N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2015

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2015
	Multi Sector Fixed Income Funds
	Bond Fund
	Core Fixed Income
	Global Income
	Strategic Income

Goldman Sachs Multi Sector Fixed Income Funds

n BOND FUND

n CORE FIXED INCOME

n GLOBAL INCOME

n STRATEGIC INCOME

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	3
Market Review	4
Portfolio Management Discussions and Performance Summaries	6
Schedules of Investments	28
Financial Statements	104
Financial Highlights	108
Notes to the Financial Statements	116
Other Information	147

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Bond Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. 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. 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 Goldman Sachs Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed 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 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 Goldman Sachs Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Issuers of sovereign debt may be unable or unwilling to repay principal or interest when due. 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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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 may invest heavily in investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Strategic Income Fund invests in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments including, but not limited to: U.S. government securities, non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Investments in mortgage-backed securities are also subject to, among other risks, 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, are less liquid and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. 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. The Fund may invest in loans directly, through loan assignments, or indirectly, by purchasing participations or sub-participations from financial institutions. Indirect purchases 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. 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. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is subject to the risks associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases.

The Investment Adviser will not manage the investment program of the Fund by reference to a benchmark index (i.e., unconstrained). By removing benchmark constraints, the Fund is able to invest across the global fixed income spectrum without regard to sector, quality, maturity or market capitalization limitations, including in asset classes in which more traditional or benchmark-constrained fixed income funds do not typically invest (or do not invest to such an extent). Due to this flexible strategy, the Fund’s risk exposure may vary, and the Fund may underperform traditional fixed income indices. There can be no assurance that the discretionary element of the investment processes of the Investment Adviser will be exercised in a manner that is successful or that is not adverse to the Fund, or that the Fund will outperform more traditional or benchmark-constrained fixed income funds.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

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

n Assess relative value among sectors (such as mortgage-backed and corporate debt securities) and sub-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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

3

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

Shifting expectations about global economic growth and the timing of a potential Federal Reserve (“Fed”) interest rate hike, along with falling commodities prices, appear to have influenced the performance of the global fixed income markets during the six months ended September 30, 2015 (the “Reporting Period”).

When the Reporting Period began in April 2015, the performance of spread, or non-government bond, sectors was mixed. U.S. Treasury yields rose, as U.S. economic data improved, including positive surprises in inflation and retail sales. First quarter 2015 U.S. Gross Domestic Product (“GDP”) was revised upwards from -0.7% to a seasonally adjusted annualized rate of -0.2%. The upward revision stemmed in part from stronger than estimated consumer spending and inventory data. U.S. dollar gains hit a roadblock during the second calendar quarter on uncertainty around the Fed’s plans for raising interest rates in 2015. The Eurozone’s economic progress took a back seat to the seemingly intractable challenges surrounding Greece.

In the third quarter of 2015, spread sectors underperformed U.S. Treasuries as the outlook for the global economy grew cloudy. Investors focused on slowing economic growth in China, the devaluation of the Chinese renminbi and an unexpected increase in market volatility. Oil and commodities prices dropped to new lows, partly because of falling demand from China. Uncertainty about the timing of potential Fed policy tightening became an increasingly key theme. Surprisingly to many, the Fed chose to leave rates unchanged at its September 2015 policy meeting, citing conditions in the global economy. Although the U.S. economy continued to improve, economic growth in other developed countries softened and emerging markets economies broadly weakened. Despite accommodative monetary policies by many global central banks, inflation remained subdued in the world’s major economies.

For the Reporting Period overall, U.S. Treasuries performed strongly, outpacing other fixed income sectors with the exception of asset-backed securities. High yield corporate bonds underperformed U.S. Treasuries the most, followed by investment grade corporate bonds, sovereign emerging market debt and agency securities. Commercial mortgage-backed securities and residential mortgage-backed securities also underperformed U.S. Treasuries, albeit more modestly. The U.S. Treasury yield curve, or spectrum of maturities, steepened during the Reporting Period, as longer-term yields rose more than intermediate-term yields, and shorter-term yields edged down. The yield on the bellwether 10-year U.S. Treasury rose approximately 18 basis points to 2.04%. (A basis point is 1/100^th of a percentage point.)

Looking Ahead

At the end of the Reporting Period, we had not changed our broadly positive view for the global economy, though we did see less cause for optimism. We believe the economic slowdown in the emerging markets is constraining global economic growth overall. Further, in our view, U.S. and European economic momentum is moderating, and Japan is facing stronger headwinds. The risks of policy missteps in China have manifested, in our view, raising the prospect of further volatility in the fixed income markets. Additionally, we think the benefits of lower oil prices are fading, with no end in sight for the downward trend in the commodities markets.

We believed, at the end of the Reporting Period, that the U.S. economy was caught in the cross-currents of domestic strength and global weakness. In our view, the U.S. is likely to

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MARKET REVIEW

benefit from labor market tightening as well as from improvements in the housing market and in retail sales. Risks include tight financial conditions and weak global demand, while production cuts in the energy sector could have an impact on capital expenditures. Although the Fed may yet raise rates in 2015, we believe the odds of a delay are growing.

In the Eurozone, economic growth momentum appears to have flattened. The Syrian refugee crisis seems to have replaced worries about a potential Greek exit as the dominant policy challenge. We think the European Central Bank is likely to expand its quantitative easing in early 2016. In the U.K., we expect economic growth data to remain positive and believe an interest rate hike by the Bank of England in early 2016 is possible. However, we do not expect the U.K. central bank to move before the Fed acts. Japan faces a possible relapse into recession, and we believe the Bank of Japan will probably ease again in the near term. In the emerging markets, economic growth has weakened under the combined pressures of the commodities slump, China’s economic slowdown, U.S. dollar strength and fears of Fed policy tightening.

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PORTFOLIO RESULTS

Goldman Sachs Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 cumulative total returns, without sales charges, of -0.08%, -0.55%, 0.09%, -0.17%, 0.04% and -0.21%, respectively. These returns compare to the -0.47% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.35%. This return compares to the 0.53% cumulative total return of the Barclays Index during the same period.

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

A Tactical management of the Fund’s duration and yield curve positioning strategy contributed positively to relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. 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 top-down currency strategy further boosted the Fund’s relative results. In our currency strategy, positions in several developed market currencies proved beneficial during the Reporting Period, particularly having underweighted positions in the Japanese yen, Canadian dollar and Australian dollar. The currency strategy is primarily implemented via currency forwards. Bottom-up individual issue selection overall added value as well.

Our cross-sector strategy detracted from Fund performance 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.

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

A Implemented via our cross-sector strategy, the Fund’s overweighted exposure to corporate credit detracted from relative results. Credit spreads, or the yield differential between corporate bonds and duration-equivalent U.S. Treasuries, widened during the Reporting Period amidst heavy market volatility. An allocation to tax-exempt Puerto Rican municipal debt also dampened results, as spreads widened due largely to increased concerns about the commonwealth’s ability to meet its debt obligations.

Individual issue selection of structured debt within the corporate credit sector added value. Tactical trades within our government/swaps strategy and selection of U.S. dollar-denominated emerging market debt also contributed positively to relative results. The government/swaps selections strategy is primarily implemented via currency forwards. There were no meaningful detractors from a security selection perspective during the Reporting Period.

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 contributed positively to its results during the Reporting Period. We maintained a short U.S. duration position relative to the Barclays Index during the second quarter of 2015, which helped as government yields rose broadly on stronger economic data and expectations that the

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PORTFOLIO RESULTS

Federal Reserve (the “Fed”) would raise interest rates in 2015. In August 2015, we removed the short U.S. duration position and moved to a rather neutral position relative to the Barclays Index as volatility picked up early in the month. We then shifted to a modestly longer duration position than that of the Barclays Index in September 2015, ahead of the Fed’s meeting, due to tightening financial conditions and our view that the Fed was not likely to raise rates. We maintained a bullish bias regarding the Fed’s monetary policy, but toward the end of the Reporting Period, we returned to a more neutral duration position in the Fund compared to that of the Barclays Index as yields moved lower amid Fed rhetoric indicating its bias toward hiking rates in late 2015. At the end of the Reporting Period, we expected the Fed to raise interest rates either in December 2015 or early in 2016, as international headwinds such as low commodity prices and volatility in Asia skewed risks, in our view, toward a later hike.

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

A As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury futures were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (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); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities to implement our views in the Fund.

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

A As mentioned earlier, we adjusted the Fund’s U.S. duration position during the Reporting Period as market conditions and perceptions around Fed policy shifted.

From a sector perspective, we increased the Fund’s already overweighted exposure to corporate credit on our expectations that global economic growth is likely to improve. We maintained the Fund’s underweighted exposure to agency mortgage-backed securities on our view that valuations within the sector remained unattractive relative to other fixed income sectors amid high prepayment speeds.

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

A At the end of September 2015, the Fund had overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities, high yield corporate bonds and investment grade corporate bonds. The Fund also had modest exposure to municipal bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the Barclays Index in U.S. government securities and, to a lesser extent, in residential mortgage-backed securities. The Fund held rather neutral positions compared to the Barclays Index in quasi-government securities, commercial mortgage-backed securities, covered bonds and emerging market debt. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash at the end of the Reporting Period. The Fund maintained a rather neutral overall duration compared to the Barclays Index at the end of the Reporting Period.

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FUND BASICS

Bond Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.08	%		-0.47	%		1.81	%		1.54	%
Class C		-0.55			-0.47			1.14			0.86
Institutional		0.09			-0.47			2.22			1.94
Service		-0.17			-0.47			1.68			1.39
Class IR		0.04			-0.47			2.13			1.85
Class R		-0.21			-0.47			1.64			1.35
July 31, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class R6		0.35	%		0.53	%		2.17	%		1.90	%

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. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure 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.

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FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Since Inception			Inception Date
Class A		-2.20	%		3.14	%		4.33	%	11/30/06
Class C		-0.17			3.16			3.99		11/30/06
Institutional		1.94			4.30			5.14		11/30/06
Service		1.43			3.79			4.96		6/20/07
Class IR		1.85			4.11			4.88		11/30/07
Class R6		N/A			N/A			0.35		7/31/15
Class R		1.34			3.65			4.40		11/30/07

⁴  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) 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). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, 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		0.79	%		1.12	%
Class C		1.54			1.87
Institutional		0.45			0.78
Service		0.95			1.29
Class IR		0.54			0.87
Class R6		0.43			0.76
Class R		1.04			1.38

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, 2016, 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.

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FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

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

⁸  “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.

⁹  “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.

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PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 cumulative total returns, without sales charges, of -0.61%, -0.97%, -0.44%, -0.68%, -0.49% and -0.73%, respectively. These returns compare to the -0.47% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.29%. This return compares to the 0.53% cumulative total return of the Barclays Index during the same period.

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

A Tactical management of the Fund’s duration and yield curve positioning strategy detracted from relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. 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 top-down currency strategy was the primary positive contributor to Fund performance during the Reporting Period. In our currency strategy, underweighted positions in the euro and Japanese yen and an overweighted position in the U.S. dollar versus the Canadian dollar proved particularly beneficial during the Reporting Period. The currency strategy is primarily implemented via currency forwards. Our country strategy contributed as well, driven by a long European rates strategy. The country strategy is primarily implemented via interest rate swaps and/or futures.

Our top-down cross-sector strategy and our bottom-up individual issue selection overall produced mixed results. 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 Implemented via our cross-sector strategy, the Fund’s underweighted exposure compared to the Barclays Index in emerging market debt, mortgage-backed securities and government/swaps securities contributed positively to relative results. During the Reporting Period, emerging market debt posted weak performance, as sovereign spreads, or yield differentials to U.S. Treasuries, widened on heightened global volatility and the economic slowdown in China. Similarly, agency mortgage-backed securities underperformed the Barclays Index, as mortgage spreads widened in response to increased volatility. In the government/swaps sector, being underweight U.S. Treasuries hurt, as these securities outperformed the Barclays Index amidst a flight to safety. The government/swaps selection strategy is primarily implemented via interest rate swaps and/or futures. Conversely, having an overweighted allocation to corporate bonds detracted from relative results. We maintained the Fund overweight based on our view that there is macroeconomic support for the corporate credit sector. However, during the Reporting Period, investment grade corporate bond spreads widened, and credit overall weakened due to high issuance and heightened global volatility. An overweight to agency securities, which lagged the Barclays Index during the Reporting Period, also detracted from the Fund’s relative results.

Individual issue selection amongst structured products within the corporate credit sector, particularly in the banking and financial industries, contributed positively to relative results. Selection of mortgage-backed security passthroughs and

11

PORTFOLIO RESULTS

tactical trades on the mid- to long-term end of the U.S. dollar curve added value as well. However, individual issue selection among investment grade corporate bonds overall dampened relative performance.

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. We maintained a short U.S. duration position relative to the Barclays Index throughout the Reporting Period based on what we viewed as improving inflation indicators, generally strong economic data releases and our expectation that the Federal Reserve (the “Fed”) would raise rates in either late 2015 or early 2016. That said, we reduced the short position toward the end of the Reporting Period as our view began trending more toward a neutral duration position given our growing expectation that the Fed would postpone raising interest rates due to what proved to be subdued inflation, heightened global volatility and depressed commodity prices. However, the fact that the Fed did not raise rates in September 2015 as we, along with many others, originally expected and because U.S. Treasury yields did not increase in reaction to positive economic data during the summer of 2015, the Fund’s short U.S. duration position hurt performance.

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

A As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and international government bond futures, Eurodollar futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (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); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

A As mentioned earlier, we shifted the Fund’s short U.S. duration position toward a rather neutral stance toward the end of the Reporting Period due to an increase in volatility.

From a sector perspective, we maintained the Fund’s overweighted exposure relative to the Barclays Index to corporate credit. Within the sector, we maintained a modest overweight in the Fund to investment grade credit based on our view that there is a supportive macroeconomic outlook in the developed markets despite the greater global volatility. We also maintained a bias toward lower-rated securities within the intermediate segment of the corporate term structure.

We maintained the Fund’s underweighted exposure to agency mortgage-backed securities during the Reporting Period based on our belief that the sector faces headwinds, including increased supply and reduced demand. However, within the sector, we did maintain a modest overweight in the Fund to agency multi-family mortgage-backed securities.

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

A At the end of September 2015, the Fund had its most overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities and investment grade corporate bonds (with an emphasis on the financials and industrials industries). The Fund also had a more modestly overweighted exposure at the end of the Reporting Period to quasi-government securities. The Fund had its most underweighted exposure relative to the Barclays Index in U.S. government securities. The Fund maintained rather neutral exposures relative to the Barclays Index to commercial mortgage-backed securities, residential mortgage-backed securities, covered bonds, high yield corporate bonds and emerging market debt. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had a sizable position in cash and cash equivalents at the end of September 2015. The Fund maintained a rather neutral overall duration compared to the Barclays Index at the end of the Reporting Period.

12

FUND BASICS

Core Fixed Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.61	%		-0.47	%		1.73	%		1.64	%
Class C		-0.97			-0.47			1.06			0.97
Institutional		-0.44			-0.47			2.13			2.05
Service		-0.68			-0.47			1.64			1.55
Class IR		-0.49			-0.47			2.04			1.96
Class R		-0.73			-0.47			1.55			1.46
July 31, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class R6		0.29	%		0.53	%		2.05	%		1.96	%

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. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure 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.

13

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.90	%		2.37	%		3.39	%		4.75	%	5/1/97
Class C		0.07			2.41			3.02			4.05		8/15/97
Institutional		2.18			3.53			4.14			5.44		1/5/94
Service		1.77			3.01			3.63			4.88		3/13/96
Class IR		2.19			3.44			N/A			3.77		11/30/07
Class R6		N/A			N/A			N/A			0.29		7/31/15
Class R		1.58			2.93			N/A			3.27		11/30/07

⁴  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) 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). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, 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		0.78	%		0.81	%
Class C		1.53			1.56
Institutional		0.44			0.47
Service		0.94			0.97
Class IR		0.53			0.58
Class R6		0.42			0.45
Class R		1.03			1.07

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, 2016, 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.

14

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and 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.

15

PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

The Fund seeks a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs

Global Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 cumulative total returns, without sales charges, of -0.89%, -1.35%, -0.72%, -0.97% and -0.77%, respectively. These returns compare to the -0.91% cumulative total return of the Fund’s benchmark, the Barclays Global Aggregate Bond Index (Gross, USD, hedged) (the “Barclays Index”), during the same time period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 0.17%. This return compares to the 0.32% cumulative total return of the Barclays Index during the same period.

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

A The primary contributor to the Fund’s performance was our country strategy. Within our country strategy, our five-year/ five-year relative value trading, implemented via the use of interest rate swaps, proved most effective. (The strategy looks at various countries, both developed and emerging market, for relative value opportunities.) In particular, the Fund’s exposure to the European interest rate curve proved effective. Such positioning more than offset the detracting impact of positioning in Brazil and the U.S. during the Reporting Period. Additionally, several relative value trades strongly benefited results, especially our long Japanese yen 10-year/20-year position versus short U.S. dollar and euro 10-year/20-year trade and our long euro five-year rates position versus short U.S. 10-year rates trade. The Fund’s long position in Canadian 10-year rates versus short position in U.S. 10-year rates trade also added value. These relative value trades boosted results, as expectations of an interest rate hike in the U.S. were pushed further into the future based on worsening global macroeconomic data. The country strategy is primarily implemented via interest rate swaps and/or futures.

To a more modest degree, our duration strategy also contributed positively to the Fund’s results. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Detracting from the Fund’s performance were our cross-sector and currency strategies. 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. Within our currency strategy, the Fund’s long position in the Mexican peso detracted the most. The Mexican peso depreciated against the U.S. dollar through most of the Reporting Period, partially due to the flight to U.S. dollar safety seen in the wake of August 2015 volatility. The Fund’s long position in the New Zealand dollar also dampened relative results. The currency strategy is primarily implemented via currency forwards.

Individual issue selection produced mixed results during the Reporting Period. These strategies reflect any active views we take on these particular sectors.

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

A The Fund’s overweight to corporate spreads compared to the Barclays Index, implemented via our cross-sector strategy, was the primary detractor from the Fund’s results. In August 2015, increased market volatility drove a broad risk-off sentiment among investors and pushed expectations of an interest rate hike by the Federal Reserve (“Fed”) further out.

16

PORTFOLIO RESULTS

In turn, corporate spreads, or yield differentials to U.S. Treasuries, widened especially dramatically in September 2015. High yield corporate bonds sold off for a fourth consecutive month in September 2015 amidst pressures from increased volatility. An overweight relative to the Barclays Index in commercial mortgage-backed securities also hurt. These detractors were partially offset by the Fund’s underweighted exposure to emerging market debt, which contributed positively.

Individual issue selection within the emerging market debt sector detracted from the Fund’s results during the Reporting Period, owing mostly to the Fund’s overweight to Mexican government debt as well as to positions in Columbia and Indonesia.

Conversely, bottom-up individual issue selection of corporate bonds boosted the Fund’s relative results during the Reporting Period. More specifically, selection of structured products within the corporate bond sector — such as those of Halcyon Loan Advisors or collateralized loan obligations from Shackleton — helped. Specific selection of credits within investment grade utilities and high yield financials contributed positively as well.

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

A The combined effect of the Fund’s duration and yield curve positioning contributed positively to results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. For example, the Fund’s long German duration position, implemented via what are known as Bobl futures contracts, in July 2015 was particularly beneficial to relative results. Detracting somewhat was our shifting from a long U.S. duration position relative to the Barclays Index at the end of March 2015 to a short U.S. duration position relative to the Barclays Index by the end of April 2015 and then to an even shorter relative position in June 2015 before extending duration slightly, though staying shorter than that of the Barclays Index, by the end of the Reporting Period. As mentioned earlier, duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S., Eurozone, U.K. and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Interest rate and credit default swaps were also used as cost-efficient instruments to help grant us greater precision and versatility in the management of active strategies. Forward sales contracts were used to implement currency transactions based on our active views and for hedging purposes. Written option contracts were used to implement active views within our top-down and bottom-up selection strategies and for hedging purposes.

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

A As mentioned earlier, we transitioned from a long U.S. duration position in comparison to that of the Barclays Index to a short U.S. duration position, held for most of the Reporting Period. We made this shift because we felt the market was being too bearish on the U.S. economy and that interest rates were likely to rise sooner than the consensus expected.

Within the investment grade corporate bond sector, we modestly reduced the Fund’s exposure to the financials industry, as we feel this segment is increasingly affected by the idiosyncratic risk of regulation, and increased its exposure to industrials. We moved to an increasingly underweighted allocation to emerging market debt during the

17

PORTFOLIO RESULTS

Reporting Period, as the global macroeconomic environment became of heightened concern to us, especially with the market volatility evident in August 2015. We also reduced the Fund’s exposure to quasi-government securities during the Reporting Period. We increased the Fund’s cash position during the Reporting Period.

From a country perspective, on a market-value weighted basis, we increased the Fund’s exposure relative to the Barclays Index to Japan and the U.S. and decreased its relative weightings in the U.K. and in the Eurozone overall, primarily in Germany.

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

A At the end of September 2015, on a market-value weighted basis, the Fund had overweighted allocations relative to the Barclays Index in asset-backed securities, commercial mortgage-backed securities and investment grade corporate bonds. The Fund had underweighted exposure relative to the Barclays Index in government securities, covered bonds, quasi-government securities and emerging market debt. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund was rather neutrally weighted compared to the Barclays Index in residential mortgage-backed securities and had no position in high yield corporate bonds at the end of the Reporting Period. The Fund also had a notable position in cash at the end of the Reporting Period.

From a country perspective, on a market-value weighted basis, the Fund was overweight relative to the Barclays Index in the U.S. The Fund was underweight compared to the Barclays Index in Japan and the U.K. The Fund was relatively neutrally weighted to the Eurozone overall, but within the region, was overweight Germany and Italy, underweight France and rather neutral to the remaining markets at the end of the Reporting Period. The Fund was also relatively neutrally weighted at the end of the Reporting Period to Australia, Canada, Denmark, Norway and Sweden. The Fund had a modestly shorter duration than the Barclays Index at the end of the Reporting Period.

18

FUND BASICS

Global Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays Global Aggregate Bond (Gross, USD, Hedged) Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.89	%		-0.91	%		0.79	%		0.62	%
Class C		-1.35			-0.91			0.09			-0.09
Institutional		-0.72			-0.91			1.16			0.98
Service		-0.97			-0.91			0.66			0.48
Class IR		-0.77			-0.91			1.07			0.89
July 31, 2015– September 30, 2015	Fund Total Return (based on NAV)1			Barclays Global Aggregate Bond (Gross, USD, Hedged) Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class R6		0.17	%		0.32	%		0.94	%		0.76	%

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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Barclays Global Aggregate Bond (Gross, USD, Hedged) Index, an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include 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.

19

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.42	%		2.52	%		3.64	%		5.32	%	8/2/91
Class C		-0.48			2.53			3.25			3.97		8/15/97
Institutional		1.69			3.67			4.40			5.75		8/1/95
Service		1.11			3.12			3.87			5.45		3/12/97
Class IR		1.52			3.54			N/A			3.68		7/30/10
Class R6		N/A			N/A			N/A			0.17		7/31/15

⁴  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) 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). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, 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		1.03	%		1.18	%
Class C		1.77			1.93
Institutional		0.70			0.84
Service		1.20			1.34
Class IR		0.77			0.90
Class R6		0.68			0.82

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, 2016, 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.

20

FUND BASICS

CURRENCY ALLOCATION6
	Percentage of Net Assets
	as of 9/30/15			as of 3/31/15
U.S. Dollar		50.4	%		50.0	%
Euro		23.3			27.6
Japanese Yen		12.4			11.0
British Pound		4.8			5.8
Canadian Dollar		2.4			3.4
Mexican Peso		2.2			3.5
South Korean Won		0.6			0.8
Australian Dollar		0.4			0.5
South African Rand		0.3			0.4
Danish Krone		0.1			0.2
Polish Zloty		0.1			0.1
Czech Koruna		0.1			0.1

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

21

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 cumulative total returns, without sales charges, of -0.37%, -0.74%, -0.20%, -0.24% and -0.49%, respectively. These returns compare to the 0.14% cumulative total return of the Fund’s benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

Since their inception on July 31, 2015, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of -1.11%. This return compares to the 0.05% cumulative total return of the LIBOR Index during the same period.

We note that the Fund’s benchmark being the LIBOR Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

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

A Detracting most from the Fund’s performance during the Reporting Period was individual issue selection. These strategies reflect any active views we take on these particular sectors.

Within our top-down strategies, our currency and country strategies contributed positively to Fund performance. Within our currency strategy, the Fund benefited most from an underweighted position in a basket of Asian currencies, including the Chinese renminbi, South Korean won and New Taiwan dollar. Within our country strategy, the Fund benefited from long duration positions in Canada and Europe versus a short U.S. duration position.

The Fund’s duration strategy contributed positively, albeit modestly to its performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A Individual issue selection within the corporate bond and municipal debt sectors detracted. Throughout the Reporting Period, the broad corporate bond sector, both investment grade and high yield, experienced significant spread widening, meaning the differential in yields between these sectors and U.S. Treasuries increased. Within the municipal debt sector, exposure to Puerto Rico debt hurt most, as there was significant downward price movement following comments in June 2015 by the commonwealth’s governor indicating that its current debt was unsustainable and there was a need for a debt restructure. At the end of the Reporting Period, the commonwealth was continuing to explore various options to restructure its outstanding debt.

Conversely, individual issue selection within the government/swaps sector contributed positively to the Fund’s performance. In particular, the Fund benefited from its yield curve steepening positions within the sector.

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

A The combined effect of the Fund’s tactical duration and yield curve positioning contributed positively, albeit modestly, to results during the Reporting Period. The Fund particularly benefited from a long duration in European interest rates toward the beginning of the Reporting Period and from a long duration position in U.S. interest rates toward the end of

22

PORTFOLIO RESULTS

the Reporting Period, the latter position being established based on our view that the Federal Reserve (the “Fed”) would not raise interest rates following its September 2015 meeting.

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

A We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S., Eurozone and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, we used written options contracts and swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (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); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. We used total return swaps to manage curve exposure across various strategies within the Fund. Our currency strategy used forward sales contracts to implement long and short views within the strategy.

Both the country strategy and currency strategy employ derivatives to achieve their views. In the country strategy, the Team primarily uses swaps/futures to express relative value trades in the interest rates of two separate countries. The country strategy overall contributed positively to the Fund’s performance. Within the country strategy, the Fund benefited from a long Canadian dollar and euro vs short U.S. rates positions.

In the currency strategy, transactions were carried out primarily using over-the-counter spot and forward foreign exchange contracts as well as by purchasing over-the-counter options. The currency strategy overall contributed positively to the Fund’s performance. Within the currency strategy, the Fund benefited from a short position in a basket of Asian currencies such as the Chinese yuan, Korean won, and New Taiwan dollar.

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

A The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging market fixed income sectors.

During the Reporting Period, we modestly reduced the Fund’s exposure to Puerto Rico municipal debt, as these securities had come under heavy pressure following comments from the commonwealth’s governor. We kept the Fund’s corporate bond exposure relatively modest throughout the Reporting Period based on seasonality, as credit assets have historically performed poorly in the summer months. However, we did add to the Fund’s corporate bond sector position toward the end of the Reporting Period based on what we considered to be attractive valuations. We also slowly increased the Fund’s exposure to securitized products, specifically in Federal Family Education Loan Program (“FFELP”) student loans, as we believe this move represented an opportunity to add what we consider to be high quality cash flows at attractive levels.

Early in the Reporting Period, our country strategy’s largest conviction was that in the long Japan/U.S. versus short U.K./ Europe trade, as we sought to capture the divergence of the respective economies. Following strong performance, we wound down the trade. In June 2015, we pivoted into a long Europe versus short U.K. and U.S. rates position. Within the Fund’s currency strategy, we steadily increased the Fund’s overweighted positions in other developed market currencies versus an underweighted position in a basket of Asian currencies given our concerns surrounding a slowdown in Asian economic growth.

Q How was the Fund positioned at the end of September 2015?

A At the end of September 2015, the Fund had the majority of its total net assets invested in U.S. government securities, followed by collateralized loan obligations, agency and

23

PORTFOLIO RESULTS

non-agency mortgage-backed securities, high yield corporate bonds, emerging market debt, investment grade corporate bonds, quasi-government securities, corporate bank loans and commercial mortgage-backed securities. The Fund also maintained exposure at the end of the Reporting Period to asset-backed securities, municipal bonds and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also had a sizable position in cash at the end of the Reporting Period.

The Fund’s largest duration positions at the end of the Reporting Period were its long duration position in Europe versus its short duration positions in the U.K. and U.S. The Fund had a more modestly long duration position in Canada and a more modestly short duration position in Japan. The Fund had a long duration overall relative to the LIBOR Index at the end of the Reporting Period.

From a currency perspective, the Fund maintained long currency positions in the U.S. dollar and, to a significantly more modest degree, in the Mexican peso and the Chilean peso. The Fund was most short a basket of Asian currencies, including the Chinese renminbi, the South Korean won, the New Taiwan dollar and the Singapore dollar at the end of the Reporting Period. More modestly so, the Fund also had short positions in the euro, the Israeli shekel and the United Arab Emirates dirham at the end of the Reporting Period.

24

FUND BASICS

Strategic Income Fund

as of September 30, 2015

PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)1			BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.37	%		0.14	%		2.53	%		2.53	%
Class C		-0.74			0.14			1.88			1.88
Institutional		-0.20			0.14			2.97			2.97
Class IR		-0.24			0.14			2.88			2.88
Class R		-0.49			0.14			2.38			2.38
July 31, 2015– September 30, 2015	Fund Total Return (based on NAV)1			BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class R6		-1.11	%		0.05	%		2.86	%		2.86	%

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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

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.

25

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 9/30/15	One Year			Five Years			Since Inception			Inception Date
Class A		-7.28	%		2.05	%		2.16	%		6/30/10
Class C		-5.36			2.03			2.14			6/30/10
Institutional		-3.36			3.18			3.26			6/30/10
Class IR		-3.36			3.08			3.16			6/30/10
Class R6		N/A			N/A			-1.11			7/31/15
Class R		-3.94			2.56			2.64			6/30/10

⁴  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) 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, 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		0.91	%		0.91	%
Class C		1.66			1.66
Institutional		0.57			0.57
Class IR		0.66			0.66
Class R6		0.55			0.55
Class R		1.16			1.16

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.

26

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

⁷  “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.

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

⁹  “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.

27

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 28.6%
	Automotive – 0.9%
	Ford Motor Credit Co. LLC
$	2,175,000		5.875	%		08/02/21	$	2,454,503
	General Motors Financial Co., Inc.
	1,050,000		3.500			07/10/19		1,060,119
								3,514,622
	Banks – 6.2%
	American Express Co.(a)(b)
	1,200,000		6.800			09/01/66		1,212,000
	Banco Nacional de Costa Rica(c)
	260,000		6.250			11/01/23		254,475
	Bank of America Corp.
	625,000		4.125			01/22/24		650,176
	575,000		4.000			04/01/24		593,414
	Barclays Bank PLC
	425,000		2.500			02/20/19		432,257
	Compass Bank
	275,000		1.850	(a)		09/29/17		274,215
	475,000		5.500			04/01/20		511,238
	Credit Suisse AG(c)
	250,000		6.500			08/08/23		269,063
	Credit Suisse Group AG(a)(b)(c)
	600,000		7.500			12/18/49		625,500
	Credit Suisse Group Funding Guernsey Ltd.(c)
	775,000		3.750			03/26/25		749,115
	Discover Financial Services(a)
	900,000		3.750			03/04/25		868,039
	HSBC Holdings PLC(a)(b)
	725,000		6.375			03/30/49		691,469
	ING Bank NV(a)(b)
	700,000		4.125			11/21/23		716,483
	ING Groep NV(a)(b)
	775,000		6.000			04/16/49		753,687
	Intesa Sanpaolo SpA
	675,000		2.375			01/13/17		676,930
	950,000		3.875			01/16/18		979,514
	Intesa Sanpaolo SPA(c)
	1,025,000		5.017			06/26/24		1,011,215
	Intesa Sanpaolo SpA(a)(b)(c)
	600,000		7.700			09/17/49		582,700
	JPMorgan Chase & Co.(a)(b)
	1,075,000		5.300			05/01/49		1,056,187
	LBG Capital No.1 PLC(a)(b)(c)
	625,000		8.000			06/15/49		706,250
	Lloyds Bank PLC
	350,000		2.300			11/27/18		353,717
	1,875,000		2.350			09/05/19		1,883,695
	Macquarie Bank Ltd.(c)
	400,000		6.625			04/07/21		448,355
	Nationwide Building Society(c)
	900,000		3.900			07/21/25		920,312
	PNC Preferred Funding Trust II(a)(b)(c)
	800,000		1.560			03/29/49		739,000
	Royal Bank of Scotland PLC(a)(b)
	775,000		7.500			08/10/49		773,303
	Corporate Obligations – (continued)
	Banks – (continued)
	Santander Bank NA
$	325,000		2.000	%(a)		01/12/18	$	322,334
	400,000		8.750			05/30/18		457,651
	Santander UK Group Holdings PLC(c)
	225,000		4.750			09/15/25		222,368
	Sumitomo Mitsui Financial Group, Inc.(c)
	975,000		4.436			04/02/24		1,004,540
	Synchrony Financial(a)
	1,675,000		3.000			08/15/19		1,687,203
	The Bank of Nova Scotia(c)
	200,000		1.650			10/29/15		200,159
	UBS Group Funding Jersey Ltd.(c)
	1,275,000		4.125			09/24/25		1,268,872
								23,895,436
	Brokerage – 0.8%
	Morgan Stanley, Inc.
	325,000		3.875			04/29/24		332,502
	1,875,000		3.700			10/23/24		1,895,137
	175,000		4.000			07/23/25		178,844
	750,000		5.550	(a)(b)		07/15/49		738,750
								3,145,233
	Building Materials(a)(c) – 0.1%
	HD Supply, Inc.
	300,000		5.250			12/15/21		301,875
	Chemicals(a) – 0.4%
	Ashland, Inc.
	575,000		4.750			08/15/22		534,750
	Eastman Chemical Co.
	675,000		3.800			03/15/25		658,728
	LyondellBasell Industries NV
	300,000		5.000			04/15/19		322,801
								1,516,279
	Consumer Products(a) – 0.1%
	Sally Holdings LLC
	125,000		6.875			11/15/19		130,000
	Spectrum Brands, Inc.
	100,000		6.625			11/15/22		106,125
								236,125
	Electric(a) – 0.3%
	Consumers Energy Co.
	850,000		3.950			05/15/43		827,393
	Puget Sound Energy, Inc.(b)
	250,000		6.974			06/01/67		213,437
								1,040,830
	Energy – 1.5%
	Anadarko Petroleum Corp.
	680,000		3.450	(a)(d)		07/15/24		654,439
	325,000		6.450			09/15/36		359,593
	Antero Resources Corp.(a)(c)
	475,000		5.625			06/01/23		415,625

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – (continued)
	Apache Corp.(a)
$	100,000		3.250	%		04/15/22	$	97,349
	650,000		4.250			01/15/44		552,038
	Brazil Minas SPE via State of Minas Gerais
	420,000		5.333			02/15/28		336,000
	Chesapeake Energy Corp.(d)
	425,000		5.750			03/15/23		277,312
	Cimarex Energy Co.(a)
	150,000		4.375			06/01/24		145,875
	ConocoPhillips Co.(a)
	580,000		3.350			11/15/24		567,024
	400,000		4.150			11/15/34		378,140
	Continental Resources, Inc.(a)
	225,000		3.800			06/01/24		183,513
	Devon Energy Corp.(a)
	650,000		3.250			05/15/22		621,497
	200,000		5.600			07/15/41		191,271
	Laredo Petroleum, Inc.(a)
	150,000		6.250			03/15/23		135,000
	Petroleos de Venezuela SA
	120,000		9.000			11/17/21		43,080
	390,000		6.000			05/16/24		126,750
	170,000		6.000			11/15/26		53,780
	70,000		5.375			04/12/27		22,138
	20,000		5.500			04/12/37		6,250
	Valero Energy Corp.
	650,000		3.650			03/15/25		624,290
	Weatherford International Ltd.
	50,000		9.625			03/01/19		53,000
								5,843,964
	Food & Beverage – 0.9%
	ConAgra Foods, Inc.(a)
	925,000		3.200			01/25/23		886,370
	Kraft Heinz Foods Co.(a)(c)
	525,000		2.800			07/02/20		528,988
	775,000		3.950			07/15/25		791,681
	SABMiller Holdings, Inc.(c)
	675,000		4.950			01/15/42		687,053
	Suntory Holdings Ltd.(c)
	550,000		2.550			09/29/19		555,825
								3,449,917
	Food & Drug Retailers(a) – 0.8%
	CVS Health Corp.
	425,000		3.500			07/20/22		438,838
	1,525,000		3.375			08/12/24		1,530,094
	Walgreens Boots Alliance, Inc.
	475,000		2.700			11/18/19		479,989
	750,000		4.800			11/18/44		718,011
								3,166,932
	Gaming – 0.1%
	MGM Resorts International
	475,000		6.750			10/01/20		489,250
	Corporate Obligations – (continued)
	Health Care – Services – 0.6%
	CHS/Community Health Systems, Inc.(a)
$	100,000		8.000	%		11/15/19	$	104,250
	McKesson Corp.(a)
	650,000		2.700			12/15/22		624,746
	UnitedHealth Group, Inc.
	450,000		4.625			07/15/35		476,648
	925,000		4.750			07/15/45		976,542
								2,182,186
	Health Care Products – 0.1%
	Becton Dickinson & Co.
	475,000		2.675			12/15/19		480,266
	Home Construction – 0.2%
	MDC Holdings, Inc.
	500,000		5.625			02/01/20		524,467
	200,000		5.500	(a)		01/15/24		205,743
	300,000		6.000	(a)		01/15/43		242,639
								972,849
	Life Insurance(c) – 0.7%
	Reliance Standard Life Global Funding II
	675,000		2.500			01/15/20		676,030
	Teachers Insurance & Annuity Association of America
	870,000		4.900			09/15/44		894,966
	The Northwestern Mutual Life Insurance Co.
	800,000		6.063			03/30/40		974,165
								2,545,161
	Media – Cable – 0.8%
	CCO Safari II LLC(a)(c)
	925,000		4.908			07/23/25		919,811
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.(a)
	400,000		4.450			04/01/24		410,012
	525,000		3.950			01/15/25		514,171
	Time Warner Cable, Inc.
	375,000		5.000			02/01/20		401,689
	Videotron Ltd.
	825,000		5.000			07/15/22		807,469
								3,053,152
	Media – Non Cable – 1.0%
	21st Century Fox America, Inc.
	1,125,000		4.000			10/01/23		1,155,375
	NBCUniversal Media LLC
	750,000		4.375			04/01/21		818,787
	1,525,000		4.450			01/15/43		1,517,325
	Nielsen Finance LLC/Nielsen Finance Co.(a)
	525,000		4.500			10/01/20		526,312
								4,017,799
	Metals & Mining – 0.4%
	Alcoa, Inc.(a)
	250,000		5.125			10/01/24		238,125
	CITIC Ltd.
	200,000		6.800			01/17/23		226,578

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Metals & Mining – (continued)
	Freeport-McMoRan, Inc.(a)
$	475,000		5.400	%		11/14/34	$	330,125
	Glencore Finance Canada Ltd.(c)
	880,000		2.700			10/25/17		791,560
								1,586,388
	Noncaptive – Financial – 0.6%
	GE Capital Trust I(a)(b)
	458,000		6.375			11/15/67		495,785
	General Electric Capital Corp.
MXN	2,000,000		8.500			04/06/18		128,365
$	200,000		6.150			08/07/37		259,414
	600,000		5.875			01/14/38		756,438
	International Lease Finance Corp.(c)
	200,000		6.750			09/01/16		207,000
	575,000		7.125			09/01/18		631,752
								2,478,754
	Packaging(a) – 0.1%
	Reynolds Group Issuer, Inc.
	575,000		5.750			10/15/20		580,750
	Paper(a)(c) – 0.1%
	Sappi Papier Holding GmbH
	550,000		7.750			07/15/17		574,750
	Pharmaceuticals – 2.4%
	AbbVie, Inc.(a)
	1,250,000		2.500			05/14/20		1,243,181
	450,000		3.200			11/06/22		447,843
	Actavis Funding SCS
	1,125,000		2.350			03/12/18		1,128,968
	275,000		3.450	(a)		03/15/22		271,299
	550,000		4.850	(a)		06/15/44		502,211
	Bayer US Finance LLC(c)
	1,025,000		3.000			10/08/21		1,041,082
	EMD Finance LLC(a)(c)
	1,500,000		2.950			03/19/22		1,482,150
	Endo Ltd./Endo Finance LLC/Endo Finco, Inc.(a)(c)
	500,000		6.000			07/15/23		493,750
	Forest Laboratories, Inc.(c)
	1,050,000		4.375			02/01/19		1,111,338
	425,000		5.000	(a)		12/15/21		461,032
	Valeant Pharmaceuticals International, Inc.(a)(c)
	575,000		6.750			08/15/18		585,063
	150,000		5.875			05/15/23		143,250
	300,000		6.125			04/15/25		285,750
								9,196,917
	Pipelines – 1.2%
	Enbridge, Inc.(a)
	325,000		3.500			06/10/24		288,697
	Energy Transfer Partners LP(a)
	70,000		3.600			02/01/23		63,001
	Enterprise Products Operating LLC(a)(b)
	775,000		8.375			08/01/66		762,406
	375,000		7.034			01/15/68		397,500
	Corporate Obligations – (continued)
	Pipelines – (continued)
	Kinder Morgan, Inc.
$	500		7.750	%		01/15/32	$	508
	1,025,000		5.050	(a)		02/15/46		783,877
	Sunoco Logistics Partners Operations LP(a)
	200,000		4.250			04/01/24		180,927
	TransCanada PipeLines Ltd.(a)(b)
	875,000		6.350			05/15/67		735,000
	Western Gas Partners LP(a)
	525,000		3.950			06/01/25		479,719
	Williams Partners LP(a)
	475,000		3.600			03/15/22		436,070
	625,000		3.900			01/15/25		535,330
								4,663,035
	Property/Casualty Insurance(a) – 0.4%
	American International Group, Inc.
	875,000		3.750			07/10/25		888,317
	The Chubb Corp.(b)
	500,000		6.375			03/29/67		495,000
								1,383,317
	Real Estate Investment Trust – 1.8%
	American Campus Communities Operating Partnership LP(a)
	800,000		3.750			04/15/23		789,200
	ARC Properties Operating Partnership LP(a)
	575,000		3.000			02/06/19		548,389
	CBRE Services, Inc.(a)
	500,000		5.250			03/15/25		510,625
	DDR Corp.
	755,000		7.500			04/01/17		816,686
	Education Realty Operating Partnership LP(a)
	750,000		4.600			12/01/24		749,475
	HCP, Inc.
	525,000		6.000			01/30/17		554,227
	800,000		4.250	(a)		11/15/23		806,392
	Select Income REIT(a)
	125,000		2.850			02/01/18		125,625
	225,000		3.600			02/01/20		229,208
	325,000		4.150			02/01/22		320,483
	Senior Housing Properties Trust(a)
	300,000		3.250			05/01/19		301,650
	Trust F/1401(c)
	300,000		5.250			12/15/24		310,500
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)(c)
	900,000		3.750			09/17/24		885,902
								6,948,362
	Retailers(a) – 0.5%
	Amazon.com, Inc.
	1,650,000		3.300			12/05/21		1,703,119
	Dollar Tree, Inc.(c)
	150,000		5.750			03/01/23		155,438
	Family Tree Escrow LLC(c)
	50,000		5.250			03/01/20		51,500
								1,910,057

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Schools – 0.1%
	Rensselaer Polytechnic Institute
$	350,000		5.600	%		09/01/20	$	399,679
	Technology – 1.2%
	Fiserv, Inc.(a)
	675,000		2.700			06/01/20		680,051
	Hewlett-Packard Co.
	375,000		2.600			09/15/17		386,245
	900,000		2.750			01/14/19		913,421
	Intel Corp.(a)
	1,125,000		3.700			07/29/25		1,154,234
	Oracle Corp.(a)
	775,000		2.500			05/15/22		763,685
	QUALCOMM, Inc.
	200,000		3.000			05/20/22		196,180
	Tech Data Corp.
	400,000		3.750			09/21/17		410,754
								4,504,570
	Tobacco – 1.2%
	BAT International Finance PLC(c)
	1,450,000		3.950			06/15/25		1,508,133
	Reynolds American, Inc.(a)
	3,150,000		4.450			06/12/25		3,300,990
								4,809,123
	Transportation(c) – 0.5%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	500,000		2.875			07/17/18		506,834
	750,000		3.050	(a)		01/09/20		756,622
	525,000		3.375	(a)		02/01/22		513,105
								1,776,561
	Wireless Telecommunications – 0.6%
	American Tower Corp.
	300,000		3.400			02/15/19		307,442
	Crown Castle International Corp.
	575,000		5.250			01/15/23		608,063
	Digicel Ltd.(a)(c)
	800,000		6.750			03/01/23		720,000
	Sprint Communications, Inc.(c)
	550,000		7.000			03/01/20		550,000
								2,185,505
	Wirelines Telecommunications – 2.0%
	Frontier Communications Corp.(a)(c)
	750,000		8.875			09/15/20		736,875
	Telefonica Emisiones SAU
	600,000		5.134			04/27/20		660,350
	Verizon Communications, Inc.
	275,000		2.625			02/21/20		276,350
	1,500,000		4.500			09/15/20		1,622,564
	2,100,000		5.150			09/15/23		2,317,281
	2,200,000		4.150	(a)		03/15/24		2,266,404
								7,879,824
	TOTAL CORPORATE OBLIGATIONS
	(Cost $113,017,876)						$	110,729,468
	Mortgage-Backed Obligations – 34.8%
	Adjustable Rate Non-Agency(b) – 1.1%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	883,992		0.383	%		09/20/66	$	939,590
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
	575,751		0.263			09/20/66		609,066
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(c)
	1,189,260		2.750			04/20/20		1,315,590
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1
$	577,290		0.334			07/25/47		469,759
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1
GBP	152,323		0.971			09/13/45		215,077
	Granite Mortgages PLC Series 2003-3, Class 3A
	18,732		0.964			01/20/44		28,312
	Lehman XS Trust Series 2007-4N, Class 1A1
$	80,581		0.324			03/25/47		79,372
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B
	319,210		1.383			12/25/46		261,673
	Quadrivio Finance Series 2011-1, Class A1
EUR	233,332		0.498			07/25/60		258,911
	TOTAL ADJUSTABLE RATE NON-AGENCY						$	4,177,350
	Collateralized Mortgage Obligations – 4.3%
	Inverse Floaters – 0.3%
	FNMA REMIC Series 2010-126, Class LS(b)
$	1,258,740		4.803	%		11/25/40	$	255,191
	FNMA REMIC Series 2013-96, Class SW(b)
	548,887		5.906			09/25/43		89,004
	FNMA REMIC Series 2015
	1,000,000		6.054			10/01/45		158,218
	FNMA REMIC Series 2015-79
	3,625,000		5.506			10/01/45		485,976
	GNMA REMIC Series 2010-31, Class SA(b)
	819,978		5.534			03/20/40		121,435
	GNMA REMIC Series 2013-113, Class SD(b)
	754,032		6.491			08/16/43		141,739
	GNMA REMIC Series 2015-126, Class HS(b)
	500,000		6.001			09/20/45		92,795
								1,344,358
	Planned Amortization Class – 0.0%
	FNMA REMIC Series 2005-70, Class PA
	122,948		5.500			08/25/35		138,470
	Sequential Fixed Rate – 2.0%
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	1,500,000		4.317			11/25/19		1,656,406
	FHLMC Multifamily Structured Pass-Through Certificates Series K026, Class A2
	2,000,000		2.510			11/25/22		2,028,245
	FHLMC Multifamily Structured Pass-Through Certificates Series K044, Class A2
	1,700,000		2.811			01/25/25		1,720,820

