, Inc. (B-/Caa2)(a)
	5,200,000		7.625			06/01/21		5,148,000
	Gibraltar Industries, Inc. (BB-/NR)
	8,350,000		6.250			02/01/21		8,391,750
	PLY Gem Industries, Inc. (B/B3)
	11,740,000		8.250			02/15/18		12,591,150
	Safway Group Holding LLC/Safway Finance Corp. (B/B3)(a)
	8,000,000		7.000			05/15/18		8,100,000
	USG Corp. (BB-/B2)(a)
	5,250,000		9.750			08/01/14		5,551,875
	Zachry Holdings, Inc. (B+/B2)(a)
	13,000,000		7.500			02/01/20		13,390,000
								60,972,775
	Capital Goods – 0.4%
	Dynacast International LLC/Dynacast Finance, Inc. (B/B2)
	11,350,000		9.250			07/15/19		12,428,250
	Servus Luxembourg Holding SCA (B/B2)(a)
EUR	7,700,000		7.750			06/15/18		10,521,118
								22,949,368
	Chemicals – 3.1%
	Ashland, Inc. (BB/Ba1)
$	6,450,000		3.875			04/15/18		6,321,000
	3,000,000		4.750			08/15/22		2,816,250
	Axiall Corp. (BB/Ba3)(a)
	2,800,000		4.875			05/15/23		2,688,000
	Eagle Spinco, Inc. (BB/Ba3)(a)
	15,000,000		4.625			02/15/21		14,437,500
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/NR)
	14,000,000		9.000			11/15/20		13,720,000
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/B3)
	27,850,000		8.875			02/01/18		28,789,937
	Huntsman International LLC (B+/B2)
	8,950,000		8.625			03/15/21		9,923,313
	Huntsman International LLC (BB-/B1)
	4,150,000		4.875			11/15/20		3,901,000
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (B/B1)
	13,350,000		6.750			03/01/19		13,717,125
	Omnova Solutions, Inc. (B-/B2)
	14,775,000		7.875			11/01/18		15,550,688
	PQ Corp. (B-/Caa1)(a)
	15,700,000		8.750			05/01/18		16,759,750
	Rockwood Specialties Group, Inc. (BB+/Ba1)
	8,825,000		4.625			10/15/20		8,880,156

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Chemicals – (continued)
	SPCM SA (BB+/Ba3)(a)
$	4,350,000		6.000	%		01/15/22	$	4,351,760
	US Coatings Acquisition, Inc./Flash Dutch 2 BV (B-/Caa1)(a)
	22,200,000		7.375			05/01/21		23,199,000
								165,055,479
	Conglomerates – 0.3%
	Park-Ohio Industries, Inc. (B-/B3)
	15,250,000		8.125			04/01/21		16,622,500
	Construction Machinery – 1.2%
	BC Mountain LLC/BC Mountain Finance, Inc. (B-/B3)(a)
	2,950,000		7.000			02/01/21		2,979,500
	Cleaver-Brooks, Inc. (B/B2)(a)
	5,150,000		8.750			12/15/19		5,510,500
	Dematic SA/DH Services Luxembourg Sarl (CCC+/Caa1)(a)
	14,000,000		7.750			12/15/20		14,560,000
	Mcron Finance Sub LLC (B/B1)(a)
	5,700,000		8.375			05/15/19		6,120,375
	Milacron LLC/Mcron Finance Corp. (B-/Caa1)(a)
	11,215,000		7.750			02/15/21		11,579,488
	The Manitowoc Co., Inc. (B+/B3)
	5,200,000		9.500			02/15/18		5,538,000
	6,200,000		8.500			11/01/20		6,882,000
	8,000,000		5.875			10/15/22		7,780,000
								60,949,863
	Consumer Products – Household & Leisure – 2.6%
	Affinion Group, Inc. (CCC-/Caa3)
	19,550,000		7.875			12/15/18		15,542,250
	Alphabet Holding Co., Inc. (B-/Caa1)(c)
	20,000,000		7.750			11/01/17		20,500,000
	Armored Autogroup, Inc. (CCC/Caa2)
	7,000,000		9.250			11/01/18		6,335,000
	Elizabeth Arden, Inc. (BB-/B1)
	5,000,000		7.375			03/15/21		5,381,250
	First Quality Finance Co., Inc. (BB-/B2)(a)
	5,000,000		4.625			05/15/21		4,537,500
	Jarden Corp. (BB-/B1)
	9,750,000		7.500			05/01/17		11,041,875
	Radio Systems Corp. (B/B3)(a)
	11,950,000		8.375			11/01/19		12,965,750
	Serta Simmons Holdings LLC (CCC+/Caa1)(a)
	15,150,000		8.125			10/01/20		15,869,625
	SIWF Merger Sub, Inc./Springs Industries, Inc. (B/B2)(a)
	4,750,000		6.250			06/01/21		4,678,750
	Spectrum Brands Escrow Corp. (B/B3)(a)
	3,750,000		6.375			11/15/20		3,918,750
	4,000,000		6.625			11/15/22		4,150,000
	The Sun Products Corp. (CCC/Caa1)(a)
	19,100,000		7.750			03/15/21		17,476,500
	Visant Corp. (CCC+/Caa2)
	16,900,000		10.000			10/01/17		15,632,500
								138,029,750
	Corporate Obligations – (continued)
	Consumer Products – Industrial – 1.9%
	ADS Waste Holdings, Inc. (CCC+/Caa1)(a)
$	17,550,000		8.250	%		10/01/20	$	18,471,375
	HD Supply, Inc. (B+/B1)
	3,500,000		8.125			04/15/19		3,867,500
	HD Supply, Inc. (CCC+/B3)
	15,750,000		11.000			04/15/20		18,663,750
	HD Supply, Inc. (CCC+/Caa2)
	30,922,000		7.500	(a)		07/15/20		32,004,270
	22,000,000		11.500			07/15/20		26,015,000
								99,021,895
	Consumer Products—Non Durable – 1.2%
	APX Group, Inc. (B/B1)(a)
	14,000,000		6.375			12/01/19		13,230,000
	Constellation Brands, Inc. (BB+/Ba1)
	4,500,000		8.375			12/15/14		4,860,000
	9,443,000		7.250			05/15/17		10,788,628
	3,000,000		3.750			05/01/21		2,775,000
	7,700,000		4.250			05/01/23		7,045,500
	Prestige Brands, Inc. (B-/B3)
	2,700,000		8.125			02/01/20		2,983,500
	Prestige Brands, Inc. (BB-/Ba3)
	3,000,000		8.250			04/01/18		3,180,000
	Sally Holdings LLC (BB+/Ba2)
	7,150,000		6.875			11/15/19		7,775,625
	11,300,000		5.750			06/01/22		11,271,750
								63,910,003
	Defense(a) – 0.1%
	ADS Tactical, Inc. (B-/Caa1)
	6,482,000		11.000			04/01/18		5,898,620
	Emerging Markets(a) – 0.5%
	Digicel Group Ltd. (NR/Caa1)
	5,500,000		10.500			04/15/18		5,953,750
	10,200,000		8.250			09/30/20		10,608,000
	Digicel Ltd. (NR/B1)
	400,000		8.250			09/01/17		418,000
	7,800,000		7.000			02/15/20		7,839,000
								24,818,750
	Energy – Coal – 0.6%
	Arch Coal, Inc. (B-/B3)
	6,000,000		7.000			06/15/19		4,710,000
	7,950,000		9.875	(a)		06/15/19		7,035,750
	Peabody Energy Corp. (B/B1)
	7,250,000		4.750			12/15/41		5,825,375
	Peabody Energy Corp. (BB/Ba2)
	2,500,000		7.375			11/01/16		2,793,750
	13,000,000		6.000			11/15/18		12,902,500
								33,267,375
	Energy – Exploration & Production – 9.9%
	Athlon Holdings LP/Athlon Finance Corp. (CCC+/Caa1)(a)
	18,000,000		7.375			04/15/21		18,360,000
	Aurora USA Oil & Gas, Inc. (CCC+/Caa1)(a)
	17,150,000		7.500			04/01/20		17,150,000

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	Berry Petroleum Co. (BB-/B1)
$	12,500,000		6.375	%		09/15/22	$	12,515,625
	Chaparral Energy, Inc. (B-/B3)
	10,300,000		9.875			10/01/20		11,587,500
	6,400,000		8.250			09/01/21		6,720,000
	11,250,000		7.625			11/15/22		11,475,000
	Chesapeake Energy Corp. (BB-/Ba3)
	18,550,000		2.500	(e)		05/15/17		18,262,475
	850,000		2.250	(e)		12/15/18		772,902
	1,200,000		6.125			02/15/21		1,245,000
	Concho Resources, Inc. (BB+/Ba3)
	760,000		7.000			01/15/21		835,050
	4,650,000		6.500			01/15/22		4,952,250
	4,950,000		5.500			10/01/22		4,900,500
	13,750,000		5.500			04/01/23		13,543,750
	Continental Resources, Inc. (BBB-/Ba2)
	4,103,000		7.375			10/01/20		4,574,845
	10,000,000		5.000			09/15/22		10,050,000
	5,000,000		4.500			04/15/23		4,900,000
	CrownRock LP/CrownRock Finance, Inc. (CCC+/Caa1)(a)
	16,000,000		7.125			04/15/21		15,640,000
	Denbury Resources, Inc. (BB/B1)
	5,000,000		8.250			02/15/20		5,475,000
	Diamondback Energy, Inc. (CCC+/Caa1)(a)
	6,250,000		7.625			10/01/21		6,375,000
	Gulfmark Offshore, Inc. (BB-/B1)
	9,250,000		6.375			03/15/22		9,250,000
	Halcon Resources Corp. (CCC+/Caa1)
	14,000,000		9.750			07/15/20		14,700,000
	23,150,000		8.875			05/15/21		23,786,625
	Kodiak Oil & Gas Corp. (B/B3)
	14,550,000		8.125			12/01/19		15,895,875
	8,900,000		5.500	(a)		01/15/21		8,744,250
	3,300,000		5.500	(a)		02/01/22		3,209,250
	Laredo Petroleum, Inc. (B-/B3)
	15,850,000		9.500			02/15/19		17,593,500
	3,389,000		7.375			05/01/22		3,583,868
	Linn Energy LLC/Linn Energy Finance Corp. (B/B2)
	9,850,000		6.250	(a)		11/01/19		9,283,625
	2,850,000		7.750			02/01/21		2,864,250
	Magnum Hunter Resources Corp. (NR/Caa1)(a)
	4,950,000		9.750			05/15/20		5,125,725
	Magnum Hunter Resources Corp. (CCC/Caa1)(a)
	21,000,000		9.750			05/15/20		21,735,000
	MEG Energy Corp. (BB/B1)(a)
	15,600,000		6.500			03/15/21		15,678,000
	20,000,000		6.375			01/30/23		19,500,000
	12,200,000		7.000			03/31/24		12,245,750
	Memorial Production Partners LP/Memorial Production Finance Corp. (B-/Caa1)
	14,000,000		7.625			05/01/21		13,545,000
	Oasis Petroleum, Inc. (B/B3)(a)
	9,250,000		6.875			03/15/22		9,758,750
	Offshore Drilling Holding SA (BB/NR)(a)
	14,000,000		8.375			09/20/20		14,162,559
	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	QEP Resources, Inc. (BB+/Ba1)
$	11,700,000		5.250	%		05/01/23	$	10,881,000
	Resolute Energy Corp. (B-/B3)
	12,600,000		8.500			05/01/20		12,962,250
	Rosetta Resources, Inc. (B+/B2)
	7,300,000		5.625			05/01/21		6,935,000
	Samson Investment Co. (CCC+/B3)(a)
	20,100,000		9.750			02/15/20		21,255,750
	SandRidge Energy, Inc. (B-/B2)
	2,900,000		8.750			01/15/20		3,066,750
	5,450,000		7.500			03/15/21		5,504,500
	3,700,000		8.125			10/15/22		3,755,500
	4,000,000		7.500			02/15/23		3,960,000
	Seven Generations Energy Ltd. (CCC/B3)(a)
	4,350,000		8.250			05/15/20		4,513,560
	SM Energy Co. (BB-/Ba3)
	6,050,000		6.500			11/15/21		6,292,000
	20,000,000		5.000	(a)		01/15/24		18,400,000
	Stone Energy Corp. (B-/B3)
	10,000,000		8.625			02/01/17		10,575,000
	Vanguard Natural Resourses LLC/VNR Finance Corp. (B/B3)
	18,000,000		7.875			04/01/20		18,180,000
	Whiting Petroleum Corp. (BB+/Ba2)
	12,300,000		5.750			03/15/21		12,576,750
								528,854,984
	Energy—Services – 1.5%
	Atwood Oceanics, Inc. (BB/Ba3)
	10,850,000		6.500			02/01/20		11,338,250
	Bristow Group, Inc. (BB-/Ba3)
	4,450,000		6.250			10/15/22		4,616,875
	CVR Refining LLC/Coffeyville Finance, Inc. (B+/B2)
	9,000,000		6.500			11/01/22		8,730,000
	Offshore Group Investment Ltd. (B-/B3)
	7,000,000		7.500			11/01/19		7,357,344
	6,050,000		7.125			04/01/23		5,934,090
	Pioneer Drilling Co. (B+/B2)
	4,300,000		9.875			03/15/18		4,644,000
	Seadrill Ltd. (NR/NR)(a)
	18,200,000		6.125			09/15/20		17,790,500
	Trinidad Drilling Ltd. (BB-/B1)(a)
	18,478,000		7.875			01/15/19		19,502,745
								79,913,804
	Entertainment & Leisure – 0.5%
	AMC Entertainment, Inc. (CCC+/Caa1)
	5,000,000		9.750			12/01/20		5,687,500
	Carmike Cinemas, Inc. (B/B2)
	7,650,000		7.375			05/15/19		8,223,750
	Six Flags Entertainment Corp. (BB-/B3)(a)
	11,000,000		5.250			01/15/21		10,477,500
	Viking Cruises Ltd. (B+/B3)(a)
	3,200,000		8.500			10/15/22		3,552,000
								27,940,750

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Environmental – 0.3%
	Casella Waste Systems, Inc. (CCC/Caa1)
$	15,500,000		7.750	%		02/15/19	$	15,422,500
	Finance – 6.4%
	Aircastle Ltd. (BB+/Ba3)
	8,000,000		6.250			12/01/19		8,380,000
	Ally Financial, Inc. (B+/B1)
	8,000,000		4.625			06/26/15		8,280,000
	30,000,000		6.250			12/01/17		32,025,000
	5,250,000		8.000			03/15/20		6,050,625
	10,000,000		8.000			11/01/31		11,300,000
	CIT Group, Inc. (BB-/Ba3)
	13,200,000		5.000			05/15/17		13,827,000
	9,950,000		5.250			03/15/18		10,422,625
	25,000,000		5.500	(a)		02/15/19		26,312,500
	2,000,000		5.000			08/15/22		1,960,000
	Harbinger Group, Inc. (B/B3)(a)
	16,000,000		7.875			07/15/19		16,520,000
	International Lease Finance Corp. (BBB-/Ba2)(a)
	1,000,000		6.750			09/01/16		1,102,500
	4,900,000		7.125			09/01/18		5,488,000
	International Lease Finance Corp. (BBB-/Ba3)
	12,125,000		8.625			09/15/15		13,367,812
	15,000,000		5.750			05/15/16		15,825,000
	5,000,000		8.750			03/15/17		5,750,000
	3,000,000		5.875			04/01/19		3,120,000
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (B+/B1)(a)
	12,000,000		7.375			04/01/20		11,850,000
	Jefferies LoanCore LLC/JLC Finance Corp. (B/B2)(a)
	8,000,000		6.875			06/01/20		7,860,000
	Nationstar Mortgage LLC/Nationstar Capital Corp. (B+/B2)
	7,700,000		6.500			08/01/18		7,757,750
	5,200,000		7.875			10/01/20		5,421,000
	14,450,000		6.500			07/01/21		13,908,125
	Nuveen Investments, Inc. (CCC/Caa2)(a)
	5,350,000		9.125			10/15/17		5,269,750
	Provident Funding Associates LP/PFG Finance Corp. (B+/Ba3)(a)
	7,075,000		10.125			02/15/19		7,853,250
	4,000,000		6.750			06/15/21		4,010,000
	RBS Capital Trust I (BB/B1)(d)
	6,375,000		2.113			12/29/49		5,562,188
	RBS Capital Trust III (BB/B1)(d)
	7,000,000		5.512			09/29/49		6,440,000
	SLM Corp. (BBB-/Ba1)
	7,000,000		8.450			06/15/18		7,930,311
	15,900,000		5.500			01/15/19		15,763,777
	12,000,000		8.000			03/25/20		12,940,916
	Speedy Cash, Inc. (B/Caa1)(a)
	13,500,000		10.750			05/15/18		14,141,250
	Springleaf Finance Corp. (CCC+/Caa1)(a)
	2,950,000		7.750			10/01/21		3,071,688
	Studio City Finance Ltd. (B-/B3)(a)
	15,750,000		8.500			12/01/20		17,246,250
	Synovus Financial Corp. (BB-/B1)
	4,650,000		7.875			02/15/19		5,254,500
	Corporate Obligations – (continued)
	Finance – (continued)
	TMX Finance LLC/TitleMax Finance Corp. (B+/B3)(a)
$	8,000,000		8.500	%		09/15/18	$	8,360,000
								340,371,817
	Finance Insurance(a) – 0.1%
	Liberty Mutual Group, Inc. (BB/Baa3)
	5,800,000		7.800			03/15/37		6,264,000
	Food – 2.2%
	B&G Foods, Inc. (B+/B1)
	9,000,000		4.625			06/01/21		8,550,000
	Bumble Bee Acquisition Corp. (B/B3)(a)
	5,921,000		9.000			12/15/17		6,409,483
	Bumble Bee Holdco SCA (CCC+/Caa2)(a)(c)
	10,375,000		9.625			03/15/18		10,815,937
	Chiquita Brands International, Inc./Chiquita Brands LLC (B/B1)(a)
	10,850,000		7.875			02/01/21		11,528,125
	Del Monte Corp. (CCC+/Caa1)
	16,800,000		7.625			02/15/19		17,388,000
	Hawk Acquisition Sub, Inc. (BB-/B1)(a)
	11,000,000		4.250			10/15/20		10,477,500
	Post Holdings, Inc. (B+/B1)
	2,050,000		7.375	(a)		02/15/22		2,162,750
	5,600,000		7.375			02/15/22		5,908,000
	Shearer’s Foods LLC/Chip Finance Corp. (B/B3)(a)
	6,050,000		9.000			11/01/19		6,322,250
	US Foods, Inc. (CCC+/Caa2)
	24,950,000		8.500			06/30/19		26,322,250
	Wells Enterprises, Inc. (B+/B2)(a)
	8,550,000		6.750			02/01/20		8,763,750
								114,648,045
	Gaming – 5.2%
	Caesars Entertainment Operating Co., Inc. (B-/B3)
	14,700,000		11.250			06/01/17		14,920,500
	36,950,000		9.000			02/15/20		34,733,000
	Caesars Entertainment Operating Co., Inc. (CCC-/NR)
	19,000,000		10.000			12/15/18		9,975,000
	Caesars Entertainment Operating Co., Inc. (CCC-/Caa3)
	7,050,000		12.750			04/15/18		4,353,375
	CCM Merger, Inc. (CCC+/Caa2)(a)
	12,150,000		9.125			05/01/19		12,696,750
	Chester Downs & Marina LLC (B/B3)(a)
	4,000,000		9.250			02/01/20		4,040,000
	CityCenter Holdings LLC/CityCenter Finance Corp. (CCC/Caa1)(c)
	24,450,000		10.750			01/15/17		26,222,625
	Downstream Development Authority of the Quapaw Tribe of Oklahoma (B/Caa1)(a)
	10,000,000		10.500			07/01/19		9,750,000
	Gala Electric Casinos PLC (CCC+/Caa2)
GBP	1,000,000		11.500			06/01/19		1,773,360
	Gala Group Finance PLC (B+/B2)
	3,400,000		8.875			09/01/18		5,947,081
	Graton Economic Development Authority (B/B3)(a)
$	11,050,000		9.625			09/01/19		12,127,375

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Gaming – (continued)
	Marina District Finance Co., Inc. (B+/B2)
$	5,000,000		9.875	%		08/15/18	$	5,425,000
	MGM Resorts International (B+/B3)
	5,500,000		4.250			04/15/15		6,971,140
	8,350,000		6.625			07/15/15		8,997,125
	15,000,000		6.875			04/01/16		16,350,000
	10,000,000		10.000			11/01/16		11,950,000
	7,800,000		7.625			01/15/17		8,716,500
	3,200,000		11.375			03/01/18		4,048,000
	14,450,000		6.750			10/01/20		15,172,500
	16,550,000		6.625			12/15/21		17,087,875
	5,000,000		7.750			03/15/22		5,437,500
	Mohegan Tribal Gaming Authority (CCC/NR)(a)
	1,555,000		11.000			09/15/18		1,539,450
	Mohegan Tribal Gaming Authority (CCC/Caa1)(a)
	7,600,000		9.750			09/01/21		7,942,000
	Pinnacle Entertainment, Inc. (B/B3)
	7,975,000		8.750			05/15/20		8,712,688
	Seminole Hard Rock Entertainment, Inc. (BB-/B2)(a)
	10,400,000		5.875			05/15/21		9,984,000
	Snoqualmie Entertainment Authority (B/Caa1)(a)
	4,050,000		4.147	(d)		02/01/14		4,019,625
	9,913,000		9.125			02/01/15		9,888,218
								278,780,687
	Health Care – Medical Products – 1.6%
	Catalent Pharma Solutions, Inc. (B/Caa1)
	9,300,000		7.875			10/15/18		9,416,250
	DJO Finance LLC/DJO Finance Corp. (CCC/Caa2)
	8,300,000		9.750			10/15/17		8,383,000
	DJO Finance LLC/DJO Finance Corp. (CCC+/Caa1)
	7,150,000		7.750			04/15/18		7,078,500
	27,000,000		9.875			04/15/18		28,620,000
	Fresenius Medical Care US Finance, Inc. (BB+/Ba2)
	4,100,000		6.875			07/15/17		4,624,604
	5,000,000		6.500	(a)		09/15/18		5,500,000
	10,950,000		5.625	(a)		07/31/19		11,415,375
	4,550,000		5.750	(a)		02/15/21		4,652,375
	6,005,000		5.875	(a)		01/31/22		6,155,125
								85,845,229
	Health Care – Pharmaceuticals(a) – 0.7%
	Valeant Pharmaceuticals International (B/B1)
	8,150,000		6.875			12/01/18		8,639,000
	27,000,000		6.375			10/15/20		27,945,000
	50,000		7.250			07/15/22		53,375
								36,637,375
	Health Care – Services – 4.3%
	CHS/Community Health Systems, Inc. (BB/Ba2)
	20,000,000		5.125			08/15/18		20,350,000
	HCA Holdings, Inc. (B-/B3)
	4,750,000		6.250			02/15/21		4,797,500
	HCA, Inc. (B-/B3)
	1,000,000		6.375			01/15/15		1,055,000
	36,200,000		7.500			02/15/22		39,639,000
	Corporate Obligations – (continued)
	Health Care – Services – (continued)
	HCA, Inc. (BB/Ba3)
$	42,000,000		6.500	%		02/15/20	$	45,465,000
	2,300,000		7.875			02/15/20		2,484,000
	28,150,000		7.250			09/15/20		30,683,500
	Health Management Associates, Inc. (B-/B3)
	15,000,000		7.375			01/15/20		16,425,000
	HEALTHSOUTH Corp. (BB-/B1)
	3,200,000		7.250			10/01/18		3,448,000
	2,000,000		8.125			02/15/20		2,180,000
	2,000,000		7.750			09/15/22		2,150,000
	MPT Operating Partnership LP/MPT Finance Corp. (BB/Ba1)
	25,000,000		6.875			05/01/21		26,312,500
	14,200,000		6.375			02/15/22		14,377,500
	Radiation Therapy Services, Inc. (CCC/Caa2)
	10,725,000		9.875			04/15/17		7,722,000
	Tenet Healthcare Corp. (B+/Ba3)
	12,000,000		6.250			11/01/18		12,810,000
								229,899,000
	Home Construction – 3.3%
	Ashton Woods USA LLC/Ashton Woods Finance Co. (B-/Caa1)(a)
	10,197,000		6.875			02/15/21		9,916,582
	Beazer Homes USA, Inc. (B/B2)
	4,500,000		6.625			04/15/18		4,702,500
	Beazer Homes USA, Inc. (CCC/Caa2)
	6,350,000		9.125			06/15/18		6,635,750
	4,300,000		7.500	(a)		09/15/21		4,192,500
	2,200,000		7.250			02/01/23		2,084,500
	Brookfield Residential Properties, Inc. (BB-/B2)(a)
	20,000,000		6.500			12/15/20		20,100,000
	10,150,000		6.125			07/01/22		9,794,750
	CPG Merger Sub LLC (NR/Caa2)(a)
	5,700,000		8.000			10/01/21		5,814,000
	D.R. Horton, Inc. (BB/Ba2)
	8,000,000		3.625			02/15/18		7,880,000
	6,000,000		4.750			02/15/23		5,565,000
	Lennar Corp. (BB-/Ba3)
	14,000,000		4.750			11/15/22		12,845,000
	Meritage Homes Corp. (B+/B1)
	7,501,000		7.150			04/15/20		8,082,328
	13,850,000		7.000			04/01/22		14,750,250
	Ryland Group Co. (BB-/B1)
	8,000,000		5.375			10/01/22		7,440,000
	Standard Pacific Corp. (B+/B2)
	7,800,000		6.250			12/15/21		7,761,000
	The Ryland Group, Inc. (BB-/B1)
	6,000,000		0.250			06/01/19		5,418,570
	Toll Brothers Finance Corp. (BB+/Ba1)
	5,000,000		5.875			02/15/22		5,100,000
	5,850,000		4.375			04/15/23		5,323,500
	Weekley Homes LLC/Weekley Finance Corp. (BB-/B2)(a)
	8,200,000		6.000			02/01/23		7,790,000
	William Lyon Homes, Inc. (B-/B3)
	15,950,000		8.500			11/15/20		16,827,250

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Home Construction – (continued)
	Woodside Homes Co. LLC/Woodside Homes Finance, Inc. (B/Caa1)(a)
$	5,900,000		6.750	%		12/15/21	$	5,885,250
								173,908,730
	Life Insurance – 0.1%
	American Equity Investment Life Holding Co. (BB+/NR)
	1,900,000		6.625			07/15/21		1,961,750
	Fidelity & Guaranty Life Holdings, Inc. (BB-/B1)(a)
	3,700,000		6.375			04/01/21		3,774,000
								5,735,750
	Lodging – 0.4%
	Felcor Lodging LP (B+/B2)
	2,759,000		10.000			10/01/14		2,969,374
	Felcor Lodging LP (B-/B2)
	7,300,000		5.625			03/01/23		6,807,250
	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. (B/B3)(a)
	8,050,000		5.625			10/15/21		8,090,250
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)(a)(c)
	5,250,000		10.625			05/01/19		5,236,875
								23,103,749
	Machinery – 0.4%
	Constellation Enterprises LLC (B/B3)(a)
	10,370,000		10.625			02/01/16		8,684,875
	Dresser-Rand Group, Inc. (B+/Ba3)
	11,500,000		6.500			05/01/21		12,132,500
								20,817,375
	Media – Broadcasting & Radio – 2.6%
	Clear Channel Communications, Inc. (CCC+/Caa1)
	11,000,000		9.000			12/15/19		10,835,000
	Clear Channel Communications, Inc. (CCC-/Ca)(c)
	6,609,035		11.000			08/01/16		5,981,177
	Entercom Radio LLC (B-/Caa1)
	13,000,000		10.500			12/01/19		14,722,500
	Gannett Co., Inc. (BB/Ba1)(a)
	18,300,000		5.125			07/15/20		17,934,000
	Gray Television, Inc. (B-/Caa2)
	10,000,000		7.500			10/01/20		10,400,000
	Nexstar Broadcasting, Inc. (B/Caa1)(a)
	14,650,000		6.875			11/15/20		14,906,375
	Sirius XM Radio, Inc. (BB/B1)(a)
	4,050,000		5.875			10/01/20		4,080,375
	13,500,000		5.750			08/01/21		13,331,250
	Univision Communications, Inc. (B+/B2)(a)
	9,000,000		6.875			05/15/19		9,630,000
	1,100,000		7.875			11/01/20		1,201,750
	18,250,000		6.750			09/15/22		19,253,750
	3,000,000		5.125			05/15/23		2,872,500
	Univision Communications, Inc. (CCC+/Caa2)(a)
	10,000,000		8.500			05/15/21		10,900,000
								136,048,677
	Corporate Obligations – (continued)
	Media – Cable – 4.4%
	Adelphia Communications Corp. (NR/NR)
$	2,000,000		10.250	%		06/15/49	$	15,000
	Cablevision Systems Corp. (B+/B1)
	14,100,000		7.750			04/15/18		15,756,750
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1)
	6,050,000		7.000			01/15/19		6,382,750
	5,500,000		7.375			06/01/20		5,940,000
	10,000,000		6.500			04/30/21		10,200,000
	12,150,000		6.625			01/31/22		12,332,250
	15,000,000		5.750	(a)		09/01/23		14,137,500
	Cequel Communications Holdings I LLC/Cequel Capital Corp. (B-/B3)(a)
	21,400,000		5.125			12/15/21		20,009,000
	CSC Holdings LLC (BB+/Ba3)
	1,561,000		7.875			02/15/18		1,783,443
	5,100,000		8.625			02/15/19		5,916,000
	7,650,000		6.750			11/15/21		8,185,500
	DISH DBS Corp. (BB-/Ba3)
	6,650,000		7.750			05/31/15		7,248,500
	9,850,000		7.125			02/01/16		10,835,000
	5,400,000		4.250			04/01/18		5,386,500
	800,000		7.875			09/01/19		912,000
	25,000,000		6.750			06/01/21		26,250,000
	6,550,000		5.875			07/15/22		6,435,375
	Harron Communications LP/Harron Finance Corp. (B-/Caa1)(a)
	9,230,000		9.125			04/01/20		10,176,075
	Lynx I Corp. (BB-/Ba3)(a)
	6,050,000		5.375			04/15/21		5,898,750
	Lynx II Corp. (B/B2)(a)
	4,000,000		6.375			04/15/23		3,980,000
	Midcontinent Communications & Midcontinent Finance Corp. (B-/B3)(a)
	7,500,000		6.250			08/01/21		7,556,250
	UPC Holding BV (B/B2)
EUR	12,950,000		8.375			08/15/20		19,022,929
	10,900,000		6.375			09/15/22		14,508,953
CHF	12,350,000		6.750	(a)		03/15/23		13,519,655
								232,388,180
	Media – Diversified – 0.2%
	Videotron Ltd. (BB/Ba2)
$	8,450,000		5.000			07/15/22		8,006,375
	Media – Non Cable(a) – 0.4%
	Griffey Intermediate, Inc./Griffey Finance Sub LLC (CCC+/Caa1)
	23,000,000		7.000			10/15/20		17,250,000
	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance (NR/B2)
	5,800,000		9.750			04/01/21		6,090,000
								23,340,000
	Metals – 1.5%
	AK Steel Corp. (B-/Caa1)
	3,000,000		7.625			05/15/20		2,520,000
	3,000,000		8.375			04/01/22		2,527,500

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Metals – (continued)
	AK Steel Corp. (BB-/B2)
$	5,756,000		8.750	%		12/01/18	$	6,274,040
	ArcelorMittal (BB+/Ba1)
	4,500,000		5.500			03/01/21		4,638,704
	10,950,000		6.250			02/25/22		11,524,875
	Calcipar SA (BB/Ba3)
EUR	4,000,000		1.424	(d)		07/01/14		5,357,288
$	5,000,000		6.875	(a)		05/01/18		5,226,638
	Edgen Murray Corp. (B+/Caa1)(a)
	11,000,000		8.750			11/01/20		11,165,000
	GrafTech International Ltd. (BB+/Ba2)
	4,700,000		6.375			11/15/20		4,723,500
	JW Aluminum Co. (NR/NR)(a)
	6,000,000		11.500			11/15/17		6,045,000
	Noranda Aluminum Acquisition Corp. (CCC+/Caa1)(a)
	5,000,000		11.000			06/01/19		4,475,000
	Steel Dynamics, Inc. (BB+/Ba2)
	4,050,000		6.125			08/15/19		4,222,125
	3,350,000		6.375			08/15/22		3,467,250
	8,650,000		5.250	(a)		04/15/23		8,174,250
								80,341,170
	Mining(a) – 0.9%
	FMG Resources (August 2006) Pty Ltd. (B+/B1)
	3,250,000		7.000			11/01/15		3,355,625
	4,650,000		6.375			02/01/16		4,766,250
	13,950,000		6.000			04/01/17		14,298,750
	3,650,000		6.875			02/01/18		3,832,500
	Inmet Mining Corp. (B+/B1)
	7,000,000		8.750			06/01/20		7,490,000
	Magnetation LLC/Mag Finance Corp. (B-/B3)
	10,000,000		11.000			05/15/18		9,750,000
	New Gold, Inc. (BB-/B2)
	1,098,000		7.000			04/15/20		1,131,983
	4,700,000		6.250			11/15/22		4,562,290
								49,187,398
	Packaging – 2.9%
	ARD Finance SA (CCC+/Caa1)(a)(c)
	891,475		11.125			06/01/18		918,590
	Ardagh Glass Finance PLC (CCC+/B3)
EUR	6,000,000		8.750			02/01/20		8,238,859
	Ardagh Packaging Finance PLC (NR/Ba3)
$	1,600,000		4.875	(a)		11/15/22		1,528,000
	Ardagh Packaging Finance PLC (B+/Ba3)(a)
	2,200,000		7.375			10/15/17		2,356,750
	Ardagh Packaging Finance PLC (CCC+/B3)
	11,375,000		9.125	(a)		10/15/20		12,034,187
EUR	1,900,000		9.250			10/15/20		2,686,085
$	1,800,000		7.000	(a)		11/15/20		1,737,000
	BOE Merger Corp. (CCC+/Caa2)(a)(c)
	7,000,000		9.500			11/01/17		7,280,000
	Reynolds Group Issuer, Inc. (B+/B1)
	5,000,000		7.125			04/15/19		5,312,500
	10,200,000		7.875			08/15/19		11,169,000
	9,100,000		5.750			10/15/20		9,100,000
	1,625,000		6.875			02/15/21		1,738,750
	Corporate Obligations – (continued)
	Packaging – (continued)
	Reynolds Group Issuer, Inc. (CCC+/Caa2)
$	30,000,000		9.000	%		04/15/19	$	31,575,000
	11,300,000		9.875			08/15/19		12,204,000
	25,000,000		8.250			02/15/21		25,125,000
	Sealed Air Corp. (BB-/B1)(a)
	5,250,000		8.125			09/15/19		5,827,500
	8,900,000		6.500			12/01/20		9,278,250
	5,450,000		8.375			09/15/21		6,117,625
								154,227,096
	Paper – 0.6%
	Clearwater Paper Corp. (BB/Ba2)
	8,014,000		7.125			11/01/18		8,615,050
	Sappi Papier Holding GmbH (BB/Ba2)(a)
	15,400,000		7.750			07/15/17		16,016,000
	8,525,000		6.625			04/15/21		8,013,500
	Stone Container Finance Co. of Canada II (NR/WR)(b)
	2,250,000		7.375			07/15/14		—
								32,644,550
	Printing – 0.5%
	Checkout Holding Corp. (CCC+/Caa1)(a)(f)
	7,000,000		0.000			11/15/15		5,687,500
	Logo Merger Sub Corp. (CCC+/Caa1)(a)
	11,750,000		8.375			10/15/20		12,131,875
	RR Donnelley & Sons Co. (BB/Ba3)
	5,650,000		7.875			03/15/21		6,073,750
								23,893,125
	Publishing – 0.5%
	ProQuest LLC/ProQuest Notes Co. (B-/Caa1)(a)
	18,800,000		9.000			10/15/18		18,894,000
	The Nielsen Co Luxembourg SARL (BB/B2)(a)
	6,400,000		5.500			10/01/21		6,416,000
	Truvo Subsidiary Corp. (NR/WR)(b)
EUR	16,750,000		8.500			12/01/14		793,109
								26,103,109
	Real Estate – 0.7%
	CB Richard Ellis Services, Inc. (B+/Ba1)
$	5,000,000		5.000			03/15/23		4,700,000
	DuPont Fabros Technology LP (BB/Ba1)(a)
	14,000,000		5.875			09/15/21		13,965,000
	Howard Hughes Corp. (B/Ba3)(a)
	11,900,000		6.875			10/01/21		11,891,167
	Starwood Property Trust, Inc. (BB-/NR)
	8,000,000		4.550			03/01/18		8,324,880
								38,881,047
	Retailers – 1.9%
	American Apparel, Inc. (B-/Caa1)(a)
	12,400,000		13.000			04/15/20		12,524,000
	Best Buy Co., Inc. (BB/Baa2)
	11,000,000		5.000			08/01/18		11,316,250
	Burlington Coat Factory Warehouse Corp. (CCC/Caa1)
	12,000,000		10.000			02/15/19		13,290,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Retailers – (continued)
	Burlington Holdings LLC/Burlington Holding Finance, Inc. (CCC/Caa2)(a)(c)
$	5,000,000		9.000	%		02/15/18	$	5,137,500
	Claire’s Stores, Inc. (B-/B2)(a)
	5,150,000		6.125			03/15/20		5,098,500
	Claire’s Stores, Inc. (CCC/Caa2)
	7,000,000		8.875			03/15/19		7,490,000
	6,000,000		7.750	(a)		06/01/20		5,850,000
	Jo-Ann Stores, Inc. (CCC+/Caa1)(a)
	4,000,000		8.125			03/15/19		4,070,000
	L Brands, Inc. (BB+/Ba1)
	7,050,000		5.625			02/15/22		7,226,250
	Limited Brands, Inc. (BB+/Ba1)
	14,337,000		6.625			04/01/21		15,519,802
	Rent-A-Center, Inc. (BB-/Ba3)(a)
	2,750,000		4.750			05/01/21		2,543,750
	The Bon-Ton Department Stores, Inc. (B-/Caa1)
	1,700,000		8.000			06/15/21		1,589,500
	The William Carter Co. (BB+/Ba2)(a)
	8,000,000		5.250			08/15/21		7,980,000
								99,635,552
	Retailers – Food & Drug – 0.9%
	BI-LO LLC/BI-LO Finance Corp. (CCC+/Caa1)(a)(c)
	6,250,000		8.625			09/15/18		6,328,125
	Rite Aid Corp. (BB-/B1)
	1,250,000		8.000			08/15/20		1,396,875
	Rite Aid Corp. (CCC+/Caa2)(a)
	35,050,000		6.750			06/15/21		36,013,875
	The Pantry, Inc. (B+/Caa1)
	6,100,000		8.375			08/01/20		6,466,000
								50,204,875
	Services Cyclical – Business Services – 1.3%
	CoreLogic, Inc. (B+/B1)
	16,150,000		7.250			06/01/21		17,179,562
	Sabre, Inc. (B/B1)(a)
	18,950,000		8.500			05/15/19		20,418,625
	Sitel LLC/Sitel Finance Corp. (B/B2)(a)
	5,000,000		11.000			08/01/17		5,337,500
	Sitel LLC/Sitel Finance Corp. (B-/Caa2)
	11,225,000		11.500			04/01/18		9,625,438
	SPL Logistics Escrow LLC (B/B2)(a)
	7,550,000		8.875			08/01/20		7,889,750
	WEX, Inc. (BB/Ba3)(a)
	8,900,000		4.750			02/01/23		8,099,000
								68,549,875
	Services Cyclical – Rental Equipment – 2.6%
	Ahern Rentals, Inc. (B/Caa1)(a)
	8,000,000		9.500			06/15/18		8,300,000
	Algeco Scotsman Global Finance PLC (B/B1)(a)
	31,400,000		8.500			10/15/18		33,205,500
	Algeco Scotsman Global Finance PLC (CCC+/B3)(a)
	21,000,000		10.750			10/15/19		21,105,000
	Corporate Obligations – (continued)
	Services Cyclical – Rental Equipment – (continued)
	BakerCorp International, Inc. (CCC+/Caa1)
$	8,000,000		8.250	%		06/01/19	$	7,960,000
	Europcar Groupe SA (B-/Caa1)
EUR	4,000,000		11.500	(a)		05/15/17		6,200,384
	1,000,000		11.500			05/15/17		1,550,096
	HDTFS, Inc. (B/B2)
$	7,900,000		6.250			10/15/22		8,117,250
	Maxim Crane Works LP (B/Caa2)(a)
	5,500,000		12.250			04/15/15		5,678,750
	NESCO LLC (B-/Caa1)(a)
	13,500,000		11.750			04/15/17		15,052,500
	The Hertz Corp. (B/B2)
	3,400,000		5.875			10/15/20		3,485,000
	United Rentals North America, Inc. (B+/B2)
	11,600,000		7.375			05/15/20		12,470,000
	5,000,000		7.625			04/15/22		5,437,500
	5,800,000		6.125			06/15/23		5,814,500
	United Rentals North America, Inc. (B-/B3)
	3,000,000		8.375			09/15/20		3,300,000
								137,676,480
	Technology – Hardware – 1.6%
	Alcatel-Lucent USA, Inc. (CCC+/B3)(a)
	2,800,000		8.875			01/01/20		2,982,000
	Alcatel-Lucent USA, Inc. (CCC+/WR)
	11,000,000		6.450			03/15/29		9,267,500
	Ancestry.com, Inc. (CCC+/B3)
	9,200,000		11.000			12/15/20		10,465,000
	Brightstar Corp. (B+/B1)(a)
	4,110,000		9.500			12/01/16		4,315,500
	7,730,000		7.250			08/01/18		7,575,400
	CDW LLC/CDW Finance Corp. (B-/B3)
	10,000,000		8.500			04/01/19		11,050,000
	CommScope Holding Co., Inc. (B-/Caa1)(a)(c)
	5,900,000		6.625			06/01/20		5,885,250
	CommScope, Inc. (B/B3)(a)
	10,000,000		8.250			01/15/19		10,900,000
	EN Germany Holdings BV (CCC+/B3)
EUR	8,459,000		10.750			11/15/15		10,957,402
	NCR Corp. (BB/Ba3)
$	5,634,000		5.000			07/15/22		5,253,705
	NXP BV/NXP Funding LLC (B+/B3)(a)
	4,800,000		3.750			06/01/18		4,668,000
								83,319,757
	Technology – Software/Services – 3.7%
	Aspect Software, Inc. (CCC+/Caa2)
	7,500,000		10.625			05/15/17		7,481,250
	BMC Software Finance, Inc. (B-/Caa1)(a)
	13,250,000		8.125			07/15/21		13,746,875
	CyrusOne LP/CyrusOne Finance Corp. (B+/B2)
	9,450,000		6.375			11/15/22		9,355,500
	Equinix, Inc. (BB/Ba3)
	5,750,000		4.875			04/01/20		5,606,250
	11,331,000		7.000			07/15/21		12,095,843
	11,750,000		5.375			04/01/23		11,103,750

