N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois	60606
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: December 31, 2014

Item 1. Schedule of Investments.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 50.9%
Aerospace/Defense – 0.3%
General Dynamics Corp.
$	1,525,000		1.000	%	11/15/17	$    1,506,690
Banks – 25.8%
ABN AMRO Bank NV(a)(b)
	3,950,000		1.033		10/28/16	3,978,199
Australia & New Zealand Banking Group Ltd.
	3,475,000		0.900		02/12/16	3,481,613
	3,525,000		1.250		01/10/17	3,529,266
Bank of America Corp.
	6,125,000		6.000		09/01/17	6,769,844
Bank of Montreal(a)
	2,325,000		0.505		09/24/15	2,327,476
Bank of Nova Scotia
	2,625,000		0.750		10/09/15	2,629,355
Bank of Scotland PLC(b)
	100,000		5.250		02/21/17	108,329
Bank of Tokyo-Mitsubishi UFJ Ltd.(b)
	1,800,000		1.000		02/26/16	1,800,324
	900,000		0.648	(a)	03/10/17	895,510
Barclays Bank PLC(a)
	4,350,000		0.812		02/17/17	4,353,567
BPCE SA(a)
	1,800,000		1.484		04/25/16	1,819,856
Capital One Bank USA NA(c)
	2,075,000		1.150		11/21/16	2,066,201
	1,325,000		0.733	(a)	02/13/17	1,328,302
Citigroup, Inc.
	3,205,000		3.953		06/15/16	3,324,922
	1,425,000		6.125		11/21/17	1,590,047
Commonwealth Bank of Australia(a)(b)
	2,875,000		0.601		03/13/17	2,876,739
Compass Bank(c)
	1,250,000		1.850		09/29/17	1,246,021
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA(a)
	3,450,000		0.723		03/18/16	3,461,180
Credit Agricole SA(a)(b)
	2,975,000		1.083		10/03/16	2,993,546
Credit Suisse AG
	8,075,000		1.625	(b)	03/06/15	8,090,914
	3,900,000		0.724	(a)	05/26/17	3,895,234
Fifth Third Bank(a)(c)
	3,725,000		0.742		11/18/16	3,732,886
HSBC USA, Inc.
	3,075,000		1.500		11/13/17	3,063,890
ING Bank NV(b)
	1,600,000		2.000		09/25/15	1,612,493
	1,875,000		1.375		03/07/16	1,881,742
Intesa Sanpaolo SpA
	2,750,000		3.125		01/15/16	2,790,799
JPMorgan Chase & Co.
	1,200,000		6.400		10/02/17	1,346,551
	3,925,000		0.863	(a)	01/28/19	3,924,961
Macquarie Bank Ltd.(a)(b)
	2,600,000		0.691		06/15/16	2,602,852
Mizuho Corporate Bank Ltd.(b)
	1,475,000		2.550		03/17/17	1,503,826
	1,150,000		1.550		10/17/17	1,139,112
Morgan Stanley & Co.
	1,525,000		4.750		03/22/17	1,625,777
	4,525,000		1.083	(a)	01/24/19	4,533,928

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Nordea Bank AB(a)(b)
$	3,550,000		0.693	%	05/13/16	$    3,558,243
Northern Rock Asset Management PLC(b)
	1,400,000		5.625		06/22/17	1,538,415
PNC Bank NA(c)
	3,050,000		1.150		11/01/16	3,049,045
Royal Bank of Canada
	1,775,000		0.850		03/08/16	1,775,667
Royal Bank of Scotland PLC
	2,625,000		4.375		03/16/16	2,715,690
Sparebank 1 Boligkreditt AS(b)
	13,400,000		2.625		05/26/16	13,714,758
Standard Chartered PLC(b)
	3,625,000		3.850		04/27/15	3,659,593
Sumitomo Mitsui Banking Corp.(a)
	1,700,000		0.659		01/10/17	1,697,960
Svenska Handelsbanken AB(a)
	2,875,000		0.697		03/21/16	2,885,458
The Bank of Tokyo-Mitsubishi UFJ Ltd.(b)
	1,500,000		1.450		09/08/17	1,486,124
The Huntington National Bank(a)(c)
	1,800,000		0.658		04/24/17	1,798,132
UBS AG
	1,526,000		3.875		01/15/15	1,527,613
Union Bank NA(a)
	2,300,000		1.005		09/26/16	2,311,794
Wells Fargo & Co.
	4,125,000		1.250		02/13/15	4,128,968
						138,172,722
Chemicals – 0.6%
Praxair, Inc.
	3,125,000		1.050		11/07/17	3,087,793
Diversified Manufacturing – 0.4%
Amphenol Corp.
	925,000		1.550		09/15/17	919,413
	1,000,000		2.550	(c)	01/30/19	1,005,457
						1,924,870
Electric – 1.3%
Alabama Power Co.
	450,000		0.550		10/15/15	449,723
Commonwealth Edison Co.(c)
	525,000		2.150		01/15/19	523,868
Duke Energy Progress, Inc.(a)
	2,300,000		0.435		03/06/17	2,293,006
Electricite de France(a)(b)
	3,125,000		0.691		01/20/17	3,133,506
Virginia Electric and Power Co.(c)
	900,000		1.200		01/15/18	884,117
						7,284,220
Energy – 2.2%
Anadarko Petroleum Corp.
	1,425,000		6.375		09/15/17	1,584,532
BP Capital Markets PLC
	4,425,000		3.125		10/01/15	4,504,349
Halliburton Co.
	1,925,000		1.000		08/01/16	1,915,135
Statoil ASA(a)
	1,200,000		0.522		05/15/18	1,198,436
Transocean, Inc.
	900,000		4.950		11/15/15	903,375
Weatherford International Ltd.
	1,250,000		9.625		03/01/19	1,481,783
						11,587,610

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Finance – 0.3%
Caterpillar Financial Services Corp.
$	1,875,000		0.700	%	11/06/15	$    1,878,253
Food and Beverage – 4.6%
Anheuser-Busch InBev Worldwide, Inc.
	4,125,000		0.800		07/15/15	4,131,616
Cargill, Inc.(b)
	1,700,000		1.900		03/01/17	1,717,740
ConAgra Foods, Inc.
	1,975,000		1.900		01/25/18	1,961,955
Diageo Capital PLC
	2,825,000		0.625		04/29/16	2,811,130
Pernod-Ricard SA(b)
	1,600,000		2.950		01/15/17	1,636,465
SABMiller Holdings, Inc.(b)
	1,625,000		2.450		01/15/17	1,657,936
Starbucks Corp.
	3,725,000		0.875		12/05/16	3,707,071
Suntory Holdings, Ltd.(b)
	2,850,000		1.650		09/29/17	2,841,387
Sysco Corp.
	2,500,000		1.450		10/02/17	2,494,744
WM Wrigley Jr Co.(b)
	1,900,000		2.000		10/20/17	1,913,707
						24,873,751
Health Care - Medical Products – 0.3%
Thermo Fisher Scientific, Inc.
	1,675,000		1.300		02/01/17	1,666,510
Health Care Services – 1.2%
Covidien International Finance SA
	2,525,000		2.800		06/15/15	2,548,988
McKesson Corp.
	950,000		3.250		03/01/16	972,396
UnitedHealth Group, Inc.
	2,725,000		1.400		10/15/17	2,722,903
						6,244,287
Life Insurance – 1.9%
American International Group, Inc.
	1,475,000		5.850		01/16/18	1,648,430
Metropolitan Life Global Funding I(a)(b)
	3,875,000		0.609		04/10/17	3,885,447
Principal Life Global Funding II(b)
	3,200,000		1.125		09/18/15	3,212,944
Reliance Standard Life Global Funding II(b)
	1,375,000		2.500		04/24/19	1,381,341
						10,128,162
Media - Cable – 0.8%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	2,450,000		2.400		03/15/17	2,496,065
Time Warner Cable, Inc.
	1,725,000		5.850		05/01/17	1,881,843
						4,377,908

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Non Cable – 0.8%
NBCUniversal Enterprise, Inc.(a)(b)
$	3,500,000		0.768	%	04/15/16	$    3,506,318
Thomson Reuters Corp.
	850,000		0.875		05/23/16	846,914
						4,353,232
Metals & Mining – 1.0%
BHP Billiton Finance USA Ltd.(a)
	2,050,000		0.507		09/30/16	2,049,268
Glencore Finance Canada Ltd.(b)
	1,625,000		2.700		10/25/17	1,644,024
Rio Tinto Finance USA PLC(c)
	1,750,000		2.000		03/22/17	1,769,503
						5,462,795
Noncaptive - Financial – 1.3%
American Express Credit Corp.
	3,650,000		2.750		09/15/15	3,706,312
General Electric Capital Corp.
	2,875,000		5.625		09/15/17	3,184,228
						6,890,540
Pharmaceuticals – 1.3%
AbbVie, Inc.
	1,750,000		1.750		11/06/17	1,748,630
Bayer US Finance LLC(a)(b)
	3,350,000		0.510		10/06/17	3,344,510
Forest Laboratories, Inc.(b)
	1,825,000		4.375		02/01/19	1,927,875
						7,021,015
Real Estate Investment Trust – 2.6%
ERP Operating LP
	1,725,000		5.750		06/15/17	1,888,872
HCP, Inc.
	2,550,000		6.000		01/30/17	2,777,048
Health Care REIT, Inc.
	2,575,000		4.700		09/15/17	2,769,196
Senior Housing Properties Trust(c)
	1,625,000		3.250		05/01/19	1,635,100
Ventas Realty LP
	1,714,000		1.550		09/26/16	1,720,498
WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
	3,425,000		1.750		09/15/17	3,406,567
						14,197,281
Retailers - Food & Drug – 0.2%
Walgreens Boots Alliance, Inc.
	1,175,000		1.750		11/17/17	1,170,797
Technology(a) – 1.2%
Cisco Systems, Inc.
	2,675,000		0.515		03/03/17	2,675,465
Hewlett-Packard Co.
	4,000,000		1.170		01/14/19	3,931,560
						6,607,025
Transportation(b) – 0.6%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,300,000		3.750		05/11/17	1,359,346
	1,625,000		2.875		07/17/18	1,651,831
						3,011,177

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wireless Telecommunications – 2.2%
Telefonica Emisiones SAU
$	1,050,000		3.992	%	02/16/16	$    1,079,925
Verizon Communications, Inc.
	10,550,000		0.700		11/02/15	10,545,284
						11,625,209
TOTAL CORPORATE OBLIGATIONS						$273,071,847
Agency Debentures – 1.1%
FFCB
$	2,900,000		0.250	%	12/02/15	$    2,898,950
FHLB
	1,500,000		0.300		01/04/16	1,499,807
FNMA(d)
	1,700,000		0.375		03/16/15	1,700,748
TOTAL AGENCY DEBENTURES						$    6,099,505
Asset-Backed Securities – 10.5%
Autos – 1.8%
Ally Master Owner Trust Series 2012-5, Class A
$	4,600,000		1.540	%	09/15/19	$    4,594,792
Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(a)
	4,400,000		0.541		01/15/18	4,400,592
Huntington Auto Trust Series 2012-1,Class A3
	787,847		0.810		09/15/16	788,434
						9,783,818
Credit Card – 2.3%
Bank of America Credit Card Trust Series 2014-A1, Class A(a)
	7,000,000		0.541		06/15/21	6,985,885
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
	5,400,000		1.020		02/22/19	5,374,340
						12,360,225
Home Equity(a) – 0.1%
Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F
	32,264		6.745		06/25/28	31,187
Centex Home Equity Series 2004-D, Class MV3
	137,626		1.155		09/25/34	96,574
Morgan Stanley ABS Capital I Series 2004-HE4, Class M3
	41,020		2.405		05/25/34	16,681
						144,442
Manufactured Housing – 0.0%
Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	30,648		4.350		04/15/40	31,111
Student Loan(a) – 6.3%
Access Group, Inc. Series 2004-1, Class A2
	6,821,049		0.465		09/26/33	6,715,971
Brazos Higher Education Authority, Inc. Series 2006-1, Class A3
	7,100,000		0.365		12/26/24	7,011,132
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)
	3,947,582		0.969		06/25/26	3,967,141

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(a) – (continued)
Education Loan Asset-Backed Trust Series 2012-1, Class A1(b)
$	45,582		0.620	%	06/25/22	$         45,583
Educational Services of America, Inc. Series 2010-1, Class A1(b)
	3,383,193		1.084		07/25/23	3,403,888
Educational Services of America, Inc. Series 2014-1, Class A(b)
	3,731,753		0.870		02/25/39	3,722,892
Northstar Education Finance, Inc. Series 2012-1, Class A(b)
	3,193,072		0.870		12/26/31	3,185,403
Scholar Funding Trust Series 2012-B, Class A1(b)
	2,728,179		0.570		10/28/25	2,721,621
SLM Student Loan Trust Series 2003-12, Class A5(b)
	2,096,391		0.521		09/15/22	2,093,213
SLM Student Loan Trust Series 2007-2, Class A2
	736,136		0.234		07/25/17	735,221
US Education Loan Trust LLC Series 2006-1, Class A2(b)
	168,945		0.364		03/01/25	168,760
						33,770,825
TOTAL ASSET-BACKED SECURITIES						$  56,090,421
Foreign Debt Obligations – 1.9%
Sovereign(b) – 0.2%
Kommunalbanken AS
$	1,100,000		1.000	%	09/26/17	$    1,094,764
Supranational(a) – 1.7%
Asian Development Bank
	9,400,000		0.170		05/29/15	9,398,496
TOTAL FOREIGN DEBT OBLIGATIONS						$  10,493,260
Government Guarantee Obligation(a)(e) – 3.5%
FMS Wertmanagement
$	18,600,000		0.481	%	06/30/15	$  18,618,693
U.S. Treasury Obligations – 15.2%
United States Treasury Inflation Protected Securities
$	3,615,810		0.500	%	04/15/15	$    3,568,334
	8,068,200		0.125		04/15/16	8,042,947
United States Treasury Notes(d)
	70,000,000		0.125		04/30/15	70,015,402
TOTAL U.S. TREASURY OBLIGATIONS						$  81,626,683

Shares		Description	Value
	Investment Company(f) – 13.1%
	70,273,828	Goldman Sachs Financial Square Government Fund	70,273,828
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT		$516,274,237

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 3.0%
Certificate of Deposit – 3.0%
Barton Capital Corp.
$	7,100,000		0.193	%	01/08/15	$    7,099,738
Credit Agricole
	5,625,000		0.244		02/02/15	5,623,800
Electricite De France SA
	3,250,000		0.767		01/15/16	3,224,338
TOTAL SHORT-TERM INVESTMENTS						$  15,947,876
TOTAL INVESTMENTS – 99.2%						$532,222,113
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%						4,095,010
NET ASSETS – 100.0%						$536,317,123

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 or distribution rate disclosed is that which is in effect at December 31, 2014.
(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 $112,064,928, which represents approximately 20.9% of net assets as of December 31, 2014.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	A portion of these securities is segregated as collateral for initial margin requirements on futures transactions.
(e)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $18,618,693, which represents approximately 3.5% of net assets as of December 31, 2014.
(f)	Represents an Affiliated Fund.

Investment Abbreviations:
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FNMA	— Federal National Mortgage Association
LP	— Limited Partnership
REIT	— Real Estate Investment Trust
SPA	— Stand-by Purchase Agreement

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
2 Year U.S. Treasury Notes	(40)	March 2015	$	(8,743,750	)	$	16,511
5 Year U.S. Treasury Notes	(648)	March 2015		(77,066,438	)		100,557
TOTAL						$	117,068

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	532,708,104
Gross unrealized gain		669,822
Gross unrealized loss		(1,155,813	)
Net unrealized security loss	$	(485,991	)

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 46.2%
Collateralized Mortgage Obligations – 3.5%
Adjustable Rate Non-Agency(a) – 0.1%
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
$	604,600		1.050	%	11/25/29	$       585,239
Interest Only(b) – 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(c)
	41,841		0.000		07/25/33	—
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(c)
	45,221		0.000		08/25/33	—
FNMA STRIPS Series 151, Class 2
	3,978		9.500		07/25/22	534
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	23,368		0.123		08/25/33	143
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	6,007		0.320		07/25/33	69
						746
Inverse Floaters(a) – 0.0%
GNMA Series 2001-48, Class SA
	20,003		25.964		10/16/31	30,278
GNMA Series 2001-51, Class SA
	15,643		31.802		10/16/31	25,789
GNMA Series 2001-51, Class SB
	19,630		25.964		10/16/31	31,468
GNMA Series 2002-13, Class SB
	70,402		36.815		02/16/32	112,968
						200,503
Principal Only(c) – 0.0%
FNMA REMIC Series G-35, Class N
	5,773		0.000		10/25/21	5,615
Regular Floater(a) – 0.1%
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(d)
	177,037		0.720		02/25/48	177,291
FHLMC REMIC Series 1760, Class ZB
	148,239		1.760		05/15/24	150,014
						327,305
Sequential Fixed Rate – 3.1%
FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	600,000		2.373		05/25/22	596,161
FHLMC REMIC Series 2329, Class ZA
	885,199		6.500		06/15/31	995,044
FHLMC REMIC Series 4273, Class PD
	1,709,576		6.500		11/15/43	1,967,387
FNMA REMIC Series 2001-53, Class GH
	17,306		8.000		09/25/16	17,699
FNMA REMIC Series 2011-52, Class GB
	1,400,000		5.000		06/25/41	1,549,323
FNMA REMIC Series 2011-99, Class DB
	1,225,000		5.000		10/25/41	1,364,140
FNMA REMIC Series 2012-111, Class B
	269,394		7.000		10/25/42	307,333

