Goldman Sachs Variable Insurance Trust


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 33.3%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$ 536,041

Banks – 9.4%
American Express Co.^(b)
	75,000		3.625		12/05/24	74,102
	250,000		6.800	^(a)	09/01/66	252,500
Bank of America Corp.
	100,000		5.700		01/24/22	114,123
	225,000		4.125		01/22/24	234,063
	275,000		4.000		04/01/24	283,806
Barclays Bank PLC
	275,000		2.500		02/20/19	279,696
BNP Paribas SA
	275,000		2.375		05/21/20	274,986
CBA Capital Trust II^(a)(b)(c)
	375,000		6.024		03/29/49	378,750
Compass Bank^(b)
	375,000		2.750		09/29/19	373,231
Credit Suisse New York
	325,000		2.300		05/28/19	326,978
Discover Financial Services^(b)
	225,000		3.750		03/04/25	217,010
ING Bank NV^(a)(b)
	325,000		4.125		11/21/23	332,653
Intesa Sanpaolo SpA
	350,000		2.375		01/13/17	351,001
	350,000		3.875		01/16/18	360,874
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	485,195
JPMorgan Chase & Co. Series Z^(a)(b)
	250,000		5.300		12/29/49	245,625
KBC Bank NV^(a)(b)
	200,000		8.000		01/25/23	219,300
KeyCorp
	400,000		2.900		09/15/20	403,240
LBG Capital No.1 PLC^(a)(b)(c)
	125,000		8.000		12/29/49	141,250
Lloyds Bank PLC
	175,000		2.300		11/27/18	176,859
Macquarie Bank Ltd.^(c)
	200,000		6.625		04/07/21	224,177
Mizuho Bank Ltd.^(c)
	200,000		2.550		03/17/17	202,913
Morgan Stanley
	800,000		3.700		10/23/24	808,592
Morgan Stanley Series F
	100,000		3.875		04/29/24	102,308
PNC Preferred Funding Trust II^(a)(b)(c)
	200,000		1.560		03/29/49	184,750
Regions Bank
	250,000		7.500		05/15/18	282,404
Resona Bank Ltd.^(a)(b)(c)
	650,000		5.850		09/29/49	661,985
Royal Bank of Scotland Group PLC
	400,000		5.125		05/28/24	403,459
Royal Bank of Scotland PLC^(a)(b)
	100,000		9.500		03/16/22	109,000
Santander Bank NA^(b)
	250,000		2.000		01/12/18	247,950
Santander Holdings USA, Inc.
	165,000		4.625		04/19/16	168,132


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander UK PLC^(c)
$	250,000		5.000	%	11/07/23	$ 259,885
The Bank of Tokyo-Mitsubishi UFJ Ltd.^(c)
	300,000		2.150		09/14/18	302,019

						9,482,816

Consumer Services – 0.1%
Marriott International, Inc.^(b)
	125,000		2.875		03/01/21	125,800

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	126,451
	175,000		3.500		07/10/19	176,810

						465,636

Diversified Manufacturing – 0.3%
Xylem, Inc.
	250,000		3.550		09/20/16	255,287

Electric – 1.0%
Florida Power & Light Co.^(b)
	193,000		4.125		02/01/42	194,008
Pacific Gas & Electric Co.^(b)
	100,000		3.500		06/15/25	101,125
Progress Energy, Inc.
	350,000		7.000		10/30/31	440,945
Puget Sound Energy, Inc. Series A^(a)(b)
	100,000		6.974		06/01/67	85,375
Southern California Edison Co.^(b)
	175,000		4.050		03/15/42	172,183

						993,636

Energy – 1.6%
Anadarko Petroleum Corp.
	160,000		3.450	^(b)	07/15/24	153,986
	125,000		6.450		09/15/36	138,305
Apache Corp.^(b)
	150,000		4.250		01/15/44	127,393
Canadian Natural Resources Ltd.^(b)
	125,000		3.450		11/15/21	120,139
ConocoPhillips Co.^(b)
	175,000		3.350		11/15/24	171,085
	100,000		4.150		11/15/34	94,535
Continental Resources, Inc.^(b)
	85,000		4.500		04/15/23	72,683
Devon Energy Corp.^(b)
	25,000		4.000		07/15/21	25,655
	75,000		5.600		07/15/41	71,727
	80,000		4.750		05/15/42	70,626
Dolphin Energy Ltd.^(c)
	63,036		5.888		06/15/19	67,527
Kinder Morgan, Inc.^(b)
	175,000		3.050		12/01/19	171,794
Marathon Oil Corp.^(b)
	175,000		2.700		06/01/20	165,213
Valero Energy Corp.
	150,000		3.650		03/15/25	144,067

						1,594,735

Food & Beverage^(c) – 0.9%
Kraft Heinz Foods Co.^(b)
	100,000		2.800		07/02/20	100,669
	175,000		3.950		07/15/25	178,990


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Beverage^(c) – (continued)
Pernod-Ricard SA
$	375,000		4.450	%	01/15/22	$ 393,908
Suntory Holdings Ltd.
	275,000		2.550		09/29/19	277,912

						951,479

Food & Staples Retailing – 0.6%
CVS Health Corp.^(b)
	125,000		2.800		07/20/20	126,961
	125,000		4.125		05/15/21	133,686
	225,000		3.500		07/20/22	232,326
	100,000		3.875		07/20/25	102,939

						595,912

Health Care Equipment & Services – 0.9%
Becton Dickinson and Co.
	200,000		2.675		12/15/19	202,217
Cigna Corp.^(b)
	150,000		3.250		04/15/25	144,497
Medtronic, Inc.
	75,000		2.500		03/15/20	75,870
	150,000		3.150		03/15/22	152,139
UnitedHealth Group, Inc.
	100,000		4.625		07/15/35	105,922
	200,000		4.750		07/15/45	211,144

						891,789

Healthcare – 0.1%
DENTSPLY International, Inc.
	125,000		2.750		08/15/16	126,596

Insurance – 0.2%
Teachers Insurance & Annuity Association of America^(c)
	180,000		4.900		09/15/44	185,165

Life Insurance – 1.2%
AIA Group Ltd.^(b)(c)
	275,000		3.200		03/11/25	263,338
American International Group, Inc.^(b)
	200,000		3.750		07/10/25	203,044
	75,000		4.500		07/16/44	73,200
Genworth Holdings, Inc.
	75,000		8.625		12/15/16	78,662
Prudential Financial, Inc.^(a)(b)
	125,000		5.375		05/15/45	124,375
Reliance Standard Life Global Funding II^(c)
	225,000		2.500		01/15/20	225,343
The Northwestern Mutual Life Insurance Co.^(c)
	200,000		6.063		03/30/40	243,541

						1,211,503

Materials – 0.3%
Ecolab, Inc.
	100,000		5.500		12/08/41	111,457
Monsanto Co.^(b)
	200,000		4.400		07/15/44	174,041

						285,498

Media – 1.1%
21st Century Fox America, Inc.^(b)
	75,000		3.700		09/15/24	74,955
CCO Safari II LLC^(b)(c)
	200,000		4.908		07/23/25	199,038
Comcast Corp.^(b)
	350,000		3.375		08/15/25	352,485


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
DIRECTV Holdings LLC
$	250,000		3.800	%	03/15/22	$ 250,564
	50,000		4.450	^(b)	04/01/24	51,251
	50,000		3.950	^(b)	01/15/25	48,969
Time Warner Cable, Inc.
	75,000		5.000		02/01/20	80,338
	25,000		7.300		07/01/38	26,490
	25,000		5.875	^(b)	11/15/40	23,425

						1,107,515

Metals and Mining^(c) – 0.7%
Glencore Finance Canada Ltd.
	500,000		2.700		10/25/17	449,750
Glencore Funding LLC
	125,000		1.700		05/27/16	118,750
	175,000		2.500		01/15/19	149,188

						717,688

Noncaptive-Financial – 0.7%
General Electric Capital Corp.
	125,000		6.150		08/07/37	162,134
International Lease Finance Corp.
	375,000		5.750		05/15/16	381,562
	150,000		7.125	^(c)	09/01/18	164,805

						708,501

Pharmaceuticals, Biotechnology & Life Sciences – 1.9%
AbbVie, Inc.^(b)
	275,000		2.500		05/14/20	273,500
Actavis Funding SCS
	225,000		2.350		03/12/18	225,794
	50,000		3.450	^(b)	03/15/22	49,327
	125,000		4.850	^(b)	06/15/44	114,139
Bayer US Finance LLC^(c)
	400,000		3.000		10/08/21	406,276
EMD Finance LLC^(b)(c)
	375,000		2.950		03/19/22	370,537
Forest Laboratories, Inc.^(c)
	325,000		4.375		02/01/19	343,986
	100,000		5.000	^(b)	12/15/21	108,478

						1,892,037

Pipelines – 1.5%
Columbia Pipeline Group, Inc.^(b)(c)
	100,000		3.300		06/01/20	100,319
Enbridge, Inc.^(b)
	50,000		3.500		06/10/24	44,415
EnLink Midstream Partners LP^(b)
	175,000		4.150		06/01/25	160,412
Enterprise Products Operating LLC^(b)
	25,000		3.350		03/15/23	23,899
Enterprise Products Operating LLC Series A^(a)(b)
	450,000		8.375		08/01/66	442,687
Sunoco Logistics Partners Operations LP^(b)
	50,000		4.250		04/01/24	45,232
Tennessee Gas Pipeline Co. LLC
	50,000		8.375		06/15/32	52,165
TransCanada Pipelines Ltd.^(a)(b)
	325,000		6.350		05/15/67	273,000
Western Gas Partners LP^(b)
	100,000		3.950		06/01/25	93,271
Williams Companies, Inc.^(b)
	50,000		4.550		06/24/24	39,501


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Williams Partners LP^(b)
$	250,000		3.900	%	01/15/25	$ 214,132

						1,489,033

Property/Casualty Insurance – 0.1%
Chubb Corp.^(a)(b)
	125,000		6.375		03/29/67	123,750

Real Estate Development – 0.3%
MDC Holdings, Inc.^(b)
	150,000		5.500		01/15/24	154,308
	125,000		6.000		01/15/43	101,099

						255,407

Real Estate Investment Trusts – 3.3%
American Campus Communities Operating Partnership LP^(b)
	275,000		4.125		07/01/24	276,292
Brixmor Operating Partnership LP^(b)
	75,000		3.850		02/01/25	72,648
Camden Property Trust
	325,000		5.700		05/15/17	346,018
DDR Corp.
	375,000		7.500		04/01/17	405,639
	225,000		7.875		09/01/20	274,259
HCP, Inc.
	275,000		6.000		01/30/17	290,309
	125,000		2.625	^(b)	02/01/20	124,233
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	392,560
Healthcare Trust of America Holdings LP^(b)
	100,000		3.375		07/15/21	99,480
Kilroy Realty LP
	275,000		5.000		11/03/15	275,822
Select Income REIT^(b)
	50,000		2.850		02/01/18	50,250
	75,000		3.600		02/01/20	76,402
Senior Housing Properties Trust^(b)
	125,000		3.250		05/01/19	125,688
Ventas Realty LP^(b)
	125,000		3.500		02/01/25	120,072
Welltower, Inc.
	375,000		2.250		03/15/18	376,598

						3,306,270

Software & Services – 0.2%
Fiserv, Inc.^(b)
	150,000		2.700		06/01/20	151,122

Technology – 0.9%
Amphenol Corp.^(b)
	125,000		3.125		09/15/21	125,328
Hewlett-Packard Co.
	250,000		3.000		09/15/16	254,342
	150,000		2.600		09/15/17	154,498
	150,000		2.750		01/14/19	152,237
Intel Corp.^(b)
	200,000		3.700		07/29/25	205,197
QUALCOMM, Inc.
	50,000		3.000		05/20/22	49,045

						940,647

Tobacco – 1.7%
BAT International Finance PLC^(c)
	400,000		3.950		06/15/25	416,037
Imperial Tobacco Finance PLC^(c)
	400,000		2.050		02/11/18	399,802


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Tobacco – (continued)
Reynolds American, Inc.^(b)
$	875,000		4.450	%	06/12/25	$ 915,654

						1,731,493

Transportation^(c) – 0.5%
ERAC USA Finance LLC
	350,000		2.350		10/15/19	350,048
Penske Truck Leasing Co. LP / PTL Finance Corp.^(b)
	200,000		3.375		02/01/22	195,469

						545,517

Wireless Telecommunications – 2.5%
American Tower Corp.
	125,000		4.700		03/15/22	130,587
Verizon Communications, Inc.
	607,000		2.625		02/21/20	609,980
	850,000		4.500		09/15/20	919,453
	800,000		5.150		09/15/23	882,774

						2,542,794

Wirelines Telecommunications – 0.3%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	179,224
	100,000		5.462		02/16/21	111,735

						290,959

TOTAL CORPORATE OBLIGATIONS (Cost $33,373,815)						$ 33,504,626


Mortgage-Backed Obligations – 39.2%
Adjustable Rate Non-Agency^(a)(b) – 0.6%
Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	175,046		1.699	%	09/25/35	$ 157,051
Lehman XS Trust Series 2005-7N, Class 1A1A
	258,542		0.464		12/25/35	219,462
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	319,060		1.049		12/25/46	258,215

						634,728

Collateralized Mortgage Obligations – 7.1%
Agency Multi-Family – 5.3%
FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2^(a)
$	300,000		3.300	%	04/25/23	$ 318,657
FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2^(a)
	300,000		3.034		10/25/20	315,554
FNMA
	363,576		2.800		03/01/18	376,098
	1,030,723		3.740		05/01/18	1,091,540
	320,000		3.840		05/01/18	340,056
	800,000		4.506		06/01/19	861,087
	177,734		3.414		10/01/20	190,675
	171,138		3.619		12/01/20	185,491
	895,280		3.766		12/01/20	968,795
	368,331		4.380		06/01/21	408,887
FNMA ACES Series 2012-M8, Class A2
	100,000		2.349		05/25/22	100,921


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Agency Multi-Family – (continued)
FNMA ACES Series 2012-M8, Class ASQ2
$	78,479		1.520	%	12/25/19	$ 79,215
GNMA
	127,425		3.950		07/15/25	138,980

						5,375,956

Regular Floater^(a) – 1.3%
Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	339,997		0.383		09/20/66	361,381
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
$	71,289		0.565		09/20/66	66,815
Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	191,917		0.263		09/20/66	203,022
Connecticut Avenue Securities Series 2014-C03, Class 1M1^(b)
$	41,272		1.394		07/25/24	41,142
Connecticut Avenue Securities Series 2015-C01, Class 2M1^(b)
	12,679		1.694		02/25/25	12,684
Eurosail PRIME-UK 2007-A PLC Series 2007-PR1X, Class A1^(b)
GBP	76,162		0.989		09/13/45	107,538
Granite Master Issuer PLC Series 2003-3, Class 3A
	12,488		0.964		01/20/44	18,875
Leek Finance Number Eighteen PLC Series 18X, Class A2B^(b)
$	175,620		0.605		09/21/38	181,337
Leek Finance Number Eighteen PLC Series 18X, Class A2C^(b)
EUR	43,905		0.223		09/21/38	50,760
Leek Finance Number Seventeen PLC Series 17X, Class A2C^(b)
	28,552		0.243		12/21/37	33,670
Quadrivio Finance SRL Series 2011-1, Class A1^(b)
	116,666		0.481		07/25/60	129,455
Thrones 2013-1 PLC Series 2013-1, Class A^(b)
GBP	70,265		2.084		07/20/44	105,923

						1,312,602

Sequential Fixed Rate – 0.5%
FNMA REMIC Series 2012-111, Class B
$	33,623		7.000		10/25/42	38,437
FNMA REMIC Series 2012-153, Class B
	83,177		7.000		07/25/42	97,545
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	317,521

						453,503

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 7,142,061

Commercial Mortgage-Backed Securities – 2.7%
Sequential Fixed Rate – 2.7%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A
$	315,055		5.774	%	02/10/51	$ 334,660
FREMF Mortgage Trust Series 2014-K40, Class C^(c)(d)
	100,000		4.208		11/25/47	96,162
FREMF Mortgage Trust Series 2014-K41, Class B^(c)
	100,000		3.961		11/25/47	97,556
GS Mortgage Securities Trust Series 2007-GG10, Class A1A^(d)
	602,584		5.988		08/10/45	641,107
GS Mortgage Securities Trust Series 2007-GG10, Class A4^(d)
	269,080		5.988		08/10/45	282,763


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15, Class A1A
$	456,309		5.811	%	06/12/43	$ 464,458
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class A1A^(d)
	262,125		5.883		02/12/49	276,932
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A
	492,553		5.608		05/15/46	511,056

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 2,704,694

Federal Agencies – 28.8%
Adjustable Rate FHLMC^(a) – 0.8%
$	797,982		2.458	%	09/01/35	$ 853,006

Adjustable Rate FNMA^(a) – 1.3%
	291,063		2.103		05/01/33	304,060
	517,935		2.458		05/01/35	552,760
	384,025		2.706		09/01/35	410,763

						1,267,583

FHLMC – 2.9%
	70,623		5.500		02/01/18	73,728
	7,356		5.500		04/01/18	7,655
	3,055		4.500		09/01/18	3,163
	9,614		5.500		09/01/18	10,096
	329		9.500		08/01/19	332
	28		9.500		08/01/20	30
	52,044		6.500		10/01/20	59,516
	11,251		4.500		07/01/24	12,057
	60,154		4.500		11/01/24	64,621
	12,227		4.500		12/01/24	13,119
	14,755		6.000		03/01/29	16,634
	164		6.000		04/01/29	185
	15,712		7.500		12/01/29	19,236
	143,060		7.000		05/01/32	169,181
	232		6.000		08/01/32	264
	85,540		7.000		12/01/32	101,260
	5,418		5.000		10/01/33	5,964
	7,858		5.000		07/01/35	8,646
	10,278		5.000		12/01/35	11,403
	84,233		5.500		01/01/37	93,520
	2,626		5.000		03/01/38	2,876
	157,050		7.000		02/01/39	184,229
	5,809		5.000		06/01/41	6,389
	1,918,453		3.500		04/01/43	2,002,235

						2,866,339

FNMA – 9.4%
	1,517		6.000		04/01/16	1,524
	3,152		6.500		05/01/16	3,185
	7,023		6.500		09/01/16	7,140
	9,381		6.500		11/01/16	9,551
	858		7.500		04/01/17	875
	79,735		5.500		02/01/18	83,210
	85,897		5.000		05/01/18	89,501
	8,009		6.500		08/01/18	9,159
	49,005		7.000		08/01/18	51,483
	1,238		5.000		06/01/23	1,313
	42,465		5.000		08/01/23	46,775
	121,705		5.500		09/01/23	132,988


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	33,987		5.500	%		10/01/23		$ 37,277
	2,448		6.000			12/01/23		2,757
	8,564		4.500			07/01/24		9,189
	145,068		4.500			11/01/24		155,847
	60,219		4.500			12/01/24		64,690
	69		7.000			07/01/25		80
	175		7.000			11/01/25		182
	15,539		9.000			11/01/25		18,481
	50,281		7.000			08/01/26		58,042
	696		7.000			08/01/27		815
	5,452		7.000			09/01/27		6,002
	169		7.000			01/01/28		197
	3,357		6.000			01/01/29		3,784
	92,092		6.000			02/01/29		104,841
	84,301		6.000			06/01/29		96,017
	28,176		8.000			10/01/29		33,368
	7,516		7.000			12/01/29		8,580
	40,702		5.000			01/01/30		44,821
	1,365		8.500			04/01/30		1,700
	2,541		8.000			05/01/30		2,944
	291		8.500			06/01/30		327
	8,724		7.000			05/01/32		10,580
	67,626		7.000			06/01/32		79,940
	82,929		7.000			08/01/32		98,198
	20,003		8.000			08/01/32		24,440
	4,044		5.000			08/01/33		4,473
	1,033		5.500			09/01/33		1,160
	1,407		5.500			02/01/34		1,581
	245		5.500			04/01/34		277
	8,873		5.500			12/01/34		10,010
	37,737		5.000			04/01/35		42,079
	69,520		6.000			04/01/35		79,467
	1,654		5.500			09/01/35		1,869
	145,909		6.000			10/01/35		165,069
	356,100		6.000			09/01/36		402,861
	113		5.500			02/01/37		127
	205		5.500			04/01/37		230
	63		5.500			05/01/37		71
	236,796		5.500			08/01/37		265,169
	305		5.500			03/01/38		343
	226		5.500			06/01/38		254
	252		5.500			07/01/38		284
	285		5.500			08/01/38		320
	255		5.500			09/01/38		288
	2,956		5.500			10/01/38		3,328
	84		5.500			12/01/38		94
	160,073		5.000			01/01/39		179,238
	104,059		7.000			03/01/39		118,825
	359,613		6.000			05/01/39		408,746
	23,970		4.500			08/01/39		26,436
	192,037		3.000			08/01/42		195,989
	168,646		3.000			09/01/42		172,177
	58,312		3.000			11/01/42		59,543
	921,569		3.000			12/01/42		940,912
	706,015		3.000			01/01/43		720,999
	192,251		3.000			02/01/43		196,367
	326,366		3.000			03/01/43		333,353
	390,463		3.000			04/01/43		398,821
	275,692		3.000			05/01/43		281,594
	1,000,000		3.500			09/01/45		1,043,962
	2,000,000		3.500			TBA-30yr	^(e)	2,085,937

