Goldman Sachs Variable Insurance Trust


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 33.6%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$ 558,122

Banks – 9.9%
American Express Co.^(b)
	125,000		3.625		12/05/24	128,490
	250,000		6.800	^(a)	09/01/66	262,500
Bank of America Corp.
	100,000		5.625		07/01/20	114,985
	225,000		4.125		01/22/24	240,267
	275,000		4.000		04/01/24	292,018
Barclays Bank PLC
	275,000		2.500		02/20/19	280,364
CBA Capital Trust II^(a)(b)(c)
	375,000		6.024		03/29/49	388,125
Citigroup, Inc.
	150,000		3.375		03/01/23	153,583
CoBank ACB Series H^(a)(b)
	1,984		6.200		12/31/49	203,955
Compass Bank^(b)
	375,000		2.750		09/29/19	378,962
Credit Agricole SA^(c)
	300,000		4.375		03/17/25	303,409
Credit Suisse Group Funding Guernsey Ltd.^(c)
	325,000		3.750		03/26/25	328,973
Credit Suisse New York
	325,000		2.300		05/28/19	328,403
Discover Financial Services^(b)
	225,000		3.750		03/04/25	226,972
HSBC Holdings PLC^(a)(b)
	275,000		6.375		03/29/49	281,875
ING Bank NV^(a)(b)
	325,000		4.125		11/21/23	336,326
Intesa Sanpaolo SpA
	350,000		2.375		01/13/17	354,371
	350,000		3.875		01/16/18	367,815
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	493,984
Lloyds Bank PLC
	175,000		2.300		11/27/18	177,502
Macquarie Bank Ltd.^(c)
	25,000		2.600		06/24/19	25,354
	200,000		6.625		04/07/21	235,770
Mizuho Corporate Bank Ltd.^(c)
	200,000		2.550		03/17/17	204,472
Morgan Stanley
	800,000		3.700		10/23/24	831,166
	100,000		4.300		01/27/45	101,880
Morgan Stanley Series F
	100,000		3.875		04/29/24	104,452
PNC Preferred Funding Trust II^(a)(b)(c)
	400,000		1.493		03/29/49	367,000
Regions Bank
	250,000		7.500		05/15/18	289,899
Regions Financial Corp.
	325,000		5.750		06/15/15	327,883
Resona Bank Ltd.^(a)(b)(c)
	650,000		5.850		09/29/49	672,750
Royal Bank of Scotland Group PLC
	250,000		2.550		09/18/15	251,763
	100,000		9.500	^(a)(b)	03/16/22	112,950


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander Bank NA^(b)
$	250,000		2.000	%	01/12/18	$ 250,305
Santander Holdings USA, Inc.
	75,000		3.000	^(b)	09/24/15	75,585
	165,000		4.625		04/19/16	170,866
Santander UK PLC^(c)
	250,000		5.000		11/07/23	268,317
Wells Fargo & Co. Series S^(a)(b)
	450,000		5.900		12/29/49	468,562

						10,401,853

Diversified Financials – 0.5%
GE Capital Trust I^(a)(b)
	150,000		6.375		11/15/67	162,375
General Motors Financial Co., Inc.
	125,000		3.250		05/15/18	127,812
	175,000		3.500		07/10/19	178,938

						469,125

Diversified Manufacturing – 0.3%
Xylem, Inc.
	250,000		3.550		09/20/16	258,246

Electric – 0.9%
Florida Power & Light Co.^(b)
	193,000		4.125		02/01/42	210,531
Progress Energy, Inc.
	350,000		7.000		10/30/31	474,367
Puget Sound Energy, Inc. Series A^(a)(b)
	100,000		6.974		06/01/67	101,625
Southern California Edison Co.^(b)
	175,000		4.050		03/15/42	184,099

						970,622

Energy – 2.2%
Anadarko Petroleum Corp.
	25,000		8.700		03/15/19	30,828
	135,000		3.450	^(b)	07/15/24	135,907
	125,000		6.450		09/15/36	154,580
Apache Corp.^(b)
	50,000		3.250		04/15/22	50,662
	175,000		4.250		01/15/44	171,044
ConocoPhillips Co.^(b)
	175,000		3.350		11/15/24	180,216
	100,000		4.150		11/15/34	105,580
Devon Energy Corp.^(b)
	25,000		3.250		05/15/22	25,303
	75,000		5.600		07/15/41	87,020
	80,000		4.750		05/15/42	85,030
Dolphin Energy Ltd.^(c)
	68,568		5.888		06/15/19	75,215
Kinder Morgan, Inc.^(b)
	175,000		3.050		12/01/19	176,854
Petrobras Global Finance BV
	90,000		4.875		03/17/20	80,620
Petroleos Mexicanos
	380,000		4.875		01/18/24	402,230
	150,000		6.625		06/15/35	171,750
Transocean, Inc.
	75,000		6.500		11/15/20	62,812
Valero Energy Corp.
	150,000		3.650		03/15/25	153,358


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Weatherford International Ltd.
$	100,000		9.625	%	03/01/19	$ 114,963

						2,263,972

Food & Beverage^(c) – 0.7%
Pernod-Ricard SA
	375,000		4.450		01/15/22	406,576
Suntory Holdings Ltd.
	275,000		2.550		09/29/19	279,724

						686,300

Food & Staples Retailing – 1.2%
CVS Health Corp.^(b)
	125,000		4.125		05/15/21	136,775
	200,000		3.375		08/12/24	206,699
Sysco Corp.^(b)
	175,000		2.350		10/02/19	178,057
	250,000		4.500		10/02/44	262,996
Walgreens Boots Alliance, Inc.
	175,000		1.800		09/15/17	176,781
	325,000		3.300	^(b)	11/18/21	334,628

						1,295,936

Health Care Equipment & Services – 0.4%
Becton Dickinson and Co.
	200,000		2.675		12/15/19	204,439
Medtronic, Inc.^(c)
	75,000		2.500		03/15/20	76,633
	150,000		3.150		03/15/22	155,358

						436,430

Healthcare – 0.1%
DENTSPLY International, Inc.
	125,000		2.750		08/15/16	127,358

Insurance – 0.2%
Teachers Insurance & Annuity Association of America^(c)
	180,000		4.900		09/15/44	203,206

Life Insurance – 1.3%
AIA Group Ltd.^(b)(c)
	275,000		3.200		03/11/25	277,420
American International Group, Inc.^(b)
	75,000		4.500		07/16/44	80,320
Genworth Financial, Inc.
	75,000		8.625		12/15/16	80,547
Nippon Life Insurance Co.^(a)(b)(c)
	375,000		5.100		10/16/44	406,406
Reliance Standard Life Global Funding II^(c)
	225,000		2.500		01/15/20	226,646
The Northwestern Mutual Life Insurance Co.^(c)
	200,000		6.063		03/30/40	264,863

						1,336,202

Materials – 0.5%
Eastman Chemical Co.^(b)
	225,000		3.800		03/15/25	233,465
Ecolab, Inc.
	100,000		5.500		12/08/41	121,309
Monsanto Co.^(b)
	200,000		4.400		07/15/44	215,071

						569,845


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – 1.6%
21st Century Fox America, Inc.
$	275,000		3.000	%	09/15/22	$ 278,063
	75,000		3.700	^(b)(c)	09/15/24	79,363
DIRECTV Holdings LLC
	650,000		3.800		03/15/22	673,191
	75,000		4.450	^(b)	04/01/24	80,082
	225,000		3.950	^(b)	01/15/25	231,977
Time Warner Cable, Inc.
	275,000		7.300		07/01/38	369,299

						1,711,975

Metals and Mining^(c) – 0.8%
Glencore Finance Canada Ltd.
	500,000		2.700		10/25/17	507,317
Glencore Funding LLC
	125,000		1.700		05/27/16	125,522
	175,000		2.500		01/15/19	175,085

						807,924

Noncaptive-Financial – 0.5%
International Lease Finance Corp.
	375,000		5.750		05/15/16	390,000
	150,000		7.125	^(c)	09/01/18	169,312

						559,312

Pharmaceuticals, Biotechnology & Life Sciences – 1.7%
Actavis Funding SCS
	225,000		2.350		03/12/18	227,862
	175,000		3.450	^(b)	03/15/22	178,428
	150,000		4.850	^(b)	06/15/44	159,930
Bayer US Finance LLC^(c)
	400,000		3.000		10/08/21	413,844
EMD Finance LLC^(b)(c)
	375,000		2.950		03/19/22	379,398
Forest Laboratories, Inc.^(c)
	325,000		4.375		02/01/19	347,750
	100,000		5.000	^(b)	12/15/21	110,500

						1,817,712

Pipelines – 1.3%
Enbridge, Inc.^(b)
	50,000		3.500		06/10/24	48,529
Energy Transfer Partners LP^(b)
	40,000		5.200		02/01/22	43,576
	25,000		3.600		02/01/23	24,774
Enterprise Products Operating LLC^(b)
	25,000		3.350		03/15/23	25,284
	30,000		3.750		02/15/25	30,898
Enterprise Products Operating LLC Series A^(a)(b)
	450,000		8.375		08/01/66	474,750
Sunoco Logistics Partners Operations LP^(b)
	50,000		4.250		04/01/24	51,614
Tennessee Gas Pipeline Co. LLC
	50,000		8.375		06/15/32	63,931
TransCanada Pipelines Ltd.^(a)(b)
	325,000		6.350		05/15/67	312,000
Williams Partners LP^(b)
	250,000		3.900		01/15/25	243,370

						1,318,726


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Development – 0.2%
MDC Holdings, Inc.^(b)
$	150,000		5.500	%	01/15/24	$ 146,186
	125,000		6.000		01/15/43	105,243

						251,429

Real Estate Investment Trusts – 3.6%
American Campus Communities Operating Partnership LP^(b)
	275,000		4.125		07/01/24	285,073
Brixmor Operating Partnership LP^(b)
	175,000		3.850		02/01/25	175,082
Camden Property Trust
	325,000		5.700		05/15/17	353,408
CBL & Associates LP^(b)
	50,000		5.250		12/01/23	53,274
DDR Corp.
	375,000		7.500		04/01/17	417,258
	225,000		7.875		09/01/20	281,043
HCP, Inc.
	275,000		6.000		01/30/17	297,845
	125,000		2.625	^(b)	02/01/20	125,264
Health Care REIT, Inc.
	375,000		2.250		03/15/18	379,801
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	395,421
Healthcare Trust of America Holdings LP^(b)
	100,000		3.375		07/15/21	101,099
Kilroy Realty LP
	275,000		5.000		11/03/15	281,137
	150,000		3.800	^(b)	01/15/23	153,511
Select Income REIT^(b)
	50,000		2.850		02/01/18	50,421
	75,000		3.600		02/01/20	76,851
	125,000		4.150		02/01/22	125,558
Senior Housing Properties Trust^(b)
	125,000		3.250		05/01/19	127,075
Ventas Realty LP^(b)
	125,000		3.500		02/01/25	124,966

						3,804,087

Retailing – 0.3%
Amazon.com, Inc.^(b)
	250,000		3.300		12/05/21	259,418

Technology – 0.7%
Amphenol Corp.^(b)
	125,000		3.125		09/15/21	127,901
Hewlett-Packard Co.
	250,000		3.000		09/15/16	256,631
	150,000		2.600		09/15/17	153,572
	150,000		2.750		01/14/19	153,111

						691,215

Tobacco – 0.4%
Imperial Tobacco Finance PLC^(c)
	400,000		2.050		02/11/18	402,283

Transportation^(c) – 0.8%
ERAC USA Finance LLC
	350,000		2.350		10/15/19	351,771


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation^(c) – (continued)
Penske Truck Leasing Co. LP / PTL Finance Corp.
$	200,000		3.375	%^(b)	02/01/22	$ 199,640
	125,000		4.875		07/11/22	135,237
	125,000		4.250		01/17/23	130,004

						816,652

Wireless Telecommunications – 0.1%
American Tower Corp.
	125,000		4.700		03/15/22	133,665

Wirelines Telecommunications – 2.9%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	182,071
	100,000		5.462		02/16/21	114,175
Verizon Communications, Inc.
	607,000		2.625	^(c)	02/21/20	616,182
	850,000		4.500		09/15/20	937,289
	1,050,000		5.150		09/15/23	1,202,871

						3,052,588

TOTAL CORPORATE OBLIGATIONS						$ 35,204,203


Mortgage-Backed Obligations – 30.6%
Adjustable Rate Non-Agency^(a)(b) – 0.7%
Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	187,621		1.628	%	09/25/35	$ 171,288
Lehman XS Trust Series 2005-7N, Class 1A1A
	271,270		0.444		12/25/35	234,917
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	346,154		0.978		12/25/46	263,181

						669,386

Collateralized Mortgage Obligations – 8.0%
Agency Multi-Family – 5.2%
FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2^(a)
	300,000		3.300		04/25/23	321,493
FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2^(a)
	300,000		3.034		10/25/20	319,143
FNMA
	367,916		2.800		03/01/18	382,118
	1,039,375		3.740		05/01/18	1,109,460
	320,000		3.840		05/01/18	342,773
	800,000		4.506		06/01/19	862,865
	185,600		3.416		10/01/20	198,777
	177,401		3.615		12/01/20	192,220
	927,351		3.763		12/01/20	1,005,635
	370,712		4.380		06/01/21	413,250
FNMA ACES Series 2012-M8, Class A2
	100,000		2.349		05/25/22	100,874
FNMA ACES Series 2012-M8, Class ASQ2
	97,882		1.520		12/25/19	98,590
GNMA
	134,344		3.950		07/15/25	144,258

						5,491,456


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Covered Bond – 0.9%
Northern Rock Asset Management PLC^(c)
$	900,000		5.625	%	06/22/17	$ 986,351

Regular Floater^(a) – 1.4%
Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	364,479		0.445		09/20/66	385,516
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
$	76,422		0.490		09/20/66	74,089
Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	205,736		0.325		09/20/66	216,501
Eurosail PRIME-UK 2007-A PLC Series 2007-PR1X, Class A1^(b)
GBP	80,446		0.962		09/13/45	114,401
FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
$	51,495		1.374		07/25/24	51,495
FNMA Connecticut Avenue Securities Series 2015-C01, Class 2M1
	28,039		1.674		02/25/25	28,148
Granite Master Issuer PLC Series 2003-3, Class 3A
GBP	22,605		0.943		01/20/44	33,498
Leek Finance Number Eighteen PLC Series 18X, Class A2B^(b)
$	185,324		0.525		09/21/38	192,814
Leek Finance Number Eighteen PLC Series 18X, Class A2C^(b)
EUR	46,331		0.284		09/21/38	51,986
Leek Finance Number Seventeen PLC Series 17X, Class A2C^(b)
	30,578		0.304		12/21/37	34,678
Quadrivio Finance SRL Series 2011-1, Class A^(b)
	142,519		0.555		07/25/60	153,269
Thrones 2013-1 PLC Series 2013-1, Class A^(b)
GBP	75,410		2.061		07/20/44	112,732

						1,449,127

Sequential Fixed Rate – 0.5%
FNMA REMIC Series 2012-111, Class B
$	40,963		7.000		10/25/42	47,471
FNMA REMIC Series 2012-153, Class B
	96,476		7.000		07/25/42	111,741
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	317,905

						477,117

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 8,404,051

Commercial Mortgage-Backed Securities – 3.4%
Sequential Fixed Rate – 3.4%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A
$	316,865		5.774	%	02/10/51	$ 343,792
FREMF Mortgage Trust Series 2014-K40, Class C^(c)
	100,000		4.072		11/25/47	100,182
FREMF Mortgage Trust Series 2014-K41, Class B^(c)
	100,000		3.830		11/25/47	98,888
GS Mortgage Securities Trust Series 2007-GG10, Class A1A^(d)
	603,649		5.796		08/10/45	653,343
GS Mortgage Securities Trust Series 2007-GG10, Class A4^(d)
	269,634		5.796		08/10/45	291,450
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15, Class A1A
	459,618		5.811		06/12/43	478,568


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class A1A^(d)
$	263,318		5.694	%	02/12/49	$ 282,462
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class A4
	800,000		2.858		11/15/45	818,031
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A^(b)
	494,382		5.608		05/15/46	526,082

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 3,592,798

Federal Agencies – 18.5%
Adjustable Rate FHLMC^(a) – 1.1%
$	1,078,382		2.375	%	09/01/35	$ 1,153,363

Adjustable Rate FNMA^(a) – 1.3%
	311,851		1.847		05/01/33	328,205
	527,575		2.333		05/01/35	563,752
	464,085		2.598		09/01/35	496,353

						1,388,310

FHLMC – 1.0%
	599		7.500		06/01/15	600
	89,505		5.500		02/01/18	93,844
	10,122		5.500		04/01/18	10,613
	4,091		4.500		09/01/18	4,279
	16,021		5.500		09/01/18	16,797
	618		9.500		08/01/19	624
	32		9.500		08/01/20	35
	60,895		6.500		10/01/20	65,963
	13,599		4.500		07/01/24	14,607
	66,783		4.500		11/01/24	71,747
	13,412		4.500		12/01/24	14,406
	15,536		6.000		03/01/29	17,678
	168		6.000		04/01/29	191
	17,136		7.500		12/01/29	20,883
	155,876		7.000		05/01/32	183,819
	258		6.000		08/01/32	297
	92,407		7.000		12/01/32	109,068
	6,401		5.000		10/01/33	7,122
	9,120		5.000		07/01/35	10,142
	12,446		5.000		12/01/35	13,900
	97,929		5.500		01/01/37	109,869
	3,287		5.000		03/01/38	3,640
	182,035		7.000		02/01/39	212,783
	7,024		5.000		06/01/41	7,815

						990,722

FNMA – 14.3%
	3,212		6.000		04/01/16	3,257
	6,841		6.500		05/01/16	6,974
	13,216		6.500		09/01/16	13,582
	17,660		6.500		11/01/16	18,171
	1,895		7.500		04/01/17	1,940
	97,359		5.500		02/01/18	102,257
	112,987		5.000		05/01/18	118,339
	9,977		6.500		08/01/18	10,666
	61,453		7.000		08/01/18	65,161
	1,471		5.000		06/01/23	1,570
	48,905		5.000		08/01/23	54,325
	146,477		5.500		09/01/23	160,105
	38,713		5.500		10/01/23	42,335


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	3,166		6.000	%	12/01/23	$ 3,606
	10,658		4.500		07/01/24	11,451
	161,072		4.500		11/01/24	172,985
	68,468		4.500		12/01/24	73,539
	71		7.000		07/01/25	83
	277		7.000		11/01/25	295
	16,866		9.000		11/01/25	19,754
	60,283		7.000		08/01/26	69,118
	713		7.000		08/01/27	838
	6,740		7.000		09/01/27	7,521
	190		7.000		01/01/28	228
	3,451		6.000		01/01/29	3,932
	105,721		6.000		02/01/29	121,751
	95,582		6.000		06/01/29	110,062
	33,798		8.000		10/01/29	42,616
	8,995		7.000		12/01/29	10,931
	44,987		5.000		01/01/30	50,120
	1,388		8.500		04/01/30	1,731
	2,585		8.000		05/01/30	2,993
	308		8.500		06/01/30	349
	9,594		7.000		05/01/32	11,612
	74,245		7.000		06/01/32	91,511
	94,194		7.000		08/01/32	111,119
	22,336		8.000		08/01/32	25,601
	4,569		5.000		08/01/33	5,102
	344,648		5.000		09/01/33	384,837
	4,182		5.500		09/01/33	4,736
	860,871		5.000		12/01/33	961,257
	1,636		5.500		02/01/34	1,855
	271		5.500		04/01/34	309
	9,809		5.500		12/01/34	11,125
	44,082		5.000		04/01/35	49,420
	77,911		6.000		04/01/35	89,889
	4,373		6.000		05/01/35	4,993
	1,906		5.500		09/01/35	2,163
	169,294		6.000		10/01/35	193,291
	409,807		6.000		09/01/36	467,897
	119		5.500		02/01/37	135
	278,119		6.000		03/01/37	316,889
	207		5.500		04/01/37	234
	160		5.500		05/01/37	181
	277,632		5.500		08/01/37	313,430
	243,090		6.000		09/01/37	276,915
	193,288		6.000		02/01/38	220,947
	354		5.500		03/01/38	400
	297,430		6.000		03/01/38	339,855
	229		5.500		06/01/38	259
	300		5.500		07/01/38	339
	287,859		6.000		07/01/38	327,967
	342		5.500		08/01/38	388
	283		5.500		09/01/38	320
	4,086		5.500		10/01/38	4,625
	110		5.500		12/01/38	125
	175,765		5.000		01/01/39	197,928
	121,383		7.000		03/01/39	140,550
	462,885		6.000		05/01/39	527,708
	26,153		4.500		08/01/39	29,041
	235,721		5.500		12/01/39	266,632
	171,341		6.000		10/01/40	195,182
	382,768		6.000		05/01/41	436,029
	203,129		3.000		08/01/42	209,056
	179,805		3.000		09/01/42	185,115


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	61,641		3.000	%	11/01/42	$ 63,463
	969,053		3.000		12/01/42	997,568
	774,819		3.000		01/01/43	797,786
	303,358		3.000		02/01/43	312,349
	342,001		3.000		03/01/43	351,887
	411,938		3.000		04/01/43	423,845
	290,015		3.000		05/01/43	298,398
	4,000,000		3.000		TBA-30yr^(e)	4,090,000