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
FNMA REMIC Series 2012-153, Class B
$	980,673		7.000	%	07/25/42	$    1,126,643
GNMA Series 2002-42, Class KZ
	2,393,319		6.000		06/16/32	2,679,885
NCUA Guaranteed Notes Series 2010-R1, Class 2A
	95,783		1.840		10/07/20	96,079
NCUA Guaranteed Notes Series A4
	3,400,000		3.000		06/12/19	3,568,454
						14,268,148
Sequential Floating Rate(a) – 0.2%
NCUA Guaranteed Notes Series 2010-R1, Class 1A
	663,921		0.607		10/07/20	667,267
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  16,054,823
Commercial Mortgage-Backed Securities – 5.5%
Sequential Floating Rate – 5.5%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4(a)
	3,173,270		5.889		07/10/44	3,338,919
Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A(a)
	5,350,043		6.056		12/10/49	5,888,862
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A(a)
	4,193,634		5.526		01/15/49	4,418,153
LB Commercial Mortgage Trust Series 2007-C3, Class A1A(a)
	3,133,219		5.858		07/15/44	3,426,540
ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A
	5,238,298		5.166		12/12/49	5,524,220
Morgan Stanley Capital I Trust Series 2007-T25, Class A1A(a)
	2,694,795		5.509		11/12/49	2,878,928
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  25,475,622
Federal Agencies – 37.2%
Adjustable Rate FHLMC(a) – 0.3%
	152,553		2.349		11/01/32	161,684
	1,249,674		2.375		09/01/33	1,327,262
						1,488,946
Adjustable Rate FNMA(a) – 1.1%
	129,931		2.249		11/01/32	138,585
	243,486		2.124		12/01/32	257,776
	1,385,993		1.790		05/01/33	1,446,697
	34,004		2.339		06/01/33	36,082
	1,024,841		2.219		10/01/33	1,085,450
	1,084,475		2.320		02/01/35	1,151,708
	1,005,799		2.012		09/01/35	1,060,997
						5,177,295
Adjustable Rate GNMA(a) – 0.8%
	73,254		1.625		06/20/23	74,714
	34,347		1.625		07/20/23	35,028
	34,689		1.625		08/20/23	35,381
	92,985		1.625		09/20/23	94,856
	27,925		1.625		03/20/24	28,531
	244,691		1.625		04/20/24	249,939
	28,813		1.625		05/20/24	29,438
	207,053		1.625		06/20/24	211,569
	43,059		2.000		06/20/24	44,383
	65,352		1.625		07/20/24	66,768
	71,256		2.000		07/20/24	73,476

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – (continued)
$	123,571		1.625	%	08/20/24	$       126,267
	61,247		2.000		08/20/24	63,168
	58,580		1.625		09/20/24	59,866
	73,940		2.000		11/20/24	76,303
	29,064		2.000		12/20/24	29,999
	44,211		2.500		12/20/24	46,371
	50,393		2.000		01/20/25	52,025
	26,140		2.000		02/20/25	26,993
	93,329		2.000		05/20/25	96,430
	77,158		2.000		07/20/25	79,753
	36,374		1.625		02/20/26	37,286
	1,824		1.625		07/20/26	1,870
	47,209		1.625		01/20/27	48,460
	44,084		2.000		01/20/27	45,658
	36,421		1.625		02/20/27	37,391
	259,432		1.625		04/20/27	266,329
	29,327		1.625		05/20/27	30,082
	32,639		1.625		06/20/27	33,515
	11,362		1.625		11/20/27	11,667
	270		2.000		11/20/27	280
	43,937		1.625		12/20/27	45,121
	85,542		1.625		01/20/28	87,937
	31,057		1.625		02/20/28	31,927
	34,718		1.625		03/20/28	35,698
	144,476		1.625		07/20/29	148,733
	81,114		1.625		08/20/29	83,512
	19,695		1.625		09/20/29	20,255
	82,293		1.625		10/20/29	84,722
	96,983		1.625		11/20/29	99,855
	24,119		1.625		12/20/29	24,828
	29,689		1.625		01/20/30	30,601
	14,108		1.625		02/20/30	14,526
	78,441		1.625		03/20/30	80,861
	92,709		1.625		04/20/30	95,560
	139,629		1.625		05/20/30	143,926
	100,453		2.000		05/20/30	104,815
	22,390		1.625		06/20/30	23,081
	193,849		2.000		07/20/30	202,324
	41,737		2.000		09/20/30	43,572
	70,657		1.625		10/20/30	72,831
	142,700		1.625		03/20/32	147,446
						3,735,927
FHLMC – 2.2%
	120		7.000		02/01/15	120
	1,600		8.000		07/01/15	1,611
	8,501		7.000		09/01/17	8,895
	3,969		7.000		10/01/17	4,165
	24,267		5.500		05/01/18	25,765
	322,393		5.500		06/01/18	341,139
	13,905		4.500		09/01/18	14,610
	4,074		10.000		10/01/18	4,091
	97,334		5.000		06/01/19	103,165
	4,680		10.000		07/01/20	4,700
	39,909		10.000		10/01/20	45,666
	51,901		6.500		07/01/21	58,968
	3,735		6.500		08/01/22	4,243
	45,118		9.000		10/01/22	52,515
	198,584		4.500		10/01/23	215,121
	1,089,729		5.000		08/01/24	1,185,668
	177,164		6.500		07/01/28	197,289
	969,562		4.500		03/01/29	1,056,136
	4,637		8.000		07/01/30	5,620
	14,015		7.500		12/01/30	14,491
	54,400		7.000		04/01/31	63,686

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	38,106		5.000	%	08/01/33	$         42,181
	7,194		5.000		09/01/33	7,963
	16,942		5.000		10/01/33	18,754
	19,933		5.500		09/01/34	22,387
	621,780		6.000		10/01/34	712,456
	8,510		5.000		11/01/34	9,415
	524,621		5.000		12/01/34	580,378
	1,823		5.500		03/01/35	2,040
	27,471		5.000		07/01/35	30,390
	3,601		5.500		07/01/35	4,044
	12,445		5.000		11/01/35	13,776
	9,700		5.500		11/01/35	10,907
	52,248		5.000		12/01/35	57,854
	127,129		5.500		01/01/36	142,946
	405		5.500		02/01/36	455
	5,449		6.000		06/01/36	6,187
	119,551		5.000		02/01/37	131,675
	8,698		5.000		03/01/38	9,580
	200,826		5.500		03/01/38	225,027
	71,738		5.500		04/01/38	80,383
	13,059		5.500		11/01/38	14,749
	19,370		5.500		12/01/38	21,681
	843,819		7.000		02/01/39	968,151
	6,254		5.500		03/01/39	7,056
	349,732		5.000		07/01/39	385,486
	8,892		5.500		10/01/39	9,978
	14,349		5.500		03/01/40	16,038
	42,000		5.500		06/01/40	47,081
	20,960		5.000		08/01/40	23,149
	1,634,001		5.500		08/01/40	1,822,079
	5,315		4.500		11/01/40	5,766
	17,832		5.000		04/01/41	19,738
	18,872		5.000		06/01/41	20,889
	705,639		5.000		07/01/41	781,046
	27,719		3.000		05/01/42	28,038
	336,012		3.500		06/01/42	351,750
	28,283		3.000		08/01/42	28,608
	30,525		3.000		01/01/43	30,877
	107,245		3.000		02/01/43	108,579
						10,207,201
FNMA – 29.3%
	1,655		7.000		03/01/15	1,659
	960		8.000		01/01/16	978
	38,215		8.000		11/01/16	39,150
	56,462		5.000		08/01/17	59,486
	2,220,348		2.800		03/01/18	2,299,867
	1,898,025		3.740		05/01/18	2,024,115
	1,690,000		3.840		05/01/18	1,809,140
	20,491		4.500		08/01/18	21,554
	203,070		5.000		09/01/18	214,144
	1,058,163		5.000		10/01/18	1,116,315
	4,400,000		4.506		06/01/19	4,774,205
	53,420		6.500		08/01/19	60,836
	932,615		3.416		10/01/20	987,948
	12,706		9.500		10/01/20	12,816
	623,918		3.615		12/01/20	668,702
	2,231,773		4.380		06/01/21	2,483,423
	372,401		5.500		02/01/23	416,132
	621,004		5.500		08/01/23	693,929
	181,488		6.000		11/01/28	207,316
	10,104		6.500		11/01/28	11,283
	36,044		5.000		02/01/30	40,000
	92,584		7.000		07/01/31	107,175
	548		6.000		03/01/32	629

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	1,895		5.500	%	03/01/33	$           2,131
	6,288		6.000		03/01/33	7,213
	5,751,090		5.500		04/01/33	6,497,151
	2,273		6.000		05/01/33	2,607
	8,945		5.000		07/01/33	9,927
	1,376,335		5.500		07/01/33	1,513,279
	48,728		5.000		08/01/33	53,935
	50,495		5.000		09/01/33	56,027
	26,772		5.500		09/01/33	30,158
	4,053		5.000		12/01/33	4,497
	44,756		5.500		12/01/33	50,586
	2,019		6.000		12/01/33	2,318
	262,318		5.000		02/01/34	291,059
	75,903		5.500		02/01/34	85,432
	3,057		5.500		03/01/34	3,438
	7,892		5.500		04/01/34	8,894
	385,950		5.500		05/01/34	434,085
	205		5.500		06/01/34	232
	16,295		5.500		08/01/34	18,456
	7,765		5.500		09/01/34	8,746
	8,837		5.500		10/01/34	9,991
	39,870		5.500		11/01/34	44,859
	74,746		5.500		12/01/34	84,483
	1,455,078		5.000		02/01/35	1,614,502
	13,243		5.500		02/01/35	14,893
	11,481		5.500		04/01/35	12,968
	328,436		6.000		04/01/35	376,730
	10,640		5.000		05/01/35	11,851
	8,975		5.500		05/01/35	10,064
	19,910		5.000		07/01/35	22,043
	14,168		5.500		07/01/35	15,986
	7,202		5.000		08/01/35	8,003
	1,338		5.500		08/01/35	1,515
	193		6.000		08/01/35	219
	14,783		5.500		09/01/35	16,721
	498,747		4.500		10/01/35	542,682
	135,855		6.000		10/01/35	154,589
	69,243		6.000		11/01/35	78,597
	6,188		5.500		12/01/35	7,012
	305		5.500		02/01/36	344
	60,810		6.000		03/01/36	69,192
	8,147		5.500		04/01/36	9,135
	122,502		6.000		04/01/36	139,372
	3,588		4.500		07/01/36	3,899
	63,993		5.500		09/01/36	71,963
	928		5.500		02/01/37	1,045
	26,184		5.500		04/01/37	29,527
	1,394		5.500		05/01/37	1,569
	650		5.500		06/01/37	732
	1,663,977		5.500		08/01/37	1,865,784
	401,921		6.000		10/01/37	454,807
	359,374		7.500		11/01/37	395,237
	370		5.500		12/01/37	416
	222,800		6.000		12/01/37	252,315
	22,835		5.500		02/01/38	25,608
	11,316		5.500		03/01/38	12,730
	16,847		6.000		03/01/38	19,063
	35,286		5.500		04/01/38	39,772
	871,842		6.000		04/01/38	987,384
	11,661		5.500		05/01/38	13,142
	458,116		6.000		05/01/38	518,806
	2,353		5.500		06/01/38	2,649
	3,093		5.500		07/01/38	3,482
	2,846		5.500		08/01/38	3,203
	2,957		5.500		09/01/38	3,328
	652,508		6.000		09/01/38	738,983

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	136,797		6.000	%	11/01/38	$       154,919
	970		5.500		12/01/38	1,092
	14,359		5.500		02/01/39	16,192
	3,884		4.500		03/01/39	4,217
	590,226		7.000		03/01/39	677,984
	6,840		4.500		04/01/39	7,426
	19,234		4.500		05/01/39	21,128
	271,997		4.500		06/01/39	295,284
	11,989		5.500		06/01/39	13,495
	10,888		4.000		08/01/39	11,627
	54,206		4.500		08/01/39	59,584
	310,402		6.000		09/01/39	351,522
	2,182,346		4.500		10/01/39	2,369,188
	104,151		6.000		10/01/39	117,981
	10,587		5.500		11/01/39	11,831
	826,852		4.500		12/01/39	908,892
	735,757		5.500		12/01/39	828,044
	846,890		4.500		05/01/40	920,133
	602,500		5.000		07/01/40	670,799
	214,847		6.000		07/01/40	243,309
	1,240,012		4.500		09/01/40	1,347,253
	479,250		6.000		10/01/40	542,739
	1,052,199		4.500		04/01/41	1,143,351
	670,443		4.500		05/01/41	728,523
	1,354,307		6.000		05/01/41	1,533,719
	63,738		6.000		06/01/41	72,182
	10,008		4.500		07/01/41	10,875
	280,458		5.000		07/01/41	310,574
	319,352		4.500		08/01/41	347,445
	306,978		5.000		10/01/41	339,941
	865,149		4.500		01/01/42	940,096
	575,324		5.000		04/01/42	637,102
	135,934		3.000		05/01/42	137,971
	151,084		3.000		06/01/42	153,348
	1,138,227		3.000		08/01/42	1,158,171
	307,301		4.500		08/01/42	337,743
	1,030,405		3.000		09/01/42	1,049,203
	139,260		3.000		10/01/42	141,811
	738,305		3.000		11/01/42	751,203
	6,439,793		3.000		12/01/42	6,549,005
	793,102		2.500		01/01/43	776,505
	5,229,680		3.000		01/01/43	5,320,758
	2,183,257		3.000		02/01/43	2,221,197
	1,020,311		2.500		03/01/43	998,947
	1,199,538		3.000		03/01/43	1,220,764
	1,689,566		3.000		04/01/43	1,719,463
	986,649		3.000		05/01/43	1,004,108
	173,031		3.000		06/01/43	176,092
	1,538,203		3.000		07/01/43	1,565,422
	26,000,000		3.500		TBA-30yr(e)	27,048,829
	19,000,000		4.000		TBA-30yr(e)	20,260,859
	11,000,000		4.500		TBA-30yr(e)	11,944,453
						135,996,467
GNMA – 3.5%
	22		9.000		08/15/16	22
	554,467		3.950		07/15/25	588,487
	118,755		7.000		12/15/27	138,057
	16,117		6.500		08/15/28	18,392
	212,599		6.000		01/15/29	245,922
	237,833		7.000		10/15/29	278,266
	122,233		5.500		11/15/32	138,938

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	1,433,403		5.500	%	12/15/32	$    1,629,294
	97,452		5.500		01/15/33	110,606
	106,628		5.500		02/15/33	121,021
	110,677		5.500		03/15/33	125,616
	129,661		5.500		07/15/33	146,785
	69,032		5.500		08/15/33	78,351
	55,336		5.500		09/15/33	62,805
	57,288		5.500		04/15/34	64,958
	69,827		5.500		05/15/34	79,176
	733,919		5.500		06/15/34	832,178
	620,211		5.500		09/15/34	703,247
	464,472		5.500		12/15/34	526,657
	503,207		5.500		01/15/35	565,642
	350,313		5.000		03/15/38	386,013
	2,637		5.000		11/15/38	2,905
	7,000,000		3.500		TBA-30yr(e)	7,350,547
	2,000,000		5.000		TBA-30yr(e)	2,201,484
						16,395,369
TOTAL FEDERAL AGENCIES						$173,001,205
TOTAL MORTGAGE-BACKED OBLIGATIONS						$214,531,650
Agency Debentures – 9.8%
FFCB
$	1,500,000		1.460	%	11/19/19	$    1,452,370
FHLB
	1,500,000		1.530		11/21/19	1,475,224
	2,200,000		1.875		03/13/20	2,197,740
	2,800,000		3.000		09/10/21	2,938,486
	3,700,000		2.125		06/09/23	3,589,085
	1,900,000		3.250		06/09/23	2,008,933
	2,100,000		3.375		09/08/23	2,238,682
	300,000		3.375		12/08/23	320,015
FHLMC
	5,100,000		5.050		01/26/15	5,116,636
FNMA
	2,600,000		6.250		05/15/29	3,650,690
	4,000,000		6.625		11/15/30	5,928,903
New Valley Generation III
	2,737,571		4.929		01/15/21	3,040,846
Small Business Administration
	15,584		7.500		04/01/17	16,231
	38,867		6.300		05/01/18	40,822
	21,388		6.300		06/01/18	22,365
Tennessee Valley Authority
	6,500,000		3.875		02/15/21	7,163,090
Tennessee Valley Authority Series B
	4,200,000		4.375		06/15/15	4,275,243
TOTAL AGENCY DEBENTURES						$  45,475,361
Asset-Backed Securities(a) – 3.1%
Student Loan – 3.1%
Access Group, Inc. Series 2005-2, Class A3
$	2,072,489		0.413	%	11/22/24	$    2,058,629
Alaska State Student Loan Corp. Series 2013, Class A
	4,396,530		0.669		08/25/31	4,407,257
Scholar Funding Trust Series 2013-A, Class A(d)
	3,842,255		0.820		01/30/45	3,824,364
SLM Student Loan Trust Series 2008-5, Class A4
	3,900,000		1.934		07/25/23	4,071,187
US Education Loan Trust LLC Series 2006-1, Class A2(d)
	161,600		0.364		03/01/25	161,422
TOTAL ASSET-BACKED SECURITIES						$  14,522,859

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligation – 0.5%
New Jersey – 0.5%
New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%	02/15/29	$    2,549,020
Government Guarantee Obligations(f) – 1.7%
Hashemite Kingdom of Jordan Government AID Bond
$	4,600,000		2.503	%	10/30/20	$    4,692,000
Israel Government AID Bond
	1,400,000		5.500		09/18/23	1,732,398
	500,000		5.500		12/04/23	619,911
	700,000		5.500		04/26/24	871,643
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$    7,915,952
U.S. Treasury Obligations – 49.7%
United States Treasury Bonds
$	650,000		2.750	%	11/15/42	$       649,798
	10,010,000		3.625	(g)	08/15/43	11,779,768
	5,900,000		3.750	(g)	11/15/43	7,096,343
	5,500,000		3.625		02/15/44	6,476,250
	5,200,000		3.375		05/15/44	5,857,904
	3,000,000		3.000		11/15/44	3,152,580
United States Treasury Inflation Protected Securities
	3,042,448		0.125		01/15/22	2,965,900
	3,083,510		0.625		01/15/24	3,103,738
	1,216,567		2.500		01/15/29	1,514,054
	1,375,448		1.375		02/15/44	1,563,499
United States Treasury Notes
	32,000,000		0.375		01/31/16	32,023,362
	78,800,000		0.375	(g)	02/15/16	78,818,907
	5,400,000		0.750		01/15/17	5,404,212
	2,700,000		0.875		04/15/17	2,703,591
	5,200,000		0.875		08/15/17	5,185,596
	13,800,000		1.500		01/31/19	13,805,382
	5,700,000		1.625		03/31/19	5,724,282
	2,500,000		1.625		04/30/19	2,508,300
	16,200,000		1.750		09/30/19	16,287,318
	6,400,000		1.625		12/31/19	6,390,528
	4,700,000		2.000		10/31/21	4,710,810
	4,700,000		2.125		12/31/21	4,745,684
	1,000,000		2.500		05/15/24	1,029,450
	7,400,000		2.375		08/15/24	7,532,386
TOTAL U.S. TREASURY OBLIGATIONS						$231,029,642

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Shares		Description	Value
	Investment Company(h) – 2.9%
	13,210,760	Goldman Sachs Financial Square Government Fund	$  13,210,760
	TOTAL INVESTMENTS – 113.9%		$529,235,244
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (13.9)%		(64,454,251)
	NET ASSETS – 100.0%		$464,780,993

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 or distribution rate disclosed is that which is in effect at December 31, 2014.
(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 a zero coupon. Income is recognized through the accretion of discount.
(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 amounts to $4,163,077, which represents approximately 0.9% of net assets as of December 31, 2014.
(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 $68,806,172 which represents approximately 14.8% of net assets as of December 31, 2014.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,915,952, which represents approximately 1.7% of net assets as of December 31, 2014.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an Affiliated Fund.