								9,442,056


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – 14.4%
$	2,460		7.000	%		10/15/25		$ 2,523
	10,254		7.000			11/15/25		11,346
	1,435		7.000			02/15/26		1,490
	7,057		7.000			04/15/26		8,028
	3,542		7.000			03/15/27		4,161
	62,820		7.000			11/15/27		73,005
	1,895		7.000			01/15/28		2,212
	21,650		7.000			02/15/28		23,922
	3,449		7.000			03/15/28		3,958
	1,116		7.000			04/15/28		1,317
	368		7.000			05/15/28		428
	5,510		7.000			06/15/28		6,463
	11,556		7.000			07/15/28		13,534
	14,727		7.000			09/15/28		17,417
	2,482		7.000			11/15/28		2,932
	3,567		7.500			11/15/30		3,595
	215,178		6.000			08/20/34		242,662
	255,176		5.000			06/15/40		284,936
	3,991,819		3.500			08/20/45		4,188,603
	50,000		3.500			09/20/45		52,465
	9,000,000		4.000			TBA-30yr	^(e)	9,581,094

								14,526,091

TOTAL FEDERAL AGENCIES								$ 28,955,075

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $38,762,591)								$ 39,436,558


Agency Debentures – 4.0%
FHLB
$	600,000		3.000	%		09/10/21		$ 642,069
	600,000		2.125			06/09/23		594,730
	300,000		3.250			06/09/23		321,417
	100,000		3.375			12/08/23		108,144
FHLMC
	600,000		2.375			01/13/22		618,377
FNMA
	400,000		6.250			05/15/29		556,582
Tennessee Valley Authority
	500,000		3.875			02/15/21		553,897
	500,000		5.375			04/01/56		629,414

TOTAL AGENCY DEBENTURES (Cost $3,790,171)								$ 4,024,630


Asset-Backed Securities – 7.9%
Collateralized Loan Obligations^(a) – 4.8%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(c)
$	401,207		0.950	%		11/01/18		$ 398,318
Acis CLO Ltd. Series 2013-1A, Class ACOM^(c)
	1,500,000		1.514			04/18/24		1,443,150
Acis CLO Ltd. Series 2013-2A, Class A^(c)
	122,937		0.786			10/14/22		121,424
Acis CLO Ltd. Series 2013-2A, Class ACOM^(c)
	819,602		1.143			10/14/22		804,439
Black Diamond CLO Ltd. Series 2006-1A, Class AD^(c)
	199,498		0.544			04/29/19		194,000
Ocean Trails CLO I Series 2006-1X, Class A1
	845,027		0.536			10/12/20		833,438
OFSI Fund V Ltd. Series 2013-5A^(c)
	950,000		0.000			04/17/25		925,110


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(a) – (continued)
Red River CLO Ltd. Series 1A, Class A^(c)
$	157,300		0.570	%	07/27/18	$ 156,541

						4,876,420

Home Equity^(a) – 2.2%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1^(b)
	59,972		7.000		09/25/37	59,469
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1^(b)
	105,597		6.712		09/25/37	106,622
Sound Point CLO VI Ltd. Series 2014-2A, Class ACOM^(c)
	900,000		1.737		10/20/26	882,270
Sound Point CLO VIII Ltd. Series 2015-1A, Class A^(c)
	900,000		1.819		04/15/27	890,959
Sound Point CLO VIII Ltd. Series 2015-1A, Class B^(c)
	250,000		2.339		04/15/27	240,407

						2,179,727

Student Loans^(a) – 0.9%
Access Group, Inc. Series 2005-2, Class A3^(b)
	294,465		0.512		11/22/24	291,847
Chase Education Loan Trust Series 2007-A, Class A3
	91,309		0.396		12/28/23	89,268
Northstar Education Finance, Inc. Series 2004-2, Class A3
	86,956		0.464		07/30/18	86,319
Scholar Funding Trust 2010-A Series 2010-A, Class A^(c)
	197,853		1.044		10/28/41	191,795
SLM Student Loan Trust Series 2005-3, Class A5
	277,348		0.385		10/25/24	270,443

						929,672

TOTAL ASSET-BACKED SECURITIES (Cost $7,979,001)						$ 7,985,819


Foreign Debt Obligations – 3.7%
Sovereign – 2.4%
Colombia Government International Bond^(b)
$	640,000		4.000	%	02/26/24	$ 620,160
Italy Buoni Poliennali Del Tesoro
EUR	231,897		2.602		09/15/19	282,727
	170,000		3.750		05/01/21	218,252
	80,000		5.500		11/01/22	114,261
Mexico Government International Bond
$	470,000		3.600		01/30/25	461,070
	160,000		4.750		03/08/44	146,000
	200,000		4.600		01/23/46	178,000
	10,000		5.750		10/12/10	9,350
Peruvian Government International Bond
	110,000		6.550		03/14/37	127,600
Spain Government Bond^(c)
EUR	170,000		5.500		04/30/21	235,294

						2,392,714

Supranational – 1.3%
Inter-American Development Bank
$	200,000		1.000		02/27/18	198,829


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Supranational – (continued)
International Finance Corp.
$	1,100,000		0.875	%	06/15/18	$ 1,097,718

						1,296,547

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $3,795,283)						$ 3,689,261


Municipal Debt Obligations – 1.4%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$ 167,812
	105,000		7.625		03/01/40	150,663

						318,475

Illinois – 0.3%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	269,312

New York – 0.5%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	542,422

Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	298,015

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $1,224,935)						$ 1,428,224


Government Guarantee Obligations – 2.9%
Hashemite Kingdom of Jordan Government AID Bond^(f)
$	700,000		2.503	%	10/30/20	$ 728,844
Israel Government AID Bond^(f)
	400,000		5.500		09/18/23	492,756
	200,000		5.500		12/04/23	247,014
	100,000		5.500		04/26/24	123,531
KFW^(f)
	1,000,000		1.125		08/06/18	1,001,999
Kommunalbanken AS^(c)(g)
	300,000		1.000		09/26/17	300,534

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS (Cost $2,862,483)						$ 2,894,678


Commercial Paper – 0.8%
Barclays Bank PLC^(a)(b)(c)
$	750,000		0.889	%	04/13/16	$ 749,912
(Cost $750,000)


U.S. Treasury Obligations – 16.8%
United States Treasury Bonds
$	4,100,000		3.625	%^(h)	08/15/43	$ 4,721,069
	1,450,000		3.750		11/15/43	1,707,462
	700,000		3.625		02/15/44	805,070
	1,300,000		3.375		05/15/44	1,426,945
	1,000,000		3.000		11/15/44	1,021,380
	900,000		3.000		05/15/45	921,087
	500,000		2.875		08/15/45	499,690


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Inflation-Protected Securities
$	324,360		0.125	%	04/15/16	$ 321,217
	460,596		2.625		07/15/17	482,691
	316,329		0.125		01/15/22	308,867
	256,378		0.375		07/15/23	252,332
	726,195		0.625		01/15/24	723,697
	150,764		0.125		07/15/24	144,072
	125,796		0.375		07/15/25	122,651
	389,050		2.500		01/15/29	467,346
	399,364		1.375		02/15/44	406,229
United States Treasury Notes
	200,000		1.875		05/31/22	201,924
	100,000		2.125		06/30/22	102,612
	100,000		2.000		07/31/22	101,736
	700,000		1.750		09/30/22	699,727
United States Treasury Principal-Only STRIPS⁽ⁱ⁾
	1,900,000		0.000		11/15/27	1,443,430

TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,690,507)						$ 16,881,234

TOTAL INVESTMENTS – 110.0% (Cost $108,228,786)						$110,594,942

LIABILITIES IN EXCESS OF OTHER ASSETS – (10.0)%						(10,045,936)

NET ASSETS – 100.0%						$100,549,006



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 September 30, 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 $15,859,291, which represents approximately 15.8% of net assets as of September 30, 2015.

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

(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $11,667,031 which represents approximately 11.6% of net assets as of September 30, 2015.

(f)		Guaranteed by the United States Government. Total market value of these securities amounts to $2,594,144, which represents 2.6% of net assets as of September 30, 2015.

(g)		Guaranteed by a foreign government under maturity. Total market value of these securities amounts to $300,534, which represents 0.3% of net assets as of September 30, 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.



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
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 September 30, 2015, the Fund had the following forward foreign currency exchange contracts:

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

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

SWAP CONTRACTS — At September 30, 2015, the Fund had the following swap contracts:

TAX INFORMATION — At September 30, 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 – 99.5%
	Automobiles & Components – 1.0%
	2,145	BorgWarner, Inc.	$ 89,211
	2,745	Delphi Automotive PLC	208,730
	37,507	Ford Motor Co.	508,970
	13,873	General Motors Co.	416,467
	1,980	Harley-Davidson, Inc.	108,702
	6,298	Johnson Controls, Inc.	260,485
	2,525	The Goodyear Tire & Rubber Co.	74,058

			1,666,623

	Banks – 6.0%
	100,732	Bank of America Corp.	1,569,405
	7,100	BB&T Corp.	252,760
	28,969	Citigroup, Inc.	1,437,152
	1,762	Comerica, Inc.	72,418
	7,721	Fifth Third Bancorp	146,004
	4,493	Hudson City Bancorp, Inc.	45,694
	7,808	Huntington Bancshares, Inc.	82,765
	35,458	JPMorgan Chase & Co.	2,161,874
	8,309	KeyCorp	108,100
	1,277	M&T Bank Corp.	155,730
	2,938	People’s United Financial, Inc.	46,215
	13,107	Regions Financial Corp.	118,094
	5,012	SunTrust Banks, Inc.	191,659
	4,910	The PNC Financial Services Group, Inc.	437,972
	15,932	U.S. Bancorp	653,371
	44,791	Wells Fargo & Co.	2,300,018
	1,886	Zions Bancorporation	51,940

			9,831,171

	Capital Goods – 7.1%
	6,013	3M Co.	852,463
	908	Allegion PLC	52,355
	2,330	AMETEK, Inc.	121,906
	5,779	Caterpillar, Inc.	377,715
	1,616	Cummins, Inc.	175,465
	5,723	Danaher Corp.	487,657
	3,001	Deere & Co.	222,074
	1,512	Dover Corp.	86,456
	4,451	Eaton Corp. PLC	228,336
	6,325	Emerson Electric Co.	279,375
	2,645	Fastenal Co.	96,833
	1,290	Flowserve Corp.	53,071
	1,463	Fluor Corp.	61,958
	2,920	General Dynamics Corp.	402,814
	96,692	General Electric Co.	2,438,572
	7,500	Honeywell International, Inc.	710,175
	3,171	Illinois Tool Works, Inc.	261,005
	2,503	Ingersoll-Rand PLC	127,077
	1,267	Jacobs Engineering Group, Inc.*	47,424
	996	Joy Global, Inc.	14,870
	812	L-3 Communications Holdings, Inc.	84,870
	2,573	Lockheed Martin Corp.	533,409
	3,272	Masco Corp.	82,389
	1,804	Northrop Grumman Corp.	299,374
	3,413	PACCAR, Inc.	178,056
	1,327	Parker-Hannifin Corp.	129,117
	1,680	Pentair PLC	85,747
	1,317	Precision Castparts Corp.	302,528



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,991	Quanta Services, Inc.*	$ 48,202
	2,914	Raytheon Co.	318,384
	1,297	Rockwell Automation, Inc.	131,607
	1,259	Rockwell Collins, Inc.	103,037
	963	Roper Technologies, Inc.	150,902
	560	Snap-on, Inc.	84,526
	1,486	Stanley Black & Decker, Inc.	144,112
	2,736	Textron, Inc.	102,983
	6,117	The Boeing Co.	801,021
	933	United Rentals, Inc.*	56,027
	7,943	United Technologies Corp.	706,848
	580	W.W. Grainger, Inc.	124,706
	1,690	Xylem, Inc.	55,517

			11,620,963

	Commercial & Professional Services – 0.7%
	885	Cintas Corp.	75,889
	1,172	Equifax, Inc.	113,895
	3,512	Nielsen Holdings PLC	156,179
	1,965	Pitney Bowes, Inc.	39,005
	2,270	Republic Services, Inc.	93,524
	1,283	Robert Half International, Inc.	65,638
	834	Stericycle, Inc.*	116,184
	1,707	The ADT Corp.	51,039
	341	The Dun & Bradstreet Corp.	35,805
	4,117	Tyco International PLC	137,755
	4,080	Waste Management, Inc.	203,225

			1,088,138

	Consumer Durables & Apparel – 1.5%
	2,614	Coach, Inc.	75,623
	3,199	D.R. Horton, Inc.	93,923
	439	Fossil Group, Inc.*	24,531
	1,234	Garmin Ltd.	44,276
	3,879	Hanesbrands, Inc.	112,258
	676	Harman International Industries, Inc.	64,889
	1,067	Hasbro, Inc.	76,973
	1,351	Leggett & Platt, Inc.	55,729
	1,714	Lennar Corp. Class A	82,495
	3,224	Mattel, Inc.	67,897
	1,952	Michael Kors Holdings Ltd.*	82,453
	585	Mohawk Industries, Inc.*	106,347
	2,545	Newell Rubbermaid, Inc.	101,062
	6,525	NIKE, Inc. Class B	802,379
	3,126	PulteGroup, Inc.	58,988
	784	PVH Corp.	79,921
	603	Ralph Lauren Corp.	71,251
	1,605	Under Armour, Inc. Class A*	155,332
	3,283	VF Corp.	223,933
	746	Whirlpool Corp.	109,856

			2,490,116

	Consumer Services – 1.9%
	4,379	Carnival Corp.	217,636
	301	Chipotle Mexican Grill, Inc.*	216,795
	1,097	Darden Restaurants, Inc.	75,188
	2,650	H&R Block, Inc.	95,930
	1,973	Marriott International, Inc. Class A	134,559
	9,065	McDonald’s Corp.	893,175
	1,601	Royal Caribbean Cruises Ltd.	142,633



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	14,213	Starbucks Corp.	$ 807,867
	1,617	Starwood Hotels & Resorts Worldwide, Inc.	107,498
	1,154	Wyndham Worldwide Corp.	82,973
	807	Wynn Resorts Ltd.	42,868
	4,179	Yum! Brands, Inc.	334,111

			3,151,233

	Diversified Financials – 5.0%
	537	Affiliated Managers Group, Inc.*	91,822
	8,192	American Express Co.	607,273
	1,695	Ameriprise Financial, Inc.	184,975
	17,963	Berkshire Hathaway, Inc. Class B*	2,342,375
	1,219	BlackRock, Inc.	362,616
	5,228	Capital One Financial Corp.	379,135
	3,251	CME Group, Inc.	301,498
	4,190	Discover Financial Services	217,838
	2,843	ETRADE Financial Corp.	74,856
	3,743	Franklin Resources, Inc.	139,464
	1,065	Intercontinental Exchange, Inc.	250,264
	4,159	Invesco Ltd.	129,886
	979	Legg Mason, Inc.	40,736
	2,947	Leucadia National Corp.	59,706
	2,619	McGraw Hill Financial, Inc.	226,543
	1,713	Moody’s Corp.	168,217
	14,737	Morgan Stanley	464,216
	1,091	Nasdaq, Inc.	58,183
	3,681	Navient Corp.	41,374
	2,072	Northern Trust Corp.	141,228
	3,955	State Street Corp.	265,816
	2,466	T. Rowe Price Group, Inc.	171,387
	10,710	The Bank of New York Mellon Corp.	419,296
	11,091	The Charles Schwab Corp.	316,759
	3,855	The Goldman Sachs Group, Inc.^(a)	669,845

			8,125,308

	Energy – 6.9%
	4,860	Anadarko Petroleum Corp.	293,495
	3,681	Apache Corp.	144,148
	4,226	Baker Hughes, Inc.	219,921
	3,946	Cabot Oil & Gas Corp.	86,260
	1,856	Cameron International Corp.*	113,810
	5,166	Chesapeake Energy Corp.	37,867
	18,094	Chevron Corp.	1,427,255
	867	Cimarex Energy Co.	88,850
	3,150	Columbia Pipeline Group, Inc.	57,613
	11,860	ConocoPhillips	568,806
	2,339	CONSOL Energy, Inc.	22,922
	3,650	Devon Energy Corp.	135,378
	746	Diamond Offshore Drilling, Inc.	12,906
	2,294	Ensco PLC Class A	32,300
	5,271	EOG Resources, Inc.	383,729
	1,437	EQT Corp.	93,074
	39,985	Exxon Mobil Corp.	2,972,885
	2,257	FMC Technologies, Inc.*	69,967
	8,220	Halliburton Co.	290,577
	1,076	Helmerich & Payne, Inc.	50,852



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	2,310	Hess Corp.	$ 115,639
	17,299	Kinder Morgan, Inc.	478,836
	6,535	Marathon Oil Corp.	100,639
	5,226	Marathon Petroleum Corp.	242,121
	1,708	Murphy Oil Corp.	41,334
	3,797	National Oilwell Varco, Inc.	142,957
	1,404	Newfield Exploration Co.*	46,192
	3,761	Noble Energy, Inc.	113,507
	7,360	Occidental Petroleum Corp.	486,864
	2,070	ONEOK, Inc.	66,654
	4,609	Phillips 66	354,156
	1,455	Pioneer Natural Resources Co.	176,986
	1,645	Range Resources Corp.	52,837
	12,164	Schlumberger Ltd.	838,951
	3,798	Southwestern Energy Co.*	48,197
	6,383	Spectra Energy Corp.	167,681
	1,202	Tesoro Corp.	116,882
	6,446	The Williams Companies, Inc.	237,535
	3,110	Transocean Ltd.	40,181
	4,785	Valero Energy Corp.	287,578

			11,258,342

	Food & Staples Retailing – 2.4%
	4,241	Costco Wholesale Corp.	613,121
	10,727	CVS Health Corp.	1,034,941
	5,325	Sysco Corp.	207,515
	9,276	The Kroger Co.	334,585
	8,355	Walgreens Boots Alliance, Inc.	694,301
	15,172	Wal-Mart Stores, Inc.	983,753
	3,463	Whole Foods Market, Inc.	109,604

			3,977,820

	Food, Beverage & Tobacco – 5.5%
	18,783	Altria Group, Inc.	1,021,795
	5,916	Archer-Daniels-Midland Co.	245,218
	1,021	Brown-Forman Corp. Class B	98,935
	1,729	Campbell Soup Co.	87,626
	2,015	Coca-Cola Enterprises, Inc.	97,425
	4,098	ConAgra Foods, Inc.	166,010
	1,627	Constellation Brands, Inc. Class A	203,717
	1,824	Dr. Pepper Snapple Group, Inc.	144,187
	5,773	General Mills, Inc.	324,039
	1,261	Hormel Foods Corp.	79,834
	2,370	Kellogg Co.	157,724
	1,139	Keurig Green Mountain, Inc.	59,387
	1,116	McCormick & Co., Inc.	91,713
	1,964	Mead Johnson Nutrition Co.	138,266
	1,567	Molson Coors Brewing Co. Class B	130,092
	15,422	Mondelez International, Inc. Class A	645,719
	1,431	Monster Beverage Corp.*	193,385
	14,078	PepsiCo, Inc.	1,327,555
	14,901	Philip Morris International, Inc.	1,182,096
	7,972	Reynolds American, Inc.	352,920
	37,524	The Coca-Cola Co.	1,505,463
	1,393	The Hershey Co.	127,989
	909	The J.M. Smucker Co.	103,708
	5,689	The Kraft Heinz Co.	401,530



Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	2,845	Tyson Foods, Inc. Class A	$ 122,620

			9,008,953

	Health Care Equipment & Services – 5.0%
	14,295	Abbott Laboratories	574,945
	3,359	Aetna, Inc.	367,508
	1,992	AmerisourceBergen Corp.	189,220
	2,539	Anthem, Inc.	355,460
	5,172	Baxter International, Inc.	169,900
	2,015	Becton, Dickinson and Co.	267,310
	13,000	Boston Scientific Corp.*	213,330
	703	C. R. Bard, Inc.	130,976
	3,121	Cardinal Health, Inc.	239,755
	2,957	Cerner Corp.*	177,302
	2,489	Cigna Corp.	336,065
	1,629	DaVita HealthCare Partners, Inc.*	117,826
	1,387	DENTSPLY International, Inc.	70,141
	1,052	Edwards Lifesciences Corp.*	149,563
	6,476	Express Scripts Holding Co.*	524,297
	3,077	HCA Holdings, Inc.*	238,037
	806	Henry Schein, Inc.*	106,972
	1,437	Humana, Inc.	257,223
	358	Intuitive Surgical, Inc.*	164,530
	974	Laboratory Corp. of America Holdings*	105,650
	2,219	McKesson Corp.	410,582
	13,546	Medtronic PLC	906,769
	779	Patterson Companies, Inc.	33,692
	1,352	Quest Diagnostics, Inc.	83,107
	2,700	St. Jude Medical, Inc.	170,343
	3,044	Stryker Corp.	286,440
	934	Tenet Healthcare Corp.*	34,483
	9,154	UnitedHealth Group, Inc.	1,061,955
	882	Universal Health Services, Inc. Class B	110,082
	928	Varian Medical Systems, Inc.*	68,468
	1,655	Zimmer Biomet Holdings, Inc.	155,454

			8,077,385

	Household & Personal Products – 1.9%
	8,664	Colgate-Palmolive Co.	549,818
	3,511	Kimberly-Clark Corp.	382,839
	1,238	The Clorox Co.	143,026
	2,117	The Estee Lauder Companies, Inc. Class A	170,800
	26,026	The Procter & Gamble Co.	1,872,310

			3,118,793

	Insurance – 2.8%
	3,146	ACE Ltd.	325,296
	4,181	Aflac, Inc.	243,042
	12,453	American International Group, Inc.	707,579
	2,734	Aon PLC	242,260
	623	Assurant, Inc.	49,223
	1,394	Cincinnati Financial Corp.	74,997
	4,646	Genworth Financial, Inc. Class A*	21,464
	2,484	Lincoln National Corp.	117,891
	2,831	Loews Corp.	102,312