						15,044,848

GNMA – 0.8%
	3,414		7.000		10/15/25	3,572
	10,645		7.000		11/15/25	11,830
	1,503		7.000		02/15/26	1,563
	7,325		7.000		04/15/26	8,373
	3,638		7.000		03/15/27	4,282
	65,807		7.000		11/15/27	76,586
	3,126		7.000		01/15/28	3,661
	26,503		7.000		02/15/28	29,651
	6,333		7.000		03/15/28	7,265
	1,143		7.000		04/15/28	1,351
	384		7.000		05/15/28	448
	5,679		7.000		06/15/28	6,673
	12,052		7.000		07/15/28	14,131
	15,070		7.000		09/15/28	17,842
	2,542		7.000		11/15/28	3,006
	3,817		7.500		11/15/30	3,858
	241,184		6.000		08/20/34	279,321
	291,486		5.000		06/15/40	327,971

						801,384

TOTAL FEDERAL AGENCIES						$ 19,378,627

TOTAL MORTGAGE-BACKED OBLIGATIONS						$ 32,044,862


Agency Debentures – 4.3%
FHLB
$	400,000		1.875	%	03/13/20	$ 407,483
	600,000		3.000		09/10/21	639,402
	600,000		2.125		06/09/23	596,365
	300,000		3.250		06/09/23	323,426
	100,000		3.375		12/08/23	108,728
FHLMC
	600,000		2.375		01/13/22	621,693
FNMA
	400,000		6.250		05/15/29	573,956
Tennessee Valley Authority
	500,000		3.875		02/15/21	557,766
	500,000		5.375		04/01/56	676,185

TOTAL AGENCY DEBENTURES						$ 4,505,004


Asset-Backed Securities – 7.9%
Collateralized Loan Obligations^(a) – 5.5%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(c)
$	677,011		0.905	%	11/01/18	$ 673,095
Acis CLO Ltd. Series 2013-1A, Class ACOM^(c)
	1,500,000		1.484		04/18/24	1,452,450


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(a) – (continued)
Acis CLO Ltd. Series 2013-2A, Class ACOM^(c)
$	950,000		1.168	%	10/14/22	$ 932,045
Acis CLO Ltd. Series 2013-2A, Class A^(c)
	150,000		0.753		10/14/22	147,343
Black Diamond CLO Ltd. Series 2006-1A, Class AD^(c)
	228,893		0.503		04/29/19	224,859
Ocean Trails CLO I Series 2006-1X, Class A1
	1,115,662		0.502		10/12/20	1,109,271
OFSI Fund V Ltd. Series 2013-5A^(c)
	950,000		1.579		04/17/25	928,720
Red River CLO Ltd. Series 1A, Class A^(c)
	276,424		0.525		07/27/18	275,040

						5,742,823

Home Equity^(a)– 2.1%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1^(b)
	70,549		7.000		09/25/37	69,938
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1^(b)
	114,610		7.000		09/25/37	116,294
Sound Point CLO VI Ltd. Series 2014-2A, Class ACOM^(c)
	900,000		1.707		10/20/26	888,750
Sound Point CLO VIII Ltd. Series 2015-1A, Class A^(c)
	900,000		1.792		04/15/27	897,750
Sound Point CLO VIII Ltd. Series 2015-1A, Class B^(c)
	250,000		2.312		04/15/27	244,525

						2,217,257

Student Loans – 0.3%
Access Group, Inc. Series 2005-2, Class A3^(a)(b)
	344,531		0.442		11/22/24	342,761

TOTAL ASSET-BACKED SECURITIES						$ 8,302,841


Foreign Debt Obligations – 2.7%
Sovereign – 1.5%
Brazilian Government International Bond
$	340,000		4.250	%	01/07/25	$ 332,690
Colombia Government International Bond^(b)
	640,000		4.000		02/26/24	659,840
Italy Buoni Poliennali Del Tesoro
EUR	120,000		1.150		05/15/17	131,628
Mexico Government International Bond
$	160,000		4.750		03/08/44	168,200
	10,000		5.750		10/12/10	10,925
Spain Government Bond
EUR	70,000		2.100		04/30/17	78,345
	90,000		0.500		10/31/17	97,532
	70,000		4.500		01/31/18	84,336

						1,563,496

Supranational – 1.2%
Inter-American Development Bank
$	200,000		1.000		02/27/18	197,056
International Finance Corp.
	1,100,000		0.875		06/15/18	1,093,611

						1,290,667

TOTAL FOREIGN DEBT OBLIGATIONS						$ 2,854,163


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.4%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$ 172,483
	105,000		7.625		03/01/40	163,660

						336,143

Illinois – 0.3%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	298,655

New York – 0.5%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	548,408

Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	326,073

TOTAL MUNICIPAL DEBT OBLIGATIONS						$ 1,509,279


Government Guarantee Obligations – 1.8%
Hashemite Kingdom of Jordan Government AID Bond^(f)
$	700,000		2.503	%	10/30/20	$ 729,534
Israel Government AID Bond^(f)
	400,000		5.500		09/18/23	499,950
	200,000		5.500		12/04/23	250,208
	100,000		5.500		04/26/24	125,786
Kommunalbanken AS^(c)(g)
	300,000		1.000		09/26/17	300,371

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$ 1,905,849


U.S. Treasury Obligations – 20.2%
United States Treasury Bonds
$	100,000		2.750	%	11/15/42	$ 103,988
	4,300,000		3.625	^(h)	08/15/43	5,253,654
	1,450,000		3.750		11/15/43	1,811,296
	700,000		3.625		02/15/44	856,303
	1,300,000		3.375		05/15/44	1,523,639
	1,000,000		3.000		11/15/44	1,095,620
	600,000		2.500		02/15/45	594,654
United States Treasury Inflation-Protected Securities
	619,542		0.125		01/15/22	625,638
	711,143		0.625		01/15/24	742,142
	272,133		2.500		01/15/29	348,286
	300,834		1.375		02/15/44	354,422
	99,246		0.750		02/15/45	101,231
United States Treasury Notes
	1,500,000		1.375		02/29/20	1,500,225
	700,000		1.375		03/31/20	699,972
	1,000,000		2.000		10/31/21	1,020,360
	1,500,000		1.500		01/31/22	1,480,095
	1,100,000		1.750		02/28/22	1,102,860
	500,000		1.750		03/31/22	501,135
United States Treasury Principal-Only STRIPS⁽ⁱ⁾
	1,900,000		0.000		11/15/27	1,443,658

TOTAL U.S. TREASURY OBLIGATIONS						$ 21,159,178


Principal Amount	Interest Rate	Maturity Date	Value
U.S. Treasury Obligations – (continued)
TOTAL INVESTMENTS – 102.5%			$ 107,485,379

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.5)%			(2,593,272)

NET ASSETS – 100.0%			$104,892,107



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

(a)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

(b)		Securities with “Call” features. Maturity dates disclosed are the final maturity dates.

(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 $17,533,883, which represents approximately 16.7% of net assets as of March 31, 2015.

(d)		Interest is based on the weighted net interest rate of the collateral.

(e)		TBA (To Be Announced) Securities are purchased/sold 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 $4,090,000 which represents approximately 3.9% of net assets as of March 31, 2015.

(f)		Guaranteed by the United States Government. Total market value of these securities amounts to 1,605,478, which represents 1.5% of net assets as of March 31, 2015.

(g)		Guaranteed by a foreign government under maturity. Total market value of these securities amounts to 300,371, which represents 0.3% of net assets as of March 31, 2015.

(h)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

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

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
EURIBOR		— Euro Interbank 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
LIBOR		— London Interbank Offered Rate
NIBOR		— Norwegian Interbank Offered Rate
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
RMKT		— Remarketed
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
UK		— United Kingdom

Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
SEK		— Swedish Krona
USD		— United States Dollar


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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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



Shares		Description	Value
	Common Stocks – 99.2%
	Automobiles & Components – 1.1%
	2,268	BorgWarner, Inc.	$ 137,169
	2,898	Delphi Automotive PLC	231,086
	40,051	Ford Motor Co.	646,423
	13,572	General Motors Co.	508,950
	2,152	Harley-Davidson, Inc.	130,712
	6,577	Johnson Controls, Inc.	331,744
	2,723	The Goodyear Tire & Rubber Co.	73,739

			2,059,823

	Banks – 5.8%
	105,976	Bank of America Corp.	1,630,971
	7,284	BB&T Corp.	284,003
	30,615	Citigroup, Inc.	1,577,285
	1,834	Comerica, Inc.	82,768
	8,370	Fifth Third Bancorp	157,775
	5,171	Hudson City Bancorp, Inc.	54,192
	8,408	Huntington Bancshares, Inc.	92,908
	37,629	JPMorgan Chase & Co.	2,279,565
	8,742	KeyCorp	123,787
	1,329	M&T Bank Corp.	168,783
	2,938	People’s United Financial, Inc.	44,658
	13,792	Regions Financial Corp.	130,334
	5,325	SunTrust Banks, Inc.	218,804
	5,225	The PNC Financial Services Group, Inc.	487,179
	18,062	U.S. Bancorp	788,768
	47,263	Wells Fargo & Co.	2,571,107
	2,089	Zions Bancorporation	56,403

			10,749,290

	Capital Goods – 7.4%
	6,415	3M Co.	1,058,154
	1,011	Allegion PLC	61,843
	2,448	AMETEK, Inc.	128,618
	6,111	Caterpillar, Inc.	489,063
	1,717	Cummins, Inc.	238,045
	6,203	Danaher Corp.	526,635
	3,416	Deere & Co.	299,549
	1,608	Dover Corp.	111,145
	4,782	Eaton Corp. PLC	324,889
	6,865	Emerson Electric Co.	388,696
	2,806	Fastenal Co.	116,267
	1,405	Flowserve Corp.	79,368
	1,463	Fluor Corp.	83,625
	3,184	General Dynamics Corp.	432,164
	101,528	General Electric Co.	2,518,910
	7,914	Honeywell International, Inc.	825,509
	3,533	Illinois Tool Works, Inc.	343,196
	2,708	Ingersoll-Rand PLC	184,361
	1,267	Jacobs Engineering Group, Inc.*	57,218
	996	Joy Global, Inc.	39,023
	812	L-3 Communications Holdings, Inc.	102,141
	2,725	Lockheed Martin Corp.	553,066
	3,534	Masco Corp.	94,358
	1,988	Northrop Grumman Corp.	319,988
	3,612	PACCAR, Inc.	228,062
	1,049	Pall Corp.	105,309
	1,442	Parker-Hannifin Corp.	171,281



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,889	Pentair PLC	$ 118,799
	1,443	Precision Castparts Corp.	303,030
	2,198	Quanta Services, Inc.*	62,709
	3,107	Raytheon Co.	339,440
	1,358	Rockwell Automation, Inc.	157,514
	1,330	Rockwell Collins, Inc.	128,412
	999	Roper Industries, Inc.	171,828
	604	Snap-on, Inc.	88,824
	1,566	Stanley Black & Decker, Inc.	149,334
	2,736	Textron, Inc.	121,287
	6,620	The Boeing Co.	993,530
	1,000	United Rentals, Inc.*	91,160
	8,351	United Technologies Corp.	978,737
	606	W.W. Grainger, Inc.	142,901
	1,869	Xylem, Inc.	65,452

			13,793,440

	Commercial & Professional Services – 0.6%
	954	Cintas Corp.	77,875
	1,243	Equifax, Inc.	115,599
	3,125	Nielsen NV	139,281
	1,965	Pitney Bowes, Inc.	45,824
	2,623	Republic Services, Inc.	106,389
	1,395	Robert Half International, Inc.	84,425
	880	Stericycle, Inc.*	123,578
	1,707	The ADT Corp.	70,875
	341	The Dun & Bradstreet Corp.	43,771
	4,290	Tyco International PLC	184,727
	4,290	Waste Management, Inc.	232,647

			1,224,991

	Consumer Durables & Apparel – 1.4%
	2,810	Coach, Inc.	116,418
	3,450	D.R. Horton, Inc.	98,256
	439	Fossil Group, Inc.*	36,196
	1,234	Garmin Ltd.	58,640
	4,052	Hanesbrands, Inc.	135,782
	676	Harman International Industries, Inc.	90,334
	1,159	Hasbro, Inc.	73,295
	1,351	Leggett & Platt, Inc.	62,268
	1,823	Lennar Corp. Class A	94,450
	3,472	Mattel, Inc.	79,335
	2,057	Michael Kors Holdings Ltd.*	135,248
	614	Mohawk Industries, Inc.*	114,050
	2,699	Newell Rubbermaid, Inc.	105,450
	7,041	NIKE, Inc. Class B	706,424
	3,406	PulteGroup, Inc.	75,715
	841	PVH Corp.	89,617
	603	Ralph Lauren Corp.	79,294
	1,668	Under Armour, Inc. Class A*	134,691
	3,471	VF Corp.	261,401
	779	Whirlpool Corp.	157,405

			2,704,269

	Consumer Services – 1.7%
	4,515	Carnival Corp.	215,998
	311	Chipotle Mexican Grill, Inc.*	202,318
	1,227	Darden Restaurants, Inc.	85,080
	2,865	H&R Block, Inc.	91,880



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	2,059	Marriott International, Inc. Class A	$ 165,379
	9,711	McDonald’s Corp.	946,240
	1,700	Royal Caribbean Cruises Ltd.	139,145
	7,561	Starbucks Corp.	716,027
	1,738	Starwood Hotels & Resorts Worldwide, Inc.	145,123
	1,223	Wyndham Worldwide Corp.	110,645
	807	Wynn Resorts Ltd.	101,585
	4,336	Yum! Brands, Inc.	341,330

			3,260,750

	Diversified Financials – 5.1%
	567	Affiliated Managers Group, Inc.*	121,780
	8,851	American Express Co.	691,440
	1,869	Ameriprise Financial, Inc.	244,540
	18,384	Berkshire Hathaway, Inc. Class B*	2,653,179
	1,273	BlackRock, Inc.	465,714
	5,531	Capital One Financial Corp.	435,953
	3,200	CME Group, Inc.	303,072
	4,556	Discover Financial Services	256,731
	2,843	ETRADE Financial Corp.	81,182
	4,003	Franklin Resources, Inc.	205,434
	1,118	Intercontinental Exchange, Inc.	260,796
	4,323	Invesco Ltd.	171,580
	1,043	Legg Mason, Inc.	57,574
	3,210	Leucadia National Corp.	71,551
	2,745	McGraw Hill Financial, Inc.	283,833
	1,770	Moody’s Corp.	183,726
	15,522	Morgan Stanley	553,980
	4,077	Navient Corp.	82,885
	2,244	Northern Trust Corp.	156,295
	4,123	State Street Corp.	303,164
	2,649	T. Rowe Price Group, Inc.	214,516
	11,171	The Bank of New York Mellon Corp.	449,521
	11,690	The Charles Schwab Corp.	355,844
	4,094	The Goldman Sachs Group, Inc.^(a)	769,549
	1,204	The NASDAQ OMX Group, Inc.	61,332

			9,435,171

	Energy – 8.0%
	5,104	Anadarko Petroleum Corp.	422,662
	3,790	Apache Corp.	228,651
	4,428	Baker Hughes, Inc.	281,532
	4,169	Cabot Oil & Gas Corp.	123,111
	1,978	Cameron International Corp.*	89,247
	5,166	Chesapeake Energy Corp.	73,151
	18,973	Chevron Corp.	1,991,786
	867	Cimarex Energy Co.	99,783
	12,443	ConocoPhillips	774,701
	2,339	CONSOL Energy, Inc.	65,235
	3,894	Devon Energy Corp.	234,847
	746	Diamond Offshore Drilling, Inc.	19,985
	2,294	Ensco PLC Class A	48,335
	5,571	EOG Resources, Inc.	510,805



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	1,519	EQT Corp.	$ 125,880
	42,355	Exxon Mobil Corp.	3,600,175
	2,437	FMC Technologies, Inc.*	90,193
	8,532	Halliburton Co.	374,384
	1,076	Helmerich & Payne, Inc.	73,243
	2,415	Hess Corp.	163,906
	17,145	Kinder Morgan, Inc.	721,119
	6,774	Marathon Oil Corp.	176,869
	2,746	Marathon Petroleum Corp.	281,163
	1,708	Murphy Oil Corp.	79,593
	4,111	National Oilwell Varco, Inc.	205,509
	1,404	Newfield Exploration Co.*	49,266
	2,245	Noble Corp. PLC	32,059
	3,916	Noble Energy, Inc.	191,492
	7,802	Occidental Petroleum Corp.	569,546
	2,070	ONEOK, Inc.	99,857
	5,457	Phillips 66	428,920
	1,502	Pioneer Natural Resources Co.	245,592
	1,498	QEP Resources, Inc.	31,233
	1,645	Range Resources Corp.	85,606
	12,888	Schlumberger Ltd.	1,075,375
	3,933	Southwestern Energy Co.*	91,206
	6,777	Spectra Energy Corp.	245,124
	1,267	Tesoro Corp.	115,664
	6,844	The Williams Companies, Inc.	346,238
	3,483	Transocean Ltd.	51,096
	5,242	Valero Energy Corp.	333,496

			14,847,635

	Food & Staples Retailing – 2.5%
	4,446	Costco Wholesale Corp.	673,547
	11,374	CVS Health Corp.	1,173,911
	5,913	Sysco Corp.	223,097
	4,960	The Kroger Co.	380,234
	8,839	Walgreens Boots Alliance, Inc.	748,486
	15,957	Wal-Mart Stores, Inc.	1,312,463
	3,612	Whole Foods Market, Inc.	188,113

			4,699,851

	Food, Beverage & Tobacco – 5.2%
	19,818	Altria Group, Inc.	991,296
	6,342	Archer-Daniels-Midland Co.	300,611
	1,588	Brown-Forman Corp. Class B	143,476
	1,875	Campbell Soup Co.	87,281
	2,130	Coca-Cola Enterprises, Inc.	94,146
	4,250	ConAgra Foods, Inc.	155,253
	1,684	Constellation Brands, Inc. Class A*	195,698
	1,985	Dr. Pepper Snapple Group, Inc.	155,783
	6,134	General Mills, Inc.	347,184
	1,364	Hormel Foods Corp.	77,543
	2,560	Kellogg Co.	168,832
	1,215	Keurig Green Mountain, Inc.	135,752
	5,940	Kraft Foods Group, Inc.	517,463
	3,637	Lorillard, Inc.	237,678
	1,324	McCormick & Co., Inc.	102,094
	2,029	Mead Johnson Nutrition Co.	203,975
	1,654	Molson Coors Brewing Co. Class B	123,140
	16,646	Mondelez International, Inc. Class A	600,754



Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	1,480	Monster Beverage Corp.*	$ 204,825
	14,988	PepsiCo, Inc.	1,433,153
	15,574	Philip Morris International, Inc.	1,173,189
	3,117	Reynolds American, Inc.	214,792
	39,641	The Coca-Cola Co.	1,607,443
	1,500	The Hershey Co.	151,365
	1,054	The J.M. Smucker Co.	121,979
	3,019	Tyson Foods, Inc. Class A	115,628

			9,660,333

	Health Care Equipment & Services – 5.1%
	15,216	Abbott Laboratories	704,957
	3,540	Aetna, Inc.	377,116
	2,112	AmerisourceBergen Corp.	240,071
	2,700	Anthem, Inc.	416,907
	5,438	Baxter International, Inc.	372,503
	2,111	Becton, Dickinson and Co.	303,088
	13,401	Boston Scientific Corp.*	237,868
	733	C. R. Bard, Inc.	122,668
	3,357	Cardinal Health, Inc.	303,036
	3,053	Cerner Corp.*	223,663
	2,635	Cigna Corp.	341,074
	1,704	DaVita HealthCare Partners, Inc.*	138,501
	1,387	DENTSPLY International, Inc.	70,584
	1,104	Edwards Lifesciences Corp.*	157,276
	7,312	Express Scripts Holding Co.*	634,462
	2,934	HCA Holdings, Inc.*	220,725
	851	Henry Schein, Inc.*	118,817
	1,514	Humana, Inc.	269,522
	371	Intuitive Surgical, Inc.*	187,366
	1,032	Laboratory Corp. of America Holdings*	130,125
	2,340	McKesson Corp.	529,308
	14,341	Medtronic PLC	1,118,455
	908	Patterson Companies, Inc.	44,301
	1,435	Quest Diagnostics, Inc.	110,280
	2,886	St. Jude Medical, Inc.	188,744
	2,991	Stryker Corp.	275,920
	1,062	Tenet Healthcare Corp.*	52,580
	9,613	UnitedHealth Group, Inc.	1,137,122
	939	Universal Health Services, Inc. Class B	110,530
	996	Varian Medical Systems, Inc.*	93,714
	1,716	Zimmer Holdings, Inc.	201,664

			9,432,947

	Household & Personal Products – 1.9%
	8,576	Colgate-Palmolive Co.	594,660
	3,699	Kimberly-Clark Corp.	396,200
	1,287	The Clorox Co.	142,072
	2,273	The Estee Lauder Companies, Inc. Class A	189,022
	27,218	The Procter & Gamble Co.	2,230,243

			3,552,197

	Insurance – 2.7%
	3,283	ACE Ltd.	366,022
	4,414	Aflac, Inc.	282,540
	13,861	American International Group, Inc.	759,444



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	2,800	Aon PLC	$ 269,136
	710	Assurant, Inc.	43,601
	1,516	Cincinnati Financial Corp.	80,772
	5,397	Genworth Financial, Inc. Class A*	39,452
	2,601	Lincoln National Corp.	149,453
	2,995	Loews Corp.	122,286
	5,388	Marsh & McLennan Companies, Inc.	302,213
	11,276	MetLife, Inc.	570,002
	2,725	Principal Financial Group, Inc.	139,983
	4,628	Prudential Financial, Inc.	371,675
	4,214	The Allstate Corp.	299,910
	2,305	The Chubb Corp.	233,036
	4,188	The Hartford Financial Services Group, Inc.	175,142
	5,341	The Progressive Corp.	145,275
	3,236	The Travelers Companies, Inc.	349,909
	1,321	Torchmark Corp.	72,549
	2,620	Unum Group	88,373
	2,637	XL Group PLC	97,042