Investment Abbreviations:
FDIC	— Federal Deposit Insurance Corp.
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MBIA	— Insured by Municipal Bond Investors Insurance
NCUA	— National Credit Union Administration
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of      Securities
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars	112	June 2015	$	27,878,200		$	6,401
Eurodollars	56	September 2015		13,909,000			6,764
Ultra Long U.S. Treasury Bonds	(81)	March 2015		(13,380,188	)		(476,019	)
2 Year U.S Treasury Notes	79	March 2015		17,268,906			(8,594	)
5 Year U.S. Treasury Notes	276	March 2015		32,824,594			(22,792	)
10 Year U.S. Treasury Notes	(50)	March 2015		(6,339,844	)		(5,283	)
20 Year U.S. Treasury Bonds	(1)	March 2015		(144,562	)		781
TOTAL						$	(498,742	)

SWAP CONTRACTS — At December 31, 2014, 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)
	$	5,100	08/04/17	3 month LIBOR	2.195%	$	(7,244	)	$	(10,499	)
		7,500	08/04/21	3.025%	3 month LIBOR		34,901			171,119
		22,500	03/18/22	3 month LIBOR	2.500		(688,930	)		132,219
		4,100	08/04/26	3 month LIBOR	3.409		(56,839	)		(205,971	)
		800	03/18/30	3 month LIBOR	3.250		(77,705	)		6,639
TOTAL						$	(795,817	)	$	93,507

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2014.

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	517,237,238
Gross unrealized gain		13,600,292
Gross unrealized loss		(1,602,286	)
Net unrealized security gain	$	11,998,006

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(a) – 1.5%
Banks – 1.5%
Bank of Montreal
$	4,000,000		2.850	%	06/09/15	$    4,040,020
Bank of Nova Scotia
	700,000		1.650		10/29/15	706,318
Canadian Imperial Bank of Commerce
	1,900,000		2.600		07/02/15	1,919,384
DnB Boligkreditt AS
	800,000		1.450		03/21/18	793,358
TOTAL CORPORATE OBLIGATIONS						$    7,459,080
Mortgage-Backed Obligations – 32.8%
Collateralized Mortgage Obligations – 23.1%
Interest Only(b) – 0.0%
FNMA REMIC Series 1990-145, Class B
$	377		1,004.961	%	12/25/20	$           3,699
Regular Floater(c) – 14.6%
Aire Valley Mortgages PLC Series 2006-1A, Class 1A(a)
	3,089,941		0.467		09/20/66	2,976,289
Collateralized Mortgage Securities Corp. Series N, Class 2
	12,898		0.833		08/25/17	12,915
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(a)
	531,112		0.720		02/25/48	531,874
FHLMC REMIC Series 1826, Class F
	42,573		0.561		09/15/21	42,650
FHLMC REMIC Series 3208, Class FD
	2,535,181		0.561		08/15/36	2,546,504
FHLMC REMIC Series 3208, Class FE
	4,339,499		0.561		08/15/36	4,358,881
FHLMC REMIC Series 3208, Class FG
	2,466,663		0.561		08/15/36	2,477,680
FHLMC REMIC Series 3371, Class FA
	844,448		0.761		09/15/37	854,905
FHLMC REMIC Series 3374, Class FT
	802,714		0.461		04/15/37	802,046
FHLMC REMIC Series 3471, Class FB
	3,866,879		1.161		08/15/35	3,961,558
FHLMC REMIC Series 3545, Class FA
	1,234,205		1.011		06/15/39	1,252,427
FHLMC REMIC Series 3588, Class CW
	3,588,353		2.395		10/15/37	3,758,606
FHLMC REMIC Series 4039, Class FA
	5,483,157		0.661		05/15/42	5,545,388
FHLMC REMIC Series 4316, Class FY
	1,754,208		0.561		11/15/39	1,763,693
FHLMC STRIPS Series 237, Class F23
	740,023		0.561		05/15/36	743,415
FNMA REMIC Series 1990-145, Class A
	153,217		1.101		12/25/20	153,909
FNMA REMIC Series 06-72, Class XF
	1,493,642		0.670		08/25/36	1,502,680
FNMA REMIC Series 09-75, Class MF
	1,958,176		1.320		09/25/39	1,995,407
FNMA REMIC Series 1997-20, Class F
	334,558		0.630		03/25/27	330,576
FNMA REMIC Series 1998-66, Class FC
	97,039		0.662		11/17/28	97,737
FNMA REMIC Series 2007-33, Class HF
	105,458		0.520		04/25/37	106,109

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(c) – (continued)
FNMA REMIC Series 2007-92, Class OF
$	788,714		0.740	%	09/25/37	$       797,150
FNMA REMIC Series 2008-22, Class FD
	1,396,412		1.010		04/25/48	1,415,192
FNMA REMIC Series 2010-123, Class FL
	5,166,991		0.600		11/25/40	5,183,163
FNMA REMIC Series 2011-110, Class FE
	5,503,550		0.570		04/25/41	5,537,541
FNMA REMIC Series 2011-53, Class FT
	1,089,010		0.750		06/25/41	1,101,418
FNMA REMIC Series 2012-56, Class FG
	4,587,905		0.670		03/25/39	4,620,225
FNMA REMIC Series 2014-19, Class FA
	1,750,287		0.570		11/25/39	1,759,706
FNMA REMIC Series 2014-19, Class FJ
	1,927,878		0.570		11/25/39	1,938,218
GNMA REMIC Series 2010-53, Class FC
	1,809,299		0.985		04/20/40	1,845,678
GNMA REMIC Series 2012-12, Class HF
	2,109,364		0.565		01/20/42	2,122,205
NCUA Guaranteed Notes Series 2010-A1, Class A
	461,409		0.512		12/07/20	462,240
NCUA Guaranteed Notes Series 2011-R1, Class 1A
	817,475		0.618		01/08/20	821,914
NCUA Guaranteed Notes Series 2011-R2, Class 1A
	2,403,736		0.568		02/06/20	2,411,905
NCUA Guaranteed Notes Series 2011-R3, Class 1A
	2,248,176		0.559		03/11/20	2,255,729
NCUA Guaranteed Notes Series 2011-R4, Class 1A
	2,459,596		0.548		03/06/20	2,464,688
NCUA Guaranteed Notes Series 2011-R5, Class 1A
	1,851,723		0.537		04/06/20	1,854,327
						72,406,548
Sequential Fixed Rate – 0.4%
FHLMC REMIC Series 4248, Class LM
	1,494,436		6.500		05/15/41	1,719,821
NCUA Guaranteed Notes Series 2010-R1, Class 2A
	59,865		1.840		10/07/20	60,050
						1,779,871
Sequential Floating Rate(c) – 8.1%
FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1
	6,698,684		0.550		07/25/20	6,712,578
FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A
	6,525,668		0.510		01/25/21	6,522,210
FHLMC Multifamily Structured Pass Through Certificates, Series KS02, Class A
	7,941,957		0.536		08/25/23	7,941,956
FNMA ACES Series 2013-M11, Class FA
	2,208,429		0.500		01/25/18	2,211,169
FNMA ACES Series 2014-M5, Class FA
	1,932,318		0.507		01/25/17	1,933,331
Granite Master Issuer PLC Series 2006-3, Class A4
	5,193,997		0.245		12/20/54	5,149,390
Granite Master Issuer PLC Series 2007-1, Class 2A1
	281,708		0.305		12/20/54	279,478
Granite Master Issuer PLC Series 2007-1, Class 3A1
	281,708		0.365		12/20/54	279,666
Granite Master Issuer PLC Series 2007-2, Class 4A1
	6,690,573		0.252		12/17/54	6,634,265
Granite Mortgages PLC Series 2004-3, Class 2A1
	1,407,163		0.527		09/20/44	1,400,722

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
Leek Finance PLC Series 2017A, Class A2B(a)
$	376,188		0.527	%	12/21/37	$       393,868
Leek Finance PLC Series 2018X, Class A2B
	426,843		0.493		09/21/38	440,748
						39,899,381
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$114,089,499
Commercial Mortgage-Backed Securities(a)(c) – 2.6%
Sequential Floating Rate – 2.6%
Boca Hotel Portfolio Trust Series 2013-BOCA, Class A
$	517,828		1.311	%	08/15/26	$       517,799
Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class A
	4,700,000		1.059		06/11/27	4,692,292
Extended Stay America Trust Series 2013-ESFL, Class A2FL
	1,400,000		0.857		12/05/31	1,394,025
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-JWRZ, Class A
	900,000		0.941		04/15/30	899,227
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	5,300,000		1.111		12/15/28	5,286,828
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  12,790,171
Federal Agencies – 7.1%
Adjustable Rate FHLMC(c) – 2.4%
$	19,305		1.918	%	08/01/16	$         19,405
	27,323		2.865		08/01/18	27,923
	15,904		2.510		11/01/18	16,175
	117,173		2.816		11/01/18	118,432
	5,360		2.283		02/01/19	5,452
	21,176		1.930		03/01/19	21,429
	14,173		2.551		03/01/19	14,484
	21,738		2.192		06/01/19	22,099
	7,246		2.270		07/01/19	7,377
	443,501		2.672		11/01/19	453,950
	271,224		6.876		11/01/19	290,717
	21,272		2.768		01/01/20	21,647
	41,083		1.926		05/01/21	41,797
	11,645		1.929		10/01/26	11,785
	539,793		3.354		08/01/28	572,973
	230,705		2.387		05/01/29	239,375
	22,321		4.165		06/01/29	24,267
	41,119		1.917		04/01/30	42,339
	35,015		4.373		06/01/30	38,068
	137,160		2.427		12/01/30	143,901
	30,190		2.473		02/01/31	31,742
	8,779		2.280		06/01/31	9,320
	1,987,676		2.360		05/01/34	2,119,012
	1,866,448		2.252		05/01/35	1,987,476
	224,223		3.463		05/01/35	233,543
	5,033,541		2.406		01/01/38	5,474,623
						11,989,311
Adjustable Rate FNMA(c) – 2.8%
	45,032		6.750		04/01/17	46,239
	17,327		4.258		08/01/17	17,708
	53,177		2.741		09/01/17	53,438
	4,630		1.875		12/01/17	4,679

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(c) – (continued)
$	1,421		4.875	%	12/01/17	$           1,477
	57,352		2.027		03/01/18	57,985
	26,713		2.735		03/01/18	26,786
	320,470		2.058		07/01/18	324,132
	4,219		1.736		10/01/18	4,223
	15,542		1.878		10/01/18	15,753
	17,461		2.677		10/01/18	18,407
	37,017		2.739		10/01/18	37,166
	51,079		1.902		01/01/19	51,757
	171,216		4.000		04/01/19	178,955
	10,221		5.995		04/01/19	10,814
	304,336		1.875		05/01/19	308,896
	98,909		1.917		05/01/19	101,064
	34,318		6.116		07/01/19	36,336
	119,534		4.289		08/01/19	125,539
	126,757		5.852		05/01/20	133,990
	178,931		1.925		06/01/20	181,545
	12,016		6.691		02/01/22	12,880
	45,073		2.447		05/20/22	49,504
	105,304		2.182		02/01/23	107,867
	250,666		2.235		01/01/24	258,833
	301,717		2.300		03/01/24	311,888
	213,360		2.026		06/20/24	238,329
	9,438		3.370		08/01/24	9,639
	64,476		5.082		01/01/25	69,110
	15,599		3.595		06/01/27	16,509
	10,866		4.250		12/01/27	11,813
	19,691		4.503		01/01/28	21,408
	13,398		1.940		06/01/29	13,769
	14,418		2.048		06/01/29	14,854
	1,770,840		2.388		07/01/33	1,882,851
	546,919		2.485		11/01/34	585,017
	10,083		3.803		05/01/36	10,779
	2,761,805		2.493		03/01/37	2,960,295
	575,177		2.325		09/01/37	616,515
	4,681,314		2.292		12/01/37	5,016,060
	88,579		1.515		06/01/40	91,296
	9,391		1.315		02/01/41	9,634
						14,045,739
Adjustable Rate GNMA(c) – 0.5%
	1,431,744		1.625		04/20/33	1,480,783
	294,160		1.625		05/20/33	306,343
	553,732		1.625		08/20/34	572,941
						2,360,067
FHLMC – 0.2%
	36,006		8.000		12/01/15	36,474
	152,242		5.500		01/01/20	163,260
	112,640		7.000		04/01/21	122,194
	51,763		7.000		08/01/21	58,084
	172,232		7.000		05/01/22	191,427
	534,609		7.000		06/01/22	604,265
	3,921		4.500		05/01/23	4,216
						1,179,920
FNMA – 1.2%
	5,746		8.000		01/01/16	5,786
	13,654		7.000		05/01/17	13,797
	25,788		5.500		03/01/18	27,291
	60,603		5.500		04/01/18	63,841
	5,239		5.000		09/01/19	5,556
	1,625		5.000		11/01/19	1,720

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	8,934		5.000	%	01/01/20	$           9,465
	50,968		7.000		07/01/21	55,967
	103,031		7.000		11/01/21	116,045
	50,445		7.000		12/01/21	52,105
	132,675		7.000		01/01/22	141,467
	25,651		7.000		02/01/22	28,988
	88,310		7.000		01/01/28	98,592
	21,349		6.500		04/01/33	24,844
	54,142		6.000		05/01/38	61,314
	68,399		6.000		11/01/38	77,460
	155,200		6.000		09/01/39	175,760
	52,075		6.000		10/01/39	58,990
	38,914		6.000		10/01/40	44,069
	56,223		6.000		05/01/41	63,672
	325,814		3.000		08/01/42	331,546
	278,103		3.000		09/01/42	283,198
	125,949		3.000		11/01/42	128,118
	1,751,199		3.000		12/01/42	1,780,851
	1,271,559		3.000		01/01/43	1,293,545
	391,069		3.000		02/01/43	397,784
	100,482		3.000		03/01/43	102,260
	239,165		3.000		04/01/43	243,396
						5,687,427
GNMA – 0.0%
	41,094		7.000		04/15/26	47,096
TOTAL FEDERAL AGENCIES						$  35,309,560
TOTAL MORTGAGE-BACKED OBLIGATIONS						$162,189,230
Agency Debentures(c) – 13.1%
FFCB
$	25,000,000		0.137	%	06/30/16	$  24,987,425
	25,000,000		0.136		09/09/16	24,993,100
	15,000,000		0.200		12/28/16	15,011,715
TOTAL AGENCY DEBENTURES						$  64,992,240
Asset-Backed Securities – 32.0%
Auto(c) – 0.5%
Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2
$	2,500,000		0.541	%	01/15/18	$    2,500,337
Collateralized Loan Obligations(c) – 10.0%
ACIS CLO Ltd. Series 2013-1A, Class A1(a)
	1,150,000		1.101		04/18/24	1,115,201
ACIS CLO Ltd. Series 2013-2A, Class A(a)
	2,400,000		0.753		10/14/22	2,349,833
Atrium X Series 2010-A, Class A(a)
	2,750,000		1.349		07/16/25	2,693,955
B&M CLO Ltd. Series 2014-1A, Class A1(a)
	750,000		1.629		04/16/26	739,871
Black Diamond CLO Ltd. Series 2005-1A, Class A1(a)
	227,425		0.517		06/20/17	227,203
Black Diamond CLO Ltd. Series 2006-1A, Class AD(a)
	1,436,220		0.483		04/29/19	1,409,762
Brentwood CLO Corp. Series 2006-1A, Class A1A(a)
	1,963,685		0.502		02/01/22	1,939,936
Brentwood CLO Corp. Series 2006-1A, Class A1B(a)
	1,556,128		0.502		02/01/22	1,538,995
Crown Point CLO Ltd. Series 2012-1A, Class A1LA(a)
	700,000		0.982		11/21/22	687,781
Crown Point CLO Ltd. Series 2013-2A, Class A1L
	2,850,000		1.200		12/14/23	2,781,039

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(c) – (continued)
Dryden XXVI Senior Loan Fund Series 2013-26A, Class A(a)
$	1,800,000		1.331	%	07/15/25	$    1,762,614
Gleneagles CLO Ltd. Series 2005-1A, Class A1(a)
	397,490		0.507		11/01/17	397,225
Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(a)
	4,700,000		0.512		05/01/22	4,552,185
Goldentree Loan Opportunities V Ltd. Series 2007-5A, Class A(a)
	587,337		0.926		10/18/21	586,758
ICG US CLO Ltd. Series 2014-1A, Class A1(a)
	2,100,000		1.381		04/20/26	2,048,569
KKR Financial CLO Ltd. Series 2013-1A, Class A1(a)
	5,250,000		1.381		07/15/25	5,122,729
Liberty CLO Ltd. Series 2005-1A, Class A2(a)
	3,317,538		0.607		11/01/17	3,302,539
OCP CLO Ltd. Series 2012-2A, Class A1(a)
	1,050,000		1.053		11/22/23	1,027,372
OCP CLO Ltd. Series 2014-5A, Class A1(a)
	2,350,000		1.234		04/26/26	2,276,807
OFSI Fund V Ltd. Series 2013-5A, Class A1LA(a)
	1,000,000		1.158		04/17/25	971,199
OFSI Fund V Ltd. Series 2014-7A, Class A(a)
	2,100,000		1.715		10/18/26	2,060,827
OFSI Fund VI Ltd. Series 2014-6A, Class A1(a)
	2,250,000		1.261		03/20/25	2,182,819
OZLM Funding III Ltd. Series 2013-3A, Class A1(a)
	2,000,000		1.562		01/22/25	1,977,454
Symphony CLO XI Ltd. Series 2013-11A, Class A(a)
	2,000,000		1.528		01/17/25	1,981,036
Trinitas CLO Ltd. Series 2014-1A, Class A1(a)
	600,000		1.761		04/15/26	595,379
Westchester CLO Ltd. Series 2007-1X, Class A1A
	1,544,403		0.457		08/01/22	1,522,929
Zais CLO 1 Ltd. Series 2014-1A, Class A1(a)
	1,700,000		1.631		04/15/26	1,685,144
						49,537,161
Credit Card(c) – 2.3%
BA Credit Card Trust Series 2007-A11, Class A11
	1,667,000		0.231		12/15/19	1,658,362
Bank of America Credit Card Trust Series 2014-A1, Class A
	5,650,000		0.541		06/15/21	5,638,607
Chase Issuance Trust Series 2013-A2, Class A2
	4,200,000		0.261		02/15/17	4,199,461
						11,496,430
Home Equity(a) – 2.0%
HLSS Servicer Advance Receivables Backed Notes Series 2013-T5, Class AT5
	3,600,000		1.979		08/15/46	3,621,836
HLSS Servicer Advance Receivables Trust Series 2014-T1, Class AT1
	6,400,000		1.244		01/17/45	6,404,128
						10,025,964
Student Loan(c) – 17.2%
Academic Loan Funding Trust Series 2013-1, Class A(a)
	4,566,138		0.969		12/26/44	4,553,126
Access Group, Inc. Series 2005-2, Class A3
	2,412,748		0.413		11/22/24	2,396,612
Access Group, Inc. Series 2013-1, Class A(a)
	2,287,483		0.670		02/25/36	2,256,454
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	3,135,110		0.970		02/25/41	3,137,471
Alaska State Student Loan Corp. Series 2013, Class A
	3,405,763		0.669		08/25/31	3,414,073