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	5,168	Marsh & McLennan Companies, Inc.	$ 269,873
	10,765	MetLife, Inc.	507,570
	2,611	Principal Financial Group, Inc.	123,605
	4,381	Prudential Financial, Inc.	333,876
	3,886	The Allstate Corp.	226,321
	2,164	The Chubb Corp.	265,415
	4,042	The Hartford Financial Services Group, Inc.	185,043
	5,639	The Progressive Corp.	172,779
	2,970	The Travelers Companies, Inc.	295,604
	1,088	Torchmark Corp.	61,363
	2,426	Unum Group	77,826
	2,856	XL Group PLC	103,730

			4,507,069

	Materials – 2.8%
	1,856	Air Products & Chemicals, Inc.	236,789
	668	Airgas, Inc.	59,673
	11,842	Alcoa, Inc.	114,394
	832	Avery Dennison Corp.	47,066
	1,339	Ball Corp.	83,286
	2,254	CF Industries Holdings, Inc.	101,205
	8,645	E.I. du Pont de Nemours & Co.	416,689
	1,443	Eastman Chemical Co.	93,391
	2,574	Ecolab, Inc.	282,419
	1,278	FMC Corp.	43,337
	10,104	Freeport-McMoRan, Inc.	97,908
	766	International Flavors & Fragrances, Inc.	79,097
	3,967	International Paper Co.	149,913
	3,587	LyondellBasell Industries NV Class A	299,012
	611	Martin Marietta Materials, Inc.	92,842
	4,503	Monsanto Co.	384,286
	5,034	Newmont Mining Corp.	80,896
	3,043	Nucor Corp.	114,265
	1,570	Owens-Illinois, Inc.*	32,530
	2,586	PPG Industries, Inc.	226,766
	2,776	Praxair, Inc.	282,763
	2,045	Sealed Air Corp.	95,870
	1,147	Sigma-Aldrich Corp.	159,341
	11,146	The Dow Chemical Co.	472,590
	3,030	The Mosaic Co.	94,263
	758	The Sherwin-Williams Co.	168,867
	1,285	Vulcan Materials Co.	114,622
	2,484	WestRock Co.	127,777

			4,551,857

	Media – 3.2%
	2,057	Cablevision Systems Corp. Class A	66,791
	4,359	CBS Corp. Class B	173,924
	24,183	Comcast Corp. Class A	1,375,529
	1,393	Discovery Communications, Inc. Class A*	36,260
	2,499	Discovery Communications, Inc. Class C*	60,701
	4,782	News Corp. Class A	60,349
	2,331	Omnicom Group, Inc.	153,613
	918	Scripps Networks Interactive, Inc. Class A	45,156



Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	2,271	TEGNA, Inc.	$ 50,848
	3,864	The Interpublic Group of Companies, Inc.	73,918
	14,884	The Walt Disney Co.	1,521,145
	2,711	Time Warner Cable, Inc.	486,272
	7,802	Time Warner, Inc.	536,387
	16,169	Twenty-First Century Fox, Inc. Class A	436,240
	900	Twenty-First Century Fox, Inc. Class B	24,363
	3,344	Viacom, Inc. Class B	144,293

			5,245,789

	Pharmaceuticals, Biotechnology & Life Sciences – 9.7%
	15,932	AbbVie, Inc.	866,860
	3,186	Agilent Technologies, Inc.	109,375
	2,136	Alexion Pharmaceuticals, Inc.*	334,049
	3,775	Allergan PLC*	1,026,083
	7,264	Amgen, Inc.	1,004,757
	5,156	Baxalta, Inc.	162,466
	2,259	Biogen, Inc.*	659,199
	15,971	Bristol-Myers Squibb Co.	945,483
	7,572	Celgene Corp.*	819,063
	9,351	Eli Lilly & Co.	782,585
	1,928	Endo International PLC*	133,572
	14,067	Gilead Sciences, Inc.	1,381,239
	26,612	Johnson & Johnson	2,484,230
	1,149	Mallinckrodt PLC*	73,467
	26,994	Merck & Co., Inc.	1,333,234
	3,967	Mylan NV*	159,711
	1,091	PerkinElmer, Inc.	50,142
	1,378	Perrigo Co. PLC	216,718
	59,204	Pfizer, Inc.	1,859,598
	724	Regeneron Pharmaceuticals, Inc.*	336,761
	3,827	Thermo Fisher Scientific, Inc.	467,966
	2,327	Vertex Pharmaceuticals, Inc.*	242,334
	781	Waters Corp.*	92,322
	4,418	Zoetis, Inc.	181,933

			15,723,147

	Real Estate – 2.7%
	4,063	American Tower Corp. (REIT)	357,463
	1,564	Apartment Investment & Management Co. Class A (REIT)	57,899
	1,271	AvalonBay Communities, Inc. (REIT)	222,196
	1,487	Boston Properties, Inc. (REIT)	176,061
	2,716	CBRE Group, Inc. Class A*	86,912
	3,223	Crown Castle International Corp. (REIT)	254,198
	538	Equinix, Inc. (REIT)	147,089
	3,492	Equity Residential (REIT)	262,319
	640	Essex Property Trust, Inc. (REIT)	142,989
	5,626	General Growth Properties, Inc. (REIT)	146,107
	4,436	HCP, Inc. (REIT)	165,241
	7,270	Host Hotels & Resorts, Inc. (REIT)	114,939
	1,891	Iron Mountain, Inc. (REIT)	58,659



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	3,948	Kimco Realty Corp. (REIT)	$ 96,450
	1,633	Plum Creek Timber Co., Inc. (REIT)	64,520
	4,966	Prologis, Inc. (REIT)	193,177
	1,400	Public Storage (REIT)	296,282
	2,269	Realty Income Corp. (REIT)	107,528
	2,976	Simon Property Group, Inc. (REIT)	546,751
	942	SL Green Realty Corp. (REIT)	101,887
	1,341	The Macerich Co. (REIT)	103,016
	3,212	Ventas, Inc. (REIT)	180,065
	1,701	Vornado Realty Trust (REIT)	153,804
	3,345	Welltower, Inc. (REIT)*	226,523
	5,013	Weyerhaeuser Co. (REIT)	137,055

			4,399,130

	Retailing – 5.4%
	717	Advance Auto Parts, Inc.	135,893
	3,671	Amazon.com, Inc.*	1,879,148
	696	AutoNation, Inc.*	40,493
	297	AutoZone, Inc.*	214,977
	1,681	Bed Bath & Beyond, Inc.*	95,851
	2,821	Best Buy Co., Inc.	104,715
	2,054	CarMax, Inc.*	121,843
	2,886	Dollar General Corp.	209,062
	2,160	Dollar Tree, Inc.*	143,986
	979	Expedia, Inc.	115,209
	981	GameStop Corp. Class A	40,427
	1,474	Genuine Parts Co.	122,180
	1,903	Kohl’s Corp.	88,128
	2,332	L Brands, Inc.	210,183
	8,905	Lowe’s Companies, Inc.	613,733
	3,145	Macy’s, Inc.	161,401
	4,052	Netflix, Inc.*	418,410
	1,352	Nordstrom, Inc.	96,952
	947	O’Reilly Automotive, Inc.*	236,750
	3,951	Ross Stores, Inc.	191,505
	780	Signet Jewelers Ltd.	106,181
	6,320	Staples, Inc.	74,134
	6,048	Target Corp.	475,736
	2,290	The Gap, Inc.	65,265
	12,359	The Home Depot, Inc.	1,427,341
	488	The Priceline Group, Inc.*	603,588
	6,448	The TJX Companies, Inc.	460,516
	1,107	Tiffany & Co.	85,483
	1,342	Tractor Supply Co.	113,157
	1,075	TripAdvisor, Inc.*	67,746
	944	Urban Outfitters, Inc.*	27,735

			8,747,728

	Semiconductors & Semiconductor Equipment – 2.4%
	2,848	Altera Corp.	142,628
	3,055	Analog Devices, Inc.	172,332
	11,556	Applied Materials, Inc.	169,758
	2,515	Avago Technologies Ltd.	314,400
	5,193	Broadcom Corp. Class A	267,076
	780	First Solar, Inc.*	33,345
	45,488	Intel Corp.	1,371,008
	1,512	KLA-Tencor Corp.	75,600
	1,502	Lam Research Corp.	98,126
	2,325	Linear Technology Corp.	93,814
	1,948	Microchip Technology, Inc.	83,939



Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	10,348	Micron Technology, Inc.*	$ 155,013
	4,826	NVIDIA Corp.	118,961
	1,461	Qorvo, Inc.*	65,818
	1,868	Skyworks Solutions, Inc.	157,304
	9,813	Texas Instruments, Inc.	485,940
	2,490	Xilinx, Inc.	105,576

			3,910,638

	Software & Services – 11.5%
	5,972	Accenture PLC Class A	586,809
	4,839	Activision Blizzard, Inc.	149,477
	4,790	Adobe Systems, Inc.*	393,834
	1,695	Akamai Technologies, Inc.*	117,057
	601	Alliance Data Systems Corp.*	155,647
	2,237	Autodesk, Inc.*	98,741
	4,506	Automatic Data Processing, Inc.	362,102
	3,060	CA, Inc.	83,538
	1,518	Citrix Systems, Inc.*	105,167
	5,861	Cognizant Technology Solutions Corp. Class A*	366,957
	1,321	Computer Sciences Corp.	81,083
	10,563	eBay, Inc.*	258,160
	2,981	Electronic Arts, Inc.*	201,963
	21,666	Facebook, Inc. Class A*	1,947,773
	2,687	Fidelity National Information Services, Inc.	180,244
	2,297	Fiserv, Inc.*	198,943
	2,779	Google, Inc. Class A*	1,774,030
	2,835	Google, Inc. Class C*	1,724,871
	8,674	International Business Machines Corp.	1,257,470
	2,666	Intuit, Inc.	236,607
	9,605	Mastercard, Inc. Class A	865,603
	76,707	Microsoft Corp.	3,395,052
	31,300	Oracle Corp.	1,130,556
	3,135	Paychex, Inc.	149,320
	10,613	PayPal Holdings, Inc.*	329,427
	1,786	Red Hat, Inc.*	128,378
	5,882	salesforce.com inc*	408,387
	6,457	Symantec Corp.	125,718
	1,402	Teradata Corp.*	40,602
	4,898	The Western Union Co.	89,927
	1,614	Total System Services, Inc.	73,324
	979	VeriSign, Inc.*	69,078
	18,598	Visa, Inc. Class A	1,295,537
	9,792	Xerox Corp.	95,276
	8,324	Yahoo!, Inc.*	240,647

			18,717,305

	Technology Hardware & Equipment – 6.4%
	2,979	Amphenol Corp. Class A	151,810
	54,706	Apple, Inc.	6,034,072
	48,925	Cisco Systems, Inc.	1,284,281
	11,799	Corning, Inc.	201,999
	18,399	EMC Corp.	444,520
	689	F5 Networks, Inc.*	79,786
	1,314	FLIR Systems, Inc.	36,779
	1,069	Harris Corp.	78,197
	17,363	Hewlett-Packard Co.	444,666
	3,371	Juniper Networks, Inc.	86,668
	1,547	Motorola Solutions, Inc.	105,784



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	2,948	NetApp, Inc.	$ 87,261
	15,122	QUALCOMM, Inc.	812,505
	2,003	SanDisk Corp.	108,823
	2,861	Seagate Technology PLC	128,173
	3,864	TE Connectivity Ltd.	231,415
	2,073	Western Digital Corp.	164,679

			10,481,418

	Telecommunication Services – 2.4%
	59,077	AT&T, Inc.	1,924,729
	5,377	CenturyLink, Inc.	135,070
	10,443	Frontier Communications Corp.	49,604
	2,777	Level 3 Communications, Inc.*	121,327
	38,975	Verizon Communications, Inc.	1,695,802

			3,926,532

	Transportation – 2.2%
	6,466	American Airlines Group, Inc.	251,075
	1,336	C.H. Robinson Worldwide, Inc.	90,554
	9,432	CSX Corp.	253,721
	7,656	Delta Air Lines, Inc.	343,525
	1,797	Expeditors International of Washington, Inc.	84,549
	2,544	FedEx Corp.	366,285
	904	J.B. Hunt Transport Services, Inc.	64,545
	1,037	Kansas City Southern	94,242
	2,922	Norfolk Southern Corp.	223,241
	527	Ryder System, Inc.	39,019
	6,284	Southwest Airlines Co.	239,043
	8,351	Union Pacific Corp.	738,312
	3,678	United Continental Holdings, Inc.*	195,118
	6,681	United Parcel Service, Inc. Class B	659,348

			3,642,577

	Utilities – 3.1%
	6,546	AES Corp.	64,085
	1,111	AGL Resources, Inc.	67,816
	2,394	Ameren Corp.	101,194
	4,660	American Electric Power Co., Inc.	264,968
	4,108	CenterPoint Energy, Inc.	74,108
	2,575	CMS Energy Corp.	90,949
	2,839	Consolidated Edison, Inc.	189,787
	5,685	Dominion Resources, Inc.	400,110
	1,690	DTE Energy Co.	135,825
	6,662	Duke Energy Corp.	479,264
	3,117	Edison International	196,589
	1,711	Entergy Corp.	111,386
	3,035	Eversource Energy	153,632
	8,190	Exelon Corp.	243,243
	4,014	FirstEnergy Corp.	125,678
	4,430	NextEra Energy, Inc.	432,147
	3,150	NiSource, Inc.	58,433
	3,185	NRG Energy, Inc.	47,297
	2,478	Pepco Holdings, Inc.	60,017
	4,561	PG&E Corp.	240,821
	1,110	Pinnacle West Capital Corp.	71,195
	6,350	PPL Corp.	208,852



Shares		Description				Value
Common Stocks – (continued)
Utilities – (continued)
4,845			Public Service Enterprise Group, Inc.			$ 204,265
1,337			SCANA Corp.			75,220
2,233			Sempra Energy			215,976
2,312			TECO Energy, Inc.			60,713
8,742			The Southern Co.			390,767
2,975			WEC Energy Group, Inc.			155,355
4,900			Xcel Energy, Inc.			173,509

						5,093,201

TOTAL COMMON STOCKS (Cost $84,674,402)						162,361,236


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligation – 0.1%
United States Treasury Bills
$	100,000		0.000	%^(b)(c)	10/01/15	$ 100,000
	100,000		0.000	^(b)	03/10/16	99,987

TOTAL U.S. TREASURY OBLIGATIONS (Cost $199,991)						$ 199,987

TOTAL INVESTMENTS – 99.7% (Cost $84,874,393)						$162,561,223

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%						487,896

NET ASSETS – 100.0%						$163,049,119



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

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



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

TAX INFORMATION — At September 30, 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
Agency Debentures^(a) – 23.3%
FHLB Discount Notes
$	33,464,000		0.000	%	12/23/15	$ 33,455,500
FHLMC Discount Notes
	29,958,000		0.000		01/22/16	29,945,777
FNMA Discount Notes
	14,950,000		0.000		01/14/16	14,944,334

TOTAL AGENCY DEBENTURES (Cost $78,331,301)						$ 78,345,611


U.S. Treasury Obligation – 29.4%
United States Treasury Note
$	92,596,000		2.750	%	11/15/23	$ 98,577,701
(Cost $97,617,082)



Shares		Description	Value
	Exchange Traded Funds – 13.7%
	97,892	iShares Core S&P 500 ETF	$ 18,864,768
	153,562	Vanguard S&P 500 ETF	26,982,379

	TOTAL EXCHANGE TRADED FUNDS (Cost $48,742,619)		$ 45,847,147



Shares	Distribution Rate	Value
Investment Company^(b)(c) – 36.1%
Goldman Sachs Financial Square Government Fund – FST Shares
120,929,276	0.025%	$120,929,276
(Cost $120,929,276)

TOTAL INVESTMENTS – 102.5% (Cost $345,620,278)		$343,699,735

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.5)%		(8,391,878)

NET ASSETS – 100.0%		$335,307,857



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

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

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.



Investment Abbreviations:
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association


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

TAX INFORMATION — At September 30, 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 – 98.5%
	Automobiles & Components – 1.2%
	46,768	BorgWarner, Inc.	$ 1,945,081

	Banks – 2.8%
	29,348	Eagle Bancorp, Inc.*	1,335,334
	53,203	First Republic Bank	3,339,552

			4,674,886

	Capital Goods – 10.6%
	50,984	AMETEK, Inc.	2,667,483
	44,493	Fortune Brands Home & Security, Inc.	2,112,083
	39,800	Graco, Inc.	2,667,794
	19,895	Hubbell, Inc. Class B	1,690,080
	23,645	Middleby Corp.*	2,487,217
	73,476	Sensata Technologies Holding NV*	3,257,926
	12,761	W.W. Grainger, Inc.	2,743,743

			17,626,326

	Consumer Durables & Apparel – 6.5%
	136,009	Kate Spade & Co.*	2,599,132
	29,448	PVH Corp.	3,001,929
	30,768	Under Armour, Inc. Class A*	2,977,727
	32,000	VF Corp.	2,182,720

			10,761,508

	Consumer Services – 5.2%
	3,806	Chipotle Mexican Grill, Inc.*	2,741,272
	99,083	Hilton Worldwide Holdings, Inc.	2,272,964
	18,918	Panera Bread Co. Class A*	3,658,930

			8,673,166

	Diversified Financials – 3.5%
	17,572	Intercontinental Exchange, Inc.	4,129,244
	28,301	Navient Corp.	318,103
	191,374	SLM Corp.*	1,416,168

			5,863,515

	Energy – 0.9%
	25,243	Dril-Quip, Inc.*	1,469,647

	Food & Staples Retailing – 1.5%
	78,146	Whole Foods Market, Inc.	2,473,321

	Food, Beverage & Tobacco – 6.7%
	51,354	Blue Buffalo Pet Products, Inc.*	919,750
	21,658	Brown-Forman Corp. Class B	2,098,660
	23,290	Keurig Green Mountain, Inc.	1,214,341
	39,145	McCormick & Co., Inc.	3,216,936
	42,784	The Hain Celestial Group, Inc.*	2,207,654
	19,283	TreeHouse Foods, Inc.*	1,500,025

			11,157,366

	Health Care Equipment & Services – 9.0%
	20,519	Adeptus Health, Inc. Class A*	1,657,115
	30,424	Cardinal Health, Inc.	2,337,172
	43,849	Cerner Corp.*	2,629,186
	20,971	DexCom, Inc.*	1,800,570
	20,162	Henry Schein, Inc.*	2,675,901
	4,949	Intuitive Surgical, Inc.*	2,274,461
	13,382	Teleflex, Inc.	1,662,178

			15,036,583



Shares		Description	Value
	Common Stocks – (continued)
	Materials – 3.5%
	18,441	Ashland, Inc.	$ 1,855,533
	112,808	Axalta Coating Systems Ltd.*	2,858,555
	5,005	The Sherwin-Williams Co.	1,115,014

			5,829,102

	Pharmaceuticals, Biotechnology & Life Sciences – 6.2%
	44,737	Agilent Technologies, Inc.	1,535,821
	24,133	Alkermes PLC*	1,415,883
	4,450	Bluebird Bio, Inc.*	380,698
	61,525	Cepheid, Inc.*	2,780,930
	15,468	Medivation, Inc.*	657,390
	4,949	Mettler-Toledo International, Inc.*	1,409,178
	6,340	Ultragenyx Pharmaceutical, Inc.*	610,605
	15,312	Vertex Pharmaceuticals, Inc.*	1,594,592

			10,385,097

	Real Estate – 4.0%
	64,942	CBRE Group, Inc. Class A*	2,078,144
	16,428	Equinix, Inc. (REIT)	4,491,415

			6,569,559

	Retailing – 13.1%
	21,621	Advance Auto Parts, Inc.	4,097,828
	3,105	Burlington Stores, Inc.*	158,479
	60,748	Five Below, Inc.*	2,039,918
	18,996	L Brands, Inc.	1,712,109
	85,269	LKQ Corp.*	2,418,229
	8,218	Netflix, Inc.*	848,591
	20,771	Restoration Hardware Holdings, Inc.*	1,938,142
	43,561	Tractor Supply Co.	3,673,063
	18,086	TripAdvisor, Inc.*	1,139,780
	23,508	Ulta Salon, Cosmetics & Fragrance, Inc.*	3,840,032

			21,866,171

	Semiconductors & Semiconductor Equipment – 1.2%
	43,694	Qorvo, Inc.*	1,968,415

	Software & Services – 16.0%
	88,775	Black Knight Financial Services, Inc. Class A*	2,889,626
	32,222	Fidelity National Information Services, Inc.	2,161,452
	19,329	FleetCor Technologies, Inc.*	2,660,057
	13,315	Global Payments, Inc.	1,527,630
	12,660	Guidewire Software, Inc.*	665,663
	41,298	Intuit, Inc.	3,665,198
	16,544	LinkedIn Corp. Class A*	3,145,511
	29,581	Red Hat, Inc.*	2,126,282
	102,456	Sabre Corp.	2,784,754
	34,285	ServiceNow, Inc.*	2,381,093
	31,489	Splunk, Inc.*	1,742,916
	33,054	Twitter, Inc.*	890,475

			26,640,657

	Technology Hardware & Equipment – 1.9%
	62,446	Amphenol Corp. Class A	3,182,248

	Telecommunication Services – 2.8%
	29,814	Level 3 Communications, Inc.*	1,302,574
	31,889	SBA Communications Corp. Class A*	3,340,054

