UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)                                                             (Zip code)

Peter V. Bonanno, Esq.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004 Copies to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, NW
Washington, DC 20006

(Name and address of agent for service)

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

Date of fiscal year end:        March 31

Date of reporting period: December 31, 2008

Item 1. Schedule of Investments.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — 22.1%
Banks — 4.1%
ANZ Capital Trust II(a)(b)
$	3,500,000		5.360	%	12/15/49	$	2,158,271
Associates Corp. NA(c)
	2,000,000		8.550		07/15/09		1,997,160
Astoria Financial Corp.(a)
	4,600,000		5.750		10/15/12		4,110,275
Bank of America Corp.
	3,250,000		5.750		12/01/17		3,244,933
	4,400,000		8.000	(a)(d)	01/30/49		3,146,000
Citigroup, Inc.
	2,000,000		7.250		10/15/11		1,965,962
	6,050,000		6.875		03/05/38		6,741,451
HBOS Capital Funding LP(a)(b)(d)
	4,325,000		6.071		06/30/49		1,599,606
ING Capital Funding Trust III(a)(d)
	2,150,000		8.439		12/31/49		1,084,596
JPMorgan Chase & Co.
	2,300,000		6.000		01/15/18		2,422,731
	1,200,000		7.900	(a)(d)	04/30/49		998,196
MUFG Capital Finance 1 Ltd.(a)(d)
	4,650,000		6.346		07/25/49		3,348,000
National Australia Bank Ltd.(a)
	2,000,000		8.600		05/19/10		2,033,921
PNC Bank NA
	3,075,000		6.875		04/01/18		3,207,946
Resona Bank Ltd.(a)(b)(d)
	3,500,000		5.850		04/15/49		1,984,069
EUR	2,675,000		4.125		09/27/49		1,983,757
Resona Preferred Global Securities Ltd.(a)(b)(d)
$	1,375,000		7.191		07/30/49		654,621
Royal Bank of Scotland Group PLC(a)
	4,500,000		9.118		03/31/49		3,841,812
	2,425,000		6.990	(b)(d)	10/05/49		1,091,250
Santander Issuances SA Unipersonal(a)(b)(d)
	1,600,000		5.805		06/20/16		1,439,443
	400,000		6.671		10/24/49		254,416
Sovereign Bank(a)(d)
	2,550,000		4.903		08/01/13		1,817,788
Wachovia Corp.(a)
	5,900,000		5.500		05/01/13		5,834,162
Wells Fargo Capital XIII(a)(d)
	2,900,000		7.700		03/26/49		2,393,402
Wells Fargo Capital XV(a)(d)
	3,850,000		9.750		09/26/49		3,888,500
							63,242,268
Brokerage — 2.2%
Bear Stearns & Co., Inc.
	4,775,000		6.400		10/02/17		4,985,410
	10,100,000		7.250		02/01/18		10,973,102
FMR Corp.(b)
	500,000		4.750		03/01/13		459,735
Merrill Lynch & Co., Inc.
	1,575,000		5.450		02/05/13		1,513,962

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Brokerage — (continued)
$	2,950,000		6.400	%	08/28/17	$	2,955,508
Morgan Stanley
	2,300,000		5.750		08/31/12		2,144,552
	3,000,000		5.300	(a)	03/01/13		2,720,673
	9,925,000		6.625	(a)	04/01/18		8,707,103
							34,460,045
Captive Financial — 0.2%
International Lease Finance Corp.
	2,625,000		4.950		02/01/11		1,893,964
Nelnet, Inc.(a)
	2,580,000		5.125		06/01/10		1,600,374
							3,494,338
Diversified Manufacturing(a) — 0.1%
Tyco Electronics Group SA
	1,950,000		6.000		10/01/12		1,759,101
Electric(a) — 1.2%
Arizona Public Service Co.
	2,590,000		5.800		06/30/14		2,163,233
	4,425,000		6.250		08/01/16		3,613,575
Commonwealth Edison Co.
	2,400,000		5.875		02/01/33		2,006,028
	2,725,000		5.900		03/15/36		2,172,657
MidAmerican Energy Holdings Co.
	3,575,000		6.125		04/01/36		3,324,343
NiSource Finance Corp.(d)
	5,000,000		2.723		11/23/09		4,505,250
Progress Energy, Inc.
	50,000		5.625		01/15/16		45,578
							17,830,664
Energy(a) — 1.4%
Canadian Natural Resources Ltd.
	2,675,000		6.500		02/15/37		2,156,752
EnCana Corp.
	6,175,000		6.500		02/01/38		4,968,615
Kerr-McGee Corp.
	4,575,000		6.950		07/01/24		4,011,580
Valero Energy Corp.
	4,620,000		6.625		06/15/37		3,398,024
XTO Energy, Inc.
	6,875,000		6.500		12/15/18		6,655,158
							21,190,129
Entertainment — 0.1%
Time Warner Entertainment Co.
	2,175,000		8.375		03/15/23		2,163,588
Food & Beverage(a)(b) — 0.2%
Cargill, Inc.
	3,425,000		6.000		11/27/17		3,071,009
Gaming(a) — 0.1%
MGM Mirage, Inc.
	850,000		8.500		09/15/10		714,000