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Technology – Software/Services – (continued)
	First Data Corp. (B+/B1)(a)
$	7,000,000		7.375	%		06/15/19	$	7,332,500
	First Data Corp. (B-/Caa1)
	36,350,000		8.250	(a)		01/15/21		37,440,500
	15,000,000		11.250	(a)		01/15/21		15,675,000
	11,500,000		12.625			01/15/21		12,650,000
	40,100,000		8.750	(a)(c)		01/15/22		41,704,000
	Infor (US), Inc. (B-/Caa1)
EUR	5,000,000		10.000			04/01/19		7,508,320
	Nuance Communications, Inc. (BB-/B1)(a)
$	12,900,000		5.375			08/15/20		12,222,750
								193,922,538
	Telecommunications – 2.6%
	Frontier Communications Corp. (BB-/Ba2)
	30,000,000		8.250			04/15/17		33,900,000
	3,200,000		8.125			10/01/18		3,536,000
	27,000,000		8.500			04/15/20		29,902,500
	Level 3 Communications, Inc. (CCC+/Caa2)
	7,200,000		8.875			06/01/19		7,704,000
	Level 3 Financing, Inc. (CCC+/B3)
	14,500,000		10.000			02/01/18		15,551,250
	10,000,000		9.375			04/01/19		11,050,000
	5,700,000		8.125			07/01/19		6,127,500
	PAETEC Holding Corp. (NR/WR)
	6,800,000		9.875			12/01/18		7,565,000
	Telefonica Celular del Paraguay SA (NR/Ba3)
	600,000		6.750			12/13/22		597,108
	tw telecom holdings, Inc. (B+/B1)
	4,500,000		5.375			10/01/22		4,308,750
	Windstream Corp. (B/B1)
	7,375,000		7.875			11/01/17		8,204,687
	1,750,000		8.125			09/01/18		1,883,438
	4,000,000		7.750			10/15/20		4,140,000
	4,350,000		6.375			08/01/23		3,991,125
								138,461,358
	Telecommunications – Cellular – 5.2%
	Crown Castle International Corp. (B/B1)
	7,850,000		5.250			01/15/23		7,222,000
	Matterhorn Financing & CY SCA (CCC+/NR)(a)(c)
EUR	6,100,000		9.000			04/15/19		8,252,388
	MetroPCS Wireless, Inc. (BB/Ba3)(a)
$	15,000,000		6.250			04/01/21		15,037,500
	7,300,000		6.625			04/01/23		7,300,000
	SBA Telecommunications, Inc. (BB-/B1)
	7,400,000		5.750			07/15/20		7,326,000
	Softbank Corp. (BB+/Ba1)(a)
	36,000,000		4.500			04/15/20		34,365,000
	Sprint Capital Corp. (BB-/B1)
	16,400,000		6.900			05/01/19		16,851,000
	20,000,000		8.750			03/15/32		20,300,000
	Sprint Corp. (BB-/B1)
	30,050,000		8.375			08/15/17		33,806,250
	19,000,000		7.250			09/15/21		19,142,500
	17,850,000		7.875			09/15/23		18,162,375
	Corporate Obligations – (continued)
	Telecommunications—Cellular – (continued)
	Sprint Nextel Corp. (BB+/Ba2)(a)
$	15,450,000		9.000	%		11/15/18	$	18,115,125
	Sprint Nextel Corp. (BB-/B1)
	8,000,000		6.000			12/01/16		8,500,000
	19,600,000		7.000			08/15/20		19,894,000
	10,000,000		11.500			11/15/21		12,800,000
	Wind Acquisition Finance SA (B/B3)(a)
	10,000,000		11.750			07/15/17		10,637,500
	Wind Acquisition Finance SA (BB-/Ba3)(a)
	10,000,000		7.250			02/15/18		10,400,000
	Wind Acquisition Holdings Finance SA (B-/Caa1)(a)(c)
	11,000,000		12.250			07/15/17		10,660,528
								278,772,166
	Telecommunications—Satellites – 1.8%
	Intelsat Jackson Holdings SA (B/B3)
	15,320,000		7.250			10/15/20		16,392,400
	10,100,000		7.500			04/01/21		10,908,000
	14,850,000		5.500	(a)		08/01/23		13,884,750
	Intelsat Jackson Holdings SA (CCC+/Caa1)(a)
	15,300,000		6.625			12/15/22		15,070,500
	Intelsat Luxembourg SA (CCC+/Caa2)(a)
	7,850,000		6.750			06/01/18		8,144,375
	16,950,000		7.750			06/01/21		17,543,250
	13,000,000		8.125			06/01/23		13,682,500
								95,625,775
	Textiles & Apparel – 0.4%
	Quiksilver, Inc. (B-/B3)
EUR	2,825,000		8.875			12/15/17		3,900,149
	Quiksilver, Inc. (CCC+/B2)(a)
$	6,550,000		7.875			08/01/18		6,877,500
	The Jones Group, Inc. (B+/B1)
	12,000,000		6.875			03/15/19		12,240,000
								23,017,649
	Tobacco – 0.4%
	Alliance One International, Inc. (B-/Caa1)(a)
	14,000,000		9.875			07/15/21		13,160,000
	Vector Group Ltd. (B+/Ba3)
	9,100,000		7.750			02/15/21		9,395,750
								22,555,750
	Transportation – 0.8%
	Aguila 3 SA (B/B2)(a)
	24,750,000		7.875			01/31/18		25,863,750
	Florida East Coast Holdings Corp. (CCC/Caa3)(c)
	3,000,186		10.500			08/01/17		3,071,441
	Florida East Coast Railway Corp. (B-/B3)
	1,650,000		8.125			02/01/17		1,732,500
	Watco Cos LLC/Watco Finance Corp. (CCC+/B3)(a)
	10,000,000		6.375			04/01/23		9,900,000
								40,567,691
	Utilities—Distribution – 0.3%
	AmeriGas Finance LLC/AmeriGas Finance Corp. (NR/Ba2)
	8,100,000		6.750			05/20/20		8,586,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Utilities – Distribution – (continued)
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
$	3,000,000		6.250	%		08/20/19	$	3,120,000
	Ferrellgas LP/Ferrellgas Finance Corp. (B/B2)
	1,950,000		9.125			10/01/17		2,042,625
	3,900,000		6.500			05/01/21		3,880,500
								17,629,125
	Utilities – Electric – 2.2%
	AES Corp. (BB-/Ba3)
	850,000		4.875			05/15/23		794,750
	Calpine Corp. (BB-/B1)(a)
	4,900,000		7.250			10/15/17		5,077,625
	9,000,000		7.500			02/15/21		9,517,500
	DPL, Inc. (BB/Ba1)
	10,850,000		6.500			10/15/16		11,555,250
	38,050,000		7.250			10/15/21		38,715,875
	NRG Energy, Inc. (BB-/B1)
	7,000,000		7.625			01/15/18		7,752,500
	5,450,000		6.625			03/15/23		5,354,625
	Puget Energy, Inc. (BB+/Ba1)
	16,200,000		6.000			09/01/21		17,636,154
	The AES Corp. (BB-/Ba3)
	5,000,000		8.000			10/15/17		5,750,000
	5,000,000		8.000			06/01/20		5,712,500
	9,000,000		7.375			07/01/21		9,900,000
								117,766,779
	Utilities – Pipelines – 0.5%
	Access Midstream Partners LP/ACMP Finance Corp. (BB/Ba3)
	8,000,000		5.875			04/15/21		8,220,000
	Genesis Energy LP/Genesis Energy Finance Corp. (B/B1)
	6,350,000		5.750			02/15/21		6,254,750
	Regency Energy Partners LP (BB/B1)
	3,000,000		5.750			09/01/20		3,015,000
	8,250,000		6.500			07/15/21		8,641,875
	1,800,000		5.500			04/15/23		1,723,500
								27,855,125
	Wireless(a)(c) – 0.2%
	Mobile Challenger Intermediate Group SA (B-/NR)
CHF	9,300,000		8.750			03/15/19		10,271,083
	TOTAL CORPORATE OBLIGATIONS
	(Cost $4,940,537,599)						$	5,029,663,720
	Senior Term Loans(g) – 2.0%
	Consumer Products – Industrial – 0.3%
	CPM Acquisition Corp. (B+/B1)
$	10,593,000		6.250	%		08/29/17	$	10,593,000
	CPM Acquisition Corp. (B+/Caa1)
	7,570,000		10.250			03/01/18		7,588,925
								18,181,925
	Energy – 0.2%
	NFR Energy LLC (B-/Caa1)
	9,645,000		8.750			12/31/18		9,663,133
	Senior Term Loans(g) – (continued)
	Food & Beverages – 0.3%
	Performance Food Group, Inc. (CCC+/B3)
$	18,056,745		6.250	%		11/14/19	$	17,808,465
	Health Care – Services – 0.6%
	American Renal Holdings, Inc. (CCC+/Caa1)
	27,800,000		8.500			02/14/20		27,383,000
	Arysta Lifescience Corp. (CCC+/Caa1)
	2,750,000		8.250			11/30/20		2,741,970
								30,124,970
	Media – Broadcasting & Radio – 0.2%
	Clear Channel Communications, Inc. (CCC+/Caa1)
	7,834,056		3.829			01/29/16		7,369,888
	3,726,871		6.929			01/30/19		3,452,946
								10,822,834
	Retailers – 0.4%
	BJ’s Wholesale Club, Inc. (CCC+/Caa1)
	4,175,000		9.750			03/26/20		4,249,816
	True Religion Apparel, Inc. (B/B2)
	8,550,000		5.875			07/30/19		8,044,096
	True Religion Apparel, Inc. (CCC+/Caa1)
	6,825,000		11.000			01/30/20		6,483,750
								18,777,662
	TOTAL SENIOR TERM LOANS
	(Cost $104,408,775)						$	105,378,989

Shares	Rate			Value
Preferred Stocks – 0.3%
Brokerage(d) – 0.2%
Morgan Stanley, Inc.
479,000		7.125	%	$	12,070,800
Finance(a) – 0.1%
Ally Financial, Inc.
3,070		7.000			2,933,385
Media – Broadcasting & Radio(c)(e) – 0.0%
Spanish Broadcasting Systems, Inc.
3,074		10.750			2,336,240
TOTAL PREFERRED STOCKS
(Cost $17,006,392)				$	17,340,425

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

GOLDMAN SACHS HIGH YIELD FUND

Shares		Description	Value
	Common Stocks – 0.6%
	150,000	Axiall Corp.	$	5,668,500
	40	Dawn Holdings, Inc.		—
	112,122	General Motors Co.(b)		4,033,028
	328,512	Houghton Mifflin Harcourt		9,855,360
	76,163	Intelsat SA(b)		1,827,912
	4,578	Lear Corp.		327,647
	6,252	Masonite International Corp.(b)		305,910
	28,148	Motors Liquidation Co.(b)		997,847
	21	New Cotai Class B Shares		—
	40,200	NewPage Holdings, Inc.(b)		3,396,900
	10	Nycomed(b)		—
	3,874	Panolam Holdings Co.(b)		39
	2,500	Port Townsend Holdings Co., Inc.(b)		—
	178,374	Starwood Property Trust, Inc.		4,275,625
	TOTAL COMMON STOCKS
	(Cost $50,042,606)		$	30,688,768

Units		Description	Expiration Date		Value
	Warrants(b) – 0.1%
	General Motors Co. (NR/NR)
	101,928			07/10/16	$	2,692,938
	101,928			07/10/19		1,895,861
	Lear Corp. (NR/NR)
	511			11/09/14		71,151
	Masonite International Corp. (NR/NR)
	22,734			05/20/16		272,808
	30,311			06/09/14		151,555
	TOTAL WARRANTS
	(Cost $7,865,663)				$	5,084,313
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $5,119,861,035)				$	5,188,156,215

Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment(h) – 1.7%
	Repurchase Agreement – 1.7%
	Joint Repurchase Agreement Account II
$	90,600,000	0.083%		10/01/13	$	90,600,000
	(Cost $90,600,000)
	TOTAL INVESTMENTS — 99.3%
	(Cost $5,210,461,035)				$	5,278,756,215
	OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.7%					39,477,057
	NET ASSETS — 100.0%				$	5,318,233,272

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 $2,141,915,528, which represents approximately 40.3% of net assets as of September 30, 2013.
(b)	Security is currently in default and/or non-income producing.
(c)	Pay-in-kind securities.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(e)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2013.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Senior Term Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility at September 30, 2013. Senior Term Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(h)	Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 117.
	Security ratings disclosed, if any, are obtained from Standard & Poor’s /Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Currency Abbreviations:
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
NR	—Not Rated
WR	—Withdrawn Rating

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2013, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value	Unrealized Gain (Loss)
Tenet Healthcare Corp., due 06/24/14	$	32,250,000	$32,250,000	$	—
CPG International, Inc., due 09/09/14		21,500,000	21,500,000	$	—
TOTAL	$	53,750,000	$53,750,000	$	—

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Deutsche Bank AG (London)	USD/CHF		10/03/13	$	21,979,518	$	(728,070	)
State Street Bank	USD/GBP		10/03/13		27,413,106		(1,086,442	)
UBS AG (London)	USD/EUR		10/03/13		114,834,276		(3,076,436	)
TOTAL						$	(4,890,948	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date		Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		133			December 2013	$	18,898,469		$	233,565
5 Year German Euro-Bobl		(312	)		December 2013		(52,524,798	)		(680,134	)
10 Year German Euro-Bund		(37	)		December 2013		(7,032,793	)		(139,222	)
10 Year U.K. Long Gilt		(31	)		December 2013		(5,536,512	)		10,981
2 Year U.S. Treasury Notes		956			December 2013		210,573,938			529,541
5 Year Treasury Notes		(1,091	)		December 2013		(132,062,141	)		(1,608,812	)
10 Year U.S. Treasury Notes		(1,680	)		December 2013		(212,336,250	)		(2,865,017	)
20 Year U.S. Treasury Bonds		882			December 2013		117,636,750			1,452,766
TOTAL									$	(3,066,332	)

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(a) – 82.4%
	Aerospace – 1.7%
	LMI Aerospace, Inc. (B+/B1)
$	3,970,000		4.750	%		12/28/18	$	3,915,412
	Silver II US Holdings LLC (NR/NR)
	25,332,412		4.000			12/13/19		25,079,088
	Transdigm, Inc. (B/Ba3)
	19,446,014		3.750			02/28/20		19,345,673
								48,340,173
	Airlines – 3.1%
	Air Canada (B+/B2)
	2,700,000		5.476			09/01/19		2,693,250
	Atlantic Aviation FBO, Inc. (BB-/Ba3)
	6,982,500		3.250			06/01/20		6,941,024
	Continental Airlines, Inc. (BB-/Ba2)
	20,910,000		4.000			04/01/19		20,988,413
	Delta Air Lines, Inc. (BB/Ba1)
	14,636,140		4.250			04/20/17		14,672,730
	Delta Air Lines, Inc. (BB-/Ba1)
	37,627,533		4.000			10/18/18		37,688,489
	Flying Fortress, Inc. (BBB-/Ba2)
	5,041,667		3.500			06/30/17		5,031,180
								88,015,086
	Automotive – 0.6%
	Casco Automotive Group, Inc. (B+/B1)
	3,473,750		6.250			11/14/18		3,473,750
	Chrysler Group LLC (BB/Ba1)
	13,569,020		4.250			05/24/17		13,650,434
	Meritor, Inc. (BB-/Ba2)
	742,718		4.438			04/21/17		740,861
								17,865,045
	Automotive – Distributor – 0.1%
	Affinia Group, Inc. (B/B2)
	3,491,250		4.750			04/27/20		3,491,250
	Automotive – Parts – 0.9%
	Allison Transmission, Inc. (BB-/Ba3)
	2,104,336		3.190			08/07/17		2,103,453
	Allison Transmission, Inc. (B+/B1)
	3,009,919		3.750			08/23/19		3,006,789
	Remy International, Inc. (B+/B1)
	3,801,551		4.250			03/05/20		3,803,946
	Schaeffler AG (NR/NR)
	9,500,000		4.250			01/27/17		9,527,740
	Tomkins LLC (BB-/Ba2)
	312,894		3.750			09/29/15		313,676
	Tomkins LLC (BB/Ba2)
	5,914,092		3.750			09/29/16		5,917,818
								24,673,422
	Building Materials – 2.7%
	American Builders & Contractors Supply Co., Inc. (BB+/B1)
	25,212,589		3.500			04/16/20		24,998,282
	Armstrong World Industries, Inc. (BB-/B1)
	7,815,756		3.500			03/16/20		7,771,832
	Senior Term Loans(a) – (continued)
	Building Materials – (continued)
	CPG International, Inc. (NR/NR)
$	2,000,000		5.729	%		09/21/19	$	1,984,160
	CPG International, Inc. (B/B2)
	10,500,000		4.726			09/30/20		10,447,500
	Generac Power System, Inc. (B+/WR)
	2,331,289		3.500			05/29/20		2,317,884
	Quikrete Cos., Inc. (NR/B1)
	13,650,000		3.976			09/28/20		13,637,852
	Roofing Supply Group LLC (B/B3)
	7,204,178		5.000			05/24/19		7,219,162
	Tube City IMS Corp. (B+/B1)
	2,519,337		6.000			03/20/19		2,519,337
	Ultima US Holdings LLC (B/B2)
	5,600,000		5.500			07/02/20		5,516,000
								76,412,009
	Capital Goods – Others – 0.7%
	Alliance Laundry System LLC (B/B2)
	7,355,507		4.250			12/10/18		7,357,787
	Alliance Laundry Systems LLC (CCC+/Caa2)
	4,501,046		9.500			12/10/19		4,529,177
	USIC Holdings, Inc. (B/B2)
	7,834,125		4.750			07/10/20		7,807,176
								19,694,140
	Chemicals – 2.2%
	Axalta Coating Systems US Holdings, Inc. (B+/B1)
	18,184,987		4.750			02/03/20		18,236,087
	Eagle Spinco, Inc. (BBB-/Ba1)
	4,947,688		3.500			01/27/17		4,972,426
	Houghton International, Inc. (B/B1)
	4,466,250		4.000			12/20/19		4,436,460
	Huntsman International LLC (BB+/Ba1)
	2,500,000		2.714			04/19/17		2,498,450
	PQ Corp. (B+/B2)
	5,657,250		4.500			08/07/17		5,671,393
	Univar, Inc. (B+/B2)
	26,650,809		5.000			06/30/17		25,658,067
								61,472,883
	Construction Machinery – 0.3%
	Mirror Bidco Corp. (B/B1)
	8,401,202		5.250			12/27/19		8,429,178
	Consumer Products – Household & Leisure – 2.5%
	Armored Autogroup, Inc. (B-/B1)
	2,171,763		6.000			11/04/16		2,124,701
	Bombardier Recreational Products, Inc. (B+/B1)
	12,520,000		4.000			01/30/19		12,486,447
	Jarden Corp. (BBB-/Ba1)
	7,200,000		2.930			09/30/20		7,187,472
	Renfro Corp. (B/B2)
	4,472,513		5.750			01/30/19		4,461,331
	Spectrum Brands, Inc. (BB/Ba3)
	2,000,000		3.500			08/13/19		1,997,500
	SRAM LLC (BB-/B1)
	3,206,533		4.024			04/10/20		3,150,419

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(a) – (continued)
	Consumer Products – Household & Leisure – (continued)
	Sun Products Corp. (B-/B1)
$	24,136,855		5.500	%		03/23/20	$	23,448,954
	Visant Holding Corp. (B+/B1)
	16,309,783		5.250			12/22/16		15,788,522
								70,645,346
	Consumer Products – Industrial – 1.5%
	CPM Acquisition Corp. (B+/B1)
	4,257,000		6.250			08/29/17		4,257,000
	CPM Acquisition Corp. (B+/Caa1)
	2,150,000		10.250			03/01/18		2,155,375
	HD Supply, Inc. (B+/B1)
	28,864,100		4.500			10/12/17		28,864,100
	Minimax Gmbh & Co. (NR/B2)
	5,350,000		4.500			08/07/20		5,353,370
								40,629,845
	Diversified Manufacturing – 1.1%
	Air Distribution Technologies, Inc. (CCC+/Caa1)
	1,350,000		9.250			05/11/20		1,373,625
	Milacron LLC (B/B1)
	6,467,500		4.250			03/30/20		6,435,162
	QS0001 Corp. (B/B1)
	5,711,850		5.000			11/09/18		5,726,130
	Rexnord LLC (B+/B2)
	17,541,462		4.000			08/20/20		17,322,194
								30,857,111
	Energy – 1.4%
	Frac Tech International LLC (CCC+/B3)
	4,461,593		8.500			05/06/16		4,370,130
	MEG Energy Corp. (BBB-/Ba1)
	23,636,325		3.750			03/31/20		23,675,798
	NFR Energy LLC (B-/Caa1)
	5,690,000		8.750			12/31/18		5,700,697
	Vantage Drilling Co. (B-/B3)
	4,181,202		6.250			10/26/17		4,181,202
								37,927,827
	Energy – Coal – 0.3%
	Walter Energy, Inc. (B/B3)
	9,612,761		6.750			04/02/18		9,214,505
	Entertainment – 0.6%
	EMI Music Publishing, Ltd. (BB-/Ba3)
	4,316,521		4.250			06/29/18		4,302,147
	Sabre, Inc. (B/B2)
	7,100,000		4.476			02/19/19		7,055,625
	WMG Acquisition Corp. (BB-/Ba3)
	5,500,000		3.750			07/01/20		5,470,795
								16,828,567
	Environmental – 0.5%
	EnergySolutions LLC (BB-/B2)
	15,175,450		6.750			08/12/16		15,254,514
	Senior Term Loans(a) – (continued)
	Finance – 1.1%
	Cermatec Acquisition Corp. (NR/B2)
$	7,750,000		4.226	%		08/31/20	$	7,762,942
	Guggenheim Partners LLC (NR/NR)
	10,750,000		4.000			07/17/20		10,763,437
	Local TV Finance LLC (B+/B1)
	2,659,756		4.180			05/07/15		2,657,256
	ROC Finance LLC (BB-/B1)
	2,000,000		5.000			05/15/19		1,998,120
	Springleaf Finance Corp. (B-/NR)
	7,075,000		4.726			09/30/19		7,072,029
								30,253,784
	Food & Beverages – 7.4%
	Arysta Lifescience Corp. (B/Ba3)
	4,738,125		4.500			05/29/20		4,724,290
	Arysta Lifescience Corp. (CCC+/Caa1)
	5,975,000		8.250			11/30/20		5,957,553
	Blue Buffalo Co. Ltd. (BB/B1)
	20,018,961		4.750			08/08/19		20,127,464
	Constellation Brands, Inc. (NR/NR)
	32,715,947		2.750			06/05/20		32,480,720
	CSM Bakery Supplies LLC (B+/B1)
	11,200,000		4.750			07/03/20		11,116,000
	Del Monte Foods Co. (B/B1)
	8,759,127		4.000			03/08/18		8,717,521
	Dole Food Co., Inc. (B+/Ba3)
	9,452,500		3.753			04/01/20		9,438,983
	HJ Heinz Co. (BB/Ba2)
	54,184,250		3.500			06/05/20		54,301,288
	JBS USA Holdings, Inc. (BB/Ba2)
	4,000,000		3.750			09/18/20		3,950,000
	Michael Foods Group, Inc. (B+/Ba3)
	9,268,760		4.250			02/25/18		9,300,644
	NBTY, Inc. (BB-/Ba3)
	3,862,216		3.500			10/01/17		3,858,585
	Performance Food Group, Inc. (CCC+/B3)
	18,092,655		6.250			11/14/19		17,843,881
	Pinnacle Foods Finance LLC (BB-/Ba3)
	11,400,000		3.226			04/29/20		11,268,900
	14,928,741		3.250			04/29/20		14,783,185
								207,869,014
	Food & Drug Retailers – 0.7%
	Rite Aid Corp. (BB-/B1)
	15,939,981		4.000			02/21/20		15,904,116
	Rite Aid Corp. (B/B3)
	2,600,000		5.750			08/21/20		2,660,658
								18,564,774
	Gaming – 1.9%
	Boyd Gaming Corp. (BB-/Ba3)
	7,150,000		4.000			08/14/20		7,130,338
	Caesars Entertainment Operating Co. (B-/B3)
	4,790,330		5.429			01/26/18		4,332,854
	CCM Merger, Inc. (B+/B2)
	4,285,134		5.000			03/01/17		4,304,417

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(a) – (continued)
	Gaming – (continued)
	MGM Resorts International (BB/Ba2)
$	10,438,706		3.500	%		12/20/19	$	10,384,842
	Scientific Games International, Inc. (BB-/Ba2)
	15,000,000		4.250			05/22/20		14,868,750
	Seminole Tribe of Florida (BBB-/Baa3)
	13,510,000		3.000			04/29/20		13,459,338
								54,480,539
	Health Care – 2.1%
	Community Health Systems, Inc. (BB/Ba2)
	2,102,985		3.760			01/25/17		2,100,061
	HCA, Inc. (BB/Ba3)
	32,000,000		2.998			03/31/17		31,942,720
	5,000,096		2.929			05/01/18		4,986,696
	Health Management Associates, Inc. (BB-/Ba3)
	10,247,414		3.500			11/16/18		10,232,965
	MedAssets, Inc. (BB-/Ba3)
	89,425		4.000			12/13/19		89,425
	Vanguard Health Holding Co. (BB-/Ba2)
	4,987,500		3.750			01/29/16		4,979,720
	VWR Funding, Inc. (B+/B1)
	4,962,500		4.179			04/03/17		4,968,703
								59,300,290
	Health Care – Medical Products – 0.5%
	Convatec, Inc. (B+/Ba3)
	2,915,727		4.000			12/22/16		2,925,087
	Hologic, Inc. (BBB-/Ba2)
	12,023,898		3.750			08/01/19		12,021,734
								14,946,821
	Health Care – Pharmaceuticals – 0.3%
	Catalent Pharma Solutions, Inc. (BB-/Ba3)
	3,324,323		4.250			09/15/17		3,329,077
	Catalent Pharma Solutions, Inc. (B/Caa1)
	1,650,000		6.500			12/29/17		1,646,914
	Warner Chilcott Corp. (BBB-/Ba3)
	2,210,052		5.500			03/15/18		2,207,688
								7,183,679
	Health Care – Services – 4.1%
	American Renal Holdings, Inc. (B/Ba3)
	10,447,500		4.500			09/20/19		10,329,966
	American Renal Holdings, Inc. (CCC+/Caa1)
	15,000,000		8.500			02/14/20		14,775,000
	DaVita, Inc. (BB-/Ba2)
	7,440,564		4.500			10/20/16		7,468,391
	15,015,891		4.000			11/01/19		15,049,677
	Emergency Medical Services Corp. (B+/B1)
	12,752,502		4.000			05/25/18		12,722,406
	Lifepoint Hospitals, Inc. (BB-/Ba1)
	4,962,500		2.680			07/24/17		4,978,975
	Multiplan, Inc. (B+/Ba2)
	22,055,552		4.000			08/25/17		22,069,447
	Radnet Management, Inc. (B+/WR)
	4,677,748		4.250			10/10/18		4,679,713
	Senior Term Loans(a) – (continued)
	Health Care – Services – (continued)
	Sedgwick CMS Holdings, Inc. (B+/B1)
$	6,483,750		4.250	%		06/12/18	$	6,477,655
	Sedgwick CMS Holdings, Inc. (CCC+/Caa1)
	7,500,000		8.000			12/12/18		7,626,600
	U.S. Renal Care, Inc. (CCC+/B3)
	7,975,000		10.250			01/03/20		8,014,875
								114,192,705
	Lodging – 1.8%
	Four Seasons Holdings, Inc. (BB-/B1)
	12,050,000		4.250			06/27/20		12,140,375
	Four Seasons Holdings, Inc. (B-/Caa1)
	6,800,000		6.250			12/28/20		6,936,000
	Hilton Worldwide Finance LLC (NR/NR)
	25,000,000		4.000			10/26/20		24,954,500
	Peninsula Gaming LLC (B+/B1)
	5,429,125		4.250			11/20/17		5,437,594
								49,468,469
	Media – Broadcasting & Radio – 5.6%
	Clear Channel Communications, Inc. (CCC+/Caa1)
	18,117,707		3.829			01/29/16		17,044,233
	11,804,293		6.929			01/30/19		10,936,678
	Cumulus Media, Inc. (BB-/Ba2)
	2,715,721		4.500			09/17/18		2,729,978
	Cumulus Media, Inc. (CCC+/B3)
	7,500,000		7.500			09/16/19		7,584,375
	Getty Images, Inc. (B/B1)
	29,548,423		4.750			10/18/19		26,438,451
	Hubbard Radio LLC (B+/B1)
	11,435,349		4.500			04/29/19		11,460,762
	Nine Entertainment Group Ltd. (BB-/Ba2)
	3,750,000		3.726			02/05/20		3,731,250
	25,482,538		3.500			02/05/20		25,323,272
	Salem Communications Corp. (B/B2)
	14,693,333		4.500			03/16/20		14,693,333
	Sinclair Television Group, Inc. (BB+/Ba1)
	9,124,465		3.000			04/09/20		9,105,486
	SuperMedia, Inc. (NR/WR)
	2,417,744		11.600			12/30/16		1,871,334
	Telesat Canada (BB-/Ba3)
	5,287,542		3.500			03/28/19		5,254,495
	Univision Communications, Inc. (B+/B2)
	4,975,000		4.000			03/02/20		4,912,812
	14,523,875		4.500			03/02/20		14,456,790
	Univision Communications, Inc. (B+/B3)
	1,433,972		4.500			03/02/20		1,428,150
								156,971,399
	Media – Cable – 3.5%
	Charter Communications Operating LLC (BB+/Baa3)
	12,976,250		3.000			07/01/20		12,821,054
	5,564,338		3.000			01/04/21		5,499,402
	CSC Holdings LLC (BBB-/Baa3)
	20,448,750		2.679			04/17/20		20,196,003