			4,642,628



Shares		Description	Value
	Common Stocks – (continued)
	Transportation – 1.9%
	34,175	Kansas City Southern	$ 3,105,824

	TOTAL INVESTMENTS – 98.5% (Cost $138,379,269)		$163,871,100

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%		2,495,645

	NET ASSETS –100.0%		$166,366,745



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 September 30, 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 Obligation^(a) – 0.1%
Banks – 0.1%
The Bank of Nova Scotia
$	100,000		1.650	%	10/29/15	$ 100,082
(Cost $100,094)


Mortgage-Backed Obligations – 51.4%
Collateralized Mortgage Obligations – 37.9%
Agency Multi-Family^(b) – 8.1%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	958,194		0.579	%	07/25/20	$ 958,812
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A
	523,903		0.539		01/25/21	523,730
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A
	1,471,707		0.572		08/25/23	1,471,707
FNMA
	181,788		2.800		03/01/18	188,049
	468,510		3.740		05/01/18	496,154
	110,000		3.840		05/01/18	116,894
	400,000		4.506		06/01/19	430,544
	88,867		3.414		10/01/20	95,337
	85,569		3.619		12/01/20	92,746
	358,112		3.766		12/01/20	387,518
	184,166		4.380		06/01/21	204,444
FNMA ACES Series 2013-M11, Class FA
	608,759		0.524		01/25/18	609,214
FNMA ACES Series 2014-M5, Class FA
	163,063		0.559		01/25/17	163,103
GNMA
	63,713		3.950		07/15/25	69,490

						5,807,742

Regular Floater^(b) – 29.8%
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(a)
	1,663,404		0.565		09/20/66	1,559,020
FHLMC REMIC Series 3208, Class FD^(c)
	341,207		0.607		08/15/36	342,594
FHLMC REMIC Series 3208, Class FG^(c)
	1,373,987		0.607		08/15/36	1,379,572
FHLMC REMIC Series 3307, Class FT
	2,107,176		0.447		07/15/34	2,114,903
FHLMC REMIC Series 3311, Class KF
	3,330,029		0.547		05/15/37	3,339,439
FHLMC REMIC Series 3371, Class FA^(c)
	857,746		0.807		09/15/37	868,100
FHLMC REMIC Series 4174, Class FB
	1,579,740		0.507		05/15/39	1,576,123
FNMA REMIC Series 2006-82, Class F
	863,240		0.764		09/25/36	870,677
FNMA REMIC Series 2006-96, Class FA
	1,102,626		0.494		10/25/36	1,106,881
FNMA REMIC Series 2007-85, Class FC
	836,196		0.734		09/25/37	846,028
FNMA REMIC Series 2008-8, Class FB
	1,104,224		1.014		02/25/38	1,114,292
FNMA REMIC Series 2012-35, Class QF
	2,056,100		0.594		04/25/42	2,068,436


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater^(b) – (continued)
GNMA Series 2005-48, Class AF
$	1,063,366		0.416	%	06/20/35	$ 1,060,969
Granite Master Issuer PLC Series 2007-1, Class 2A1
	573,757		0.356		12/20/54	570,861
Leek Finance Number Eighteen PLC Series 18X, Class A2B^(c)
	131,715		0.605		09/21/38	136,003
Leek Finance Number Seventeen PLC Series 17A, Class A2B^(a)(c)
	57,104		0.625		12/21/37	60,170
National Credit Union Administration Guaranteed Notes Trust Series 2011-R1, Class 1A^(c)
	2,532,493		0.653		01/08/20	2,543,078

						21,557,146

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$27,364,888

Commercial Mortgage-Backed Securities – 3.0%
Regular Floater^(a)(b) – 2.8%
Commercial Mortgage Pass-Through Certificates Series 2014-KYO, Class A
$	900,000		1.104	%	06/11/27	$ 893,263
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	1,100,000		1.157		12/15/28	1,099,738

						1,993,001

Sequential Fixed Rate – 0.2%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4^(c)
	181,930		5.889		07/10/44	184,911

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 2,177,912

Federal Agencies^(b) – 10.5%
Adjustable Rate FHLMC – 5.5%
$	331,255		2.412	%	05/01/35	$ 352,030
	199,495		2.458		09/01/35	213,252
	501,075		2.485		12/01/36	533,614
	980,153		2.805		04/01/37	1,048,396
	774,593		2.393		01/01/38	828,524
	925,964		2.487		01/01/38	990,388

						3,966,204

Adjustable Rate FNMA – 4.4%
	97,021		2.103		05/01/33	101,353
	258,968		2.458		05/01/35	276,380
	600,992		2.362		06/01/35	642,836
	806,128		2.207		11/01/35	850,916
	136,956		2.314		12/01/35	145,624
	523,073		2.503		03/01/37	559,492
	585,425		2.349		12/01/37	623,407

						3,200,008

Adjustable Rate GNMA – 0.6%
	420,836		1.750		04/20/33	435,376

TOTAL FEDERAL AGENCIES						$ 7,601,588

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $37,026,194)						$37,144,388


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – 34.5%
Auto – 1.7%
Ally Master Owner Trust Series 2013-1, Class A1^(b)
$	1,250,000		0.657	%	02/15/18	$ 1,250,822

Collateralized Loan Obligations^(b) – 7.8%
Acis CLO Ltd. Series 2013-2A, Class ACOM^(a)
	758,111		0.786		10/14/22	748,781
ARES XII CLO Ltd. Series 2007-12A, Class A^(a)
	272,778		0.959		11/25/20	269,867
Black Diamond CLO Ltd. Series 2006-1A, Class AD^(a)
	359,096		0.544		04/29/19	349,199
Brentwood CLO Corp. Series 2006-1A, Class A1A^(a)
	716,187		0.570		02/01/22	704,155
Brentwood CLO Corp. Series 2006-1A, Class A1B^(a)
	281,359		0.570		02/01/22	276,632
KKR Financial CLO Ltd. Series 2007-1A, Class A^(a)
	520,277		0.671		05/15/21	515,676
OZLM Funding III Ltd. Series 2013-3A, Class A1^(a)
	500,000		1.625		01/22/25	496,695
Parallel 2015-1 Ltd. Series 2015-1A, Class A^(a)
	300,000		1.752		07/20/27	297,691
Westbrook CLO Ltd. Series 2006-1X, Class A1
	222,793		0.585		12/20/20	220,984
Westchester CLO Ltd. Series 2007-1X, Class A1A
	1,361,890		0.525		08/01/22	1,344,078
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class A^(a)
	400,000		1.619		07/16/27	392,628

						5,616,386

Credit Card – 1.4%
Bank of America Credit Card Trust Series 2014-A1, Class A^(b)
	1,000,000		0.587		06/15/21	999,473

Home Equity – 0.9%
HLSS Servicer Advance Receivables Trust Series 2013-T5, Class AT5^(a)
	650,000		1.979		08/15/46	651,219

Student Loans^(b) – 22.7%
Academic Loan Funding Trust Series 2013-1A, Class A^(a)(c)
	714,344		0.994		12/26/44	710,055
Access Group, Inc. Series 2006-1, Class A2
	60,379		0.439		08/25/23	59,833
Access Group, Inc. Series 2015-1, Class A^(a)
	143,930		0.894		07/25/56	139,659
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	624,383		0.994		02/25/41	609,452
Brazos Higher Education Auth., Inc. Series 2005-1, Class 1A3^(c)
	121,076		0.436		09/26/22	120,440
Brazos Higher Education Authority, Inc. Series 2005-2, Class A10^(c)
	461,235		0.446		12/26/19	459,436
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(a)
	508,909		0.994		06/25/26	502,888
Educational Funding of the South, Inc. Series 2011-1, Class A2^(c)
	871,232		0.945		04/25/35	845,945
Educational Services of America, Inc. Series 2010-1, Class A1^(a)(c)
	1,409,575		1.145		07/25/23	1,417,301
Educational Services of America, Inc. Series 2014-1, Class A^(a)(c)
	428,503		0.894		02/25/39	419,715


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans^(b) – (continued)
EFS Volunteer No. 3 LLC Series 2012-1, Class A2^(a)
$	1,750,000		1.194	%	02/25/25	$ 1,746,639
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	645,748		0.459		05/25/25	633,507
Goal Capital Funding Trust Series 2006-1, Class A3
	47,042		0.449		11/25/26	46,826
Goal Capital Funding Trust Series 2007-1, Class A3^(c)
	176,380		0.416		09/25/28	173,754
Higher Education Funding I Series 2005-1, Class A4
	100,000		0.469		02/25/30	98,175
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1^(c)
	1,021,099		0.943		12/01/31	1,015,738
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	1,086,349		1.216		05/20/30	1,079,855
Nelnet Student Loan Trust Series 2005-4, Class A3^(c)
	153,148		0.449		06/22/26	151,237
Nelnet Student Loan Trust Series 2006-2, Class A5^(c)
	650,000		0.395		01/25/30	635,329
Nelnet Student Loan Trust Series 2013-5A, Class A^(a)(c)
	137,325		0.824		01/25/37	134,868
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	785,581		1.276		07/01/24	785,862
Scholar Funding Trust Series 2010-A, Class A^(a)(b)
	153,886		1.044		10/28/41	149,174
SLM Student Loan Trust Series 2003-12, Class A5^(a)
	217,211		0.617		09/15/22	215,674
SLM Student Loan Trust Series 2003-14, Class A5
	71,297		0.525		01/25/23	70,430
SLM Student Loan Trust Series 2005-9, Class A6
	650,000		0.845		10/26/26	644,766
SLM Student Loan Trust Series 2006-2, Class A5^(c)
	683,592		0.405		07/25/25	678,841
SLM Student Loan Trust Series 2006-4, Class A5^(c)
	725,442		0.395		10/27/25	722,831
SLM Student Loan Trust Series 2006-9, Class A4
	38,492		0.365		10/25/22	38,386
SLM Student Loan Trust Series 2008-5, Class A4^(c)
	200,000		1.995		07/25/23	201,015
SLM Student Loan Trust Series 2011-2, Class A1
	820,195		0.794		11/25/27	813,126
SLM Student Loan Trust Series 2012-2, Class A^(c)
	170,092		0.894		01/25/29	166,655
SLM Student Loan Trust Series 2013-3, Class A2^(c)
	87,565		0.494		05/26/20	87,026
SLM Student Loan Trust Series 2014-1, Class A2^(c)
	100,000		0.574		07/26/21	99,215
Utah State Board of Regents Series 2015-1, Class A^(c)
	707,532		0.794		02/25/43	681,275
Wachovia Student Loan Trust Series 2005-1, Class A5
	75,844		0.425		01/26/26	74,539

						16,429,467

TOTAL ASSET-BACKED SECURITIES (Cost $25,100,910)						$24,947,367


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 1.5%
United States Treasury Inflation-Protected Securities
$	864,960		0.125	%	04/15/16	$ 856,578
	118,174		2.500		07/15/16	120,150
	115,149		2.625		07/15/17	120,673

TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,099,496)						$ 1,097,401


Investment Company^(b)(d) – 12.0%
Goldman Sachs Financial Square Government Fund – FST Shares
$	8,651,963		0.025	%		$ 8,651,963
(Cost $8,651,963)

TOTAL INVESTMENTS – 99.5% (Cost $71,978,657)						$71,941,201

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%						374,057

NET ASSETS – 100.0%						$72,315,258



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 $13,850,789, which represents approximately 19.2% of net assets as of September 30, 2015.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.

(c)		Securities with “Call” features with resetting interest rates. 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 September 30, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At September 30, 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 – 99.0%
	Banks – 14.0%
	2,155,904	Bank of America Corp.	$ 33,588,984
	475,080	Citigroup, Inc.	23,568,719
	430,742	Citizens Financial Group, Inc.	10,277,504
	491,448	Fifth Third Bancorp	9,293,282
	593,141	JPMorgan Chase & Co.	36,163,807
	169,229	Wells Fargo & Co.	8,689,909

			121,582,205

	Capital Goods – 7.0%
	1,903,027	General Electric Co.	47,994,341
	96,923	The Boeing Co.	12,692,067

			60,686,408

	Consumer Durables & Apparel – 2.1%
	154,987	Ralph Lauren Corp.	18,313,264

	Consumer Services – 0.8%
	379,316	MGM Resorts International*	6,998,380

	Diversified Financials – 5.1%
	89,834	Affiliated Managers Group, Inc.*	15,360,716
	98,856	Ameriprise Financial, Inc.	10,788,155
	29,579	BlackRock, Inc.	8,798,865
	58,057	Capital One Financial Corp.	4,210,294
	489,966	Navient Corp.	5,507,218

			44,665,248

	Energy – 10.5%
	238,442	ConocoPhillips	11,435,678
	593,656	Devon Energy Corp.	22,018,701
	549,383	Exxon Mobil Corp.	40,846,626
	1,333,343	Southwestern Energy Co.*	16,920,123

			91,221,128

	Food & Staples Retailing – 1.1%
	300,308	Whole Foods Market, Inc.	9,504,748

	Food, Beverage & Tobacco – 3.0%
	122,288	ConAgra Foods, Inc.	4,953,887
	306,172	Mondelez International, Inc. Class A	12,819,422
	201,644	Tyson Foods, Inc. Class A	8,690,856

			26,464,165

	Health Care Equipment & Services – 4.8%
	118,641	Aetna, Inc.	12,980,512
	86,032	Express Scripts Holding Co.*	6,965,151
	330,661	Medtronic PLC	22,134,447

			42,080,110

	Household & Personal Products – 2.6%
	189,013	The Procter & Gamble Co.	13,597,595
	228,389	Unilever NV	9,181,238

			22,778,833

	Insurance – 8.5%
	394,847	American International Group, Inc.	22,435,207
	305,206	MetLife, Inc.	14,390,463
	374,547	Prudential Financial, Inc.	28,544,227



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	188,176	The Hartford Financial Services Group, Inc.	$ 8,614,697

			73,984,594

	Materials – 1.2%
	208,153	E.I. du Pont de Nemours & Co.	10,032,975

	Media – 1.7%
	348,963	Viacom, Inc. Class B	15,057,753

	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	322,992	Johnson & Johnson	30,151,303
	140,680	Merck & Co., Inc.	6,948,185
	312,230	Mylan NV*	12,570,380
	714,166	Pfizer, Inc.	22,431,954

			72,101,822

	Real Estate Investment Trust – 1.7%
	76,881	American Tower Corp.	6,763,991
	43,435	Simon Property Group, Inc.	7,979,878

			14,743,869

	Retailing – 3.5%
	179,347	Lowe’s Companies, Inc.	12,360,595
	534,948	Staples, Inc.	6,274,940
	416,758	The Gap, Inc.	11,877,603

			30,513,138

	Semiconductors & Semiconductor Equipment – 3.0%
	590,563	Intel Corp.	17,799,569
	241,664	Maxim Integrated Products, Inc.	8,071,577

			25,871,146

	Software & Services – 5.7%
	26,099	Google, Inc. Class A*	16,660,819
	178,380	Microsoft Corp.	7,895,099
	307,912	Oracle Corp.	11,121,781
	102,594	SAP SE ADR	6,647,065
	362,045	Symantec Corp.	7,049,016

			49,373,780

	Technology Hardware & Equipment – 4.9%
	648,111	Cisco Systems, Inc.	17,012,914
	1,040,123	EMC Corp.	25,129,371

			42,142,285

	Telecommunication Services – 3.7%
	995,722	AT&T, Inc.	32,440,623

	Transportation – 2.4%
	564,721	Hertz Global Holdings, Inc.*	9,447,782
	214,920	United Continental Holdings, Inc.*	11,401,506

			20,849,288

	Utilities – 3.4%
	358,243	FirstEnergy Corp.	11,216,588
	117,416	NextEra Energy, Inc.	11,453,931



Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	130,047	PG&E Corp.	$ 6,866,482

			29,537,001

	TOTAL INVESTMENTS – 99.0% (Cost $853,457,456)		$860,942,763

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%		8,516,314

	NET ASSETS – 100.0%		$869,459,077



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 September 30, 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 – 99.2%
	Banks – 7.8%
	691,075	Citizens Financial Group, Inc.	$ 16,489,049
	530,576	Fifth Third Bancorp	10,033,192
	511,012	First Horizon National Corp.	7,246,150
	1,184,820	Huntington Bancshares, Inc.	12,559,092
	128,012	PacWest Bancorp	5,480,194
	420,585	Zions Bancorporation	11,582,911

			63,390,588

	Capital Goods – 4.8%
	127,423	Armstrong World Industries, Inc.*	6,083,174
	207,380	Fortune Brands Home & Security, Inc.	9,844,329
	159,653	Ingersoll-Rand PLC	8,105,583
	250,389	Textron, Inc.	9,424,642
	136,828	Triumph Group, Inc.	5,757,722

			39,215,450

	Consumer Durables & Apparel – 4.1%
	94,290	Fossil Group, Inc.*	5,268,925
	184,787	Kate Spade & Co.*	3,531,280
	22,933	Mohawk Industries, Inc.*	4,168,990
	137,819	Ralph Lauren Corp.	16,284,693
	93,756	Vista Outdoor, Inc.*	4,165,579

			33,419,467

	Consumer Services – 1.0%
	436,523	MGM Resorts International*	8,053,849

	Diversified Financials – 5.8%
	23,666	Affiliated Managers Group, Inc.*	4,046,649
	918,202	Navient Corp.	10,320,590
	364,669	Raymond James Financial, Inc.	18,098,522
	1,124,949	SLM Corp.*	8,324,623
	160,641	Voya Financial, Inc.	6,228,052

			47,018,436

	Energy – 7.6%
	519,791	Antero Resources Corp.*	10,998,778
	119,578	Concho Resources, Inc.*	11,754,517
	202,124	Gulfport Energy Corp.*	5,999,040
	226,087	Newfield Exploration Co.*	7,438,262
	260,521	Noble Energy, Inc.	7,862,524
	92,533	Pioneer Natural Resources Co.	11,255,714
	334,734	Southwestern Energy Co.*	4,247,775
	21,410	Tesoro Corp.	2,081,908

			61,638,518

	Food & Staples Retailing – 0.8%
	196,624	Whole Foods Market, Inc.	6,223,150

	Food, Beverage & Tobacco – 4.4%
	261,015	ConAgra Foods, Inc.	10,573,718
	84,806	Mead Johnson Nutrition Co.	5,970,342
	98,693	Molson Coors Brewing Co. Class B	8,193,493
	255,266	Tyson Foods, Inc. Class A	11,001,965

			35,739,518

	Health Care Equipment & Services – 3.7%
	144,354	Envision Healthcare Holdings, Inc.*	5,310,784
	119,779	Laboratory Corp. of America Holdings*	12,992,428



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	128,306	Zimmer Biomet Holdings, Inc.	$ 12,051,782

			30,354,994

	Household & Personal Products – 0.7%
	66,853	Edgewell Personal Care Co.	5,455,205

	Insurance – 8.9%
	193,211	Arthur J. Gallagher & Co.	7,975,750
	66,775	Everest Re Group Ltd.	11,574,778
	784,346	Genworth Financial, Inc. Class A*	3,623,679
	319,442	Lincoln National Corp.	15,160,717
	190,617	Principal Financial Group, Inc.	9,023,809
	154,928	Validus Holdings Ltd.	6,982,605
	159,996	W.R. Berkley Corp.	8,698,982
	248,827	XL Group PLC	9,037,397

			72,077,717

	Materials – 5.5%
	257,382	Axalta Coating Systems Ltd.*	6,522,060
	163,212	Celanese Corp. Series A	9,657,254
	188,986	CF Industries Holdings, Inc.	8,485,471
	59,504	Martin Marietta Materials, Inc.	9,041,633
	170,411	Packaging Corp. of America	10,251,926
	72,584	Steel Dynamics, Inc.	1,246,993

			45,205,337

	Media – 2.4%
	254,817	Discovery Communications, Inc. Class A*	6,632,886
	194,199	Liberty Media Corp. Series C*	6,692,098
	126,899	Scripps Networks Interactive, Inc. Class A	6,242,162

			19,567,146

	Pharmaceuticals, Biotechnology & Life Sciences – 3.0%
	127,316	Baxalta, Inc.	4,011,727
	230,917	Endo International PLC*	15,997,930
	120,715	Mylan NV*	4,859,986

			24,869,643

	Real Estate Investment Trust – 11.7%
	631,214	Brixmor Property Group, Inc.	14,820,905
	682,518	DDR Corp.	10,497,127
	74,977	Federal Realty Investment Trust	10,230,612
	107,141	Mid-America Apartment Communities, Inc.	8,771,634
	342,931	Prologis, Inc.	13,340,016
	387,310	RLJ Lodging Trust	9,787,324
	550,432	Starwood Property Trust, Inc.	11,294,864
	145,088	Ventas, Inc.	8,133,633
	89,317	Vornado Realty Trust	8,076,043

			94,952,158

	Retailing – 3.7%
	157,849	Best Buy Co., Inc.	5,859,355
	761,870	Staples, Inc.	8,936,735
	374,995	The Gap, Inc.	10,687,357
	66,065	Williams-Sonoma, Inc.	5,044,063

			30,527,510

	Semiconductors & Semiconductor Equipment – 2.6%
	124,899	Intersil Corp. Class A	1,461,318
	291,797	Maxim Integrated Products, Inc.	9,746,020



Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	238,273	Xilinx, Inc.	$ 10,102,775

			21,310,113

	Software & Services – 5.3%
	58,663	Citrix Systems, Inc.*	4,064,172
	185,348	Fidelity National Information Services, Inc.	12,433,144
	62,370	IAC/InterActiveCorp	4,070,890
	65,397	Intuit, Inc.	5,803,984
	203,561	Pandora Media, Inc.*	4,343,992
	109,319	VMware, Inc. Class A*	8,613,244
	45,866	WEX, Inc.*	3,983,003

			43,312,429

	Technology Hardware & Equipment – 3.4%
	1,374,068	Brocade Communications Systems, Inc.	14,262,826
	25,616	Lumentum Holdings, Inc.*	434,191
	701,868	Viavi Solutions, Inc.*	3,769,031
	111,413	Western Digital Corp.	8,850,649

			27,316,697

	Transportation – 5.4%
	916,816	Hertz Global Holdings, Inc.*	15,338,332
	82,393	Kansas City Southern	7,487,876
	119,514	Kirby Corp.*	7,403,892
	262,595	United Continental Holdings, Inc.*	13,930,665

			44,160,765

	Utilities – 6.6%
	480,369	FirstEnergy Corp.	15,040,354
	313,708	NRG Energy, Inc.	4,658,564
	172,559	PG&E Corp.	9,111,115
	159,476	SCANA Corp.	8,972,120
	165,338	Sempra Energy	15,991,491

			53,773,644

	TOTAL INVESTMENTS – 99.2% (Cost $842,962,119)		$807,582,334

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%		6,284,936

	NET ASSETS – 100.0%		$813,867,270



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.