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Health Care Services(a) — 0.5%
UnitedHealth Group, Inc.
$	7,700,000		5.500	%	11/15/12	$	7,016,856
Life Insurance — 0.6%
Americo Life, Inc.(a)(b)
	1,600,000		7.875		05/01/13		1,520,000
MetLife Capital Trust X(a)(b)(d)
	2,000,000		9.250		04/08/38		1,395,142
Phoenix Life Insurance Co.(a)(b)
	3,200,000		7.150		12/15/34		1,964,256
Principal Financial Group Australia(a)(b)
	2,750,000		8.200		08/15/09		2,771,950
Reinsurance Group of America, Inc.
	550,000		6.750		12/15/11		451,306
Symetra Financial Corp.(a)(b)(d)
	3,100,000		8.300		10/15/37		1,775,572
							9,878,226
Media-Cable — 1.0%
Comcast Cable Communications Holdings, Inc.
	4,395,000		8.375		03/15/13		4,563,384
	2,050,000		9.455		11/15/22		2,484,316
Cox Communications, Inc.(a)
	11,000		4.625		01/15/10		10,633
	5,050,000		5.875	(b)	12/01/16		4,490,909
Rogers Communications, Inc.(a)
	2,000,000		6.800		08/15/18		2,020,862
Time Warner Cable, Inc.(a)
	2,550,000		5.400		07/02/12		2,381,055
	150,000		6.550		05/01/37		141,072
							16,092,231
Media-Non Cable(a) — 0.6%
News America, Inc.
	4,400,000		6.650		11/15/37		4,269,812
Thomson Reuters Corp.
	4,950,000		6.500		07/15/18		4,501,248
							8,771,060
Metals & Mining(a) — 0.3%
Inco Ltd.
	5,550,000		5.700		10/15/15		4,553,004
Noncaptive-Financial — 1.4%
American General Finance Corp.
	2,525,000		5.900		09/15/12		1,111,000
Countrywide Home Loans, Inc.
	1,500,000		5.625		07/15/09		1,493,403
	1,750,000		4.125		09/15/09		1,730,313
GATX Financial Corp.(a)
	5,775,000		5.125		04/15/10		5,409,523
General Electric Capital Corp.
	1,300,000		6.000		06/15/12		1,333,862
HSBC Finance Corp.
	5,875,000		5.700		06/01/11		5,729,224

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Noncaptive-Financial — (continued)
PHH Corp.(a)
$	1,900,000		7.125	%	03/01/13	$	1,076,493
SLM Corp.
	5,775,000		5.400		10/25/11		4,368,406
							22,252,224
Pipelines(a) — 1.8%
Boardwalk Pipelines LP
	4,400,000		5.875		11/15/16		3,641,540
CenterPoint Energy Resources Corp. Series B
	4,075,000		5.950		01/15/14		3,727,333
Energy Transfer Partners LP
	3,450,000		5.950		02/01/15		2,983,264
	3,200,000		6.700		07/01/18		2,704,487
	1,825,000		9.700	(c)	03/15/19		1,880,500
Enterprise Products Operating LP
	4,625,000		5.000		03/01/15		3,909,098
ONEOK Partners LP
	2,900,000		6.850		10/15/37		2,217,436
Southern Natural Gas Co.(b)
	1,650,000		5.900		04/01/17		1,262,416
TEPPCO Partners LP
	6,225,000		5.900		04/15/13		5,471,215
							27,797,289
Property/Casualty Insurance — 1.5%
AON Capital Trust A
	1,752,000		8.205		01/01/27		963,600
Arch Capital Group Ltd.(a)
	3,200,000		7.350		05/01/34		2,625,357
Aspen Insurance Holdings Ltd.(a)
	1,525,000		6.000		08/15/14		1,002,800
CNA Financial Corp.(a)
	500,000		5.850		12/15/14		355,000
Endurance Specialty Holdings Ltd.(a)
	2,950,000		6.150		10/15/15		2,558,051
Hartford Financial Services Group, Inc.(a)
	2,000,000		7.900		06/15/10		1,948,910
QBE Insurance Group Ltd.(a)(b)(d)
	3,150,000		5.647		07/01/23		1,918,287
Swiss Re Capital I LP(a)(b)(d)
	5,100,000		6.854		05/29/49		1,622,081
The Chubb Corp.(a)(d)
	4,225,000		6.375		03/29/67		2,620,311
White Mountains Reinsurance Group Ltd.(a)(b)(d)
	4,900,000		6.375		03/20/17		3,997,050
ZFS Finance USA Trust I(a)(b)(d)
	4,000,000		6.150		12/15/65		2,241,104
ZFS Finance USA Trust IV(a)(b)(d)
	3,050,000		5.875		05/09/32		1,065,609
							22,918,160