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(a) – (continued)
	Media – Cable – (continued)
	Midcontinent Communications (B+/WR)
$	12,000,000		3.476	%		07/30/20	$	12,007,560
	UPC Financing Partnership (BB/Ba3)
	4,000,000		4.000			01/29/21		4,000,000
	Virgin Media Investment Holdings Ltd. (BB-/Ba3)
	36,250,000		3.500			06/08/20		36,013,288
	Wave Division Holdings LLC (BB-/B1)
	6,947,500		4.000			10/15/19		6,937,079
								97,474,386
	Media – Non Cable – 3.2%
	Advantage Sales & Marketing, Inc. (B+/B1)
	4,396,396		4.250			12/18/17		4,400,704
	Crown Castle Operating Co. (BB-/Ba2)
	37,795,232		3.250			01/31/19		37,299,359
	Houghton Mifflin Harcourt Publishing Co. (NR/B2)
	21,726,915		5.250			06/01/18		21,754,074
	McGraw-Hill Global Education Holdings LLC (NR/B2)
	7,462,500		9.000			03/22/19		7,540,632
	NEP Supershooters LP (B/B1)
	11,910,000		4.750			01/22/20		11,932,391
	NEP Supershooters LP (CCC+/Caa1)
	785,714		9.500			07/22/20		799,959
	TWCC Holding Corp. (B+/Ba3)
	6,847,728		3.500			02/13/17		6,843,483
								90,570,602
	Metals & Mining – 0.7%
	FMG America Finance, Inc. (BB+/Ba1)
	8,280,772		5.250			10/18/17		8,299,984
	Novelis, Inc. (BB-/Ba2)
	11,231,916		3.750			03/10/17		11,224,840
								19,524,824
	Packaging – 2.7%
	Berry Plastics Holding Corp. (B+/B1)
	4,960,212		2.179			04/03/15		4,949,250
	27,869,975		3.500			02/07/20		27,542,502
	Consolidated Container Co. LLC (B+/B1)
	7,932,406		5.000			07/03/19		7,968,102
	Kleopatra Acquisition Corp. (B/Ba3)
	6,990,845		5.750			12/21/16		7,019,997
	Pact Group Pty Ltd. (B+/Ba3)
	7,132,125		3.750			05/29/20		7,007,313
	Reynolds Group Holdings, Inc. (B+/B1)
	21,215,496		4.750			09/28/18		21,236,075
								75,723,239
	Real Estate – 0.7%
	Realogy Corp. (BB-/Ba3)
	14,193,750		4.500			03/05/20		14,264,719
	Starwood Property Trust, Inc. (BB+/Ba3)
	3,980,000		3.500			04/17/20		3,965,075
								18,229,794
	Senior Term Loans(a) – (continued)
	Restaurants – 1.0%
	DineEquity, Inc. (BB-/Ba2)
$	3,031,199		3.750	%		10/19/17	$	3,041,263
	NPC International, Inc. (B/Ba3)
	1,963,333		4.500			12/28/18		1,966,612
	OSI Restaurant Partners LLC (B+/B1)
	8,484,300		3.500			10/25/19		8,433,903
	Seminole Hard Rock Entertainment, Inc. (BB+/Ba1)
	4,987,500		3.500			05/14/20		4,968,797
	Wendy’s International, Inc. (B+/B1)
	8,426,996		3.250			05/15/19		8,386,630
								26,797,205
	Retailers – 5.9%
	Academy Ltd. (B/B1)
	11,370,309		4.500			08/03/18		11,391,685
	Bass Pro Group LLC (BB-/B1)
	5,353,765		4.000			11/20/19		5,335,348
	BJ’s Wholesale Club, Inc. (B/B3)
	20,014,307		4.250			09/26/19		19,925,444
	BJ’s Wholesale Club, Inc. (CCC+/Caa1)
	6,375,040		9.750			03/26/20		6,489,281
	Burlington Coat Factory Warehouse Corp. (B+/B1)
	5,704,998		4.250			02/23/17		5,703,572
	Charlotte Russe, Inc. (B-/B2)
	9,500,000		6.750			05/21/19		9,262,500
	Collective Brands, Inc. (B/B2)
	10,186,313		7.250			10/09/19		10,135,381
	Container Store, Inc. (B-/B3)
	8,955,000		5.500			04/08/19		8,999,775
	Fairway Group Acquisition Co. (B-/B2)
	3,866,675		5.000			08/17/18		3,878,777
	Grocery Outlet, Inc. (NR/NR)
	3,971,517		5.500			12/17/18		3,978,149
	2,251,087		10.500			05/24/19		2,284,853
	Michaels Stores, Inc. (BB-/Ba3)
	24,438,750		3.750			01/28/20		24,408,202
	Neiman-Marcus Group, Inc. (B+/B2)
	28,631,649		4.000			05/16/18		28,588,129
	Party City Holdings, Inc. (B/B1)
	7,952,406		4.250			07/29/19		7,919,245
	Petco Animal Supplies, Inc. (B/Ba3)
	5,402,778		4.000			11/24/17		5,396,024
	True Religion Apparel, Inc. (B/B2)
	13,000,000		5.875			07/30/19		12,230,790
								165,927,155
	Services Cyclical – Business Services – 3.3%
	ADS Waste Holdings, Inc. (B+/B1)
	19,222,287		4.250			10/09/19		19,201,335
	Crossmark Holdings, Inc. (B/B1)
	6,162,976		4.500			12/20/19		6,085,939
	Crossmark Holdings, Inc. (CCC+/Caa1)
	3,200,000		8.750			12/21/20		3,184,000
	First Data Corp. (B+/B1)
	16,977,728		4.180			03/24/17		16,800,820
	18,535,076		4.180			03/24/18		18,335,824

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(a) – (continued)
	Services Cyclical – Business Services – (continued)
	First Data Corp. (B+/B1) – (continued)
$	3,500,000		4.180	%		09/24/18	$	3,462,375
	Ship US Bidco, Inc. (B+/Ba3)
	4,013,791		5.250			11/29/19		4,032,736
	Sungard Data Systems, Inc. (BB/Ba3)
	5,683,379		4.000			03/09/20		5,692,871
	Trans Union LLC (BB-/Ba2)
	2,369,958		4.250			02/10/19		2,377,849
	Tribune Co. (BB+/Ba3)
	11,962,500		4.000			12/31/19		11,950,059
	West Corp. (BB/Ba3)
	35,315		3.750			06/29/18		35,315
								91,159,123
	Services Cyclical – Consumer Services – 3.1%
	Acosta, Inc. (B+/NR)
	4,432,677		5.000			03/02/18		4,430,461
	Altegrity, Inc. (B-/B3)
	1,500,000		7.750			02/20/15		1,486,245
	6,572,161		5.000			02/21/15		6,411,998
	Bright Horizons Family Solution, Inc. (B+/B1)
	39,877,487		4.000			01/30/20		39,819,266
	Lonestar Intermediate Super Holdings LLC (B-/B2)
	21,750,000		11.000			09/02/19		22,674,375
	Weight Watchers International, Inc. (BB/Ba2)
	12,935,000		3.750			04/02/20		12,647,196
								87,469,541
	Technology – 1.5%
	Ancestry.com, Inc. (B+/Ba2)
	10,899,474		4.250			05/14/18		10,872,225
	1,690,437		5.250			12/28/18		1,697,976
	Arris Group, Inc. (BB-/Ba3)
	8,955,000		3.500			04/17/20		8,872,883
	CDW LLC (B+/Ba3)
	22,247,714		3.500			04/29/20		21,851,482
								43,294,566
	Technology – Software/Services – 3.3%
	Aspect Software, Inc. (B/B1)
	5,257,557		7.000			05/06/16		5,257,557
	Blackboard, Inc. (B+/B1)
	7,451,212		6.250			10/04/18		7,479,154
	BMC Software, Inc. (B+/B1)
	30,000,000		5.000			08/07/20		29,985,000
	Dell, Inc. (BB+/Ba2)
	7,000,000		4.500			10/31/18		6,944,980
	Dell, Inc. (BB-/Ba2)
	12,750,000		3.750			04/30/20		12,514,890
	Emdeon, Inc. (BB-/Ba3)
	16,885,184		3.750			11/02/18		16,847,193
	Ion Trading Technologies S.A.R.L. (B+/B2)
	3,516,188		4.500			05/22/20		3,508,874
	Ion Trading Technologies S.A.R.L. (CCC+/Caa2)
	4,900,000		8.250			05/21/21		4,893,875
	Senior Term Loans(a) – (continued)
	Technology – Software/Services – (continued)
	Lawson Software, Inc. (B+/Ba3)
$	4,480,492		5.250	%		04/05/18	$	4,499,175
								91,930,698
	Telecommunications – Internet & Data – 1.6%
	Level 3 Financing, Inc. (BB-/Ba3)
	2,500,000		4.000			08/01/19		2,495,000
	19,500,000		4.750			08/01/19		19,463,340
	Level 3 Financing, Inc. (B/NR)
	22,000,000		4.000			01/15/20		21,954,240
								43,912,580
	Transportation Services – 0.2%
	Swift Transportation Co., Inc. (BB/Ba2)
	5,121,351		2.930			12/21/16		5,137,381
	1,332,134		4.000			12/21/17		1,335,185
								6,472,566
	Utilities – Electric – 2.7%
	AES Corp. (BB+/Ba1)
	14,272,009		3.750			06/01/18		14,335,091
	Calpine Corp. (BB-/B1)
	10,772,593		4.000			04/02/18		10,773,563
	1,750,000		4.500			04/02/18		1,750,158
	18,315,152		4.000			10/09/19		18,301,416
	NRG Energy, Inc. (BB+/Baa3)
	29,994,477		2.750			07/02/18		29,771,918
								74,932,146
	Wireless Telecommunications – 3.3%
	Alcatel-Lucent USA, Inc. (B+/B1)
	19,634,224		5.750			01/30/19		19,761,847
	Asurion LLC (B+/Ba2)
	9,551,375		4.500			05/24/19		9,454,333
	Intelsat Jackson Holdings Ltd. (BB-/Ba3)
	53,159,724		4.250			04/02/18		53,199,594
	LTS Buyer LLC (B/B1)
	10,473,750		4.500			04/13/20		10,503,181
								92,918,955
	TOTAL SENIOR TERM LOANS
	(Cost $2,320,301,758)						$	2,309,319,755
	Corporate Obligations – 10.1%
	Aerospace(b) – 0.2%
	Bombardier, Inc. (BB/Ba2)
$	5,100,000		4.250	%		01/15/16	$	5,291,250
	Airlines – 0.9%
	Air Canada (A-/Baa3)(b)
	4,000,000		4.125			05/15/25		3,765,000
	Air Canada (B/B3)(b)
	6,271,000		6.625			05/15/18		6,197,629
	Air Canada (B+/B2)(b)(c)
	7,950,000		6.750			10/01/19		7,948,491

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Airlines – (continued)
	Air Canada (BB/B1)(b)
$	3,750,000		5.375	%		05/15/21	$	3,621,000
	Continental Airlines, Inc. (B+/B1)
	2,250,000		6.125			04/29/18		2,283,750
	United Airlines, Inc. (BB-/Ba2)(b)(c)
	2,400,000		6.750			09/15/15		2,484,000
								26,299,870
	Automotive – Parts(b)(c) – 0.1%
	Schaeffler Finance BV (B+/Ba2)
EUR	2,200,000		4.250			05/15/18		2,998,683
	Schaeffler Holding Finance BV (B-/B1)(d)
$	1,000,000		6.875			08/15/18		1,050,824
								4,049,507
	Building Materials(b)(c)(e) – 0.0%
	Grohe Holding GmbH (NR/B3)
EUR	800,000		8.750			12/15/17		1,117,931
	Chemicals(c) – 0.3%
	Ashland, Inc. (BB/NR)
$	3,000,000		3.000			03/15/16		3,037,500
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/NR)
	4,000,000		9.000			11/15/20		3,920,000
	US Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV (B+/B1)
EUR	1,000,000		5.750			02/01/21		1,353,256
								8,310,756
	Commercial Services(b)(c) – 0.2%
	Altegrity, Inc. (CCC-/Caa3)
$	5,000,000		10.500			11/01/15		4,425,000
	Construction Machinery – 0.4%
	CNH Capital LLC (BB/Ba1)
	4,250,000		3.875			11/01/15		4,366,875
	The Manitowoc Co., Inc. (B+/B3)(c)
	5,500,000		8.500			11/01/20		6,105,000
								10,471,875
	Consumer Products – Industrial(c) – 0.1%
	HD Supply, Inc. (B+/B1)
	2,000,000		8.125			04/15/19		2,210,000
	Energy(b)(c) – 0.2%
	Frac Tech International LLC (B+/Ba3)
	5,237,000		8.125			11/15/18		5,669,053
	Energy – Exploration & Production(c) – 0.4%
	Continental Resources, Inc. (BBB-/Ba2)
	5,000,000		5.000			09/15/22		5,025,000
	Whiting Petroleum Corp. (BB+/Ba2)
	6,500,000		5.000			03/15/19		6,500,000
								11,525,000
	Finance – 0.3%
	Ally Financial, Inc. (B+/B1)
	1,250,000		4.625			06/26/15		1,293,750
	Corporate Obligations – (continued)
	Finance – (continued)
	CIT Group, Inc. (BB-/Ba3)(b)
$	1,650,000		5.500	%		02/15/19	$	1,736,625
	General Motors Financial Co., Inc. (BB-/Ba3)(b)
	2,150,000		2.750			05/15/16		2,133,875
	International Lease Finance Corp. (BBB-/Ba2)(b)
	2,000,000		7.125			09/01/18		2,240,000
								7,404,250
	Food and Beverage(b)(c) – 0.0%
	Shearer’s Foods LLC/Chip Finance Corp. (B/B3)
	900,000		9.000			11/01/19		940,500
	Gaming(b)(c) – 0.1%
	Chester Downs & Marina LLC (B/B3)
	1,500,000		9.250			02/01/20		1,515,000
	Health Care – 1.3%
	Community Health Systems, Inc. (BB/Ba2)(c)
	12,550,000		5.125			08/15/18		12,769,625
	DaVita HealthCare Partners, Inc. (B/B2)(c)
	7,100,000		5.750			08/15/22		7,029,000
	HCA, Inc. (BB/Ba3)
	500,000		8.500	(c)		04/15/19		537,500
	13,300,000		6.500			02/15/20		14,397,250
	Tenet Healthcare Corp. (B+/Ba3)(b)
	2,600,000		6.000			10/01/20		2,658,500
								37,391,875
	Health Care – Medical Products(c) – 0.2%
	DJO Finance LLC/DJO Finance Corp. (CCC+/Caa1)
	5,179,000		7.750			04/15/18		5,127,210
	Health Care – Pharmaceuticals(b)(c) – 0.1%
	Valeant Pharmaceuticals International (B/B1)
	2,000,000		6.500			07/15/16		2,067,500
	Health Care – Services(c) – 0.2%
	MPT Operating Partnership LP/MPT Finance Corp. (BB/Ba1)
	2,000,000		6.375			02/15/22		2,025,000
	MultiPlan, Inc. (CCC+/B3)(b)
	4,500,000		9.875			09/01/18		4,972,500
								6,997,500
	Media – Broadcasting & Radio(c) – 0.8%
	Clear Channel Communications, Inc. (CCC+/Caa1)
	3,153,000		9.000			12/15/19		3,105,705
	Univision Communications, Inc. (B+/B2)(b)
	2,400,000		6.875			05/15/19		2,568,000
	8,900,000		7.875			11/01/20		9,723,250
	7,100,000		6.750			09/15/22		7,490,500
								22,887,455
	Media – Cable(b)(c) – 0.2%
	Lynx I Corp. (BB-/Ba3)
	6,900,000		5.375			04/15/21		6,727,500
	Packaging(c) – 0.3%
	Ardagh Packaging Finance PLC (NR/Ba3)(b)
	1,000,000		4.875			11/15/22		955,000

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Packaging(c) – (continued)
	Ardagh Packaging Finance PLC (B+/Ba3)(b)
$	800,000		7.375	%		10/15/17	$	857,000
	Reynolds Group Issuer, Inc. (B+/B1)
	6,800,000		5.750			10/15/20		6,800,000
								8,612,000
	Publishing(c) – 0.0%
	Nielsen Finance LLC (BB/B2)
	950,000		7.750			10/15/18		1,033,125
	Real Estate(b)(c) – 0.3%
	Realogy Group LLC (BB-/Ba3)
	8,153,000		7.625			01/15/20		9,110,977
	Retailers(b)(c) – 0.2%
	American Apparel, Inc. (B-/Caa1)
	5,000,000		13.000			04/15/20		5,050,000
	Services Cyclical – Business Services(b)(c) – 0.5%
	First Data Corp. (B+/B1)
	8,150,000		7.375			06/15/19		8,537,125
	4,500,000		6.750			11/01/20		4,635,000
								13,172,125
	Services Cyclical – Rental Equipment(b)(c) – 0.2%
	Algeco Scotsman Global Finance PLC (B/B1)
	5,000,000		8.500			10/15/18		5,287,500
	Technology – Software/Services(b) – 0.1%
	NXP BV/NXP Funding LLC (B+/B3)
	3,200,000		3.750			06/01/18		3,112,000
	Telecommunications(c) – 0.1%
	Sunrise Communications International SA (BB-/Ba3)
CHF	2,050,000		5.625			12/31/17		2,346,160
	Telecommunications – Cellular – 1.2%
	Matterhorn Mobile SA (B+/B1)(b)(c)(e)
	500,000		5.393			05/15/19		559,794
	Softbank Corp. (BB+/Ba1)(b)
$	14,400,000		4.500			04/15/20		13,746,000
	Sprint Nextel Corp. (BB+/Ba2)(b)
	3,500,000		9.000			11/15/18		4,103,750
	Sprint Nextel Corp. (BB-/B1)
	2,500,000		6.000			12/01/16		2,656,250
	8,000,000		7.000			08/15/20		8,120,000
	Wind Acquisition Finance SA (BB-/Ba3)(c)
	2,000,000		7.250	(b)		02/15/18		2,080,000
EUR	2,000,000		5.476	(e)		04/30/19		2,742,634
								34,008,428
	Telecommunications – Internet & Data(c)(e) – 0.0%
	Level 3 Financing, Inc. (CCC+/B3)
$	50,000		4.146			02/15/15		50,000
	Telecommunications – Satellites(b)(c) – 0.3%
	Intelsat Jackson Holdings SA (CCC+/Caa1)
	7,100,000		6.625			12/15/22		6,993,500
	Corporate Obligations – (continued)
	Telecommunications – Satellites(b)(c) – (continued)
	Intelsat Luxembourg SA (CCC+/Caa2)
$	700,000		8.125	%		06/01/23	$	736,750
								7,730,250
	Telecommunications-Wirelines – 0.3%
	Frontier Communications Corp. (BB-/Ba2)
	5,000,000		8.250			04/15/17		5,650,000
	PAETEC Holding Corp. (NR/WR)(c)
	2,000,000		9.875			12/01/18		2,225,000
								7,875,000
	Transportation(c) – 0.5%
	Aguila 3 SA (B/B2)
	10,850,000		7.875	(b)		01/31/18		11,338,250
CHF	2,150,000		7.875			01/31/18		2,479,626
								13,817,876
	Utilities – Electric(c) – 0.1%
	AES Corp. (BB-/Ba3)
$	650,000		4.875			05/15/23		607,750
	DPL, Inc. (BB/Ba1)
	2,000,000		6.500			10/15/16		2,130,000
								2,737,750
	TOTAL CORPORATE OBLIGATIONS
	(Cost $283,911,826)						$	284,372,223
	Asset-Backed Securities(b)(e) – 0.7%
	Collateralized Loan Obligations – 0.7%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM (NR/NR)
$	9,000,000		1.493	%		04/18/24	$	8,783,883
	OFSI Fund V Ltd. Series 2013-5A, Class A3L (A/NR)
	4,000,000		3.468			04/17/25		3,925,248
	Palmer Square CLO Ltd. Series 2013-1A, Class B (A/NR)
	3,300,000		3.124			05/15/25		3,244,236
	Red River CLO Ltd. Series 1A, Class A (AA+/Aaa)
	4,321,787		0.535			07/27/18		4,231,769
	TOTAL ASSET-BACKED SECURITIES
	(Cost $19,997,666)						$	20,185,136

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Shares		Description	Value
	Investment Companies – 11.9%
	2,764,454	Goldman Sachs High Yield Fund – Institutional Shares(f)	$	19,987,006
	313,236,754	SSgA U.S. Government Money Market Fund		313,236,754
	TOTAL INVESTMENT COMPANIES
	(Cost $333,278,932)		$	333,223,760
	TOTAL INVESTMENTS – 105.1%
	(Cost $2,957,490,182)		$	2,947,100,874
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.1)%			(143,283,696	)
	NET ASSETS – 100.0%		$	2,803,817,178

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Senior Term Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility at September 30, 2013. Senior Term Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $186,630,393, which represents approximately 6.7% of net assets as of September 30, 2013.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Pay-in-kind securities.
(e)	Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(f)	Represents Affiliated Funds.

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

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
LIBOR	—London Interbank Offered Rate
NR	—Not Rated
WR	—Withdrawn Rating

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2013, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount	Current Value		Unrealized Gain (Loss)
Media General, Inc., due 07/31/20	$11,000,000	$	11,018,150	$	18,150

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Deutsche Bank AG (London)	USD/CHF		10/03/13	$	5,521,240	$	(182,891	)
JPMorgan Securities, Inc.	USD/EUR		10/03/13		1,360,067		(17,408	)
UBS AG (London)	USD/EUR		10/03/13		5,657,818		(151,574	)
TOTAL						$	(351,873	)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged			Market Value
Notional Amount (000s)(a)		Termination Date	Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	103,000	12/18/15		0.500%	3 month LIBOR	$	(164,594	)	$	85,089
	45,700	12/19/16		3 month LIBOR	0.500%		555,209			(27,914	)
	56,500	12/18/18		3 month LIBOR	1.000		1,398,093			468,498
	44,000	12/18/20		3 month LIBOR	1.500		1,482,844			820,424
	13,300	12/18/23		3 month LIBOR	2.000		637,695			402,265
	TOTAL					$	3,909,247		$	1,748,362

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 83.8%
	Automotive – 2.5%
	Ford Motor Credit Co. LLC
$	5,350,000		3.984	%		06/15/16	$	5,650,496
	2,400,000		8.000			12/15/16		2,837,015
	4,025,000		5.000			05/15/18		4,409,960
								12,897,471
	Automotive Parts(a) – 0.2%
	Delphi Corp.
	1,015,000		5.000			02/15/23		1,051,794
	Banks – 15.4%
	Abbey National Treasury Services PLC(b)
GBP	600,000		2.113			02/16/15		987,756
	ANZ Capital Trust II(a)(c)
$	4,200,000		5.360			12/15/49		4,225,200
	Bank of America Corp.
	3,400,000		6.000			09/01/17		3,863,063
	1,600,000		5.625			07/01/20		1,790,689
	1,150,000		5.875			01/05/21		1,298,697
	3,750,000		5.000			05/13/21		4,014,793
	2,700,000		4.100			07/24/23		2,685,179
	Bank of Scotland PLC(c)
	100,000		5.250			02/21/17		111,706
	Barclays Bank PLC(c)
	2,150,000		6.050			12/04/17		2,388,207
	Citigroup, Inc.
	3,750,000		3.375			03/01/23		3,556,732
	Compass Bank
	1,525,000		5.500			04/01/20		1,543,470
	Credit Agricole SA(c)
	4,475,000		1.625			04/15/16		4,491,558
	Credit Suisse AG(c)
	2,500,000		6.500			08/08/23		2,569,748
	Discover Bank
	877,000		8.700			11/18/19		1,111,915
	ING Bank NV(c)
	1,375,000		2.000			09/25/15		1,393,714
	5,300,000		4.000			03/15/16		5,596,535
	Intesa Sanpaolo SPA
	1,525,000		3.125			01/15/16		1,524,944
	3,350,000		3.875			01/16/18		3,295,868
	JPMorgan Chase & Co.
	7,200,000		4.350			08/15/21		7,458,010
	Merrill Lynch & Co., Inc.
	1,250,000		6.400			08/28/17		1,435,942
	MUFG Capital Finance 1 Ltd.(a)(b)
	2,650,000		6.346			07/25/49		2,908,375
	Northern Rock Asset Management PLC(c)
	1,400,000		5.625			06/22/17		1,589,635
	Regions Financial Corp.
	3,850,000		5.750			06/15/15		4,134,900
	2,575,000		2.000	(a)		05/15/18		2,503,620
	Royal Bank of Scotland PLC
	4,250,000		2.550			09/18/15		4,333,837
	1,150,000		9.500	(a)(b)		03/16/22		1,322,500
	Corporate Obligations – (continued)
	Banks – (continued)
	Santander Holdings USA, Inc.
$	3,000,000		3.000	%(a)		09/24/15	$	3,079,535
	855,000		4.625			04/19/16		896,894
	975,000		3.450	(a)		08/27/18		995,306
	Santander US Debt SAU(c)
	1,700,000		3.781			10/07/15		1,733,905
	Sparebank 1 Boligkreditt AS(c)
	200,000		1.750			11/15/19		190,660
	Stadshypotek AB(c)
	2,100,000		1.875			10/02/19		2,030,280
								81,063,173
	Brokerage – 2.8%
	Morgan Stanley & Co.
	10,500,000		6.250			08/28/17		11,919,439
	2,375,000		5.950			12/28/17		2,681,266
								14,600,705
	Chemicals – 2.2%
	Ecolab, Inc.
	2,225,000		4.350			12/08/21		2,344,233
	Incitec Pivot Ltd.(c)
	3,700,000		4.000			12/07/15		3,846,820
	LYB International Finance BV
	1,000,000		4.000			07/15/23		987,345
	The Mosaic Co.(a)
	4,640,000		3.750			11/15/21		4,526,071
								11,704,469
	Construction Machinery – 0.3%
	Caterpillar, Inc.
	1,700,000		3.803			08/15/42		1,455,331
	Consumer Products – 1.1%
	Avon Products, Inc.
	1,750,000		2.375			03/15/16		1,772,989
	3,875,000		4.600			03/15/20		4,006,572
								5,779,561
	Distributor(c) – 0.2%
	Southern Star Central Gas Pipeline, Inc.
	1,100,000		6.000			06/01/16		1,202,531
	Diversified Manufacturing – 0.5%
	Xylem, Inc.
	2,350,000		3.550			09/20/16		2,466,619
	Electric – 5.6%
	Arizona Public Service Co.
	3,965,000		8.750			03/01/19		5,110,615
	Consumers Energy Co.(a)
	2,500,000		3.950			05/15/43		2,238,157
	Florida Power & Light Co.(a)
	2,600,000		5.250			02/01/41		2,828,811
	Kentucky Utilities Co.(a)
	1,700,000		5.125			11/01/40		1,816,780

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Electric – (continued)
	NV Energy, Inc.
$	3,518,000		6.250	%		11/15/20	$	4,063,290
	PPL WEM Holdings PLC(a)(c)
	3,700,000		5.375			05/01/21		4,025,285
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,193,403
	Public Service Electric & Gas Co.(a)
	2,525,000		3.950			05/01/42		2,294,927
	Puget Sound Energy, Inc.(a)(b)
	2,000,000		6.974			06/01/67		2,080,000
	Ruwais Power Co. PJSC(c)
	670,000		6.000			08/31/36		691,775
	Southern California Edison Co.(a)
	1,550,000		4.050			03/15/42		1,410,675
	Virginia Electric and Power Co.(a)
	42,030,000		4.000			01/15/43		1,813,735
								29,567,453
	Energy – 9.3%
	Anadarko Petroleum Corp.
	4,225,000		8.700			03/15/19		5,431,020
	BG Energy Capital PLC(a)(b)
	2,550,000		6.500			11/30/72		2,716,443
	BP Capital Markets PLC
	6,875,000		4.500			10/01/20		7,418,976
	CNOOC Curtis Funding No. 1 Pty Ltd.(c)
	1,430,000		4.500			10/03/23		1,441,000
	Corp Financiera de Desarrollo SA(c)
	360,000		4.750			02/08/22		348,675
	Dolphin Energy Ltd.(c)
	391,215		5.888			06/15/19		427,402
	600,000		5.500			12/15/21		657,204
	Ecopetrol SA
	430,000		5.875			09/18/23		449,205
	Gaz Capital SA for Gazprom
	990,000		9.250			04/23/19		1,212,750
	200,000		5.999			01/23/21		209,500
	394,000		4.950			07/19/22		379,718
	220,000		7.288			08/16/37		237,050
	Gazprom Neft OAO Via GPN Capital SA
	450,000		4.375			09/19/22		414,000
	Nexen, Inc.
	945,000		6.400			05/15/37		1,026,228
	Pemex Project Funding Master Trust
	900,000		6.625			06/15/35		954,000
	Petrobras Global Finance BV
	1,280,000		4.375			05/20/23		1,166,392
	Petrobras International Finance Co.
	430,000		5.750			01/20/20		447,033
	2,440,000		5.375			01/27/21		2,447,328
	Petroleos Mexicanos
	150,000		3.500			07/18/18		152,250
	1,130,000		5.500			01/21/21		1,211,925
	190,000		4.875			01/18/24		191,425
	PTTEP Canada International Finance Ltd.(c)
	820,000		5.692			04/05/21		874,325
	Corporate Obligations – (continued)
	Energy – (continued)
	Rosneft Oil Co. via Rosneft International Finance Ltd.(c)
$	3,850,000		4.199	%		03/06/22	$	3,546,812
	Rowan Cos., Inc.(a)
	900,000		4.875			06/01/22		919,110
	Shell International Finance BV
	2,250,000		3.625			08/21/42		1,916,924
	975,000		4.550			08/12/43		957,617
	TNK-BP Finance SA
	303,000		7.500			07/18/16		339,360
	167,000		7.250			02/02/20		188,293
	Transocean, Inc.
	6,450,000		6.500			11/15/20		7,170,934
	Transportadora de Gas Internacional SA(a)
	770,000		5.700			03/20/22		776,521
	Weatherford International Ltd.
	2,685,000		9.625			03/01/19		3,389,064
								49,018,484
	Food & Beverage – 3.0%
	Anadolu Efes Biracilik ve Malt Sanayii AS(c)
	715,000		3.375			11/01/22		579,150
	ConAgra Foods, Inc.
	3,200,000		1.900			01/25/18		3,155,437
	Pernod-Ricard SA(c)
	8,850,000		4.450			01/15/22		9,085,719
	SABMiller Holdings, Inc.(c)
	2,850,000		2.450			01/15/17		2,928,110
								15,748,416
	Health Care – Medical Products – 0.6%
	Humana, Inc.
	2,765,000		7.200			06/15/18		3,312,568
	Health Care – Services – 0.7%
	Express Scripts Holding Co.
	3,325,000		3.125			05/15/16		3,483,078
	Home Construction – 0.8%
	MDC Holdings, Inc.
	2,275,000		5.625			02/01/20		2,356,479
	2,375,000		6.000	(a)		01/15/43		2,061,491
								4,417,970
	Life Insurance – 2.2%
	AIG Life Holdings, Inc.
	1,325,000		8.500			07/01/30		1,669,500
	American International Group, Inc.
	1,550,000		2.375			08/24/15		1,570,124
	1,900,000		5.850			01/16/18		2,162,399
	Genworth Financial, Inc.
	1,000,000		8.625			12/15/16		1,186,629
	1,550,000		7.700			06/15/20		1,817,753
	2,775,000		7.625			09/24/21		3,281,821
								11,688,226

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Cable – 1.3%
	Comcast Corp.
$	1,375,000		4.250	%		01/15/33	$	1,293,531
	2,775,000		6.450			03/15/37		3,317,947
	Time Warner Cable, Inc.
	2,000,000		5.000			02/01/20		2,019,525
	25,000		4.000	(a)		09/01/21		23,276
								6,654,279
	Media – Non Cable – 2.0%
	NBCUniversal Media LLC
	3,700,000		2.875			04/01/16		3,868,494
	News America, Inc.
	1,700,000		6.150			02/15/41		1,862,736
	1,625,000		5.400	(c)		10/01/43		1,626,694
	WPP Finance UK
	2,875,000		8.000			09/15/14		3,062,270
								10,420,194
	Metals & Mining – 2.3%
	Freeport-McMoRan Copper & Gold, Inc.(a)
	1,600,000		3.550			03/01/22		1,466,130
	Glencore Funding LLC(c)
	42,300,000		1.700			05/27/16		2,266,222
	3,550,000		2.500			01/15/19		3,327,678
	Xstrata Finance Canada Ltd.(c)
	5,090,000		2.450			10/25/17		5,062,239
								12,122,269
	Noncaptive – Financial – 2.1%
	Discover Financial Services
	2,823,000		3.850			11/21/22		2,678,880
	GE Capital Trust I(a)(b)
	3,280,000		6.375			11/15/67		3,476,800
	General Electric Capital Corp.
	1,325,000		5.875			01/14/38		1,447,269
	International Lease Finance Corp.
	3,225,000		5.750			05/15/16		3,402,375
								11,005,324
	Pharmaceuticals – 1.8%
	Actavis, Inc.(a)
	3,175,000		3.250			10/01/22		2,969,465
	Mylan, Inc.(a)(c)
	2,600,000		7.875			07/15/20		2,967,250
	Novartis Capital Corp.
	3,725,000		3.700			09/21/42		3,228,405
								9,165,120
	Pipelines – 5.1%
	Buckeye Partners LP(a)
	2,900,000		4.150			07/01/23		2,827,490
	Energy Transfer Partners LP
	3,727,000		5.950			02/01/15		3,963,133
	Enterprise Products Operating LLC(a)(b)
	3,725,000		8.375			08/01/66		4,097,500
	1,765,000		7.000			06/01/67		1,868,694
	4,950,000		7.034			01/15/68		5,494,500
	Corporate Obligations – (continued)
	Pipelines – (continued)
	Tennessee Gas Pipeline Co.
$	1,460,000		7.000	%		10/15/28	$	1,790,997
	2,125,000		8.375			06/15/32		2,796,332
	TransCanada PipeLines Ltd.(a)(b)
	3,875,000		6.350			05/15/67		3,971,875
								26,810,521
	Property/Casualty Insurance – 0.3%
	Arch Capital Group Ltd.
	1,245,000		7.350			05/01/34		1,549,586
	Real Estate Investment Trusts – 6.7%
	Camden Property Trust
	3,400,000		5.700			05/15/17		3,777,068
	CubeSmart LP(a)
	1,625,000		4.800			07/15/22		1,686,284
	Developers Diversified Realty Corp.
	590,000		9.625			03/15/16		700,581
	3,750,000		7.500			04/01/17		4,394,069
	ERP Operating LP
	1,955,000		5.250			09/15/14		2,038,094
	HCP, Inc.
	2,975,000		6.300			09/15/16		3,358,132
	2,475,000		2.625	(a)		02/01/20		2,349,327
	Health Care REIT, Inc.
	1,250,000		4.700			09/15/17		1,360,822
	775,000		4.125	(a)		04/01/19		813,773
	Kilroy Realty LP
	2,300,000		5.000			11/03/15		2,472,964
	1,125,000		6.625			06/01/20		1,275,913
	National Retail Properties, Inc.(a)
	2,650,000		3.800			10/15/22		2,519,482
	Pan Pacific Retail Properties, Inc.
	1,350,000		5.950			06/01/14		1,395,706
	ProLogis LP
	2,075,000		6.125			12/01/16		2,331,184
	UDR, Inc.
	1,900,000		4.250			06/01/18		2,020,535
	Ventas Realty LP(a)
	2,625,000		4.250			03/01/22		2,639,778
								35,133,712
	Restaurants – 0.5%
	McDonald’s Corp.
	3,125,000		3.625			05/01/43		2,693,524
	Retailers(a) – 0.9%
	CVS Caremark Corp.
	1,075,000		5.750			05/15/41		1,191,364
	NIKE, Inc.
	4,061,000		3.625			05/01/43		3,500,273
								4,691,637

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Technology – Hardware – 1.9%
	Hewlett-Packard Co.
$	1,400,000		3.000	%		09/15/16	$	1,443,017
	4,400,000		2.600			09/15/17		4,451,282
	1,396,000		4.300			06/01/21		1,350,015
	NetApp, Inc.
	2,825,000		2.000			12/15/17		2,770,015
								10,014,329
	Technology – Software/Services – 0.7%
	Apple, Inc.
	4,450,000		3.850			05/04/43		3,741,704
	Tobacco – 1.1%
	Altria Group, Inc.
	1,650,000		2.850			08/09/22		1,505,212
	Imperial Tobacco Finance PLC(c)
	4,475,000		2.050			02/11/18		4,363,617
								5,868,829
	Transportation(a) – 0.5%
	Burlington Northern Santa Fe LLC
	3,050,000		4.375			09/01/42		2,729,712
	Trucking & Leasing(c) – 2.4%
	ERAC USA Finance LLC
	3,650,000		5.625			03/15/42		3,703,545
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	2,450,000		3.125			05/11/15		2,521,800
	3,100,000		2.500			03/15/16		3,157,465
	3,000,000		2.875			07/17/18		3,001,737
								12,384,547
	Wireless Telecommunications – 0.4%
	American Tower Corp.
	375,000		3.400			02/15/19		370,253
	1,850,000		3.500			01/31/23		1,630,019
								2,000,272
	Wirelines Telecommunications – 6.4%
	AT&T, Inc.
	1,325,000		3.875			08/15/21		1,338,130
	5,925,000		2.625	(a)		12/01/22		5,284,445
	675,000		6.300			01/15/38		725,896
	Telefonica Emisiones SAU
	625,000		6.221			07/03/17		689,183
	1,750,000		3.192			04/27/18		1,723,020
	1,925,000		5.462			02/16/21		1,965,122
	Verizon Communications, Inc.
	2,175,000		3.650			09/14/18		2,296,030
	3,025,000		4.500			09/15/20		3,228,358
	5,700,000		5.150			09/15/23		6,123,336
	6,350,000		6.400			09/15/33		7,061,002
	2,975,000		6.550			09/15/43		3,363,824
								33,798,346
	TOTAL CORPORATE OBLIGATIONS
	(Cost $438,018,297)						$	440,241,754
	Mortgage-Backed Obligations(b) – 2.1%
	Commercial Mortgage-Backed Securities – 2.1%
	Sequential Floating Rate – 2.1%
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
$	10,000,000		5.993	%		08/10/45	$	11,072,642
	(Cost $11,135,938)
	Agency Debentures – 0.4%
	FNMA
$	1,700,000		1.875	%		09/18/18	$	1,720,550
	Tennessee Valley Authority
	500,000		4.625			09/15/60		473,345
	TOTAL AGENCY DEBENTURES
	(Cost $2,190,691)						$	2,193,895
	Foreign Debt Obligations – 5.1%
	Sovereign – 5.1%
	Federal Republic of Brazil
$	1,175,000		7.125	%		01/20/37	$	1,380,625
	Perusahaan Penerbit SBSN(c)
	470,000		6.125			03/15/19		485,862
	Republic of Chile
	1,660,000		3.625			10/30/42		1,352,900
	Republic of Colombia
	1,830,000		4.000			02/26/24		1,784,250
	230,000		7.375			09/18/37		287,500
	930,000		6.125			01/18/41		1,013,700
	Republic of Indonesia
	360,000		5.375	(c)		10/17/23		358,200
	710,000		8.500			10/12/35		860,875
	Republic of Panama
	140,000		7.125			01/29/26		169,400
	Republic of Slovenia
	1,330,000		5.500	(c)		10/26/22		1,240,225
	1,490,000		5.500			10/26/22		1,389,425
	Republic of South Africa
	780,000		5.875			09/16/25		823,875
	Republic of Turkey
	330,000		5.625			03/30/21		344,850
	5,040,000		6.250			09/26/22		5,411,700
	Republic of Uruguay
	400,000		7.625			03/21/36		508,000
	Russian Federation(c)
	4,800,000		4.875			09/16/23		4,920,000
	United Mexican States
	3,800,000		6.050			01/11/40		4,161,000
	300,000		4.750			03/08/44		271,500
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $27,016,156)						$	26,763,887