			4,957,815

	Materials – 3.1%
	1,951	Air Products & Chemicals, Inc.	295,147
	701	Airgas, Inc.	74,383
	11,842	Alcoa, Inc.	152,999
	1,171	Allegheny Technologies, Inc.	35,142
	925	Avery Dennison Corp.	48,942
	1,429	Ball Corp.	100,945
	495	CF Industries Holdings, Inc.	140,422
	9,125	E.I. du Pont de Nemours & Co.	652,164
	1,528	Eastman Chemical Co.	105,829
	2,745	Ecolab, Inc.	313,973
	1,388	FMC Corp.	79,463
	10,442	Freeport-McMoRan, Inc.	197,876
	823	International Flavors & Fragrances, Inc.	96,620
	4,259	International Paper Co.	236,332
	3,987	LyondellBasell Industries NV Class A	350,059
	611	Martin Marietta Materials, Inc.	85,418
	1,646	MeadWestvaco Corp.	82,086
	4,889	Monsanto Co.	550,208
	5,034	Newmont Mining Corp.	109,288
	3,195	Nucor Corp.	151,858
	1,570	Owens-Illinois, Inc.*	36,612
	1,380	PPG Industries, Inc.	311,245
	2,895	Praxair, Inc.	349,542
	2,192	Sealed Air Corp.	99,867
	1,194	Sigma-Aldrich Corp.	165,070
	11,015	The Dow Chemical Co.	528,500
	3,164	The Mosaic Co.	145,734
	805	The Sherwin-Williams Co.	229,022
	1,366	Vulcan Materials Co.	115,154

			5,839,900

	Media – 3.5%
	2,316	Cablevision Systems Corp. Class A	42,383
	4,602	CBS Corp. Class B	279,019



Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	25,694	Comcast Corp. Class A	$ 1,450,940
	5,081	DIRECTV*	432,393
	1,590	Discovery Communications, Inc. Class A*	48,908
	2,684	Discovery Communications, Inc. Class C*	79,111
	2,271	Gannett Co., Inc.	84,209
	5,189	News Corp. Class A*	83,076
	2,499	Omnicom Group, Inc.	194,872
	1,012	Scripps Networks Interactive, Inc. Class A	69,383
	4,149	The Interpublic Group of Companies, Inc.	91,776
	15,766	The Walt Disney Co.	1,653,696
	2,836	Time Warner Cable, Inc.	425,060
	8,360	Time Warner, Inc.	705,918
	18,458	Twenty-First Century Fox, Inc. Class A	624,619
	3,694	Viacom, Inc. Class B	252,300

			6,517,663

	Pharmaceuticals, Biotechnology & Life Sciences – 9.7%
	16,147	AbbVie, Inc.	945,245
	3,948	Actavis PLC*	1,174,941
	3,345	Agilent Technologies, Inc.	138,985
	2,006	Alexion Pharmaceuticals, Inc.*	347,640
	7,672	Amgen, Inc.	1,226,369
	2,375	Biogen, Inc.*	1,002,820
	16,754	Bristol-Myers Squibb Co.	1,080,633
	8,094	Celgene Corp.*	933,076
	9,887	Eli Lilly & Co.	718,291
	1,716	Endo International PLC*	153,925
	15,061	Gilead Sciences, Inc.*	1,477,936
	1,693	Hospira, Inc.*	148,713
	28,031	Johnson & Johnson	2,819,919
	1,200	Mallinckrodt PLC*	151,980
	28,633	Merck & Co., Inc.	1,645,825
	3,724	Mylan NV*	221,019
	1,091	PerkinElmer, Inc.	55,794
	1,415	Perrigo Co. PLC	234,253
	61,768	Pfizer, Inc.	2,148,909
	739	Regeneron Pharmaceuticals, Inc.*	333,644
	3,989	Thermo Fisher Scientific, Inc.	535,882
	2,427	Vertex Pharmaceuticals, Inc.*	286,313
	829	Waters Corp.*	103,061
	5,109	Zoetis, Inc.	236,496

			18,121,669

	Real Estate – 2.6%
	4,258	American Tower Corp. (REIT)	400,891
	1,564	Apartment Investment & Management Co. Class A (REIT)	61,559
	1,349	AvalonBay Communities, Inc. (REIT)	235,063
	1,538	Boston Properties, Inc. (REIT)	216,058
	2,891	CBRE Group, Inc. Class A*	111,911
	3,388	Crown Castle International Corp. (REIT)	279,645
	3,677	Equity Residential (REIT)	286,291



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	640	Essex Property Trust, Inc. (REIT)	$ 147,136
	6,280	General Growth Properties, Inc. (REIT)	185,574
	4,609	HCP, Inc. (REIT)	199,155
	3,538	Health Care REIT, Inc. (REIT)	273,700
	7,589	Host Hotels & Resorts, Inc. (REIT)	153,146
	1,891	Iron Mountain, Inc. (REIT)	68,984
	4,214	Kimco Realty Corp. (REIT)	113,146
	1,784	Plum Creek Timber Co., Inc. (REIT)	77,515
	5,118	Prologis, Inc. (REIT)	222,940
	1,469	Public Storage (REIT)	289,599
	3,155	Simon Property Group, Inc. (REIT)	617,244
	997	SL Green Realty Corp. (REIT)	127,995
	1,424	The Macerich Co. (REIT)	120,086
	3,212	Ventas, Inc. (REIT)	234,540
	1,769	Vornado Realty Trust (REIT)	198,128
	5,397	Weyerhaeuser Co. (REIT)	178,910

			4,799,216

	Retailing – 4.7%
	3,844	Amazon.com, Inc.*	1,430,352
	799	AutoNation, Inc.*	51,400
	327	AutoZone, Inc.*	223,066
	1,836	Bed Bath & Beyond, Inc.*	140,959
	2,996	Best Buy Co., Inc.	113,219
	2,151	CarMax, Inc.*	148,441
	3,053	Dollar General Corp.*	230,135
	2,097	Dollar Tree, Inc.*	170,161
	979	Expedia, Inc.	92,153
	981	Family Dollar Stores, Inc.	77,734
	1,119	GameStop Corp. Class A	42,477
	1,542	Genuine Parts Co.	143,699
	2,024	Kohl’s Corp.	158,378
	2,480	L Brands, Inc.	233,839
	9,833	Lowe’s Companies, Inc.	731,477
	3,495	Macy’s, Inc.	226,860
	607	Netflix, Inc.*	252,931
	1,441	Nordstrom, Inc.	115,741
	1,034	O’Reilly Automotive, Inc.*	223,592
	2,108	Ross Stores, Inc.	222,099
	6,320	Staples, Inc.	102,921
	6,421	Target Corp.	526,972
	2,644	The Gap, Inc.	114,565
	13,317	The Home Depot, Inc.	1,512,944
	522	The Priceline Group, Inc.*	607,686
	6,859	The TJX Companies, Inc.	480,473
	1,107	Tiffany & Co.	97,427
	1,342	Tractor Supply Co.	114,151
	1,141	TripAdvisor, Inc.*	94,897
	944	Urban Outfitters, Inc.*	43,094

			8,723,843

	Semiconductors & Semiconductor Equipment – 2.4%
	2,971	Altera Corp.	127,486
	3,167	Analog Devices, Inc.	199,521
	12,366	Applied Materials, Inc.	278,977
	2,564	Avago Technologies Ltd.	325,577



Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	5,442	Broadcom Corp. Class A	$ 235,611
	780	First Solar, Inc.*	46,636
	47,887	Intel Corp.	1,497,426
	1,630	KLA-Tencor Corp.	95,013
	1,587	Lam Research Corp.	111,463
	2,472	Linear Technology Corp.	115,690
	2,078	Microchip Technology, Inc.	101,614
	10,933	Micron Technology, Inc.*	296,612
	5,154	NVIDIA Corp.	107,847
	1,930	Skyworks Solutions, Inc.	189,700
	10,631	Texas Instruments, Inc.	607,934
	2,618	Xilinx, Inc.	110,741

			4,447,848

	Software & Services – 10.3%
	6,338	Accenture PLC Class A	593,807
	4,769	Adobe Systems, Inc.*	352,620
	1,778	Akamai Technologies, Inc.*	126,318
	625	Alliance Data Systems Corp.*	185,156
	2,345	Autodesk, Inc.*	137,511
	4,769	Automatic Data Processing, Inc.	408,417
	3,267	CA, Inc.	106,537
	1,603	Citrix Systems, Inc.*	102,384
	6,188	Cognizant Technology Solutions Corp. Class A*	386,069
	1,407	Computer Sciences Corp.	91,849
	11,116	eBay, Inc.*	641,171
	3,126	Electronic Arts, Inc.*	183,856
	571	Equinix, Inc. (REIT)	132,957
	21,131	Facebook, Inc. Class A*	1,737,285
	2,883	Fidelity National Information Services, Inc.	196,217
	2,452	Fiserv, Inc.*	194,689
	2,887	Google, Inc. Class A*	1,601,419
	2,884	Google, Inc. Class C*	1,580,432
	9,259	International Business Machines Corp.	1,486,069
	2,801	Intuit, Inc.	271,585
	9,833	Mastercard, Inc. Class A	849,473
	82,833	Microsoft Corp.	3,367,576
	32,413	Oracle Corp.	1,398,621
	3,271	Paychex, Inc.	162,291
	1,871	Red Hat, Inc.*	141,728
	5,981	salesforce.com inc*	399,591
	7,024	Symantec Corp.	164,116
	1,402	Teradata Corp.*	61,884
	5,245	The Western Union Co.	109,148
	1,614	Total System Services, Inc.	61,574
	1,073	VeriSign, Inc.*	71,859
	19,534	Visa, Inc. Class A	1,277,719
	10,332	Xerox Corp.	132,766
	8,812	Yahoo!, Inc.*	391,561

			19,106,255

	Technology Hardware & Equipment – 6.9%
	3,111	Amphenol Corp. Class A	183,331
	58,757	Apple, Inc.	7,311,134
	51,413	Cisco Systems, Inc.	1,415,143
	12,910	Corning, Inc.	292,799
	20,056	EMC Corp.	512,631



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	736	F5 Networks, Inc.*	$ 84,596
	1,526	FLIR Systems, Inc.	47,733
	1,069	Harris Corp.	84,195
	18,344	Hewlett-Packard Co.	571,599
	3,592	Juniper Networks, Inc.	81,107
	1,897	Motorola Solutions, Inc.	126,473
	3,150	NetApp, Inc.	111,699
	16,674	QUALCOMM, Inc.	1,156,175
	2,156	SanDisk Corp.	137,165
	3,283	Seagate Technology PLC	170,815
	4,152	TE Connectivity Ltd.	297,366
	2,230	Western Digital Corp.	202,952

			12,786,913

	Telecommunication Services – 2.3%
	52,291	AT&T, Inc.	1,707,301
	5,790	CenturyLink, Inc.	200,045
	10,443	Frontier Communications Corp.	73,623
	2,777	Level 3 Communications, Inc.*	149,514
	41,896	Verizon Communications, Inc.	2,037,402
	6,282	Windstream Holdings, Inc.	46,487

			4,214,372

	Transportation – 2.2%
	7,228	American Airlines Group, Inc.	381,494
	1,522	C.H. Robinson Worldwide, Inc.	111,441
	10,031	CSX Corp.	332,227
	8,257	Delta Air Lines, Inc.	371,235
	1,926	Expeditors International of Washington, Inc.	92,794
	2,666	FedEx Corp.	441,090
	1,100	Kansas City Southern	112,288
	3,136	Norfolk Southern Corp.	322,757
	527	Ryder System, Inc.	50,007
	6,824	Southwest Airlines Co.	302,303
	8,920	Union Pacific Corp.	966,125
	7,034	United Parcel Service, Inc. Class B	681,876

			4,165,637

	Utilities – 3.0%
	6,546	AES Corp.	84,116
	1,204	AGL Resources, Inc.	59,779
	2,394	Ameren Corp.	101,027
	5,003	American Electric Power Co., Inc.	281,419
	4,431	CenterPoint Energy, Inc.	90,437
	2,743	CMS Energy Corp.	95,758
	2,937	Consolidated Edison, Inc.	179,157
	5,884	Dominion Resources, Inc.	416,999
	1,768	DTE Energy Co.	142,660
	7,139	Duke Energy Corp.	548,132
	3,335	Edison International	208,337
	1,802	Entergy Corp.	139,637
	3,169	Eversource Energy	160,098
	8,769	Exelon Corp.	294,726
	4,207	FirstEnergy Corp.	147,497
	785	Integrys Energy Group, Inc.	56,536
	4,416	NextEra Energy, Inc.	459,485
	3,150	NiSource, Inc.	139,104



Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	3,457	NRG Energy, Inc.	$ 87,082
	2,478	Pepco Holdings, Inc.	66,485
	4,814	PG&E Corp.	255,479
	1,110	Pinnacle West Capital Corp.	70,762
	6,735	PPL Corp.	226,700
	5,166	Public Service Enterprise Group, Inc.	216,559
	1,446	SCANA Corp.	79,516
	2,360	Sempra Energy	257,287
	2,312	TECO Energy, Inc.	44,853
	9,062	The Southern Co.	401,265
	2,336	Wisconsin Energy Corp.	115,632
	5,093	Xcel Energy, Inc.	177,287

			5,603,811

	TOTAL COMMON STOCKS		$184,705,639


Principal Amount	Interest Rate			Maturity Date	Value
U.S. Treasury Obligation^(b)(c) – 0.1%
United States Treasury Bill
$ 100,000		0.000	%	04/16/15	$ 99,999

TOTAL U.S. TREASURY OBLIGATION					99,999

TOTAL INVESTMENTS – 99.3%					$184,805,638

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%					1,361,819

NET ASSETS – 100.0%					$186,167,457



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

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



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Exchange Traded Funds – 11.6%
	133,080	iShares Core S&P 500 ETF	$ 27,658,017
	48,292	iShares Russell 2000 ETF^(a)	6,005,110

	TOTAL EXCHANGE TRADED FUNDS		$ 33,663,127



Principal Amount	Interest Rate			Maturity Date	Value
U.S. Treasury Obligation – 14.4%
United States Treasury Note
$ 38,823,000		2.750	%	11/15/23	$ 41,624,857



Shares	Distribution Rate	Value
Investment Company^(b)(c) – 45.2%
Goldman Sachs Financial Square Government Fund – FST Shares
130,908,580	0.006%	$130,908,580

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$206,196,564


Securities Lending Reinvestment Vehicle^(b)(c) – 1.6%
Goldman Sachs Financial Square Money Market Fund – FST Shares
4,602,750	0.086%	$ 4,602,750

TOTAL INVESTMENTS – 72.8%		$210,799,314

OTHER ASSETS IN EXCESS OF LIABILITIES – 27.2%		78,715,987

NET ASSETS – 100.0%		$289,515,301



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

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.9%
	Automobiles & Components – 2.4%
	50,953	BorgWarner, Inc.	$ 3,081,637
	8,958	Tesla Motors, Inc.*	1,691,002

			4,772,639

	Banks – 2.7%
	28,459	Eagle Bancorp, Inc.*	1,092,826
	76,755	First Republic Bank	4,381,943

			5,474,769

	Capital Goods – 11.0%
	55,542	AMETEK, Inc.	2,918,177
	36,963	Flowserve Corp.	2,088,040
	49,905	Generac Holdings, Inc.*	2,429,874
	43,357	Graco, Inc.	3,128,641
	23,461	Hubbell, Inc. Class B	2,571,795
	9,890	Middleby Corp.*	1,015,208
	61,029	Sensata Technologies Holding NV*	3,506,116
	19,302	W.W. Grainger, Inc.	4,551,605

			22,209,456

	Consumer Durables & Apparel – 8.3%
	129,000	Kate Spade & Co.*	4,307,310
	36,633	PVH Corp.	3,903,612
	59,678	Toll Brothers, Inc.*	2,347,733
	33,526	Under Armour, Inc. Class A*	2,707,225
	45,162	VF Corp.	3,401,150

			16,667,030

	Consumer Services – 3.0%
	4,189	Chipotle Mexican Grill, Inc.*	2,725,112
	20,606	Panera Bread Co. Class A*	3,296,857

			6,021,969

	Diversified Financials – 4.9%
	20,979	Intercontinental Exchange, Inc.	4,893,771
	149,554	Navient Corp.	3,040,433
	208,512	SLM Corp.*	1,934,991

			9,869,195

	Energy – 4.0%
	27,504	Dril-Quip, Inc.*	1,880,999
	23,904	Pioneer Natural Resources Co.	3,908,543
	185,450	Weatherford International PLC*	2,281,035

			8,070,577

	Food & Staples Retailing – 2.1%
	80,028	Whole Foods Market, Inc.	4,167,858

	Food, Beverage & Tobacco – 5.9%
	25,372	Keurig Green Mountain, Inc.	2,834,813
	46,037	McCormick & Co., Inc.	3,549,913
	39,175	The Hain Celestial Group, Inc.*	2,509,159
	36,088	TreeHouse Foods, Inc.*	3,068,202

			11,962,087

	Health Care Equipment & Services – 6.1%
	11,499	Cardinal Health, Inc.	1,038,015
	34,039	Cerner Corp.*	2,493,697
	18,417	Henry Schein, Inc.*	2,571,382
	83,850	HMS Holdings Corp.*	1,295,482
	5,432	Intuitive Surgical, Inc.*	2,743,323



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	17,694	Teleflex, Inc.	$ 2,137,966

			12,279,865

	Materials – 5.4%
	19,029	Airgas, Inc.	2,019,167
	16,840	Ashland, Inc.	2,143,900
	80,207	Axalta Coating Systems Ltd.*	2,215,317
	17,589	International Flavors & Fragrances, Inc.	2,064,949
	8,422	The Sherwin-Williams Co.	2,396,059

			10,839,392

	Pharmaceuticals, Biotechnology & Life Sciences – 8.7%
	40,247	Agilent Technologies, Inc.	1,672,263
	22,780	Alkermes PLC*	1,388,896
	49,160	Cepheid, Inc.*	2,797,204
	16,087	Medivation, Inc.*	2,076,349
	6,512	Mettler-Toledo International, Inc.*	2,140,169
	85,608	Mylan NV*	5,080,835
	20,398	Vertex Pharmaceuticals, Inc.*	2,406,352

			17,562,068

	Real Estate – 1.3%
	70,756	CBRE Group, Inc. Class A*	2,738,965

	Retailing – 11.4%
	23,287	Advance Auto Parts, Inc.	3,485,831
	38,081	Burlington Stores, Inc.*	2,262,773
	66,095	Five Below, Inc.*	2,350,999
	22,307	L Brands, Inc.	2,103,327
	109,418	LKQ Corp.*	2,796,724
	6,734	Netflix, Inc.*	2,805,990
	19,488	Restoration Hardware Holdings, Inc.*	1,933,015
	15,004	TripAdvisor, Inc.*	1,247,883
	26,153	Ulta Salon, Cosmetics & Fragrance, Inc.*	3,945,180

			22,931,722

	Semiconductors & Semiconductor Equipment – 1.0%
	45,757	Broadcom Corp. Class A	1,981,049

	Software & Services – 14.3%
	18,254	Equinix, Inc. (REIT)	4,250,444
	32,070	Fidelity National Information Services, Inc.	2,182,684
	17,659	FleetCor Technologies, Inc.*	2,665,096
	11,020	Global Payments, Inc.	1,010,314
	48,615	Guidewire Software, Inc.*	2,557,635
	22,237	Intuit, Inc.	2,156,100
	16,308	LinkedIn Corp. Class A*	4,074,717
	51,395	Pandora Media, Inc.*	833,113
	37,015	Red Hat, Inc.*	2,803,886
	39,082	ServiceNow, Inc.*	3,078,880
	27,351	Splunk, Inc.*	1,619,179
	34,004	Twitter, Inc.*	1,702,920

			28,934,968

	Technology Hardware & Equipment – 1.7%
	59,235	Amphenol Corp. Class A	3,490,719



Shares		Description	Value
	Common Stocks – (continued)
	Telecommunication Services – 2.9%
	32,478	Level 3 Communications, Inc.*	$ 1,748,615
	34,737	SBA Communications Corp. Class A*	4,067,703

			5,816,318

	Transportation – 1.8%
	34,982	Kansas City Southern	3,570,963

	TOTAL INVESTMENTS – 98.9%		$199,361,609

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%		2,242,928

	NET ASSETS – 100.0%		$201,604,537



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

*		Non-income producing security.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations^(a) – 0.5%
Banks – 0.5%
Bank of Montreal
$	200,000		2.850	%	06/09/15	$ 200,884
Canadian Imperial Bank of Commerce
	100,000		2.600		07/02/15	100,517
The Bank of Nova Scotia
	100,000		1.650		10/29/15	100,652

TOTAL CORPORATE OBLIGATIONS						$ 402,053


Mortgage-Backed Obligations – 56.2%
Collateralized Mortgage Obligations – 42.0%
Agency Multi-Family^(b) – 9.1%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	1,564,498		0.551	%	07/25/20	$ 1,566,605
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A
	628,114		0.511		01/25/21	627,792
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A
	1,483,293		0.551		08/25/23	1,483,293
FNMA
	183,958		2.800		03/01/18	191,059
	472,443		3.740		05/01/18	504,300
	110,000		3.840		05/01/18	117,828
	400,000		4.506		06/01/19	431,432
	92,800		3.416		10/01/20	99,389
	88,701		3.614		12/01/20	96,110
	370,940		3.763		12/01/20	402,254
	185,356		4.380		06/01/21	206,625
FNMA ACES Series 2013-M11, Class FA
	732,976		0.504		01/25/18	733,750
FNMA ACES Series 2014-M5, Class FA
	289,632		0.483		01/25/17	289,787
GNMA
	67,172		3.950		07/15/25	72,129