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2011-52, Class GB
$	1,037,826		5.000	%		06/25/41	$	1,150,009
	FNMA REMIC Series 2012-111, Class B
	100,869		7.000			10/25/42		115,309
	FNMA REMIC Series 2012-153, Class B
	249,530		7.000			07/25/42		292,636
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19		635,043
								7,598,468
	Sequential Floating Rate(b) – 2.0%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	225,000		5.794			04/10/49		236,205
	Commercial Mortgage Trust Series 2007-C9, Class A1A
	2,363,795		5.989			12/10/49		2,502,224
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
	1,764,974		0.449			11/25/36		1,008,171
	FHLMC Multifamily Structured Pass-Through Certificates Series K033, Class A2
	1,200,000		3.060			07/25/23		1,254,466
	FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2
	600,000		3.034			10/25/20		631,108
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3
	260,000		3.499			10/25/27		245,293
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ1, Class M3
	300,000		3.999			03/25/25		288,748
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	89,423		1.399			07/25/24		89,141
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1
	54,941		1.699			02/25/25		54,962
	FNMA REMIC Series 2011-63, Class FG
	259,823		0.644			07/25/41		261,485
	FREMF Mortgage Trust Series 2014-K40, Class C(c)
	600,000		4.208			11/25/47		576,973
	FREMF Mortgage Trust Series 2014-K41, Class B(c)
	400,000		3.961			11/25/47		390,224
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		51,924
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		51,425
								7,642,349
	TOTAL COLLATERALIZED MORTGAGE
	OBLIGATIONS							16,723,645
	Federal Agencies – 29.4%
	Adjustable Rate FHLMC(b) – 0.0%
$	81,738		2.300	%		09/01/35	$	87,035
	Mortgage-Backed Obligations – (continued)
	FHLMC – 3.0%
$	12,732		5.000	%		05/01/18	$	13,285
	309,114		6.000			08/01/27		347,369
	32,123		2.500			10/01/29		32,899
	404,855		2.500			01/01/30		414,628
	548,786		2.500			02/01/30		561,262
	29,352		5.000			08/01/33		32,309
	5,598		5.000			09/01/33		6,162
	7,994		5.000			10/01/33		8,799
	4,998		6.000			12/01/33		5,803
	7,000		5.000			11/01/34		7,702
	427,670		5.000			12/01/34		470,563
	11,593		5.000			07/01/35		12,755
	5,544		5.000			11/01/35		6,103
	69,198		6.500			08/01/37		81,369
	179,344		6.500			10/01/37		211,436
	22,331		6.500			09/01/38		25,769
	335,027		6.000			01/01/39		377,038
	314,100		7.000			02/01/39		368,458
	92,325		5.000			03/01/39		101,177
	25,170		5.000			05/01/39		27,583
	48,060		5.000			04/01/40		52,949
	9,124		5.000			08/01/40		10,032
	1,266,576		5.500			08/01/40		1,405,771
	8,277		5.000			04/01/41		9,139
	8,570		5.000			06/01/41		9,426
	6,668,906		3.500			04/01/43		6,960,150
								11,559,936
	FNMA – 11.1%
	918,142		3.070			12/01/17		951,055
	727,151		2.800			03/01/18		752,197
	1,600,000		4.506			06/01/19		1,722,175
	47,702		6.000			06/01/21		51,877
	53,074		5.000			08/01/23		57,796
	27,733		5.500			09/01/23		30,296
	16,993		5.500			10/01/23		18,638
	119,372		5.000			02/01/24		129,100
	521,121		5.500			05/01/25		544,747
	61		6.000			03/01/32		70
	76,627		6.000			12/01/32		87,607
	1,540		5.500			03/01/33		1,730
	133,543		5.500			04/01/33		150,654
	252		6.000			05/01/33		295
	4,044		5.000			08/01/33		4,473
	1,033		5.500			09/01/33		1,160
	33,724		5.500			12/01/33		37,899
	219		6.000			12/01/33		253
	1,407		5.500			02/01/34		1,581
	15,494		6.000			02/01/34		17,711
	2,632		5.500			03/01/34		2,960
	245		5.500			04/01/34		277
	6,707		5.500			09/01/34		7,539
	2,389		5.500			10/01/34		2,696
	8,873		5.500			12/01/34		10,010
	46,363		5.000			04/01/35		51,696
	165		6.000			04/01/35		191

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	7,189		5.500	%		05/01/35		$	8,080
	2,480		5.500			07/01/35			2,788
	556,922		6.000			07/01/35			630,054
	1,654		5.500			09/01/35			1,869
	136,493		6.000			09/01/35			154,417
	5,540		6.000			03/01/36			6,395
	8,798		6.000			04/01/36			10,154
	113		5.500			02/01/37			127
	205		5.500			04/01/37			230
	63		5.500			05/01/37			71
	8,946		5.000			02/01/38			9,849
	17,257		5.500			02/01/38			19,325
	305		5.500			03/01/38			343
	226		5.500			06/01/38			254
	252		5.500			07/01/38			284
	285		5.500			08/01/38			321
	255		5.500			09/01/38			288
	232,125		6.000			11/01/38			265,730
	84		5.500			12/01/38			94
	87,368		6.000			12/01/38			99,967
	38,142		4.500			02/01/39			41,337
	208,119		7.000			03/01/39			237,651
	19,494		4.500			04/01/39			21,484
	4,803		5.500			06/01/39			5,400
	65,558		5.000			07/01/39			72,204
	23,970		4.500			08/01/39			26,436
	882,920		5.000			10/01/39			972,416
	4,279		5.500			11/01/39			4,812
	263,805		4.500			12/01/39			290,937
	312,313		4.500			06/01/40			339,110
	127,875		4.500			08/01/41			139,129
	166,720		5.000			12/01/41			183,867
	537,277		3.000			08/01/42			548,319
	467,330		3.000			09/01/42			477,096
	70,411		3.000			10/01/42			71,907
	248,402		3.000			11/01/42			253,669
	3,027,401		3.000			12/01/42			3,091,061
	2,328,004		3.000			01/01/43			2,377,471
	770,395		3.000			02/01/43			786,886
	417,858		3.000			03/01/43			426,802
	678,862		3.000			04/01/43			693,392
	299,707		3.000			05/01/43			306,123
	81,745		3.000			06/01/43			83,495
	737,183		3.000			07/01/43			752,963
	692,106		5.000			11/01/43			761,544
	117,911		5.000			06/01/44			129,941
	61,239		3.500			02/01/45			63,941
	37,572		3.500			03/01/45			39,230
	858,185		3.000			04/01/45			870,522
	53,358		3.500			07/01/45			55,712
	8,282,120		3.500			08/01/45			8,647,126
	12,831,589		3.500			09/01/45			13,394,349
	1,000,000		3.000			TBA-30yr	(e)		1,013,281
									43,026,936
	Mortgage-Backed Obligations – (continued)
	GNMA – 15.3%
$	191,138		3.950	%		07/15/25		$	208,471
	91,014		5.500			11/15/32			104,152
	57,784		5.500			01/15/33			65,834
	80,963		5.500			02/15/33			92,243
	92,100		5.500			03/15/33			104,932
	88,325		5.500			07/15/33			100,030
	48,318		5.500			08/15/33			55,050
	32,964		5.500			09/15/33			37,556
	43,385		5.500			04/15/34			49,351
	60,710		5.500			05/15/34			69,058
	434,149		5.500			09/15/34			493,847
	358,806		5.500			12/15/34			408,144
	358,083		5.500			01/15/35			404,126
	2,144		5.500			05/15/36			2,433
	38,082		5.000			11/15/40			42,523
	16,466,249		3.500			08/20/45			17,277,984
	997,765		4.000			08/20/45			1,066,556
	1,000,000		3.500			09/20/45			1,049,297
	4,000,000		4.000			09/20/45			4,275,781
	31,000,000		4.000			TBA-30yr	(e)		33,005,233
									58,912,601
	TOTAL FEDERAL AGENCIES							$	113,586,508
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $132,384,294)							$	134,487,503
	Agency Debentures – 2.3%
	FFCB
$	1,400,000		3.500	%		12/20/23		$	1,526,570
	FHLB
	2,400,000		4.625			09/11/20			2,768,069
	1,200,000		3.000			09/10/21			1,284,139
	400,000		5.375			08/15/24			493,800
	FHLMC
	400,000		2.375			01/13/22			412,252
	FNMA
	800,000		6.250			05/15/29			1,113,163
	Tennessee Valley Authority
	1,200,000		3.875			02/15/21			1,329,352
	TOTAL AGENCY DEBENTURES
	(Cost $8,230,383)							$	8,927,345
	Asset-Backed Securities – 13.3%
	Collateralized Loan Obligations – 10.4%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM(b)(c)
$	2,600,000		0.000	%		04/18/24		$	2,501,460
	ACIS CLO Ltd. Series 2013-2A, Class A(b)(c)
	327,832		0.777			10/14/22			323,797
	ACIS CLO Ltd. Series 2013-2A, Class ACOM(b)(c)
	2,286,258		0.000			10/14/22			2,243,962
	Crown Point CLO lll Ltd. Series 2015-3A, Class ACOM(b)(c)
	3,900,000		1.803			12/31/27			3,822,390

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Crown Point CLO lll Ltd. Series 2015-3A, Class B(b)(c)
$	450,000		3.317	%		12/31/27	$	422,548
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM(b)(c)
	1,090,502		1.509			11/21/22		1,076,434
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A(b)(c)
	314,695		0.537			07/31/21		311,870
	Greywolf CLO V Ltd. Series 2015-1A, Class A1(b)(c)
	1,450,000		1.871			04/25/27		1,441,863
	Greywolf CLO V Ltd. Series 2015-1A, Class A2(b)(c)
	300,000		2.671			04/25/27		297,291
	Halcyon Loan Advisors Funding Ltd. Series 2015-1A, Class A(b)(c)
	1,700,000		1.731			04/20/27		1,673,043
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(b)(c)
	2,300,000		1.727			07/25/27		2,266,671
	NewMark Capital Funding CLO Ltd. Series 2013-1A, Class A2(b)(c)
	2,500,000		1.404			06/02/25		2,450,567
	OCP CLO Ltd. Series 2012-2A, Class ACOM(b)(c)
	2,200,000		1.569			11/22/23		2,166,780
	OFSI Fund V Ltd. Series 2013-5A, Class COMB(c)
	1,650,000		1.618			04/17/25		1,606,770
	Red River CLO Ltd. Series 1A, Class A(b)(c)
	652,795		0.548			07/27/18		649,646
	Regatta IV Funding Ltd. Series 2014-1A, Class ACOM(b)(c)
	1,850,000		0.000			07/25/26		1,815,035
	Sound Point CLO Vlll Ltd. Series 2015-1A, Class B(b)(c)
	700,000		2.344			04/15/27		673,139
	SPS Servicer Advance Receivables Trust Series 2015-T1, Class A(c)
	8,700,000		2.530			06/15/45		8,700,000
	Westchester CLO Ltd. Series 2007-1X, Class A1A(b)
	4,085,671		0.503			08/01/22		4,032,235
	York CLO Ltd. Series 2014-1A, Class A(b)(c)
	1,500,000		1.816			01/22/27		1,483,713
								39,959,214
	Home Equity – 0.6%
	Bayview Opportunity Master Fund IIIb RPL Trust Series 2015-3, Class A1(c)(f)
	182,038		3.623			04/28/30		181,440
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2(b)
	7,141		0.994			10/27/32		6,821
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1(b)
	4,121		0.859			10/25/32		3,969
	Bear Stearns Asset Backed Securities Trust Series 2005-SD4, Class 2A1(b)
	65,468		0.999			12/25/42		65,198
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1(b)
	1,460		0.819			01/25/32		1,290
	Asset-Backed Securities – (continued)
	Home Equity – (continued)
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1(b)
$	94,242		7.000	%		09/25/37	$	93,451
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1(b)
	45,256		7.000			09/25/37		45,695
	GSAMP Trust Series 2006-HE8, Class A2C(b)
	1,350,000		0.369			01/25/37		1,090,029
	Home Equity Asset Trust Series 2002-1, Class A4(b)
	257		0.799			11/25/32		227
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3(b)
	1,400,000		0.429			04/25/37		888,181
	Renaissance Home Equity Loan Trust Series 2003-2, Class A(b)
	1,260		1.079			08/25/33		1,185
	Renaissance Home Equity Loan Trust Series 2003-3, Class A(b)
	4,118		0.699			12/25/33		3,967
								2,381,453
	Student Loan(b) – 2.3%
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(c)
	2,198,101		0.994			10/25/56		2,153,824
	Scholar Funding Trust Series 2010-A, Class A(c)
	791,412		1.044			10/28/41		767,178
	SLM Student Loan Trust Series 2005-4, Class A3
	534,453		0.415			01/25/27		507,409
	SLM Student Loan Trust Series 2006-2, Class A5
	4,296,865		0.405			07/25/25		4,267,000
	SLM Student Loan Trust Series 2008-2, Class A3
	411,285		1.045			04/25/23		397,412
	SLM Student Loan Trust Series 2008-4, Class A4
	850,000		1.945			07/25/22		855,920
								8,948,743
	TOTAL ASSET-BACKED SECURITIES
	(Cost $50,796,779)						$	51,289,410
	Foreign Debt Obligations – 3.9%
	Sovereign – 3.7%
	Dominican Republic
DOP	100,000		10.375	%		03/04/22	$	2,232
	300,000		14.500			02/10/23		7,924
$	280,000		6.600	(c)		01/28/24		289,800
	210,000		6.600			01/28/24		217,350
	191,000		8.625			04/20/27		221,082
DOP	100,000		11.375			07/06/29		2,291
$	450,000		6.850			01/27/45		432,562
	Italy Buoni Poliennali Del Tesoro
EUR	2,761,275		2.350			09/15/19		3,366,532
	1,320,000		3.750			05/01/21		1,694,841
	1,080,000		5.500			11/01/22		1,542,690
	Republic of Colombia
$	500,000		8.125			05/21/24		613,750
	200,000		4.500			01/28/26		195,097

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	Republic of Croatia
EUR	150,000		3.875	%		05/30/22	$	167,963
$	270,000		5.500			04/04/23		276,750
	Republic of Indonesia
	320,000		4.125	(c)		01/15/25		301,600
	220,000		7.750			01/17/38		259,050
	Republic of Venezuela
	110,000		7.750			10/13/19		37,675
	70,000		6.000			12/09/20		23,100
	80,000		12.750			08/23/22		34,200
	70,000		9.000			05/07/23		23,975
	880,000		8.250			10/13/24		294,800
	40,000		7.650			04/21/25		13,300
	60,000		11.750			10/21/26		23,100
	40,000		9.250	(d)		09/15/27		15,500
	250,000		9.250			05/07/28		83,750
	130,000		11.950			08/05/31		50,700
	60,000		9.375			01/13/34		20,700
	50,000		7.000			03/31/38		16,125
	Spain Government Bond(c)
EUR	1,140,000		5.500			04/30/21		1,578,333
	United Mexican States
MXN	2,128,400		6.500			06/10/21		131,938
$	530,000		3.625			03/15/22		534,770
MXN	186,400		8.000			12/07/23		12,442
	4,356,000		7.500			06/03/27		281,298
	1,065,300		8.500			05/31/29		74,501
	3,616,300		7.750			11/23/34		237,456
$	20,000		6.050			01/11/40		21,900
	700,000		4.750			03/08/44		638,750
	90,000		5.550			01/21/45		92,250
	480,000		4.600			01/23/46		427,200
								14,259,277
	Supranational – 0.2%
	Inter-American Development Bank
	700,000		1.000			02/27/18		695,900
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $15,396,805)						$	14,955,177
	Structured Note – 0.2%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	4,426,754		6.000	%		08/15/40	$	947,418
	(Cost $2,484,742)
	Municipal Debt Obligations – 1.4%
	California – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	302,484
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		749,162
	Municipal Debt Obligations – (continued)
	California – (continued)
	East Bay Municipal Utility District Water System RB Build America Series 2010
$	900,000		5.874	%		06/01/40	$	1,126,053
								2,177,699
	Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010
	500,000		7.350			07/01/35		538,625
	Illinois State GO Bonds Taxable-Pension Series 2003
	115,000		5.100			06/01/33		107,732
								646,357
	Ohio – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		298,015
	Puerto Rico – 0.6%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	30,000		6.000			07/01/38		20,888
	45,000		6.000			07/01/44		31,163
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	120,000		5.500			07/01/28		83,250
	20,000		5.750			07/01/37		13,725
	35,000		6.000			07/01/47		24,150
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	20,000		5.000			07/01/33		13,550
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750			07/01/41		6,500
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	15,000		5.500			07/01/32		9,769
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	10,000		5.750			07/01/38		6,500
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	1,060,000		5.750			07/01/28		696,961
	170,000		5.000			07/01/41		109,225
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	15,000		5.250			07/01/37		9,675
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250			07/01/27		6,550
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C(g)
	15,000		0.000			08/01/37		1,481
	15,000		0.000			08/01/38		1,390
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	105,000		5.250			08/01/27		45,019
	325,000		0.000	(g)		08/01/32		132,057
	95,000		5.750			08/01/37		40,137

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A – (continued)
$	15,000		6.375	%		08/01/39	$	6,394
	235,000		6.000			08/01/42		99,287
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	50,000		6.250	(g)		08/01/33		15,377
	55,000		5.375			08/01/39		23,169
	550,000		5.500			08/01/42		231,687
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	15,000		5.375			08/01/38		6,319
	290,000		6.000			08/01/39		122,525
	935,000		5.250			08/01/41		393,869
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	370,000		5.000			08/01/43		155,862
	50,000		5.250			08/01/43		21,063
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	95,000		5.500			08/01/28		40,969
								2,368,511
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $6,083,236)						$	5,490,582
	Government Guarantee Obligations – 2.6%
	Hashemite Kingdom of Jordan Government AID Bond(h)
$	1,600,000		2.503	%		10/30/20	$	1,665,928
	Israel Government AID Bond(h)
	2,000,000		5.500			09/18/23		2,463,782
	300,000		5.500			12/04/23		370,521
	650,000		5.500			04/26/24		802,949
	40,000		5.500			09/18/33		52,839
	Kreditanstalt fuer Wiederaufbau(i)
	4,500,000		1.125			08/06/18		4,508,995
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $9,739,018)						$	9,865,014
	U.S. Treasury Obligations – 17.6%
	United States Treasury Bill(g)
$	32,500,000		0.000	%		03/24/16	$	32,492,100
	United States Treasury Bonds
	7,600,000		3.750	(j)		11/15/43		8,949,456
	3,500,000		3.625	(j)		02/15/44		4,025,350
	4,100,000		2.875			08/15/45		4,097,458
	United States Treasury Inflation Protected Securities
	1,381,788		2.625			07/15/17		1,448,073
	1,370,759		0.125			01/15/22		1,338,423
	846,046		0.375			07/15/23		832,695
	1,667,180		0.625			01/15/24		1,661,445
	552,800		0.125			07/15/24		528,266
	U.S. Treasury Obligations – (continued)
	United States Treasury Inflation Protected Securities – (continued)
$	352,230		0.375	%		07/15/25	$	343,424
	2,785,280		1.375			02/15/44		2,833,159
	United States Treasury Notes
	5,000,000		2.250			04/30/21		5,190,450
	3,400,000		2.000			05/31/21		3,481,702
	100,000		1.875			05/31/22		100,962
	900,000		1.750			09/30/22		899,649
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $67,436,336)						$	68,222,612

Shares	Rate			Value
Investment Company(k) – 0.0%
Goldman Sachs Financial Square Government Fund – FST Shares
405		0.006	%	$	405
(Cost $405)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS AND REVERSE REPURCHASE AGREEMENTS
(Cost $405,569,874)				$	404,914,934

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment – 0.8%
	Commercial Paper – 0.8%
	Barclays Bank PLC
$	3,250,000		0.889	%		04/13/16	$	3,250,000
	(Cost $3,250,000)
	TOTAL INVESTMENTS – 105.5%
	(Cost $408,819,874)						$	408,164,934

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
	Reverse Repurchase Agreements – (0.3)%
	Citigroup Reverse Repurchase Agreement
$	(307,062	)		0.875	%		08/25/16	$	(307,062	)
	Royal Bank of Canada Reverse Repurchase Agreement
	(690,200	)		1.500			05/07/16		(690,200	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(997,262))							$	(997,262	)
	OTHER LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.2)%								(20,291,260	)
	NET ASSETS – 100.0%							$	386,876,412

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

GOLDMAN SACHS BOND FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(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 $73,733,270, which represents approximately 19.1% of net assets as of September 30, 2015.
(d)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2015, the value of securities pledged amounted to $931,751.
(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 $34,018,514 which represents approximately 8.8% of net assets as of September 30, 2015.
(f)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2015.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,356,019, which represents approximately 1.4% of net assets as of September 30, 2015.
(i)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $4,508,995, which represents approximately 1.2% of net assets as of September 30, 2015.
(j)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)	Represents an Affiliated Fund.

Currency Abbreviations:
AED	—United Arab Emirates Dirham
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
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
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
FREMF	—Freddie Mac Multi Family
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit
SPA	—Stand-by Purchase Agreement
STIBOR	—Stockholm Interbank Offered Rate

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	CAD	2,489,727	EUR	1,666,495	$	1,865,057		12/16/15	$	396
	USD	469,504	MXN	7,457,361		441,100		10/01/15		28,404
Barclays Bank PLC	BRL	1,463,737	USD	356,000		368,924		10/02/15		12,924
	INR	22,209,143	USD	336,757		337,674		10/19/15		917
	USD	414,426	MXN	6,970,605		411,411		10/26/15		3,015
	USD	353,000	TRY	1,076,216		347,246		12/16/15		5,754
	USD	361,009	TWD	11,750,849		356,584		10/02/15		4,425
	USD	335,191	TWD	10,925,561		330,257		10/26/15		4,934
	ZAR	4,093,671	USD	288,789		291,295		12/17/15		2,506
BNP Paribas SA	EUR	317,000	PLN	1,345,087		354,695		12/16/15		1,534
	USD	367,285	GBP	237,747		359,540		12/16/15		7,746
	USD	883,372	TWD	29,230,782		883,105		11/30/15		267
Citibank NA (London)	JPY	85,499,527	USD	711,000		713,699		12/16/15		2,699
	USD	357,379	CNH	2,337,005		357,023		09/01/16		356
	USD	11,481,981	EUR	10,205,435		11,409,977		11/06/15		72,004
	USD	356,087	EUR	315,000		352,457		12/16/15		3,630
	USD	1,366,045	GBP	869,501		1,315,279		10/08/15		50,766
	USD	476,014	KRW	562,829,612		474,698		10/05/15		1,316
	USD	824,022	KRW	978,691,112		823,878		12/04/15		144
	USD	883,193	SGD	1,253,825		878,787		12/16/15		4,406
Credit Suisse International (London)	COP	1,142,305,744	USD	365,421		368,672		10/29/15		3,251
	GBP	468,977	EUR	633,000		709,224		12/16/15		953
	USD	1,685,854	CAD	2,232,526		1,672,388		12/16/15		13,466
Deutsche Bank AG (London)	BRL	4,253,000	USD	1,063,011		1,071,937		10/02/15		8,926
	HUF	144,586,643	USD	513,010		515,293		12/16/15		2,283
	ILS	1,398,514	USD	355,000		356,497		10/02/15		1,497
	ILS	1,398,514	USD	355,775		356,888		12/16/15		1,114
	TWD	23,248,769	USD	703,868		705,493		10/02/15		1,625
	USD	970,413	ILS	3,757,537		958,889		12/16/15		11,524
	USD	438,637	MXN	6,960,068		411,191		10/15/15		27,446
	USD	428,634	MXN	6,932,465		409,051		10/29/15		19,583
	USD	354,000	SGD	496,085		347,699		12/16/15		6,301
	USD	354,000	TWD	11,497,920		348,909		10/02/15		5,091
HSBC Bank PLC	PHP	15,463,751	USD	327,691		330,536		10/19/15		2,844
	RUB	40,101,823	USD	602,808		607,540		10/21/15		4,732
	TRY	1,104,476	USD	356,000		356,364		12/16/15		364
	USD	353,000	BRL	1,358,907		342,502		10/02/15		10,498
	USD	979,573	ILS	3,816,513		973,939		12/16/15		5,633
	USD	354,000	TWD	11,456,219		347,226		10/05/15		6,774
	USD	310,040	TWD	10,038,474		303,652		10/19/15		6,388
JPMorgan Securities, Inc.	CNH	4,601,358	USD	710,000		716,209		12/16/15		6,209
	HUF	141,047,564	USD	501,520		502,680		12/16/15		1,160
	INR	23,739,326	USD	358,871		360,030		11/03/15		1,159
	JPY	85,465,399	USD	711,000		713,414		12/16/15		2,414
	KRW	847,135,241	USD	710,624		714,615		10/02/15		3,991
	RUB	35,041,393	USD	528,885		530,875		10/21/15		1,990
	SEK	4,392,053	EUR	466,639		525,727		12/16/15		3,599
	USD	851,000	BRL	3,412,238		850,333		11/04/15		667
	USD	582,389	CAD	772,000		578,373		11/12/15		4,015

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	1,624,842	CAD	2,148,593	$	1,609,513		12/16/15	$	15,328
	USD	361,292	KRW	427,893,041		360,956		10/02/15		336
	USD	407,359	MXN	6,339,733		374,993		10/01/15		32,367
	USD	200,302	TWD	6,611,977		199,754		12/04/15		549
Morgan Stanley & Co. International PLC	BRL	4,995,046	USD	1,246,307		1,258,963		10/02/15		12,656
	USD	710,000	BRL	2,759,447		695,497		10/02/15		14,503
Royal Bank of Canada	USD	1,604,195	BRL	5,313,707		1,339,280		10/02/15		264,915
	USD	262,759	MXN	4,073,947		240,972		10/01/15		21,787
Royal Bank of Scotland PLC	CLP	627,802,845	USD	898,000		899,749		10/26/15		1,749
	COP	1,349,583,150	USD	428,435		436,826		10/05/15		8,390
	EUR	319,000	GBP	233,800		356,933		12/16/15		3,363
	TRY	1,106,441	USD	356,000		356,998		12/16/15		998
	USD	706,000	TRY	2,173,470		701,281		12/16/15		4,719
Standard Chartered Bank	CNH	4,615,608	USD	712,000		718,426		12/16/15		6,426
	COP	1,182,225,446	USD	365,561		382,784		10/02/15		17,222
	USD	708,000	CNH	4,531,561		705,344		12/16/15		2,656
	USD	354,000	KRW	415,861,500		350,743		10/05/15		3,257
	USD	356,000	KRW	419,316,736		353,408		10/23/15		2,592
State Street Bank and Trust	SEK	2,141,041	EUR	227,877		256,282		12/16/15		1,308
	USD	1,422,000	JPY	169,602,412		1,415,740		12/16/15		6,260
UBS AG (London)	BRL	4,686,171	USD	1,122,840		1,167,798		11/04/15		44,958
	EUR	636,000	GBP	460,428		711,628		12/16/15		15,332
	EUR	318,000	HUF	99,705,720		355,814		12/16/15		472
	EUR	318,000	USD	355,745		355,814		12/16/15		69
	INR	25,184,337	USD	377,237		382,910		10/19/15		5,673
	USD	892,307	BRL	3,454,775		870,750		10/02/15		21,557
	USD	949,335	CAD	1,259,193		943,263		12/16/15		6,072
	USD	354,000	KRW	419,242,200		353,659		10/02/15		341
	USD	354,000	KRW	413,195,526		348,274		10/21/15		5,726
Westpac Banking Corp.	NZD	564,000	USD	351,964		358,557		12/16/15		6,592
	USD	4,696,611	EUR	4,158,167		4,652,623		12/16/15		43,988
	USD	765,077	TWD	25,060,109		759,545		10/05/15		5,531
TOTAL									$	951,332

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	CLP	191,041,450	USD	277,354	$	273,901		10/22/15	$	(3,453	)
	EUR	312,000	USD	356,035		349,101		12/16/15		(6,934	)
	MXN	24,116,839	USD	1,429,824		1,423,396		10/26/15		(6,428	)
	MXN	23,307,937	USD	1,380,270		1,370,234		12/16/15		(10,036	)
	PLN	1,341,046	EUR	317,000		352,100		12/16/15		(2,595	)
	PLN	1,263,548	USD	334,387		331,753		12/16/15		(2,634	)
	USD	707,894	AUD	1,019,000		712,271		12/16/15		(4,377	)
Barclays Bank PLC	GBP	92,217	USD	142,175		139,458		12/16/15		(2,716	)
	USD	1,149,706	CNH	7,657,044		1,169,761		09/01/16		(20,055	)
	USD	356,000	INR	23,645,378		359,511		10/19/15		(3,511	)
	ZAR	4,876,290	USD	354,000		346,984		12/17/15		(7,016	)
BNP Paribas SA	GBP	145,529	USD	227,515		220,081		12/16/15		(7,434	)
	PLN	1,266,767	USD	335,827		332,598		12/16/15		(3,229	)

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Citibank NA (London)	CLP	353,882,000	USD	513,617	$	507,815		10/13/15	$	(5,802	)
	COP	1,742,901,300	USD	567,000		562,714		10/26/15		(4,286	)
	EUR	382,000	USD	427,150		427,087		11/06/15		(63	)
	EUR	317,000	USD	356,875		354,695		12/16/15		(2,180	)
	GBP	691,000	USD	1,085,608		1,045,264		10/08/15		(40,344	)
	GBP	379,920	USD	586,545		574,545		12/16/15		(12,000	)
	HUF	140,215,382	USD	500,510		499,714		12/16/15		(796	)
	KRW	978,691,112	USD	825,760		825,442		10/05/15		(318	)
	TWD	6,843,701	USD	210,252		207,425		10/05/15		(2,827	)
	USD	2,667,000	AED	9,829,052		2,670,064		08/11/16		(3,064	)
	USD	1,069,326	CNH	6,915,649		1,076,431		12/16/15		(7,105	)
	USD	355,000	ZAR	5,000,779		355,843		12/17/15		(843	)
Credit Suisse International (London)	USD	712,000	RUB	47,710,550		722,812		10/21/15		(10,812	)
Deutsche Bank AG (London)	MXN	23,450,196	USD	1,388,572		1,378,597		12/16/15		(9,974	)
	USD	1,051,461	BRL	4,253,000		1,059,851		11/04/15		(8,391	)
	USD	1,426,777	CNH	9,472,328		1,447,081		09/01/16		(20,304	)
	USD	413,000	INR	27,351,850		415,866		10/19/15		(2,866	)
	USD	354,000	INR	23,528,008		356,826		11/03/15		(2,826	)
	USD	330,016	SEK	2,805,000		335,169		10/06/15		(5,153	)
	USD	355,000	SGD	509,130		356,842		12/16/15		(1,842	)
	USD	701,638	TWD	23,248,769		702,380		11/30/15		(742	)
HSBC Bank PLC	BRL	2,900,657	USD	737,619		731,089		10/02/15		(6,530	)
	TRY	1,086,585	USD	354,000		350,592		12/16/15		(3,408	)
	USD	355,000	BRL	1,416,194		356,941		10/02/15		(1,941	)
	USD	355,000	TRY	1,114,625		359,639		12/16/15		(4,639	)
	USD	1,064,000	CNH	7,019,097		1,072,303		09/01/16		(8,303	)
	ZAR	4,962,654	USD	356,000		353,130		12/17/15		(2,870	)
JPMorgan Securities, Inc.	CAD	739,192	USD	557,639		553,794		11/12/15		(3,845	)
	CAD	1,388,460	USD	1,064,000		1,040,096		12/16/15		(23,904	)
	EUR	625,000	USD	711,103		699,320		12/16/15		(11,783	)
	MXN	5,999,129	USD	353,000		352,679		12/16/15		(321	)
	TWD	29,672,627	USD	909,850		899,346		10/05/15		(10,504	)
	USD	709,000	CNH	4,661,516		712,137		09/01/16		(3,137	)
	USD	709,719	KRW	847,135,241		713,760		11/02/15		(4,041	)
	USD	355,000	TRY	1,106,130		356,898		12/16/15		(1,898	)
Morgan Stanley & Co. International PLC	BRL	2,655,981	USD	691,096		669,420		10/02/15		(21,676	)
	EUR	635,000	USD	712,691		710,509		12/16/15		(2,182	)
	MXN	5,835,521	USD	352,631		343,060		12/16/15		(9,571	)
	USD	214,263	BRL	896,502		223,409		11/04/15		(9,146	)
	USD	708,564	TRY	2,220,109		716,329		12/16/15		(7,764	)
Royal Bank of Canada	BRL	1,385,945	USD	354,000		349,317		10/02/15		(4,683	)
	CAD	1,403,548	USD	1,064,000		1,051,400		12/16/15		(12,600	)
	MXN	23,359,695	USD	1,377,341		1,373,277		12/16/15		(4,064	)
	USD	1,044,431	MXN	17,871,041		1,054,764		10/26/15		(10,333	)
	USD	356,000	MXN	6,186,835		363,714		12/16/15		(7,714	)
Royal Bank of Scotland PLC	CLP	244,706,814	USD	355,000		351,150		10/13/15		(3,850	)
	GBP	467,182	EUR	635,000		706,510		12/16/15		(3,999	)
	HUF	140,267,961	USD	500,546		499,902		12/16/15		(644	)
	MXN	23,724,364	USD	1,419,000		1,394,715		12/16/15		(24,285	)
	USD	118,581	COP	366,625,746		118,667		10/05/15		(87	)
	USD	992,442	ILS	3,892,555		993,345		12/16/15		(903	)

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Royal Bank of Scotland PLC (continued)	USD	356,000	MXN	6,178,935	$	363,249		12/16/15	$	(7,249	)
	USD	355,000	TRY	1,112,393		358,919		12/16/15		(3,919	)
Standard Chartered Bank	NZD	1,102,000	USD	705,736		700,584		12/16/15		(5,152	)
	TWD	19,398,573	USD	596,613		586,784		10/19/15		(9,829	)
	USD	356,000	CNH	2,299,376		357,901		12/16/15		(1,901	)
	USD	356,000	CNH	2,371,494		362,292		09/01/16		(6,292	)
	USD	882,339	SGD	1,262,804		885,080		12/16/15		(2,741	)
	USD	356,000	TWD	11,860,407		358,410		10/29/15		(2,410	)
	ZAR	4,758,711	USD	355,000		338,618		12/17/15		(16,382	)
State Street Bank and Trust	AUD	497,000	USD	353,953		347,398		12/16/15		(6,555	)
	CAD	1,624,469	EUR	1,095,815		1,216,892		12/16/15		(9,229	)
	EUR	493,737	USD	559,459		552,449		12/16/15		(7,010	)
UBS AG (London)	BRL	1,334,835	USD	354,000		336,435		10/02/15		(17,565	)
	MXN	23,983,193	USD	1,422,702		1,409,931		12/16/15		(12,770	)
	USD	1,136,041	BRL	4,686,171		1,181,114		10/02/15		(45,073	)
	USD	1,096,771	CNH	7,158,074		1,114,165		12/16/15		(17,394	)
Westpac Banking Corp.	AUD	983,000	USD	704,369		687,108		12/16/15		(17,261	)
	CAD	466,918	USD	355,000		349,769		12/16/15		(5,231	)
	GBP	234,918	EUR	319,000		355,262		12/16/15		(1,671	)
	USD	1,699,782	CNH	11,076,632		1,724,094		12/16/15		(24,312	)
	USD	710,000	CNH	4,661,061		712,067		09/01/16		(2,067	)
	USD	542,124	KRW	645,957,346		544,156		11/09/15		(2,031	)
	USD	1,959,549	NZD	3,127,771		1,988,445		12/16/15		(28,896	)
TOTAL									$	(686,521	)

FORWARD SALES CONTRACTS — At September 30, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FHLMC		3.500	%	TBA-30yr		10/14/15	$	(6,000,000	)	$	(6,241,875	)
FNMA		3.500		TBA-30yr		10/14/15		(10,000,000	)		(10,429,688	)
GNMA		3.500		TBA-30yr		10/21/15		(6,000,000	)		(6,285,000	)
TOTAL (Proceeds Receivable: $22,791,562)										$	(22,956,563	)

(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 September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date		Current Value			Unrealized Gain (Loss)
Australian 10 Year Government Bonds		33			December 2015	$	2,997,548		$	34,278
Ultra Long U.S. Treasury Bonds		113			December 2015		18,125,906			178,950
5 Year German Euro-Bobl		(20	)		December 2015		(2,883,338	)		(9,863	)
10 Year German Euro-Bund		(3	)		December 2015		(523,580	)		(9,592	)
2 Year U.S. Treasury Notes		251			December 2015		54,976,844			73,113
5 Year U.S. Treasury Notes		284			December 2015		34,226,438			221,826
10 Year U.S. Treasury Notes		107			December 2015		13,774,578			92,685
20 Year U.S. Treasury Bonds		(137	)		December 2015		(21,556,094	)		(277,198	)
TOTAL									$	304,199

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 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	MYR	380			08/14/23	3 month KLIBOR	4.485%	$	1,954
	KRW	7,233,360	(b)		10/01/25	3 month KWCDC	2.160		—
Citibank NA		1,102,660			10/06/17	2.239%	3 month KWCDC		15,095
	MYR	1,220			11/19/18	3 month KLIBOR	3.915		3,674
	KRW	2,257,900			08/08/23	3 month KWCDC	3.450		(242,200	)
		231,040			08/16/23	3 month KWCDC	3.485		(25,275	)
	MYR	775			11/15/23	3 month KLIBOR	4.450		4,727
Deutsche Bank AG	KRW	765,310			10/06/17	2.245	3 month KWCDC		10,568
		3,978,210			10/15/17	2.253	3 month KWCDC		55,285
	MYR	1,100			11/14/18	3 month KLIBOR	3.880		3,549
		330			08/14/23	3 month KLIBOR	4.490		1,672
JPMorgan Securities, Inc.	BRL	55,670			01/04/21	15.630	1 month Brazilian Interbank Deposit Average		80,629
	KRW	291,170			08/19/23	3 month KWCDC	3.563		(33,360	)
	MYR	420			09/26/23	3 month KLIBOR	4.330		3,306
	KRW	133,720			01/15/24	3 month KWCDC	3.445		(15,015	)
Morgan Stanley & Co. International PLC		1,213,740			10/29/17	2.175	3 month KWCDC		15,096
	MYR	1,440			11/20/18	3 month KLIBOR	3.934		4,178
	KRW	225,810			08/16/23	3 month KWCDC	3.485		(24,721	)
TOTAL								$	(140,838	)

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

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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)
CAD	12,500	(b)	12/16/20	1.250%	6 month CDOR	$	16,707		$	(2,735	)
NOK	18,210		12/16/20	1.500	3 month NIBOR		4,678			15,254
$	1,930	(b)	12/16/20	3 month LIBOR	2.000%		(23,897	)		(25,145	)
SEK	96,180	(b)	12/16/20	3 month STIBOR	0.500		32,783			7,069
EUR	2,800	(b)	12/16/20	6 month EURO	0.500		(15,710	)		(1,943	)
$	38,100	(b)	06/24/21	2.923	3 month LIBOR		(12,826	)		506,548
	42,130		09/02/22	2.810	3 month LIBOR		63,578			167,290
	13,900	(b)	12/16/22	3 month LIBOR	2.250		(205,282	)		(237,302	)
EUR	1,610	(b)	12/16/22	6 month EURO	0.500		37,226			(17,732	)
	9,020		05/15/24	1.100	6 month EURO		(83,575	)		331,906
	20,260		05/11/25	1.568	6 month EURO		(232,847	)		284,827
	11,205	(b)	06/08/25	1.850	6 month EURO		(62,409	)		251,519
	1,580	(b)	07/10/25	1.700	6 month EURO		(45,489	)		57,713
	5,305		09/16/25	2.000	6 month EURO		(87,156	)		202,275
GBP	3,905		09/16/25	6 month BP	2.750		(55,499	)		(76,592	)
EUR	530	(b)	09/28/25	1.500	6 month EURO		(2,356	)		(577	)

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	410	(b)	09/28/25	2.750%	3 month LIBOR	$	(1,304	)	$	2,385
GBP	640		09/28/25	6 month BP	2.250%		1,100			(842	)
ZAR	21,010		09/28/25	9.370	3 month JIBAR		18			5,571
JPY	30,700	(b)	12/16/25	0.500	6 month JYOR		(1,430	)		681
EUR	36,135	(b)	12/16/25	0.750	6 month EURO		(1,138,914	)		138,859
JPY	850,200	(b)	12/16/25	1.000	6 month JYOR		(56,633	)		6,404
EUR	11,130	(b)	12/16/25	1.500	6 month EURO		(210,465	)		123,187
GBP	760	(b)	12/16/25	2.000	6 month BP		2,548			13,082
$	21,450	(b)	12/16/25	3 month LIBOR	2.500		(356,469	)		(507,561	)
	9,460	(b)	12/16/25	3 month LIBOR	3.000		(71,608	)		(46,815	)
NZD	510		12/16/25	3 month NZDOR	3.750		(2,296	)		(3,808	)
	1,590	(b)	12/16/25	3 month NZDOR	4.000		6,774			(3,800	)
SEK	41,410		12/16/25	3 month STIBOR	1.500		(38,801	)		(1,169	)
AUD	5,530	(b)	12/16/25	3.000	6 month AUDOR		(10,388	)		42,799
	5,250		12/16/25	6 month AUDOR	3.500		7,859			(10,839	)
GBP	3,890	(b)	12/16/25	6 month BP	2.750		(106,414	)		(20,363	)
CAD	4,890	(b)	12/16/25	6 month CDOR	2.500		74,871			(46,007	)
$	9,800	(b)	06/24/29	3 month LIBOR	3.218		33,549			(460,809	)
EUR	5,815	(b)	06/08/30	6 month EURO	2.100		(48,391	)		(115,998	)
$	9,880	(b)	09/02/30	3 month LIBOR	3.005		(14,479	)		(140,727	)
	11,800		12/16/30	2.500	3 month LIBOR		(88,441	)		349,208
EUR	3,640	(b)	12/16/30	6 month EURO	1.000		237,145			(30,407	)
	7,620		05/11/35	6 month EURO	1.695		29,352			190,331
GBP	3,990	(b)	12/16/45	6 month BP	2.250		(140,704	)		(99,860	)
	TOTAL					$	(2,565,595	)	$	845,877

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(c)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China 7.500% 10/28/27	$	60		(1.000	)%		06/20/19		0.965	%	$	(266	)	$	173
			40		(1.000	)		06/20/19		0.965			(198	)		136
Barclays Bank PLC			270		(1.000	)		03/20/19		0.904			(730	)		(226	)
Citibank NA			250		(1.000	)		03/20/19		0.904			(588	)		(297	)
			2,830		(1.000	)		03/20/19		0.904			(9,394	)		(626	)
JPMorgan Securities, Inc.			270		(1.000	)		03/20/19		0.904			(658	)		(299	)
			120		(1.000	)		06/20/19		0.965			(604	)		418
			4,390		(1.000	)		06/20/19		0.965			(14,832	)		8,013

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Credit Suisse International (London)	Markit CMBX Series 7	$	300		0.500	%		01/17/47		1.063	%	$	(11,449	)	$	(1,135	)
	CDX North America Investment Grade Index 16		2,425		1.000			06/20/16		0.256			498			13,369
TOTAL												$	(38,221	)	$	19,526

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(c)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 25	$7,975		1.000	%		12/20/20		0.926	%	$	30,934	$	623

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

INTEREST RATE SWAPTION CONTRACTS

For the six months ended September 30, 2015, the Fund had the following interest rate swaptions activities:

	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		11,400			264,960
Contracts Bought to Close		(11,400	)		(264,960	)
Contracts Outstanding September 30, 2015	$	—			—

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 31.1%
	Automotive – 0.6%
	Ford Motor Credit Co. LLC
$	3,250,000		5.875	%		08/02/21	$	3,667,648
	General Motors Financial Co., Inc.
	1,125,000		3.250			05/15/18		1,135,675
	1,755,000		3.500			07/10/19		1,771,913
								6,575,236
	Banks – 7.0%
	American Express Co.(a)
	700,000		3.625			12/05/24		691,621
	2,475,000		6.800	(b)		09/01/66		2,499,750
	Bank of America Corp.
	3,225,000		4.125			01/22/24		3,354,909
	2,300,000		4.000			04/01/24		2,373,655
	Bank of Scotland PLC(c)
	400,000		5.250			02/21/17		423,240
	BNP Paribas SA
	1,925,000		2.375			05/21/20		1,924,903
	CBA Capital Trust II(a)(b)(c)
	4,140,000		6.024			12/31/49		4,181,400
	Compass Bank(a)
	875,000		1.850			09/29/17		872,502
	1,000,000		2.750			09/29/19		995,283
	Credit Suisse Group Funding Guernsey Ltd.(c)
	2,675,000		3.750			03/26/25		2,585,654
	Credit Suisse New York
	1,475,000		2.300			05/28/19		1,483,977
	Discover Financial Services(a)
	2,000,000		3.750			03/04/25		1,928,975
	HSBC Holdings PLC(a)(b)
	1,225,000		6.375			03/30/49		1,168,344
	ING Bank NV(a)(b)
	2,025,000		4.125			11/21/23		2,072,683
	Intesa Sanpaolo SPA
	3,400,000		3.125			01/15/16		3,418,384
	Intesa Sanpaolo SpA
	1,175,000		2.375			01/13/17		1,178,359
	Intesa Sanpaolo SPA
	2,800,000		3.875			01/16/18		2,886,989
	1,550,000		5.017	(c)		06/26/24		1,529,154
	JPMorgan Chase & Co.(a)(b)
	2,250,000		5.300			05/01/49		2,210,625
	KBC Bank NV(a)(b)
	1,600,000		8.000			01/25/23		1,748,240
	Keycorp
	4,350,000		2.900			09/15/20		4,385,235
	LBG Capital No.1 PLC(a)(b)(c)
	1,250,000		8.000			06/15/49		1,412,500
	Lloyds Bank PLC
	1,575,000		2.300			11/27/18		1,591,728
	Macquarie Bank Ltd.(c)
	1,775,000		6.625			04/07/21		1,989,574
	Nationwide Building Society(c)
	1,950,000		3.900			07/21/25		1,994,009
	PNC Preferred Funding Trust II(a)(b)(c)
	2,500,000		1.560			03/29/49		2,309,375
	Corporate Obligations – (continued)
	Banks – (continued)
	Regions Bank
$	311,000		7.500	%		05/15/18	$	351,311
	Royal Bank of Scotland Group PLC
	3,175,000		5.125			05/28/24		3,202,461
	Royal Bank of Scotland PLC(a)(b)
	1,025,000		9.500			03/16/22		1,117,250
	Santander Bank NA
	1,900,000		2.000	(a)		01/12/18		1,884,417
	975,000		8.750			05/30/18		1,115,525
	Santander Holdings USA, Inc.(a)
	650,000		2.650			04/17/20		636,986
	Santander UK Group Holdings PLC(c)
	600,000		4.750			09/15/25		592,982
	Santander UK PLC(c)
	1,125,000		5.000			11/07/23		1,169,484
	Synchrony Financial(a)
	1,900,000		3.000			08/15/19		1,913,842
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(c)
	2,700,000		2.150			09/14/18		2,718,168
	UBS Group Funding Jersey Ltd.(c)
	3,350,000		4.125			09/24/25		3,333,900
	Wells Fargo & Co.(a)(b)
	3,375,000		5.900			06/15/49		3,375,000
								74,622,394
	Brokerage – 1.1%
	Morgan Stanley, Inc.
	7,325,000		3.700			10/23/24		7,403,670
	2,525,000		4.000			07/23/25		2,580,465
	TD Ameritrade Holding Corp.(a)
	1,950,000		2.950			04/01/22		1,958,345
								11,942,480
	Chemicals – 0.2%
	Ecolab, Inc.
	975,000		5.500			12/08/41		1,086,707
	Monsanto Co.(a)
	1,725,000		4.400			07/15/44		1,501,103
								2,587,810
	Consumer Products – 0.2%
	Kimberly-Clark Corp.
	2,425,000		3.700			06/01/43		2,253,228
	Electric – 0.7%
	Florida Power & Light Co.(a)
	2,132,000		4.125			02/01/42		2,143,137
	Pacific Gas & Electric Co.(a)
	975,000		3.500			06/15/25		985,964
	Puget Sound Energy, Inc.(a)(b)
	1,180,000		6.974			06/01/67		1,007,425
	Ruwais Power Co. PJSC(c)
	740,000		6.000			08/31/36		825,100
	Southern California Edison Co.(a)
	1,950,000		4.050			03/15/42		1,918,605
								6,880,231

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – 1.2%
	Anadarko Petroleum Corp.
$	1,215,000		3.450	%(a)(d)		07/15/24	$	1,169,328
	1,350,000		6.450			09/15/36		1,493,695
	Apache Corp.(a)
	275,000		3.250			04/15/22		267,711
	1,375,000		4.250			01/15/44		1,167,773
	Canadian Natural Resources Ltd.(a)
	1,250,000		3.450			11/15/21		1,201,388
	ConocoPhillips Co.(a)
	1,510,000		3.350			11/15/24		1,476,218
	900,000		4.150			11/15/34		850,815
	Continental Resources, Inc.(a)
	615,000		4.500			04/15/23		529,341
	Devon Energy Corp.(a)
	250,000		4.000			07/15/21		256,549
	425,000		5.600			07/15/41		406,451
	825,000		4.750			05/15/42		728,326
	Dolphin Energy Ltd.(c)
	457,011		5.888			06/15/19		489,573
	Marathon Oil Corp.(a)
	1,875,000		2.700			06/01/20		1,770,144
	Valero Energy Corp.
	1,400,000		3.650			03/15/25		1,344,624
	Weatherford International Ltd.
	96,000		9.625			03/01/19		101,760
								13,253,696
	Food & Beverage – 2.4%
	Amazon.com, Inc.(a)
	2,650,000		3.300			12/05/21		2,735,313
	ConAgra Foods, Inc.(a)
	1,950,000		3.200			01/25/23		1,868,565
	CVS Health Corp.(a)
	1,100,000		4.125			05/15/21		1,176,437
	2,100,000		3.500			07/20/22		2,168,374
	2,150,000		3.375			08/12/24		2,157,182
	Kraft Heinz Foods Co.(a)(c)
	1,050,000		2.800			07/02/20		1,057,975
	1,550,000		3.950			07/15/25		1,583,361
	Pernod-Ricard SA(c)
	4,600,000		4.450			01/15/22		4,831,941
	SABMiller Holdings, Inc.(c)
	525,000		4.950			01/15/42		534,375
	Suntory Holdings Ltd.(c)
	2,550,000		2.550			09/29/19		2,577,005
	Walgreens Boots Alliance, Inc.(a)
	3,050,000		2.700			11/18/19		3,082,034
	1,475,000		3.800			11/18/24		1,468,186
								25,240,748
	Health Care – Services – 0.4%
	Cigna Corp.(a)
	1,675,000		3.250			04/15/25		1,613,543
	Corporate Obligations – (continued)
	Health Care – Services – (continued)
	UnitedHealth Group, Inc.
$	950,000		4.625	%		07/15/35	$	1,006,256
	2,000,000		4.750			07/15/45		2,111,443
								4,731,242
	Health Care Products – 0.4%
	Becton Dickinson & Co.
	2,000,000		2.675			12/15/19		2,022,172
	Medtronic, Inc.
	725,000		2.500			03/15/20		733,410
	1,275,000		3.150			03/15/22		1,293,185
								4,048,767
	Home Construction – 0.3%
	MDC Holdings, Inc.
	1,950,000		5.625			02/01/20		2,045,419
	1,350,000		6.000	(a)		01/15/43		1,091,875
								3,137,294
	Life Insurance – 1.0%
	AIA Group Ltd.(a)(c)
	1,525,000		3.200			03/11/25		1,463,633
	Genworth Financial, Inc.
	875,000		8.625			12/15/16		917,726
	Prudential Financial, Inc.(a)(b)
	1,125,000		5.375			05/15/45		1,119,375
	Reliance Standard Life Global Funding II(c)
	2,050,000		2.500			01/15/20		2,053,128
	Teachers Insurance & Annuity Association of America(c)
	1,760,000		4.900			09/15/44		1,810,507
	The Northwestern Mutual Life Insurance Co.(c)
	2,500,000		6.063			03/30/40		3,044,265
								10,408,634
	Lodging(a) – 0.1%
	Marriott International, Inc.
	1,375,000		2.875			03/01/21		1,383,800
	Media – Cable – 0.9%
	CCO Safari II LLC(a)(c)
	1,975,000		4.908			07/23/25		1,963,920
	Comcast Corp.(a)
	2,800,000		3.375			08/15/25		2,819,880
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	2,450,000		3.800			03/15/22		2,455,528
	500,000		4.450	(a)		04/01/24		512,515
	675,000		3.950	(a)		01/15/25		661,077
	Time Warner Cable, Inc.
	775,000		5.000			02/01/20		830,158
	202,000		7.300			07/01/38		214,039
	275,000		5.875	(a)		11/15/40		257,675
								9,714,792
	Media – Non Cable – 0.7%
	21st Century Fox America, Inc.(a)
	2,900,000		3.700			09/15/24		2,898,260