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – 6.5%
	California – 2.5%
	California State GO Bonds (Refunding-Various Purpose) Series 2013
$	585,000		5.000	%		09/01/28	$	636,456
	305,000		5.000			09/01/31		324,605
	640,000		5.000			09/01/32		676,877
	350,000		5.000			09/01/33		369,880
	California State GO Bonds (Various Purpose) Series 2013
	360,000		5.000			09/01/27		395,388
	300,000		5.000			04/01/37		310,314
	1,015,000		5.000			04/01/43		1,038,883
	California State GO Bonds Build America Taxable Series 2009
	1,450,000		7.500			04/01/34		1,840,137
	455,000		7.300			10/01/39		572,604
	California State GO Bonds Build America Taxable Series 2010
	2,320,000		7.625			03/01/40		3,033,330
	California State University RB Build America Bonds Series 2010
	2,825,000		6.484			11/01/41		2,991,873
	California State University Systemwide RB Series 2012 A
	320,000		5.000			11/01/37		333,258
	285,000		5.000			11/01/42		294,012
	City of Los Angeles CA Department of Water & Power RB (Power System) Series 2012 B
	255,000		5.000			07/01/43		261,334
	City of Los Angeles CA Department of Water & Power RB Series 2012 B
	300,000		5.000			07/01/43		313,149
								13,392,100
	Florida – 0.1%
	Miami-Dade County FL Transit System Sales Surtax RB (Sales Tax) Series 2012
	330,000		5.000			07/01/42		335,115
	Georgia – 0.2%
	DeKalb County GA Water & Sewerage RB Series 2011 A
	250,000		5.250			10/01/41		257,563
	Private Colleges & Universities GA Authority RB (Emory University) Series 2013 A
	845,000		5.000			10/01/43		897,584
								1,155,147
	Illinois – 1.1%
	Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Taxable Direct Payment Series 2009
	1,775,000		5.720			12/01/38		1,933,259
	Illinois State GO Bonds Build America Series 2010
	3,225,000		6.630			02/01/35		3,209,101
	Metropolitan Pier & Exposition Authority Dedicated State Tax RB (Mccormick Place Expansion) Series 2010 A
	410,000		5.500			06/15/50		416,851
								5,559,211
	Louisiana – 0.1%
	Louisiana State Gas & Fuels Tax RB (Second Lien) Series 2010 B
	265,000		5.000			05/01/45		272,767
	Municipal Debt Obligations – (continued)
	Massachusetts – 0.2%
	Massachusetts State Consolidate Loan GO Bonds Series 2013 E
$	420,000		5.000	%		08/01/40	$	441,050
	Massachusetts State Development Finance Agency RB (Williams College) Series 2013 P
	270,000		5.000			07/01/43		284,458
	Massachusetts State School Building Authority Sales Tax RB (Senior) Series 2011 B
	270,000		5.000			10/15/41		281,975
								1,007,483
	Missouri – 0.1%
	Metropolitan St. Louis MO Sewer District Wastewater System RB Series 2012 A
	310,000		5.000			05/01/42		327,242
	New Jersey – 0.4%
	New Jersey State Economic Development Authority RB (Rutgers University) Series 2013
	260,000		5.000			06/15/46		266,206
	New Jersey State Transportation Trust Fund Authority RB (Transportation Program) Series 2013 AA
	610,000		5.000			06/15/36		625,994
	335,000		5.500			06/15/39		357,814
	355,000		5.000			06/15/44		359,604
	New Jersey State Turnpike Authority RB Build America Taxable Series 2009 F
	350,000		7.414			01/01/40		456,803
								2,066,421
	New York – 1.4%
	New York City GO Bonds Series 2012 B
	300,000		5.000			08/01/24		343,464
	New York City GO Bonds (Refunding) Series 2012 F
	255,000		5.000			08/01/24		290,108
	New York City GO Bonds Series 2012 I
	255,000		5.000			08/01/24		291,944
	New York City GO Bonds Series 2013 D
	255,000		5.000			08/01/24		293,752
	New York City GO Bonds Series 2013 I
	255,000		5.000			08/01/25		290,662
	New York City GO Bonds Series 2013 J
	265,000		5.000			08/01/24		307,122
	255,000		5.000			08/01/25		291,812
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 E-1
	285,000		5.000			02/01/42		295,391
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2012 CC
	260,000		5.000			06/15/45		268,276
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2012 BB
	535,000		5.000			06/15/47		551,681
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2013 CC
	830,000		5.000			06/15/47		857,000

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	New York City Water & Sewer System Finance Authority RB Series 2013 EE
$	535,000		5.000	%		06/15/47	$	552,403
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2013 A
	315,000		5.000			02/15/43		327,402
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2011 A
	255,000		5.000			03/15/35		268,094
	265,000		5.000			03/15/36		277,744
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2013 C
	460,000		5.000			03/15/30		501,566
	475,000		5.000			03/15/31		514,786
	555,000		5.000			03/15/32		598,307
								7,121,514
	Ohio – 0.1%
	Ohio State Turnpike Commission RB (Junior Lien-Infrastructure Projects) Series 2013 A-1
	520,000		5.000			02/15/48		525,007
	Ohio State Turnpike Commission RB (Senior Lien) Series 2013 A
	275,000		5.000			02/15/48		282,648
								807,655
	Pennsylvania – 0.0%
	Pennsylvania State Turnpike Commission RB Series 2013 C
	250,000		5.000			12/01/43		253,365
	Texas – 0.0%
	Dallas-Fort Worth TX International Airport RB (Improvement) Series 2013 B
	260,000		5.000			11/01/44		256,355
	Washington – 0.3%
	University of Washington RB (General) Series 2013
	275,000		5.000			07/01/41		287,722
	Washington State GO Bonds (Motor Vehicle Fuel Tax) Series 2013 B
	250,000		5.000			08/01/33		268,455
	250,000		5.000			08/01/34		265,955
	Washington State GO Bonds (Various Purpose) Series 2013 A
	295,000		5.000			08/01/34		313,827
	350,000		5.000			08/01/35		370,601
								1,506,560
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $32,016,540)						$	34,060,935
	U.S. Treasury Obligation – 0.8%
	United States Treasury Notes
$	4,000,000		1.375			09/30/18	$	3,997,120
	(Cost $3,988,274)

Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 1.0%
	Interest Rate Swaptions
	Bank of America NA Call – OTC –10 year Interest Rate Swap Strike Price 3.590%
$	5,700,000		3.590	%		03/22/16	$	350,290
	Bank of America NA Call – OTC – 10 year Interest Rate Swap Strike Price 4.070%
	5,200,000		4.070			03/29/16		225,893
	Citibank NA Put – OTC – 10 year Interest Rate Swap Strike Price 3.040%
	5,600,000		3.040			06/03/15		141,738
	Citibank NA Cal – OTC – 10 year Interest Rate Swap Strike Price 3.040%
	5,600,000		3.040			06/03/15		363,782
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.633%
	10,400,000		3.633			02/19/16		599,159
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.570%
	5,000,000		3.570			02/22/16		301,916
	Deutsche Bank Securities, Inc. Call – OTC –2 year Interest Rate Swap Strike Price 1.950%
	16,100,000		1.950			10/26/15		168,651
	Deutsche Bank Securities, Inc. Call – OTC – 2 year Interest Rate Swap Strike Price 2.030%
	16,000,000		2.030			10/26/15		157,982
	Deutsche Bank Securities, Inc. Call – OTC – 10 year Interest Rate Swap Strike Price 3.670%
	33,100,000		3.670			03/08/16		1,889,997
	JPMorgan Chase Bank NA Put – OTC – 10 year Interest Rate Swap Strike Price 3.080%
	5,300,000		3.080			06/04/15		141,200
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.080%
	5,300,000		3.080			06/04/15		334,547
	JPMorgan Chase Bank NA Call – OTC – 2 year Interest Rate Swap Strike Price 1.855%
	15,500,000		1.855			11/02/15		177,791
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.610%
	4,700,000		3.610			02/16/16		273,751
	TOTAL OPTIONS PURCHASED
	(Cost $3,661,123)						$	5,126,697
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $518,027,019)						$	523,456,930

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment(d) – 0.2%
	Repurchase Agreement – 0.2%
	Joint Repurchase Agreement Account II
$	1,200,000		0.083	%		10/01/13	$	1,200,000
	(Cost $1,200,000)
	TOTAL INVESTMENTS – 99.9%
	(Cost $519,227,019)						$	524,656,930
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							516,017
	NET ASSETS – 100.0%						$	525,172,947

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $94,978,490, which represents approximately 18.1% of net assets as of September 30, 2013.
(d)	Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 117.

Currency Abbreviations:
GBP	—British Pound
MXN	—Mexican Peso
USD	—U.S. Dollar
Investment Abbreviations:
FNMA	—Federal National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
OTC	—Over the Counter
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
SPA	—Stand-by Purchase Agreement

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss
Royal Bank of Canada	USD/GBP	10/24/13	$	985,706	$	(23,459	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		19		December 2013	$	2,699,781		$	16,183
2 Year U.S. Treasury Notes		(103	)	December 2013		(22,687,359	)		(70,184	)
5 Year U.S. Treasury Notes		256		December 2013		30,988,000			310,372
10 Year U.S. Treasury Notes		183		December 2013		23,129,484			71,734
20 Year U.S. Treasury Bonds		280		December 2013		37,345,000			679,509
TOTAL								$	1,007,614

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
Counterparty	Notional Amount (000s)(a)		Termination Date		Payments Received			Payments Made	Unrealized Gain (Loss)*
Citibank NA	$	3,900		02/23/26		3.132	%	3 month LIBOR	$	(214,821	)
		1,800		02/24/26		3.125		3 month LIBOR		(100,470	)
		1,900		02/24/26		3.070		3 month LIBOR		(114,929	)
Deutsche Bank Securities, Inc.		7,200		10/30/17		1.450		3 month LIBOR		(67,877	)
		7,200		10/30/17		1.530		3 month LIBOR		(56,583	)
		12,600		03/10/26		3.170		3 month LIBOR		(668,942	)
JPMorgan Securities, Inc.		7,000		11/06/17		1.355		3 month LIBOR		(81,668	)
		1,800		02/18/26		3.110		3 month LIBOR		(101,868	)
TOTAL									$	(1,407,158	)

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

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged		Market Value
Notional Amount (000s)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	39,400	12/19/16	3 month LIBOR	0.500%	$	479,738		$	(25,133	)
	10,700	12/18/18	3 month LIBOR	1.000		164,204			189,291
	16,800	08/15/19	3.250%	3 month LIBOR		50			132,870
	3,100	08/29/19	3.520	3 month LIBOR		7			44,220
	3,100	08/29/19	3.560	3 month LIBOR		7			47,691
	2,300	12/18/20	3 month LIBOR	1.500		49,440			70,958
	8,700	08/16/21	3 month LIBOR	3.000		(68,500	)		(131,176	)
	1,600	08/27/21	3 month LIBOR	3.095		9			(43,848	)
	1,600	08/27/21	3 month LIBOR	3.132		9			(47,736	)
	14,400	12/18/23	3 month LIBOR	2.000		1,353,178			(227,206	)
	2,900	06/12/24	3 month LIBOR	2.807		23			68,468
	2,100	03/24/26	3.090	3 month LIBOR		17			(128,055	)
	1,400	03/31/26	3.070	3 month LIBOR		22			(88,417	)
	9,900	12/18/28	3 month LIBOR	2.500%		184,100			870,368
	12,400	12/18/43	3 month LIBOR	3.000		439,124			1,234,110
	TOTAL				$	2,601,428		$	1,966,405

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	2,175		(1.000	)%		06/20/14		0.114	%	$	(5,743	)	$	(8,964	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		3,900		(1.000	)		06/20/14		0.114			(10,896	)		(15,477	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		10,400		(1.000	)		06/20/14		0.114			(30,173	)		(40,154	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		4,575		(1.000	)		06/20/14		0.114			(11,260	)		(19,678	)
Protection Sold:
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		9,825		1.000			06/20/16		0.354			7,290			168,178
TOTAL												$	(50,782	)	$	83,905

(b) Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – 66.4%
	Brazil – 6.4%
	Brazil Letras do Tesouro Nacional (A-/Baa2)(a)
BRL	34,806,000		0.000	%		01/01/14	$	15,341,056
	38,147,000		0.000			07/01/14		16,037,356
	6,877,000		0.000			04/01/15		2,667,530
	Brazil Notas do Tesouro Nacional (A-/Baa2)
	6,807,000		10.000			01/01/14		3,071,740
	4,772,970		6.000			08/15/16		2,211,166
	1,946,170		6.000			05/15/17		904,683
	22,806,000		10.000			01/01/18		9,822,184
	28,800,000		10.000			01/01/21		12,025,766
	84,815,000		10.000			01/01/23		34,767,414
	Federal Republic of Brazil (A-/Baa2)
	92,251,224		6.000			08/15/40		42,368,946
	67,256,116		6.000			08/15/50		30,551,106
								169,768,947
	Chile – 0.7%
	Bonos de la Tesoreria de la Republica (NR/NR)
CLP	1,997,374,095		3.000			01/01/15		3,990,820
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	1,485,000,000		6.000			01/01/22		3,085,972
	Bonos del Banco Central de Chile en Pesos (NR/NR)
	1,245,000,000		6.000			06/01/17		2,543,908
	1,477,825,920		3.000			03/01/22		3,079,849
	Republic of Chile (NR/NR)
	2,905,000,000		6.000			01/01/18		5,926,786
								18,627,335
	Colombia – 6.1%
	Republic of Colombia (NR/NR)
COP	31,079,400,000		8.000			10/28/15		17,264,247
	152,772,000,000		7.000			05/04/22		80,604,815
	6,632,982,950		4.750			02/23/23		3,653,355
	8,368,500,000		7.500			08/26/26		4,383,544
	83,761,200,000		6.000			04/28/28		38,645,563
	Republic of Colombia (NR/Baa3)
	3,538,000,000		4.375			03/21/23		1,646,018
	Republic of Colombia (BBB/Baa3)
	2,399,000,000		12.000			10/22/15		1,434,891
	3,715,000,000		7.750			04/14/21		2,190,259
	13,012,000,000		9.850			06/28/27		8,820,178
	4,598,000,000		9.850			06/28/27		3,116,752
								161,759,622
	Costa Rica – 0.5%
	Republic of Costa Rica (NR/NR)
CRC	3,863,000,000		11.130			03/28/18		8,835,083
	1,278,300,000		9.200			03/27/19		2,733,219
	Republic of Costa Rica (BB/Baa3)
$	2,260,000		5.625			04/30/43		1,921,000
	1,300,000		5.625	(b)		04/30/43		1,105,000
								14,594,302
	Dominican Republic – 2.1%
	Dominican Republic (NR/NR)
DOP	104,390,000		14.000	(b)		10/18/19		2,482,258
	149,000,000		13.000			01/03/20		3,323,778
	Sovereign Debt Obligations – (continued)
	Dominican Republic – (continued)
DOP	131,000,000		15.950	%		06/04/21	$	3,494,786
	412,100,000		16.950			02/04/22		11,454,160
	331,000,000		14.500	(b)		02/10/23		7,512,278
	263,500,000		14.500			02/10/23		5,980,318
	690,900,000		18.500	(b)		02/04/28		18,299,294
	80,100,000		18.500			02/04/28		2,121,542
								54,668,414
	Honduras – 0.1%
	Republic of Honduras (B/B2)
$	1,690,000		7.500			03/15/24		1,402,700
	Hungary – 3.0%
	Hungary Government Bond (BB/Ba1)
HUF	2,285,200,000		8.000			02/12/15		10,943,579
	9,913,100,000		7.750			08/24/15		47,935,391
	1,686,420,000		5.500			02/12/16		7,865,281
	1,566,440,000		6.750			02/24/17		7,538,953
	1,397,500,000		6.750			11/24/17		6,762,696
								81,045,900
	Indonesia – 1.2%
	Republic of Indonesia (NR/Baa3)
IDR	61,000,000,000		7.000			05/15/22		4,780,033
	95,000,000,000		7.000			05/15/27		7,085,092
	Republic of Indonesia (BB+/Baa3)
	63,600,000,000		11.000			11/15/20		6,298,244
$	14,100,000		5.375	(b)		10/17/23		14,029,500
								32,192,869
	Israel – 0.0%
	Israel Government Bond (NR/NR)
ILS	50,000		4.250			03/31/23		14,710
	Ivory Coast(c) – 0.5%
	Republic of Ivory Coast (NR/NR)
$	16,301,000		5.750			12/31/32		14,181,870
	Malaysia – 1.0%
	Malaysia Government Bond (NR/NR)
MYR	39,170,000		3.314			10/31/17		11,903,017
	Malaysia Government Bond (NR/A3)
	46,000,000		4.262			09/15/16		14,428,011
								26,331,028
	Mexico – 4.6%
	United Mexican States (A-/Baa1)
MXN	440,700		8.000			12/17/15		36,613
	18,391,600		6.250			06/16/16		1,480,415
	1,763,400		7.250			12/15/16		146,397
	44,085,400		6.500			06/10/21		3,531,477
	36,212,100		6.500			06/09/22		2,875,141
	8,817,000		8.000			12/07/23		776,533
	306,341,200		7.500			06/03/27		25,749,937
	92,321,700		8.500			05/31/29		8,263,161
	289,737,600		7.750			05/29/31		23,902,817
	272,445,500		10.000			11/20/36		27,452,018

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Mexico – (continued)
MXN	118,001,100		8.500	%		11/18/38	$	10,361,011
	222,510,800		7.750			11/13/42		18,047,128
								122,622,648
	Paraguay – 0.3%
	Republic of Paraguay (BB-/Ba3)
$	7,770,000		4.625	(b)		01/25/23		7,070,700
	1,050,000		4.625			01/25/23		955,500
								8,026,200
	Peru – 2.1%
	Peru Government Bond (A-/Baa2)
PEN	111,358,000		7.840			08/12/20		46,202,874
	Republic of Peru (NR/Baa2)
	15,557,000		6.950			08/12/31		5,937,144
	1,963,000		6.850			02/12/42		725,366
	Republic of Peru (A-/Baa2)
	3,325,000		8.200			08/12/26		1,470,973
	3,422,000		6.900			08/12/37		1,281,593
								55,617,950
	Philippines – 0.9%
	Republic of Philippines (BBB-/Baa3)
PHP	288,000,000		4.950			01/15/21		7,140,845
	661,000,000		3.900			11/26/22		15,151,005
	15,000,000		6.250			01/14/36		387,533
								22,679,383
	Poland – 6.5%
	Poland Government Bond (A/NR)
PLN	45,020,000		2.500			07/25/18		13,551,992
	Poland Government Bond (A/A2)
	200,107,962		3.000			08/24/16		67,096,738
	29,150,000		5.250			10/25/20		9,887,226
	152,343,000		5.750			10/25/21		53,302,127
	36,840,000		5.750			09/23/22		12,907,642
	20,708,827		2.750			08/25/23		6,917,863
	30,360,000		4.000			10/25/23		9,358,304
								173,021,892
	Romania – 0.6%
	Republic of Romania (NR/NR)
RON	51,060,000		5.900			07/26/17		16,263,146
	Russia – 6.2%
	Russian Federation (BBB/Baa1)
$	9,000,000		4.875	(b)		09/16/23		9,225,000
	Russian Federation Bond (NR/Baa1)
RUB	41,400,000		7.050			01/19/28		1,211,487
	Russian Federation Bond (BBB/Baa1)
$	18,600,000		3.500	(b)		01/16/19		18,739,500
	Russian Federation Bond (BBB+/Baa1)
RUB	48,000,000		7.350			01/20/16		1,512,957
	868,210,000		6.200			01/31/18		26,240,186
	28,791,000		7.500			03/15/18		917,085
	1,818,870,000		7.500			02/27/19		57,911,992
	Sovereign Debt Obligations – (continued)
	Russia – (continued)
RUB	890,360,000		7.600	%		07/20/22	$	28,250,716
	637,285,000		8.150			02/03/27		20,801,434
								164,810,357
	Slovenia – 0.7%
	Republic of Slovenia (A-/Ba1)
$	7,560,000		5.500	(b)		10/26/22		7,049,700
	6,730,000		5.500			10/26/22		6,275,725
	6,510,000		5.850	(b)		05/10/23		6,188,024
								19,513,449
	South Africa – 2.6%
	Republic of South Africa (NR/NR)
ZAR	161,331,000		7.750			02/28/23		16,256,218
	Republic of South Africa (NR/Baa1)
	55,250,000		7.000			02/28/31		4,746,768
	54,900,000		6.500			02/28/41		4,140,983
	Republic of South Africa (A-/Baa1)
	258,480,000		8.000			12/21/18		26,892,928
	147,853,342		10.500			12/21/26		17,784,787
								69,821,684
	Thailand – 6.4%
	Kingdom of Thailand (A-/Baa1)
THB	301,000,000		3.875			06/13/19		9,762,336
	191,785,899		1.200			07/14/21		5,715,428
	Thailand Government Bond (NR/Baa1)
	223,500,000		3.250			06/16/17		7,132,248
	369,980,000		3.580			12/17/27		11,044,712
	97,800,000		3.775			06/25/32		2,819,351
	Thailand Government Bond (A-/Baa1)
	116,300,000		5.250			05/12/14		3,777,872
	1,283,642,000		3.625			05/22/15		41,510,036
	615,590,000		3.125			12/11/15		19,738,895
	951,125,000		4.125			11/18/16		31,082,601
	261,000,000		2.800			10/10/17		8,115,641
	954,360,000		3.650			12/17/21		30,017,978
	37,220,000		3.625			06/16/23		1,161,649
								171,878,747
	Turkey – 13.8%
	Turkey Government Bond (NR/NR)
TRY	131,910,000		6.500			01/07/15		63,736,054
	190,815,000		5.000			05/13/15		89,688,850
	106,080,000		6.300			02/14/18		47,903,587
	16,500,000		8.300			06/20/18		7,969,130
	11,740,000		8.500			09/14/22		5,641,143
	74,140,000		7.100			03/08/23		32,331,782
	20,025,000		11.000			08/06/14		10,131,627
	91,710,000		7.500			09/24/14		45,039,087
	25,150,000		9.000			01/27/16		12,503,404
	21,000,000		9.000			03/08/17		10,483,690
	73,065,000		9.500			01/12/22		36,799,401
	10,276,356		3.000			02/23/22		5,068,102
								367,295,857

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Venezuela – 0.1%
	Republic of Venezuela (B/B2)
$	3,310,000		9.000	%		05/07/23	$	2,656,275
	1,250,000		9.250			05/07/28		978,125
								3,634,400
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $1,869,808,361)						$	1,769,773,410
	Structured Notes – 9.1%
	Brazil – 1.3%
	Notas do Tesouro Nacional (Issuer Barclays Bank PLC) (NR/NR)(b)
BRL	12,481,374		6.000	%		05/08/14	$	5,669,667
	Notas do Tesouro Nacional (Issuer Deutsche Bank AG (London)) (NR/NR)
	8,151,000		6.000			03/21/14		8,649,581
	32,677,000		10.000			03/21/14		13,806,108
	2,500,000		6.000			04/14/14		2,652,920
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.) (NR/NR)
	845,000		10.000	(d)		01/01/17		368,152
	7,257,688		6.000			08/15/40		3,333,296
								34,479,724
	Colombia – 1.3%
	Republic of Columbia (Issuer Citigroup Funding, Inc.) (NR/NR)
COP	24,676,000,000		11.250	(b)		10/25/18		15,433,487
	15,491,000,000		11.250	(b)		10/25/18		9,688,772
	12,492,000,000		11.000			07/27/20		7,944,028
	4,226,000,000		11.000			07/25/24		2,755,482
								35,821,769
	Indonesia – 3.6%
	Republic of Indonesia (Issuer Barclays Bank PLC) (NR/NR)
IDR	140,000,000,000		10.000			07/17/17		12,928,047
	Republic of Indonesia (Issuer Deutsche Bank AG (London) (NR/NR)
	75,000,000,000		8.250			07/19/21		6,430,697
	105,400,000,000		7.000	(b)		05/17/22		8,259,270
	35,400,000,000		7.000	(b)		05/17/27		2,640,129
	29,500,000,000		8.250	(b)		06/17/32		2,411,755
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(b)
	46,000,000,000		10.000			07/18/17		4,247,787
	80,000,000,000		11.000			11/17/20		7,922,319
	66,250,000,000		7.000			05/17/27		4,940,919
	161,824,000,000		6.125			05/17/28		10,973,516
	288,650,000,000		6.625			05/17/33		19,773,263
	74,554,000,000		6.625			05/17/33		5,107,140
	42,700,000,000		10.500			08/19/30		4,220,472
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (A/NR)
	50,100,000,000		10.000			07/17/17		4,626,394
								94,481,708
	Structured Notes – (continued)
	Nigeria(b) – 2.9%
	Federal Republic of Nigeria (Issuer Citigroup Funding, Inc.) (NR/NR)
NGN	1,791,000,000		15.100	%		05/01/17	$	11,645,934
	530,000,000		16.000			07/03/19		3,631,092
	1,600,000,000		10.000			07/27/30		7,657,876
	Federal Republic of Nigeria (Issuer Deutsche Bank AG (London) (NR/NR)(a)
	4,175,000,000		0.000			02/10/14		24,864,980
	639,000,000		0.000			03/10/14		3,766,830
	939,000,000		0.000			03/24/14		5,510,299
	Federal Republic of Nigeria (Issuer HSBC Corp.) (NR/NR)
	841,600,000		15.100			05/01/17		5,472,484
	1,743,000,000		16.000			07/02/19		11,941,496
	301,630,000		7.000			10/23/19		1,390,691
								75,881,682
	TOTAL STRUCTURED NOTES
	(Cost $296,543,743)						$	240,664,883
	Corporate Obligations – 6.9%
	Brazil(b) – 0.2%
	Banco Santander Brasil SA (BBB/Baa2)
BRL	12,900,000		8.000	%		03/18/16	$	5,383,682
	Colombia – 0.1%
	Empresa de Telecomunicaciones de Bogota S.A. (NR/Ba1)
COP	5,066,000,000		7.000	(b)		01/17/23		2,258,890
	2,000,000,000		7.000			01/17/23		891,785
	Empresas Publicas de Medellin ESP (NR/Baa3)
	658,000,000		8.375			02/01/21		361,513
								3,512,188
	Ireland(b) – 0.9%
	AHML Finance Ltd. (BBB/Baa1)
RUB	837,300,000		7.750			02/13/18		25,128,174
	Luxembourg – 0.3%
	Gazprom Neft OAO Via GPN Capital SA (BBB-/Baa3)
$	5,610,000		4.375			09/19/22		5,161,200
	TNK-BP Finance SA (BBB/Baa2)
	1,630,000		7.875			03/13/18		1,884,687
								7,045,887
	Mexico – 1.4%
	America Movil SAB de CV (A-/A2)
MXN	32,510,000		6.450			12/05/22		2,349,700
	90,200,000		8.460			12/18/36		6,774,789
	Grupo Televisa SAB (BBB+/Baa1)
	150,510,000		7.250			05/14/43		9,702,816
	Petroleos Mexicanos (A-/Baa1)(b)
	231,788,000		7.650			11/24/21		18,522,428
								37,349,733

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Netherlands – 0.3%
	Lukoil International Finance BV (BBB/Baa2)
$	1,780,000		6.356	%		06/07/17	$	1,989,150
	3,240,000		7.250			11/05/19		3,677,400
	1,560,000		6.125			11/09/20		1,663,350
	1,740,000		4.563	(b)		04/24/23		1,618,200
								8,948,100
	South Africa – 1.8%
	Transnet Ltd. (NR/NR)
ZAR	46,000,000		10.500			09/17/20		5,084,627
	18,000,000		10.800			11/06/23		2,051,547
	93,000,000		9.500			08/19/25		9,593,497
	181,000,000		8.900			11/14/27		17,832,205
	Transnet Ltd. (A-/A3)
	136,000,000		10.000			03/30/29		12,448,837
								47,010,713
	Thailand – 1.2%
	Bank of Thailand (NR/NR)
THB	344,260,000		0.000	(a)		02/06/14		10,904,826
	172,130,000		2.850			08/19/15		5,489,312
	Bank of Thailand (NR/Baa1)
	92,000,000		3.300			04/30/14		2,951,535
	71,560,000		2.950			01/14/16		2,279,020
	290,200,000		3.220			03/01/16		9,284,490
								30,909,183
	United States – 0.7%
	General Electric Capital Corp. (AA+/A1)
MXN	215,000,000		8.500			04/06/18		18,791,699
	TOTAL CORPORATE OBLIGATIONS
	(Cost $205,795,804)						$	184,079,359
	U.S. Treasury Obligations – 10.8%
	United States – 10.8%
	United States Treasury Bonds
$	44,200,000		3.625	%		08/15/43	$	43,692,583
	United States Treasury Notes
	60,100,000		1.375			09/30/18		60,056,728
	46,200,000		1.375			05/31/20		44,580,691
	50,600,000		2.000			07/31/20		50,727,002
	45,300,000		2.125			08/31/20		45,701,359
	43,300,000		2.000			09/30/20		43,254,534
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $287,070,732)						$	288,012,897
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $2,659,218,640)						$	2,482,530,549
	Short-term Investment(e) – 5.4%
	Repurchase Agreement – 5.4%
	Joint Repurchase Agreement Account II
$	144,400,000		0.083	%		10/01/13	$	144,400,000
	(Cost $144,400,000)
	TOTAL INVESTMENTS – 98.6%
	(Cost $2,803,618,640)						$	2,626,930,549
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%							38,533,365
	NET ASSETS – 100.0%						$	2,665,463,914

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $321,782,806, which represents approximately 12.1% of net assets as of September 30, 2013.
(c)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2013.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(e)	Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 117.

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

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CLP	—Chilean Peso
CNY	—Chinese Yuan
COP	—Colombian Peso
CRC	—Costa Rican Colon
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NGN	—Nigerian Naira
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
CLICP	—Sinacofi Chile Interbank Rate
JIBAR	—Johannesburg Interbank Agreed Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
NR	—Not Rated
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America Securities LLC	CZK/EUR		12/18/13	$	8,206,736	$	2,773
	EUR/USD		12/18/13		16,505,485		209,468
	HUF/EUR		12/18/13		8,334,091		8,322
	PLN/USD		12/18/13		32,520,372		170,372
Barclays Bank PLC	EUR/USD		12/18/13		8,182,380		126,452
	HUF/EUR		12/18/13		8,194,558		43,026
	MYR/USD		10/24/13		33,099,979		90,001
	USD/MYR		10/11/13		18,579,029		120,971
	USD/NGN		11/13/13		4,140,250		18,488
	USD/PHP		10/17/13		4,109,123		84,877
BNP Paribas SA	HUF/USD		12/18/13		4,682,821		46,345
	PEN/USD		10/17/13		7,383,325		33,468
Citibank NA	EUR/USD		12/18/13		6,757,478		108,546
	MXN/USD		12/18/13		63,809,542		401,803
	PHP/USD		10/11/13		8,085,932		60,932
	RUB/USD		10/07/13		6,805,335		217,335
	RUB/USD		10/15/13		12,515,035		99,723
	RUB/USD		10/17/13		5,191,196		100,182
	USD/IDR		10/24/13		6,075,116		134,884
	USD/RUB		10/10/13		8,144,278		26,722
	USD/RUB		10/24/13		8,178,796		153,204
Credit Suisse International (London)	CLP/USD		10/17/13		6,690,185		191,515
	MYR/USD		10/24/13		32,709,682		70,991
	PEN/USD		10/17/13		5,936,323		66,681
	RUB/USD		10/07/13		8,190,268		285,268
	RUB/USD		10/10/13		28,707,884		855,884
	RUB/USD		10/17/13		7,415,201		222,961
	USD/COP		10/17/13		1,937,708		19,292
	USD/PEN		10/17/13		7,173,386		25,299
	USD/RUB		10/17/13		16,122,388		52,612
Deutsche Bank AG (London)	BRL/USD		10/17/13		15,477,601		923,601
	HUF/USD		12/18/13		16,582,959		198,971
	ILS/USD		12/18/13		8,700,678		12,678
	MYR/USD		10/03/13		16,304,494		165,494
	PEN/USD		10/17/13		9,227,633		43,465
	PLN/USD		12/18/13		86,449,091		1,316,089
	RUB/USD		10/17/13		40,822,674		922,048
	TWD/USD		10/15/13		8,079,087		28,087
	USD/MXN		12/18/13		8,152,084		89,916
	USD/MYR		10/03/13		11,846,569		364
	USD/PEN		10/17/13		3,251,269		16,731
	USD/THB		10/31/13		14,930,123		18,795
	ZAR/USD		12/18/13		3,365,099		6,041
HSBC Bank PLC	BRL/USD		10/17/13		8,353,567		108,482
	KRW/USD		10/23/13		8,129,403		41,403
	MYR/USD		10/03/13		5,506,049		90,049
	MYR/USD		10/11/13		15,617,131		232,131
	PEN/USD		10/17/13		5,107,079		43,016
	USD/TRY		12/18/13		13,718,913		141,214
	USD/ZAR		12/18/13		21,685,903		530,857

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
JPMorgan Securities, Inc.	BRL/USD		10/17/13	$	30,656,377	$	1,157,350
	HUF/USD		12/18/13		24,914,811		719,559
	JPY/USD		12/18/13		8,175,679		26,679
	RUB/USD		10/17/13		19,747,552		489,744
	USD/TRY		12/18/13		8,054,267		10,296
Morgan Stanley Capital Services, Inc.	BRL/USD		10/15/13		46,185,654		225,154
	HUF/EUR		12/18/13		8,194,558		45,190
	RUB/USD		10/15/13		16,359,159		258,159
	RUB/USD		10/17/13		48,755,786		1,156,170
	USD/MXN		12/18/13		16,318,214		271,786
Royal Bank of Canada	BRL/USD		10/07/13		8,407,278		502,278
	BRL/USD		10/11/13		8,272,499		314,499
	BRL/USD		10/17/13		5,188,227		267,126
	BRL/USD		10/18/13		8,246,219		158,219
	MXN/USD		12/18/13		8,009,715		51,715
Standard Chartered Bank	SGD/USD		12/18/13		8,129,729		41,729
	USD/IDR		10/24/13		20,994,873		1,370,984
	USD/TRY		12/18/13		6,882,338		209,311
State Street Bank	MXN/USD		12/18/13		12,352,239		80,329
	RON/USD		12/18/13		17,126,187		516,675
	USD/MXN		12/18/13		30,326,648		289,576
	USD/TRY		12/18/13		9,797,886		137,837
	ZAR/USD		12/18/13		171,185,848		3,093,413
UBS AG (London)	BRL/USD		10/18/13		8,235,286		147,286
	MYR/USD		10/11/13		7,985,000		29,000
	PHP/USD		10/07/13		16,106,969		296,969
	PHP/USD		10/11/13		8,085,754		34,754
	TWD/USD		10/11/13		15,933,523		18,523
	USD/IDR		11/19/13		11,700,348		946,652
	USD/RUB		10/17/13		3,809,325		3,675
	USD/ZAR		12/18/13		18,581,748		389,252
Westpac Banking Corp.	AUD/USD		12/18/13		24,322,752		467,203
	USD/AUD		12/18/13		16,177,735		16,798
	USD/MYR		10/23/13		17,209,728		210,272
TOTAL						$	22,931,991