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
Bank of America Student Loan Trust Series 2010-1A, Class A(a)
$	3,144,365		1.034	%	02/25/43	$    3,156,514
Brazos Higher Education Authority, Inc. Series 2005-2, Class A10
	1,990,195		0.375		12/26/19	1,983,788
Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	561,974		1.033		02/25/30	565,675
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a)
	4,638,409		0.969		06/25/26	4,661,390
Education Loan Asset-Backed Trust Series 2012-1, Class A1(a)
	22,791		0.620		06/25/22	22,791
Educational Services of America, Inc. Series 2010-1, Class A1(a)
	4,287,456		1.084		07/25/23	4,313,683
Educational Services of America, Inc. Series 2012-1, Class A1(a)
	5,020,500		1.320		09/25/40	5,102,808
Educational Services of America, Inc. Series 2014-1, Class A(a)
	4,173,143		0.870		02/25/39	4,163,234
GCO Education Loan Funding Trust Series 2005-2, Class A6L
	1,170,178		0.383		05/27/24	1,165,628
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	2,778,737		0.363		05/25/25	2,709,782
Goal Capital Funding Trust Series 2010-1, Class A(a)
	106,528		0.933		08/25/48	106,873
Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	2,499,729		1.183		02/25/42	2,514,129
Massachusetts Educational Financing Authority Series 2008-1, Class A1
	973,480		1.184		04/25/38	978,076
Missouri Higher Education Loan Authority Series 2010-2, Class A1
	4,672,540		1.083		08/27/29	4,693,036
Nelnet Student Loan Trust Series 2008-3, Class A4
	4,500,000		1.883		11/25/24	4,653,483
Northstar Education Finance, Inc. Series 2012-1, Class A(a)
	1,394,675		0.870		12/26/31	1,391,325
Pennsylvania State Higher Education Assistance Agency Series 2009-2 Class A-1
	73,899		0.834		04/25/19	73,907
Rhode Island Student Loan Authority Series 2012-1, Class A1
	3,811,698		1.055		07/01/31	3,833,613
Rhode Island Student Loan Authority Series 2014-1, Class A1
	149,243		0.856		10/02/28	148,879
Scholar Funding Trust Series 2012-B, Class A1(a)
	3,791,706		0.570		10/28/25	3,782,592
SLC Student Loan Center Series 2011-1, Class A(a)
	2,170,724		1.390		10/25/27	2,206,163
SLC Student Loan Trust Series 2010-1, Class A
	1,338,936		1.108		11/25/42	1,350,173
SLM Student Loan Trust Series 2003-12, Class A5(a)
	1,514,060		0.521		09/15/22	1,511,765
SLM Student Loan Trust Series 2005-9, Class A6
	3,100,000		0.784		10/26/26	3,110,776
SLM Student Loan Trust Series 2006-7, Class A4
	71,298		0.304		04/25/22	71,252
SLM Student Loan Trust Series 2006-8, Class A4
	222,557		0.314		10/25/21	221,895
SLM Student Loan Trust Series 2008-2, Class A3
	1,000,000		0.984		04/25/23	1,006,487
SLM Student Loan Trust Series 2008-5, Class A4
	1,250,000		1.934		07/25/23	1,304,868
SLM Student Loan Trust Series 2012-3, Class A
	1,774,835		0.820		12/26/25	1,790,422
SLM Student Loan Trust Series 2012-6, Class A2
	611,925		0.450		09/25/19	611,132
South Carolina Student Loan Corp. Series 2005, Class A2
	428,644		0.356		12/01/20	427,873
US Education Loan Trust LLC Series 2006-1, Class A2(a)
	1,535,197		0.364		03/01/25	1,533,513
Utah State Board of Regents Series 2012-1, Class A
	3,906,631		0.920		12/26/31	3,925,187
						84,850,448
TOTAL ASSET-BACKED SECURITIES						$158,410,340

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations(c) – 7.3%
Supranational – 7.3%
Asian Development Bank
$	23,000,000		0.170	%	05/29/15	$  22,996,320
International Finance Corp.
	13,100,000		0.170		08/27/15	13,105,397
TOTAL FOREIGN DEBT OBLIGATIONS						$  36,101,717
Government Guarantee Obligations – 6.3%
FMS Wertmanagement(c)(d)
$	26,800,000		0.481	%	06/30/15	$  26,826,934
Hashemite Kingdom of Jordan Government AID Bond(e)
	4,000,000		2.503		10/30/20	4,080,000
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$  30,906,934
U.S. Treasury Obligations – 5.4%
United States Treasury Bonds
$	500,000		3.125	%	11/15/41	$       539,980
	3,500,000		3.750	(f)	11/15/43	4,209,695
United States Treasury Inflation Protected Securities
	2,410,540		0.500		04/15/15	2,378,890
	7,637,896		0.125		04/15/16	7,613,989
	2,279,508		1.125		01/15/21	2,372,466
	3,986,656		0.125		01/15/22	3,886,352
	2,645,916		0.625		01/15/24	2,663,273
	944,790		2.375		01/15/25	1,111,602
United States Treasury Notes
	1,900,000		2.125		01/31/21	1,927,759
TOTAL U.S. TREASURY OBLIGATIONS						$  26,704,006

Shares		Description	Value
	Investment Company(g) – 2.0%
	10,033,878	Goldman Sachs Financial Square Government Fund	$  10,033,878
	TOTAL INVESTMENTS – 100.4%		$496,797,425
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%		(1,816,037)
	NET ASSETS – 100.0%		$494,981,388

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

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 $118,172,670, which represents approximately 23.9% of net assets as of December 31, 2014.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at December 31, 2014.
(d)	Guaranteed by a foreign government until maturity. Total market value of this security amounts to $26,826,934, which represents approximately 5.4% of net assets as of December 31, 2014.
(e)	Guaranteed by the United States Government until maturity. Total market value for this security amounts to $4,080,000, which represents approximately 0.8% of net assets as of December 31, 2014.
(f)	A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an Affiliated Issuer.

Investment Abbreviations:
ACES	— Alternative Credit Enhancement Securities
CLO	— Collateralized Loan Obligation
FDIC	— Federal Deposit Insurance Corp.
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
NCUA	— National Credit Union Administration
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of      Securities

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2014, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount		Value
FNMA (Proceeds Receivable: $2,971,406)		3.000	%	TBA-30yr	01/14/15	$	(4,000,000)	$	(4,048,438)

FUTURES CONTRACTS — At December 31, 2014, 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	10	March 2015	$	1,651,875		$	62,733
2 Year U.S. Treasury Notes	(84)	March 2015		(18,361,875	)		34,655
5 Year U.S. Treasury Notes	(493)	March 2015		(58,632,336	)		118,548
10 Year U.S. Treasury Notes	494	March 2015		62,637,656			286,352
20 Year U.S. Treasury Bonds	4	March 2015		578,250			(1,916	)
TOTAL						$	500,372

SWAP CONTRACTS — At December 31, 2014, 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)
	$	11,300	03/18/17	3 month LIBOR	1.250%	$	(62,534	)	$	18,811
		11,100	08/04/17	3 month LIBOR	2.195		(9,779	)		(28,839	)
		17,100	03/18/20	3 month LIBOR	2.250		(373,109	)		62,212
		16,400	08/04/21	3.025%	3 month LIBOR		125,251			325,247
		42,400	03/18/22	3 month LIBOR	2.500		(1,292,326	)		243,236
		2,800	03/18/25	3 month LIBOR	3.000		(175,788	)		9,706
		8,900	08/04/26	3 month LIBOR	3.409		(74,514	)		(495,976	)
		10,700	03/18/30	3 month LIBOR	3.250		(1,013,804	)		63,298
TOTAL						$	(2,876,603	)	$	197,695

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2014.

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	495,626,909
Gross unrealized gain		2,536,352
Gross unrealized loss		(1,365,836	)
Net unrealized security gain	$	1,170,516

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 97.7%
United States Treasury Bond
$	500,000		3.000	%	11/15/44	$       525,430
United States Treasury Inflation Protected Securities
	3,550,008		0.125		04/15/16	3,538,897
	10,506,672		0.125		04/15/17	10,516,548
	30,097,546		0.125		04/15/18	29,994,010
	11,552,418		0.125		04/15/19	11,442,323
	13,839,870		1.125	(a)	01/15/21	14,404,260
	6,789,552		0.125		01/15/23	6,577,379
	408,136		0.375		07/15/23	404,373
	1,933,554		0.625		01/15/24	1,946,238
	2,141,524		2.375		01/15/25	2,519,632
	4,592,094		2.375		01/15/27	5,508,355
	10,617,312		2.500		01/15/29	13,213,563
	11,755,127		2.125		02/15/40	15,294,478
	1,471,204		0.750		02/15/42	1,435,571
	2,801,838		1.375		02/15/44	3,184,905
United States Treasury Notes
	800,000		1.625		12/31/19	798,816
	600,000		2.125		12/31/21	605,832
TOTAL U.S. TREASURY OBLIGATIONS						$121,910,610
Short-term Investment(b) – 1.1%
Repurchase Agreement – 1.1%
Joint Repurchase Agreement Account II
$	1,400,000		0.082	%	01/02/15	$    1,400,000
TOTAL INVESTMENTS – 98.8%						$123,310,610
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%						1,547,177
NET ASSETS – 100.0%						$124,857,787

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Joint repurchase agreement was entered into on December 31, 2014. Additional information appears in the Notes to the Schedule of Investments section.

Investment Abbreviation:
LIBOR	— London Interbank Offered Rate
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars	12	June 2015	$	2,986,950		$	686
Eurodollars	6	September 2015		1,490,250			725
Eurodollars	(14)	June 2017		(3,423,700	)		(5,612	)
Eurodollars	(15)	September 2017		(3,663,938	)		(1,721	)
Ultra Long U.S. Treasury Bonds	(56)	March 2015		(9,250,500	)		(370,336	)
2 Year U.S. Treasury Notes	(33)	March 2015		(7,213,594	)		6,054
5 Year U.S. Treasury Notes	(86)	March 2015		(10,227,953	)		25,706
10 Year U.S. Treasury Notes	187	March 2015		23,711,016			110,099
20 Year U.S. Treasury Bonds	20	March 2015		2,891,250			17,814
TOTAL						$	(216,585	)

SWAP CONTRACTS — At December 31, 2014, 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)
	$	6,800	08/04/17	3 month LIBOR	2.195%	$	(10,050	)	$	(13,608	)
		2,000	03/18/20	3 month LIBOR	2.250		(44,200	)		7,838
		9,900	08/04/21	3.025%	3 month LIBOR		24,912			247,035
		6,000	03/18/22	3 month LIBOR	2.500		(187,853	)		39,396
		5,400	08/04/26	3 month LIBOR	3.409		(77,147	)		(268,993	)
		400	03/18/30	3.250	3 month LIBOR		36,363			(829	)
TOTAL						$	(257,975	)	$	10,839

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2014.

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	125,283,843
Gross unrealized gain		2,311,356
Gross unrealized loss		(4,284,589	)
Net unrealized security loss	$	(1,973,233	)

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATION FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(a) – 18.5%
Banks – 16.0%
Commonwealth Bank of Australia(b)
$	400,000		0.747	%	09/20/16	$     401,151
Royal Bank of Canada
	400,000		0.696		09/09/16	401,473
Svenska Handelsbanken AB
	400,000		0.722		09/23/16	401,495
The Toronto-Dominion Bank
	400,000		0.696		09/09/16	401,072
						1,605,191
Health Care – 2.5%
Providence Health & Services Obligated Group
	250,000		0.885		10/01/15	250,476
TOTAL CORPORATE OBLIGATIONS						$  1,855,667
Municipal Debt Obligations – 55.2%
California – 10.7%
California State GO Bonds (Various Purposes) Series 2009
$	245,000		5.450	%	04/01/15	$     247,942
California Statewide Communities Development Authority (Sifma - Kaiser Permanente) Series 2012 B(a)
	350,000		0.990		04/01/52	350,522
Metropolitan Water District Southern California RB (Refunding - Sifma Index) Series 2012 B-2(a)
	100,000		0.390		07/01/27	100,012
University of California RB (Floating Rate Notes) Series 2011 Y-2(a)
	175,000		0.656		07/01/41	175,299
University of California RB (Taxable Floating Rate Notes) Series 2011 Y-1(a)
	200,000		0.655		07/01/41	200,342
						1,074,117
Colorado – 1.1%
University of Colorado Enterprise RB Build America Subseries 2010 A-2
	105,000		2.672		06/01/16	107,424
Connecticut – 1.3%
Connecticut State GO Bonds Series 2008 A
	130,000		4.400		03/15/15	131,015
Florida(a)(b) – 3.8%
Puttable Floating Option Taxable Notes RB Series 2014 TNP-1011
	385,000		0.000		12/01/25	385,000
Illinois – 7.9%
Illinois Municipal Electric Agency Power Supply Taxable Series 2009 B
	350,000		4.880		02/01/15	351,127
Illinois State GO Bonds Series 2010
	440,000		4.421		01/01/15	440,000
						791,127
Massachusetts – 1.9%
Commonwealth of Massachusetts State GO Bonds Refunding (Sifma Index) Series 2013 A(a)
	50,000		0.330		02/01/16	50,080

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Massachusetts – (continued)
Massachusetts Department Of Transportation Western Turnpike RB Taxable Series 2011 B
$	140,000		1.808	%	01/01/15	$     140,000
						190,080
Michigan – 2.0%
University of Michigan RB Build America Bonds Series 2010
	200,000		1.754		04/01/15	200,542
New Jersey – 2.0%
New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	200,000		4.252		01/01/16	201,864
New York – 11.6%
New York City Transitional Finance Authority RB Build America Bonds Series 2010
	350,000		3.062		05/01/15	352,800
New York State Local Government Assistance Corp. RB Refunding Sub-Lien (AGM) Series 2003 A-10 V(a)
	225,000		0.105		04/01/17	220,276
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	300,000		0.604		11/01/15	300,726
Puttable Floating Option Taxable Notes RB Series 2013 TNP-1006(a)(b)
	290,000		0.000		01/15/15	290,000
						1,163,802
North Carolina – 2.0%
University of North Carolina at Chapel Hill RB Build America Bonds Series 2010
	200,000		2.453		02/01/15	200,328
Pennsylvania – 4.7%
Commonwealth of Pennsylvania Financing Authority Build America RB Series 2009
	320,000		4.180		06/01/15	324,624
Pennsylvania Turnpike Commission RB Series 2013 B(a)
	150,000		0.440		12/01/15	150,111
						474,735
South Carolina(a) – 4.0%
South Carolina State Public Service Authority RB (Taxable Libor Index Bonds) Series 2013 D
	400,000		1.255		06/01/16	400,996
Washington – 0.2%
Energy Northwest Washington Electric RB (Taxable-Refunding Project) Series 2012 C
	15,000		1.264		07/01/15	15,063
Wisconsin – 2.0%
Dane County GO Build America Bonds for Promisory Notes Series 2010 F
	200,000		1.650		06/01/15	200,746
TOTAL MUNICIPAL DEBT OBLIGATIONS						$  5,536,839
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT						$  7,392,506

GOLDMAN SACHS LIMITED MATURITY OBLIGATION FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 25.9%
Certificate of Deposit – 4.0%
Agricultural Bank China
$	400,000		0.760	%	04/02/15	$     400,005
Repurchase Agreement – 21.9%
Citigroup Global Markets, Inc.
	490,000		1.133		03/23/15	490,000
Maturity Value: $492,776 Settlement Date: 09/23/14 Collateralized by various collateralized mortgage obligations, 0.317% to 9.500%, due 09/01/18 to 01/12/44, and a corporate obligation, 1.043% due 06/23/35. The aggregate market value of the collateral, including accrued interest, was $578,620.
Joint Repurchase Agreement Account II(c)
	1,700,000		0.082		01/02/15	1,700,000
						2,190,000
TOTAL SHORT-TERM INVESTMENTS						$  2,590,005
TOTAL INVESTMENTS – 99.6%						$  9,982,511
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%						43,774
NET ASSETS – 100.0%						$10,026,285

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 or distribution rate disclosed is that which is in effect at December 31, 2014.
(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 $1,076,151, which represents approximately 10.7% of net assets as of December 31, 2014.
(c)	Joint repurchase agreement was entered into on December 31, 2014. Additional information appears in the Notes to the Schedule of Investments section.