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Non Cable – (continued)
	NBCUniversal Media LLC
$	3,850,000		4.375	%		04/01/21	$	4,203,107
								7,101,367
	Metals & Mining – 0.7%
	Freeport-McMoRan, Inc.(a)
	1,225,000		5.400			11/14/34		851,375
	Glencore Funding LLC(c)
	5,025,000		2.700			10/25/17		4,519,987
	2,400,000		2.500			01/15/19		2,046,000
								7,417,362
	Noncaptive – Financial – 0.8%
	GE Capital Trust I(a)(b)
	1,475,000		6.375			11/15/67		1,596,687
	General Electric Capital Corp.
	1,175,000		6.150			08/07/37		1,524,059
	International Lease Finance Corp.
	4,000,000		5.750			05/15/16		4,070,000
	1,400,000		7.125	(c)		09/01/18		1,538,180
								8,728,926
	Pharmaceuticals – 1.8%
	AbbVie, Inc.(a)
	2,600,000		2.500			05/14/20		2,585,817
	1,000,000		3.200			11/06/22		995,207
	Actavis Funding SCS
	2,200,000		2.350			03/12/18		2,207,759
	525,000		3.450	(a)		03/15/22		517,934
	1,225,000		4.850	(a)		06/15/44		1,118,560
	Bayer US Finance LLC(c)
	3,575,000		3.000			10/08/21		3,631,092
	EMD Finance LLC(a)(c)
	3,325,000		2.950			03/19/22		3,285,432
	Forest Laboratories, Inc.(c)
	3,175,000		4.375			02/01/19		3,360,474
	900,000		5.000	(a)		12/15/21		976,304
								18,678,579
	Pipelines – 1.5%
	Columbia Pipeline Group, Inc.(a)(c)
	925,000		3.300			06/01/20		923,943
	Enbridge, Inc.(a)
	700,000		3.500			06/10/24		621,810
	Energy Transfer Partners LP(a)
	175,000		5.200			02/01/22		175,173
	210,000		3.600			02/01/23		189,003
	EnLink Midstream Partners LP(a)
	1,650,000		4.150			06/01/25		1,512,460
	Enterprise Products Operating LLC(a)
	215,000		3.350			03/15/23		205,528
	85,000		3.750			02/15/25		80,853
	2,900,000		8.375	(b)		08/01/66		2,852,875
	1,350,000		7.000	(b)		06/01/67		1,228,500
	Kinder Morgan, Inc.(a)
	1,850,000		3.050			12/01/19		1,816,110
	Corporate Obligations – (continued)
	Pipelines – (continued)
	Sunoco Logistics Partners Operations LP(a)
$	475,000		4.250	%		04/01/24	$	429,701
	Tennessee Gas Pipeline Co.
	425,000		8.375			06/15/32		443,404
	The Williams Cos., Inc.(a)
	600,000		4.550			06/24/24		474,017
	TransCanada PipeLines Ltd.(a)(b)
	2,300,000		6.350			05/15/67		1,932,000
	Western Gas Partners LP(a)
	1,050,000		3.950			06/01/25		959,438
	Williams Partners LP(a)
	2,550,000		3.900			01/15/25		2,184,146
								16,028,961
	Property/Casualty Insurance – 0.4%
	American International Group, Inc.(a)
	1,950,000		3.750			07/10/25		1,979,677
	Arch Capital Group Ltd.
	1,200,000		7.350			05/01/34		1,533,231
	The Chubb Corp.(a)(b)
	1,125,000		6.375			03/29/67		1,113,750
								4,626,658
	Real Estate Investment Trusts – 1.9%
	American Campus Communities Operating Partnership LP(a)
	3,175,000		3.750			04/15/23		3,132,137
	Camden Property Trust
	3,575,000		5.700			05/15/17		3,806,195
	HCP, Inc.
	2,950,000		6.000			01/30/17		3,114,228
	Healthcare Trust of America Holdings LP(a)
	2,275,000		3.700			04/15/23		2,229,727
	Kilroy Realty LP
	2,375,000		6.625			06/01/20		2,749,300
	1,500,000		3.800	(a)		01/15/23		1,481,120
	Select Income REIT(a)
	275,000		2.850			02/01/18		276,375
	525,000		3.600			02/01/20		534,818
	725,000		4.150			02/01/22		714,923
	Ventas Realty LP(a)
	975,000		3.500			02/01/25		936,560
	Welltower, Inc.(a)
	1,557,000		4.125			04/01/19		1,644,243
								20,619,626
	Schools – 0.3%
	Rensselaer Polytechnic Institute
	2,600,000		5.600			09/01/20		2,969,047
	Technology – Hardware – 1.0%
	Fiserv, Inc.(a)
	1,425,000		2.700			06/01/20		1,435,662
	Hewlett-Packard Co.
	2,775,000		3.000			09/15/16		2,823,193
	1,425,000		2.600			09/15/17		1,467,731
	Intel Corp.(a)
	2,375,000		3.700			07/29/25		2,436,715

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Technology – Hardware – (continued)
	Oracle Corp.(a)
$	1,600,000		2.500	%		05/15/22	$	1,576,640
	QUALCOMM, Inc.
	425,000		3.000			05/20/22		416,883
								10,156,824
	Tobacco – 2.8%
	BAT International Finance PLC(c)
	14,950,000		2.750			06/15/20		15,237,399
	Imperial Tobacco Finance PLC(c)
	4,920,000		2.050			02/11/18		4,917,565
	Reynolds American, Inc.(a)
	9,050,000		4.450			06/12/25		9,483,795
								29,638,759
	Transportation(c) – 0.6%
	ERAC USA Finance LLC
	3,525,000		2.350			10/15/19		3,525,483
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	(a)		02/01/22		1,197,245
	1,425,000		4.250			01/17/23		1,453,070
								6,175,798
	Wirelines Telecommunications – 2.1%
	Telefonica Emisiones SAU
	1,450,000		5.462			02/16/21		1,620,155
	Verizon Communications, Inc.
	6,181,000		2.625			02/21/20		6,211,348
	3,300,000		4.500			09/15/20		3,569,641
	9,700,000		5.150			09/15/23		10,703,629
								22,104,773
	TOTAL CORPORATE OBLIGATIONS
	(Cost $330,775,013)						$	331,027,032
	Mortgage-Backed Obligations – 33.8%
	Adjustable Rate Non-Agency(b) – 1.2%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A(c)
$	879,228		0.565	%		09/20/66	$	824,053
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	1,535,336		0.263			09/20/66		1,624,175
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1(c)
$	1,878,979		0.585			09/20/66		1,762,432
	Granite Master Issuer PLC Series 2005-4, Class A6
GBP	1,059,245		0.748			12/20/54		1,595,731
	Granite Mortgages PLC Series 2003-3, Class 3A
	118,638		0.964			01/20/44		179,311
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
$	833,850		0.456			01/19/36		530,633
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	263,430		0.246			09/21/38		304,558
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A
GBP	171,312		0.852			12/21/37		273,501
	Leek Finance PLC Series 2017X, Class A2C
EUR	371,176		0.266			12/21/37		437,708
	Mortgage-Backed Obligations– (continued)
	Adjustable Rate Non-Agency(b) – (continued)
	Leek Finance PLC Series 2018X, Class A2B
$	1,800,105		0.541	%		09/21/38	$	1,858,709
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,276,841		1.033			12/25/46		1,033,346
	Paragon Mortgages PLC Series 2013X, Class A2B
EUR	824,167		0.251			01/15/39		811,397
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
$	835,098		1.116			07/20/33		789,124
	Thrones PLC Series 2013-1, Class A
GBP	737,786		2.069			07/20/44		1,112,187
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
$	58,831		2.385			02/25/33		57,796
	TOTAL ADJUSTABLE RATE NON-AGENCY						$	13,194,661
	Collateralized Mortgage Obligations – 1.4%
	Interest Only(b)(e) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
$	399,547		0.000	%		07/25/33	$	—
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
	453,039		0.000			08/25/33		1
								1
	Inverse Floaters(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB
	99,360		36.591			02/16/32		176,887
	Planned Amortization Class – 0.0%
	FNMA REMIC Series 2003-134, Class ME
	29,954		4.500			06/25/33		30,974
	FNMA REMIC Series 2004-64, Class BA
	18,510		5.000			03/25/34		19,024
								49,998
	Sequential Fixed Rate – 1.4%
	FHLMC REMIC Series 2755, Class ZA
	900,341		5.000			02/15/34		994,153
	FHLMC REMIC Series 4273, Class PD
	2,502,159		6.500			11/15/43		2,904,363
	FNMA REMIC Series 2011-52, Class GB
	2,398,530		5.000			06/25/41		2,657,799
	FNMA REMIC Series 2011-99, Class DB
	2,125,000		5.000			10/25/41		2,357,444
	FNMA REMIC Series 2012-111, Class B
	437,097		7.000			10/25/42		499,671
	FNMA REMIC Series 2012-153, Class B
	1,414,006		7.000			07/25/42		1,658,269
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	69,058		1.840			10/07/20		69,080

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations– (continued)
	Sequential Fixed Rate – (continued)
	NCUA Guaranteed Notes Series A4
$	3,500,000		3.000	%		06/12/19	$	3,704,414
								14,845,193
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	15,072,079
	Commercial Mortgage-Backed Securities – 2.7%
	Sequential Fixed Rate – 1.6%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	800,000		2.373	%		05/25/22	$	808,442
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	1,339,239		2.779			09/25/22		1,402,220
	FHLMC Multifamily Structured Pass-Through Certificates Series K044, Class A2
	3,600,000		2.811			01/25/25		3,644,090
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	2,248,821		5.156			02/15/31		2,252,255
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class A4
	9,000,000		5.509			04/15/47		9,319,618
								17,426,625
	Sequential Floating Rate(b) – 1.1%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	10,296,665		6.263			12/10/49		11,083,845
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	28,510,470
	Federal Agencies – 28.5%
	Adjustable Rate FNMA(b) – 0.8%
$	10,225		2.462	%		06/01/33	$	10,937
	1,557,212		2.450			07/01/34		1,651,781
	3,165,646		2.237			09/01/34		3,336,400
	2,503,465		2.384			05/01/35		2,661,016
	510,439		2.119			06/01/35		535,087
								8,195,221
	FHLMC – 1.6%
	448		7.000			02/01/16		450
	491		7.000			03/01/16		493
	10,766		7.500			05/01/16		10,836
	278		5.000			01/01/17		290
	2,267		5.000			02/01/17		2,356
	1,887		5.000			03/01/17		1,940
	199		5.000			04/01/17		207
	14,444		5.000			09/01/17		15,018
	42,281		5.000			10/01/17		43,961
	221		7.000			10/01/17		229
	29,608		5.000			11/01/17		30,784
	12,942		5.000			12/01/17		13,456
	18,405		5.000			01/01/18		19,125
	45,651		5.000			02/01/18		47,395
	Mortgage-Backed Obligations– (continued)
	FHLMC – (continued)
$	30,702		5.000	%		03/01/18	$	31,937
	20,905		5.000			04/01/18		21,740
	14,031		5.000			05/01/18		14,608
	11,283		5.000			06/01/18		11,768
	24,125		5.000			07/01/18		25,216
	6,432		5.000			08/01/18		6,703
	36,656		4.500			09/01/18		37,957
	3,450		5.000			10/01/18		3,613
	6,436		5.000			11/01/18		6,734
	72,419		5.000			06/01/19		76,317
	111,977		5.000			05/01/23		123,568
	332,060		4.500			10/01/23		359,237
	56,352		5.500			10/01/25		62,725
	32,714		5.500			11/01/25		36,244
	7,221		7.000			06/01/26		7,865
	21,078		7.500			12/01/30		23,018
	13,617		7.500			01/01/31		14,931
	613,251		5.500			03/01/33		685,687
	26,668		5.000			10/01/33		29,359
	71,944		6.500			10/01/33		84,866
	977		5.500			12/01/33		1,097
	29,097		5.500			09/01/34		32,410
	2,370		5.500			12/01/34		2,650
	2,283		5.500			03/01/35		2,543
	5,445		5.000			04/01/35		5,993
	39,853		5.000			07/01/35		43,850
	67,452		5.500			11/01/35		75,217
	205,556		5.000			12/01/35		228,071
	457		5.500			02/01/36		512
	90,384		5.500			06/01/36		100,694
	81,784		5.500			08/01/37		90,758
	416,619		5.000			01/01/38		456,225
	222,025		5.500			03/01/38		247,055
	83,180		5.500			04/01/38		92,557
	127,533		5.500			08/01/38		142,448
	3,239		5.500			09/01/38		3,604
	6,519		6.500			09/01/38		7,523
	14,866		5.500			11/01/38		16,786
	24,075		5.500			12/01/38		26,821
	1,081,821		5.000			01/01/39		1,185,229
	1,308,751		7.000			02/01/39		1,535,240
	7,264		5.500			03/01/39		8,156
	295,019		5.000			06/01/39		323,304
	10,034		5.500			10/01/39		11,179
	21,638		5.500			03/01/40		24,254
	46,608		5.500			06/01/40		51,906
	27,110		5.000			08/01/40		29,809
	8,127		4.500			11/01/40		8,810
	24,592		5.000			04/01/41		27,155
	25,465		5.000			06/01/41		28,007
	10,505,811		3.500			04/01/43		10,964,620
								17,625,116
	FNMA – 11.9%
	141		7.000			01/01/16		142

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations– (continued)
	FHMA – (continued)
$	4,544,695		2.800	%		03/01/18	$	4,701,231
	2,811,062		3.740			05/01/18		2,976,926
	3,480,000		3.840			05/01/18		3,698,106
	37,775		5.000			06/01/18		39,416
	293,858		4.500			07/01/18		304,797
	18,592		4.500			08/01/18		19,285
	496		6.500			10/01/18		567
	9,000,000		4.506			06/01/19		9,687,232
	2,043,939		3.416			10/01/20		2,192,760
	1,454,673		3.632			12/01/20		1,576,671
	3,867,480		4.375			06/01/21		4,293,312
	2,371,039		5.000			03/01/23		2,611,638
	160,213		5.500			09/01/23		175,087
	50,980		5.500			10/01/23		55,915
	477,488		5.000			02/01/24		516,399
	2,627,656		5.000			06/01/25		2,891,284
	70,210		7.000			08/01/27		81,376
	2,297		6.500			09/01/27		2,644
	263,907		7.000			03/01/28		307,333
	4,222		6.500			05/01/28		4,840
	1,000,000		3.000			09/01/30		1,042,150
	18,869		8.000			02/01/31		22,349
	102,636		7.000			03/01/31		112,904
	1,748		5.500			05/01/33		1,964
	25,751		5.000			07/01/33		28,599
	62,851		5.000			08/01/33		69,514
	2,190		5.000			09/01/33		2,423
	12,365		5.500			09/01/33		13,893
	1,963		6.500			09/01/33		2,296
	21,990		5.000			12/01/33		24,391
	808		5.500			12/01/33		907
	1,329		5.500			01/01/34		1,494
	18,697		5.500			02/01/34		21,012
	2,928		5.500			04/01/34		3,314
	9,885		5.500			05/01/34		11,121
	2,809		6.000			07/01/34		3,209
	3,772		5.500			08/01/34		4,268
	9,401		5.500			10/01/34		10,607
	7,215		5.500			11/01/34		8,140
	106,261		5.500			12/01/34		119,875
	179,954		6.000			02/01/35		205,272
	248,582		5.000			04/01/35		277,179
	9,963		5.500			04/01/35		11,239
	8,513		5.500			07/01/35		9,605
	366		5.500			08/01/35		416
	1,645,347		5.000			09/01/35		1,814,144
	25,941		5.500			09/01/35		29,292
	1,773		5.500			12/01/35		2,015
	384		5.500			02/01/36		432
	162,848		5.500			03/01/36		183,306
	27,702		6.000			03/01/36		31,974
	1,379		5.500			04/01/36		1,552
	770,202		6.000			04/01/36		869,693
	456,953		6.000			10/01/36		515,901
	3,049		5.500			01/01/37		3,428
	Mortgage-Backed Obligations– (continued)
	FHMA – (continued)
$	641,215		6.000	%		01/01/37	$	724,108
	1,274		5.500			02/01/37		1,433
	662,453		6.000			02/01/37		747,773
	110,600		6.000			03/01/37		124,868
	2,659		5.500			04/01/37		2,989
	2,489		5.500			05/01/37		2,805
	1,301		5.500			06/01/37		1,462
	1,049		5.500			07/01/37		1,174
	631,044		6.000			07/01/37		712,319
	50		5.500			08/01/37		57
	9,714		6.000			08/01/37		10,965
	197,352		6.000			09/01/37		222,769
	573,888		6.000			10/01/37		647,800
	546		5.500			12/01/37		614
	30,322		5.000			02/01/38		32,797
	1,392		5.500			02/01/38		1,565
	7,881		5.500			03/01/38		8,862
	43,831		6.000			03/01/38		50,251
	87,735		5.000			04/01/38		96,593
	1,611		5.500			05/01/38		1,811
	726,658		6.000			05/01/38		820,247
	7,723		5.500			06/01/38		8,676
	86,876		6.000			06/01/38		98,065
	5,822		5.500			07/01/38		6,547
	3,088		5.500			08/01/38		3,447
	3,259		5.500			09/01/38		3,669
	458,603		6.000			11/01/38		518,695
	4,920		5.500			12/01/38		5,525
	41,617		6.000			12/01/38		46,977
	71,851		5.000			02/01/39		79,122
	112,921		6.000			02/01/39		127,465
	832,474		7.000			03/01/39		950,603
	51,699		4.500			04/01/39		56,976
	528,008		6.000			04/01/39		596,012
	15,929		4.500			05/01/39		17,555
	18,429		5.500			06/01/39		20,718
	14,762		4.500			07/01/39		16,281
	98,766		4.500			08/01/39		108,925
	575,641		6.000			09/01/39		649,779
	291,244		6.000			10/01/39		328,816
	16,439		5.500			11/01/39		18,486
	563,076		6.000			11/01/39		636,477
	699,606		4.500			12/01/39		771,562
	71,232		6.000			04/01/40		80,407
	611,918		5.000			06/01/40		674,829
	152,752		5.000			07/01/40		168,456
	822,400		6.000			10/01/40		928,319
	473,051		5.000			11/01/40		521,001
	523,468		6.000			04/01/41		590,888
	1,413,094		4.500			05/01/41		1,535,377
	377,273		6.000			05/01/41		425,862
	269,960		4.500			08/01/41		293,718
	640,416		5.000			07/01/42		706,257
	1,959,051		3.000			08/01/42		1,999,311
	1,695,270		3.000			09/01/42		1,730,702

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations– (continued)
	FHMA – (continued)
$	300,731		3.000	%		10/01/42		$	307,132
	1,198,781		3.000			11/01/42			1,224,245
	11,515,664		3.000			12/01/42			11,756,558
	8,228,627		3.000			01/01/43			8,404,133
	2,485,079		3.000			02/01/43			2,538,275
	2,077,242		3.000			03/01/43			2,121,709
	2,726,978		3.000			04/01/43			2,785,351
	1,668,189		3.000			05/01/43			1,703,899
	159,549		3.000			06/01/43			162,964
	1,438,822		3.000			07/01/43			1,469,621
	2,123,344		5.000			05/01/44			2,339,993
	5,000,000		3.500			09/01/45			5,219,684
	23,000,000		3.500			TBA-30yr	(f)		23,988,282
	2,000,000		6.000			TBA-30yr	(f)		2,260,000
									126,817,452
	GNMA – 14.2%
	1,210,540		3.950			07/15/25			1,320,314
	15,846		6.000			11/15/38			18,343
	240,567		5.000			07/15/40			268,623
	366,477		5.000			01/15/41			409,218
	46,404,884		3.500			08/20/45			48,692,501
	1,995,529		4.000			08/20/45			2,133,111
	2,000,000		3.500			09/20/45			2,098,594
	6,000,000		4.000			09/20/45			6,413,672
	84,000,000		4.000			TBA-30yr	(f)		89,430,621
									150,784,997
	TOTAL FEDERAL AGENCIES							$	303,422,786
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $356,094,135)							$	360,199,996
	Agency Debentures – 4.5%
	FHLB
$	5,200,000		3.000	%		09/10/21		$	5,564,600
	6,800,000		2.125			06/09/23			6,740,269
	3,300,000		3.250			06/09/23			3,491,720
	3,500,000		3.375			09/08/23			3,779,135
	750,000		3.375			12/08/23			805,982
	2,400,000		5.000			09/28/29			2,962,891
	FNMA(g)
	4,200,000		6.250			05/15/29			5,844,107
	Kommunalbanken AS(c)
	3,000,000		1.000			09/26/17			3,005,340
	Private Export Funding Corp.
	7,000,000		5.450			09/15/17			7,595,700
	Small Business Administration
	40,299		6.300			06/01/18			42,817
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21			5,982,085
	1,400,000		4.625			09/15/60			1,545,996
	TOTAL AGENCY DEBENTURES
	(Cost $45,691,564)							$	47,360,642
	Asset-Backed Securities – 7.4%
	Collateralized Loan Obligations(b)(c) – 4.7%
	B&M CLO Ltd. Series 2014-1A, Class A1
$	3,700,000		1.676	%		04/16/26		$	3,640,004
	B&M CLO Ltd. Series 2014-1A, Class A2
	650,000		2.226			04/16/26			628,329
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1
	3,400,000		1.805			04/18/26			3,358,867
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B
	6,950,000		1.699			04/28/25			6,858,427
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2
	1,750,000		2.279			04/28/25			1,693,584
	Madison Park Funding X Ltd. Series 2012-10A, Class A1A
	4,700,000		1.645			01/20/25			4,672,026
	Magnetite VIII Ltd. Series 2014-8A, Class A
	5,750,000		1.755			04/15/26			5,729,806
	Magnetite VIII Ltd. Series 2014-8A, Class B
	1,200,000		2.275			04/15/26			1,188,884
	Shackleton CLO Ltd. Series 2014-5A, Class A
	7,800,000		1.811			05/07/26			7,733,255
	Shackleton CLO Ltd. Series 2014-5A, Class B1
	1,700,000		2.311			05/07/26			1,659,086
	Trinitas CLO Ltd. Series 2014-1A, Class A1
	2,950,000		1.805			04/15/26			2,917,851
	Trinitas CLO Ltd. Series 2014-1A, Class B1
	750,000		2.175			04/15/26			716,598
	Whitehorse VIII Ltd. Series 2014-1A, Class A
	7,500,000		1.689			05/01/26			7,399,162
	Whitehorse VIII Ltd. Series 2014-1A, Class B
	1,650,000		2.239			05/01/26			1,591,836
									49,787,715
	Credit Card – 0.2%
	Discover Card Execution Note Trust Series 2015-A2, Class A
	2,700,000		1.900			10/17/22			2,711,499
	Home Equity(b) – 0.5%
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	156,843		0.427			12/15/29			146,841
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B
	6,055,574		0.305			11/15/36			5,181,917
	Impac CMB Trust Series 2004-08, Class 1A
	358,642		0.919			10/25/34			291,561
									5,620,319
	Student Loan(b) – 2.0%
	Chase Education Loan Trust Series 2007-A, Class A3
	913,088		0.396			12/28/23			893,154
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(c)
	4,536,506		0.994			10/25/56			4,445,126
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	4,530,406		0.945			04/25/35			4,398,914
	EFS Volunteer No 3 LLC Series 2012-1, Class A2(c)
	4,750,000		1.194			02/25/25			4,740,877
	Nelnet Student Loan Trust Series 2013-5A, Class A(c)
	892,616		0.824			01/25/37			876,645
	Northstar Education Finance, Inc. Series 2004-2, Class A3
	1,043,473		0.464			07/30/18			1,035,830

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Student Loan – (continued)
	Scholar Funding Trust Series 2010-A, Class A(c)
$	2,110,431		1.044	%		10/28/41	$	2,045,809
	SLM Student Loan Trust Series 2005-3, Class A5
	2,727,255		0.385			10/25/24		2,659,360
								21,095,715
	TOTAL ASSET-BACKED SECURITIES
	(Cost $80,718,370)						$	79,215,248
	Foreign Debt Obligations – 3.0%
	Sovereign – 1.7%
	Italy Buoni Poliennali Del Tesoro
EUR	2,385,742		2.350	%		09/15/19	$	2,908,683
	1,090,000		3.750			05/01/21		1,399,528
	810,000		5.500			11/01/22		1,157,017
	Republic of Chile
$	390,000		3.625			10/30/42		334,425
	Republic of Colombia
	1,750,000		4.000			02/26/24		1,695,750
	200,000		5.625			02/26/44		186,500
	Republic of Indonesia(c)
	420,000		4.125			01/15/25		395,850
	Republic of Panama(h)
	100,000		9.375			04/01/29		143,875
	Republic of Peru
	1,280,000		6.550			03/14/37		1,484,800
	Spain Government Bond(c)
EUR	910,000		5.500			04/30/21		1,259,898
	10,000		4.400			10/31/23		13,503
	United Mexican States
$	20,000		6.050			01/11/40		21,900
	5,350,000		4.750			03/08/44		4,881,875
	1,340,000		5.550			01/21/45		1,373,500
	920,000		4.600			01/23/46		818,800
	60,000		5.750			10/12/49		56,100
								18,132,004
	Supranational – 1.3%
	Inter-American Development Bank
	2,700,000		1.000			02/27/18		2,684,186
	International Finance Corp.
	10,800,000		0.875			06/15/18		10,775,020
								13,459,206
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $32,680,753)						$	31,591,210
	Municipal Debt Obligations – 0.9%
	California – 0.6%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,331,035
	1,650,000		7.550			04/01/39		2,376,660
	Municipal Debt Obligations – (continued)
	California – (continued)
	California State GO Bonds Build America Taxable Series 2010
$	1,645,000		7.950	%		03/01/36	$	1,971,796
								5,679,491
	Illinois – 0.1%
	Illinois State GO Bonds Build America Series 2010
	1,280,000		7.350			07/01/35		1,378,880
	Ohio – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,026,502
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,445,305)						$	9,084,873
	Government Guarantee Obligations – 3.6%
	Hashemite Kingdom of Jordan Government AID Bond(i)
$	7,400,000		2.503	%		10/30/20	$	7,704,919
	Israel Government AID Bond(i)
	7,827,000		5.500			09/18/23		9,642,010
	1,200,000		5.500			12/04/23		1,482,083
	2,400,000		5.500			04/26/24		2,964,737
	4,700,000		5.500			09/18/33		6,208,530
	Kreditanstalt fuer Wiederaufbau(j)
	10,100,000		1.125			08/06/18		10,120,189
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $36,758,381)						$	38,122,468
	U.S. Treasury Obligations – 12.9%
	United States Treasury Bonds
$	27,900,000		3.125	%(g)		02/15/42	$	29,371,725
	7,900,000		3.625			08/15/43		9,096,693
	3,200,000		3.750			11/15/43		3,768,192
	3,000,000		3.000			05/15/45		3,070,290
	4,100,000		2.875			08/15/45		4,097,458
	United States Treasury Inflation Protected Securities
	1,576,095		0.125			04/15/17		1,570,437
	3,915,066		2.625			07/15/17		4,102,872
	2,461,224		0.375			07/15/23		2,422,386
	6,811,915		0.625			01/15/24		6,788,482
	3,056,818		2.500			01/15/29		3,672,002
	3,143,680		1.375			02/15/44		3,197,720
	United States Treasury Notes
	16,700,000		1.625			06/30/20		16,912,423
	12,200,000		2.250			04/30/21		12,664,698
	6,500,000		2.000			05/31/21		6,656,195
	7,600,000		2.125			12/31/21		7,806,492
	3,600,000		1.750			02/28/22		3,612,852
	7,800,000		1.875			05/31/22		7,875,036
	800,000		2.125			06/30/22		820,896

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	1,800,000		2.000	%		07/31/22	$	1,831,248
	7,900,000		1.750			09/30/22		7,896,919
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $136,103,285)						$	137,235,016

Shares	Rate			Value
Investment Company(k) – 7.7%
Goldman Sachs Financial Square Government Fund – FST Shares
82,269,400		0.006	%	$	82,269,400
(Cost $82,269,400)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS AND REVERSE REPURCHASE AGREEMENTS
(Cost $1,108,536,206)				$	1,116,105,885

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 1.6%
	Commercial Paper – 1.6%
	Omnicom Cap, Inc.
	$5,000,000		0.477	%		11/09/15	$	4,997,454
	AutoZone, Inc.
	5,000,000		0.406			10/09/15		4,999,556
	Diageo Capital PLC
	5,000,000		0.416			11/12/15		4,997,608
	PPG Industries
	2,500,000		0.497			10/14/15		2,499,558
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $17,494,176)						$	17,494,176
	TOTAL INVESTMENTS – 106.5%
	(Cost $1,126,030,382)						$	1,133,600,061

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
	Reverse Repurchase Agreement – (0.1)%
	Royal Bank of Canada Reverse Repurchase Agreement
$	(1,233,225	)		1.500	%		05/07/16	$	(1,233,225	)
	(Cost $(1,233,225))
	LIABILITIES IN EXCESS OF     OTHER ASSETS — (6.4)%								(68,289,514	)
	NET ASSETS – 100.0%							$	1,064,077,322

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(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 $162,243,645, which represents approximately 15.3% of net assets as of September 30, 2015.
(d)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2015, the value of securities pledged amounted to $1,169,328.
(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 $115,678,903 which represents approximately 10.9% of net assets as of September 30, 2015.
(g)	A portion of this securities is segregated as collateral for initial margin requirements on futures transactions.
(h)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2015.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $28,002,279, which represents approximately 2.6% of net assets as of September 30, 2015.
(j)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,120,189, which represents approximately 1.0% of net assets as of September 30, 2015.
(k)	Represents an Affiliated Fund.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—U.S. Dollar
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
FHLB	—Federal Home Loan 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
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit
SPA	—Stand-by Purchase Agreement
STIBOR	—Stockholm Interbank Offered Rate

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	CAD	2,449,999	EUR	1,639,903	$	1,835,297		12/16/15	$	389
	USD	700,259	CAD	929,000		695,996		11/12/15		4,263
Barclays Bank PLC	USD	950,790	JPY	113,919,000		949,941		10/29/15		849
BNP Paribas SA	GBP	1,072,561	EUR	1,449,000		1,622,013		12/16/15		709
	JPY	194,211,688	USD	1,616,000		1,621,164		12/16/15		5,164
	USD	392,965	GBP	254,369		384,677		12/16/15		8,287
Citibank NA	EUR	731,000	GBP	535,794		817,925		12/16/15		7,655
	JPY	194,328,040	USD	1,616,000		1,622,135		12/16/15		6,135
	USD	5,718,897	CAD	7,572,843		5,672,825		12/16/15		46,073
	USD	9,460,034	EUR	8,408,284		9,400,710		11/06/15		59,324
	USD	816,174	EUR	722,000		807,855		12/16/15		8,320
	USD	6,274,498	GBP	3,993,778		6,041,319		10/08/15		233,179
State Street Bank and Trust	EUR	1,459,000	GBP	1,056,841		1,632,493		12/16/15		34,253
	SEK	2,048,522	EUR	218,030		245,207		12/16/15		1,251
	USD	3,256,000	JPY	388,344,270		3,241,667		12/16/15		14,333
Westpac Banking Corp.	NZD	1,285,000	USD	801,904		816,924		12/16/15		15,020
	SEK	4,016,899	EUR	426,490		480,821		12/16/15		3,616
	USD	3,764,809	CAD	4,985,360		3,734,538		12/16/15		30,270
	USD	462,560	EUR	409,473		458,165		12/16/15		4,396
TOTAL									$	483,486

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	CAD	1,058,605		USD	809,000	$	793,002		12/16/15	$	(15,998	)
	EUR	708,000		USD	807,925		792,190		12/16/15		(15,735	)
	USD	1,622,113		AUD	2,335,000		1,632,142		12/16/15		(10,030	)
Barclays Bank PLC	CAD	1,086,920		USD	815,000		814,213		12/16/15		(787	)
	GBP	128,844		USD	198,642		194,848		12/16/15		(3,795	)
BNP Paribas SA	EUR	3,618,000		USD	4,082,312		4,048,224		12/16/15		(34,087	)
	GBP	1,068,501		EUR	1,454,000		1,615,872		12/16/15		(11,027	)
	GBP	125,525		USD	196,242		189,830		12/16/15		(6,412	)
Citibank NA	EUR	726,000		USD	817,324		812,330		12/16/15		(4,993	)
	GBP	1,991,000		USD	3,127,996		3,011,751		10/08/15		(116,246	)
	GBP	894,429		USD	1,380,877		1,352,626		12/16/15		(28,251	)
	USD	713,057		SEK	6,058,202		723,894		10/06/15		(10,837	)
Standard Chartered Bank	NZD	2,525,000		USD	1,617,045		1,605,240		12/16/15		(11,806	)
State Street Bank and Trust	AUD	1,142,000		USD	813,310		798,247		12/16/15		(15,063	)
	CAD	1,598,548		EUR	1,078,329		1,197,474		12/16/15		(9,082	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Loss
State Street Bank and Trust (continued)	CAD	4,244,721		USD	3,244,000		3,179,726		12/16/15		(64,274	)
	EUR	408,221		USD	462,560	$	456,764		12/16/15	$	(5,796	)
Westpac Banking Corp.	AUD	2,248,000		USD	1,610,804		1,571,330		12/16/15		(39,474	)
	CAD	1,069,307		USD	813,000		801,019		12/16/15		(11,981	)
	GBP	538,323		EUR	731,000		814,095		12/16/15		(3,829	)
	USD	514,978		EUR	463,000		517,648		11/06/15		(2,670	)
	USD	4,339,383		NZD	6,926,390		4,403,373		12/16/15		(63,990	)
TOTAL										$	(486,163	)

FORWARD SALES CONTRACTS — At September 30, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FHLMC		3.500	%	TBA-30yr		10/14/15	$	(6,000,000	)	$	(6,241,875	)
FNMA		3.000		TBA-15yr		10/19/15		(1,000,000	)		(1,041,250	)
FNMA		3.000		TBA-30yr		10/14/15		(7,000,000	)		(7,092,968	)
FNMA		5.000		TBA-30yr		10/14/15		(1,000,000	)		(1,102,188	)
GNMA		3.500		TBA-30yr		10/21/15		(21,000,000	)		(21,997,500	)
TOTAL (Proceeds Receivable: $37,095,039)										$	(37,475,781	)

(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 September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Australian 10 Year Government Bonds		29		December 2015	$	2,634,209		$	30,109
Eurodollars		1		March 2017		247,325			2,234
Ultra Long U.S. Treasury Bonds		137		December 2015		21,975,656			215,027
5 Year German Euro-Bobl		(26	)	December 2015		(3,748,339	)		(12,822	)
10 Year German Euro-Bund		(8	)	December 2015		(1,396,213	)		(25,578	)
2 Year U.S. Treasury Notes		235		December 2015		51,472,344			71,140
5 Year U.S. Treasury Notes		575		December 2015		69,296,484			431,568
10 Year U.S. Treasury Notes		106		December 2015		13,645,844			(3,522	)
20 Year U.S. Treasury Bonds		(77	)	December 2015		(12,115,469	)		(136,215	)
TOTAL								$	571,941

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 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)
EUR	2,470	(b)	12/16/20	0.500%	6 month EURO	$	(13,859	)	$	(1,714	)
CAD	12,300	(b)	12/16/20	1.250	6 month CDOR		16,440			(2,692	)
NOK	12,850		12/16/20	1.500	3 month NIBOR		3,301			10,764
$	20,150	(b)	12/16/20	3 month LIBOR	2.000%		(274,250	)		(237,772	)
SEK	88,090	(b)	12/16/20	3 month STIBOR	0.500		30,026			6,475
$	33,970	(b)	06/24/21	2.923	3 month LIBOR		46,353			393,851
	42,000	(b)	09/02/22	2.810	3 month LIBOR		63,066			167,090
	13,800	(b)	12/16/22	3 month LIBOR	2.250		(203,695	)		(235,706	)
EUR	480	(b)	12/16/22	6 month EURO	0.500		11,099			(5,287	)
	8,810		05/15/24	1.100	6 month EURO		(29,374	)		271,923
	21,600	(b)	05/11/25	1.568	6 month EURO		(91,255	)		146,673
	8,780	(b)	06/08/25	1.850	6 month EURO		(24,288	)		172,471
	1,520	(b)	07/10/25	1.700	6 month EURO		(38,508	)		50,268
	5,210	(b)	09/16/25	2.000	6 month EURO		(76,529	)		189,586
GBP	3,820	(b)	09/16/25	6 month BP	2.750		(47,329	)		(81,888	)
EUR	520	(b)	09/28/25	1.500	6 month EURO		(2,311	)		(566	)
$	410	(b)	09/28/25	2.750	3 month LIBOR		(1,304	)		2,385
GBP	650	(b)	09/28/25	6 month BP	2.250		1,118			(856	)
EUR	34,870	(b)	12/16/25	0.750	6 month EURO		(1,088,778	)		123,732
	22,300	(b)	12/16/25	1.500	6 month EURO		(480,899	)		306,029
GBP	800	(b)	12/16/25	2.000	6 month BP		2,683			13,771
$	17,310	(b)	12/16/25	3 month LIBOR	2.500		(278,366	)		(418,899	)
SEK	42,680		12/16/25	3 month STIBOR	1.500		(39,949	)		(1,248	)
$	34,800		12/16/25	3.000	3 month LIBOR		78,322			(141,664	)
AUD	4,510	(b)	12/16/25	3.000	6 month AUDOR		(4,240	)		30,672
	3,810	(b)	12/16/25	6 month AUDOR	3.500		3,808			(5,971	)
GBP	4,380	(b)	12/16/25	6 month BP	2.750		(119,172	)		(23,574	)
CAD	4,770	(b)	12/16/25	6 month CDOR	2.500		72,461			(44,305	)
JPY	701,330	(b)	12/16/25	6 month JYOR	1.000		(42,397	)		964
$	8,700	(b)	06/24/29	3 month LIBOR	3.218		(21,092	)		(358,211	)
EUR	4,610	(b)	06/08/30	6 month EURO	2.100		(15,053	)		(115,270	)
$	9,850	(b)	09/02/30	3 month LIBOR	3.005		(14,195	)		(140,540	)
EUR	3,830	(b)	12/16/30	6 month EURO	1.000		249,546			(32,017	)
	8,030	(b)	05/11/35	6 month EURO	1.695		180,960			50,544
GBP	3,930	(b)	12/16/45	6 month BP	2.250		(138,130	)		(98,817	)
	TOTAL					$	(2,285,790	)	$	(9,799	)

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(c)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Credit Suisse International (London)	Markit CMBX Series 7		100		0.500	%		01/17/47		1.063	%	$	(3,768	)	$	(426	)
			300		0.500			01/17/47		1.063			(11,522	)		(1,063	)
Bank of America Securities LLC	CDX North America Investment Grade Index 16		3,975		1.000			06/20/16		0.256			817			21,913
TOTAL												$	(14,473	)	$	20,424

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

INTEREST RATE SWAPTION CONTRACTS

For the six months ended September 30, 2015, the Fund had the following interest rate swaptions activities:

	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2015	$	—		$	—
Contracts Written		30,000			697,260
Contracts Bought to Close		(30,000	)		(697,260	)
Contracts Outstanding September 30, 2015	$	—		$	—

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – 36.9%
	British Pound – 3.7%
	United Kingdom Treasury
GBP	3,400,000		1.750	%		07/22/19	$	5,287,208
	2,000,000		4.500			09/07/34		4,033,746
	350,000		4.250			03/07/36		689,852
	3,120,000		3.250			01/22/44		5,461,633
	2,970,000		3.500			01/22/45		5,441,894
	1,260,000		3.500			07/22/68		2,540,689
								23,455,022
	Canadian Dollar – 1.8%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		651,995
	Government of Canada
	5,300,000		2.500			06/01/24		4,349,336
	3,450,000		4.000			06/01/41		3,478,412
	Ontario Province of Canada
	1,800,000		4.400			06/02/19		1,501,668
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		1,538,774
								11,520,185
	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19		489,061
	Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000		4.500			11/15/39		737,057
	Euro – 14.7%
	Federal Republic of Germany
EUR	1,200,000		2.250			09/04/21		1,512,968
	1,010,000		1.500			05/15/23		1,232,865
	3,060,000		2.000			08/15/23		3,871,027
	5,955,000		1.000			08/15/24		6,973,579
	3,140,000		4.750			07/04/34		5,677,322
	Government of Finland(a)
	2,290,000		4.375			07/04/19		2,984,304
	Government of France
	4,070,000		4.250			10/25/23		5,853,858
	1,330,000		4.500			04/25/41		2,316,389
	Italy Buoni Poliennali Del Tesoro
	5,113,881		2.350			09/15/19		6,234,817
	960,000		3.750			05/01/21		1,232,612
	3,300,000		5.000			03/01/22		4,559,051
	840,000		5.500			11/01/22		1,199,870
	1,520,000		5.000	(a)		03/01/25		2,183,371
	2,040,000		3.500	(a)		03/01/30		2,643,781
	190,000		5.000			08/01/34		292,428
	Kingdom of Belgium
	4,485,000		3.750	(a)		09/28/20		5,916,821
	830,000		2.250			06/22/23		1,046,609
	1,670,000		2.600	(a)		06/22/24		2,161,827
	Kingdom of The Netherlands(a)
	2,280,000		0.500			04/15/17		2,576,715
	1,080,000		2.750			01/15/47		1,588,451
	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Republic of Austria(a)
EUR	5,270,000		4.350	%		03/15/19		6,796,144
	Republic of Ireland
	860,000		4.500			04/18/20		1,145,584
	510,000		3.400			03/18/24		677,751
	Republic of Italy
	7,112,050		2.150			11/12/17		8,240,524
	1,310,000		5.000			08/01/39		2,060,904
	Spain Government Bond
	1,480,000		4.500			01/31/18		1,815,174
	980,000		5.500	(a)		04/30/21		1,356,813
	360,000		5.400	(a)		01/31/23		510,730
	370,000		4.800	(a)		01/31/24		513,415
	2,230,000		3.800	(a)		04/30/24		2,898,937
	3,645,000		5.900	(a)		07/30/26		5,599,330
								93,673,971
	Japanese Yen – 12.4%
	Government of Japan
JPY	2,402,800,000		0.300			03/20/18		20,172,182
	1,455,500,000		1.300			06/20/20		12,843,075
	1,379,100,000		0.800			09/20/23		12,055,701
	523,000,000		0.400			06/20/25		4,390,384
	29,000,000		2.200			03/20/31		292,127
	225,000,000		1.700			09/20/32		2,113,517
	1,557,900,000		1.400			09/20/34		13,759,621
	1,085,200,000		2.500			09/20/34		11,290,277
	100,000,000		2.200			09/20/39		991,506
	141,600,000		2.000			03/20/52		1,354,575
								79,262,965
	Mexican Peso – 2.2%
	United Mexican States
MXN	161,067,940		0.000	(b)		10/01/15		9,515,213
	8,945,860		0.000	(b)		10/15/15		528,256
	10,707,660		0.000	(b)		10/29/15		631,549
	2,440,720		0.000	(b)		11/19/15		143,682
	12,203,610		0.000	(b)		12/10/15		717,068
	14,310,890		0.000	(b)		12/17/15		840,379
	7,154,300		7.750			11/23/34		469,770
	13,763,300		10.000			11/20/36		1,108,691
	1,882,300		8.500			11/18/38		132,419
								14,087,027
	Polish Zloty – 0.1%
	Poland Government Bond
PLN	980,000		3.250			07/25/19		267,906
	290,000		4.000			10/25/23		83,094
	1,200,000		3.250			07/25/25		326,359
								677,359
	South African Rand – 0.3%
	Republic of South Africa
ZAR	18,820,000		7.750			02/28/23		1,316,717
	6,569,608		10.500			12/21/26		543,489
								1,860,206

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	South Korean Won – 0.6%
	Republic of Korea
KRW	3,819,000,000		5.000	%		06/10/20	$	3,695,760
	United States Dollar – 0.9%
	Republic of Chile
$	150,000		3.625			10/30/42		128,625
	Republic of Colombia
	1,510,000		4.000			02/26/24		1,463,190
	Republic of Indonesia
	200,000		4.125	(a)		01/15/25		188,500
	600,000		4.125			01/15/25		565,500
	Republic of Korea
	660,000		7.125			04/16/19		780,641
	Republic of Peru
	580,000		6.550			03/14/37		672,800
	United Mexican States
	460,000		4.750			03/08/44		419,750
	1,210,000		5.550			01/21/45		1,240,250
	470,000		5.750			10/12/10		439,450
								5,898,706
	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $245,972,576)						$	235,357,319
	Corporate Obligations – 19.9%
	Automotive – 0.6%
	FCE Bank PLC
EUR	750,000		1.625	%		09/09/16	$	844,830
	Ford Motor Credit Co. LLC
$	2,300,000		3.984			06/15/16		2,340,862
	300,000		4.250			02/03/17		309,687
								3,495,379
	Banks – 6.8%
	Bank of America Corp.
EUR	300,000		4.625			08/07/17		360,609
$	1,550,000		5.750			12/01/17		1,677,185
	1,000,000		5.650			05/01/18		1,089,559
	1,400,000		2.600			01/15/19		1,416,055
	600,000		2.650			04/01/19		606,905
	1,450,000		4.125			01/22/24		1,508,409
	BNP Paribas SA(c)(d)
EUR	150,000		4.730			04/12/49		168,867
	Branch Banking & Trust Co.(d)
$	1,250,000		3.625			09/16/25		1,252,574
	Citigroup, Inc.
	105,000		4.450			01/10/17		108,900
	375,000		6.125			05/15/18		414,611
	Credit Agricole SA(a)
	1,500,000		2.125			04/17/18		1,512,328
	Dexia Credit Local SA(a)
	2,000,000		1.500			10/07/17		2,011,118
	HSBC Holdings PLC
EUR	550,000		3.000			06/30/25		604,356
$	450,000		6.800			06/01/38		549,855
	Corporate Obligations – (continued)
	Banks – (continued)
	ING Bank NV
	1,600,000		4.000	%(a)		03/15/16	$	1,621,824
EUR	300,000		6.125	(c)(d)		05/29/23		374,169
$	900,000		5.800	(a)		09/25/23		975,772
	2,800,000		4.125	(c)(d)		11/21/23		2,865,932
	Intesa Sanpaolo SpA
EUR	500,000		4.125			01/14/16		564,822
$	800,000		2.375			01/13/17		802,287
	1,700,000		3.875			01/16/18		1,752,815
	900,000		3.875			01/15/19		932,871
	500,000		5.017	(a)		06/26/24		493,276
	JPMorgan Chase & Co.
	700,000		3.875			02/01/24		720,847
	2,600,000		3.625			05/13/24		2,631,646
	KBC Bank NV(c)(d)
	1,000,000		8.000			01/25/23		1,092,650
	KBC Groep NV(c)(d)
EUR	1,600,000		1.875			03/11/27		1,685,700
	LBG Capital No.1 PLC
	350,000		7.625			10/14/20		458,709
	LBG Capital No.2 PLC
	150,000		8.875			02/07/20		203,492
	100,000		6.385			05/12/20		124,673
	Lloyds TSB Bank PLC(c)(d)
	1,250,000		11.875			12/16/21		1,564,359
	Morgan Stanley, Inc.
$	500,000		5.625			09/23/19		557,889
EUR	900,000		2.375			03/31/21		1,055,500
$	50,000		3.875			04/29/24		51,154
	1,700,000		3.700			10/23/24		1,718,258
EUR	300,000		1.750			01/30/25		324,329
$	350,000		4.000			07/23/25		357,688
	1,000,000		3.950			04/23/27		960,411
	350,000		4.300			01/27/45		331,458
	Regions Financial Corp.(d)
	750,000		2.000			05/15/18		747,691
	Santander UK Group Holdings PLC(a)
	900,000		4.750			09/15/25		889,473
	300,000		5.625			09/15/45		300,723
	Synchrony Financial(d)
	100,000		1.875			08/15/17		99,923
	250,000		3.000			08/15/19		251,821
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	1,050,000		1.700			03/05/18		1,043,819
	UBS Group Funding Jersey Ltd.(a)
	1,750,000		4.125			09/24/25		1,741,589
	Wells Fargo & Co.
	800,000		3.300			09/09/24		799,370
								43,378,271
	Chemicals – 0.4%
	Bayer AG(c)(d)
EUR	550,000		3.750			07/01/74		599,482
	Eastman Chemical Co.(d)
$	650,000		3.800			03/15/25		634,331