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	8,214,855	$	(13,922	)
	EUR/PLN		12/18/13		16,532,575		(230,736	)
	HUF/EUR		12/18/13		8,159,377		(44,739	)
	IDR/USD		10/24/13		37,169,051		(4,661,395	)
	MYR/USD		10/24/13		48,130,558		(1,206,098	)
	TRY/USD		12/18/13		15,829,543		(431,457	)
	USD/MYR		10/03/13		8,085,534		(71,534	)
Barclays Bank PLC	CLP/USD		10/17/13		2,152,260		(7,503	)
	MXN/USD		12/18/13		7,886,857		(244,143	)
	USD/BRL		10/17/13		5,268,137		(16,137	)
	USD/PLN		12/18/13		3,329,478		(11,478	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Barclays Bank PLC (continued)	USD/TRY		12/18/13	$	8,110,666	$	(59,666	)
	USD/ZAR		12/18/13		16,057,130		(32,130	)
	ZAR/USD		12/18/13		32,110,586		(281,414	)
BNP Paribas SA	RUB/USD		10/15/13		30,329,476		(534,086	)
Citibank NA	IDR/USD		10/07/13		8,074,174		(260,709	)
	IDR/USD		10/24/13		2,680,018		(84,982	)
	MYR/USD		10/23/13		10,578,928		(325,072	)
	MYR/USD		10/24/13		24,061,669		(652,628	)
	PHP/USD		10/17/13		16,143,720		(31,280	)
	RUB/USD		10/17/13		16,161,897		(13,103	)
	TRY/USD		12/18/13		7,861,354		(268,646	)
	USD/MXN		12/18/13		8,051,034		(29,034	)
	USD/MYR		10/03/13		8,065,868		(51,868	)
	USD/MYR		10/18/13		18,861,497		(37,497	)
	USD/NGN		11/13/13		19,326,370		(381,698	)
	USD/RUB		10/10/13		11,450,051		(245,051	)
	USD/RUB		10/21/13		8,069,133		(2,133	)
	USD/TRY		12/18/13		8,176,254		(220,254	)
Credit Suisse International (London)	CLP/USD		10/16/13		14,947,784		(30,612	)
	CLP/USD		10/17/13		3,361,696		(29,525	)
	CLP/USD		10/25/13		8,192,695		(139,305	)
	RUB/USD		10/10/13		6,566,355		(83,470	)
	RUB/USD		10/17/13		4,581,576		(1,245	)
	RUB/USD		10/21/13		23,347,922		(615,078	)
	USD/CLP		10/17/13		44,851,644		(524,904	)
	USD/COP		10/07/13		14,521,777		(313,446	)
	USD/COP		10/17/13		42,396,340		(896,282	)
	USD/JPY		12/18/13		15,904,826		(140,826	)
	USD/PEN		10/17/13		10,754,526		(33,455	)
	USD/RUB		10/07/13		15,477,713		(501,713	)
	USD/RUB		10/15/13		8,147,137		(83,137	)
	USD/RUB		10/17/13		18,632,492		(525,105	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		8,033,645		(3,018	)
	IDR/USD		10/17/13		9,276,660		(911,340	)
	IDR/USD		10/24/13		7,102,706		(806,694	)
	ILS/USD		12/18/13		8,093,424		(75,576	)
	MXN/USD		12/18/13		4,687,046		(114,190	)
	MYR/USD		10/18/13		16,046,863		(128,137	)
	MYR/USD		10/23/13		7,863,243		(266,757	)
	MYR/USD		10/24/13		80,700,147		(725,653	)
	THB/USD		10/31/13		15,722,406		(151,839	)
	USD/CNH		12/18/13		24,598,189		(5,532	)
	USD/CNH		01/08/14		39,928,025		(512,025	)
	USD/CZK		12/18/13		16,790,813		(392,636	)
	USD/KRW		10/24/13		5,958,784		(202,020	)
	USD/PHP		10/17/13		5,382,350		(4,350	)
	USD/RUB		10/15/13		4,427,750		(43,980	)
HSBC Bank PLC	IDR/USD		10/07/13		2,397,282		(92,250	)
	MXN/USD		12/18/13		37,829,018		(339,915	)
	MYR/USD		10/24/13		32,745,972		(48,223	)
	PLN/USD		12/18/13		6,343,568		(6,975	)
	USD/HUF		12/18/13		10,975,569		(241,588	)
	USD/KRW		10/24/13		5,383,889		(304,603	)
	USD/MYR		10/03/13		14,783,631		(241,631	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
HSBC Bank PLC (continued)	USD/PEN		10/17/13	$	5,892,069	$	(112,251	)
	USD/PHP		11/21/13		6,913,747		(24,525	)
	USD/PLN		12/18/13		11,577,273		(82,628	)
	USD/RUB		10/17/13		23,675,908		(582,319	)
	ZAR/USD		12/18/13		11,612,873		(31,783	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		31,912,579		(437,421	)
	USD/EUR		12/18/13		8,328,518		(38,441	)
	USD/IDR		10/07/13		1,179,395		(11,395	)
	USD/RUB		10/15/13		3,740,883		(45,883	)
	USD/TRY		12/18/13		64,616,724		(581,903	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		8,212,319		(319,999	)
	USD/BRL		11/04/13		8,130,896		(63,896	)
	USD/COP		10/17/13		27,927,421		(477,006	)
	USD/ILS		12/18/13		16,935,953		(194,729	)
	USD/PEN		10/17/13		7,290,088		(7,071	)
	USD/RUB		10/17/13		6,395,555		(150,555	)
	USD/TRY		12/18/13		136,549,236		(710,955	)
Royal Bank of Canada	IDR/USD		10/24/13		37,169,051		(4,024,584	)
	USD/BRL		10/15/13		13,816,442		(375,442	)
	USD/BRL		10/18/13		11,312,908		(200,908	)
Royal Bank of Scotland PLC	TRY/USD		12/18/13		47,633,236		(1,110,907	)
	USD/TRY		12/18/13		8,204,374		(100,374	)
Standard Chartered Bank	HUF/USD		12/18/13		6,183,379		(26,125	)
	MYR/USD		10/03/13		28,867,274		(868,326	)
	TRY/USD		12/18/13		60,782,506		(695,378	)
	USD/SGD		12/18/13		8,638,763		(148,708	)
	ZAR/USD		12/18/13		7,836,008		(332,992	)
State Street Bank	JPY/USD		12/18/13		8,027,185		(39,815	)
	MXN/USD		12/18/13		15,889,821		(371,179	)
	USD/AUD		12/18/13		8,033,645		(63,720	)
	USD/COP		10/17/13		28,191,047		(296,263	)
	USD/JPY		12/18/13		8,174,258		(152,258	)
	USD/MXN		12/18/13		6,226,280		(55,126	)
UBS AG (London)	RUB/USD		10/24/13		9,037,730		(127,270	)
	USD/BRL		10/07/13		8,383,158		(451,158	)
	USD/BRL		10/11/13		8,222,732		(264,732	)
	USD/ZAR		12/18/13		25,051,422		(144,422	)
	ZAR/USD		12/18/13		23,866,858		(409,142	)
Westpac Banking Corp.	USD/AUD		12/18/13		8,053,135		(42,097	)
	USD/EUR		12/18/13		16,688,158		(24,178	)
TOTAL						$	(34,185,292	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		(161	)	December 2013	$	(22,877,094	)	$	(284,208	)
2 Year U.S. Treasury Notes		626		December 2013		137,886,282			334,822
5 Year U.S. Treasury Notes		(4,709	)	December 2013		(570,009,734	)		(5,871,967	)
10 Year U.S. Treasury Notes		(1,567	)	December 2013		(198,054,110	)		(1,061,647	)
20 Year U.S. Treasury Bonds		(84	)	December 2013		(11,203,500	)		(9,080	)
TOTAL								$	(6,892,080	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	BRL	30,000		01/04/16	10.010%	1 month Brazilian Interbank Deposit Average	$	—		$	(194,700	)
		56,680		01/04/16	8.010	1 month Brazilian Interbank Deposit Average		—			(1,259,212	)
		84,080		01/04/16	8.100	1 month Brazilian Interbank Deposit Average		—			(1,787,972	)
		131,110		01/04/16	10.390	1 month Brazilian Interbank Deposit Average		—			(420,424	)
	CLP	8,558,190		09/25/18	6 month CLICP	4.975%		—			17,950
	KRW	48,420,000	(a)	08/10/22	3 month KWCDC	3.120		—			862,650
	CLP	2,809,080		06/07/23	6 month CLICP	5.360		—			15,421
	MXN	435,070	(a)	04/22/27	9.300	Mexico Interbank TIIE 28 Days		—			(27,787	)
		158,630	(a)	09/03/27	8.590	Mexico Interbank TIIE 28 Days		—			(282,068	)
Barclays Bank PLC	BRL	12,580		01/04/16	10.300	1 month Brazilian Interbank Deposit Average		—			(50,422	)
	TWD	587,590		09/11/17	3 month TWD	1.030		—			164,676
	MYR	143,700		04/08/18	3.383	3 month KLIBOR		—			(480,388	)
	KRW	26,091,240	(a)	09/18/22	3 month KWCDC	3.300		—			296,841
		30,000,000	(a)	10/09/22	3 month KWCDC	3.120		—			550,606
		6,345,000	(a)	11/21/22	3 month KWCDC	3.150		—			110,831
		19,698,730	(a)	11/29/22	3 month KWCDC	3.225		—			285,802
		37,196,850	(a)	11/29/22	3 month KWCDC	3.230		—			539,677
		26,791,540	(a)	12/05/22	3 month KWCDC	3.275		—			339,573
		15,721,430		05/06/23	3 month KWCDC	2.710		—			740,788
	MXN	55,780		05/12/23	5.615	Mexico Interbank TIIE 28 Days		—			(314,147	)
	ZAR	79,230		05/29/23	7.150	3 month JIBAR		—			(435,223	)
	KRW	24,347,680		05/30/23	3 month KWCDC	2.995		—			615,677
		5,705,980		06/19/23	3 month KWCDC	3.185		—			62,643
	MXN	703,500	(a)	06/29/27	8.010	Mexico Interbank TIIE 28 Days		—			(2,032,042	)
		301,660	(a)	07/30/27	8.650	Mexico Interbank TIIE 28 Days		—			(482,988	)
	KRW	6,115,600		01/24/28	3 month KWCDC	3.000		23			240,602
	MXN	250,850		11/05/32	6.747	Mexico Interbank TIIE 28 Days		(2,936	)		(2,094,718	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)		Unrealized Gain (Loss)
Citibank NA	BRL	52,500		01/04/16	8.640%	1 month Brazilian Interbank Deposit Average	$	—	$	(899,687	)
		53,690		01/04/16	10.290	1 month Brazilian Interbank Deposit Average		—		(219,634	)
		82,860		01/04/16	10.090	1 month Brazilian Interbank Deposit Average		—		(482,767	)
		10		01/02/17	1 month Brazilian Interbank Deposit Average	9.000%		—		216
	PLN	16,700		01/21/18	6 month WIBOR	3.590		—		(67,632	)
	ZAR	166,000		05/31/18	6.500	3 month JIBAR		—		(358,052	)
	CLP	2,669,100		09/28/18	6 month CLICP	5.010		—		(2,455	)
	ZAR	306,200		11/02/19	6.590	3 month JIBAR		—		(1,135,517	)
		162,000		05/30/20	6.620	3 month JIBAR		—		(728,004	)
	KRW	12,519,550		05/06/23	3 month KWCDC	2.720		—		580,112
	ZAR	73,340		05/29/23	7.160	3 month JIBAR		—		(397,799	)
	PLN	8,140		07/31/23	6 month WIBOR	3.840		—		76,871
	KRW	6,750,740		09/04/23	3 month KWCDC	3.460		—		(70,638	)
		12,160,280		09/11/23	3 month KWCDC	3.520		—		(183,061	)
	MXN	94,190	(a)	09/03/27	8.520	Mexico Interbank TIIE 28 Days		—		(181,065	)
	KRW	19,730,000	(a)	03/13/28	3 month KWCDC	3.165		—		217,237
Credit Suisse International (London)	BRL	34,420		01/04/16	8.134	1 month Brazilian Interbank Deposit Average		—		(723,279	)
	MXN	119,940		05/22/23	5.980	Mexico Interbank TIIE 28 Days		—		(415,213	)
	CLP	1,618,700		07/24/23	6 month CLICP	5.280		—		31,903
Deutsche Bank Securities, Inc.	BRL	42,100		01/04/16	10.370	1 month Brazilian Interbank Deposit Average		—		(166,262	)
		59,620		01/04/16	9.280	1 month Brazilian Interbank Deposit Average		—		(710,954	)
		71,300		01/04/16	8.860	1 month Brazilian Interbank Deposit Average		—		(1,111,940	)
		82,570		01/04/16	10.335	1 month Brazilian Interbank Deposit Average		—		(353,985	)
		113,830		01/04/16	10.156	1 month Brazilian Interbank Deposit Average		—		(595,073	)
		147,310		01/04/16	10.347	1 month Brazilian Interbank Deposit Average		—		(613,522	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Deutsche Bank Securities, Inc. (continued)	BRL	264,380		01/04/16	8.275%	1 month Brazilian Interbank Deposit Average	$	—		$	(5,173,346	)
	ZAR	132,550		05/30/18	6.520	3 month JIBAR		—			(275,136	)
		162,430		05/31/18	6.530	3 month JIBAR		—			(330,563	)
		66,000		06/07/18	7.110	3 month JIBAR		—			16,162
		168,500		06/07/18	7.100	3 month JIBAR		—			34,442
	CLP	3,714,170		09/27/18	6 month CLICP	5.010%		—			(3,558	)
	ZAR	190,000		01/02/20	6.200	3 month JIBAR		(1,200	)		(1,115,103	)
	BRL	75,820		01/04/21	9.340	1 month Brazilian Interbank Deposit Average		—			(2,581,984	)
	ZAR	7,820		05/23/21	6.550	3 month JIBAR		—			(50,465	)
	KRW	22,865,240	(a)	09/14/22	3 month KWCDC	3.210		—			336,782
		26,091,240	(a)	09/18/22	3 month KWCDC	3.320		—			277,117
		5,000,000	(a)	01/08/23	3 month KWCDC	3.390		—			43,964
	ZAR	71,290		05/29/23	7.170	3 month JIBAR		—			(381,751	)
	KRW	6,569,640		05/30/23	3 month KWCDC	3.000		—			163,560
	CLP	1,759,050		06/12/23	6 month CLICP	5.330		—			18,261
	KRW	17,289,860		07/05/23	3 month KWCDC	3.335		—			(32,424	)
		14,286,650		08/05/23	3 month KWCDC	3.480		—			(182,399	)
		17,289,860		08/23/23	3.620	3 month KWCDC		—			406,262
		8,442,670		08/26/23	3 month KWCDC	3.588		—			(175,763	)
	MXN	159,380	(a)	04/22/27	9.290	Mexico Interbank TIIE 28 Days		—			(13,553	)
		159,100	(a)	06/11/27	8.700	Mexico Interbank TIIE 28 Days		—			(225,694	)
		94,990	(a)	09/22/27	7.940	Mexico Interbank TIIE 28 Days		—			(298,171	)
		28,000	(a)	02/24/28	7.510	Mexico Interbank TIIE 28 Days		—			(116,120	)
HSBC Bank PLC	KRW	12,510,000		06/19/23	3 month KWCDC	3.175		—			147,159
JPMorgan Securities, Inc.	BRL	153,100		01/04/16	9.980	1 month Brazilian Interbank Deposit Average		—			(924,250	)
	ZAR	292,060		03/20/16	5.620	3 month JIBAR		—			(498,730	)
	BRL	358,100		01/02/17	1 month Brazilian Interbank Deposit Average	9.040		—			7,570,714
	TWD	673,200		07/27/17	3 month TWD	0.925		—			261,453
		597,390		09/11/17	3 month TWD	1.020		—			175,330
		60,800		03/18/18	3 month TWD	1.195		—			9,090
	ZAR	125,000		12/20/21	7.760	3 month JIBAR		(1,505	)		(3,652	)
	PLN	100		07/26/22	6 month WIBOR	4.570		—			(1,015	)
	KRW	23,074,380	(a)	11/29/22	3 month KWCDC	3.220		—			343,433
	TWD	140,720		12/06/22	3 month TWD	1.315		—			149,064
	MXN	95,510		05/12/23	5.630	Mexico Interbank TIIE 28 Days		—			(529,080	)
		96,360		05/22/23	5.990	Mexico Interbank TIIE 28 Days		—			(327,656	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)	MXN	97,500		05/25/23	6.030%	Mexico Interbank TIIE 28 Days	$	—		$	(309,826	)
		215,880		05/30/23	6.320	Mexico Interbank TIIE 28 Days		—			(284,110	)
	TWD	264,330		05/31/23	3 month TWD	1.490%		—			174,556
	CLP	2,148,530		06/19/23	6 month CLICP	5.350		—			16,182
	MXN	40,870		08/04/23	6.890	Mexico Interbank TIIE 28 Days		—			81,730
Morgan Stanley Capital Services, Inc.	BRL	60,000		01/02/14	7.665	1 month Brazilian Interbank Deposit Average		—			(111,946	)
	PLN	128,780	(a)	09/02/15	3.670	6 month WIBOR		—			85,355
	BRL	27,700		01/04/16	8.265	1 month Brazilian Interbank Deposit Average		—			(544,947	)
		36,150		01/04/16	10.280	1 month Brazilian Interbank Deposit Average		—			(150,873	)
		39,780		01/04/16	8.140	1 month Brazilian Interbank Deposit Average		—			(831,673	)
		77,880		01/04/16	10.190	1 month Brazilian Interbank Deposit Average		—			(385,185	)
	KRW	82,000,000	(a)	01/09/23	3 month KWCDC	3.380		—			751,653
		14,200,000	(a)	02/05/23	3 month KWCDC	3.315		—			167,165
		20,214,750		07/11/23	3 month KWCDC	3.405		—			(148,369	)
		28,000,000	(a)	03/03/28	3 month KWCDC	3.135		—			336,206
TOTAL							$	(5,618	)	$	(17,970,256	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
PLN	180,720	(a)	08/29/15	3.250%	6 month WIBOR	$	128		$	(110,025	)
	257,880	(a)	09/01/15	3.690	6 month WIBOR		181			176,038
	273,850	(a)	09/03/15	3.630	6 month WIBOR		191			146,473
$	217,700		06/19/18	1.000	3 month LIBOR		322,895			(4,075,187	)
	147,600	(a)	12/18/18	1.000	3 month LIBOR		(2,273,618	)		(2,602,643	)
ZAR	78,920		08/21/23	8.510	3 month JIBAR		57			348,037
$	53,900	(a)	12/18/23	3 month LIBOR	2.000%		2,058,023			2,156,552
	86,800	(a)	12/18/28	3 month LIBOR	2.500		9,030,786			214,456
	TOTAL					$	9,138,643		$	(3,746,299	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

NON-DELIVERABLE BOND FORWARD CONTRACTS*

Counterparty	Notional Amount (000s)		Reference Obligation	Settlement Date		Unrealized Gain (Loss)
Deutsche Bank Securities, Inc.		COP  3,600,000	Titulos de Tesoreria, 10.000% 07/24/24		10/17/13	$	31,719
		COP  3,600,000	Titulos de Tesoreria, 10.000% 07/24/24		10/18/13		32,020
TOTAL						$	63,739

* Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 106.7%
	Collateralized Mortgage Obligations – 7.0%
	Adjustable Rate Non-Agency(a) – 1.1%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	203,745		2.851	%		04/25/35	$	194,006
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
	981		0.924			10/25/34		976
	Bear Stearns Alt-A Trust Series 2005-5, Class 21A1
	1,108,877		2.506			07/25/35		1,001,315
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
	756,135		1.803			06/25/35		608,749
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
	218,643		1.653			09/25/35		184,490
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	316,370		0.421			01/19/36		201,419
	Impac CMB Trust Series 2004-08, Class 1A
	80,327		0.899			10/25/34		66,250
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	1,003,432		2.493			10/25/34		955,865
								3,213,070
	Interest Only(b) – 0.4%
	ABN AMRO Mortgage Corp. Series 2003-8, Class A2
	636		5.500			06/25/33		5
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(a)(c)
	57,196		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	11,119		5.250			07/25/33		753
	FNMA REMIC Series 2005-92, Class SC(a)
	377,782		6.501			10/25/35		57,050
	FNMA REMIC Series 2008-18, Class SC(a)
	691,596		5.671			03/25/38		78,754
	FNMA REMIC Series 2010-126, Class LS(a)
	976,609		4.817			11/25/40		118,704
	FNMA REMIC Series 2010-129, Class SM(a)
	774,501		5.821			11/25/40		93,753
	FNMA REMIC Series 2010-130, Class HI
	322,356		6.000			11/25/40		42,735
	FNMA REMIC Series 2012-11, Class GS(a)
	762,147		5.821			05/25/40		102,182
	GNMA Series 2011-99, Class DS(a)
	4,338,990		5.918			07/16/41		736,465
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	20,174		0.123			08/25/33		135
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	5,452		0.320			07/25/33		18
								1,230,554
	Inverse Floaters(a) – 0.0%
	GNMA Series 2001-48, Class SA
	8,632		25.895			10/16/31		12,724
	Mortgage-Backed Obligations – (continued)
	Inverse Floaters(a) – (continued)
	GNMA Series 2001-51, Class SB
	8,594		25.895			10/16/31		13,257
								25,981
	Planned Amortization Class – 1.0%
	FHLMC REMIC Series 3748
	1,000,000		4.000			11/15/39		1,050,266
	FHLMC REMIC Series 3906, Class HG
	1,757,157		4.000			08/15/26		1,868,752
								2,919,018
	Sequential Fixed Rate – 1.1%
	FHLMC REMIC Series 2042, Class N
	182,011		6.500			03/15/28		202,781
	FNMA REMIC Series 2000-16, Class ZG
	350,778		8.500			06/25/30		416,062
	FNMA REMIC Series 2011-52, Class GB
	1,200,000		5.000			06/25/41		1,315,947
	FNMA REMIC Series 2011-99, Class DB
	1,075,000		5.000			10/25/41		1,180,947
								3,115,737
	Sequential Floating Rate(a) – 3.4%
	FHLMC REMIC Series 4103, Class BF
	2,648,660		0.532			12/15/38		2,637,157
	FNMA REMIC Series 2011-63, Class FG
	509,654		0.629			07/25/41		511,645
	FNMA REMIC Series 2012-68, Class AF
	1,839,407		0.629			02/25/39		1,840,204
	FNMA REMIC Series 2012-68, Class FB
	5,027,459		0.629			04/25/39		5,029,587
								10,018,593
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,522,953
	Commercial Mortgage-Backed Securities – 14.6%
	Sequential Fixed Rate – 6.5%
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
$	4,190,033		5.602	%		06/11/50	$	4,697,704
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	2,000,000		4.317			11/25/19		2,201,078
	FHLMC Multifamily Structured Pass-Through Certificates Series K023, Class A2
	300,000		2.307			08/25/22		279,796
	FHLMC Multifamily Structured Pass-Through Certificates Series K027, Class A2
	2,500,000		2.637			01/25/23		2,379,117
	FHLMC Multifamily Structured Pass-Through Certificates Series K028, Class A2
	5,000,000		3.111			02/25/23		4,949,000
	FHLMC Multifamily Structured Pass-Through Certificates Series KS01, Class A2
	1,500,000		2.522			01/25/23		1,419,467

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series KSMC, Class A2
$	3,300,000		2.615	%		01/25/23	$	3,105,893
								19,032,055
	Sequential Floating Rate(a) – 8.1%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	150,000		5.803			04/10/49		165,271
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	2,525,497		6.250			12/10/49		2,876,162
	Commercial Mortgage Trust Series 2007-C9, Class A1A
	2,638,842		5.993			12/10/49		2,974,717
	Credit Suisse Commercial Mortgage Trust Series 2006-C3, Class A3
	2,870,011		5.993			06/15/38		3,142,237
	FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2
	2,200,000		3.300			04/25/23		2,193,507
	FREMF Mortgage Trust Series 2012-K706, Class B(d)
	900,000		4.162			11/25/44		895,393
	FREMF Mortgage Trust Series 2012-K706, Class C(d)
	625,000		4.162			11/25/44		595,684
	FREMF Mortgage Trust Series 2012-K707, Class C(d)
	425,000		4.018			01/25/47		399,730
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
	4,000,000		5.993			08/10/45		4,429,057
	LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3
	759,775		5.866			09/15/45		850,387
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		49,286
	Morgan Stanley Capital I Trust Series 2007-T25, Class A1A
	1,261,815		5.509			11/12/49		1,392,982
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		55,423
	Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A
	2,207,712		6.009			06/15/45		2,428,185
	WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A4(d)
	1,300,000		4.869			02/15/44		1,427,658
								23,875,679
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	42,907,734
	Federal Agencies – 85.1%
	Adjustable Rate FHLMC(a) – 0.2%
$	144,759		2.375	%		04/01/33	$	151,990
	65,516		2.409			09/01/33		69,268
	31,598		2.278			10/01/34		33,258
	54,022		2.377			11/01/34		57,204
	56,107		2.398			02/01/35		59,432
	195,020		2.399			06/01/35		206,478
								577,630
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(a) – 0.6%
	6,911		2.220			07/01/22		7,121
	20,511		2.204			07/01/27		21,348
	28,585		2.204			11/01/27		29,743
	7,137		2.204			01/01/31		7,475
	8,669		2.204			06/01/32		9,090
	11,114		2.220			08/01/32		11,614
	49,468		2.220			05/01/33		51,781
	21,782		1.860			06/01/33		22,510
	256,274		2.374			06/01/33		271,151
	17,706		2.360			07/01/33		18,513
	256,772		2.201			08/01/33		267,840
	2,518		2.710			09/01/33		2,650
	1,294		2.324			12/01/33		1,345
	148,285		2.641			12/01/33		155,876
	5,071		2.456			04/01/34		5,316
	353,546		2.655			08/01/34		378,405
	64,284		2.765			11/01/34		67,631
	87,166		2.387			02/01/35		91,507
	120,577		2.497			03/01/35		127,596
	67,397		2.685			04/01/35		71,918
	132,931		2.693			05/01/35		141,877
	17,941		2.204			11/01/35		18,676
	68,646		2.204			12/01/37		71,516
	42,887		2.204			01/01/38		44,675
	27,145		2.204			11/01/40		28,426
								1,925,600
	Adjustable Rate GNMA(a) – 0.6%
	40,271		1.625			06/20/23		41,221
	18,755		1.750			07/20/23		19,200
	19,708		1.750			08/20/23		20,179
	50,743		1.750			09/20/23		51,963
	14,696		1.625			03/20/24		15,061
	129,475		1.625			04/20/24		132,727
	15,573		1.625			05/20/24		15,967
	108,573		1.625			06/20/24		111,331
	25,401		2.000			06/20/24		26,406
	35,611		1.750			07/20/24		36,521
	37,599		2.000			07/20/24		39,052
	65,454		1.750			08/20/24		67,135
	34,259		2.000			08/20/24		35,636
	32,061		1.750			09/20/24		32,889
	39,787		2.000			11/20/24		41,414
	14,885		2.000			12/20/24		15,497
	21,300		2.500			12/20/24		22,516
	25,661		2.000			01/20/25		26,721
	13,589		2.000			02/20/25		14,154
	46,795		2.000			05/20/25		48,772
	39,037		2.000			07/20/25		40,705
	19,018		1.625			02/20/26		19,537
	992		1.750			07/20/26		1,021
	24,255		1.625			01/20/27		24,947
	27,066		2.000			01/20/27		28,324
	18,921		1.625			02/20/27		19,485
	137,824		1.625			04/20/27		141,969
	16,102		1.625			05/20/27		16,589

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate GNMA(a) – (continued)
$	15,356		1.625	%		06/20/27	$	15,822
	5,638		1.625			11/20/27		5,812
	21,681		1.625			12/20/27		22,327
	44,509		1.625			01/20/28		45,895
	15,609		1.625			02/20/28		16,097
	16,727		1.625			03/20/28		17,252
	80,153		1.750			07/20/29		82,809
	39,567		1.750			08/20/29		40,882
	10,804		1.750			09/20/29		11,164
	41,795		1.625			10/20/29		43,151
	49,385		1.625			11/20/29		51,042
	12,783		1.625			12/20/29		13,194
	16,316		1.625			01/20/30		16,867
	7,674		1.625			02/20/30		7,923
	40,636		1.625			03/20/30		42,013
	46,906		1.625			04/20/30		48,433
	73,711		1.625			05/20/30		76,225
	52,409		2.000			05/20/30		55,208
	12,671		1.625			06/20/30		13,105
	104,521		2.000			07/20/30		110,139
	21,054		2.000			09/20/30		22,191
	37,731		1.625			10/20/30		39,039
								1,903,529
	FHLMC – 22.4%
	825		6.000			12/01/14		830
	6,067		6.000			03/01/16		6,437
	539		5.000			09/01/16		563
	5,635		5.000			11/01/16		5,965
	19,134		5.000			01/01/17		20,260
	29,595		5.000			02/01/17		31,347
	24,680		5.000			03/01/17		26,140
	46,318		5.000			04/01/17		49,061
	1,479		5.000			05/01/17		1,567
	1,201		5.000			08/01/17		1,271
	140,989		5.000			09/01/17		149,332
	163,672		5.000			10/01/17		173,357
	93,217		5.000			11/01/17		98,735
	90,093		5.000			12/01/17		95,428
	110,223		5.000			01/01/18		116,723
	266,628		5.000			02/01/18		282,245
	261,902		5.000			03/01/18		277,395
	224,907		5.000			04/01/18		238,265
	25,313		4.500			05/01/18		26,721
	174,323		5.000			05/01/18		184,697
	44,333		5.000			06/01/18		46,968
	46,297		5.000			07/01/18		49,145
	23,889		5.000			08/01/18		25,326
	17,832		5.000			09/01/18		18,892
	50,533		5.000			10/01/18		53,561
	61,906		5.000			11/01/18		65,632
	28,482		5.000			12/01/18		30,173
	5,578		5.000			01/01/19		5,909
	1,411		5.000			02/01/19		1,498
	193,981		5.500			04/01/20		209,902
	653,967		5.000			11/01/22		703,647
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
	575,415		4.500			08/01/23		611,194
	2,141,589		4.000			06/01/25		2,268,316
	2,019,946		4.500			06/01/26		2,137,998
	72,011		7.000			04/01/31		82,191
	1,192,716		7.000			09/01/31		1,351,529
	782,647		4.000			02/01/32		825,716
	309,341		7.000			04/01/32		349,625
	944,368		7.000			05/01/32		1,067,348
	96,169		3.500			11/01/32		99,558
	286,385		3.500			01/01/33		296,476
	1,974,195		3.500			07/01/33		2,043,754
	305,109		5.000			10/01/33		329,821
	23,002		5.500			12/01/33		25,089
	108,309		5.000			04/01/35		116,623
	354,533		5.500			04/01/35		384,060
	13,604		5.000			07/01/35		14,687
	182,644		5.000			08/01/35		196,666
	1,235,018		5.000			12/01/35		1,331,490
	176,253		5.500			01/01/36		190,615
	580		5.500			02/01/36		627
	1,840,318		5.000			07/01/36		1,982,250
	41,216		4.000			08/01/36		43,107
	105,474		4.000			09/01/36		110,312
	121,143		4.000			10/01/36		126,699
	191,196		4.000			12/01/36		199,963
	613,525		5.000			02/01/37		660,107
	39,798		5.500			02/01/37		42,995
	332,040		5.500			04/01/37		358,712
	160,526		5.000			07/01/37		172,707
	13,058		5.500			01/01/38		14,107
	1,010,586		5.000			03/01/38		1,088,188
	12,860		5.500			03/01/38		13,893
	95,866		5.000			05/01/38		103,190
	112,112		5.500			05/01/38		121,145
	12,344		5.500			06/01/38		13,339
	4,000,000		5.500			08/01/38		4,322,296
	986,050		5.500			09/01/38		1,065,501
	105,493		5.000			10/01/38		113,553
	753,319		5.000			11/01/38		810,481
	1,603,849		5.500			11/01/38		1,733,078
	4,552,147		5.000			12/01/38		4,897,566
	5,331		5.000			02/01/39		5,739
	2,000,000		5.500			03/01/39		2,161,148
	1,291,148		5.000			05/01/39		1,391,723
	1,965,069		5.000			07/01/39		2,118,139
	669,625		4.500			09/01/39		718,040
	2,431,639		5.000			09/01/39		2,617,436
	94,133		5.000			08/01/40		102,815
	105,274		5.000			10/01/40		114,984
	171,568		4.500			02/01/41		182,711
	23,416		4.500			03/01/41		24,937
	14,550		5.000			06/01/41		15,935
	2,270,149		4.000			11/01/41		2,373,713
	948,863		4.000			12/01/41		994,601
	457,003		3.500			04/01/42		464,750
	85,004		3.000			05/01/42		82,798

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	184,336		3.500	%		05/01/42	$	187,462
	372,290		3.500			06/01/42		378,893
	944,347		3.500			07/01/42		960,356
	322,795		3.000			08/01/42		314,601
	219,745		3.000			09/01/42		214,043
	613,829		3.000			10/01/42		597,936
	1,557,500		3.000			11/01/42		1,518,231
	3,048,733		3.000			12/01/42		2,971,947
	6,366,317		3.000			01/01/43		6,206,079
	1,956,881		3.000			02/01/43		1,906,106
	1,323,594		3.000			03/01/43		1,290,252
	509,259		3.000			04/01/43		496,547
	1,000,000		3.000			TBA – 30yr(e)		973,516
								66,099,002
	FNMA – 41.2%
	783		5.500			04/01/16		826
	730		5.500			08/01/16		770
	12,379		5.500			11/01/16		13,053
	8,991		5.500			12/01/16		9,481
	13,313		5.500			01/01/17		14,037
	1,097		5.500			05/01/17		1,170
	4,792		5.500			07/01/17		5,107
	592		5.500			09/01/17		631
	10,900		5.500			01/01/18		11,617
	9,349		5.500			02/01/18		9,964
	915		6.000			02/01/18		999
	856,092		2.800			03/01/18		893,874
	244,670		5.000			03/01/18		258,734
	18,824		5.500			04/01/18		19,944
	2,530,000		3.840			05/01/18		2,741,879
	4,170		5.500			05/01/18		4,427
	10,743		6.000			05/01/18		11,727
	335,757		5.000			06/01/18		355,890
	891,340		4.000			08/01/18		946,378
	17,377		5.000			09/01/18		18,462
	83,247		6.000			11/01/18		90,905
	53,894		7.000			11/01/18		56,783
	607,833		4.500			12/01/18		645,485
	138,062		6.000			12/01/18		150,773
	114,342		6.000			01/01/19		124,877
	3,444		5.500			02/01/19		3,735
	18,769		5.500			04/01/19		20,356
	39,082		6.000			04/01/19		42,676
	2,958		5.500			05/01/19		3,178
	8,496		6.000			05/01/19		9,279
	19,331		5.500			07/01/19		20,965
	53,333		5.500			08/01/19		57,842
	25,039		5.500			09/01/19		27,155
	59,144		5.500			10/01/19		64,143
	24,035		5.500			11/01/19		26,067
	14,085		5.500			12/01/19		15,276
	85,729		5.500			02/01/20		92,976
	343,287		4.500			03/01/20		364,552
	864,560		3.416			10/01/20		905,794
	28,886		5.500			01/01/21		31,327
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	39,209		7.000			09/01/21		44,038
	128,574		7.000			06/01/22		147,708
	53,092		7.000			07/01/22		61,164
	5,126		4.500			04/01/23		5,442
	564		7.000			01/01/29		649
	2,510		7.000			09/01/29		2,889
	22,652		7.000			08/01/31		25,542
	1,559		7.000			03/01/32		1,790
	2,286		7.000			04/01/32		2,624
	1,356		7.000			05/01/32		1,557
	7,319		7.000			06/01/32		8,403
	2,160		7.000			07/01/32		2,480
	86,553		6.000			01/01/33		95,676
	4,537		6.000			02/01/33		5,015
	364,821		5.500			04/01/33		399,223
	295,611		5.500			05/01/33		324,619
	443,823		5.500			06/01/33		487,375
	647,848		5.500			07/01/33		711,421
	47,804		5.000			08/01/33		52,057
	3,308		5.000			09/01/33		3,613
	42,655		5.500			09/01/33		46,791
	55,678		5.500			02/01/34		60,815
	12,689		5.500			03/01/34		13,860
	16,725		5.500			04/01/34		18,268
	187		5.500			06/01/34		204
	84,308		5.500			07/01/34		92,086
	17,024		5.500			08/01/34		18,630
	51,767		5.500			10/01/34		56,642
	25,990		5.500			11/01/34		28,587
	327,947		5.500			12/01/34		358,205
	707		6.000			12/01/34		779
	1,477,759		5.000			02/01/35		1,614,262
	348,831		6.000			04/01/35		385,665
	72,348		5.000			06/01/35		78,519
	10,286		5.500			06/01/35		11,226
	411,363		5.000			07/01/35		447,245
	16,436		5.500			07/01/35		17,948
	16,611		5.500			08/01/35		18,129
	19,174		5.500			09/01/35		20,931
	195,700		6.000			10/01/35		215,613
	5,727		5.500			12/01/35		6,257
	5,234		6.000			12/01/35		5,755
	275		5.500			02/01/36		299
	13,796		5.500			04/01/36		15,043
	6,337		6.000			04/01/36		6,971
	87,322		4.000			09/01/36		91,637
	96,368		4.000			02/01/37		101,205
	8,494		5.500			02/01/37		9,248
	31,383		5.500			04/01/37		34,187
	145,292		6.000			04/01/37		158,423
	1,752		5.500			05/01/37		1,908
	64,043		5.000			06/01/37		69,554
	753		5.500			06/01/37		821
	13,803		5.500			07/01/37		15,034
	1,102,209		5.500			08/01/37		1,202,382
	208,933		6.500			10/01/37		231,730

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	348		5.500	%		12/01/37		$	379
	1,045		5.500			02/01/38			1,138
	15,771		5.500			03/01/38			17,169
	50,507		5.500			04/01/38			55,038
	12,211		5.500			05/01/38			13,311
	6,842		5.500			06/01/38			7,446
	3,517		5.500			07/01/38			3,831
	6,631		5.500			08/01/38			7,214
	5,704		5.500			09/01/38			6,206
	334,307		6.000			09/01/38			364,508
	1,185		5.500			12/01/38			1,291
	1,061,809		5.000			01/01/39			1,152,376
	331,154		6.000			01/01/39			361,069
	661,940		6.500			01/01/39			735,733
	14,530		5.500			02/01/39			15,847
	22,072		5.500			06/01/39			23,987
	14,227		4.000			08/01/39			14,917
	19,736		5.500			11/01/39			21,453
	33,601		4.000			11/01/40			35,240
	31,722		4.000			12/01/40			33,269
	71,347		4.500			12/01/40			76,259
	31,621		4.000			01/01/41			33,163
	291,335		4.500			01/01/41			311,393
	50,893		4.000			02/01/41			53,381
	997,628		4.500			02/01/41			1,067,164
	762,926		4.000			03/01/41			800,221
	16,240		4.000			05/01/41			17,034
	135,501		6.000			05/01/41			148,759
	769,728		4.500			07/01/41			823,223
	26,682		4.000			08/01/41			27,987
	171,809		4.500			08/01/41			183,784
	532,066		4.500			09/01/41			569,010
	44,992		4.500			10/01/41			48,128
	806,304		4.000			11/01/41			845,784
	48,031		4.000			01/01/42			50,379
	1,707,219		4.000			02/01/42			1,791,431
	482,102		3.000			08/01/42			471,766
	435,331		3.000			09/01/42			426,070
	929,802		3.000			11/01/42			909,813
	4,735,182		3.000			12/01/42			4,632,681
	103,175		2.500			01/01/43			95,982
	4,503,865		3.000			01/01/43			4,406,542
	1,455,146		3.000			02/01/43			1,424,119
	2,706,762		3.000			03/01/43			2,648,980
	2,424,729		3.000			04/01/43			2,372,942
	889,753		2.500			05/01/43			827,645
	2,843,677		3.000			05/01/43			2,782,980
	97,958		3.000			06/01/43			95,877
	841,791		3.000			07/01/43			823,903
	9,000,000		2.500			TBA – 15yr	(e)		9,055,547
	7,000,000		3.000			TBA – 30yr	(e)		6,840,859
	2,000,000		3.500			TBA – 30yr	(e)		2,036,875
	48,000,000		4.000			TBA – 30yr	(e)		50,347,498
	4,000,000		5.500			TBA – 30yr	(e)		4,361,875
	1,000,000		6.000			TBA – 30yr	(e)		1,094,062
									121,285,796
	Mortgage-Backed Obligations – (continued)
	GNMA – 20.1%
	159,125		5.500			07/15/20			169,204
	318,636		3.950			07/15/25			335,617
	12,485		6.000			04/15/26			13,845
	1,100		6.500			01/15/32			1,269
	2,451		6.500			02/15/32			2,827
	1,255,669		5.500			04/15/33			1,388,383
	914,344		5.000			09/15/33			1,004,012
	9,936		5.000			11/15/33			10,910
	2,639		6.500			08/15/34			3,045
	3,579		6.500			01/15/36			4,012
	3,003		6.500			02/15/36			3,441
	7,744		6.500			03/15/36			8,873
	16,174		6.500			04/15/36			18,534
	56,486		6.500			05/15/36			64,726
	48,413		6.500			06/15/36			55,477
	324,178		6.500			07/15/36			371,470
	374,085		6.500			08/15/36			428,657
	452,292		6.500			09/15/36			518,274
	293,630		6.500			10/15/36			336,465
	215,091		6.500			11/15/36			246,470
	123,551		6.500			12/15/36			141,576
	77,216		6.500			01/15/37			88,393
	29,748		6.500			02/15/37			33,983
	17,232		6.500			03/15/37			19,693
	27,164		6.500			04/15/37			30,984
	35,621		6.500			05/15/37			40,629
	30,550		6.500			08/15/37			34,846
	47,807		6.500			09/15/37			54,530
	60,506		6.500			10/15/37			69,014
	35,418		6.500			11/15/37			40,400
	249,381		6.500			12/15/37			285,762
	10,842		6.500			05/15/38			12,358
	12,009		6.500			11/15/38			13,698
	9,355		6.500			02/15/39			10,720
	1,514,718		5.000			10/20/39			1,657,556
	61,446		6.500			05/15/40			71,125
	47,028		6.500			07/15/40			53,889
	701,569		5.000			07/15/41			765,709
	618,251		5.000			11/15/41			674,773
	3,486,235		2.500			12/15/42			3,250,713
	4,903,322		2.500			12/20/42			4,569,892
	1,841,036		2.500			01/15/43			1,716,670
	1,825,874		2.500			02/15/43			1,703,391
	1,251,760		2.500			04/15/43			1,167,252
	1,589,424		2.500			05/15/43			1,482,119
	829,093		2.500			07/15/43			773,120
	11,000,000		4.000			TBA – 30yr	(e)		11,625,625
	15,000,000		4.500			TBA – 30yr	(e)		16,164,843
	7,000,000		5.000			TBA – 30yr	(e)		7,607,032
									59,145,806
	TOTAL FEDERAL AGENCIES							$	250,937,363
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $312,777,347)							$	314,368,050

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities(a) – 0.8%
	Home Equity – 0.1%
	Countrywide Home Equity Loan Trust Series 2003-D, Class A
$	22,061		0.442	%		06/15/29	$	21,461
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	40,253		0.402			12/15/29		34,307
	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A
	155,984		0.462			02/15/34		127,016
	Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII
	187,647		0.664			03/25/34		168,965
								351,749
	Student Loan – 0.7%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A-2
	1,020,844		0.411			06/27/22		1,018,417
	Education Funding Capital Trust I Series 2004-1, Class A2
	197,855		0.414			12/15/22		197,422
	Northstar Education Finance, Inc. Series 2004-1, Class A4
	595,556		0.454			04/29/19		594,995
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	105,489		0.364			10/28/26		105,016
	US Education Loan Trust LLC Series 2006-1, Class A2(d)
	137,678		0.390			03/01/25		137,207
								2,053,057
	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,442,617)						$	2,404,806
	U.S. Treasury Obligations – 3.2%
	United States Treasury Notes
$	2,300,000		1.375	%		09/30/18	$	2,298,344
	1,700,000		2.000			09/30/20		1,698,215
	5,500,000		2.500			08/15/23		5,443,735
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $9,362,275)						$	9,440,294

Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.8%
	Interest Rate Swaptions
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
$	3,700,000		4.070	%		03/29/16	$	160,732
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.040%
	2,700,000		3.040			06/03/15		68,338
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.040%
	2,700,000		3.040			06/03/15		175,395
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.570%
	2,400,000		3.570			02/22/16		144,920
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	7,600,000		1.950			10/26/15	$	79,611
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
	7,500,000		2.030			10/26/15		74,054
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	2,500,000		3.080			06/04/15		66,604
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	2,500,000		3.080			06/04/15		157,805
	JPMorgan Chase Bank NA Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	7,300,000		1.855			11/02/15		83,734
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.630%
	9,700,000		3.630			02/16/16		556,755
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.652%
	9,300,000		3.652			02/22/16		528,997
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.620%
	4,300,000		3.620			03/07/16		254,234
	TOTAL OPTIONS PURCHASED
	(Cost $1,678,947)						$	2,351,179
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $326,261,186)						$	328,564,329
Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment(f) – 23.1%
	Repurchase Agreement – 23.1%
	Joint Repurchase Agreement Account II
$	68,000,000		0.083	%		10/01/13	$	68,000,000
	(Cost $68,000,000)
	TOTAL INVESTMENTS – 134.6%
	(Cost $394,261,186)						$	396,564,329
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (34.6)%							(101,878,487	)
	NET ASSETS – 100.0%						$	294,685,842

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

GOLDMAN SACHS U.S. MORTGAGES FUND

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 September 30, 2013.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(d)	Exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $3,455,672, which represents approximately 1.2% of net assets as of September 30, 2013.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $110,107,732 which represents approximately 37.4% of net assets as of September 30, 2013.
(f)	Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 117.