Investment Abbreviations:
GO	— General Obligation
RB	— Revenue Bond

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATION FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	9,982,910
Gross unrealized gain		3,032
Gross unrealized loss		(3,431	)
Net unrealized security loss	$	(399	)

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 37.8%
Collateralized Mortgage Obligations – 11.3%
Inverse Floaters(a) – 0.0%
FNMA REMIC Series 1990-134, Class SC
$	13,015		21.346	%	11/25/20	$            17,618
IOette(b) – 0.0%
FHLMC REMIC Series 1161, Class U
	270		1,172.807		11/15/21	6,563
Regular Floater(a) – 6.4%
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(c)
	7,258,531		0.720		02/25/48	7,268,945
FNMA REMIC Series 1988-12, Class B
	25,619		0.000		02/25/18	25,361
FNMA REMIC Series 2007-33, Class HF
	907,578		0.520		04/25/37	913,183
NCUA Guaranteed Notes Series 2010-A1, Class A
	2,845,356		0.512		12/07/20	2,850,483
NCUA Guaranteed Notes Series 2010-R2, Class 1A
	5,809,520		0.527		11/06/17	5,822,002
NCUA Guaranteed Notes Series 2011-R1, Class 1A
	4,788,068		0.607		01/08/20	4,814,066
NCUA Guaranteed Notes Series 2011-R2, Class 1A
	16,105,030		0.557		02/06/20	16,159,761
NCUA Guaranteed Notes Series 2011-R3, Class 1A
	15,237,640		0.559		03/11/20	15,288,830
NCUA Guaranteed Notes Series 2011-R4, Class 1A
	20,954,483		0.537		03/06/20	20,997,865
NCUA Guaranteed Notes Series 2011-R5, Class 1A
	11,543,204		0.537		04/06/20	11,559,437
NCUA Guaranteed Notes Series 2011-R6, Class 1A
	5,837,553		0.537		05/07/20	5,841,430
						91,541,363
Sequential Fixed Rate – 4.6%
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	7,750,604		3.250		04/25/38	7,945,518
FHLMC REMIC Series 108, Class G
	76,350		8.500		12/15/20	81,927
FHLMC REMIC Series 1980, Class Z
	602,235		7.000		07/15/27	686,021
FHLMC REMIC Series 2019, Class Z
	602,273		6.500		12/15/27	673,389
FHLMC REMIC Series 2755, Class ZA
	1,322,203		5.000		02/15/34	1,450,508
FHLMC REMIC Series 3530, Class DB
	10,272,158		4.000		05/15/24	10,921,634
FHLMC REMIC Series 4273, Class PD
	2,749,422		6.500		11/15/43	3,164,046
FNMA REMIC Series 1989-66, Class J
	145,132		7.000		09/25/19	154,554
FNMA REMIC Series 1990-16, Class E
	113,358		9.000		03/25/20	128,319
FNMA REMIC Series 2005-65, Class WL
	1,039,795		5.500		07/25/34	1,050,488
FNMA REMIC Series 2012-111, Class B
	1,369,420		7.000		10/25/42	1,562,275
FNMA REMIC Series 2012-153, Class B
	4,154,957		7.000		07/25/42	4,773,409
NCUA Guaranteed Notes Series 2010-C1, Class A2
	20,000,000		2.900		10/29/20	20,528,464

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
NCUA Guaranteed Notes Series 2010-R1, Class 2A
$	359,188		1.840	%	10/07/20	$          360,296
NCUA Guaranteed Notes Series A4
	11,000,000		3.000		06/12/19	11,544,998
						65,025,846
Sequential Floating Rate(a) – 0.3%
FHLMC REMIC Series 4273, Class PS
	3,577,773		5.939		11/15/43	528,457
FNMA REMIC Series 1988-12, Class A
	49,871		3.739		02/25/18	50,771
NCUA Guaranteed Notes Series 2010-R1, Class 1A
	4,078,372		0.607		10/07/20	4,098,924
						4,678,152
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$   161,269,542
Commercial Mortgage-Backed Securities – 6.3%
FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1(a)
	31,625,516		0.550		07/25/20	31,691,113
FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A(a)
	12,667,473		0.510		01/25/21	12,660,761
FNMA ACES Series 2009-M2, Class A2
	5,389,994		3.334		01/25/19	5,473,408
FNMA ACES Series 2014-M1, Class ASQ2(a)
	32,500,000		2.323		11/25/18	33,122,976
FNMA ACES Series 2014-M5, Class FA(a)
	6,217,023		0.507		01/25/17	6,220,283
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$     89,168,541
Federal Agencies – 20.2%
Adjustable Rate FHLMC(a) – 0.3%
	33,734		1.740		05/01/18	33,976
	37,692		2.776		10/01/25	38,249
	646,828		2.380		11/01/34	693,315
	3,048,666		2.375		06/01/35	3,272,186
	292,670		2.831		05/01/36	313,705
	83,329		2.142		10/01/36	88,265
	110,165		2.663		11/01/36	118,083
						4,557,779
Adjustable Rate FNMA(a) – 2.9%
	960		1.820		11/01/17	960
	45,385		2.540		02/01/18	45,654
	48,297		2.076		06/01/18	49,423
	62,865		5.852		05/01/20	66,452
	32,598		2.945		01/01/23	33,067
	156,232		3.098		02/01/27	160,330
	1,549,841		2.422		08/01/29	1,574,494
	38,175		2.255		07/01/32	40,050
	51,750		2.380		07/01/32	54,935
	93,029		1.924		01/01/33	97,386
	1,911,490		2.425		05/01/33	2,036,049
	385,479		2.625		08/01/33	412,080
	1,472,468		4.609		08/01/33	1,600,849
	1,319,590		2.413		02/01/34	1,405,440
	487,711		2.195		05/01/34	522,536
	800,099		2.274		05/01/34	850,450
	724,203		2.345		06/01/34	776,252

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – (continued)
$	559,138		2.156	%	10/01/34	$          592,728
	518,271		2.198		10/01/34	550,357
	1,423,768		2.131		02/01/35	1,501,407
	155,606		2.187		02/01/35	165,788
	366,551		2.278		03/01/35	392,637
	1,183,614		2.345		03/01/35	1,259,423
	1,687,837		1.891		04/01/35	1,766,588
	2,716,821		1.953		04/01/35	2,892,675
	950,330		2.345		04/01/35	1,018,630
	610,870		2.023		05/01/35	647,052
	334,058		2.052		05/01/35	352,590
	2,736,103		2.348		08/01/35	2,914,610
	746,804		2.224		10/01/35	790,670
	1,798,007		2.331		03/01/36	1,914,278
	536,097		2.318		04/01/36	566,562
	1,685,079		2.549		04/01/36	1,806,185
	2,405,343		2.397		06/01/36	2,578,215
	1,435,675		2.534		06/01/36	1,527,631
	1,886,379		2.473		07/01/36	2,003,593
	3,402,403		2.328		09/01/36	3,646,933
	285,975		2.506		11/01/36	306,528
	170,619		2.542		11/01/36	182,882
	2,053,780		2.353		07/01/37	2,201,385
	92,463		2.527		12/01/46	99,108
						41,404,862
Adjustable Rate GNMA(a) – 0.5%
	421,326		1.625		05/20/34	436,026
	759,734		1.625		07/20/34	786,070
	484,822		1.625		08/20/34	501,641
	3,698,536		1.625		09/20/34	3,826,922
	479,697		1.625		10/20/34	496,303
	664,758		1.625		12/20/34	685,509
						6,732,471
FHLMC – 0.4%
	1,928		8.500		10/01/15	1,935
	12,459		8.000		12/01/15	12,621
	2,915		7.000		03/01/16	2,944
	753,584		5.500		01/01/20	808,123
	227,164		7.000		04/01/22	249,056
	3,921		4.500		05/01/23	4,215
	13,950		7.500		01/01/31	14,693
	5,449		6.000		06/01/36	6,187
	3,829,642		7.000		02/01/39	4,393,916
						5,493,690
FNMA – 15.5%
	156		8.500		09/01/15	156
	10,426		8.500		10/01/15	10,573
	1,236		8.500		12/01/15	1,248
	2,034		5.500		01/01/18	2,145
	7,216,132		2.800		03/01/18	7,474,567
	59,709,173		3.743		06/01/18	63,615,634
	115,255		5.500		07/01/18	122,206
	85,856		5.500		08/01/18	90,855
	171,662		5.500		09/01/18	182,269
	15,800,000		2.960		11/01/18	16,412,530
	23,874		5.500		12/01/18	25,423
	12,757		5.500		01/01/19	13,612
	67,204		6.000		01/01/19	76,088
	17,057		5.500		03/01/19	18,217
	1,660		5.500		08/01/19	1,755

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	7,554		5.000	%	09/01/19	$              8,038
	26,863		7.000		11/01/19	28,554
	40,826,992		4.317		07/01/21	45,272,831
	32,245		6.000		03/01/22	36,507
	201,076		5.000		07/01/23	222,083
	2,261,664		5.500		09/01/23	2,466,925
	557,510		5.500		10/01/23	608,380
	9,649		6.000		07/01/24	10,932
	4,906		7.000		12/01/24	5,578
	106,656		5.000		06/01/25	117,752
	78,504		6.000		02/01/26	88,883
	299,885		6.000		08/01/27	339,652
	1,544		7.000		08/01/27	1,808
	1,552		7.000		10/01/28	1,725
	32,892		6.000		01/01/29	37,437
	1,548		7.000		01/01/29	1,803
	1,376,302		4.500		09/01/29	1,499,333
	404		7.000		11/01/29	408
	1,104		7.000		04/01/31	1,266
	9,372		7.000		05/01/32	10,851
	7,878		7.000		06/01/32	8,582
	3,283		7.000		08/01/32	3,568
	30,253		6.000		03/01/33	34,702
	3,565		5.000		04/01/33	3,956
	7,988		6.000		04/01/33	9,162
	2,011,599		6.500		04/01/33	2,335,970
	6,686		6.000		11/01/33	7,669
	911,646		5.000		12/01/33	1,011,529
	1,941		7.000		04/01/34	2,283
	30,636		6.000		01/01/35	35,117
	3,530,689		6.000		04/01/35	4,049,845
	89,690		6.000		06/01/35	101,806
	254,243		6.000		09/01/35	288,588
	547		6.000		11/01/35	619
	31,923		6.000		01/01/36	36,236
	11,624		6.000		02/01/36	13,225
	109,048		6.000		05/01/36	123,929
	5,513		6.000		06/01/36	6,245
	2,020,746		6.000		07/01/36	2,289,073
	781,746		6.000		08/01/36	886,335
	818,245		6.000		09/01/36	928,123
	1,008,992		4.500		11/01/36	1,096,401
	2,214,476		6.000		04/01/37	2,510,440
	1,542,962		6.000		07/01/37	1,747,367
	2,584,479		6.000		08/01/37	2,926,861
	2,687,689		6.000		09/01/37	3,043,743
	253,938		7.500		10/01/37	284,411
	418,442		6.000		11/01/37	473,249
	158,753		6.000		12/01/37	179,784
	83,605		6.000		02/01/38	94,679
	102,345		6.000		04/01/38	115,903
	176,441		6.000		05/01/38	199,824
	11,513		6.000		06/01/38	13,039
	11,609,433		6.000		10/01/38	13,151,001
	213,214		6.000		11/01/38	241,460
	796,394		6.000		12/01/38	901,937
	106,909		6.000		01/01/39	120,978
	359,187		4.500		02/01/39	389,939
	140,603		6.000		02/01/39	159,273
	2,360,906		7.000		03/01/39	2,711,934
	371,433		4.500		04/01/39	403,233
	1,036,267		4.500		06/01/39	1,124,987
	14,889		4.500		08/01/39	16,366
	465,602		6.000		09/01/39	527,283
	156,226		6.000		10/01/39	176,971

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	13,201		6.000	%	12/01/39	$            14,949
	9,843,900		4.500		02/01/40	10,686,686
	380,327		4.500		05/01/40	413,219
	751,942		6.000		06/01/40	851,555
	349,344		4.500		07/01/40	379,557
	772,412		6.000		07/01/40	874,738
	6,036,030		4.500		08/01/40	6,558,054
	78,264		6.000		09/01/40	88,637
	116,741		6.000		10/01/40	132,206
	3,640,979		4.500		02/01/41	3,955,902
	957,273		4.500		03/01/41	1,040,200
	43,325		4.500		04/01/41	47,078
	44,300		4.500		05/01/41	48,138
	1,131,091		6.000		05/01/41	1,280,933
	1,277,409		4.500		08/01/41	1,389,781
	331,115		4.500		10/01/41	359,800
	5,442,418		4.500		01/01/42	5,914,168
	135,639		5.000		02/01/42	150,625
	1,020,288		3.000		12/01/42	1,038,011
	951,547		3.000		01/01/43	968,956
	228,499		3.000		04/01/43	232,542
	96,770		3.000		05/01/43	98,041
						220,119,425
GNMA – 0.6%
	318,067		5.500		07/15/20	336,338
	6,135		6.500		01/15/32	7,000
	13,221		6.500		02/15/32	15,114
	13,419		6.500		08/15/34	15,707
	25,587		6.500		05/15/35	29,241
	6,603		6.500		06/15/35	7,535
	13,018		6.500		07/15/35	14,855
	3,424		6.500		08/15/35	3,907
	11,921		6.500		09/15/35	13,603
	8,062		6.500		10/15/35	9,200
	40,993		6.500		11/15/35	46,891
	41,341		6.500		12/15/35	47,267
	65,092		6.500		01/15/36	74,579
	52,063		6.500		02/15/36	59,409
	56,552		6.500		03/15/36	64,533
	134,898		6.500		04/15/36	154,409
	222,150		6.500		05/15/36	255,129
	191,694		6.500		06/15/36	220,368
	798,124		6.500		07/15/36	918,322
	822,853		6.500		08/15/36	945,098
	1,282,841		6.500		09/15/36	1,478,901
	497,674		6.500		10/15/36	572,916
	669,051		6.500		11/15/36	766,071
	270,504		6.500		12/15/36	310,002
	132,539		6.500		01/15/37	152,163
	48,413		6.500		02/15/37	55,733
	25,906		6.500		03/15/37	29,944
	90,038		6.500		04/15/37	103,739
	58,817		6.500		05/15/37	70,631
	30,982		6.500		08/15/37	35,703
	208,328		6.500		09/15/37	240,440
	212,559		6.500		10/15/37	243,206
	119,687		6.500		11/15/37	137,547
	6,090		6.500		02/15/38	6,949
	47,702		6.500		05/15/38	54,784
	6,203		6.500		08/15/38	7,079
	132,742		6.000		11/15/38	151,320
	56,726		6.500		11/15/38	65,375
	23,601		6.500		01/15/39	27,274

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	42,355		6.500	%	02/15/39	$            48,759
						7,797,041
TOTAL FEDERAL AGENCIES						$   286,105,268
TOTAL MORTGAGE-BACKED OBLIGATIONS						$   536,543,351
Agency Debentures – 17.9%
FFCB
	3,200,000		1.460		11/19/19	3,098,390
	16,000,000		3.500		12/20/23	17,369,110
FHLB
	23,500,000		0.375		06/10/16	23,450,796
	12,200,000		2.125		06/10/16	12,469,622
	3,200,000		1.530		11/21/19	3,147,146
	7,000,000		1.875		03/13/20	6,992,809
	2,300,000		3.250		06/09/23	2,431,866
	1,800,000		5.375		08/15/24	2,228,087
FHLMC
	9,700,000		0.500		08/28/15	9,716,655
	2,780,000		0.850		12/26/17	2,744,577
	4,800,000		1.000		01/17/18	4,767,504
FNMA
	26,100,000		0.375		03/16/15	26,111,484
	7,900,000		0.500		05/27/15	7,908,840
	8,000,000		0.500		07/02/15	8,007,440
	16,500,000		0.500		10/22/15	16,529,651
	73,200,000		2.375		04/11/16	74,935,287
	5,200,000		6.250		05/15/29	7,301,381
	16,080,000		7.125		01/15/30	24,576,096
Small Business Administration
	25,483		7.200		06/01/17	26,721
	77,734		6.300		05/01/18	81,643
	53,470		6.300		06/01/18	55,912
TOTAL AGENCY DEBENTURES						$   253,951,017
Government Guarantee Obligation(d) – 1.4%
Hashemite Kingdom of Jordan Government AID Bond
$	19,300,000		2.503	%	10/30/20	$     19,686,000
U.S. Treasury Obligations – 35.9%
United States Treasury Bonds
$	1,000,000		2.750	%	11/15/42	$          999,690
	2,100,000		3.625		08/15/43	2,471,280
	8,600,000		3.750	(e)	11/15/43	10,343,822
	7,300,000		3.375	(e)	05/15/44	8,223,596
	4,700,000		3.000	(e)	11/15/44	4,939,042
United States Treasury Inflation Protected Securities
	8,108,180		0.500		04/15/15	8,001,720
	21,192,472		0.125		04/15/16	21,126,140
	4,884,660		1.125		01/15/21	5,083,856
	11,225,584		0.125		01/15/22	10,943,148
	2,244,748		0.375		07/15/23	2,224,051
	8,996,114		0.625		01/15/24	9,055,129
	755,832		2.375		01/15/25	889,282
	1,375,448		1.375		02/15/44	1,563,499
United States Treasury Notes
	168,500,000		0.375		10/31/16	167,761,963
	82,300,000		0.625		12/31/16	82,213,582
	47,900,000		1.000		05/31/18	47,426,748
	16,800,000		1.500		01/31/19	16,806,552
	3,700,000		1.625		04/30/19	3,712,284
	22,500,000		1.750		09/30/19	22,621,275
	15,000,000		1.500		10/31/19	14,902,800

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes – (continued)
$	10,700,000		1.500	%	11/30/19	$     10,630,664
	9,700,000		1.625		12/31/19	9,685,644
	8,200,000		2.000		10/31/21	8,218,860
	7,100,000		2.125		12/31/21	7,169,012
	31,700,000		2.250		11/15/24	31,913,023
TOTAL U.S. TREASURY OBLIGATIONS						$   508,926,662

Shares	Description	Value
Investment Company(f) – 5.6%
Goldman Sachs Financial Square Government Fund
78,729,823		$     78,729,823
TOTAL INVESTMENTS – 98.6%		$1,397,836,853
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%		19,988,656
NET ASSETS – 100.0%		$1,417,825,509

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 or distribution rate disclosed is that which is in effect at December 31, 2014.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $15,214,463, which represents approximately 1.1% of net assets as of December 31, 2014.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,686,000, which represents approximately 1.4% of net assets as of December 31, 2014.
(e)	A portion of these securities are segregated as collateral for initial margin requirements on futures transactions.
(f)	Represents an Affiliated Fund.

Investment Abbreviations:
ACES	— Alternative Credit Enhancement Securities
FDIC	— Federal Deposit Insurance Corp.
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
NCUA	— National Credit Union Administration
REMIC	— Real Estate Mortgage Investment Conduit
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2014, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount		Value
FNMA		4.500	%	TBA-30yr	01/14/15	$	(22,000,000)	$	(23,888,907)
FNMA		4.500		TBA-30yr	02/12/15		(10,000,000)		(10,839,844)
TOTAL (Proceeds Receivable: $34,787,656)								$	(34,728,751)

(a) 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.