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Chemicals – (continued)
	LYB International Finance BV
$	150,000			5.250	%		07/15/43	$	149,297
	LyondellBasell Industries NV(d)
	500,000			5.000			04/15/19		538,001
	Monsanto Co.(d)
	650,000			4.400			07/15/44		565,633
									2,486,744
	Communications – 2.0%
	21st Century Fox America, Inc.
	50,000			4.000			10/01/23		51,350
	600,000			3.700	(d)		09/15/24		599,640
	America Movil SAB de CV
MXN	5,260,000			6.000			06/09/19		309,611
	British Telecommunications PLC
GBP	244,000			6.625			06/23/17		398,994
	CCO Safari II LLC(a)(d)
$	1,150,000			4.908			07/23/25		1,143,548
	Comcast Corp.
	50,000			4.500			01/15/43		50,140
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	100,000			6.000	(d)		08/15/40		105,150
	350,000			6.375			03/01/41		384,930
	Orange SA
	50,000			5.375			01/13/42		52,860
	250,000			5.500	%(d)		02/06/44		269,382
	Time Warner Cable, Inc.
	300,000			6.750			07/01/18		333,066
	650,000			5.000			02/01/20		696,261
	100,000			4.125	(d)		02/15/21		102,550
	28,000			7.300			07/01/38		29,669
	100,000			5.500	(d)		09/01/41		90,070
	Verizon Communications, Inc.
	2,248,000			2.625			02/21/20		2,259,038
	350,000			4.500			09/15/20		378,598
	750,000			5.150			09/15/23		827,600
	2,850,000			3.500	(d)		11/01/24		2,804,128
	40,000			6.400			09/15/33		46,161
	86,000			6.550			09/15/43		101,274
	505,000			4.522			09/15/48		442,538
	25,000			4.672			03/15/55		21,459
	Verizon Wireless Capital LLC
EUR	950,000			8.750			12/18/15		1,080,478
									12,578,495
	Diversified Manufacturing – 0.1%
	Roper Technologies, Inc.
$	400,000			2.050			10/01/18		398,257
	Electric – 0.6%
	Berkshire Hathaway Energy Co.
	350,000			5.950			05/15/37		410,988
	EDP Finance BV
EUR	200,000			4.875			09/14/20		252,039
	350,000			4.125			01/20/21		426,186
	100,000			2.625			01/18/22		112,077
	Corporate Obligations – (continued)
	Electric – (continued)
	Electricite de France SA(c)(d)
$	100,000			4.125	%		01/22/49	$	108,846
	700,000			5.000			01/22/49		776,079
	Enel Finance International NV
GBP	150,000			5.625			08/14/24		262,245
	150,000			5.750			09/14/40		261,514
	Exelon Corp.(d)
$	450,000			3.950			06/15/25		453,885
	Ruwais Power Co. PJSC(a)
	520,000			6.000			08/31/36		579,800
									3,643,659
	Energy – 1.8%
	Anadarko Petroleum Corp.(d)
	350,000			3.450			07/15/24		336,844
	400,000			4.500			07/15/44		357,765
	Apache Corp.(d)
	100,000			3.250			04/15/22		97,349
	150,000			4.750			04/15/43		136,467
	550,000			4.250			01/15/44		467,109
	APT Pipelines Ltd.
EUR	800,000			1.375			03/22/22		848,866
	1,650,000			2.000			03/22/27		1,655,006
	Brazil Minas SPE via State of Minas Gerais
$	231,000			5.333			02/15/28		184,800
	Buckeye Partners LP(d)
	550,000			4.150			07/01/23		514,965
	Columbia Pipeline Group, Inc.(a)
	100,000			2.450			06/01/18		100,201
	150,000			3.300	(d)		06/01/20		149,829
	Devon Energy Corp.(d)
	350,000			4.000			07/15/21		359,169
	500,000			3.250			05/15/22		478,074
	200,000			5.600			07/15/41		191,271
$	50,000			4.750			05/15/42		44,141
	Dolphin Energy Ltd.
	367,710			5.888	(a)		06/15/19		393,909
	246,891			5.888			06/15/19		264,482
	Energy Transfer Partners LP(d)
	150,000			3.600			02/01/23		135,002
	Enterprise Products Operating LLC(d)
	500,000			3.750			02/15/25		475,607
	Halliburton Co.(d)
	50,000			3.500			08/01/23		49,795
	Kinder Morgan, Inc.(d)
	350,000			3.050			12/01/19		343,588
	TOTAL SA	(c)(d)
EUR	1,600,000			2.250			02/26/49		1,641,773
	1,400,000			2.625			02/26/49		1,373,195
	Weatherford International Ltd.
$	50,000			9.625			03/01/19		53,000
	Williams Partners LP(d)
	650,000			3.900			01/15/25		556,743
									11,208,950

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Financial Companies – 0.3%
	American Express Credit Corp.
$	700,000		2.800	%		09/19/16	$	712,452
	GE Capital European Funding
EUR	1,200,000		2.875			06/18/19		1,449,035
								2,161,487
	Food & Beverage – 1.1%
	CVS Health Corp.(d)
$	550,000		2.800			07/20/20		558,628
	300,000		3.500			07/20/22		309,768
	350,000		4.000			12/05/23		369,717
	250,000		3.875			07/20/25		257,348
	Kraft Heinz Foods Co.(a)(d)
	600,000		2.800			07/02/20		604,557
	500,000		3.500			07/15/22		510,198
	500,000		3.950			07/15/25		510,762
	150,000		5.000			07/15/35		156,006
	150,000		5.200			07/15/45		159,326
	Pernod-Ricard SA(a)
	400,000		4.450			01/15/22		420,169
	1,050,000		4.250			07/15/22		1,090,218
	885,000		5.500			01/15/42		947,695
	Walgreens Boots Alliance, Inc.(d)
EUR	550,000		2.125			11/20/26		585,765
$	350,000		4.800			11/18/44		335,072
								6,815,229
	Health Care – Services – 0.1%
	Humana, Inc.(d)
	150,000		3.850			10/01/24		151,561
	UnitedHealth Group, Inc.
	700,000		2.875			12/15/21		707,907
								859,468
	Health Care Products – 0.1%
	Medtronic, Inc.
	200,000		2.500			03/15/20		202,320
	350,000		3.500			03/15/25		353,935
	300,000		4.625			03/15/45		310,484
								866,739
	Insurance – 0.5%
	AIA Group Ltd.(a)(d)
	750,000		3.200			03/11/25		719,819
	Allianz Finance II BV(c)(d)
EUR	100,000		5.750			07/08/41		127,012
	Assicurazioni Generali SpA(c)(d)
GBP	50,000		6.416			02/28/49		76,370
	Generali Finance BV(c)(d)
	150,000		6.214			12/31/49		227,371
	Prudential Financial, Inc.(c)(d)
$	700,000		5.375			05/15/45		696,500
	QBE Insurance Group Ltd.(a)
	400,000		2.400			05/01/18		402,696
	Standard Life PLC(c)(d)
GBP	150,000		6.546			01/06/49		242,229
	Corporate Obligations – (continued)
	Insurance – (continued)
	Teachers Insurance & Annuity Association of America(a)
$	800,000		4.900	%		09/15/44	$	822,958
								3,314,955
	Metals & Mining – 0.4%
	Freeport-McMoRan, Inc.(d)
	950,000		3.550			03/01/22		710,125
	150,000		4.550			11/14/24		111,750
	Glencore Finance Canada Ltd.(a)
	1,400,000		4.250			10/25/22		1,104,250
	Rio Tinto Finance USA Ltd.
	752,000		9.000			05/01/19		917,768
								2,843,893
	Natural Gas – 0.1%
	Engie(c)(d)
EUR	400,000		3.875			07/10/49		455,296
	Gas Natural Finance BV
	300,000		1.375			01/21/25		313,749
								769,045
	Noncaptive – Financial – 0.1%
	General Electric Capital Corp.
MXN	2,000,000		8.500			04/06/18		128,365
$	350,000		5.550			05/04/20		407,154
								535,519
	Pharmaceuticals – 1.6%
	AbbVie, Inc.
	1,500,000		1.750			11/06/17		1,504,099
	500,000		2.500	(d)		05/14/20		497,273
	150,000		3.200	(d)		11/06/22		149,281
	300,000		3.600	(d)		05/14/25		296,622
	Actavis Funding SCS
	50,000		2.450			06/15/19		49,603
	250,000		3.000	(d)		03/12/20		250,450
	100,000		3.450	(d)		03/15/22		98,654
	400,000		4.850	(d)		06/15/44		365,244
	EMD Finance LLC(a)(d)
	2,050,000		3.250			03/19/25		1,987,200
	Forest Laboratories, Inc.(a)
	300,000		4.375			02/01/19		317,525
	4,100,000		5.000	(d)		12/15/21		4,447,606
	Merck KGaA(c)(d)
EUR	150,000		2.625			12/12/74		159,498
								10,123,055
	Real Estate Investment Trusts – 1.2%
	Gecina SA
EUR	700,000		4.250			02/03/16		792,666
	Hammerson PLC(d)
	850,000		2.000			07/01/22		950,597
	HCP, Inc.(d)
$	100,000		2.625			02/01/20		99,386
	1,750,000		5.375			02/01/21		1,933,857
	200,000		4.250			11/15/23		201,598

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trusts – (continued)
	Prologis LP(d)
EUR	100,000		3.000	%		01/18/22	$	116,835
	400,000		3.375			02/20/24		471,140
	Trust F/1401(a)
$	330,000		5.250			12/15/24		341,550
	Ventas Realty LP(d)
	1,600,000		3.500			02/01/25		1,536,919
	Ventas Realty LP/Ventas Capital Corp.(d)
	200,000		3.250			08/15/22		195,051
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)(d)
	350,000		2.700			09/17/19		348,345
	400,000		3.750			09/17/24		393,735
								7,381,679
	Technology – 0.3%
	Apple, Inc.
	500,000		3.850			05/04/43		453,932
	Harris Corp.(d)
	250,000		2.700			04/27/20		247,069
	Hewlett-Packard Co.
	250,000		2.600			09/15/17		257,497
	Oracle Corp.(d)
	1,050,000		2.950			05/15/25		1,022,421
								1,980,919
	Tobacco – 1.4%
	BAT International Finance PLC(a)
	800,000		2.750			06/15/20		815,379
	200,000		3.500			06/15/22		205,554
	3,300,000		3.950			06/15/25		3,432,303
	Reynolds American, Inc.
	200,000		3.250			06/12/20		205,478
	150,000		4.000			06/12/22		156,662
	2,700,000		4.450	(d)		06/12/25		2,829,420
	250,000		5.700	(d)		08/15/35		271,155
	1,100,000		5.850	(d)		08/15/45		1,224,516
								9,140,467
	Transportation(a) – 0.4%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	2,350,000		3.375	(d)		02/01/22		2,296,756
	450,000		4.250			01/17/23		458,864
								2,755,620
	TOTAL CORPORATE OBLIGATIONS
	(Cost $129,388,617)						$	126,737,830
	Foreign Debt Obligations(e) – 1.6%
	Supranational – 1.6%
	European Financial Stability Facility
EUR	7,700,000		2.000			05/15/17		8,896,082
	1,100,000		2.350			07/29/44		1,415,833
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $11,050,219)						$	10,311,915
	Asset-Backed Securities – 8.4%
	Collateralized Loan Obligations(a)(c) – 4.9%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A
$	1,504,525		0.928	%		11/01/18	$	1,493,694
	B&M CLO Ltd. Series 2014-1A, Class A1
	1,750,000		1.676			04/16/26		1,721,624
	B&M CLO Ltd. Series 2014-1A, Class A2
	300,000		2.226			04/16/26		289,998
	Greywolf CLO V Ltd. Series 2015-1A, Class A1
	1,800,000		1.871			04/25/27		1,789,898
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1
	1,600,000		1.805			04/18/26		1,580,643
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B
	3,250,000		1.699			04/28/25		3,207,178
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2
	850,000		2.279			04/28/25		822,598
	Madison Park Funding X Ltd. Series 2012-10A, Class A1A
	2,600,000		1.645			01/20/25		2,584,525
	Magnetite VIII Ltd. Series 2014-8A, Class A
	2,700,000		1.755			04/15/26		2,690,518
	Magnetite VIII Ltd. Series 2014-8A, Class B
	550,000		2.275			04/15/26		544,905
	OFSI Fund V Ltd. Series 2014-7A, Class ACOM
	2,850,000		1.872			10/18/26		2,783,025
	Shackleton CLO Ltd. Series 2014-5A, Class A
	3,650,000		1.811			05/07/26		3,618,767
	Shackleton CLO Ltd. Series 2014-5A, Class B1
	800,000		2.311			05/07/26		780,746
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM
	1,250,000		1.651			07/15/26		1,216,000
	Trinitas CLO Ltd. Series 2014-1A, Class A1
	1,550,000		1.805			04/15/26		1,533,108
	Trinitas CLO Ltd. Series 2014-1A, Class B1
	400,000		2.175			04/15/26		382,186
	Whitehorse VIII Ltd. Series 2014-1A, Class A
	3,500,000		1.689			05/01/26		3,452,942
	Whitehorse VIII Ltd. Series 2014-1A, Class B
	750,000		2.239			05/01/26		723,562
								31,215,917
	Home Equity – 1.9%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(c)
	2,793,272		1.644			10/25/37		2,609,053
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1(c)
	55,688		7.000			09/25/37		55,221
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1(c)
	98,055		7.000			09/25/37		99,006
	SPS Servicer Advance Receivables Trust Series 2015-T1, Class A(a)
	9,450,000		2.530			06/15/45		9,450,000
								12,213,280
	Student Loans(c) – 1.6%
	Access Group, Inc. Series 2004-2, Class A2
	1,604,573		0.445			01/25/16		1,587,895

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Student Loans(c) – (continued)
	Chase Education Loan Trust Series 2007-A, Class A3
$	547,853		0.396	%		12/28/23	$	535,892
	Educational Services of America, Inc. Series 2010-1, Class A1(a)
	1,103,146		1.145			07/25/23		1,109,192
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	728,978		1.279			02/25/42		733,199
	Nelnet Student Loan Trust Series 2010-3A, Class A(a)
	756,821		1.075			07/27/48		749,784
	Nelnet Student Loan Trust Series 2011-1A, Class A(a)
	421,048		1.044			02/25/43		413,447
	Northstar Education Finance, Inc. Series 2004-2, Class A3
	608,692		0.464			07/30/18		604,234
	Scholar Funding Trust Series 2010-A, Class A(a)
	1,253,068		1.044			10/28/41		1,214,699
	SLC Student Loan Center Series 2011-1, Class A(a)
	948,606		1.414			10/25/27		950,560
	SLC Student Loan Trust Series 2006-1, Class A4
	842,927		0.417			12/15/21		839,091
	SLM Student Loan Trust Series 2005-3, Class A5
	1,617,863		0.385			10/25/24		1,577,587
								10,315,580
	TOTAL ASSET-BACKED SECURITIES
	(Cost $54,112,906)						$	53,744,777
	Mortgage-Backed Obligations – 16.5%
	Adjustable Rate Non-Agency(c) – 0.5%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	175,046		1.684	%		09/25/35	$	157,051
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	896,004		0.413			03/20/46		688,628
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	135,665		2.560			04/20/35		132,535
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	867,709		2.752			08/19/36		706,461
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	1,133,840		1.184			01/25/46		782,168
	Sequoia Mortgage Trust Series 2004-10, Class A3A
	210,237		1.063			11/20/34		201,717
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	491,424		2.565			11/25/34		492,776
	TOTAL ADJUSTABLE RATE NON-AGENCY						$	3,161,336
	Collateralized Mortgage Obligations – 2.1%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A(a)(c)
$	665,361		0.565	%		09/20/66	$	623,608
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1(a)(c)
	995,297		0.585			09/20/66		933,562
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2(c)
EUR	1,660,014		0.223			09/20/66		1,753,284
	Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – 2.1%
	EMF-UK PLC Series 08-1X, Class A1A(c)
GBP	1,002,034		1.551	%		03/13/46	$	1,461,480
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1(c)
	990,101		0.971			09/13/45		1,397,997
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1(c)
$	67,620		1.699			02/25/25		67,646
	FNMA REMIC Series 2010-126, Class LS(c)
	2,423,074		4.803			11/25/40		491,243
	FNMA REMIC Series 2011-52, Class GB
	1,037,826		5.000			06/25/41		1,150,009
	FNMA REMIC Series 2011-99, Class DB
	875,000		5.000			10/25/41		970,712
	FNMA REMIC Series 2012-111, Class B
	134,491		7.000			10/25/42		153,745
	FNMA REMIC Series 2012-153, Class B
	499,061		7.000			07/25/42		585,271
	FNMA REMIC Series 2013-96, Class SW(c)
	630,636		5.906			09/25/43		102,261
	FNMA REMIC Series 2015
	1,000,000		6.054			10/01/45		158,218
	FNMA REMIC Series 2015-79
	4,700,000		5.506			10/01/45		630,094
	GNMA REMIC Series 2010-31, Class SA(c)
	951,174		5.534			03/20/40		140,864
	GNMA REMIC Series 2015-126, Class HS(c)
	1,750,000		6.002			09/20/45		324,782
	Granite Master Issuer PLC Series 2007-2, Class 2B1(c)
	1,000,000		0.447			12/17/54		981,350
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C(c)
EUR	131,715		0.246			09/21/38		152,279
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A(c)
GBP	85,656		0.852			12/21/37		136,751
	Leek Finance PLC Series 2017X, Class A2C(c)
EUR	142,760		0.266			12/21/37		168,349
	Leek Finance PLC Series 2018X, Class A2B(c)
$	746,385		0.541			09/21/38		770,684
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	10,156		1.840			10/07/20		10,159
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	13,164,348
	Commercial Mortgage-Backed Securities – 2.9%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM(c)
$	600,000		5.794	%		04/10/49	$	629,880
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
	2,373,327		5.602			06/11/50		2,532,489
	Commercial Mortgage Trust Series 2007-C9, Class A1A(c)
	3,912,489		5.989			12/10/49		4,141,612
	FNMA ACES Series 2012-M8, Class ASQ2
	156,958		1.520			12/25/19		158,430
	FNMA ACES Series 2012-M8, Class ASQ3
	300,000		1.800			12/25/19		304,426

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – (continued)
	FREMF Mortgage Trust Series 2015-K44, Class B(a)(c)
$	1,750,000		3.811	%		01/25/48		$	1,682,852
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A(c)
	3,481,594		5.988			08/10/45			3,695,505
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A(c)
	2,999,167		6.051			07/15/44			3,195,316
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM(c)
	150,000		5.478			02/12/44			155,771
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM(c)
	250,000		5.931			12/15/44			257,126
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A(c)
	1,723,934		5.608			05/15/46			1,788,696
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	18,542,103
	Federal Agencies – 11.0%
	FHLMC – 0.3%
$	168		5.000	%		09/01/16		$	171
	1,440		5.000			11/01/16			1,498
	537		5.000			12/01/16			558
	6,583		5.000			01/01/17			6,830
	10,169		5.000			02/01/17			10,563
	9,186		5.000			03/01/17			9,528
	17,278		5.000			04/01/17			17,938
	803		5.000			05/01/17			834
	304		5.000			06/01/17			316
	721		5.000			08/01/17			751
	56,869		5.000			09/01/17			59,129
	72,781		5.000			10/01/17			75,667
	45,172		5.000			11/01/17			46,964
	47,482		5.000			12/01/17			49,368
	59,719		5.000			01/01/18			62,131
	134,224		5.000			02/01/18			139,722
	125,751		5.000			03/01/18			131,040
	125,272		5.000			04/01/18			130,502
	93,018		5.000			05/01/18			97,012
	25,285		5.000			06/01/18			26,369
	25,907		5.000			07/01/18			27,078
	10,715		5.000			08/01/18			11,170
	9,027		5.000			09/01/18			9,413
	32,592		5.000			10/01/18			34,076
	41,152		5.000			11/01/18			43,004
	27,059		5.000			12/01/18			28,234
	18,256		5.000			01/01/19			19,080
	1,739		5.000			02/01/19			1,821
	4,804		5.000			03/01/19			5,078
	3,823		5.000			01/01/33			4,221
	1,165		5.000			06/01/33			1,282
	10,909		5.000			07/01/33			12,008
	12,985		5.000			08/01/33			14,293
	2,317		5.000			10/01/33			2,551
	8,955		5.000			11/01/33			9,857
	2,897		5.000			12/01/33			3,189
	10,585		5.000			02/01/34			11,650
	3,775		5.000			03/01/34			4,153
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	6,559		5.000	%		04/01/34		$	7,217
	11,684		5.000			05/01/34			12,861
	155,365		5.000			06/01/34			171,007
	2,273		5.000			11/01/34			2,501
	43,925		5.000			04/01/35			48,351
	4,457		5.000			11/01/35			4,906
	8,488		5.000			02/01/37			9,415
	1,071		5.000			11/01/37			1,173
	418,800		7.000			02/01/39			491,277
	60,162		5.000			01/01/40			66,639
									1,924,396
	FNMA – 5.8%
	1,238		5.000			04/01/18			1,294
	11,347		5.000			05/01/18			11,810
	1,590		5.000			06/01/18			1,659
	1,411		5.000			11/01/18			1,478
	1,605		5.000			03/01/19			1,693
	2,323		5.000			04/01/19			2,453
	4,000,000		4.506			06/01/19			4,305,436
	1,510,737		3.416			10/01/20			1,620,735
	1,112,397		3.612			12/01/20			1,205,689
	716,224		3.763			12/01/20			775,036
	1,933,740		4.375			06/01/21			2,146,656
	393,417		3.830			07/01/21			427,530
	195,067		5.000			05/01/26			214,745
	4,044		5.000			08/01/33			4,473
	2,728		5.500			02/01/34			3,064
	5,067		5.500			05/01/34			5,700
	3,742		5.500			10/01/34			4,221
	19,422		5.500			12/01/34			21,910
	5,144		5.500			04/01/35			5,803
	4,288		5.500			07/01/35			4,837
	60,045		4.500			05/01/38			65,075
	260,148		7.000			03/01/39			297,063
	43,873		4.500			05/01/39			48,351
	24,726		4.500			06/01/39			27,250
	23,970		4.500			08/01/39			26,436
	259,387		5.000			06/01/40			286,055
	131,557		5.000			07/01/41			145,705
	127,875		4.500			08/01/41			139,130
	779,708		3.000			08/01/42			795,726
	673,639		3.000			09/01/42			687,717
	98,061		3.000			10/01/42			100,145
	422,404		3.000			11/01/42			431,376
	4,247,411		3.000			12/01/42			4,336,802
	2,786,451		3.000			01/01/43			2,845,738
	476,707		3.000			02/01/43			486,911
	214,201		3.000			03/01/43			218,786
	612,147		3.000			04/01/43			625,250
	1,000,000		2.500			TBA-15yr	(f)		1,019,453
	2,000,000		3.000			TBA-30yr	(f)		2,026,562
	7,000,000		3.500			TBA-30yr	(f)		7,300,782
	4,000,000		4.500			TBA-30yr	(f)		4,336,250
									37,012,785

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	GNMA – 4.9%
$	573,414		3.950	%		07/15/25		$	625,412
	5,987,727		3.500			08/20/45			6,282,903
	100,000		3.500			09/20/45			104,930
	1,000,000		4.000			09/20/45			1,068,945
	22,000,000		4.000			TBA-30yr	(f)		23,420,156
									31,502,346
	TOTAL FEDERAL AGENCIES							$	70,439,527
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $105,901,004)							$	105,307,314
	Agency Debentures – 0.5%
	FFCB
$	700,000		3.500	%		12/20/23		$	763,285
	FHLMC
	1,800,000		6.750			03/15/31			2,634,135
	TOTAL AGENCY DEBENTURES
	(Cost $3,085,297)							$	3,397,420
	Government Guarantee Obligations – 4.7%
	Banca Monte dei Paschi di Siena SpA(e)
EUR	3,500,000		3.500	%		03/20/17		$	4,069,040
	Canada Housing Trust No. 1(a)(e)
CAD	5,200,000		2.350			12/15/18			4,063,637
	Dexia Credit Local SA(e)
GBP	1,800,000		1.875			07/17/17			2,748,599
	Israel Government AID Bond(g)
$	300,000		5.500			09/18/23			369,567
	Kreditanstalt fuer Wiederaufbau(e)
EUR	14,500,000		0.000			12/07/18			16,220,927
AUD	3,000,000		6.000			08/20/20			2,421,829
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $31,777,833)							$	29,893,599
	U.S. Treasury Obligations – 6.5%
	United States Treasury Bonds
$	2,500,000		2.875	%		08/15/45		$	2,498,450
	United States Treasury Inflation Protected Securities
	5,353,162		0.375			07/15/23			5,268,689
	5,298,156		0.625	(h)		01/15/24			5,279,930
	1,554,842		0.375			07/15/25			1,515,971
	629,371		2.125			02/15/40			744,131
	1,955,840		1.375			02/15/44			1,989,461
	6,475,000		1.000			09/15/17			6,521,167
	4,820,000		2.125			08/31/20			4,988,411
	3,100,000		1.875			05/31/22			3,129,822
	9,500,000		1.750			09/30/22			9,496,295
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $41,446,167)							$	41,432,327

Notional Amount		Exercise Price			Expiration Date		Value
	Options Purchased – 0.0%
	Currency Options – 0.0%
	BNP Paribas SA
	Put CNH 29,933,885
	Call USD 4,782,000
$	4,782,000		6.260	%		10/26/15	$	93,799
	BNP Paribas SA
	Put USD 4,782,000
	Call CNH 29,933,885
	4,782,000		6.260			10/26/15		3,969
	TOTAL OPTIONS PURCHASED
	(Cost $41,580)						$	97,768
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
	(Cost $622,776,199)						$	606,280,269

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investments – 2.3%
	Commercial Paper – 0.6%
	Barclays Bank PLC
$	3,750,000		0.889	%		04/13/16	$	3,750,000
	Repurchase Agreements(i) – 1.7%
	Joint Repurchase Agreement Account II
	10,600,000		0.122			10/01/15		10,600,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $14,350,000)						$	14,350,000
	TOTAL INVESTMENTS – 97.3%
	(Cost $637,126,199)						$	620,630,269
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%							17,299,369
	NET ASSETS – 100.0%						$	637,929,638

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 $128,386,130, which represents approximately 20.1% of net assets as of September 30, 2015.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $39,835,947, which represents approximately 6.2% of net assets as of September 30, 2015.

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

GOLDMAN SACHS GLOBAL INCOME FUND

(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 $38,103,203 which represents approximately 6.0% of net assets as of September 30, 2015.
(g)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $369,567, which represents approximately 0.1% of net assets as of September 30, 2015.
(h)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(i)	Joint repurchase agreement was entered into on September 30, 2015. Additional information appears on page 103.

Currency Abbreviations:
AED	—United Arab Emirates Dirham
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
AUDOR	—Australian Dollar Offered Rate
BP	—British Pound Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc 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
FREMF	—Freddie Mac Multi Family
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
JYOR	—Japanese Yen Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	CAD	2,917,975	EUR	1,953,142	$	2,185,858		12/16/15	$	464
	USD	366,729	CAD	487,051		364,850		12/16/15		1,879
	USD	3,114,817	GBP	2,018,061		3,051,873		12/16/15		62,944
	USD	524,308	MXN	8,327,840		492,589		10/01/15		31,719
	USD	840,387	MXN	14,190,447		834,164		12/17/15		6,223
	USD	1,912,538	ZAR	26,361,102		1,893,453		10/26/15		19,084
Barclays Bank PLC	BRL	1,710,434	USD	416,000		431,102		10/02/15		15,102
	INR	26,426,903	USD	400,711		401,803		10/19/15		1,091
	USD	79,641,690	JPY	9,542,277,000		79,570,572		10/29/15		71,118
	USD	831,193	MXN	13,980,579		825,145		10/26/15		6,048
	USD	413,000	TRY	1,259,142		406,268		12/16/15		6,732
	USD	422,197	TWD	13,742,519		417,022		10/02/15		5,175
	USD	399,037	TWD	13,006,620		393,164		10/26/15		5,874
	ZAR	6,306,862	USD	444,919		448,780		12/17/15		3,861
BNP Paribas SA	CNH	5,230,586	USD	796,920		818,390		10/28/15		21,470
	CNH	28,255,629	USD	4,271,448		4,341,907		05/26/16		70,459
	CNH	25,086,935	USD	3,781,000		3,850,295		06/13/16		69,295
	EUR	370,000	PLN	1,569,975		413,997		12/16/15		1,791
	JPY	47,759,777	USD	397,528		398,670		12/16/15		1,143
	USD	4,963,000	AED	18,258,068		4,959,807		08/11/16		3,193
	USD	232,505	AUD	332,471		232,394		12/16/15		111
	USD	298,638	CAD	394,986		295,884		12/16/15		2,754
	USD	182,682	EUR	162,969		182,347		12/16/15		335
	USD	595,081	GBP	385,043		582,293		12/16/15		12,788
	USD	368,510	JPY	44,117,982		368,271		12/16/15		239
	USD	396,372	TWD	12,907,869		391,224		10/05/15		5,149
	USD	707,988	TWD	23,427,321		707,774		11/30/15		214
Citibank NA	JPY	99,689,322	USD	829,000		832,147		12/16/15		3,147
	USD	417,781	CNH	2,731,992		417,365		09/01/16		416
	USD	416,000	EUR	368,000		411,760		12/16/15		4,240
	USD	504,655	KRW	596,693,386		503,260		10/05/15		1,395
	USD	911,880	KRW	1,083,039,886		911,720		12/04/15		160
	USD	2,867,542	MXN	48,333,000		2,852,653		10/26/15		14,889
	USD	844,423	SGD	1,198,785		840,211		12/16/15		4,212
	USD	1,319,079	TWD	43,246,000		1,310,740		10/05/15		8,339
Credit Suisse International (London)	COP	1,283,489,600	USD	410,585		414,238		10/29/15		3,653
	GBP	547,510	EUR	739,000		827,989		12/16/15		1,112
	USD	2,658,428	AUD	3,697,000		2,592,732		10/15/15		65,696
	USD	797,576	CAD	1,056,207		791,205		12/16/15		6,371
	USD	32,056,456	GBP	20,437,000		30,914,692		10/08/15		1,141,764
Deutsche Bank AG	HUF	145,327,966	USD	515,640		517,935		12/16/15		2,295
	ILS	1,638,822	USD	416,000		417,754		10/02/15		1,754
	ILS	1,638,822	USD	416,908		418,213		12/16/15		1,305
	TWD	27,189,239	USD	823,168		825,068		10/02/15		1,900
	USD	1,143,500	ILS	4,427,748		1,129,921		12/16/15		13,580
	USD	559,365	MXN	8,875,732		524,366		10/15/15		35,000
	USD	656,407	MXN	10,616,336		626,418		10/29/15		29,989
	USD	413,000	SGD	578,766		405,649		12/16/15		7,351
	USD	414,000	TWD	13,446,720		408,046		10/02/15		5,954

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
HSBC Bank PLC	AUD	10,908,811	USD	7,570,213	$	7,625,154		12/16/15	$	54,941
	CAD	379,053	USD	282,565		283,949		12/16/15		1,384
	CNH	28,238,543	USD	4,271,448		4,339,282		05/26/16		67,834
	NOK	4,120,476	USD	481,491		483,416		12/16/15		1,926
	NZD	345,656	USD	215,824		219,747		12/16/15		3,923
	PHP	18,354,600	USD	388,951		392,327		10/19/15		3,376
	RUB	53,085,678	USD	797,981		804,244		10/21/15		6,264
	TRY	1,290,623	USD	416,000		416,426		12/16/15		426
	USD	413,000	BRL	1,589,883		400,718		10/02/15		12,282
	USD	491,916	CZK	11,897,000		489,450		11/16/15		2,467
	USD	1,865,375	EUR	1,646,461		1,842,245		12/16/15		23,129
	USD	1,154,293	ILS	4,497,243		1,147,655		12/16/15		6,638
	USD	250,744	JPY	29,916,568		249,726		12/16/15		1,019
	USD	1,211,050	NOK	10,001,901		1,173,428		12/16/15		37,622
	USD	584,868	SEK	4,839,728		579,313		12/16/15		5,555
	USD	414,000	TWD	13,397,951		406,078		10/05/15		7,922
	USD	94,986	TWD	3,075,456		93,029		10/19/15		1,957
JPMorgan Securities, Inc.	CNH	13,910,726	USD	2,122,000		2,134,847		06/14/16		12,847
	HUF	141,770,738	USD	504,092		505,257		12/16/15		1,166
	INR	26,673,400	USD	403,226		404,529		11/03/15		1,303
	JPY	99,649,530	USD	829,000		831,815		12/16/15		2,815
	KRW	990,717,485	USD	831,069		835,736		10/02/15		4,667
	RUB	29,543,118	USD	447,018		447,576		10/21/15		559
	SEK	5,085,646	EUR	540,331		608,750		12/16/15		4,167
	USD	996,000	BRL	3,993,641		995,219		11/04/15		781
	USD	15,845,954	CAD	21,005,000		15,736,699		11/12/15		109,254
	USD	768,711	CAD	1,016,498		761,460		12/16/15		7,252
	USD	422,528	KRW	500,417,285		422,135		10/02/15		393
	USD	11,599,612	MXN	180,524,756		10,677,971		10/01/15		921,640
	USD	1,289,172	TWD	42,555,572		1,285,641		12/04/15		3,531
Morgan Stanley & Co.	BRL	5,842,840	USD	1,457,823		1,472,644		10/02/15		14,820
	USD	830,000	BRL	3,225,832		813,047		10/02/15		16,953
Royal Bank of Canada	AUD	478,238	USD	332,251		334,284		12/16/15		2,033
	JPY	20,034,077	USD	167,082		167,233		12/16/15		151
	USD	252,097	BRL	907,701		228,779		10/02/15		23,318
	USD	448,539	EUR	398,634		446,036		12/16/15		2,503
	USD	178,595	MXN	2,769,021		163,787		10/01/15		14,808
	USD	860,503	MXN	14,525,292		854,335		12/10/15		6,168
	USD	249,951	NOK	2,044,872		239,905		12/16/15		10,045
Royal Bank of Scotland PLC	CLP	735,466,140	USD	1,052,000		1,054,048		10/26/15		2,048
	COP	1,595,734,820	USD	506,568		516,499		10/05/15		9,930
	EUR	373,000	GBP	273,377		417,354		12/16/15		3,931
	TRY	1,289,812	USD	415,000		416,164		12/16/15		1,164
	USD	826,000	TRY	2,542,899		820,478		12/16/15		5,522
Standard Chartered Bank	CNH	5,387,051	USD	831,000		838,503		12/16/15		7,503
	COP	1,139,391,191	USD	352,316		368,915		10/02/15		16,598
	USD	829,000	CNH	5,306,023		825,890		12/16/15		3,110
	USD	154,085,476	EUR	135,915,000		151,956,986		11/06/15		2,128,491
	USD	414,000	KRW	486,346,500		410,192		10/05/15		3,808
	USD	416,000	KRW	489,988,096		412,971		10/23/15		3,029
	USD	661,065	PLN	2,500,586		657,103		11/16/15		3,962

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
State Street Bank and Trust	AUD	673,133	USD	466,414	$	470,514		12/16/15	$	4,100
	CNH	88,955,485	USD	13,471,000		13,652,719		06/13/16		181,719
	CNH	54,595,130	USD	8,374,000		8,378,590		06/14/16		4,590
	JPY	54,256,117	USD	449,680		452,898		12/16/15		3,218
	NZD	9,863,380	USD	6,180,406		6,270,531		12/16/15		90,124
	SEK	2,498,885	EUR	265,963		299,115		12/16/15		1,526
	USD	199,361	AUD	281,004		196,419		12/16/15		2,942
	USD	382,628	CAD	506,936		379,746		12/16/15		2,882
	USD	8,374,000	CNH	54,807,411		8,366,778		09/14/16		7,222
	USD	1,660,000	JPY	197,988,552		1,652,691		12/16/15		7,309
	USD	665,498	NOK	5,467,064		641,399		12/16/15		24,099
	USD	5,486,294	SEK	45,653,650		5,464,722		12/16/15		21,572
UBS AG (London)	BRL	5,802,348	USD	1,390,283		1,445,950		11/04/15		55,667
	CAD	688,283	USD	512,936		515,594		12/16/15		2,658
	CNH	10,566,879	USD	1,593,841		1,653,320		10/28/15		59,479
	EUR	743,000	GBP	537,890		831,352		12/16/15		17,912
	EUR	371,000	HUF	116,323,340		415,116		12/16/15		551
	EUR	372,000	USD	416,155		416,235		12/16/15		80
	INR	29,967,119	USD	448,878		455,629		10/19/15		6,751
	JPY	57,709,000	USD	477,875		481,220		10/29/15		3,345
	NZD	368,747	USD	232,576		234,427		12/16/15		1,851
	SEK	1,958,315	USD	233,183		234,409		12/16/15		1,227
	USD	1,041,823	BRL	4,033,719		1,016,668		10/02/15		25,155
	USD	383,368	CAD	511,670		383,293		12/16/15		76
	USD	715,414	JPY	85,649,382		714,950		12/16/15		464
	USD	414,000	KRW	490,300,200		413,601		10/02/15		399
	USD	413,000	KRW	482,061,447		406,320		10/21/15		6,680
Westpac Banking Corp.	JPY	141,454,310	USD	1,174,290		1,180,777		12/16/15		6,487
	NZD	661,000	USD	412,497		420,223		12/16/15		7,727
	USD	1,492,805	AUD	2,107,234		1,472,936		12/16/15		19,869
	USD	8,938,791	EUR	7,914,072		8,855,151		12/16/15		83,640
	USD	548,116	GBP	353,054		533,917		12/16/15		14,200
	USD	4,026,883	KRW	4,655,077,000		3,922,377		10/30/15		104,506
TOTAL									$	6,139,739

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	AUD	309,175	USD	216,801	$	216,110		12/16/15	$	(691	)
	CLP	226,755,431	USD	329,204		325,106		10/22/15		(4,098	)
	EUR	3,052,000	USD	3,422,482		3,412,226		11/06/15		(10,256	)
	EUR	759,848	USD	862,191		850,203		12/16/15		(11,988	)
	MXN	27,777,622	USD	1,644,960		1,632,999		12/16/15		(11,961	)
	PLN	1,569,490	EUR	371,000		412,080		12/16/15		(3,037	)
	PLN	1,089,990	USD	288,456		286,184		12/16/15		(2,272	)
	USD	826,687	AUD	1,190,000		831,799		12/16/15		(5,111	)
	USD	360,811	JPY	43,556,000		363,202		10/29/15		(2,391	)
	USD	250,232	JPY	30,031,050		250,681		12/16/15		(450	)
	USD	810,890	NZD	1,281,776		814,874		12/16/15		(3,984	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Barclays Bank PLC	GBP	114,428	USD	176,417	$	173,047		12/16/15	$	(3,370	)
	USD	665,772	CNH	4,434,044		677,386		09/01/16		(11,614	)
	USD	416,000	INR	27,630,554		420,103		10/19/15		(4,103	)
	ZAR	5,716,554	USD	415,000		406,776		12/17/15		(8,225	)
BNP Paribas SA	GBP	304,976	USD	470,939		461,209		12/16/15		(9,730	)
	PLN	1,092,767	USD	289,699		286,913		12/16/15		(2,786	)
	SEK	3,295,127	USD	398,553		394,425		12/16/15		(4,128	)
	USD	1,396,063	AED	5,139,431		1,396,090		08/15/16		(27	)
	USD	4,271,448	CNH	28,394,451		4,339,264		08/26/16		(67,816	)
	USD	3,781,000	CNH	25,206,668		3,849,075		09/09/16		(68,075	)
Citibank NA	CLP	514,155,270	USD	746,234		737,805		10/13/15		(8,430	)
	COP	2,041,069,600	USD	664,000		658,981		10/26/15		(5,019	)
	EUR	370,000	USD	416,542		413,997		12/16/15		(2,545	)
	HUF	140,934,290	USD	503,076		502,276		12/16/15		(800	)
	KRW	1,083,039,886	USD	913,803		913,451		10/05/15		(352	)
	USD	619,225	CNH	4,004,717		623,340		12/16/15		(4,115	)
	USD	415,000	ZAR	5,845,981		415,985		12/17/15		(985	)
Credit Suisse International (London)	USD	831,000	RUB	55,684,645		843,619		10/21/15		(12,619	)
Deutsche Bank AG	MXN	27,947,162	USD	1,654,853		1,642,966		12/16/15		(11,887	)
	USD	1,035,066	CNH	6,859,815		1,047,969		09/01/16		(12,903	)
	USD	483,000	INR	31,987,757		486,351		10/19/15		(3,351	)
	USD	415,000	INR	27,582,270		418,312		11/03/15		(3,312	)
	USD	839,000	SGD	1,203,269		843,353		12/16/15		(4,353	)
	USD	820,559	TWD	27,189,239		821,427		11/30/15		(868	)
HSBC Bank PLC	BRL	3,378,653	USD	859,170		851,564		10/02/15		(7,606	)
	CAD	637,684	USD	480,735		477,690		12/16/15		(3,045	)
	GBP	274,255	USD	415,528		414,750		12/16/15		(778	)
	NOK	20,209,593	USD	2,462,849		2,370,999		12/16/15		(91,849	)
	SEK	1,636,013	USD	198,818		195,830		12/16/15		(2,988	)
	TRY	1,270,752	USD	414,000		410,014		12/16/15		(3,986	)
	USD	414,000	BRL	1,651,562		416,264		10/02/15		(2,264	)
	USD	4,271,448	CNH	28,375,229		4,336,327		08/26/16		(64,879	)
	USD	1,245,000	CNH	8,213,136		1,254,715		09/01/16		(9,715	)
	USD	701,259	DKK	4,684,000		702,234		11/16/15		(974	)
	USD	282,327	NZD	445,128		282,985		12/16/15		(658	)
	USD	785,753	SEK	6,589,982		788,818		12/16/15		(3,065	)
	USD	415,000	TRY	1,303,013		420,423		12/16/15		(5,423	)
	ZAR	5,785,117	USD	415,000		411,654		12/17/15		(3,346	)
JPMorgan Securities, Inc.	CAD	1,618,132	USD	1,240,000		1,212,144		12/16/15		(27,856	)
	EUR	263,000	USD	299,232		294,274		12/16/15		(4,958	)
	MXN	54,929,730	USD	3,259,978		3,241,998		10/26/15		(17,980	)
	MXN	7,018,811	USD	413,000		412,624		12/16/15		(376	)
	TWD	69,551,820	USD	2,122,697		2,108,042		10/05/15		(14,655	)
	USD	830,000	CNH	5,457,064		833,672		09/01/16		(3,672	)
	USD	2,122,000	CNH	13,973,537		2,133,169		09/14/16		(11,169	)
	USD	830,011	KRW	990,717,485		834,736		11/02/15		(4,726	)
	USD	415,000	TRY	1,293,082		417,219		12/16/15		(2,219	)
Morgan Stanley & Co.	BRL	3,104,874	USD	807,910		782,560		10/02/15		(25,350	)
	EUR	742,000	USD	832,782		830,233		12/16/15		(2,549	)
	MXN	6,801,773	USD	411,021		399,865		12/16/15		(11,156	)
	USD	250,994	BRL	1,050,188		261,708		11/04/15		(10,714	)
	USD	707,396	TRY	2,216,449		715,148		12/16/15		(7,752	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Royal Bank of Canada	BRL	1,616,936	USD	413,000	$	407,537		10/02/15	$	(5,463	)
	CAD	1,637,028	USD	1,241,000		1,226,300		12/16/15		(14,700	)
	GBP	185,859	USD	282,414		281,070		12/16/15		(1,344	)
	MXN	27,839,306	USD	1,641,469		1,636,626		12/16/15		(4,843	)
	USD	1,785,637	MXN	30,553,676		1,803,303		10/26/15		(17,666	)
	USD	416,000	MXN	7,229,560		425,014		12/16/15		(9,014	)
	USD	232,665	NZD	370,380		235,465		12/16/15		(2,800	)
Royal Bank of Scotland PLC	CLP	286,065,713	USD	415,000		410,500		10/13/15		(4,500	)
	EUR	427,000	USD	482,195		477,399		11/06/15		(4,797	)
	GBP	545,904	EUR	742,000		825,560		12/16/15		(4,673	)
	HUF	140,987,143	USD	503,112		502,465		12/16/15		(647	)
	MXN	27,670,006	USD	1,655,000		1,626,672		12/16/15		(28,328	)
	USD	139,104	COP	430,080,202		139,206		10/05/15		(101	)
	USD	1,169,458	ILS	4,586,848		1,170,522		12/16/15		(1,064	)
	USD	414,000	TRY	1,297,269		418,570		12/16/15		(4,570	)
Standard Chartered Bank	CAD	55,871	USD	42,132		41,853		12/16/15		(279	)
	GBP	232,000	USD	357,994		350,942		10/08/15		(7,052	)
	NZD	1,285,000	USD	822,932		816,924		12/16/15		(6,008	)
	TWD	22,677,206	USD	697,449		685,959		10/19/15		(11,490	)
	USD	415,000	CNH	2,680,452		417,216		12/16/15		(2,216	)
	USD	415,000	CNH	2,764,523		422,334		09/01/16		(7,334	)
	USD	843,607	SGD	1,207,370		846,227		12/16/15		(2,621	)
	USD	416,000	TWD	13,859,352		418,816		10/29/15		(2,816	)
	ZAR	5,549,595	USD	414,000		394,895		12/17/15		(19,105	)
State Street Bank and Trust	AUD	582,000	USD	414,489		406,812		12/16/15		(7,676	)
	CAD	1,903,888	EUR	1,284,302		1,426,204		12/16/15		(10,817	)
	EUR	686,318	USD	775,133		767,931		12/16/15		(7,203	)
	NOK	23,353,388	USD	2,788,476		2,739,832		12/16/15		(48,644	)
	USD	13,471,000	CNH	89,363,419		13,645,854		09/09/16		(174,854	)
	USD	685,515	JPY	82,194,564		686,111		12/16/15		(597	)
	USD	184,380	SEK	1,549,711		185,500		12/16/15		(1,120	)
UBS AG (London)	BRL	1,557,307	USD	413,000		392,508		10/02/15		(20,492	)
	GBP	141,371	USD	216,801		213,793		12/16/15		(3,008	)
	MXN	28,582,370	USD	1,695,528		1,680,309		12/16/15		(15,219	)
	NOK	6,379,511	EUR	672,327		748,447		12/16/15		(3,828	)
	USD	333,032	AUD	476,611		333,147		12/16/15		(115	)
	USD	1,406,630	BRL	5,802,348		1,462,438		10/02/15		(55,808	)
	USD	635,118	CNH	4,145,100		645,191		12/16/15		(10,073	)
	USD	233,122	NZD	370,903		235,798		12/16/15		(2,676	)
Westpac Banking Corp.	AUD	1,147,000	USD	821,883		801,742		12/16/15		(20,141	)
	CAD	1,160,745	USD	879,651		869,515		12/16/15		(10,136	)
	EUR	160,276	USD	181,923		179,335		12/16/15		(2,588	)
	GBP	274,685	EUR	373,000		415,400		12/16/15		(1,954	)
	GBP	549,767	USD	845,039		831,401		12/16/15		(13,638	)
	USD	1,123,549	CNH	7,321,608		1,139,619		12/16/15		(16,070	)
	USD	830,000	CNH	5,448,846		832,417		09/01/16		(2,417	)
	USD	1,865,265	EUR	1,677,000		1,874,936		11/06/15		(9,671	)
	USD	6,192,881	JPY	746,987,213		6,235,406		12/16/15		(42,525	)
	USD	576,176	KRW	686,531,154		578,335		11/09/15		(2,159	)
	USD	515,364	NZD	815,462		518,421		12/16/15		(3,057	)
TOTAL									$	(1,303,277	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2015, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA (Proceeds Receivable: $(6,242,344))		3.500	%	TBA-30yr		10/21/15	$	(6,000,000	)	$	(6,285,000	)

(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 September 30, 2015, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Australian 10 Year Government Bonds		61		December 2015	$	5,540,922		$	63,376
French 10 Year Government Bonds		57		December 2015		9,656,947			160,764
Italian 10 Year Government Bonds		21		December 2015		3,198,098			60,632
Ultra Long U.S. Treasury Bonds		100		December 2015		16,040,625			112,650
5 Year German Euro-Bobl		60		December 2015		8,650,014			28,738
10 Year U.K. Long Gilt		(63	)	December 2015		(11,346,801	)		(95,418	)
5 Year U.S. Treasury Notes		319		December 2015		38,444,484			155,444
10 Year U.S. Treasury Notes		92		December 2015		11,843,563			128,471
20 Year U.S. Treasury Bonds		(112	)	December 2015		(17,622,500	)		(215,975	)
TOTAL								$	398,682