						6,822,353

Regular Floater^(b) – 32.9%
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(a)
	1,783,180		0.490		09/20/66	1,728,734
FHLMC REMIC Series 3208, Class FD^(c)
	398,231		0.575		08/15/36	399,997
FHLMC REMIC Series 3208, Class FG^(c)
	1,603,617		0.575		08/15/36	1,610,725
FHLMC REMIC Series 3307, Class FT
	2,397,431		0.415		07/15/34	2,405,615
FHLMC REMIC Series 3311, Class KF
	3,705,658		0.515		05/15/37	3,716,574
FHLMC REMIC Series 3371, Class FA^(c)
	1,000,091		0.775		09/15/37	1,011,277
FHLMC REMIC Series 4174, Class FB
	1,705,964		0.475		05/15/39	1,701,574
FNMA REMIC Series 2006-82, Class F
	1,123,491		0.744		09/25/36	1,132,739


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater – (continued)
FNMA REMIC Series 2006-96, Class FA
$	1,247,464		0.474	%	10/25/36	$ 1,251,995
FNMA REMIC Series 2007-85, Class FC
	963,524		0.714		09/25/37	974,489
FNMA REMIC Series 2008-8, Class FB
	1,283,315		0.994		02/25/38	1,295,050
FNMA REMIC Series 2012-35, Class QF
	2,256,225		0.574		04/25/42	2,269,728
GNMA Series 2005-48, Class AF
	1,183,114		0.376		06/20/35	1,180,829
Granite Master Issuer PLC Series 2007-1, Class 2A1
	823,118		0.316		12/20/54	819,201
Leek Finance Number Eighteen PLC Series 18X, Class A2B^(c)
	138,993		0.525		09/21/38	144,610
Leek Finance Number Seventeen PLC Series 17A, Class A2B^(a)(c)
	61,156		0.545		12/21/37	64,369
National Credit Union Administration Guaranteed Notes Trust Series 2011-R1, Class 1A^(c)
	2,767,062		0.625		01/08/20	2,780,682

						24,488,188

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$31,310,541

Commercial Mortgage-Backed Securities – 2.9%
Regular Floater^(a)(b)– 2.7%
Commercial Mortgage Pass-Through Certificates Series 2014-KYO, Class A
$	900,000		1.077	%	06/11/27	$ 896,609
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	1,100,000		1.125		12/15/28	1,100,354

						1,996,963

Sequential Fixed Rate – 0.2%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4^(c)
	185,710		5.889		07/10/44	193,460

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 2,190,423

Federal Agencies^(b) – 11.3%
Adjustable Rate FHLMC – 5.9%
$	361,259		2.252	%	05/01/35	$ 384,597
	269,595		2.375		09/01/35	288,341
	655,021		2.485		12/01/36	698,326
	1,007,287		2.800		04/01/37	1,077,168
	786,678		2.363		01/01/38	841,254
	1,016,541		2.406		01/01/38	1,099,443

						4,389,129

Adjustable Rate FNMA – 4.7%
	103,950		1.847		05/01/33	109,402
	263,788		2.333		05/01/35	281,876
	645,995		2.342		06/01/35	687,457
	935,770		2.115		11/01/35	996,621
	143,377		2.306		12/01/35	152,511
	532,959		2.467		03/01/37	569,933


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA – (continued)
$	653,122		2.293	%	12/01/37	$ 700,404

						3,498,204

Adjustable Rate GNMA – 0.7%
	475,843		1.625		04/20/33	492,197

TOTAL FEDERAL AGENCIES						$ 8,379,530

TOTAL MORTGAGE-BACKED OBLIGATIONS						$41,880,494


Asset-Backed Securities – 33.1%
Auto^(b) – 1.7%
Ally Master Owner Trust Series 2013-1, Class A1
$	1,250,000		0.625	%	02/15/18	$ 1,251,708

Collateralized Loan Obligations^(b) – 8.8%
Acis CLO Ltd. Series 2013-2A, Class A^(a)
	925,000		0.753		10/14/22	908,618
Black Diamond CLO Ltd. Series 2006-1A, Class AD^(a)
	412,007		0.503		04/29/19	404,746
Brentwood CLO Corp. Series 2006-1A, Class A1A^(a)
	995,529		0.525		02/01/22	986,677
Brentwood CLO Corp. Series 2006-1A, Class A1B^(a)
	391,101		0.525		02/01/22	387,623
KKR Financial CLO Ltd. Series 2007-1A, Class A^(a)
	1,111,506		0.607		05/15/21	1,105,448
OZLM Funding III Ltd. Series 2013-3A, Class A1^(a)
	500,000		1.587		01/22/25	496,507
Westbrook CLO Ltd. Series 2006-1X, Class A1
	432,851		0.510		12/20/20	430,452
Westchester CLO Ltd. Series 2007-1X, Class A1A
	1,862,900		0.480		08/01/22	1,837,603

						6,557,674

Credit Card^(b) – 1.3%
Bank of America Credit Card Trust Series 2014-A1, Class A
	1,000,000		0.555		06/15/21	999,849

Home Equity^(a) – 0.9%
HLSS Servicer Advance Receivables Trust Series 2013-T5, Class AT5
	650,000		1.979		08/15/46	644,967

Student Loans^(b) – 20.4%
Academic Loan Funding Trust Series 2013-1A, Class A^(a)(c)
	798,348		0.974		12/26/44	799,399
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	663,117		0.974		02/25/41	667,055
Brazos Higher Education Authority, Inc. Series 2005-2, Class A10^(c)
	686,464		0.387		12/26/19	684,852
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(a)
	568,344		0.974		06/25/26	571,027
Educational Funding of the South, Inc. Series 2011-1, Class A2^(c)
	951,289		0.906		04/25/35	953,359
Educational Services of America, Inc. Series 2010-1, Class A1^(a)(c)
	1,651,551		1.106		07/25/23	1,661,324


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans^(b) – (continued)
Educational Services of America, Inc. Series 2014-1, Class A^(a)(c)
$	483,705		0.874	%	02/25/39	$ 484,704
EFS Volunteer No. 3 LLC Series 2012-1, Class A2^(a)
	1,750,000		1.171		02/25/25	1,769,094
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	694,635		0.392		05/25/25	680,131
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1^(c)
	1,100,000		0.929		12/01/31	1,102,178
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	1,160,790		1.176		05/20/30	1,176,737
Nelnet Student Loan Trust Series 2008-3, Class A4^(c)
	1,200,000		1.912		11/25/24	1,242,403
Nelnet Student Loan Trust Series 2013-5A, Class A^(a)(c)
	152,718		0.804		01/25/37	152,749
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	917,257		1.224		07/01/24	924,799
SLM Student Loan Trust Series 2003-12, Class A5^(a)
	265,650		0.551		09/15/22	265,477
SLM Student Loan Trust Series 2005-9, Class A6
	650,000		0.706		10/26/26	652,274
SLM Student Loan Trust Series 2008-5, Class A4^(c)
	300,000		1.956		07/25/23	312,492
SLM Student Loan Trust Series 2011-2, Class A1
	943,242		0.774		11/25/27	947,486
SLM Student Loan Trust Series 2012-2, Class A^(c)
	183,502		0.874		01/25/29	184,597

						15,232,137

TOTAL ASSET-BACKED SECURITIES						$24,686,335


Investment Company^(b)(d) – 8.2%
Goldman Sachs Financial Square Government Fund — FST Shares
$	6,094,290		0.006	%		$ 6,094,290

TOTAL INVESTMENTS – 98.0%						$73,063,172

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%						1,473,233

NET ASSETS – 100.0%						$74,536,405



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 $14,830,479, which represents approximately 19.9% of net assets as of March 31, 2015.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

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

(d)		Represents an affiliated issuer.



Investment Abbreviations:
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
REMIC		— Real Estate Mortgage Investment Conduit


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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.3%
	Automobiles & Components – 1.6%
	434,510	General Motors Co.	$ 16,294,125

	Banks – 13.6%
	2,238,750	Bank of America Corp.	34,454,362
	481,450	Citigroup, Inc.	24,804,304
	410,538	Citizens Financial Group, Inc.	9,906,282
	497,960	Fifth Third Bancorp	9,386,546
	693,754	JPMorgan Chase & Co.	42,027,617
	285,264	Wells Fargo & Co.	15,518,362

			136,097,473

	Capital Goods – 7.6%
	90,426	Caterpillar, Inc.	7,236,793
	143,027	Eaton Corp. PLC	9,717,254
	1,975,241	General Electric Co.	49,005,729
	66,023	The Boeing Co.	9,908,732

			75,868,508

	Commercial & Professional Services – 0.5%
	92,903	Waste Management, Inc.	5,038,130

	Consumer Durables & Apparel – 0.7%
	84,646	Fossil Group, Inc.*	6,979,063

	Consumer Services – 1.2%
	379,994	MGM Resorts International*	7,991,274
	48,385	Starwood Hotels & Resorts Worldwide, Inc.	4,040,147

			12,031,421

	Diversified Financials – 4.3%
	69,099	Affiliated Managers Group, Inc.*	14,841,083
	84,552	Ameriprise Financial, Inc.	11,062,784
	90,506	Capital One Financial Corp.	7,133,683
	509,661	Navient Corp.	10,361,408

			43,398,958

	Energy – 8.4%
	432,314	Devon Energy Corp.	26,072,857
	414,416	Exxon Mobil Corp.	35,225,360
	998,793	Southwestern Energy Co.*	23,162,010

			84,460,227

	Food & Staples Retailing – 0.9%
	166,048	Whole Foods Market, Inc.	8,647,780

	Food, Beverage & Tobacco – 5.4%
	58,875	Anheuser-Busch InBev NV ADR	7,177,451
	374,989	ConAgra Foods, Inc.	13,698,348
	469,815	Mondelez International, Inc. Class A	16,955,623
	208,585	Tyson Foods, Inc. Class A	7,988,806
	195,667	Unilever NV	8,171,054

			53,991,282



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 6.0%
	89,696	Aetna, Inc.	$ 9,555,315
	144,982	Express Scripts Holding Co.*	12,580,088
	304,296	Medtronic PLC	23,732,045
	118,979	UnitedHealth Group, Inc.	14,074,026

			59,941,474

	Household & Personal Products – 1.0%
	121,628	The Procter & Gamble Co.	9,966,198

	Insurance – 9.5%
	248,661	Aflac, Inc.	15,916,791
	556,122	American International Group, Inc.	30,469,924
	787,973	Genworth Financial, Inc. Class A*	5,760,083
	370,747	Prudential Financial, Inc.	29,774,691
	316,055	The Hartford Financial Services Group, Inc.	13,217,420

			95,138,909

	Materials – 0.5%
	70,619	Eastman Chemical Co.	4,891,072

	Media – 3.4%
	120,407	CBS Corp. Class B	7,300,277
	152,531	Liberty Global PLC Series C*	7,597,569
	277,871	Viacom, Inc. Class B	18,978,589

			33,876,435

	Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	48,146	Bristol-Myers Squibb Co.	3,105,417
	80,145	Eli Lilly & Co.	5,822,534
	257,647	Johnson & Johnson	25,919,288
	203,756	Merck & Co., Inc.	11,711,895
	200,935	Mylan NV*	11,925,493
	916,105	Pfizer, Inc.	31,871,293

			90,355,920

	Real Estate Investment Trust – 0.7%
	78,502	American Tower Corp.	7,390,963

	Retailing – 4.9%
	120,127	Expedia, Inc.	11,307,554
	672,111	Staples, Inc.	10,945,328
	510,026	The Gap, Inc.	22,099,427
	114,447	Urban Outfitters, Inc.*	5,224,505

			49,576,814

	Semiconductors & Semiconductor Equipment – 1.9%
	212,408	Intel Corp.	6,641,998
	341,673	Maxim Integrated Products, Inc.	11,893,637

			18,535,635

	Software & Services – 6.1%
	133,203	eBay, Inc.*	7,683,149
	37,112	Google, Inc. Class A*	20,586,026



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	367,175	Microsoft Corp.	$ 14,927,500
	155,181	SAP SE ADR	11,199,413
	189,669	Vantiv, Inc. Class C*	7,150,521

			61,546,609

	Technology Hardware & Equipment – 4.0%
	668,845	Cisco Systems, Inc.	18,409,959
	856,857	EMC Corp.	21,901,265

			40,311,224

	Telecommunication Services – 2.0%
	403,366	Verizon Communications, Inc.	19,615,689

	Transportation – 1.2%
	573,960	Hertz Global Holdings, Inc.*	12,443,453

	Utilities – 3.9%
	292,319	Exelon Corp.	9,824,842
	295,324	FirstEnergy Corp.	10,354,059
	126,061	NextEra Energy, Inc.	13,116,647
	103,641	PG&E Corp.	5,500,228

			38,795,776

	TOTAL INVESTMENTS – 98.3%		$ 985,193,138

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%		16,935,871

	NET ASSETS – 100.0%		$1,002,129,009



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

*		Non-income producing security.



Investment Abbreviation:
ADR		— American Depositary Receipt


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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.9%
	Banks – 6.5%
	484,539	Citizens Financial Group, Inc.	$ 11,691,926
	484,800	Fifth Third Bancorp	9,138,480
	504,140	First Horizon National Corp.	7,204,161
	1,679,638	Huntington Bancshares, Inc.	18,560,000
	52,147	Signature Bank*	6,757,208
	565,660	Zions Bancorporation	15,272,820

			68,624,595

	Capital Goods – 6.3%
	163,698	Armstrong World Industries, Inc.*	9,407,724
	304,851	Fortune Brands Home & Security, Inc.	14,474,326
	113,163	Jacobs Engineering Group, Inc.*	5,110,441
	77,851	Orbital ATK, Inc.	5,965,722
	395,733	Terex Corp.	10,522,540
	279,405	Textron, Inc.	12,386,024
	145,361	Triumph Group, Inc.	8,680,959

			66,547,736

	Consumer Durables & Apparel – 3.9%
	85,998	Fossil Group, Inc.*	7,090,535
	203,713	Kate Spade & Co.*	6,801,977
	49,229	Mohawk Industries, Inc.*	9,144,287
	231,153	Toll Brothers, Inc.*	9,093,559
	217,167	Vista Outdoor, Inc.*	9,299,091

			41,429,449

	Consumer Services – 1.7%
	486,349	MGM Resorts International*	10,227,919
	89,357	Starwood Hotels & Resorts Worldwide, Inc.	7,461,310

			17,689,229

	Diversified Financials – 6.6%
	299,761	Invesco Ltd.	11,897,514
	957,205	Navient Corp.	19,459,978
	253,328	Raymond James Financial, Inc.	14,383,964
	1,564,138	SLM Corp.*	14,515,201
	231,923	Voya Financial, Inc.	9,998,200

			70,254,857

	Energy – 4.5%
	278,185	Devon Energy Corp.	16,777,337
	68,943	Pioneer Natural Resources Co.	11,272,870
	646,957	Southwestern Energy Co.*	15,002,933
	368,231	Weatherford International PLC*	4,529,241

			47,582,381

	Food & Staples Retailing – 1.0%
	201,961	Whole Foods Market, Inc.	10,518,129

	Food, Beverage & Tobacco – 3.9%
	440,901	ConAgra Foods, Inc.	16,106,113
	143,617	Molson Coors Brewing Co. Class B	10,692,286
	386,709	Tyson Foods, Inc. Class A	14,810,955

			41,609,354



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 8.2%
	660,457	Allscripts Healthcare Solutions, Inc.*	$ 7,899,066
	161,905	Cardinal Health, Inc.	14,615,165
	150,171	Cigna Corp.	19,438,134
	236,201	Envision Healthcare Holdings, Inc.*	9,058,308
	102,178	HCA Holdings, Inc.*	7,686,851
	107,881	Laboratory Corp. of America Holdings*	13,602,715
	128,306	Zimmer Holdings, Inc.	15,078,521

			87,378,760

	Household & Personal Products – 1.5%
	118,849	Energizer Holdings, Inc.	16,407,104

	Insurance – 8.5%
	247,285	Arthur J. Gallagher & Co.	11,560,574
	73,808	Everest Re Group Ltd.	12,842,592
	650,320	Genworth Financial, Inc. Class A*	4,753,839
	358,950	Lincoln National Corp.	20,625,267
	262,073	Principal Financial Group, Inc.	13,462,690
	159,077	Unum Group	5,365,667
	201,653	Validus Holdings Ltd.	8,489,591
	346,295	XL Group PLC	12,743,656

			89,843,876

	Materials – 4.3%
	261,989	Axalta Coating Systems Ltd.*	7,236,136
	28,497	Carpenter Technology Corp.	1,107,963
	136,708	Celanese Corp. Series A	7,636,509
	42,089	CF Industries Holdings, Inc.	11,939,807
	138,089	Packaging Corp. of America	10,797,179
	56,194	Reliance Steel & Aluminum Co.	3,432,330
	42,999	The Valspar Corp.	3,613,206

			45,763,130

	Media – 2.9%
	94,213	AMC Networks, Inc. Class A*	7,220,484
	247,743	Discovery Communications, Inc. Class A*	7,620,575
	40,116	Liberty Broadband Corp. Series C*	2,270,566
	176,714	Liberty Media Corp. Series C*	6,750,475
	98,808	Scripps Networks Interactive, Inc. Class A	6,774,276

			30,636,376

	Pharmaceuticals, Biotechnology & Life Sciences – 1.8%
	131,634	Endo International PLC*	11,807,570
	121,614	Mylan NV*	7,217,791

			19,025,361

	Real Estate Investment Trust – 5.8%
	697,082	Brixmor Property Group, Inc.	18,507,527
	694,901	DDR Corp.	12,939,057
	68,911	Mid-America Apartment Communities, Inc.	5,324,753
	334,611	RLJ Lodging Trust	10,476,670



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
	591,898	Starwood Property Trust, Inc.	$ 14,383,121

			61,631,128

	Retailing – 6.5%
	221,881	Best Buy Co., Inc.	8,384,883
	104,063	Expedia, Inc.	9,795,450
	108,615	GNC Holdings, Inc. Class A	5,329,738
	276,688	Liberty Interactive Corp. Series A*	8,076,523
	809,924	Staples, Inc.	13,189,612
	411,489	The Gap, Inc.	17,829,819
	141,951	Urban Outfitters, Inc.*	6,480,063

			69,086,088

	Semiconductors & Semiconductor Equipment – 4.5%
	313,362	Altera Corp.	13,446,363
	1,044,508	Atmel Corp.	8,596,301
	379,969	Broadcom Corp. Class A	16,450,758
	257,339	Maxim Integrated Products, Inc.	8,957,971

			47,451,393

	Software & Services – 6.2%
	128,983	AOL, Inc.*	5,109,017
	77,411	Check Point Software Technologies Ltd.*	6,345,380
	142,943	Citrix Systems, Inc.*	9,129,769
	144,881	Informatica Corp.*	6,353,756
	422,143	Pandora Media, Inc.*	6,842,938
	142,650	VMware, Inc. Class A*	11,698,727
	55,967	WEX, Inc.*	6,008,617
	1,083,894	Xerox Corp.	13,928,038

			65,416,242

	Technology Hardware & Equipment – 1.7%
	890,950	Brocade Communications Systems, Inc.	10,571,122
	359,738	Juniper Networks, Inc.	8,122,884

			18,694,006

	Transportation – 4.1%
	610,872	Hertz Global Holdings, Inc.*	13,243,705
	101,395	Kansas City Southern	10,350,402
	113,924	Kirby Corp.*	8,549,996
	163,806	United Continental Holdings, Inc.*	11,015,953

			43,160,056

	Utilities – 6.5%
	469,560	FirstEnergy Corp.	16,462,773
	360,537	NRG Energy, Inc.	9,081,927
	244,596	PG&E Corp.	12,980,710
	178,323	SCANA Corp.	9,805,982
	191,980	Sempra Energy	20,929,660

			69,261,052

	TOTAL INVESTMENTS – 96.9%		$1,028,010,302

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%		33,304,942

	NET ASSETS – 100.0%		$1,061,315,244

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Commercial Paper and Corporate Obligations – 12.2%
Alpine Securitization Corp.
$	5,000,000		0.274	%	06/17/15	$4,997,113
Bedford Row Funding Corp.
	3,000,000		0.315		08/25/15	2,996,228
Dexia Credit Local New York Branch
	5,000,000		0.310		05/20/15	4,997,924
Electricite de France
	3,000,000		0.766		01/15/16	2,981,938
Gotham Funding Corp.
	5,000,000		0.173		04/02/15	4,999,976
Jupiter Securitization Co. LLC
	1,000,000		0.274		04/13/15	999,910
	3,000,000		0.274		07/30/15	2,997,300
Kaiser Foundation Hospitals
	2,000,000		0.254		04/03/15	1,999,972
Standard Chartered Bank
	5,000,000		0.295		06/15/15	4,996,979
Victory Receivables Corp.
	3,767,000		0.173		04/20/15	3,766,662