Investment Abbreviations:
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
FREMF	—Freddie Mac Multi Family
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
OTC	—Over the Counter
REMIC	—Real Estate Mortgage Investment Conduit

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(e)	Settlement Date	Principal Amount			Value
FHLMC		5.000	%	TBA-30yr	10/10/2013	$	(6,000,000	)	$	(6,471,563	)
FHLMC		5.500		TBA-30yr	10/10/2013		(4,000,000	)		(4,334,375	)
FNMA		5.000		TBA-30yr	10/10/2013		(3,000,000	)		(3,253,593	)
GNMA		2.500		TBA-30yr	10/21/2013		(11,000,000	)		(10,242,657	)
TOTAL (Proceeds Receivable: $23,897,344)									$	(24,302,188	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		50		December 2013	$	7,104,688		$	102,599
2 Year U.S. Treasury Notes		79		December 2013		17,400,984			26,593
5 Year U.S. Treasury Notes		(142	)	December 2013		(17,188,656	)		(165,717	)
10 Year U.S. Treasury Notes		(76	)	December 2013		(9,605,688	)		2,250
20 Year U.S. Treasury Bonds		(19	)	December 2013		(2,534,125	)		(5,167	)
TOTAL								$	(39,442	)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

				Rates Exchanged
Counterparty	Notional Amount (000s)(a)		Termination Date	Payments Received		Payments Made	Unrealized Gain (Loss)*
Citibank NA	$	900	02/24/26		3.070%	3 month LIBOR	$	(54,440	)
		900	02/24/26		3.125	3 month LIBOR		(50,235	)
Deutsche Bank Securities, Inc.		3,400	10/28/17		1.450	3 month LIBOR		(32,053	)
		3,400	10/28/17		1.530	3 month LIBOR		(26,720	)
JPMorgan Securities, Inc.		3,300	11/06/17		1.355	3 month LIBOR		(38,500	)
Morgan Stanley Capital Services, Inc.		3,600	02/18/26		3.130	3 month LIBOR		(197,615	)
		3,500	02/24/26		3.152	3 month LIBOR		(187,330	)
		2,000	03/09/26		3.120	3 month LIBOR		(114,491	)
TOTAL							$	(701,384	)

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

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	3,600	(a)	12/18/15	3 month LIBOR	0.500%	$	15,170		$	(12,392	)
	18,500	(a)	12/18/16	3 month LIBOR	0.500		225,258			(11,801	)
	20,200	(a)	12/18/18	1.000%	3 month LIBOR		(818,412	)		151,066
	4,800	(a)	05/07/19	1.973	3 month LIBOR		14			(109,402	)
	7,400	(a)	08/15/19	3.250	3 month LIBOR		22			58,526
	2,700	(a)	08/29/19	3.520	3 month LIBOR		6			38,514
	2,700	(a)	08/29/19	3.560	3 month LIBOR		6			41,537
	7,800		06/19/20	3 month LIBOR	1.250		96,547			299,340
	8,400	(a)	12/18/20	1.500%	3 month LIBOR		(13,086	)		(426,628	)
	3,800	(a)	08/15/21	3 month LIBOR	3.000		(28,659	)		(58,555	)
	1,400	(a)	08/27/21	3 month LIBOR	3.133		8			(41,769	)
	1,400	(a)	08/27/21	3 month LIBOR	3.095		8			(38,367	)
	1,400	(a)	11/07/23	3 month LIBOR	1.983		11			105,820
	6,600	(a)	12/18/23	3 month LIBOR	2.000		621,310			(105,240	)
	1,400	(a)	06/11/24	3 month LIBOR	2.733		11			42,327
	1,000	(a)	03/31/26	3.070	3 month LIBOR		16			(63,155	)
	600	(a)	12/18/28	2.500	3 month LIBOR		(72,491	)		8,584
	2,200	(a)	12/18/43	3 month LIBOR	3.000		69,087			227,777
	TOTAL					$	94,826		$	106,182

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

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

GOLDMAN SACHS U.S. MORTGAGES FUNDS

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America Securities LLC	Tranches of Commercial Mortgage-Backed Index AAA Series 4	$	900		0.350	%		02/17/51		1.241	%	$	(27,702	)	$	(258	)
Citibank NA	Tranches of Commercial Mortgage-Backed Index AAA Series 4		24,700		0.350			02/17/51		1.241			(868,348	)		100,740
Morgan Stanley Capital Services, Inc.	Tranches of Commercial Mortgage-Backed Index AAA Series 4		1,000		0.350			02/17/51		1.241			(27,117	)		(3,953	)
TOTAL												$	(923,167	)	$	96,529

(b) Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2013, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2013, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Emerging Markets Debt	$	4,100,000	$	4,100,009	$	4,193,391
High Yield		90,600,000		90,600,209		92,663,723
Investment Grade Credit		1,200,000		1,200,003		1,227,334
Local Emerging Markets Debt		144,400,000		144,400,333		147,689,201
U.S. Mortgages		68,000,000		68,000,157		69,548,931

REPURCHASE AGREEMENTS — At September 30, 2013, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Emerging Markets Debt		High Yield		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
BNP Paribas Securities Co.		0.070	%	$	1,406,203	$	31,073,665	$	411,572	$	49,525,798	$	23,322,398
Merrill Lynch & Co., Inc.		0.080			248,225		5,485,177		72,651		8,742,380		4,116,910
TD Securities (USA) LLC		0.090			2,445,572		54,041,158		715,777		86,131,822		40,560,692
TOTAL				$	4,100,000	$	90,600,000	$	1,200,000	$	144,400,000	$	68,000,000

At September 30, 2013, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.189% to 4.250	%		08/27/14 to 06/17/20
Federal Home Loan Bank		1.750 to 2.875			09/11/15 to 09/11/20
Federal Home Loan Mortgage Corp.		3.500 to 4.000			06/01/42 to 08/01/42
Federal National Mortgage Association		0.000 to 4.000			11/15/13 to 12/01/42
U.S. Treasury Bill		0.000			08/21/14
U.S. Treasury Notes		0.750 to 2.125			03/31/18 to 02/15/22

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2013 (Unaudited)

	Dynamic Emerging Markets Debt Fund(a)
Assets:
Investments of unaffiliated issuers, at value (cost $14,255,482, $1,541,867,220, $5,119,861,035, $2,937,448,004, $518,027,019, $2,659,218,640 and $326,261,186)	$	13,879,072
Investments of affiliated issuers, at value (cost $20,042,178 for High Yield Floating Rate Fund)		—
Repurchase agreement, at value which equals cost		—
Cash		37,832
Foreign currencies, at value (cost $35,192, $383,222, $0, $24,188, $0, $14,429,080 and $0)		35,341
Receivables:
Investments sold		298,059
Investments sold on an extended settlement basis		—
Interest		186,599
Reimbursement from investment adviser		102,303
Unrealized gain on forward foreign currency exchange contracts		83,322
Fund shares sold		64,494
Variation margin on certain derivative contracts		29,329
Unrealized gain on swap contracts		10,590
Collateral on certain derivative contracts(b)(c)		—
Foreign tax reclaims, at value		—
Unrealized gain on non-deliverable bond forward contracts		—
Upfront payments made on swap contracts		—
Unrealized gain on Unfunded loan commitment		—
Deferred offering costs		109,183
Other assets		5,183
Total assets		14,841,307
Liabilities:
Payables:
Investments purchased on an extended settlement basis		448,743
Investments purchased		196,620
Unrealized loss on forward foreign currency exchange contracts		124,945
Unrealized loss on swap contracts		47,834
Distributions payable		12,380
Amounts owed to affiliates		9,322
Fund shares redeemed		423
Due to broker — upfront payment		—
Variation margin on certain derivative contracts		—
Due to broker		—
Collateral on certain derivative contracts		—
Forward sale contracts, at value (proceeds received $23,897,344 for U.S. Mortgages Fund)		—
Unrealized loss on non deliverable bond forward contracts		—
Upfront payments received on swap contracts		—
Accrued expenses and other liabilities		175,846
Total liabilities		1,016,113
Net Assets:
Paid-in capital		14,352,091
Undistributed (distributions in excess of) net investment income		(3,011	)
Accumulated net realized gain (loss)		(48,584	)
Net unrealized gain (loss)		(475,302	)
NET ASSETS	$	13,825,194
Net Assets:
Class A	$	72,513
Class B		—
Class C		9,534
Institutional		13,695,368
Service		—
Separate Account Institutional Shares		—
Class IR		23,907
Class R		23,872
Total Net Assets	$	13,825,194
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		7,675
Class B		—
Class C		1,009
Institutional		1,449,202
Service		—
Separate Account Institutional Shares		—
Class IR		2,530
Class R		2,526
Net asset value, offering and redemption price per share:(d)
Class A		$9.45
Class B		—
Class C		9.45
Institutional		9.45
Service		—
Separate Account Institutional Shares		—
Class IR		9.45
Class R		9.45

(a) Commenced operations on May 31, 2013.

(b) Includes segregated cash of $1,773,000, $3,500,000 and $520,000 for the Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively, relating to initial margin requirements and collateral on futures transactions.

(c) Segregated for initial margin on swap transactions of $126,861, $2,717,263, $2,548,241, $6,600,265 and $245,469, for the Emerging Markets Debt, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgage Funds, respectively.

(d) Maximum public offering price per share for Class A shares of Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $9.90, $12.81, $7.54, $10.25, $9.67, $9.09 and $10.82, respectively. At redemption, Class B and Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund
$	1,483,034,464		$	5,188,156,215		$	2,927,113,868		$	523,456,930	$	2,482,530,549		$	328,564,329
	—			—			19,987,006			—		—			—
	4,100,000			90,600,000			—			1,200,000		144,400,000			68,000,000
	2,672,472			2,729,709			47,570,786			1,883,429		12,185,038			247,691
	384,403			—			24,200			—		14,460,697			—
	18,490,654			19,707,097			78,465,306			274,455		47,613,195			4,208,545
	1,771,770			39,146,184			93,338,147			—		—			179,484,859
	19,638,462			108,282,458			16,442,057			5,358,034		40,569,832			694,279
	22,369			—			—			39,622		282,499			58,288
	3,842,160			—			—			—		22,931,991			—
	55,105,255			7,257,286			21,439,240			42,311		3,710,255			25,522
	64,316			2,604,569			—			97,154		66,976			181,679
	1,317,386			—			—			168,178		17,315,716			100,740
	4,428,434			212			2,717,263			4,322,316		19,524,841			765,493
	—			23,278			—			—		—			—
	194,093			—			—			—		63,739			—
	—			—			—			7,290		23			—
	—			—			18,150			—		—			—
	—			—			—			—		—			—
	299,234			156,037			30,047			9,975		70,990			7,164
	1,595,365,472			5,458,663,045			3,207,146,070			536,859,694		2,805,726,341			582,338,589
	23,373,751			45,965,506			351,155,124			1,430,000		—			259,262,810
	13,141,236			48,591,135			43,766,379			427,954		26,660,227			57,499
	6,651,392			4,890,948			351,873			23,459		34,185,292			—
	3,515,991			—			—			1,491,431		35,285,972			705,595
	198,352			1,523,612			57,885			113,008		428,061			74,295
	1,088,204			3,286,508			1,349,774			170,111		1,925,722			93,046
	5,932,903			34,907,340			6,504,592			1,895,022		30,762,685			58,122
	611,635			—			—			131,534		993,583			61,406
	—			—			38,021			6,471		375,207			20,130
	—			—			—			—		2,691			—
	680,000			—			—			5,820,054		8,720,000			1,940,000
	—			—			—			—		—			24,302,188
	18,892			—			—			—		—			—
	2,298,330			—			—			58,072		5,641			923,167
	585,248			1,264,724			105,244			119,631		917,346			154,489
	58,095,934			104,429,773			403,328,892			11,686,747		140,262,427			287,652,747
	1,608,197,860			5,077,259,451			2,811,065,163			513,207,765		3,041,147,032			300,037,175
	3,022,208			(1,327,990	)		(58,075	)		385,812		(8,955,281	)		(1,027,250	)
	(9,784,766	)		181,898,963			1,781,069			4,522,082		(149,966,210	)		(5,684,267	)
	(64,165,764	)		60,402,848			(8,970,979	)		7,057,288		(216,761,627	)		1,360,184
$	1,537,269,538		$	5,318,233,272		$	2,803,817,178		$	525,172,947	$	2,665,463,914		$	294,685,842
$	137,418,917		$	552,368,811		$	29,304,218		$	25,686,665	$	149,968,492		$	4,967,331
	—			15,134,506			—			—		—			—
	36,952,016			90,870,274			2,771,008			—		27,001,158			—
	1,344,757,576			4,610,163,226			2,766,391,257			223,593,565		2,474,939,420			12,717,076
	—			17,194,351			—			—		—			—
	—			—			—			275,811,010		—			276,996,287
	18,141,029			15,455,544			5,339,833			81,707		13,554,844			5,148
	—			17,046,560			10,862			—		—			—
$	1,537,269,538		$	5,318,233,272		$	2,803,817,178		$	525,172,947	$	2,665,463,914		$	294,685,842
	11,233,191			76,687,474			2,923,380			2,759,453		17,274,878			476,951
	—			2,096,266			—			—		—			—
	3,022,222			12,597,760			276,310			—		3,105,531			—
	109,798,319			638,073,080			275,627,488			24,015,546		285,025,405			1,218,495
	—			2,387,953			—			—		—			—
	—			—			—			29,615,655		—			26,593,478
	1,481,303			2,140,892			531,730			8,773		1,561,857			493
	—			2,366,352			1,083			—		—			—
	$12.23			$7.20			$10.02			$9.31		$8.68			$10.41
	—			7.22			—			—		—			—
	12.23			7.21			10.03			—		8.69			—
	12.25			7.23			10.04			9.31		8.68			10.44
	—			7.20			—			—		—			—
	—			—			—			9.31		—			10.42
	12.25			7.22			10.04			9.31		8.68			10.44
	—			7.20			10.03			—		—			—

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2013 (Unaudited)

	Dynamic Emerging Markets Debt Fund(a)
Investment income:
Interest	$	186,739
Dividends — unaffiliated issuers		—
Dividends — affiliated issuers		—
Total investment income		186,739
Expenses:
Management fees		36,801
Distribution and Service fees(b)		80
Transfer Agent fees(b)		1,655
Custody, accounting and administrative services		66,747
Amortization of offering costs		54,817
Professional fees		45,372
Registration fees		37,053
Printing and mailing costs		31,075
Organization costs		12,000
Trustee fees		6,468
Shareholder meeting expense		4,440
Service Share fees — Shareholder Administration Plan		—
Service Share fees — Service Plan		—
Other		560
Total expenses		297,068
Less — expense reductions		(257,958	)
Net expenses		39,110
NET INVESTMENT INCOME		147,629
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated (net of foreign tax of $202,298 for Local Emerging Markets Debt Fund)		(102,887	)
Investments — affiliated		—
Futures contracts		39,977
Swap contracts		355
Non-deliverable bond forward contracts		—
Forward foreign currency exchange contracts		24,414
Foreign currency transactions		(10,443	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated (net of deferred foreign taxes of $645 for Dynamic Emerging Markets Debt Fund)		(377,055	)
Investments — affiliated		—
Futures contracts		(19,703	)
Unfunded loan commitment		—
Non-deliverable bond forward contracts		—
Swap contracts		(37,244	)
Forward foreign currency exchange contracts		(41,623	)
Foreign currency transactions		323
Net realized and unrealized loss		(523,886	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(376,257	)

(a) Commenced operations on May 31, 2013.

(b) Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Separate Account Institutional		Class IR		Class R
Dynamic Emerging Markets Debt	$	8	$	—	$	32	$	40	$	4	$	—	$	4	$	1,627	$	—	$	—	$	10	$	10
Emerging Markets Debt		220,160		—		222,984		—		114,483		—		28,988		266,405		—		—		14,582		—
High Yield		695,988		90,374		492,177		44,769		361,914		11,749		63,983		961,953		3,480		—		11,094		11,640
High Yield Floating Rate		20,598		—		10,960		28		10,711		—		1,425		459,958		—		—		3,266		7
Investment Grade Credit		34,598		—		—		—		17,991		—		—		49,970		—		56,878		78		—
Local Emerging Markets Debt		218,608		—		153,279		—		113,676		—		19,926		626,053		—		—		14,024		—
U.S. Mortgages		5,436		—		—		—		2,827		—		—		2,460		—		57,155		3		—

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
$	42,818,323		$	195,072,418		$	49,739,611		$	10,932,687		$	93,155,791		$	2,083,392
	—			432,272			516,841			—			—			—
	—			—			42,178			—			—			—
	42,818,323			195,504,690			50,298,630			10,932,687			93,155,791			2,083,392
	6,300,747			18,060,297			6,521,788			1,124,080			14,499,865			604,855
	443,144			1,323,308			31,586			34,598			371,887			5,436
	424,458			1,425,813			475,367			124,917			773,679			62,445
	238,972			218,647			224,914			72,554			1,388,766			134,408
	—			—			—			—			—			—
	57,381			53,393			83,313			52,300			56,886			57,631
	62,975			68,905			33,081			20,202			40,544			23,373
	92,649			74,105			25,381			20,501			41,035			16,942
	—			—			—			—			—			—
	8,573			17,251			11,210			9,995			9,581			8,040
	23,935			8,789			2,182			720			4,766			561
	—			21,750			—			—			—			—
	—			21,750			—			—			—			—
	12,126			60,360			15,715			6,867			26,820			5,286
	7,664,960			21,354,368			7,424,537			1,466,734			17,213,829			918,977
	(47,372	)		—			(57,795	)		(356,006	)		(1,388,338	)		(339,430	)
	7,617,588			21,354,368			7,366,742			1,110,728			15,825,491			579,547
	35,200,735			174,150,322			42,931,888			9,821,959			77,330,300			1,503,845
	(28,083,124	)		78,332,981			3,102,154			3,734,637			(45,010,790	)		(4,404,050	)
	—			—			(497,670	)		—			—			—
	(1,579,014	)		1,372,645			—			(4,418,255	)		20,766,408			584,228
	1,394,461			1,564,398			236,120			606,984			(7,459,326	)		1,565,058
	(75,754	)		—			—			—			(110,953	)		—
	(5,579,209	)		(3,589,786	)		(178,669	)		(131,436	)		(52,927,524	)		—
	383,737			(2,137,228	)		140,339			36,207			(107,358,268	)		—
	(103,214,871	)		(211,177,535	)		(27,237,115	)		(25,596,065	)		(195,108,037	)		(762,236	)
	—			—			(72,041	)		—			—			—
	858,937			(3,066,332	)		—			1,415,056			(4,875,216	)		19,515
	—			—			13,623			—			—			—
	175,201			—			—			—			63,739			—
	(277,964	)		—			1,775,507			(241,970	)		(24,235,503	)		(1,199,555	)
	363,305			(7,046,167	)		(384,313	)		187,219			(1,629,016	)		—
	60,781			129,900			4,349			62			299,847			—
	(135,573,514	)		(145,617,124	)		(23,097,716	)		(24,407,561	)		(417,584,639	)		(4,197,040	)
$	(100,372,779	)	$	28,533,198		$	19,834,172		$	(14,585,602	)	$	(340,254,339	)	$	(2,693,195	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Dynamic Emerging Markets Debt Fund(a)
	For the Period Ended September 30, 2013 (Unaudited)
From operations:
Net investment income	$	147,629
Net realized gain (loss)		(48,584	)
Net change in unrealized gain (loss)		(475,302	)
Net increase (decrease) in net assets resulting from operations		(376,257	)
Distributions to shareholders:
From net investment income
Class A Shares		(108	)
Class B Shares		—
Class C Shares		(84	)
Institutional Shares		(149,923	)
Service Shares		—
Class IR Shares		(280	)
Class R Shares		(245	)
From net realized gains
Class A Shares		—
Class B Shares		—
Class C Shares		—
Institutional Shares		—
Service Shares		—
Class IR Shares		—
Class R Shares		—
Total distributions to shareholders		(150,640	)
From share transactions:
Proceeds from sales of shares		14,346,657
Reinvestment of distributions		119,193
Cost of shares redeemed		(113,759	)
Net increase (decrease) in net assets resulting from share transactions		14,352,091
TOTAL INCREASE (DECREASE)		13,825,194
Net assets:
Beginning of period		—
End of period	$	13,825,194
Undistributed (distributions in excess of) net investment income	$	(3,011	)

(a) Commenced operations on May 31, 2013.

(b) Net of $99,016 and $40,127, and $86,102 and $254,271 of redemption fees for Emerging Markets Debt and High Yield Funds, respectively, for the period ended September 30, 2013 and for the fiscal year ended March 31, 2013, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Emerging Markets Debt Fund						High Yield Fund
For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013			For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
$	35,200,735		$	69,197,338		$	174,150,322		$	384,916,239
	(33,538,903	)		71,190,805			75,543,010			176,547,237
	(102,034,611	)		8,606,373			(221,160,134	)		158,605,096
	(100,372,779	)		148,994,516			28,533,198			720,068,572
	(3,714,142	)		(10,198,768	)		(16,696,820	)		(38,329,657	)
	—			—			(476,221	)		(1,465,365	)
	(775,175	)		(1,687,252	)		(2,593,684	)		(6,041,320	)
	(30,469,003	)		(62,374,847	)		(152,880,839	)		(337,138,488	)
	—			—			(508,864	)		(1,279,262	)
	(503,241	)		(709,558	)		(536,057	)		(1,938,350	)
	—			—			(515,624	)		(1,106,681	)
	—			(6,617,103	)		—			(10,687,248	)
	—			—			—			(458,283	)
	—			(1,285,245	)		—			(1,960,123	)
	—			(38,450,243	)		—			(91,881,529	)
	—			—			—			(360,709	)
	—			(440,614	)		—			(400,905	)
	—			—			—			(348,431	)
	(35,461,561	)		(121,763,630	)		(174,208,109	)		(493,396,351	)
	527,812,021			1,239,207,413			717,632,626			1,428,609,527
	33,876,049			114,625,682			165,619,540			473,218,083
	(503,103,939	)(b)		(694,541,460	)(b)		(1,345,558,264	)(b)		(2,035,375,830	)(b)
	58,584,131			659,291,635			(462,306,098	)		(133,548,220	)
	(77,250,209	)		686,522,521			(607,981,009	)		93,124,001
	1,614,519,747			927,997,226			5,926,214,281			5,833,090,280
$	1,537,269,538		$	1,614,519,747		$	5,318,233,272		$	5,926,214,281
$	3,022,208		$	3,283,034		$	(1,327,990	)	$	(1,270,203	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	High Yield Floating Rate Fund
	For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
From operations:
Net investment income	$	42,931,888		$	34,606,916
Net realized gain (loss)		2,802,274			5,194,470
Net change in unrealized gain (loss)		(25,899,990	)		14,306,379
Net increase (decrease) in net assets resulting from operations		19,834,172			54,107,765
Distributions to shareholders:
From net investment income
Class A Shares		(269,705	)		(371,266	)
Class C Shares		(28,584	)		(24,522	)
Institutional Shares		(42,528,580	)		(33,440,777	)
Separate Account Institutional Shares		—			—
Class IR Shares		(91,277	)		(112,089	)
Class R Shares		(170	)		(356	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Separate Account Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
From capital
Class A Shares		—			(9,918	)
Class C Shares		—			(655	)
Institutional Shares		—			(893,348	)
Separate Account Institutional Shares		—			—
Class IR Shares		—			(2,995	)
Class R Shares		—			(9	)
Total distributions to shareholders		(42,918,316	)		(34,855,935	)
From share transactions:
Proceeds from sales of shares		1,401,020,228			1,276,409,639
Reinvestment of distributions		42,640,783			34,620,771
Cost of shares redeemed(a)		(341,311,925	)		(253,252,406	)
Net increase (decrease) in net assets resulting from share transactions		1,102,349,086			1,057,778,004
TOTAL INCREASE (DECREASE)		1,079,264,942			1,077,029,834
Net assets:
Beginning of period		1,724,552,236			647,522,402
End of period	$	2,803,817,178		$	1,724,552,236
Undistributed (distributions in excess of) net investment income	$	(58,075	)	$	(71,647	)

(a) Net of $138,108 and $50,583 of redemption fees for Local Emerging Markets Debt Fund for the six months ended September 30, 2013 and March 31, 2013, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Investment Grade Credit Fund						Local Emerging Markets Debt Fund						U.S. Mortgages Fund
For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013			For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013			For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
$	9,821,959		$	19,120,578		$	77,330,300		$	113,102,982		$	1,503,845		$	4,968,767
	(171,863	)		19,397,944			(192,100,453	)		72,283,996			(2,254,764	)		7,811,302
	(24,235,698	)		8,753,617			(225,484,186	)		(5,316,576	)		(1,942,276	)		2,417,141
	(14,585,602	)		47,272,139			(340,254,339	)		180,070,402			(2,693,195	)		15,197,210
	(426,456	)		(5,360,833	)		(3,696,571	)		(8,367,865	)		(30,638	)		(125,008	)
	—			—			(532,502	)		(947,852	)		—			—
	(4,278,198	)		(5,280,827	)		(71,425,009	)		(103,548,559	)		(107,730	)		(237,518	)
	(4,867,638	)		(8,786,630	)		—			—			(2,487,202	)		(7,481,274	)
	(2,071	)		(35,632	)		(479,957	)		(639,279	)		(40	)		(26	)
	—			—			—			—			—			—
	—			(5,988,075	)		—			(740,764	)		—			(118,773	)
	—			—			—			(116,649	)		—			—
	—			(4,587,409	)		—			(9,765,473	)		—			(158,696	)
	—			(7,661,049	)		—			—			—			(6,076,676	)
	—			(23,198	)		—			(69,133	)		—			(19	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(9,574,363	)		(37,723,653	)		(76,134,039	)		(124,195,574	)		(2,625,610	)		(14,197,990	)
	67,409,385			338,515,315			889,103,053			2,013,388,039			45,219,096			269,903,486
	8,912,736			34,887,433			73,344,686			119,879,070			2,242,500			11,814,376
	(121,054,735	)		(347,021,726	)		(1,376,367,427	)(a)		(473,929,147	)(a)		(60,931,468	)		(360,114,918	)
	(44,732,614	)		26,381,022			(413,919,688	)		1,659,337,962			(13,469,872	)		(78,397,056	)
	(68,892,579	)		35,929,508			(830,308,066	)		1,715,212,790			(18,788,677	)		(77,397,836	)
	594,065,526			558,136,018			3,495,771,980			1,780,559,190			313,474,519			390,872,355
$	525,172,947		$	594,065,526		$	2,665,463,914		$	3,495,771,980		$	294,685,842		$	313,474,519
$	385,812		$	(201,540	)	$	(8,955,281	)	$	(10,151,542	)	$	(1,027,250	)	$	94,515

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized loss			Total from investment operations			Distributions to shareholders from net investment income
FOR THE PERIOD ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A (Commenced May 31, 2013)	$	10.00	$	0.10	$	(0.54	)	$	(0.44	)	$	(0.11	)
2013 - C (Commenced May 31, 2013)		10.00		0.08		(0.55	)		(0.47	)		(0.08	)
2013 - Institutional (Commenced May 31, 2013)		10.00		0.11		(0.54	)		(0.43	)		(0.12	)
2013 - IR (Commenced May 31, 2013)		10.00		0.11		(0.55	)		(0.44	)		(0.11	)
2013 - R (Commenced May 31, 2013)		10.00		0.09		(0.54	)		(0.45	)		(0.10	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets(c)			Ratio of total expenses to average net assets(c)			Ratio of net investment income to average net assets(c)			Portfolio turnover rate(d)
$	9.45		(4.42	)%	$	73		1.29	%		6.96	%		3.33	%		44	%
	9.45		(4.65	)		10		2.05			7.72			2.57			44
	9.45		(4.33	)		13,695		0.97			6.64			3.66			44
	9.45		(4.38	)		24		1.08			6.75			3.52			44
	9.45		(4.51	)		24		1.57			7.24			3.04			44

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	13.28	$	0.27	$	(1.05	)	$	(0.78	)	$	(0.27	)	$	—		$	(0.27	)
2013 - C		13.27		0.22		(1.04	)		(0.82	)		(0.22	)		—			(0.22	)
2013 - Institutional		13.29		0.29		(1.04	)		(0.75	)		(0.29	)		—			(0.29	)
2013 - IR		13.29		0.29		(1.04	)		(0.75	)		(0.29	)		—			(0.29	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		12.95		0.61		0.76			1.37			(0.65	)		(0.39	)		(1.04	)
2013 - C		12.94		0.50		0.77			1.27			(0.55	)		(0.39	)		(0.94	)
2013 - Institutional		12.96		0.65		0.77			1.42			(0.70	)		(0.39	)		(1.09	)
2013 - IR		12.96		0.64		0.77			1.41			(0.69	)		(0.39	)		(1.08	)
2012 - A		12.28		0.61		0.81			1.42			(0.61	)		(0.14	)		(0.75	)
2012 - C		12.27		0.52		0.80			1.32			(0.51	)		(0.14	)		(0.65	)
2012 - Institutional		12.29		0.65		0.81			1.46			(0.65	)		(0.14	)		(0.79	)
2012 - IR		12.29		0.63		0.82			1.45			(0.64	)		(0.14	)		(0.78	)
2011 - A		11.99		0.59		0.42			1.01			(0.71	)		(0.01	)		(0.72	)
2011 - C		11.98		0.49		0.43			0.92			(0.62	)		(0.01	)		(0.63	)
2011 - Institutional		12.00		0.63		0.42			1.05			(0.75	)		(0.01	)		(0.76	)
2011 - IR (Commenced July 30, 2010)		12.44		0.41		(0.04	)		0.37			(0.51	)		(0.01	)		(0.52	)
2010 - A		9.19		0.70		2.96			3.66			(0.86	)		—			(0.86	)
2010 - C		9.16		0.61		2.99			3.60			(0.78	)		—			(0.78	)
2010 - Institutional		9.20		0.74		2.96			3.70			(0.90	)		—			(0.90	)
2009 - A		11.63		0.68		(2.50	)		(1.82	)		(0.57	)		(0.05	)		(0.62	)
2009 - C		11.60		0.60		(2.50	)		(1.90	)		(0.49	)		(0.05	)		(0.54	)
2009 - Institutional		11.63		0.72		(2.50	)		(1.78	)		(0.60	)		(0.05	)		(0.65	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Portfolio turnover rates exclude portfolio securities received as a result of in-kind subscriptions.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	12.23		(5.83	)%	$	137,419		1.24	%(d)		1.25	%(d)		4.19	%(d)		59	%
	12.23		(6.19	)		36,952		1.99	(d)		1.99	(d)		3.45	(d)		59
	12.25		(5.66	)		1,344,758		0.90	(d)		0.90	(d)		4.54	(d)		59
	12.25		(5.71	)		18,141		0.99	(d)		1.00	(d)		4.46	(d)		59
	13.28		10.64			211,379		1.23			1.26			4.48			97
	13.27		9.82			49,527		1.98			2.01			3.73			97
	13.29		11.04			1,329,643		0.89			0.92			4.83			97
	13.29		10.91			23,970		0.97			1.01			4.69			97
	12.95		11.87			169,491		1.22			1.27			4.84			86
	12.94		11.05			31,893		1.97			2.02			4.11			86
	12.96		12.24			720,098		0.88			0.93			5.18			86
	12.96		12.14			6,515		0.97			1.02			5.05			86
	12.28		8.46			156,901		1.22			1.29			4.75			116	(e)
	12.27		7.65			31,205		1.97			2.04			4.00			116	(e)
	12.29		8.82			436,068		0.88			0.95			5.12			116	(e)
	12.29		2.96			1,392		0.97	(d)		1.05	(d)		4.96	(d)		116	(e)
	11.99		40.98			105,352		1.22			1.31			6.27			121
	11.98		40.28			10,629		1.97			2.06			5.41			121
	12.00		41.42			278,030		0.88			0.97			6.63			121
	9.19		(15.89	)		40,814		1.22			1.44			6.58			132
	9.16		(16.57	)		1,661		1.97			2.19			5.97			132
	9.20		(15.59	)		109,375		0.88			1.10			7.03			132