SWAP CONTRACTS — At September 30, 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)
JPY	507,920	(b)	12/16/17	0.250%	6 month JYOR	$	11,594		$	538
$	3,440	(b)	12/16/17	1.500	3 month LIBOR		31,965			11,893
EUR	11,240	(b)	12/16/17	6 month EURO	0.250%		(32,294	)		(15,745	)
JPY	222,790	(b)	12/16/18	0.250	6 month JYOR		6,397			634
GBP	1,360	(b)	12/16/18	1.500	6 month BP		8,486			10,781
CHF	2,790	(b)	12/16/20	0.050	6 month CHFOR		46,238			12,280
JPY	578,050	(b)	12/16/20	0.250	6 month JYOR		4,694			4,728
EUR	920	(b)	12/16/20	0.500	6 month EURO		4,026			1,774
CAD	14,600	(b)	12/16/20	1.250	6 month CDOR		19,514			(3,195	)
NOK	17,450	(b)	12/16/20	1.500	3 month NIBOR		4,483			14,617
GBP	1,350	(b)	12/16/20	1.750	6 month BP		5,865			21,686
$	16,410	(b)	12/16/20	3 month LIBOR	2.000		(203,187	)		(213,799	)
SEK	99,390	(b)	12/16/20	3 month STIBOR	0.500		33,877			7,305
$	38,280	(b)	06/24/21	2.923	3 month LIBOR		69,554			426,501
	49,210	(b)	09/02/22	2.810	3 month LIBOR		73,642			196,024
GBP	850	(b)	12/16/22	1.750	6 month BP		(11,611	)		18,593
$	10,820	(b)	12/16/22	3 month LIBOR	2.250		(144,595	)		(199,921	)
EUR	4,650	(b)	12/16/22	6 month EURO	0.500		107,517			(51,215	)
	9,890		05/15/24	1.100	6 month EURO		(11,851	)		284,135
	25,210	(b)	05/11/25	1.568	6 month EURO		(102,085	)		166,766
	10,620	(b)	06/08/25	1.850	6 month EURO		(29,891	)		209,128
	1,790	(b)	07/10/25	1.700	6 month EURO		(47,006	)		60,854
EUR	6,230	(b)	09/16/25	2.000	6 month EURO		(90,505	)		225,697
GBP	4,630	(b)	09/16/25	6 month BP	2.750		(55,152	)		(101,464	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	630	(b)	09/28/25	1.500%	6 month EURO	$	(2,800	)	$	(686	)
$	480	(b)	09/28/25	2.750	3 month LIBOR		(1,527	)		2,793
GBP	760	(b)	09/28/25	6 month BP	2.250%		1,307			(1,000	)
CHF	960	(b)	12/16/25	0.500	6 month CHFOR		19,172			8,003
JPY	126,720	(b)	12/16/25	0.500	6 month JYOR		(5,901	)		2,812
EUR	37,330	(b)	12/16/25	0.750	6 month EURO		(1,161,818	)		128,690
	25,710	(b)	12/16/25	1.500	6 month EURO		(783,002	)		581,392
GBP	11,330	(b)	12/16/25	2.000	6 month BP		37,992			195,030
$	26,840	(b)	12/16/25	3 month LIBOR	2.500		(436,686	)		(644,458	)
	6,270	(b)	12/16/25	3 month LIBOR	3.000		(61,270	)		(17,220	)
NZD	10	(b)	12/16/25	3 month NZDOR	3.750		(45	)		(75	)
SEK	53,140	(b)	12/16/25	3 month STIBOR	1.500		(49,756	)		(1,537	)
AUD	7,420	(b)	12/16/25	3.000	6 month AUDOR		(17,902	)		61,389
	3,280	(b)	12/16/25	6 month AUDOR	3.500		(267	)		(1,596	)
GBP	4,300	(b)	12/16/25	6 month BP	2.750		(117,436	)		(22,703	)
CAD	1,930	(b)	12/16/25	6 month CDOR	2.000		(1,881	)		(9,592	)
	6,290	(b)	12/16/25	6 month CDOR	2.500		101,176			(64,049	)
JPY	834,960	(b)	12/16/25	6 month JYOR	1.000		(57,684	)		8,356
$	9,770	(b)	06/24/29	3 month LIBOR	3.218		(38,735	)		(387,217	)
EUR	5,550	(b)	06/08/30	6 month EURO	2.100		(15,904	)		(140,993	)
$	11,540	(b)	09/02/30	3 month LIBOR	3.005		(16,598	)		(164,685	)
	5,830	(b)	12/16/30	3 month LIBOR	2.500		59,246			(188,083	)
EUR	3,340	(b)	12/16/30	6 month EURO	1.000		217,617			(27,918	)
	9,480	(b)	05/11/35	6 month EURO	1.695		221,342			51,964
$	3,750	(b)	12/16/35	2.500	3 month LIBOR		(83,942	)		110,314
EUR	1,020	(b)	12/16/45	1.250	6 month EURO		(116,401	)		34,236
$	2,620	(b)	12/16/45	2.750	3 month LIBOR		15,959			97,955
GBP	7,970	(b)	12/16/45	6 month BP	2.250		(209,273	)		(271,253	)
	TOTAL					$	(2,805,342	)	$	428,464

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(c)			Upfront Payments (Made Received)		Unrealized Gain (Loss)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	5,400		1.000	%		06/20/16		0.256	%	$	1,110	$	29,769
Morgan Stanley & Co. International PLC			2,650		1.000			06/20/16		0.256			521		14,633
TOTAL												$	1,631	$	44,402

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(c)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 24	$59,400		1.000	%		06/22/20		0.879	%	$	449,846	$	(107,946	)

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

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 16.7%
	Airlines(a)(b) – 0.3%
	Air Canada
$	24,840,000		6.750	%		10/01/19	$	26,206,200
	28,000,000		8.750			04/01/20		30,450,000
								56,656,200
	Automotive – 0.0%
	General Motors Co.
	2,200,000		3.500			10/02/18		2,233,201
	Banks – 4.1%
	ABN AMRO Bank NV(a)(c)
GBP	2,940,000		5.000			02/17/49		4,448,062
EUR	21,765,000		4.310			03/10/49		24,372,004
	American Express Co.(a)(c)
$	4,373,000		6.800			09/01/66		4,416,730
	Banco Nacional de Costa Rica
	2,810,000		6.250			11/01/23		2,750,288
	3,100,000		6.250	(b)		11/01/23		3,034,125
	Bank of America Corp.
	49,500,000		3.875			08/01/25		50,165,564
	21,275,000		6.100	(a)(c)		03/17/49		20,636,750
	Citigroup, Inc.
	36,650,000		3.300			04/27/25		35,678,523
	27,925,000		5.875	(a)(c)		03/27/49		27,436,312
	Credit Suisse Group AG(a)(b)(c)
	35,155,000		6.250			12/18/49		33,045,700
	Intesa Sanpaolo SpA
EUR	6,800,000		6.625			09/13/23		8,995,876
$	98,350,000		5.017	(b)		06/26/24		97,027,291
	12,200,000		7.700	(a)(b)(c)		12/29/49		11,848,237
	JPMorgan Chase & Co.(a)
	49,450,000		3.900			07/15/25		50,477,863
	28,325,000		5.300	(c)		05/01/49		27,829,312
	Lloyds Bank PLC(a)(c)
	17,730,000		9.875			12/16/21		19,298,218
GBP	16,268,000		10.750			12/16/21		27,008,825
	Morgan Stanley, Inc.
$	19,300,000		4.000			07/23/25		19,723,949
	18,875,000		5.550	(a)(c)		07/15/49		18,591,875
	PNC Preferred Funding Trust II(a)(b)(c)
	102,100,000		1.560			03/29/49		94,314,875
	Royal Bank of Scotland PLC(a)(c)
	118,165,000		9.500			03/16/22		128,799,850
	The Bank of Nova Scotia(b)
	20,400,000		1.650			10/29/15		20,416,202
	Wells Fargo & Co.
	9,500,000		3.000			02/19/25		9,189,205
	42,675,000		3.550			09/29/25		42,853,297
								782,358,933
	Building Materials(a) – 0.2%
	HD Supply, Inc.
	21,775,000		11.000			04/15/20		24,197,469
	20,150,000		11.500			07/15/20		22,794,687
								46,992,156
	Corporate Obligations – (continued)
	Consumer Cyclical Services(a) – 0.4%
	First Data Corp.
$	17,600,000		11.250	%		01/15/21	$	19,162,000
	51,000,000		12.625			01/15/21		57,885,000
								77,047,000
	Consumer Products – Household & Leisure(a)(d) – 0.0%
	Alphabet Holding Co., Inc.
	3,250,000		7.750			11/01/17		3,185,000
	Electric(a)(c) – 0.2%
	RWE AG
	36,250,000		7.000			10/12/72		35,865,750
	Energy – 0.6%
	Petroleos de Venezuela SA
	17,540,000		9.000			11/17/21		6,296,860
	65,150,000		6.000			05/16/24		21,173,750
	62,980,000		6.000			11/15/26		19,923,723
	19,960,000		5.375			04/12/27		6,312,350
	4,610,000		5.500			04/12/37		1,440,625
	Seadrill Ltd.(b)
	60,059,000		6.125			09/15/17		45,945,135
	6,150,000		6.625	(e)		09/15/20		3,997,500
								105,089,943
	Energy – Exploration & Production(a) – 0.8%
	Antero Resources Corp.
	1,950,000		6.000			12/01/20		1,803,750
	32,000,000		5.375			11/01/21		28,080,000
	35,150,000		5.625	(b)		06/01/23		30,756,250
	Comstock Resources, Inc.(b)(e)
	12,575,000		10.000			03/15/20		8,739,625
	Halcon Resources Corp.(b)
	5,200,000		8.625	(e)		02/01/20		4,342,000
	60,075,000		13.000			02/15/22		38,222,719
	MEG Energy Corp.(b)
	45,270,000		6.375			01/30/23		35,423,775
	RSP Permian, Inc.
	50,000		6.625			10/01/22		48,000
	Whiting Canadian Holding Co. ULC
	64,000		8.125			12/01/19		61,920
								147,478,039
	Food & Beverage(a) – 0.4%
	Bumble Bee Holding, Inc.(b)
	48,571,000		9.000			12/15/17		49,603,134
	Kraft Heinz Foods Co.(b)
	11,500,000		5.000			07/15/35		11,960,454
	US Foods, Inc.
	6,950,000		8.500			06/30/19		7,184,562
								68,748,150
	Gaming – 0.4%
	MGM Resorts International
	21,900,000		7.500			06/01/16		22,474,875
	50,800,000		10.000			11/01/16		54,229,000
								76,703,875

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Health Care – Services – 1.0%
	CHS/Community Health Systems, Inc.(a)
$	43,400,000		5.125	%		08/15/18	$	44,268,000
	142,525,000		8.000			11/15/19		148,582,312
	HCA, Inc.
	3,150,000		6.500			02/15/16		3,181,500
								196,031,812
	Home Construction(a) – 0.0%
	Beazer Homes USA, Inc.
	2,350,000		9.125			05/15/19		2,347,062
	Life Insurance – 0.1%
	MetLife, Inc.
	10,600,000		3.000			03/01/25		10,277,210
	Media – Cable – 0.8%
	CCO Holdings LLC/CCO Holdings Capital Corp.(a)
	6,129,000		7.000			01/15/19		6,251,580
	CCO Safari II LLC(a)(b)
	19,200,000		3.579			07/23/20		19,159,907
	28,625,000		4.908			07/23/25		28,464,408
	38,750,000		6.484			10/23/45		38,965,367
	Comcast Corp.
	19,346,000		4.650			07/15/42		19,818,970
	DISH DBS Corp.
	14,800,000		7.125			02/01/16		14,911,000
	Time Warner Cable, Inc.
	19,754,000		5.850			05/01/17		20,918,234
								148,489,466
	Media – Non Cable(a)(b) – 0.8%
	Univision Communications, Inc.
	153,487,000		8.500			05/15/21		159,626,480
	Metals & Mining – 0.3%
	CITIC Ltd.
	43,900,000		6.800			01/17/23		49,733,766
	Noncaptive – Financial – 0.0%
	CIBanco SA Institucion de Banca Multiple(a)(b)(f)
	1,479,225		9.625			05/02/21		44,377
	General Electric Capital Corp.
MXN	110,000,000		8.500			04/06/18		7,060,083
								7,104,460
	Packaging(a) – 1.9%
	Ardagh Packaging Finance PLC
$	151,914,000		9.125	(b)		10/15/20		158,370,345
EUR	19,775,000		9.250			10/15/20		23,046,951
	Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is(b)
$	42,083,000		5.625			12/15/16		41,556,962
	Reynolds Group Issuer, Inc.
	22,000,000		8.500			05/15/18		22,137,500
	13,825,000		9.000			04/15/19		13,997,813
	100,819,000		9.875			08/15/19		104,347,665
								363,457,236
	Corporate Obligations – (continued)
	Pharmaceuticals(a) – 0.1%
	AbbVie, Inc.
$	6,675,000		2.500	%		05/14/20	$	6,638,587
	9,100,000		3.600			05/14/25		8,997,544
	Actavis Funding SCS
	4,825,000		4.750			03/15/45		4,344,183
								19,980,314
	Pipelines – 0.6%
	Enterprise Products Operating LLC(a)(c)
	28,900,000		8.375			08/01/66		28,430,375
	1,850,000		7.000			06/01/67		1,683,500
	16,275,000		7.034			01/15/68		17,251,499
	Sabine Pass LNG LP
	60,200,000		7.500			11/30/16		61,404,000
								108,769,374
	Property/Casualty Insurance(a)(c) – 0.1%
	ING Capital Funding Trust III
	12,250,000		3.927			12/29/49		12,142,812
	The Chubb Corp.
	11,794,000		6.375			03/29/67		11,676,060
								23,818,872
	Real Estate Investment Trusts(b) – 0.1%
	Trust F/1401
	18,700,000		5.250			12/15/24		19,354,500
	300,000		6.950			01/30/44		311,250
								19,665,750
	Retailers(a) – 0.5%
	Amazon.com, Inc.
	53,325,000		4.950			12/05/44		54,294,429
	Rite Aid Corp.
	31,800,000		9.250			03/15/20		33,946,500
								88,240,929
	Retailers – Food & Drug(a) – 0.4%
	BI-LO LLC/BI-LO Finance Corp.(b)(d)
	13,655,000		8.625			09/15/18		12,204,156
	Walgreens Boots Alliance, Inc.
	56,800,000		4.800			11/18/44		54,377,407
								66,581,563
	Software(a) – 0.2%
	Microsoft Corp.
	39,425,000		3.750			02/12/45		36,185,393
	Technology – 0.0%
	Apple, Inc.
	6,900,000		3.450			02/09/45		5,813,332
	Telecommunications – Cellular – 0.1%
	America Movil SAB de CV
MXN	256,740,000		6.000			06/09/19		15,112,085
	Transportation Services(a) – 0.0%
	Aguila 3 SA
CHF	2,250,000		7.875			01/31/18		2,322,814

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Wireless Telecommunications – 2.1%
	Intelsat Jackson Holdings SA(a)
$	40,021,000		7.250			04/01/19		37,519,687
	39,375,000		7.250			10/15/20		36,323,438
	44,025,000		5.500			08/01/23		36,320,625
	Intelsat Luxembourg SA(a)
	37,800,000		8.125	(e)		06/01/23		24,286,500
	SoftBank Group Corp.(b)
	95,650,000		4.500			04/15/20		92,780,500
EUR	26,700,000		4.625			04/15/20		30,680,976
	Sprint Capital Corp.
	34,050,000		6.875			11/15/28		24,516,000
	Sprint Communications, Inc.
	78,025,000		6.000			12/01/16		76,952,156
	4,050,000		9.000	(b)		11/15/18		4,252,500
	8,650,000		7.000			08/15/20		7,244,375
	6,650,000		6.000			11/15/22		5,004,125
	Sprint Corp.
	19,625,000		7.875			09/15/23		15,700,000
	3,000,000		7.125			06/15/24		2,310,000
								393,890,882
	Wirelines Telecommunications(a) – 0.2%
	Level 3 Financing, Inc.
	30,075,000		8.625			07/15/20		31,428,375
	TOTAL CORPORATE OBLIGATIONS
	(Cost $3,335,039,925)						$	3,151,235,422
	Mortgage-Backed Obligations – 15.7%
	Adjustable Rate Non-Agency(c) – 4.6%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	1,631,985		0.383	%		09/20/66	$	1,734,627
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A1
GBP	1,655,736		0.946			09/20/66		2,376,690
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A2
EUR	9,603,268		0.323			09/20/66		10,183,101
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A3
$	4,084,149		0.685			09/20/66		3,845,635
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A(b)
	34,042,741		0.565			09/20/66		31,906,457
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	28,723,571		0.263			09/20/66		30,385,615
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A2
GBP	12,026,796		0.886			09/20/66		17,224,305
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1(b)
$	30,366,521		0.585			09/20/66		28,482,976
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
EUR	9,513,620		0.223			09/20/66		10,048,155
	American Home Mortgage Assets Trust Series 2006-2, Class 2A1
$	10,871,685		0.389			09/25/46		7,934,325
	American Home Mortgage Assets Trust Series 2006-6, Class A1A
	6,196,925		0.389			12/25/46		4,239,570
	American Home Mortgage Investment Trust Series 2005-3, Class 2A4
	6,100,000		2.155			09/25/35		4,180,913
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency(c) – (continued)
	American Home Mortgage Investment Trust Series 2006-3, Class 11A1
$	186,524		0.379	%		12/25/46	$	153,018
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1
	5,210,425		0.429			03/25/47		3,147,603
	Banc of America Funding Corp. Series 2006-H, Class 6A1
	28,286,338		0.393			10/20/36		21,737,578
	Bear Stearns Mortgage Funding Series 2007-AR1, Class 1A1
	6,574,027		0.359			01/25/37		5,293,215
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1
	4,509,724		0.399			09/25/47		3,596,310
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1(b)
	6,622,793		0.394			10/25/36		5,637,355
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-1A, Class A1(b)
	33,777,731		0.344			12/25/46		27,455,009
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-2A, Class A1(b)
	21,088,408		0.324	%		04/25/47		16,106,877
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-3A, Class A1(b)
	17,295,944		0.324			08/25/47		13,274,920
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-4A, Class A1(b)
	11,504,247		0.324			11/25/47		9,060,390
	Citigroup Mortgage Loan Trust, Inc. Series 2006-AR7, Class 2A2A
	5,645,168		2.775			11/25/36		4,851,464
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
	5,669,271		1.829			06/25/35		4,925,435
	Countrywide Alternative Loan Trust Series 2005-61, Class 1A1
	719,545		0.719			12/25/35		626,757
	Countrywide Alternative Loan Trust Series 2005-76, Class 1A1
	2,356,452		1.664			01/25/36		2,156,868
	Countrywide Alternative Loan Trust Series 2005-81, Class A1
	8,748,128		0.474			02/25/37		6,762,149
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5
	1,190,644		0.699			05/25/35		963,914
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B
	4,100,065		0.369			11/25/36		3,829,194
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	406,672		0.413			03/20/46		312,550
	Countrywide Alternative Loan Trust Series 2006-OA14, Class 2A1
	6,668,325		0.389			11/25/46		5,395,993
	Countrywide Alternative Loan Trust Series 2007-19, Class 1A11
	13,008,244		0.699			08/25/37		8,472,497
	Countrywide Alternative Loan Trust Series 2007-HY6, Class A1
	6,814,536		0.409			08/25/47		5,512,379
	Countrywide Alternative Loan Trust Series 2007-OA11, Class A1A
	31,035,260		1.564			11/25/47		22,584,656

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency(c) – (continued)
	Countrywide Alternative Loan Trust Series 2007-OA2, Class 2A1
$	11,853,415		0.329	%		03/25/47	$	7,921,189
	Countrywide Alternative Loan Trust Series 2007-OH1, Class A1D
	11,854,336		0.409			04/25/47		8,877,417
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2005-3, Class 1A1
	8,594,384		0.509			04/25/35		6,795,617
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(b)
EUR	56,688,055		2.750			04/20/20		62,709,777
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-OA1, Class A1
$	9,971,828		0.399			02/25/47		8,029,710
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A
	3,790,591		0.394			08/25/47		3,198,731
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B
	4,730,657		0.414			08/25/47		3,946,429
	Downey Savings & Loan Association Mortgage Trust Series 2005-AR5, Class 2A1A
	11,453,944		0.535			09/19/45		8,205,027
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1
GBP	16,869,794		0.971			09/13/45		23,819,722
	GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1
$	1,816,378		0.379			01/25/37		1,394,420
	HarborView Mortgage Loan Trust Series 2006-11, Class A1A
	7,155,710		0.375			12/19/36		5,219,613
	HarborView Mortgage Loan Trust Series 2006-7, Class 2A1A
	2,147,976		0.405			09/19/46		1,628,648
	HomeBanc Mortgage Trust Series 2006-1, Class 3A2
	3,152,886		2.287			04/25/37		1,965,076
	Impac Secured Assets Trust Series 2006-5, Class 1A1B
	25,592,923		0.399			02/25/37		19,597,496
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1
	5,911,920		0.459			06/25/35		5,148,415
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	1,100,507		2.495			08/25/35		945,199
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	4,380,391		3.480			11/25/35		3,639,409
	Indymac Index Mortgage Loan Trust Series 2006-AR41, Class A3
	8,517,854		0.379			02/25/37		6,150,937
	Indymac Index Mortgage Loan Trust Series 2007-AR1, Class 1A1
	8,151,977		2.857			03/25/37		7,518,790
	Indymac Index Mortgage Loan Trust Series 2007-FLX4, Class 2A1
	8,587,411		0.374			07/25/37		7,191,404
	JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	8,202,008		2.889			05/25/36		6,682,900
	JPMorgan Alternative Loan Trust Series 2006-A5, Class 1A1
	7,847,985		0.359			10/25/36		6,270,595
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	9,439,575		0.246			09/21/38		10,913,333
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency(c) – (continued)
	Leek Finance PLC Series 2017A, Class A2B(b)
$	6,281,440		0.561	%		12/21/37	$	6,618,650
	Lehman XS Trust Series 2005-5N, Class 1A1
	21,032,965		0.499			11/25/35		17,736,428
	Lehman XS Trust Series 2005-7N, Class 1A1A
	11,391,996		0.469			12/25/35		9,670,063
	Lehman XS Trust Series 2005-9N, Class 1A1
	5,444,406		0.469			02/25/36		4,487,176
	Lehman XS Trust Series 2006-GP1, Class A2A
	83		0.369			05/25/46		81
	Lehman XS Trust Series 2007-12N, Class 2A1
	4,841,009		0.374			07/25/37		3,482,963
	Lehman XS Trust Series 2007-15N, Class 4A1
	10,062,035		1.094			08/25/47		6,895,735
	Lehman XS Trust Series 2007-16N, Class 2A2
	13,784,872		1.044			09/25/47		11,028,485
	Lehman XS Trust Series 2007-4N, Class 3A2A
	6,351,344		0.920			03/25/47		5,204,683
	Lehman XS Trust Series 2007-5H, Class 3A4
	8,255,845		2.714			05/25/37		5,680,029
	Lehman XS Trust Series 2006-14N, Class 1A1A
	16,153,411		0.389			09/25/46		13,488,098
	LSTAR Securities Investment Trust Series 2014-2, Class A(b)
	23,022,335		2.197			12/01/21		22,907,136
	LSTAR Securities Investment Trust Series 2015-3, Class A(b)
	15,745,579		2.197			03/01/20		15,628,018
	Luminent Mortgage Trust Series 2007-2, Class 2A1
	1,971,791		0.429			05/25/37		1,425,216
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1
	10,150,774		0.983			12/25/46		8,071,953
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	3,990,127		1.033			12/25/46		3,229,206
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1
	4,737,721		0.349			03/25/47		3,930,064
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1
	1,944,831		0.394			05/25/47		1,559,569
	Master Adjustable Rate Mortgages Trust Series 2007-HF2, Class A1
	7,604,370		0.509			09/25/37		6,838,232
	Morgan Stanley Mortgage Loan Trust Series 2005-6AR, Class 1A3
	1,241,280		0.609			11/25/35		1,105,875
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A
	2,946,644		0.439			12/25/36		2,219,151
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	6,335,330		1.184			01/25/46		4,370,363
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	7,432,449		3.524			12/25/35		5,979,702
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A1
	13,581,857		0.384			12/25/36		10,425,007
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A2
	7,121,973		0.379			12/25/36		5,452,267

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency(c) – (continued)
	Residential Accredit Loans, Inc. Series 2006-QA2, Class 2A1
$	5,479,508		3.560	%		02/25/36	$	4,006,221
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1
	3,408,049		0.469			02/25/46		2,060,918
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1
	6,765,015		0.984			09/25/46		4,806,211
	Residential Accredit Loans, Inc. Series 2007-QA4, Class A1A
	6,571,322		0.349			06/25/37		4,761,328
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	14,363,226		1.442			11/25/37		9,221,695
	Residential Accredit Loans, Inc. Series 2007-QO4, Class A1A
	1,672,168		0.389			05/25/47		1,338,245
	Residential Accredit Loans, Inc. Series 2007-QS8, Class A3
	2,946,646		0.785			06/25/37		1,854,578
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	6,767,288		2.971			09/25/35		5,897,631
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	3,799,626		3.020			11/25/35		3,307,941
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-11, Class 1A1
	6,325,006		0.359			12/25/36		5,177,981
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-9, Class 3A1
	4,063,217		4.439			10/25/36		2,941,804
	Structured Adjustable Rate Mortgage Loan Trust Series 2007-11, Class 1A1
	9,017,533		1.349			12/25/37		6,215,807
	Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 21A1
	4,759,820		0.599			02/25/36		3,475,062
	Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1
	7,174,070		0.409			05/25/46		5,390,410
	Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A4A
	7,120,490		0.379			09/25/47		5,931,664
	Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 3A1
	17,352,473		6.500			05/25/47		11,509,374
	Structured Asset Mortgage Investments Trust, Inc. Series 2005-AR7, Class 5A1
	1,583,414		1.643			03/25/46		1,303,188
	Structured Asset Mortgage Investments Trust, Inc. Series 2006-AR7, Class A1A
	628,760		0.409			08/25/36		498,553
	Structured Asset Mortgage Investments Trust, Inc. Series 2007-AR6, Class A1
	13,723,377		1.683			08/25/47		11,009,158
	Structured Asset Mortgage Investments Trust, Inc. Series 2007-AR7, Class 1A1
	1,804,002		1.049			05/25/47		1,329,552
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class CB1
	103,460		0.649			06/25/35		80,034
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency(c) – (continued)
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR4, Class DA
$	2,956,458		1.153	%		06/25/46	$	1,753,314
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA3, Class 2A
	3,630,831		0.933			02/25/47		2,565,780
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA6, Class 2A
	5,991,967		1.773			07/25/47		4,229,080
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1
	9,746,110		0.539			01/25/45		9,057,558
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1
	590,009		0.469			12/25/45		555,395
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2, Class 2A21
	3,710,101		0.529			01/25/45		3,430,127
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A
	358,483		0.469			07/25/45		332,415
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
	1,336,210		0.489			07/25/45		1,235,753
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A
	4,856,933		0.519			07/25/45		4,600,735
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	7,813,076		1.063			10/25/46		6,181,028
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	10,108,412		0.923			01/25/47		8,035,337
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 2A
	8,153,733		0.883			01/25/47		5,806,122
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4, Class A1A
	6,850,255		0.943			04/25/47		5,121,681
	TOTAL ADJUSTABLE RATE NON-AGENCY						$	864,624,184
	Collateralized Mortgage Obligations – 2.9%
	Interest Only(g) – 0.2%
	GNMA REMIC Series 2013-182, Class PI
$	23,676,822		4.500	%		12/20/43	$	4,880,359
	GNMA REMIC Series 2014-11, Class NI
	21,619,957		4.500			12/16/42		3,213,404
	GNMA REMIC Series 2014-180, Class PI
	21,754,825		4.000			08/20/44		3,413,874
	GNMA REMIC Series 2015-111, Class IW
	22,444,055		4.000			06/20/45		3,494,445

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations – 2.9%
	Interest Only(g) – (continued)
	GNMA REMIC Series 2015-95, Class GI
$	70,360,668		4.500	%		07/16/45	$	14,900,088
								29,902,170
	Inverse Floaters(c) – 1.5%
	FHLMC REMIC Series 3753, Class SK
	26,782,556		5.843			11/15/38		3,601,075
	FHLMC REMIC Series 4273, Class PS
	69,175,168		5.893			11/15/43		10,833,959
	FHLMC REMIC Series 4431, Class ST
	23,094,806		5.893			01/15/45		5,394,850
	FHLMC REMIC Series 4468, Class SY
	19,873,362		5.893			05/15/45		4,566,972
	FNMA REMIC Series 2010-126, Class LS
	7,460,770		4.803			11/25/40		1,512,563
	FNMA REMIC Series 2013-96, Class SW
	72,990,273		5.906			09/25/43		11,835,701
	FNMA REMIC Series 2014-19, Class MS
	36,461,002		6.406			11/25/39		5,914,529
	FNMA REMIC Series 2015
	22,075,000		6.050			10/01/45		3,567,188
	55,000,000		6.054			10/01/45		8,701,990
	FNMA REMIC Series 2015-20, Class ES
	61,411,564		5.956			04/25/45		14,777,391
	FNMA REMIC Series 2015-22, Class DS
	15,398,646		6.006			04/25/45		3,585,053
	FNMA REMIC Series 2015-24, Class SG
	24,200,866		5.406			04/25/45		5,216,811
	FNMA REMIC Series 2015-79
	212,125,000		5.506			10/01/45		28,438,008
	GNMA REMIC Series 2010-1, Class SD
	12,758,836		5.574			01/20/40		2,174,404
	GNMA REMIC Series 2010-162, Class SE
	33,138,063		6.334			12/20/40		4,124,019
	GNMA REMIC Series 2010-20, Class SC
	18,510,878		5.934			02/20/40		3,055,576
	GNMA REMIC Series 2010-20, Class SD
	16,816,662		5.464			02/20/40		2,494,859
	GNMA REMIC Series 2010-20, Class SE
	39,528,885		6.034			02/20/40		6,633,441
	GNMA REMIC Series 2010-35, Class DS
	20,429,085		5.464			03/20/40		3,037,208
	GNMA REMIC Series 2010-37, Class SG
	41,682,040		5.484			03/20/40		6,225,721
	GNMA REMIC Series 2010-58, Class AI
	6,628,407		5.554			05/20/40		1,008,368
	GNMA REMIC Series 2010-59, Class SA
	11,737,364		6.284			05/20/40		2,083,453
	GNMA REMIC Series 2010-85, Class SN
	24,544,136		5.724			07/20/40		4,368,419
	GNMA REMIC Series 2010-9, Class XD
	47,201,410		6.391			01/16/40		8,359,148
	GNMA REMIC Series 2010-9, Class YD
	65,279,183		6.591			01/16/40		12,059,422
	GNMA REMIC Series 2010-90, Class ES
	40,218,249		5.734			07/20/40		6,351,459
	Collateralized Mortgage Obligations – (continued)
	Inverse Floaters(c) – (continued)
	GNMA REMIC Series 2013-111, Class SA
$	26,662,022		6.484	%		07/20/43	$	4,925,107
	GNMA REMIC Series 2013-113, Class SA
	31,477,469		6.484			08/20/43		5,801,335
	GNMA REMIC Series 2013-113, Class SD
	103,303,078		6.491			08/16/43		19,418,324
	GNMA REMIC Series 2013-117, Class PS
	34,352,734		5.934			04/20/43		5,573,982
	GNMA REMIC Series 2013-147, Class SD
	35,398,054		6.434			12/20/39		6,448,956
	GNMA REMIC Series 2014-3, Class TS
	15,898,048		5.334			01/20/44		2,304,080
	GNMA REMIC Series 2014-5, Class SA
	24,382,755		5.334			01/20/44		3,525,737
	GNMA REMIC Series 2014-56, Class ST
	39,672,711		5.891			12/16/39		6,226,973
	GNMA REMIC Series 2014-76, Class SA
	50,616,130		5.384			01/20/40		7,387,520
	GNMA REMIC Series 2014-96, Class SE
	30,961,334		5.384			07/20/44		4,552,127
	GNMA REMIC Series 2015-110, Class MS
	32,785,860		5.494			08/20/45		5,279,159
	GNMA REMIC Series 2015-111, Class SM
	27,681,958		5.984			08/20/45		5,105,774
	GNMA REMIC Series 2015-112, Class SB
	55,135,380		5.524			08/20/45		9,063,192
	GNMA REMIC Series 2015-126, Class HS
	58,200,382		6.001			09/20/45		10,801,397
	GNMA REMIC Series 2015-126, Class LS
	18,025,000		6.001			09/20/45		3,374,067
	GNMA REMIC Series 2015-133, Class SA
	10,600,000		5.520			09/20/45		1,716,140
	GNMA REMIC Series 2015-133, Class SB
	15,387,132		5.520			09/20/45		2,452,709
								273,878,166
	Planned Amortization Class(c) – 0.0%
	GNMA REMIC Series 2011-50, Class PS
	45,232,010		5.884			02/20/41		7,042,873
	Regular Floater(c) – 0.7%
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1
	1,060,029		0.699			07/25/35		812,944
	Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A
	8,529,135		0.509			08/25/35		6,848,891
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	1,379,435		0.999			12/25/35		1,135,317
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A3
	4,405,583		0.599			02/25/36		3,003,608
	FHLMC REMIC Series 3231, Class FB
	900,868		0.557			10/15/36		903,073
	FHLMC REMIC Series 3314, Class FC
	582,434		0.607			12/15/36		584,969
	FHLMC REMIC Series 3371, Class FA
	733,435		0.807			09/15/37		742,289

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations – (continued)
	Regular Floater(c) – (continued)
	FHLMC REMIC Series 3545, Class FA
$	1,149,662		1.057	%		06/15/39	$	1,166,765
	FHLMC REMIC Series 3827, Class KF
	1,216,075		0.577			03/15/41		1,221,885
	FHLMC REMIC Series 4320, Class FD
	42,454,306		0.607			07/15/39		42,681,632
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3
	13,210,000		3.499			10/25/27		12,462,790
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ1, Class M3
	15,550,000		3.999			03/25/25		14,966,749
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	18,606,878		1.399			07/25/24		18,548,142
	FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1
	3,123,198		1.699			02/25/25		3,124,404
	FNMA REMIC Series 2006-45, Class TF
	1,565,514		0.594			06/25/36		1,571,734
	FNMA REMIC Series 2006-76, Class QF
	1,662,504		0.594			08/25/36		1,671,716
	FNMA REMIC Series 2006-79, Class PF
	1,692,100		0.594			08/25/36		1,700,833
	FNMA REMIC Series 2007-33, Class HF
	2,238,086		0.544			04/25/37		2,249,578
	FNMA REMIC Series 2007-75, Class VF
	599,098		0.644			08/25/37		602,489
	FNMA REMIC Series 2009-84, Class WF
	409,297		1.294			10/25/39		418,861
	FNMA REMIC Series 2015-34, Class LS
	43,682,665		5.906			06/25/45		9,563,463
	Granite Mortgages PLC Series 2004-3, Class 3A1
GBP	631,065		0.946			09/20/44		952,857
	Nomura Resecuritization Trust Series 2014-5R, Class 2A11(b)
$	4,942,689		8.722			12/26/36		3,615,864
	Residential Accredit Loans, Inc. Series 2005-QS10, Class 3A1
	781,024		0.699			08/25/35		574,383
	Sequoia Mortgage Trust Series 2007-3, Class 2AA1
	5,129,938		2.634			07/20/37		4,189,348
								135,314,584
	Sequential Fixed Rate – 0.5%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
	2,588,673		7.000			10/25/37		1,624,099
	BCAP LLC Trust Series 2007-AA2, Class 2A7
	2,177,013		6.000			04/25/37		1,852,988
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	139,975		5.500			05/25/22		144,900
	Citigroup Mortgage Loan Trust Series 2007-9, Class 1A1(b)
	9,447,026		5.750			04/25/47		7,889,308
	CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A13
	4,158,140		6.000			07/25/36		3,719,323
	CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7
	1,525,517		6.000			01/25/37		1,294,931
	Collateralized Mortgage Obligations – (continued)
	Sequential Fixed Rate – (continued)
	CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7
$	8,118,551		5.750	%		03/25/37	$	6,891,997
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	2,993,537		6.000			02/25/36		2,492,207
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
	3,622,969		5.750			04/25/47		3,142,771
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
	1,427,144		5.750			07/25/37		1,280,515
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
	587,453		6.000			08/25/37		531,370
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	1,700,613		6.000			03/25/37		1,576,374
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-7, Class A3
	3,343,985		5.750			06/25/37		3,063,363
	Countrywide Home Mortgage Loan Pass-Through Trust Series 2007-10, Class A5
	2,549,837		6.000			07/25/37		2,324,608
	Countrywide Home Mortgage Pass-Through Trust Series 2007-10, Class A22
	4,792,426		6.000			07/25/37		4,369,108
	JPMorgan Alternative Loan Trust Series 2008-R2, Class A1(b)
	9,997,449		6.000			11/25/36		8,928,293
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	841,948		5.000			08/25/35		848,123
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	831,806		5.500			02/25/36		699,481
	Residential Accredit Loans, Inc. Series 2006-QS4, Class A9
	4,545,517		6.000			04/25/36		3,830,089
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	1,396,232		6.000			06/25/36		1,149,044
	Residential Accredit Loans, Inc. Series 2006-QS8, Class A3
	2,552,184		6.000			08/25/36		2,064,083
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	2,390,228		6.500			07/25/36		1,932,124
	Residential Accredit Loans, Inc. Series 2007-QS1, Class 2A5
	2,844,736		6.000			01/25/37		2,315,072
	Residential Asset Securitization Trust Series 2005-A11CB, Class 2A1
	10,880,548		4.850			10/25/35		7,615,820
	Residential Asset Securitization Trust Series 2006-A15, Class A13
	7,820,826		6.250			01/25/37		5,625,247
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	1,830,295		6.000			08/25/36		1,620,777
	Residential Asset Securitization Trust Series 2006-A8, Class 2A3
	7,617,557		6.000			08/25/36		4,603,062
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	5,945,612		6.000			10/25/37		5,037,905
	Suntrust Alternative Loan Trust Series 2005-1F, Class 2A6
	1,608,255		5.750			12/25/35		1,428,317

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations – (continued)
	Sequential Fixed Rate – (continued)
	Wells Fargo Mortgage Backed Securities Trust Series 2007-11, Class A85
$	1,523,936		6.000	%		08/25/37	$	1,452,045
								91,347,344
	Sequential Floating Rate(c) – 0.0%
	Banc of America Funding Corp. Series 2007-2, Class 2A1
	101,964		5.731			03/25/37		99,660
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3
	6,962,019		0.699			08/25/37		5,215,953
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
	1,192,231		0.299			12/25/36		803,736
								6,119,349
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	543,604,486
	Commercial Mortgage-Backed Securities – 6.3%
	Sequential Fixed Rate – 2.4%
	COMM 2015-CCRE23 Mortgage Trust Series 2015-CR23, Class CMD(b)
$	24,350,000		3.807	%		05/10/48	$	23,066,511
	Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class A1A
	122,345,570		5.361			02/15/40		126,991,399
	CSMC Trust Series 2014-USA, Class E(b)
	33,100,000		4.373			09/15/37		30,875,216
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	21,654,605		2.779			09/25/22		22,672,959
	FHLMC Multifamily Structured Pass-Through Certificates Series K037, Class A2
	122,500,000		3.490			01/25/24		131,185,029
	FHLMC Multifamily Structured Pass-Through Certificates Series K038, Class A2
	24,500,000		3.389			03/25/24		26,017,655
	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, ClassA1A
	87,370,078		5.559			10/15/48		90,374,386
	WF-RBS Commercial Mortgage Trust Series 2012-C6 Class B
	2,500,000		4.697			04/15/45		2,686,851
								453,870,006
	Sequential Floating Rate(c) – 3.9%
	CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class E(b)
	12,450,000		3.912			04/10/28		12,187,092
	Citigroup Commercial Mortgage Trust Series 2014-388G, Class E(b)
	27,996,000		2.557			06/15/33		27,055,614
	Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class D(b)
	9,913,500		3.257			09/15/17		9,794,692
	Collateralized Mortgage Obligations – (continued)
	Sequential Floating Rate(c) – (continued)
	Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class E(b)
$	11,719,000		3.607	%		09/15/17	$	11,364,081
	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class F(b)
	14,494,000		3.704			06/11/27		14,366,699
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	159,059,925		5.526			01/15/49		165,557,841
	Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class A1A1
	75,180,313		5.889			06/15/39		78,875,802
	FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2
	33,200,000		3.320			02/25/23		35,356,861
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A2
	110,500,000		3.250			04/25/23		117,162,156
	FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2
	75,900,000		3.300			04/25/23		80,620,267
	FREMF Mortgage Trust Series 2014-K40, Class C(b)
	7,800,000		4.208			09/25/25		7,500,655
	FREMF Mortgage Trust Series 2014-K41, Class B(b)
	19,950,000		3.961			11/25/47		19,462,404
	GRACE Mortgage Trust Series 2014-GRCE, Class F(b)
	26,250,000		3.710			06/10/28		25,537,575
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A
	29,995,270		5.988			08/10/45		31,838,197
	Hilton Mortgage Trust Series 2014-ORL, Class E(b)
	17,950,000		3.457			07/15/29		17,649,264
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CBM, Class E(b)
	24,000,000		4.057			10/15/29		23,542,586
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class D(b)
	10,200,000		2.807			12/15/28		10,117,549
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class E(b)
	9,550,000		3.707			12/15/28		9,431,921
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	1,450,000		5.478			02/12/44		1,505,783
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	1,200,000		5.931			12/15/44		1,234,207
	Morgan Stanley Capital I Trust Series 2014-CPT, Class F(b)
	25,245,000		3.560			07/13/29		23,954,198
	Tricon American Homes Trust Series 2015-SFR1, Class D(b)
	1,920,000		2.407			05/17/32		1,834,191
	Tricon American Homes Trust Series 2015-SFR1, Class E(b)
	3,790,000		3.207			05/17/32		3,631,116
								729,580,751
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	1,183,450,757

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Collateralized Mortgage Obligations – (continued)
	Federal Agencies – 1.9%
	Adjustable Rate FNMA(c) – 0.0%
$	1,867,098		2.550	%		05/01/33	$	1,997,095
	833,228		2.002			10/01/34		871,195
	1,940,038		1.920			01/01/35		2,035,877
	1,729,501		2.661			09/01/35		1,849,918
	721,766		2.495			10/01/36		771,316
								7,525,401
	FHLMC – 0.0%
	23,238		5.000			01/01/33		25,660
	2,291		5.000			03/01/33		2,522
	17,851		5.000			04/01/33		19,649
	4,633		5.000			05/01/33		5,100
	11,434		5.000			06/01/33		12,586
	66,313		5.000			07/01/33		72,994
	91,659		5.000			08/01/33		100,903
	11,231		5.000			09/01/33		12,392
	18,795		5.000			10/01/33		20,689
	54,431		5.000			11/01/33		59,916
	20,711		5.000			12/01/33		22,796
	21,089		5.000			01/01/34		23,213
	71,701		5.000			02/01/34		78,915
	27,127		5.000			03/01/34		29,848
	49,244		5.000			04/01/34		54,183
	76,234		5.000			05/01/34		83,912
	944,397		5.000			06/01/34		1,039,487
	16,756		5.000			11/01/34		18,436
	267,005		5.000			04/01/35		293,906
	27,090		5.000			11/01/35		29,819
								2,006,926
	FNMA – 1.9%
	50,500,000		0.750			03/14/17		50,606,540
	5,871,259		3.104			01/01/18		6,107,790
	6,276,958		3.443			01/01/18		6,574,901
	235,381		5.000			01/01/18		245,945
	1,161,812		5.000			02/01/18		1,214,114
	5,221,429		3.750			03/01/18		5,517,277
	787,525		5.000			03/01/18		822,977
	1,146,105		5.000			04/01/18		1,197,699
	3,550,000		3.840			05/01/18		3,772,493
	106,469		5.000			05/01/18		111,261
	100,899		5.000			06/01/18		105,441
	2,235		5.500			01/01/19		2,363
	52,737		5.500			02/01/19		55,436
	53,245		5.500			03/01/19		56,052
	39,009		5.500			04/01/19		40,975
	20,549		5.500			05/01/19		21,682
	100,733		5.500			06/01/19		105,653
	297,848		5.500			07/01/19		313,440
	268,661		5.500			08/01/19		284,175
	246,193		5.500			09/01/19		260,715
	75,109		5.500			10/01/19		79,478
	72,478		5.500			11/01/19		76,909
	126,493		5.500			12/01/19		133,649
	12,253		5.500			01/01/20		13,057
	Collateralized Mortgage Obligations – (continued)
	FNMA – (continued)
$	5,012		5.500	%		06/01/20	$	5,273
	1,448,767		5.500			07/01/20		1,540,636
	1,955,072		3.416			10/01/20		2,097,422
	1,369,104		3.632			12/01/20		1,483,925
	5,524,972		4.375			06/01/21		6,133,303
	4,087		6.000			01/01/24		4,604
	119,638		6.000			04/01/24		135,353
	2,996,444		5.500			05/01/25		3,132,294
	81,094		6.000			02/01/26		91,383
	46,863		6.000			07/01/27		52,806
	761,057		6.000			03/01/28		857,452
	811,716		6.000			08/01/28		914,534
	73,271		6.000			09/01/28		82,518
	746,466		6.000			10/01/28		841,031
	5,987		4.500			09/01/29		6,489
	7,604		6.000			12/01/32		8,693
	1,250		6.000			01/01/33		1,428
	5,119		6.000			04/01/33		5,853
	214,139		6.000			10/01/33		250,281
	7,694		6.000			02/01/34		8,795
	59,828		6.000			03/01/34		68,389
	189,877		6.000			08/01/34		219,521
	43,475		6.000			11/01/34		49,695
	393,210		6.000			05/01/35		453,001
	80,711		6.000			06/01/35		92,491
	232,156		6.000			10/01/35		267,377
	37,423		6.000			11/01/35		43,018
	41,715		6.000			12/01/35		47,193
	171,180		6.000			02/01/36		195,562
	16,954		6.000			05/01/36		19,569
	233,919		6.000			08/01/36		269,078
	38,139		6.000			09/01/36		43,985
	27,981		6.000			10/01/36		32,442
	316,817		6.000			11/01/36		364,605
	112,300		4.500			12/01/36		122,254
	76,901		6.000			12/01/36		88,288
	3,425,914		6.000			02/01/37		3,932,233
	11,429		6.000			03/01/37		13,092
	110,114		6.000			04/01/37		126,632
	131,247		6.000			05/01/37		150,899
	1,601,731		6.000			07/01/37		1,836,657
	93,395		4.500			08/01/37		101,642
	1,024,695		6.000			08/01/37		1,172,923
	34,145		6.000			10/01/37		39,603
	6,656		6.000			11/01/37		7,637
	4,170		6.000			12/01/37		4,786
	1,500,190		6.000			01/01/38		1,711,743
	122,420		5.000			03/01/38		136,465
	114,755		6.000			03/01/38		131,990
	513,675		6.000			05/01/38		586,550
	1		6.000			07/01/38		1
	29,325		6.000			08/01/38		33,605
	807,129		6.000			09/01/38		921,889
	485,904		6.000			10/01/38		556,136
	1,317,550		4.500			11/01/38		1,427,928
	1,581,755		6.000			11/01/38		1,810,744