FUTURES CONTRACTS — At December 31, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars	174	June 2015	$	43,310,775		$	9,944
Eurodollars	87	September 2015		21,608,625			10,509
Eurodollars	(295)	June 2017		(72,142,250	)		(193,229	)
Ultra Long U.S. Treasury Bonds	(116)	March 2015		(19,161,750	)		(663,915	)
2 Year U.S. Treasury Notes	4,035	March 2015		882,025,781			(1,256,303	)
5 Year U.S. Treasury Notes	(630)	March 2015		(74,925,703	)		47,035
10 Year U.S. Treasury Notes	(252)	March 2015		(31,952,813	)		18,562
20 Year U.S. Treasury Bonds	(344)	March 2015		(49,729,500	)		(913,475	)
TOTAL						$	(2,940,872	)

SWAP CONTRACTS — At December 31, 2014, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

					Rates Exchanged		Market Value
	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
	$	31,000		11/02/16	3 month LIBOR	1.780%	$	(498,881	)	$	(125,787	)
		19,900	(b)	08/04/17	3 month LIBOR	2.195		(24,633	)		(44,602	)
		133,200	(b)	01/11/18	3 month LIBOR	1.876		400			(951,874	)
		99,700	(b)	03/18/20	3 month LIBOR	2.250		(2,175,271	)		362,615
		29,700	(b)	08/04/21	3.025%	3 month LIBOR		108,745			707,096
		93,300	(b)	03/18/22	3 month LIBOR	2.500		(2,844,133	)		535,639
		34,200	(b)	03/18/25	3 month LIBOR	3.000		(2,167,355	)		138,775
		17,300	(b)	03/10/26	3.170	3 month LIBOR		(1,254,103	)		2,125,927
		16,000	(b)	08/04/26	3 month LIBOR	3.409		(189,362	)		(836,238	)
		14,100	(b)	03/18/30	3 month LIBOR	3.250		(1,322,995	)		70,460
		1,400	(b)	03/18/45	3 month LIBOR	3.500		(228,334	)		(1,047	)
TOTAL							$	(10,595,922	)	$	1,980,964

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2014.

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	1,379,293,520
Gross unrealized gain		111,115,165
Gross unrealized loss		(92,571,832	)
Net unrealized security gain	$	18,543,333

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 46.1%
Automotive – 3.4%
Chrysler Group LLC/CG Co-Issuer, Inc.(a)
$	600,000		8.000	%	06/15/19	$       634,500
Ford Motor Credit Co. LLC
	2,050,000		8.000		12/15/16	2,294,052
General Motors Financial Co., Inc.
	3,500,000		4.750		08/15/17	3,701,250
Schaeffler Finance BV(b)
	1,550,000		7.750		02/15/17	1,732,125
						8,361,927
Banks – 16.9%
ABN AMRO Bank NV(b)(c)
	1,050,000		1.033		10/28/16	1,057,496
Australia & New Zealand Banking Group Ltd.
	300,000		1.000	(b)	10/06/16	300,996
	1,350,000		1.250		01/10/17	1,351,634
Banco de Bogota SA(b)
	200,000		5.000		01/15/17	208,500
Banco del Estado de Chile(b)
	170,000		2.000		11/09/17	170,000
Bank of America Corp.
	275,000		3.625		03/17/16	282,728
	5,050,000		6.000		09/01/17	5,581,667
	400,000		2.650		04/01/19	402,784
Bank of Montreal(b)
	600,000		2.850		06/09/15	606,003
BPCE SA(c)
	1,075,000		1.484		04/25/16	1,086,858
Canadian Imperial Bank of Commerce(b)
	300,000		2.600		07/02/15	303,061
Capital One Financial Corp.
	375,000		1.000		11/06/15	374,643
Citigroup, Inc.
	343,000		3.953		06/15/16	355,834
	2,025,000		1.700		07/25/16	2,036,634
Commonwealth Bank of Australia
	525,000		1.900		09/18/17	529,870
Credit Agricole SA(b)(c)
	525,000		1.083		10/03/16	528,273
Credit Suisse New York(c)
	1,500,000		0.724		05/26/17	1,498,167
HBOS PLC(b)
	1,325,000		6.750		05/21/18	1,477,681
HSBC Bank PLC(b)
	1,400,000		3.100		05/24/16	1,445,482
ING Bank NV(b)
	400,000		2.000		09/25/15	403,123
	350,000		1.375		03/07/16	351,259
Intesa Sanpaolo SpA
	2,100,000		3.875		01/16/18	2,183,674
JPMorgan Chase & Co.
	1,275,000		3.450		03/01/16	1,309,204
	1,975,000		6.400		10/02/17	2,216,198
Lloyds Bank PLC
	525,000		4.875		01/21/16	546,430
	1,000,000		2.300		11/27/18	1,005,357
Macquarie Bank Ltd.(b)
	700,000		1.600		10/27/17	695,400
Morgan Stanley, Inc.
	4,100,000		5.950		12/28/17	4,554,211

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Nomura Holdings, Inc.
$	600,000		2.000	%	09/13/16	$       603,218
Regions Financial Corp.
	355,000		5.750		06/15/15	362,373
Resona Preferred Global Securities Ltd.(a)(b)(c)
	1,625,000		7.191		12/31/49	1,673,750
Royal Bank of Scotland PLC
	275,000		4.375		03/16/16	284,501
	1,100,000		6.400		10/21/19	1,276,519
Santander Holdings USA, Inc.(a)
	1,675,000		3.450		08/27/18	1,733,339
Sumitomo Mitsui Banking Corp.(c)
	450,000		0.659		01/10/17	449,460
The Bank of Nova Scotia(b)
	200,000		1.650		10/29/15	201,805
Wells Fargo & Co.
	525,000		1.500		07/01/15	527,819
	1,125,000		5.625		12/11/17	1,251,990
						41,227,941
Chemicals – 0.3%
Incitec Pivot Ltd.(b)
	375,000		4.000		12/07/15	383,597
Polymer Group, Inc.(a)
	360,000		7.750		02/01/19	376,200
						759,797
Construction Machinery – 0.6%
Case New Holland, Inc.
	1,300,000		7.875		12/01/17	1,430,000
Consumer Products – 0.8%
Avon Products, Inc.
	450,000		2.375		03/15/16	445,571
Beam, Inc.
	250,000		5.375		01/15/16	260,138
Sally Holdings LLC(a)
	1,250,000		6.875		11/15/19	1,328,125
						2,033,834
Diversified Manufacturing – 0.1%
Pentair Finance SA
	125,000		1.350		12/01/15	125,252
Electric – 0.5%
Commonwealth Edison Co.(a)
	300,000		2.150		01/15/19	299,353
Electricite de France(b)(c)
	975,000		0.691		01/20/17	977,654
						1,277,007
Energy – 1.4%
Anadarko Petroleum Corp.
	375,000		6.375		09/15/17	416,982
BP Capital Markets PLC
	1,125,000		1.846		05/05/17	1,133,166
Canadian Natural Resources Ltd.(c)
	450,000		0.632		03/30/16	449,198
Devon Energy Corp.(c)
	450,000		0.781		12/15/16	447,996
Noble Holding International Ltd.
	100,000		2.500		03/15/17	95,278
Petroleos de Venezuela SA
	160,000		6.000		05/16/24	60,400

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
$	160,000		6.000	%	11/15/26	$        58,400
	50,000		5.375		04/12/27	17,875
Transocean, Inc.
	835,000		2.500		10/15/17	738,975
						3,418,270
Energy - Exploration & Production – 0.4%
KazMunayGas National Co.
	190,000		11.750		01/23/15	190,475
Whiting Petroleum Corp.(a)
	850,000		5.000		03/15/19	792,625
						983,100
Food & Beverage – 1.0%
ConAgra Foods, Inc.
	350,000		1.300		01/25/16	350,451
Kraft Foods, Inc.
	400,000		4.125		02/09/16	413,435
Pernod-Ricard SA(b)
	525,000		2.950		01/15/17	536,965
Sysco Corp.
	1,075,000		1.450		10/02/17	1,072,740
						2,373,591
Health Care Products – 0.5%
Becton Dickinson & Co.
	500,000		2.675		12/15/19	505,310
Life Technologies Corp.
	150,000		4.400		03/01/15	150,800
Medtronic, Inc.(b)
	525,000		1.500		03/15/18	522,728
						1,178,838
Health Care Services – 1.4%
CHS/Community Health Systems, Inc.(a)
	800,000		5.125		08/15/18	828,000
	1,100,000		8.000		11/15/19	1,174,250
Express Scripts Holding Co.
	175,000		3.125		05/15/16	179,623
McKesson Corp.
	175,000		1.400		03/15/18	171,865
Providence Health & Services Obligated Group(c)
	525,000		1.035		10/01/16	527,349
UnitedHealth Group, Inc.
	400,000		1.400		10/15/17	399,692
						3,280,779
Life Insurance – 0.1%
MetLife, Inc.
	150,000		1.756		12/15/17	150,346
Media - Cable – 0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
	500,000		7.250		10/30/17	522,500
COX Communications, Inc.
	100,000		5.500		10/01/15	103,384
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	800,000		3.500		03/01/16	821,452
Time Warner Cable, Inc.
	720,000		5.850		05/01/17	785,465
						2,232,801

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Non Cable – 0.7%
NBCUniversal Media LLC
$	675,000		2.875	%	04/01/16	$       691,290
The Walt Disney Co.
	475,000		0.450		12/01/15	474,661
Univision Communications, Inc.(a)(b)
	600,000		6.875		05/15/19	624,750
						1,790,701
Metals & Mining – 1.4%
Anglo American Capital PLC(b)(c)
	700,000		1.181		04/15/16	700,704
BHP Billiton Finance USA Ltd.(c)
	550,000		0.507		09/30/16	549,804
CITIC Ltd.
	340,000		6.800		01/17/23	392,961
Glencore Finance Canada Ltd.(b)
	1,750,000		2.700		10/25/17	1,770,487
						3,413,956
Noncaptive - Financial – 1.2%
General Electric Capital Corp.
	1,525,000		2.300		04/27/17	1,559,433
Navient LLC
	1,150,000		8.450		06/15/18	1,282,250
						2,841,683
Pharmaceuticals – 2.8%
Forest Laboratories, Inc.(b)
	2,000,000		4.375		02/01/19	2,112,740
Mylan, Inc.(a)(b)
	500,000		7.875		07/15/20	532,500
Perrigo Co. PLC
	750,000		1.300		11/08/16	746,808
Roche Holdings, Inc.(b)(c)
	2,350,000		0.345		09/29/17	2,350,503
Valeant Pharmaceuticals International, Inc.(a)(b)
	1,100,000		6.750		08/15/18	1,168,750
						6,911,301
Pipelines – 2.8%
El Paso Natural Gas Co. LLC
	325,000		5.950		04/15/17	351,167
El Paso Pipeline Partners Operating Co. LLC
	550,000		4.100		11/15/15	562,750
Enterprise Products Operating LLC(a)(c)
	1,150,000		8.375		08/01/66	1,234,813
	675,000		7.034		01/15/68	732,375
Kinder Morgan, Inc.
	2,250,000		7.000		06/15/17	2,496,504
ONEOK Partners LP(a)
	250,000		3.250		02/01/16	254,507
Spectra Energy Partners LP(a)
	350,000		2.950		06/15/16	358,418
TransCanada PipeLines Ltd.(a)(c)
	950,000		6.350		05/15/67	916,750
						6,907,284
Real Estate Investment Trust – 2.9%
ARC Properties Operating Partnership LP(a)
	2,475,000		3.000		02/06/19	2,246,062

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
HCP, Inc.
$	500,000		3.750	%	02/01/16	$       514,073
Kilroy Realty LP
	450,000		5.000		11/03/15	463,589
Realty Income Corp.(a)
	125,000		2.000		01/31/18	125,159
Senior Housing Properties Trust(a)
	750,000		3.250		05/01/19	754,662
Ventas Realty LP/Ventas Capital Corp.
	675,000		3.125		11/30/15	688,638
	900,000		2.000	(a)	02/15/18	899,830
WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
	1,475,000		1.750		09/15/17	1,467,062
						7,159,075
Restaurants – 0.1%
Brinker International, Inc.
	150,000		2.600		05/15/18	149,641
Retailers - Food & Drug – 0.8%
The Kroger Co.(c)
	550,000		0.758		10/17/16	549,108
Walgreen Co.
	500,000		1.000		03/13/15	500,464
Walgreens Boots Alliance, Inc.(a)
	825,000		2.700		11/18/19	829,214
						1,878,786
Technology – 0.8%
CDK Global, Inc.(a)(b)
	525,000		3.300		10/15/19	523,960
Hewlett-Packard Co.
	600,000		3.000		09/15/16	615,316
	900,000		1.170	(c)	01/14/19	884,601
						2,023,877
Technology - Hardware – 0.0%
Tech Data Corp.
	75,000		3.750		09/21/17	77,507
Transportation(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	701,000		3.375		03/15/18	723,949
Wireless Telecommunications – 1.5%
America Movil SAB de CV
MXN	2,760,000		6.000		06/09/19	187,107
American Tower Corp.
$	525,000		4.500		01/15/18	557,700
Intelsat Jackson Holdings SA(a)
	600,000		7.250		04/01/19	625,500
Sprint Communications, Inc.
	1,400,000		6.000		12/01/16	1,452,500
	175,000		8.375		08/15/17	189,438
Ymobile Corp.(a)(b)
	600,000		8.250		04/01/18	628,500
						3,640,745
Wirelines Telecommunications – 2.5%
AT&T, Inc.
	725,000		2.400		08/15/16	738,836
Frontier Communications Corp.
	1,325,000		8.250		04/15/17	1,474,063

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wirelines Telecommunications – (continued)
PAETEC Holding Corp.(a)
$	500,000		9.875	%	12/01/18	$       526,250
Telecom Italia Capital SA
	816,000		5.250		10/01/15	832,320
Telefonica Emisiones SAU
	150,000		3.192		04/27/18	154,224
Verizon Communications, Inc.
	1,400,000		1.771	(c)	09/15/16	1,425,382
	891,000		2.500		09/15/16	910,823
						6,061,898
TOTAL CORPORATE OBLIGATIONS						$112,413,886
Mortgage-Backed Obligations – 9.4%
Collateralized Mortgage Obligations – 5.3%
Interest Only(d) – 0.7%
FHLMC STRIPS Series 329, Class C1
$	919,230		4.000	%	12/15/41	$       179,393
FNMA REMIC Series 2012-146, Class IO
	6,722,956		3.500		01/25/43	1,432,630
GNMA REMIC Series 2013-182, Class PI
	422,489		4.500		12/20/43	91,357
						1,703,380
Inverse Floaters(c) – 0.3%
GNMA REMIC Series 2010-1, Class SD
	59,503		5.625		01/20/40	9,010
GNMA REMIC Series 2010-35, Class DS
	173,761		5.515		03/20/40	27,086
GNMA REMIC Series 2010-9, Class XD
	191,840		6.439		01/16/40	35,097
GNMA REMIC Series 2010-98, Class QS
	408,769		6.435		01/20/40	67,083
GNMA REMIC Series 2011-17, Class SA
	470,416		5.935		09/20/40	78,850
GNMA REMIC Series 2011-61, Class CS
	375,423		6.515		12/20/35	44,726
GNMA REMIC Series 2011-79, Class AS
	252,025		5.945		07/20/37	18,061
GNMA REMIC Series 2013-113, Class SA
	373,470		6.535		08/20/43	73,752
GNMA REMIC Series 2013-113, Class SD
	312,050		6.539		08/16/43	51,325
GNMA REMIC Series 2013-148, Class SA
	393,020		6.035		10/20/43	69,471
GNMA REMIC Series 2013-152, Class TS
	734,726		5.935		06/20/43	117,605
GNMA REMIC Series 2013-168, Class SA
	783,724		5.935		11/20/43	135,005
GNMA REMIC Series 2013-169, Class SE
	791,062		5.889		11/16/43	128,774
						855,845
Sequential Fixed Rate – 0.5%
FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	282,659		2.779		09/25/22	291,523
FHLMC Multifamily Structured Pass-Through Certificates Series K501, Class A1
	15,007		1.337		06/25/16	15,032

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
FHLMC Multifamily Structured Pass-Through Certificates Series K501, Class A2
$	200,000		1.655	%	11/25/16	$       202,352
FHLMC Multifamily Structured Pass-Through Certificates Series K707, Class A2
	100,000		2.220		12/25/18	101,577
FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	100,000		1.883		05/25/19	100,195
FNMA REMIC Series 2012-111, Class B
	89,798		7.000		10/25/42	102,444
FNMA REMIC Series 2012-153, Class B
	258,072		7.000		07/25/42	296,485
						1,109,608
Sequential Floating Rate(c) – 3.8%
Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	2,023,193		0.499		09/20/66	2,381,704
Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
	1,175,127		0.339		09/20/66	1,372,029
Darrowby PLC Series 2012- 1, Class A
GBP	51,270		2.263		02/20/44	81,201
FHLMC Multifamily Structured Pass-Through Certificates Series KF01, Class A
$	38,720		0.520		04/25/19	38,720
FNMA REMIC Series 2007-33, Class HF
	54,327		0.520		04/25/37	54,662
Granite Master Issuer PLC Series 2005-1, Class A6
GBP	17,607		0.744		12/20/54	27,261
Granite Master Issuer PLC Series 2005-4, Class A6
	88,034		0.744		12/20/54	136,306
Granite Master Issuer PLC Series 2006-1X, Class A6
EUR	2,165,633		0.225		12/20/54	2,603,648
Granite Master Issuer PLC Series 2006-1X, Class A7
GBP	70,427		0.744		12/20/54	109,045
Granite Master Issuer PLC Series 2006-2, Class A6
	52,820		0.724		12/20/54	81,766
Granite Master Issuer PLC Series 2007-1, Class 2A1
$	123,247		0.305		12/20/54	122,271
Granite Master Issuer PLC Series 2007-1, Class 5A1
GBP	70,427		0.724		12/20/54	109,021
Granite Master Issuer PLC Series 2007-2, Class 4A2
	89,090		0.723		12/17/54	137,918
Granite Mortgages PLC Series 2003-2, Class 1B
$	64,002		1.211		07/20/43	64,086
Granite Mortgages PLC Series 2003-2, Class 3A
GBP	175,089		1.038		07/20/43	272,214
Granite Mortgages PLC Series 2004-2, Class 3A
	253,878		0.880		06/20/44	393,479
Granite Mortgages PLC Series 2004-3, Class 2A1
$	77,279		0.527		09/20/44	76,926
Granite Mortgages PLC Series 2004-3, Class 3A2
GBP	213,241		0.940		09/20/44	331,149
Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	47,427		0.342		09/21/38	59,409
Leek Finance PLC Series 2017X, Class A2C
	31,349		0.362		12/21/37	39,762
Leek Finance PLC Series 2018X, Class A2B
$	189,708		0.493		09/21/38	195,888
Quadrivio Finance Series 2011-1, Class A1
EUR	205,570		0.708		07/25/60	248,269
Springleaf Mortgage Loan Trust Series 2012-3A, Class A(b)
$	95,465		1.570		12/25/59	95,096