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 September 30, 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 – 11.2%
Albion Capital LLC
$	8,289,000		0.284	%	10/20/15	$ 8,287,775
Electricite de France
	3,000,000		0.766		01/15/16	2,993,375
Kells Funding LLC
	5,000,000		0.274		11/13/15	4,998,388
Liberty Street Funding LLC
	5,000,000		0.274		10/26/15	4,999,062
Matchpoint Finance PLC
	10,000,000		0.345		11/24/15	9,994,900
NRW Bank
	5,000,000		0.234		10/22/15	4,999,329

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$ 36,272,829


U.S. Government Agency Obligations – 3.9%
Federal Home Loan Bank
	3,000,000		0.270		02/10/16	2,999,632
	1,000,000		0.340		03/08/16	999,942
	1,000,000		0.330		03/09/16	999,898
	1,000,000		0.340		03/09/16	999,942
Overseas Private Investment Corp. (USA)
	4,000,000		0.140	^(a)	10/07/15	4,000,000
	2,500,000		0.150	^(a)	10/07/15	2,500,000

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$ 12,499,414


Variable Rate Municipal Debt Obligations^(a) – 10.3%
BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)
	1,000,000		0.150	^(b)	10/01/15	1,000,000
BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)
	950,000		0.150	^(b)	10/01/15	950,000
DeKalb County, Georgia Development Authority VRDN RB for Emory University Series 1995-B (GO of University)
	3,400,000		0.150		10/07/15	3,400,000
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		0.450	^(b)	10/07/15	10,250,000
Massachusetts State Housing Finance Agency VRDN RB Series 2009-B (Bank of NY Mellon, LOC)
	5,904,000		0.150		10/07/15	5,904,000
New York City, New York GO VRDN Series 2008 Subseries D-4 (BMO Harris Bank N.A., SPA)
	250,000		0.020		10/07/15	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		10/07/15	1,000,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Toronto-Dominion Bank, LIQ)
	1,500,000		0.110	^(b)	10/07/15	1,500,000
Nuveen Municipal Opportunity Fund, Inc. VRDP Series 2010 (Citibank N.A., LIQ)
	1,000,000		0.110	^(b)	10/07/15	1,000,000
Providence Health & Services Obligated Group (U.S. Bank N.A., SBPA)
	800,000		0.200		10/07/15	800,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
Puttable Floating Option VRDN RB P-Floats Series 2013-TNP-1006 (Multi-State) (Bank of America N.A., LIQ)
$	2,160,000		0.400	%^(b)	10/01/15	$ 2,160,000
Tampa, Florida Revenue for Allegany Health Systems - St. Mary’s VRDN RB P-Floats Series 2014-TNP-1011(Bank of America N.A., LIQ)
	5,120,000		0.400	^(b)	10/01/15	5,120,000

TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$ 33,334,000


Variable Rate Obligations^(a) – 13.7%
Australia & New Zealand Banking Group Ltd.
	5,000,000		0.459	^(b)	05/16/16	5,000,000
Bank of Nova Scotia (The)
	5,000,000		0.499		05/23/16	5,000,000
BNZ International Funding Ltd.
	1,650,000		0.327	^(b)	10/15/15	1,650,000
DNB Bank ASA/New York
	5,000,000		0.297		10/15/15	5,000,000
HSBC Bank (USA), N.A.
	5,000,000		0.347		12/15/15	5,000,000
JPMorgan Chase Bank N.A.
	4,000,000		0.492		04/07/16	4,000,000
JPMorgan Securities LLC
	4,000,000		0.453		11/19/15	4,000,000
Providence Health & Services Obligated Group
	3,165,000		0.934		10/01/15	3,165,000
Svenska Handelsbanken AB
	5,000,000		0.484	^(b)	05/04/16	5,000,000
Wells Fargo Bank N.A.
	2,500,000		0.515		05/19/16	2,500,000
Westpac Banking Corp.
	4,000,000		0.584	^(b)	05/31/16	4,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$ 44,315,000


Yankee Certificates of Deposit – 11.8%
Bank of Nova Scotia (The)
	3,000,000		0.320		10/21/15	3,000,000
Credit Suisse Securities (USA) LLC
	5,000,000		0.340		11/02/15	5,000,000
DZ Bank AG
	5,000,000		0.330		11/02/15	5,000,000
Norinchukin Bank (The)
	10,000,000		0.340		12/16/15	10,000,000
Standard Chartered Bank
	5,000,000		0.450		12/10/15	5,000,000
Sumitomo Mitsui Banking Corp.
	5,000,000		0.330		11/10/15	5,000,000
Sumitomo Mitsui Trust Bank Ltd.
	5,000,000		0.320		10/21/15	5,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$ 38,000,000

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$164,421,243

Principal

Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(c) – 48.6%

BNP Paribas Securities Corp.

5,000,000

0.470

%^(a)

10/07/15

$ 5,000,000

Maturity Value: $5,013,186

Settlement Date: 04/08/15

Collateralized by various mortgage-backed obligations, 0.674% to 5.444%, due 07/25/23 to 04/25/46. The aggregate market value of the collateral, including accrued interest, was $6,245,210.

Joint Repurchase Agreement Account III

151,900,000

0.134

10/01/15

151,900,000

Maturity Value: $151,900,566

TOTAL REPURCHASE AGREEMENTS

$156,900,000

TOTAL INVESTMENTS – 99.5%

$321,321,243

OTHER ASSETS IN EXCESS OF

LIABILITIES – 0.5%

1,768,538

NET ASSETS – 100.0%

$323,089,781



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 at September 30, 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 September 30, 2015, these securities amounted to $37,630,000 or approximately 11.7% of net assets.

(c)		Unless noted, all repurchase agreements were entered into on September 30, 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:
FNMA		— Insured by Federal National Mortgage Association
GO		— General Obligation
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
RB		— Revenue Bond
RMKT		— Remarketed
SBPA		— Standby Bond Purchase Agreement
SPA		— Stand-by Purchase Agreement
VRDN		— Variable Rate Demand Notes
VRDP		— Variable Rate Demand Preferred Shares


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) – 91.5%
	Equity – 26.8%
	162,162	Goldman Sachs Long Short Fund	$1,551,887
	80,851	Goldman Sachs VIT Global Trends Allocation Fund	896,639
	15,021	Goldman Sachs International Real Estate Securities Fund	89,979
	5,279	Goldman Sachs Real Estate Securities Fund	101,253

			2,639,758

	Fixed Income – 64.7%
	178,260	Goldman Sachs Absolute Return Tracker Fund	1,591,858
	139,067	Goldman Sachs Strategic Income Fund	1,373,985
	123,504	Goldman Sachs Fixed Income Macro Strategies Fund	1,153,523
	103,989	Goldman Sachs Long Short Credit Strategies Fund	992,057
	95,087	Goldman Sachs Dynamic Emerging Markets Debt Fund	749,289
	75,488	Goldman Sachs Dynamic Commodity Strategy Fund	508,033

			6,368,745

	TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 91.5% (Cost $9,493,199)		$9,008,503


	Exchange Traded Funds – 6.4%
	8,067	iShares Currency Hedged MSCI EMU ETF	$ 200,061
	1,671	SPDR S&P 500 ETF Trust	320,214
	624	Vanguard S&P 500 ETF	109,643

	TOTAL EXCHANGE TRADED FUNDS (Cost $689,587)		$ 629,918



Shares	Distribution Rate	Value
Investment Company^(a)(b) – 3.0%
Goldman Sachs Financial Square Government Fund – FST Shares
299,356	0.006%	$ 299,356
(Cost $299,356)

TOTAL INVESTMENTS – 100.9% (Cost $10,482,142)		$9,937,777

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%		(85,328)

NET ASSETS – 100.0%		$9,852,449



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 September 30, 2015.



Investment Abbreviation:
SPDR		— Standard and Poor’s Depositary Receipts


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 September 30, 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 – 97.7%
	Automobiles & Components – 1.9%
	18,553	Cooper Tire & Rubber Co.	$ 733,029
	5,409	Drew Industries, Inc.	295,385
	35,658	Modine Manufacturing Co.*	280,628
	11,029	Stoneridge, Inc.*	136,098
	13,506	Tower International, Inc.*	320,903

			1,766,043

	Banks – 6.4%
	5,363	1st Source Corp.	165,180
	1,335	Banner Corp.	63,773
	8,695	Beneficial Bancorp, Inc.*	115,296
	60,395	Brookline Bancorp, Inc.^(a)	612,405
	24,226	Central Pacific Financial Corp.	508,019
	41,315	CVB Financial Corp.	689,960
	12,797	Dime Community Bancshares, Inc.	216,269
	11,387	FCB Financial Holdings, Inc. Class A*	371,444
	797	First Citizens BancShares, Inc. Class A	180,122
	22,605	First Interstate Bancsystem, Inc. Class A	629,323
	1,896	First Merchants Corp.	49,713
	31,888	First Midwest Bancorp, Inc.	559,316
	12,896	Investors Bancorp, Inc.	159,137
	2,916	Northfield Bancorp, Inc.	44,352
	41,915	OFG Bancorp^(b)	365,918
	15,609	Oritani Financial Corp.	243,813
	13,648	PrivateBancorp, Inc.	523,128
	23,253	Umpqua Holdings Corp.	379,024

			5,876,192

	Capital Goods – 9.3%
	27,208	Aegion Corp.*	448,388
	6,659	Altra Industrial Motion Corp.	153,956
	7,731	American Woodmark Corp.*	501,510
	5,756	Apogee Enterprises, Inc.	257,005
	17,596	Barnes Group, Inc.	634,336
	1,804	Briggs & Stratton Corp.	34,835
	13,775	Comfort Systems USA, Inc.	375,507
	18,630	Continental Building Products, Inc.*	382,660
	27,513	DigitalGlobe, Inc.*	523,297
	6,629	Ducommun, Inc.*	133,044
	16,377	EMCOR Group, Inc.	724,682
	26,584	Federal Signal Corp.	364,467
	6,958	Granite Construction, Inc.	206,444
	16,740	Hillenbrand, Inc.	435,407
	7,299	Hyster-Yale Materials Handling, Inc.	422,101
	11,891	John Bean Technologies Corp.	454,831
	5,240	Kadant, Inc.	204,412
	20,835	LSI Industries, Inc.	175,847
	4,971	Masonite International Corp.*	301,143
	9,579	Miller Industries, Inc.	187,174
	13,916	Mueller Industries, Inc.	411,635
	11,048	Universal Forest Products, Inc.	637,249
	45,911	Wabash National Corp.*	486,198

			8,456,128

	Commercial & Professional Services – 4.8%
	19,214	ABM Industries, Inc.	524,734
	11,013	CDI Corp.	94,161
	1,709	Essendant, Inc.	55,423
	8,273	G&K Services, Inc. Class A	551,147
	1,739	Healthcare Services Group, Inc.	58,604
	8,302	Heidrick & Struggles International, Inc.	161,474
	13,204	Insperity, Inc.	580,052
	34,994	Kimball International, Inc. Class B	331,043



Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	3,605	Knoll, Inc.	$ 79,238
	19,981	Korn/Ferry International	660,772
	4,624	Multi-Color Corp.	353,690
	32,505	Quad/Graphics, Inc.	393,310
	8,478	TrueBlue, Inc.*	190,501
	7,925	WageWorks, Inc.*	357,259

			4,391,408

	Consumer Durables & Apparel – 2.1%
	11,175	Callaway Golf Co.	93,311
	9,092	Cavco Industries, Inc.*	619,075
	2,729	CSS Industries, Inc.	71,882
	22,242	Ethan Allen Interiors, Inc.	587,411
	1,114	G-III Apparel Group Ltd.*	68,689
	4,344	La-Z-Boy, Inc.	115,377
	8,700	Universal Electronics, Inc.*	365,661

			1,921,406

	Consumer Services – 8.3%
	13,868	BJ’s Restaurants, Inc.*	596,740
	31,848	Bloomin’ Brands, Inc.	578,997
	34,304	Boyd Gaming Corp.*	559,155
	19,200	Bridgepoint Education, Inc.*	146,304
	2,493	Capella Education Co.	123,453
	49,876	Denny’s Corp.*	550,132
	28,647	Houghton Mifflin Harcourt Co.*	581,821
	8,970	Jack in the Box, Inc.	691,049
	29,727	K12, Inc.*	369,804
	11,548	La Quinta Holdings, Inc.*	182,227
	5,763	Marriott Vacations Worldwide Corp.	392,691
	10,346	Papa John’s International, Inc.	708,494
	11,321	Pinnacle Entertainment, Inc.*	383,103
	639	Red Robin Gourmet Burgers, Inc.*	48,398
	37,050	Regis Corp.*	485,355
	24,284	Sonic Corp.	557,318
	2,821	Steiner Leisure Ltd.*	178,231
	11,592	Texas Roadhouse, Inc.	431,222

			7,564,494

	Diversified Financials – 2.6%
	22,970	Cash America International, Inc.	642,471
	677	Diamond Hill Investment Group, Inc.	125,949
	3,741	Enova International, Inc.*	38,233
	11,701	Evercore Partners, Inc. Class A	587,858
	51,266	Ezcorp, Inc. Class A*	316,311
	7,394	GAMCO Investors, Inc. Class A	405,931
	22,224	Investment Technology Group, Inc.	296,468

			2,413,221

	Energy – 4.5%
	32,187	Alon USA Energy, Inc.	581,619
	1,475	Bristow Group, Inc.	38,586
	4,468	Contango Oil & Gas Co.*	33,957
	20,401	Delek US Holdings, Inc.	565,108
	27,337	Green Plains, Inc.	531,978
	9,176	Nordic American Tankers Ltd.^(b)	139,475
	21,230	Oil States International, Inc.*	554,740
	50,549	Pioneer Energy Services Corp.*	106,153
	5,780	REX American Resources Corp.*	292,583
	10,304	Scorpio Tankers, Inc.	94,488
	4,240	SEACOR Holdings, Inc.*	253,594
	3,715	SemGroup Corp. Class A	160,637
	17,465	Western Refining, Inc.	770,556

			4,123,474



Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 0.2%
	5,999	SpartanNash Co.	$ 155,074

	Food, Beverage & Tobacco – 1.2%
	5,147	J&J Snack Foods Corp.	585,008
	4,860	Lancaster Colony Corp.	473,753

			1,058,761

	Health Care Equipment & Services – 7.6%
	367	ABIOMED, Inc.*	34,043
	2,720	Amedisys, Inc.*	103,278
	440	Atrion Corp.	164,982
	13,774	Cantel Medical Corp.	780,986
	3,499	Computer Programs & Systems, Inc.^(b)	147,413
	2,311	Cyberonics, Inc.*	140,463
	6,263	ICU Medical, Inc.*	685,799
	15,696	Invacare Corp.	227,121
	10,347	Magellan Health, Inc.*	573,534
	2,655	Masimo Corp.*	102,377
	8,217	Meridian Bioscience, Inc.	140,511
	9,351	Merit Medical Systems, Inc.*	223,583
	16,419	Natus Medical, Inc.*	647,730
	13,088	NuVasive, Inc.*	631,103
	6,075	NxStage Medical, Inc.*	95,803
	3,341	Omnicell, Inc.*	103,905
	4,675	Orthofix International NV*	157,781
	37,909	Quality Systems, Inc.	473,104
	10,885	Thoratec Corp.*	688,585
	12,561	Triple-S Management Corp. Class B*	223,711
	6,213	WellCare Health Plans, Inc.*	535,436

			6,881,248

	Household & Personal Products – 0.6%
	4,114	USANA Health Sciences, Inc.*	551,399

	Insurance – 2.1%
	24,915	American Equity Investment Life Holding Co.	580,768
	12,576	Argo Group International Holdings Ltd.	711,676
	36,281	Maiden Holdings Ltd.	503,580
	2,828	Selective Insurance Group, Inc.	87,838

			1,883,862

	Materials – 5.6%
	16,836	A. Schulman, Inc.	546,665
	24,163	Berry Plastics Group, Inc.*	726,581
	14,239	Carpenter Technology Corp.	423,895
	8,870	FutureFuel Corp.	87,636
	25,626	Globe Specialty Metals, Inc.	310,843
	28,163	Headwaters, Inc.*	529,464
	12,200	Innophos Holdings, Inc.	483,608
	2,038	Kraton Performance Polymers, Inc.*	36,480
	18,551	Materion Corp.	556,901
	25,163	Schnitzer Steel Industries, Inc. Class A	340,707
	9,061	Schweitzer-Mauduit International, Inc.	311,517
	6,324	Sensient Technologies Corp.	387,661
	1,719	Stepan Co.	71,528
	7,928	Summit Materials, Inc. Class A*	148,809
	4,743	Worthington Industries, Inc.	125,595

			5,087,890



Shares		Description	Value
	Common Stocks – (continued)
	Media – 0.1%
	8,061	Entercom Communications Corp. Class A*	$ 81,900

	Pharmaceuticals, Biotechnology & Life Sciences – 8.1%
	12,482	AMAG Pharmaceuticals, Inc.*	495,910
	5,996	Anacor Pharmaceuticals, Inc.*	705,789
	84,676	Array BioPharma, Inc.*^(b)	386,123
	1,089	Cambrex Corp.*	43,212
	31,589	Dyax Corp.*	603,034
	20,606	Emergent Biosolutions, Inc.*	587,065
	9,709	Genomic Health, Inc.*	205,442
	32,719	Halozyme Therapeutics, Inc.*	439,416
	46,215	Infinity Pharmaceuticals, Inc.*	390,517
	7,581	KYTHERA Biopharmaceuticals, Inc.*	568,423
	5,720	Ligand Pharmaceuticals, Inc.*	489,918
	2,986	Momenta Pharmaceuticals, Inc.*	49,000
	4,640	Neurocrine Biosciences, Inc.*	184,626
	37,699	Novavax, Inc.*	266,532
	8,593	Ophthotech Corp.*	348,188
	71,218	Orexigen Therapeutics, Inc.*^(b)	150,270
	5,252	Phibro Animal Health Corp. Class A	166,121
	6,619	Prestige Brands Holdings, Inc.*	298,914
	16,225	Repligen Corp.*	451,866
	1,533	Retrophin, Inc.*	31,059
	22,091	Sagent Pharmaceuticals, Inc.*	338,655
	25,949	Sciclone Pharmaceuticals, Inc.*	180,086

			7,380,166

	Real Estate – 0.6%
	12,124	Alexander & Baldwin, Inc.	416,217
	3,050	Marcus & Millichap, Inc.*	140,269

			556,486

	Real Estate Investment Trust – 11.0%
	16,869	American Assets Trust, Inc.	689,267
	6,237	American Capital Mortgage Investment Corp.	91,934
	115,864	Anworth Mortgage Asset Corp.	572,368
	13,442	CoreSite Realty Corp.	691,457
	63,387	Cousins Properties, Inc.	584,428
	31,696	CubeSmart	862,448
	22,199	CyrusOne, Inc.	725,019
	20,711	DCT Industrial Trust, Inc.	697,132
	20,996	DuPont Fabros Technology, Inc.	543,377
	22,799	FelCor Lodging Trust, Inc.	161,189
	30,564	First Industrial Realty Trust, Inc.	640,316
	6,055	Getty Realty Corp.	95,669
	14,432	Hudson Pacific Properties, Inc.	415,497
	38,983	Invesco Mortgage Capital, Inc.	477,152
	23,914	Kite Realty Group Trust	569,392
	1,394	LaSalle Hotel Properties	39,576
	30,311	Mack-Cali Realty Corp.	572,272
	11,681	New Residential Investment Corp.	153,021
	1,664	Pebblebrook Hotel Trust	58,989
	8,753	PS Business Parks, Inc.	694,813
	6,828	QTS Realty Trust, Inc.	298,315
	3,611	Rouse Properties, Inc.^(b)	56,259
	27,703	Western Asset Mortgage Capital Corp.^(b)	349,335

			10,039,225

	Retailing – 2.6%
	13,100	Haverty Furniture Companies, Inc.	307,588
	1,515	HSN, Inc.	86,718
	22,207	Nutrisystem, Inc.	588,930



Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	25,197	Select Comfort Corp.*	$ 551,310
	11,646	Stage Stores, Inc.	114,597
	16,157	The Cato Corp. Class A	549,823
	8,181	Zumiez, Inc.*	127,869