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
	Collateralized Mortgage Obligations – (continued)
	FNMA – (continued)
$	7,270,278		6.000	%		12/01/38		$	8,299,981
	41,303		4.500			01/01/39			44,763
	18,295		6.000			01/01/39			20,885
	536,312		4.500			03/01/39			581,241
	20,192		4.500			04/01/39			22,014
	10,620		6.000			04/01/39			12,176
	125,812		6.000			07/01/39			146,094
	31,275		4.000			08/01/39			33,367
	15,207		4.000			09/01/39			16,224
	76,634		4.500			10/01/39			84,456
	971,875		6.000			10/01/39			1,114,613
	804,600		4.500			01/01/41			874,909
	11,189		4.500			05/01/41			12,288
	52,203		4.500			06/01/41			57,034
	191,172		6.000			07/01/41			219,322
	2,136,125		4.500			08/01/41			2,324,700
	180,611		4.500			09/01/41			196,393
	16,041		4.500			10/01/41			17,611
	424,292		5.000			11/01/41			467,931
	11,077		4.500			11/01/42			12,037
	3,864,546		3.000			12/01/42			3,947,510
	3,302,853		3.000			01/01/43			3,376,540
	878,867		3.000			04/01/43			897,680
	1,047,733		3.000			05/01/43			1,064,353
	20,133,170		3.000			07/01/43			20,452,532
	77,014		4.500			12/01/43			84,466
	84,000,000		3.000			TBA-30yr	(h)		85,115,621
	100,000,000		3.500			TBA-30yr	(h)		104,296,880
	13,000,000		6.000			TBA-30yr	(h)		14,690,000
									360,937,339
	TOTAL FEDERAL AGENCIES							$	370,469,666
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $2,921,158,267)							$	2,962,149,093
	Agency Debentures – 0.2%
	FFCB
$	31,600,000		3.440	%		06/17/30		$	32,812,271
	11,000,000		2.850			02/10/31			10,499,577
	3,000,000		3.020			04/09/31			2,929,515
	TOTAL AGENCY DEBENTURES
	(Cost $44,471,638)							$	46,241,363
	Asset-Backed Securities – 20.8%
	Auto(b) – 0.0%
	Skopos Auto Receivables Trust Series 2015-1A, Class A
$	7,649,045		3.100	%		12/15/23		$	7,653,977
	Collateralized Loan Obligations – 18.0%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM(b)(c)
	23,550,000		0.000			04/18/24			22,657,455
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	ACIS CLO Ltd. Series 2013-2A, Class A(b)(c)
$	9,793,972		0.777	%		10/14/22		$	9,673,437
	ACIS CLO Ltd. Series 2013-2A, Class ACOM(b)(c)
	58,824,943		0.000			10/14/22			57,736,682
	ACIS CLO Ltd. Series 2014-4A, Class ACOM(b)(c)
	177,900,000		2.828			05/01/26			173,470,290
	ACIS CLO Ltd. Series 2014-4A, Class C(b)(c)
	11,050,000		0.000			05/01/26			10,223,847
	Anchorage Capital CLO Ltd. Series 2014-4A, Class A1A(b)(c)
	141,900,000		1.729			07/28/26			140,163,570
	Anchorage Capital CLO Ltd. Series 2014-4A, Class A2(b)(c)
	31,000,000		2.439			07/28/26			30,167,650
	B&M CLO Ltd. Series 2014-1A, Class A1(b)(c)
	74,650,000		1.676			04/16/26			73,439,550
	B&M CLO Ltd. Series 2014-1A, Class A2(b)(c)
	12,850,000		2.226			04/16/26			12,421,581
	Black Diamond CLO Ltd. Series 2006-1A, Class AD(b)(c)
	18,353,788		0.544			04/29/19			17,847,939
	Callidus Debt Partners CLO Fund VI Ltd. Series 6X, Class A1D(c)
	8,781,313		0.537			10/23/21			8,602,377
	Covenant Credit Partners CLO I Ltd. Series 2014-1A, Class C(b)(c)
	21,350,000		3.195			07/20/26			20,386,325
	Crown Point CLO lll Ltd. Series 2015-3A, Class ACOM(b)(c)
	32,600,000		1.803			12/31/27			31,951,260
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM(b)(c)
	6,673,870		1.509			11/21/22			6,587,777
	Crown Point CLO Ltd. Series 2013-2A, Class ACOM(b)(c)
	118,100,000		0.000			12/14/23			115,688,988
	Cutwater 2014-I Ltd. Series 2015-1A, Class A2(b)(c)
	24,850,000		1.808			07/15/27			24,491,762
	Doral CLO 1 Ltd. Series 2012-3A, Class A1(b)(c)
	10,000,000		1.636			12/19/22			9,965,180
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A(b)(c)
	2,297,270		0.537			07/31/21			2,276,654
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1(b)(c)
	70,250,000		1.805			04/18/26			69,400,115
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B(b)(c)
	64,150,000		1.699			04/28/25			63,304,760
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2(b)(c)
	55,600,000		2.279			04/28/25			53,807,567
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(b)(c)
	113,550,000		1.727			07/25/27			111,904,547
	ICG US CLO Ltd. Series 2014-1A, Class ACOM(b)(c)
	112,150,000		0.000			04/20/26			108,942,510
	Jasper CLO Ltd. Series 2005-1A, Class A(b)(c)
	565,620		0.579			08/01/17			565,387
	KKR Financial CLO Ltd. Series 2007-1A, Class A(b)(c)
	8,292,812		0.671			05/15/21			8,219,470
	Magnetite VIII Ltd. Series 2014-8A, Class B(b)(c)
	23,900,000		2.275			04/15/26			23,678,614

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Monroe Capital BSL CLO Ltd. Series 2015-1A, Class ACOM(b)(c)
$	154,600,000		1.968	%		05/22/27	$	151,028,740
	Monroe Capital BSL CLO Ltd. Series 2015-1A, Class B(b)(c)
	10,248,000		2.486			05/22/27		9,818,066
	Monroe Capital BSL CLO Ltd. Series 2015-1A, Class C1(b)(c)
	12,050,000		3.286			05/22/27		11,369,934
	Mountain View Funding CLO Series 2007-3A, Class A1(b)(c)
	1,945,910		0.491			04/16/21		1,939,639
	Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class C(b)(c)
	8,650,000		3.039			08/04/25		8,338,782
	Ocean Trails CLO Ltd. Series 2006-1X, Class A1
	2,218,197		0.526			10/12/20		2,187,774
	OCP CLO Ltd. Series 2012-2A, Class ACOM(b)(c)
	15,650,000		1.569			11/22/23		15,413,685
	OCP CLO Ltd. Series 2014-5A, Class ACOM(b)(c)
	140,200,000		1.421			04/26/26		135,629,480
	OFSI Fund V Ltd. Series 2013-5A, Class COMB(b)
	11,950,000		0.000			04/17/25		11,636,910
	OFSI Fund V Ltd. Series 2014-7A, Class C(b)(c)
	20,050,000		3.245			10/18/26		19,298,506
	OFSI Fund VI Ltd. Series 2014-6A, Class A1(b)(c)
	32,975,300		1.300			03/20/25		32,066,567
	OFSI Fund VI Ltd. Series 2014-6A, Class ACOM(b)(c)
	120,000,000		0.000			03/20/25		116,016,000
	OFSI Fund VII Ltd. Series 2014-7A, Class ACOM(b)(c)
	146,000,000		1.872			10/18/26		142,569,000
	OHA Park Avenue CLO I Ltd. Series 2007-1A, Class A1A(b)(c)
	5,847,779		0.536			03/14/22		5,770,974
	OZLM Funding III Ltd. Series 2013-3A, Class A1(b)(c)
	14,750,000		1.606			01/22/25		14,652,503
	Parallel Ltd. Series 2015-1A, Class A(b)(c)
	83,200,000		1.752			07/20/27		82,559,610
	Parallel Ltd. Series 2015-1A, Class B(b)(c)
	16,650,000		2.352			07/20/27		16,233,500
	Red River CLO Ltd. Series 1A, Class A(b)(c)
	7,007,712		0.548			07/27/18		6,973,914
	Regatta IV Funding Ltd. Series 2014-1A, Class ACOM(b)(c)
	164,500,000		0.000			07/25/26		161,390,950
	Regatta IV Funding Ltd. Series 2014-1A, Class B(b)(c)
	776,094		2.287			07/25/26		753,566
	Regatta IV Funding Ltd. Series 2014-1A, Class C(b)(c)
	18,250,000		3.227			07/25/26		17,912,247
	Saratoga Investment CLO Corp. Series 2013-1A, Ltd. Class A1(b)(c)
	16,000,000		1.587			10/20/23		15,880,112
	Shackleton CLO Ltd. Series 2014-5A, Class B1(b)(c)
	33,700,000		2.311			05/07/26		32,888,942
	Silvermore CLO Ltd. Series 2014-1A, Class A1(b)(c)
	123,250,000		1.724			05/15/26		121,373,765
	Silvermore CLO Ltd. Series 2014-1A, Class A2(b)(c)
	23,050,000		2.324			05/15/26		22,476,239
	Sound Point CLO Ltd. Series 2014-1A, Class B1(b)(c)
	15,000,000		2.175			04/18/26		14,448,030
	Sound Point CLO VI Ltd. Series 2014-2A, Class ACOM(b)(c)
	199,450,000		1.725			10/20/26		195,520,835
	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Sound Point CLO VI Ltd. Series 2014-2A, Class C(b)(c)
$	15,000,000		3.205	%		10/20/26	$	14,348,760
	SPS Servicer Advance Receivables Trust Series 2015-T1, Class A(b)
	411,500,000		2.530			06/15/45		411,500,000
	Symphony CLO XI Ltd. Series 2013-11A, Class A(b)(c)
	6,500,000		1.574			01/17/25		6,425,653
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM(b)(c)
	57,100,000		1.651			07/15/26		55,546,880
	Trinitas CLO II Ltd. Series 2014-2A, Class C(b)(c)
	10,050,000		3.099			07/15/26		9,544,877
	Trinitas CLO Ltd. Series 2014-1A, Class A1(b)(c)
	58,150,000		1.805			04/15/26		57,516,281
	Trinitas CLO Ltd. Series 2014-1A, Class B1(b)(c)
	14,950,000		2.175			04/15/26		14,284,187
	Westchester CLO Ltd. Series 2007-1X, Class A1A(c)
	22,062,625		0.503			08/01/22		21,774,068
	Whitehorse VIII Ltd. Series 2014-1A, Class B(b)(c)
	32,800,000		2.239			05/01/26		31,643,767
	Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM(b)(c)
	120,650,000		1.737			07/16/27		118,056,025
	Zais CLO 1 Ltd. Series 2014-1A, Class ACOM(b)(c)
	93,200,000		1.714			04/15/26		91,606,280
								3,405,970,342
	Home Equity – 1.1%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C(c)
	11,457,260		0.459			03/25/37		6,779,806
	ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D(c)
	16,641,000		0.469			05/25/36		11,190,582
	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 05-R8, Class M2(c)
	5,440,000		0.689			10/25/35		4,865,495
	Bayview Financial Mortgage Pass-Through Trust 2006-A, Class M3(c)
	10,095,000		0.844			02/28/41		8,246,918
	Bayview Opportunity Master Fund IIIb RPL Trust Series 2015-3, Class A1(b)(i)
	9,137,139		3.623			04/28/30		9,107,126
	Citigroup Mortgage Loan Trust Series 2006-WFH1, Class M3(c)
	6,400,000		0.599			01/25/36		5,264,636
	Citigroup Mortgage Loan Trust Series 2007-WFH2, Class A4(c)
	300,000		0.549			03/25/37		268,015
	Countrywide Asset-Backed Certificates Series 2007-2, Class 2A4(c)
	20,000,000		0.419			08/25/37		12,212,734
	Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3(i)
	8,886,000		4.156			12/25/35		8,366,911
	First Franklin Mortgage Loan Trust Series 2006-FF12, Class A4(c)
	2,471,667		0.339			09/25/36		2,245,936
	First Franklin Mortgage Loan Trust Series 2006-FF6, Class A4(c)
	25,000,000		0.449			04/25/36		20,219,942

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Home Equity – (continued)
	GSAA Home Equity Trust Series 2006-17, Class A1(c)
$	10,523,758		0.259	%		11/25/36	$	5,388,678
	GSAA Home Equity Trust Series 2007-10, Class A2A
	4,681,989		6.500			11/25/37		3,434,527
	GSAMP Trust Series 2006-HE8, Class A2C(c)
	17,750,000		0.369			01/25/37		14,331,856
	HSI Asset Securitization Corp. Trust Series 2006-OPT1, Class 2A4(c)
	8,600,000		0.499			12/25/35		7,719,965
	JPMorgan Mortgage Acquisition Trust Series 2006-CH1, Class A5(c)
	3,850,000		0.429			07/25/36		3,664,268
	JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AV5(c)
	7,450,000		0.459			01/25/37		5,737,920
	Lehman XS Trust Series 2006-16N, Class A321(c)
	8,201,987		0.399			11/25/46		6,036,382
	Morgan Stanley Mortgage Loan Trust Series 2007-1XS, Class 2A1(c)
	8,013,684		0.279			09/25/46		3,156,056
	Saxon Asset Securities Trust Series 2007-2, Class A2C(c)
	7,129,811		0.439			05/25/47		4,972,440
	Securitized Asset Backed Receivables LLC Trust Series 2004-DO1, Class M1(c)
	5,355,112		1.174			07/25/34		4,742,914
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC3, Class A3(c)
	3,367,956		0.359			10/25/36		2,520,299
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1(c)
	6,068,202		0.414			03/25/37		4,493,800
	Vericrest Opportunity Loan Trust XXV LLC Series 2015-NPL8, Class A1(b)(i)
	43,470,419		3.500			06/26/45		43,382,926
	Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1(c)
	4,200,000		0.859			10/25/35		3,879,789
								202,229,921
	Student Loan(c) – 1.7%
	Access Group, Inc. Series 2006-1, Class A2
	15,010,250		0.439			08/25/23		14,829,392
	Access Group, Inc. Series 2015-1, Class A(b)
	44,810,277		0.894			07/25/56		43,480,577
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	4,663,733		0.459			05/25/25		4,575,331
	Goal Capital Funding Trust Series 2006-1, Class A3
	11,478,627		0.449			11/25/26		11,397,186
	Higher Education Funding I Series 2005-1, Class A4
	22,400,000		0.469			02/25/30		22,004,573
	Nelnet Student Loan Trust Series 2005-4, Class A3
	46,863,306		0.449			06/22/26		46,226,105
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	6,891,059		1.234			07/01/24		6,893,526
	Scholar Funding Trust Series 2010-A, Class A(b)
	39,306,774		1.044			10/28/41		38,103,184
	Asset-Backed Securities – (continued)
	Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2003-14, Class A5
$	23,623,208		0.525	%		01/25/23	$	23,336,730
	SLM Student Loan Trust Series 2005-4, Class A3
	25,546,834		0.415			01/25/27		24,254,139
	SLM Student Loan Trust Series 2006-9, Class A4
	7,967,866		0.365			10/25/22		7,945,890
	SLM Student Loan Trust Series 2008-2, Class A3
	22,300,800		1.045			04/25/23		21,548,572
	SLM Student Loan Trust Series 2008-4, Class A4
	40,600,000		1.945			07/25/22		40,882,787
	Wachovia Student Loan Trust Series 2005-1, Class A5
	13,955,254		0.425			01/26/26		13,683,727
								319,161,719
	TOTAL ASSET-BACKED SECURITIES
	(Cost $3,937,079,020)						$	3,935,015,959
	Foreign Debt Obligations – 18.0%
	Sovereign – 14.5%
	Brazil Letras do Tesouro Nacional(j)
BRL	186,701,000		0.000	%		01/01/16	$	45,505,167
	Brazil Loan Trust 1
$	7,991,055		5.477			07/24/23		6,912,263
	Brazil Notas do Tesouro Nacional
BRL	48,823,862		6.000			08/15/40		10,449,323
	686,076,755		6.000			08/15/50		144,083,721
	Dominican Republic
DOP	61,100,000		10.375			03/04/22		1,363,898
	98,700,000		14.500			02/10/23		2,606,919
$	16,850,000		6.600			01/28/24		17,439,750
	17,540,000		6.600	(b)		01/28/24		18,153,900
	15,512,000		5.875			04/18/24		15,376,270
	75,910,000		5.500	(b)		01/27/25		73,158,262
	8,375,000		5.500			01/27/25		8,071,406
	2,784,000		8.625			04/20/27		3,222,480
DOP	30,000,000		18.500			02/04/28		970,169
	58,700,000		11.375			07/06/29		1,344,698
$	15,210,000		7.450	(b)		04/30/44		15,533,213
	15,340,000		7.450			04/30/44		15,665,975
	7,850,000		6.850			01/27/45		7,545,813
	2,900,000		6.850	(b)		01/27/45		2,787,625
	Italy Buoni Poliennali Del Tesoro
EUR	97,254,147		2.100			09/15/16		111,160,327
	257,163,063		2.350			09/15/19		313,531,841
	116,910,000		3.750			05/01/21		150,108,973
	124,300,000		5.500			11/01/22		177,552,182
	Republic of Costa Rica
$	3,360,000		9.995			08/01/20		4,061,400
	10,280,000		5.625			04/30/43		7,697,150
	18,800,000		7.158	(b)		03/12/45		16,779,000
	2,430,000		7.158			03/12/45		2,168,775
	Republic of Croatia
	15,660,000		6.625			07/14/20		16,991,100
	13,660,000		6.375			03/24/21		14,684,500

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – (continued)
	Sovereign – 14.5%
EUR	10,110,000		3.875	%		05/30/22	$	11,320,690
$	10,670,000		5.500			04/04/23		10,936,750
EUR	9,480,000		3.000			03/11/25		9,586,618
	Republic of Honduras(b)
$	23,950,000		8.750			12/16/20		26,464,750
	Republic of Indonesia
	22,430,000		4.125			01/15/25		21,140,275
	3,720,000		5.125			01/15/45		3,259,650
	Republic of Venezuela
	16,220,000		7.750			10/13/19		5,555,350
	6,350,000		6.000			12/09/20		2,095,500
	12,490,000		12.750			08/23/22		5,339,475
	14,420,000		9.000			05/07/23		4,938,850
	75,630,000		8.250			10/13/24		25,336,050
	6,920,000		7.650			04/21/25		2,300,900
	9,230,000		11.750			10/21/26		3,553,550
	2,550,000		9.250	(e)		09/15/27		988,125
	23,970,000		9.250			05/07/28		8,029,950
	18,810,000		11.950			08/05/31		7,335,900
	6,190,000		9.375			01/13/34		2,135,550
	7,960,000		7.000			03/31/38		2,567,100
	Spain Government Bond(b)
EUR	110,650,000		5.500			04/30/21		153,195,233
	United Kingdom Treasury
GBP	35,410,000		4.750			12/07/30		71,868,510
	United Mexican States
MXN	3,122,091,310		0.000	(j)		10/01/15		184,439,951
	1,734,411,300		0.000	(j)		10/15/15		102,417,670
	2,021,876,220		0.000	(j)		10/29/15		119,252,412
	4,323,030,080		0.000	(j)		11/12/15		254,460,605
	1,500,417,950		0.000	(j)		11/19/15		88,327,522
	1,064,535,380		0.000	(j)		12/10/15		62,550,655
	1,584,231,520		0.000	(j)		12/17/15		93,030,880
	1,592,357,280		5.000			06/16/16		97,934,499
	1,850,614,300		4.750			06/14/18		109,923,089
	241,369,600		6.500			06/10/21		14,962,362
	154,502,100		8.000			12/07/23		10,312,539
	39,328,100		10.000			12/05/24		2,969,144
	75,763,000		8.500			05/31/29		5,298,444
	475,100		10.000			11/20/36		38,271
$	780,000		6.050			01/11/40		854,100
	2,890,000		4.750			03/08/44		2,637,125
	2,318,000		4.600			01/23/46		2,063,020
								2,734,347,164
	Supranational – 3.5%
	European Financial Stability Facility(k)
EUR	146,490,000		2.000			05/15/17		169,245,069
	98,900,000		0.750			06/05/17		112,076,757
	68,500,000		0.250			10/18/17		77,096,800
	64,900,000		1.125			11/30/17		74,440,268
	European Investment Bank
GBP	29,200,000		3.875			06/08/37		52,611,841
	16,900,000		5.000			04/15/39		35,345,790
	Foreign Debt Obligations – (continued)
	Supranational – (continued)
	European Stability Mechanism
EUR	26,270,000		0.000	%		10/28/16	$	29,386,964
	100,000,000		0.000			10/17/17		111,961,204
								662,164,693
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,688,670,067)						$	3,396,511,857
	Structured Note – 0.0%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	20,109,342		6.000	%		08/15/40	$	4,303,817
	(Cost $11,434,294)
	Municipal Debt Obligations – 1.7%
	Puerto Rico – 1.7%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
$	4,955,000		6.000	%		07/01/38	$	3,449,968
	17,570,000		6.000			07/01/44		12,167,401
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	6,730,000		5.750			07/01/37		4,618,530
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	2,680,000		5.000			07/01/33		1,815,700
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	3,020,000		5.750			07/01/41		1,963,000
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	1,485,000		5.500			07/01/32		967,121
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	1,150,000		5.875			07/01/36		748,938
	3,340,000		5.750			07/01/38		2,171,000
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C
	1,285,000		6.000			07/01/39		838,463
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	1,110,000		6.000			07/01/34		727,050
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E
	1,000,000		5.625			07/01/32		652,510
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	515,000		5.500			07/01/26		339,256
	5,720,000		5.750			07/01/28		3,760,957
	455,000		5.500			07/01/39		294,613
	2,095,000		5.000			07/01/41		1,346,037
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	5,270,000		5.250			07/01/37		3,399,150
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	176,930,000		8.000			07/01/35		132,697,500

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A
$	1,950,000		5.125	%		07/01/31	$	1,265,082
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A
	455,000		5.000			07/01/34		292,906
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	605,000		5.250			07/01/27		396,275
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A(j)
	1,990,000		0.000			08/01/35		215,318
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C(j)
	5,285,000		0.000			08/01/37		521,682
	4,305,000		0.000			08/01/38		398,987
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	1,205,000		5.250			08/01/40		751,619
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	1,005,000		5.500			08/01/23		454,763
	1,650,000		5.250			08/01/27		707,438
	35,660,000		0.000			08/01/32		14,489,728
	20,990,000		5.750			08/01/37		8,868,275
	2,795,000		6.375			08/01/39		1,191,369
	55,240,000		6.000			08/01/42		23,338,900
	500,000		6.500			08/01/44		213,750
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	9,275,000		0.000			08/01/33		2,852,433
	19,375,000		5.500			08/01/37		8,161,719
	25,740,000		5.375			08/01/39		10,842,975
	56,610,000		5.500			08/01/42		23,846,962
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	5,965,000		5.375			08/01/38		2,512,756
	3,150,000		6.000			08/01/39		1,330,875
	65,095,000		5.250			08/01/41		27,421,269
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	14,040,000		5.000			08/01/43		5,914,350
	9,575,000		5.250			08/01/43		4,033,469
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	29,245,000		5.500			08/01/28		12,611,906
	2,995,000		6.125			08/01/29		1,299,081
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $469,898,338)						$	325,891,081
	Government Guarantee Obligations(k) – 2.1%
	Kreditanstalt fuer Wiederaufbau
EUR	90,000,001		0.875	%		10/13/17	$	102,666,787
	254,600,000		0.000			12/07/18		284,817,098
	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $389,549,509)						$	387,483,885
	U.S. Treasury Obligations – 12.8%
	United States Treasury Bonds
$	350,000,000		3.625	%(l)		02/15/44	$	402,535,007
	344,900,000		3.000			05/15/45		352,981,014
	457,300,000		2.875			08/15/45		457,016,492
	United States Treasury Inflation Protected Securities
	273,327,360		0.125			04/15/16		270,678,818
	22,689,408		2.500			07/15/16		23,068,775
	38,920,362		2.625			07/15/17		40,787,372
	71,912,126		0.125			01/15/22		70,215,719
	111,216,560		0.375			07/15/23		109,461,562
	100,041,046		0.625			01/15/24		99,696,905
	28,745,574		0.125			07/15/24		27,469,845
	24,555,449		0.375			07/15/25		23,941,563
	35,681,397		2.500			01/15/29		42,862,278
	89,344,000		1.375			02/15/44		90,879,823
	United States Treasury Notes
	155,300,000		2.000			10/31/21		158,567,506
	205,600,000		1.750			02/28/22		206,334,013
	38,700,000		2.000			07/31/22		39,371,832
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,351,383,347)						$	2,415,868,524
	Senior Term Loans(m) – 4.9%
	Aerospace – 0.0%
	Transdigm, Inc.
$	4,352,855		3.750	%		06/04/21	$	4,294,570
	Automotive – 0.0%
	Chrysler Group LLC
	6,483,073		3.500			05/24/17		6,447,416
	Building Materials – 0.1%
	Atkore International, Inc.
	25,565,000		7.750			10/09/21		23,487,844
	Chemicals – 0.1%
	Polymer Group, Inc.
	9,052,827		5.250			12/19/19		9,047,215
	Energy – 0.8%
	American Energy – Marcellus LLC
	24,800,885		5.250			08/04/20		13,950,498
	8,600,000		8.500			08/04/21		917,362
	Magnum Hunter Resources Corp.
	96,554,092		8.500			10/22/19		95,105,781

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans(m) – (continued)
	Energy – (continued)
	MEG Energy Corp.
$	50,413,544		3.750	%		03/31/20	$	47,010,629
								156,984,270
	Energy – Exploration & Production – 0.1%
	EP Energy LLC
	16,210,626		3.500			05/24/18		15,055,619
	Entertainment – 0.1%
	WMG Acquisition Corp.
	12,553,596		3.750			07/01/20		12,293,611
	Environmental – 0.2%
	EnergySolutions LLC
	36,962,579		6.750			05/29/20		36,223,327
	Food & Beverages – 0.7%
	Shearer’s Foods, Inc.
	16,340,736		7.750			06/30/22		15,973,070
	US Foods, Inc.
	116,517,721		4.500			03/31/19		116,309,154
								132,282,224
	Health Care – 0.2%
	American Renal Holdings, Inc.
	13,375,983		4.500			09/22/19		13,242,223
	18,771,176		8.500			03/20/20		18,700,784
								31,943,007
	Health Care – Services – 0.3%
	MPH Acquisition Holdings LLC
	26,057,908		3.750			03/31/21		25,712,640
	Sedgwick Claims Management Services, Inc.
	15,330,947		3.750			03/01/21		15,077,067
	20,085,909		6.750			02/28/22		18,830,540
								59,620,247
	Media – Broadcasting & Radio – 0.4%
	Getty Images, Inc.
	110,906,675		4.750			10/18/19		71,696,729
	Media – Cable – 0.1%
	Neptune Finco Corp.
	23,450,000		5.000			09/21/22		23,297,575
	Media – Non Cable – 0.5%
	Checkout Holding Corp.
	103,338,989		4.500			04/09/21		88,354,835
	16,750,000		7.750			04/11/22		11,075,938
								99,430,773
	Pharmaceutical – 0.2%
	Endo Luxembourg Finance Co. I S.A.R.L.
	24,275,000		3.750			06/11/22		24,176,443
	Valeant Pharmaceuticals International, Inc.
	11,959,962		4.000			04/01/22		11,823,978
								36,000,421
	Senior Term Loans(m) – (continued)
	Retailers – 0.2%
	True Religion Apparel, Inc.
$	57,140,833		5.875	%		07/30/19	$	34,189,075
	8,400,000		11.000			01/29/20		3,570,000
								37,759,075
	Services Cyclical – Business Services – 0.4%
	ADS Waste Holdings, Inc.
	12,256,056		3.750			10/09/19		12,060,695
	First Data Corp.
	54,400,000		3.696			03/24/17		54,111,136
								66,171,831
	Technology – Software – 0.4%
	BMC Software Finance, Inc.
	55,763,579		5.000			09/10/20		50,549,684
	Renaissance Learning, Inc.
	1,700,000		8.000			04/11/22		1,646,161
	TTM Technologies, Inc.
	31,850,000		6.000			05/31/21		29,620,500
								81,816,345
	Technology – Software/Services – 0.0%
	Freescale Semiconductor, Inc.
	4,613,261		4.250			02/28/20		4,607,495
	Wireless Telecommunications – 0.1%
	Intelsat Jackson Holdings Ltd.
	18,830,000		3.750			06/30/19		18,298,052
	TOTAL SENIOR TERM LOANS
	(Cost $1,022,016,889)						$	926,757,646

Shares	Rate			Value
Preferred Stocks – 0.8%
Banks – 0.4%
Citigroup Capital XIII(c)
797,300		7.875	%	$	20,482,637
ING Groep NV
707,693		6.125			17,798,479
248,139		6.200			6,238,214
300,962		6.375			7,611,329
Morgan Stanley(c)
678,434		6.375			17,259,361
Diversified Financial Services(c) – 0.4%
GMAC Capital Trust I
2,919,326		8.125			74,530,393
TOTAL PREFERRED STOCKS
(Cost $149,107,422)				$	143,920,413

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Shares		Description	Value
	Common Stock(f) – 0.0%
	Oil, Gas & Consumable Fuels – 0.0%
	14,375,000	Halcon Resources Corp.
	(Cost $26,245,402)		$	7,618,750

Shares	Rate			Value
Investment Company(n) – 0.0%
Goldman Sachs Financial Square Government Fund – FST Shares
8,239		0.006	%	$	8,239
(Cost $8,239)
TOTAL INVESTMENTS BEFORE SHORT TERM INVESTMENTS AND REVERSE REPURCHASE AGREEMENTS
$18,368,167,470				$	17,725,111,162

Principal Amount			Interest Rate			Maturity Date		Value
	Short-term Investments – 5.1%
	Commercial Paper – 0.9%
	AutoZone, Inc.
$	20,000,000			0.406	%		10/07/15	$	19,998,667
	22,000,000			0.406			10/09/15		21,998,044
	14,000,000			0.406			10/13/15		13,998,133
	Campbell Soup Co.
	19,000,000			0.682			12/07/15		18,976,308
	Diageo Capital PLC
	17,900,000			0.416			11/12/15		17,891,438
	Eastman Chemical Co.
	16,000,000			0.487			10/14/15		15,997,227
	Kellogg Co.
	20,900,000			0.385			10/16/15		20,896,691
	Omnicom Cap, Inc.
	11,550,000			0.477			11/09/15		11,544,119
	15,000,000			0.477			11/10/15		14,992,167
	PPG Industries
	10,000,000			0.497			10/14/15		9,998,230
									166,291,024
	Repurchase Agreement – 4.2%
	Citigroup Global Markets, Inc.
	350,000,000			1.245			03/29/16		350,000,000
	Maturity Value: $352,202,958 Settlement Date: 09/29/15 Collateralized by various corporate obligations, 0.000% to 5.000%, due 13/15/20 to 12/01/39 and various mortgage obligations, 0.000% 7.195%, due 02/20/18 to 12/17/49. The aggregate market value of the collateral, including accrued interest, was $415,273,631.
Principal Amount			Interest Rate			Maturity Date		Value
	Short-term Investments – (continued)
	Repurchase Agreement – (continued)
	Morgan Stanley
$	100,000,000			1.245	%		03/29/16	$	100,000,000
	Maturity Value: $100,639,792 Settlement Date: 09/26/2015 Collateralized by various corporate obligations, 0.000% to 11.000%, due 03/10/16 to 05/15/97, various government guarantee obligations, 0.000% to 9.250% due 11/15/15 to 01/15/48, various mortgage obligations, 0.320% to 9.500%, due 12/20/16 to 09/15/58, various municipal debt obligations, 0.000% to 5.500%, due 11/15/17 to 12/03/31, and various equity securities. The aggregate market value of the collateral, including accrued interest, was $105,357,446.
	Nomura Tri Party Repo
	125,000,000			0.984			10/02/15		125,000,000
	Maturity Value: $125,632,083
	Settlement Date: 10/02/15 Collateralized by various mortgage obligations, 0.366% to 8.144%, due 03/08/19 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $144,252,650.
	125,000,000			1.184			10/01/15		125,000,000
	Maturity Value: $125,752,333 Settlement Date: 10/01/15 Collateralized by various mortgage obligations, 0.346% to 8.144%, due 11/21/22 to 12/25/46. The aggregate market value of the collateral, including accrued interest, was $155,288,282.
	Jefferies Repo
	100,000,000			1.294			03/30/16		100,000,000
	Maturity Value: $100,654,189 Settlement Date: 09/30/15 Collateralized by various mortgage obligations, 0.357% to 8.370%, due 04/14/33 to 02/12/44. The aggregate market value of the collateral, including accrued interest, was $124,070,833.
									800,000,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $966,291,024)							$	966,291,024
	TOTAL INVESTMENTS – 98.8%
	(Cost $19,312,353,381)							$	18,669,297,073
Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
	Reverse Repurchase Agreements – (0.1)%
	Barclays Reverse Repurchase Agreement
$	(7,550,000	)		0.150	%		08/20/16	$	(7,550,000	)
	(4,394,000	)		4.000			08/30/16		(4,394,000	)
	Citigroup Reverse Repurchase Agreement
	(1,116,363	)		0.750			08/04/16		(1,116,363	)
	(2,734,375	)		1.500			08/09/16		(2,734,375	)
	(2,060,375	)		1.500			08/16/16		(2,060,375	)
	Royal Bank of Canada Reverse Repurchase Agreement
	(4,250,000	)		1.250			08/20/16		(4,250,000	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(22,105,113))							$	(22,105,113	)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%								257,251,107
	NET ASSETS – 100.0%							$	18,904,443,067

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

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 $5,473,222,264, which represents approximately 29.0% of net assets as of September 30, 2015.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(d)	Pay-in-kind securities.
(e)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2015, the value of securities pledged amounted to $19,294,875.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $204,102,501 which represents approximately 1.1% of net assets as of September 30, 2015.
(i)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2015.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $820,342,779, which represents 4.3% of net assets as of September 30, 2015.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Senior Term Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility on September 30, 2015. Senior Term Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(n)	Represents an Affiliated Fund.

Currency Abbreviations:
AED	—United Arab Emirates Dirham
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
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
FREMF	—Freddie Mac Multi Family
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KLIBOR	—Kuala Lumpur Interbank 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
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Bank of America Securities LLC	CAD	239,950,698	EUR	160,610,645	$	179,747,327		12/16/15	$	38,132
	USD	43,390,061	GBP	28,413,000		42,979,848		10/08/15		410,213
	USD	63,815,195	MXN	1,013,608,648		59,954,569		10/01/15		3,860,626
	USD	131,795,699	MXN	2,140,559,851		126,177,140		11/12/15		5,618,559
	USD	93,031,834	MXN	1,570,898,335		92,342,919		12/17/15		688,915
Barclays Bank PLC	BRL	130,626,167	USD	31,770,000		32,923,338		10/02/15		1,153,338
	INR	2,203,252,380	USD	33,407,921		33,498,909		10/19/15		90,988
	USD	49,976,288	JPY	5,987,914,000		49,931,661		10/29/15		44,627
	USD	92,013,995	MXN	1,547,666,199		91,344,527		10/26/15		669,469
	USD	32,398,000	TRY	98,774,050		31,869,917		12/16/15		528,083
	USD	33,289,331	TWD	1,083,567,737		32,881,292		10/02/15		408,040
	USD	33,436,331	TWD	1,089,857,206		32,944,158		10/26/15		492,173
	ZAR	342,570,946	USD	24,166,751		24,376,479		12/17/15		209,728
BNP Paribas SA	EUR	28,132,000	PLN	119,369,027		31,477,235		12/16/15		136,132
	USD	36,649,007	GBP	23,723,190		35,876,092		12/16/15		772,915
	USD	33,216,210	TWD	1,081,685,877		32,784,747		10/05/15		431,463
	USD	66,833,719	TWD	2,211,527,760		66,813,527		11/30/15		20,191
Citibank NA	JPY	7,741,495,192	USD	64,377,000		64,621,406		12/16/15		244,406
	SEK	1,129,465,000	USD	132,939,231		134,959,584		10/06/15		2,020,353
	USD	32,490,236	CNH	212,463,399		32,457,889		09/01/16		32,347
	USD	1,897,009,756	EUR	1,686,103,500		1,885,113,529		11/06/15		11,896,227
	USD	25,077,570	EUR	22,184,000		24,821,946		12/16/15		255,624
	USD	793,846,521	GBP	505,291,000		764,344,851		10/08/15		29,501,669
	USD	24,118,102	KRW	28,516,761,330		24,051,440		10/05/15		66,662
	USD	56,297,150	KRW	66,864,125,580		56,287,293		12/04/15		9,858
	USD	309,232,751	MXN	5,212,179,870		307,627,124		10/26/15		1,605,627
	USD	82,671,356	SGD	117,364,391		82,258,956		12/16/15		412,401
Credit Suisse International (London)	COP	106,449,000,000	USD	34,052,917		34,355,905		10/29/15		302,988
	GBP	41,668,573	EUR	56,242,000		63,014,527		12/16/15		84,672
	USD	155,298,984	CAD	205,657,786		154,058,469		12/16/15		1,240,515
Deutsche Bank AG	BRL	938,436,000	USD	234,556,225		236,525,703		10/02/15		1,969,478
	HUF	14,803,691,458	USD	52,525,161		52,758,951		12/16/15		233,789
	ILS	124,282,620	USD	31,548,000		31,681,024		10/02/15		133,024
	ILS	124,282,620	USD	31,616,836		31,715,791		12/16/15		98,955
	TWD	2,143,812,377	USD	64,905,007		65,054,835		10/02/15		149,828
	USD	95,256,342	ILS	368,842,081		94,125,135		12/16/15		1,131,206
	USD	108,449,028	MXN	1,720,814,950		101,663,342		10/15/15		6,785,686
	USD	123,946,228	MXN	2,004,631,931		118,283,466		10/29/15		5,662,762
	USD	23,414,000	SGD	32,811,701		22,997,233		12/16/15		416,767
	USD	32,643,000	TWD	1,060,244,640		32,173,543		10/02/15		469,457
HSBC Bank PLC	PHP	1,556,928,945	USD	32,992,773		33,279,152		10/19/15		286,379
	RUB	3,777,906,809	USD	56,789,279		57,235,029		10/21/15		445,749
	TRY	98,571,359	USD	31,772,000		31,804,517		12/16/15		32,517
	USD	32,128,000	BRL	123,679,788		31,172,556		10/02/15		955,444
	USD	96,155,435	ILS	374,631,190		95,602,463		12/16/15		552,972
	USD	32,643,000	TWD	1,056,399,295		32,018,337		10/05/15		624,663
	USD	25,182,724	TWD	815,366,251		24,663,875		10/19/15		518,850
JPMorgan Securities, Inc.	CNH	412,124,835	USD	63,592,000		64,147,837		12/16/15		555,837
	HUF	14,441,338,118	USD	51,348,806		51,467,558		12/16/15		118,752

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	INR	2,212,225,113	USD	33,442,557	$	33,550,588		11/03/15	$	108,031
	JPY	7,736,481,824	USD	64,361,000		64,579,558		12/16/15		218,558
	KRW	78,115,919,979	USD	65,527,993		65,895,981		10/02/15		367,988
	RUB	3,433,828,862	USD	51,795,345		52,022,271		10/21/15		226,926
	SEK	390,735,630	EUR	41,514,182		46,770,884		12/16/15		320,164
	USD	74,818,000	BRL	299,996,238		74,759,331		11/04/15		58,669
	USD	190,094,110	CAD	251,984,000		188,783,453		11/12/15		1,310,657
	USD	149,678,551	CAD	197,925,935		148,266,532		12/16/15		1,412,019
	USD	33,315,446	KRW	39,456,815,079		33,284,451		10/02/15		30,994
	USD	31,135,542	MXN	484,562,436		28,661,685		10/01/15		2,473,856
	USD	65,282,228	TWD	2,154,966,348		65,103,412		12/04/15		178,816
Morgan Stanley & Co.	BRL	452,494,454	USD	112,895,000		114,047,809		10/02/15		1,152,809
	USD	61,669,000	BRL	239,632,534		60,397,570		10/02/15		1,271,430
Royal Bank of Canada	MXN	672,544,605	USD	39,305,269		39,694,133		10/26/15		388,864
	USD	28,975,548	BRL	104,329,360		26,295,427		10/02/15		2,680,122
	USD	61,361,258	MXN	951,375,622		56,273,509		10/01/15		5,087,749
	USD	77,220,058	MXN	1,276,679,216		75,214,815		11/19/15		2,005,243
	USD	75,062,715	MXN	1,267,058,631		74,524,678		12/10/15		538,038
Royal Bank of Scotland PLC	CLP	56,415,566,161	USD	80,696,000		80,853,124		10/26/15		157,124
	COP	132,479,468,390	USD	42,051,906		42,880,186		10/05/15		828,279
	EUR	28,359,000	GBP	20,784,736		31,731,228		12/16/15		298,898
	TRY	100,564,909	USD	32,357,000		32,447,746		12/16/15		90,746
	USD	64,796,000	TRY	199,479,022		64,362,854		12/16/15		433,146
Standard Chartered Bank	CNH	410,843,334	USD	63,376,000		63,948,370		12/16/15		572,370
	COP	97,776,326,765	USD	30,233,867		31,658,258		10/02/15		1,424,391
	USD	289,569,242	BRL	938,436,000		236,525,703		10/02/15		53,043,539
	USD	62,599,000	CNH	400,665,525		62,364,179		12/16/15		234,821
	USD	29,820,379	EUR	26,301,524		29,405,881		11/06/15		414,498
	USD	32,643,000	KRW	38,347,364,250		32,342,709		10/05/15		300,291
	USD	31,865,000	KRW	37,532,381,440		31,632,970		10/23/15		232,030
State Street Bank and Trust	SEK	209,120,822	EUR	22,257,314		25,031,671		12/16/15		127,693
	USD	127,212,000	JPY	15,172,718,672		126,652,848		12/16/15		559,152
	USD	132,121,091	MXN	2,140,559,851		126,177,140		11/12/15		5,943,951
	USD	30,459,563	NOK	251,845,001		29,579,756		10/06/15		879,807
	USD	88,487,732	NZD	136,046,019		86,876,669		10/15/15		1,611,063
UBS AG (London)	BRL	394,719,438	USD	94,577,558		98,364,438		11/04/15		3,786,880
	EUR	56,943,000	GBP	41,223,486		63,714,212		12/16/15		1,372,780
	EUR	28,270,000	HUF	8,863,775,800		31,631,645		12/16/15		41,990
	EUR	28,521,000	USD	31,906,329		31,912,492		12/16/15		6,163
	INR	2,514,697,111	USD	37,667,722		38,234,208		10/19/15		566,486
	USD	79,950,313	BRL	309,505,325		78,008,479		10/02/15		1,941,834
	USD	87,903,836	CAD	116,595,208		87,341,596		12/16/15		562,239
	USD	32,643,000	KRW	38,659,104,900		32,611,530		10/02/15		31,470
	USD	17,560,000	KRW	20,496,365,640		17,275,974		10/21/15		284,026
Westpac Banking Corp.	NZD	51,630,000	USD	32,219,702		32,823,181		12/16/15		603,479
	USD	450,537,252	EUR	398,885,677		446,318,010		12/16/15		4,219,243
	USD	64,915,171	TWD	2,126,296,439		64,445,780		10/05/15		469,392
TOTAL									$	185,257,770

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Bank of America Securities LLC	CLP	18,984,531,548	USD	27,561,747	$	27,218,654		10/22/15	$	(343,094	)
	EUR	28,212,000	USD	32,193,757		31,566,748		12/16/15		(627,009	)
	MXN	2,248,583,619	USD	133,158,655		132,190,414		12/16/15		(968,240	)
	PLN	122,576,709	EUR	28,975,000		32,183,301		12/16/15		(237,177	)
	PLN	139,236,644	USD	36,847,763		36,557,473		12/16/15		(290,290	)
	USD	59,469,365	AUD	85,605,000		59,837,069		12/16/15		(367,704	)
Barclays Bank PLC	GBP	8,936,037	USD	13,776,974		13,513,785		12/16/15		(263,189	)
	KRW	24,307,619,000	USD	21,009,541		20,481,647		10/30/15		(527,894	)
	USD	108,265,295	CNH	721,046,862		110,153,838		09/01/16		(1,888,543	)
	USD	78,149,234	EUR	70,000,479		78,262,603		11/06/15		(113,369	)
	USD	31,666,000	INR	2,103,243,054		31,978,337		10/19/15		(312,337	)
	ZAR	438,315,091	USD	31,820,000		31,189,389		12/17/15		(630,611	)
BNP Paribas SA	GBP	14,787,153	USD	23,117,644		22,362,308		12/16/15		(755,336	)
	PLN	139,591,340	USD	37,006,463		36,650,601		12/16/15		(355,862	)
Citibank NA	CLP	45,319,663,220	USD	65,775,999		65,032,985		10/13/15		(743,014	)
	COP	156,498,000,000	USD	50,912,000		50,527,181		10/26/15		(384,819	)
	EUR	28,207,000	USD	31,755,159		31,561,154		12/16/15		(194,005	)
	GBP	364,593,000	USD	572,800,395		551,513,449		10/08/15		(21,286,946	)
	GBP	43,320,253	USD	66,880,622		65,512,328		12/16/15		(1,368,294	)
	HUF	14,356,134,106	USD	51,245,370		51,163,899		12/16/15		(81,471	)
	KRW	66,864,125,580	USD	56,415,901		56,394,149		10/05/15		(21,752	)
	USD	241,727,000	AED	890,869,076		242,004,722		08/11/16		(277,722	)
	USD	17,433,017	CHF	17,008,000		17,476,762		11/12/15		(43,745	)
	USD	100,696,013	CNH	651,231,324		101,365,114		12/16/15		(669,101	)
	USD	141,274,473	SEK	1,198,544,621		143,213,897		10/06/15		(1,939,424	)
	USD	32,429,000	ZAR	456,817,594		32,505,980		12/17/15		(76,980	)
Credit Suisse International (London)	EUR	51,734,739	USD	57,844,353		57,840,967		11/06/15		(3,386	)
	USD	63,332,000	RUB	4,243,826,654		64,293,682		10/21/15		(961,682	)
Deutsche Bank AG	MXN	2,262,307,768	USD	133,959,484		132,997,234		12/16/15		(962,251	)
	USD	219,579,465	BRL	888,166,000		221,331,763		11/04/15		(1,752,298	)
	USD	112,596,716	CNH	748,771,613		114,389,328		09/01/16		(1,792,612	)
	USD	36,856,000	INR	2,440,871,157		37,111,736		10/19/15		(255,736	)
	USD	31,299,000	INR	2,080,234,827		31,548,824		11/03/15		(249,824	)
	USD	31,502,000	SGD	45,179,223		31,665,446		12/16/15		(163,446	)
	USD	64,699,332	TWD	2,143,812,377		64,767,746		11/30/15		(68,413	)
HSBC Bank PLC	BRL	261,222,566	USD	66,427,266		65,839,174		10/02/15		(588,092	)
	GBP	7,597,000	USD	11,509,227		11,491,849		10/08/15		(17,378	)
	TRY	98,032,094	USD	31,938,000		31,630,521		12/16/15		(307,479	)
	USD	28,783,000	BRL	114,823,446		28,940,382		10/02/15		(157,382	)
	USD	32,180,000	TRY	101,038,442		32,600,533		12/16/15		(420,533	)
	ZAR	440,588,904	USD	31,606,000		31,351,188		12/17/15		(254,812	)
HSBC Securities, Inc.	USD	97,286,000	CNH	641,785,624		98,045,152		09/01/16		(759,152	)
JPMorgan Securities, Inc.	CAD	251,391,969	USD	189,647,488		188,339,910		11/12/15		(1,307,578	)
	CAD	144,602,100	USD	110,768,000		108,321,588		12/16/15		(2,446,412	)
	EUR	30,465,384	USD	34,063,620		34,061,199		11/06/15		(2,421	)
	EUR	56,290,000	USD	64,044,792		62,983,562		12/16/15		(1,061,230	)
	MXN	550,594,291	USD	32,398,000		32,368,504		12/16/15		(29,496	)
	TWD	4,264,381,610	USD	130,314,703		129,248,863		10/05/15		(1,065,840	)
	USD	64,857,000	CNH	426,420,247		65,143,930		09/01/16		(286,930	)
	USD	65,444,547	KRW	78,115,919,979		65,817,152		11/02/15		(372,605	)
	USD	32,180,000	TRY	100,268,375		32,352,068		12/16/15		(172,068	)
Morgan Stanley & Co.	BRL	205,633,621	USD	53,530,061		51,828,401		10/02/15		(1,701,660	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. (continued)	EUR	56,851,000	USD	63,806,606	$	63,611,272		12/16/15	$	(195,334	)
	MXN	1,482,317,000	USD	87,950,457		87,487,563		10/26/15		(462,894	)
	MXN	525,658,001	USD	31,764,692		30,902,542		12/16/15		(862,150	)
	USD	18,843,921	BRL	78,845,225		19,648,301		11/04/15		(804,380	)
	USD	60,926,410	TRY	190,897,673		61,594,041		12/16/15		(667,632	)
Royal Bank of Canada	BRL	114,583,232	USD	29,267,000		28,879,838		10/02/15		(387,162	)
	CAD	126,189,028	USD	95,668,000		94,528,337		12/16/15		(1,139,663	)
	MXN	2,253,576,914	USD	132,875,997		132,483,961		12/16/15		(392,036	)
	USD	31,636,000	MXN	549,794,135		32,321,464		12/16/15		(685,464	)
Royal Bank of Scotland PLC	CLP	19,063,005,495	USD	27,655,000		27,355,105		10/13/15		(299,895	)
	EUR	53,299,291	USD	59,779,739		59,590,182		11/06/15		(189,557	)
	GBP	41,524,037	EUR	56,440,000		62,795,948		12/16/15		(355,451	)
	HUF	14,361,517,843	USD	51,249,038		51,183,086		12/16/15		(65,952	)
	MXN	1,819,189,919	USD	108,951,000		106,947,087		12/16/15		(2,003,913	)
	USD	10,868,386	COP	33,602,659,704		10,876,314		10/05/15		(7,928	)
	USD	97,418,678	ILS	382,095,539		97,507,297		12/16/15		(88,619	)
	USD	25,052,000	MXN	434,816,541		25,562,126		12/16/15		(510,126	)
	USD	31,502,000	TRY	98,711,517		31,849,740		12/16/15		(347,740	)
Standard Chartered Bank	NZD	99,293,000	USD	63,588,627		63,124,387		12/16/15		(464,240	)
	TWD	1,758,439,695	USD	54,081,708		53,190,743		10/19/15		(890,965	)
	USD	31,606,000	CNH	204,140,626		31,774,789		12/16/15		(168,789	)
	USD	32,374,000	CNH	215,659,401		32,946,140		09/01/16		(572,140	)
	USD	82,591,421	SGD	118,204,841		82,848,015		12/16/15		(256,594	)
	USD	23,125,000	TWD	770,426,719		23,281,542		10/29/15		(156,542	)
	ZAR	167,879,888	USD	12,179,253		12,058,401		10/26/15		(120,852	)
	ZAR	522,090,929	USD	38,948,000		37,150,665		12/17/15		(1,797,335	)
State Street Bank and Trust	AUD	16,623,000	USD	11,979,531		11,657,824		10/15/15		(321,707	)
	AUD	44,564,000	USD	31,737,590		31,149,806		12/16/15		(587,783	)
	CAD	156,560,363	EUR	105,610,628		117,279,537		12/16/15		(889,473	)
	EUR	44,706,070	USD	50,656,895		50,022,163		12/16/15		(634,732	)
	NZD	146,342,000	USD	95,184,495		93,451,507		10/15/15		(1,732,988	)
UBS AG (London)	BRL	122,129,850	USD	32,389,000		30,781,906		10/02/15		(1,607,094	)
	MXN	2,313,727,536	USD	137,252,115		136,020,114		12/16/15		(1,232,001	)
	USD	95,689,561	BRL	394,719,438		99,486,052		10/02/15		(3,796,491	)
	USD	103,280,463	CNH	674,059,939		104,918,421		12/16/15		(1,637,959	)
Westpac Banking Corp.	AUD	89,007,000	USD	63,777,966		62,215,035		12/16/15		(1,562,931	)
	CAD	42,048,894	USD	31,970,000		31,498,872		12/16/15		(471,128	)
	GBP	20,884,135	EUR	28,359,000		31,582,648		12/16/15		(148,581	)
	USD	159,493,028	CNH	1,039,336,314		161,774,227		12/16/15		(2,281,199	)
	USD	64,858,000	CNH	425,784,663		65,046,833		09/01/16		(188,832	)
	USD	79,816,488	KRW	95,103,739,808		80,115,561		11/09/15		(299,072	)
	USD	192,077,466	NZD	306,588,133		194,909,892		12/16/15		(2,832,426	)
TOTAL									$	(86,046,394	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 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		5,746		December 2015	$	921,694,313		$	8,067,815
5 Year German Euro-Bobl		(1,980	)	December 2015		(285,450,452	)		(976,465	)
10 Year German Euro-Bund		(214	)	December 2015		(37,348,701	)		(684,216	)
2 Year U.S. Treasury Notes		(1,322	)	December 2015		(289,559,313	)		7,562
5 Year U.S. Treasury Notes		(3,523	)	December 2015		(424,576,547	)		(2,005,386	)
10 Year U.S. Treasury Notes		6,987		December 2015		899,467,078			3,340,550
20 Year U.S. Treasury Bonds		(17,808	)	December 2015		(2,801,977,500	)		(26,112,525	)
TOTAL								$	(18,362,665	)