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	7.40	$	0.22	$	(0.20	)	$	0.02		$	(0.22	)	$	—		$	(0.22	)
2013 - B		7.42		0.19		(0.20	)		(0.01	)		(0.19	)		—			(0.19	)
2013 - C		7.41		0.19		(0.20	)		(0.01	)		(0.19	)		—			(0.19	)
2013 - Institutional		7.42		0.23		(0.19	)		0.04			(0.23	)		—			(0.23	)
2013 - Service		7.40		0.21		(0.20	)		0.01			(0.21	)		—			(0.21	)
2013 - IR		7.41		0.23		(0.19	)		0.04			(0.23	)		—			(0.23	)
2013 - R		7.40		0.21		(0.20	)		0.01			(0.21	)		—			(0.21	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		7.12		0.45		0.42			0.87			(0.46	)		(0.13	)		(0.59	)
2013 - B		7.13		0.40		0.43			0.83			(0.41	)		(0.13	)		(0.54	)
2013 - C		7.13		0.40		0.42			0.82			(0.41	)		(0.13	)		(0.54	)
2013 - Institutional		7.14		0.48		0.42			0.90			(0.49	)		(0.13	)		(0.62	)
2013 - Service		7.11		0.44		0.43			0.87			(0.45	)		(0.13	)		(0.58	)
2013 - IR		7.13		0.47		0.42			0.89			(0.48	)		(0.13	)		(0.61	)
2013 - R		7.12		0.44		0.41			0.85			(0.44	)		(0.13	)		(0.57	)
2012 - A		7.38		0.49		(0.18	)		0.31			(0.50	)		(0.07	)		(0.57	)
2012 - B		7.40		0.44		(0.19	)		0.25			(0.45	)		(0.07	)		(0.52	)
2012 - C		7.39		0.44		(0.19	)		0.25			(0.44	)		(0.07	)		(0.51	)
2012 - Institutional		7.40		0.51		(0.18	)		0.33			(0.52	)		(0.07	)		(0.59	)
2012 - Service		7.38		0.48		(0.19	)		0.29			(0.49	)		(0.07	)		(0.56	)
2012 - IR		7.39		0.50		(0.17	)		0.33			(0.52	)		(0.07	)		(0.59	)
2012 - R		7.38		0.47		(0.18	)		0.29			(0.48	)		(0.07	)		(0.55	)
2011 - A		7.07		0.55		0.30			0.85			(0.54	)		—			(0.54	)
2011 - B		7.08		0.49		0.32			0.81			(0.49	)		—			(0.49	)
2011 - C		7.08		0.49		0.31			0.80			(0.49	)		—			(0.49	)
2011 - Institutional		7.09		0.57		0.31			0.88			(0.57	)		—			(0.57	)
2011 - Service		7.06		0.53		0.32			0.85			(0.53	)		—			(0.53	)
2011 - IR		7.07		0.56		0.32			0.88			(0.56	)		—			(0.56	)
2011 - R		7.07		0.53		0.31			0.84			(0.53	)		—			(0.53	)
2010 - A		5.18		0.53		1.90			2.43			(0.54	)		—			(0.54	)
2010 - B		5.18		0.49		1.90			2.39			(0.49	)		—			(0.49	)
2010 - C		5.18		0.49		1.90			2.39			(0.49	)		—			(0.49	)
2010 - Institutional		5.19		0.56		1.91			2.47			(0.57	)		—			(0.57	)
2010 - Service		5.17		0.53		1.89			2.42			(0.53	)		—			(0.53	)
2010 - IR		5.18		0.55		1.90			2.45			(0.56	)		—			(0.56	)
2010 - R		5.17		0.52		1.91			2.43			(0.53	)		—			(0.53	)
2009 - A		7.12		0.55		(1.92	)		(1.37	)		(0.57	)		—			(0.57	)
2009 - B		7.13		0.51		(1.94	)		(1.43	)		(0.52	)		—			(0.52	)
2009 - C		7.12		0.51		(1.93	)		(1.42	)		(0.52	)		—			(0.52	)
2009 - Institutional		7.13		0.57		(1.92	)		(1.35	)		(0.59	)		—			(0.59	)
2009 - Service		7.12		0.54		(1.93	)		(1.39	)		(0.56	)		—			(0.56	)
2009 - IR		7.12		0.57		(1.93	)		(1.36	)		(0.58	)		—			(0.58	)
2009 - R		7.12		0.53		(1.93	)		(1.40	)		(0.55	)		—			(0.55	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

GOLDMAN SACHS HIGH YIELD FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	7.20		0.28	%	$	552,369		1.05	%(d)		1.05	%(d)		5.99	%(d)		28	%
	7.22		(0.09	)		15,135		1.80	(d)		1.80	(d)		5.27	(d)		28
	7.21		(0.10	)		90,870		1.80	(d)		1.80	(d)		5.27	(d)		28
	7.23		0.59			4,610,163		0.71	(d)		0.71	(d)		6.36	(d)		28
	7.20		0.20			17,194		1.21	(d)		1.21	(d)		5.85	(d)		28
	7.22		0.41			15,456		0.80	(d)		0.80	(d)		6.28	(d)		28
	7.20		0.15			17,047		1.30	(d)		1.30	(d)		5.76	(d)		28
	7.40		12.67			576,060		1.05			1.05			6.27			68
	7.42		11.97			20,355		1.80			1.80			5.53			68
	7.41		11.83			106,063		1.80			1.80			5.52			68
	7.42		13.03			5,167,948		0.71			0.71			6.61			68
	7.40		12.65			17,512		1.21			1.21			6.11			68
	7.41		13.09			19,711		0.80			0.80			6.55			68
	7.40		12.39			18,565		1.30			1.30			6.01			68
	7.12		4.53			630,049		1.06			1.06			6.97			71
	7.13		3.62			30,572		1.81			1.81			6.24			71
	7.13		3.76			108,682		1.81			1.81			6.21			71
	7.14		4.89			4,988,221		0.72			0.72			7.25			71
	7.11		4.22			21,420		1.22			1.22			6.81			71
	7.13		4.79			37,059		0.81			0.81			7.13			71
	7.12		4.28			17,087		1.31			1.31			6.69			71
	7.38		12.56			862,655		1.05			1.06			7.63			46
	7.40		11.87			45,430		1.80			1.81			6.86			46
	7.39		11.72			114,921		1.80			1.81			6.85			46
	7.40		12.93			4,492,556		0.71			0.72			7.94			46
	7.38		12.54			23,208		1.21			1.22			7.44			46
	7.39		12.99			3,081		0.80			0.81			7.79			46
	7.38		12.29			13,279		1.30			1.31			7.36			46
	7.07		48.28			1,339,958		1.05			1.06			8.38			35
	7.08		47.38			60,649		1.80			1.81			7.61			35
	7.08		47.38			111,997		1.80			1.81			7.56			35
	7.09		48.88			4,655,677		0.71			0.72			8.64			35
	7.06		48.13			22,639		1.21			1.22			8.14			35
	7.07		48.63			786		0.80			0.81			8.01			35
	7.07		48.20			5,404		1.30			1.31			7.78			35
	5.18		(20.12	)		1,636,406		1.07			1.08			9.10			14
	5.18		(20.73	)		53,589		1.82			1.83			8.20			14
	5.18		(20.72	)		74,325		1.82			1.83			8.25			14
	5.19		(19.81	)		1,986,033		0.73			0.74			9.49			14
	5.17		(20.28	)		12,582		1.23			1.24			8.98			14
	5.18		(19.91	)		8		0.82			0.83			9.31			14
	5.17		(20.47	)		183		1.32			1.33			9.95			14

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	10.11	$	0.16		$	(0.08	)	$	0.08		$	(0.17	)	$	—		$	(0.17	)
2013 - C		10.12		0.13			(0.09	)		0.04			(0.13	)		—			(0.13	)
2013 - Institutional		10.13		0.19			(0.09	)		0.10			(0.19	)		—			(0.19	)
2013 - IR		10.13		0.18			(0.09	)		0.09			(0.18	)		—			(0.18	)
2013 - R		10.12		0.16			(0.09	)		0.07			(0.16	)		—			(0.16	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		9.91		0.37			0.20			0.57			(0.36	)		(0.01	)		(0.37	)
2013 - C		9.90		0.29			0.23			0.52			(0.29	)		(0.01	)		(0.30	)
2013 - Institutional		9.91		0.40			0.23			0.63			(0.40	)		(0.01	)		(0.41	)
2013 - IR		9.91		0.40			0.22			0.62			(0.39	)		(0.01	)		(0.40	)
2013 - R		9.91		0.35			0.21			0.56			(0.34	)		(0.01	)		(0.35	)
2012 - A		10.00		0.33			(0.11	)		0.22			(0.31	)		—			(0.31	)
2012 - C		9.99		0.26			(0.12	)		0.14			(0.23	)		—			(0.23	)
2012 - Institutional		9.99		0.35			(0.09	)		0.26			(0.34	)		—			(0.34	)
2012 - IR		10.00		0.34			(0.10	)		0.24			(0.33	)		—			(0.33	)
2012 - R		10.00		0.28			(0.09	)		0.19			(0.28	)		—			(0.28	)
FOR THE PERIOD ENDED MARCH 31,
2011 - A (Commenced March 31, 2011)		10.00		—	(e)		—	(e)		—	(e)		—			—			—
2011 - C (Commenced March 31, 2011)		10.00		—	(e)		(0.01	)		(0.01	)		—			—			—
2011 - Institutional (Commenced March 31, 2011)		10.00		—	(e)		(0.01	)		(0.01	)		—			—			—
2011 - IR (Commenced March 31, 2011)		10.00		—	(e)		—	(e)		—	(e)		—			—			—
2011 - R (Commenced March 31, 2011)		10.00		—	(e)		—	(e)		—	(e)		—			—			—

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.02		0.80	%	$	29,304		0.96	%(d)		0.96	%(d)		3.26	%(d)		27	%
	10.03		0.43			2,771		1.72	(d)		1.73	(d)		2.62	(d)		27
	10.04		0.98			2,766,391		0.63	(d)		0.64	(d)		3.70	(d)		27
	10.04		0.93			5,340		0.72	(d)		0.73	(d)		3.64	(d)		27
	10.03		0.67			11		1.22	(d)		1.22	(d)		3.13	(d)		27
	10.11		5.89			8,367		1.04			1.04			3.69			72
	10.12		5.31			1,648		1.79			1.79			2.93			72
	10.13		6.47			1,710,411		0.70			0.70			3.99			72
	10.13		6.36			4,116		0.80			0.80			4.00			72
	10.12		5.73			11		1.28			1.29			3.47			72
	9.91		2.24			1,910		1.08			1.13			3.41			73
	9.90		1.40			517		1.83			1.88			2.69			73
	9.91		2.58			644,969		0.74			0.79			3.63			73
	9.91		2.48			116		0.83			0.88			3.51			73
	9.91		1.99			10		1.33			1.38			2.86			73
	10.00		—			10		1.08	(d)		1.47	(d)		(1.08	)(d)		—
	9.99		—			10		1.83	(d)		2.22	(d)		(1.83	)(d)		—
	9.99		—			118,817		0.74	(d)		1.13	(d)		(0.74	)(d)		—
	10.00		—			10		0.83	(d)		1.22	(d)		(0.83	)(d)		—
	10.00		—			10		1.33	(d)		1.72	(d)		(1.33	)(d)		—

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	9.71	$	0.15	$	(0.40	)	$	(0.25	)	$	(0.15	)	$	—		$	(0.15	)
2013 - Institutional		9.71		0.17		(0.41	)		(0.24	)		(0.16	)		—			(0.16	)
2013 - Separate Account Institutional		9.71		0.17		(0.41	)		(0.24	)		(0.16	)		—			(0.16	)
2013 - IR		9.71		0.17		(0.41	)		(0.24	)		(0.16	)		—			(0.16	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		9.53		0.31		0.51			0.82			(0.31	)		(0.33	)		(0.64	)
2013 - Institutional		9.53		0.34		0.52			0.86			(0.35	)		(0.33	)		(0.68	)
2013 - Separate Account Institutional		9.53		0.34		0.52			0.86			(0.35	)		(0.33	)		(0.68	)
2013 - IR		9.53		0.34		0.51			0.85			(0.34	)		(0.33	)		(0.67	)
2012 - A		9.50		0.37		0.50			0.87			(0.37	)		(0.47	)		(0.84	)
2012 - Institutional		9.51		0.40		0.50			0.90			(0.41	)		(0.47	)		(0.88	)
2012 - Separate Account Institutional		9.51		0.40		0.50			0.90			(0.41	)		(0.47	)		(0.88	)
2012 - IR (Commenced July 29, 2011)		9.86		0.25		0.15			0.40			(0.26	)		(0.47	)		(0.73	)
2011 - A		9.14		0.38		0.37			0.75			(0.38	)		(0.01	)		(0.39	)
2011 - Institutional		9.14		0.41		0.38			0.79			(0.41	)		(0.01	)		(0.42	)
2011 - Separate Account Institutional		9.14		0.41		0.38			0.79			(0.41	)		(0.01	)		(0.42	)
2010 - A		7.75		0.43		1.40			1.83			(0.44	)		—			(0.44	)
2010 - Institutional		7.75		0.46		1.40			1.86			(0.47	)		—			(0.47	)
2010 - Separate Account Institutional		7.75		0.47		1.39			1.86			(0.47	)		—			(0.47	)
2009 - A		9.64		0.51		(1.83	)		(1.32	)		(0.57	)		—			(0.57	)
2009 - Institutional		9.66		0.55		(1.85	)		(1.30	)		(0.61	)		—			(0.61	)
2009 - Separate Account Institutional		9.65		0.57		(1.86	)		(1.29	)		(0.61	)		—			(0.61	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Portfolio turnover rates exclude portfolio securities received as a result of in-kind subscriptions.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.31		(2.62	)%	$	25,687		0.72	%(d)		0.85	%(d)		3.17	%(d)		49	%
	9.31		(2.46	)		223,594		0.38	(d)		0.51	(d)		3.51	(d)		49
	9.31		(2.46	)		275,811		0.38	(d)		0.51	(d)		3.51	(d)		49
	9.31		(2.50	)		82		0.47	(d)		0.60	(d)		3.49	(d)		49
	9.71		8.73			30,216		0.71			0.84			3.17			162
	9.71		9.09			274,095		0.37			0.50			3.51			162
	9.71		9.09			289,032		0.37			0.50			3.51			162
	9.71		8.99			723		0.47			0.59			3.46			162
	9.53		9.34			155,684		0.71			0.85			3.78			120
	9.53		9.71			163,886		0.37			0.51			4.12			120
	9.53		9.71			237,266		0.37			0.51			4.13			120
	9.53		4.26			1,300		0.46	(d)		0.60	(d)		3.91	(d)		120
	9.50		8.37			147,820		0.74			0.87			3.98			100	(e)
	9.51		8.73			143,057		0.40			0.53			4.33			100	(e)
	9.51		8.77			262,907		0.37			0.50			4.36			100	(e)
	9.14		23.96			167,774		0.76			0.89			4.90			90
	9.14		24.39			190,478		0.41			0.55			5.17			90
	9.14		24.45			272,812		0.36			0.50			5.39			90
	7.75		(14.00	)		53,185		0.76			0.97			6.22			135
	7.75		(13.83	)		22,809		0.40			0.63			6.52			135
	7.75		(13.72	)		171,003		0.35			0.58			6.52			135

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	9.71	$	0.20	$	(1.04	)	$	(0.84	)	$	(0.19	)	$	—		$	—		$	(0.19	)
2013 - C		9.72		0.16		(1.03	)		(0.87	)		(0.16	)		—			—			(0.16	)
2013 - Institutional		9.71		0.21		(1.03	)		(0.82	)		(0.21	)		—			—			(0.21	)
2013 - IR		9.71		0.21		(1.03	)		(0.82	)		(0.21	)		—			—			(0.21	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		9.38		0.45		0.38			0.83			(0.46	)		(0.04	)		—			(0.50	)
2013 - C		9.40		0.38		0.37			0.75			(0.39	)		(0.04	)		—			(0.43	)
2013 - Institutional		9.38		0.48		0.38			0.86			(0.49	)		(0.04	)		—			(0.53	)
2013 - IR		9.38		0.47		0.38			0.85			(0.48	)		(0.04	)		—			(0.52	)
2012 - A		9.59		0.42		(0.16	)		0.26			(0.44	)		(0.03	)		—			(0.47	)
2012 - C		9.61		0.37		(0.18	)		0.19			(0.37	)		(0.03	)		—			(0.40	)
2012 - Institutional		9.59		0.48		(0.19	)		0.29			(0.47	)		(0.03	)		—			(0.50	)
2012 - IR		9.59		0.46		(0.18	)		0.28			(0.46	)		(0.03	)		—			(0.49	)
2011 - A		9.31		0.41		0.60			1.01			(0.64	)		(0.09	)		—			(0.73	)
2011 - C		9.33		0.32		0.61			0.93			(0.56	)		(0.09	)		—			(0.65	)
2011 - Institutional		9.31		0.44		0.60			1.04			(0.67	)		(0.09	)		—			(0.76	)
2011 - IR (Commenced July 30, 2010)		9.43		0.28		0.46			0.74			(0.49	)		(0.09	)		—			(0.58	)
2010 - A		7.23		0.42		2.10			2.52			(0.44	)		—			—			(0.44	)
2010 - C		7.24		0.36		2.10			2.46			(0.37	)		—			—			(0.37	)
2010 - Institutional		7.23		0.45		2.10			2.55			(0.47	)		—			—			(0.47	)
2009 - A		9.85		0.50		(2.64	)		(2.14	)		(0.20	)		—			(0.28	)		(0.48	)
2009 - C		9.85		0.48		(2.67	)		(2.19	)		(0.18	)		—			(0.24	)		(0.42	)
2009 - Institutional		9.85		0.53		(2.64	)		(2.11	)		(0.22	)		—			(0.29	)		(0.51	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.68		(8.66	)%	$	149,968		1.25	%(d)		1.34	%(d)		4.30	%(d)		89	%
	8.69		(8.89	)		27,001		2.00	(d)		2.09	(d)		3.55	(d)		89
	8.68		(8.50	)		2,474,939		0.92	(d)		1.00	(d)		4.64	(d)		89
	8.68		(8.55	)		13,555		1.00	(d)		1.08	(d)		4.52	(d)		89
	9.71		9.07			190,480		1.26			1.38			4.78			115
	9.72		8.14			32,071		2.00			2.13			3.98			115
	9.71		9.46			3,252,343		0.91			1.04			5.05			115
	9.71		9.34			20,878		1.00			1.12			4.91			115
	9.38		2.71			166,407		1.27			1.38			4.31			183
	9.40		1.96			20,704		2.02			2.13			3.98			183
	9.38		3.06			1,586,055		0.93			1.04			5.18			183
	9.38		2.97			7,393		1.02			1.13			4.91			183
	9.59		11.30			1,055,640		1.35			1.43			4.30			154
	9.61		10.45			16,724		2.10			2.18			3.37			154
	9.59		11.68			1,048,186		1.01			1.09			4.63			154
	9.59		8.13			8,247		1.10	(d)		1.16	(d)		4.40	(d)		154
	9.31		35.39			419,456		1.35			1.49			4.74			134
	9.33		34.47			936		2.10			2.24			4.09			134
	9.31		35.84			377,691		1.01			1.15			5.16			134
	7.23		(22.32	)		20,385		1.33			1.65			5.99			92
	7.24		(22.79	)		30		2.08			2.40			5.17			92
	7.23		(22.05	)		97,877		0.99			1.31			6.30			92

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	10.60	$	0.03	$	(0.15	)	$	(0.12	)	$	(0.07	)	$	—		$	(0.07	)
2013 - Institutional		10.62		0.05		(0.14	)		(0.09	)		(0.09	)		—			(0.09	)
2013 - Separate Account Institutional		10.60		0.05		(0.14	)		(0.09	)		(0.09	)		—			(0.09	)
2013 - IR		10.63		0.05		(0.15	)		(0.10	)		(0.09	)		—			(0.09	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		10.58		0.12		0.31			0.43			(0.22	)		(0.19	)		(0.41	)
2013 - Institutional		10.60		0.16		0.30			0.46			(0.25	)		(0.19	)		(0.44	)
2013 - Separate Account Institutional		10.58		0.16		0.30			0.46			(0.25	)		(0.19	)		(0.44	)
2013 - IR		10.60		0.17		0.31			0.48			(0.26	)		(0.19	)		(0.45	)
2012 - A		10.20		0.17		0.42			0.59			(0.21	)		—			(0.21	)
2012 - Institutional		10.21		0.20		0.44			0.64			(0.25	)		—			(0.25	)
2012 - Separate Account Institutional		10.20		0.21		0.42			0.63			(0.25	)		—			(0.25	)
2012 - IR (Commenced July 29, 2011)		10.45		0.14		0.19			0.33			(0.18	)		—			(0.18	)
2011 - A		9.99		0.22		0.22			0.44			(0.23	)		—			(0.23	)
2011 - Institutional		10.00		0.25		0.23			0.48			(0.27	)		—			(0.27	)
2011 - Separate Account Institutional		9.99		0.25		0.23			0.48			(0.27	)		—			(0.27	)
2010 - A		9.27		0.32		0.76			1.08			(0.36	)		—			(0.36	)
2010 - Institutional		9.29		0.38		0.73			1.11			(0.40	)		—			(0.40	)
2010 - Separate Account Institutional		9.28		0.38		0.73			1.11			(0.40	)		—			(0.40	)
2009 - A		9.62		0.37		(0.27	)		0.10			(0.38	)		(0.07	)		(0.45	)
2009 - Institutional		9.64		0.39		(0.26	)		0.13			(0.41	)		(0.07	)		(0.48	)
2009 - Separate Account Institutional		9.64		0.41		(0.29	)		0.12			(0.41	)		(0.07	)		(0.48	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Portfolio turnover rates exclude portfolio securities received as a result of in-kind subscriptions.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.41		(1.10	)%	$	4,967		0.72	%(d)		0.95	%(d)		0.67	%(d)		895	%
	10.44		(0.83	)		12,717		0.38	(d)		0.60	(d)		1.01	(d)		895
	10.42		(0.84	)		276,996		0.38	(d)		0.60	(d)		1.00	(d)		895
	10.44		(0.98	)		5		0.49	(d)		0.72	(d)		0.90	(d)		895
	10.60		4.07			4,488		0.71			0.91			1.13			1,617
	10.62		4.42			13,664		0.37			0.56			1.47			1,617
	10.60		4.42			295,322		0.37			0.56			1.49			1,617
	10.63		4.61			1		0.30			0.49			1.57			1,617
	10.58		5.82			5,437		0.71			0.91			1.62			1,342
	10.60		6.28			9,984		0.37			0.57			1.89			1,342
	10.58		6.18			375,451		0.37			0.57			1.97			1,342
	10.60		3.20			1		0.46	(d)		0.66	(d)		2.06	(d)		1,342
	10.20		4.46			5,511		0.74			0.92			2.14			905	(e)
	10.21		4.81			54,096		0.40			0.58			2.41			905	(e)
	10.20		4.84			348,447		0.37			0.55			2.42			905	(e)
	9.99		11.84			12,791		0.76			0.94			3.29			628
	10.00		12.11			62,950		0.41			0.60			3.88			628
	9.99		12.17			369,251		0.36			0.55			3.91			628
	9.27		0.90			3,637		0.76			0.91			3.93			560
	9.29		1.38			89,617		0.40			0.57			4.22			560
	9.28		1.32			431,500		0.35			0.52			4.39			560

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2013 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered*	Diversified/ Non-diversified
Dynamic Emerging Markets Debt (Commenced operations May 31, 2013)	A, C, Institutional, IR and R	Non-diversified
Emerging Markets Debt, Local Emerging Markets Debt	A, C, Institutional and IR	Non-diversified
High Yield	A, B, C, Institutional, Service, IR and R	Diversified
High Yield Floating Rate	A, C, Institutional, IR and R	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, IR and Separate Account Institutional	Diversified

* The High Yield Fund’s Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares of the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Class IR and Class R Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments are made or received upon entering into a swap agreement and are reflected as such in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as gains or losses. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

140

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D.  Offering and Organization Costs — Offering costs paid in connection with the offering of shares of Dynamic Emerging Markets Debt Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

E.  Redemption Fees — A 2% redemption fee will be imposed on the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Dynamic Emerging Markets Debt, Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of a Fund on a pro-rata basis.

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

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

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

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

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

141

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

i.  Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

ii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold.

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

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a Loan. All Loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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

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

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

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

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

i.  Forward Foreign Currency Exchange Contracts — In a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

iv.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts. Options on a futures contract may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

v.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation may be less than the premium payments received. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.

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

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

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

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure requirement of netting for the current reporting period. Since these amended principles only require additional disclosures concerning offsetting and related arrangements, adoption did not affect the Funds’ financial condition or result of operations.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

A MRA governs transactions between a Fund and select counterparties. A MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. A MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable resulting in additional losses to the Fund.

At September 30, 2013, the Funds’ investment in a repurchase agreement was subject to enforceable MRAs. The repurchase agreement on a net basis was as follows:

Repurchase Agreements	Emerging Markets Debt			High Yield			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Total gross amount presented in Statements of Assets and Liabilities	$	4,100,000		$	90,600,000		$	1,200,000		$	144,400,000		$	68,000,000
Non-cash Collateral offsetting(1)		(4,100,000	)		(90,600,000	)		(1,200,000	)		(144,400,000	)		(68,000,000	)
Net Amount(2)	$	—		$	—		$	—		$	—		$	—

(1) At September 30, 2013 the value of the collateral received from each seller exceeded the value of the related repurchase agreements.

(2) Net amount represents the net amount due from the counterparty in the event of a default based on the contractual set-off rights under the agreement.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

To the extent investments are valued using single source broker quotations or third party pricing vendors such investments are classified as Level 3 investments.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2013:

DYNAMIC EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	8,486,517		$	129,365
Corporate Obligations		—			3,287,963			—
Structured Notes		—			312,506			—
Investment Company		1,662,721			—			—
Total	$	1,662,721		$	12,086,986		$	129,365
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	83,322		$	—
Futures Contracts		9,752			—			—
Interest Rate Swap Contracts		—			10,590			—
Total	$	9,752		$	93,912		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(124,945	)	$	—
Futures Contracts		(29,455	)		—			—
Interest Rate Swap Contracts		—			(47,834	)		—
Total	$	(29,455	)	$	(172,779	)	$	—
EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	900,922,056		$	6,803,322
Foreign Debt Obligations		—			20,307,083			—
Corporate Obligations		—			489,206,481			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		45,235,756			15,859,766			—
Short-term Investments		—			8,800,000			—
Total	$	45,235,756		$	1,435,095,386		$	6,803,322

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

EMERGING MARKETS DEBT (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	3,842,160		$	—
Futures Contracts		650,213			—			—
Credit Default Swap Contracts		—			225,484			—
Interest Rate Swap Contracts		—			1,183,982			—
Non-Deliverable Bond Forward Contracts		—			194,093			—
Total	$	650,213		$	5,445,719		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(6,651,392	)	$	—
Futures Contracts		(1,282,411	)		—			—
Interest Rate Swap Contracts		—			(3,515,991	)		—
Non-Deliverable Bond Forward Contracts		—			(18,892	)		—
Total	$	(1,282,411	)	$	(10,186,275	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	5,029,663,720		$	—
Senior Term Loans		—			97,790,064			7,588,925
Common Stock and/or Other Equity Investments		30,688,729			17,340,425			39
Warrants		—			5,084,313			—
Short-term Investments		—			90,600,000			—
Total	$	30,688,729		$	5,240,478,522		$	7,588,964
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	2,226,853		$	—		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(4,890,948	)	$	—
Futures Contracts		(5,293,185	)		—			—
Total	$	(5,293,185	)	$	(4,890,948	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD FLOATING RATE
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Senior Term Loans	$	—	$	2,285,557,006		$	23,762,749
Corporate Obligations		—		284,372,223			—
Asset-Backed Securities		—		20,185,136			—
Investment Company		19,987,006		—			—
Unfunded Loan Commitments		—		18,150			—
Investment Company		313,236,754		—			—
Total	$	333,223,760	$	2,590,132,515		$	23,762,749
Derivative Type	Level 1		Level 2			Level 3
Assets(a)
Interest Rate Swap Contracts	$	—	$	1,776,276		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(351,873	)	$	—
Interest Rate Swap Contracts		—		(27,914	)		—
Total	$	—	$	(379,787	)	$	—
INVESTMENT GRADE CREDIT
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	440,241,754		$	—
Mortgage-Backed Obligations		—		11,072,642			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		3,997,120		2,193,895			—
Foreign Debt Obligations		—		26,763,887			—
Municipal Debt Obligations		—		34,060,935			—
Short-term Investments		—		1,200,000			—
Total	$	3,997,120	$	515,533,113		$	—
Derivative Type	Level 1		Level 2			Level 3
Assets(a)
Options Purchased	$	—	$	5,126,697		$	—
Futures Contracts		1,077,798		—			—
Interest Rate Swap Contracts		—		2,657,976			—
Credit Default Swap Contracts		—		168,178			—
Total	$	1,077,798	$	7,952,851		$	—

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INVESTMENT GRADE CREDIT (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(23,459	)	$	—
Futures Contracts		(70,184	)		—			—
Interest Rate Swap Contracts		—			(2,098,729	)		—
Credit Default Swap Contracts		—			(84,273	)		—
Total	$	(70,184	)	$	(2,206,461	)	$	—
LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	1,718,485,640		$	51,287,770
Structured Notes		—			240,664,883			—
Corporate Obligations		—			184,079,359			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		288,012,897			—			—
Short-term Investments		—			144,400,000			—
Total	$	288,012,897		$	2,287,629,882		$	51,287,770
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	22,931,991		$	—
Futures		334,822			—			—
Interest Rate Swap Contracts		—			20,357,272			—
Non-Deliverable Bond Forward Contracts		—			63,739			—
Total	$	334,822		$	43,353,002		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(34,185,292	)	$	—
Futures		(7,226,902	)		—			—
Interest Rate Swap Contracts		—			(42,073,827	)		—
Total	$	(7,226,902	)	$	(76,259,119	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LOCAL EMERGING MARKETS DEBT (continued)

The following is a reconciliation of Level 3 investments for the period ended September 30, 2013:

	Fixed Income Sovereign Debt Obligations
Beginning Balance as of April 1, 2013	$	45,570,154
Realized gain (loss)		—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		(3,930,003	)
Purchases		9,647,619
Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance as of September 30, 2013	$	51,287,770

U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	314,368,050		$	—
Asset-Backed Securities		—			2,404,806			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		9,440,294			—			—
Short-term Investments		—			68,000,000			—
Total	$	9,440,294		$	384,772,856		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(24,302,188	)	$	—
Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	—		$	2,351,179		$	—
Futures Contracts(a)		131,442			—			—
Interest Rate Swap Contracts(a)		—			973,491			—
Credit Default Swap Contracts(a)		—			100,740			—
Total	$	131,442		$	3,425,410		$	—
Liabilities(a)
Futures Contracts	$	(170,884	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,568,693	)		—
Credit Default Swap Contracts		—			(4,211	)		—
Total	$	(170,884	)	$	(1,572,904	)	$	—

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

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

151

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2013. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Dynamic Emerging Markets Debt
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin	$	20,342	(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin	$	(77,289)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		83,322		Payable for unrealized loss on forward foreign currency exchange contracts		(124,945)
Total		$	103,664			$	(202,234)
Emerging Markets Debt
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Receivable for unrealized gain on non-deliverable bond forward contracts	$	2,028,288	(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin; Payable for unrealized loss on non-deliverable bond forward contracts	$	(4,817,294)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		225,484		—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,842,160		Payable for unrealized loss on forward foreign currency exchange contracts		(6,651,392)
Total		$	6,095,932			$	(11,468,686)
High Yield
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Unrealized gain on futures variation margin	$	2,226,853	(a)	Unrealized loss on futures variation margin	$	(5,293,185)	(a)
Currency	—		—		Payable for unrealized loss on forward foreign currency exchange contracts		(4,890,948)
Total		$	2,226,853			$	(10,184,133)

152

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

High Yield Floating Rate
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts	$	1,776,276		Payable for unrealized loss on swap contracts	$	(27,914)	(b)
Currency	—		—		Payable for unrealized loss on forward foreign currency exchange contracts		(351,873)
Total		$	1,776,276			$	(379,787)
Investment Grade Credit
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value	$	8,862,471	(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin	$	(2,168,913)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		168,178		Payable for unrealized loss on swap contracts		(84,273)	(b)
Currency	—		—		Payable for unrealized loss on forward foreign currency exchange contracts		(23,459)
Total		$	9,030,649			$	(2,276,645)
Local Emerging Markets Debt
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Receivable for unrealized gain on non-deliverable bond forward contracts	$	20,755,833	(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin	$	(49,300,729)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		22,931,991		Payable for unrealized loss on forward foreign currency exchange contracts		(34,185,292)
Total		$	43,687,824			$	(83,486,021)

153

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

U.S. Mortgages
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Investments, at value; Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value	$	3,456,112	(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin	$	(1,739,577)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		100,740		Payable for unrealized loss on swap contracts		(4,211)	(b)
Total		$	3,556,852			$	(1,743,788)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b) Aggregate of amounts include $47,834, $3,515,991, $27,914, $2,183,002, $42,073,827 and $1,572,904 for Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on 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 Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Dynamic Emerging Markets Debt
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	40,332		$	(56,947	)		19
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		24,414			(41,623	)		193
Total		$	64,746		$	(98,570	)		212
Emerging Markets Debt
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts, non-deliverable bond forward contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts, non-deliverable bond forward contracts and swap contracts	$	(398,217	)	$	485,477			2,665
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		137,910			270,697			5
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(5,579,209	)		363,305			282
Total		$	(5,839,516	)	$	1,119,479			2,952

154

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

High Yield
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts	$	1,372,645		$	(3,066,332	)		4,103
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,564,398			—			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3,589,786	)		(7,046,167	)		5
Total		$	(652,743	)	$	(10,112,499	)		4,109
High Yield Floating Rate
Risk	Statements of Operations Location	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(37,788	)	$	1,748,362			3
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		273,908			27,145			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(178,669	)		(384,313	)		3
Total		$	57,451		$	1,391,194			7
Investment Grade Credit
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts /Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(3,533,422	)	$	3,251,621			1,127
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(204,085	)		(276,486	)		7
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(131,436	)		187,219			2
Total		$	(3,868,943	)	$	3,162,354			1,136

155

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Local Emerging Markets Debt
Risk	Statements of Operations Location	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts, non-deliverable bond forward contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts, non-deliverable bond forward contracts and swap contracts	$	13,196,129		$	(29,046,980	)		7,910
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(52,927,524	)		(1,629,016	)		373
Total		$	(39,731,395	)	$	(30,675,996	)		8,283
U.S. Mortgages
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	2,196,433		$	(387,896	)		495
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		35,643			28,580			9
Total		$	2,232,076		$	(359,316	)		504

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2013.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

156

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2013:

Dynamic Emerging Markets Debt
	Derivative Assets(1)								Derivative Liabilities(1)									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts		Futures		Total		Swaps			Forward Currency Contracts			Total
Bank of America Securities LLC	$	—	$	1,623	$	—	$	1,623	$	(2,012	)	$	(24,269	)	$	(26,281	)	$	(24,658	)	$	—	$	(24,658	)
Barclays Bank PLC		—		1,443		—		1,443		—			(3,032	)		(3,032	)		(1,589	)		—		(1,589	)
BNP Paribas SA		—		871		—		871		—			(1,176	)		(1,176	)		(305	)		—		(305	)
Citibank NA		8,892		2,736		—		11,628		(359	)		(12,083	)		(12,442	)		(814	)		—		(814	)
Credit Suisse International (London)		—		5,398		—		5,398		—			(7,470	)		(7,470	)		(2,072	)		—		(2,072	)
Deutsche Bank Securities, Inc.		89		—		—		89		(41,505	)		—			(41,505	)		(41,416	)		—		(41,416	)
Deutsche Bank AG (London)		—		5,091		—		5,091		—			(14,216	)		(14,216	)		(9,125	)		—		(9,125	)
Exchange Traded		—		—		29,329		29,329		—			—			—			29,329			—		29,329
HSBC Bank PLC		—		9,855		—		9,855		—			(8,071	)		(8,071	)		1,784			—		1,784
JP Morgan Securities, Inc.		—		19,278		—		19,278		—			(3,887	)		(3,887	)		15,391			—		15,391
Morgan Stanley Capital Services, Inc.		1,609		6,495		—		8,104		(3,958	)		(2,599	)		(6,557	)		1,547			—		1,547
Royal Bank of Canada		—		4,261		—		4,261		—			(17,859	)		(17,859	)		(13,598	)		—		(13,598	)
Royal Bank of Scotland		—		—		—		—		—			(5,244	)		(5,244	)		(5,244	)		—		(5,244	)
Standard Chartered Bank		—		896		—		896		—			(12,487	)		(12,487	)		(11,591	)		—		(11,591	)
State Street Bank		—		15,370		—		15,370		—			(5,657	)		(5,657	)		9,713			—		9,713
UBS AG (London)		—		7,195		—		7,195		—			(6,620	)		(6,620	)		575			—		575
Westpac Banking Corp.		—		2,810		—		2,810		—			(275	)		(275	)		2,535			—		2,535
Total	$	10,590	$	83,322	$	29,329	$	123,241	$	(47,834	)	$	(124,945	)	$	(172,779	)	$	(49,538	)	$	—	$	(49,538	)

157

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Emerging Markets Debt
	Derivative Assets(1)									Derivative Liabilities(1)									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts			Futures		Total		Swaps			Forward Currency Contracts			Total
Bank of America Securities LLC	$	160,834	$	143,079		$	—	$	303,913	$	(1,877,663	)	$	(288,433	)	$	(2,166,096	)	$	(1,862,183	)	$	1,862,183		$	—
Barclays Bank PLC		—		129,971			—		129,971		(69,391	)		(232,711	)		(302,102	)		(172,131	)		—			(172,131	)
BNP Paribas SA		—		—			—		—		—			(105,696	)		(105,696	)		(105,696	)		—			(105,696	)
Centrally Cleared		33,809		—			—		33,809		—			—			—			33,809			—			33,809
Citibank NA		—		349,040			—		349,040		(256,041	)		(619,094	)		(875,135	)		(526,095	)		526,095			—
Credit Suisse International (London)		—		931,085			—		931,085		(577,389	)		(475,380	)		(1,052,769	)		(121,684	)		121,684			—
Deutsche Bank Securities, Inc.		294,042		—			—		294,042		(304,488	)		—			(304,488	)		(10,446	)		10,446			—
Deutsche Bank AG (London)		—		413,760	*		—		413,760		—			(853,453	)*		(853,453	)		(439,693	)		—			(439,693	)
Exchange Traded		—		—			30,507		30,507		—			—			—			30,507			—			30,507
HSBC Bank PLC		—		229,797			—		229,797		—			(48,137	)		(48,137	)		181,660			—			181,660
JP Morgan Securities, Inc.		—		12,650			—		12,650		(139,072	)		(1,725,065	)		(1,864,137	)		(1,851,487	)		—			(1,851,487	)
Morgan Stanley Capital Services, Inc.		862,510		258,853			—		1,121,363		(291,947	)		(463,070	)		(755,017	)		366,346			(366,346	)		—
Royal Bank of Canada		—		375,421			—		375,421		—			(193,334	)		(193,334	)		182,087			—			182,087
Royal Bank of Scotland		—		81,341			—		81,341		—			(500,733	)		(500,733	)		(419,392	)		—			(419,392	)
Standard Chartered Bank		—		44,681			—		44,681		—			(209,824	)		(209,824	)		(165,143	)		—			(165,143	)
State Street Bank		—		68,811			—		68,811		—			(354,100	)		(354,100	)		(285,289	)		—			(285,289	)
UBS AG (London)		—		750,484			—		750,484		—			(578,270	)		(578,270	)		172,214			—			172,214
Westpac Banking Corp.		—		247,280			—		247,280		—			(22,984	)		(22,984	)		224,296			—			224,296
Total	$	1,351,195	$	4,036,253		$	30,507	$	5,417,955	$	(3,515,991	)	$	(6,670,284	)	$	(10,186,275	)	$	(4,768,320	)	$	2,154,062		$	(2,614,258	)

* Include Non-Deliverable Bond Forward Contracts assets of $194,093 and liabilities of $18,892.