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
Thrones PLC Series 2013-1, Class A
GBP	82,609		2.056	%	07/20/44	$       129,693
						9,161,523
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  12,830,356
Federal Agencies – 4.1%
FHLMC – 0.1%
$	324,546		7.000	%	02/01/39	$       372,366
FNMA – 4.0%
	375,700		6.000		05/01/26	425,363
	218,112		6.000		04/01/27	247,230
	162,627		6.000		07/01/32	184,171
	18,413		6.000		11/01/34	21,107
	640,303		6.000		10/01/35	726,801
	407,219		6.000		10/01/35	466,789
	7,589		6.000		11/01/35	8,600
	359,295		6.000		10/01/36	406,667
	6,220		6.000		02/01/37	7,044
	296,702		6.000		06/01/37	336,008
	680,941		6.000		08/01/37	771,149
	230,824		6.000		09/01/37	261,402
	275,133		6.000		12/01/37	311,582
	352,952		6.000		07/01/38	399,727
	405,723		6.000		11/01/38	459,471
	824,801		6.000		11/01/38	934,110
	331,618		6.000		12/01/38	375,567
	196,742		7.000		03/01/39	225,995
	489,950		6.000		07/01/39	554,881
	155,200		6.000		09/01/39	175,760
	52,075		6.000		10/01/39	58,990
	910,802		6.000		06/01/40	1,031,508
	38,914		6.000		10/01/40	44,069
	56,223		6.000		05/01/41	63,672
	14,217		6.000		09/01/41	16,114
	977,522		4.500		09/01/42	1,062,062
	22,572		3.000		12/01/42	22,943
	36,583		3.000		01/01/43	37,230
						9,636,012
TOTAL FEDERAL AGENCIES						$  10,008,378
TOTAL MORTGAGE-BACKED OBLIGATIONS						$  22,838,734
Agency Debenture – 0.6%
FFCB
$	1,300,000		3.500	%	12/20/23	$    1,411,240
Asset-Backed Securities – 14.2%
Auto – 0.5%
Ally Master Owner Trust Series 2012-5, Class A
$	350,000		1.540	%	09/15/19	$       349,604
Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(c)
	900,000		0.541		01/15/18	900,121
						1,249,725
Collateralized Loan Obligations – 8.7%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(b)(c)
	432,005		0.882		11/01/18	428,928

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
ACIS CLO Ltd. Series 2013-1A, Class ACOM(b)(c)
$	600,000		1.458	%	04/18/24	$       576,060
ACIS CLO Ltd. Series 2013-2A, Class A(b)(c)
	100,000		0.753		10/14/22	97,910
ACIS CLO Ltd. Series 2013-2A, Class ACOM(b)(c)
	800,000		1.146		10/14/22	781,280
B&M CLO Ltd. Series 2014-1A, Class A1(b)(c)
	600,000		1.629		04/16/26	591,897
B&M CLO Ltd. Series 2014-1A, Class A2(b)(c)
	100,000		2.179		04/16/26	96,203
Black Diamond CLO Ltd. Series 2006-1A, Class AD(b)(c)
	463,297		0.483		04/29/19	454,762
Brentwood CLO Corp. Series 2006-1A, Class A1A(b)(c)
	629,861		0.502		02/01/22	622,244
Brentwood CLO Corp. Series 2006-1A, Class A1B(b)(c)
	296,405		0.502		02/01/22	293,142
Crown Point CLO Ltd. Series 2012-1A, Class A1LA(b)(c)
	100,000		0.982		11/21/22	98,254
Crown Point CLO Ltd. Series 2013-2A, Class ACOM(c)
	1,200,000		1.310		12/14/23	1,167,902
Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(b)(c)
	2,300,000		0.512		05/01/22	2,227,665
Grayson CLO Ltd. Series 2006-1A, Class A1A(b)(c)
	179,551		0.477		11/01/21	176,963
ICG US CLO Ltd. Series 2014-1A, Class ACOM(b)(c)
	1,100,000		1.501		04/20/26	1,066,230
Jasper CLO Ltd. Series 2005-1A, Class A(b)(c)
	30,090		0.502		08/01/17	30,044
KKR Financial CLO Ltd. Series 2007-1A, Class A(b)(c)
	1,732,158		0.582		05/15/21	1,720,609
KKR Financial CLO Ltd. Series 2013-1A, Class A1(b)(c)
	2,750,000		1.381		07/15/25	2,683,334
Magnetite VIII Ltd. Series 2014-8A, Class A(b)(c)
	950,000		1.711		04/15/26	943,640
Magnetite VIII Ltd. Series 2014-8A, Class B(b)(c)
	200,000		2.217		04/15/26	195,829
OCP CLO Ltd. Series 2012-2A, Class ACOM(b)(c)
	300,000		1.473		11/22/23	293,670
OCP CLO Ltd. Series 2014-5A, Class ACOM(b)(c)
	1,150,000		0.234		04/26/26	1,108,370
OFSI Fund V Ltd. Series 2013-5A, Class ACOM(b)
	300,000		1.592		04/17/25	291,840
OFSI Fund VI Ltd. Series 2014-6A, Class ACOM(b)(c)
	1,050,000		1.418		03/20/25	1,012,515
Red River CLO Ltd. Series 1A, Class A(b)(c)
	244,525		0.502		07/27/18	243,291
Shackleton CLO Ltd. Series 2014-5A, Class A(b)(c)
	1,300,000		1.732		05/07/26	1,291,763
Shackleton CLO Ltd. Series 2014-5A, Class B1(b)(c)
	300,000		2.232		05/07/26	292,311
Westchester CLO Ltd. Series 2007-1X, Class A1A(c)
	193,050		0.457		08/01/22	190,366
Whitehorse VIII Ltd. Series 2014-1A, Class A(b)(c)
	1,250,000		1.732		05/01/26	1,242,103
Whitehorse VIII Ltd. Series 2014-1A, Class B(b)(c)
	250,000		2.282		05/01/26	244,066
Zais CLO 1 Ltd. Series 2014-1A, Class ACOM(b)(c)
	800,000		1.709		04/15/26	787,120
						21,250,311
Credit Card(c) – 0.9%
Bank of America Credit Card Trust Series 2014-A1, Class A
	2,050,000		0.541		06/15/21	2,045,866

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity(b) – 1.4%
HLSS Servicer Advance Receivables Trust Series 2014-T1, Class AT1
$	2,950,000		1.244	%	01/17/45	$    2,951,903
Springleaf Mortgage Loan Trust Series 2013-2A, Class A(c)
	434,180		1.780		12/25/65	430,445
						3,382,348
Student Loan(c) – 2.7%
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	908,728		0.970		02/25/41	909,412
Education Loan Asset-Backed Trust Series 2012-1, Class A1(b)
	2,973		0.620		06/25/22	2,973
Educational Services of America, Inc. Series 2012-1, Class A1(b)
	132,118		1.320		09/25/40	134,284
Educational Services of America, Inc. Series 2014-1, Class A(b)
	1,765,560		0.870		02/25/39	1,761,368
EFS Volunteer No 3 LLC Series 2012-1, Class A2(b)
	500,000		1.156		02/25/25	504,772
Nelnet Student Loan Corp.Series 2004-2A, Class A4
	3,851		0.373		08/26/19	3,850
Nelnet Student Loan Trust Series 2008-3, Class A4
	1,300,000		1.883		11/25/24	1,344,340
Northstar Education Finance, Inc. Series 2012-1, Class A(b)
	256,914		0.870		12/26/31	256,297
Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b)
	129,774		0.720		05/25/27	130,477
SLC Student Loan Trust Series 2006-1, Class A4
	110,868		0.321		12/15/21	110,525
SLM Student Loan Trust Series 2003-12, Class A5(b)
	669,681		0.521		09/15/22	668,665
SLM Student Loan Trust Series 2006-8, Class A4
	111,279		0.314		10/25/21	110,947
SLM Student Loan Trust Series 2006-9, Class A4
	108,533		0.304		10/25/22	108,229
SLM Student Loan Trust Series 2012-2, Class A
	173,210		0.870		01/25/29	173,726
US Education Loan Trust LLC Series 2006-1, Class A2(b)
	440,726		0.364		03/01/25	440,243
						6,660,108
TOTAL ASSET-BACKED SECURITIES						$  34,588,358
Foreign Debt Obligations – 5.6%
Sovereign – 5.6%
Dominican Republic
$	200,000		7.500	%	05/06/21	$       219,000
Kommunalbanken AS(b)
	100,000		1.000		09/26/17	99,524
Republic of Argentina(e)
EUR	80,000		0.000		12/15/35	6,728
$	2,146,000		0.000		12/15/35	156,658
Republic of Italy
EUR	220,000		1.150		05/15/17	269,431
	200,000		4.500		02/01/18	269,962
	343,471		2.350		09/15/19	448,658
Republic of Panama
$	29,000		7.250		03/15/15	29,449
Republic of Turkey
	170,000		7.000		09/26/16	184,450
Republic of Venezuela
	20,000		6.000		12/09/20	8,450

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
$	40,000		9.000	%	05/07/23	$         18,200
	130,000		8.250		10/13/24	57,200
	100,000		7.650		04/21/25	43,250
	10,000		9.250		09/15/27	4,725
	90,000		9.250		05/07/28	40,050
	30,000		7.000		03/31/38	12,375
Russian Federation Bond
	200,000		4.500		04/04/22	174,500
	200,000		4.875		09/16/23	176,500
	19,650		7.500	(f)	03/31/30	20,397
Spain Government Bond
EUR	180,000		2.100		04/30/17	225,842
	220,000		0.500		10/31/17	265,601
	400,000		4.500		01/31/18	540,872
Spain Government Inflation Linked Bond(b)
	260,582		0.550		11/30/19	317,646
United Mexican States
MXN	8,453,660		0.000	(e)	01/15/15	571,746
	14,540,170		0.000	(e)	02/05/15	981,674
	28,133,830		0.000	(e)	02/19/15	1,897,302
	5,859,080		0.000	(e)	02/26/15	395,497
	4,968,860		0.000	(e)	03/05/15	334,707
	14,196,750		0.000	(e)	03/12/15	957,051
	38,070,640		0.000	(e)	03/19/15	2,561,854
	5,957,730		0.000	(e)	03/26/15	401,227
	24,386,380		0.000	(e)	04/01/15	1,639,191
	3,921,681		5.000		06/16/16	282,492
TOTAL FOREIGN DEBT OBLIGATIONS						$  13,612,209
Municipal Debt Obligations – 2.3%
Michigan – 0.4%
Michigan State Finance Authority Revenue Detroit School District of Series 2014 E
$	1,000,000		2.850	%	08/20/15	$    1,005,130
New Jersey – 1.2%
New Jersey Economic Development Authority RB Series B(e)
	550,000		0.000		02/15/16	541,733
New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	2,400,000		4.252		01/01/16	2,422,368
						2,964,101
Puerto Rico – 0.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	10,000		6.000		07/01/38	7,216
	15,000		6.000		07/01/44	10,616
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	20,000		5.750		07/01/37	14,248
	30,000		5.250		07/01/42	20,518
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	30,000		5.000		07/01/33	20,638
Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750		07/01/41	7,178
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	10,000		5.500		07/01/32	7,229

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
$	10,000		5.875	%	07/01/36	$           7,248
	10,000		6.000		07/01/39	7,337
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	10,000		6.000		07/01/34	7,390
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	10,000		5.500		07/01/26	7,561
	60,000		5.500		07/01/39	43,501
	15,000		5.000		07/01/41	10,250
Puerto Rico Commonwealth GO Bonds Series 2007 A
	20,000		5.250		07/01/37	14,143
Puerto Rico Commonwealth GO Bonds Series 2014 A
	735,000		8.000		07/01/35	640,420
Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250		07/01/27	7,385
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A(e)
	10,000		0.000		08/01/35	1,727
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C(e)
	10,000		0.000		08/01/37	1,377
	10,000		0.000		08/01/38	1,261
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	10,000		5.250		08/01/40	7,832
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	5,000		5.250		08/01/27	3,946
	120,000		0.000	(e)	08/01/32	91,266
	60,000		5.750		08/01/37	44,552
	5,000		6.375		08/01/39	3,963
	350,000		6.000		08/01/42	263,889
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	25,000		0.000	(e)	08/01/33	13,940
	40,000		5.500		08/01/37	29,155
	45,000		5.375		08/01/39	31,503
	100,000		5.500		08/01/42	71,072
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	20,000		5.375		08/01/38	14,082
	5,000		6.000		08/01/39	3,789
	185,000		5.250		08/01/41	128,849
Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	5,000		5.000		08/01/43	3,332
	20,000		5.250		08/01/43	13,805
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	90,000		5.500		08/01/28	71,318
	50,000		6.125		08/01/29	41,157
						1,674,693
TOTAL MUNICIPAL DEBT OBLIGATIONS						$    5,643,924
U.S. Treasury Obligations – 11.4%
United States Treasury Bonds
$	609,000		3.625	%(g)	08/15/43	$       716,671
	1,900,000		3.625	(g)	02/15/44	2,237,250
	2,500,000		3.000		11/15/44	2,627,150
United States Treasury Inflation Protected Securities
	2,727,712		0.125		01/15/22	2,659,083
	1,200,839		0.625		01/15/24	1,208,716
	440,902		2.375		01/15/25	518,747

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 11.4%
United States Treasury Notes
$	5,600,000		1.500	%	11/30/19	$    5,563,712
	5,200,000		1.625		12/31/19	5,192,304
	3,800,000		2.125		12/31/21	3,836,936
	3,300,000		2.250		11/15/24	3,322,176
TOTAL U.S. TREASURY OBLIGATIONS						$  27,882,745
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT						$218,391,096
Short-term Investments – 9.3%
Certificate of Deposit – 1.3%
Barton Capital Corp.
$	1,600,000		0.193	%	01/08/15	$    1,599,941
Credit Agricole SA
	1,575,000		0.244		02/02/15	1,574,664
						3,174,605
Repurchase Agreement(h) – 8.0%
Joint Repurchase Agreement Account II
	19,400,000		0.082		01/02/15	19,400,000
TOTAL SHORT-TERM INVESTMENTS						$  22,574,605
TOTAL INVESTMENTS – 98.9%						$240,965,701
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%						2,743,130
NET ASSETS – 100.0%						$243,708,831

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. 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 $53,865,539, which represents approximately 22.1% of net assets as of December 31, 2014.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at December 31, 2014.
(d)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2014.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Joint repurchase agreement was entered into on December 31, 2014. Additional information appears in the Notes to the Schedule of Investments section.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PHP	— Philippine Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
SGD	— Singapore Dollar
TRY	— Turkish Lira
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
BP	— British Pound Offered Rate
CLO	— Collateralized Loan Obligation
EURO	— Euro Offered Rate
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
JYOR	— Japanese Yen Offered Rate
KWCDC	— South Korean Won Certificate of Deposit
LIBOR	— London Interbank Offered Rate
LP	— Limited Partnership
NZDOR	— New Zealand Dollar Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of      Securities
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2014, 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
Barclays Bank PLC	CAD/USD	03/18/15	$	153,226	$	226
	CNH/USD	03/18/15		147,734		503
	EUR/PLN	03/18/15		148,354		1,800
	GBP/EUR	03/18/15		302,730		3,460
	JPY/USD	03/18/15		76,500		500
	NOK/EUR	03/18/15		73,866		4,400
	USD/AUD	03/18/15		562,596		20,939
	USD/CNH	03/18/15		288,655		2,345
	USD/EUR	03/18/15		122,391		3,405
	USD/JPY	03/18/15		152,856		1,144
	USD/MYR	01/09/15		45,995		137
	USD/SEK	02/12/15		140,903		3,562
	USD/SGD	03/18/15		96,596		2,001
	USD/ZAR	03/18/15		74,597		1,403
BNP Paribas SA	EUR/NOK	03/18/15		140,690		4,620
	GBP/EUR	03/18/15		600,616		7,449
	MYR/USD	01/20/15		76,057		57
	NZD/USD	03/18/15		304,220		1,495
	USD/BRL	01/16/15		159,020		6,225
	USD/CAD	03/18/15		301,319		6,681
	USD/CHF	03/18/15		1,124,953		28,707
	USD/JPY	03/18/15		678,775		8,225
Citibank NA (London)	AUD/USD	03/18/15		151,797		196
	USD/BRL	01/15/15		94,549		1,462
	USD/CAD	03/18/15		295,026		4,974
	USD/CHF	03/18/15		456,060		7,718
	USD/GBP	01/09/15		2,409,237		13,702
	USD/JPY	01/15/15		310,719		1,137
	USD/JPY	03/18/15		448,798		9,202
	USD/RUB	01/26/15		69,104		7,896
	ZAR/USD	03/18/15		76,744		244
Credit Suisse International (London)	USD/CHF	03/18/15		374,996		6,004
	USD/COP	01/09/15		125,789		3,446
	USD/NZD	03/18/15		192,319		4
Deutsche Bank AG (London)	BRL/USD	01/09/15		78,941		2,941
	BRL/USD	01/16/15		38,013		13
	EUR/HUF	03/18/15		233,079		2,154
	IDR/USD	01/20/15		79,448		3,448
	JPY/USD	03/18/15		152,060		60
	MXN/USD	03/18/15		153,301		301
	NOK/EUR	03/18/15		295,464		11,095
	USD/AUD	03/18/15		375,029		4,323
	USD/BRL	01/13/15		75,763		1,237
	USD/CNH	03/18/15		374,182		3,461
	USD/COP	01/09/15		94,293		6,117
	USD/EUR	03/18/15		299,702		7,173
	USD/MXN	01/20/15		4,727,971		111,803
	USD/MXN	02/19/15		1,107,551		16,714
	USD/MXN	03/18/15		1,806,768		1,707
	USD/MYR	01/09/15		227,272		3,728
	USD/SGD	03/18/15		96,578		1,638
	USD/ZAR	03/18/15		153,978		5,272
	ZAR/USD	03/18/15		76,860		860