SWAP CONTRACTS — At September 30, 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)*
Bank of America Securities LLC		KRW	57,343,520			11/04/17	2.060%	3 month KWCDC	$	588,772
		GBP	32,010			12/09/24	12 month UK-RPI	3.150%		(2,106,348	)
		KRW	154,727,900	(a)		06/03/25	3 month KWCDC	2.427		(1,911,117	)
			84,265,850	(a)		06/24/25	3 month KWCDC	2.562		(1,481,872	)
		GBP	32,010			12/09/29	3.377	12 month UK-RPI		2,873,237
			24,900			12/09/39	3.568	12 month UK-RPI		2,961,852
			24,900			12/09/44	12 month UK-RPI	3.565		(3,618,690	)
Barclays Bank PLC		KRW	217,875,100			11/07/17	2.034	3 month KWCDC		2,111,653
			16,826,730			05/10/23	3 month KWCDC	2.735		(998,032	)
			19,262,500			05/20/23	3 month KWCDC	2.830		(1,256,452	)
			19,262,500			05/20/23	3 month KWCDC	2.840		(1,268,706	)
			6,800,000			08/09/23	3 month KWCDC	3.440		(725,127	)
		MYR	31,310			08/14/23	3 month KLIBOR	4.485		161,034
		KRW	78,156,825	(a)		06/25/25	3 month KWCDC	2.568		(1,391,275	)
			39,385,400	(a)		07/15/25	3 month KWCDC	2.615		(770,190	)
Citibank NA			7,061,700			10/14/17	2.240	3 month KWCDC		96,587
			136,480,620			10/28/17	2.173	3 month KWCDC		1,694,445
		MYR	112,250			09/17/18	3 month KLIBOR	3.830		370,182
			42,800			09/24/18	3 month KLIBOR	3.785		155,059
			169,560			11/19/18	3 month KLIBOR	3.915		510,655
			51,130			11/21/18	3 month KLIBOR	3.960		138,622
		KRW	69,118,700			08/08/23	3 month KWCDC	3.450		(7,409,035	)
			8,854,260			08/16/23	3 month KWCDC	3.485		(968,617	)
		MYR	36,600			11/15/23	3 month KLIBOR	4.450		223,249
		KRW	28,266,470			01/07/24	3 month KWCDC	3.471		(3,230,304	)
Credit Suisse International (London)		BRL	36,980			01/02/18	11.935	1 month Brazilian Interbank Deposit Average		(614,673	)
Deutsche Bank AG			218,630			01/04/16	11.230	1 month Brazilian Interbank Deposit Average		(1,039,711	)
		KRW	55,677,880			03/03/17	2.850	3 month KWCDC		941,945

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Deutsche Bank AG (continued)		KRW	111,467,390			10/13/17	2.248%	3 month KWCDC	$	1,537,516
			278,210,230			10/15/17	2.253	3 month KWCDC		3,866,236
			34,254,690			11/04/17	2.075	3 month KWCDC		361,440
		BRL	40			01/02/18	11.900	1 month Brazilian Interbank Deposit Average		(673	)
		MYR	112,770			09/13/18	3 month KLIBOR	3.920%		303,664
			50,380			11/14/18	3 month KLIBOR	3.880		162,544
			477,120			03/12/19	3 month KLIBOR	4.027		1,318,458
		BRL	126,100			01/04/21	13.360	1 month Brazilian Interbank Deposit Average		(1,730,019	)
			132,750			01/04/21	13.409	1 month Brazilian Interbank Deposit Average		(1,773,453	)
			206,900			01/04/21	13.916	1 month Brazilian Interbank Deposit Average		(2,019,885	)
			397,020			01/04/21	13.431	1 month Brazilian Interbank Deposit Average		(5,239,405	)
			413,550			01/04/21	14.644	1 month Brazilian Interbank Deposit Average		(1,995,531	)
			520,000			01/04/21	14.042	1 month Brazilian Interbank Deposit Average		(4,623,898	)
			557,980			01/04/21	14.395	1 month Brazilian Interbank Deposit Average		(3,619,018	)
			831,520			01/04/21	13.632	1 month Brazilian Interbank Deposit Average		(9,784,733	)
		MYR	26,840			08/14/23	3 month KLIBOR	4.490		135,997
		KRW	39,298,000	(a)		07/14/25	3 month KWCDC	2.620		(776,561	)
Deutsche Bank AG (London)		BRL	270,000			01/04/21	14.656	1 month Brazilian Interbank Deposit Average		(1,279,354	)
			504,570			01/04/21	15.676	1 month Brazilian Interbank Deposit Average		895,649
JPMorgan Chase Bank (London)			85,560			01/04/21	14.650	1 month Brazilian Interbank Deposit Average		(409,446	)
			191,110			01/04/21	14.402	1 month Brazilian Interbank Deposit Average		(1,230,499	)
JPMorgan Securities, Inc.		KRW	230,094,560			03/05/17	2.889	3 month KWCDC		4,020,799
		MYR	113,040			11/26/18	3 month KLIBOR	3.955		314,080

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
JPMorgan Securities, Inc. (continued)		MYR	254,240			12/11/18	3 month KLIBOR	3.972%	$	699,481
		BRL	260,480			01/04/21	14.660%	1 month Brazilian Interbank Deposit Average		(1,228,531	)
			410,000			01/04/21	14.140	1 month Brazilian Interbank Deposit Average		(3,371,202	)
		MYR	34,420			08/15/23	3 month KLIBOR	4.520		158,960
		KRW	11,159,200			08/19/23	3 month KWCDC	3.563		(1,278,533	)
		MYR	64,380			09/26/23	3 month KLIBOR	4.330		506,753
		KRW	31,495,660			10/31/23	3 month KWCDC	3.230		(2,994,244	)
			62,836,430			11/06/23	3 month KWCDC	3.320		(6,347,620	)
			18,223,710			11/13/23	3 month KWCDC	3.415		(1,955,947	)
			34,996,240			01/15/24	3 month KWCDC	3.445		(3,929,738	)
			40,525,320	(a)		06/02/25	3 month KWCDC	2.428		(501,870	)
			26,034,300	(a)		06/09/25	3 month KWCDC	2.645		(546,520	)
			39,724,700	(a)		06/23/25	3 month KWCDC	2.534		(654,762	)
			54,880,630	(a)		09/22/25	3 month KWCDC	2.250		(252,063	)
			8,900,000			12/18/28	3 month KWCDC	3.495		(1,432,096	)
Morgan Stanley & Co. International PLC			19,402,350			10/13/17	2.250	3 month KWCDC		268,540
			113,180,350			10/13/17	2.245	3 month KWCDC		1,555,793
			14,081,670			10/14/17	2.250	3 month KWCDC		195,271
			14,081,680			10/14/17	2.245	3 month KWCDC		193,937
			53,882,840			10/28/17	2.168	3 month KWCDC		663,360
			132,770,610			10/29/17	2.175	3 month KWCDC		1,651,382
		MYR	67,180			11/20/18	3 month KLIBOR	3.934		194,913
		BRL	49,800			01/04/21	14.250	1 month Brazilian Interbank Deposit Average		(372,098	)
			63,100			01/04/21	1 month Brazilian Interbank Deposit Average	11.980		1,557,614
		KRW	36,546,310			06/27/23	3 month KWCDC	3.413		(3,717,657	)
			8,653,900			08/16/23	3 month KWCDC	3.485		(947,405	)
			27,440,060	(a)		09/23/25	3 month KWCDC	2.250		(125,852	)
			27,440,060	(a)		09/23/25	3 month KWCDC	2.265		(142,194	)
			27,440,070	(a)		09/23/25	3 month KWCDC	2.260		(136,747	)
TOTAL									$	(59,818,024	)

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

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	1,450,900	(a)	12/16/17	3 month LIBOR	1.500%	$	(14,115,628	)	$	(4,382,767	)
	908,200	(a)	12/16/18	3 month LIBOR	1.750		(12,433,853	)		(5,340,166	)
PLN	285,790		06/17/19	3.048%	6 month WIBOR		1,146,127			2,379,924
	285,790		06/17/19	6 month WIBOR	3.045		365			(3,516,642	)
EUR	127,140		06/18/19	6 month EURO	1.250		(2,834,315	)		(3,257,204	)
CAD	1,201,500	(a)	12/16/20	1.250	6 month CDOR		1,605,860			(262,917	)
NOK	1,872,030	(a)	12/16/20	1.500	3 month NIBOR		480,903			1,568,100
$	638,180	(a)	12/16/20	3 month LIBOR	2.000		(8,390,737	)		(7,825,736	)
SEK	11,333,080	(a)	12/16/20	3 month STIBOR	0.500		3,293,365			1,402,512
EUR	42,300	(a)	12/16/20	6 month EURO	0.500		(237,336	)		(29,353	)
$	3,617,300	(a)	06/24/21	2.923	3 month LIBOR		(1,751,927	)		48,627,071
	3,945,480	(a)	09/02/22	2.810	3 month LIBOR		5,380,113			16,240,722
CAD	76,150	(a)	09/29/22	2.241	6 month CDOR		(28,052	)		—
$	901,090	(a)	12/16/22	3 month LIBOR	2.250		(12,629,689	)		(16,061,557	)
EUR	132,280	(a)	12/16/22	6 month EURO	0.500		3,058,564			(1,456,928	)
	987,380		05/15/24	1.100	6 month EURO		(2,398,861	)		29,582,579
	2,225,860	(a)	05/11/25	1.568	6 month EURO		(5,139,120	)		10,849,923
	1,133,740	(a)	06/08/25	1.850	6 month EURO		(3,246,995	)		22,381,483
	168,270	(a)	07/10/25	1.700	6 month EURO		(4,141,362	)		5,443,227
ZAR	494,870	(a)	08/24/25	9.110	3 month JIBAR		456			(106,757	)
	918,460	(a)	08/24/25	9.136	3 month JIBAR		846			(150,957	)
	920,440	(a)	08/24/25	9.145	3 month JIBAR		848			(135,515	)
EUR	522,560	(a)	09/16/25	2.000	6 month EURO		(7,960,014	)		19,299,630
GBP	387,990	(a)	09/16/25	6 month BP	2.750		(5,132,660	)		(7,991,602	)
EUR	50,650	(a)	09/28/25	1.500	6 month EURO		(225,116	)		(55,132	)
$	39,220	(a)	09/28/25	2.750	3 month LIBOR		(124,741	)		228,184
GBP	62,050	(a)	09/28/25	6 month BP	2.250		106,677			(81,671	)
JPY	3,074,800	(a)	12/16/25	0.500	6 month JYOR		(143,182	)		68,243
EUR	3,447,610	(a)	12/16/25	0.750	6 month EURO		(113,525,576	)		18,111,144
	1,034,050	(a)	12/16/25	1.500	6 month EURO		(38,441,963	)		30,333,267
GBP	84,950	(a)	12/16/25	2.000	6 month BP		284,853			1,462,291
$	1,955,970	(a)	12/16/25	3 month LIBOR	2.500		(39,390,221	)		(39,398,402	)
	911,680	(a)	12/16/25	3 month LIBOR	3.000		(8,226,873	)		(3,185,811	)
NZD	51,620	(a)	12/16/25	3 month NZDOR	3.750		(232,412	)		(385,483	)
	177,170	(a)	12/16/25	3 month NZDOR	4.000		1,896,947			(1,565,568	)
SEK	4,182,700	(a)	12/16/25	3 month STIBOR	1.500		(4,009,378	)		(27,926	)
AUD	920,170	(a)	12/16/25	3.000	6 month AUDOR		(3,458,263	)		8,851,191
	480,960	(a)	12/16/25	6 month AUDOR	3.500		1,425,013			(1,698,087	)
GBP	391,480	(a)	12/16/25	6 month BP	2.750		(8,485,358	)		(4,273,121	)
CAD	381,580	(a)	12/16/25	6 month CDOR	2.500		6,867,774			(4,615,465	)
JPY	82,192,400	(a)	12/16/25	6 month JYOR	1.000		(4,869,392	)		13,624
$	929,200	(a)	06/24/29	3 month LIBOR	3.218		3,564,976			(44,076,238	)
EUR	588,390	(a)	06/08/30	6 month EURO	2.100		(2,072,807	)		(14,560,839	)
$	925,290	(a)	09/02/30	3 month LIBOR	3.004		(1,218,217	)		(13,317,256	)
GBP	40,400		12/07/30	6 month BP	2.125		195,895			(1,391,654	)
$	136,200	(a)	12/16/30	3 month LIBOR	2.500		920,832			(3,930,703	)
EUR	404,720	(a)	12/16/30	6 month EURO	1.000		26,368,296			(3,381,786	)
	830,530	(a)	05/11/35	6 month EURO	1.695		13,115,428			10,828,589
	810,310	(a)	12/17/35	2.250	6 month EURO		6,448,986			5,244,863
$	75,630	(a)	12/17/35	3 month LIBOR	3.000		289,994			(504,927	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
GBP	194,010	(a)	12/17/35	6 month BP	2.500%	$	(4,232,785	)	$	1,206,948
JPY	13,900,280	(a)	12/17/35	6 month JYOR	2.000		(953,565	)		(608,472	)
GBP	31,000		06/08/37	6 month BP	2.100		(1,387,229	)		942,978
	19,800		04/15/39	6 month BP	2.060		(659,354	)		546,916
CAD	10,680	(a)	09/29/40	6 month CDOR	2.835		44,708			—
$	369,600	(a)	12/16/45	3 month LIBOR	2.750		(956,415	)		(15,113,349	)
GBP	381,915	(a)	12/16/45	6 month BP	2.250		(13,453,840	)		(9,572,518	)
EUR	246,990	(a)	12/19/45	1.750%	6 month EURO		636,681			1,848,523
GBP	165,000	(a)	12/19/45	6 month BP	2.500		(6,090,780	)		(691,700	)
	TOTAL					$	(255,463,509	)	$	24,507,723

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China, 7.500%, 10/28/27	$	13,180		(1.000	)%		03/20/19		0.904	%	$	(17,295	)	$	(29,377	)
Barclays Bank PLC			98,670		(1.000	)		03/20/19		0.904			(229,601	)		(119,797	)
Citibank NA			491,600		(1.000	)		03/20/19		0.904			(1,749,651	)		8,858
			1,072,530		(1.000	)		06/20/19		0.965			(4,284,323	)		2,618,707
			26,690		(1.000	)		03/20/19		0.904			(35,023	)		(59,488	)
JPMorgan Securities, Inc.			66,660		(1.000	)		03/20/19		0.904			(217,779	)		(18,269	)
			24,020		(1.000	)		06/20/19		0.965			(104,879	)		67,576
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		31,800		1.000			06/20/16		0.256			6,538			175,307
Credit Suisse International (London)	Markit CMBX Series 7		49,200		0.500			01/17/47		1.063			(1,881,081	)		(182,754	)
TOTAL												$	(8,513,094	)	$	2,460,763

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

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2015(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America Investment Grade Index 25	$424,700		1.000	%		12/20/20		0.926	%	$	2,228,280	$	(547,944	)

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

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Barclays Bank PLC	$	24,070	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR	$	54,973		$	(6,002	)
Credit Suisse International (London)		33,199	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 2.064%, Series 13	01/12/44	One month LIBOR		(5,637	)		260,054
		32,974	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 14	01/12/45	One month LIBOR		118,950			(423,164	)
		151,198	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 13	01/12/44	One month LIBOR		(2,015,728	)		538,407
		30,199	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		45,361			16,078
Deutsche Bank AG		169,267	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		(132,028	)		476,401
JPMorgan Securities, Inc.		22,672	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 13	01/12/44	One month LIBOR		(8,488	)		182,236
		68,551	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 14	01/12/45	One month LIBOR		(889,674	)		257,228
		71,998	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 13	01/12/44	One month LIBOR		(399,691	)		(303,712	)
		33,056	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		150,470			(83,217	)
		31,203	Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10	01/12/41	One month LIBOR		87,070			(135,709	)
TOTAL						$	(2,994,422	)	$	778,600

# The Fund receives annual coupon payments in accordance with the swap contracts. On the termination date of the swap contracts, the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2015, the Global Income Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2015, as follows:

Principal Amount	Maturity Value	Collateral Allocation Value
$10,600,000	$10,600,036	$10,816,908

REPURCHASE AGREEMENTS — At September 30, 2015, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Principal Amount
BNP Paribas Securities Co.		0.110	%	$	4,203,121
Citigroup Global Markets, Inc.		0.120			3,451,983
Merrill Lynch & Co., Inc.		0.140			2,944,896
TOTAL				$	10,600,000

At September 30, 2015, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		0.270	%		05/14/18
Federal Home Loan Banks		1.625 to 5.625			06/13/16 to 09/07/32
Federal Home Loan Mortgage Corp.		2.500 to 8.000			10/01/16 to 07/01/45
Federal National Mortgage Association		1.250 to 6.500			04/01/16 to 10/01/45
Government National Mortgage Association		3.000 to 7.000			05/15/18 to 09/20/45
United States Inflation Indexed Bonds		0.125			07/15/22
United States Treasury Note		0.500 to 2.375			09/30/16 to 12/31/20
United States Treasury Stripped Securities		0.000			02/15/27 to 05/15/44

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2015 (Unaudited)

	Bond Fund		Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $408,819,469, $1,043,760,982, $637,126,199 and $19,312,345,142)	$	408,164,529	$	1,051,330,661		$	620,630,269		$	18,669,288,834
Investments of affiliated issuers, at value (cost $405, $82,269,400, $0 and $8,239)		405		82,269,400			—			8,239
Cash		649,972		10,489,219			32,756			19,504,713
Foreign currencies, at value (cost $53,998, $27,721, $298,668 and $12,829,767, respectively)		53,007		27,175			297,687			13,152,980
Unrealized gain on swap contracts		221,842		21,913			44,402			37,990,531
Unrealized gain on forward foreign currency exchange contracts		951,332		483,486			6,139,739			185,257,770
Variation margin on certain derivative contracts		—		—			—			4,467,189
Receivables:
Investments sold on an extended — settlement basis		60,701,564		122,330,313			43,369,371			302,410,545
Investments sold		5,276,648		507,277			3,303,359			140,247,186
Collateral on certain derivative contracts(a)		2,978,707		2,530,812			3,961,800			424,606,496
Interest		2,242,926		5,523,001			3,410,410			143,729,727
Fund shares sold		461,753		44,601,985			39,432,808			11,229,221
Due from broker — upfront payment		90,084		17,430			46,873			6,197,356
Reimbursement from investment adviser		74,200		62,699			89,806			—
Upfront payments made on swap contracts		498		817			1,631			463,362
Collateral on Reverse Repurchase agreements		—		—			—			1,709,863
Other assets		2,002		6,448			3,134			160,954
Total assets		481,869,469		1,320,202,636			720,764,045			19,960,424,966
Liabilities:
Forward sale contracts, at value (proceeds received $22,791,562, $37,095,039, $6,242,344 and $0, respectively)		22,956,563		37,475,781			6,285,000			—
Reverse Repurchase Agreement, at value		997,262		1,233,225			—			22,105,113
Unrealized loss on swap contracts		343,154		1,489			—			94,569,192
Unrealized loss on forward foreign currency exchange contracts		686,521		486,163			1,303,277			86,046,394
Variation margin on certain derivative contracts		127,471		151,511			82,052			10,192,170
Payables:
Investments purchased on an extended — settlement basis		68,116,484		200,305,352			70,956,534			596,861,446
Investments purchased		879,672		10,549,965			2,372,068			76,336,451
Fund shares redeemed		415,608		4,954,791			1,061,785			136,666,747
Management fees		127,193		322,701			318,788			7,979,166
Distribution and Service fees and Transfer Agency fees		74,590		91,119			42,484			2,103,196
Upfront payments received on swap contracts		38,719		15,290			—			11,970,878
Income distribution		27,112		78,693			17,326			7,218,355
Interest Payable on Borrowings		4,727		7,333			—			168,898
Collateral on certain derivative contracts		—		260,000			189,803			2,690,017
Accrued expenses		197,981		191,901			205,290			1,073,876
Total liabilities		94,993,057		256,125,314			82,834,407			1,055,981,899
Net Assets:
Paid-in capital		383,964,384		1,072,465,949			622,759,485			20,425,003,543
Undistributed (distributions in excess of) net investment income		698,407		8,594,717			31,714,536			(144,172,021	)
Accumulated net realized gain (loss)		1,732,757		(24,750,723	)		(5,608,141	)		(782,697,372	)
Net unrealized gain (loss)		480,864		7,767,379			(10,936,242	)		(593,691,083	)
NET ASSETS	$	386,876,412	$	1,064,077,322		$	637,929,638		$	18,904,443,067
Net Assets:
Class A	$	117,404,100	$	141,195,468		$	60,838,943		$	2,009,194,403
Class C		12,177,281		18,806,548			5,819,936			920,770,302
Institutional		231,481,731		896,195,337			561,276,272			15,496,547,959
Service		14,929		1,901,043			339,905			—
Class IR		19,752,157		4,838,299			9,644,571			467,397,305
Class R		6,036,187		1,130,603			—			10,523,210
Class R6(b)		10,027		10,024			10,011			9,888
Total Net Assets	$	386,876,412		$1,064,077,322		$	637,929,638		$	18,904,443,067
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		11,377,129		13,501,666			4,844,685			203,341,150
Class C		1,180,877		1,788,861			466,931			93,154,990
Institutional		22,437,142		85,342,881			44,766,754			1,568,292,548
Service		1,447		180,940			27,171			—
Class IR		1,921,727		462,281			770,561			47,316,912
Class R		585,600		107,981			—			1,065,737
Class R6(b)		972		954			799			1,001
Net asset value, offering and redemption price per share:(c)
Class A		$10.32		$10.46			$12.56			$9.88
Class C		10.31		10.51			12.46			9.88
Institutional		10.32		10.50			12.54			9.88
Service		10.32		10.51			12.51			—
Class IR		10.28		10.47			12.52			9.88
Class R		10.31		10.47			—			9.87
Class R6(b)		10.32		10.51			12.54			9.88

(a) Includes segregated cash of $890,000 for the Bond Fund, relating to initial margin requirements and collateral on futures transactions. Also includes amounts segregated for initial margin on swap transactions of $2,088,707, $3,990,206, $3,961,800 and $424,606,496 for the Bond, Core Fixed Income, Global Income and Strategic Income Funds, respectively.

(b) Commenced operations on July 31, 2015.

(c) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income, Global Income and Strategic Income Funds is $10.72, $10.87, $13.05 and $10.26, 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 or the original purchase price of the shares.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2015 (Unaudited)

	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Investment income:
Interest	$	5,876,760		$	13,495,457		$	6,192,925		$	385,907,905
Dividends — unaffiliated issuers		—			—			—			5,671,413
Dividends — affiliated issuers		2,143			4,755			—			30,377
Total investment income		5,878,903			13,500,212			6,192,925			391,609,695
Expenses:
Management fees		956,879			1,937,344			1,779,497			53,185,333
Distribution and Service fees(a)		208,632			280,826			109,486			8,018,116
Custody, accounting and administrative services		169,984			160,519			206,088			1,476,920
Transfer Agency fees(a)		152,531			270,950			144,925			6,018,971
Professional fees		67,026			64,064			63,257			113,627
Registration fees		65,443			56,721			52,512			240,730
Printing and mailing costs		38,176			35,197			41,254			487,667
Trustee fees		13,542			18,352			15,478			27,212
Service Share fees — Shareholder Administration Plan		18			2,386			454			—
Service Share fees — Service Plan		18			2,386			454			—
Other		4,565			17,047			9,766			230,530
Total expenses		1,676,814			2,845,792			2,423,171			69,799,106
Less — expense reductions		(471,882	)		(343,888	)		(377,268	)		(458,552	)
Net expenses		1,204,932			2,501,904			2,045,903			69,340,554
NET INVESTMENT INCOME		4,673,971			10,998,308			4,147,022			322,269,141
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(958,894	)		654,053			(4,612,571	)		(378,075,092	)
Futures contracts		2,134,384			2,511,192			1,286,779			259,847
Written options		(101,550	)		(267,180	)		—			—
Swap contracts		2,996,379			264,979			3,070,543			244,094,570
Forward foreign currency exchange contracts		430,241			322,824			(7,679,828	)		79,626,042
Foreign currency transactions		393,514			323,691			3,305,065			83,649,533
Net change in unrealized gain (loss) on:
Investments		(8,745,466	)		(19,003,632	)		(1,413,147	)		(478,039,189	)
Futures contracts		(700,956	)		476,107			40,697			(2,568,958	)
Swap contracts		(367,410	)		589,352			(2,606,747	)		76,492,296
Forward foreign currency exchange contracts		(52,717	)		(151,683	)		1,236,406			28,596,859
Foreign currency translation		13,717			1,629			165,299			1,695,727
Net realized and unrealized loss		(4,958,758	)		(14,278,668	)		(7,207,504	)		(344,268,365	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(284,787	)	$	(3,280,360	)	$	(3,060,482	)	$	(21,999,224	)

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

	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6(b)
Bond	$	140,575	$	59,645	$	8,412	$	73,099	$	7,754	$	55,064	$	3	$	14,423	$	2,187	$	1
Core Fixed Income		182,693		95,277		2,856		95,000		12,386		159,195		382		3,244		742		1
Global Income		78,128		31,358		—		40,627		4,076		93,693		73		6,455		—		1
Strategic Income		2,940,757		5,053,023		24,336		1,529,194		656,893		3,448,795		—		377,760		6,328		1

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Bond Fund
	For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
From operations:
Net investment income	$	4,673,971		$	5,521,597
Net realized gain (loss)		4,894,074			4,839,244
Net change in unrealized gain (loss)		(9,852,832	)		1,112,990
Net increase (decrease) in net assets resulting from operations		(284,787	)		11,473,831
Distributions to shareholders:
From net investment income
Class A Shares		(1,208,951	)		(1,147,520	)
Class B Shares(a)		—			(17,592	)
Class C Shares		(83,195	)		(130,944	)
Institutional Shares		(3,403,360	)		(5,401,984	)
Service Shares		(147	)		(310	)
Class IR Shares		(264,450	)		(215,201	)
Class R Shares		(33,216	)		(1,932	)
Class R6 Shares(b)		(44	)		—
From net realized gains
Class A Shares		—			(758,933	)
Class C Shares		—			(151,624	)
Institutional Shares		—			(2,898,668	)
Service Shares		—			(230	)
Class IR Shares		—			(146,579	)
Class R Shares		—			(1,545	)
Class R6 Shares(b)		—			—
Return of capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares(b)		—			—
Total distributions to shareholders		(4,993,363	)		(10,873,062	)
From share transactions:
Proceeds from sales of shares		78,624,545			277,906,927
Reinvestment of distributions		4,725,311			10,233,485
Cost of shares redeemed		(136,795,282	)		(98,640,237	)
Net increase (decrease) in net assets resulting from share transactions		(53,445,426	)		189,500,175
TOTAL INCREASE (DECREASE)		(58,723,576	)		190,100,944
Net assets:
Beginning of period		445,599,988			255,499,044
End of period	$	386,876,412		$	445,599,988
Undistributed (distributions in excess of) net investment income	$	698,407		$	1,017,799

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

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Core Fixed Income Fund						Global Income Fund						Strategic Income Fund
For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
$	10,998,308		$	21,695,131		$	4,147,022		$	7,483,331		$	322,269,141		$	570,638,704
	3,809,559			16,006,646			(4,630,012	)		45,743,748			29,554,900			(736,339,322	)
	(18,088,227	)		11,868,359			(2,577,492	)		(26,722,377	)		(373,823,265	)		(491,939,658	)
	(3,280,360	)		49,570,136			(3,060,482	)		26,504,702			(21,999,224	)		(657,640,276	)
	(1,599,767	)		(3,124,347	)		(430,694	)		(1,456,880	)		(34,204,424	)		(89,978,961	)
	—			(27,740	)		21			(5,781	)		—			—
	(137,121	)		(284,053	)		(19,835	)		(90,663	)		(10,894,694	)		(23,626,625	)
	(10,045,110	)		(21,321,052	)		(3,994,370	)		(11,422,559	)		(279,705,835	)		(605,463,366	)
	(19,324	)		(34,030	)		(2,226	)		(4,575	)		—			—
	(60,841	)		(69,739	)		(80,889	)		(139,405	)		(9,238,702	)		(24,753,453	)
	(11,063	)		(14,716	)		—			—			(128,017	)		(135,507	)
	(38	)		—			(25	)		—			(48	)		—
	—			—			—			(1,303,585	)		—			—
	—			—			—			(115,184	)		—			—
	—			—			—			(8,585,681	)		—			—
	—			—			—			(3,820	)		—			—
	—			—			—			(162,396	)		—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			(231,031	)
	—			—			—			—			—			(60,664	)
	—			—			—			—			—			(1,554,593	)
	—			—			—			—			—			(509	)
	—			—			—			—			—			(63,396	)
	—			—			—			—			—			—
	(11,873,264	)		(24,875,677	)		(4,528,018	)		(23,290,529	)		(334,171,720	)		(745,868,105	)
	224,015,737			222,387,498			187,356,021			238,497,946			2,033,205,883			13,610,453,817
	11,314,133			23,337,727			4,411,428			22,753,298			276,020,633			610,293,925
	(92,856,713	)		(391,122,027	)		(65,405,939	)		(239,996,406	)		(6,173,432,950	)		(10,593,267,722	)
	142,473,157			(145,396,802	)		126,361,510			21,254,838			(3,864,206,434	)		3,627,480,020
	127,319,533			(120,702,343	)		118,773,010			24,469,011			(4,220,377,378	)		2,223,971,639
	936,757,789			1,057,460,132			519,156,628			494,687,617			23,124,820,445			20,900,848,806
$	1,064,077,322		$	936,757,789		$	637,929,638		$	519,156,628		$	18,904,443,067		$	23,124,820,445
$	8,594,717		$	9,469,673		$	31,714,536		$	32,095,532		$	(144,172,021	)	$	(132,269,442	)

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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2015 - A	$	10.44	$	0.10	$	(0.11	)	$	(0.01	)	$	(0.11	)	$	—		$	(0.11	)
2015 - C		10.44		0.06		(0.12	)		(0.06	)		(0.07	)		—			(0.07	)
2015 - Institutional		10.44		0.12		(0.11	)		0.01			(0.13	)		—			(0.13	)
2015 - Service		10.44		0.10		(0.12	)		(0.02	)		(0.10	)		—			(0.10	)
2015 - IR		10.40		0.11		(0.11	)		—			(0.12	)		—			(0.12	)
2015 - R		10.43		0.09		(0.11	)		(0.02	)		(0.10	)		—			(0.10	)
2015 - R6 (Commenced July 31, 2015)		10.33		0.04		—	(e)		0.04			(0.05	)		—			(0.05	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		10.42		0.17		0.25			0.42			(0.24	)		(0.16	)		(0.40	)
2015 - C		10.41		0.10		0.25			0.35			(0.16	)		(0.16	)		(0.32	)
2015 - Institutional		10.42		0.22		0.24			0.46			(0.28	)		(0.16	)		(0.44	)
2015 - Service		10.42		0.17		0.24			0.41			(0.23	)		(0.16	)		(0.39	)
2015 - IR		10.38		0.19		0.26			0.45			(0.27	)		(0.16	)		(0.43	)
2015 - R		10.41		0.15		0.25			0.40			(0.22	)		(0.16	)		(0.38	)
2014 - A		10.57		0.22		(0.09	)		0.13			(0.28	)		—			(0.28	)
2014 - C		10.57		0.15		(0.11	)		0.04			(0.20	)		—			(0.20	)
2014 - Institutional		10.57		0.26		(0.09	)		0.17			(0.32	)		—			(0.32	)
2014 - Service		10.57		0.21		(0.10	)		0.11			(0.26	)		—			(0.26	)
2014 - IR		10.54		0.25		(0.11	)		0.14			(0.30	)		—			(0.30	)
2014 - R		10.57		0.19		(0.10	)		0.09			(0.25	)		—			(0.25	)
2013 - A		10.37		0.20		0.57			0.77			(0.25	)		(0.32	)		(0.57	)
2013 - C		10.37		0.12		0.57			0.69			(0.17	)		(0.32	)		(0.49	)
2013 - Institutional		10.37		0.23		0.57			0.80			(0.28	)		(0.32	)		(0.60	)
2013 - Service		10.37		0.18		0.57			0.75			(0.23	)		(0.32	)		(0.55	)
2013 - IR		10.34		0.22		0.57			0.79			(0.27	)		(0.32	)		(0.59	)
2013 - R		10.37		0.18		0.56			0.74			(0.22	)		(0.32	)		(0.54	)
2012 - A		10.17		0.27		0.42			0.69			(0.27	)		(0.22	)		(0.49	)
2012 - C		10.16		0.19		0.43			0.62			(0.19	)		(0.22	)		(0.41	)
2012 - Institutional		10.17		0.30		0.43			0.73			(0.31	)		(0.22	)		(0.53	)
2012 - Service		10.17		0.25		0.43			0.68			(0.26	)		(0.22	)		(0.48	)
2012 - IR		10.18		0.29		0.38			0.67			(0.29	)		(0.22	)		(0.51	)
2012 - R		10.17		0.25		0.41			0.66			(0.24	)		(0.22	)		(0.46	)
2011 - A		10.20		0.28		0.33			0.61			(0.31	)(f)		(0.33	)		(0.64	)
2011 - C		10.20		0.21		0.31			0.52			(0.23	)(f)		(0.33	)		(0.56	)
2011 - Institutional		10.20		0.32		0.32			0.64			(0.34	)(f)		(0.33	)		(0.67	)
2011 - Service		10.20		0.27		0.32			0.59			(0.29	)(f)		(0.33	)		(0.62	)
2011 - IR		10.21		0.31		0.32			0.63			(0.33	)(f)		(0.33	)		(0.66	)
2011 - R		10.20		0.26		0.32			0.58			(0.28	)(f)		(0.33	)		(0.61	)

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

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

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

(d) Annualized.

(e) Rounds to less than $0.01 per share.

(f) Includes a tax return of capital amounting to less than $0.01 per share.

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

GOLDMAN SACHS BOND 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)
$	10.32		(0.08	)%	$	117,404		0.78	%(d)		1.00	%(d)		2.00	%(d)		344	%
	10.31		(0.55	)		12,177		1.53	(d)		1.75	(d)		1.25	(d)		344
	10.32		0.09			231,482		0.44	(d)		0.66	(d)		2.32	(d)		344
	10.32		(0.17	)		15		0.92	(d)		1.15	(d)		1.84	(d)		344
	10.28		0.04			19,752		0.53	(d)		0.75	(d)		2.23	(d)		344
	10.31		(0.21	)		6,036		1.03	(d)		1.26	(d)		1.82	(d)		344
	10.32		0.35			10		0.45	(d)		0.69	(d)		2.50	(d)		344
	10.44		4.09			106,694		0.80			1.06			1.64			454
	10.44		3.41			11,813		1.56			1.82			0.97			454
	10.44		4.45			302,035		0.47			0.73			2.06			454
	10.44		3.94			15		0.96			1.23			1.61			454
	10.40		4.36			24,680		0.54			0.80			1.80			454
	10.43		3.84			363		1.06			1.33			1.47			454
	10.42		1.27			34,403		0.84			1.06			2.15			580
	10.41		0.42			7,298		1.59			1.81			1.40			580
	10.42		1.62			207,604		0.50			0.71			2.46			580
	10.42		1.12			14		1.00			1.22			2.01			580
	10.38		1.42			3,808		0.59			0.81			2.41			580
	10.41		0.92			133		1.09			1.29			1.83			580
	10.57		7.48			40,783		0.83			0.98			1.86			1,025
	10.57		6.68			9,993		1.58			1.73			1.11			1,025
	10.57		7.84			301,201		0.49			0.64			2.20			1,025
	10.57		7.31			14		0.99			1.13			1.70			1,025
	10.54		7.76			2,847		0.58			0.73			2.11			1,025
	10.57		7.22			195		1.08			1.24			1.68			1,025
	10.37		6.89			91,437		0.83			0.99			2.60			767
	10.37		6.20			10,592		1.58			1.74			1.85			767
	10.37		7.25			232,692		0.49			0.65			2.94			767
	10.37		6.75			13		0.99			1.15			2.44			767
	10.34		6.74			2,739		0.58			0.74			2.82			767
	10.37		6.63			21		1.08			1.24			2.37			767
	10.17		6.06			93,196		0.83			1.00			2.72			673
	10.16		5.27			10,824		1.58			1.75			1.99			673
	10.17		6.42			198,465		0.49			0.66			3.07			673
	10.17		5.91			12		0.99			1.16			2.58			673
	10.18		6.32			364		0.58			0.75			2.96			673
	10.17		5.80			36		1.08			1.25			2.49			673

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

GOLDMAN SACHS CORE FIXED INCOME 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 (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2015 - A	$	10.64	$	0.11	$	(0.19	)	$	(0.08	)	$	(0.10	)
2015 - C		10.69		0.07		(0.19	)		(0.12	)		(0.06	)
2015 - Institutional		10.68		0.12		(0.19	)		(0.07	)		(0.11	)
2015 - Service		10.69		0.10		(0.19	)		(0.09	)		(0.09	)
2015 - IR		10.65		0.12		(0.19	)		(0.07	)		(0.11	)
2015 - R		10.65		0.09		(0.19	)		(0.10	)		(0.08	)
2015 - R6 (Commenced July 31, 2015)		10.52		0.04		(0.01	)		0.03			(0.04	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		10.38		0.20		0.29			0.49			(0.23	)
2015 - C		10.43		0.12		0.29			0.41			(0.15	)
2015 - Institutional		10.42		0.23		0.30			0.53			(0.27	)
2015 - Service		10.43		0.18		0.30			0.48			(0.22	)
2015 - IR		10.39		0.22		0.30			0.52			(0.26	)
2015 - R		10.39		0.17		0.30			0.47			(0.21	)
2014 - A		10.61		0.19		(0.18	)		0.01			(0.24	)
2014 - C		10.67		0.11		(0.19	)		(0.08	)		(0.16	)
2014 - Institutional		10.65		0.22		(0.17	)		0.05			(0.28	)
2014 - Service		10.66		0.15		(0.16	)		(0.01	)		(0.22	)
2014 - IR		10.62		0.21		(0.17	)		0.04			(0.27	)
2014 - R		10.62		0.16		(0.18	)		(0.02	)		(0.21	)
2013 - A		10.31		0.16		0.36			0.52			(0.22	)
2013 - C		10.37		0.08		0.36			0.44			(0.14	)
2013 - Institutional		10.36		0.20		0.35			0.55			(0.26	)
2013 - Service		10.36		0.14		0.37			0.51			(0.21	)
2013 - IR		10.32		0.19		0.36			0.55			(0.25	)
2013 - R		10.33		0.13		0.36			0.49			(0.20	)
2012 - A		9.79		0.19		0.53			0.72			(0.20	)
2012 - C		9.84		0.12		0.53			0.65			(0.12	)
2012 - Institutional		9.83		0.23		0.53			0.76			(0.23	)
2012 - Service		9.84		0.17		0.53			0.70			(0.18	)
2012 - IR		9.79		0.22		0.53			0.75			(0.22	)
2012 - R		9.80		0.17		0.53			0.70			(0.17	)
2011 - A		9.53		0.21		0.29			0.50			(0.24	)
2011 - C		9.58		0.14		0.28			0.42			(0.16	)
2011 - Institutional		9.57		0.24		0.29			0.53			(0.27	)
2011 - Service		9.58		0.20		0.28			0.48			(0.22	)
2011 - IR		9.54		0.23		0.28			0.51			(0.26	)
2011 - R		9.54		0.18		0.29			0.47			(0.21	)

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

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

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

(d) Annualized.

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

GOLDMAN SACHS CORE FIXED 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)
$	10.46		(0.61	)%	$	141,195		0.78	%(d)		0.85	%(d)		2.01	%(d)		221	%
	10.51		(0.97	)		18,807		1.53	(d)		1.60	(d)		1.26	(d)		221
	10.50		(0.44	)		896,195		0.44	(d)		0.51	(d)		2.34	(d)		221
	10.51		(0.68	)		1,901		0.94	(d)		1.01	(d)		1.85	(d)		221
	10.47		(0.49	)		4,838		0.53	(d)		0.60	(d)		2.26	(d)		221
	10.47		(0.73	)		1,131		1.03	(d)		1.10	(d)		1.76	(d)		221
	10.51		0.29			10		0.44	(d)		0.52	(d)		2.14	(d)		221
	10.64		4.77			150,677		0.83			0.85			1.86			388
	10.69		3.98			19,477		1.58			1.60			1.12			388
	10.68		5.11			758,542		0.49			0.51			2.21			388
	10.69		4.59			1,882		0.99			1.01			1.71			388
	10.65		5.03			5,054		0.56			0.60			2.10			388
	10.65		4.51			1,126		1.07			1.10			1.60			388
	10.38		0.12			134,288		0.83			0.83			1.80			516
	10.43		(0.71	)		20,262		1.58			1.58			1.05			516
	10.42		0.47			895,504		0.49			0.49			2.13			516
	10.43		(0.03	)		1,837		0.98			0.98			1.40			516
	10.39		0.37			1,374		0.58			0.58			2.03			516
	10.39		(0.13	)		557		1.08			1.08			1.54			516
	10.61		5.08			159,470		0.81			0.81			1.54			782
	10.67		4.28			25,723		1.56			1.56			0.79			782
	10.65		5.32			1,198,584		0.47			0.47			1.88			782
	10.66		4.90			17,528		0.97			0.97			1.35			782
	10.62		5.34			1,622		0.56			0.56			1.78			782
	10.62		4.72			648		1.06			1.06			1.24			782
	10.31		7.37			204,327		0.81			0.81			1.90			687
	10.37		6.65			28,539		1.56			1.56			1.13			687
	10.36		7.81			1,363,229		0.47			0.47			2.23			687
	10.36		7.17			10,969		0.97			0.97			1.70			687
	10.32		7.74			1,081		0.56			0.56			2.14			687
	10.33		7.21			19		1.06			1.06			1.64			687
	9.79		5.24			694,255		0.81			0.81			2.13			554
	9.84		4.44			27,993		1.56			1.56			1.38			554
	9.83		5.58			1,041,837		0.47			0.47			2.45			554
	9.84		5.17			3,966		0.97			0.97			1.98			554
	9.79		5.39			1,538		0.56			0.56			2.30			554
	9.80		4.98			17		1.06			1.06			1.88			554

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2015 - A	$	12.76	$	0.08	$	(0.19	)	$	(0.11	)	$	(0.09	)	$	—		$	(0.09	)
2015 - C		12.67		0.03		(0.20	)		(0.17	)		(0.04	)		—			(0.04	)
2015 - Institutional		12.74		0.10		(0.19	)		(0.09	)		(0.11	)		—			(0.11	)
2015 - Service		12.71		0.07		(0.19	)		(0.12	)		(0.08	)		—			(0.08	)
2015 - IR		12.72		0.09		(0.19	)		(0.10	)		(0.10	)		—			(0.10	)
2015 - R6 (Commenced July 31, 2015)		12.55		0.03		(0.01	)		0.02			(0.03	)		—			(0.03	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		12.70		0.16		0.50			0.66			(0.31	)		(0.29	)		(0.60	)
2015 - C		12.61		0.06		0.51			0.57			(0.22	)		(0.29	)		(0.51	)
2015 - Institutional		12.68		0.20		0.50			0.70			(0.35	)		(0.29	)		(0.64	)
2015 - Service		12.66		0.14		0.49			0.63			(0.29	)		(0.29	)		(0.58	)
2015 - IR		12.66		0.15		0.54			0.69			(0.34	)		(0.29	)		(0.63	)
2014 - A		13.20		0.24		0.03			0.27			(0.58	)		(0.19	)		(0.77	)
2014 - C		13.11		0.14		0.03			0.17			(0.48	)		(0.19	)		(0.67	)
2014 - Institutional		13.18		0.28		0.03			0.31			(0.62	)		(0.19	)		(0.81	)
2014 - Service		13.16		0.22		0.03			0.25			(0.56	)		(0.19	)		(0.75	)
2014 - IR		13.17		0.27		0.02			0.29			(0.61	)		(0.19	)		(0.80	)
2013 - A		13.17		0.22		0.60			0.82			(0.34	)		(0.45	)		(0.79	)
2013 - C		13.09		0.12		0.59			0.71			(0.24	)		(0.45	)		(0.69	)
2013 - Institutional		13.15		0.27		0.60			0.87			(0.39	)		(0.45	)		(0.84	)
2013 - Service		13.13		0.20		0.60			0.80			(0.32	)		(0.45	)		(0.77	)
2013 - IR		13.15		0.26		0.59			0.85			(0.38	)		(0.45	)		(0.83	)
2012 - A		12.63		0.23		0.54			0.77			(0.23	)		—			(0.23	)
2012 - C		12.55		0.14		0.54			0.68			(0.14	)		—			(0.14	)
2012 - Institutional		12.61		0.27		0.55			0.82			(0.28	)		—			(0.28	)
2012 - Service		12.59		0.21		0.54			0.75			(0.21	)		—			(0.21	)
2012 - IR		12.61		0.24		0.57			0.81			(0.27	)		—			(0.27	)
2011 - A		12.74		0.26		(0.10	)		0.16			(0.27	)		—			(0.27	)
2011 - C		12.66		0.16		(0.09	)		0.07			(0.18	)		—			(0.18	)
2011 - Institutional		12.72		0.30		(0.09	)		0.21			(0.32	)		—			(0.32	)
2011 - Service		12.70		0.24		(0.10	)		0.14			(0.25	)		—			(0.25	)
2011 - IR (Commenced July 30, 2010)		12.91		0.19		(0.29	)		(0.10	)		(0.20	)		—			(0.20	)

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

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

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

(d) Annualized.