			2,326,835

	Semiconductors & Semiconductor Equipment – 2.2%
	4,178	Advanced Energy Industries, Inc.*	109,881
	12,663	Cabot Microelectronics Corp.*	490,565
	4,075	Diodes, Inc.*	87,083
	24,357	Integrated Device Technology, Inc.*	494,447
	21,515	Microsemi Corp.*	706,122
	2,572	Power Integrations, Inc.	108,461

			1,996,559

	Software & Services – 7.6%
	16,729	Blucora, Inc.*	230,358
	22,537	Constant Contact, Inc.*	546,297
	8,602	DealerTrack Technologies, Inc.*	543,302
	76,134	EarthLink Holdings Corp.	592,323
	7,438	Fair Isaac Corp.	628,511
	5,548	Gigamon, Inc.*	111,016
	14,182	Infoblox, Inc.*	226,628
	10,382	LogMeIn, Inc.*	707,637
	8,257	Manhattan Associates, Inc.*	514,411
	19,972	ManTech International Corp. Class A	513,280
	19,803	Marchex, Inc. Class B	79,806
	11,704	Monster Worldwide, Inc.*	75,140
	6,656	Pegasystems, Inc.	163,804
	18,632	Progress Software Corp.*	481,265
	7,763	QAD, Inc. Class A	198,733
	19,860	Sykes Enterprises, Inc.*	506,430
	2,078	Take-Two Interactive Software, Inc.*	59,701
	1,895	Verint Systems, Inc.*	81,769
	30,219	Web.com Group, Inc.*	637,017

			6,897,428

	Technology Hardware & Equipment – 5.6%
	5,549	Benchmark Electronics, Inc.*	120,746
	8,863	Calix, Inc.*	69,043
	5,181	Coherent, Inc.*	283,401
	54,071	Harmonic, Inc.*	313,612
	6,175	II-VI, Inc.*	99,294
	9,883	Insight Enterprises, Inc.*	255,476
	26,098	Kimball Electronics, Inc.*	311,349
	19,576	Methode Electronics, Inc.	624,474
	18,125	NETGEAR, Inc.*	528,706
	9,016	OSI Systems, Inc.*	693,871
	3,028	Plexus Corp.*	116,820
	40,660	Polycom, Inc.*	426,117
	42,153	QLogic Corp.*	432,068
	4,680	Sanmina Corp.*	100,012
	4,170	SYNNEX Corp.	354,700
	2,270	Tech Data Corp.*	155,495
	35,189	TTM Technologies, Inc.*	219,228

			5,104,412

	Telecommunication Services – 0.7%
	11,582	Spok Holdings, Inc.	190,640
	74,334	Vonage Holdings Corp.*	437,084

			627,724

	Transportation – 1.1%
	10,144	Air Transport Services Group, Inc.*	86,731
	6,581	ArcBest Corp.	169,592



Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	11,374	Atlas Air Worldwide Holdings, Inc.*	$ 393,086
	14,114	Hawaiian Holdings, Inc.*	348,334

			997,743

	Utilities – 0.9%
	13,840	California Water Service Group	306,141
	50,023	Talen Energy Corp.*	505,232

			811,373

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $91,721,532)		$88,950,451



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 1.5%
Goldman Sachs Financial Square Money Market Fund – FST Shares
1,327,475	0.132%	$ 1,327,475
(Cost $1,327,475)

TOTAL INVESTMENTS – 99.2% (Cost $93,049,007)		$90,277,926

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%		739,719

NET ASSETS – 100.0%		$91,017,645



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 segregated as collateral for initial margin requirements on futures transactions.

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

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.

(d)		Represents an affiliated issuer.

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

TAX INFORMATION — At September 30, 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 – 97.8%
	Automobiles & Components – 0.5%
	28,057	Delphi Automotive PLC	$ 2,133,454

	Banks – 1.1%
	68,669	First Republic Bank	4,310,353

	Capital Goods – 6.7%
	53,073	Danaher Corp.	4,522,350
	76,195	Fortune Brands Home & Security, Inc.	3,616,977
	72,742	Honeywell International, Inc.	6,887,940
	80,288	Ingersoll-Rand PLC	4,076,222
	28,515	The Boeing Co.	3,734,039
	18,855	W.W. Grainger, Inc.	4,054,014

			26,891,542

	Consumer Durables & Apparel – 4.2%
	173,319	Kate Spade & Co.*	3,312,126
	66,729	NIKE, Inc. Class B	8,205,665
	51,288	PVH Corp.	5,228,299

			16,746,090

	Consumer Services – 5.1%
	3,182	Chipotle Mexican Grill, Inc.*	2,291,835
	164,823	Hilton Worldwide Holdings, Inc.	3,781,040
	155,241	Starbucks Corp.	8,823,898
	69,309	Yum! Brands, Inc.	5,541,255

			20,438,028

	Diversified Financials – 2.6%
	35,188	American Express Co.	2,608,486
	20,194	Intercontinental Exchange, Inc.	4,745,388
	431,620	SLM Corp.*	3,193,988

			10,547,862

	Energy – 1.7%
	56,176	Anadarko Petroleum Corp.	3,392,469
	101,257	Halliburton Co.	3,579,435

			6,971,904

	Food & Staples Retailing – 5.3%
	73,014	Costco Wholesale Corp.	10,555,634
	79,745	Walgreens Boots Alliance, Inc.	6,626,810
	135,474	Whole Foods Market, Inc.	4,287,752

			21,470,196

	Food, Beverage & Tobacco – 5.1%
	31,554	Brown-Forman Corp. Class B	3,057,583
	40,852	McCormick & Co., Inc.	3,357,217
	51,599	Philip Morris International, Inc.	4,093,349
	153,553	The Coca-Cola Co.	6,160,546
	73,130	The Hain Celestial Group, Inc.*	3,773,508

			20,442,203

	Health Care Equipment & Services – 6.6%
	159,283	Abbott Laboratories	6,406,362
	27,739	Aetna, Inc.	3,034,924
	89,463	Cerner Corp.*	5,364,202
	5,897	Intuitive Surgical, Inc.*	2,710,143
	31,076	McKesson Corp.	5,749,992
	33,274	Stryker Corp.	3,131,084

			26,396,707



Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.4%
	87,077	Colgate-Palmolive Co.	$ 5,525,906

	Materials – 2.2%
	25,664	Ashland, Inc.	2,582,312
	130,974	Axalta Coating Systems Ltd.*	3,318,881
	13,849	The Sherwin-Williams Co.	3,085,280

			8,986,473

	Media – 1.3%
	93,430	Comcast Corp. Class A	5,314,298

	Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	65,507	Agilent Technologies, Inc.	2,248,855
	24,364	Alexion Pharmaceuticals, Inc.*	3,810,286
	26,391	Allergan PLC*	7,173,338
	24,189	Biogen, Inc.*	7,058,592
	57,282	Gilead Sciences, Inc.	5,624,520
	69,580	Mylan NV*	2,801,291
	11,950	Shire PLC ADR	2,452,498
	46,128	Vertex Pharmaceuticals, Inc.*	4,803,770

			35,973,150

	Real Estate – 5.5%
	103,022	American Tower Corp. (REIT)	9,063,876
	80,734	CBRE Group, Inc. Class A*	2,583,488
	38,311	Equinix, Inc. (REIT)	10,474,227

			22,121,591

	Retailing – 10.3%
	14,122	Advance Auto Parts, Inc.	2,676,543
	22,147	Amazon.com, Inc.*	11,336,828
	49,193	L Brands, Inc.	4,433,765
	59,067	Netflix, Inc.*	6,099,258
	62,985	The Home Depot, Inc.	7,274,138
	5,917	The Priceline Group, Inc.*	7,318,500
	29,221	Tractor Supply Co.	2,463,915

			41,602,947

	Semiconductors & Semiconductor Equipment – 1.2%
	53,558	NXP Semiconductors NV*	4,663,295

	Software & Services – 18.2%
	136,386	Facebook, Inc. Class A*	12,261,101
	27,759	FleetCor Technologies, Inc.*	3,820,194
	17,497	Google, Inc. Class A*	11,169,560
	14,471	Google, Inc. Class C*	8,804,446
	56,526	Intuit, Inc.	5,016,683
	28,942	LinkedIn Corp. Class A*	5,502,742
	91,732	Mastercard, Inc. Class A	8,266,888
	128,123	Microsoft Corp.	5,670,724
	158,150	Oracle Corp.	5,712,378
	129,422	Sabre Corp.	3,517,690
	50,958	ServiceNow, Inc.*	3,539,033

			73,281,439

	Technology Hardware & Equipment – 8.8%
	259,536	Apple, Inc.	28,626,821
	283,091	EMC Corp.	6,839,478

			35,466,299



Shares		Description	Value
	Common Stocks – (continued)
	Transportation – 1.0%
	45,426	Kansas City Southern	$ 4,128,315

	TOTAL INVESTMENTS – 97.8% (Cost $323,148,206)		$393,412,052

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%		8,820,874

	NET ASSETS – 100.0%		$402,232,926



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 September 30, 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 – 13.4%
Airlines – 0.4%
Air Canada^(a)(b)
$	20,000		6.750	%	10/01/19	$ 21,100
	100,000		8.750		04/01/20	108,750

						129,850

Banks – 3.6%
ABN AMRO Bank NV^(b)(c)
EUR	50,000		4.310	%	03/29/49	55,989
American Express Co.^(b)(c)
$	75,000		6.800		09/01/66	75,750
Bank of America Corp.
	75,000		3.875		08/01/25	76,008
Bank of America Corp. Series AA^(b)(c)
	25,000		6.100		12/29/49	24,250
Citigroup Capital XIII^(b)(c)
	1,475		7.875		10/30/40	37,893
Citigroup, Inc.
	75,000		3.300		04/27/25	73,012
Citigroup, Inc. Series O^(b)(c)
	25,000		5.875		12/29/49	24,563
GMAC Capital Trust I Series 2^(b)(c)
	3,821		8.125		02/15/40	97,550
JPMorgan Chase & Co.^(b)
	75,000		3.900		07/15/25	76,559
JPMorgan Chase & Co. Series Z^(b)(c)
	50,000		5.300		12/29/49	49,125
Morgan Stanley
	50,000		4.000		07/23/25	51,098
Morgan Stanley Series I^(b)(c)
	459		6.375		10/15/49	11,677
Morgan Stanley Series J^(b)(c)
	25,000		5.550		12/29/49	24,625
PNC Preferred Funding Trust II^(a)(b)(c)
	100,000		1.560		03/29/49	92,375
Royal Bank of Scotland PLC^(b)(c)
	200,000		9.500		03/16/22	218,000
Wells Fargo & Co.
	100,000		3.550		09/29/25	100,418

						1,088,892

Building Materials – 0.2%
HD Supply, Inc.^(b)
	25,000		11.000		04/15/20	27,782
	25,000		11.500		07/15/20	28,281

						56,063

Consumer Services – 0.3%
MGM Resorts International
	100,000		10.000		11/01/16	106,750

Containers & Packaging^(b) – 1.1%
Beverage Packaging Holdings Luxembourg II SA^(a)
	25,000		5.625		12/15/16	24,687
Reynolds Group Issuer, Inc.
	100,000		8.500		05/15/18	100,625
	200,000		9.875		08/15/19	207,000

						332,312

Electric – 0.2%
RWE AG^(b)(c)
	50,000		7.000		10/12/72	49,404


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – 1.0%
Antero Resources Corp.^(b)
$	75,000		5.375	%	11/01/21	$ 65,813
	25,000		5.625	^(a)	06/01/23	21,875
Comstock Resources, Inc.^(a)(b)
	25,000		10.000		03/15/20	17,375
Halcon Resources Corp.^(a)(b)
	25,000		8.625		02/01/20	20,875
	81,000		13.000		02/15/22	51,536
MEG Energy Corp.^(a)(b)
	100,000		6.375		01/30/23	78,250
Petroleos de Venezuela SA
	20,000		9.000		11/17/21	7,180
	40,000		6.000		05/16/24	13,000
	50,000		6.000		11/15/26	15,817
	20,000		5.375		04/12/27	6,325

						298,046

Food & Beverage^(b) – 0.9%
Bumble Bee Holdings, Inc.^(a)
	46,000		9.000		12/15/17	46,977
	47,000		9.625		03/15/18	47,646
Kraft Heinz Foods Co.^(a)
	25,000		5.000		07/15/35	25,979
U.S. Foods, Inc.
	150,000		8.500		06/30/19	155,063

						275,665

Food & Staples Retailing^(b) – 0.4%
Amazon.com, Inc.
	75,000		4.950		12/05/44	76,363
Rite Aid Corp.
	25,000		9.250		03/15/20	26,688
Walgreens Boots Alliance, Inc.
	25,000		4.800		11/18/44	23,934

						126,985

Healthcare^(b) – 0.8%
CHS/Community Health Systems, Inc.
	50,000		5.125		08/15/18	51,000
	200,000		8.000		11/15/19	208,500

						259,500

Media – 1.3%
CCO Holdings LLC^(b)
	22,000		7.000		01/15/19	22,440
CCO Safari II LLC ^(a)(b)
	25,000		4.908		07/23/25	24,880
	75,000		6.484		10/23/45	75,504
DISH DBS Corp.
	50,000		7.125		02/01/16	50,375
Time Warner Cable, Inc.
	25,000		5.850		05/01/17	26,473
Univision Communications, Inc.^(a)(b)
	200,000		8.500		05/15/21	208,000

						407,672

Pharmaceuticals, Biotechnology & Life Sciences – 0.1%
Actavis Funding SCS^(b)
	25,000		4.750		03/15/45	22,795

Pipelines – 0.6%
Enterprise Products Operating LLC Series A^(b)(c)
	75,000		8.375		08/01/66	73,781


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Sabine Pass LNG LP
$	100,000		7.500	%	11/30/16	$ 102,000

						175,781

Software & Services^(b) – 0.7%
First Data Corp.
	150,000		12.625		01/15/21	170,250
Microsoft Corp.
	50,000		3.750		02/12/45	45,891

						216,141

Wireless Telecommunications – 1.6%
Intelsat Jackson Holdings SA^(b)
	50,000		7.250		04/01/19	46,875
	50,000		7.250		10/15/20	46,125
	75,000		5.500		08/01/23	61,875
Intelsat Luxembourg SA^(b)
	75,000		8.125		06/01/23	48,187
Sprint Capital Corp.
	75,000		6.875		11/15/28	54,000
Sprint Communications, Inc.
	125,000		6.000		12/01/16	123,281
	50,000		7.000		08/15/20	41,875
	25,000		6.000		11/15/22	18,813
Sprint Corp.
	50,000		7.875		09/15/23	40,000

						481,031

Wirelines Telecommunications – 0.2%
Level 3 Financing, Inc.^(b)
	60,000		8.625		07/15/20	62,700

TOTAL CORPORATE OBLIGATIONS (Cost $4,256,539)						$ 4,089,587


Mortgage-Backed Obligations – 10.2%
Adjustable Rate Non-Agency^(c) – 1.6%
Alternative Loan Trust Series 2005-51, Class 2A1^(b)
$	70,581		0.496	%	11/20/35	$ 57,064
Alternative Loan Trust Series 2006-HY11, Class A1^(b)
	70,900		0.314		06/25/36	61,520
Alternative Loan Trust Series 2006-OA14, Class 2A1^(b)
	89,308		0.384		11/25/46	72,268
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1
	44,407		0.334		07/25/47	36,135
HomeBanc Mortgage Trust Series 2006-1, Class 3A2^(b)
	113,742		2.287		04/25/37	70,891
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1^(b)
	62,589		2.827		09/25/36	53,515
JP Morgan Alternative Loan Trust Series 2006-A5, Class 1A1^(b)
	49,671		0.354		10/25/36	39,687
Lehman XS Trust Series 2005-7N, Class 1A1A^(b)
	53,863		0.464		12/25/35	45,721
Lehman XS Trust Series 2006-14N, Class 1A1A^(b)
	81,583		0.384		09/25/46	68,122

						504,923


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – 4.2%
Agency Multi-Family – 3.1%
FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	400,000		2.373	%	05/25/22	$ 404,221
FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2^(c)
	500,000		3.320		02/25/23	532,483

						936,704

Interest Only – 0.3%
FNMA Series 2015-81, Class SA^(c)
	450,000		5.520		11/25/45	60,328
GNMA Series 2010-31, Class SA^(c)
	180,395		5.534		03/20/40	26,716

						87,044

Regular Floater^(c) – 0.9%
Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	63,972		0.263		09/20/66	67,674
Alternative Loan Trust Series 2005-36, Class 2A1A^(b)
$	84,229		0.504		08/25/35	67,636
Connecticut Avenue Securities Series 2014-C03, Class 1M1^(b)
	13,757		1.394		07/25/24	13,714
Connecticut Avenue Securities Series 2015-C01, Class 2M1^(b)
	4,226		1.694		02/25/25	4,228
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A^(b)
	162,638		0.364		11/25/36	66,320
Paragon Mortgages No. 13 PLC Series 13X, Class A2B^(b)
EUR	54,945		0.221		01/15/39	54,093

						273,665

Sequential Fixed Rate – 0.1%
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 2A5^(b)
$	53,493		6.000		01/25/37	43,533

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 1,280,618

Federal Agencies – 4.2%
FNMA – 4.4%
$	203,094		6.000	%	09/01/36	$ 232,524
	1,000,000		3.500		09/01/45	1,043,789

						1,276,313

TOTAL FEDERAL AGENCIES						$ 1,336,641

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $3,114,387)						$ 3,122,182


Asset-Backed Securities – 18.0%
Collateralized Loan Obligations – 15.4%^(a)
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(c)
$	100,302		0.950	%	11/01/18	$ 99,580


Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Acis CLO Ltd. Series 2014-4A, Class ACOM^(c)
$	150,000		1.785	%		05/01/26	$ 146,265
Anchorage Capital CLO IV Ltd. Series 2014-4A, Class A1A^(c)
	250,000		1.744			07/28/26	246,941
ARES XII CLO Ltd. Series 2007-12A, Class A^(c)
	116,905		0.959			11/25/20	115,658
Crown Point CLO III Ltd. Series 2015-3A, Class ACOM^(c)
	250,000		1.803			12/31/27	245,025
Cutwater Ltd. Series 2015-1A, Class A2^(c)
	250,000		1.808			07/15/27	246,396
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A^(c)
	250,000		1.727			07/25/27	246,377
Hildene CLO II Ltd. Series 2014-2A, Class A^(c)
	250,000		1.737			07/19/26	246,642
Madison Park Funding X Ltd. Series 2012-10A, Class A1A^(c)
	250,000		1.657			01/20/25	248,512
MidOcean Credit CLO Series 2014-3A, Class A^(c)
	250,000		1.752			07/21/26	246,551
Monroe Capital BSL CLO Ltd. Series 2015-1A, Class ACOM^(c)
	200,000		1.968			05/22/27	195,380
Ocean Trails CLO IV Series 2013-4A, Class A^(c)
	250,000		1.614			08/13/25	246,426
OCP CLO Ltd. Series 2015-8A, Class A1^(c)
	250,000		1.804			04/17/27	247,008
OFSI Fund V Ltd. Series 2014-7A, Class ACOM^(c)
	100,000		1.872			10/18/26	97,650
OFSI Fund VI Ltd. Series 2014-6A, Class A1^(c)
	200,000		1.319			03/20/25	194,488
Regatta IV Funding Ltd. Series 2014-1A, Class ACOM^(c)
	250,000		1.805			07/25/26	245,275
SPS Servicer Advance Receivables Trust Series 2015-T1, Class A
	600,000		2.530			06/15/45	600,000
Trinitas CLO II Ltd. Series 2014-2A, Class ACOM^(c)
	250,000		1.665			07/15/26	243,200
Trinitas CLO III Ltd. Series 2015-3A, Class A^(c)
	150,000		1.702			07/15/27	148,695
Wasatch Ltd. Series 2006-1A, Class A1B^(c)
	252,216		0.549			11/14/22	246,356
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM^(c)
	150,000		1.737			07/16/27	146,775

							4,699,200

Home Equity – 1.4%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M3^(b)(c)
	100,000		0.594			01/25/36	82,260
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2^(b)(d)
	14,028		4.114			12/25/35	13,995
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3^(b)(d)
	25,000		4.114			12/25/35	23,540
GSAMP Trust Series 2006-HE8, Class A2C^(b)(c)
	50,000		0.364			01/25/37	40,371
Lehman XS Trust Series 2007-3, Class 1BA2^(b)(c)
	52,506		1.035			03/25/37	39,748
Saxon Asset Securities Trust Series 2007-2, Class A2C^(b)(c)
	92,268		0.434			05/25/47	64,349


Principal Amount		Interest Rate			Maturity Date			Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Structured Asset Securities Corp. Mortgage Loan Trust 2005-NC2 Series 2005-NC2, Class M4^(b)(c)
$	100,000		0.664	%		05/25/35		$ 84,914
VOLT XXV LLC Series 2015-NPL8, Class A1^(a)(b)(d)
	92,313		3.500			06/26/45		92,128

								441,305

Student Loans – 1.2%
Access Group, Inc. Series 2006-1, Class A2^(c)
	24,152		0.439			08/25/23		23,933
Access Group, Inc. Series 2015-1, Class A^(a)(c)
	95,953		0.894			07/25/56		93,106
Bank of America Student Loan Trust Series 2010-1A, Class A^(a)(b)(c)
	68,362		1.095			02/25/43		67,401
Goal Capital Funding Trust Series 2006-1, Class A3^(c)
	31,362		0.449			11/25/26		31,217
Scholar Funding Trust Series 2010-A, Class A^(a)(c)
	65,951		1.044			10/28/41		63,932
SLM Student Loan Trust Series 2003-14, Class A5^(c)
	47,532		0.525			01/25/23		46,953
SLM Student Loan Trust Series 2006-9, Class A4^(c)
	25,661		0.365			10/25/22		25,591