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$35,734,002


Fixed Rate Municipal Debt Obligations – 7.2%
City of Newport News, Virginia GO Taxable Series 2012 B
	3,385,000		0.789		07/15/15	3,389,276
DeKalb County, Georgia Development Authority
	3,355,000		0.180		06/22/15	3,354,247
National Australia Bank Ltd.
	990,000		1.600		08/07/15	994,152
New York City, New York Transitional Finance Authority RB Future Tax Secured Series 2010 Subseries G-1
	1,250,000		3.062		05/01/15	1,252,858
Rutgers State University of New Jersey Series 2015 C (Wachovia Bank, LIQ)
	1,975,000		0.160		04/10/15	1,975,000
South Carolina State Public Service Authority Series 2012 DD (Barclays Bank PLC, SPA)
	1,500,000		0.180		05/01/15	1,500,000
State of California GO Taxable Various Purpose Series 2009-3
	3,775,000		5.450		04/01/15	3,775,000
State of Illinois RB for Build Illinois Taxable Series 2012
	1,775,000		1.064		06/15/15	1,777,298
The Regents of The University of California RB Taxable Series 2013 AJ
	300,000		0.528		05/15/15	300,057
University of North Texas Series 2004 A (University of North Texas, LIQ)
	3,000,000		0.200		04/06/15	3,000,000

TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$21,317,888


U.S. Government Agency Obligations – 5.2%
Federal Home Loan Bank
	300,000		0.250		10/05/15	300,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank – (continued)
$	3,000,000		0.270	%	02/10/16	$2,999,122
	2,400,000		0.340		02/26/16	2,400,000
	1,000,000		0.340		03/08/16	999,875
	1,000,000		0.330		03/09/16	999,782
	1,000,000		0.340		03/09/16	999,875
Overseas Private Investment Corp. (USA)
	6,500,000		0.110	^(a)	04/07/15	6,500,000

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$15,198,654


Variable Rate Municipal Debt Obligations^(a) – 21.7%
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Bachenheimer Building Project Series 2002-A-T (FNMA, LIQ)
	865,000		0.110		04/07/15	865,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Berkeleyen Project Series 2003-A-T (FNMA, LIQ)
	700,000		0.110		04/07/15	700,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Darling Florist Building Project Series 2002-A-T (FNMA, LIQ)
	140,000		0.110		04/07/15	140,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for GAIA Building Project Series 2000-A-T (FNMA, LIQ)
	100,000		0.110		04/07/15	100,000
BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)
	1,000,000		0.130	^(b)	04/01/15	1,000,000
BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)
	950,000		0.130	^(b)	04/01/15	950,000
Collier County, Florida Housing Finance Authority MF Hsg VRDN RB for Brittany Bay Housing Series 2001-B (FNMA, LIQ)
	570,000		0.110		04/07/15	570,000
Dekalb County, Georgia Development Authority VRDN RB for Emory University Series 1995-B (GO of University)
	3,400,000		0.100		04/07/15	3,400,000
Kentucky State Housing Corp. VRDN RB for Overlook Terrace Series 2008-B (FNMA, LIQ)
	690,000		0.110		04/07/15	690,000
Los Angeles, California Community College District GO VRDN for Build America Boards P-Floats Series 2010-TN-027 (Bank of America N.A., LIQ)
	10,250,000		0.430	^(b)	04/07/15	10,250,000
Massachusetts State Housing Finance Agency VRDN RB Series 2009-B (Bank of NY Mellon, LOC)
	6,004,000		0.110		04/07/15	6,004,000
New York City, New York GO VRDN Series 2007 Subseries D-4 (BMO Harris Bank N.A., SPA)
	250,000		0.040		04/07/15	250,000
New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004-B RMKT (FNMA, LIQ)
	1,000,000		0.190		04/07/15	1,000,000
New York State Housing Finance Agency VRDN RB for West 20th Street Series 2000-B RMKT (FNMA, LIQ)
	300,000		0.090		04/07/15	300,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Toronto-Dominion Bank, LIQ)
$	1,500,000		0.170	%^(b)	04/07/15	$1,500,000
Nuveen Municipal Opportunity Fund, Inc. VRDP Series 2010 (Citibank N.A., LIQ)
	1,000,000		0.110	^(b)	04/07/15	1,000,000
Nuveen Premier Municipal Income Fund, Inc. VRDP Series 2011-1-1277 (Barclays Bank PLC, LIQ)
	1,000,000		0.110	^(b)	04/07/15	1,000,000
Oglethorpe, Georgia Power Corp. VRDN RB Putters Series 2012-SGT05 (NATL-RE FGIC) (Societe Generale, LIQ)
	13,200,000		0.100	^(b)	04/01/15	13,200,000
Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills Resources LP Project Series 2007 (GTY AGMT-Flint Hills Resources LLC)
	2,000,000		0.070		04/07/15	2,000,000
Providence Health & Services Obligated Group (U.S. Bank N.A., SBPA)
	800,000		0.110		04/07/15	800,000
Puttable Floating Option VRDN RB P-Floats Series 2013-TNP-1006 (Multi-State) (Bank of America N.A., LIQ)
	9,480,000		0.400	^(b)	04/01/15	9,480,000
Smithsonian Institution VRDN RB Series 2013
	2,500,000		0.180		04/07/15	2,500,000
State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY AGMT — Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	500,000		0.110	^(b)	04/07/15	500,000
Tampa, Florida Revenue for Allegany Health Systems — St. Mary’s VRDN RB P-Floats Series 2014-TNP-1011 (Bank of America N.A., LIQ)
	5,400,000		0.400	^(b)	04/01/15	5,400,000

TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$63,599,000


Variable Rate Obligations^(a) – 18.5%
Australia & New Zealand Banking Group Ltd.
	5,000,000		0.423	^(b)	10/16/15	5,000,000
Bank of Montreal, Chicago
	5,000,000		0.236		04/13/15	5,000,000
Bank of Nova Scotia (The)
	5,000,000		0.392		04/22/16	5,000,000
BNZ International Funding Ltd.
	1,650,000		0.295	^(b)	10/15/15	1,650,000
Credit Suisse Securities (USA) LLC
	5,000,000		0.274		07/28/15	5,000,000
Dexia Credit Local SA/New York, NY
	5,000,000		0.470		06/20/15	5,001,261
JPMorgan Chase Bank NA
	4,000,000		0.424		04/06/16	4,000,000
JPMorgan Securities LLC
	4,000,000		0.377		11/19/15	4,000,000
Kells Funding LLC
	5,000,000		0.268	^(b)	05/15/15	5,000,000
Providence Health & Services Obligated Group
	3,165,000		0.905		10/01/15	3,169,848
Svenska Handelsbanken AB
	5,000,000		0.456		04/04/16	5,000,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Obligations^(a) – (continued)
Wells Fargo Bank N.A.
	$2,500,000		0.390	%	04/19/16	$2,500,000
Westpac Banking Corp.
	4,000,000		0.492	^(b)	03/31/16	4,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$54,321,109


Yankee Certificates of Deposit – 11.3%
Bank of Nova Scotia (The)
	3,000,000		0.320		10/21/15	3,000,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	5,000,000		0.395		09/11/15	5,000,000
National Bank of Kuwait, New York
	5,000,000		0.310		05/12/15	5,000,000
Norinchukin Bank
	5,000,000		0.250		05/28/15	5,000,000
Sumitomo Mitsui Banking Corp.
	5,000,000		0.280		07/10/15	5,000,000
Sumitomo Mitsui Trust Bank Ltd.
	10,000,000		0.270		06/23/15	10,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$33,000,000

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$223,170,653


Repurchase Agreements^(c) – 23.9%
BNP Paribas Securities Corp.
	5,000,000		0.180		04/01/15	5,000,000
Maturity Value: $5,000,025
Collateralized by various auction rate preferred securities, 5.500% to 9.250%, perpetual maturity, various corporate security issuers, 0.750% to 5.500%, due 03/01/18 to 07/15/18, various equity securities and Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $5,400,481.
	5,000,000		0.430		04/01/15	5,000,000
Maturity Value: $5,000,060
Collateralized by various asset backed obligations, 0.000% to 7.625%, due 04/17/22 to 08/25/47, various corporate security issuers, 3.750% to 11.375%, due 07/01/17 to 07/15/37 and various mortgage-backed obligations, 0.314% to 3.040%, due 04/25/35 to 08/25/46. The aggregate market value of the collateral, including accrued interest, was $6,090,310.

Joint Repurchase Agreement Account III
	60,000,000		0.159		04/01/15	60,000,000
Maturity Value: $60,000,266

TOTAL REPURCHASE AGREEMENTS						$70,000,000

TOTAL INVESTMENTS – 100.0%						$293,170,653

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%						58,360

NET ASSETS – 100.0%						$293,229,013



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

(a)		Variable or floating rate security. Interest rate disclosed is that which is in effect on March 31, 2015.

(b)		Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At March 31, 2015, these securities amounted to $59,930,000 or approximately 20.4% of net assets.

(c)		Unless noted, all repurchase agreements were entered into on March 31, 2015. Additional information on Joint Repurchase Agreement Account III appears in the notes to the Schedule of Investments.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
FGIC		— Insured by Financial Guaranty Insurance Co.
FNMA		— Insured by Federal National Mortgage Association
GO		— General Obligation
GTY AGMT		— Guaranty Agreement
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
LP		— Limited Partnership
MF Hsg		— Multi-Family Housing
NATL-RE		— National Reinsurance Corp.
RB		— Revenue Bond
RMKT		— Remarketed
SBPA		— Standby Bond Purchase Agreement
SPA		— Stand-by Purchase Agreement
SPEARS		— Short Puttable Exempt Adjustable Receipts
VRDN		— Variable Rate Demand Notes


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



Shares		Description	Value
	Underlying Funds (Institutional Shares)^(a) – 86.5%
	Equity – 24.8%
	57,772	Goldman Sachs VIT Global Markets Navigator Fund	$ 697,310
	44,238	Goldman Sachs Long Short Fund	466,265
	5,841	Goldman Sachs Real Estate Securities Fund	121,894
	14,237	Goldman Sachs International Real Estate Securities Fund	92,112

			1,377,581

	Fixed Income – 61.7%
	103,751	Goldman Sachs Absolute Return Tracker Fund	966,963
	79,001	Goldman Sachs Strategic Income Fund	794,746
	70,306	Goldman Sachs Fixed Income Macro Strategies Fund	636,271
	54,279	Goldman Sachs Long Short Credit Strategies Fund	530,850
	33,581	Goldman Sachs Dynamic Commodity Strategy Fund	249,173
	27,946	Goldman Sachs Dynamic Emerging Markets Debt Fund	240,892

			418,895

	TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 86.5%		$4,796,476


	Exchange Traded Funds – 4.2%
	1,912	iShares Global Infrastructure ETF	$ 80,036
	3,688	iShares Currency Hedged MSCI EMU ETF	107,247
	217	SPDR S&P 500 ETF Trust	44,795

	TOTAL EXCHANGE TRADED FUNDS		$ 232,078


Shares		Distribution Rate	Value
	Investment Company^(a)(b) – 3.0%
	Goldman Sachs Financial Square Government Fund – FST Shares
	166,846	0.006%	$ 166,846

	TOTAL INVESTMENTS – 93.7%		$5,195,400

	OTHER ASSETS IN EXCESS OF LIABILITIES – 6.3%		347,965

	NET ASSETS – 100.0%		$5,543,365



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

(a)		Represents Affiliated Funds.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

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

TAX INFORMATION — At March 31, 2015, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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



Shares		Description	Value
	Common Stocks – 97.7%
	Automobiles & Components – 1.6%
	19,086	Cooper Tire & Rubber Co.	$ 817,644
	38,446	Modine Manufacturing Co.*	517,868
	15,852	Stoneridge, Inc.*	178,969
	13,506	Tower International, Inc.*	359,260

			1,873,741

	Banks – 4.3%
	4,876	1st Source Corp.	156,666
	1,335	Banner Corp.	61,277
	1,422	Berkshire Hills Bancorp, Inc.	39,389
	60,395	Brookline Bancorp, Inc.	606,970
	11,181	Central Pacific Financial Corp.	256,828
	50,696	CVB Financial Corp.	808,094
	6,132	First Bancorp, Inc.	107,003
	25,165	First Interstate BancSystem, Inc. Class A	700,090
	38,869	OFG Bancorp	634,342
	37,483	Old National Bancorp	531,884
	7,155	Oritani Financial Corp.	104,105
	19,427	PrivateBancorp, Inc.	683,248
	4,209	Prosperity Bancshares, Inc.	220,888

			4,910,784

	Capital Goods – 6.1%
	17,727	Aegion Corp.*	319,972
	4,506	Altra Industrial Motion Corp.	124,546
	9,324	American Woodmark Corp.*	510,303
	17,596	Barnes Group, Inc.	712,462
	9,885	Blount International, Inc.	127,319
	7,612	Curtiss-Wright Corp.	562,831
	6,629	Ducommun, Inc.*	171,691
	11,016	EMCOR Group, Inc.	511,914
	3,231	Engility Holdings, Inc.	97,059
	2,105	Esterline Technologies Corp.*	240,854
	2,521	Federal Signal Corp.	39,807
	1,912	Hillenbrand, Inc.	59,023
	7,271	Hyster-Yale Materials Handling, Inc.	532,892
	5,240	Kadant, Inc.	275,676
	20,835	LSI Industries, Inc.	169,805
	9,579	Miller Industries, Inc.	234,685
	4,343	Moog, Inc. Class A*	325,942
	5,503	Polypore International, Inc.*	324,127
	2,179	Quanex Building Products Corp.	43,013
	2,839	Raven Industries, Inc.	58,086
	5,859	Simpson Manufacturing Co., Inc.	218,951
	3,788	Teledyne Technologies, Inc.*	404,293
	1,718	TriMas Corp.*	52,897
	12,091	Universal Forest Products, Inc.	670,809
	1,801	Watsco, Inc.	226,386

			7,015,343

	Commercial & Professional Services – 4.1%
	11,013	CDI Corp.	154,733
	11,565	Deluxe Corp.	801,223
	4,682	G&K Services, Inc. Class A	339,585
	8,302	Heidrick & Struggles International, Inc.	204,063
	13,204	Insperity, Inc.	690,437
	38,104	Kimball International, Inc. Class B	399,330
	2,621	Knoll, Inc.	61,410



Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	24,911	Korn/Ferry International	$ 818,825
	1,106	Multi-Color Corp.	76,679
	3,098	Navigant Consulting, Inc.*	40,150
	25,826	Quad/Graphics, Inc.	593,481
	27,613	RPX Corp.*	397,351
	3,510	TrueBlue, Inc.*	85,469

			4,662,736

	Consumer Durables & Apparel – 3.2%
	5,961	Brunswick Corp.	306,693
	4,597	Callaway Golf Co.	43,809
	8,491	Cavco Industries, Inc.*	637,335
	2,729	CSS Industries, Inc.	82,279
	21,596	Ethan Allen Interiors, Inc.	596,913
	8,186	Helen of Troy Ltd.*	667,077
	11,992	La-Z-Boy, Inc.	337,095
	2,789	MDC Holdings, Inc.	79,487
	3,057	Skechers U.S.A., Inc. Class A*	219,829
	2,589	The Ryland Group, Inc.	126,188
	10,890	Universal Electronics, Inc.*	614,632

			3,711,337

	Consumer Services – 8.2%
	13,868	BJ’s Restaurants, Inc.*	699,641
	27,964	Bloomin’ Brands, Inc.	680,364
	1,329	Bob Evans Farms, Inc.	61,480
	19,200	Bridgepoint Education, Inc.*	185,280
	1,643	Buffalo Wild Wings, Inc.*	297,777
	5,383	Cracker Barrel Old Country Store, Inc.	818,970
	16,686	Denny’s Corp.*	190,220
	5,566	DineEquity, Inc.	595,618
	9,757	Jack in the Box, Inc.	935,891
	29,727	K12, Inc.*	467,308
	10,041	Marriott Vacations Worldwide Corp.	813,823
	13,183	Papa John’s International, Inc.	814,841
	1,878	Red Robin Gourmet Burgers, Inc.*	163,386
	38,226	Regis Corp.*	625,377
	24,284	Sonic Corp.	769,803
	3,091	Strayer Education, Inc.*	165,090
	20,660	Texas Roadhouse, Inc.	752,644
	3,309	Vail Resorts, Inc.	342,217

			9,379,730

	Diversified Financials – 3.2%
	18,184	Arlington Asset Investment Corp. Class A^(a)	437,507
	26,922	Cash America International, Inc.	627,283
	677	Diamond Hill Investment Group, Inc.	108,320
	3,741	Enova International, Inc.*	73,660
	51,266	Ezcorp, Inc. Class A*	468,058
	7,909	GAMCO Investors, Inc. Class A	620,936
	5,199	Investment Technology Group, Inc.*	157,582
	11,282	Piper Jaffray Companies*	591,854
	7,684	World Acceptance Corp.*^(a)	560,317

			3,645,517



Shares		Description	Value
	Common Stocks – (continued)
	Energy – 4.6%
	48,995	Alon USA Energy, Inc.	$ 811,847
	6,321	Bill Barrett Corp.*	52,464
	28,201	Comstock Resources, Inc.^(a)	100,678
	4,468	Contango Oil & Gas Co.*	98,296
	22,564	Delek US Holdings, Inc.	896,919
	23,769	Dorian LPG Ltd.*	309,710
	16,816	Forum Energy Technologies, Inc.*	329,594
	27,498	Green Plains, Inc.	785,068
	22,357	ION Geophysical Corp.*	48,515
	43,459	Key Energy Services, Inc.*	79,095
	50,549	Pioneer Energy Services Corp.*	273,976
	5,780	REX American Resources Corp.*	351,482
	1,260	SemGroup Corp. Class A	102,488
	15,220	Tesco Corp.	173,051
	17,465	Western Refining, Inc.	862,596

			5,275,779

	Food & Staples Retailing – 0.0%
	905	Weis Markets, Inc.	45,033

	Food, Beverage & Tobacco – 0.4%
	4,113	Lancaster Colony Corp.	391,434

	Health Care Equipment & Services – 6.7%
	2,122	ABIOMED, Inc.*	151,893
	7,719	Anika Therapeutics, Inc.*	317,791
	440	Atrion Corp.	152,025
	15,015	Cantel Medical Corp.	713,213
	2,128	Computer Programs & Systems, Inc.^(a)	115,465
	11,610	DexCom, Inc.*	723,768
	22,345	Genesis Healthcare, Inc.*	159,097
	13,239	Greatbatch, Inc.*	765,876
	7,557	ICU Medical, Inc.*	703,859
	3,435	Invacare Corp.	66,673
	10,347	Magellan Health Services, Inc.*	732,775
	3,692	Masimo Corp.*	121,762
	5,690	Meridian Bioscience, Inc.	108,565
	9,108	Molina Healthcare, Inc.*	612,877
	18,154	Natus Medical, Inc.*	716,538
	17,967	NuVasive, Inc.*	826,302
	3,668	Orthofix International NV*	131,645
	1,205	The Ensign Group, Inc.	56,466
	1,097	Thoratec Corp.*	45,953
	10,380	Triple-S Management Corp. Class B*	206,354
	2,361	WellCare Health Plans, Inc.*	215,937

			7,644,834

	Insurance – 2.9%
	26,989	American Equity Investment Life Holding Co.	786,190
	14,006	AmTrust Financial Services, Inc.^(a)	798,132
	14,745	Argo Group International Holdings Ltd.	739,462
	4,422	Maiden Holdings Ltd.	65,578
	4,125	Selective Insurance Group, Inc.	119,831
	32,570	Symetra Financial Corp.	764,092

			3,273,285



Shares		Description	Value
	Common Stocks – (continued)
	Materials – 4.2%
	17,741	A. Schulman, Inc.	$ 855,116
	5,324	Century Aluminum Co.*	73,471
	8,870	FutureFuel Corp.	91,095
	56,130	Graphic Packaging Holding Co.	816,130
	11,373	Innophos Holdings, Inc.	640,982
	14,786	Intrepid Potash, Inc.*	170,778
	19,473	Materion Corp.	748,348
	14,852	OM Group, Inc.	446,006
	9,671	P.H. Glatfelter Co.	266,243
	6,331	PolyOne Corp.	236,463
	25,163	Schnitzer Steel Industries, Inc. Class A	399,085
	592	Sensient Technologies Corp.	40,777

			4,784,494

	Media – 0.2%
	8,061	Entercom Communications Corp. Class A*	97,941
	7,679	Harte-Hanks, Inc.	59,896
	5,798	Journal Communications, Inc. Class A*	85,927

			243,764

	Pharmaceuticals, Biotechnology & Life Sciences – 10.4%
	3,792	Achillion Pharmaceuticals, Inc.*	37,389
	19,487	Acorda Therapeutics, Inc.*^(b)	648,527
	13,954	Aegerion Pharmaceuticals, Inc.*^(a)	365,176
	8,436	Affymetrix, Inc.*	105,956
	53,009	Array BioPharma, Inc.*^(a)	390,676
	11,071	Cambrex Corp.*	438,744
	6,204	Catalent, Inc.*	193,255
	51,787	Dyax Corp.*	867,691
	25,347	Emergent Biosolutions, Inc.*	728,980
	1,358	Enanta Pharmaceuticals, Inc.*^(a)	41,582
	2,340	Foundation Medicine, Inc.*^(a)	112,578
	20,774	Genomic Health, Inc.*	634,646
	20,880	Halozyme Therapeutics, Inc.*	298,166
	3,426	Hyperion Therapeutics, Inc.*	157,253
	11,649	Impax Laboratories, Inc.*	545,989
	40,813	Infinity Pharmaceuticals, Inc.*	570,566
	41,263	Ironwood Pharmaceuticals, Inc.*	660,208
	16,874	Isis Pharmaceuticals, Inc.*	1,074,368
	9,089	Ligand Pharmaceuticals, Inc.*	700,853
	9,040	Ophthotech Corp.*	420,631
	2,050	Pacira Pharmaceuticals, Inc.*	182,143
	13,480	PAREXEL International Corp.*	929,985
	1,234	Phibro Animal Health Corp. Class A	43,696
	1,251	Prestige Brands Holdings, Inc.*	53,655
	3,364	PTC Therapeutics, Inc.*	204,699
	23,995	Repligen Corp.*	728,488
	24,499	Sagent Pharmaceuticals, Inc.*	569,602
	25,949	Sciclone Pharmaceuticals, Inc.*	229,908

			11,935,410

	Real Estate Investment Trust – 12.9%
	18,733	American Assets Trust, Inc.	810,764
	115,864	Anworth Mortgage Asset Corp.	589,748
	15,409	CoreSite Realty Corp.	750,110
	26,970	Cousins Properties, Inc.	285,882
	36,088	CubeSmart	871,525
	24,406	CyrusOne, Inc.	759,515
	52,551	DiamondRock Hospitality Co.	742,546



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
	23,559	DuPont Fabros Technology, Inc.	$ 769,908
	36,586	Empire State Realty Trust, Inc.	688,183
	21,776	FelCor Lodging Trust, Inc.	250,206
	34,570	First Industrial Realty Trust, Inc.	740,835
	8,396	Getty Realty Corp.	152,807
	21,052	Hudson Pacific Properties, Inc.	698,716
	12,525	LaSalle Hotel Properties	486,722
	1,152	Marcus & Millichap, Inc.*	43,177
	12,699	Parkway Properties, Inc.	220,328
	2,746	Pebblebrook Hotel Trust	127,881
	33,998	Pennsylvania Real Estate Investment Trust	789,774
	9,212	PS Business Parks, Inc.	764,964
	14,149	RLJ Lodging Trust	443,005
	18,068	Rouse Properties, Inc.^(a)	342,569
	8,059	Sovran Self Storage, Inc.	757,062
	60,187	Strategic Hotels & Resorts, Inc.*	748,124
	53,787	Sunstone Hotel Investors, Inc.	896,629
	17,425	The Geo Group, Inc.	762,170
	18,499	Western Asset Mortgage Capital Corp.^(a)	278,965

			14,772,115

	Retailing – 3.7%
	35,688	American Eagle Outfitters, Inc.	609,551
	17,436	Brown Shoe Co., Inc.	571,901
	23,299	Haverty Furniture Companies, Inc.	579,679
	11,564	hhgregg, Inc.*^(a)	70,887
	25,197	Select Comfort Corp.*	868,541
	4,286	Stage Stores, Inc.	98,235
	16,157	The Cato Corp. Class A	639,817
	2,679	Vitamin Shoppe, Inc.*	110,348
	15,865	Zumiez, Inc.*	638,566

			4,187,525

	Semiconductors & Semiconductor Equipment – 3.4%
	5,709	Amkor Technology, Inc.*	50,439
	12,515	Cabot Microelectronics Corp.*	625,375
	23,076	Diodes, Inc.*	659,051
	40,073	Integrated Device Technology, Inc.*	802,261
	10,627	Microsemi Corp.*	376,196
	25,250	OmniVision Technologies, Inc.*	665,842
	14,821	Silicon Laboratories, Inc.*	752,462

			3,931,626

	Software & Services – 9.5%
	15,856	Advent Software, Inc.	699,408
	33,344	AVG Technologies NV*	721,898
	3,137	Barracuda Networks, Inc.*	120,680
	8,690	Blackbaud, Inc.	411,732
	5,158	Blucora, Inc.*	70,458
	19,411	Constant Contact, Inc.*	741,694
	1,864	CSG Systems International, Inc.	56,647
	4,070	Envestnet, Inc.*	228,246
	935	Imperva, Inc.*	39,924
	14,447	LogMeIn, Inc.*	808,888
	1,182	Manhattan Associates, Inc.*	59,821
	19,972	ManTech International Corp. Class A	677,850
	19,803	Marchex, Inc. Class B	80,796



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	303	MicroStrategy, Inc. Class A*	$ 51,265
	20,628	Monotype Imaging Holdings, Inc.	673,298
	18,047	NetScout Systems, Inc.*^(a)	791,361
	28,908	Pegasystems, Inc.	628,749
	24,158	Progress Software Corp.*	656,373
	7,763	QAD, Inc. Class A	187,865
	1,818	Science Applications International Corp.	93,354
	15,822	SS&C Technologies Holdings, Inc.	985,711
	19,860	Sykes Enterprises, Inc.*	493,521
	10,441	TeleTech Holdings, Inc.	265,723
	3,772	Tyler Technologies, Inc.*	454,639
	30,219	Web.com Group, Inc.*	572,650
	6,431	WebMD Health Corp.*^(a)	281,903

			10,854,454

	Technology Hardware & Equipment – 5.3%
	35,888	Aruba Networks, Inc.*	878,897
	29,704	Benchmark Electronics, Inc.*	713,787
	8,863	Calix, Inc.*	74,361
	14,007	Ciena Corp.*	270,475
	1,615	Coherent, Inc.*	104,911
	1,108	Electronics for Imaging, Inc.*	46,259
	54,071	Harmonic, Inc.*	400,666
	1,995	II-VI, Inc.*	36,828
	1,714	Insight Enterprises, Inc.*	48,883
	1,337	InterDigital, Inc.	67,839
	28,578	Kimball Electronics, Inc.*	404,093
	16,828	Methode Electronics, Inc.	791,589
	1,611	NETGEAR, Inc.*	52,970
	9,016	OSI Systems, Inc.*	669,528
	53,775	Polycom, Inc.*	720,585
	32,633	Sanmina Corp.*	789,392

			6,071,063

	Telecommunication Services – 0.4%
	8,305	magicJack VocalTec Ltd.*^(a)	56,806
	11,582	Spok Holdings, Inc.	222,027
	25,312	Vonage Holdings Corp.*	124,282

			403,115

	Transportation – 1.9%
	2,876	Allegiant Travel Co.	553,026
	16,863	ArcBest Corp.	638,939
	53,458	JetBlue Airways Corp.*	1,029,067

			2,221,032

	Utilities – 0.5%
	3,376	Cleco Corp.	184,060
	12,083	New Jersey Resources Corp.	375,298

			559,358

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$111,793,509


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d⁾ – 3.4%
	Goldman Sachs Financial Square Money Market Fund – FST Shares
	3,926,356	0.086%	$ 3,926,356

	TOTAL INVESTMENTS – 101.1%		$115,719,865

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%		(1,224,890)

	NET ASSETS – 100.0%		$114,494,975



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.4%
	Automobiles & Components – 0.7%
	63,302	BorgWarner, Inc.	$ 3,828,505

	Banks – 1.1%
	98,493	First Republic Bank	5,622,965

	Capital Goods – 7.0%
	20,772	Cummins, Inc.	2,879,830
	64,361	Danaher Corp.	5,464,249
	101,551	Honeywell International, Inc.	10,592,785
	55,775	Ingersoll-Rand PLC	3,797,162
	41,261	Precision Castparts Corp.	8,664,810
	22,865	W.W. Grainger, Inc.	5,391,796

			36,790,632

	Consumer Durables & Apparel – 5.1%
	185,174	Kate Spade & Co.*	6,182,960
	92,001	NIKE, Inc. Class B	9,230,460
	62,592	PVH Corp.	6,669,804
	112,254	Toll Brothers, Inc.*	4,416,072

			26,499,296

	Consumer Services – 4.4%
	3,879	Chipotle Mexican Grill, Inc.*	2,523,445
	76,263	Las Vegas Sands Corp.	4,197,515
	81,415	Starbucks Corp.	7,710,000
	110,537	Yum! Brands, Inc.	8,701,473

			23,132,433

	Diversified Financials – 3.3%
	42,672	American Express Co.	3,333,537
	41,590	Intercontinental Exchange, Inc.	9,701,699
	206,089	Navient Corp.	4,189,789

			17,225,025

	Energy – 3.5%
	68,124	Anadarko Petroleum Corp.	5,641,348
	148,927	Halliburton Co.	6,534,917
	37,309	Pioneer Natural Resources Co.	6,100,395

			18,276,660

	Food & Staples Retailing – 5.8%
	88,543	Costco Wholesale Corp.	13,413,822
	96,705	Walgreens Boots Alliance, Inc.	8,188,980
	164,853	Whole Foods Market, Inc.	8,585,544

			30,188,346

	Food, Beverage & Tobacco – 5.7%
	48,670	Coca-Cola Enterprises, Inc.	2,151,214
	33,474	Keurig Green Mountain, Inc.	3,740,050
	60,291	McCormick & Co., Inc.	4,649,039
	186,212	The Coca-Cola Co.	7,550,897
	88,684	The Hain Celestial Group, Inc.*	5,680,210
	57,751	The Hershey Co.	5,827,653

			29,599,063

	Health Care Equipment & Services – 4.1%
	136,813	Abbott Laboratories	6,338,547
	91,224	Cerner Corp.*	6,683,070
	37,685	McKesson Corp.	8,524,347

			21,545,964



Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.1%
	85,908	Colgate-Palmolive Co.	$ 5,956,861

	Materials – 2.3%
	24,893	Airgas, Inc.	2,641,396
	31,135	Ashland, Inc.	3,963,797
	19,407	The Sherwin-Williams Co.	5,521,292

			12,126,485

	Media – 3.1%
	158,596	Comcast Corp. Class A	8,955,916
	218,792	Twenty-First Century Fox, Inc. Class A	7,403,921

			16,359,837

	Pharmaceuticals, Biotechnology & Life Sciences – 9.2%
	61,420	AbbVie, Inc.	3,595,527
	28,158	Actavis PLC*	8,380,384
	79,439	Agilent Technologies, Inc.	3,300,690
	28,087	Amgen, Inc.	4,489,707
	19,125	Biogen, Inc.*	8,075,340
	27,523	Celgene Corp.*	3,172,851
	48,459	Gilead Sciences, Inc.*	4,755,282
	152,973	Mylan NV*	9,078,948
	14,491	Shire PLC ADR	3,467,551

			48,316,280

	Real Estate – 3.4%
	124,933	American Tower Corp. (REIT)	11,762,442
	152,526	CBRE Group, Inc. Class A*	5,904,281

			17,666,723

	Retailing – 8.0%
	17,126	Advance Auto Parts, Inc.	2,563,591
	36,368	Amazon.com, Inc.*	13,532,533
	59,656	L Brands, Inc.	5,624,964
	10,233	Netflix, Inc.*	4,263,989
	64,078	The Home Depot, Inc.	7,279,902
	7,175	The Priceline Group, Inc.*	8,352,776

			41,617,755

	Software & Services – 19.1%
	103,362	eBay, Inc.*	5,961,920
	46,459	Equinix, Inc. (REIT)	10,817,978
	127,686	Facebook, Inc. Class A*	10,497,705
	33,663	FleetCor Technologies, Inc.*	5,080,420
	21,219	Google, Inc. Class A*	11,770,179
	17,502	Google, Inc. Class C*	9,591,096
	24,418	International Business Machines Corp.	3,919,089
	43,354	Intuit, Inc.	4,203,604
	31,522	LinkedIn Corp. Class A*	7,876,087
	71,629	Mastercard, Inc. Class A	6,188,029
	155,373	Microsoft Corp.	6,316,689
	259,229	Oracle Corp.	11,185,731
	81,839	ServiceNow, Inc.*	6,447,277

			99,855,804

	Technology Hardware & Equipment – 10.4%
	286,775	Apple, Inc.	35,683,413
	343,302	EMC Corp.	8,774,799



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	140,835	QUALCOMM, Inc.	$ 9,765,499

			54,223,711

	Transportation – 1.1%
	53,987	Kansas City Southern	5,510,993

	TOTAL INVESTMENTS – 98.4%		$514,343,338

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%		8,247,436

	NET ASSETS – 100.0%		$522,590,774



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

*		Non-income producing security.



Investment Abbreviations:
ADR		— American Depositary Receipt
REIT		— Real Estate Investment Trust


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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 8.3%
Banks – 2.1%
ABN AMRO Bank NV^(a)(b)
EUR	50,000		4.310	%	03/29/49	$ 54,659
Bank of America Corp. Series V^(a)(b)
$	50,000		5.125		12/29/49	49,437
Bank of America Corp. Series X^(a)(b)
	25,000		6.250		09/29/49	25,469
Bank of Scotland Capital Funding LP^(a)(b)
GBP	50,000		6.059		03/29/49	74,470
Citigroup Capital XIII^(a)(b)
$	1,475		7.875		10/30/40	39,117
Citigroup, Inc. Series O^(a)(b)
	50,000		5.875		12/29/49	50,625
Morgan Stanley
	25,000		4.300		01/27/45	25,470
Morgan Stanley Series I^(a)(b)
	1,136		6.375		10/15/49	29,581
Morgan Stanley Series J^(a)(b)
	50,000		5.550		12/29/49	50,438
PNC Preferred Funding Trust II^(a)(b)(c)
	100,000		1.493		03/29/49	91,750
Royal Bank of Scotland PLC^(a)(b)
	100,000		9.500		03/16/22	112,950

						603,966

Consumer Services – 0.4%
MGM Resorts International
	100,000		10.000		11/01/16	111,250

Containers & Packaging^(b) – 0.9%
Berry Plastics Corp.
	50,000		9.750		01/15/21	55,375
Beverage Packaging Holdings Luxembourg II SA^(c)
	25,000		5.625		12/15/16	25,094
Sealed Air Corp.^(c)
	150,000		8.375		09/15/21	169,125

						249,594

Energy – 0.8%
Antero Resources Corp.^(b)(c)
	25,000		5.625		06/01/23	24,750
Comstock Resources, Inc.^(b)(c)
	75,000		10.000		03/15/20	72,375
Halcon Resources Corp.^(b)
	100,000		8.875		05/15/21	70,000
MEG Energy Corp.^(b)(c)
	50,000		6.375		01/30/23	46,312
Petroleos de Venezuela SA
	20,000		6.000		05/16/24	6,380
	30,000		6.000		11/15/26	9,300
	20,000		5.375		04/12/27	6,174

						235,291

Food & Beverage^(b) – 0.5%
Bumble Bee Holdings, Inc.^(c)
	46,000		9.000		12/15/17	48,185
	50,000		9.625		03/15/18	51,625
Post Holdings, Inc.
	50,000		7.375		02/15/22	51,625

						151,435

Food & Staples Retailing^(b) – 0.5%
BI-LO LLC^(c)
	50,000		8.625		09/15/18	44,250


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Staples Retailing – (continued)
Rite Aid Corp.
$	25,000		9.250	%	03/15/20	$ 27,562
	25,000		8.000		08/15/20	26,500
Sysco Corp.
	25,000		4.500		10/02/44	26,300
Walgreens Boots Alliance, Inc.
	25,000		4.800		11/18/44	26,809

						151,421

Life Insurance – 0.2%
MetLife, Inc.
	25,000		3.000		03/01/25	25,164
	25,000		4.050		03/01/45	25,980

						51,144

Media – 1.0%
21st Century Fox America, Inc.^(b)
	25,000		3.700		09/15/24	26,455
	25,000		4.750		09/15/44	28,019
CCO Holdings LLC^(b)
	50,000		7.000		01/15/19	52,062
Comcast Corp.
	25,000		4.650		07/15/42	28,182
Getty Images, Inc.^(b)(c)
	25,000		7.000		10/15/20	12,500
NBCUniversal Media LLC
	25,000		4.450		01/15/43	27,191
Univision Communications, Inc.^(b)(c)
	100,000		8.500		05/15/21	107,000

						281,409

Pipelines – 0.4%
Sabine Pass LNG LP
	100,000		7.500		11/30/16	106,000

Software & Services^(b) – 0.4%
First Data Corp.^(c)
	100,000		8.875		08/15/20	106,000
Microsoft Corp.
	25,000		3.750		02/12/45	25,138

						131,138

Wireless Telecommunications – 0.5%
Intelsat Jackson Holdings SA^(b)
	50,000		7.250		04/01/19	51,875
Sprint Corp.
	100,000		7.875		09/15/23	101,750

						153,625

Wirelines Telecommunications – 0.6%
Level 3 Financing, Inc.^(b)
	60,000		8.625		07/15/20	65,025
Verizon Communications, Inc.
	25,000		5.150		09/15/23	28,640
	25,000		4.862		08/21/46	26,215
	57,000		4.672	^(c)	03/15/55	56,018

						175,898

TOTAL CORPORATE OBLIGATIONS						$ 2,402,171


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 10.1%
Adjustable Rate Non-Agency^(a) – 2.0%
Alternative Loan Trust Series 2005-51, Class 2A1^(b)
$	74,026		0.476	%	11/20/35	$ 61,158
Alternative Loan Trust Series 2006-HY11, Class A1^(b)
	76,654		0.294		06/25/36	65,045
Alternative Loan Trust Series 2006-OA14, Class 2A1^(b)
	97,446		0.364		11/25/46	80,274
CHL Mortgage Pass-Through Trust Series 2006-OA5, Class 1A1^(b)
	53,143		0.374		04/25/46	44,915
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1
	52,359		0.314		07/25/47	44,530
HomeBanc Mortgage Trust Series 2006-1, Class 3A2^(b)
	114,895		2.182		04/25/37	71,984
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1^(b)
	64,692		2.557		09/25/36	55,931
JP Morgan Alternative Loan Trust Series 2006-A5, Class 1A1^(b)
	52,164		0.334		10/25/36	42,860
Lehman XS Trust Series 2005-7N, Class 1A1A^(b)
	56,515		0.444		12/25/35	48,941
Lehman XS Trust Series 2006-14N, Class 1A1A^(b)
	86,645		0.364		09/25/46	71,550

						587,188

Collateralized Mortgage Obligations – 4.5%
Agency Multi-Family^(a) – 3.3%
FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	400,000		2.373	%	05/25/22	406,320
FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2
	500,000		3.320		02/25/23	538,585

						944,905

Regular Floater^(a) – 1.0%
Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	68,579		0.325		09/20/66	72,167
Alternative Loan Trust Series 2005-36, Class 2A1A^(b)
$	93,088		0.484		08/25/35	73,082
Connecticut Avenue Securities Series 2014-C03, Class 1M1^(b)
	17,165		1.374		07/25/24	17,165
Connecticut Avenue Securities Series 2015-C01, Class 2M1^(b)
	9,346		1.674		02/25/25	9,383
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A^(b)
	165,760		0.344		11/25/36	69,036
Paragon Mortgages No. 13 PLC Series 13X, Class A2B^(b)
EUR	56,575		0.251		01/15/39	57,749

						298,582

Sequential Fixed Rate – 0.2%
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 2A5^(b)
$	57,733		6.000		01/25/37	47,687

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 1,291,174


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 3.6%
FNMA – 3.6%
$	218,656		6.000	%	08/01/36	$ 249,592
	205,325		6.000		09/01/36	234,509
	487,438		6.000		12/01/36	555,258

						1,039,359

TOTAL FEDERAL AGENCIES						$ 1,039,359

TOTAL MORTGAGE-BACKED OBLIGATIONS						$ 2,917,721


Asset-Backed Securities – 9.5%
Collateralized Loan Obligations – 8.3%^(a)(c)
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A
$	169,253		0.905	%	11/01/18	$ 168,274
Acis CLO Ltd. Series 2014-4A, Class ACOM
	150,000		1.713		05/01/26	147,450
Anchorage Capital CLO IV Ltd. Series 2014-4A, Class A1A
	250,000		1.706		07/28/26	248,302
Crown Point CLO III Ltd. Series 2015-3A, Class ACOM
	250,000		1.803		12/31/27	244,750
Hildene CLO II Ltd. Series 2014-2A, Class A
	250,000		1.707		07/19/26	248,018
MidOcean Credit CLO Series 2014-3A, Class A
	250,000		1.716		07/21/26	248,375
Ocean Trails CLO IV Series 2013-4A, Class A
	250,000		1.558		08/13/25	247,221
OFSI Fund V Ltd. Series 2014-7A, Class ACOM
	100,000		1.872		10/18/26	98,360
Regatta IV Funding Ltd. Series 2014-1A, Class ACOM
	250,000		1.766		07/25/26	247,425
Trinitas CLO II Ltd. Series 2014-2A, Class ACOM
	250,000		1.629		07/15/26	244,825
Wasatch Ltd. Series 2006-1A, Class A1B
	269,572		0.497		11/14/22	258,406

						2,401,406

Home Equity^(b) – 1.2%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M3
	100,000		0.574		01/25/36	82,469
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2
	15,596		4.190		12/25/35	15,698
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3
	25,000		4.190		12/25/35	23,883
GSAMP Trust Series 2006-HE8, Class A2C^(a)
	50,000		0.344		01/25/37	42,169
Lehman XS Trust Series 2007-3, Class 1BA2^(a)
	55,243		0.865		03/25/37	39,089
Saxon Asset Securities Trust Series 2007-2, Class A2C^(a)
	96,160		0.654		05/25/47	69,022
Structured Asset Securities Corp. Mortgage Loan Trust 2005-NC2 Series 2005-NC2, Class M4^(a)
	100,000		0.644		05/25/35	84,268

						356,598

TOTAL ASSET-BACKED SECURITIES						$ 2,758,004


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – 12.0%
Sovereign – 10.5%
Brazilian Government International Bond
BRL	74,000		0.000	%^(d)	01/01/16	$ 21,055
	239,000		6.000		08/15/50	181,270
Bundesrepublik Deutschland
EUR	310,000		2.000		08/15/23	387,240
Costa Rica Government International Bond
$	200,000		4.250		01/26/23	191,000
Dominican Republic International Bond^(c)
	100,000		7.450		04/30/44	112,750
Indonesia Government International Bond^(c)
	200,000		4.125		01/15/25	205,250
Italy Buoni Poliennali Del Tesoro
EUR	140,000		1.150		05/15/17	153,566
Mexico Government International Bond^(d)
MXN	2,332,480		0.000		04/01/15	152,619
	1,555,190		0.000		04/16/15	101,803
	1,124,520		0.000		04/30/15	73,445
	608,940		0.000		05/07/15	39,798
	236,970		0.000		05/21/15	15,466
	550,970		0.000		06/04/15	35,915
	3,234,800		0.000		06/11/15	210,715
	1,778,140		0.000		06/18/15	115,757
	651,980		0.000		06/25/15	42,421
	1,090,900		0.000		07/02/15	70,947
	1,101,810		0.000		10/01/15	70,996
Mexico Government International Bond Series M 10
	1,733,000		7.750		12/14/17	122,844
Spain Government Bond
EUR	80,000		2.100		04/30/17	89,538
	400,000		0.500	^(c)	10/31/17	433,476
	80,000		4.500		01/31/18	96,383
	50,000		4.400	^(c)	10/31/23	68,314
Venezuela Government International Bond
$	60,000		8.250		10/13/24	20,700
	40,000		7.650		04/21/25	13,500
	40,000		9.250		05/07/28	14,300
	10,000		7.000		03/31/38	3,400

						3,044,468

Supranational – 1.5%
European Financial Stability Facility
EUR	400,000		0.750		06/05/17	438,029

TOTAL FOREIGN DEBT OBLIGATIONS						$ 3,482,497


Municipal Debt Obligations – 2.4%
Puerto Rico – 2.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A
$	5,000		6.000	%	07/01/44	$ 3,400
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.500		07/01/28	7,276
	5,000		5.000		07/01/33	3,351
	5,000		5.125		07/01/37	3,325
	10,000		5.750		07/01/37	6,851


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
Puerto Rico Commonwealth GO Bonds Series 2014 A
$	435,000		8.000	%	07/01/35	$ 356,700
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A
	20,000		5.500		07/01/32	13,650
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2009 B
	10,000		6.000		07/01/39	6,875
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2012 A
	5,000		5.125		07/01/37	3,262
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	20,000		5.500		08/01/28	13,603
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	45,000		6.000		08/01/42	28,125
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	5,000		5.500		08/01/37	3,025
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	20,000		5.375		08/01/39	11,950
	115,000		5.500		08/01/42	69,575
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	10,000		5.375		08/01/38	5,975
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	55,000		6.000		08/01/39	34,512
	55,000		5.250		08/01/41	32,588
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1
	120,000		5.000		08/01/43	69,600
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A^(e)
	15,000		0.000		08/01/32	10,382

						684,025

TOTAL MUNICIPAL DEBT OBLIGATIONS						$ 684,025


Bank Loan Obligations – 4.5%
Aerospace/Defense – 0.1%
Transdigm, Inc.
$	24,875		3.750	%	06/04/21	$ 24,801

Building Materials – 0.1%
HD Supply, Inc.
	24,538		4.000		06/28/18	24,563

Chemicals – 0.1%
A. Schulman, Inc.
	25,000		0.000		07/15/15	25,000

Consumer Services – 0.3%
Burger King Worldwide, Inc.
	74,338		4.500		12/10/21	75,040
MGM Resorts International
	24,936		3.500		12/20/19	24,848

						99,888


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loan Obligations – (continued)
Energy – 0.5%
American Energy - Marcellus, LLC
$	25,000		5.250	%	08/04/20	$ 21,125
Citgo Holding, Inc.
	24,938		9.500		05/12/18	24,792
Magnum Hunter Resources Corp.
	74,625		8.500		10/22/19	73,474
MEG Energy Corp.
	24,936		3.750		03/31/20	23,854

						143,245

Environmental – 0.2%
ADS Waste Holdings, Inc.
	49,321		3.750		10/09/19	48,732

Food & Beverage – 0.5%
Diamond Foods, Inc.
	24,874		4.250		08/20/18	24,836
Pinnacle Foods Finance LLC
	25,000		3.000		04/29/20	24,883
US Foods, Inc.
	99,746		4.500		03/31/19	99,767

						149,486

Healthcare – 0.5%
American Renal Holdings, Inc.
	25,000		8.500		03/20/20	24,813
Community Health Systems, Inc.
	24,811		4.250		01/27/21	24,927
HCA, Inc.
	44,874		3.025		05/01/18	44,874
MPH Acquisition Holdings LLC
	23,257		3.750		03/31/21	23,170
Sedgwick Claims Management Services, Inc.
	24,937		3.750		03/01/21	24,619

						142,403

Machinery – 0.1%
Gates Global LLC
	24,937		4.250		07/05/21	24,828

Media – 1.0%
Checkout Holding Corp.
	49,812		4.500		04/09/21	43,253
	25,000		7.750		04/11/22	19,125
Crown Castle Operating Co.
	14,962		3.000		01/31/21	14,915
Getty Images, Inc.
	184,592		4.750		10/18/19	155,334
Univision Communications, Inc.
	49,869		4.000		03/01/20	49,753
Virgin Media Investment Holdings Ltd.
	21,370		3.500		06/07/20	21,330

						303,710


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loan Obligations – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 0.1%
Valeant Pharmaceuticals International, Inc.
$	43,750		0.000	%	04/01/22	$ 43,934

Restaurants – 0.1%
Seminole Hard Rock Entertainment, Inc.
	24,873		3.500		05/14/20	24,718

Retailing – 0.3%
Burlington Coat Factory Warehouse Corp.
	24,313		4.250		08/31/21	24,444
Dollar Tree, Inc.
	25,000		4.250		03/09/22	25,253
PetSmart, Inc.
	25,000		5.000		03/11/22	25,181

						74,878

Software & Services – 0.2%
BMC Software Finance, Inc.
	24,935		5.000		09/10/20	24,374
Bright Horizons Family Solutions, Inc.
	4,924		4.000		01/30/20	4,934
First Data Corp.
	25,000		3.674		03/24/17	24,985

						54,293

Technology Hardware & Equipment – 0.3%
Avago Technologies Ltd.
	17,248		3.750		05/06/21	17,273
CDW LLC
	24,936		3.250		04/29/20	24,690
Riverbed Technology, Inc.
	25,000		0.000		02/25/22	25,225

						67,188

Transportation – 0.0%
Delta Air Lines, Inc.
	9,530		3.250		10/18/18	9,518

Wireless Telecommunications – 0.1%
Intelsat Jackson Holdings SA
	40,000		3.750		06/30/19	39,830

TOTAL BANK LOAN OBLIGATIONS						$ 1,301,015


Commercial Paper – 0.9%
Barclays Bank PLC Series 11-1^(c)
$	250,000		1.020	%	03/11/16	$ 249,952


Notional Amount		Exercise Rate			Expiration Date	Value
Options Purchased – 0.5%
Interest Rate Swaptions
Deutshce Bank AG Call - OTC - USD 3 Month LIBOR Strike Price 2.145%
$	700,000		2.145	%	02/22/16	$ 7,707
Deutshce Bank AG Call - OTC - USD 3 Month LIBOR Strike Price 2.078%
	3,600,000		2.078		02/26/16	44,900
Deutshce Bank AG Put - OTC - USD 3 Month LIBOR Strike Price 2.145%
	700,000		2.145		02/22/16	15,788


Notional Amount		Exercise Rate			Expiration Date	Value
Options Purchased – (continued)
Interest Rate Swaptions – (continued)
Deutshce Bank AG Put - OTC - USD 3 Month LIBOR Strike Price 2.078%
$	3,600,000		2.078	%	02/26/16	$ 74,129
JPMorgan Chase Bank, N.A. Call - OTC - USD 3 Month LIBOR Strike Price 2.973%
	700,000		2.973		02/22/16	6,010

TOTAL OPTIONS PURCHASED						$ 148,534


U.S. Treasury Obligations – 47.3%
United States Treasury Bills
$	2,000,000		0.000	%	07/02/15	$ 1,999,847
	1,700,000		0.000		10/01/15	1,698,790
	1,700,000		0.000		11/12/15	1,698,321
United States Treasury Bonds
	100,000		3.625		08/15/43	122,178
	300,000		3.750		11/15/43	374,751
	200,000		3.375		05/15/44	234,406
	300,000		2.500		02/15/45	297,327
United States Treasury Inflation-Protected Securities
	107,842		0.500		04/15/15	108,078
	99,739		0.125		04/15/19	101,718
	103,257		0.125		01/15/22	104,273
	100,278		1.375		02/15/44	118,141
United States Treasury Notes
	300,000		1.750		09/30/19	305,736
	600,000		1.500		11/30/19	604,506
	500,000		1.625		12/31/19	506,275
	300,000		1.250		01/31/20	298,380
	800,000		1.375		02/29/20	800,120
	700,000		1.375		03/31/20	699,972
	400,000		1.500		01/31/22	394,692
	500,000		1.750		03/31/22	501,135
	400,000		2.500		05/15/24	420,104
	2,200,000		2.375		08/15/24	2,286,526

TOTAL U.S. TREASURY OBLIGATIONS						$13,675,276


Investment Company – 21.9%
Goldman Sachs Financial Square Government Fund – FST Shares
	6,330,066		0.006	%		$ 6,330,066

TOTAL INVESTMENTS – 117.4%						$33,949,261

LIABILITIES IN EXCESS OF OTHER ASSETS – (17.4)%						(5,037,986)

NET ASSETS – 100.0%						$28,911,275



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



(a)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.

(b)		Securities with “Call” features. Maturity dates disclosed are the final maturity dates.

(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 $4,326,132, which represents approximately 15.0% of net assets as of March 31, 2015.

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

(e)		Zero coupon until next reset date.



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
CD KSDA		— Certificates of Deposit by the Korean Securities Dealers Association
CDI		— Average One-Day Interbank Deposit
EURIBOR		— Euro Interbank Offered Rate
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GO		— General Obligation
LIBOR		— London Interbank Offered Rate
NIBOR		— Norwegian InterBank Offered Rate
RB		— Revenue Bond
STIBOR		— Stockholm Interbank Offered Rate
WIBOR		— Warsaw InterBank Offered Rate

Currency Abbreviations:
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Renminbi
COP		— Colombian Peso
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
MYR		— Malaysian Ringgit
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PEN		— Peru nuevo sol
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thailand Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand



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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2015, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 91.2%
	Australia – 4.6%
	702,693	Aurizon Holdings Ltd. (Transportation)	$ 2,586,415
	111,701	Australia & New Zealand Banking Group Ltd. (Banks)	3,107,543
	274,129	Computershare Ltd. (Software & Services)	2,649,688

			8,343,646

	Belgium – 4.3%
	43,794	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)	5,350,111
	16,910	Solvay SA (Materials)	2,444,342

			7,794,453

	China – 0.9%
	324,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	1,721,837

	Denmark – 1.9%
	66,773	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	3,564,595

	France – 10.6%
	14,851	Air Liquide SA-Prime De Fidelite (Materials)*	1,917,525
	38,446	Klepierre (REIT)	1,887,935
	71,317	Rexel SA (Capital Goods)	1,344,738
	39,386	Safran SA (Capital Goods)	2,751,961
	30,816	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	3,043,359
	72,831	Societe Generale SA (Banks)	3,516,428
	98,718	Total SA (Energy)	4,906,977

			19,368,923

	Germany – 7.2%
	24,524	adidas AG (Consumer Durables & Apparel)	1,936,496
	26,502	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,965,120
	48,410	Beiersdorf AG (Household & Personal Products)	4,197,610
	40,159	GEA Group AG (Capital Goods)	1,930,499
	21,329	Rocket Internet SE (Software & Services)*^(a)	1,056,914

			13,086,639

	India – 1.1%
	121,076	Thermax Ltd. (Capital Goods)	2,067,518

	Ireland – 3.9%
	3,592,083	Bank of Ireland (Banks)*	1,358,154
	41,081	Kerry Group PLC Class A (Food, Beverage & Tobacco)	2,760,772



Shares		Description	Value
	Common Stocks – (continued)
	Ireland – (continued)
	36,928	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)	$ 2,944,015

			7,062,941

	Italy – 1.1%
	581,761	Intesa Sanpaolo SpA (Banks)	1,974,498

	Japan – 17.0%
	14,900	Disco Corp. (Semiconductors & Semiconductor Equipment)	1,520,262
	37,900	Hoya Corp. (Technology Hardware & Equipment)	1,517,301
	103,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,272,139
	94,800	KDDI Corp. (Telecommunication Services)	2,141,772
	170,000	Kubota Corp. (Capital Goods)	2,685,814
	594,200	Mitsubishi UFJ Financial Group, Inc. (Banks)	3,680,126
	57,100	Nidec Corp. (Capital Goods)	3,790,396
	188,100	ORIX Corp. (Diversified Financials)	2,643,017
	60,200	Pola Orbis Holdings, Inc. (Household & Personal Products)	3,189,242
	58,100	Start Today Co. Ltd. (Retailing)	1,529,479
	359,600	Tokyu Fudosan Holdings Corp. (Real Estate)	2,452,676
	102,300	Unicharm Corp. (Household & Personal Products)	2,678,213

			31,100,437

	Netherlands – 1.6%
	378,154	Aegon NV (Insurance)	2,985,776

	Russia – 0.7%
	6,729	Magnit OJSC (Food & Staples Retailing)*	1,312,606

	Singapore – 0.9%
	106,521	DBS Group Holdings Ltd. (Banks)	1,579,478

	South Korea – 2.2%
	53,560	Hana Financial Group, Inc. (Banks)	1,385,464
	66,568	Kia Motors Corp. (Automobiles & Components)	2,705,186

			4,090,650

	Spain – 4.9%
	359,811	Banco Bilbao Vizcaya Argentaria SA (Banks)	3,633,918
	426,839	Banco Popular Espanol SA (Banks)	2,087,734
	491,135	Iberdrola SA (Utilities)	3,167,111

			8,888,763



Shares		Description	Value
	Common Stocks – (continued)
	Sweden – 5.3%
	88,644	Hennes & Mauritz AB Class B (Retailing)	$ 3,591,655
	81,339	Svenska Cellulosa AB SCA Class B (Household & Personal Products)	1,869,078
	186,116	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)	2,336,676
	153,458	Volvo AB Class B (Capital Goods)	1,857,184

			9,654,593

	Switzerland – 12.8%
	132,125	Credit Suisse Group AG (Registered) (Diversified Financials)*	3,554,684
	28,019	Julius Baer Group Ltd. (Diversified Financials)*	1,400,498
	57,513	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	5,676,561
	8,945	Syngenta AG (Registered) (Materials)	3,038,872
	6,576	The Swatch Group AG (Consumer Durables & Apparel)	2,781,034
	208,175	UBS Group AG (Diversified Financials)*	3,903,513
	52,426	Wolseley PLC (Capital Goods)	3,098,613

			23,453,775

	Taiwan – 1.2%
	161,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	2,174,428

	United Kingdom – 9.0%
	376,720	Aviva PLC (Insurance)	3,014,846
	197,517	BG Group PLC (Energy)	2,424,272
	452,292	ITV PLC (Media)	1,693,403
	323,423	Just Eat PLC (Software & Services)*	2,091,779
	55,912	Rio Tinto PLC (Materials)	2,305,636
	1,506,812	Vodafone Group PLC (Telecommunication Services)	4,930,779

			16,460,715

	TOTAL COMMON STOCKS		$166,686,271


	Preferred Stock –1.4%
	Germany – 1.4%
	9,813	Volkswagen AG (Automobiles & Components)	$ 2,602,432



Shares		Description	Value
	Exchange Traded Funds – 4.4%
	United States – 4.4%
	27,848	iShares MSCI EAFE Fund	$ 1,787,006
	504,102	iShares MSCI Japan Fund	6,316,398

	TOTAL EXCHANGE TRADED FUNDS		$ 8,103,404


Units	Description	Expiration Month	Value
Right – 0.0%
Spain – 0.0%
359,811	Banco Bilbao Vizcaya Argentaria SA (Banks)*	04/15	$ 51,843

TOTAL INVESTMENTS – 97.0%			$177,443,950

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.0%			5,425,831

NET ASSETS – 100.0%			$182,869,781



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

*		Non-income producing security.

(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 $1,056,914, which represents approximately 0.6% of net assets as of March 31, 2015.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.5%
	Automobiles & Components – 0.8%
	17,857	Delphi Automotive PLC	$ 1,423,917
	16,499	Harley-Davidson, Inc.	1,002,149
	8,529	Lear Corp.	945,184

			3,371,250

	Banks – 1.8%
	11,910	Bank of America Corp.	183,295
	3,590	Bank of Hawaii Corp.	219,744
	9,818	BB&T Corp.	382,804
	17,789	JPMorgan Chase & Co.	1,077,657
	16,319	KeyCorp	231,077
	16,657	PacWest Bancorp	781,047
	34,088	Wells Fargo & Co.	1,854,387
	115,566	Zions Bancorporation	3,120,282

			7,850,293

	Capital Goods – 10.3%
	42,257	3M Co.	6,970,292
	63,847	Danaher Corp.	5,420,610
	40,227	General Dynamics Corp.	5,460,011
	423,799	General Electric Co.	10,514,453
	24,091	Lockheed Martin Corp.	4,889,510
	11,633	Masco Corp.	310,601
	32,725	Northrop Grumman Corp.	5,267,416
	3,544	Owens Corning	153,810
	45,526	The Boeing Co.	6,832,542

			45,819,245

	Commercial & Professional Services – 0.5%
	26,523	Cintas Corp.	2,165,072
	4,064	Waste Management, Inc.	220,391

			2,385,463

	Consumer Durables & Apparel – 1.7%
	17,029	D.R. Horton, Inc.	484,986
	35,699	Garmin Ltd.^(a)	1,696,417
	25,819	Mohawk Industries, Inc.*	4,795,879
	7,074	PulteGroup, Inc.	157,255
	8,708	VF Corp.	655,799

			7,790,336

	Consumer Services – 1.1%
	106,908	Carnival Corp.	5,114,479

	Diversified Financials – 6.0%
	4,491	Affiliated Managers Group, Inc.*	964,577
	9,981	Ally Financial, Inc.*	209,401
	76,731	American Express Co.	5,994,226
	33,089	Ameriprise Financial, Inc.	4,329,365
	26,529	Berkshire Hathaway, Inc. Class B*	3,828,665
	69,993	Capital One Financial Corp.	5,516,848
	21,745	Discover Financial Services	1,225,331
	149,340	The Charles Schwab Corp.	4,545,910

			26,614,323

	Energy – 7.5%
	56,782	Cameron International Corp.*	2,562,004
	2,805	Chevron Corp.	294,469
	117,330	Exxon Mobil Corp.	9,973,050
	97,828	HollyFrontier Corp.	3,939,534



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	51,403	Marathon Petroleum Corp.	$ 5,263,153
	65,879	Phillips 66	5,178,089
	23,541	Spectra Energy Corp.	851,478
	82,951	Valero Energy Corp.	5,277,343

			33,339,120

	Food & Staples Retailing – 5.1%
	71,808	CVS Health Corp.	7,411,303
	70,086	The Kroger Co.	5,372,793
	26,582	Walgreens Boots Alliance, Inc.	2,250,964
	92,900	Wal-Mart Stores, Inc.	7,641,025

			22,676,085

	Food, Beverage & Tobacco – 3.9%
	120,691	Altria Group, Inc.	6,036,964
	55,673	Kellogg Co.	3,671,634
	82,574	PepsiCo, Inc.	7,895,726

			17,604,324

	Health Care Equipment & Services – 3.2%
	18,794	Aetna, Inc.	2,002,125
	22,429	AmerisourceBergen Corp.	2,549,504
	4,689	Anthem, Inc.	724,029
	11,135	Boston Scientific Corp.*	197,646
	44,893	Cardinal Health, Inc.	4,052,491
	38,388	UnitedHealth Group, Inc.	4,540,917

			14,066,712

	Household & Personal Products – 3.5%
	23,339	Colgate-Palmolive Co.	1,618,326
	39,086	Kimberly-Clark Corp.	4,186,501
	120,005	The Procter & Gamble Co.	9,833,210

			15,638,037

	Insurance – 2.5%
	10,935	Allied World Assurance Co. Holdings AG	441,774
	37,167	Aspen Insurance Holdings Ltd.	1,755,398
	38,423	Reinsurance Group of America, Inc.	3,580,639
	49,679	The Travelers Companies, Inc.	5,371,790

			11,149,601

	Materials – 1.7%
	137,159	Alcoa, Inc.	1,772,094
	93,598	International Paper Co.	5,193,753
	13,858	Nucor Corp.	658,671

			7,624,518

	Media – 3.1%
	131,729	Comcast Corp. Class A	7,438,737
	12,253	DIRECTV*	1,042,730
	36,758	The Walt Disney Co.	3,855,546
	8,600	Time Warner Cable, Inc.	1,288,968
	3,969	Viacom, Inc. Class B	271,083

			13,897,064

	Pharmaceuticals, Biotechnology & Life Sciences – 13.2%
	83,529	AbbVie, Inc.^(b)	4,889,788
	346	Actavis PLC*	103,036



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	24,459	Amgen, Inc.	$ 3,909,771
	8,583	Biogen, Inc.*	3,624,086
	91,701	Bristol-Myers Squibb Co.	5,914,714
	55,562	Celgene Corp.*	6,405,187
	21,504	Eli Lilly & Co.	1,562,266
	81,408	Gilead Sciences, Inc.*	7,988,567
	5,479	Isis Pharmaceuticals, Inc.*	348,848
	110,329	Johnson & Johnson	11,099,097
	146,320	Merck & Co., Inc.	8,410,474
	135,047	Pfizer, Inc.	4,698,285

			58,954,119

	Real Estate – 2.9%
	38,219	American Tower Corp. (REIT)	3,598,319
	32,708	Crown Castle International Corp. (REIT)	2,699,718
	37,321	Equity Residential (REIT)	2,905,813
	2,315	Essex Property Trust, Inc. (REIT)	532,219
	92,600	Host Hotels & Resorts, Inc. (REIT)	1,868,668
	5,900	Post Properties, Inc. (REIT)	335,887
	15,037	Weingarten Realty Investors (REIT)	541,031
	14,991	WP GLIMCHER, Inc. (REIT)	249,300

			12,730,955

	Retailing – 3.8%
	44,713	Dollar General Corp.*	3,370,466
	8,186	L Brands, Inc.	771,858
	16,777	Liberty Interactive Corp. Series A*	489,721
	33,999	Lowe’s Companies, Inc.	2,529,185
	93,821	The Gap, Inc.	4,065,264
	81,500	The TJX Companies, Inc.	5,709,075

			16,935,569

	Semiconductors & Semiconductor Equipment – 2.9%
	67,694	Broadcom Corp. Class A	2,930,812
	131,277	Intel Corp.	4,105,032
	104,006	Texas Instruments, Inc.	5,947,583

			12,983,427

	Software & Services – 8.5%
	36,615	Accenture PLC Class A	3,430,459
	69,823	Adobe Systems, Inc.*	5,162,713
	4,173	Automatic Data Processing, Inc.	357,376
	8,183	Citrix Systems, Inc.*	522,648
	5,743	Fiserv, Inc.*	455,994
	3,392	Google, Inc. Class A*	1,881,542
	2,610	Google, Inc. Class C*	1,430,280
	288,676	Microsoft Corp.	11,736,123
	181,361	Oracle Corp.	7,825,727
	2,508	salesforce.com inc*	167,560
	377,931	Xerox Corp.	4,856,413

			37,826,835

	Technology Hardware & Equipment – 9.9%
	159,719	Apple, Inc.	19,873,835
	136,958	Cisco Systems, Inc.	3,769,769
	225,742	Corning, Inc.	5,119,829
	224,310	EMC Corp.	5,733,364
	162,784	Hewlett-Packard Co.	5,072,349



Shares	Description	Value
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
99,833	NetApp, Inc.	$ 3,540,078
12,138	Western Digital Corp.	1,104,679

		44,213,903

Telecommunication Services – 1.1%
124,243	CenturyLink, Inc.	4,292,596
10,014	Verizon Communications, Inc.	486,981

		4,779,577

Transportation – 2.5%
17,067	Alaska Air Group, Inc.	1,129,494
20,723	Delta Air Lines, Inc.	931,706
20,926	FedEx Corp.	3,462,207
65,514	Southwest Airlines Co.	2,902,270
26,066	Union Pacific Corp.	2,823,209

		11,248,886

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$434,614,121


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.4%
Goldman Sachs Financial Square Money Market Fund – FST Shares
1,669,575	0.086%	$ 1,669,575

TOTAL INVESTMENTS – 97.9%		$436,283,696

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%		9,223,329

NET ASSETS – 100.0%		$445,507,025



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2015.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

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

TAX INFORMATION — At March 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ and Portfolio’s valuation policy (except VIT Money Market Fund) is to value investments at fair value.

It is the Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerance established by the Trustees, Goldman Sachs Asset Management, L.P. (“GSAM”) evaluated the difference between the Fund’s net asset value (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes).

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

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s or Goldman Sachs Asset Management International (“GSAMI”) assumptions in determining fair value measurement).

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

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

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

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

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

The Goldman Sachs Financial Square Government Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

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.

Underlying Funds — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because the Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy.

The Underlying Funds may invest in debt securities which, if 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.

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

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

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

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

ii. 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.

iii. 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.

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

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

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

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

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

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

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

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

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

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

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

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

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

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

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

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

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

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, 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.

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

REPURCHASE AGREEMENTS — At March 31, 2015, the Principal Amounts of the Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ and the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s and the Portfolio’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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of March 31, 2015. For the Money Market Fund, all investments are classified as Level 2. Please refer to the Schedule of Investments for further detail.

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

Securities Lending — Pursuant to exemptive relief granted by SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), an affiliated series of the Trust. The Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to 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.

Interest Rate Risk — In a declining interest rate environment, low yields on the Money Market Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.

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 the Underlying Funds — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund the Portfolio may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund, Portfolio and Underlying 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, Portfolio and Underlying Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund, Portfolio, and Underlying 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, Portfolio and Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund, Portfolio, and Underlying Fund. Such large shareholder redemptions may cause the Fund, Portfolio, and Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s, Portfolio’s and Underlying Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s, Portfolio’s and Underlying Fund’s performance to the extent that a Fund, Portfolio, and Underlying Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s, Portfolio’s and Underlying Fund’s expense ratio.

Liquidity Risk — The Funds and Underlying 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 and Portfolio 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 and Portfolio 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, Portfolio and Underlying 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, Portfolio and Underlying 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, Portfolio, and Underlying 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, Portfolio and Underlying 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 Fund, Portfolio and Underlying 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 Fund, Portfolio and Underlying Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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.

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.


Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain

Bank of America, N.A.	CAD/USD	06/17/15	$	83,837	$	837
	EUR/USD	06/17/15		166,839		185
	USD/AUD	06/17/15		163,052		3,048
	USD/EUR	04/28/15		1,303,410		17,109
Barclays Bank PLC	CAD/USD	06/17/15		250,746		1,746
	EUR/GBP	06/17/15		508,052		5,874
	EUR/NOK	06/17/15		165,763		123
	EUR/SEK	06/17/15		162,807		2,211
	EUR/USD	06/17/15		526,621		7,988
	GBP/EUR	06/17/15		249,772		2,204
	SEK/NZD	06/17/15		10,895		53
	USD/CAD	06/17/15		82,931		1,069
	USD/EUR	06/17/15		327,290		6,193
	USD/NZD	06/17/15		10,842		66
BNP Paribas SA	EUR/USD	06/17/15		168,992		1,752
	JPY/USD	06/17/15		168,564		1,564
	NZD/USD	06/17/15		335,412		3,499
	USD/EUR	06/17/15		266,942		3,672
Citibank, N.A.	EUR/GBP	06/17/15		83,958		518
	USD/AUD	06/17/15		164,568		469
	USD/CAD	06/17/15		329,885		3,115
	USD/EUR	06/17/15		297,512		3,119
JPMorgan Chase Bank, N.A.	CAD/USD	06/17/15		167,681		681
	EUR/SEK	06/17/15		170,068		1,838
	USD/CAD	06/17/15		330,317		2,683
	USD/GBP	04/13/15		545,714		18,363
Morgan Stanley Co., Inc.	EUR/USD	06/17/15		138,853		2,013
Royal Bank of Canada	USD/SEK	05/13/15		64,949		1,330
State Street Bank	CAD/USD	06/17/15		84,388		983
Westpac Banking Corp.	AUD/USD	06/17/15		166,085		258
	JPY/USD	06/17/15		168,936		1,936
	USD/AUD	06/17/15		164,568		1,628
	USD/NZD	06/17/15		163,996		2,666

TOTAL					$	100,793


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss

Bank of America, N.A.	AUD/USD	06/17/15	$	164,568	$	(1,708	)
	EUR/USD	06/17/15		81,805		(1,326	)
	USD/CAD	06/17/15		167,641		(641	)
	USD/EUR	06/17/15		504,823		(5,328	)
Barclays Bank PLC	CAD/USD	06/17/15		330,869		(3,131	)
	EUR/USD	06/17/15		299,234		(1,707	)
	GBP/USD	06/17/15		146,863		(2,021	)
	JPY/USD	06/17/15		166,507		(493	)
	SEK/EUR	06/17/15		81,402		(403	)
	USD/AUD	06/17/15		166,085		(530	)
	USD/CAD	06/17/15		166,017		(17	)
	USD/EUR	06/17/15		170,071		(2,858	)
	USD/JPY	06/17/15		505,250		(5,250	)
BNP Paribas SA	EUR/USD	06/17/15		248,644		(1,538	)
	GBP/EUR	06/17/15		164,449		(4,543	)
	JPY/USD	06/17/15		166,109		(891	)
	SEK/NZD	06/17/15		10,841		(2	)


Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain

BNP Paribas SA (continued)	USD/AUD	06/17/15	$	167,590	$	(475	)
	USD/CAD	06/17/15		251,187		(2,187	)
	USD/EUR	06/17/15		167,916		(728	)
	USD/JPY	06/17/15		586,682		(3,682	)
	USD/NZD	06/17/15		10,843		(5	)
Citibank, N.A.	AUD/USD	06/17/15		82,663		(332	)
	CAD/USD	06/17/15		82,370		(630	)
	GBP/USD	04/13/15		275,502		(9,799	)
	USD/CAD	06/17/15		84,381		(381	)
	USD/EUR	06/17/15		167,915		(1,911	)
JPMorgan Chase Bank, N.A.	EUR/NOK	06/17/15		166,839		(644	)
	EUR/USD	06/17/15		245,415		(4,755	)
	JPY/USD	06/17/15		166,640		(360	)
	SEK/EUR	06/17/15		166,910		(2,539	)
	USD/JPY	06/17/15		503,971		(4,364	)
State Street Bank	JPY/USD	06/17/15		329,810		(4,190	)
	NZD/USD	06/17/15		164,738		(437	)
	SEK/EUR	06/17/15		71,437		(681	)
	USD/NZD	06/17/15		333,046		(5,750	)
Westpac Banking Corp.	AUD/USD	06/17/15		160,777		(5,732	)
	CAD/CHF	06/17/15		73,392		(2,173	)
	USD/AUD	06/17/15		83,421		(678	)

TOTAL					$	(84,820	)


Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)

90 Day Eurodollar	1	December 2015	$	248,363		$	1,118
Euro-Bund	1	June 2015		170,707			2,339
Euro-OAT	(2)	June 2015		(335,586	)		(4,910	)
U.S. Ultra Long Treasury Bonds	(48)	June 2015		(8,154,000	)		(66,047	)
2 Year U.S. Treasury Notes	43	June 2015		9,423,719			25,051
5 Year U.S. Treasury Notes	71	June 2015		8,534,977			39,089
10 Year U.S. Treasury Notes	(56)	June 2015		(7,218,750	)		(47,458	)

TOTAL						$	(50,818	)


				Rates Exchanged		Market Value
	Notional Amount (000’s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)

	NOK	35,450	05/11/17	1.000%	6 Month NIBOR	$	(4,901	)	$	(10,805	)
	GBP	200	06/17/17	6 Month LIBOR	1.750%		(3,506	)		(1,196	)
	$	300	06/17/17	1.250	3 Month LIBOR		538			1,309
	EUR	320	06/17/20	0.750	6 Month EURIBOR		8,248			117
	NZD	240	06/17/20	3.500	3 Month BBR		(1,042	)		50
	SEK	3,020	06/17/20	3 Month STIBOR	0.500		(847	)		82
	$	2,100	06/17/20	3 Month LIBOR	2.250		(36,545	)		(27,108	)
	AUD	80	06/17/25	6 Month BBR	3.000		(804	)		(755	)
	CAD	220	06/17/25	2.750	3 Month BA		14,330			51
	EUR	190	06/17/25	6 Month EURIBOR	1.500		(17,085	)		(1,672	)
	GBP	370	06/17/25	6 Month LIBOR	1.500		31,230			(20,211	)
	$	530	06/17/25	2.750	3 Month LIBOR		20,767			11,748
	EUR	300	02/03/45	6 Month EURIBOR	1.500		521			(32,510	)
	JPY	71,900	02/03/45	1.750	6 Month LIBOR		(17,459	)		9,741
	$	300	02/03/45	3 Month LIBOR	2.500		7,989			(1,726	)
	GBP	330	06/17/45	6 Month LIBOR	2.000		9,847			(11,291	)
	JPY	36,270	06/17/45	1.500	6 Month LIBOR		5,919			3,964
	$	200	06/17/45	3.250	3 Month LIBOR		26,526			10,390

TOTAL						$	43,726		$	(69,822	)



Tax cost	$	102,794,789

Gross unrealized gain		5,335,080
Gross unrealized loss		(644,490	)

Net unrealized security gain	$	4,690,590



Tax cost	$	101,352,648

Gross unrealized gain		97,296,974
Gross unrealized loss		(13,843,984	)

Net unrealized security gain	$	83,452,990



Tax cost	$	211,170,171

Gross unrealized gain		624,951
Gross unrealized loss		(995,808	)

Net unrealized security loss	$	(370,857	)



Tax cost	$	152,846,534

Gross unrealized gain		50,724,927
Gross unrealized loss		(4,209,852	)

Net unrealized security gain	$	46,515,075



Tax cost	$	72,768,617

Gross unrealized gain		441,916
Gross unrealized loss		(147,361	)

Net unrealized security gain	$	294,555



Tax cost	$	844,779,939

Gross unrealized gain		164,951,072
Gross unrealized loss		(24,537,873	)

Net unrealized security gain	$	140,413,199



Tax cost	$	936,745,138

Gross unrealized gain		118,530,231
Gross unrealized loss		(27,265,067	)

Net unrealized security gain	$	91,265,164



Tax cost	$	5,250,558

Gross unrealized gain		45,612
Gross unrealized loss		(100,770	)

Net unrealized security loss	$	(55,158	)


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)

Russell 2000 Mini Index	14	June 2015	$	1,748,460	$	16,513



Tax cost	$	100,846,753

Gross unrealized gain		19,605,262
Gross unrealized loss		(4,732,150	)

Net unrealized security gain	$	14,873,112



Tax cost	$	406,686,018

Gross unrealized gain		115,248,451
Gross unrealized loss		(7,591,131	)

Net unrealized security gain	$	107,657,320


						Market Value
Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)	Termination Date	Credit Spread on March 31, 2015	Upfront Payments Made (Received)			Unrealized Gain (Loss)

Protection Purchased:
CDX North America High Yield Index	$	50	(5.000)%	12/20/19	3.058%	$	(2,554	)	$	(1,542	)
Protection Sold:
CDX North America Investment Grade Index		5,825	1.000	12/20/19	0.637^(a)		77,828			20,288
		375	1.000	06/20/20	0.637^(a)		6,819			4

TOTAL						$	82,093		$	18,750


					Rates Exchanged		Market Value
	Notional Amount (000’s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)

	NOK	16,310	^(a)	05/11/17	1.000%	6 Month NIBOR	$	(4,366	)	$	(2,860	)
	GBP	610	^(a)	06/17/17	6 Month LIBOR	1.750%		(10,692	)		(3,647	)
	$	780	^(a)	06/17/17	1.250	3 Month LIBOR		1,399			3,403
	PLN	90		06/17/19	3.048	6 Month WIBOR		471			1,141
		90		06/17/19	6 Month WIBOR	3.045		—			(1,609	)
	EUR	460	^(a)	06/17/20	0.750	6 Month EURIBOR		11,857			168
	SEK	3,230	^(a)	06/17/20	3 Month STIBOR	0.500		(999	)		102
	$	4,400	^(a)	06/17/20	3 Month LIBOR	2.250		(82,943	)		(50,558	)
	EUR	20	^(a)	06/17/22	1.000	6 Month EURIBOR		839			55
	$	2,200	^(a)	06/17/22	3 Month LIBOR	2.500		(60,288	)		(32,539	)
	EUR	360	^(a)	02/27/25	1.150	6 Month EURIBOR		1,548			3,888
	AUD	20	^(a)	06/17/25	6 Month BBR	3.000		(196	)		(194	)
	CAD	250	^(a)	06/17/25	2.750	3 Month BA		14,772			1,570
	EUR	245	^(a)	06/17/25	6 Month EURIBOR	1.500		(19,865	)		(4,322	)
	GBP	555	^(a)	06/17/25	6 Month LIBOR	1.500		46,866			(30,338	)
	$	720	^(a)	06/17/25	2.750	3 Month LIBOR		28,212			15,960
	EUR	330	^(a)	02/27/30	6 Month EURIBOR	1.350		(2,383	)		(10,847	)
	$	3,000	^(a)	06/17/30	3 Month LIBOR	2.250		90,363			(81,149	)
	EUR	100	^(a)	02/27/35	1.400	6 Month EURIBOR		487			6,122
		360	^(a)	02/03/45	6 Month EURIBOR	1.500		(1,056	)		(37,330	)
	JPY	95,970	^(a)	02/03/45	1.750	6 Month LIBOR		(24,903	)		14,601
	$	290	^(a)	02/03/45	3 Month LIBOR	2.500		8,770			(2,716	)
	GBP	425	^(a)	06/17/45	6 Month LIBOR	2.000		12,474			(14,335	)
	JPY	58,720	^(a)	06/17/45	1.500	6 Month LIBOR		6,993			9,007
	$	285	^(a)	06/17/45	3.250	3 Month LIBOR		37,799			14,806

TOTAL							$	55,159		$	(201,621	)



Tax cost	$	34,028,538

Gross unrealized gain		398,915
Gross unrealized loss		(478,192	)

Net unrealized security loss	$	(79,277	)



Tax cost	$	171,505,129

Gross unrealized gain		19,650,047
Gross unrealized loss		(13,711,226	)

Net unrealized security gain	$	5,938,821



Tax cost	$	417,217,030

Gross unrealized gain		28,025,573
Gross unrealized loss		(8,958,907	)

Net unrealized security gain	$	19,066,666


Principal Amount	Maturity Value	Collateral Value
$60,000,000	$60,000,266	$61,608,834


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Bank		0.500 to 2.375	%		08/18/16 to 03/14/25
Federal Home Loan Mortgage Corp.		2.000 to 6.500			09/01/18 to 04/01/45
Federal National Mortgage Association		2.000 to 6.500			11/01/16 to 04/01/45
Government National Mortgage Association		3.000 to 5.500			06/15/39 to 03/20/45
U.S. Treasury Bond		3.125 to 4.250			05/15/39 to 08/15/44
U.S. Treasury Inflation-Indexed Note		0.125			01/15/23
U.S. Treasury Note		0.500 to 4.500			10/31/15 to 02/28/22


CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	35,204,203		$	—
Mortgage-Backed Obligations		—			32,044,862			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		21,159,178			4,505,004			—
Asset-Backed Securities		—			8,302,841			—
Foreign Debt Obligations		131,628			2,722,535			—
Municipal Debt Obligations		—			1,509,279			—
Government Guarantee Obligations		—			1,905,849			—
Total	$	21,290,806		$	86,194,573		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	100,793		$	—
Futures Contracts		67,597			—			—
Interest Rate Swaps		—			37,452			—
Total	$	67,597		$	138,245		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(84,820	)	$	—
Futures Contracts		(118,415	)		—			—
Interest Rate Swaps		—			(107,274	)		—
Total	$	(118,415	)	$	(192,094	)	$	—

EQUITY INDEX

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	184,705,639		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		99,999			—			—
Total	$	184,805,638		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(4,342	)	$	—		$	—

GLOBAL MARKETS NAVIGATOR

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	41,624,857		$	—		$	—
Exchange Traded Funds		33,663,127			—			—
Investment Company		130,908,580			—			—
Securities Lending Reinvestment Vehicle		4,602,750			—			—
Total	$	210,799,314		$	—		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	2,531,936		$	—		$	—


GROWTH OPPORTUNITIES

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	199,361,609		$	—	$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	402,053	$	—
Mortgage-Backed Obligations		—			41,880,494		—
Asset-Backed Securities		—			24,686,335		—
Investment Company		6,094,290			—		—
Total	$	6,094,290		$	66,968,882	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	15,690		$	—	$	—
Liabilities^(a)
Futures Contracts	$	(51,240	)	$	—	$	—

LARGE CAP VALUE

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	985,193,138		$	—	$	—

MID CAP VALUE

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	1,028,010,302		$	—	$	—

MULTI-STRATEGY ALTERNATIVES

Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	1,377,581		$	—	$	—
Fixed Income Underlying Funds		3,418,895			—		—
Exchange Traded Funds		232,078
Investment Company		166,846			—		—
Total	$	5,195,400		$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	111,793,509		$	—	$	—
Securities Lending Reinvestment Vehicle		3,926,356			—		—
Total	$	115,719,865		$	—	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	16,513		$	—	$	—

STRATEGIC GROWTH

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	514,343,338		$	—	$	—


STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	2,402,171		$	—
Mortgage-Backed Obligations		—			2,917,721			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		13,675,276			—			—
Asset-Backed Securities		—			2,758,004			—
Foreign Debt Obligations		540,806			2,941,691			—
Municipal Debt Obligations		—			684,025			—
Bank Loan Obligations		—			1,227,541			73,474
Commercial Paper		—			249,952			—
Options Purchased		—			148,534			—
Investment Company		6,330,066			—			—
Total	$	20,546,148		$	13,329,639		$	73,474

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	175,095		$	—
Credit Default Swaps		—			20,292			—
Interest Rate Swaps		—			79,258			—
Total	$	—		$	274,645		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(116,498	)	$	—
Futures Contracts		(21,661	)		—			—
Credit Default Swaps		—			(12,153	)		—
Interest Rate Swaps		—			(318,719	)		—
Total	$	(21,661	)	$	(447,370	)	$	—

STRATEGIC INTERNATIONAL EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stocks and/or Other Equity Investments^(b)
Asia	$	—		$	44,046,954		$	—
Australia and Oceania		—			8,343,646			—
Europe		—			116,949,946			—
North America		8,103,404			—			—
Total	$	8,103,404		$	169,340,546		$	—

U.S. EQUITY INSIGHTS

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	434,614,121		$	—		$	—
Securities Lending Reinvestment Vehicle		1,669,575			—			—
Total	$	436,283,696		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(11,420	)	$	—		$	—


(Registrant) Goldman Sachs Variable Insurance Trust

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date: May 29, 2015