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

GOLDMAN SACHS GLOBAL 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)
$	12.56		(0.89	)%	$	60,839		1.03	%(d)		1.17	%(d)		1.24	%(d)		108	%
	12.46		(1.35	)		5,820		1.78	(d)		1.92	(d)		0.49	(d)		108
	12.54		(0.72	)		561,276		0.69	(d)		0.83	(d)		1.57	(d)		108
	12.51		(0.97	)		340		1.19	(d)		1.33	(d)		1.08	(d)		108
	12.52		(0.77	)		9,645		0.78	(d)		0.92	(d)		1.49	(d)		108
	12.54		0.17			10		0.71	(d)		0.86	(d)		1.35	(d)		108
	12.76		5.27			64,939		1.03			1.18			1.26			226
	12.67		4.53			6,592		1.77			1.93			0.50			226
	12.74		5.63			437,007		0.70			0.84			1.60			226
	12.71		5.03			358		1.20			1.34			1.12			226
	12.72		5.54			10,261		0.77			0.90			1.20			226
	12.70		2.16			61,198		1.04			1.20			1.83			288
	12.61		1.40			4,688		1.79			1.95			1.08			288
	12.68		2.51			426,746		0.70			0.86			2.19			288
	12.66		1.98			239		1.20			1.35			1.70			288
	12.66		2.34			757		0.79			0.95			2.09			288
	13.20		6.32			79,838		1.04			1.15			1.64			444
	13.11		5.57			5,757		1.79			1.90			0.92			444
	13.18		6.69			387,889		0.69			0.81			1.99			444
	13.16		6.16			145		1.19			1.31			1.49			444
	13.17		6.51			545		0.79			0.90			1.94			444
	13.17		6.16			198,463		1.03			1.14			1.78			333
	13.09		5.32			6,359		1.78			1.89			1.06			333
	13.15		6.53			574,373		0.69			0.80			2.10			333
	13.13		6.01			189		1.19			1.30			1.61			333
	13.15		6.43			402		0.78			0.89			1.87			333
	12.63		1.27			204,116		1.03			1.13			2.03			272
	12.55		0.60			7,676		1.78			1.88			1.29			272
	12.61		1.62			469,982		0.69			0.79			2.36			272
	12.59		1.12			151		1.19			1.29			1.89			272
	12.61		(0.78	)		23		0.78	(d)		0.88	(d)		2.28	(d)		272

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2015 - A	$	10.06	$	0.14	(c)	$	(0.17	)	$	(0.03	)	$	(0.15	)	$	—		$	—		$	(0.15	)
2015 - C		10.06		0.10	(c)		(0.17	)		(0.07	)		(0.11	)		—			—			(0.11	)
2015 - Institutional		10.06		0.16	(c)		(0.18	)		(0.02	)		(0.16	)		—			—			(0.16	)
2015 - IR		10.06		0.15	(c)		(0.17	)		(0.02	)		(0.16	)		—			—			(0.16	)
2015 - R		10.05		0.13	(c)		(0.18	)		(0.05	)		(0.13	)		—			—			(0.13	)
2015 - R6 (Commenced July 31, 2015)		10.04		0.05	(c)		(0.16	)		(0.11	)		(0.05	)		—			—			(0.05	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		10.64		0.22	(c)		(0.51	)		(0.29	)		(0.29	)		—			—	(e)		(0.29	)
2015 - C		10.64		0.14	(c)		(0.51	)		(0.37	)		(0.21	)		—			—	(e)		(0.21	)
2015 - Institutional		10.64		0.25	(c)		(0.50	)		(0.25	)		(0.33	)		—			—	(e)		(0.33	)
2015 - IR		10.63		0.24	(c)		(0.49	)		(0.25	)		(0.32	)		—			—	(e)		(0.32	)
2015 - R		10.63		0.19	(c)		(0.51	)		(0.32	)		(0.26	)		—			—	(e)		(0.26	)
2014 - A		10.46		0.22	(c)		0.21			0.43			(0.25	)		—			—			(0.25	)
2014 - C		10.46		0.14	(c)		0.21			0.35			(0.17	)		—			—			(0.17	)
2014 - Institutional		10.46		0.26	(c)		0.21			0.47			(0.29	)		—			—			(0.29	)
2014 - IR		10.46		0.25	(c)		0.20			0.45			(0.28	)		—			—			(0.28	)
2014 - R		10.45		0.21	(c)		0.19			0.40			(0.22	)		—			—			(0.22	)
2013 - A		9.87		0.32	(c)		0.73			1.05			(0.46	)		—			—			(0.46	)
2013 - C		9.88		0.24	(c)		0.72			0.96			(0.38	)		—			—			(0.38	)
2013 - Institutional		9.87		0.35	(c)		0.73			1.08			(0.49	)		—			—			(0.49	)
2013 - IR		9.87		0.34	(c)		0.73			1.07			(0.48	)		—			—			(0.48	)
2013 - R		9.87		0.30	(c)		0.71			1.01			(0.43	)		—			—			(0.43	)
2012 - A		10.03		0.32	(c)		(0.16	)		0.16			(0.32	)		—			—			(0.32	)
2012 - C		10.04		0.24	(c)		(0.15	)		0.09			(0.25	)		—			—			(0.25	)
2012 - Institutional		10.03		0.35	(c)		(0.15	)		0.20			(0.36	)		—			—			(0.36	)
2012 - IR		10.03		0.34	(c)		(0.15	)		0.19			(0.35	)		—			—			(0.35	)
2012 - R		10.03		0.29	(c)		(0.15	)		0.14			(0.30	)		—			—			(0.30	)
FOR THE PERIOD ENDED MARCH 31,
2011- A (Commenced June 30, 2010)		10.00		0.17			0.06			0.23			(0.16	)		(0.02	)		(0.02	)		(0.20	)
2011 - C (Commenced June 30, 2010)		10.00		0.12			0.06			0.18			(0.10	)		(0.02	)		(0.02	)		(0.14	)
2011- Institutional (Commenced June 30, 2010)		10.00		0.20			0.05			0.25			(0.18	)		(0.02	)		(0.02	)		(0.22	)
2011- IR (Commenced June 30, 2010)		10.00		0.19			0.05			0.24			(0.17	)		(0.02	)		(0.02	)		(0.21	)
2011- R (Commenced June 30, 2010)		10.00		0.16			0.05			0.21			(0.14	)		(0.02	)		(0.02	)		(0.18	)

(a) 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.

(b) 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.

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

(d) Annualized.

(e) Rounds to less than $0.01 per share.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Net asset value, end of period		Total return(a)			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(b)
$	9.88		(0.37	)%	$	2,009,194		0.90	%(d)		0.91	%(d)		2.79	%(d)		117	%
	9.88		(0.74	)		920,770		1.65	(d)		1.66	(d)		2.05	(d)		117
	9.88		(0.20	)		15,496,548		0.56	(d)		0.57	(d)		3.13	(d)		117
	9.88		(0.24	)		467,397		0.65	(d)		0.66	(d)		3.06	(d)		117
	9.87		(0.49	)		10,523		1.15	(d)		1.16	(d)		2.54	(d)		117
	9.88		(1.11	)		10		0.55	(d)		0.55	(d)		3.07	(d)		117
	10.06		(2.78	)		2,648,848		0.91			0.91			2.10			188
	10.06		(3.51	)		1,096,577		1.66			1.66			1.34			188
	10.06		(2.45	)		18,685,774		0.57			0.57			2.43			188
	10.06		(2.44	)		684,204		0.66			0.66			2.34			188
	10.05		(3.03	)		9,418		1.16			1.16			1.85			188
	10.64		4.16			3,694,217		0.91			0.91			2.08			302
	10.64		3.37			1,017,213		1.66			1.66			1.31			302
	10.64		4.51			15,469,529		0.57			0.57			2.44			302
	10.63		4.32			71,823		0.66			0.66			2.32			302
	10.63		3.90			5,454		1.16			1.16			1.96			302
	10.46		10.80			709,730		0.99			0.99			3.17			727
	10.46		9.86			239,501		1.74			1.74			2.36			727
	10.46		11.18			2,428,689		0.65			0.65			3.42			727
	10.46		11.07			107,502		0.74			0.74			3.33			727
	10.45		10.45			12		1.23			1.23			2.98			727
	9.87		1.60			728,059		1.00			1.00			3.23			636
	9.88		0.94			148,590		1.75			1.75			2.51			636
	9.87		2.04			993,936		0.66			0.66			3.59			636
	9.87		1.95			50,350		0.75			0.75			3.54			636
	9.87		1.46			29		1.25			1.25			3.00			636
	10.03		2.37			820,664		1.02	(d)		1.08	(d)		2.63	(d)		342
	10.04		1.81			82,982		1.77	(d)		1.83	(d)		1.81	(d)		342
	10.03		2.51			804,517		0.68	(d)		0.74	(d)		2.96	(d)		342
	10.03		2.44			25,158		0.77	(d)		0.83	(d)		2.82	(d)		342
	10.03		2.09			25		1.27	(d)		1.33	(d)		2.07	(d)		342

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2015 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered*	Diversified/ Non-diversified
Bond and Core Fixed Income	A, C, Institutional, Service, IR, R and R6	Diversified
Global Income	A, C, Institutional, Service, IR and R6	Non-diversified
Strategic Income	A, C, Institutional, IR, R and R6	Diversified

* Class R6 commenced operations July 31, 2015.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR, Class R, and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to each of the Bond, Core Fixed Income and Strategic Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser pursuant to a management agreement with the Trust on behalf of the Global Income Fund (the management agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).

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

116

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Agency 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 applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D.  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.

E.  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 translations. 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.

117

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has 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 and GSAMI 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 and GSAMI regularly perform 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.

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.

118

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

vi.  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.

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

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by GSAM and GSAMI to not represent fair value, equity securities and exchange traded

119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 (“Underlying 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 Underlying 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 and options 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.

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.

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

120

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 a 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

121

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a 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.

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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 of the transaction, income payments, events of default and maintenance of securities for both repurchase and reverse 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.

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Secured Borrowings — Secured Borrowings are valued at their contractual amounts, which approximates fair value and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by the Funds subject to the Funds’ agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA.

The funds are required to deliver securities as collateral to the counterparty that exceeds the value of the reverse repurchase agreement. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that a Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to the Fund.

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 and GSAMI believe 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 and GSAMI, consistent with their 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 they believe to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM and GSAMI did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2015:

BOND FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	110,729,468		$	—
Mortgage-Backed Obligations		—			133,171,913			1,315,590
U.S. Treasury Obligations and/or Other U.S. Government Agencies		68,222,612			8,927,345			—
Asset-Backed Securities		—			42,589,410			8,700,000
Foreign Debt Obligations		6,604,063			8,351,114			—
Structured Note		—			947,418			—
Municipal Debt Obligations		—			5,490,582			—
Government Guarantee Obligations		—			9,865,014			—
Investment Company		405			—			—
Short-term Investments		—			3,250,000			—
Total	$	74,827,080		$	323,322,264		$	10,015,590
Liabilities
Reverse Repurchase Agreements	$	—		$	(997,262	)	$	—
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts		—			(22,956,563	)		—
Total	$	—		$	(23,953,825	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	951,332		$	—
Futures Contracts(a)		600,852			—			—
Interest Rate Swap Contracts(a)		—			2,896,641			—
Credit Default Swap Contracts(a)		—			22,732			—
Total	$	600,852		$	3,870,705		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(686,521	)	$	—
Futures Contracts		(296,653	)		—			—
Interest Rate Swap Contracts		—			(2,191,602	)		—
Credit Default Swap Contracts		—			(2,583	)		—
Total	$	(296,653	)	$	(2,880,706	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following is a reconciliation of Level 3 investments for the period ended September 30, 2015:

BOND FUND (continued)
	Mortgage-Backed Securities			Asset-Backed Securities
Beginning Balance as of April 1, 2015	$	—		$	3,430,810
Realized gain (loss)		206			—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		71,743			37
Purchases		1,245,934			7,016,963
Sales		(2,293	)		—
Transfers out of Level 3		—			(1,747,810	)
Ending Balance as of September 30, 2015	$	1,315,590		$	8,700,000

CORE FIXED INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	331,027,032		$	—
Mortgage-Backed Obligations		—		360,199,996			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		137,235,016		47,360,642			—
Asset-Backed Securities		—		79,215,248			—
Foreign Debt Obligations		5,465,228		26,125,982			—
Municipal Debt Obligations		—		9,084,873			—
Government Guarantee Obligations		—		38,122,468			—
Investment Company		82,269,400		—			—
Short-term Investments		—		17,494,176			—
Total	$	224,969,644	$	908,630,417		$	—
Liabilities
Reverse Repurchase Agreements	$	—	$	(1,233,225	)	$	—
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts		—		(37,475,781	)		—
Total	$	—	$	(38,709,006	)	$	—

125

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	483,486		$	—
Futures Contracts		750,078			—			—
Interest Rate Swap Contracts		—			1,937,198			—
Credit Default Swap Contracts		—			21,913			—
Total	$	750,078		$	2,442,597		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(486,163	)	$	—
Futures Contracts		(178,137	)		—			—
Interest Rate Swap Contracts		—			(1,946,997	)		—
Credit Default Swap Contracts		—			(1,489	)		—
Total	$	(178,137	)	$	(2,434,649	)	$	—
GLOBAL INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	170,323,538		$	65,033,781		$	—
Corporate Obligations		—			126,737,830			—
Foreign Debt Obligations		—			10,311,915			—
Asset-Backed Securities		—			44,294,777			9,450,000
Mortgage-Backed Obligations		—			105,307,314			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		41,432,327			3,397,420			—
Government Guarantee Obligations		—			29,893,599			—
Short-term Investments		—			14,350,000			—
Total	$	211,755,865		$	399,326,636		$	9,450,000
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(6,285,000	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GLOBAL INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	—		$	97,768		$	—
Forward Foreign Currency Exchange Contracts(a)		—			6,139,739			—
Futures Contracts(a)		710,075			—			—
Interest Rate Swap Contracts(a)		—			2,956,868			—
Credit Default Swap Contracts(a)		—			44,402			—
Total	$	710,075		$	9,238,777		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,303,277	)	$	—
Futures Contracts		(311,393	)		—			—
Interest Rate Swap Contracts		—			(2,528,404	)		—
Credit Default Swap Contracts		—			(107,946	)		—
Total	$	(311,393	)	$	(3,939,627	)	$	—

The following is a reconciliation of Level 3 investments for the period ended September 30, 2015:

	Asset-Backed Securities
Beginning Balance as of April 1, 2015	$	—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		40
Purchases		9,449,960
Ending Balance as of September 30, 2015	$	9,450,000

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	3,151,235,422		$	—
Mortgage-Backed Obligations		—			2,899,439,316			62,709,777
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,415,868,524			46,241,363			—
Asset-Backed Securities		—			3,523,515,959			411,500,000
Foreign Debt Obligations		824,221,833			2,572,290,024			—
Structured Note		—			4,303,817			—
Municipal Debt Obligations		—			325,891,081			—
Government Guarantee Obligations		—			387,483,885			—
Senior Term Loans		—			893,567,146			33,190,500
Common Stock and/or Other Equity Investments(b)
North America		7,618,750			112,272,391			—
Europe		—			31,648,022			—
Investment Company		8,239			—			—
Short-term Investments		—			966,291,024			—
Total	$	3,247,717,346		$	14,914,179,450		$	507,400,277
Liabilities
Reverse Repurchase Agreements	$	—		$	(22,105,113	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	185,257,770		$	—
Futures Contracts		11,415,927			—			—
Interest Rate Swap Contracts		—			270,851,611			—
Credit Default Swap Contracts		—			2,870,448			—
Total Return Swap Contracts		—			1,730,404			—
Total	$	11,415,927		$	460,710,233		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(86,046,394	)	$	—
Futures Contracts		(29,778,592	)		—			—
Interest Rate Swap Contracts		—			(306,161,912	)		—
Credit Default Swap Contracts		—			(957,629	)		—
Total Return Swap Contracts		—			(951,804	)		—
Total	$	(29,778,592	)	$	(394,117,739	)	$	—

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4. INVESTMENTS IN DERIVATIVES

The following is a reconciliation of Level 3 investments for the period ended September 30, 2015:

	Mortgage-Backed Obligations			Asset-Backed Securities		Senior Term Loans
Beginning Balance as of April 1, 2015	$	—		$	—	$	102,685,355
Realized gain (loss)		9,803			—		—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		3,419,736			1,728		(4,831,177	)
Purchases		59,389,537			411,498,272		30,735,250
Sales		(109,299	)		—		—
Amortization		—			—		146,427
Transfers out of Level 3		—			—		(95,545,355	)
Ending Balance as of September 30, 2015	$	62,709,777		$	411,500,000	$	33,190,500

Securities transferred in and out of Level 3 were primarily due to pricing of floating rate bank loans based on single broker quotes.

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

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principle exchange or system on which they are traded, which may differ from country of domicile. The Fund(s) utilize(s) fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 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.

Bond
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	$	3,497,493	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(2,488,255)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		22,732	(a)	Payable for unrealized loss on swap contracts		(2,583)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		951,332		Payable for unrealized loss on forward foreign currency exchange contracts		(686,521)
Total		$	4,471,557			$	(3,177,359)

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Core Fixed 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	$	2,687,276	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(2,125,134)	(a)
Credit	Receivable for unrealized gain on swap contracts		21,913		Payable for unrealized loss on swap contracts		(1,489)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		483,486		Payable for unrealized loss on forward foreign currency exchange contracts		(486,163)
Total		$	3,192,675			$	(2,612,786)
Global 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	$	3,666,943	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(2,839,797)	(a)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts		44,402		Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts		(107,946)	(b)
Currency	Receivable for unrealized gain on investments and forward foreign currency exchange contracts		6,237,507		Payable for unrealized loss on forward foreign currency exchange contracts		(1,303,277)
Total		$	9,948,852			$	(4,251,020)

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4. INVESTMENTS IN DERIVATIVES (continued)

Strategic 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	$	283,997,942	(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(336,892,308)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		2,870,448		Payable for unrealized loss on swap contracts		(957,629)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		185,257,770		Payable for unrealized loss on forward foreign currency exchange contracts		(86,046,394)
Total		$	472,126,160			$	(423,896,331)

(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 $2,202,155, $1,489, $5,305,702 and $94,569,192 for Bond, Core Fixed Income, Global Income and Strategic Income Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 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:

Bond
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, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	4,882,445	$	(928,599	)		1,120
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		132,993		(139,767	)		41
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	430,241	$	(52,717	)		288
Total		$	5,445,679	$	(1,121,083	)		1,449

131

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Core Fixed 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 futures contracts and swap contracts	$	2,478,359		$	1,086,243			1,277
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		19,865			(20,784	)		2
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		322,824			(151,683	)		132
Total		$	2,821,048		$	913,776			1,411
Global 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 futures contracts and swap contracts	$	3,733,958		$	(2,375,035	)		1,035	(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		611,546			(191,015	)		3
Currency	Net realized gain (loss) from investments, forward foreign currency exchange contracts/Net change in unrealized gain (loss) on investments and forward foreign currency exchange contracts	$	(7,821,680	)	$	1,376,115			445
Total		$	(3,476,176	)	$	(1,189,935	)		1,483
Strategic 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	$	253,421,437		$	80,522,926			35,750
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(9,067,020	)		18,525,742			50
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		79,626,042			28,596,859			307
Total		$	323,980,459		$	127,645,527			36,107

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2015.

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4. INVESTMENTS IN DERIVATIVES (continued)

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 (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. 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.

133

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2015:

Bond Fund
	Derivative Assets(1)						Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total
Bank of America Securities LLC	$	309	$	28,800	$	29,109	$	—		$	(36,457	)	$	(36,457	)	$	(7,348	)	$	—	$	(7,348	)
Barclays Bank PLC		1,954		34,475		36,429		(226	)		(33,298	)		(33,524	)		2,905			—		2,905
BNP Paribas SA		—		9,547		9,547		—			(10,663	)		(10,663	)		(1,116	)		—		(1,116	)
Citibank NA		23,496		—		23,496		(268,398	)		—			(268,398	)		(244,902	)		41,692		(203,210	)
Citibank NA (London)		—		135,321		135,321		—			(79,628	)		(79,628	)		55,693			—		55,693
Credit Suisse International (London)		13,369		17,670		31,039		(1,135	)		(10,812	)		(11,947	)		19,092			—		19,092
Deutsche Bank AG		71,074		—		71,074		—			—			—			71,074			—		71,074
Deutsche Bank AG (London)		—		85,390		85,390		—			(52,098	)		(52,098	)		33,292			—		33,292
HSBC Bank PLC		—		37,233		37,233		—			(27,691	)		(27,691	)		9,542			—		9,542
JPMorgan Securities, Inc.		92,366		73,784		166,150		(48,674	)		(59,433	)		(108,107	)		58,043			—		58,043
Morgan Stanley & Co. International PLC		19,274		27,159		46,433		(24,721	)		(50,339	)		(75,060	)		(28,627	)		—		(28,627	)
Royal Bank of Canada		—		286,702		286,702		—			(39,394	)		(39,394	)		247,308			—		247,308
Royal Bank of Scotland PLC		—		19,219		19,219		—			(44,936	)		(44,936	)		(25,717	)		—		(25,717	)
Standard Chartered Bank		—		32,153		32,153		—			(44,707	)		(44,707	)		(12,554	)		—		(12,554	)
State Street Bank and Trust		—		7,568		7,568		—			(22,794	)		(22,794	)		(15,226	)		—		(15,226	)
UBS AG (London)		—		100,200		100,200		—			(92,802	)		(92,802	)		7,398			—		7,398
Westpac Banking Corp.		—		56,111		56,111		—			(81,469	)		(81,469	)		(25,358	)		—		(25,358	)
Total	$	221,842	$	951,332	$	1,173,174	$	(343,154	)	$	(686,521	)	$	(1,029,675	)	$	143,499		$	41,692	$	185,191

Global Income Fund
	Derivative Assets(1)								Derivative Liabilities(1)						Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Total
Bank of America Securities LLC	$	—	$	29,769	$	122,313	$	152,082	$	(56,239	)	$	(56,239	)	$	95,843		$	—		$	95,843
Barclays Bank PLC		—		—		115,001		115,001		(27,312	)		(27,312	)		87,689			—			87,689
BNP Paribas SA		97,768		—		188,941		286,709		(152,562	)		(152,562	)		134,147			—			134,147
Citibank NA		—		—		36,798		36,798		(22,246	)		(22,246	)		14,552			—			14,552
Credit Suisse International (London)		—		—		1,218,596		1,218,596		(12,619	)		(12,619	)		1,205,977			—			1,205,977
Deutsche Bank AG		—		—		99,128		99,128		(36,674	)		(36,674	)		62,454			—			62,454
HSBC Bank PLC		—		—		238,665		238,665		(200,576	)		(200,576	)		38,089			—			38,089
JPMorgan Securities, Inc.		—		—		1,070,375		1,070,375		(87,611	)		(87,611	)		982,764			—			982,764
Morgan Stanley & Co.		—		—		31,773		31,773		(57,521	)		(57,521	)		(25,748	)		—			(25,748	)
Morgan Stanley & Co. International PLC		—		14,633		—		14,633		—			—			14,633			(14,633	)		—
Royal Bank of Canada		—		—		59,026		59,026		(55,830	)		(55,830	)		3,196			—			3,196
Royal Bank of Scotland PLC		—		—		22,595		22,595		(48,680	)		(48,680	)		(26,085	)		—			(26,085	)
Standard Chartered Bank		—		—		2,166,501		2,166,501		(58,921	)		(58,921	)		2,107,580			—			2,107,580
State Street Bank and Trust		—		—		351,303		351,303		(250,911	)		(250,911	)		100,392			—			100,392
UBS AG (London)		—		—		182,295		182,295		(111,219	)		(111,219	)		71,076			—			71,076
Westpac Banking Corp.		—		—		236,429		236,429		(124,356	)		(124,356	)		112,073			—			112,073
Total	$	97,768	$	44,402	$	6,139,739	$	6,281,909	$	(1,303,277	)	$	(1,303,277	)	$	4,978,632		$	(14,633	)	$	4,963,999

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Strategic Income Fund
	Derivative Assets(1)						Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total
Bank of America Securities LLC	$	6,599,168	$	10,616,445	$	17,215,613	$	(9,147,404	)	$	(2,833,514	)	$	(11,980,918	)	$	5,234,695		$	—	$	5,234,695
Barclays Bank PLC		2,272,687		3,596,446		5,869,133		(6,535,581	)		(3,735,943	)		(10,271,524	)		(4,402,391	)		4,180,000		(222,391	)
BNP Paribas SA		—		1,360,701		1,360,701		—			(1,111,198	)		(1,111,198	)		249,503			—		249,503
Citibank NA		5,816,364		46,045,174		51,861,538		(11,667,444	)		(27,087,273	)		(38,754,717	)		13,106,821			—		13,106,821
Credit Suisse International (London)		814,539		1,628,175		2,442,714		(1,220,591	)		(965,068	)		(2,185,659	)		257,055			—		257,055
Deutsche Bank AG		9,104,201		17,050,952		26,155,153		(32,602,887	)		(5,244,580	)		(37,847,467	)		(11,692,314	)		11,692,314		—
Deutsche Bank AG (London)		895,649		—		895,649		(1,279,354	)		—			(1,279,354	)		(383,705	)		—		(383,705	)
HSBC Bank PLC		—		3,416,574		3,416,574		—			(1,745,676	)		(1,745,676	)		1,670,898			—		1,670,898
HSBC Securities, Inc.		—		—		—		—			(759,152	)		(759,152	)		(759,152	)		—		(759,152	)
JPMorgan Chase Bank (London)		—		—		—		(1,639,945	)		—			(1,639,945	)		(1,639,945	)		—		(1,639,945	)
JPMorgan Securities, Inc.		6,207,113		7,381,267		13,588,380		(25,034,033	)		(6,744,580	)		(31,778,613	)		(18,190,233	)		18,190,233		—
Morgan Stanley & Co.		—		2,424,239		2,424,239		—			(4,694,050	)		(4,694,050	)		(2,269,811	)		—		(2,269,811	)
Morgan Stanley & Co. International PLC		6,280,810		—		6,280,810		(5,441,953	)		—			(5,441,953	)		838,857			—		838,857
Royal Bank of Canada		—		10,700,016		10,700,016		—			(2,604,325	)		(2,604,325	)		8,095,691			—		8,095,691
Royal Bank of Scotland PLC		—		1,808,193		1,808,193		—			(3,869,181	)		(3,869,181	)		(2,060,988	)		—		(2,060,988	)
Standard Chartered Bank		—		56,221,940		56,221,940		—			(4,427,457	)		(4,427,457	)		51,794,483			—		51,794,483
State Street Bank and Trust		—		9,121,666		9,121,666		—			(4,166,683	)		(4,166,683	)		4,954,983			—		4,954,983
UBS AG (London)		—		8,593,868		8,593,868		—			(8,273,545	)		(8,273,545	)		320,323			—		320,323
Westpac Banking Corp.		—		5,292,114		5,292,114		—			(7,784,169	)		(7,784,169	)		(2,492,055	)		—		(2,492,055	)
Total	$	37,990,531	$	185,257,770	$	223,248,301	$	(94,569,192	)	$	(86,046,394	)	$	(180,615,586	)	$	42,632,715		$	34,062,547	$	76,695,262

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

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

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Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM and GSAMI manage the Funds, subject to the general supervision of the Trustees.

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

For the six months ended September 30, 2015, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

	Contractual Management Rate												Effective Net Management Rate^
Fund	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion		Effective Rate
Bond		0.45		0.41		0.39		0.38		0.37		0.45		0.41	*
Core Fixed Income		0.40		0.36		0.34		0.33		0.32		0.40		0.40
Global Income		0.65		0.59		0.56		0.55		0.54		0.65		0.65
Strategic Income		0.60		0.54		0.51		0.50		0.49		0.50		0.50

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

* Effective December 1, 2014, GSAM agreed to waive a portion of its management fee for the Bond Fund in order to achieve the effective net management rate of 0.41% as an annual percentage rate of the average daily net assets of the Fund through at least July 29, 2016. Prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

The Bond, Core Fixed Income, and Strategic Income Funds invest in the Institutional Shares of the Goldman Sachs Financial Square Government Fund. This Underlying Fund is considered to be affiliated with the Funds. 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 six months ended September 30, 2015, GSAM waived $36,696, $60,142 and $458,552, of such Fund’s management fee for the Bond Fund, Core Fixed Income Fund, and Strategic Income Fund, respectively.

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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2015, Goldman Sachs advised that it retained the following amounts:

Fund	Front End Sales Charge Class A		Contingent Deferred Sales Charge Class C
Bond	$	1,751	$	1
Core Fixed Income		2,365		972
Global Income		1,882		—
Strategic Income		57,031		—

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to 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, 0.02% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and 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 and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Income and Strategic Income Funds are 0.004%, 0.014%, 0.004% and 0.054%, respectively. The Other Expense limitations will remain in place through at least July 29, 2016, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

137

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Management Fees Waivers		Other Expense Reimbursements		Total Expense Reductions
Bond	$	121,752	$	350,130	$	471,882
Core Fixed Income		60,142		283,746		343,888
Global Income		—		377,268		377,268
Strategic Income		458,552		—		458,552

G.  Line of Credit Facility — As of September 30, 2015, the Funds participated in a $1,205,000,000 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 $115,000,000, for a total of up to $1,320,000,000. 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 six months ended September 30, 2015, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2015, Goldman Sachs earned $24,527, $28,682, $25,125 and $1,172,681 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income, Global Income and Strategic Income Funds, respectively.

As of September 30, 2015, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		25	%		27	%

As of September 30, 2015, Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class R6 Shares of the following Funds:

Fund	Class R6
Bond Fund		100%
Core Fixed Income		100%
Global Income		100%
Strategic Income		100%

138

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in this affiliated Fund for the six months ended September 30, 2015:

Fund	Underlying Fund	Market Value 3/31/15		Purchases at Cost		Proceeds from Sales		Market Value 9/30/15		Dividend Income
Bond Fund	Goldman Sachs Financial Square Government Fund	$	113,325,598	$	226,107,608	$	339,432,801	$	405	$	2,143
Core Fixed Income Fund	Goldman Sachs Financial Square Government Fund		104,601,189		347,529,296		369,861,085		82,269,400		4,755
Strategic Income	Goldman Sachs Financial Square Government Fund		325,124,425		9,211,999,107		9,537,115,293		8,239		30,377

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2015 were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchased (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)
Bond	$	1,308,343,724	$	78,846,301	$	1,322,215,376	$	68,369,477
Core Fixed Income		2,282,534,642		162,318,592		2,068,002,196		99,238,410
Global Income		470,587,359		183,392,750		432,976,269		125,663,461
Strategic Income		13,603,211,124		8,225,469,342		16,824,487,983		8,197,726,620

The table below summarizes the reverse repurchase agreement activity for the six month period ended September 30, 2015:

Fund Name	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Bond Fund	$	2,559,002		0.71	%		33
Core Fixed Income Fund		2,320,490		1.27			34
Strategic Income Fund		29,442,589		1.37			30

As of September 30, 2015 the remaining contractual maturity of all reverse repurchase agreements was greater than 90 days for all Funds. The gross value of reverse repurchase agreements is reported on the Statement of Assets and Liabilities. The amount of recognized liabilities related to corporate obligations for the Bond and Core Fixed Income Funds was $997,262 and $1,233,225 respectively. The amount of recognized liabilities for the Strategic Income Fund was $22,105,113, of which $20,988,750 was related to corporate obligations and $1,116,363 was related to Foreign Debt Obligations.

139

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

7. TAX INFORMATION

As the Fund’s most recent fiscal year ended March 31, 2015, the Fund’s timing differences, on tax basis were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Capital loss carryforwards:
Expiring 2018	$	—		$	(23,313,600	)	$	—		$	—
Perpetual Long-Term		—			—			—			(26,542,356	)
Total capital loss carryforwards	$	—		$	(23,313,600	)	$	—		$	(26,542,356	)
Timing differences (Qualified Late Year Loss Deferral, Straddle Deferral and Distribution Payable)	$	(2,526,750	)	$	(5,181,427	)	$	(1,156,857	)	$	(821,862,649	)

As of September 30, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Tax Cost	$	408,982,742		$	1,126,218,023		$	637,314,423		$	19,334,169,324
Gross unrealized gain		7,221,331			19,933,421			5,964,889			211,874,131
Gross unrealized loss		(9,036,401	)		(13,784,608	)		(22,649,043	)		(898,851,495	)
Net unrealized gains (losses)	$	(1,815,070	)	$	6,148,813		$	(16,684,154	)	$	(686,977,364	)

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, foreign currency contracts, inflation protected securities, material modification of debt securities, underlying fund investments, and differences related to the tax treatment of swap transactions.

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

8. OTHER RISKS

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

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

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. These transactions may also accelerate the realization of taxable income to

140

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

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. 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, as a result, maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowings and the use of derivatives may result in leverage and may make the Funds more volatile. When the Funds use leverage, the sum of each Fund’s investment exposure may significantly exceed the amount of assets invested in each Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. Each Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause the Funds to liquidate portfolio positions to satisfy their obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by each Fund can substantially increase the adverse impact to which each Fund’s investment portfolio may be subject.

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.

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

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

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

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. 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 Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Non-Diversification Risk — The Global Income Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

9. INDEMNIFICATIONS

developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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

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 and GSAMI believe 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 and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Bond Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,500,487		$	25,725,195			8,072,473		$	84,508,818
Reinvestment of distributions		110,219			1,137,893			165,537			1,732,419
Shares converted from Class B(a)		—			—			84,367			891,377
Shares redeemed		(1,450,690	)		(14,982,274	)		(1,406,921	)		(14,777,926	)
		1,160,016			11,880,814			6,915,456			72,354,688
Class B Shares
Shares sold		—			—			5,448			56,966
Reinvestment of distributions		—			—			1,373			14,480
Shares converted to Class A(a)		—			—			(84,447	)		(891,377	)
Shares redeemed		—			—			(137,420	)		(1,450,088	)
		—			—			(215,046	)		(2,270,019	)
Class C Shares
Shares sold		196,761			2,036,017			613,552			6,445,571
Reinvestment of distributions		6,382			65,873			21,063			220,162
Shares redeemed		(154,272	)		(1,591,808	)		(203,431	)		(2,134,205	)
		48,871			510,082			431,184			4,531,528
Institutional Shares
Shares sold		4,038,327			41,733,049			15,787,785			165,285,733
Reinvestment of distributions		314,881			3,252,068			754,297			7,902,566
Shares redeemed		(10,846,835	)		(111,886,914	)		(7,540,706	)		(79,458,639	)
		(6,493,627	)		(66,901,797	)		9,001,376			93,729,660
Service Shares
Reinvestment of distributions		14			147			52			540
		14			147			52			540
Class IR Shares
Shares sold		287,916			2,960,430			2,043,425			21,313,093
Reinvestment of distributions		25,651			263,885			34,738			361,772
Shares redeemed		(764,609	)		(7,818,463	)		(72,141	)		(751,307	)
		(451,042	)		(4,594,148	)		2,006,022			20,923,558
Class R Shares
Shares sold		600,314			6,159,849			28,431			296,746
Reinvestment of distributions		524			5,405			148			1,546
Shares redeemed		(50,086	)		(515,818	)		(6,487	)		(68,072	)
		550,752			5,649,436			22,092			230,220
Class R6 Shares(b)
Shares sold		968			10,005			—			—
Reinvestment of distributions		4			40			—			—
Shares redeemed		—			(5	)		—			—
		972			10,040			—			—
NET INCREASE (DECREASE)		(5,184,044	)	$	(53,445,426	)		18,161,136		$	189,500,175

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

(b) Commenced operations on July 31, 2015.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Core Fixed Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,232,225		$	12,906,711			5,099,659		$	53,735,846
Reinvestment of distributions		148,439			1,555,823			287,467			3,034,550
Shares converted from Class B(a)		—			—			31,881			335,465
Shares redeemed		(2,044,711	)		(21,425,134	)		(4,191,307	)		(44,170,106	)
		(664,047	)		(6,962,600	)		1,227,700			12,935,755
Class B Shares(a)
Shares sold		—			—			11,588			122,357
Reinvestment of distributions		—			—			2,308			24,367
Shares converted to Class A		—			—			(31,755	)		(335,465	)
Shares redeemed		—			—			(330,928	)		(3,496,749	)
		—			—			(348,787	)		(3,685,490	)
Class C Shares
Shares sold		170,986			1,804,201			438,581			4,651,241
Reinvestment of distributions		12,026			126,753			24,841			263,520
Shares redeemed		(215,628	)		(2,271,832	)		(583,801	)		(6,182,549	)
		(32,616	)		(340,878	)		(120,379	)		(1,267,788	)
Institutional Shares
Shares sold		19,901,112			208,573,524			14,960,991			158,423,574
Reinvestment of distributions		907,479			9,550,758			1,879,885			19,917,051
Shares redeemed		(6,487,644	)		(68,302,076	)		(31,748,821	)		(335,879,047	)
		14,320,947			149,822,206			(14,907,945	)		(157,538,422	)
Service Shares
Shares sold		13,233			139,481			64,012			677,867
Reinvestment of distributions		923			9,719			1,363			14,447
Shares redeemed		(9,295	)		(97,854	)		(65,443	)		(690,563	)
		4,861			51,346			(68	)		1,751
Class IR Shares
Shares sold		41,648			436,330			389,647			4,104,801
Reinvestment of distributions		5,800			60,843			6,584			69,739
Shares redeemed		(59,974	)		(628,353	)		(53,734	)		(567,992	)
		(12,526	)		(131,180	)		342,497			3,606,548
Class R Shares
Shares sold		13,909			145,485			63,511			671,812
Reinvestment of distributions		972			10,200			1,328			14,053
Shares redeemed		(12,599	)		(131,459	)		(12,756	)		(135,021	)
		2,282			24,226			52,083			550,844
Class R6 Shares(b)
Shares sold		951			10,005			—			—
Reinvestment of distributions		4			37			—			—
Shares redeemed		(1	)		(5	)		—			—
		954			10,037			—			—
NET INCREASE (DECREASE)		13,619,855		$	142,473,157			(13,754,899	)	$	(145,396,802	)

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

(b) Commenced operations on July 31, 2015.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Global Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		653,745		$	8,209,295			1,586,338		$	20,325,913
Reinvestment of distributions		33,222			417,460			210,095			2,675,011
Shares converted from Class B(a)		—			—			18,795			243,133
Shares redeemed		(931,601	)		(11,686,633	)		(1,546,288	)		(19,861,472	)
		(244,634	)		(3,059,878	)		268,940			3,382,585
Class B Shares
Shares sold		—			—			2,457			31,682
Reinvestment of distributions		—			—			368			4,712
Shares converted to Class A(a)		—			—			(18,868	)		(243,133	)
Shares redeemed		—			—			(67,729	)		(871,960	)
		—			—			(83,772	)		(1,078,699	)
Class C Shares
Shares sold		27,040			339,323			229,686			2,915,333
Reinvestment of distributions		1,445			18,030			14,547			183,561
Shares redeemed		(81,960	)		(1,018,540	)		(95,731	)		(1,221,241	)
		(53,475	)		(661,187	)		148,502			1,877,653
Institutional Shares
Shares sold		14,117,746			176,435,999			16,097,969			205,279,334
Reinvestment of distributions		310,376			3,893,216			1,539,528			19,582,924
Shares redeemed		(3,962,628	)		(49,796,168	)		(16,999,841	)		(217,509,193	)
		10,465,494			130,533,047			637,656			7,353,065
Service Shares
Shares sold		5,754			72,313			31,658			405,008
Reinvestment of distributions		146			1,827			417			5,289
Shares redeemed		(6,892	)		(86,243	)		(22,770	)		(292,806	)
		(992	)		(12,103	)		9,305			117,491
Class IR Shares
Shares sold		183,244			2,289,086			742,176			9,540,676
Reinvestment of distributions		6,457			80,873			23,848			301,801
Shares redeemed		(226,105	)		(2,818,350	)		(18,837	)		(239,734	)
		(36,404	)		(448,391	)		747,187			9,602,743
Class R6 Shares(b)
Shares sold		797			10,005			—			—
Reinvestment of distributions		2			22			—			—
Shares redeemed		—			(5	)		—			—
		799			10,022			—			—
ILA Cash Management Shares Shares
NET INCREASE		10,130,788		$	126,361,510			1,727,818		$	21,254,838

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

(b) Commenced operations on July 31, 2015.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Strategic Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		18,783,435		$	188,943,804			139,942,256		$	1,468,550,175
Reinvestment of distributions		3,239,226			32,488,686			8,316,052			86,539,197
Shares redeemed		(81,967,656	)		(822,613,230	)		(232,189,012	)		(2,424,542,617	)
		(59,944,995	)		(601,180,740	)		(83,930,704	)		(869,453,245	)
Class C Shares
Shares sold		4,338,198			43,632,031			41,310,685			434,597,330
Reinvestment of distributions		852,635			8,553,770			1,770,115			18,371,732
Shares redeemed		(20,994,532	)		(211,004,332	)		(29,695,594	)		(307,734,078	)
		(15,803,699	)		(158,818,531	)		13,385,206			145,234,984
Institutional Shares
Shares sold		173,650,724			1,745,919,656			1,075,029,579			11,278,202,983
Reinvestment of distributions		22,503,568			225,663,084			46,283,903			480,503,449
Shares redeemed		(485,127,266	)		(4,869,679,495	)		(718,001,633	)		(7,425,931,157	)
		(288,972,974	)		(2,898,096,755	)		403,311,849			4,332,775,275
Class IR Shares
Shares sold		5,109,236			51,362,594			40,287,154			423,066,106
Reinvestment of distributions		920,266			9,227,460			2,380,769			24,732,972
Shares redeemed		(26,745,936	)		(268,003,814	)		(41,947,589	)		(433,303,517	)
		(20,716,434	)		(207,413,760	)		720,334			14,495,561
Class R Shares
Shares sold		332,594			3,337,793			578,286			6,037,223
Reinvestment of distributions		8,746			87,587			14,134			146,575
Shares redeemed		(212,290	)		(2,132,074	)		(168,664	)		(1,756,353	)
		129,050			1,293,306			423,756			4,427,445
Class R6 Shares(a)
Shares sold		997			10,005			—			—
Reinvestment of distributions		5			46			—			—
Shares redeemed		(1	)		(5	)		—			—
		1,001			10,046			—			—
ILA Cash Management Shares Shares
NET INCREASE (DECREASE)		(385,308,051	)	$	(3,864,206,434	)		333,910,441		$	3,627,480,020

(a) Commenced operations on July 31, 2015.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2015 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 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, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Class IR, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2015 through September 30, 2015, which represents a period of 183 days in a 366-day year.

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.

	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*		Beginning Account Value 4/1/15		Ending Account Value 9/30/15			Expenses Paid for the 6 months ended 9/30/15*
Class A
Actual	$	1,000.00	$	999.20		$	3.90	$	1,000.00	$	993.90		$	3.89	$	1,000.00	$	991.10		$	5.13	$	1,000.00	$	996.30		$	4.49
Hypothetical 5% return		1,000.00		1,021.10	+		3.94		1,000.00		1,021.10	+		3.94		1,000.00		1,019.85	+		5.20		1,000.00		1,020.50	+		4.55
Class C
Actual		1,000.00		994.50			7.63		1,000.00		990.30			7.61		1,000.00		986.50			8.84		1,000.00		992.60			8.22
Hypothetical 5% return		1,000.00		1,017.35	+		7.72		1,000.00		1,017.35	+		7.72		1,000.00		1,016.10	+		8.97		1,000.00		1,016.75	+		8.32
Institutional
Actual		1,000.00		1,000.90			2.20		1,000.00		995.60			2.20		1,000.00		992.80			3.44		1,000.00		998.00			2.80
Hypothetical 5% return		1,000.00		1,022.80	+		2.23		1,000.00		1,022.80	+		2.23		1,000.00		1,021.55	+		3.49		1,000.00		1,022.20	+		2.83
Service
Actual		1,000.00		998.30			4.60		1,000.00		993.20			4.68		1,000.00		990.30			5.92		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.40	+		4.65		1,000.00		1,020.30	+		4.75		1,000.00		1,019.05	+		6.01		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,000.40			2.65		1,000.00		995.10			2.64		1,000.00		992.30			3.88		1,000.00		997.60			3.25
Hypothetical 5% return		1,000.00		1,022.35	+		2.68		1,000.00		1,022.35	+		2.68		1,000.00		1,021.10	+		3.94		1,000.00		1,021.75	+		3.29
Class R
Actual		1,000.00		997.90			5.14		1,000.00		992.70			5.13		N/A		N/A			N/A		1,000.00		995.10			5.74
Hypothetical 5% return		1,000.00		1,019.85	+		5.20		1,000.00		1,019.85	+		5.20		N/A		N/A			N/A		1,000.00		1,019.25	+		5.81
Class R6(a)
Actual		1,000.00		1,000.00			0.75		1,000.00		1,002.90			0.73		1,000.00		1,001.70			1.18		1,000.00		1,000.00			0.92
Hypothetical 5% return		1,000.00		1,007.58	+		0.75		1,000.00		1,007.60			0.74		1,000.00		1,007.15	+		1.19		1,000.00		1,007.42	+		0.92

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 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		Service		Class IR		Class R		Class R6(a)
Bond		0.78		1.53		0.44		0.92		0.53		1.03		0.45
Core Fixed Income		0.78		1.53		0.44		0.94		0.53		1.03		0.44
Global Income		1.03		1.78		0.69		1.19		0.78		N/A		0.71
Strategic Income		0.90		1.65		0.56		N/A		0.65		1.15		0.55

+ 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.

(a) Commenced operations on July 31, 2015.

147

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, and Goldman Sachs Strategic Income Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) on behalf of the Bond, Core Fixed Income, and Strategic Income Funds with Goldman Sachs Asset Management, L.P. (“GSAM”) and on behalf of the Global Income Fund with Goldman Sachs Asset Management International (together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2016 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 10-11, 2015 (the “Annual Meeting”).

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

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

(i) the structure, staff, and capabilities of the Investment Advisers and their portfolio management teams;

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

(iii) trends in employee headcount;

(iv) the Investment Advisers’ financial resources and ability to hire and retain talented personnel and strengthen their operations; and

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

(b) information on the investment performance of each Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and composites of accounts with comparable investment strategies managed by the Investment Advisers (with the exception of the Global Income Fund), and general investment outlooks in the markets in which the Funds invest;

(c) information provided by the Investment Advisers indicating the Investment Advisers’ views on whether a Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Funds, including:

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

(ii) the expense trends over time of each Fund; and

(iii) to the extent the Investment Advisers manage other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Advisers;

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

(g) the undertakings of GSAM to waive a portion of its management fee with respect to the Bond Fund and the undertakings of the Investment Advisers to limit certain expenses of each Fund that exceed specified levels, and a summary of

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

contractual fee reductions made by the Investment Advisers and/or their affiliates over the past several years with respect to the Funds;

(h) information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each Fund and the Trust as a whole to the Investment Advisers and their affiliates;

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

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

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

(l) information regarding portfolio trading and how the Investment Advisers carry out their duty to seek best execution;

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2014, and updated performance information prepared by the Investment Advisers using the peer groups identified by the Outside Data Provider as of March 31, 2015. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Funds’ performance (with the exception of the Global Income Fund) to that of composites of accounts with comparable investment strategies managed by the Investment Advisers.

In addition, the Trustees considered materials prepared and presentations made by the Investment Advisers’ senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Advisers’ periodic reports with respect to the Funds’ risk profiles, and how the Investment Advisers’ approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Bond Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the three- and five-year periods and third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2015. They also noted changes to the Fund’s target duration made in September 2014. They noted that the Core Fixed Income Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2015. The Trustees noted that the Global Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2015. The Trustees observed that the Strategic Income Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the three-year period and in the fourth quartile for the one-year period; had outperformed the Fund’s LIBOR-based benchmark index by 3.95% for the three-year period and underperformed by 2.70% for the one-year period; and had outperformed the average performance of a group of competitor funds, as determined by GSAM, for the three-year period and underperformed for the one-year period ended March 31, 2015.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations) comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered GSAM’s undertakings to waive a portion of its management fees with respect to the Bond Fund and the Investment Advisers’ undertakings to limit certain expenses of each Fund that exceed specified levels. They also considered, to the extent that the Investment Advisers manage other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Advisers to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Advisers to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Advisers’ revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Advisers’ expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Advisers for many internal purposes, including compensation decisions

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Advisers’ expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2014 and 2013, and the Trustees considered this information in relation to the Investment Advisers’ overall profitability. The Trustees considered the Investment Advisers’ revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Advisers’ profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
First $1 billion		0.45	%		0.40	%		0.65	%		0.60	%
Next $1 billion		0.41			0.36			0.59			0.54
Next $3 billion		0.39			0.34			0.56			0.51
Next $3 billion		0.38			0.33			0.55			0.50
Over $8 billion		0.37			0.32			0.54			0.49

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and their realized profits; information comparing fee rates charged by the Investment Advisers with fee rates charged to other funds in the peer groups; and GSAM’s undertakings to waive a portion of its management fees with respect to the Bond Fund and the Investment Advisers’ undertakings to limit certain expenses of each Fund that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that GSAM had passed along savings to shareholders of the Core Fixed Income and Strategic Income Funds, which each had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Advisers and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Advisers and their affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Advisers and their affiliates; (d) the Investment Advisers’ ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

Advisers’ knowledge and experience gained from managing other accounts and products; (f) the Investment Advisers’ ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Advisers, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Advisers and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by its respective Investment Adviser, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Advisers’ continued management likely would benefit each applicable Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2016.

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 September 30, 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 Treasury Solutions Fund²

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

n Financial Square Federal Instruments Fund

n Financial Square Tax-Free Money Market 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 Bond Fund

n Core Fixed Income Fund

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 Focused Value Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund⁴

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund⁵

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

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 Global 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 Absolute Return Multi-Asset Fund

Total Portfolio Solutions⁶

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Implementation Fund

n Balanced Strategy Portfolio

n Multi-Manager Real Assets Strategy Fund

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 September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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

⁴  Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵  Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund.

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 Kraus, Secretary
	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser
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 Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may 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).

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

Fund holdings and allocations shown are as of September 30, 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.

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).

Copyright 2015 Goldman, Sachs & Co. All rights reserved. 172508.MF.MED.TMPL/11/2015 MSFISAR-15/155K

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 July 8, 2015 for its International Equity Insights 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/Chief Executive Officer
	Goldman Sachs Trust
Date:	December 7, 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/Chief Executive Officer
	Goldman Sachs Trust
Date:	December 7, 2015
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 7, 2015

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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

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

Dated: December 7, 2015

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Scott McHugh, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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

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

Dated: December 7, 2015

/s/ Scott McHugh

Scott McHugh

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Scott McHugh, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended September 30, 2015 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Scott McHugh
James A. McNamara	Scott McHugh
December 7, 2015	December 7, 2015

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.