								352,133

TOTAL ASSET-BACKED SECURITIES (Cost $5,518,769)								$ 5,492,638


Foreign Debt Obligations – 14.1%
Sovereign – 10.2%
Brazilian Government International Bond
BRL	74,000		0.000	%^(e)		01/01/16		$ 18,036
	239,000		6.000			08/15/50		135,532
Croatia Government International Bond
EUR	100,000		3.875			05/30/22		111,975
Dominican Republic International Bond
$	100,000		5.500			01/27/25		96,375
	100,000		7.450			04/30/44	^(a)	102,125
Italy Buoni Poliennali Del Tesoro
EUR	160,187		2.100			09/15/16		183,091
	375,452		2.350			09/15/19		457,749
	140,000		3.750			05/01/21		179,737
	220,000		5.500			11/01/22		314,218
Mexico Government International Bond
MXN	4,428,960		0.000	^(e)		10/01/15		261,644
	480,860		0.000	^(e)		10/15/15		28,395
	1,654,000		0.000	^(e)		10/29/15		97,555
	2,489,890		0.000	^(e)		11/12/15		146,559
	819,940		0.000	^(e)		11/19/15		48,269
	1,550,860		0.000	^(e)		12/10/15		91,127
	1,817,570		0.000	^(e)		12/17/15		106,733
$	10,000		6.050			01/11/40		10,950
	10,000		5.550			01/21/45		10,250
Mexico Government International Bond Series M
MXN	892,400		7.750			11/23/34		58,597
Mexico Government International Bond Series M 10
	1,733,000		7.750			12/14/17		110,247
Spain Government Bond^(a)
EUR	140,000		5.500			04/30/21		193,772
United Kingdom Gilt
GBP	100,000		4.750			12/07/30		202,869


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Venezuela Government International Bond
$	20,000		7.750	%	10/13/19	$ 6,850
	20,000		12.750		08/23/22	8,550
	10,000		9.000		05/07/23	3,425
	70,000		8.250		10/13/24	23,450
	50,000		7.650		04/21/25	16,625
	30,000		11.750		10/21/26	11,550
	110,000		9.250		09/15/27	42,625
	40,000		9.250		05/07/28	13,400
	30,000		11.950		08/05/31	11,700
	10,000		7.000		03/31/38	3,225

						3,107,205

Supranational – 3.9%
European Financial Stability Facility
EUR	400,000		0.750		06/05/17	453,295
European Investment Bank
GBP	100,000		3.875		06/08/37	180,178
European Stability Mechanism
EUR	500,000		0.000		10/17/17	559,804

						1,193,277

TOTAL FOREIGN DEBT OBLIGATIONS (Cost $4,534,572)						$ 4,300,482


Municipal Debt Obligations^(b) – 1.7%
Puerto Rico – 1.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A
$	5,000		6.000	%	07/01/44	$ 3,463
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.500		07/01/28	6,937
	5,000		5.000		07/01/33	3,387
	5,000		5.125		07/01/37	3,388
	10,000		5.750		07/01/37	6,863
Puerto Rico Commonwealth GO Bonds Series 2014 A
	335,000		8.000		07/01/35	251,250
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A
	20,000		5.500		07/01/32	13,025
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	20,000		5.500		08/01/28	8,625
	45,000		6.000		08/01/42	19,012
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	5,000		5.500		08/01/37	2,106
	20,000		5.375		08/01/39	8,425
	115,000		5.500		08/01/42	48,444
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	10,000		5.375		08/01/38	4,213
	55,000		6.000		08/01/39	23,237
	90,000		5.250		08/01/41	37,913
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1
	170,000		5.000		08/01/43	71,613
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A^(f)
	15,000		0.000		08/01/32	6,095

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $681,545)						$ 517,996


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loan Obligations^(b)(c) – 3.1%
Aerospace/Defense – 0.1%
Transdigm, Inc.
$	24,749		3.750	%	06/04/21	$ 24,418

Building Materials – 0.1%
Atkore International, Inc.
	25,000		7.750		10/09/21	22,969

Energy – 0.4%
American Energy - Marcellus, LLC
	25,000		5.250		08/04/20	14,062
EP Energy LLC
	50,000		3.500		05/24/18	46,438
Magnum Hunter Resources Corp.
	74,250		8.500		10/22/19	73,136
MEG Energy Corp.
	24,807		3.750		03/31/20	23,132

						156,768

Environmental – 0.1%
ADS Waste Holdings, Inc.
	47,936		3.750		10/09/19	47,172

Food & Beverage – 0.3%
U.S. Foods, Inc.
	99,239		4.500		03/31/19	99,061

Healthcare – 0.4%
American Renal Holdings, Inc.
	25,000		8.500		03/20/20	24,906
MPH Acquisition Holdings LLC
	21,394		3.750		03/31/21	21,111
Sedgwick Claims Management Services, Inc.
	24,811		3.750		03/01/21	24,400
	25,000		6.750		02/28/22	23,438

						93,855

Media – 0.9%
Checkout Holding Corp.
	99,309		4.500		04/09/21	84,909
	25,000		7.750		04/11/22	16,531
CSC Holdings LLC
	50,000		0.000		09/23/22	49,675
Getty Images, Inc.
	184,056		0.000		10/18/19	118,985

						270,100

Pharmaceuticals – 0.2%
Endo Luxembourg Finance I Co. SARL
	50,000		3.750		09/26/22	49,797

Software & Services – 0.2%
First Data Corp.
	75,000		3.696		03/24/17	74,602

Technology – 0.3%
BMC Software Finance, Inc.
	74,541		5.000		09/10/20	67,572
TTM Technologies, Inc.
	25,000		6.000		05/31/21	23,250

						90,822

Wireless Telecommunications – 0.1%
Intelsat Jackson Holdings SA
	40,000		3.750		06/30/19	38,870

TOTAL BANK LOAN OBLIGATIONS (Cost $1,039,911)						$ 968,434


Principal Amount		Interest Rate			Maturity Date	Value
Government Guarantee Obligation – 1.1%
KFW^(g)
EUR	300,000		0.000	%	12/07/18	$ 335,555
(Cost $337,529)


Commercial Paper^(a)(b)(c) – 0.8%
Home Equity – 0.8%
Barclays Bank PLC Series 11-1
$	250,000		1.083	%	03/11/16	$ 249,952
(Cost $250,000)


U.S. Treasury Obligations – 34.4%
United States Treasury Bill^(e)
$	1,700,000		0.000	%	11/12/15	$ 1,700,000
United States Treasury Bonds
	400,000		6.125		08/15/29	582,040
	300,000		3.000		05/15/45	307,029
	500,000		2.875		08/15/45	499,690
United States Treasury Inflation-Protected Securities
	324,360		0.125		04/15/16	321,217
	115,149		2.625		07/15/17	120,673
	101,850		0.125		04/15/19	101,564
	105,443		0.125		01/15/22	102,956
	461,480		0.375		07/15/23	454,197
	50,319		0.375		07/15/25	49,060
	55,208		2.125		02/15/40	65,275
	102,400		1.375		02/15/44	104,161
United States Treasury Notes
	300,000		1.750		09/30/19	306,381
	600,000		1.500		11/30/19	606,426
	400,000		1.625		12/31/19	406,048
	400,000		1.625		06/30/20	405,088
	1,500,000		2.250		04/30/21	1,557,135
	200,000		1.750		02/28/22	200,714
	1,000,000		1.875		05/31/22	1,009,620
	600,000		2.125		06/30/22	615,672
	100,000		2.000		07/31/22	101,736
	900,000		1.750		09/30/22	899,649

TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,421,314)						$10,516,331



Shares	Display Rate	Value
Investment Company^(c)(h) – 0.6%
Goldman Sachs Financial Square Government Fund – FST Shares
194,301	0.025%	$ 194,301
(Cost $194,301)

TOTAL INVESTMENTS – 97.4% (Cost $30,348,867)		$29,787,458

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%		779,482

NET ASSETS – 100.0%		$30,566,940



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 $6,427,425, which represents approximately 21.0% of net assets as of September 30, 2015.

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

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.

(d)		Step Bond. Coupon rate is a fixed rate for an initial period then it resets at a specified date and rate.

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

(f)		Zero coupon until next reset date.

(g)		Guaranteed by a foreign government under maturity. Total market value of these securities amounts to $335,555, which represents 1.1% of net assets as of September 30, 2015.

(h)		Represents an affiliated issuer.



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
CD KSDA		— Certificates of Deposit by the Korean Securities Dealers Association
EURIBOR		— Euro Interbank Offered Rate
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
STIBOR		— Stockholm Interbank Offered Rate
WIBOR		— Warsaw InterBank Offered Rate

Currency Abbreviations:
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CLP		— Chilean Peso
CNH		— Chinese Renminbi
COP		— Colombian Peso
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
ILS		— Israel New Shekel
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PHP		— Philippines Peso
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
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 September 30, 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)

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

FUTURES CONTRACTS — At September 30, 2015, the Fund had the following futures contracts:

SWAP CONTRACTS — At September 30, 2015, the Fund had the following swap contracts:

TAX INFORMATION — At September 30, 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 – 97.0%
	Australia – 3.1%
	111,701	Australia & New Zealand Banking Group Ltd. (Banks)	$ 2,134,174
	363,921	Computershare Ltd. (Software & Services)	2,717,575

			4,851,749

	Belgium – 3.0%
	43,794	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)	4,657,735

	China – 0.5%
	243,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	856,885

	Denmark – 1.8%
	51,786	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,794,609

	France – 12.9%
	14,851	Air Liquide SA (Materials)	1,760,619
	57,092	Klepierre (REIT)	2,587,545
	25,473	Publicis Groupe SA (Media)	1,740,896
	97,614	Rexel SA (Capital Goods)	1,201,681
	37,686	Safran SA (Capital Goods)	2,833,672
	30,816	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	2,933,687
	49,271	Societe Generale SA (Banks)	2,201,970
	68,386	Total SA (Energy)	3,076,199
	30,647	Vinci SA (Capital Goods)	1,948,802

			20,285,071

	Germany – 9.7%
	24,524	adidas AG (Consumer Durables & Apparel)	1,977,305
	26,502	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,400,165
	48,410	Beiersdorf AG (Household & Personal Products)	4,291,111
	106,573	Commerzbank AG (Banks)*	1,125,601
	58,210	GEA Group AG (Capital Goods)	2,219,572
	41,971	Gerry Weber International AG (Consumer Durables & Apparel)	634,547
	24,696	SAP SE (Software & Services)	1,599,898

			15,248,199

	India – 0.4%
	45,472	Thermax Ltd. (Capital Goods)	590,083

	Ireland – 4.9%
	5,451,509	Bank of Ireland (Banks)*	2,119,714
	41,081	Kerry Group PLC Class A (Food, Beverage & Tobacco)	3,090,545
	36,928	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)	2,524,471

			7,734,730

	Italy – 1.1%
	275,355	UniCredit SpA (Banks)	1,716,618



Shares		Description	Value
	Common Stocks – (continued)
	Japan – 20.2%
	14,900	Disco Corp. (Semiconductors & Semiconductor Equipment)	$ 1,047,943
	57,500	HIS Co. Ltd. (Consumer Services)	1,880,014
	54,800	Hoya Corp. (Health Care Equipment & Services)	1,794,804
	103,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,210,590
	94,800	KDDI Corp. (Telecommunication Services)	2,121,918
	170,000	Kubota Corp. (Capital Goods)	2,339,611
	160,000	Mitsubishi Estate Co. Ltd. (Real Estate)	3,268,404
	36,700	Nidec Corp. (Capital Goods)	2,523,712
	188,100	ORIX Corp. (Diversified Financials)	2,426,366
	60,200	Pola Orbis Holdings, Inc. (Household & Personal Products)	3,743,812
	58,100	Start Today Co. Ltd. (Retailing)	1,923,124
	92,800	Sumitomo Mitsui Financial Group, Inc. (Banks)	3,519,005
	102,300	Unicharm Corp. (Household & Personal Products)	1,811,926

			31,611,229

	Netherlands – 4.4%
	378,154	Aegon NV (Insurance)	2,168,389
	22,414	ASML Holding NV (Semiconductors & Semiconductor Equipment)	1,970,256
	113,434	Royal Dutch Shell PLC Class A (Energy)	2,677,842

			6,816,487

	Russia – 0.8%
	6,729	PJSC Magnit (Food & Staples Retailing)*	1,196,902

	Singapore – 0.8%
	106,521	DBS Group Holdings Ltd. (Banks)	1,215,867

	South Korea – 1.9%
	66,568	Kia Motors Corp. (Automobiles & Components)	3,017,608

	Spain – 4.5%
	282,693	Banco Bilbao Vizcaya Argentaria SA (Banks)	2,390,405
	2,149	Banco Popular Espanol SA (Banks)*	7,851
	389,105	Banco Popular Espanol SA (Banks)	1,421,414
	491,135	Iberdrola SA (Utilities)	3,272,541

			7,092,211

	Sweden – 4.2%
	77,478	Hennes & Mauritz AB Class B (Retailing)	2,830,766
	81,339	Svenska Cellulosa AB SCA Class B (Household & Personal Products)	2,276,039
	153,458	Volvo AB Class B (Capital Goods)	1,469,997

			6,576,802

	Switzerland – 12.5%
	136,146	Credit Suisse Group AG (Registered) (Diversified Financials)*	3,272,520



Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	57,513	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$ 5,286,128
	8,945	Syngenta AG (Registered) (Materials)	2,866,074
	8,249	The Swatch Group AG (Consumer Durables & Apparel)	3,059,311
	141,211	UBS Group AG (Registered) (Diversified Financials)	2,610,727
	43,889	Wolseley PLC (Capital Goods)	2,567,243

			19,662,003

	United Kingdom – 10.3%
	376,720	Aviva PLC (Insurance)	2,576,603
	287,408	BG Group PLC (Energy)	4,146,115
	131,513	BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)*	1,301,626
	383,316	Just Eat PLC (Software & Services)*	2,384,878
	55,912	Rio Tinto PLC (Materials)	1,876,025
	1,205,196	Vodafone Group PLC (Telecommunication Services)	3,801,291

			16,086,538

	TOTAL COMMON STOCKS (Cost $160,558,949)		$152,011,326


	Exchange Traded Fund – 1.0%
	United States – 1.0%
	138,748	iShares MSCI Japan Fund	$ 1,585,890
	(Cost $1,832,861)

	TOTAL INVESTMENTS – 98.0% (Cost $162,391,810)		$153,597,216

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%		3,175,810

	NET ASSETS – 100.0%		$156,773,026



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 September 30, 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 – 97.7%
	Automobiles & Components – 0.4%
	1,650	Delphi Automotive PLC	$ 125,466
	36,950	Johnson Controls, Inc.	1,528,252

			1,653,718

	Banks – 4.0%
	391,859	Bank of America Corp.^(a)	6,105,163
	43,997	Citigroup, Inc.	2,182,691
	76,636	JPMorgan Chase & Co.	4,672,497
	14,192	Synovus Financial Corp.	420,083
	29,822	Wells Fargo & Co.	1,531,360

			14,911,794

	Capital Goods – 5.4%
	16,396	Acuity Brands, Inc.	2,878,810
	14,593	AerCap Holdings NV*	558,036
	73,988	Allison Transmission Holdings, Inc.	1,974,740
	71,026	General Electric Co.	1,791,276
	57,990	HD Supply Holdings, Inc.*	1,659,674
	1,554	Hubbell, Inc. Class B	132,012
	7,907	Huntington Ingalls Industries, Inc.	847,235
	44,720	Illinois Tool Works, Inc.	3,680,903
	1,096	Northrop Grumman Corp.	181,881
	11,573	Snap-on, Inc.	1,746,829
	20,763	Spirit AeroSystems Holdings, Inc. Class A*	1,003,683
	21,425	Stanley Black & Decker, Inc.	2,077,797
	12,280	The Toro Co.	866,231
	6,169	Watsco, Inc.	730,903

			20,130,010

	Commercial & Professional Services – 0.6%
	5,312	Equifax, Inc.	516,220
	10,877	Manpowergroup, Inc.	890,718
	14,095	Robert Half International, Inc.	721,100

			2,128,038

	Consumer Durables & Apparel – 2.6%
	10,957	Carter’s, Inc.	993,143
	40,597	D.R. Horton, Inc.	1,191,928
	55,235	Leggett & Platt, Inc.	2,278,444
	20,737	Mohawk Industries, Inc.*	3,769,779
	24,635	VF Corp.	1,680,353

			9,913,647

	Consumer Services – 2.9%
	12,060	Brinker International, Inc.	635,200
	87,307	Carnival Corp.	4,339,158
	11,787	Darden Restaurants, Inc.	807,881
	87,709	Starbucks Corp.	4,985,379
	1,725	Yum! Brands, Inc.	137,914

			10,905,532

	Diversified Financials – 2.3%
	39,881	Ameriprise Financial, Inc.	4,352,213
	12,429	Berkshire Hathaway, Inc. Class B*	1,620,742
	2,951	Capital One Financial Corp.	214,006
	25,045	MSCI, Inc.	1,489,176
	20,433	SEI Investments Co.	985,484
	4,322	Voya Financial, Inc.	167,564

			8,829,185



Shares		Description	Value
	Common Stocks – (continued)
	Energy – 9.9%
	43,286	Columbia Pipeline Group, Inc.	$ 791,701
	19,384	CVR Energy, Inc.^(b)	795,713
	65,873	Exxon Mobil Corp.	4,897,658
	79,074	HollyFrontier Corp.	3,861,974
	164,300	Kinder Morgan, Inc.	4,547,824
	94,197	Marathon Petroleum Corp.	4,364,147
	66,814	PBF Energy, Inc. Class A	1,886,159
	33,092	Phillips 66	2,542,789
	98,099	Spectra Energy Corp.	2,577,061
	37,748	Tesoro Corp.	3,670,616
	12,745	The Williams Companies, Inc.	469,653
	76,991	Valero Energy Corp.	4,627,159
	62,040	World Fuel Services Corp.	2,221,032

			37,253,486

	Food & Staples Retailing – 1.9%
	64,649	CVS Health Corp.	6,237,335
	20,065	The Kroger Co.	723,745

			6,961,080

	Food, Beverage & Tobacco – 7.3%
	114,330	Altria Group, Inc.	6,219,552
	29,197	Coca-Cola Enterprises, Inc.	1,411,675
	104,730	ConAgra Foods, Inc.	4,242,612
	27,835	Flowers Foods, Inc.	688,638
	74,751	General Mills, Inc.	4,195,774
	17,669	Hormel Foods Corp.	1,118,624
	16,258	Kellogg Co.	1,081,970
	3,614	Monster Beverage Corp.*	488,396
	74,523	PepsiCo, Inc.	7,027,519
	18,965	Pinnacle Foods, Inc.	794,254

			27,269,014

	Health Care Equipment & Services – 3.5%
	104,626	Abbott Laboratories	4,208,058
	14,306	C. R. Bard, Inc.	2,665,351
	48,664	Hologic, Inc.*	1,904,222
	16,424	Stryker Corp.	1,545,499
	24,123	UnitedHealth Group, Inc.	2,798,509

			13,121,639

	Household & Personal Products – 0.1%
	5,875	The Procter & Gamble Co.	422,648

	Insurance – 3.4%
	86,905	Lincoln National Corp.	4,124,511
	42,333	Reinsurance Group of America, Inc.	3,834,947
	46,693	The Travelers Companies, Inc.	4,647,354
	7,224	XL Group PLC	262,376

			12,869,188

	Materials – 3.9%
	16,983	Allegheny Technologies, Inc.	240,819
	16,268	Ecolab, Inc.	1,784,925
	20,658	Newmont Mining Corp.	331,974
	106,414	Nucor Corp.	3,995,846
	115,634	Steel Dynamics, Inc.	1,986,592
	8,511	The Scotts Miracle-Gro Co. Class A	517,639
	18,609	The Sherwin-Williams Co.	4,145,713
	7,498	Vulcan Materials Co.	668,821
	21,532	WestRock Co.	1,107,606

			14,779,935



Shares		Description	Value
	Common Stocks – (continued)
	Media – 2.2%
	123,359	Comcast Corp. Class A	$ 7,016,660
	6,524	Liberty Global PLC Series C*	267,615
	6,439	Time Warner Cable, Inc.	1,154,963

			8,439,238

	Pharmaceuticals, Biotechnology & Life Sciences – 12.7%
	7,296	Alkermes PLC*	428,056
	43,043	Amgen, Inc.	5,953,708
	6,525	Biogen, Inc.*	1,904,060
	46,181	Bristol-Myers Squibb Co.	2,733,915
	16,710	Celgene Corp.*	1,807,521
	8,318	Eli Lilly & Co.	696,134
	51,381	Gilead Sciences, Inc.	5,045,101
	38,915	Isis Pharmaceuticals, Inc.*	1,572,944
	15,358	Jazz Pharmaceuticals PLC*	2,039,696
	57,340	Johnson & Johnson	5,352,689
	3,908	Mallinckrodt PLC*	249,878
	119,159	Merck & Co., Inc.	5,885,263
	256,069	Pfizer, Inc.	8,043,127
	2,232	Quintiles Transnational Holdings, Inc.*	155,280
	15,046	United Therapeutics Corp.*	1,974,637
	99,957	Zoetis, Inc.	4,116,229

			47,958,238

	Real Estate – 4.3%
	53,510	American Tower Corp. (REIT)	4,707,810
	45,427	Apartment Investment & Management Co. Class A (REIT)	1,681,708
	5,353	Camden Property Trust (REIT)	395,587
	8,754	CBL & Associates Properties, Inc. (REIT)	120,367
	123,594	CBRE Group, Inc. Class A*	3,955,008
	13,425	Equity Commonwealth (REIT)*	365,697
	19,396	Equity LifeStyle Properties, Inc. (REIT)	1,136,024
	4,620	Extra Space Storage, Inc. (REIT)	356,479
	6,514	Forest City Enterprises, Inc. Class A*	131,127
	43,260	Gaming and Leisure Properties, Inc. (REIT)	1,284,822
	18,603	Home Properties, Inc. (REIT)	1,390,574
	4,461	Lamar Advertising Co. Class A (REIT)	232,775
	8,046	Post Properties, Inc. (REIT)	469,001

			16,226,979

	Retailing – 7.7%
	8,901	Amazon.com, Inc.*	4,556,333
	5,829	AutoZone, Inc.*	4,219,205
	1,574	Expedia, Inc.	185,228
	77,378	Lowe’s Companies, Inc.	5,332,892
	8,978	Netflix, Inc.^*	927,068
	8,610	O’Reilly Automotive, Inc.*	2,152,500
	39,048	Target Corp.	3,071,516
	61,856	The Home Depot, Inc.	7,143,749
	1,117	The Priceline Group, Inc.*	1,381,573

			28,970,064

	Semiconductors & Semiconductor Equipment – 0.9%
	9,881	NXP Semiconductors NV*	860,339
	22,845	Texas Instruments, Inc.	1,131,284



Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	30,453	Xilinx, Inc.	$ 1,291,207

			3,282,830

	Software & Services – 8.0%
	14,081	Accenture PLC Class A	1,383,599
	58,651	Automatic Data Processing, Inc.	4,713,194
	703	CoStar Group, Inc.*	121,661
	172,032	eBay, Inc.^*	4,204,462
	47,076	Facebook, Inc. Class A*	4,232,133
	6,479	Google, Inc. Class A*	4,135,999
	6,494	Google, Inc. Class C*	3,951,080
	94,852	Microsoft Corp.	4,198,150
	79,280	Rackspace Hosting, Inc.*	1,956,630
	16,472	Vantiv, Inc. Class A*	739,922
	17,601	Yahoo!, Inc.*	508,845

			30,145,675

	Technology Hardware & Equipment – 8.6%
	147,999	Apple, Inc.	16,324,290
	3,065	Avnet, Inc.	130,814
	36,419	Brocade Communications Systems, Inc.	378,029
	5,833	CDW Corp./DE	238,336
	263,867	Cisco Systems, Inc.	6,926,509
	152,493	EMC Corp.	3,684,231
	14,862	F5 Networks, Inc.*	1,721,020
	30,639	Flextronics International Ltd.*	322,935
	6,269	Ingram Micro, Inc. Class A	170,768
	98,450	Juniper Networks, Inc.	2,531,149

			32,428,081

	Telecommunication Services – 3.0%
	42,734	AT&T, Inc.	1,392,274
	78,203	CenturyLink, Inc.	1,964,459
	178,787	Verizon Communications, Inc.	7,779,022

			11,135,755

	Transportation – 1.1%
	23,631	Alaska Air Group, Inc.	1,877,483
	44,119	Delta Air Lines, Inc.	1,979,619
	1,497	United Parcel Service, Inc. Class B	147,739

			4,004,841

	Utilities – 1.0%
	38,008	AES Corp.	372,098
	111,946	Calpine Corp.*	1,634,412
	13,992	FirstEnergy Corp.	438,089
	69,684	NRG Energy, Inc.	1,034,807
	9,297	Public Service Enterprise Group, Inc.	391,962

			3,871,368

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $378,425,571)		$367,611,983



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.2%
Goldman Sachs Financial Square Money Market Fund – FST Shares
636,000	0.132%	$ 636,000
(Cost $636,000)

TOTAL INVESTMENTS – 97.9% (Cost $379,061,571)		$368,247,983

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%		8,012,534

NET ASSETS – 100.0%		$376,260,517



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 segregated as collateral for initial margin requirements on futures transactions.

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

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on September 30, 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 September 30, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At September 30, 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”) establish 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).

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

The Board of Trustees (“Trustees”) has approved 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 GSAM or GSAMI 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 (“Underlying Fund”) are valued at the NAV of the FST Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

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

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 (Including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class (the FST Share class for Money Market Funds) of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds that fluctuate in value, the Funds’ 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 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.

The Underlying Funds may invest in 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap 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 Fund’s 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 September 30, 2015, the Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 1, 2015, as follows:

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

At September 30, 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

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 September 30, 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 Schedules 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. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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, participating insurance companies, 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 a 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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s, the Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s, Portfolio’s and Underlying Fund’s expense ratios. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

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 U.S. or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds, 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 Funds, Portfolio and Underlying Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Non-Diversification Risk — The Global Trends Allocation Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Gain

Barclays Bank PLC	USD	87,788	JPY	10,518,315	10/29/15	$	87,707	$	81
BNP Paribas SA	GBP	104,369	EUR	141,000	12/16/15		157,836		74
	USD	38,186	GBP	24,718	12/16/15		37,381		805
Citibank NA	EUR	71,000	GBP	52,040	12/16/15		79,441		741
	JPY	18,999,895	USD	158,000	12/16/15		158,593		593
	USD	199,942	CAD	265,109	12/16/15		198,593		1,349
	USD	1,673,839	EUR	1,487,744	11/06/15		1,663,309		10,530
	USD	79,130	EUR	70,000	12/16/15		78,321		809
	USD	479,459	GBP	305,180	10/08/15		461,647		17,812
JPMorgan Chase Bank NA	JPY	18,992,311	USD	158,000	12/16/15		158,530		530
	SEK	389,789	EUR	41,414	12/16/15		46,656		319
	USD	349,441	CAD	462,080	12/16/15		346,145		3,296
State Street Bank	EUR	142,000	GBP	102,859	12/16/15		158,881		3,329
	SEK	199,580	EUR	21,242	12/16/15		23,889		122
	USD	316,000	JPY	37,689,478	12/16/15		314,597		1,403
Westpac Banking Corp.	NZD	125,000	USD	78,006	12/16/15		79,473		1,467
	USD	362,548	CAD	480,086	12/16/15		359,634		2,914
	USD	45,878	EUR	40,613	12/16/15		45,442		437

TOTAL								$	46,611


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Current Value		Unrealized Loss

Bank of America NA	EUR	69,000	USD	78,739	12/16/15	$	77,203	$	(1,536	)
	USD	157,696	AUD	227,000	12/16/15		158,681		(985	)
Barclays Bank PLC	CAD	105,358	USD	79,000	12/16/15		78,924		(76	)
	GBP	11,843	USD	18,259	12/16/15		17,910		(349	)
BNP Paribas SA	CAD	390,793	EUR	263,817	12/16/15		292,745		(2,436	)
	EUR	71,000	USD	79,454	12/16/15		79,441		(14	)
	GBP	103,617	EUR	141,000	12/16/15		156,698		(1,064	)
	GBP	12,875	USD	20,128	12/16/15		19,470		(658	)
Citibank NA	EUR	72,000	USD	80,510	11/06/15		80,497		(13	)
	EUR	70,000	USD	78,805	12/16/15		78,322		(483	)
	GBP	152,000	USD	238,802	10/08/15		229,931		(8,871	)
	GBP	78,113	USD	120,595	12/16/15		118,129		(2,467	)
	USD	58,144	SEK	494,000	10/06/15		59,025		(881	)
JPMorgan Chase Bank NA	CAD	307,964	USD	236,000	12/16/15		230,696		(5,303	)
	EUR	139,000	USD	158,149	12/16/15		155,525		(2,625	)
Morgan Stanley Co., Inc.	EUR	142,000	USD	159,373	12/16/15		158,881		(492	)
Standard Chartered Bank	NZD	245,000	USD	156,902	12/16/15		155,768		(1,133	)
State Street Bank	AUD	111,000	USD	79,052	12/16/15		77,593		(1,459	)
	CAD	204,829	USD	156,000	12/16/15		153,438		(2,562	)
	EUR	40,489	USD	45,879	12/16/15		45,302		(576	)
Westpac Banking Corp.	AUD	218,000	USD	156,208	12/16/15		152,389		(3,819	)
	CAD	103,906	USD	79,000	12/16/15		77,836		(1,164	)
	GBP	52,286	EUR	71,000	12/16/15		79,071		(370	)
	USD	443,439	NZD	707,804	12/16/15		450,013		(6,574	)

TOTAL								$	(45,910	)


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

U.S. Long Bond	8	December 2015	$	1,258,750		$	31,649
U.S. Ultra Long Treasury Bond	(50)	December 2015		(8,020,313	)		(70,375	)
2 Year U.S. Treasury Notes	28	December 2015		6,132,875			9,133
5 Year U.S. Treasury Notes	78	December 2015		9,400,219			51,795
10 Year Australian Government Bonds	3	December 2015		272,504			3,145
10 Year U.S. Treasury Notes	9	December 2015		1,158,609			1,062

TOTAL						$	26,409


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

	CAD	1,200	12/16/20	1.250%	3 Month BA	$	1,712		$	(371	)
	EUR	400	12/16/20	0.500	6 Month EURIBOR		(198	)		2,720
	NOK	3,510	12/16/20	1.500	6 Month NIBOR		902			2,940
	SEK	9,960	12/16/20	3 Month STIBOR	0.500%		3,395			732
	$	2,280	12/16/20	3 Month LIBOR	2.000		(32,195	)		(25,740	)
	EUR	60	12/16/22	6 Month EURIBOR	0.500		1,387			(661	)
		510	09/16/25	2.000	6 Month EURIBOR		(1,131	)		12,198
	GBP	340	09/16/25	6 Month LIBOR	2.750		(2,026	)		(9,475	)
	EUR	40	09/28/25	1.500	6 Month EURIBOR		(178	)		(44	)
	GBP	60	09/28/25	6 Month LIBOR	2.250		103			(79	)
	$	40	09/28/25	2.750	3 Month LIBOR		(127	)		233
	AUD	390	12/16/25	3.000	6 Month BBR		(62	)		2,348
	CAD	180	12/16/25	3 Month BA	2.000		(175	)		(894	)
	EUR	3,730	12/16/25	0.750	6 Month EURIBOR		(116,624	)		13,335
	GBP	30	12/16/25	2.000	6 Month LIBOR		101			516
	SEK	4,770	12/16/25	3 Month STIBOR	1.500		(4,726	)		283
	$	2,120	12/16/25	3 Month LIBOR	2.500		(33,418	)		(51,978	)
	GBP	385	12/16/45	6 Month LIBOR	2.250		(13,746	)		(9,466	)

TOTAL						$	(197,006	)	$	(63,403	)



Tax cost	$	108,230,649

Gross unrealized gain		3,543,271
Gross unrealized loss		(1,178,978	)

Net unrealized security gain	$	2,364,293


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

S&P 500 E-Mini Index	11	December 2015	$	1,049,785	$	(33,587	)


Description	Interest Rate			Maturity Date^(a)	Settlement Date	Principal Amount		Value

GNMA		3.500	%	TBA-30yr	10/15/45	$	(4,000,000)	$	(4,190,000)
FHLMC		3.500		TBA-30yr	10/15/45		(1,000,000)		(1,040,313)
FNMA		3.000		TBA-30yr	10/25/45		(1,000,000)		(1,013,281)

TOTAL (Proceeds Received: $6,192,656)								$	(6,243,594)



Tax cost	$	96,387,038

Gross unrealized gain		81,305,300
Gross unrealized loss		(15,131,115	)

Net unrealized security gain	$	66,174,185



Tax cost	$	345,868,423

Gross unrealized gain		974,929
Gross unrealized loss		(3,143,617	)

Net unrealized security loss	$	(2,168,688	)



Tax cost	$	138,912,997

Gross unrealized gain		35,788,245
Gross unrealized loss		(10,830,142	)

Net unrealized security gain	$	24,958,103



Tax cost	$	71,978,655

Gross unrealized gain		282,834
Gross unrealized loss		(320,288	)

Net unrealized security loss	$	(37,454	)



Tax cost	$	861,334,636

Gross unrealized gain		99,304,108
Gross unrealized loss		(99,695,981	)

Net unrealized security gain	$	(391,873	)



Tax cost	$	843,617,025

Gross unrealized gain		42,741,562
Gross unrealized loss		(78,776,253	)

Net unrealized security loss	$	(36,034,691	)



Tax cost	$	10,482,739

Gross unrealized gain		6,990
Gross unrealized loss		(551,952	)

Net unrealized security loss	$	(544,962	)



Tax cost	$	93,141,903

Gross unrealized gain		9,064,186
Gross unrealized loss		(11,928,163	)

Net unrealized security loss	$	(2,863,977	)



Tax cost	$	323,191,315

Gross unrealized gain		90,185,839
Gross unrealized loss		(19,965,102	)

Net unrealized security gain	$	70,220,737


					Credit Spread on September 30, 2015^(a)	Market Value
Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)	Termination Date	Credit Spread on September 30, 2015^(a)	Upfront Payments Made (Received)		Unrealized Gain (Loss)

Protection Sold:
CDX North America Investment Grade Index	$	4,025	1.000%	12/20/20	0.928%	$	15,952	$	356


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

	PLN	90		06/17/19	3.048%	6 Month WIBOR	$	471		$	640
		90		06/17/19	6 Month WIBOR	3.045%		0			(1,108	)
	CAD	1,900	^(a)	12/16/20	1.250	3 Month BA		2,711			(587	)
	EUR	290	^(a)	12/16/20	6 Month EURIBOR	0.500		(1,655	)		(173	)
	NOK	2,310	^(a)	12/16/20	1.500	6 Month NIBOR		593			1,935
	SEK	15,810	^(a)	12/16/20	3 Month STIBOR	0.500		5,389			1,162
	$	170	^(a)	12/16/20	3 Month LIBOR	2.000		(2,105	)		(2,215	)
	EUR	170	^(a)	12/16/22	6 Month EURIBOR	0.500		3,931			(1,872	)
	$	1,870	^(a)	12/16/22	3 Month LIBOR	2.250		(27,999	)		(31,543	)
	EUR	1,400		05/15/24	1.100	6 Month EURIBOR		2,672			36,877
	EUR	3,260	^(a)	05/11/25	1.568	6 Month EURIBOR		(7,946	)		16,310
		1,270	^(a)	06/08/25	1.850	6 Month EURIBOR		(1,938	)		23,372
		230	^(a)	07/10/25	1.700	6 Month EURIBOR		640			1,140
		810	^(a)	09/16/25	2.000	6 Month EURIBOR		(1,745	)		19,322
	GBP	490	^(a)	09/16/25	6 Month LIBOR	2.750		(3,075	)		(13,500	)
	EUR	90	^(a)	09/28/25	1.500	6 Month EURIBOR		(400	)		(98	)
	GBP	100	^(a)	09/28/25	6 Month LIBOR	2.250		172			(132	)
	$	60	^(a)	09/28/25	2.750	3 Month LIBOR		(191	)		349
	AUD	1,200	^(a)	12/16/25	3.000	6 Month BBR		(3,755	)		10,788
	EUR	5,995	^(a)	12/16/25	0.750	6 Month EURIBOR		(189,361	)		23,392
	SEK	7,570	^(a)	12/16/25	3 Month STIBOR	1.500		(7,518	)		454
	$	3,380	^(a)	12/16/25	3 Month LIBOR	2.500		(54,238	)		(81,912	)
	EUR	700	^(a)	06/08/30	6 Month EURIBOR	2.100		(3,942	)		(15,847	)
	GBP	110		12/07/30	6 Month LIBOR	2.125		470			(3,421	)
	EUR	580	^(a)	12/16/30	6 Month EURIBOR	1.000		37,784			(4,842	)
		1,250	^(a)	05/11/35	6 Month EURIBOR	1.695		25,159			10,879
	GBP	100		06/08/37	6 Month LIBOR	2.100		(5,253	)		3,825
		580	^(a)	12/16/45	6 Month LIBOR	2.250		(20,366	)		(14,603	)
	$	300	^(a)	12/16/45	3 Month LIBOR	2.750		(2,024	)		(11,020	)

TOTAL							$	(253,519	)	$	(32,428	)



Tax cost	$	30,359,211

Gross unrealized gain		211,817
Gross unrealized loss		(783,570	)

Net unrealized security loss	$	(571,753	)



Tax cost	$	162,683,356

Gross unrealized gain		12,116,419
Gross unrealized loss		(21,202,559	)

Net unrealized security loss	$	(9,086,140	)



Tax cost	$	379,234,495

Gross unrealized gain		14,904,973
Gross unrealized loss		(25,891,485	)

Net unrealized security loss	$	(10,986,512	)



Principal Amount	Maturity Value	Collateral Value
$151,900,000	$151,900,566	$156,057,417


Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.140	%	$	29,753,608
Bank of America, N.A.		0.140			15,659,794
BNP Paribas Securities Corp.		0.080			10,961,856
TD Securities USA, LLC		0.130			25,055,670
Wells Fargo Securities, LLC		0.140			70,469,072
TOTAL				$	151,900,000


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.130	%		03/30/17
Federal Home Loan Mortgage Corp.		2.000 to 7.000			11/17/15 to 05/01/45
Federal National Mortgage Association		2.000 to 6.890			05/01/20 to 10/01/45
Government National Mortgage Association		3.500 to 5.000			06/20/35 to 08/20/45
U.S. Treasury Bond		7.875			02/15/21
U.S. Treasury Notes		0.625 to 3.625			06/15/17 to 08/15/24


CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	33,504,626		$	—
Mortgage-Backed Obligations		—			39,436,558			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		16,881,234			—			—
Agency Debentures		—			4,024,630			—
Asset-Backed Securities		—			7,985,819			—
Foreign Debt Obligations		615,240			3,074,021			—
Municipal Debt Obligations		—			1,428,224			—
Government Guarantee Obligations		—			2,894,678			—
Commercial Paper		—			749,912			—
Investment Company		—			—			—
Total	$	17,496,474		$	93,098,468		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(6,243,594	)	$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	46,611		$	—
Futures Contracts		96,784			—			—
Interest Rate Swaps Contracts		—			35,305			—
Total	$	96,784		$	81,916		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(45,910	)	$	—
Futures Contracts		(70,375	)		—			—
Interest Rate Swaps Contracts		—			(98,708	)		—
Total	$	(70,375	)	$	(144,618	)	$	—

EQUITY INDEX

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	162,361,236		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		199,987			—			—
Total	$	162,561,223		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(33,587	)	$	—		$	—

GLOBAL TRENDS ALLOCATION

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Agency Debentures	$	—		$	78,345,611		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		98,577,701			—			—
Exchange Traded Funds		45,847,147			—			—
Investment Company		120,929,276			—			—
Total	$	265,354,124		$	78,345,611		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	173,568		$	—		$	—
Liabilities^(a)
Futures Contracts	$	(361,317	)	$	—		$	—


GROWTH OPPORTUNITIES

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	163,871,100		$	—	$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	100,082	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,097,401			—		—
Mortgage-Backed Obligations		—			37,144,388		—
Asset-Backed Securities		—			24,947,367		—
Investment Company		8,651,963			—		—
Total	$	9,749,364		$	62,191,837	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	15,422		$	—	$	—
Liabilities^(a)
Futures Contracts	$	(39,917	)	$	—	$	—

LARGE CAP VALUE

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	860,942,763		$	—	$	—

MID CAP VALUE

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	807,582,334		$	—	$	—

MULTI-STRATEGY ALTERNATIVES

Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	2,639,758		$	—	$	—
Fixed Income Underlying Funds		6,368,745			—		—
Exchange Traded Funds		629,918			—		—
Investment Company		299,356			—		—
Total	$	9,937,777		$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	88,950,451		$	—	$	—
Securities Lending Reinvestment Vehicle		1,327,475			—		—
Total	$	90,277,926		$	—	$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(75,659	)	$	—	$	—

STRATEGIC GROWTH

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	393,412,052		$	—	$	—


STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	4,089,587		$	—
Mortgage-Backed Obligations		—			3,122,182			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		10,516,331			—			—
Asset-Backed Securities		—			4,892,638			600,000
Foreign Debt Obligations		1,154,573			3,145,909			—
Municipal Debt Obligations		—			517,996			—
Bank Loan Obligations		—			945,184			23,250
Commercial Paper		—			249,952			—
Government Guarantee Obligation		—			335,555			—
Investment Company		194,301			—			—
Total	$	11,865,205		$	17,299,003		$	623,250

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	168,485		$	—
Futures Contracts		6,463			—			—
Credit Default Swap Contracts		—			3,599			—
Interest Rate Swap Contracts		—			163,307			—
Total	$	6,463		$	335,391		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(104,085	)	$	—
Futures Contracts		(85,693	)		—			—
Interest Rate Swap Contracts		—			(231,535	)		—
Total	$	(85,693	)	$	(335,620	)	$	—

STRATEGIC INTERNATIONAL EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stocks and/or Other Equity Investments^(b)
Asia	$	—		$	38,488,574		$	—
Australia and Oceania		—			4,851,749			—
Europe		—			108,671,003			—
Exchange Traded Fund		1,585,890			—			—
Total	$	1,585,890		$	152,011,326		$	—

U.S. EQUITY INSIGHTS

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stocks and/or Other Equity Investments^(b)
North America	$	367,611,983		$	—		$	—
Securities Lending Reinvestment Vehicle		636,000			—			—
Total	$	368,247,983		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(85,130	)	$	—		$	—


(Registrant) Goldman Sachs Variable Insurance Trust

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

Date: November 27, 2015