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain
HSBC Bank PLC	CNH/USD	03/18/15	$	784,440	$	2,807
	MYR/USD	01/20/15		76,047		47
	USD/BRL	01/13/15		68,166		2,132
	USD/BRL	01/23/15		75,921		79
	USD/CAD	03/18/15		74,823		1,177
	USD/CNH	03/18/15		1,210,021		8,554
	USD/MYR	01/09/15		76,432		371
	USD/SGD	03/18/15		453,060		3,940
	USD/TRY	03/18/15		69,561		3,439
JPMorgan Chase Bank NA	EUR/NOK	03/18/15		141,254		5,267
	IDR/USD	01/20/15		80,065		4,065
	JPY/USD	03/18/15		76,812		812
	NOK/EUR	03/18/15		75,077		150
	USD/BRL	01/15/15		143,201		3,195
	USD/CHF	03/18/15		466,281		8,994
	USD/EUR	01/28/15		2,513,137		52,740
	USD/EUR	03/18/15		835,520		20,647
	USD/JPY	03/18/15		151,425		1,575
	USD/MXN	01/20/15		1,334,397		57,933
	USD/MXN	02/26/15		895,655		66,149
	USD/MXN	03/18/15		75,259		741
	USD/NZD	03/18/15		207,113		1,855
	USD/ZAR	03/18/15		76,618		382
Morgan Stanley & Co. International PLC	BRL/USD	01/09/15		78,131		2,131
	BRL/USD	01/15/15		155,366		2,366
	RUB/USD	01/20/15		246,176		16,676
	USD/BRL	01/09/15		74,591		1,409
	USD/BRL	01/15/15		76,072		428
	USD/EUR	03/18/15		73,866		2,370
	USD/RUB	01/20/15		60,575		425
	USD/TRY	03/18/15		296,584		8,416
	ZAR/USD	03/18/15		78,103		1,103
Royal Bank of Canada	BRL/USD	01/09/15		156,629		4,629
	BRL/USD	01/16/15		614,619		2,619
	CAD/USD	03/18/15		152,052		52
	USD/BRL	01/09/15		193,555		6,341
	USD/BRL	01/12/15		75,446		1,054
	USD/CAD	03/18/15		516,690		10,310
	USD/MXN	02/19/15		1,113,654		96,332
	USD/MYR	01/09/15		82,300		443
State Street Bank and Trust	JPY/EUR	03/18/15		302,730		7,880
	USD/CAD	03/18/15		294,482		5,518
	USD/CHF	03/18/15		356,661		9,865
	USD/CNH	03/18/15		466,225		3,699
	USD/JPY	03/18/15		305,678		2,322
	USD/MXN	03/18/15		149,122		4,878
	USD/NZD	03/18/15		197,250		914
	USD/PLN	03/18/15		174,429		9,377
Westpac Banking Corp.	BRL/USD	01/26/15		75,284		1,284
	NZD/USD	03/18/15		151,723		186
	USD/AUD	03/18/15		352,300		14,660
	USD/BRL	01/09/15		127,983		4,287
	USD/BRL	01/16/15		75,475		2,025
	USD/EUR	01/28/15		6,842,517		194,507
	USD/EUR	03/18/15		865,393		15,733
	USD/SGD	03/18/15		102,930		2,266
	USD/ZAR	03/18/15		76,349		651
TOTAL					$	1,033,521

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss
Barclays Bank PLC	AUD/USD	03/18/15	$	150,174	$	(2,094)
	CHF/USD	03/18/15		292,884		(2,115)
	EUR/GBP	03/18/15		294,050		(1,761)
	EUR/USD	03/18/15		75,077		(2,060)
	HUF/USD	03/18/15		144,088		(9,296)
	JPY/USD	03/18/15		149,103		(2,897)
	MYR/USD	01/20/15		152,777		(223)
	USD/IDR	01/20/15		63,111		(2,111)
	USD/PHP	01/13/15		75,259		(416)
BNP Paribas SA	EUR/JPY	03/18/15		230,845		(5,009)
	EUR/NOK	03/18/15		75,565		(488)
	EUR/USD	03/18/15		748,347		(13,257)
	HUF/USD	03/18/15		155,332		(9,861)
	JPY/USD	03/18/15		527,287		(7,713)
Citibank NA (London)	AUD/USD	03/18/15		267,930		(14,077)
	CAD/USD	03/18/15		372,012		(11,669)
	EUR/USD	03/18/15		741,687		(17,284)
	INR/USD	01/27/15		142,166		(3,334)
	JPY/USD	03/18/15		151,586		(1,414)
	NOK/EUR	03/18/15		73,866		(1,416)
	TRY/USD	03/18/15		153,075		(6,844)
	USD/IDR	01/16/15		76,941		(941)
	USD/IDR	01/20/15		78,038		(2,038)
Credit Suisse International (London)	CAD/USD	03/18/15		373,773		(12,104)
	COP/USD	01/09/15		29,898		(1,102)
	NZD/USD	03/18/15		151,723		(104)
	RUB/USD	01/26/15		56,590		(16,410)
	USD/CLP	01/09/15		45,930		(180)
	USD/NZD	03/18/15		153,271		(2,086)
Deutsche Bank AG (London)	CLP/USD	01/09/15		144,710		(2,757)
	COP/USD	01/09/15		151,116		(3,384)
	EUR/NOK	03/18/15		72,836		(181)
	EUR/USD	03/18/15		589,507		(9,684)
	HUF/USD	03/18/15		143,783		(8,203)
	MXN/USD	03/18/15		228,335		(665)
	PLN/EUR	03/18/15		148,943		(4,145)
	PLN/USD	03/18/15		145,448		(8,552)
	TRY/USD	03/18/15		195,441		(7,987)
	USD/IDR	01/20/15		78,520		(2,520)
	USD/KRW	01/09/15		77,214		(1,214)
	USD/KRW	01/15/15		154,902		(902)
	USD/MXN	01/20/15		1,032,164		(4,366)
	USD/PHP	01/12/15		64,908		(541)
	USD/TRY	03/18/15		157,086		(4,086)
	ZAR/USD	03/18/15		157,564		(7,509)
HSBC Bank PLC	CNH/USD	03/18/15		438,841		(159)
	EUR/NOK	03/18/15		75,956		(879)
	EUR/USD	03/18/15		122,391		(2,100)
	INR/USD	01/12/15		315,754		(5,260)
JPMorgan Chase Bank NA	EUR/NOK	03/18/15		76,613		(2,747)
	EUR/USD	03/18/15		148,943		(2,715)
	GBP/USD	01/09/15		382,114		(2,225)
	JPY/USD	03/18/15		151,184		(816)
	MXN/USD	03/18/15		1,895,851		(26,030)
	NOK/USD	03/18/15		120,015		(11,513)
	USD/GBP	03/18/15		295,946		(997)
	USD/NZD	03/18/15		310,413		(7,466)
	USD/TRY	03/18/15		154,617		(2,617)
Morgan Stanley & Co. International PLC	INR/USD	01/27/15		147,368		(2,632)
	JPY/USD	03/18/15		151,815		(2,185)
	TRY/USD	03/18/15		145,486		(6,159)
	USD/BRL	01/16/15		153,802		(1,802)
	USD/RUB	01/20/15		92,707		(5,307)

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (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
Royal Bank of Canada	CAD/USD	03/18/15	$	445,653	$	(7,347)
	JPY/USD	03/18/15		150,638		(1,362)
	MXN/USD	03/18/15		87,370		(4,580)
	NZD/USD	03/18/15		150,949		(1,405)
	TRY/USD	03/18/15		138,960		(5,363)
State Street Bank and Trust	GBP/USD	03/18/15		326,077		(1,668)
Westpac Banking Corp.	EUR/USD	01/28/15		389,756		(3,152)
	NZD/USD	01/08/15		96,640		(458)
	NZD/USD	03/18/15		76,636		(129)
	TRY/USD	03/18/15		142,119		(6,505)
	USD/NZD	03/18/15		345,590		(2,116)
TOTAL					$	(334,694)

FUTURES CONTRACTS — At December 31, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars	100	June 2015	$	24,891,250		$	5,715
Eurodollars	50	September 2015		12,418,750			6,040
Canada 10 Year Government Bonds	13	March 2015		1,549,974			29,644
French 10 Year Government Bonds	(2)	March 2015		(356,287	)		(5,315	)
Italian 10 Year Government Bonds	9	March 2015		1,476,745			18,487
Japan 10 Year Government Bonds	(7)	March 2015		(8,636,918	)		(39,763	)
Ultra Long U.S. Treasury Bonds	(20)	March 2015		(3,303,750	)		(58,683	)
10 Year German Euro-Bund	(4)	March 2015		(754,442	)		(8,392	)
2 Year U.S. Treasury Notes	327	March 2015		71,480,156			(127,740	)
5 Year U.S. Treasury Notes	545	March 2015		64,816,680			(26,995	)
10 Year U.S. Treasury Notes	(125)	March 2015		(15,849,609	)		64,336
20 Year U.S. Treasury Bonds	(16)	March 2015		(2,313,000	)		(30,652	)
TOTAL						$	(173,318	)

SWAP CONTRACTS — At December 31, 2014, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

				Rates Exchanged
Counterparty	Notional Amount (000s)		Termination Date	Payments Received	Payments Made			Unrealized Gain (Loss)*
Barclays Bank PLC	KRW	126,360	05/10/23	3 month KWCDC		2.735	%	$	(3,206	)
		141,900	05/20/23	3 month KWCDC		2.830			(4,529	)
		141,900	05/20/23	3 month KWCDC		2.840			(4,629	)
Deutsche Bank AG		141,880	05/15/23	3 month KWCDC		2.815			(4,387	)
TOTAL								$	(16,751	)

* 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.

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)
$	5,400	(a)	03/18/17	3 month LIBOR	1.250%	$	(29,891	)	$	8,997
	3,500	(a)	08/04/17	3 month LIBOR	2.195		(5,042	)		(7,134	)
GBP	1,010	(a)	09/12/17	6 month GBP	2.250		2,227			(14,788	)
NZD	1,030		12/17/19	4.500%	3 month NZDOR		(8,986	)		28,567
AUD	180		12/17/19	6 month AUDOR	3.750		(2,573	)		(4,948	)
$	7,200	(a)	03/18/20	3 month LIBOR	2.250		(159,120	)		28,216
	5,100	(a)	08/04/21	3.025	3 month LIBOR		44,596			95,498
GBP	1,030	(a)	09/12/21	2.680	6 month GBP		(13,385	)		74,595
$	21,200	(a)	03/18/22	3 month LIBOR	2.500		(648,860	)		124,315
AUD	880	(a)	09/17/24	4.500	6 month AUDOR		(11,518	)		36,604
GBP	510	(a)	09/17/24	6 month GBP	3.250		(15,289	)		(21,053	)
	1,000	(a)	12/18/24	3.250	6 month GBP		8,100			61,492

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

	Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
	EUR	1,400	(a)	12/18/24	6 month EURO	2.000%	$	2,661		$	(62,637	)
	JPY	310,625	(a)	03/18/25	0.500%	6 month JYOR		(26,832	)		16,674
	$	4,300	(a)	03/18/25	3 month LIBOR	3.000		(272,696	)		17,641
	SEK	2,240	(a)	03/18/25	3 month STIBOR	1.500		(2,116	)		(3,362	)
	$	270	(a)	03/18/25	3.000	3 month LIBOR		11,568			4,447
	AUD	330	(a)	03/18/25	3.500	6 month AUDOR		2,942			4,939
	NZD	470	(a)	03/18/25	4.500	3 month NZDOR		8,825			2,485
	EUR	225	(a)	03/18/25	6 month EURO	1.500		(12,581	)		(4,966	)
	GBP	1,620	(a)	03/18/25	6 month GBP	3.000		(199,639	)		(66,091	)
	JPY	341,000	(a)	05/09/25	6 month JYOR	1.650		46,418			(98,662	)
	$	4,900	(a)	03/10/26	3.170	3 month LIBOR		(355,208	)		602,141
		2,800	(a)	08/04/26	3 month LIBOR	3.409		(49,179	)		(130,301	)
	GBP	560	(a)	09/12/26	6 month GBP	2.980		8,714			(76,778	)
	JPY	209,000	(a)	05/09/27	1.880	6 month JYOR		(41,691	)		101,473
	$	8,000	(a)	03/18/30	3 month LIBOR	3.250		(770,561	)		59,902
	JPY	68,300	(a)	03/18/45	1.500	6 month JYOR		(1,380	)		24,589
	$	440	(a)	03/18/45	3.500	3 month LIBOR		68,402			3,689
	GBP	570	(a)	03/18/45	6 month GBP	3.250		(141,583	)		(63,970	)
TOTAL							$	(2,563,677	)	$	741,574

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2014.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

						Market Value
Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)	Termination Date	Credit Spread at December 31, 2014(b)	Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 21		3,625	1.000%	12/20/18	0.501%	$	70,491	$	429
CDX North America High Yield Index 21		5,925	5.000	12/20/18	3.030		436,201		159
CDX North America Investment Grade Index 23		20,625	1.000	12/20/19	0.660		333,537		4,513
CDX North America High Yield Index 23		2,200	5.000	12/20/19	3.548		152,545		(11,881	)
TOTAL						$	992,774	$	(6,780	)

(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 or counterparty to make or receive 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.

TAX INFORMATION — At December 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	241,689,413
Gross unrealized gain		1,448,572
Gross unrealized loss		(2,172,284	)
Net unrealized security loss	$	(723,712	)

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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). Accounting principles generally accepted in the United States of America (“GAAP”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Goldman Sachs Asset Management, L.P. (“GSAM”) 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.

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:

Investments in Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

The Goldman Sachs Financial Square Government Fund may invest in debt securities which, are valued daily on the basis of quotations supplied by dealers if market quotations are readily available, 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.

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

i. 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 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

iv. 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.

v. 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.

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

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss.

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

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. 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.

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2014:

ENHANCED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	273,071,847		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		81,626,683			6,099,505			—
Asset-Backed Securities		—			56,090,421			—
Foreign Debt Obligations		—			10,493,260			—
Government Guarantee Obligation		—			18,618,693			—
Investment Company		70,273,828			—			—
Short-term Investments		—			15,947,876			—
Total	$	151,900,511		$	380,321,602		$	—
Derivative Type
Assets(a)
Futures Contracts	$	117,068		$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	214,531,650		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		231,029,642			45,475,361			—
Asset-Backed Securities		—			14,522,859			—
Municipal Debt Obligation		—			2,549,020			—
Government Guarantee Obligations		—			7,915,952			—
Investment Company		13,210,760			—			—
Total	$	244,240,402		$	284,994,842		$	—
Derivative Type
Assets(a)
Futures Contracts	$	13,946		$	—		$	—
Interest Rate Swap Contracts		—			309,977			—
Total	$	13,946		$	309,977		$	—
Liabilities(a)
Futures Contracts	$	(512,688	)	$	—		$	—
Interest Rate Swap Contracts		—			(216,470	)		—
Total	$	(512,688	)	$	(216,470	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	7,459,080		$	—
Mortgage-Backed Obligations		—			162,189,230			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		26,704,006			64,992,240			—
Asset-Backed Securities		—			158,410,340			—
Foreign Debt Obligations		—			36,101,717			—
Government Guarantee Obligations		—			30,906,934			—
Investment Company		10,033,878			—			—
Total	$	36,737,884		$	460,059,541		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,048,438	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	502,288		$	—		$	—
Interest Rate Swap Contracts		—			722,510			—
Total	$	502,288		$	722,510		$	—
Liabilities(a)
Futures Contracts	$	(1,916	)	$	—		$	—
Interest Rate Swap Contracts		—			(524,815	)		—
Total	$	(1,916	)	$	(524,815	)	$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	121,910,610		$	—		$	—
Short-term Investments		—			1,400,000			—
Total	$	121,910,610		$	1,400,000		$	—
Derivative Type
Assets(a)
Futures Contracts	$	161,084		$	—		$	—
Interest Rate Swap Contracts		—			294,269			—
Total	$	161,084		$	294,269		$	—
Liabilities(a)
Futures Contracts	$	(377,669	)	$	—		$	—
Interest Rate Swap Contracts		—			(283,430	)		—
Total	$	(377,669	)	$	(283,430	)	$	—
LIMITED MATURITY OBLIGATION FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,855,667		$	—
Municipal Debt Obligations		—			5,536,839			—
Short-term Investments		—			2,590,005			—
Total	$	—		$	9,982,511		$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	536,543,351		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		508,926,662			253,951,017			—
Government Guarantee Obligation		—			19,686,000			—
Investment Company		78,729,823			—
Total	$	587,656,485		$	810,180,368		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(34,728,751	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	86,050		$	—		$	—
Interest Rate Swap Contracts		—			3,940,512			—
Total	$	86,050		$	3,940,512		$	—
Liabilities(a)
Futures Contracts	$	(3,026,922	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,959,548	)		—
Total	$	(3,026,922	)	$	(1,959,548	)	$	—
SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	112,413,886		$	—
Mortgage-Backed Obligations		—			22,838,734			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		27,882,745			1,411,240			—
Asset-Backed Securities		—			34,588,358			—
Foreign Debt Obligations		988,051			12,624,158			—
Municipal Debt Obligations		—			5,643,924			—
Short-term Investments		—			22,574,605			—
Total	$	28,870,796		$	212,094,905		$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,033,521		$	—
Futures Contracts		124,222			—			—
Interest Rate Swap Contracts		—			1,296,264			—
Credit Default Swap Contracts		—			5,101			—
Total	$	124,222		$	2,334,886		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(334,694	)	$	—
Futures Contracts		(297,540	)		—			—
Interest Rate Swap Contracts		—			(571,441	)		—
Credit Default Swap Contracts		—			(11,881	)		—
Total	$	(297,540	)	$	(918,016	)	$	—

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

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

JOINT REPURCHASE AGREEMENT ACCOUNT II — At December 31, 2014, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of January 2, 2015, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Inflation Protected Securities	$	1,400,000	$	1,400,006	$	1,432,422
Limited Maturity Obligations		1,700,000		1,700,008		1,739,370
Short Duration Income		19,400,000		19,400,088		19,849,282

REPURCHASE AGREEMENTS — At December 31, 2014, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Inflation Protected Securities		Limited Maturity Obligations		Short Duration Income
BNP Paribas Securities Co.		0.070	%	$	106,707	$	129,573	$	1,478,659
Citigroup Global Markets, Inc.		0.080			853,659		1,036,585		11,829,267
Merrill Lynch & Co., Inc.		0.080			119,512		145,122		1,656,098
TD Securities (USA) LLC		0.090			320,122		388,720		4,435,976
TOTAL				$	1,400,000	$	1,700,000	$	19,400,000

At December 31, 2014, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.220% to 3.200	%		07/09/15 to 12/26/24
Federal Home Loan Mortgage Corp.		3.500			10/01/25
Federal National Mortgage Association		0.875 to 5.500			10/26/17 to 12/01/44
Government National Mortgage Association		3.000 to 3.500			11/20/42
Tennessee Valley Authority		2.875			09/15/24
United States Treasury Notes		1.625 to 2.625			04/30/19 to 11/15/20

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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”). Some foreign custodians may be recently organized or new to the foreign custody business. 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 bankruptcy.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

(a) Separate certifications for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

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

(Registrant) Goldman Sachs Trust
By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Principal Executive Officer

Date February 27, 2015

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

By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Principal Executive Officer

Date February 27, 2015

By (Signature and Title)*	/s/ Scott McHugh
	Scott McHugh Principal Financial Officer

Date February 27, 2015

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

EX-99.CERT

CERTIFICATIONS

I, James A. McNamara, certify that:

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

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

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

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

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

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

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2015	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer

CERTIFICATIONS

I, Scott McHugh, certify that:

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

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

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

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

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

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

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2015	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer