UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2015

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Annual Report	March 31, 2015
	Short Duration and Government Fixed Income Funds
	Enhanced Income
	Government Income
	High Quality Floating Rate
	Inflation Protected Securities
	Limited Maturity Obligations
	Short Duration Government
	Short Duration Income

Goldman Sachs Short Duration and Government Fixed Income Funds

n ENHANCED INCOME

n GOVERNMENT INCOME

n HIGH QUALITY FLOATING RATE

n INFLATION PROTECTED SECURITIES

n LIMITED MATURITY OBLIGATIONS

n SHORT DURATION GOVERNMENT

n SHORT DURATION INCOME

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	4
Market Review	5
Portfolio Management Discussions and Performance Summaries	7
Schedules of Investments	46
Financial Statements	90
Financial Highlights	98
Notes to Financial Statements	112
Report of Independent Registered Public Accounting Firm	146
Other Information	147

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Enhanced Income Fund invests primarily in a portfolio of U.S. dollar denominated fixed income securities, including non-mortgage U.S. government securities, corporate notes, commercial paper, fixed and floating rate asset-backed securities and foreign securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

The Goldman Sachs Government Income Fund invests primarily in U.S. government securities and in repurchase agreements collateralized by such securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

The Goldman Sachs High Quality Floating Rate Fund invests primarily in high quality floating rate or variable rate obligations, and the Fund considers “high quality” obligations to be (i) those rated AAA or Aaa by a nationally recognized statistical rating organization at the time of purchase (or, if unrated, determined by the Investment Adviser to be of comparable quality), and (ii) U.S. government securities, including mortgage-backed securities, and repurchase agreements collateralized by U.S. government securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

1

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

The Goldman Sachs Inflation Protected Securities Fund invests primarily in inflation protected securities (IPS) of varying maturities issued by the U.S. Treasury and other U.S. and non-U.S. Government agencies and corporations. Fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. IPS are fixed income securities whose interest and principal payments are periodically adjusted according to the rate of inflation. The market value of IPS is not guaranteed, and will fluctuate in response to changes in real interest rates. The market for IPS may be less developed or liquid, and more volatile, than certain other securities markets. If deflation were to occur, IPS would likely decline in price. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares.

The Goldman Sachs Limited Maturity Obligations Fund invests in a broad range of high quality, U.S. dollar-denominated money market and other fixed income instruments, including obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate asset-backed securities and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. The Fund is not a money market fund and does not attempt to maintain a stable net asset value. The Fund is subject to NAV risk, which means that the net asset value of the Fund and the value of investments in the Fund will fluctuate. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Because the Fund may invest heavily in specific sectors (for example, the financial services sector), the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. Investments in asset-backed and receivables-backed securities are subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates).

The Goldman Sachs Short Duration Government Fund invests primarily in U.S. government securities and in repurchase agreements collateralized by such securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

2

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

The Goldman Sachs Short Duration Income Fund invests primarily in U.S. or foreign fixed income securities, including U.S. government securities, corporate debt securities, collateralized loan obligations, agency and privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities, bank loans and emerging countries debt. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Indirect loan participations may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all). The Fund’s use of derivatives may result in leverage, which can make the Fund more volatile. The Fund’s investments in other investment companies subject it to additional expenses. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities.

3

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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

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

n Assess relative value among securities and sectors

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

n Team approach to decision making

n Manage risk by avoiding significant sector and interest rate bets

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

Fixed Income portfolios that:

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

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

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

4

MARKET REVIEW

Goldman Sachs Short Duration and Government Fixed Income Funds

Market Review

Geopolitical tensions and increasingly divergent economic conditions and monetary policies of global central banks drove the performance of the global fixed income markets during the 12 months ended March 31, 2015 (the “Reporting Period”).

When the Reporting Period began in April 2014, spread, or non-government bond, sectors rallied as global bond yields fell. Most fixed income sectors generated positive returns, with emerging markets debt and non-agency mortgage-backed securities leading gains. Investors focused in part on events in Ukraine, as Russia’s intervention led to sanctions by the U.S. and Europe. Economic influences included the U.S. Commerce Department’s announcement that first quarter 2014 Gross Domestic Product (“GDP”) had declined, indicating an economic contraction. However, second calendar quarter economic data releases, such as auto sales, jobless claims and manufacturing activity, suggested a rebound was underway. This supported the view of some market participants that the first quarter 2014 economic contraction might have been due to inclement winter weather and that economic growth could accelerate in the remainder of the calendar year. From a monetary policy perspective, in June 2014, the European Central Bank (“ECB”) cut interest rates by 10 basis points, moving the deposit rate for the Eurozone into negative territory for the first time in history. (The Eurozone is a geographic and economic region that consists of all the European Union countries that have fully incorporated the euro as their national currency.) (A basis point is 1/100th of a percentage point.) The ECB also announced it would be implementing additional liquidity measures targeted at stimulating lending.

During the third calendar quarter, spread sectors retreated. High yield corporate bonds and emerging markets debt led underperformance, as geopolitical tensions surrounding Russia and the Middle East weighed on risk sentiment. In the Eurozone, the ECB implemented further easing measures in the form of interest rate cuts and targeted long-term financial operations, and announced plans to start purchasing asset-backed securities as a result of persistently low inflation and weak economic growth. U.S. economic data was generally strong, suggesting an above-trend pace of growth, leading the Federal Reserve (the “Fed”) to shift up its forecasts for the future path of U.S. interest rates. Meanwhile, the U.S. dollar saw its best quarter in more than six years, driven predominantly by market views on global economic divergence —improving U.S. economic data reinforced views about stronger U.S. growth, while the faltering Japanese and Eurozone economies suggested continued weakness.

Spread sectors declined overall during the fourth quarter of 2014. High yield corporate bonds and emerging markets debt were weakest, as falling oil prices heightened market volatility and sparked a flight to quality. (Flight to quality is defined as the action of investors moving their capital away from riskier investments to the safest possible investment vehicles. The flight is usually caused by uncertainty in the markets.) At the same time, global economic divergence continued. In the U.S., the economy improved, leading the Fed to end its quantitative easing asset purchase program, as planned, in October 2014. Soft, or less than robust, economic data in the Eurozone and Japan resulted in further monetary easing by their central banks. The U.S. dollar continued to appreciate versus many other global currencies.

During the first quarter of 2015, spread sectors generated broadly positive returns. As the Fed and the U.K. considered raising short-term interest rates, global monetary policy easing intensified with the ECB announcing its quantitative easing program and approximately 25 other global central banks easing monetary policy. The U.S. dollar appreciated for a third consecutive quarter, reaching a 12-year high versus the euro ahead of the Fed’s March 2015

5

MARKET REVIEW

policy meeting. The anti-austerity Syriza party was victorious in Greece’s elections, raising fears of a renewed debt crisis. Near quarter-end, Eurozone finance ministers agreed to a four-month extension of the current Greek bailout package, buying time but leaving unresolved the question of how Greece will fund debt repayments during July and August 2015.

For the Reporting Period overall, commercial mortgage-backed securities generated the strongest positive returns within the broad fixed income market. Asset-backed securities also outperformed U.S. Treasuries, followed at some distance by mortgage-backed securities. Conversely, sovereign emerging markets debt and high yield corporate bonds underperformed U.S. Treasuries. Investment grade corporate bonds and agency securities also lagged U.S. Treasuries, albeit more modestly. The U.S. Treasury yield curve, or spectrum of maturities, flattened during the Reporting Period, as intermediate-term and longer-term yields declined and shorter-term maturities edged up. The yield on the bellwether 10-year U.S. Treasury fell approximately 80 basis points to 1.92%.

Looking Ahead

At the end of the Reporting Period, we believe that global growth was improving, with an economic revival underway in Europe. Overall, we consider Europe the world’s most improved economy, boosted by the ECB’s unexpectedly aggressive quantitative easing. That said, in our view, longer-term momentum appears questionable, and we do not expect to see much of an increase in European inflation during the 2015 calendar year.

In terms of the U.S., we believe the labor market is nearing full recovery, and we expect economic growth to trend higher as the effects of the harsh 2015 winter subside and should consumers, as we anticipate, start spending money saved as a result of low oil prices. At the same time, U.S. dollar strength may pose some potential downside risk for corporate earnings and exports. While a June 2015 interest rate hike from the Fed remains a possibility, we think an increase in September 2015 or later is more likely, due to the combination of U.S. dollar strength and, with the noted exceptions, broad global monetary policy easing.

At the end of the Reporting Period, we believed the fixed income markets were becoming more removed from fundamentals, as divergent central bank policies increasingly drove investment flows. We also believed that risks had increased, with Europe once again facing the threat of a Greek exit from the European Union and economic indicators suggesting that China may miss its 7% economic growth target.

6

PORTFOLIO RESULTS

Goldman Sachs Enhanced Income Fund

Investment Objective

The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration and IR Shares generated average annual total returns, without sales charges, of -0.47%, -0.13%, -0.38% and -0.12%, respectively. These returns compare to the 0.17% average annual total return of the Goldman Sachs Enhanced Income Fund Composite Index (the “Enhanced Income Composite”) during the same period. The Enhanced Income Composite is comprised 50% of the Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index (BofA ML Six-Month U.S. Treasury Bill Index) and 50% of the Bank of America Merrill Lynch One-Year U.S. Treasury Note Index (BofA ML One-Year U.S. Treasury Note Index), which generated average annual total returns of 0.12% and 0.21%, respectively, over the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from the Fund’s results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector. On the other hand, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross- sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Bottom-up individual issue selection amongst corporate bonds, asset-backed securities and agency securities also boosted results, partially offset by selection of government securities and Treasury inflation-protected securities (“TIPS”), which detracted.

Q Which fixed income market sectors most significantly affected Fund performance?

A Our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period overall, with positioning in U.S. swap spreads and asset-backed securities helping most. The asset-backed securities sector rallied, particularly during the first half of the Reporting Period. The Fund’s exposure to covered bonds had a more modestly positive impact on the Fund’s performance, while exposure to corporate bonds reversed its gains from the first half of the Reporting Period to slightly detract overall. We continued to see what we believe were supportive credit fundamentals, though valuations were close to fair value, in our opinion, at the end of the Reporting Period. In our view, better economic growth, weak inflation and accommodative monetary policy supported credit risk appetite. Our constructive credit view was underpinned by our macro outlooks for the U.S. and Europe, which foresee modestly improving economic growth against a backdrop of persistent slack and hence continued low to moderate inflation. (Swap spreads are defined as the difference between the swap rate on a contract and the yield on a government bond of the same maturity. It is used to represent the risk associated with the investment, since changes in interest rates will ultimately affect return. Swap spreads are based on LIBOR rates, the creditworthiness of the swap’s parties, and other economic factors that could influence the terms of the investment’s interest rates. Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.)

Our individual security selection strategies also contributed positively to the Fund’s relative results during the Reporting

7

PORTFOLIO RESULTS

Period, especially individual selection of corporate bonds. Security selection amongst asset-backed securities and agency securities also boosted results, partially offset by selection of government securities and TIPS, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from the Fund’s results during the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as short-term yields rose modestly, while intermediate- and longer-term yields declined. The 10-year U.S. Treasury yield fell approximately 80 basis points to end the Reporting Period at 1.92%. (A basis point is 1/100th of a percentage point.)

The fourth quarter of 2014 and first quarter of 2015 were the most negative for the Fund during the Reporting Period, as we maintained our core bearish view on rates and positive view on the U.S. economy. However, the U.S. Treasury yield curve flattened modestly during the first quarter of 2015 following softening, or less strong, economic data and a generally dovish outcome from the Federal Reserve’s (the “Fed”) March 2015 meeting. Indeed, the March 2015 Fed meeting left open the possibility of a rate hike in June 2015 and lowered unemployment forecasts, however forecasts for rates and U.S. GDP were also reduced. (A dovish economy would tend to indicate lower interest rates; a dovish action or event is one that is not strong or aggressive; opposite of hawkish.)

During the Reporting Period, the Fund maintained a significant short duration position relative to the Enhanced Income Composite. The Fund’s short positions were mainly in the six-month and one-year nodes, or points, of the U.S. Treasury yield curve as well as in the five-year node. In our view, U.S. economic growth data remained healthy overall, and we continue to anticipate a gradual rise in interest rates. As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures and Eurodollar futures during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund.

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

A The Fund’s allocations to U.S. Treasuries and cash decreased during the Reporting Period. A corresponding increase in allocation was concentrated in asset-backed securities and investment grade corporate bonds. Additionally, we modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A While the Fund is benchmarked to U.S. Treasuries, it continued to hold a portion of its assets in non-Treasury sectors not represented in the Enhanced Income Composite. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably quasi-government securities, including agency-issued debentures, as well as asset-backed securities, covered bonds and investment grade corporate bonds. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

8

FUND BASICS

Enhanced Income Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			Enhanced Income Composite2			BofA ML Six-Month U.S. Treasury Bill  Index3			BofA ML One-Year U.S. Treasury Note  Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		-0.47	%		0.17	%		0.12	%		0.21	%		0.10	%		0.08	%
Institutional		-0.13			0.17			0.12			0.21			0.44			0.41
Administration		-0.38			0.17			0.12			0.21			0.19			0.16
Class IR		-0.12			0.17			0.12			0.21			0.35			0.32

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

²  The Enhanced Income Composite is comprised of the BofA ML Six-Month U.S. Treasury Bill Index (50%) and the BofA ML One-Year U.S. Treasury Note Index (50%).

³  The BofA ML Six-month U.S. Treasury Bill Index measures the performance of Treasury Bill with time to maturity of less than 6 months. The BofA ML One-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year. The BofA ML Six-Month U.S. Treasury Bill Index and BofA ML One-Year U.S. Treasury Note Index, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

9

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.92	%		-0.22	%		1.51	%		2.05	%	8/2/00
Institutional		-0.13			0.42			2.02			2.52		8/2/00
Administration		-0.38			0.18			1.79			2.29		8/2/00
Class IR		-0.12			N/A			N/A			0.38		7/30/10

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Class IR Shares and Administration Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.73	%		0.73	%
Institutional		0.38			0.38
Administration		0.64			0.64
Class IR		0.48			0.48

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. For the most recent reporting period, the Fund does not have any material fee waiver or expense reimbursements and as such the Net and Gross expense ratios will be the same.

10

FUND BASICS

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represents certificates of deposit. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁸  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the government of a foreign country.

⁹  “Agency Debentures” include agency securities offered by companies such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

11

GOLDMAN SACHS ENHANCED INCOME FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on April 1, 2005 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Bank of America Merrill Lynch One-Year U.S. Treasury Note Index, Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index, and the Goldman Sachs Enhanced Income Fund Composite Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Administration and Class IR Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Enhanced Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 1, 2005 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 2000)
Excluding sales charges	-0.47%	0.09%	1.67%	2.16%
Including sales charges	-1.92%	-0.22%	1.51%	2.05%
Institutional (Commenced August 2, 2000)	-0.13%	0.42%	2.02%	2.52%
Administration (Commenced August 2, 2000)	-0.38%	0.18%	1.79%	2.29%
Class IR (Commenced July 30, 2010)	-0.12%	N/A	N/A	0.38%

12

PORTFOLIO RESULTS

Goldman Sachs Government Income Fund

Investment Objective

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated average annual total returns, without sales charges, of 3.80%, 3.03%, 4.23%, 3.64%, 4.06% and 3.55%, respectively. These returns compare to the 5.35% average annual total return of the Fund’s benchmark, the Barclays U.S. Government/Mortgage Index (the “Barclays Index”), during the same time period.

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

A Our duration strategy detracted most from the Fund’s performance during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. To a lesser extent, yield curve positioning and individual issue selection within the government/swaps sector also hampered relative results.

The primary positive contributors to the Fund’s performance were individual issue selection within the securitized sector and our top-down cross-sector strategy. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Q Which fixed income market sectors most significantly affected Fund performance?

A Individual issue selection within the government/swaps sector detracted from the Fund’s performance during the Reporting Period. More specifically, an overweight to Treasury inflation-protected securities (“TIPS”) hampered results. As energy prices moved lower, TIPS performance lagged nominal U.S. Treasury performance given renewed concerns about headline inflation in U.S. markets. Selection of agency securities also detracted.

Conversely, the Fund’s performance was bolstered most by individual issue selection in the securitized sector. Selection between agencies and within the coupon stack as well as specific selection of individual issues proved beneficial. (Coupon stack is the spectrum of coupons available within a given sector.) For example, an overweight relative to the Barclays Index in premium, or higher, coupon mortgage- backed securities benefited the Fund early in the Reporting Period, as these mortgage-backed securities’ collateral benefited from lower prepayment speeds. Furthermore, an underweight relative to the Barclays Index in Government National Mortgage Association (“GNMA” or “Ginnie Mae”)

13

PORTFOLIO RESULTS

mortgage-backed securities benefited performance especially following the Federal Housing Administration (“FHA”) reducing mortgage insurance premiums by 0.50% which increased prepayments speeds notably.

An overweight allocations to U.S. agency debt, asset-backed securities and commercial mortgage-backed securities —tactical positions taken within our cross-sector strategy — also contributed positively to relative performance during the Reporting Period, more than offsetting the detracting effect of an underweight exposure to mortgage-backed securities overall.

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

A The combination of the Fund’s U.S. duration and yield curve positioning detracted from relative results during the Reporting Period. Overall, the Fund had a short duration relative to that of the Barclays Index through most of the Reporting Period. This positioning hurt, as rates generally rallied as a response to soft, or less than robust, economic data in Europe and Asia as well as to geopolitical issues, including the heightened threat of ISIS in the Middle East and ongoing conflict between Russia and Ukraine. Much of the detracting impact can be attributed to interest rate movements in May 2014, October 2014 and January 2015.

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

A The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) to hedge and express an outright term structure view and to help manage volatility. The Fund used forward contracts to help manage duration. Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we believe we would otherwise be able to implement.

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

A We held an underweight bias to agency mortgage-backed securities through much of the Reporting Period, but adjusted the Fund’s allocation to the sector based on how we felt the market would react to key comments from the Federal Reserve (the “Fed”) regarding tapering of its asset purchases as well as on developments within the sector, including net issuance data. Additionally, we modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A At the end of March 2015, the Fund had an overweight allocation relative to the Barclays Index in quasi-government securities, especially agency non-government guaranteed securities, as well as in commercial mortgage-backed securities and asset-backed securities. While the Fund was underweight residential mortgage-backed securities overall, within this sector the Fund was overweight relative to the Barclays Index in agency multi-family mortgage obligations and agency adjustable-rate mortgages and underweight mortgage-backed security pass-throughs. The Fund was underweight relative to the Barclays Index in U.S. government securities. The Fund had a shorter duration than that of the Barclays Index at the end of the Reporting Period.

14

FUND BASICS

Government Income Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			Barclays Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.80	%		5.35	%		0.90	%		0.73	%
Class C		3.03			5.35			0.20			0.02
Institutional		4.23			5.35			1.27			1.09
Service		3.64			5.35			0.78			0.60
Class IR		4.06			5.35			1.18			1.00
Class R		3.55			5.35			0.69			0.51

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

²  The Barclays Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

15

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.08	%		2.23	%		3.49	%		5.02	%	2/10/93
Class C		2.02			2.25			3.12			4.00		8/15/97
Institutional		4.23			3.37			4.25			5.16		8/15/97
Service		3.64			2.83			3.72			4.64		8/15/97
Class IR		4.06			3.27			N/A			3.83		11/30/07
Class R		3.55			2.75			N/A			3.33		11/30/07

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares, Service Shares, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.92	%		1.02	%
Class C		1.62			1.78
Institutional		0.58			0.69
Service		1.08			1.18
Class IR		0.67			0.78
Class R		1.17			1.28

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

16

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

17

GOLDMAN SACHS GOVERNMENT INCOME FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on April 1, 2005 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Barclays U.S. Government/Mortgage Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR and Class R Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Government Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 1, 2005 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 10, 1993)
Excluding sales charges	3.80%	3.01%	3.89%	5.20%
Including sales charges	-0.08%	2.23%	3.49%	5.02%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	3.03%	2.25%	3.12%	4.00%
Including contingent deferred sales charges	2.02%	2.25%	3.12%	4.00%
Institutional (Commenced August 15, 1997)	4.23%	3.37%	4.25%	5.16%
Service (Commenced August 15, 1997)	3.64%	2.83%	3.72%	4.64%
Class IR (Commenced November 30, 2007)	4.06%	3.27%	N/A	3.83%
Class R (Commenced November 30, 2007)	3.55%	2.75%	N/A	3.33%

18

PORTFOLIO RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

The Fund seeks to provide a high level of current income, consistent with low volatility of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Service and IR Shares generated average annual total returns, without sales charges, of -0.36%, -0.19%, -0.53% and -0.28%, respectively. These returns compare to the 0.03% average annual total return of the Fund’s benchmark, the Bank of America Merrill Lynch Three- Month U.S. Treasury Bill Index (“BofA ML Three Month U.S. Treasury Bill Index”).

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Bottom-up individual issue selection amongst asset-backed securities and government/swap securities detracted from relative performance, offset by issue selection amongst corporate bonds, which contributed positively.

Q Which fixed income market sectors most significantly affected Fund performance?

A Cross-sector positioning was the primary positive contributor to the Fund’s results during the Reporting Period, with exposure to agency mortgage-backed securities helping most. Agency mortgage-backed securities performed well, especially during the first half of the Reporting Period, as spreads, or yield differentials to U.S. Treasury securities, tightened, or narrowed, on the back of muted housing activity and limited supply of mortgage-backed securities. This trend reversed in the second half of the Reporting Period, as the Federal Reserve’s (the “Fed”) ending of its quantitative easing asset purchases as scheduled in October 2014 impacted net mortgage-backed securities supply. Exposure to asset-backed securities also contributed positively to Fund results during the Reporting Period.

Individual issue selection of asset-backed securities within the securitized sector and selection within the government/ swaps sector detracted from Fund results during the Reporting Period. This was offset by effective selection within the corporate bond sector, which contributed positively.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period, with the majority of negative return attributable to a core underweighted position in U.S. Treasury securities held during the Reporting Period. A shorter duration position than the BofA ML Three-Month U.S. Treasury Bill Index in October 2014 and January 2015 detracted most from returns, as an underweight to the intermediate segment of the U.S. Treasury yield curve, particularly the three-year node, or point, of the U.S. Treasury yield curve, weighed on performance. We maintained our core bearish view on rates through most of the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as short- term yields rose modestly, while intermediate- and longer- term yields declined. The 10-year U.S. Treasury yield fell

19

PORTFOLIO RESULTS

approximately 80 basis points to end the Reporting Period at 1.92%. (A basis point is 1/100th of a percentage point.)

The fourth quarter of 2014 and first quarter of 2015 were the most negative for the Fund during the Reporting Period, as we maintained our core bearish view on rates and positive view on the U.S. economy. However, the U.S. Treasury yield curve flattened modestly during the first quarter of 2015 following softening, or less strong, economic data and a generally dovish outcome from the Federal Reserve’s (the “Fed”) March 2015 meeting. Indeed, the March 2015 Fed meeting left open the possibility of rate hike in June 2015 and lowered unemployment forecasts, however forecasts for rates and U.S. GDP were also reduced. (A dovish economy would tend to indicate lower interest rates; a dovish action or event is one that is not strong or aggressive; opposite of hawkish.)

As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) for the purpose of taking modest short volatility positions, that is, positions that pay a modest return when market volatility remains relatively stable.

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

A The Fund’s exposure to quasi-government securities and covered bonds increased during the Reporting Period. A corresponding decrease in allocation was concentrated in cash and mortgage-backed securities. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the BofA ML Three-Month U.S. Treasury Bill Index. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the BofA ML Three-Month U.S. Treasury Bill Index by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A While the Fund is benchmarked to U.S. Treasuries, it held a significant portion of its assets in non-Treasury sectors not represented in the benchmark index at the end of the Reporting Period. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably agency mortgage-backed securities, quasi-government securities (may include taxable municipal debt obligations or municipal securities) and asset- backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

20

FUND BASICS

High Quality Floating Rate Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014–March 31, 2015	Fund Total Return (based on NAV)1			BofA ML Three-Month U.S. Treasury Bill  Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.36	%		0.03	%		0.01	%		-0.29	%
Institutional		-0.19			0.03			0.23			0.04
Service		-0.53			0.03			0.01			-0.45
Class IR		-0.28			0.03			0.14			-0.05

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

²  The BofA ML Three-Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.82	%		-0.32	%		1.15	%		2.76	%	5/15/95
Institutional		-0.19			0.30			1.63			3.45		7/17/91
Service		-0.53			-0.15			1.15			2.37		3/27/97
Class IR		-0.28			0.19			N/A			0.57		11/30/07

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Service Shares and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

21

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.70	%		0.93	%
Institutional		0.36			0.59
Service		0.86			1.09
Class IR		0.45			0.68

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represents repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁸  “Agency Debentures” include agency securities offered by companies such as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

¹⁰  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

22

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on April 1, 2005 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmark, the Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Service, and Class IR Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 1, 2005 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 15, 1995)
Excluding sales charges	-0.36%	-0.03%	1.31%	2.84%
Including sales charges	-1.82%	-0.32%	1.15%	2.76%
Institutional (Commenced July 17, 1991)	-0.19%	0.30%	1.63%	3.45%
Service (Commenced March 27, 1997)	-0.53%	-0.15%	1.15%	2.37%
Class IR (Commenced November 30, 2007)	-0.28%	0.19%	N/A	0.57%

23

PORTFOLIO RESULTS

Goldman Sachs Inflation Protected Securities Fund

Investment Objective

The Fund seeks real return consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated average annual total returns, without sales charges, of 2.09%, 1.25%, 2.40%, 2.27% and 1.81%, respectively. These returns compare to the 3.11% average annual total return of the Fund’s benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (“Barclays U.S. TIPS Index”), during the same time period.

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

A Detracting most from the Fund’s results was our duration strategy. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve positioning also detracted from Fund performance. Yield curve indicates the spectrum of maturities within a particular sector.

Bottom-up individual issue selection of various maturity U.S. Treasury inflation-protected securities (“TIPS”) was the key positive contributor to the Fund’s performance during the Reporting Period.

Q Which fixed income market sectors most significantly affected Fund performance?

A Individual issue selection of various maturity TIPS contributed most positively to Fund performance during the Reporting Period. Particularly beneficial to relative results was the Fund’s overweight to long duration TIPS, i.e. those with maturities greater than seven years, during much of the

Reporting Period. These longer duration TIPS performed well as rates on the long-term end of the U.S. Treasury yield curve rallied. Through the Reporting Period, we tactically re-positioned the Fund’s exposure to inflation as market conditions evolved, which added value overall.

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

A The combination of the Fund’s U.S. duration and yield curve positioning detracted from relative results during the Reporting Period. Overall, the Fund had a short duration relative to that of the Barclays U.S. TIPS Index through most of the Reporting Period. This positioning hurt, as rates generally rallied as a response to soft, or less than robust, economic data in Europe and Asia as well as to geopolitical issues, including the heightened threat of ISIS in the Middle East and ongoing conflict between Russia and Ukraine. Much of the detracting impact can be attributed to interest rate movements in May 2014, October 2014 and January 2015.

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

A The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. We used interest rate and bond exchange traded futures contracts to help implement duration positioning within the Fund. Interest rate swaps were used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and

24

PORTFOLIO RESULTS

the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) to express our views on interest rate volatility and an outright term structure view.

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

A We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. For example, the summer months are usually highlighted by weak inflation technicals, and, as such, we modestly reduced the Fund’s exposure to TIPS during these months. Also, we adjusted the Fund’s duration and yield curve positioning as market conditions shifted during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A Despite declining U.S. unemployment rates and a generally recovering U.S. economy, market pricing of U.S. inflation plunged since mid-2014 due to the massive drop in oil prices, coupled with soft economic growth in both Europe and Asia. In our view, however, such market pricing of U.S. inflation showed signs of stability toward the end of the Reporting Period. Still, inflation remained below the 2% target of the Federal Reserve (the “Fed”). At the end of March 2015, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. The Fund had a shorter duration than the Barclays U.S. TIPS Index at the end of the Reporting Period, as we expect the Fed to raise interest rates later in 2015.

25

FUND BASICS

Inflation Protected Securities Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			Barclays U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		2.09	%		3.11	%		-5.30	%		-5.74	%
Class C		1.25			3.11			-6.22			-6.67
Institutional		2.40			3.11			-5.17			-5.64
Class IR		2.27			3.11			-5.26			-5.73
Class R		1.81			3.11			-5.74			-6.20

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

²  The Barclays U.S. TIPS Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Barclays U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/15	One Year			Five Years			Since Inception			Inception Date
Class A		-1.73	%		3.11	%		3.97	%	8/31/07
Class C		0.24			3.11			3.77		8/31/07
Institutional		2.40			4.23			4.90		8/31/07
Class IR		2.27			4.11			4.08		11/30/07
Class R		1.81			3.64			3.60		11/30/07

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares, Class IR Shares and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

26

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.73	%		0.84	%
Class C		1.48			1.59
Institutional		0.39			0.50
Class IR		0.48			0.59
Class R		0.98			1.10

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁶

Percentage of Net Assets

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

⁷  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 9.3% and 7.9% years, respectively, at March 31, 2015 and March 31, 2014.

27

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on August 31, 2007 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR and Class R Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Inflation Protected Securities Fund’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from August 31, 2007 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Five Years	Since Inception
Class A (Commenced August 31, 2007)
Excluding sales charges	2.09%	3.89%	4.50%
Including sales charges	-1.73%	3.11%	3.97%
Class C (Commenced August 31, 2007)
Excluding contingent deferred sales charges	1.25%	3.11%	3.77%
Including contingent deferred sales charges	0.24%	3.11%	3.77%
Institutional (Commenced August 31, 2007)	2.40%	4.23%	4.90%
Class IR (Commenced November 30, 2007)	2.27%	4.11%	4.08%
Class R (Commenced November 30, 2007)	1.81%	3.64%	3.60%

28

PORTFOLIO RESULTS

Goldman Sachs Limited Maturity Obligations Fund

Investment Objective

The Fund seeks to generate current income while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Limited Maturity Obligations Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional and Administration Shares generated average annual total returns, without sales charges, of 0.36% and 0.10%, respectively. These returns compare to the 0.07% average annual total return of the Fund’s benchmark, the Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index (“BofA ML 3-6 Month U.S. Treasury Bill Index”), during the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Bottom-up individual issue selection amongst corporate bonds, municipal securities and government/agency securities were the main drivers of performance during the Reporting Period.

Q Which fixed income market sectors most significantly affected Fund performance?

A Our individual security selection strategies were the primary positive contributor to the Fund’s relative results during the Reporting Period, especially individual selection of government securities. The key contributor to relative results was selection amongst government and agency securities of short maturity. Selection amongst municipal securities and investment grade corporate bonds also proved effective.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from the Fund’s results during the Reporting Period. A shorter duration position than the BofA ML 3-6 Month U.S. Treasury Bill Index detracted from returns, as an underweight to the three-month and six-month nodes, or points, of the U.S. Treasury yield curve weighed on performance. We maintained our core bearish view on rates through most of the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as short- term yields rose modestly, while intermediate- and longer- term yields declined. The 10-year U.S. Treasury yield fell approximately 80 basis points to end the Reporting Period at 1.92%. (A basis point is 1/100th of a percentage point.) The U.S. Treasury yield curve flattened modestly during the first quarter of 2015 following softening, or less strong, economic data and a generally dovish outcome from the Federal Reserve’s (the “Fed”) March 2015 meeting. Indeed, the March 2015 Fed meeting left open the possibility of rate hike in June 2015 and lowered unemployment forecasts, however forecasts for rates and U.S. GDP were also reduced. (A dovish economy would tend to indicate lower interest rates; a dovish action or event is one that is not strong or aggressive; opposite of hawkish.)

29

PORTFOLIO RESULTS

During the Reporting Period, the Fund maintained a short duration position relative to the BofA ML 3-6 Month Index, ending the Reporting Period with a weighted average maturity of 61 days. (The weighted average maturity of a fund is a measure of its price sensitivity to changes in interest rates.) In our view, U.S. economic growth data remained healthy overall, and we continue to anticipate a gradual rise in interest rates. As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund does not use derivatives.

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

A As the Fund launched on February 28, 2014, it was not a matter of making changes during the Reporting Period but of continuing to build the portfolio.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A At the end of the Reporting Period, the Fund had built an emphasis on municipal securities, repurchase agreements, investment grade corporate credit and asset-backed commercial paper. The Fund also had a significant portion of its assets in cash and cash equivalents at the end of March 2015.

30

FUND BASICS

Limited Maturity Obligations Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			BofA ML 3–6 Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3,4
Institutional		0.36	%		0.07	%		0.35	%		4.26	%
Administration		0.10			0.07			0.11			4.02

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

²  The BofA ML 3-6 Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90 to 180-day maturity. The index is unmanaged, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

⁴  The 30-Day Standardized Unsubsidized Yield reflects adjustments resulting from the reversal of certain expenses, recognized by the fund during the most recent 30 day period.

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

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/15	One Year			Since Inception			Inception Date
Institutional		0.36	%		0.33	%	2/28/14
Administration		0.10			0.10		2/28/14

⁵  The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional and Administration Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

31

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.19	%		2.57	%
Administration		0.44			2.82

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represents certificates of deposit and repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

32

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on February 28, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Institutional Shares will vary from Administration Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Limited Maturity Obligations Fund’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from February 28, 2014 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Since Inception
Institutional (Commenced February 28, 2014)	0.36%	0.33%
Administration (Commenced February 28, 2014)	0.10%	0.10%

33

PORTFOLIO RESULTS

Goldman Sachs Short Duration Government Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated average annual total returns, without sales charges, of 0.33%, -0.07%, 0.67%, 0.17% and 0.58%, respectively. These returns compare to the 1.02% average annual total return of the Fund’s benchmark, the Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index (“BofA ML Two-Year U.S. Treasury Note Index”), during the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategies detracted from relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our cross-sector strategy was the primary positive contributor to relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Bottom-up individual issue selection amongst mortgage-backed securities and government/swap securities proved effective, partially offset by selection among Treasury inflation protected securities (“TIPS”) within the government/swaps sector, which detracted.

Q Which fixed income market sectors most significantly affected Fund performance?

A Sector positioning was the primary positive contributor to the Fund’s results during the Reporting Period, with exposures to agency mortgage-backed securities and agency debentures helping most. Agency mortgage-backed securities performed well, especially during the first half of the Reporting Period, as spreads, or yield differentials to U.S. Treasury securities, tightened, or narrowed, on the back of muted housing activity and limited supply of mortgage-backed securities. This trend reversed in the second half of the Reporting Period, as the Federal Reserve’s (the “Fed”) ending of its quantitative easing asset purchases as scheduled in October 2014 impacted net mortgage-backed securities supply. Exposure to the agency securities sector also contributed positively to Fund results during the Reporting Period.

Individual issue selection within the securitized sector contributed positively to Fund results, primarily our selection of premium coupon mortgage-backed securities. Selection of government securities also added value, slightly offset by selection of TIPS within the government/swaps sector, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period. A shorter duration position than the BofA ML Two-Year U.S. Treasury Note Index in April, May, August and October 2014 detracted from returns, as an underweight to the intermediate segment of the U.S. Treasury yield curve

34

PORTFOLIO RESULTS

as well as to the 20-year segment of the U.S. Treasury yield curve weighed on performance. We maintained our core bearish view on rates through most of the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as short-term yields rose modestly, while intermediate- and longer-term yields declined. The 10-year U.S. Treasury yield fell approximately 80 basis points to end the Reporting Period at 1.92%. (A basis point is 1/100th of a percentage point.)

The fourth quarter of 2014 and first quarter of 2015 were the most negative for the Fund during the Reporting Period, as we maintained our core bearish view on rates and positive view on the U.S. economy. However, the U.S. Treasury yield curve flattened modestly during the first quarter of 2015 following softening, or less strong, economic data and a generally dovish outcome from the Federal Reserve’s (the “Fed”) March 2015 meeting. Indeed, the March 2015 Fed meeting left open the possibility of rate hike in June 2015 and lowered unemployment forecasts, however forecasts for rates and U.S. GDP were also reduced. (A dovish economy would tend to indicate lower interest rates; a dovish action or event is one that is not strong or aggressive; opposite of hawkish.)

As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed swaptions (or options on interest rate swap contracts) for the purpose of taking modest short volatility positions, that is, positions that pay a modest return when market volatility remains relatively stable. The Fund used forward sales contracts and futures contracts to help manage duration.

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

A The Fund’s exposure to quasi-government securities, mortgage-backed securities and cash decreased during the Reporting Period. A corresponding increase in allocation was concentrated in government securities. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the BofA ML Two-Year U.S. Treasury Note Index. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the BofA ML Two-Year U.S. Treasury Note Index by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A While the Fund is benchmarked to U.S. Treasuries, it continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably quasi-government securities, including agency-issued debentures, as well as agency mortgage-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period.

35

FUND BASICS

Short Duration Government Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			BofA ML Two-Year U.S. Treasury  Note Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.33	%		1.02	%		0.42	%		0.37	%
Class C		-0.07			1.02			0.03			-0.36
Institutional		0.67			1.02			0.76			0.71
Service		0.17			1.02			0.27			0.22
Class IR		0.58			1.02			0.67			0.62

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

²  The BofA ML Two-Year U.S. Treasury Note Index is a one-security index comprised of the most recently issued 2-year U.S. Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 2-year note must be auctioned on or before the third business day before the last business day of the month., does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

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

36

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.13	%		0.29	%		2.55	%		3.58	%	5/1/97
Class C		-0.72			0.21			2.14			2.90		8/15/97
Institutional		0.67			0.95			3.07			5.04		8/15/88
Service		0.17			0.45			2.56			3.69		4/10/96
Class IR		0.58			0.86			N/A			2.41		11/30/07

⁴  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional Shares, Service Shares and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.81	%		0.91	%
Class C		1.21			1.66
Institutional		0.47			0.57
Service		0.97			1.07
Class IR		0.56			0.66

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

37

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

38

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on April 1, 2005 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service and Class IR Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Government Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 1, 2005 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	0.33%	0.59%	2.71%	3.66%
Including sales charges	-1.13%	0.29%	2.55%	3.58%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	-0.07%	0.21%	2.14%	2.90%
Including contingent deferred sales charges	-0.72%	0.21%	2.14%	2.90%
Institutional (Commenced August 15, 1988)	0.67%	0.95%	3.07%	5.04%
Service (Commenced April 10, 1996)	0.17%	0.45%	2.56%	3.68%
Class IR (Commenced November 30, 2007)	0.58%	0.86%	N/A	2.41%

39

PORTFOLIO RESULTS

Goldman Sachs Short Duration Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Liquidity Management Team discusses the Goldman Sachs Short Duration Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2015 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated average annual total returns, without sales charges, of 0.60%, 0.21%, 0.94%, 0.85% and 0.37%, respectively. These returns compare to the 2.16% average annual total return of the Goldman Sachs Short Duration Income Fund Composite Index (the “Short Duration Income Composite”) during the same period. The Short Duration Income Composite is comprised 50% of the Barclays U.S. 1-5 Year Corporate Bond Index and 50% of the Barclays U.S. 1-5 Year Government Bond Index, which generated average annual total returns of 2.50% and 1.82%, respectively, over the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our country strategy added to relative results, with performance driven by relative value trades. Our currency strategy also contributed positively, driven by the Fund’s underweighted exposure to the Swiss franc, which weakened versus the U.S. dollar through 2014 amidst improving U.S. economic growth. The Fund’s underweighted position in the euro also boosted results, as the euro also weakened versus the U.S. dollar during the Reporting Period amidst U.S. economic growth and monetary easing in Europe. Our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period as well. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Bottom-up individual issue selection amongst the corporate, securitized, government and emerging markets debt sectors contributed positively to the Fund’s results, while individual issue selection amongst municipal bonds detracted.

Q Which fixed income market sectors most significantly affected Fund performance?

A Sector positioning contributed positively to the Fund’s results during the Reporting Period, with exposure to agency mortgage-backed securities helping most. Agency mortgage- backed securities performed well, especially during the first half of the Reporting Period, as spreads, or yield differentials to U.S. Treasury securities, tightened, or narrowed, on the back of muted housing activity and limited supply of mortgage-backed securities. This trend reversed in the second half of the Reporting Period, as the Federal Reserve’s (the “Fed”) ending of its quantitative easing asset purchases as scheduled in October 2014 impacted net mortgage-backed securities supply.

Exposure to asset-backed securities also contributed positively to Fund results during the Reporting Period. The asset-backed securities sector rallied, particularly during the first half of the Reporting Period. The Fund’s exposure to emerging markets debt also had a positive impact on performance, albeit more modest.

Individual issue selection of high yield corporate bonds and shorter-dated corporate bonds contributed positively to Fund results during the Reporting Period. In addition, effective selection within the securitized sector, particularly selection of mortgage-backed securities, as well as security selection within the government/swaps and emerging markets debt

40

PORTFOLIO RESULTS

sectors, which contributed positively. Such positive contributors were slightly offset, however, by individual selection amongst Treasury inflation-protected securities (“TIPS”) and municipal bonds, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period, with the majority of negative return attributable to positioning in the three-year, five-year and seven-year segments of the U.S. Treasury yield curve. A shorter duration position than the Short Duration Income Composite detracted from returns, as an underweight to the intermediate segment of the U.S. Treasury yield curve weighed on performance. We maintained our core bearish view on rates through most of the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as short-term yields rose modestly, while intermediate- and longer-term yields declined. The 10-year U.S. Treasury yield fell approximately 80 basis points to end the Reporting Period at 1.92%. (A basis point is 1/100th of a percentage point.) The U.S. Treasury yield curve flattened modestly during the first quarter of 2015 following softening, or less strong, economic data and a generally dovish outcome from the Federal Reserve’s (the “Fed”) March 2015 meeting. Indeed, the March 2015 Fed meeting left open the possibility of rate hike in June 2015 and lowered unemployment forecasts, however forecasts for rates and U.S. GDP were also reduced. (A dovish economy would tend to indicate lower interest rates; a dovish action or event is one that is not strong or aggressive; opposite of hawkish.)

As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A The Fund used Treasury futures, Eurodollar futures and interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund. The Fund used forward foreign currency transactions to hedge its exposure to foreign currency exposure and increase total return. The Fund employed swaptions (or options on interest rate swap contracts) to hedge and express an outright term structure view and to help manage volatility.

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

A The Fund’s allocations to U.S. Treasury securities, high yield corporate bonds, investment grade corporate bonds and emerging markets debt increased during the Reporting Period. A corresponding decrease in allocation was concentrated in agency collateralized mortgage obligations, municipal bonds and asset-backed securities. Additionally, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. At the start of the Reporting Period, the Fund maintained a shorter duration position than the Short Duration Income Composite. We maintained that position through the Reporting Period, though we shifted toward a more neutral stance relative to the Short Duration Income Composite by the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of March 2015?

A While the Fund is benchmarked to an equally-balanced composite of the Barclays U.S. 1-5 Year Corporate Bond Index and the Barclays U.S. 1-5 Year Government Bond Index, it held a portion of its assets in non-Treasury sectors not represented in the Short Duration Income Composite. Indeed, the Fund maintained exposure to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably agency mortgage-backed securities, asset-backed securities, high yield corporate bonds and emerging markets debt. The Fund also had exposure to government bonds and quasi-government securities at the end of the Reporting Period.

41

FUND BASICS

Short Duration Income Fund

as of March 31, 2015

PERFORMANCE REVIEW
April 1, 2014– March 31, 2015	Fund Total Return (based on NAV)1			Short Duration Income Composite2			Barclays U.S. 1-5 Year Corporate Bond Index3			Barclays U.S. 1-5 Year Government Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		0.60	%		2.16	%		2.50	%		1.82	%		1.33	%		1.20	%
Class C		0.21			2.16			2.50			1.82			0.95			0.48
Institutional		0.94			2.16			2.50			1.82			1.68			1.55
Class IR		0.85			2.16			2.50			1.82			1.59			1.46
Class R		0.37			2.16			2.50			1.82			1.07			0.94

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

²  The Short Duration Income Composite is comprised of the Barclays U.S. 1-5 Year Corporate Bond Index, (50%) and the Barclays 1-5 Year U.S. Government Bond Index (50%).

³  The Barclays U.S. 1-5 Year Corporate Bond Index, provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. and non-U.S. corporations. The Barclays U.S. 1-5 Year Corporate Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Barclays U.S. 1-5 Year Government Bond Index provides a broad based measure of securities issued by the U.S. government with final maturities ranging from one to five years. This includes public obligations of the U.S. Treasury, U.S. government agencies, quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government. The Barclays U.S. 1-5 Year Government Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

42

FUND BASICS

STANDARDIZED TOTAL RETURNS6
For the period ended 3/31/15	One Year			Since Inception			Inception Date
Class A		-0.86	%		1.19	%	2/29/2012
Class C		-0.44			1.28		2/29/2012
Institutional		0.94			2.06		2/29/2012
Class IR		0.85			1.97		2/29/2012
Class R		0.37			1.46		2/29/2012

⁶  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional Shares, Class IR Shares and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS7
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.80	%		1.18	%
Class C		1.20			1.93
Institutional		0.46			0.84
Class IR		0.55			0.93
Class R		1.03			1.41

⁷  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

43

FUND BASICS

FUND COMPOSITION⁸

Percentage of Net Assets

⁸  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represents certificates of deposit. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁹  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

¹⁰  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

44

GOLDMAN SACHS SHORT DURATION INCOME FUND

Performance Summary

March 31, 2015

The following graph shows the value, as of March 31, 2015, of a $10,000 investment made on February 29, 2012 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Barclays U.S. 1-5 Year Corporate Bond Index, the Barclays U.S. 1-5 Year Government Bond Index, and the Goldman Sachs Short Duration Income Fund Composite Index, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR and Class R Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Income Fund’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from February 29, 2012 through March 31, 2015.

Average Annual Total Return through March 31, 2015	One Year	Since Inception
Class A (Commenced February 29, 2012)
Excluding sales charges	0.60%	1.68%
Including sales charges	-0.86%	1.19%
Class C (Commenced February 29, 2012)
Excluding contingent deferred sales charges	0.21%	1.28%
Including contingent deferred sales charges	-0.44%	1.28%
Institutional (Commenced February 29, 2012)	0.94%	2.06%
Class IR (Commenced February 29, 2012)	0.85%	1.97%
Class R (Commenced February 29, 2012)	0.37%	1.46%

45

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 57.1%
	Aerospace/Defense – 0.3%
	General Dynamics Corp.
$	1,525,000		1.000	%		11/15/17	$	1,517,656
	Automotive(a) – 0.4%
	Daimler Finance North America LLC
	1,050,000		2.250			03/02/20		1,057,210
	Harley-Davidson Financial Services, Inc.(b)
	800,000		2.150			02/26/20		804,746
								1,861,956
	Banks – 25.9%
	ABN AMRO Bank NV(a)(c)
	3,950,000		1.056			10/28/16		3,976,346
	Australia & New Zealand Banking Group Ltd.
	850,000		0.900			02/12/16		852,431
	3,525,000		1.250			01/10/17		3,536,919
	2,625,000		1.500			01/16/18		2,624,045
	Bank of America Corp.
	6,125,000		6.000			09/01/17		6,744,833
	Bank of Montreal(c)
	2,325,000		0.517			09/24/15		2,327,255
	Bank of Nova Scotia
	2,625,000		0.750			10/09/15		2,629,394
	Bank of Scotland PLC(a)
	100,000		5.250			02/21/17		107,693
	Bank of Tokyo-Mitsubishi UFJ Ltd.(a)(c)
	900,000		0.675			03/10/17		899,257
	Barclays Bank PLC(c)
	4,350,000		0.837			02/17/17		4,357,860
	BPCE SA(c)
	1,800,000		1.506			04/25/16		1,816,191
	Capital One Bank USA NA(b)
	2,075,000		1.150			11/21/16		2,068,054
	1,325,000		0.758	(c)		02/13/17		1,324,954
	Citigroup, Inc.
	1,425,000		6.125			11/21/17		1,585,956
	Commonwealth Bank of Australia(a)(c)
	2,875,000		0.630			03/13/17		2,876,423
	Compass Bank(b)
	1,250,000		1.850			09/29/17		1,252,151
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA(c)
	3,450,000		0.750			03/18/16		3,462,272
	Credit Agricole SA(a)(c)
	2,975,000		1.106			10/03/16		2,992,639
	Credit Suisse AG(c)
	3,900,000		0.751			05/26/17		3,898,924
	Credit Suisse New York
	1,475,000		1.750			01/29/18		1,476,484
	Fifth Third Bank(b)(c)
	3,725,000		0.766			11/18/16		3,737,810
	HSBC USA, Inc.
	3,075,000		1.500			11/13/17		3,083,098
	ING Bank NV(a)
	1,875,000		1.375			03/07/16		1,884,319
	1,600,000		1.800			03/16/18		1,609,909
	Intesa Sanpaolo SpA
	2,750,000		3.125			01/15/16		2,787,361
	Corporate Obligations – (continued)
	Banks – (continued)
	JPMorgan Chase & Co.
$	1,200,000		6.400	%		10/02/17	$	1,339,599
	3,925,000		0.886	(c)		01/28/19		3,932,269
	Lloyds Bank PLC
	2,725,000		1.750			03/16/18		2,732,587
	Macquarie Bank Ltd.(a)(c)
	2,600,000		0.721			06/15/16		2,602,226
	Mizuho Corporate Bank Ltd.(a)
	1,475,000		2.550			03/17/17		1,507,981
	1,150,000		1.550			10/17/17		1,146,952
	Morgan Stanley & Co.
	1,525,000		4.750			03/22/17		1,622,413
	4,525,000		1.106	(c)		01/24/19		4,540,077
	MUFG Americas Holdings Corp.(b)
	550,000		1.625			02/09/18		549,879
	Nordea Bank AB(a)(c)
	3,550,000		0.718			05/13/16		3,560,952
	NRAM PLC(a)
	1,400,000		5.625			06/22/17		1,534,325
	PNC Bank NA(b)
	3,050,000		1.150			11/01/16		3,053,765
	Royal Bank of Canada
	1,775,000		0.850			03/08/16		1,779,848
	Royal Bank of Scotland PLC
	2,625,000		4.375			03/16/16		2,708,331
	Santander Bank NA(b)
	950,000		2.000			01/12/18		951,160
	Sparebank 1 Boligkreditt AS(a)
	13,400,000		2.625			05/26/16		13,687,359
	Standard Chartered PLC(a)
	3,625,000		3.850			04/27/15		3,632,656
	Sumitomo Mitsui Banking Corp.
	1,700,000		0.684	(c)		01/10/17		1,700,886
	1,525,000		1.750			01/16/18		1,530,248
	Svenska Handelsbanken AB(c)
	2,875,000		0.715			03/21/16		2,885,758
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	1,500,000		1.450			09/08/17		1,499,160
	1,625,000		1.700			03/05/18		1,626,890
	The Huntington National Bank(b)(c)
	1,800,000		0.681			04/24/17		1,797,586
	Union Bank NA(c)
	2,300,000		1.019			09/26/16		2,311,997
								128,147,482
	Chemicals – 1.0%
	Ecolab, Inc.
	2,025,000		1.550			01/12/18		2,025,914
	Praxair, Inc.
	3,125,000		1.050			11/07/17		3,112,474
								5,138,388

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Construction Machinery – 0.4%
	Caterpillar Financial Services Corp.
$	1,350,000		0.405	%(c)		03/03/17	$	1,349,199
	735,000		2.450			09/06/18		756,190
								2,105,389
	Diversified Manufacturing – 0.4%
	Amphenol Corp.
	925,000		1.550			09/15/17		923,734
	1,000,000		2.550	(b)		01/30/19		1,015,194
								1,938,928
	Electric – 1.5%
	Alabama Power Co.
	450,000		0.550			10/15/15		450,111
	Commonwealth Edison Co.(b)
	525,000		2.150			01/15/19		530,691
	Duke Energy Progress, Inc.(c)
	2,300,000		0.464			03/06/17		2,298,993
	Electricite de France(a)(c)
	3,125,000		0.717			01/20/17		3,128,562
	Virginia Electric and Power Co.(b)
	900,000		1.200			01/15/18		894,036
								7,302,393
	Energy – 1.9%
	Anadarko Petroleum Corp.
	1,425,000		6.375			09/15/17		1,587,937
	BP Capital Markets PLC
	4,425,000		3.125			10/01/15		4,480,976
	Halliburton Co.
	1,925,000		1.000			08/01/16		1,924,817
	Statoil ASA(c)
	1,200,000		0.547			05/15/18		1,195,950
								9,189,680
	Food and Beverage – 5.5%
	Anheuser-Busch InBev Worldwide, Inc.
	4,125,000		0.800			07/15/15		4,130,243
	Cargill, Inc.(a)
	1,700,000		1.900			03/01/17		1,726,103
	ConAgra Foods, Inc.
	1,975,000		1.900			01/25/18		1,976,718
	Diageo Capital PLC
	2,825,000		0.625			04/29/16		2,822,516
	Pernod-Ricard SA(a)
	1,600,000		2.950			01/15/17		1,645,250
	SABMiller Holdings, Inc.(a)
	1,625,000		2.450			01/15/17		1,660,652
	Starbucks Corp.
	3,725,000		0.875			12/05/16		3,718,068
	Suntory Holdings, Ltd.(a)
	2,850,000		1.650			09/29/17		2,861,540
	Sysco Corp.
	2,500,000		1.450			10/02/17		2,514,934
	The J.M. Smucker Co.(a)
	2,025,000		1.750			03/15/18		2,039,398
	Corporate Obligations – (continued)
	Food and Beverage – (continued)
	WM Wrigley Jr Co.(a)
$	1,900,000		2.000	%		10/20/17	$	1,920,583
								27,016,005
	Health Care – Medical Products – 0.6%
	Becton Dickinson & Co.
	1,250,000		1.800			12/15/17		1,259,333
	Thermo Fisher Scientific, Inc.
	1,675,000		1.300			02/01/17		1,674,782
								2,934,115
	Health Care Services – 1.3%
	Covidien International Finance SA
	2,525,000		2.800			06/15/15		2,536,539
	McKesson Corp.
	950,000		3.250			03/01/16		970,093
	UnitedHealth Group, Inc.
	2,725,000		1.400			10/15/17		2,746,984
								6,253,616
	Life Insurance – 2.1%
	American International Group, Inc.
	1,475,000		5.850			01/16/18		1,649,608
	Metropolitan Life Global Funding I(a)(c)
	3,875,000		0.632			04/10/17		3,884,277
	Principal Life Global Funding II(a)
	3,200,000		1.125			09/18/15		3,211,351
	Reliance Standard Life Global Funding II(a)
	1,375,000		2.500			04/24/19		1,393,789
								10,139,025
	Media – Cable – 0.9%
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	2,450,000		2.400			03/15/17		2,494,376
	Time Warner Cable, Inc.
	1,725,000		5.850			05/01/17		1,876,200
								4,370,576
	Media – Non Cable – 0.9%
	NBCUniversal Enterprise, Inc.(a)(c)
	3,500,000		0.790			04/15/16		3,510,332
	Thomson Reuters Corp.
	850,000		0.875			05/23/16		848,243
								4,358,575
	Metals & Mining – 1.1%
	BHP Billiton Finance USA Ltd.(c)
	2,050,000		0.523			09/30/16		2,050,188
	Glencore Finance Canada Ltd.(a)
	1,625,000		2.700			10/25/17		1,648,782
	Rio Tinto Finance USA PLC(b)
	1,750,000		2.000			03/22/17		1,774,237
								5,473,207
	Noncaptive – Financial – 1.4%
	American Express Credit Corp.
	3,650,000		2.750			09/15/15		3,685,427

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Noncaptive – Financial – (continued)
	General Electric Capital Corp.
$	2,875,000		5.625	%		09/15/17	$	3,177,704
								6,863,131
	Pharmaceuticals – 3.7%
	AbbVie, Inc.
	1,750,000		1.750			11/06/17		1,755,888
	Actavis Funding SCS
	7,450,000		2.350			03/12/18		7,544,779
	Bayer US Finance LLC(a)(c)
	3,350,000		0.536			10/06/17		3,351,655
	Eli Lilly & Co.
	450,000		1.250			03/01/18		451,117
	EMD Finance LLC(a)
	3,125,000		1.700			03/19/18		3,141,735
	Forest Laboratories, Inc.(a)
	1,825,000		4.375			02/01/19		1,952,750
								18,197,924
	Pipelines – 0.3%
	TransCanada PipeLines Ltd.
	1,550,000		1.875			01/12/18		1,553,831
	Real Estate Investment Trust – 3.0%
	ERP Operating LP
	1,725,000		5.750			06/15/17		1,889,094
	HCP, Inc.
	2,550,000		6.000			01/30/17		2,761,838
	Health Care REIT, Inc.
	2,575,000		4.700			09/15/17		2,765,994
	Select Income REIT(b)
	450,000		2.850			02/01/18		453,165
	Senior Housing Properties Trust(b)
	1,625,000		3.250			05/01/19		1,651,978
	Ventas Realty LP
	1,714,000		1.550			09/26/16		1,725,161
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	3,425,000		1.750			09/15/17		3,442,677
								14,689,907
	Retailers – Food & Drug – 0.2%
	Walgreens Boots Alliance, Inc.
	1,175,000		1.750			11/17/17		1,185,052
	Technology(c) – 1.3%
	Cisco Systems, Inc.
	2,675,000		0.542			03/03/17		2,683,456
	Hewlett-Packard Co.
	4,000,000		1.193			01/14/19		3,960,420
								6,643,876
	Transportation(a) – 0.6%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,300,000		3.750			05/11/17		1,356,439
	1,625,000		2.875			07/17/18		1,662,151
								3,018,590
	Corporate Obligations – (continued)
	Wireless Telecommunications – 0.2%
	Telefonica Emisiones SAU
$	1,050,000		3.992	%		02/16/16	$	1,076,727
	Wirelines Telecommunications – 2.2%
	Verizon Communications, Inc.
	1,950,000		3.650			09/14/18		2,069,348
	7,650,000		6.350			04/01/19		8,892,474
								10,961,822
	TOTAL CORPORATE OBLIGATIONS
	(Cost $281,258,358)						$	281,937,851
	Agency Debentures – 0.9%
	FFCB
$	2,900,000		0.250	%		12/02/15	$	2,899,182
	FHLB
	1,500,000		0.300			01/04/16		1,499,889
	TOTAL AGENCY DEBENTURES
	(Cost $4,399,782)						$	4,399,071
	Asset-Backed Securities – 14.9%
	Autos – 3.3%
	Ally Auto Receivables Trust Series 2015-SN1, Class A3
$	1,900,000		1.210	%		03/20/17	$	1,899,837
	Ally Master Owner Trust Series 2012-5, Class A
	4,600,000		1.540			09/15/19		4,619,990
	Ally Master Owner Trust Series 2015-2, Class A2
	4,000,000		1.830			01/15/21		3,998,271
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(c)
	4,400,000		0.555			01/15/18		4,404,747
	GM Financial Automobile Leasing Trust Series 2015-1, Class A3
	1,200,000		1.530			09/20/18		1,207,094
	Huntington Auto Trust Series 2012-1,Class A3
	314,406		0.810			09/15/16		314,503
								16,444,442
	Credit Card – 5.1%
	Bank of America Credit Card Trust Series 2014-A1, Class A(c)
	7,000,000		0.555			06/15/21		6,998,938
	Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200			12/15/22		3,481,906
	Capital One Multi-Asset Execution Trust Series 2015-A1, Class A
	5,200,000		1.390			01/15/21		5,198,580
	Chase Issuance Trust Series 2015-A2, Class A
	4,250,000		1.590			02/18/20		4,275,729
	Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
	5,400,000		1.020			02/22/19		5,404,069
								25,359,222
	Home Equity(c) – 0.0%
	Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F
	32,264		6.745			06/25/28		31,400

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Home Equity(c) – (continued)
	Centex Home Equity Series 2004-D, Class MV3
$	137,626		1.171	%		09/25/34	$	96,814
	Morgan Stanley ABS Capital I Series 2004-HE4, Class M3
	41,020		2.421			05/25/34		17,083
								145,297
	Manufactured Housing – 0.0%
	Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	28,631		4.350			04/15/40		29,045
	Student Loan(c) – 6.5%
	Access Group, Inc. Series 2004-1, Class A2
	6,534,811		0.477			09/26/33		6,436,142
	Brazos Higher Education Authority, Inc. Series 2006-1, Class A3
	7,046,038		0.377			12/26/24		6,958,526
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a)
	3,788,961		0.974			06/25/26		3,806,845
	Educational Services of America, Inc. Series 2010-1, Class A1(a)
	3,116,405		1.106			07/25/23		3,134,846
	Educational Services of America, Inc. Series 2014-1, Class A(a)
	3,460,348		0.874			02/25/39		3,467,496
	Northstar Education Finance, Inc. Series 2012-1, Class A(a)
	3,039,164		0.874			12/26/31		3,041,764
	Scholar Funding Trust Series 2012-B, Class A1(a)
	2,406,335		0.578			10/28/25		2,401,655
	SLM Student Loan Trust Series 2003-12, Class A5(a)
	1,912,680		0.551			09/15/22		1,911,438
	SLM Student Loan Trust Series 2007-2, Class A2
	517,805		0.256			07/25/17		517,401
	US Education Loan Trust LLC Series 2006-1, Class A2(a)
	112,523		0.392			03/01/25		112,443
								31,788,556
	TOTAL ASSET-BACKED SECURITIES
	(Cost $73,628,741)						$	73,766,562
	Foreign Debt Obligations – 2.9%
	Sovereign(a) – 0.2%
	Kommunalbanken AS
$	1,100,000		1.000	%		09/26/17	$	1,101,360
	Supranational – 2.7%
	African Development Bank
	3,800,000		6.875			10/15/15		3,913,350
	Asian Development Bank(c)
	9,400,000		0.178			05/29/15		9,399,445
								13,312,795
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $14,427,808)						$	14,414,155
	Government Guarantee Obligation(c)(d) – 3.8%
	FMS Wertmanagement
$	18,600,000		0.503	%		06/30/15	$	18,611,346
	(Cost $18,611,181)
	U.S. Treasury Obligations – 14.5%
	United States Treasury Inflation Protected Securities
$	1,833,603		0.500	%		04/15/15	$	1,837,619
	3,918,115		0.125			04/15/16		3,958,511
	United States Treasury Notes
	57,500,000		0.125			04/30/15		57,499,426
	8,400,000		0.875	(e)		01/15/18		8,407,476
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $71,682,527)						$	71,703,032

Shares		Description	Value
	Investment Company(f) – 0.0%
	226	Goldman Sachs Financial Square Government Fund FST Shares
	(Cost $226)		$	226
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $464,008,623)		$	464,832,243

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 5.2%
	Certificates of Deposit – 5.2%
	Autozone, Inc.
$	5,000,000		0.629	%		04/17/15	$	4,998,622
	Carnival Corp.
	2,500,000		0.497			04/02/15		2,499,966
	Electricite De France SA
	3,250,000		0.767			01/15/16		3,230,432
	General Mills, Inc.
	5,000,000		0.507			05/14/15		4,997,014
	Marriott International
	5,000,000		0.598			04/15/15		4,998,853
	Mondelez International, Inc.
	5,000,000		0.517			04/21/15		4,998,583
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $25,723,470)						$	25,723,470
	TOTAL INVESTMENTS – 99.3%
	(Cost $489,732,093)						$	490,555,713
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%							3,439,155
	NET ASSETS – 100.0%						$	493,994,868

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2015

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 $109,522,916, which represents approximately 22.2% of net assets as of March 31, 2015.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.
(d)	Guaranteed by a foreign government until maturity. Total market value of this security amounts to $18,611,346, which represents approximately 3.8% of net assets as of March 31, 2015.
(e)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(f)	Represents an Affiliated Fund.

Investment Abbreviations:
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
LLC	—Limited Liability Company
LP	—Limited Partnership
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2015, 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		28		June 2015	$	6,136,375		$	16,683
5 Year U.S. Treasury Notes		(568	)	June 2015		(68,279,813	)		(472,108	)
TOTAL								$	(455,425	)

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 41.4%
	Collateralized Mortgage Obligations – 3.4%
	Adjustable Rate Non-Agency(a) – 0.1%
	MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
$	577,688		1.050	%		11/25/29	$	568,489
	Interest Only(a)(b) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
	41,384		0.000			07/25/33		—
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
	44,123		0.000			08/25/33		—
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX
	23,135		0.123			08/25/33		141
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX
	5,942		0.320			07/25/33		68
								209
	Inverse Floaters(a) – 0.0%
	GNMA Series 2002-13, Class SB
	67,421		36.752			02/16/32		118,645
	Principal Only – 0.0%
	FNMA REMIC Series G-35, Class N
	5,489		0.000	(c)		10/25/21		5,409
	Regular Floater(a) – 0.1%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(d)
	146,655		0.728			02/25/48		146,263
	FHLMC REMIC Series 1760, Class ZB
	140,423		1.510			05/15/24		140,675
								286,938
	Sequential Fixed Rate – 3.1%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	600,000		2.373			05/25/22		609,480
	FHLMC REMIC Series 2329, Class ZA
	839,724		6.500			06/15/31		950,990
	FHLMC REMIC Series 4273, Class PD
	1,595,770		6.500			11/15/43		1,857,045
	FNMA REMIC Series 2001-53, Class GH
	10,049		8.000			09/25/16		10,253
	FNMA REMIC Series 2011-52, Class GB
	1,500,000		5.000			06/25/41		1,661,307
	FNMA REMIC Series 2011-99, Class DB
	1,225,000		5.000			10/25/41		1,367,657
	FNMA REMIC Series 2012-111, Class B
	245,776		7.000			10/25/42		284,827
	FNMA REMIC Series 2012-153, Class B
	916,519		7.000			07/25/42		1,061,535
	GNMA Series 2002-42, Class KZ
	2,262,746		6.000			06/16/32		2,552,517
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	73,774		1.840			10/07/20		73,961
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	NCUA Guaranteed Notes Series A4
$	3,400,000		3.000	%		06/12/19	$	3,602,929
								14,032,501
	Sequential Floating Rate(a) – 0.1%
	NCUA Guaranteed Notes Series 2010-R1, Class 1A
	641,114		0.621			10/07/20		644,294
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	15,656,485
	Commercial Mortgage-Backed Securities – 5.5%
	Sequential Fixed Rate – 1.2%
	ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A
	5,230,961		5.166			12/12/49		5,470,048
	Sequential Floating Rate(a) – 4.3%
	Banc of America Commercial Mortgage Trust Series 2006-3, Class A4
	3,157,064		5.889			07/10/44		3,291,363
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	5,324,915		6.048			12/10/49		5,838,087
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	4,161,341		5.526			01/15/49		4,389,844
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A
	3,129,335		5.855			07/15/44		3,404,881
	Morgan Stanley Capital I Trust Series 2007-T25, Class A1A
	2,683,375		5.509			11/12/49		2,849,028
								19,773,203
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	25,243,251
	Federal Agencies – 32.5%
	Adjustable Rate FHLMC(a) – 0.3%
	150,504		2.349	%		11/01/32		160,969
	1,203,461		2.375			09/01/33		1,283,982
								1,444,951
	Adjustable Rate FNMA(a) – 1.0%
	128,051		2.249			11/01/32		136,461
	240,863		1.999			12/01/32		253,007
	1,027,236		1.790			05/01/33		1,066,078
	32,466		2.365			06/01/33		34,604
	1,013,259		2.219			10/01/33		1,072,553
	1,059,531		2.321			02/01/35		1,130,164
	885,685		1.994			09/01/35		933,275
								4,626,142
	Adjustable Rate GNMA(a) – 0.8%
	68,203		1.625			06/20/23		69,626
	32,736		1.625			07/20/23		33,414
	32,933		1.625			08/20/23		33,621
	87,276		1.625			09/20/23		89,114
	26,239		1.625			03/20/24		26,829
	233,715		1.625			04/20/24		238,969
	27,241		1.625			05/20/24		27,860

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate GNMA(a) – (continued)
$	197,876		1.625	%		06/20/24	$	202,401
	41,928		2.000			06/20/24		43,241
	62,811		1.625			07/20/24		64,238
	68,525		2.000			07/20/24		70,700
	119,607		1.625			08/20/24		122,343
	58,307		2.000			08/20/24		60,170
	56,978		1.625			09/20/24		58,291
	72,103		2.000			11/20/24		74,452
	28,073		2.000			12/20/24		28,994
	43,154		2.500			12/20/24		45,277
	48,711		2.000			01/20/25		50,318
	25,495		2.000			02/20/25		26,343
	91,085		2.000			05/20/25		94,174
	73,311		2.000			07/20/25		75,828
	35,369		1.625			02/20/26		36,293
	1,770		1.625			07/20/26		1,817
	45,363		1.625			01/20/27		46,618
	41,633		2.000			01/20/27		43,210
	35,343		1.625			02/20/27		36,326
	253,624		1.625			04/20/27		260,710
	26,765		1.625			05/20/27		27,489
	30,276		1.625			06/20/27		31,099
	11,155		1.625			11/20/27		11,469
	265		2.000			11/20/27		275
	41,008		1.625			12/20/27		42,169
	82,641		1.625			01/20/28		85,058
	30,070		1.625			02/20/28		30,953
	34,112		1.625			03/20/28		35,119
	142,210		1.625			07/20/29		146,620
	79,871		1.625			08/20/29		82,356
	18,844		1.625			09/20/29		19,433
	79,564		1.625			10/20/29		82,035
	95,134		1.625			11/20/29		98,100
	23,470		1.625			12/20/29		24,203
	29,000		1.625			01/20/30		29,932
	13,914		1.625			02/20/30		14,364
	77,281		1.625			03/20/30		79,776
	90,625		1.625			04/20/30		93,559
	135,745		1.625			05/20/30		140,143
	99,056		2.000			05/20/30		103,477
	22,059		1.625			06/20/30		22,776
	187,165		2.000			07/20/30		195,576
	39,305		2.000			09/20/30		41,082
	65,969		1.625			10/20/30		68,013
	136,828		1.625			03/20/32		141,596
								3,607,849
	FHLMC – 2.1%
	435		8.000			07/01/15		436
	7,658		7.000			09/01/17		7,981
	3,618		7.000			10/01/17		3,783
	21,973		5.500			05/01/18		23,222
	294,033		5.500			06/01/18		309,963
	12,272		4.500			09/01/18		12,837
	3,498		10.000			10/01/18		3,512
	88,855		5.000			06/01/19		94,174
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	4,375		10.000	%		07/01/20	$	4,373
	37,287		10.000			10/01/20		42,593
	47,908		6.500			07/01/21		54,883
	3,519		6.500			08/01/22		4,031
	43,892		9.000			10/01/22		51,120
	186,857		4.500			10/01/23		203,190
	1,008,757		5.000			08/01/24		1,097,258
	174,249		6.500			07/01/28		194,984
	913,482		4.500			03/01/29		996,331
	4,599		8.000			07/01/30		5,634
	13,303		7.500			12/01/30		13,720
	53,276		7.000			04/01/31		63,271
	35,210		5.000			08/01/33		39,180
	6,640		5.000			09/01/33		7,389
	15,620		5.000			10/01/33		17,381
	19,743		5.500			09/01/34		22,307
	425,879		6.000			10/01/34		490,251
	8,002		5.000			11/01/34		8,899
	515,763		5.000			12/01/34		573,548
	1,702		5.500			03/01/35		1,916
	25,795		5.000			07/01/35		28,685
	3,353		5.500			07/01/35		3,788
	10,324		5.000			11/01/35		11,488
	8,664		5.500			11/01/35		9,806
	49,786		5.000			12/01/35		55,601
	121,649		5.500			01/01/36		137,582
	362		5.500			02/01/36		409
	5,413		6.000			06/01/36		6,204
	102,794		5.000			02/01/37		113,818
	8,086		5.000			03/01/38		8,953
	183,833		5.500			03/01/38		207,150
	66,422		5.500			04/01/38		74,847
	11,917		5.500			11/01/38		13,573
	18,185		5.500			12/01/38		20,474
	788,816		7.000			02/01/39		922,059
	5,855		5.500			03/01/39		6,643
	332,955		5.000			07/01/39		368,876
	8,188		5.500			10/01/39		9,232
	14,286		5.500			03/01/40		16,027
	39,153		5.500			06/01/40		44,132
	18,336		5.000			08/01/40		20,357
	1,509,373		5.500			08/01/40		1,693,178
	5,144		4.500			11/01/40		5,611
	15,929		5.000			04/01/41		17,721
	17,142		5.000			06/01/41		19,071
	646,941		5.000			07/01/41		719,753
	27,538		3.000			05/01/42		28,124
	331,916		3.500			06/01/42		351,092
	27,428		3.000			08/01/42		28,011
	30,078		3.000			01/01/43		30,718
	104,485		3.000			02/01/43		106,971
								9,428,121
	FNMA – 26.4%
	542		8.000			01/01/16		548
	26,409		8.000			11/01/16		26,673

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	48,713		5.000	%		08/01/17	$	51,189
	2,207,498		2.800			03/01/18		2,292,709
	1,889,773		3.740			05/01/18		2,017,201
	1,690,000		3.840			05/01/18		1,810,271
	17,778		4.500			08/01/18		18,622
	178,056		5.000			09/01/18		186,885
	962,799		5.000			10/01/18		1,012,059
	4,400,000		4.506			06/01/19		4,745,756
	49,415		6.500			08/01/19		56,733
	928,002		3.416			10/01/20		993,884
	12,216		9.500			10/01/20		12,320
	620,905		3.615			12/01/20		672,769
	2,224,272		4.380			06/01/21		2,479,500
	346,460		5.500			02/01/23		389,862
	579,644		5.500			08/01/23		652,257
	137,361		6.000			11/01/28		157,773
	9,888		6.500			11/01/28		11,178
	32,944		5.000			02/01/30		36,701
	91,385		7.000			07/01/31		106,804
	542		6.000			03/01/32		625
	1,774		5.500			03/01/33		2,008
	6,241		6.000			03/01/33		7,200
	5,408,819		5.500			04/01/33		6,139,082
	2,241		6.000			05/01/33		2,586
	8,686		5.000			07/01/33		9,721
	1,204,547		5.500			07/01/33		1,333,747
	46,338		5.000			08/01/33		51,742
	48,137		5.000			09/01/33		53,750
	24,886		5.500			09/01/33		28,182
	3,849		5.000			12/01/33		4,298
	41,326		5.500			12/01/33		46,868
	1,971		6.000			12/01/33		2,276
	247,902		5.000			02/01/34		276,810
	71,092		5.500			02/01/34		80,522
	3,031		5.500			03/01/34		3,432
	7,466		5.500			04/01/34		8,465
	365,470		5.500			05/01/34		413,865
	176		5.500			06/01/34		199
	15,323		5.500			08/01/34		17,423
	7,270		5.500			09/01/34		8,228
	8,032		5.500			10/01/34		9,110
	37,523		5.500			11/01/34		42,495
	68,526		5.500			12/01/34		77,715
	1,369,260		5.000			02/01/35		1,528,930
	12,471		5.500			02/01/35		14,121
	10,780		5.500			04/01/35		12,222
	311,643		6.000			04/01/35		359,556
	10,301		5.000			05/01/35		11,590
	8,530		5.500			05/01/35		9,630
	17,998		5.000			07/01/35		20,121
	12,996		5.500			07/01/35		14,731
	7,139		5.000			08/01/35		8,002
	1,305		5.500			08/01/35		1,484
	192		6.000			08/01/35		219
	13,314		5.500			09/01/35		15,107
	122,719		6.000			10/01/35		141,739
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	68,793		6.000	%		11/01/35	$	78,545
	5,959		5.500			12/01/35		6,780
	275		5.500			02/01/36		311
	60,404		6.000			03/01/36		69,556
	7,615		5.500			04/01/36		8,596
	119,324		6.000			04/01/36		137,383
	3,557		4.500			07/01/36		3,886
	60,767		5.500			09/01/36		68,811
	777		5.500			02/01/37		880
	24,295		5.500			04/01/37		27,524
	1,118		5.500			05/01/37		1,265
	646		5.500			06/01/37		731
	1,567,832		5.500			08/01/37		1,769,990
	398,839		6.000			10/01/37		457,987
	357,980		7.500			11/01/37		426,592
	368		5.500			12/01/37		416
	205,299		6.000			12/01/37		233,866
	21,662		5.500			02/01/38		24,456
	10,005		5.500			03/01/38		11,316
	15,605		6.000			03/01/38		17,991
	34,430		5.500			04/01/38		38,983
	812,883		6.000			04/01/38		926,144
	11,011		5.500			05/01/38		12,471
	424,069		6.000			05/01/38		483,076
	2,208		5.500			06/01/38		2,498
	2,840		5.500			07/01/38		3,212
	2,522		5.500			08/01/38		2,854
	2,710		5.500			09/01/38		3,067
	592,965		6.000			09/01/38		675,583
	126,784		6.000			11/01/38		144,425
	810		5.500			12/01/38		918
	14,268		5.500			02/01/39		16,193
	546,224		7.000			03/01/39		632,477
	6,444		4.500			04/01/39		7,025
	18,578		4.500			05/01/39		20,624
	11,249		5.500			06/01/39		12,724
	10,679		4.000			08/01/39		11,415
	52,306		4.500			08/01/39		58,082
	283,412		6.000			09/01/39		322,848
	97,098		6.000			10/01/39		110,633
	10,012		5.500			11/01/39		11,331
	790,982		4.500			12/01/39		878,330
	685,734		5.500			12/01/39		775,656
	599,219		5.000			07/01/40		673,279
	198,025		6.000			07/01/40		225,580
	445,668		6.000			10/01/40		507,681
	666,438		4.500			05/01/41		728,168
	1,256,069		6.000			05/01/41		1,430,846
	58,997		6.000			06/01/41		67,207
	263,207		5.000			07/01/41		293,306
	299,950		4.500			08/01/41		328,668
	281,066		5.000			10/01/41		313,207
	543,341		5.000			04/01/42		605,474
	134,620		3.000			05/01/42		138,013
	150,023		3.000			06/01/42		153,805
	1,117,568		3.000			08/01/42		1,150,125

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	278,665		4.500	%		08/01/42		$	309,046
	1,010,285		3.000			09/01/42			1,040,140
	137,958		3.000			10/01/42			142,075
	723,718		3.000			11/01/42			745,200
	6,316,439		3.000			12/01/42			6,502,681
	5,137,795		3.000			01/01/43			5,290,537
	2,149,426		3.000			02/01/43			2,212,685
	1,180,694		3.000			03/01/43			1,214,822
	1,651,332		3.000			04/01/43			1,699,066
	968,985		3.000			05/01/43			996,994
	167,491		3.000			06/01/43			172,333
	1,510,777		3.000			07/01/43			1,554,448
	89,778		4.000			11/01/43			97,858
	57,443		4.000			01/01/44			62,613
	340,497		4.000			02/01/44			371,140
	26,806		4.000			04/01/44			29,219
	33,460		4.000			06/01/44			36,472
	230,184		4.000			09/01/44			250,901
	24,711		4.000			10/01/44			26,935
	102,433		4.000			11/01/44			111,652
	83,513		4.000			12/01/44			91,029
	30,000,000		3.000			TBA-30yr	(e)		30,675,000
	20,000,000		3.500			TBA-30yr	(e)		21,005,860
	3,000,000		4.500			TBA-30yr	(e)		3,272,812
									121,513,823
	GNMA – 1.9%
	16		9.000			08/15/16			16
	537,377		3.950			07/15/25			577,032
	110,794		7.000			12/15/27			130,071
	15,933		6.500			08/15/28			18,240
	198,259		6.000			01/15/29			230,759
	234,778		7.000			10/15/29			277,671
	109,458		5.500			11/15/32			125,890
	1,359,159		5.500			12/15/32			1,563,206
	92,114		5.500			01/15/33			105,847
	93,920		5.500			02/15/33			107,922
	107,610		5.500			03/15/33			123,653
	112,855		5.500			07/15/33			128,950
	68,347		5.500			08/15/33			78,536
	50,825		5.500			09/15/33			58,403
	56,860		5.500			04/15/34			65,230
	69,326		5.500			05/15/34			79,530
	708,898		5.500			06/15/34			813,246
	576,549		5.500			09/15/34			661,415
	447,642		5.500			12/15/34			513,533
	475,401		5.500			01/15/35			541,547
	330,017		5.000			03/15/38			368,485
	2,623		5.000			11/15/38			2,929
	2,000,000		5.000			TBA-30yr	(e)		2,230,000
									8,802,111
	TOTAL FEDERAL AGENCIES							$	149,422,997
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $185,211,620)							$	190,322,733
	Agency Debentures – 8.8%
	FFCB
$	1,500,000		1.460	%		11/19/19		$	1,479,422
	FHLB
	1,500,000		1.530			11/21/19			1,493,274
	2,200,000		1.875			03/13/20			2,241,156
	2,800,000		3.000			09/10/21			2,983,878
	3,700,000		2.125			06/09/23			3,677,582
	1,900,000		3.250			06/09/23			2,052,319
	2,100,000		3.375			09/08/23			2,296,148
	300,000		3.375			12/08/23			325,931
	FNMA
	2,600,000		6.250			05/15/29			3,730,712
	4,000,000		6.625			11/15/30			6,021,733
	New Valley Generation III
	2,430,619		4.929			01/15/21			2,730,688
	Small Business Administration
	15,584		7.500			04/01/17			16,155
	38,867		6.300			05/01/18			40,653
	21,388		6.300			06/01/18			22,289
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21			7,250,963
	Tennessee Valley Authority Series B
	4,200,000		4.375			06/15/15			4,235,284
	TOTAL AGENCY DEBENTURES
	(Cost $39,169,135)							$	40,598,187
	Asset-Backed Securities(a) – 3.1%
	Student Loan – 3.1%
	Access Group, Inc. Series 2005-2, Class A3
$	1,923,633		0.442	%		11/22/24		$	1,913,746
	Alaska State Student Loan Corp. Series 2013, Class A
	4,190,823		0.674			08/25/31			4,179,214
	Nelnet Student Loan Trust Series 2013-5A, Class A(d)
	534,513		0.804			01/25/37			534,622
	Scholar Funding Trust Series 2013-A, Class A(d)
	3,630,665		0.828			01/30/45			3,618,824
	SLM Student Loan Trust Series 2008-5, Class A4
	3,900,000		1.956			07/25/23			4,062,396
	US Education Loan Trust LLC Series 2006-1, Class A2(d)
	107,631		0.392			03/01/25			107,555
	TOTAL ASSET-BACKED SECURITIES
	(Cost $14,401,875)							$	14,416,357
	Municipal Debt Obligation – 0.6%
	New Jersey – 0.6%
	New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%		02/15/29		$	2,515,440

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Government Guarantee Obligations(f) – 1.7%
	Hashemite Kingdom of Jordan Government AID Bond
$	4,600,000		2.503	%		10/30/20	$	4,738,000
	Israel Government AID Bond
	1,400,000		5.500			09/18/23		1,749,827
	500,000		5.500			12/04/23		625,521
	700,000		5.500			04/26/24		880,500
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $7,850,071)						$	7,993,848
	U.S. Treasury Obligations – 55.8%
	United States Treasury Bonds
$	650,000		2.750	%		11/15/42	$	675,922
	10,010,000		3.625	(g)		08/15/43		12,230,019
	5,900,000		3.750	(g)		11/15/43		7,370,102
	5,500,000		3.625			02/15/44		6,728,095
	5,200,000		3.375			05/15/44		6,094,556
	4,600,000		3.000			11/15/44		5,039,851
	2,800,000		2.500			02/15/45		2,775,052
	United States Treasury Inflation Protected Securities
	2,994,917		0.125			01/15/22		3,024,387
	2,734,832		0.625			01/15/24		2,854,043
	1,197,570		2.500			01/15/29		1,532,698
	1,353,956		1.375			02/15/44		1,595,135
	397,048		0.750			02/15/45		404,989
	United States Treasury Notes
	20,000,000		0.375			01/31/16		20,022,600
	78,800,000		0.375	(g)		02/15/16		78,877,224
	5,400,000		0.750			01/15/17		5,422,572
	2,700,000		0.875			04/15/17		2,716,227
	5,200,000		0.875			08/15/17		5,222,932
	13,800,000		1.500			01/31/19		13,978,296
	5,700,000		1.625			03/31/19		5,795,760
	2,500,000		1.625			04/30/19		2,540,725
	16,200,000		1.750			09/30/19		16,509,743
	6,400,000		1.625			12/31/19		6,480,320
	4,500,000		1.250			01/31/20		4,475,700
	9,000,000		1.375			02/29/20		9,001,350
	6,000,000		1.375			03/31/20		5,999,760
	4,700,000		2.000			10/31/21		4,795,692
	4,700,000		2.125			12/31/21		4,831,224
	6,700,000		1.500			01/31/22		6,611,091
	4,300,000		1.750			03/31/22		4,309,761
	1,000,000		2.500			05/15/24		1,050,260
	7,400,000		2.375			08/15/24		7,691,042
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $248,558,671)						$	256,657,128

Shares		Description	Value
	Investment Company(h) – 0.0%
	31	Goldman Sachs Financial Square Government Fund FST Shares
	(Cost $31)		$	31
	TOTAL INVESTMENTS – 111.4%
	(Cost $497,191,403)		$	512,503,724
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (11.4)%			(52,452,196	)
	NET ASSETS – 100.0%		$	460,051,528

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 on March 31, 2015.
(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 $4,407,264, which represents approximately 1.0% of net assets as of March 31, 2015.
(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 $57,183,672 which represents approximately 12.4% of net assets as of March 31, 2015.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,993,848, which represents approximately 1.7% of net assets as of March 31, 2015.
(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
LLC	—Limited Liability Company
MBIA	—Insured by Municipal Bond Investors Insurance
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2015

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2015, 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		(132	)	June 2015	$	(22,423,500	)	$	(204,234	)
2 Year U.S. Treasury Notes		94		June 2015		20,600,687			64,303
5 Year U.S. Treasury Notes		164		June 2015		19,714,594			170,848
10 Year U.S. Treasury Notes		16		June 2015		2,062,500			14,013
20 Year U.S. Treasury Bonds		(9	)	June 2015		(1,474,875	)		1,614
TOTAL								$	46,544

SWAP CONTRACTS — At March 31, 2015, 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)
$	21,700	06/17/22		3 month LIBOR	2.500%	$	(582,065	)	$	(333,547	)
	1,000	06/17/30		3 month LIBOR	2.250		29,689			(26,618	)
	TOTAL					$	(552,376	)	$	(360,165	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2015.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations(a) – 1.4%
	Banks – 1.4%
	Bank of Montreal
$	4,000,000		2.850	%		06/09/15	$	4,017,684
	Bank of Nova Scotia
	700,000		1.650			10/29/15		704,969
	Canadian Imperial Bank of Commerce
	1,900,000		2.600			07/02/15		1,909,823
	DnB Boligkreditt AS
	800,000		1.450			03/21/18		802,300
	TOTAL CORPORATE OBLIGATIONS
	(Cost $7,434,193)						$	7,434,776
	Mortgage-Backed Obligations – 28.4%
	Collateralized Mortgage Obligations – 19.5%
	Interest Only(b) – 0.0%
	FNMA REMIC Series 1990-145, Class B
$	346		1,004.961	%		12/25/20	$	2,901
	Regular Floater(c) – 13.1%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A(a)
	3,005,932		0.490			09/20/66		2,914,152
	Collateralized Mortgage Securities Corp. Series N, Class 2
	8,749		0.862			08/25/17		8,760
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(a)
	439,966		0.728			02/25/48		438,788
	FHLMC REMIC Series 1826, Class F
	40,388		0.575			09/15/21		40,449
	FHLMC REMIC Series 3208, Class FD
	2,373,352		0.575			08/15/36		2,383,873
	FHLMC REMIC Series 3208, Class FE
	4,062,495		0.575			08/15/36		4,080,504
	FHLMC REMIC Series 3208, Class FG
	2,309,208		0.575			08/15/36		2,319,444
	FHLMC REMIC Series 3371, Class FA
	786,303		0.775			09/15/37		795,098
	FHLMC REMIC Series 3374, Class FT
	762,482		0.475			04/15/37		762,246
	FHLMC REMIC Series 3471, Class FB
	3,615,628		1.175			08/15/35		3,706,406
	FHLMC REMIC Series 3545, Class FA
	1,124,246		1.025			06/15/39		1,141,387
	FHLMC REMIC Series 3588, Class CW
	3,582,876		2.395			10/15/37		3,799,650
	FHLMC REMIC Series 4039, Class FA
	5,247,687		0.675			05/15/42		5,304,476
	FHLMC REMIC Series 4316, Class FY
	1,736,820		0.575			11/15/39		1,747,369
	FHLMC STRIPS Series 237, Class F23
	692,560		0.575			05/15/36		694,912
	FNMA REMIC Series 1990-145, Class A
	140,786		1.110			12/25/20		141,243
	FNMA REMIC Series 06-72, Class XF
	1,432,725		0.674			08/25/36		1,439,472
	Mortgage-Backed Obligations – (continued)
	Regular Floater(c) – (continued)
	FNMA REMIC Series 09-75, Class MF
$	1,735,358		1.324	%		09/25/39	$	1,778,279
	FNMA REMIC Series 1997-20, Class F
	306,409		0.656			03/25/27		302,658
	FNMA REMIC Series 1998-66, Class FC
	90,945		0.677			11/17/28		91,597
	FNMA REMIC Series 2007-33, Class HF
	101,384		0.524			04/25/37		101,884
	FNMA REMIC Series 2007-92, Class OF
	743,417		0.744			09/25/37		751,324
	FNMA REMIC Series 2008-22, Class FD
	1,276,955		1.014			04/25/48		1,290,838
	FNMA REMIC Series 2010-123, Class FL
	4,754,434		0.604			11/25/40		4,777,100
	FNMA REMIC Series 2011-110, Class FE
	5,276,298		0.574			04/25/41		5,308,278
	FNMA REMIC Series 2011-53, Class FT
	1,041,372		0.754			06/25/41		1,053,026
	FNMA REMIC Series 2012-56, Class FG
	4,438,684		0.674			03/25/39		4,471,988
	FNMA REMIC Series 2014-19, Class FA
	1,708,912		0.574			11/25/39		1,719,244
	FNMA REMIC Series 2014-19, Class FJ
	1,871,878		0.574			11/25/39		1,883,016
	GNMA REMIC Series 2010-53, Class FC
	1,713,624		0.996			04/20/40		1,751,096
	GNMA REMIC Series 2012-12, Class HF
	1,979,275		0.576			01/20/42		1,989,520
	NCUA Guaranteed Notes Series 2010-A1, Class A
	432,423		0.526			12/07/20		433,157
	NCUA Guaranteed Notes Series 2011-R1, Class 1A
	787,374		0.624			01/08/20		791,249
	NCUA Guaranteed Notes Series 2011-R2, Class 1A
	2,329,269		0.578			02/06/20		2,336,821
	NCUA Guaranteed Notes Series 2011-R3, Class 1A
	2,166,891		0.580			03/11/20		2,173,917
	NCUA Guaranteed Notes Series 2011-R4, Class 1A
	2,192,850		0.558			03/06/20		2,196,962
	NCUA Guaranteed Notes Series 2011-R5, Class 1A
	1,513,347		0.554			04/06/20		1,514,292
								68,434,475
	Sequential Fixed Rate – 0.3%
	FHLMC REMIC Series 4248, Class LM
	1,399,915		6.500			05/15/41		1,630,483
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	46,109		1.840			10/07/20		46,226
								1,676,709
	Sequential Floating Rate(c) – 6.1%
	FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1
	6,026,215		0.554			07/25/20		6,034,330
	FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A
	6,101,681		0.514			01/25/21		6,098,551

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate(c) – (continued)
	FHLMC Multifamily Structured Pass Through Certificates, Series KS02, Class A
$	7,910,897		0.551	%		08/25/23	$	7,910,897
	FNMA ACES Series 2013-M11, Class FA
	1,932,391		0.504			01/25/18		1,934,430
	FNMA ACES Series 2014-M5, Class FA
	1,665,385		0.483			01/25/17		1,666,277
	Granite Master Issuer PLC Series 2007-1, Class 2A1
	253,267		0.316			12/20/54		252,062
	Granite Master Issuer PLC Series 2007-2, Class 4A1
	6,015,093		0.267			12/17/54		5,983,305
	Granite Mortgages PLC Series 2004-3, Class 2A1
	1,197,143		0.550			09/20/44		1,194,410
	Leek Finance PLC Series 2017A, Class A2B(a)
	366,936		0.545			12/21/37		386,216
	Leek Finance PLC Series 2018X, Class A2B
	416,979		0.507			09/21/38		433,831
								31,894,309
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	102,008,394
	Commercial Mortgage-Backed Securities(a)(c) – 2.4%
	Sequential Floating Rate – 2.4%
	Boca Hotel Portfolio Trust Series 2013-BOCA, Class A
$	517,828		1.325	%		08/15/26	$	517,828
	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class A
	4,700,000		1.077			06/11/27		4,682,290
	Extended Stay America Trust Series 2013-ESFL, Class A2FL
	1,400,000		0.873			12/05/31		1,394,242
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-JWRZ, Class A
	900,000		0.955			04/15/30		899,808
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	5,300,000		1.125			12/15/28		5,303,215
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	12,797,383
	Federal Agencies – 6.5%
	Adjustable Rate FHLMC(c) – 2.2%
$	16,512		1.913	%		08/01/16	$	16,594
	25,436		2.770			08/01/18		25,946
	14,603		2.403			11/01/18		14,835
	106,139		2.869			11/01/18		107,786
	4,950		2.282			02/01/19		5,029
	18,975		1.925			03/01/19		19,216
	13,243		2.551			03/01/19		13,513
	20,297		2.119			06/01/19		20,614
	6,764		2.270			07/01/19		6,876
	373,480		2.610			11/01/19		381,852
	231,155		6.876			11/01/19		247,227
	17,988		2.805			01/01/20		18,317
	38,619		1.921			05/01/21		39,349
	9,872		1.923			10/01/26		10,010
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FHLMC(c) – (continued)
$	528,888		3.444	%		08/01/28	$	566,156
	225,546		2.387			05/01/29		233,976
	21,225		4.162			06/01/29		23,033
	39,985		1.917			04/01/30		41,307
	32,877		4.374			06/01/30		35,676
	134,296		2.427			12/01/30		140,913
	28,490		2.472			02/01/31		29,897
	8,658		2.280			06/01/31		9,232
	1,965,027		2.360			05/01/34		2,094,267
	1,777,394		2.252			05/01/35		1,892,219
	159,002		3.474			05/01/35		164,474
	4,897,880		2.406			01/01/38		5,297,317
								11,455,631
	Adjustable Rate FNMA(c) – 2.6%
	39,691		6.750			04/01/17		40,658
	15,804		4.258			08/01/17		16,117
	47,792		2.745			09/01/17		48,301
	4,213		1.875			12/01/17		4,254
	1,311		4.875			12/01/17		1,359
	47,753		2.025			03/01/18		48,236
	23,089		2.728			03/01/18		23,134
	261,969		2.056			07/01/18		264,722
	2,464		1.736			10/01/18		2,465
	14,152		1.878			10/01/18		14,334
	16,096		2.677			10/01/18		16,899
	33,100		2.738			10/01/18		33,198
	47,537		1.875			01/01/19		48,130
	159,403		3.998			04/01/19		166,118
	9,692		5.995			04/01/19		10,252
	284,649		1.875			05/01/19		288,706
	93,586		1.936			05/01/19		95,395
	31,667		6.110			07/01/19		33,476
	111,383		4.289			08/01/19		116,588
	115,790		5.864			05/01/20		122,163
	147,874		1.875			06/01/20		149,934
	11,328		6.702			02/01/22		12,115
	42,042		2.434			05/20/22		46,198
	102,026		2.195			02/01/23		104,465
	244,147		2.254			01/01/24		251,965
	293,272		2.300			03/01/24		303,077
	201,605		2.007			06/20/24		226,074
	8,555		3.353			08/01/24		8,807
	63,217		5.082			01/01/25		67,603
	14,575		3.579			06/01/27		15,386
	10,408		4.250			12/01/27		11,294
	18,484		4.524			01/01/28		20,058
	12,896		1.920			06/01/29		13,249
	13,816		2.049			06/01/29		14,222
	1,751,284		2.388			07/01/33		1,873,053
	522,221		2.486			11/01/34		559,299
	9,384		3.813			05/01/36		9,981
	2,643,666		2.467			03/01/37		2,827,070
	570,405		2.325			09/01/37		609,977
	4,571,851		2.293			12/01/37		4,902,827

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(c) – (continued)
$	86,334		1.521	%		06/01/40	$	89,235
	6,974		1.321			02/01/41		7,176
								13,517,570
	Adjustable Rate GNMA(c) – 0.4%
	1,385,076		1.625			04/20/33		1,432,678
	284,023		1.625			05/20/33		294,200
	546,700		1.625			08/20/34		566,705
								2,293,583
	FHLMC – 0.2%
	18,671		8.000			12/01/15		18,840
	139,652		5.500			01/01/20		149,401
	108,436		7.000			04/01/21		117,598
	47,448		7.000			08/01/21		53,263
	164,951		7.000			05/01/22		187,524
	481,339		7.000			06/01/22		535,654
	3,688		4.500			05/01/23		3,959
								1,066,239
	FNMA – 1.1%
	2,078		8.000			01/01/16		2,085
	12,349		7.000			05/01/17		12,473
	23,925		5.500			03/01/18		25,188
	49,740		5.500			04/01/18		52,303
	4,875		5.000			09/01/19		5,163
	862		5.000			11/01/19		912
	6,316		5.000			01/01/20		6,684
	48,987		7.000			07/01/21		53,816
	99,334		7.000			11/01/21		112,858
	49,004		7.000			12/01/21		50,528
	128,666		7.000			01/01/22		137,177
	24,127		7.000			02/01/22		27,388
	85,385		7.000			01/01/28		95,458
	21,201		6.500			04/01/33		24,853
	50,118		6.000			05/01/38		57,091
	63,392		6.000			11/01/38		72,213
	141,707		6.000			09/01/39		161,424
	48,549		6.000			10/01/39		55,317
	36,167		6.000			10/01/40		41,200
	51,860		6.000			05/01/41		59,076
	319,604		3.000			08/01/42		328,926
	272,961		3.000			09/01/42		281,021
	123,175		3.000			11/01/42		126,823
	1,715,976		3.000			12/01/42		1,766,531
	1,247,047		3.000			01/01/43		1,284,010
	383,484		3.000			02/01/43		394,828
	98,572		3.000			03/01/43		101,422
	235,100		3.000			04/01/43		241,895
								5,578,663
	GNMA – 0.0%
	40,100		7.000			04/15/26		46,288
	TOTAL FEDERAL AGENCIES						$	33,957,974
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $147,945,323)						$	148,763,751
	Agency Debentures – 11.3%
	FFCB(c)
$	14,000,000		0.153	%		06/30/16	$	13,995,100
	25,000,000		0.164			09/09/16		24,995,300
	15,000,000		0.208			12/28/16		15,011,400
	FHLB
	5,200,000		1.500			02/28/17		5,235,733
	TOTAL AGENCY DEBENTURES
	(Cost $59,229,558)						$	59,237,533
	Asset-Backed Securities – 31.5%
	Auto(c) – 0.5%
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2
$	2,500,000		0.555	%		01/15/18	$	2,502,697
	Collateralized Loan Obligations(c) – 10.2%
	ACIS CLO Ltd. Series 2013-1A, Class A1(a)
	1,150,000		1.127			04/18/24		1,121,180
	ACIS CLO Ltd. Series 2013-2A, Class A(a)
	2,400,000		0.730			10/14/22		2,357,496
	Atrium X Series 2010-A, Class A(a)
	2,750,000		1.349			07/16/25		2,712,658
	B&M CLO Ltd. Series 2014-1A, Class A1(a)
	750,000		1.629			04/16/26		742,692
	Black Diamond CLO Ltd. Series 2005-1A, Class A1(a)
	178,101		0.540			06/20/17		177,965
	Black Diamond CLO Ltd. Series 2006-1A, Class AD(a)
	1,419,136		0.503			04/29/19		1,394,124
	Brentwood CLO Corp. Series 2006-1A, Class A1A(a)
	1,884,395		0.525			02/01/22		1,867,639
	Brentwood CLO Corp. Series 2006-1A, Class A1B(a)
	1,493,294		0.525			02/01/22		1,480,016
	Crown Point CLO Ltd. Series 2012-1A, Class A1LA(a)
	684,746		1.011			11/21/22		674,144
	Crown Point CLO Ltd. Series 2013-2A, Class A1L(a)
	2,850,000		1.223			12/14/23		2,794,191
	Dryden XXVI Senior Loan Fund Series 2013-26A, Class A(a)
	1,800,000		1.353			07/15/25		1,776,760
	Gleneagles CLO Ltd. Series 2005-1A, Class A1(a)
	254,835		0.530			11/01/17		254,719
	Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(a)
	4,700,000		0.535			05/01/22		4,562,783
	Goldentree Loan Opportunities V Ltd. Series 2007-5A, Class A(a)
	576,020		0.952			10/18/21		573,910
	ICG US CLO Ltd. Series 2014-1A, Class A1(a)
	2,100,000		1.407			04/20/26		2,059,592
	KKR Financial CLO Ltd. Series 2013-1A, Class A1(a)
	5,250,000		1.403			07/15/25		5,159,317
	Liberty CLO Ltd. Series 2005-1A, Class A2(a)
	2,165,353		0.630			11/01/17		2,158,134
	OCP CLO Ltd. Series 2012-2A, Class A1(a)
	1,050,000		1.082			11/22/23		1,031,745
	OCP CLO Ltd. Series 2014-5A, Class A1(a)
	2,350,000		1.256			04/26/26		2,289,915

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations(c) – (continued)
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA(a)
$	1,000,000		1.187	%		04/17/25	$	976,427
	OFSI Fund V Ltd. Series 2014-7A, Class A(a)
	2,100,000		1.715			10/18/26		2,072,908
	OFSI Fund VI Ltd. Series 2014-6A, Class A1(a)
	2,250,000		1.283			03/20/25		2,195,215
	OZLM Funding III Ltd. Series 2013-3A, Class A1(a)
	2,000,000		1.587			01/22/25		1,986,028
	Sound Point CLO Vlll Ltd. Series 2015-1A, Class A(a)
	5,100,000		1.792			04/15/27		5,087,250
	Symphony CLO XI Ltd. Series 2013-11A, Class A(a)
	2,000,000		1.557			01/17/25		1,979,312
	Trinitas CLO Ltd. Series 2014-1A, Class A1(a)
	600,000		1.783			04/15/26		596,344
	Westchester CLO Ltd. Series 2007-1X, Class A1A
	1,490,320		0.480			08/01/22		1,470,083
	Zais CLO 1 Ltd. Series 2014-1A, Class A1(a)
	1,700,000		1.653			04/15/26		1,699,602
								53,252,149
	Credit Card(c) – 1.4%
	BA Credit Card Trust Series 2007-A11, Class A11
	1,667,000		0.245			12/15/19		1,657,885
	Bank of America Credit Card Trust Series 2014-A1, Class A
	5,650,000		0.555			06/15/21		5,649,143
								7,307,028
	Home Equity(a) – 0.7%
	HLSS Servicer Advance Receivables Backed Notes Series 2013-T5, Class AT5
	3,600,000		1.979			08/15/46		3,572,125
	Student Loan(c) – 18.7%
	Academic Loan Funding Trust Series 2013-1, Class A(a)
	4,324,387		0.974			12/26/44		4,330,076
	Access Group, Inc. Series 2005-2, Class A3
	2,239,453		0.442			11/22/24		2,227,943
	Access Group, Inc. Series 2013-1, Class A(a)
	2,162,987		0.674			02/25/36		2,138,773
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	3,050,337		0.974			02/25/41		3,068,452
	Alaska State Student Loan Corp. Series 2013, Class A
	3,246,412		0.674			08/25/31		3,237,420
	Bank of America Student Loan Trust Series 2010-1A, Class A(a)
	2,942,854		1.056			02/25/43		2,957,785
	Brazos Higher Education Authority, Inc. Series 2005-2, Class A10
	1,689,759		0.387			12/26/19		1,685,791
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	534,407		1.062			02/25/30		538,579
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a)
	4,452,030		0.974			06/25/26		4,473,043
	Educational Services of America, Inc. Series 2010-1, Class A1(a)
	3,949,362		1.106			07/25/23		3,972,731
	Educational Services of America, Inc. Series 2012-1, Class A1(a)
	4,720,964		1.324			09/25/40		4,809,467
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	Educational Services of America, Inc. Series 2014-1, Class A(a)
$	3,869,637		0.874	%		02/25/39	$	3,877,630
	GCO Education Loan Funding Trust Series 2005-2, Class A6L
	1,031,492		0.412			05/27/24		1,028,321
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	2,701,360		0.392			05/25/25		2,644,953
	Goal Capital Funding Trust Series 2010-1, Class A(a)
	101,662		0.962			08/25/48		101,988
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	7,450,000		0.929			12/01/31		7,464,751
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	2,407,205		1.183			02/25/42		2,421,579
	Massachusetts Educational Financing Authority Series 2008-1, Class A1
	918,001		1.206			04/25/38		922,244
	Missouri Higher Education Loan Authority Series 2010-2, Class A1
	4,486,610		1.083			08/27/29		4,514,287
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	4,821,742		1.176			05/20/30		4,873,827
	Nelnet Student Loan Trust Series 2008-3, Class A4
	4,500,000		1.912			11/25/24		4,659,010
	Nelnet Student Loan Trust Series 2013-5A, Class A(a)
	1,069,027		0.804			01/25/37		1,069,243
	Northstar Education Finance, Inc. Series 2012-1, Class A(a)
	1,327,451		0.874			12/26/31		1,328,587
	Rhode Island Student Loan Authority Series 2012-1, Class A1
	3,649,572		1.072			07/01/31		3,680,667
	Rhode Island Student Loan Authority Series 2014-1, Class A1
	142,180		0.872			10/02/28		141,570
	Scholar Funding Trust Series 2012-B, Class A1(a)
	3,344,397		0.578			10/28/25		3,337,893
	Scholar Funding Trust Series 2013-A, Class A(a)
	4,839,887		0.828			01/30/45		4,824,102
	SLC Student Loan Center Series 2011-1, Class A(a)
	2,081,557		1.394			10/25/27		2,114,460
	SLC Student Loan Trust Series 2010-1, Class A
	1,295,359		1.137			11/25/42		1,310,390
	SLM Student Loan Trust Series 2003-12, Class A5(a)
	1,381,380		0.551			09/15/22		1,380,483
	SLM Student Loan Trust Series 2005-9, Class A6
	3,100,000		0.706			10/26/26		3,110,844
	SLM Student Loan Trust Series 2006-7, Class A4
	44,172		0.326			04/25/22		44,157
	SLM Student Loan Trust Series 2006-8, Class A4
	193,820		0.336			10/25/21		193,428
	SLM Student Loan Trust Series 2008-2, Class A3
	987,491		1.006			04/25/23		996,742
	SLM Student Loan Trust Series 2008-5, Class A4
	1,250,000		1.956			07/25/23		1,302,050
	SLM Student Loan Trust Series 2012-3, Class A
	1,709,878		0.824			12/26/25		1,724,879

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2012-6, Class A2
$	530,006		0.454	%		09/25/19	$	529,833
	South Carolina Student Loan Corp. Series 2005, Class A2
	406,892		0.382			12/01/20		406,321
	US Education Loan Trust LLC Series 2006-1, Class A2(a)
	1,022,495		0.392			03/01/25		1,021,768
	Utah State Board of Regents Series 2012-1, Class A
	3,719,804		0.924			12/26/31		3,715,154
								98,181,221
	TOTAL ASSET-BACKED SECURITIES
	(Cost $164,175,356)						$	164,815,220
	Foreign Debt Obligations(c) – 6.9%
	Supranational – 6.9%
	Asian Development Bank
$	23,000,000		0.178	%		05/29/15	$	22,998,643
	International Finance Corp.
	13,100,000		0.176			08/27/15		13,098,585
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $36,100,579)						$	36,097,228
	Government Guarantee Obligations – 5.9%
	FMS Wertmanagement(c)(d)
$	26,800,000		0.503	%		06/30/15	$	26,816,348
	Hashemite Kingdom of Jordan Government AID Bond(e)
	4,000,000		2.503			10/30/20		4,120,000
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $30,816,741)						$	30,936,348
	U.S. Treasury Obligations – 3.9%
	United States Treasury Bonds
$	500,000		3.125	%		11/15/41	$	559,115
	3,500,000		3.750	(f)		11/15/43		4,372,095
	United States Treasury Inflation Protected Securities
	1,617,885		0.500			04/15/15		1,621,428
	3,706,325		0.125			04/15/16		3,744,537
	1,068,530		1.125			01/15/21		1,147,665
	3,924,374		0.125			01/15/22		3,962,990
	2,604,602		0.625			01/15/24		2,718,137
	883,260		2.000			01/15/26		1,047,908
	United States Treasury Note
	1,000,000		2.125			01/31/21		1,031,640
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $18,999,739)						$	20,205,515
Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.4%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 1.957%
$	5,800,000		1.957	%		08/24/15	$	102,941
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 1.957%
	5,800,000		1.957			08/24/15		32,591
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.128%
	2,900,000		2.128			02/22/16		64,494
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.128%
	2,900,000		2.128			02/22/16		32,989
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	3,000,000		2.177			02/22/16		71,259
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	3,000,000		2.177			02/22/16		31,545
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	5,300,000		2.145			02/22/16		120,673
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	5,300,000		2.145			02/22/16		58,646
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	3,600,000		2.078			02/26/16		74,848
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	3,600,000		2.078			02/26/16		45,131
	Deutsche Bank AG Put – OTC – 7 year Interest Rate Swap Strike Price 2.374%
	3,800,000		2.374			02/17/16		126,372
	Deutsche Bank AG Call – OTC – 7 year Interest Rate Swap Strike Price 2.374%
	3,800,000		2.374			02/17/16		52,294
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.510%
	2,300,000		2.510			02/18/16		100,840
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.510%
	2,300,000		2.510			02/18/16		45,442
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,100,000		2.513			02/19/16		92,441
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,100,000		2.513			02/19/16		41,491
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.458%
	2,500,000		2.458			02/23/16		102,397
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.458%
	2,500,000		2.458			02/23/16		54,558

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2015

Notional Amount		Exercise Rate				Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.650%
$	5,800,000		2.650	%			02/23/16	$	27,058
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.666%
	5,800,000		2.666				02/23/16		26,265
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.750%
	2,600,000		2.750				02/19/16		33,963
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.953%
	2,700,000		2.953				02/19/16		24,135
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.975%
	2,700,000		2.975				02/19/16		23,106
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.000%
	2,700,000		3.000				02/19/16		22,008
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.973%
	5,300,000		2.973				02/22/16		45,920
	Morgan Stanley Capital Services, Inc. Put – OTC – 5 year Interest Rate Swap Strike Price 2.140%
	3,100,000		2.140				02/23/16		70,132
	Morgan Stanley Capital Services, Inc. Call – OTC – 5 year Interest Rate Swap Strike Price 2.140%
	3,100,000		2.140				02/23/16		34,753
	Morgan Stanley Capital Services, Inc. Put – OTC – 5 year Interest Rate Swap Strike Price 2.040%
	7,100,000		2.040				02/24/16		139,982
	Morgan Stanley Capital Services, Inc. Call – OTC – 5 year Interest Rate Swap Strike Price 2.040%
	7,100,000		2.040				02/24/16		93,322
	Morgan Stanley Capital Services, Inc. Put – OTC – 7 year Interest Rate Swap Strike Price 2.308%
	3,100,000		2.308				02/23/16		94,422
	Morgan Stanley Capital Services, Inc. Call – OTC – 7 year Interest Rate Swap Strike Price 2.308%
	3,100,000		2.308				02/23/16		48,561
	TOTAL OPTIONS PURCHASED – 0.4%
	(Cost $2,149,817)							$	1,934,579
Shares		Description		Value
	Investment Company(g) – 9.5%
	49,903,803	Goldman Sachs Financial Square Government Fund FST Shares
	(Cost $49,903,803)			$	49,903,803
	TOTAL INVESTMENTS – 99.2%
	(Cost $516,755,109)			$	519,328,753
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%				4,028,179
	NET ASSETS – 100.0%			$	523,356,932

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 $121,063,535, which represents approximately 23.1% of net assets as of March 31, 2015.
(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 on March 31, 2015.
(d)	Guaranteed by a foreign government until maturity. Total market value of this security amounts to $26,816,348, which represents approximately 5.1% of net assets as of March 31, 2015.
(e)	Guaranteed by the United States Government until maturity. Total market value for this security amounts to $4,120,000, which represents approximately 0.8% of net assets as of March 31, 2015.
(f)	A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an Affiliated Fund.

Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
CLO	—Collateralized Loan Obligation
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
LLC	—Limited Liability Company
NCUA	—National Credit Union Administration
OTC	—Over the Counter
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Received: $4,019,063)		3.000	%	TBA-30yr		04/14/15	$	(4,000,000	)	$	(4,090,000	)

(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 March 31, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Ultra Long U.S. Treasury Bonds		(2	)	June 2015	$	(339,750	)	$	(8,562	)
2 Year U.S. Treasury Notes		37		June 2015		8,108,781			20,276
5 Year U.S. Treasury Notes		(328	)	June 2015		(39,429,188	)		(300,705	)
10 Year U.S. Treasury Notes		394		June 2015		50,789,063			457,244
TOTAL								$	168,253

SWAP CONTRACTS — At March 31, 2015, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged				Market Value
Notional Amount (000s)(b)		Termination Date	Payments Received	Payments Made			Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	11,200	06/17/17	3 month LIBOR		1.250	%	$	(18,647	)	$	(50,306	)
	16,400	06/17/20	3 month LIBOR		2.250			(279,017	)		(218,579	)
	26,600	06/17/22	3 month LIBOR		2.500			(708,818	)		(413,545	)
	3,000	06/17/25	3 month LIBOR		2.750			(122,260	)		(61,788	)
	11,700	06/17/30	3 month LIBOR		2.250			349,019			(313,088	)
	TOTAL						$	(779,723	)	$	(1,057,306	)

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2015.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – 99.3%
	United States Treasury Inflation Protected Securities
$	16,105,572		0.125	%		04/15/17	$	16,392,412
	17,796,592		0.125			04/15/18		18,155,371
	31,123,248		0.125			04/15/19		31,740,733
	7,432,560		0.375			07/15/23		7,633,462
	9,817,346		0.625			01/15/24		10,245,284
	2,002,056		2.000	(a)		01/15/26		2,375,259
	12,517,956		2.375			01/15/27		15,469,440
	3,592,710		2.500			01/15/29		4,598,094
	11,571,408		2.125			02/15/40		15,476,758
	1,448,216		0.750			02/15/42		1,468,129
	3,359,816		1.375			02/15/44		3,958,300
	595,572		0.750			02/15/45		607,483
	United States Treasury Note
	600,000		1.750			03/31/22		601,362
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $124,813,941)						$	128,722,087
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $124,813,941)						$	128,722,087
	Short-term Investment(b) – 0.3%
	Repurchase Agreement – 0.3%
	Joint Repurchase Agreement Account II
$	400,000		0.141	%		04/01/15	$	400,000
	(Cost $400,000)
	TOTAL INVESTMENTS – 99.6%
	(Cost $125,213,941)						$	129,122,087
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%							565,761
	NET ASSETS – 100.0%						$	129,687,848

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 March 31, 2015. Additional information appears on page 89.

Investment Abbreviation:
LIBOR	—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(13	)	June 2016	$	(3,216,525	)	$	(2,305	)
Eurodollars		(14	)	September 2016		(3,457,125	)		(5,020	)
Eurodollars		(14	)	December 2016		(3,450,825	)		(5,107	)
Eurodollars		(14	)	March 2017		(3,445,750	)		(5,370	)
Eurodollars		(14	)	June 2017		(3,440,850	)		(22,762	)
Eurodollars		(15	)	September 2017		(3,682,125	)		(19,909	)
Ultra Long U.S. Treasury Bonds		(59	)	June 2015		(10,022,625	)		(69,294	)
2 Year U.S. Treasury Notes		(10	)	June 2015		(2,191,563	)		(5,529	)
5 Year U.S. Treasury Notes		(48	)	June 2015		(5,770,125	)		(53,697	)
10 Year U.S. Treasury Notes		196		June 2015		25,265,625			194,898
20 Year U.S. Treasury Bonds		22		June 2015		3,605,250			44,559
TOTAL								$	50,464

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2015, 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)
$	2,000	06/17/20		3 month LIBOR	2.250%	$	(32,496	)	$	(28,186	)
	4,100	06/17/22		3 month LIBOR	2.500		(113,161	)		(59,835	)
	TOTAL					$	(145,657	)	$	(88,021	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2015.

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 20.5%
	Banks(a) – 16.0%
	Commonwealth Bank of Australia(b)
$	400,000		0.770	%		09/20/16	$	401,487
	Royal Bank of Canada
	400,000		0.724			09/09/16		401,409
	Svenska Handelsbanken AB
	400,000		0.735			09/23/16		401,726
	The Toronto-Dominion Bank
	400,000		0.724			09/09/16		401,523
								1,606,145
	Health Care – 4.5%
	McLaren Health Care Corp.
	200,000		1.040			05/15/16		200,018
	Providence Health & Services Obligated Group(a)
	250,000		0.905			10/01/15		250,303
								450,321
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,055,512)						$	2,056,466
	Municipal Debt Obligations – 62.3%
	California – 13.2%
	California State GO Bonds (Various Purposes) Series 2009
$	245,000		5.450	%		04/01/15	$	245,000
	California Statewide Communities Development Authority (Sifma-Kaiser Permanente) Series 2012 B(a)
	350,000		0.970			04/01/52		350,462
	Orange County CA Pension Obligation RB (Refunding-Pension- Taxable) Series 2015 A
	350,000		0.580			11/02/15		349,860
	University of California RB (Floating Rate Notes) Series 2011 Y-2(a)
	175,000		0.672			07/01/41		175,000
	University of California RB (Taxable Floating Rate Notes) Series 2011 Y-1(a)
	200,000		0.672			07/01/41		199,998
								1,320,320
	Colorado – 9.3%
	Colorado State Housing & Finance Authority Unemployment Compensation RB Taxable Series 2012 B
	475,000		1.162			05/15/15		475,484
	University of Colorado Enterprise RB Build America Bonds Taxable Subseries 2010 A-2
	350,000		2.245			06/01/15		350,970
	University of Colorado Enterprise RB Build America Subseries 2010 A-2
	105,000		2.672			06/01/16		106,970
								933,424
	Florida(a)(b) – 3.8%
	Puttable Floating Option Taxable Notes RB Series 2014 TNP-1011
	385,000		0.400			12/01/25		385,000
	Municipal Debt Obligations – (continued)
	Indiana – 1.5%
	Purdue University RB Build America Bonds Series 2010
$	150,000		2.710	%		07/01/15	$	150,588
	Massachusetts(a) – 0.5%
	Commonwealth of Massachusetts State GO Bonds Refunding (Sifma Index) Series 2013 A
	50,000		0.310			02/01/16		50,047
	Michigan – 4.0%
	University of Michigan RB Build America Bonds Series 2010
	400,000		1.754			04/01/15		400,000
	New Jersey – 0.6%
	New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	60,000		4.252			01/01/16		61,420
	New York – 14.1%
	New York City GO Taxable Series 2005 O
	300,000		4.650			06/01/15		302,151
	New York City Transitional Finance Authority RB Build America Bonds Series 2010
	350,000		3.062			05/01/15		350,752
	New York State Local Government Assistance Corp. RB Refunding Sub-Lien (AGM) Series 2003 A-10 V(a)
	225,000		0.120			04/01/17		219,087
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	300,000		0.615			11/01/15		300,405
	Puttable Floating Option Taxable Notes RB Series 2013 TNP-1006(a)(b)
	245,000		0.400			09/15/15		245,000
								1,417,395
	Pennsylvania – 4.7%
	Commonwealth of Pennsylvania Financing Authority Build America RB Series 2009
	320,000		4.180			06/01/15		322,093
	Pennsylvania Turnpike Commission RB Series 2013 B(a)
	150,000		0.420			12/01/15		150,049
								472,142
	South Carolina(a) – 4.0%
	South Carolina State Public Service Authority RB (Taxable LIBOR Index Bonds) Series 2013 D
	400,000		1.272			06/01/16		400,196
	Texas – 2.5%
	San Antonio TX Water Revenue RB Build America Bonds Series 2010
	250,000		2.233			05/15/15		250,575
	Washington – 2.1%
	Energy Northwest Washington Electric RB (Taxable-Columbia Generating) Series 2012 E
	190,000		1.063			07/01/15		190,289
	Energy Northwest Washington Electric RB (Taxable-Refunding Project) Series 2012 C
	15,000		1.264			07/01/15		15,031
								205,320

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	Wisconsin – 2.0%
	Dane County GO Build America Bonds for Promisory Notes Series 2010 F
$	200,000		1.650	%		06/01/15	$	200,340
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $6,248,858)						$	6,246,767
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $8,304,370)						$	8,303,233
	Short-term Investments – 20.8%
	Certificate of Deposit – 4.0%
	Agricultural Bank China
$	400,000		0.760	%		04/02/15	$	400,000
	Repurchase Agreements – 16.8%
	Citigroup Global Markets, Inc.
	490,000		1.170			06/26/15		490,000
	Maturity Value: $491,497
	Settlement Date: 03/23/15
	Collateralized by various mortgage-backed obligations, 0.321% to 6.400%, due 12/15/33 to 12/19/51. The aggregate market value of the collateral, including accrued interest, was $588,001.
	Joint Repurchase Agreement Account II(c)
	1,200,000		0.141			04/01/15		1,200,000
								1,690,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,090,000)						$	2,090,000
	TOTAL INVESTMENTS – 103.6%
	(Cost $10,394,370)						$	10,393,233
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.6)%							(359,384	)
	NET ASSETS – 100.0%						$	10,033,849

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 on March 31, 2015.
(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 $1,031,487, which represents approximately 10.3% of net assets as of March 31, 2015.
(c)	Joint repurchase agreement was entered into on March 31, 2015. Additional information appears on page 89.

Investment Abbreviations:
AGM	—Assured Guaranteed Municipal Corp
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
RB	—Revenue Bond

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 36.7%
	Collateralized Mortgage Obligations – 11.4%
	Inverse Floaters(a) – 0.0%
	FNMA REMIC Series 1990-134, Class SC
$	12,505		21.339	%		11/25/20	$	17,160
	IOette(b) – 0.0%
	FHLMC REMIC Series 1161, Class U
	254		1,172.807			11/15/21		5,996
	Regular Floater(a) – 6.2%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A(c)
	6,012,869		0.728			02/25/48		5,996,770
	FNMA REMIC Series 1988-12, Class B
	22,247		0.000			02/25/18		22,001
	FNMA REMIC Series 2007-33, Class HF
	872,513		0.524			04/25/37		876,821
	NCUA Guaranteed Notes Series 2010-A1, Class A
	2,666,607		0.526			12/07/20		2,671,137
	NCUA Guaranteed Notes Series 2010-R2, Class 1A
	5,519,352		0.548			11/06/17		5,530,347
	NCUA Guaranteed Notes Series 2011-R1, Class 1A
	4,611,395		0.624			01/08/20		4,634,092
	NCUA Guaranteed Notes Series 2011-R2, Class 1A
	15,606,103		0.575			02/06/20		15,656,701
	NCUA Guaranteed Notes Series 2011-R3, Class 1A
	14,686,743		0.578			03/11/20		14,734,360
	NCUA Guaranteed Notes Series 2011-R4, Class 1A
	18,681,943		0.558			03/06/20		18,716,972
	NCUA Guaranteed Notes Series 2011-R5, Class 1A
	9,433,842		0.554			04/06/20		9,439,738
	NCUA Guaranteed Notes Series 2011-R6, Class 1A
	2,845,121		0.555			05/07/20		2,845,676
								81,124,615
	Sequential Fixed Rate – 4.8%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	7,357,027		3.250			04/25/38		7,576,796
	FHLMC REMIC Series 108, Class G
	68,752		8.500			12/15/20		73,478
	FHLMC REMIC Series 1980, Class Z
	577,670		7.000			07/15/27		662,902
	FHLMC REMIC Series 2019, Class Z
	561,269		6.500			12/15/27		631,140
	FHLMC REMIC Series 2755, Class ZA
	1,231,010		5.000			02/15/34		1,362,838
	FHLMC REMIC Series 3530, Class DB
	9,430,719		4.000			05/15/24		10,072,176
	FHLMC REMIC Series 4273, Class PD
	2,566,392		6.500			11/15/43		2,986,588
	FNMA REMIC Series 1989-66, Class J
	121,103		7.000			09/25/19		129,562
	FNMA REMIC Series 1990-16, Class E
	107,078		9.000			03/25/20		121,543
	FNMA REMIC Series 2005-65, Class WL
	760,735		5.500			07/25/34		767,809
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-111, Class B
$	1,249,362		7.000	%		10/25/42	$	1,447,869
	FNMA REMIC Series 2012-153, Class B
	3,883,148		7.000			07/25/42		4,497,557
	NCUA Guaranteed Notes Series 2010-C1, Class A2
	20,000,000		2.900			10/29/20		20,585,134
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	276,651		1.840			10/07/20		277,354
	NCUA Guaranteed Notes Series A4
	11,000,000		3.000			06/12/19		11,656,536
								62,849,282
	Sequential Floating Rate(a) – 0.4%
	FHLMC REMIC Series 4273, Class PS
	3,339,600		5.926			11/15/43		531,125
	FNMA REMIC Series 1988-12, Class A
	43,307		3.752			02/25/18		43,979
	NCUA Guaranteed Notes Series 2010-R1, Class 1A
	3,938,270		0.630			10/07/20		3,957,807
								4,532,911
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	148,529,964
	Commercial Mortgage-Backed Securities – 6.3%
	Sequential Fixed Rate – 6.3%
	FHLMC Multifamily Structured Pass Through Certificates, Series KF02, Class A1(a)
	28,450,688		0.554			07/25/20		28,489,002
	FHLMC Multifamily Structured Pass Through Certificates, Series KF03, Class A(a)
	11,844,440		0.514			01/25/21		11,838,364
	FNMA ACES Series 2009-M2, Class A2
	3,490,514		3.334			01/25/19		3,527,682
	FNMA ACES Series 2014-M1, Class ASQ2(a)
	32,500,000		2.323			11/25/18		33,384,192
	FNMA ACES Series 2014-M5, Class FA(a)
	5,358,195		0.483			01/25/17		5,361,064
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	82,600,304
	Federal Agencies – 19.0%
	Adjustable Rate FHLMC(a) – 0.3%
	31,230		1.740			05/01/18		31,450
	34,251		2.863			10/01/25		34,914
	640,328		2.366			11/01/34		682,547
	2,908,440		2.375			06/01/35		3,107,744
	264,529		2.827			05/01/36		282,881
	83,263		2.142			10/01/36		88,954
	110,143		2.540			11/01/36		117,784
								4,346,274
	Adjustable Rate FNMA(a) – 3.0%
	37,512		2.559			02/01/18		37,864
	44,209		2.044			06/01/18		45,165
	57,426		5.864			05/01/20		60,587
	29,154		3.113			01/01/23		29,688

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FNMA(a) – (continued)
$	143,939		3.119	%		02/01/27	$	147,810
	1,348,295		2.452			08/01/29		1,368,723
	37,750		2.255			07/01/32		39,686
	51,183		2.380			07/01/32		54,574
	92,011		1.924			01/01/33		96,542
	1,889,278		2.425			05/01/33		2,011,442
	381,600		2.625			08/01/33		407,768
	1,399,746		4.609			08/01/33		1,518,943
	1,251,363		2.442			02/01/34		1,338,356
	482,383		2.195			05/01/34		515,848
	771,761		2.268			05/01/34		819,945
	717,126		2.345			06/01/34		766,989
	553,323		2.156			10/01/34		586,334
	493,889		2.191			10/01/34		524,084
	1,373,166		2.131			02/01/35		1,446,924
	154,019		2.161			02/01/35		164,019
	337,594		2.275			03/01/35		357,941
	979,584		2.345			03/01/35		1,041,411
	1,506,717		1.881			04/01/35		1,576,081
	2,690,734		1.954			04/01/35		2,845,018
	730,085		2.345			04/01/35		776,535
	583,831		2.014			05/01/35		613,484
	330,994		2.052			05/01/35		349,260
	2,735,194		2.348			08/01/35		2,925,376
	739,881		2.224			10/01/35		791,326
	1,742,989		2.330			03/01/36		1,863,909
	527,448		2.321			04/01/36		557,091
	1,621,992		2.549			04/01/36		1,734,518
	2,316,943		2.400			06/01/36		2,477,681
	1,419,382		2.534			06/01/36		1,509,346
	1,826,282		2.471			07/01/36		1,937,984
	3,283,741		2.325			09/01/36		3,507,492
	268,945		2.508			11/01/36		287,603
	170,499		2.542			11/01/36		182,327
	2,040,297		2.350			07/01/37		2,181,842
	91,977		2.445			12/01/46		98,358
								39,595,874
	Adjustable Rate GNMA(a) – 0.5%
	399,611		1.625			05/20/34		414,314
	747,600		1.625			07/20/34		774,935
	478,665		1.625			08/20/34		496,181
	3,609,953		1.625			09/20/34		3,742,141
	467,532		1.625			10/20/34		484,603
	658,118		1.625			12/20/34		680,976
								6,593,150
	FHLMC – 0.4%
	1,204		8.500			10/01/15		1,207
	6,460		8.000			12/01/15		6,519
	2,290		7.000			03/01/16		2,310
	691,260		5.500			01/01/20		739,519
	218,283		7.000			04/01/22		239,356
	3,688		4.500			05/01/23		3,959
	13,841		7.500			01/01/31		14,452
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	5,413		6.000	%		06/01/36	$	6,204
	3,580,013		7.000			02/01/39		4,184,730
								5,198,256
	FNMA – 14.2%
	5,375		8.500			10/01/15		5,403
	871		8.500			12/01/15		878
	1,861		5.500			01/01/18		1,953
	7,174,370		2.800			03/01/18		7,451,305
	59,495,396		3.743			06/01/18		63,421,830
	106,005		5.500			07/01/18		111,829
	78,056		5.500			08/01/18		82,172
	158,051		5.500			09/01/18		166,965
	15,800,000		2.960			11/01/18		16,529,965
	22,130		5.500			12/01/18		23,473
	11,954		5.500			01/01/19		12,693
	15,495		5.500			03/01/19		16,469
	1,564		5.500			08/01/19		1,644
	6,981		5.000			09/01/19		7,417
	25,384		7.000			11/01/19		26,940
	40,659,857		4.317			07/01/21		45,188,857
	189,118		5.000			07/01/23		210,076
	2,117,650		5.500			09/01/23		2,314,730
	522,626		5.500			10/01/23		571,522
	4,648		7.000			12/01/24		5,374
	104,218		5.000			06/01/25		115,750
	1,461		7.000			08/01/27		1,733
	1,516		7.000			10/01/28		1,690
	1,475		7.000			01/01/29		1,734
	1,301,555		4.500			09/01/29		1,419,745
	400		7.000			11/01/29		404
	1,028		7.000			04/01/31		1,195
	9,297		7.000			05/01/32		10,928
	7,819		7.000			06/01/32		8,495
	3,227		7.000			08/01/32		3,544
	30,027		6.000			03/01/33		34,644
	3,531		5.000			04/01/33		3,943
	7,926		6.000			04/01/33		9,144
	1,971,341		6.500			04/01/33		2,305,031
	6,631		6.000			11/01/33		7,651
	860,870		5.000			12/01/33		961,257
	1,770		7.000			04/01/34		2,072
	26,379		6.000			01/01/35		30,415
	3,350,157		6.000			04/01/35		3,865,225
	76,868		6.000			06/01/35		87,764
	252,656		6.000			09/01/35		288,470
	543		6.000			11/01/35		623
	31,739		6.000			01/01/36		36,238
	11,269		6.000			02/01/36		12,974
	95,961		6.000			05/01/36		110,233
	5,343		6.000			06/01/36		6,088
	1,902,629		6.000			07/01/36		2,167,855
	744,546		6.000			08/01/36		850,386
	787,035		6.000			09/01/36		897,944
	956,510		4.500			11/01/36		1,045,109
	2,002,285		6.000			04/01/37		2,280,544

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	1,468,727		6.000	%		07/01/37	$	1,673,094
	2,448,458		6.000			08/01/37		2,789,150
	2,481,155		6.000			09/01/37		2,826,398
	252,924		7.500			10/01/37		284,759
	354,315		6.000			11/01/37		406,475
	141,889		6.000			12/01/37		161,632
	77,347		6.000			02/01/38		88,197
	94,909		6.000			04/01/38		108,115
	166,578		6.000			05/01/38		189,787
	11,447		6.000			06/01/38		13,042
	10,724,337		6.000			10/01/38		12,219,310
	197,442		6.000			11/01/38		224,917
	731,799		6.000			12/01/38		833,761
	106,440		6.000			01/01/39		121,726
	326,412		4.500			02/01/39		355,850
	128,428		6.000			02/01/39		146,331
	2,184,897		7.000			03/01/39		2,529,907
	326,579		4.500			04/01/39		356,032
	13,590		4.500			08/01/39		15,091
	425,119		6.000			09/01/39		484,272
	145,647		6.000			10/01/39		165,950
	12,181		6.000			12/01/39		13,876
	688,663		6.000			06/01/40		784,487
	710,748		6.000			07/01/40		809,646
	73,687		6.000			09/01/40		83,954
	108,501		6.000			10/01/40		123,599
	44,035		4.500			05/01/41		48,114
	1,048,632		6.000			05/01/41		1,194,545
	1,199,800		4.500			08/01/41		1,314,672
	303,076		4.500			10/01/41		331,149
	135,081		5.000			02/01/42		150,680
	996,328		3.000			12/01/42		1,026,027
	927,947		3.000			01/01/43		956,179
	224,870		3.000			04/01/43		231,370
	96,249		3.000			05/01/43		98,497
								185,880,914
	GNMA – 0.6%
	288,519		5.500			07/15/20		307,005
	6,070		6.500			01/15/32		6,948
	11,532		6.500			02/15/32		13,203
	12,747		6.500			08/15/34		15,080
	21,882		6.500			05/15/35		25,050
	6,539		6.500			06/15/35		7,503
	12,943		6.500			07/15/35		14,833
	3,405		6.500			08/15/35		3,899
	11,839		6.500			09/15/35		13,560
	8,016		6.500			10/15/35		9,179
	36,265		6.500			11/15/35		41,537
	41,040		6.500			12/15/35		47,025
	62,682		6.500			01/15/36		72,317
	51,757		6.500			02/15/36		59,329
	55,758		6.500			03/15/36		63,998
	130,234		6.500			04/15/36		150,049
	205,091		6.500			05/15/36		237,527
	181,717		6.500			06/15/36		210,352
	Mortgage-Backed Obligations – (continued)
	GNMA – (continued)
$	759,600		6.500	%		07/15/36	$	886,233
	791,938		6.500			08/15/36		923,786
	1,201,836		6.500			09/15/36		1,400,418
	482,053		6.500			10/15/36		566,044
	638,171		6.500			11/15/36		749,923
	256,021		6.500			12/15/36		296,096
	100,485		6.500			01/15/37		116,436
	42,120		6.500			02/15/37		48,963
	25,726		6.500			03/15/37		30,038
	89,517		6.500			04/15/37		104,168
	58,535		6.500			05/15/37		72,366
	30,754		6.500			08/15/37		35,795
	200,758		6.500			09/15/37		234,101
	211,381		6.500			10/15/37		261,314
	108,354		6.500			11/15/37		125,469
	6,056		6.500			02/15/38		6,933
	42,710		6.500			05/15/38		49,747
	4,712		6.500			08/15/38		5,394
	118,351		6.000			11/15/38		135,986
	56,446		6.500			11/15/38		65,711
	23,420		6.500			01/15/39		27,344
	33,489		6.500			02/15/39		39,090
								7,479,749
	TOTAL FEDERAL AGENCIES						$	249,094,217
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $472,935,888)						$	480,224,485
	Agency Debentures – 23.6%
	FFCB
$	3,200,000		1.460	%		11/19/19	$	3,156,099
	16,000,000		3.500			12/20/23		17,765,584
	FHLB
	23,500,000		0.375			06/10/16		23,501,671
	12,200,000		2.125			06/10/16		12,445,234
	28,500,000		0.750			02/13/17		28,568,235
	11,460,000		1.500			02/28/17		11,538,750
	3,200,000		1.530			11/21/19		3,185,651
	7,000,000		1.875			03/13/20		7,130,952
	2,300,000		3.250			06/09/23		2,484,386
	1,800,000		5.375			08/15/24		2,272,869
	FHLMC
	9,700,000		0.500			08/28/15		9,713,182
	2,780,000		0.850			12/26/17		2,767,248
	4,800,000		1.000			01/17/18		4,807,983
	FNMA
	7,900,000		0.500			05/27/15		7,904,811
	8,000,000		0.500			07/02/15		8,007,008
	16,500,000		0.500			10/22/15		16,517,705
	73,200,000		2.375			04/11/16		74,697,035
	39,500,000		0.750			03/14/17		39,577,321
	5,200,000		6.250			05/15/29		7,461,423
	16,080,000		7.125			01/15/30		24,981,930

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Agency Debentures – 23.6%
	Small Business Administration
$	25,483		7.200	%		06/01/17	$	26,580
	77,734		6.300			05/01/18		81,306
	53,470		6.300			06/01/18		55,721
	TOTAL AGENCY DEBENTURES
	(Cost $304,274,487)						$	308,648,684
	Government Guarantee Obligation(d) – 1.5%
	Hashemite Kingdom of Jordan Government AID Bond
$	19,300,000		2.503	%		10/30/20	$	19,879,000
	(Cost $19,300,000)
	U.S. Treasury Obligations – 34.9%
	United States Treasury Bonds
$	1,000,000		2.750	%		11/15/42	$	1,039,880
	2,100,000		3.625			08/15/43		2,565,738
	8,600,000		3.750	(e)		11/15/43		10,742,861
	7,300,000		3.375	(e)		05/15/44		8,555,819
	7,100,000		3.000	(e)		11/15/44		7,778,901
	1,200,000		2.500			02/15/45		1,189,308
	United States Treasury Inflation Protected Securities
	4,530,078		0.500			04/15/15		4,539,999
	9,742,340		0.125			04/15/16		9,842,783
	1,816,501		1.125			01/15/21		1,951,031
	11,050,211		0.125			01/15/22		11,158,945
	2,209,680		0.375			07/15/23		2,269,408
	8,855,647		0.625			01/15/24		9,241,664
	706,608		2.000			01/15/26		838,327
	1,353,956		1.375			02/15/44		1,595,136
	2,977,860		0.750			02/15/45		3,037,417
	United States Treasury Notes
	154,000,000		0.375			10/31/16		153,787,480
	14,400,000		0.625			12/31/16		14,433,408
	47,900,000		1.000			05/31/18		47,951,733
	16,800,000		1.500			01/31/19		17,017,056
	3,700,000		1.625			04/30/19		3,760,273
	22,500,000		1.750			09/30/19		22,930,199
	15,000,000		1.500			10/31/19		15,115,499
	10,700,000		1.500			11/30/19		10,780,356
	9,700,000		1.625			12/31/19		9,821,735
	6,600,000		1.250			01/31/20		6,564,360
	12,900,000		1.375			02/29/20		12,901,935
	8,500,000		1.375			03/31/20		8,499,660
	8,200,000		2.000			10/31/21		8,366,952
	9,900,000		1.500			01/31/22		9,768,627
	6,100,000		1.750			03/31/22		6,113,847
	31,700,000		2.250			11/15/24		32,582,210
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $448,894,928)						$	456,742,547
Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.2%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 1.957%
$	6,300,000		1.957	%		08/24/15	$	111,815
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 1.957%
	6,300,000		1.957			08/24/15		35,401
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.128%
	3,200,000		2.128			02/22/16		71,165
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.128%
	3,200,000		2.128			02/22/16		36,402
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	3,200,000		2.177			02/22/16		76,010
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	3,200,000		2.177			02/22/16		33,648
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	6,500,000		2.145			02/22/16		147,995
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	6,500,000		2.145			02/22/16		71,924
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	11,900,000		2.078			02/26/16		247,413
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	11,900,000		2.078			02/26/16		149,184
	Deutsche Bank AG Put – OTC – 7 year Interest Rate Swap Strike Price 2.374%
	3,500,000		2.374			02/17/16		116,396
	Deutsche Bank AG Call – OTC – 7 year Interest Rate Swap Strike Price 2.374%
	3,500,000		2.374			02/17/16		48,166
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.510%
	2,800,000		2.510			02/18/16		122,762
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.510%
	2,800,000		2.510			02/18/16		55,321
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,600,000		2.513			02/19/16		114,451
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,600,000		2.513			02/19/16		51,369
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.465%
	2,100,000		2.465			02/22/16		86,816
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.465%
	2,100,000		2.465			02/22/16		45,078

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2015

Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.458%
$	3,200,000		2.458	%		02/23/16	$	131,068
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.458%
	3,200,000		2.458			02/23/16		69,835
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.383%
	4,100,000		2.383			02/26/16		151,757
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.383%
	4,100,000		2.383			02/26/16		102,098
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.650%
	6,300,000		2.650			02/23/16		29,390
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.666%
	6,300,000		2.666			02/23/16		28,529
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.750%
	3,200,000		2.750			02/19/16		41,800
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.953%
	3,200,000		2.953			02/19/16		28,604
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.973%
	6,500,000		2.973			02/22/16		56,317
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.975%
	3,200,000		2.975			02/19/16		27,385
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.000%
	3,300,000		3.000			02/19/16		26,899
	TOTAL OPTIONS PURCHASED – 0.2%
	(Cost $2,562,842)						$	2,314,998

Shares		Description	Value
	Investment Company(f) – 2.0%
	25,980,969	Goldman Sachs Financial Square Government Fund FST Shares
	(Cost $25,980,969)		$	25,980,969
	TOTAL INVESTMENTS – 98.9%
	(Cost $1,273,949,114)		$	1,293,790,683
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			13,960,045
	NET ASSETS – 100.0%		$	1,307,750,728

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 on March 31, 2015.
(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 $13,573,566, which represents approximately 1.0% of net assets as of March 31, 2015.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,879,000, which represents approximately 1.5% of net assets as of March 31, 2015.
(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
OTC	—Over the Counter
REMIC	—Real Estate Mortgage Investment Conduit

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Received: $4,342,031)		4.500	%	TBA-30yr		05/13/15	$	(4,000,000	)	$	(4,352,500	)

(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 March 31, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(295	)	June 2017	$	(72,503,625	)	$	(554,604	)
Ultra Long U.S. Treasury Bonds		(242	)	June 2015		(41,109,750	)		(282,260	)
2 Year U.S. Treasury Notes		3,716		June 2015		814,384,625			2,543,700
5 Year U.S. Treasury Notes		(722	)	June 2015		(86,792,297	)		(653,260	)
10 Year U.S. Treasury Notes		(718	)	June 2015		(92,554,688	)		(834,669	)
20 Year U.S. Treasury Bonds		(94	)	June 2015		(15,404,250	)		(145,357	)
TOTAL								$	73,550

SWAP CONTRACTS — At March 31, 2015, 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%	$	(431,967	)	$	(329,957	)
	133,200	(b)	01/11/18		3 month LIBOR	1.876		400			(2,109,702	)
	99,100	(b)	06/17/20		3 month LIBOR	2.250		(1,694,527	)		(1,312,286	)
	38,300	(b)	06/17/22		3 month LIBOR	2.500		(1,023,326	)		(592,708	)
	33,900	(b)	06/17/25		3 month LIBOR	2.750		(1,404,836	)		(674,902	)
	17,300	(b)	03/10/26		3.170%	3 month LIBOR		(1,254,103	)		2,693,854
	15,000	(b)	06/17/30		3 month LIBOR	2.250		448,443			(402,377	)
	1,500	(b)	06/19/45		3 month LIBOR	3.250		(174,395	)		(102,472	)
	TOTAL						$	(5,534,311	)	$	(2,830,550	)

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2015.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 57.1%
	Automotive – 4.6%
	Chrysler Group LLC/CG Co-Issuer, Inc.(a)
$	600,000		8.000	%		06/15/19	$	629,250
	Ford Motor Credit Co. LLC
	2,050,000		8.000			12/15/16		2,275,070
	900,000		8.125			01/15/20		1,124,560
	General Motors Financial Co., Inc.
	3,500,000		4.750			08/15/17		3,705,625
	Schaeffler Finance BV(b)
	1,550,000		7.750			02/15/17		1,728,250
	Schaeffler Holding Finance BV(a)(b)(c)
	4,045,000		6.875			08/15/18		4,232,081
								13,694,836
	Banks – 20.6%
	ABN AMRO Bank NV(b)(d)
	1,050,000		1.056			10/28/16		1,057,004
	Australia & New Zealand Banking Group Ltd.
	300,000		1.000	(b)		10/06/16		300,852
	1,350,000		1.250			01/10/17		1,354,565
	Banco de Bogota SA(b)
	200,000		5.000			01/15/17		207,500
	Banco del Estado de Chile(b)
	170,000		2.000			11/09/17		169,682
	Bank of America Corp.
	275,000		3.625			03/17/16		281,734
	5,375,000		6.000			09/01/17		5,918,935
	2,600,000		1.650			03/26/18		2,607,321
	925,000		2.650			04/01/19		941,716
	Bank of Montreal(b)
	600,000		2.850			06/09/15		602,653
	BPCE SA(d)
	1,075,000		1.506			04/25/16		1,084,670
	Canadian Imperial Bank of Commerce(b)
	300,000		2.600			07/02/15		301,551
	Capital One Bank USA NA(a)
	800,000		2.250			02/13/19		802,141
	Citigroup, Inc.
	1,375,000		6.125			11/21/17		1,530,309
	1,500,000		1.800			02/05/18		1,500,687
	450,000		6.125			05/15/18		506,876
	1,325,000		2.500			07/29/19		1,339,889
	Commonwealth Bank of Australia
	525,000		1.900			09/18/17		530,608
	2,100,000		1.625			03/12/18		2,109,766
	Compass Bank(a)
	775,000		2.750			09/29/19		783,187
	Credit Agricole SA(b)(d)
	525,000		1.121			10/03/16		528,113
	Credit Suisse Group Funding Guernsey Ltd.(b)
	1,425,000		2.750			03/26/20		1,435,210
	Credit Suisse New York
	1,500,000		0.751	(d)		05/26/17		1,499,586
	725,000		1.750			01/29/18		725,729
	HBOS PLC(b)
	1,325,000		6.750			05/21/18		1,482,539
	Corporate Obligations – (continued)
	Banks – (continued)
	ING Bank NV(b)
$	350,000		1.375	%		03/07/16	$	351,740
	1,525,000		1.800			03/16/18		1,534,444
	Intesa Sanpaolo SpA
	2,550,000		3.875			01/16/18		2,662,638
	JPMorgan Chase & Co.
	3,200,000		6.400			10/02/17		3,572,264
	650,000		1.700	(a)		03/01/18		651,558
	1,825,000		2.250	(a)		01/23/20		1,824,513
	Lloyds Bank PLC
	600,000		1.750			03/16/18		601,670
	1,000,000		2.300			11/27/18		1,014,294
	Macquarie Bank Ltd.(b)
	700,000		1.600			10/27/17		699,675
	Morgan Stanley, Inc.
	4,100,000		5.950			12/28/17		4,546,416
	775,000		2.650			01/27/20		786,384
	MUFG Americas Holdings Corp.(a)
	625,000		1.625			02/09/18		624,862
	Nomura Holdings, Inc.
	600,000		2.000			09/13/16		605,519
	Regions Financial Corp.
	355,000		5.750			06/15/15		358,149
	Resona Preferred Global Securities Ltd.(a)(b)(d)
	1,625,000		7.191			12/31/49		1,643,281
	Royal Bank of Scotland PLC
	275,000		4.375			03/16/16		283,730
	1,625,000		6.400			10/21/19		1,875,358
	Santander Holdings USA, Inc.(a)
	1,675,000		3.450			08/27/18		1,741,005
	Sumitomo Mitsui Banking Corp.
	450,000		0.684	(d)		01/10/17		450,234
	1,075,000		1.750			01/16/18		1,078,699
	The Bank of Nova Scotia(b)
	200,000		1.650			10/29/15		201,420
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(b)
	1,100,000		1.700			03/05/18		1,101,279
	Wells Fargo & Co.
	2,200,000		5.625			12/11/17		2,443,224
	600,000		2.150			01/30/20		602,029
								60,857,208
	Chemicals – 1.0%
	Eastman Chemical Co.(a)
	1,250,000		2.700			01/15/20		1,267,893
	Ecolab, Inc.
	1,000,000		1.550			01/12/18		1,000,452
	Incitec Pivot Ltd.(b)
	375,000		4.000			12/07/15		382,030
	Polymer Group, Inc.(a)
	360,000		7.750			02/01/19		373,500
								3,023,875
	Construction Machinery – 1.8%
	Case New Holland, Inc.
	1,300,000		7.875			12/01/17		1,439,750

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Construction Machinery – (continued)
	Caterpillar Financial Services Corp.
$	2,625,000		2.000	%		03/05/20	$	2,631,636
	John Deere Capital Corp.
	1,200,000		2.300			09/16/19		1,221,668
								5,293,054
	Consumer Products – 0.9%
	Avon Products, Inc.
	450,000		2.375			03/15/16		450,000
	Beam, Inc.
	250,000		5.375			01/15/16		258,308
	Kimberly-Clark Corp.
	625,000		1.850			03/01/20		625,117
	Sally Holdings LLC(a)
	1,250,000		6.875			11/15/19		1,323,438
								2,656,863
	Diversified Manufacturing – 0.1%
	Pentair Finance SA
	125,000		1.350			12/01/15		125,302
	Electric – 0.8%
	Commonwealth Edison Co.(a)
	300,000		2.150			01/15/19		303,252
	Electricite de France(b)(d)
	975,000		0.717			01/20/17		976,111
	Sempra Energy(a)
	1,100,000		2.400			03/15/20		1,113,891
								2,393,254
	Energy – 1.6%
	Anadarko Petroleum Corp.
	1,425,000		6.375			09/15/17		1,587,937
	BP Capital Markets PLC
	1,125,000		1.846			05/05/17		1,138,651
	Canadian Natural Resources Ltd.(d)
	450,000		0.648			03/30/16		449,361
	Devon Energy Corp.(d)
	450,000		0.811			12/15/16		444,792
	Noble Holding International Ltd.
	100,000		2.500			03/15/17		98,390
	Petroleos de Venezuela SA
	160,000		6.000			05/16/24		51,040
	160,000		6.000			11/15/26		49,600
	50,000		5.375			04/12/27		15,435
	Transocean, Inc.
	835,000		2.500			10/15/17		764,025
								4,599,231
	Energy – Exploration & Production – 0.9%
	Chesapeake Energy Corp.
	1,225,000		7.250			12/15/18		1,316,875
	Whiting Petroleum Corp.(a)
	1,255,000		5.000			03/15/19		1,233,038
								2,549,913
	Corporate Obligations – (continued)
	Food & Beverage – 1.5%
	Beam Suntory, Inc.
$	800,000		1.750	%		06/15/18	$	798,675
	ConAgra Foods, Inc.
	350,000		1.300			01/25/16		350,918
	Kraft Foods, Inc.
	400,000		4.125			02/09/16		410,781
	Pernod-Ricard SA(b)
	525,000		2.950			01/15/17		539,847
	Sysco Corp.
	1,075,000		1.450			10/02/17		1,081,422
	The J.M. Smucker Co.(b)
	800,000		1.750			03/15/18		805,688
	550,000		2.500			03/15/20		558,073
								4,545,404
	Gaming – 0.1%
	MGM Resorts International
	325,000		8.625			02/01/19		371,313
	Health Care Products – 0.8%
	Becton Dickinson & Co.
	1,100,000		2.675			12/15/19		1,124,414
	Medtronic, Inc.(b)
	1,100,000		1.500			03/15/18		1,104,982
								2,229,396
	Health Care Services – 1.3%
	CHS/Community Health Systems, Inc.(a)
	800,000		5.125			08/15/18		825,000
	1,100,000		8.000			11/15/19		1,168,750
	Express Scripts Holding Co.
	175,000		3.125			05/15/16		179,422
	McKesson Corp.
	175,000		1.400			03/15/18		174,329
	650,000		2.284			03/15/19		656,345
	Providence Health & Services Obligated Group(d)
	525,000		1.055			10/01/16		527,300
	UnitedHealth Group, Inc.
	400,000		1.400			10/15/17		403,227
								3,934,373
	Life Insurance – 0.1%
	MetLife, Inc.
	150,000		1.756			12/15/17		151,596
	Media – Cable – 1.7%
	CCO Holdings LLC/CCO Holdings Capital Corp.(a)
	500,000		7.250			10/30/17		521,250
	Comcast Corp.
	600,000		5.700			05/15/18		675,925
	COX Communications, Inc.
	100,000		5.500			10/01/15		102,332
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	1,350,000		1.750			01/15/18		1,348,777
	725,000		5.875			10/01/19		834,336
	Time Warner Cable, Inc.
	1,470,000		5.850			05/01/17		1,598,849
								5,081,469

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Non Cable – 0.5%
	21st Century Fox America, Inc.
$	550,000		6.900	%		03/01/19	$	648,165
	NBCUniversal Media LLC
	675,000		2.875			04/01/16		689,898
								1,338,063
	Metals & Mining – 1.4%
	Anglo American Capital PLC(b)(d)
	700,000		1.203			04/15/16		699,636
	BHP Billiton Finance USA Ltd.(d)
	550,000		0.523			09/30/16		550,051
	CITIC Ltd.
	340,000		6.800			01/17/23		402,554
	Freeport-McMoRan, Inc.
	700,000		2.375			03/15/18		696,863
	Glencore Finance Canada Ltd.(b)
	1,750,000		2.700			10/25/17		1,775,611
								4,124,715
	Noncaptive – Financial – 1.2%
	General Electric Capital Corp.
	2,150,000		2.300			04/27/17		2,204,628
	Navient LLC
	1,150,000		8.450			06/15/18		1,283,687
								3,488,315
	Pharmaceuticals – 3.9%
	Actavis Funding SCS(a)
	2,400,000		3.000			03/12/20		2,449,183
	Eli Lilly & Co.
	550,000		1.250			03/01/18		551,366
	EMD Finance LLC(b)
	1,625,000		1.700			03/19/18		1,633,702
	Forest Laboratories, Inc.(b)
	2,000,000		4.375			02/01/19		2,140,000
	Mylan, Inc.(a)(b)
	500,000		7.875			07/15/20		528,125
	Perrigo Co. PLC
	750,000		1.300			11/08/16		749,322
	Roche Holdings, Inc.(b)(d)
	2,350,000		0.363			09/29/17		2,349,763
	Valeant Pharmaceuticals International, Inc.(a)(b)
	1,100,000		6.750			08/15/18		1,159,125
								11,560,586
	Pipelines – 2.9%
	El Paso Natural Gas Co. LLC
	325,000		5.950			04/15/17		349,509
	El Paso Pipeline Partners Operating Co. LLC
	550,000		4.100			11/15/15		559,690
	Enterprise Products Operating LLC(a)(d)
	1,150,000		8.375			08/01/66		1,213,250
	675,000		7.034			01/15/68		725,625
	Kinder Morgan, Inc.
	2,250,000		7.000			06/15/17		2,485,784
	ONEOK Partners LP(a)
	250,000		3.250			02/01/16		253,332
	Corporate Obligations – (continued)
	Pipelines – (continued)
	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.(a)
$	1,150,000		8.375	%		06/01/20	$	1,250,625
	Spectra Energy Partners LP(a)
	350,000		2.950			06/15/16		357,707
	TransCanada PipeLines Ltd.
	570,000		1.875			01/12/18		571,409
	950,000		6.350	(a)(d)		05/15/67		912,000
								8,678,931
	Real Estate Investment Trust – 3.6%
	ARC Properties Operating Partnership LP(a)
	2,475,000		3.000			02/06/19		2,390,753
	HCP, Inc.
	500,000		3.750			02/01/16		511,353
	600,000		3.750	(a)		02/01/19		631,330
	Health Care REIT, Inc.(a)
	1,225,000		4.125			04/01/19		1,310,570
	Kilroy Realty LP
	450,000		5.000			11/03/15		460,042
	Realty Income Corp.(a)
	125,000		2.000			01/31/18		125,891
	Select Income REIT(a)
	1,275,000		3.600			02/01/20		1,303,178
	Senior Housing Properties Trust(a)
	750,000		3.250			05/01/19		762,451
	Ventas Realty LP/Ventas Capital Corp.
	675,000		3.125			11/30/15		684,586
	900,000		2.000	(a)		02/15/18		908,228
	WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
	1,475,000		1.750			09/15/17		1,482,612
								10,570,994
	Restaurants – 0.1%
	Brinker International, Inc.
	150,000		2.600			05/15/18		150,973
	Retailers – Food & Drug – 0.7%
	The Kroger Co.(d)
	550,000		0.787			10/17/16		551,048
	Walgreens Boots Alliance, Inc.(a)
	1,550,000		2.700			11/18/19		1,584,311
								2,135,359
	Technology – 0.7%
	CDK Global, Inc.(a)(b)
	525,000		3.300			10/15/19		528,846
	Hewlett-Packard Co.
	600,000		3.000			09/15/16		615,913
	900,000		1.193	(d)		01/14/19		891,094
								2,035,853
	Technology – Hardware – 0.0%
	Tech Data Corp.
	75,000		3.750			09/21/17		77,266

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Transportation(b) – 0.4%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
$	1,101,000		3.375	%		03/15/18	$	1,142,692
	Wireless Telecommunications – 1.2%
	America Movil SAB de CV
MXN	2,760,000		6.000			06/09/19		180,682
	American Tower Corp.
$	525,000		4.500			01/15/18		563,162
	Intelsat Jackson Holdings SA(a)
	600,000		7.250			04/01/19		622,500
	Sprint Communications, Inc.
	1,400,000		6.000			12/01/16		1,463,000
	175,000		8.375			08/15/17		190,313
	Ymobile Corp.(a)(b)
	600,000		8.250			04/01/18		625,500
								3,645,157
	Wirelines Telecommunications – 2.7%
	AT&T, Inc.
	725,000		2.400			08/15/16		737,229
	Frontier Communications Corp.
	1,325,000		8.250			04/15/17		1,464,125
	PAETEC Holding Corp.(a)
	500,000		9.875			12/01/18		527,500
	Telecom Italia Capital SA
	816,000		5.250			10/01/15		831,031
	Telefonica Emisiones SAU
	825,000		3.192			04/27/18		858,335
	Verizon Communications, Inc.
	1,975,000		6.350			04/01/19		2,295,769
	1,300,000		2.550			06/17/19		1,327,881
								8,041,870
	TOTAL CORPORATE OBLIGATIONS
	(Cost $168,621,997)						$	168,497,861
	Mortgage-Backed Obligations – 7.2%
	Collateralized Mortgage Obligations – 3.8%
	Interest Only(e) – 0.5%
	FHLMC STRIPS Series 329, Class C1
$	876,207		4.000	%		12/15/41	$	152,261
	FNMA REMIC Series 2012-146, Class IO
	6,493,564		3.500			01/25/43		1,377,620
								1,529,881
	Inverse Floaters(d) – 0.1%
	GNMA REMIC Series 2010-1, Class SD
	56,390		5.614			01/20/40		9,079
	GNMA REMIC Series 2010-98, Class QS
	386,108		6.424			01/20/40		57,627
	GNMA REMIC Series 2011-17, Class SA
	444,699		5.924			09/20/40		66,983
	GNMA REMIC Series 2011-61, Class CS
	344,720		6.504			12/20/35		35,668
	GNMA REMIC Series 2011-79, Class AS
	218,117		5.934			07/20/37		11,808
	Mortgage-Backed Obligations – (continued)
	Inverse Floaters(d) – (continued)
	GNMA REMIC Series 2013-113, Class SD
$	295,078		6.526	%		08/16/43	$	54,426
	GNMA REMIC Series 2013-152, Class TS
	700,778		5.924			06/20/43		113,591
								349,182
	Sequential Fixed Rate – 0.4%
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	278,053		2.779			09/25/22		290,121
	FHLMC Multifamily Structured Pass-Through Certificates Series K501, Class A1
	10,532		1.337			06/25/16		10,546
	FHLMC Multifamily Structured Pass-Through Certificates Series K501, Class A2
	200,000		1.655			11/25/16		202,291
	FHLMC Multifamily Structured Pass-Through Certificates Series K707, Class A2
	100,000		2.220			12/25/18		102,752
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	100,000		1.883			05/25/19		101,387
	FNMA REMIC Series 2012-111, Class B
	81,925		7.000			10/25/42		94,942
	FNMA REMIC Series 2012-153, Class B
	241,189		7.000			07/25/42		279,351
								1,081,390
	Sequential Floating Rate(d) – 2.8%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	1,968,187		0.445			09/20/66		2,081,790
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
	1,143,177		0.285			09/20/66		1,200,936
	Darrowby PLC Series 2012- 1, Class A
GBP	48,060		2.257			02/20/44		72,531
	FNMA REMIC Series 2007-33, Class HF
	52,228		0.524			04/25/37		52,486
	Granite Master Issuer PLC Series 2005-1, Class A6
GBP	15,829		0.745			12/20/54		23,404
	Granite Master Issuer PLC Series 2005-4, Class A6
	79,146		0.745			12/20/54		117,039
	Granite Master Issuer PLC Series 2006-1X, Class A6
EUR	1,946,991		0.189			12/20/54		2,089,221
	Granite Master Issuer PLC Series 2006-1X, Class A7
GBP	63,317		0.745			12/20/54		93,610
	Granite Master Issuer PLC Series 2006-2, Class A6
	47,488		0.725			12/20/54		70,200
	Granite Master Issuer PLC Series 2007-1, Class 2A1
$	110,804		0.316			12/20/54		110,277
	Granite Master Issuer PLC Series 2007-1, Class 5A1
GBP	63,317		0.725			12/20/54		93,589
	Granite Master Issuer PLC Series 2007-2, Class 2B1
$	500,000		0.417			12/17/54		492,093
	Granite Master Issuer PLC Series 2007-2, Class 4A2
GBP	80,096		0.726			12/17/54		118,367

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate(d) – (continued)
	Granite Mortgages PLC Series 2003-2, Class 1B
$	64,002		1.237	%		07/20/43		$	64,205
	Granite Mortgages PLC Series 2003-2, Class 3A
GBP	148,263		1.043			07/20/43			219,842
	Granite Mortgages PLC Series 2004-2, Class 3A
	225,916		0.886			06/20/44			334,359
	Granite Mortgages PLC Series 2004-3, Class 2A1
$	65,745		0.550			09/20/44			65,595
	Granite Mortgages PLC Series 2004-3, Class 3A2
GBP	181,415		0.946			09/20/44			268,777
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	46,331		0.339			09/21/38			51,986
	Leek Finance PLC Series 2017X, Class A2C
	30,578		0.359			12/21/37			34,679
	Leek Finance PLC Series 2018X, Class A2B
$	185,324		0.507			09/21/38			192,814
	Quadrivio Finance Series 2011-1, Class A1
EUR	190,025		0.585			07/25/60			204,358
	Springleaf Mortgage Loan Trust Series 2012-3A, Class A(b)
$	83,489		1.570			12/25/59			83,211
	Thrones PLC Series 2013-1, Class A
GBP	75,410		2.058			07/20/44			112,732
									8,248,101
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	11,208,554
	Federal Agencies – 3.4%
	FHLMC – 0.1%
$	303,391		7.000	%		02/01/39		$	354,638
	FNMA – 3.3%
	161,319		6.000			07/01/32			183,766
	17,365		6.000			11/01/34			20,023
	996,818		6.000			10/01/35			1,142,310
	7,533		6.000			11/01/35			8,654
	337,945		6.000			10/01/36			389,508
	6,188		6.000			02/01/37			7,048
	261,541		6.000			06/01/37			297,934
	652,422		6.000			08/01/37			743,204
	223,169		6.000			09/01/37			254,222
	273,653		6.000			12/01/37			311,731
	350,464		6.000			07/01/38			399,294
	1,079,142		6.000			11/01/38			1,229,431
	286,127		6.000			12/01/38			325,994
	182,075		7.000			03/01/39			210,826
	450,607		6.000			07/01/39			513,390
	141,707		6.000			09/01/39			161,424
	48,549		6.000			10/01/39			55,317
	832,319		6.000			06/01/40			948,288
	36,167		6.000			10/01/40			41,200
	51,860		6.000			05/01/41			59,076
	14,166		6.000			09/01/41			16,150
	21,960		3.000			12/01/42			22,602
	35,505		3.000			01/01/43			36,565
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	1,000,000		4.500	%		TBA-30yr	(f)	$	1,090,937
	1,000,000		6.000			TBA-30yr	(f)		1,140,312
									9,609,206
	TOTAL FEDERAL AGENCIES							$	9,963,844
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $21,763,801)							$	21,172,398
	Agency Debenture – 0.5%
	FFCB
$	1,300,000		3.500	%		12/20/23		$	1,443,454
	(Cost $1,298,337)
	Asset-Backed Securities – 15.4%
	Auto – 1.5%
	Ally Auto Receivables Trust Series 2015-SN1, Class A3
$	1,000,000		1.210	%		03/20/17		$	999,914
	Ally Master Owner Trust Series 2012-5, Class A
	350,000		1.540			09/15/19			351,521
	Ally Master Owner Trust Series 2015-2, Class A2
	2,050,000		1.830			01/15/21			2,049,114
	Ford Credit Floorplan Master Owner Trust Series 2013-1, Class A2(d)
	900,000		0.555			01/15/18			900,971
									4,301,520
	Collateralized Loan Obligations – 7.1%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(b)(d)
	406,207		0.905			11/01/18			403,857
	ACIS CLO Ltd. Series 2013-1A, Class ACOM(b)(d)
	600,000		1.484			04/18/24			580,980
	ACIS CLO Ltd. Series 2013-2A, Class A(b)(d)
	100,000		0.730			10/14/22			98,229
	ACIS CLO Ltd. Series 2013-2A, Class ACOM(b)(d)
	800,000		1.146			10/14/22			784,880
	B&M CLO Ltd. Series 2014-1A, Class A1(b)(d)
	600,000		1.629			04/16/26			594,154
	B&M CLO Ltd. Series 2014-1A, Class A2(b)(d)
	100,000		2.179			04/16/26			98,176
	Black Diamond CLO Ltd. Series 2006-1A, Class AD(b)(d)
	457,786		0.503			04/29/19			449,717
	Brentwood CLO Corp. Series 2006-1A, Class A1A(b)(d)
	604,429		0.525			02/01/22			599,054
	Brentwood CLO Corp. Series 2006-1A, Class A1B(b)(d)
	284,437		0.525			02/01/22			281,908
	Crown Point CLO Ltd. Series 2012-1A, Class A1LA(b)(d)
	97,821		1.011			11/21/22			96,306
	Crown Point CLO Ltd. Series 2013-2A, Class ACOM(b)(d)
	1,200,000		1.333			12/14/23			1,175,254
	Goldentree Loan Opportunities III Ltd. Series 2007-3A, Class A1BJ(b)(d)
	2,300,000		0.535			05/01/22			2,232,852

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Grayson CLO Ltd. Series 2006-1A, Class A1A(b)(d)
$	174,544		0.500	%		11/01/21	$	172,080
	ICG US CLO Ltd. Series 2014-1A, Class ACOM(b)(d)
	1,100,000		1.527			04/20/26		1,072,170
	Jasper CLO Ltd. Series 2005-1A, Class A(b)(d)
	24,633		0.525			08/01/17		24,592
	KKR Financial CLO Ltd. Series 2007-1A, Class A(b)(d)
	1,555,622		0.607			05/15/21		1,547,143
	KKR Financial CLO Ltd. Series 2013-1A, Class A1(b)(d)
	2,750,000		1.403			07/15/25		2,702,499
	Magnetite VIII Ltd. Series 2014-8A, Class A(b)(d)
	950,000		1.733			04/15/26		950,056
	Magnetite VIII Ltd. Series 2014-8A, Class B(b)(d)
	200,000		2.253			04/15/26		199,626
	OCP CLO Ltd. Series 2012-2A, Class ACOM(b)(d)
	300,000		1.502			11/22/23		295,620
	OCP CLO Ltd. Series 2014-5A, Class ACOM(b)(d)
	1,150,000		1.378			04/26/26		1,118,260
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM(b)
	300,000		1.592			04/17/25		293,280
	OFSI Fund VI Ltd. Series 2014-6A, Class ACOM(b)(d)
	1,050,000		1.440			03/20/25		1,021,125
	Red River CLO Ltd. Series 1A, Class A(b)(d)
	221,139		0.525			07/27/18		220,032
	Shackleton CLO Ltd. Series 2014-5A, Class A(b)(d)
	1,300,000		1.756			05/07/26		1,298,172
	Shackleton CLO Ltd. Series 2014-5A, Class B1(b)(d)
	300,000		2.256			05/07/26		297,839
	Westchester CLO Ltd. Series 2007-1X, Class A1A(d)
	186,290		0.480			08/01/22		183,760
	Whitehorse VIII Ltd. Series 2014-1A, Class A(b)(d)
	1,250,000		1.755			05/01/26		1,245,030
	Whitehorse VIII Ltd. Series 2014-1A, Class B(b)(d)
	250,000		2.306			05/01/26		244,729
	Zais CLO 1 Ltd. Series 2014-1A, Class ACOM(b)(d)
	800,000		1.731			04/15/26		796,800
								21,078,180
	Credit Card – 2.4%
	Bank of America Credit Card Trust Series 2014-A1, Class A(d)
	2,050,000		0.555			06/15/21		2,049,689
	Capital One Multi-Asset Execution Trust Series 2015-A1, Class A
	2,800,000		1.390			01/15/21		2,799,236
	Chase Issuance Trust Series 2015-A2, Class A
	2,300,000		1.590			02/18/20		2,313,924
								7,162,849
	Home Equity(b)(d) – 0.1%
	Springleaf Mortgage Loan Trust Series 2013-2A, Class A
	406,179		1.780			12/25/65		402,772
	Student Loan(d) – 4.3%
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	884,156		0.974			02/25/41		889,406
	Educational Services of America, Inc. Series 2012-1, Class A1(b)
	124,236		1.324			09/25/40		126,565
	Asset-Backed Securities – (continued)
	Student Loan(d) – (continued)
	Educational Services of America, Inc. Series 2014-1, Class A(b)
$	1,637,154		0.874	%		02/25/39	$	1,640,536
	EFS Volunteer No 3 LLC Series 2012-1, Class A2(b)
	500,000		1.171			02/25/25		505,456
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	3,800,000		0.922			12/01/31		3,807,524
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	2,455,517		1.176			05/20/30		2,482,041
	Nelnet Student Loan Trust Series 2008-3, Class A4
	1,300,000		1.912			11/25/24		1,345,936
	Northstar Education Finance, Inc. Series 2012-1, Class A(b)
	244,530		0.874			12/26/31		244,740
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b)
	122,281		0.724			05/25/27		122,940
	SLC Student Loan Trust Series 2006-1, Class A4
	96,787		0.351			12/15/21		96,576
	SLM Student Loan Trust Series 2003-12, Class A5(b)
	610,995		0.551			09/15/22		610,598
	SLM Student Loan Trust Series 2006-8, Class A4
	96,910		0.336			10/25/21		96,714
	SLM Student Loan Trust Series 2006-9, Class A4
	93,707		0.326			10/25/22		93,562
	SLM Student Loan Trust Series 2012-2, Class A
	166,820		0.874			01/25/29		167,816
	US Education Loan Trust LLC Series 2006-1, Class A2(b)
	293,539		0.392			03/01/25		293,331
								12,523,741
	TOTAL ASSET-BACKED SECURITIES
	(Cost $45,255,432)						$	45,469,062
	Foreign Debt Obligations – 5.0%
	Sovereign – 5.0%
	Dominican Republic
$	200,000		7.500	%		05/06/21	$	223,500
	520,000		5.500	(b)		01/27/25		534,300
	Italy Buoni Poliennali Del Tesoro
EUR	220,000		1.150			05/15/17		241,319
	Kommunalbanken AS(b)
$	100,000		1.000			09/26/17		100,124
	Republic of Croatia
	200,000		5.500			04/04/23		212,000
	Republic of Indonesia
	600,000		6.875	(b)		01/17/18		676,800
	320,000		6.875			01/17/18		360,960
	Republic of Turkey
	170,000		7.000			09/26/16		183,388
	Republic of Venezuela
	60,000		6.000			12/09/20		20,550
	40,000		9.000			05/07/23		14,300
	330,000		8.250			10/13/24		113,850
	100,000		7.650			04/21/25		33,750

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	Republic of Venezuela (continued)
$	10,000		11.750	%		10/21/26	$	4,025
	10,000		9.250			09/15/27		3,950
	140,000		9.250			05/07/28		50,050
	30,000		9.375			01/13/34		11,100
	30,000		7.000			03/31/38		10,200
	Spain Government Bond
EUR	180,000		2.100			04/30/17		201,460
	220,000		0.500	(b)		10/31/17		238,412
	100,000		4.500			01/31/18		120,479
	United Mexican States
MXN	24,386,380		0.000	(g)		04/01/15		1,595,654
	12,862,240		0.000	(g)		04/16/15		841,967
	14,739,250		0.000	(g)		05/07/15		963,291
	28,419,230		0.000	(g)		05/21/15		1,854,759
	5,923,940		0.000	(g)		05/28/15		385,947
	4,938,940		0.000	(g)		06/04/15		321,945
	25,059,880		0.000	(g)		06/11/15		1,632,399
	26,456,710		0.000	(g)		06/18/15		1,722,331
	5,967,750		0.000	(g)		06/25/15		388,293
	11,405,530		0.000	(g)		07/02/15		741,761
	11,519,590		0.000	(g)		10/01/15		742,271
	3,942,083		5.000			06/16/16		270,624
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $15,225,042)						$	14,815,759
	Municipal Debt Obligations – 1.9%
	Kentucky – 0.5%
	Hardin County School District Finance Corp. RB Refunding Second Series 2005
$	1,475,000		4.000	%		02/01/19	$	1,475,000
	Michigan – 0.4%
	Michigan State Finance Authority Revenue Detroit School District of Series 2014 E
	1,000,000		2.850			08/20/15		1,004,110
	New Jersey – 0.4%
	New Jersey Economic Development Authority RB Series B(g)
	550,000		0.000			02/15/16		544,472
	New Jersey State Turnpike Authority RB Unrefunded Balance Taxable Series 2003 B
	715,000		4.252			01/01/16		731,917
								1,276,389
	Puerto Rico – 0.6%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	10,000		6.000			07/01/38		6,926
	15,000		6.000			07/01/44		10,200
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	15,000		5.500			07/01/28		10,915
	20,000		5.750			07/01/37		13,701
	30,000		5.250			07/01/42		19,876
	15,000		6.000			07/01/47		10,163
	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
$	30,000		5.000	%		07/01/33	$	20,103
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750			07/01/41		6,725
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	35,000		5.500			07/01/32		23,887
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	10,000		5.875			07/01/36		6,863
	10,000		6.000			07/01/39		6,875
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	10,000		6.000			07/01/34		7,026
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	10,000		5.500			07/01/26		7,004
	20,000		5.125			07/01/37		13,050
	65,000		5.500			07/01/39		43,550
	40,000		5.000			07/01/41		25,800
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	20,000		5.250			07/01/37		13,200
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	1,090,000		8.000			07/01/35		893,800
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250			07/01/27		6,964
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A(g)
	10,000		0.000			08/01/35		1,501
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C(g)
	10,000		0.000			08/01/37		1,244
	10,000		0.000			08/01/38		1,133
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	5,000		5.250			08/01/40		3,525
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	5,000		5.250			08/01/27		3,426
	120,000		0.000	(g)		08/01/32		83,057
	60,000		5.750			08/01/37		37,200
	5,000		6.375			08/01/39		3,200
	350,000		6.000			08/01/42		218,750
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	25,000		0.000	(g)		08/01/33		13,415
	40,000		5.500			08/01/37		24,200
	45,000		5.375			08/01/39		26,887
	105,000		5.500			08/01/42		63,525

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
$	20,000		5.375	%		08/01/38	$	11,950
	5,000		6.000			08/01/39		3,138
	190,000		5.250			08/01/41		112,575
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	5,000		5.000			08/01/43		2,900
	20,000		5.250			08/01/43		11,850
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	90,000		5.500			08/01/28		61,212
	50,000		6.125			08/01/29		34,255
								1,865,571
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,822,642)						$	5,621,070
	U.S. Treasury Obligations – 10.4%
	United States Treasury Bonds
$	609,000		3.625	%(h)		08/15/43	$	744,064
	1,900,000		3.625	(h)		02/15/44		2,324,251
	3,700,000		3.000			11/15/44		4,053,794
	2,800,000		2.500			02/15/45		2,775,052
	United States Treasury Inflation Protected Securities
	2,685,098		0.125			01/15/22		2,711,519
	1,182,089		0.625			01/15/24		1,233,616
	353,304		2.000			01/15/26		419,163
	United States Treasury Notes
	1,800,000		1.375			03/31/20		1,799,928
	2,800,000		2.125			12/31/21		2,878,176
	5,700,000		1.500			01/31/22		5,624,361
	2,700,000		1.750			03/31/22		2,706,129
	3,300,000		2.250			11/15/24		3,391,839
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,726,933)						$	30,661,892
Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.4%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 1.957%
$	3,700,000		1.957	%		08/24/15	$	65,669
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 1.957%
	3,700,000		1.957			08/24/15		20,791
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.128%
	2,100,000		2.128			02/22/16		46,702
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.128%
$	2,100,000		2.128	%		02/22/16	$	23,889
	Citibank NA Put – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	2,100,000		2.177			02/22/16		49,882
	Citibank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.177%
	2,100,000		2.177			02/22/16		22,081
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	3,700,000		2.145			02/22/16		84,243
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.145%
	3,700,000		2.145			02/22/16		40,942
	Deutsche Bank AG Put – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	8,300,000		2.078			02/26/16		172,565
	Deutsche Bank AG Call – OTC – 5 year Interest Rate Swap Strike Price 2.078%
	8,300,000		2.078			02/26/16		104,053
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,000,000		2.513			02/19/16		88,039
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.513%
	2,000,000		2.513			02/19/16		39,515
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.458%
	2,100,000		2.458			02/23/16		86,013
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.458%
	2,100,000		2.458			02/23/16		45,829
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.383%
	2,900,000		2.383			02/26/16		107,341
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.383%
	2,900,000		2.383			02/26/16		72,216
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.650%
	3,700,000		2.650			02/23/16		17,261
	JPMorgan Chase Bank NA Call – OTC – 5 year Interest Rate Swap Strike Price 2.666%
	3,700,000		2.666			02/23/16		16,755
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.750%
	2,000,000		2.750			02/19/16		26,125
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.975%
	2,000,000		2.975			02/19/16		17,116
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 3.000%
	2,000,000		3.000			02/19/16		16,302

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	JPMorgan Chase Bank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.973%
$	3,800,000		2.973	%		02/22/16	$	32,924
	TOTAL OPTIONS PURCHASED – 0.4%
	(Cost $1,337,008)						$	1,196,253
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $289,051,192)						$	288,877,749
Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 1.8%
	Certificates of Deposit – 1.8%
	Apache Corp.
$	1,500,000		0.639	%		04/09/15	$	1,499,790
	Barclays Bank PLC
	2,217,000		1.020			03/11/16		2,217,000
	Carnival Corp.
	1,500,000		0.497			04/02/15		1,499,980
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $5,216,770)						$	5,216,770
	TOTAL INVESTMENTS – 99.7%
	(Cost $294,267,962)						$	294,094,519
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%							947,981
	NET ASSETS – 100.0%						$	295,042,500

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 $62,483,822, which represents approximately 21.2% of net assets as of March 31, 2015.
(c)	Pay-in-kind securities.
(d)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.
(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $2,231,249 which represents approximately 0.8% of net assets as of March 31, 2015.

(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
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
PEN	—Peruvian Nuevo Sol
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
BP	—British Pound Offered Rate
CDOR	—Canadian Dollar 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
LLC	—Limited Liability Company
LP	—Limited Partnership
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
OTC	—Over the Counter
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2015, 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	EUR/GBP		06/17/15	$	280,035	$	3,058
	EUR/USD		06/17/15		570,491		11,426
	GBP/EUR		06/17/15		428,407		3,846
	KRW/USD		04/02/15		290,811		4,811
	KRW/USD		04/20/15		283,900		5,760
	PLN/EUR		06/17/15		143,161		1,310
	USD/BRL		04/02/15		239,140		24,860
	USD/EUR		06/17/15		576,020		10,864
	USD/KRW		04/27/15		289,591		1,409
	USD/MXN		04/24/15		7,740,255		20,032
BNP Paribas SA	EUR/USD		06/17/15		294,933		3,063
	JPY/USD		06/17/15		293,731		2,731
	USD/BRL		04/02/15		82,835		3,165
	USD/EUR		06/17/15		288,475		2,771
	USD/KRW		04/27/15		394,076		792
Citibank NA (London)	EUR/GBP		06/17/15		140,135		873
	MXN/USD		06/17/15		292,550		6,550
	TRY/USD		06/17/15		217,932		410
	USD/AUD		06/17/15		283,617		825
	USD/CAD		06/17/15		560,650		5,350
	USD/EUR		04/28/15		169,713		2,197
	USD/EUR		06/17/15		521,838		5,462
	USD/MYR		04/30/15		145,980		1,020
	USD/TRY		06/17/15		285,774		226
Credit Suisse International (London)	CLP/USD		04/24/15		148,033		2,533
	INR/USD		04/27/15		146,247		247
	USD/COP		04/10/15		141,852		1,148
	USD/RUB		04/30/15		293,480		520
Deutsche Bank AG (London)	CAD/USD		06/17/15		140,389		1,389
	COP/USD		04/13/15		142,865		1,865
	HUF/EUR		06/17/15		380,935		6,993
	INR/USD		04/13/15		288,988		2,988
	INR/USD		04/20/15		176,527		2,299
	INR/USD		04/27/15		612,302		302
	MXN/USD		06/17/15		147,745		745
	NZD/USD		06/17/15		568,366		7,155
	PLN/EUR		06/17/15		284,169		3,305
	SGD/USD		06/17/15		283,984		1,984
	TRY/USD		06/17/15		283,331		3,331
	USD/BRL		04/02/15		114,760		2,240
	USD/COP		04/30/15		34,733		267
	USD/EUR		06/17/15		351,982		7,219
	USD/MXN		05/21/15		1,842,872		36,643
	USD/MXN		06/04/15		319,913		3,412
	USD/SGD		06/17/15		571,786		2,214
	USD/TRY		06/17/15		142,239		761
HSBC Bank PLC	BRL/USD		04/02/15		139,482		482
	EUR/GBP		06/17/15		559,803		7,459
	EUR/NOK		06/17/15		292,454		326

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

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 (continued)	EUR/SEK		06/17/15	$	280,897	$	4,883
	EUR/USD		06/17/15		292,134		4,133
	USD/BRL		04/02/15		102,257		10,612
JPMorgan Chase Bank NA	CAD/USD		06/17/15		293,179		1,179
	EUR/SEK		06/17/15		281,099		3,070
	MXN/USD		04/24/15		929,202		21,180
	MXN/USD		06/17/15		450,271		4,180
	USD/AUD		06/17/15		279,825		5,264
	USD/CAD		06/17/15		568,380		4,620
	USD/GBP		04/13/15		2,487,496		83,743
	USD/KRW		04/02/15		685,214		5,787
	USD/MYR		04/23/15		279,881		119
	USD/TWD		05/08/15		232,224		470
Morgan Stanley & Co. International PLC	BRL/USD		04/02/15		500,773		7,668
	EUR/USD		06/17/15		860,042		12,483
	INR/USD		04/20/15		176,527		2,272
	MXN/USD		06/17/15		452,397		6,054
	RUB/USD		04/13/15		149,725		11,776
	TRY/USD		06/17/15		274,870		3,017
	USD/BRL		04/02/15		280,768		6,232
Royal Bank of Canada	CAD/USD		06/17/15		435,784		2,784
	INR/USD		04/15/15		68,978		770
	MXN/USD		04/24/15		2,491,789		27,064
	USD/BRL		04/02/15		263,101		14,899
	USD/CAD		06/17/15		141,148		1,852
	USD/EUR		04/28/15		6,705,443		77,766
	USD/MXN		05/28/15		383,885		7,962
	USD/MXN		06/25/15		385,963		8,186
	USD/SEK		05/13/15		143,265		2,928
State Street Bank and Trust	CAD/USD		06/17/15		141,171		1,642
	MXN/USD		06/17/15		491,386		10,014
Westpac Banking Corp.	AUD/USD		06/17/15		293,475		439
	INR/USD		04/13/15		109,093		372
	JPY/USD		06/17/15		281,228		3,228
	USD/AUD		06/17/15		275,275		2,739
	USD/IDR		05/29/15		209,974		3,464
	USD/JPY		04/20/15		372,477		1,320
	USD/NZD		06/17/15		285,667		4,670
	USD/SGD		06/17/15		367,801		490
TOTAL						$	591,969

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Barclays Bank PLC	BRL/USD		04/02/15	$	121,444	$	(10,556	)
	EUR/USD		06/17/15		524,206		(2,989	)
	GBP/USD		06/17/15		289,120		(3,982	)
	MXN/USD		04/24/15		86,446		(832	)
	USD/AUD		06/17/15		280,584		(879	)
	USD/EUR		06/17/15		860,029		(11,035	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Barclays Bank PLC (continued)	USD/MYR		04/10/15	$	278,413	$	(413	)
	USD/TWD		04/23/15		293,031		(2,031	)
BNP Paribas SA	EUR/USD		06/17/15		1,146,364		(5,508	)
	GBP/EUR		06/17/15		290,627		(7,819	)
	JPY/USD		06/17/15		290,447		(1,553	)
	KRW/USD		04/02/15		394,403		(796	)
	USD/AUD		06/17/15		286,992		(796	)
	USD/CAD		06/17/15		282,570		(2,570	)
	USD/EUR		06/17/15		292,780		(1,274	)
	USD/ZAR		06/17/15		21,200		(92	)
Citibank NA (London)	AUD/USD		06/17/15		146,358		(598	)
	CAD/USD		06/17/15		145,883		(1,117	)
	GBP/USD		04/13/15		800,463		(28,432	)
	TRY/USD		06/17/15		143,102		(2,898	)
	USD/CAD		06/17/15		145,656		(656	)
	USD/EUR		06/17/15		846,049		(9,643	)
	USD/KRW		04/23/15		293,706		(2,706	)
	USD/TWD		05/04/15		294,249		(249	)
Credit Suisse International (London)	IDR/USD		05/29/15		75,999		(1,001	)
	USD/COP		04/13/15		143,018		(18	)
	USD/COP		04/24/15		93,144		(953	)
	USD/EUR		06/17/15		289,551		(2,929	)
	USD/JPY		06/17/15		435,504		(4,504	)
Deutsche Bank AG (London)	BRL/USD		04/02/15		145,894		(106	)
	EUR/PLN		06/17/15		295,373		(439	)
	EUR/USD		06/17/15		288,475		(4,670	)
	MXN/USD		04/24/15		389,944		(7,901	)
	MXN/USD		06/17/15		290,414		(2,586	)
	USD/BRL		04/02/15		142,695		(3,695	)
	USD/EUR		06/17/15		567,262		(9,583	)
	USD/JPY		06/17/15		571,920		(1,920	)
	USD/KRW		04/20/15		152,726		(2,743	)
	USD/MXN		06/18/15		2,411,005		(25,054	)
	USD/MYR		04/24/15		292,197		(1,197	)
	USD/MYR		05/05/15		294,090		(90	)
	USD/THB		04/16/15		203,257		(3,057	)
	USD/TRY		06/17/15		728,100		(4,100	)
	USD/ZAR		06/17/15		578,574		(9,574	)
	ZAR/USD		06/17/15		143,255		(2,745	)
HSBC Bank PLC	JPY/USD		06/17/15		291,122		(878	)
	SEK/EUR		06/17/15		280,940		(2,007	)
	USD/BRL		04/02/15		53,863		(1,395	)
	USD/CNH		06/17/15		1,309,806		(12,806	)
	USD/JPY		06/17/15		293,032		(2,032	)
	USD/MXN		06/11/15		922,526		(18,210	)
	USD/PEN		04/13/15		143,955		(955	)
	USD/TWD		05/08/15		347,552		(654	)
	ZAR/USD		06/17/15		93,937		(2,432	)
JPMorgan Chase Bank NA	AUD/USD		06/17/15		290,442		(3,242	)
	BRL/USD		04/02/15		85,605		(395	)
	EUR/NOK		06/17/15		296,061		(1,128	)
	EUR/USD		06/17/15		575,873		(10,850	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
JPMorgan Chase Bank NA (continued)	GBP/USD		04/13/15	$	175,025	$	(577	)
	JPY/USD		06/17/15		291,376		(624	)
	MXN/USD		04/24/15		1,528,363		(614	)
	SEK/EUR		06/17/15		286,627		(4,293	)
	TRY/USD		06/17/15		144,418		(1,582	)
	USD/CAD		06/17/15		282,924		(924	)
	USD/COP		04/13/15		24,743		(527	)
	USD/JPY		06/17/15		1,275,855		(11,451	)
	USD/MXN		07/02/15		737,162		(2,920	)
Morgan Stanley & Co. International PLC	BRL/USD		04/02/15		298,786		(24,714	)
	INR/USD		04/27/15		310,128		(21	)
	MXN/USD		06/17/15		638,446		(6,138	)
	RUB/USD		04/20/15		145,967		(33	)
	USD/BRL		04/02/15		147,626		(626	)
	USD/CNH		06/17/15		344,790		(5,009	)
	USD/RUB		04/13/15		149,725		(6,725	)
	USD/RUB		04/20/15		148,484		(9,484	)
	USD/ZAR		06/17/15		144,324		(1,324	)
	ZAR/USD		06/17/15		254,664		(6,272	)
Royal Bank of Canada	BRL/USD		04/02/15		135,062		(7,938	)
	CAD/USD		06/17/15		572,834		(5,166	)
	EUR/USD		04/28/15		201,150		(3,732	)
	USD/CAD		06/17/15		426,211		(1,211	)
	USD/JPY		06/17/15		563,666		(6,666	)
	USD/MXN		10/01/15		732,911		(2,507	)
State Street Bank and Trust	JPY/USD		06/17/15		551,010		(6,990	)
	NZD/USD		06/17/15		291,603		(801	)
	USD/MXN		06/17/15		292,365		(1,365	)
	USD/NZD		06/17/15		562,171		(9,654	)
	ZAR/USD		06/17/15		247,777		(6,388	)
Westpac Banking Corp.	AUD/USD		06/17/15		281,342		(10,049	)
	JPY/USD		04/20/15		185,160		(1,321	)
	MYR/USD		04/10/15		230,851		(1,840	)
	NZD/USD		04/15/15		126,476		(920	)
	USD/AUD		06/17/15		141,050		(1,137	)
	USD/KRW		04/17/15		326,027		(4,412	)
	USD/SGD		06/17/15		214,676		(812	)
TOTAL						$	(402,040	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
French 10 Year Government Bonds		(9	)	June 2015	$	(1,510,135	)	$	(8,422	)
Italian 10 Year Government Bonds		4		June 2015		604,635			(1,984	)
Ultra Long U.S. Treasury Bonds		(51	)	June 2015		(8,663,625	)		(83,370	)
10 Year German Euro-Bund		6		June 2015		1,024,240			10,152
2 Year U.S. Treasury Notes		249		June 2015		54,569,906			167,268
5 Year U.S. Treasury Notes		436		June 2015		52,411,969			406,962
10 Year U.S. Treasury Notes		(71	)	June 2015		(9,152,344	)		(127,864	)
20 Year U.S. Treasury Bonds		(5	)	June 2015		(819,375	)		(672	)
TOTAL								$	362,070

SWAP CONTRACTS — At March 31, 2015, 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	%	$	(6,796	)
	141,900		05/20/23		3 month KWCDC		2.830			(8,569	)
	141,900		05/20/23		3 month KWCDC		2.840			(8,669	)
Deutsche Bank AG	141,880		05/15/23		3 month KWCDC		2.815			(8,438	)
TOTAL									$	(32,472	)

* 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)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
NOK	29,870	05/11/17	1.000%	3 month NIBOR	$	(9,052	)	$	(4,182	)
$	2,070	06/17/17	1.250	3 month LIBOR		3,713			9,031
	5,000	06/17/17	3 month LIBOR	1.250%		(8,355	)		(22,428	)
GBP	1,390	06/17/17	6 month BP	1.750		(95,925	)		63,249
EUR	1,350	06/17/20	0.750	6 month EURO		34,797			495
$	7,200	06/17/20	3 month LIBOR	2.250		(120,826	)		(97,631	)
SEK	9,480	06/17/20	3 month STIBOR	0.500		(2,931	)		299
$	9,000	06/17/22	3 month LIBOR	2.500		(240,695	)		(139,051	)
JPY	1,517,100	12/19/23	1.250	6 month JYOR		161,423			174,454
$	4,210	12/19/23	4.500	3 month LIBOR		372,474			12,908
CAD	1,230	12/18/24	2.500	6 month CDOR		(8,240	)		10,747
AUD	3,850	12/18/24	6 month AUDOR	4.500		(235,564	)		63,802
EUR	5,900	12/18/24	6 month EURO	1.500		(322,862	)		118,363
NOK	9,910	12/18/24	6 month NIBOR	3.500		(77,086	)		7,706
EUR	830	02/20/25	1.100	6 month EURO		8,330			2,082

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2015

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

			Rates Exchanged		Market Value
Notional Amount (000s)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPY	108,120	02/20/25	6 month JYOR	0.900%	$	(2,634	)	$	1,491
EUR	3,280	02/27/25	1.150%	6 month EURO		31,986			17,542
JPY	317,300	06/17/25	0.750	6 month JYOR		24,563			13,436
GBP	630	06/17/25	1.500	6 month BP		(46,260	)		27,499
$	4,440	06/17/25	3 month LIBOR	2.750		(184,298	)		(88,093	)
NZD	100	06/17/25	3.750	3 month NZDOR		(900	)		842
AUD	1,030	06/17/25	6 month AUDOR	3.000		1,668			(21,737	)
CAD	420	06/17/25	6 month CDOR	2.750		(27,255	)		(199	)
EUR	650	06/17/25	6 month EURO	1.500		(53,449	)		(10,720	)
$	4,900	03/10/26	3.170	3 month LIBOR		(355,209	)		762,999
JPY	139,980	02/20/30	1.700	6 month JYOR		6,094			1,829
EUR	1,090	02/20/30	6 month EURO	1.500		(15,203	)		(8,817	)
	3,000	02/27/30	6 month EURO	1.350		(72,198	)		(48,076	)
$	8,800	06/17/30	3 month LIBOR	2.250		267,896			(240,871	)
EUR	840	02/27/35	1.400	6 month EURO		31,966			23,552
JPY	269,300	02/03/45	1.750	6 month JYOR		(63,052	)		34,144
$	700	02/03/45	3 month LIBOR	2.500		20,666			(6,052	)
EUR	1,000	02/03/45	6 month EURO	1.500		(19,829	)		(86,800	)
JPY	162,780	06/17/45	1.500	6 month JYOR		21,026			23,330
$	850	06/17/45	3.250	3 month LIBOR		116,146			40,745
GBP	1,295	06/17/45	6 month BP	2.000		28,520			(34,189	)
	TOTAL				$	(830,555	)	$	601,699

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2015.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

											Market Value
Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at March 31, 2015(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 21	$	3,625		1.000	%		12/20/18		0.483	%	$	66,113	$	3,439
CDX North America High Yield Index 21		5,807		5.000			12/20/18		2.472			400,926		118,200
CDX North America High Yield Index 23		2,156		5.000			12/20/19		3.051			142,077		38,429
TOTAL											$	609,116	$	160,068

(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.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments

March 31, 2015

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At March 31, 2015, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of April 1, 2015, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Inflation Protected Securities	$	400,000	$	400,002	$	408,933
Limited Maturity Obligations		1,200,000		1,200,005		1,226,798

REPURCHASE AGREEMENTS — At March 31, 2015, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Inflation Protected Securities		Limited Maturity Obligations
BNP Paribas Securities Co.		0.130	%	$	187,340	$	562,018
Citigroup Global Markets, Inc.		0.150			120,864		362,593
Merrill Lynch & Co., Inc.		0.150			91,796		275,389
TOTAL				$	400,000	$	1,200,000

At March 31, 2015, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Banks		0.250% to 2.350	%		01/22/16 to 08/08/22
Federal Home Loan Mortgage Corp.		0.000 to 8.500			05/15/15 to 03/01/45
Federal National Mortgage Association		2.500 to 5.000			11/01/20 to 03/01/45
Government National Mortgage Association		3.000 to 6.000			07/15/27 to 03/20/45
U.S. Treasury Note		2.375			08/15/24

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2015

	Enhanced Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $489,731,867, $497,191,372, $466,851,306, $124,813,941, $8,704,370, $1,247,968,145 and $294,267,962)	$	490,555,487
Investments of affiliated issuers, at value (cost $226, $31, $49,903,803, $0, $0, $25,980,969 and $0)		226
Repurchase agreement, at value which equals cost		—
Cash		1,960,409
Foreign currencies, at value (cost $29,506 for Short Duration Income Fund)		—
Unrealized gain on forward foreign currency exchange contracts		—
Variation margin on certain derivative contracts		—
Receivables:
Interest		1,535,751
Fund shares sold		649,732
Reimbursement from investment adviser		7,169
Investments sold		—
Collateral on certain derivative contracts(a)		—
Investments sold on an extended-settlement basis		—
Other assets		2,524
Total assets		494,711,298
Liabilities:
Unrealized loss on swap contracts		—
Unrealized loss on forward foreign currency exchange contracts		—
Variation margin on certain derivative contracts		111,440
Payables:
Fund shares redeemed		309,412
Management fees		104,654
Distribution and Service fees and Transfer Agent fees		27,551
Income distribution		8,929
Investments purchased		—
Collateral on certain derivative contracts		—
Forward sale contracts, at value (proceeds received $0, $0, $4,019,063, $0, $0, $4,342,031 and $0, respectively)		—
Investments purchased on an extended-settlement basis		—
Accrued expenses and other liabilities		154,444
Total liabilities		716,430
Net Assets:
Paid-in capital		512,495,050
Undistributed (distributions in excess of) net investment income (loss)		448,282
Accumulated net realized loss		(19,316,659	)
Net unrealized gain (loss)		368,195
NET ASSETS	$	493,994,868
Net Assets:
Class A	$	35,555,520
Class C		—
Institutional		457,826,324
Administration		176,435
Service		—
Class IR		436,589
Class R		—
Total Net Assets	$	493,994,868
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		3,773,291
Class C		—
Institutional		48,634,436
Administration		18,683
Service		—
Class IR		46,407
Class R		—
Net asset value, offering and redemption price per share:(b)
Class A		$9.42
Class C		—
Institutional		9.41
Administration		9.44
Service		—
Class IR		9.41
Class R		—

(a) Segregated for initial margin on swap transactions of $625,935, $1,891,729, $138,172, $5,114,423 and $1,595,075 for the Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, and Short Duration Income Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, and Short Duration Income Funds is $9.56, $15.61, $8.85, $10.79, $10.27 and $10.25, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Limited Maturity Obligations Fund			Short Duration Government Fund			Short Duration Income Fund
$	512,503,693		$	469,424,950		$	128,722,087		$	8,703,233		$	1,267,809,714		$	294,094,519
	31			49,903,803			—			—			25,980,969			—
	—			—			400,000			1,690,000			—			—
	2,583,656			3,225,364			37,346			235,521			8,721,357			1,463,727
	—			—			—			—			—			27,371
	—			—			—			—			—			591,969
	17,499			59,685			33,483			—			39,207			87,123
	1,531,709			546,186			184,173			37,768			4,424,777			2,073,898
	571,496			3,234,439			680,682			—			2,113,633			5,656,966
	66,108			37,922			48,533			—			—			31,712
	5,353			165,285			—			—			35,073			820,617
	625,935			1,891,729			138,172			—			5,114,423			1,595,075
	32,506,975			4,019,063			—			—			8,679,414			—
	2,546			2,879			766			—			5,558			1,277
	550,415,001			532,511,305			130,245,242			10,666,522			1,322,924,125			306,444,254
	—			—			—			—			—			32,472
	—			—			—			—			—			402,040
	37,744			95,460			10,184			—			364,810			110,764
	1,011,445			3,206,121			328,134			—			3,195,260			4,943,530
	205,662			131,002			32,694			1,534			486,049			96,665
	91,748			21,009			27,086			85			133,412			11,422
	116,410			10,709			—			—			78,224			1,010
	31			269			—			506,666			162			2,315,358
	—			1,460,000			—			—			1,980,000			1,100,000
	—			4,090,000			—			—			4,352,500			—
	88,678,672			—			—			—			4,349,375			2,221,836
	221,761			139,803			159,296			124,388			233,605			166,657
	90,363,473			9,154,373			557,394			632,673			15,173,397			11,401,754
	456,697,056			551,850,296			146,199,686			10,035,294			1,310,548,998			296,012,864
	1,064,064			(356,161	)		(1,802,856	)		188			7,669,341			288,334
	(12,708,292	)		(29,750,862	)		(18,579,571	)		(496	)		(27,541,711	)		(2,367,858	)
	14,998,700			1,613,659			3,870,589			(1,137	)		17,074,100			1,109,160
$	460,051,528		$	523,356,932		$	129,687,848		$	10,033,849		$	1,307,750,728		$	295,042,500
	$182,381,146		$	18,564,634		$	38,976,118		$	—		$	220,814,378		$	3,986,475
	12,917,515			—			8,160,582			—			36,721,868			864,156
	186,518,565			503,651,968			72,939,575			10,008,826			1,003,694,117			289,892,258
	—			—			—			25,023			—			—
	51,175,540			144,541			—			—			33,015,129			—
	3,875,164			995,789			2,526,076			—			13,505,236			289,154
	23,183,598			—			7,085,497			—			—			10,457
	$460,051,528		$	523,356,932		$	129,687,848		$	10,033,849		$	1,307,750,728		$	295,042,500
	12,142,151			2,128,539			3,751,816			—			21,810,623			394,847
	859,994			—			791,192			—			3,650,815			85,568
	12,437,032			57,767,379			6,960,819			1,001,045			99,435,779			28,668,447
	—			—			—			2,503			—			—
	3,416,091			16,496			—			—			3,275,430			—
	258,159			114,432			242,209			—			1,332,662			28,607
	1,545,342			—			682,877			—			—			1,034
	$15.02			$8.72			$10.39			$—			$10.12			$10.10
	15.02			—			10.31			—			10.06			10.10
	15.00			8.72			10.48			10.00			10.09			10.11
	—			—			—			10.00			—			—
	14.98			8.76			—			—			10.08			—
	15.01			8.70			10.43			—			10.13			10.11
	15.00			—			10.38			—			—			10.11

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2015

	Enhanced Income Fund
Investment income:
Dividends — affiliated issuers	$	1,267
Interest		4,091,988
Total investment income		4,093,255
Expenses:
Management fees		1,364,121
Transfer Agent fees(a)		256,205
Custody, accounting and administrative services		148,029
Registration fees		108,862
Distribution and Service fees(a)		104,522
Professional fees		91,312
Printing and mailing costs		43,122
Trustee fees		22,515
Shareholder meeting expense		2,246
Administration share fees		—
Service Share fees — Shareholder Administration Plan		—
Service Share fees — Service Plan		—
Amortization of offering costs		—
Other		15,781
Total expenses		2,156,715
Less — expense reductions		(107,366	)
Net expenses		2,049,349
NET INVESTMENT INCOME (LOSS)		2,043,906
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(266,006	)
Futures contracts		(1,428,500	)
Written options		—
Swap contracts		—
Forward foreign currency exchange contracts		—
Foreign currency transactions		—
Net change in unrealized gain (loss) on:
Investments		(188,706	)
Futures		(811,274	)
Swap contracts		—
Forward foreign currency exchange contracts		—
Net realized and unrealized gain (loss)		(2,694,486	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(650,580	)

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

	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B(b)		Class C		Class R		Class A		Class B(b)		Class C		Institutional		Administration		Service		Class IR		Class R
Enhanced Income Fund		104,348		174		—		—		54,040		77		—		201,324		71		—		693		—
Government Income Fund		464,273		23,961		139,627		109,523		241,422		3,115		18,152		75,706		—		21,576		5,380		28,476
High Quality Floating Rate Fund		92,517		—		—		—		48,109		—		—		173,622		—		72		1,610		—
Inflation Protected Securities Fund		98,285		—		94,146		29,758		51,108		—		12,239		33,760		—		—		2,876		7,737
Limited Maturity Obligations Fund		—		—		—		—		—		—		—		999		4		—		—		—
Short Duration Government Fund		618,810		—		424,368		—		321,781		—		55,168		416,227		—		14,565		23,297		—
Short Duration Income Fund		8,363		—		8,515		51		4,349		—		1,107		89,637		—		—		264		15

(b) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Limited Maturity Obligations Fund			Short Duration Government Fund			Short Duration Income Fund
$	206		$	455		$	—		$	—		$	1,553		$	—
	9,762,637			3,516,137			656,890			54,188			20,517,469			3,989,895
	9,762,843			3,516,592			656,890			54,188			20,519,022			3,989,895
	2,545,113			1,889,915			466,263			25,043			6,731,878			914,015
	393,827			223,413			107,720			1,003			831,038			95,372
	221,730			196,582			69,713			36,150			296,293			218,032
	117,926			184,502			94,153			37,354			113,078			76,665
	737,384			92,517			222,189			—			1,043,178			16,929
	104,168			109,288			85,938			104,579			105,682			111,495
	101,713			41,059			72,173			29,262			97,268			21,329
	22,194			27,283			20,494			21,315			30,314			21,258
	7,528			1,846			3,004			—			11,242			995
	—			—			—			62			—			—
	134,851			448			—			—			91,033			—
	134,851			448			—			—			91,033			—
	—			—			—			168,610			—			—
	25,947			14,369			5,101			38,995			17,377			18,067
	4,547,232			2,781,670			1,146,748			462,373			9,459,414			1,494,157
	(624,958	)		(955,612	)		(376,984	)		(442,883	)		(1,470,985	)		(437,115	)
	3,922,274			1,826,058			769,764			19,490			7,988,429			1,057,042
	5,840,569			1,690,534			(112,874	)		34,698			12,530,593			2,932,853
	4,667,908			(250,843	)		488,608			(496	)		913,975			(213,526	)
	(1,089,271	)		(387,724	)		(681,779	)		—			(2,002,002	)		(101,060	)
	12,010			—			—			—			—			—
	(1,910,058	)		(2,692,252	)		(512,574	)		—			(13,420,559	)		(3,725,057	)
	—			—			—			—			—			3,685,978
	—			—			—			—			—			(688,794	)
	11,439,807			1,548,582			3,929,960			(239	)		13,462,111			(1,170,369	)
	(466,628	)		218,360			180,730			—			695,641			495,014
	(299,840	)		(1,220,414	)		(75,011	)		—			(4,043,157	)		555,086
	—			—			—			—			—			184,051
	12,353,928			(2,784,291	)		3,329,934			(735	)		(4,393,991	)		(978,677	)
$	18,194,497		$	(1,093,757	)	$	3,217,060		$	33,963		$	8,136,602		$	1,954,176

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income	$	2,043,906		$	2,540,167
Net realized gain (loss)		(1,694,506	)		462,446
Net change in unrealized gain (loss)		(999,980	)		(1,247,604	)
Net increase (decrease) in net assets resulting from operations		(650,580	)		1,755,009
Distributions to shareholders:
From net investment income
Class A Shares		(25,499	)		(168,540	)
Class B Shares(a)		—			(43	)
Class C Shares		—			—
Institutional Shares		(2,000,258	)		(2,378,333	)
Service Shares		—			—
Administration Shares		(264	)		(829	)
Class IR Shares		(1,643	)		(4,962	)
Class R Shares		—			—
From net realized gains
Class A Shares		—			—
Class B Shares(a)		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(2,027,664	)		(2,552,707	)
From share transactions:
Proceeds from sales of shares		254,212,617			523,694,666
Reinvestment of distributions		1,923,619			2,366,563
Cost of shares redeemed		(319,292,198	)		(313,998,234	)
Net increase (decrease) in net assets resulting from share transactions		(63,155,962	)		212,062,995
TOTAL INCREASE (DECREASE)		(65,834,206	)		211,265,297
Net assets:
Beginning of year		559,829,074			348,563,777
End of year	$	493,994,868		$	559,829,074
Undistributed (distributions in excess of) net investment income	$	448,282		$	400,050

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund						High Quality Floating Rate Fund
For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014			For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014
$	5,840,569		$	6,309,856		$	1,690,534		$	1,237,319
	1,680,589			(2,589,509	)		(3,330,819	)		294,635
	10,673,339			(10,672,086	)		546,528			(760,790	)
	18,194,497			(6,951,739	)		(1,093,757	)		771,164
	(2,564,428	)		(2,432,980	)		(40,118	)		(118,007	)
	(16,675	)		(21,644	)		—			—
	(88,744	)		(67,299	)		—			—
	(3,260,768	)		(4,536,913	)		(1,598,305	)		(1,182,124	)
	(658,503	)		(552,910	)		(66	)		(148	)
	—			—			—			—
	(67,343	)		(46,258	)		(3,820	)		(6,586	)
	(246,630	)		(182,778	)		—			—
	—			(583,050	)		—			—
	—			(15,972	)		—			—
	—			(46,301	)		—			—
	—			(906,210	)		—			—
	—			(157,122	)		—			—
	—			(10,605	)		—			—
	—			(61,071	)		—			—
	(6,903,091	)		(9,621,113	)		(1,642,309	)		(1,306,865	)
	125,395,143			205,256,305			478,400,986			424,591,357
	5,378,332			7,606,248			1,353,696			1,083,551
	(171,196,123	)		(476,713,301	)		(377,995,273	)		(207,553,611	)
	(40,422,648	)		(263,850,748	)		101,759,409			218,121,297
	(29,131,242	)		(280,423,600	)		99,023,343			217,585,596
	489,182,770			769,606,370			424,333,589			206,747,993
$	460,051,528		$	489,182,770		$	523,356,932		$	424,333,589
$	1,064,064		$	1,024,361		$	(356,161	)	$	(597,202	)

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income (loss)	$	(112,874	)	$	2,646,098
Net realized gain (loss)		(705,745	)		(10,455,138	)
Net change in unrealized gain (loss)		4,035,679			(15,978,473	)
Net increase (decrease) in net assets resulting from operations		3,217,060			(23,787,513	)
Distributions to shareholders:
From net investment income
Class A Shares		(435,645	)		(137,956	)
Class B Shares(c)		—			—
Class C Shares		(85,274	)		(21,442	)
Institutional Shares		(1,177,192	)		(752,866	)
Service Shares		—			—
Administration Shares		—			—
Class IR Shares		(25,440	)		(8,598	)
Class R Shares		(55,213	)		(4,463	)
From net realized gains
Class A Shares		—			(536,321	)
Class C Shares		—			(184,901	)
Institutional Shares		—			(2,494,656	)
Class IR Shares		—			(32,509	)
Class R Shares		—			(52,391	)
Return of Capital
Class A Shares		—			(101,572	)
Class C Shares		—			(15,787	)
Institutional Shares		—			(554,306	)
Class IR Shares		—			(6,330	)
Class R Shares		—			(3,286	)
Total distributions to shareholders		(1,778,764	)		(4,907,384	)
From share transactions:
Proceeds from sales of shares		66,147,736			108,459,245
Reinvestment of distributions		1,432,221			4,410,842
Cost of shares redeemed		(85,654,399	)		(312,574,656	)
Net increase (decrease) in net assets resulting from share transactions		(18,074,442	)		(199,704,569	)
TOTAL INCREASE (DECREASE)		(16,636,146	)		(228,399,466	)
Net assets:
Beginning of year		146,323,994			374,723,460
End of year	$	129,687,848		$	146,323,994
Undistributed (distribution in excess of) net investment income (loss)	$	(1,802,856	)	$	(83,567	)

(a) Commenced operations on February 28, 2014.

(b) Short Duration Government Class B Shares liquidated on March 17, 2014.

(c) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Limited Maturity Obligations Fund						Short Duration Government Fund						Short Duration Income Fund
For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014(a)			For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014			For the Fiscal Year Ended March 31, 2015			For the Fiscal Year Ended March 31, 2014
$	34,698		$	779		$	12,530,593		$	12,848,397		$	2,932,853		$	1,719,012
	(496	)		—			(14,508,586	)		8,036,415			(1,042,459	)		(365,725	)
	(239	)		(898	)		10,114,595			(16,881,073	)		63,782			661,239
	33,963			(119	)		8,136,602			4,003,739			1,954,176			2,014,526
	—			—			(2,048,229	)		(2,590,556	)		(42,638	)		(18,439	)
	—			—			—			(247	)(b)		—			—
	—			—			(182,133	)		(219,113	)		(7,496	)		(4,050	)
	(35,445	)		—			(12,085,363	)		(11,401,938	)		(3,602,165	)		(1,786,392	)
	—			—			(242,379	)		(281,585	)		—			—
	(26	)		—			—			—			—			—
	—			—			(191,018	)		(197,559	)		(3,140	)		(1,831	)
	—			—			—			—			(110	)		(100	)
	—			—			—			—			—			(810	)
	—			—			—			—			—			(256	)
	—			—			—			—			—			(61,468	)
	—			—			—			—			—			(57	)
	—			—			—			—			—			(5	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(35,471	)		—			(14,749,122	)		(14,690,998	)		(3,655,549	)		(1,873,408	)
	—			10,001,093			520,933,615			696,980,979			248,878,222			176,294,003
	35,471			—			13,492,623			13,265,520			3,635,264			1,871,870
	(1,063	)		(25	)		(646,210,246	)		(1,026,096,373	)		(125,005,966	)		(88,973,271	)
	34,408			10,001,068			(111,784,008	)		(315,849,874	)		127,507,520			89,192,602
	32,900			10,000,949			(118,396,528	)		(326,537,133	)		125,806,147			89,333,720
	10,000,949			—			1,426,147,256			1,752,684,389			169,236,353			79,902,633
$	10,033,849		$	10,000,949		$	1,307,750,728		$	1,426,147,256		$	295,042,500		$	169,236,353
$	188		$	795		$	7,669,341		$	6,739,727		$	288,334		$	33,156

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	9.47	$	0.01	$	(0.05	)	$	(0.04	)	$	(0.01	)
2015 - Institutional		9.46		0.04		(0.05	)		(0.01	)		(0.04	)
2015 - Administration		9.49		0.01		(0.05	)		(0.04	)		(0.01	)
2015 - IR		9.45		0.03		(0.04	)		(0.01	)		(0.03	)
2014 - A		9.49		0.03		(0.02	)		0.01			(0.03	)
2014 - Institutional		9.48		0.06		(0.02	)		0.04			(0.06	)
2014 - Administration		9.51		0.04		(0.02	)		0.02			(0.04	)
2014 - IR		9.48		0.06		(0.04	)		0.02			(0.05	)
2013 - A		9.49		0.07		—	(d)		0.07			(0.07	)
2013 - Institutional		9.47		0.10		0.01			0.11			(0.10	)
2013 - Administration		9.51		0.08		(0.01	)		0.07			(0.07	)
2013 - IR		9.47		0.09		0.01			0.10			(0.09	)
2012 - A		9.60		0.09		(0.11	)		(0.02	)		(0.09	)
2012 - Institutional		9.59		0.12		(0.11	)		0.01			(0.13	)
2012 - Administration		9.62		0.10		(0.11	)		(0.01	)		(0.10	)
2012 - IR		9.58		0.11		(0.10	)		0.01			(0.12	)
2011 - A		9.67		0.10		(0.07	)		0.03			(0.10	)
2011 - Institutional		9.66		0.13		(0.07	)		0.06			(0.13	)
2011 - Administration		9.69		0.11		(0.07	)		0.04			(0.11	)
2011 - IR (Commenced July 30, 2010)		9.62		0.09		(0.04	)		0.05			(0.09	)

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

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

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

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

(e) Annualized.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.42		(0.47	)%	$	35,556		0.69	%		0.71	%		0.06	%		39	%
	9.41		(0.13	)		457,826		0.35			0.37			0.40			39
	9.44		(0.38	)		176		0.60			0.62			0.15			39
	9.41		(0.12	)		437		0.44			0.46			0.31			39
	9.47		0.10			46,289		0.69			0.73			0.33			40
	9.46		0.44			512,656		0.36			0.38			0.60			40
	9.49		0.19			198		0.61			0.64			0.42			40
	9.45		0.25			583		0.45			0.48			0.64			40
	9.49		0.69			50,859		0.68			0.70			0.70			98
	9.48		1.14			295,940		0.34			0.36			1.04			98
	9.51		0.79			220		0.59			0.61			0.83			98
	9.48		1.05			1,345		0.43			0.45			0.96			98
	9.49		(0.19	)		110,136		0.64			0.69			0.94			86
	9.47		0.05			395,751		0.30			0.35			1.28			86
	9.51		(0.09	)		1,682		0.55			0.60			1.03			86
	9.47		0.06			2,040		0.39			0.44			1.17			86
	9.60		0.29			225,355		0.63			0.68			1.01			71
	9.59		0.63			578,458		0.29			0.34			1.35			71
	9.62		0.38			2,779		0.54			0.59			1.11			71
	9.58		0.53			1		0.38	(e)		0.43	(e)		1.39	(e)		71

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	14.67	$	0.17		$	0.39		$	0.56		$	(0.21	)	$	—		$	(0.21	)
2015 - C		14.67		0.06			0.38			0.44			(0.09	)		—			(0.09	)
2015 - Institutional		14.64		0.22			0.40			0.62			(0.26	)		—			(0.26	)
2015 - Service		14.63		0.15			0.38			0.53			(0.18	)		—			(0.18	)
2015 - IR		14.66		0.21			0.38			0.59			(0.24	)		—			(0.24	)
2015 - R		14.65		0.13			0.39			0.52			(0.17	)		—			(0.17	)
2014 - A		15.00		0.12			(0.25	)		(0.13	)		(0.16	)		(0.04	)		(0.20	)
2014 - C		15.00		0.02			(0.25	)		(0.23	)		(0.06	)		(0.04	)		(0.10	)
2014 - Institutional		14.97		0.17			(0.25	)		(0.08	)		(0.21	)		(0.04	)		(0.25	)
2014 - Service		14.96		0.10			(0.25	)		(0.15	)		(0.14	)		(0.04	)		(0.18	)
2014 - IR		14.99		0.18			(0.27	)		(0.09	)		(0.20	)		(0.04	)		(0.24	)
2014 - R		14.98		0.09			(0.25	)		(0.16	)		(0.13	)		(0.04	)		(0.17	)
2013 - A		15.37		0.11			0.24			0.35			(0.17	)		(0.55	)		(0.72	)
2013 - C		15.37		(0.01	)		0.24			0.23			(0.05	)		(0.55	)		(0.60	)
2013 - Institutional		15.34		0.15			0.25			0.40			(0.22	)		(0.55	)		(0.77	)
2013 - Service		15.33		0.08			0.24			0.32			(0.14	)		(0.55	)		(0.69	)
2013 - IR		15.36		0.14			0.25			0.39			(0.21	)		(0.55	)		(0.76	)
2013 - R		15.35		0.06			0.25			0.31			(0.13	)		(0.55	)		(0.68	)
2012 - A		14.95		0.18			0.76			0.94			(0.18	)		(0.34	)		(0.52	)
2012 - C		14.95		0.06			0.77			0.83			(0.07	)		(0.34	)		(0.41	)
2012 - Institutional		14.92		0.23			0.77			1.00			(0.24	)		(0.34	)		(0.58	)
2012 - Service		14.91		0.15			0.77			0.92			(0.16	)		(0.34	)		(0.50	)
2012 - IR		14.94		0.21			0.77			0.98			(0.22	)		(0.34	)		(0.56	)
2012 - R		14.93		0.13			0.78			0.91			(0.15	)		(0.34	)		(0.49	)
2011 - A		15.18		0.24			0.30			0.54			(0.23	)		(0.54	)		(0.77	)
2011 - C		15.18		0.12			0.31			0.43			(0.12	)		(0.54	)		(0.66	)
2011 - Institutional		15.16		0.29			0.30			0.59			(0.29	)		(0.54	)		(0.83	)
2011 - Service		15.15		0.21			0.30			0.51			(0.21	)		(0.54	)		(0.75	)
2011 - IR		15.18		0.27			0.30			0.57			(0.27	)		(0.54	)		(0.81	)
2011 - R		15.17		0.19			0.31			0.50			(0.20	)		(0.54	)		(0.74	)

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

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

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	15.02		3.80	%	$	182,381		0.91	%		1.05	%		1.16	%		471	%
	15.02		3.03			12,918		1.66			1.80			0.41			471
	15.00		4.23			186,519		0.58			0.71			1.50			471
	14.98		3.64			51,176		1.07			1.21			1.00			471
	15.01		4.06			3,875		0.66			0.80			1.41			471
	15.00		3.55			23,184		1.16			1.30			0.90			471
	14.67		(0.83	)		194,179		0.92			1.02			0.83			655
	14.67		(1.53	)		15,202		1.62			1.78			0.12			655
	14.64		(0.50	)		197,289		0.58			0.69			1.19			655
	14.63		(1.00	)		53,172		1.08			1.18			0.66			655
	14.66		(0.58	)		4,157		0.67			0.78			1.25			655
	14.65		(1.08	)		20,743		1.17			1.28			0.62			655
	15.00		2.26			285,955		0.91			1.00			0.69			943
	15.00		1.50			25,655		1.66			1.75			(0.06	)		943
	14.97		2.61			346,782		0.57			0.66			0.97			943
	14.96		2.07			79,620		1.07			1.16			0.51			943
	14.99		2.51			1,509		0.67			0.75			0.93			943
	14.98		2.00			21,907		1.16			1.25			0.41			943
	15.37		6.32			396,439		0.92			1.00			1.14			763
	15.37		5.53			32,148		1.67			1.75			0.38			763
	15.34		6.69			241,382		0.58			0.66			1.48			763
	15.33		6.17			89,677		1.08			1.16			0.97			763
	15.36		6.59			1,669		0.67			0.75			1.35			763
	15.35		6.07			20,368		1.17			1.25			0.87			763
	14.95		3.63			442,915		0.92			0.99			1.53			545
	14.95		2.86			33,279		1.67			1.74			0.78			545
	14.92		3.92			266,217		0.58			0.65			1.86			545
	14.91		3.40			98,072		1.08			1.15			1.36			545
	14.94		3.89			663		0.67			0.74			1.74			545
	14.93		3.31			13,913		1.17			1.24			1.24			545

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	8.76	$	0.01		$	(0.04	)	$	(0.03	)	$	(0.01	)
2015 - Institutional		8.77		0.03			(0.05	)		(0.02	)		(0.03	)
2015 - Service		8.81		—	(d)		(0.05	)		(0.05	)		—	(d)
2015 - IR		8.75		0.03			(0.05	)		(0.02	)		(0.03	)
2014 - A		8.78		0.02			(0.02	)		—			(0.02	)
2014 - Institutional		8.78		0.04			—	(d)		0.04			(0.05	)
2014 - Service		8.83		—	(d)		(0.01	)		(0.01	)		(0.01	)
2014 - IR		8.77		0.04			(0.02	)		0.02			(0.04	)
2013 - A		8.77		0.04			—	(d)		0.04			(0.03	)
2013 - Institutional		8.77		0.07			—	(d)		0.07			(0.06	)
2013 - Service		8.81		0.03			0.01			0.04			(0.02	)
2013 - IR		8.76		0.05			0.01			0.06			(0.05	)
2012 - A		8.81		0.05			(0.07	)		(0.02	)		(0.02	)
2012 - Institutional		8.82		0.08			(0.08	)		—			(0.05	)
2012 - Service		8.86		0.04			(0.08	)		(0.04	)		(0.01	)
2012 - IR		8.81		0.07			(0.08	)		(0.01	)		(0.04	)
2011 - A		8.86		0.06			(0.06	)		—			(0.05	)(e)
2011 - Institutional		8.86		0.09			(0.05	)		0.04			(0.08	)(e)
2011 - Service		8.90		0.04			(0.04	)		—			(0.04	)(e)
2011 - IR		8.85		0.08			(0.05	)		0.03			(0.07	)(e)

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

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

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

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

(e) Includes a return of capital amounting to less than $0.005 per share.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.72		(0.36	)%	$	18,565		0.66	%		0.90	%		0.12	%		64	%
	8.72		(0.19	)		503,652		0.36			0.56			0.38			64
	8.76		(0.53	)		145		0.73			1.07			0.05			64
	8.70		(0.28	)		996		0.45			0.65			0.32			64
	8.76		(0.01	)		43,550		0.72			0.95			0.20			130
	8.77		0.45			378,958		0.38			0.59			0.50			130
	8.81		(0.01	)		255		0.85			1.10			0.05			130
	8.75		0.24			1,570		0.47			0.69			0.43			130
	8.78		0.44			47,438		0.74			0.96			0.44			286
	8.78		0.78			158,132		0.40			0.62			0.79			286
	8.83		0.41			160		0.89			1.12			0.38			286
	8.77		0.69			1,018		0.49			0.71			0.63			286
	8.77		(0.21	)		85,905		0.75			0.90			0.53			178
	8.77		0.01			212,611		0.41			0.56			0.87			178
	8.81		(0.44	)		448		0.86			1.06			0.41			178
	8.76		(0.08	)		930		0.50			0.65			0.79			178
	8.81		0.00			118,804		0.82			0.87			0.65			175
	8.82		0.45			293,924		0.48			0.53			1.00			175
	8.86		(0.05	)		924		0.98			1.03			0.49			175
	8.81		0.36			1,151		0.57			0.62			0.93			175

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	10.29	$	(0.05	)	$	0.27		$	0.22		$	(0.12	)	$	—		$	—		$	(0.12	)
2015 - C		10.27		(0.10	)		0.23			0.13			(0.09	)		—			—			(0.09	)
2015 - Institutional		10.36		0.03			0.22			0.25			(0.13	)		—			—			(0.13	)
2015 - IR		10.32		(0.04	)		0.28			0.24			(0.13	)		—			—			(0.13	)
2015 - R		10.30		(0.12	)		0.31			0.19			(0.11	)		—			—			(0.11	)
2014 - A		11.24		0.09			(0.83	)		(0.74	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
2014 - C		11.28		—	(d)		(0.82	)		(0.82	)		—			(0.16	)		(0.03	)		(0.19	)
2014 - Institutional		11.28		0.13			(0.83	)		(0.70	)		(0.03	)		(0.16	)		(0.03	)		(0.22	)
2014 - IR		11.25		0.11			(0.83	)		(0.72	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
2014 - R		11.27		0.01			(0.78	)		(0.77	)		(0.01	)		(0.16	)		(0.03	)		(0.20	)
2013 - A		11.16		0.04			0.56			0.60			(0.16	)		(0.36	)		—			(0.52	)
2013 - C		11.20		(0.03	)		0.55			0.52			(0.08	)		(0.36	)		—			(0.44	)
2013 - Institutional		11.20		0.06			0.58			0.64			(0.20	)		(0.36	)		—			(0.56	)
2013 - IR		11.17		0.03			0.60			0.63			(0.19	)		(0.36	)		—			(0.55	)
2013 - R		11.19		—	(d)		0.57			0.57			(0.13	)		(0.36	)		—			(0.49	)
2012 - A		10.95		0.19			1.11			1.30			(0.30	)		(0.79	)		—			(1.09	)
2012 - C		10.99		0.13			1.09			1.22			(0.22	)		(0.79	)		—			(1.01	)
2012 - Institutional		10.99		0.23			1.11			1.34			(0.34	)		(0.79	)		—			(1.13	)
2012 - IR		10.97		0.02			1.30			1.32			(0.33	)		(0.79	)		—			(1.12	)
2012 - R		10.98		0.18			1.09			1.27			(0.27	)		(0.79	)		—			(1.06	)
2011 - A		10.89		0.19			0.61			0.80			(0.17	)		(0.57	)		—			(0.74	)
2011 - C		10.93		0.11			0.61			0.72			(0.09	)		(0.57	)		—			(0.66	)
2011 - Institutional		10.93		0.22			0.62			0.84			(0.21	)		(0.57	)		—			(0.78	)
2011 - IR		10.91		0.22			0.61			0.83			(0.20	)		(0.57	)		—			(0.77	)
2011 - R		10.91		0.17			0.61			0.78			(0.14	)		(0.57	)		—			(0.71	)

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

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

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

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

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.39		2.09	%	$	38,976		0.69	%		0.96	%		(0.47	)%		161	%
	10.31		1.25			8,161		1.44			1.71			(1.00	)		161
	10.48		2.40			72,940		0.35			0.62			0.29			161
	10.43		2.27			2,526		0.45			0.71			(0.42	)		161
	10.38		1.81			7,085		0.95			1.22			(1.19	)		161
	10.29		(6.60	)		37,940		0.63			0.84			0.88			262
	10.27		(7.29	)		10,173		1.38			1.59			(0.01	)		262
	10.36		(6.22	)		91,483		0.29			0.50			1.19			262
	10.32		(6.35	)		2,021		0.38			0.59			1.03			262
	10.30		(6.82	)		4,707		0.88			1.10			0.10			262
	11.24		5.37			73,665		0.62			0.81			0.39			230
	11.28		4.57			19,203		1.38			1.56			(0.29	)		230
	11.28		5.71			276,216		0.28			0.46			0.53			230
	11.25		5.63			3,617		0.37			0.55			0.24			230
	11.27		5.10			2,023		0.87			1.05			0.02			230
	11.16		11.99			123,135		0.63			0.83			1.63			194
	11.20		11.24			24,312		1.28			1.58			1.17			194
	11.20		12.34			159,075		0.29			0.49			2.05			194
	11.17		12.16			393		0.38			0.58			0.21			194
	11.19		11.70			1,411		0.88			1.08			1.61			194
	10.95		7.53			79,215		0.67			0.83			1.71			211
	10.99		6.72			22,111		1.42			1.58			0.96			211
	10.99		7.88			108,491		0.33			0.49			1.99			211
	10.97		7.80			116		0.42			0.58			1.93			211
	10.98		7.36			1,145		0.92			1.08			1.50			211

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain			Total from investment operations		Distributions to shareholders from net investment income
FOR THE FISCAL YEAR ENDED MARCH 31,
2015 - Institutional	$	10.00	$	0.03		$	0.01		$	0.04	$	(0.04	)
2015 - Administration		10.00		0.01			—	(d)		0.01		(0.01	)
FOR THE PERIOD ENDED MARCH 31,
2014 - Institutional (Commenced February 28, 2014)		10.00		—	(d)		—	(d)		—		—
2014 - Administration (Commenced February 28, 2014)		10.00		—	(d)		—	(d)		—		—

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

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

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

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

(e) Annualized.

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

GOLDMAN SACHS LIMITED MATURITY OBLIGATIONS FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.00		0.36	%	$	10,009		0.19	%		4.62	%		0.35	%		40	%
	10.00		0.10			25		0.42			4.87			0.12			40
	10.00		—			9,976		0.19	(e)		4.30	(e)		0.10	(e)		—
	10.00		—			25		0.44	(e)		4.55	(e)		(0.15	)(e)		—

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	10.17	$	0.07	$	(0.04	)	$	0.03		$	(0.08	)	$	—		$	(0.08	)
2015 - C		10.11		0.03		(0.04	)		(0.01	)		(0.04	)		—			(0.04	)
2015 - Institutional		10.14		0.10		(0.03	)		0.07			(0.12	)		—			(0.12	)
2015 - Service		10.13		0.05		(0.03	)		0.02			(0.07	)		—			(0.07	)
2015 - IR		10.18		0.09		(0.03	)		0.06			(0.11	)		—			(0.11	)
2014 - A		10.24		0.07		(0.06	)		0.01			(0.08	)		—			(0.08	)
2014 - C		10.17		0.03		(0.05	)		(0.02	)		(0.04	)		—			(0.04	)
2014 - Institutional		10.21		0.10		(0.06	)		0.04			(0.11	)		—			(0.11	)
2014 - Service		10.20		0.05		(0.06	)		(0.01	)		(0.06	)		—			(0.06	)
2014 - IR		10.25		0.09		(0.05	)		0.04			(0.11	)		—			(0.11	)
2013 - A		10.30		0.04		(0.01	)		0.03			(0.06	)		(0.03	)		(0.09	)
2013 - C		10.23		0.01		(0.02	)		(0.01	)		(0.02	)		(0.03	)		(0.05	)
2013 - Institutional		10.27		0.08		(0.01	)		0.07			(0.10	)		(0.03	)		(0.13	)
2013 - Service		10.25		0.03		—	(d)		0.03			(0.05	)		(0.03	)		(0.08	)
2013 - IR		10.30		0.07		—	(d)		0.07			(0.09	)		(0.03	)		(0.12	)
2012 - A		10.23		0.05		0.06			0.11			(0.04	)		—	(d)		(0.04	)
2012 - C		10.17		0.02		0.05			0.07			(0.01	)		—	(d)		(0.01	)
2012 - Institutional		10.20		0.09		0.06			0.15			(0.08	)		—	(d)		(0.08	)
2012 - Service		10.19		0.04		0.05			0.09			(0.03	)		—	(d)		(0.03	)
2012 - IR		10.24		0.08		0.05			0.13			(0.07	)		—	(d)		(0.07	)
2011 - A		10.37		0.06		0.06			0.12			(0.06	)		(0.20	)		(0.26	)
2011 - C		10.30		0.01		0.07			0.08			(0.01	)		(0.20	)		(0.21	)
2011 - Institutional		10.33		0.10		0.06			0.16			(0.09	)		(0.20	)		(0.29	)
2011 - Service		10.32		0.05		0.06			0.11			(0.04	)		(0.20	)		(0.24	)
2011 - IR		10.37		0.09		0.06			0.15			(0.08	)		(0.20	)		(0.28	)

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

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

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

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.12		0.33	%	$	220,814		0.82	%		0.91	%		0.67	%		185	%
	10.06		(0.07	)		36,722		1.22			1.67			0.27			185
	10.09		0.67			1,003,694		0.48			0.57			1.00			185
	10.08		0.17			33,015		0.98			1.08			0.51			185
	10.13		0.58			13,505		0.57			0.66			0.91			185
	10.17		0.10			277,312		0.82			0.91			0.65			211
	10.11		(0.20	)		48,324		1.22			1.66			0.26			211
	10.14		0.44			1,043,676		0.48			0.57			1.00			211
	10.13		(0.06	)		38,818		0.98			1.07			0.49			211
	10.18		0.35			18,018		0.57			0.66			0.91			211
	10.24		0.32			471,348		0.81			0.89			0.42			640
	10.17		(0.06	)		69,496		1.19			1.64			0.05			640
	10.21		0.66			1,133,613		0.47			0.55			0.77			640
	10.20		0.26			53,464		0.97			1.05			0.27			640
	10.25		0.67			24,501		0.56			0.64			0.68			640
	10.30		1.10			808,034		0.79			0.87			0.53			359
	10.23		0.65			95,446		1.15			1.62			0.18			359
	10.27		1.45			1,265,479		0.45			0.53			0.87			359
	10.25		0.85			69,463		0.95			1.03			0.39			359
	10.30		1.25			36,019		0.54			0.62			0.77			359
	10.23		1.11			1,013,335		0.82			0.87			0.61			312
	10.17		0.74			126,533		1.31			1.62			0.12			312
	10.20		1.56			1,512,908		0.48			0.53			0.95			312
	10.19		1.05			128,073		0.98			1.03			0.45			312
	10.24		1.46			9,395		0.57			0.62			0.85			312

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A	$	10.17	$	0.10		$	(0.04	)	$	0.06		$	(0.13	)	$	—		$	(0.13	)
2015 - C		10.17		0.06			(0.04	)		0.02			(0.09	)		—			(0.09	)
2015 - Institutional		10.18		0.13			(0.03	)		0.10			(0.17	)		—			(0.17	)
2015 - IR		10.18		0.13			(0.04	)		0.09			(0.16	)		—			(0.16	)
2015 - R		10.18		0.08			(0.04	)		0.04			(0.11	)		—			(0.11	)
2014 - A		10.17		0.12			0.01			0.13			(0.13	)		—	(d)		(0.13	)
2014 - C		10.17		0.08			0.01			0.09			(0.09	)		—	(d)		(0.09	)
2014 - Institutional		10.18		0.15			0.01			0.16			(0.16	)		—	(d)		(0.16	)
2014 - IR		10.18		0.15			—	(d)		0.15			(0.15	)		—	(d)		(0.15	)
2014 - R		10.18		0.09			0.01			0.10			(0.10	)		—	(d)		(0.10	)
2013 - A		9.96		0.11			0.26			0.37			(0.13	)		(0.03	)		(0.16	)
2013 - C		9.97		0.08			0.24			0.32			(0.09	)		(0.03	)		(0.12	)
2013 - Institutional		9.97		0.14			0.26			0.40			(0.16	)		(0.03	)		(0.19	)
2013 - IR		9.97		0.13			0.26			0.39			(0.15	)		(0.03	)		(0.18	)
2013 - R		9.97		0.08			0.26			0.34			(0.10	)		(0.03	)		(0.13	)
FOR THE PERIOD ENDED MARCH 31,
2012 - A (Commenced February 29, 2012)		10.00		0.01			(0.04	)		(0.03	)		(0.01	)		—			(0.01	)
2012 - C (Commenced February 29, 2012)		10.00		—	(d)		(0.03	)		(0.03	)		—	(d)		—			—	(d)
2012 - Institutional (Commenced February 29, 2012)		10.00		0.01			(0.03	)		(0.02	)		(0.01	)		—			(0.01	)
2012 - IR (Commenced February 29, 2012)		10.00		0.01			(0.03	)		(0.02	)		(0.01	)		—			(0.01	)
2012 - R (Commenced February 29, 2012)		10.00		—	(d)		(0.02	)		(0.02	)		(0.01	)		—			(0.01	)

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

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

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

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

(e) Annualized.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.10		0.60	%	$	3,986		0.79	%		0.99	%		0.95	%		139	%
	10.10		0.21			864		1.18			1.74			0.57			139
	10.11		0.94			289,892		0.45			0.64			1.29			139
	10.11		0.85			289		0.55			0.74			1.25			139
	10.11		0.37			10		1.01			1.22			0.76			139
	10.17		1.28			2,327		0.80			1.19			1.16			157
	10.17		0.87			564		1.20			1.93			0.77			157
	10.18		1.62			166,129		0.46			0.84			1.50			157
	10.18		1.53			206		0.55			0.93			1.43			157
	10.18		1.02			10		1.03			1.44			0.91			157
	10.17		3.69			870		0.79			1.89			1.05			707
	10.17		3.19			174		1.17			1.83			0.75			707
	10.18		4.04			78,696		0.45			1.67			1.42			707
	10.18		3.94			152		0.54			1.51			1.32			707
	10.18		3.40			10		1.06			2.74			0.77			707
	9.96		(0.34	)		1,747		0.79	(e)		6.26	(e)		0.79	(e)		29
	9.97		(0.28	)		10		1.19	(e)		7.01	(e)		0.38	(e)		29
	9.97		(0.21	)		11,122		0.45	(e)		5.92	(e)		1.11	(e)		29
	9.97		(0.22	)		10		0.54	(e)		6.01	(e)		0.97	(e)		29
	9.97		(0.25	)		10		1.04	(e)		6.51	(e)		0.50	(e)		29

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2015

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Enhanced Income	A, Institutional, Administration and IR	Diversified
Government Income	A, C, Institutional, Service, IR and R	Diversified
High Quality Floating Rate	A, Institutional, Service and IR	Diversified
Inflation Protected Securities	A, C, Institutional, IR and R	Diversified
Limited Maturity Obligations	Institutional and Administration	Diversified
Short Duration Government	A, C, Institutional, Service and IR	Diversified
Short Duration Income	A, C, Institutional, IR and R	Diversified

Class A Shares of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 1.50%, 3.75%, 1.50%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Institutional, Administration, Service, Class IR and Class R Shares are not subject to a sales charge.

Effective March 17, 2014, Class B Shares of Short Duration Government Fund converted to Class A Shares. At the close of business on November 14, 2014, Class B Shares of the Enhanced Income and Government Income Funds were converted to Class A Shares of the Funds.

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

112

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

113

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

114

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

115

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

116

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by the investment adviser to not represent fair value, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund are valued at the NAV of the FST 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures contracts, are valued at the last sale or settlement price and 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.

117

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

118

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

119

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. 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.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources 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.

120

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2015:

ENHANCED INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	281,937,851	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		71,703,032			4,399,071		—
Asset-Backed Securities		—			73,766,562		—
Foreign Debt Obligations		—			14,414,155		—
Government Guarantee Obligation		—			18,611,346		—
Investment Company		226			—		—
Short-term Investments		—			25,723,470		—
Total	$	71,703,258		$	418,852,455	$	—
Derivative Type
Assets(a)
Futures Contracts	$	16,683		$	—	$	—
Liabilities(a)
Futures Contracts	$	(472,108	)	$	—	$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	190,322,733	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		256,657,128			40,598,187		—
Asset-Backed Securities		—			14,416,357		—
Municipal Debt Obligation		—			2,515,440		—
Government Guarantee Obligations		—			7,993,848		—
Investment Company		31			—		—
Total	$	256,657,159		$	255,846,565	$	—

121

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	250,778		$	—		$	—
Liabilities(a)
Futures Contracts	$	(204,234	)	$	—		$	—
Interest Rate Swap Contracts		—			(360,165	)		—
Total	$	(204,234	)	$	(360,165	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	7,434,776		$	—
Mortgage-Backed Obligations		—			148,763,751			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		20,205,515			59,237,533			—
Asset-Backed Securities		—			164,815,220			—
Foreign Debt Obligations		—			36,097,228			—
Government Guarantee Obligations		—			30,936,348			—
Investment Company		49,903,803			—			—
Total	$	70,109,318		$	447,284,856		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,090,000	)	$	—
Derivative Type
Assets(a)
Options Purchased	$	—		$	1,934,579		$	—
Futures Contracts		477,520			—			—
Total	$	477,520		$	1,934,579		$	—
Liabilities(a)
Futures Contracts	$	(309,267	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,057,306	)		—
Total	$	(309,267	)	$	(1,057,306	)	$	—

122

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	128,722,087		$	—		$	—
Short-term Investments		—			400,000			—
Total	$	128,722,087		$	400,000		$	—
Derivative Type
Assets(a)
Futures Contracts	$	239,457		$	—		$	—
Liabilities(a)
Futures Contracts	$	(188,993	)	$	—		$	—
Interest Rate Swap Contracts		—			(88,021	)		—
Total	$	(188,993	)	$	(88,021	)	$	—
LIMITED MATURITY OBLIGATIONS FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	2,056,466		$	—
Municipal Debt Obligations		—			6,246,767			—
Short-term Investments		—			2,090,000			—
Total	$	—		$	10,393,233		$	—

123

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	480,224,485		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		456,742,547			308,648,684			—
Government Guarantee Obligation		—			19,879,000			—
Investment Company		25,980,969			—			—
Total	$	482,723,516		$	808,752,169		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,352,500	)	$	—
Derivative Type
Assets(a)
Options Purchased	$	—		$	2,314,998		$	—
Futures Contracts		2,543,700			—			—
Interest Rate Swap Contracts		—			2,693,854			—
Total	$	2,543,700		$	5,008,852		$	—
Liabilities(a)
Futures Contracts	$	(2,470,150	)	$	—		$	—
Interest Rate Swap Contracts		—			(5,524,404	)		—
Total	$	(2,470,150	)	$	(5,524,404	)	$	—
SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	168,497,861		$	—
Mortgage-Backed Obligations		—			21,172,398			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		30,661,892			1,443,454			—
Asset-Backed Securities		—			45,469,062			—
Foreign Debt Obligations		241,319			14,574,440			—
Municipal Debt Obligations		—			5,621,070			—
Short-term Investments		—			5,216,770			—
Total	$	30,903,211		$	261,995,055		$	—

124

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Options Purchased	$	—		$	1,196,253		$	—
Forward Foreign Currency Exchange Contracts		—			591,969			—
Futures Contracts		584,382			—			—
Interest Rate Swap Contracts		—			1,410,545			—
Credit Default Swap Contracts		—			160,068			—
Total	$	584,382		$	3,358,835		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(402,040	)	$	—
Futures Contracts		(222,312	)		—			—
Interest Rate Swap Contracts		—			(841,318	)		—
Total	$	(222,312	)	$	(1,243,358	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of March 31, 2015. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Enhanced Income
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	16,683	(a)	Variation margin on certain derivative contracts	$	(472,108)	(a)
Government Income
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contract	$	250,778	(a)	Variation margin on certain derivative contracts	$	(564,399)	(a)

125

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

4. INVESTMENTS IN DERIVATIVES (continued)

High Quality Floating Rate
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts; Investments, at value	$	2,412,099	(a)	Variation margin on certain derivative contracts	$	(1,366,573)	(a)
Inflation Protected Securities
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	239,457	(a)	Variation margin on certain derivative contracts	$	(277,014)	(a)
Short Duration Government
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts; Investments, at value	$	7,552,552	(a)	Variation margin on certain derivative contracts	$	(7,994,554)	(a)
Short Duration Income
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts; Investments, at value	$	3,191,180	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(1,063,630)	(a)(b)
Credit	Variation margin on certain derivative contracts		160,068	(a)	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		591,969		Payable for unrealized loss on forward foreign currency exchange contracts		(402,040)
Total		$	3,943,217			$	(1,465,670)

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

(b) Aggregate of amounts include $32,472 for Short Duration Income Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

126

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2015. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Enhanced Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(1,428,500	)	$	(811,274	)		620
Government Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(2,820,419	)	$	(746,782	)		830
High Quality Floating Rate
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(3,300,003	)	$	(1,145,690	)		1,257

127

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

4. INVESTMENTS IN DERIVATIVES (continued)

Inflation Protected Securities
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(1,224,271	)	$	96,772			678
Short Duration Government
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(16,787,465	)	$	(3,689,474	)		6,126
Short Duration Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(4,072,841	)	$	830,551			1,143
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,656			147,045			2
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		3,685,978			184,051			330
Total		$	(385,207	)	$	1,161,647			1,475

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2015.

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

128

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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

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

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

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

129

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2015, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate(1)
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.25	%
Government Income		0.54			0.49			0.47			0.46			0.45			0.54			0.53	(2)
High Quality Floating Rate		0.40			0.36			0.34			0.33			0.32			0.40			0.31	(2)
Inflation Protected Securities		0.33			0.30			0.28			0.27			0.26			0.33			0.26	(2)
Limited Maturity Obligations		0.25			0.25			0.25			0.25			0.25			0.25			0.18	(2)
Short Duration Government		0.50			0.45			0.43			0.42			0.41			0.49			0.44	(2)
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40

(1) Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

(2) GSAM has agreed to waive a portion of its management fee in order to achieve the effective net management rate shown above as an annual percentage rate of the average daily net assets of the Funds through at least July 29, 2015. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

The Enhanced Income, Government Income, High Quality Floating Rate, and Short Duration Government Funds invest in the FST Shares of the Goldman Sachs Financial Square Government Fund. GSAM has contractually agreed to waive irrevocably a portion of any underlying fund’s management fee in an amount equal to the management fee paid to GSAM due to the Funds’ investment in an affiliated fund for which it also serves as investment advisor. For the fiscal year ended March 31, 2015, GSAM waived $24,936, $3,473, $10,074, and $28,326 of such fund’s management fee for the Enhanced Income, Government Income, High Quality Floating Rate and Short Duration Government Funds, respectively.

130

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

Goldman Sachs has agreed to waive a portion of the distribution and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to a minimum of 0.35% as an annual percentage rate of the average daily net assets. These arrangements will remain in place through July 29, 2015, for Short Duration Government and Short Duration Income Funds. Prior to such date Goldman Sachs may not terminate the arrangement without the approval of the trustees.

For the fiscal year ended March 31, 2015, Goldman Sachs waived a portion of the distribution and service fees equal to 0.04% of the average daily net assets attributable to Class A Shares of the High Quality Floating Rate Fund, and equal to 0.35% and 0.36% of the average daily net assets attributable to Class C Shares of the Short Duration Government and Short Duration Income Funds, respectively.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2015, Goldman Sachs advised that it retained the following amounts:

Fund	Front End Sales Charge Class A		Contingent Deferred Sales Charge Class C
Enhanced Income	$	467		N/A
Government Income		1,882		—
High Quality Floating Rate		639		N/A
Inflation Protected Securities		1,006		—
Short Duration Government		4,198		—
Short Duration Income		126		—

131

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the share classes. For the fiscal year ended March 31, 2015, Goldman Sachs waived a portion of the Service Plan fees equal to 0.13% of the average daily net assets attributable to Service Shares of the High Quality Floating Rate Fund, and a portion of the administration fees equal to 0.03% of the Limited Maturity Obligations Fund.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets of Institutional, Administration and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agent fee in order to achieve an effective transfer agency fee rate of 0.01% of the average daily net assets of the Institutional and Administration Shares of the Limited Maturity Obligations Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Limited Maturity Obligations, Short Duration Government and Short Duration Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.004% and 0.014% respectively. These Other Expense limitations will remain in place through at least July 29, 2015 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

132

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, Transfer Agency Agreement, and/or Management Agreement and these waivers may exceed what is stipulated in any fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended March 31, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Management Fees		Class A Distribution and Service Fees		Class B Distribution and Service Fees		Class C Distribution and Service Fees		Service Class Fees		Administration Class Fees		Other Expense Reimbursements		Total Expense Reimbursements
Enhanced Income	$	24,936	$	2,041	$	425	$	N/A	$	N/A	$	—	$	79,964	$	107,366
Government Income		50,604		—		—		—		—		N/A		574,354		624,958
High Quality Floating Rate		435,305		14,938		N/A		N/A		241		N/A		505,128		955,612
Inflation Protected Securities		91,870		—		N/A		—		N/A		N/A		285,114		376,984
Limited Maturity Obligations		7,012		N/A		N/A		N/A		N/A		7		435,864		442,883
Short Duration Government		720,757		—		N/A		148,529		—		N/A		601,699		1,470,985
Short Duration Income		—		101		N/A		3,084		N/A		N/A		433,930		437,115

G.  Line of Credit Facility — As of March 31, 2015, the Funds participated in a $1,080,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $120,000,000, for a total of up to $1,200,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2015, the Funds did not have any borrowings under the facility. The facility was increased to $1,205,000,000 effective May 5, 2015.

133

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2015, Goldman Sachs earned approximately $10,903, $34,145, $27,523, $15,234, $134,203 and $31,511 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, and Short Duration Income Funds, respectively.

As of March 31, 2015, the Goldman Sachs Group, Inc. was a beneficial owner of approximately 5% or more of outstanding Institutional, Administration and Class R Shares of the following Funds:

Fund	Institutional			Administration			Class R
Limited Maturity Obligations		100	%		100	%		N/A
Short Duration Income		—			—			100	%

This Underlying Fund is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in this affiliated Fund as of and for the fiscal year ended March 31, 2015:

Fund	Underlying Fund	Market Value 03/31/2014		Purchases at Cost		Proceeds from Sales			Market Value 03/31/2015		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund	$	—	$	152,370,658	$	(152,370,432	)	$	226	$	1,267
Government Income	Goldman Sachs Financial Square Government Fund		—		59,955,646		(59,955,615	)		31		206
High Quality Floating Rate	Goldman Sachs Financial Square Government Fund		—		195,655,524		(145,751,721	)		49,903,803		455
Short Duration Government	Goldman Sachs Financial Square Government Fund		—		494,483,987		(468,503,018	)		25,980,969		1,553

6. PORTFOLIO SECURITIES TRANSACTIONS

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Enhanced Income	$	23,052,448	$	155,447,355	$	67,436,483	$	136,583,071
Government Income		2,454,572,349		1,091,415		2,493,669,784		17,512,686
High Quality Floating Rate		213,269,504		108,009,315		183,025,814		69,738,781
Inflation Protected Securities		223,292,946		—		240,421,564		328,920
Limited Maturity Obligations		—		4,137,374		—		1,647,000
Short Duration Government		2,467,871,031		5,900,005		2,431,464,735		39,591,817
Short Duration Income		235,393,808		162,192,032		228,633,873		51,459,325

134

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2015 was as follows:

	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Limited Maturity Obligations		Short Duration Government		Short Duration Income
Distributions paid from ordinary income	$	2,027,664	$	6,903,091	$	1,642,309	$	1,778,764	$	35,471	$	14,749,122	$	3,655,549

The tax character of distributions paid during the fiscal year ended March 31, 2014 was as follows:

	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Limited Maturity Obligations		Short Duration Government		Short Duration Income
Distributions paid from:
Ordinary income	$	2,552,707	$	7,842,914	$	1,306,865	$	4,011,432	$	—	$	14,690,998	$	1,852,986
Net long-term capital gains		—		1,778,199		—		214,671		—		—		20,422
Total taxable distributions	$	2,552,707	$	9,621,113	$	1,306,865	$	4,226,103	$	—	$	14,690,998	$	1,873,408
Tax return of capital	$	—	$	—	$	—	$	681,281	$	—	$	—	$	—

As of March 31, 2015, the components of accumulated earnings (losses) on a tax basis were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Limited Maturity Obligations			Short Duration Government			Short Duration Income
Undistributed ordinary income — net	$	588,675		$	389,405		$	190,360		$	—		$	188		$	914,918		$	398,939
Capital loss carryforwards:(1)(2)(3)
Expiring 2016	$	(2,472,185	)	$	—		$	—		$	—		$	—		$	—		$	—
Expiring 2018		(1,658,767	)		—			(21,924,176	)		—			—			—			—
Expiring 2019		(9,056,394	)		—			(2,415,726	)		—			—			—			—
Perpetual Short-Term		(2,686,204	)		(2,798,158	)		(918,536	)		(1,242,407	)		(97	)		(6,037,405	)		—
Perpetual Long-Term		(1,968,991	)		(5,868,817	)		(2,079,318	)		(11,316,996	)		—			(7,946,309	)		(306,768	)
Total capital loss carryforwards	$	(17,842,541	)	$	(8,666,975	)	$	(27,337,756	)	$	(12,559,403	)	$	(97	)	$	(13,983,714	)	$	(306,768	)
Timing differences (Income Distributions Payable, Qualified Late Year and Straddle Loss Deferrals)	$	(1,938,472	)	$	(4,088,390	)	$	(2,252,062	)	$	(5,019,809	)	$	(399	)	$	(13,483,015	)	$	(1,749,426	)
Unrealized gains (losses) — net		692,156			15,720,432			906,094			1,067,374			(1,137	)		23,753,541			686,891
Total accumulated earnings (losses) — net	$	(18,500,182	)	$	3,354,472		$	(28,493,364	)	$	(16,511,838	)	$	(1,445	)	$	(2,798,270	)	$	(970,364	)

(1) Expiration occurs on March 31 of the year indicated.

(2) The Government Income and Short Duration Income Funds utilized $3,103,192 and $9,955, respectively, of capital losses in the current fiscal year.

(3) The Enhanced Income and High Quality Floating Rate Funds had $987,433 and $4,261,952, respectively, of expired capital losses in the current fiscal year.

135

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

7. TAX INFORMATION (continued)

As of March 31, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Limited Maturity Obligations			Short Duration Government			Short Duration Income
Tax Cost	$	489,863,557		$	496,423,127		$	517,294,421		$	127,966,692		$	10,394,370		$	1,267,410,259		$	294,303,070
Gross unrealized gain		1,122,231			17,538,806			3,355,214			3,908,146			3,289			28,423,816			2,748,825
Gross unrealized loss		(430,075	)		(1,458,209	)		(1,320,882	)		(2,752,751	)		(4,426	)		(2,043,392	)		(2,957,376	)
Net unrealized gains (losses) on securities	$	692,156		$	16,080,597		$	2,034,332		$	1,155,395		$	(1,137	)	$	26,380,424		$	(208,551	)
Net unrealized gain (loss) on other investments		—			(360,165	)		(1,128,238	)		(88,021	)		—			(2,626,883	)		895,442
Net unrealized gains (losses)	$	692,156		$	15,720,432		$	906,094		$	1,067,374		$	(1,137	)	$	23,753,541		$	686,891

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to-market gains (losses) on regulated futures contracts and foreign currency contracts, and differences related to the tax treatment of inflation protected securities, swap transactions, premium amortization and the accretion of market discount.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from expired capital loss carryforwards, dividend redesignations, non-deductible expenses, and the differences in tax treatment relating to inflation protected securities, the recognition of income and gains (losses) of certain bonds, swap transactions, paydown gains and losses, foreign currency transactions, premium amortization and the accretion of market discount.

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Enhanced Income	$	(987,433	)	$	955,443		$	31,990
Government Income		—			(1,102,225	)		1,102,225
High Quality Floating Rate		(4,261,952	)		4,069,136			192,816
Inflation Protected Securities		—			(172,349	)		172,349
Limited Maturity Obligations		(166	)		—			166
Short Duration Government		—			(3,148,143	)		3,148,143
Short Duration Income		—			(977,874	)		977,874

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

136

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

8. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments.

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 Fund 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.

137

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

138

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,534,374		$	14,495,791			4,894,243		$	46,326,428
Reinvestment of distributions		2,319			21,906			16,404			155,323
Shares converted from Class B(a)		6,490			61,354			2,998			28,386
Shares redeemed		(2,658,840	)		(25,121,550	)		(5,382,420	)		(50,939,041	)
		(1,115,657	)		(10,542,499	)		(468,775	)		(4,428,904	)
Class B Shares
Shares sold		2			17			—			—
Reinvestment of distributions		—			1			4			39
Shares converted to Class A(a)		(6,504	)		(61,354	)		(3,004	)		(28,386	)
Shares redeemed		(4,309	)		(40,646	)		(7,343	)		(69,365	)
		(10,811	)		(101,982	)		(10,343	)		(97,712	)
Institutional Shares
Shares sold		25,367,711			239,631,731			50,468,155			477,241,881
Reinvestment of distributions		201,298			1,899,808			233,157			2,205,425
Shares redeemed		(31,132,620	)		(293,878,166	)		(27,712,680	)		(262,077,823	)
		(5,563,611	)		(52,346,627	)		22,988,632			217,369,483
Administration Shares
Shares sold		3,402			32,187			5,415			51,383
Reinvestment of distributions		28			262			86			814
Shares redeemed		(5,599	)		(53,087	)		(7,742	)		(73,438	)
		(2,169	)		(20,638	)		(2,241	)		(21,241	)
Class IR Shares
Shares sold		5,601			52,891			7,934			74,974
Reinvestment of distributions		174			1,642			525			4,962
Shares redeemed		(21,065	)		(198,749	)		(88,655	)		(838,567	)
		(15,290	)		(144,216	)		(80,196	)		(758,631	)
NET INCREASE (DECREASE)		(6,707,538	)	$	(63,155,962	)		22,427,077		$	212,062,995

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

139

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,618,314		$	38,920,028			2,526,336		$	37,189,890
Reinvestment of distributions		147,821			2,198,727			177,461			2,602,378
Shares converted from Class B(a)		93,362			1,384,415			43,709			640,896
Shares redeemed		(3,956,248	)		(58,780,802	)		(8,576,221	)		(126,188,214	)
		(1,096,751	)		(16,277,632	)		(5,828,715	)		(85,755,050	)
Class B Shares
Shares sold		2,873			42,483			5,065			74,813
Reinvestment of distributions		933			13,810			2,195			32,097
Shares converted to Class A(a)		(93,362	)		(1,384,415	)		(43,709	)		(640,896	)
Shares redeemed		(213,262	)		(3,161,486	)		(206,170	)		(3,025,108	)
		(302,818	)		(4,489,608	)		(242,619	)		(3,559,094	)
Class C Shares
Shares sold		143,893			2,139,623			156,230			2,297,713
Reinvestment of distributions		4,294			63,811			5,702			83,370
Shares redeemed		(324,651	)		(4,823,276	)		(836,225	)		(12,321,276	)
		(176,464	)		(2,619,842	)		(674,293	)		(9,940,193	)
Institutional Shares
Shares sold		3,656,799			54,226,544			10,068,087			147,527,737
Reinvestment of distributions		150,782			2,238,963			274,034			4,012,063
Shares redeemed		(4,842,479	)		(71,749,793	)		(20,033,256	)		(293,431,603	)
		(1,034,898	)		(15,284,286	)		(9,691,135	)		(141,891,803	)
Service Shares
Shares sold		1,541,509			22,758,344			652,854			9,556,456
Reinvestment of distributions		37,483			556,030			39,502			577,592
Shares redeemed		(1,797,705	)		(26,605,127	)		(2,380,433	)		(34,836,291	)
		(218,713	)		(3,290,753	)		(1,688,077	)		(24,702,243	)
Class IR Shares
Shares sold		70,412			1,047,164			256,984			3,760,295
Reinvestment of distributions		4,530			67,365			3,882			56,820
Shares redeemed		(100,399	)		(1,496,522	)		(77,909	)		(1,143,790	)
		(25,457	)		(381,993	)		182,957			2,673,325
Class R Shares
Shares sold		421,584			6,260,957			330,004			4,849,401
Reinvestment of distributions		16,130			239,626			16,536			241,928
Shares redeemed		(308,321	)		(4,579,117	)		(393,153	)		(5,767,019	)
		129,393			1,921,466			(46,613	)		(675,690	)
NET DECREASE		(2,725,708	)	$	(40,422,648	)		(17,988,495	)	$	(263,850,748	)

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

140

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,186,003		$	10,383,510			3,985,815		$	34,999,602
Reinvestment of distributions		4,525			39,635			12,318			108,057
Shares redeemed		(4,030,662	)		(35,183,095	)		(4,431,261	)		(38,865,372	)
		(2,840,134	)		(24,759,950	)		(433,128	)		(3,757,713	)
Institutional Shares
Shares sold		53,480,364			467,701,209			44,276,816			388,307,061
Reinvestment of distributions		149,757			1,310,182			110,479			968,765
Shares redeemed		(39,096,686	)		(341,814,640	)		(19,165,085	)		(168,047,886	)
		14,533,435			127,196,751			25,222,210			221,227,940
Service Shares
Shares sold		49			433			17,603			155,358
Reinvestment of distributions		8			66			16			145
Shares redeemed		(12,558	)		(110,471	)		(6,695	)		(59,041	)
		(12,501	)		(109,972	)		10,924			96,462
Class IR Shares
Shares sold		36,187			315,834			128,950			1,129,336
Reinvestment of distributions		437			3,813			752			6,584
Shares redeemed		(101,655	)		(887,067	)		(66,389	)		(581,312	)
		(65,031	)		(567,420	)		63,313			554,608
NET INCREASE		11,615,769		$	101,759,409			24,863,319		$	218,121,297

141

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,974,454		$	20,609,887			2,725,017		$	28,360,212
Reinvestment of distributions		28,891			306,094			62,076			640,962
Shares redeemed		(1,937,527	)		(20,214,871	)		(5,652,722	)		(60,224,329	)
		65,818			701,110			(2,865,629	)		(31,223,155	)
Class C Shares
Shares sold		87,110			907,079			107,102			1,140,195
Reinvestment of distributions		6,318			66,743			15,752			161,132
Shares redeemed		(292,752	)		(3,036,390	)		(834,360	)		(8,833,941	)
		(199,324	)		(2,062,568	)		(711,506	)		(7,532,614	)
Institutional Shares
Shares sold		3,682,455			38,661,251			6,981,756			73,839,969
Reinvestment of distributions		91,900			980,092			337,580			3,502,836
Shares redeemed		(5,645,705	)		(59,193,263	)		(22,965,291	)		(239,868,643	)
		(1,871,350	)		(19,551,920	)		(15,645,955	)		(162,525,838	)
Class IR Shares
Shares sold		108,737			1,134,382			97,134			1,018,490
Reinvestment of distributions		2,393			25,426			4,458			46,003
Shares redeemed		(64,766	)		(676,512	)		(227,274	)		(2,407,642	)
		46,364			483,296			(125,682	)		(1,343,149	)
Class R Shares
Shares sold		464,345			4,835,137			390,550			4,100,379
Reinvestment of distributions		5,083			53,866			5,862			59,909
Shares redeemed		(243,658	)		(2,533,363	)		(118,781	)		(1,240,101	)
		225,770			2,355,640			277,631			2,920,187
NET DECREASE		(1,732,722	)	$	(18,074,442	)		(19,071,141	)	$	(199,704,569	)

142

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Limited Maturity Obligations Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014(a)
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		—		$	—			997,609		$	9,976,082
Reinvestment of distributions		3,544			35,445			—			—
Shares redeemed		(106	)		(1,063	)		(2	)		(15	)
		3,438			34,382			997,607			9,976,067
Administration Shares
Shares sold		—			—			2,501			25,011
Reinvestment of distributions		3			26			—			—
Shares redeemed		—			—			(1	)		(10	)
		3			26			2,500			25,001
NET INCREASE		3,441		$	34,408			1,000,107		$	10,001,068

(a) Commenced operations on February 28, 2014.

143

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2015

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Government Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,369,831		$	64,640,113			9,832,423		$	100,227,635
Reinvestment of distributions		183,504			1,862,779			225,275			2,296,239
Shares converted from Class B(a)		—			—			718			7,314
Shares redeemed		(12,003,418	)		(121,845,576	)		(28,818,164	)		(294,007,732	)
		(5,450,083	)		(55,342,684	)		(18,759,748	)		(191,476,544	)
Class B Shares(a)
Reinvestment of distributions		—			—			24			243
Shares converted to Class A		—			—			(721	)		(7,314	)
Shares redeemed		—			—			(25,422	)		(258,313	)
		—			—			(26,119	)		(265,384	)
Class C Shares
Shares sold		422,584			4,258,358			566,290			5,734,163
Reinvestment of distributions		12,689			127,992			15,243			154,345
Shares redeemed		(1,566,338	)		(15,791,405	)		(2,630,085	)		(26,636,769	)
		(1,131,065	)		(11,405,055	)		(2,048,552	)		(20,748,261	)
Institutional Shares
Shares sold		42,943,721			434,331,265			56,626,168			575,385,195
Reinvestment of distributions		1,096,812			11,098,058			1,020,467			10,367,205
Shares redeemed		(47,516,969	)		(480,401,294	)		(65,773,753	)		(668,465,272	)
		(3,476,436	)		(34,971,971	)		(8,127,118	)		(82,712,872	)
Service Shares
Shares sold		349,028			3,528,163			314,187			3,188,151
Reinvestment of distributions		21,071			212,938			24,640			250,005
Shares redeemed		(927,920	)		(9,369,122	)		(1,749,532	)		(17,750,133	)
		(557,821	)		(5,628,021	)		(1,410,705	)		(14,311,977	)
Class IR Shares
Shares sold		1,395,355			14,175,716			1,220,294			12,445,835
Reinvestment of distributions		18,786			190,856			19,359			197,483
Shares redeemed		(1,851,091	)		(18,802,849	)		(1,860,378	)		(18,978,154	)
		(436,950	)		(4,436,277	)		(620,725	)		(6,334,836	)
NET DECREASE		(11,052,355	)	$	(111,784,008	)		(30,992,967	)	$	(315,849,874	)

(a) Short Duration Government Class B Shares liquidated on March 17, 2014.

144

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2015						For the Fiscal Year Ended March 31, 2014
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		449,324		$	4,556,746			222,549		$	2,251,401
Reinvestment of distributions		4,189			42,417			1,900			19,277
Shares redeemed		(287,549	)		(2,911,128	)		(81,093	)		(821,224	)
		165,964			1,688,035			143,356			1,449,454
Class C Shares
Shares sold		78,769			797,293			52,903			536,957
Reinvestment of distributions		739			7,486			424			4,300
Shares redeemed		(49,393	)		(499,481	)		(15,018	)		(152,674	)
		30,115			305,298			38,309			388,583
Institutional Shares
Shares sold		24,010,179			243,426,545			17,058,301			173,339,220
Reinvestment of distributions		353,185			3,582,111			181,670			1,846,300
Shares redeemed		(12,013,669	)		(121,578,381	)		(8,650,438	)		(87,883,820	)
		12,349,695			125,430,275			8,589,533			87,301,700
Class IR Shares
Shares sold		9,685			97,638			16,438			166,425
Reinvestment of distributions		309			3,140			185			1,888
Shares redeemed		(1,668	)		(16,976	)		(11,306	)		(115,553	)
		8,326			83,802			5,317			52,760
Class R Shares
Reinvestment of distributions		10			110			11			105
NET INCREASE		12,554,110		$	127,507,520			8,776,526		$	89,192,602

145

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees and Shareholders of

Goldman Sachs Trust — Goldman Sachs Short Duration and Government Fixed Income Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Limited Maturity Obligations Fund, Goldman Sachs Short Duration Government Fund and Goldman Sachs Short Duration Income Fund (collectively the “Funds”), portfolios of the Goldman Sachs Trust, at March 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2015 by correspondence with the custodian, brokers, and transfer agent and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2015

146

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2015 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2014 through March 31, 2015.

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

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

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

	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*		Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*		Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*		Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*
Class A
Actual	$	1,000.00	$	997.20		$	3.39	$	1,000.00	$	1,022.00		$	4.59	$	1,000.00	$	995.50		$	3.03	$	1,000.00	$	1,006.80		$	3.60
Hypothetical 5% return		1,000.00		1,021.54	+		3.43		1,000.00		1,020.39	+		4.58		1,000.00		1,021.89	+		3.07		1,000.00		1,021.34	+		3.63
Class C
Actual		N/A		N/A			N/A		1,000.00		1,018.20			8.35		N/A		N/A			N/A		1,000.00		1,001.90			7.34
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,016.65	+		8.35		N/A		N/A			N/A		1,000.00		1,017.60	+		7.39
Institutional
Actual		1,000.00		997.80			1.69		1,000.00		1,023.80			2.88		1,000.00		996.70			1.79		1,000.00		1,008.70			1.90
Hypothetical 5% return		1,000.00		1,023.24	+		1.72		1,000.00		1,022.09	+		2.87		1,000.00		1,023.14	+		1.82		1,000.00		1,023.04	+		1.92
Administration
Actual		1,000.00		996.60			2.94		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,021.99	+		2.97		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Service
Actual		N/A		N/A			N/A		1,000.00		1,021.30			5.39		1,000.00		995.50			2.99		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,019.60	+		5.39		1,000.00		1,021.94	+		3.02		N/A		N/A			N/A
Class IR
Actual		1,000.00		998.40			2.14		1,000.00		1,023.30			3.33		1,000.00		996.20			2.24		1,000.00		1,007.70			2.35
Hypothetical 5% return		1,000.00		1,022.79	+		2.17		1,000.00		1,021.64	+		3.33		1,000.00		1,022.69	+		2.27		1,000.00		1,022.59	+		2.37
Class R
Actual		N/A		N/A			N/A		1,000.00		1,020.80			5.84		N/A		N/A			N/A		1,000.00		1,005.80			4.85
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,019.15	+		5.84		N/A		N/A			N/A		1,000.00		1,020.10	+		4.89

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2015. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

147

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2015 (Unaudited) (continued)

	Limited Maturity Obligations Fund						Short Duration Government Fund							Short Duration Income Fund
Share Class	Beginning Account Value 10/1/14		Ending Account Value 3/31/15		Expenses Paid for the 6 months ended 3/31/15*		Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*		Beginning Account Value 10/1/14		Ending Account Value 3/31/15			Expenses Paid for the 6 months ended 3/31/15*
Class A
Actual	$	N/A	$	N/A	$	N/A	$	1,000.00	$	1,000.80		$	4.09	$	1,000.00	$	1,002.20		$	3.94
Hypothetical 5% return		N/A		N/A		N/A		1,000.00		1,020.84	+		4.13		1,000.00		1,020.99	+		3.98
Class C
Actual		N/A		N/A		N/A		1,000.00		998.80			6.08		1,000.00		1,000.30			5.83
Hypothetical 5% return		N/A		N/A		N/A		1,000.00		1,018.85	+		6.14		1,000.00		1,019.10	+		5.89
Institutional
Actual		1,000.00		1,001.90		0.95		1,000.00		1,002.50			2.40		1,000.00		1,003.80			2.25
Hypothetical 5% return		1,000.00		1,023.98		0.96		1,000.00		1,022.54	+		2.42		1,000.00		1,022.69	+		2.27
Administration
Actual		1,000.00		1,000.60		2.29		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,022.64		2.32		N/A		N/A			N/A		N/A		N/A			N/A
Service
Actual		N/A		N/A		N/A		1,000.00		1,000.00			4.89		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A		N/A		1,000.00		1,020.05	+		4.94		N/A		N/A			N/A
Class IR
Actual		N/A		N/A		N/A		1,000.00		1,002.10			2.80		1,000.00		1,003.40			2.75
Hypothetical 5% return		N/A		N/A		N/A		1,000.00		1,022.14	+		2.82		1,000.00		1,022.19	+		2.77
Class R
Actual		N/A		N/A		N/A		N/A		N/A			N/A		1,000.00		1,001.10			5.04
Hypothetical 5% return		N/A		N/A		N/A		N/A		N/A			N/A		1,000.00		1,019.90	+		5.09

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2015. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Administration			Service			Class IR			Class R
Enhanced Income		0.68	%		N/A			0.34	%		0.59	%		N/A			0.43	%		N/A
Government Income		0.91			1.66	%		0.57			N/A			1.07	%		0.66			1.16	%
High Quality Floating Rate		0.61			N/A			0.36			N/A			0.60			0.45			N/A
Inflation Protected Securities		0.72			1.47			0.38			N/A			N/A			0.47			0.97
Limited Maturity Obligations		N/A			N/A			0.19			0.46			N/A			N/A			N/A
Short Duration Government		0.82			1.22			0.48			N/A			0.98			0.56			N/A
Short Duration Income		0.79			1.17			0.45			N/A			N/A			0.55			1.01

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

148

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 73	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Fund Complex.	128	None
Kathryn A. Cassidy Age: 61	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Fund Complex.	108	None
John P. Coblentz, Jr. Age: 73	Trustee	Since 2003	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-2012). Trustee — Goldman Sachs Fund Complex.	128	None
Diana M. Daniels Age: 65	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (2007-Present), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Fund Complex.	108	None
Joseph P. LoRusso Age: 57	Trustee	Since 2010	Mr. LoRusso is retired. Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Fund Complex.	108	None
Herbert J. Markley Age: 64	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Trustee — Goldman Sachs Fund Complex.	108	None
Jessica Palmer Age: 66	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Fund Complex.	108	None

149

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Richard P. Strubel Age: 75	Trustee	Since 1987	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc. (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Fund Complex.	128	None
Roy W. Templin Age: 54	Trustee	Since 2013	Mr. Templin is retired. He is Chairman of the Board of Directors, Con-Way Incorporated (2014-Present); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Fund Complex.	108	Con-Way Incorporated (a transportation, logistics and supply-chain management services company)
Gregory G. Weaver Age: 63	Trustee	Since 2015	Mr. Weaver is retired. Formerly, he was Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Fund Complex.	108	None

150

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 52	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Fund Complex (2001-2007). Trustee — Goldman Sachs Fund Complex (November 2007-Present and December 2002-May 2004).	127	None
Alan A. Shuch Age: 65	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Fund Complex.	108	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2015.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust. By resolution of the Board of Trustees determining that an extension of service would be beneficial to the Trust, the retirement age has been extended with respect to Richard P. Strubel.

³  The Goldman Sachs Fund Complex includes the Trust and Goldman Sachs Variable Insurance Trust (“GSVIT”). As of March 31, 2015, the Trust consisted of 94 portfolios (88 of which offered shares to the public) and GSVIT consisted of 14 portfolios. The Goldman Sachs Fund Complex also includes, with respect to Messrs. Bakhru, Coblentz and Strubel, Goldman Sachs Trust II (“GSTII”), Goldman Sachs BDC, Inc. (“GSBDC”), Goldman Sachs MLP Income Opportunities Fund (“GSMLP”), Goldman Sachs MLP and Energy Renaissance Fund (“GSMER”) and Goldman Sachs ETF Trust (“GSETF”), and with respect to Mr. McNamara, GSTII, GSMLP, GSMER and GSETF. GSTII consisted of six portfolios (two of which offered shares to the public). GSBDC, GSMLP and GSMER each consisted of one portfolio. GSETF consisted of 11 portfolios (none of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

151

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held With the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 52	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Fund Complex (2001-2007). Trustee — Goldman Sachs Fund Complex (November 2007-Present and December 2002-May 2004).
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 37	Secretary	Since 2012	Vice President, Goldman Sachs (August 2006-Present); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Fund Complex (August 2012-Present); and Assistant Secretary — Goldman Sachs Fund Complex (June 2012-August 2012).
Scott M. McHugh 200 West Street New York, NY 10282 Age: 43	Principal Financial Officer, Senior Vice President and Treasurer	Since 2009 (Principal Financial Officer since 2013)	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005); and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Principal Financial Officer — Goldman Sachs Fund Complex (November 2013-Present); Treasurer — Goldman Sachs Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Fund Complex (May 2007-October 2009).

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

¹  Information is provided as of March 31, 2015.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Short Duration and Government Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $1,778,764 as interest-related dividends paid during the year ended March 31, 2015.

152

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.02 trillion in assets under supervision as of March 31, 2015, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Tax-Exempt Funds

n Financial Square Federal Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Limited Maturity Obligations Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Bond Fund²

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund³

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Tollkeeper Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n U.S. Equity Fund⁴

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund⁵

n International Tax-Managed Equity Fund⁵

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n International Small Cap Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n BRIC Fund (Brazil, Russia, India, China)

n N-11 Equity Fund

Select Satellite⁶

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Tactical Tilt Implementation Fund

n Global Managed Beta Fund

Total Portfolio Solutions⁶

n Balanced Strategy Portfolio

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

²  Effective on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

³  Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund.

⁴  Effective April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund.

⁵  Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

⁶  Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

*This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds.

TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Goldman, Sachs & Co. (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of March 31, 2015 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

© 2015 Goldman Sachs. All rights reserved. 162196.MF.MED.TMPL/5/2015/SDFIAR-15/24.5K

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

	2015			2014			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,570,472		$	2,208,710	Financial Statement audits.
Audit-Related Fees:
• PwC		$	0		$	0	Other attest services.
Tax Fees:
• PwC		$	659,410		$	723,485	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2015			2014			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,568,616		$	1,486,420	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2015 and March 31, 2014 were approximately $659,410 and $723,485 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $10.2 million and $9.8 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2014 and 2013 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on June 3, 2010 for its Short Duration and Government Fixed Income Funds.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	June 4, 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:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	June 4, 2015
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 4, 2015