High Yield
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Futures		Forward Currency Contracts
Deutsche Bank AG (London)	$	—	$	(728,070	)	$	(728,070	)	$	—	$	(728,070	)
Exchange Traded		2,604,569		—			2,604,569			—		2,604,569
State Street Bank		—		(1,086,442	)		(1,086,442	)		—		(1,086,442	)
UBS AG (London)		—		(3,076,436	)		(3,076,436	)		—		(3,076,436	)
Total	$	2,604,569	$	(4,890,948	)	$	(2,286,379	)	$	—	$	(2,286,379	)

High Yield Floating Rate
	Derivative Liabilities(1)									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps			Forward Currency Contracts			Total
Centrally Cleared	$	(38,021	)	$	—		$	(38,021	)	$	(38,021	)	$	38,021	$	—
Deutsche Bank AG (London)		—			(182,891	)		(182,891	)		(182,891	)		—		(182,891	)
JP Morgan Securities, Inc.		—			(17,408	)		(17,408	)		(17,408	)		—		(17,408	)
UBS AG (London)		—			(151,574	)		(151,574	)		(151,574	)		—		(151,574	)
Total	$	(38,021	)	$	(351,873	)	$	(389,894	)	$	(389,894	)	$	38,021	$	(351,873	)

158

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Investment Grade Credit
	Derivative Assets(1)						Derivative Liabilities(1)												Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Total		Swaps			Forward Currency Contracts			Futures			Total
Bank of America Securities LLC	$	576,183	$	—	$	576,183	$	(8,964	)	$	—		$	—		$	(8,964	)	$	567,219		$	(567,219	)	$	—
Centrally Cleared		—		97,154		97,154		—			—			—			—			97,154			—			97,154
Citibank NA		1,406,595		—		1,406,595		(430,220	)		—			—			(430,220	)		976,375			(976,375	)		—
Deutsche Bank Securities, Inc.		2,216,630		—		2,216,630		(808,879	)		—			—			(808,879	)		1,407,751			(1,407,751	)		—
Exchange Traded		—		—		—		—			—			(6,471	)		(6,471	)		(6,471	)		6,471			—
JP Morgan Securities, Inc.		927,289		—		927,289		(223,690	)		—			—			(223,690	)		703,599			(703,599	)		—
Morgan Stanley Capital Services, Inc.		—		168,178		168,178		(19,678	)		—			—			(19,678	)		148,500			(70,054	)		78,446
Royal Bank of Canada		—		—		—		—			(23,459	)		—			(23,459	)		(23,459	)		—			(23,459	)
Total	$	5,126,697	$	265,332	$	5,392,029	$	(1,491,431	)	$	(23,459	)	$	(6,471	)	$	(1,521,361	)	$	3,870,668		$	(3,718,527	)	$	152,141

Local Emerging Markets Debt
	Derivative Assets(1)							Derivative Liabilities(1)												Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts			Total		Swaps			Forward Currency Contracts			Futures			Total
Bank of America Securities LLC	$	896,021	$	390,935		$	1,286,956	$	(3,972,163	)	$	(6,659,881	)	$	—		$	(10,632,044	)	$	(9,345,088	)	$	3,790,000		$	(5,555,088	)
Barclays Bank PLC		3,947,716		483,815			4,431,531		(5,889,928	)		(652,471	)		—			(6,542,399	)		(2,110,868	)		399,844			(1,711,024	)
BNP Paribas SA		—		79,813			79,813		—			(534,086	)		—			(534,086	)		(454,273	)		—			(454,273	)
Centrally Cleared		66,976		—			66,976		—			—			—			—			66,976			—			66,976
Citibank NA		874,436		1,303,331			2,177,767		(4,726,311	)		(2,603,955	)		—			(7,330,266	)		(5,152,499	)		3,587,744			(1,564,755	)
Credit Suisse International (London)		31,903		1,790,503			1,822,406		(1,138,492	)		(3,918,103	)		—			(5,056,595	)		(3,234,189	)		950,000			(2,284,189	)
Deutsche Bank Securities, Inc.		1,296,550		—			1,296,550		(14,507,766	)		—			—			(14,507,766	)		(13,211,216	)		—			(13,211,216	)
Deutsche Bank AG (London)		—		3,806,019	*		3,806,019		—			(4,343,747	)		—			(4,343,747	)		(537,728	)		—			(537,728	)
Exchange Traded		—		—			—		—			—			(375,207	)		(375,207	)		(375,207	)		375,207			—
HSBC Bank PLC		147,159		1,187,152			1,334,311		—			(2,108,691	)		—			(2,108,691	)		(774,380	)		—			(774,380	)
JP Morgan Securities, Inc.		8,781,552		2,403,628			11,185,180		(2,878,319	)		(1,115,043	)		—			(3,993,362	)		7,191,818			(5,800,000	)		1,391,818
Morgan Stanley Capital Services, Inc.		1,340,379		1,956,459			3,296,838		(2,172,993	)		(1,924,211	)		—			(4,097,204	)		(800,366	)		699,158			(101,208	)
Royal Bank of Canada		—		1,293,837			1,293,837		—			(4,600,934	)		—			(4,600,934	)		(3,307,097	)		—			(3,307,097	)
Royal Bank of Scotland		—		—			—		—			(1,211,281	)		—			(1,211,281	)		(1,211,281	)		—			(1,211,281	)
Standard Chartered Bank		—		1,622,024			1,622,024		—			(2,071,529	)		—			(2,071,529	)		(449,505	)		—			(449,505	)
State Street Bank		—		4,117,830			4,117,830		—			(978,361	)		—			(978,361	)		3,139,469			—			3,139,469
UBS AG (London)		—		1,866,111			1,866,111		—			(1,396,724	)		—			(1,396,724	)		469,387			—			469,387
Westpac Banking Corp.		—		694,273			694,273		—			(66,275	)		—			(66,275	)		627,998			—			627,998
Total	$	17,382,692	$	22,995,730		$	40,378,422	$	(35,285,972	)	$	(34,185,292	)	$	(375,207	)	$	(69,846,471	)	$	(29,468,049	)	$	4,001,953		$	(25,466,096	)

* Includes Non-Deliverable Bond Forward Contracts of $63,739.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

U.S. Mortgages
	Derivative Assets(1)						Derivative Liabilities(1)									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Total		Swaps			Futures			Total
Bank of America Securities LLC	$	160,732	$	—	$	160,732	$	(258	)	$	—		$	(258	)	$	160,474		$	(160,474	)	$	—
Centrally Cleared		—		181,679		181,679		—			—			—			181,679			—			181,679
Citibank NA		388,653		100,740		489,393		(104,675	)		—			(104,675	)		384,718			(100,000	)		284,718
Deutsche Bank Securities, Inc.		153,665		—		153,665		(58,773	)		—			(58,773	)		94,892			(94,892	)		—
Exchange Traded		—		—		—		—			(20,130	)		(20,130	)		(20,130	)		20,130			—
JP Morgan Securities, Inc.		308,143		—		308,143		(38,500	)		—			(38,500	)		269,643			(269,643	)		—
Morgan Stanley Capital Services, Inc.		1,339,986		—		1,339,986		(503,389	)		—			(503,389	)		836,597			—			836,597
Total	$	2,351,179	$	282,419	$	2,633,598	$	(705,595	)	$	(20,130	)	$	(725,725	)	$	1,907,873		$	(604,879	)	$	1,302,994

(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the period ended September 30, 2013, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Fee Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Dynamic Emerging Markets Debt		0.90	%		0.90	%		0.81	%		0.77	%		0.75	%		0.90	%		0.80	%#
Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.80
High Yield		0.70			0.70			0.63			0.60			0.59			0.65			0.65
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.56			0.56
Investment Grade Credit		0.40			0.36			0.34			0.33			0.32			0.40			0.33	*
Local Emerging Markets Debt		0.90			0.90			0.81			0.77			0.75			0.86			0.80	#
U.S. Mortgages		0.40			0.36			0.34			0.33			0.32			0.40			0.33	*

# GSAM has agreed to waive a portion of its management fee in order to achieve the effective net management fee rates shown above through at least July 29, 2014 for Local Emerging Markets Debt and through at least May 29, 2014 for Dynamic Emerging Markets Debt. Prior to such date GSAM may not terminate the arrangements without the approval of the trustees. Where the application of the above contractual management fee breakpoint schedule of a Fund would result in a lower management fee rate, the breakpoint schedule will be applied to the Fund’s assets.

* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.34% as an annual percentage rate of the average daily net assets of the Investment Grade Credit and U.S. Mortgages Funds through at least July 29, 2014. Prior to July 29, 2013 the effective management fee rate after application of the waivers was 0.33% for each Fund.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:

	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*
Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%
Service Plan		—			0.25			0.25			—

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended September 30, 2013, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Emerging Markets Debt	$	6,597		N/A	$	8
High Yield		15,374	$	—		39
High Yield Floating Rate		1,035		N/A		—
Investment Grade Credit		62		N/A		N/A
Local Emerging Markets Debt		12,757		N/A		—
U.S. Mortgages		573		N/A		N/A

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class B, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional, Separate Account Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Dynamic

161

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, are 0.074%, 0.054%, 0.024%, 0.104%, 0.004%, 0.074% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2014 (May 29, 2014 for Dynamic Emerging Markets Debt Fund), and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Dynamic Emerging Markets Debt	$	4,089	$	253,869	$	257,958
Emerging Markets Debt		—		47,372		47,372
High Yield Floating Rate		—		57,795		57,795
Investment Grade Credit		187,445		168,561		356,006
Local Emerging Markets Debt		1,070,335		318,003		1,388,338
U.S. Mortgages		100,607		238,823		339,430

As of September 30, 2013, the amounts owed to affiliates of the Funds were as follows (in thousands):

Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Dynamic Emerging Markets Debt	$	8,855	$	19	$	448	$	9,322
Emerging Markets Debt		966,518		59,144		62,542		1,088,204
High Yield		2,852,270		208,752		225,486		3,286,508
High Yield Floating Rate		1,248,224		8,308		93,242		1,349,774
Investment Grade Credit		145,858		5,269		18,984		170,111
Local Emerging Markets Debt		1,769,376		53,566		102,780		1,925,722
U.S. Mortgages		82,070		969		10,007		93,046

G.  Line of Credit Facility — As of September 30, 2013, the Funds participated in a $780,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $220,000,000, for a total of up to $1,000,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2013, the Funds did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — For the six months ended September 30, 2013, Goldman Sachs earned $35, $2,576, $8,648, $1,421, $12,172 and $604 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant on behalf of the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively.

As of September 30, 2013, the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of 11% of total outstanding shares of the Emerging Markets Debt Fund.

As of September 30, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Class IR and Class R Shares of the following Funds:

Fund	Class A			Class C			Institutional			Class IR			Class R
Dynamic Emerging Markets Debt		13	%		100	%		69	%		100	%		100	%
High Yield Floating Rate		—			—			—			—			100
U.S. Mortgages		—			—			—			21			—

The High Yield Floating Rate Fund invests in the Institutional Shares of the Goldman Sachs High Yield Fund. This Underlying Fund is considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in this affiliated Fund for the six months ended September 30, 2013:

Underlying Fund	Market Value 3/31/2013		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Unrealized Gain (Loss)			Market Value 9/30/2013
High Yield Fund — Institutional Shares	$	37,584,737	$	31,528,368	$	(48,556,388	)	$	(497,670	)	$	(72,041	)	$	19,987,006

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2013, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Dynamic Emerging Markets Debt	$	—	$	16,668,391	$	—	$	4,092,647
Emerging Markets Debt		251,526,841		673,783,448		225,970,488		678,287,453
High Yield		—		1,520,694,005		—		2,301,297,585
High Yield Floating Rate		—		1,756,319,299		—		570,876,212
Investment Grade Credit		75,953,645		191,372,535		75,205,780		226,816,482
Local Emerging Markets Debt		563,772,310		2,092,691,781		335,550,615		2,835,299,847
U.S. Mortgages		2,986,812,548		26,367,210		2,965,603,037		33,309,201

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2013, the Funds’ timing differences, on a tax basis were as follows:

	Emerging Markets Debt			High Yield			High Yield Floating rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Timing differences (Qualified Late Year Loss and Straddle Loss Deferrals, and Income Distribution Payable)	$	(3,145,967	)	$	(1,270,202	)	$	(24,622	)	$	(324,770	)	$	(29,758,942	)	$	(3,572,197	)

As of September 30, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Dynamic Emerging Markets Debt			Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	14,255,482		$	1,547,342,478		$	5,212,540,024		$	2,958,511,387		$	519,227,044		$	2,810,779,821		$	394,261,183
Gross unrealized gain		100,877			24,556,303			189,173,199			8,491,544			17,563,368			22,709,772			4,621,838
Gross unrealized loss		(477,287	)		(84,764,317	)		(122,957,008	)		(19,902,057	)		(12,133,482	)		(206,559,044	)		(2,318,680	)
Net unrealized security gain (loss)	$	(376,410	)	$	(60,208,014	)	$	66,216,191		$	(11,410,513	)	$	5,429,886		$	(183,849,272	)	$	2,303,158

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of swap transactions, material modification of debt securities.

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

8. OTHER RISKS

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

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market

164

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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 transactions defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

Non-Diversification Risk — Each of the Dynamic Emerging Markets Debt Fund, Emerging Markets Debt Fund and Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — As a result of certain of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

Redemption Proceeds Risk — The High Yield Floating Rate Fund may at times purchase securities with settlement periods that are longer than the time period required to pay redemption proceeds. In unusual circumstances, the High Yield Floating Rate Fund may pay redemption proceeds up to seven calendar days following receipt of a properly executed redemption request.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On August 15, 2013, a definitive proxy statement (“proxy”) was filed with the SEC to, among other things, elect certain Trustees to the Trust. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Funds to the extent such expenses exceed a specified percentage of the Fund’s net assets.

11. SUBSEQUENT EVENTS

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

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Emerging Markets Debt Fund(a)
	For the Period Ended September 30, 2013 (Unaudited)
	Shares			Dollars
Class A Shares
Shares sold		7,669		$	73,024
Reinvestment of distributions		11			107
Shares redeemed		(5	)		(47	)
		7,675			73,084
Class C Shares
Shares sold		1,001			10,015
Reinvestment of distributions		9			84
Shares redeemed		(1	)		(15	)
		1,009			10,084
Institutional Shares
Shares sold		1,448,845			14,213,598
Reinvestment of distributions		12,603			118,477
Shares redeemed		(12,246	)		(113,677	)
		1,449,202			14,218,398
Class IR Shares
Shares sold		2,501			25,010
Reinvestment of distributions		30			280
Shares redeemed		(1	)		(10	)
		2,530			25,280
Class R Shares
Shares sold		2,501			25,010
Reinvestment of distributions		26			245
Shares redeemed		(1	)		(10	)
		2,526			25,245
NET INCREASE		1,462,942		$	14,352,091

(a) Commenced operations on May 31, 2013.

166

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,628,832		$	33,759,636			13,175,708		$	178,755,801
Reinvestment of distributions		281,982			3,555,059			1,196,658			16,293,648
Shares redeemed		(7,596,991	)		(95,589,816	)		(11,544,479	)		(155,950,547	)
		(4,686,177	)		(58,275,121	)		2,827,887			39,098,902
Class C Shares
Shares sold		295,969			3,821,530			1,745,164			23,768,975
Reinvestment of distributions		44,567			559,208			144,012			1,960,411
Shares redeemed		(1,050,494	)		(13,115,688	)		(622,203	)		(8,394,176	)
		(709,958	)		(8,734,950	)		1,266,973			17,335,210
Institutional Shares
Shares sold		37,578,990			482,158,712			76,338,297			1,015,042,408
Reinvestment of distributions		2,330,532			29,258,553			6,983,552			95,221,456
Shares redeemed		(30,136,404	)		(382,026,886	)		(38,862,400	)		(525,042,570	)
		9,773,118			129,390,379			44,459,449			585,221,294
Class IR Shares
Shares sold		637,172			8,072,143			1,596,190			21,640,229
Reinvestment of distributions		39,983			503,229			84,348			1,150,167
Shares redeemed		(999,207	)		(12,371,549	)		(380,044	)		(5,154,167	)
		(322,052	)		(3,796,177	)		1,300,494			17,636,229
NET INCREASE		4,054,931		$	58,584,131			49,854,803		$	659,291,635

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		14,946,782		$	109,303,111			21,039,284		$	151,816,309
Reinvestment of distributions		2,185,804			15,925,496			6,388,796			46,384,278
Shares converted from Class B(a)		67,734			492,341			195,310			1,423,428
Shares redeemed		(18,380,270	)		(134,028,025	)		(38,269,640	)		(276,891,067	)
		(1,179,950	)		(8,307,077	)		(10,646,250	)		(77,267,052	)
Class B Shares
Shares sold		30,240			222,133			101,415			732,441
Reinvestment of distributions		57,855			422,831			230,361			1,675,407
Shares converted to Class A(a)		(67,548	)		(492,341	)		(194,924	)		(1,423,428	)
Shares redeemed		(669,274	)		(4,893,707	)		(1,677,409	)		(12,214,694	)
		(648,727	)		(4,741,084	)		(1,540,557	)		(11,230,274	)
Class C Shares
Shares sold		393,299			2,888,589			1,834,218			13,288,680
Reinvestment of distributions		284,614			2,077,336			873,922			6,355,247
Shares redeemed		(2,396,607	)		(17,553,544	)		(3,639,993	)		(26,480,248	)
		(1,718,694	)		(12,587,619	)		(931,853	)		(6,836,321	)
Institutional Shares
Shares sold		82,150,751			600,573,985			171,857,920			1,249,308,645
Reinvestment of distributions		19,922,603			145,714,142			56,755,275			413,534,201
Shares redeemed		(160,428,111	)		(1,178,265,536	)		(230,919,340	)		(1,678,690,619	)
		(58,354,757	)		(431,977,409	)		(2,306,145	)		(15,847,773	)
Service Shares
Shares sold		237,487			1,736,056			679,200			4,912,831
Reinvestment of distributions		58,945			429,281			203,333			1,475,483
Shares redeemed		(276,498	)		(2,012,530	)		(1,525,328	)		(11,098,846	)
		19,934			152,807			(642,795	)		(4,710,532	)
Class IR Shares
Shares sold		194,188			1,422,854			649,715			4,730,746
Reinvestment of distributions		73,335			536,065			321,929			2,338,363
Shares redeemed		(785,102	)		(5,767,168	)		(3,508,170	)		(25,493,316	)
		(517,579	)		(3,808,249	)		(2,536,526	)		(18,424,207	)
Class R Shares
Shares sold		203,146			1,485,898			529,097			3,819,875
Reinvestment of distributions		70,580			514,389			200,226			1,455,104
Shares redeemed		(416,584	)		(3,037,754	)		(620,613	)		(4,507,040	)
		(142,858	)		(1,037,467	)		108,710			767,939
NET DECREASE		(62,542,631	)	$	(462,306,098	)		(18,495,416	)	$	(133,548,220	)

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

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Floating Rate Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,718,169		$	27,453,941			5,842,955		$	58,178,739
Reinvestment of distributions		26,054			261,901			31,558			316,378
Shares redeemed		(648,112	)		(6,553,585	)		(5,239,979	)		(52,299,733	)
		2,096,111			21,162,257			634,534			6,195,384
Class C Shares
Shares sold		149,519			1,506,604			124,275			1,247,941
Reinvestment of distributions		2,709			27,285			2,461			24,622
Shares redeemed		(38,780	)		(390,109	)		(16,116	)		(161,371	)
		113,448			1,143,780			110,620			1,111,192
Institutional Shares
Shares sold		135,571,343			1,370,369,672			119,690,571			1,205,095,726
Reinvestment of distributions		4,191,539			42,260,151			3,414,283			34,164,322
Shares redeemed		(33,055,860	)		(333,857,197	)		(19,251,633	)		(192,675,687	)
		106,707,022			1,078,772,626			103,853,221			1,046,584,361
Class IR Shares
Shares sold		166,806			1,690,011			1,189,448			11,887,233
Reinvestment of distributions		9,046			91,277			11,501			115,084
Shares redeemed		(50,390	)		(511,034	)		(806,384	)		(8,115,615	)
		125,462			1,270,254			394,565			3,886,702
Class R Shares
Reinvestment of distributions		17			169			37			365
NET INCREASE		109,042,060		$	1,102,349,086			104,992,977		$	1,057,778,004

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Investment Grade Credit Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		445,050		$	4,181,450			5,320,888		$	52,608,688
Reinvestment of distributions		44,652			421,865			1,119,109			10,968,243
Shares redeemed		(842,419	)		(7,968,284	)		(19,664,312	)		(191,322,716	)
		(352,717	)		(3,364,969	)		(13,224,315	)		(127,745,785	)
Institutional Shares
Shares sold		1,791,928			17,052,643			19,674,468			191,858,032
Reinvestment of distributions		449,785			4,250,755			996,470			9,763,887
Shares redeemed		(6,450,793	)		(60,944,474	)		(9,640,080	)		(94,218,314	)
		(4,209,080	)		(39,641,076	)		11,030,858			107,403,605
Separate Account Institutional Shares
Shares sold		4,849,879			46,107,237			9,589,206			93,483,595
Reinvestment of distributions		448,884			4,238,045			1,438,248			14,096,474
Shares redeemed		(5,437,186	)		(51,423,596	)		(6,160,472	)		(60,238,584	)
		(138,423	)		(1,078,314	)		4,866,982			47,341,485
Class IR Shares
Shares sold		7,278			68,055			55,985			565,000
Reinvestment of distributions		213			2,071			5,998			58,829
Shares redeemed		(73,149	)		(718,381	)		(123,917	)		(1,242,112	)
		(65,658	)		(648,255	)		(61,934	)		(618,283	)
NET INCREASE (DECREASE)		(4,765,878	)	$	(44,732,614	)		2,611,591		$	26,381,022

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Local Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,065,244		$	37,724,083			11,695,074		$	112,602,402
Reinvestment of distributions		394,751			3,560,339			911,722			8,670,166
Shares redeemed		(6,803,967	)		(61,289,156	)		(10,727,243	)		(101,819,922	)
		(2,343,972	)		(20,004,734	)		1,879,553			19,452,646
Class C Shares
Shares sold		365,656			3,486,181			1,547,357			14,954,420
Reinvestment of distributions		50,213			453,162			97,405			931,343
Shares redeemed		(608,528	)		(5,410,903	)		(549,843	)		(5,183,945	)
		(192,659	)		(1,471,560	)		1,094,919			10,701,818
Institutional Shares
Shares sold		89,392,107			837,665,054			193,320,874			1,870,922,759
Reinvestment of distributions		7,634,551			68,867,270			11,456,426			109,579,953
Shares redeemed		(146,913,573	)		(1,294,687,770	)		(38,880,591	)		(364,405,447	)
		(49,886,915	)		(388,155,446	)		165,896,709			1,616,097,265
Class IR Shares
Shares sold		1,109,142			10,227,735			1,554,040			14,908,458
Reinvestment of distributions		51,511			463,915			72,641			697,608
Shares redeemed		(1,749,777	)		(14,979,598	)		(263,886	)		(2,519,833	)
		(589,124	)		(4,287,948	)		1,362,795			13,086,233
NET INCREASE (DECREASE)		(53,012,670	)	$	(413,919,688	)		170,233,976		$	1,659,337,962

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	U.S. Mortgages Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		98,562		$	1,020,385			266,012		$	2,870,001
Reinvestment of distributions		2,922			30,533			22,470			239,878
Shares redeemed		(47,964	)		(506,155	)		(379,058	)		(4,049,476	)
		53,520			544,763			(90,576	)		(939,597	)
Institutional Shares
Shares sold		247,297			2,591,554			897,761			9,579,502
Reinvestment of distributions		9,723			101,845			33,175			354,974
Shares redeemed		(324,851	)		(3,439,716	)		(586,531	)		(6,290,721	)
		(67,831	)		(746,317	)		344,405			3,643,755
Separate Account Institutional Shares
Shares sold		4,003,375			41,603,029			23,942,937			257,453,983
Reinvestment of distributions		201,899			2,110,081			1,051,634			11,219,479
Shares redeemed		(5,470,530	)		(56,985,597	)		(32,624,770	)		(349,774,721	)
		(1,265,256	)		(13,272,487	)		(7,630,199	)		(81,101,259	)
Class IR Shares
Shares sold		387			4,128			—			—
Reinvestment of distributions		4			41			5			45
		391			4,169			5			45
NET DECREASE		(1,279,176	)	$	(13,469,872	)		(7,376,365	)	$	(78,397,056	)

172

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2013 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2013 (May 31, 2013 for Dynamic Emerging Markets Debt Fund) through September 30, 2013.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Dynamic Emerging Markets Debt Fund(a)							Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 5/31/13		Ending Account Value 9/30/13			Expenses Paid for the period ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*
Class A
Actual	$	1,000.00	$	955.80		$	4.15	$	1,000.00	$	941.70		$	6.04	$	1,000.00	$	1,002.80		$	5.27	$	1,000.00	$	1,008.00		$	4.83
Hypothetical 5% return		1,000.00		1,012.33	+		4.27		1,000.00		1,018.85	+		6.28		1,000.00		1,019.80	+		5.32		1,000.00		1,020.26	+		4.86
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		999.10			9.02		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,016.04	+		9.10		N/A		N/A			N/A
Class C
Actual		1,000.00		953.50			6.58		1,000.00		938.10			9.67		1,000.00		999.00			9.02		1,000.00		1,004.30			8.64
Hypothetical 5% return		1,000.00		1,009.83	+		6.77		1,000.00		1,015.09	+		10.05		1,000.00		1,016.04	+		9.10		1,000.00		1,016.44	+		8.69
Institutional
Actual		1,000.00		956.70			3.12		1,000.00		943.40			4.38		1,000.00		1,005.90			3.57		1,000.00		1,009.80			3.17
Hypothetical 5% return		1,000.00		1,013.38	+		3.21		1,000.00		1,020.56	+		4.56		1,000.00		1,021.51	+		3.60		1,000.00		1,021.91	+		3.19
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,002.00			6.07		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.00	+		6.12		N/A		N/A			N/A
Class IR
Actual		1,000.00		956.20			3.47		1,000.00		942.90			4.82		1,000.00		1,004.10			4.02		1,000.00		1,009.30			3.63
Hypothetical 5% return		1,000.00		1,012.99	+		3.57		1,000.00		1,020.10	+		5.01		1,000.00		1,021.06	+		4.05		1,000.00		1,021.46	+		3.65
Class R
Actual		1,000.00		954.90			5.05		N/A		N/A			N/A		1,000.00		1,001.50			6.52		1,000.00		1,006.70			6.14
Hypothetical 5% return		1,000.00		1,011.41	+		5.19		N/A		N/A			N/A		1,000.00		1,018.55	+		6.58		1,000.00		1,018.95	+		6.17

173

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*
Class A
Actual	$	1,000.00	$	973.80		$	3.56	$	1,000.00	$	913.40		$	6.00	$	1,000.00	$	989.00		$	3.59
Hypothetical 5% return		1,000.00		1,021.46	+		3.65		1,000.00		1,018.80	+		6.33		1,000.00		1,021.46	+		3.65
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Class C
Actual		N/A		N/A			N/A		1,000.00		911.10			9.58		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,015.04	+		10.10		N/A		N/A			N/A
Institutional
Actual		1,000.00		975.40			1.88		1,000.00		915.00			4.42		1,000.00		991.70			1.90
Hypothetical 5% return		1,000.00		1,023.16	+		1.93		1,000.00		1,020.46	+		4.66		1,000.00		1,023.16	+		1.93
Separate Account Institutional
Actual		1,000.00		975.40			1.88		N/A		N/A			N/A		1,000.00		991.60			1.90
Hypothetical 5% return		1,000.00		1,023.16	+		1.93		N/A		N/A			N/A		1,000.00		1,023.16	+		1.93
Class IR
Actual		1,000.00		975.00			2.33		1,000.00		914.50			4.80		1,000.00		990.20			2.44
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,020.05	+		5.06		1,000.00		1,022.61	+		2.48

(a) Commenced operations on May 31, 2013.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class B			Class C			Institutional			Service			Separate Account Institutional			Class IR			Class R
Dynamic Emerging Markets Debt(a)		1.29	%		N/A			2.05	%		0.97	%		N/A			N/A			1.08	%		1.57	%
Emerging Markets Debt		1.24			N/A			1.99			0.90			N/A			N/A			0.99			N/A
High Yield		1.05			1.80	%		1.80			0.71			1.21	%		N/A			0.80			1.30
High Yield Floating Rate		0.96			N/A			1.72			0.63			N/A			N/A			0.72			1.22
Investment Grade Credit		0.72			N/A			N/A			0.38			N/A			0.38	%		0.47			N/A
Local Emerging Markets Debt		1.25			N/A			2.00			0.92			N/A			N/A			1.00			N/A
U.S. Mortgages		0.72			N/A			N/A			0.38			N/A			0.38			0.49			N/A

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

174

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Emerging Markets Debt, Goldman Sachs Emerging Markets Debt, Goldman Sachs High Yield, Goldman Sachs High Yield Floating Rate, Goldman Sachs Investment Grade Credit, Goldman Sachs Local Emerging Markets Debt and Goldman Sachs U.S. Mortgages Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2014 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 12-13, 2013 (the “Annual Meeting”).

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

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

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

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

(iii) trends in headcount;

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

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

(b) information on the investment performance of the Funds (except for the Dynamic Emerging Markets Debt Fund, which commenced operations in 2013), including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and comparable institutional composites managed by the Investment Adviser (in the case of the Emerging Markets Debt, High Yield, Local Emerging Markets Debt and U.S. Mortgages Funds), and general investment outlooks in the markets in which the Funds invest;

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

(d) expense information for the Funds, including:

(i) the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) each Fund’s (except for the Dynamic Emerging Markets Debt Fund) expense trends over time; and

(iii) to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

175

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f) the undertakings of the Investment Adviser to waive a portion of the management fees payable by the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds and to limit certain expenses of each of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

(g) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each of the Funds (except for the Dynamic Emerging Markets Debt Fund) and the Trust as a whole to the Investment Adviser and its affiliates;

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

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

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

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

(l) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

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

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

176

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund (with the exception of the Dynamic Emerging Markets Debt Fund, which commenced operations in 2013) to its peers using rankings and ratings (rankings only for the High Yield Floating Rate Fund) compiled by the Outside Data Provider as of December 31, 2012, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2013. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Debt, High Yield, Local Emerging Markets Debt and U.S. Mortgages Funds’ performance to that of comparable institutional composites managed by the Investment Adviser.

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

The Independent Trustees noted that the Emerging Markets Debt Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2013. The Trustees observed that the High Yield Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2013. The Trustees noted that the High Yield Floating Rate Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2013. They noted that the Investment Grade Credit Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five-year period ended March 31, 2013. They observed that that Local Emerging Markets Debt Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the one- and three-year periods, and in the fourth quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three- and five-year periods ended March 31, 2013. The Trustees also noted that the Local Emerging Markets Debt Fund had certain significant differences from its peer group and/or benchmark index that caused the peer group and/or benchmark index to be an imperfect basis for performance comparison. They noted that the U.S. Mortgages Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2013. They also noted the addition of a key hire to the Investment Adviser’s staff in 2012.

The Trustees noted that the Dynamic Emerging Markets Debt Fund had launched on May 31, 2013 and did not yet have a meaningful performance history.

177

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Dynamic Emerging Markets Debt Fund, which commenced operations in 2013). The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations) comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of the management fees payable by the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds and to limit certain expenses of each of the Funds that exceed specified levels. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Investment Grade Credit and U.S. Mortgages Funds that would have the effect of increasing total Fund expenses, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees.

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds (except for the Dynamic Emerging Markets Debt Fund, which commenced operations in 2013). In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund (except for the Dynamic Emerging Markets Debt Fund) were provided for 2012 and 2011, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

178

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	Dynamic Emerging Markets Debt Fund			Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
First $1 billion		0.90	%		0.80	%		0.70	%		0.60	%		0.40	%		0.90	%		0.40	%
Next $1 billion		0.90			0.80			0.70			0.54			0.36			0.90			0.36
Next $3 billion		0.81			0.72			0.63			0.51			0.34			0.81			0.34
Next $3 billion		0.77			0.68			0.60			0.50			0.33			0.77			0.33
Over $8 billion		0.75			0.67			0.59			0.49			0.32			0.75			0.32

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of the management fees payable by the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds and to limit certain expenses of each of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the High Yield Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

179

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Other Benefits to the Funds and Their Shareholders

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

Dynamic Emerging Markets Debt Fund

The Dynamic Emerging Markets Debt Fund commenced investment operations on May 31, 2013, and the Trustees had considered, at a meeting held on April 17-18, 2013, the initial approval of the Management Agreement and the Investment Adviser on behalf of the Fund. At that meeting, the Trustees considered, in addition to many of the above factors, the Investment Adviser’s (and its affiliates’) ability to provide services to the Fund. In this regard, the Trustees noted that, although the Fund was new, many of the portfolio personnel who would be providing services to the Fund were currently providing services to other investment portfolios of the Trust. The Trustees reviewed performance information (along with representative advisory fee information) for accounts managed by the Investment Adviser with investment objectives and strategies similar to those of the Fund. The Trustees concluded that the Investment Adviser would be able to provide quality services to the Fund.

The Trustees considered the management fee to be paid by the Fund, and the Fund’s anticipated total expenses, along with the Fund’s anticipated assets under management. They also considered a report prepared by the Outside Data Provider, which compared the Fund’s anticipated management fee and total expenses (both gross and get of the fee waiver and expense limitation arrangements) to those of a peer group and category median. The Trustees also noted the Investment Adviser’s undertakings to waive a portion of its management fee and limit certain expenses that exceed a specified level. They recognized that the Fund did not yet have profitability data to evaluate, but considered the Investment Adviser’s undertaking to provide such information after the Fund commenced operations. They reviewed the proposed breakpoints in the management fee schedule and concluded that the breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. The Trustees also considered the fees to be paid to Goldman Sachs in its capacity as the Fund’s transfer agent and distributor, along with other fall-out benefits that would potentially be received by the Investment Adviser and its affiliates.

The Trustees concluded, in the exercise of their business judgment, that the proposed management fee to be paid by the Fund would be reasonable in light of the services provided to it by the Investment Adviser and the Fund’s reasonably foreseeable asset levels, and that the Management Agreement should be approved on behalf of the Fund.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2014.

180

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $767.4 billion in assets under management as of September 30, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market¹

Financial Square Funds^SM

n Financial Square Tax Exempt Funds

n Financial Square Federal Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Core Plus Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

n World Bond Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Corporate Credit

n Credit Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Tollkeeper Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n U.S. Equity Fund

n Income Builder Fund

Structured Equity

n Structured Tax-Managed Equity Fund

n Structured International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights²

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Concentrated International Equity Fund

n International Small Cap Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n BRIC Fund (Brazil, Russia, India, China)

n N-11 Equity Fund

n China Equity Fund

Select Satellite³

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Income Strategies Portfolio

Total Portfolio Solutions³

n Balanced Strategy Portfolio

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

²  Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

³  Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley* James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin*   * Effective as of October 15, 2013. ** Effective as of November 14, 2013, Mr. McHugh was appointed      Principal Financial Officer.	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer** and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of September 30, 2013 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2013 Goldman Sachs. All rights reserved. 114423.MF.MED.TMPL / 11 / 2013 SSFISAR13 / 94.1k

ITEM 2. CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

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

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2013 and August 31, 2012 were approximately $819,198 and $661,025 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2012 and December 31, 2011 were approximately $10.0 million and $11.6 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2012 and 2011 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1)	The information required by this Item is only required in connection with an annual report on this Form N-CSR.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	December 3, 2013

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

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	December 3, 2013
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 3, 2013

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 3, 2013

/s/ James A. McNamara

James A. McNamara

President/Principal Executive Officer

CERTIFICATIONS

(Section 302)

I, Scott McHugh, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 3, 2013

/s/ Scott McHugh

Scott McHugh

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Principal Executive Officer, and Scott McHugh, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended September 30, 2013 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Principal Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Scott McHugh
James A. McNamara	Scott McHugh
Date: December 3, 2013	December 3, 2013

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.