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Real Estate Investment Trusts(a) — 1.2%
Brandywine Operating Partnership LP
$	3,740,000		4.500	%	11/01/09	$	3,507,323
Highwoods Properties, Inc.
	3,525,000		5.850		03/15/17		2,180,544
iStar Financial, Inc.
	2,200,000		5.650		09/15/11		704,000
iStar Financial, Inc. Series B
	3,275,000		5.700		03/01/14		1,015,250
Liberty Property LP
	1,100,000		7.250		03/15/11		968,772
Simon Property Group LP
	6,625,000		6.125		05/30/18		4,476,526
Westfield Capital Corp.(b)
	3,725,000		5.125		11/15/14		2,596,265
Westfield Group(b)
	4,411,000		5.400		10/01/12		3,382,875
							18,831,555
Retailers(a) — 0.8%
CVS Caremark Corp.
	4,525,000		5.750		06/01/17		4,260,147
Marks & Spencer PLC(b)
	2,850,000		6.250		12/01/17		2,190,472
	3,825,000		7.125		12/01/37		2,592,203
Nordstrom, Inc.
	5,250,000		6.250		01/15/18		3,687,521
							12,730,343
Technology(a)(b) — 0.3%
Computer Sciences Corp.
	4,725,000		6.500		03/15/18		4,070,233
Tobacco — 0.8%
Altria Group, Inc.(a)
	4,150,000		9.700		11/10/18		4,485,444
Philip Morris International, Inc.
	8,200,000		5.650		05/16/18		8,128,931
							12,614,375
Wireless Telecommunications(a) — 0.4%
Sprint Capital Corp.
	3,100,000		7.625		01/30/11		2,586,877
	1,060,000		6.875		11/15/28		627,202
Verizon Wireless(b)
	2,550,000		8.500		11/15/18		2,987,776
							6,201,855
Wirelines Telecommunications — 1.3%
AT&T, Inc.(a)
	3,675,000		6.400		05/15/38		3,936,590
Deutsche Telekom International Finance BV
	2,900,000		8.750		06/15/30		3,557,426
Qwest Capital Funding, Inc.(a)
	500,000		7.900		08/15/10		450,000

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Wirelines Telecommunications — (continued)
Telecom Italia Capital(a)
$	2,625,000		4.950	%	09/30/14	$	2,021,250
	3,350,000		7.721		06/04/38		2,751,187
Telefonica Europe BV(a)
	2,575,000		7.750		09/15/10		2,614,262
Verizon Communications, Inc.(a)
	4,125,000		6.400		02/15/38		4,300,029
							19,630,744
TOTAL CORPORATE BONDS						$	341,283,297
Mortgage-Backed Obligations — 72.7%
Adjustable Rate Non-Agency(d) — 15.0%
American Home Mortgage Assets Series 2007-1, Class A1
$	20,427,912		2.956	%	02/25/47	$	6,866,252
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	74,443		5.506		08/25/33		39,243
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
	2,613,346		4.983		04/25/34		1,909,017
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
	7,663,565		5.075		06/25/35		4,340,775
Bear Stearns Adjustable Rate Mortgage Trust Series 2006-2, Class 3A2
	693,845		5.750		07/25/36		372,463
Bear Stearns Alt-A Trust Series 2005-8, Class 11A1
	2,219,424		0.741		10/25/35		1,048,905
Bear Stearns Mortgage Funding Trust Series 2006-AR2, Class 1A1
	18,938,763		0.671		09/25/46		7,742,735
Chase Mortgage Finance Corp. Series 2007-A1, Class 1A3
	9,701,679		4.884		02/25/37		7,522,639
Chase Mortgage Finance Corp. Series 2007-A1, Class 4A1
	4,481,679		4.167		02/25/37		3,459,140
Chase Mortgage Finance Corp. Series 2007-A1, Class 5A1
	2,275,454		4.167		02/25/37		1,727,421
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	1,687,374		3.756		09/25/35		816,567
Countrywide Alternative Loan Trust Series 2005-51, Class 2A1
	5,475,148		0.808		11/20/35		2,497,642
Countrywide Alternative Loan Trust Series 2005-51, Class 4A1
	7,067,321		0.826		11/20/35		3,170,247
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	6,445,297		0.838		11/20/35		2,860,464
Countrywide Home Loan Trust Series 2003-37, Class 1A1
	53,698		5.420		08/25/33		34,214
Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1
	6,649,126		4.813		04/20/35		4,759,013
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
	2,547,230		4.539		11/20/34		1,371,232
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
	9,895,682		4.899		08/20/35		5,165,622

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Countrywide Home Loan Trust Series 2006-3, Class 1A1
$	3,991,871		0.711	%	03/25/36	$	1,662,240
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	60,017		5.773		03/25/33		35,185
Downey Savings & Loan Association Mortgage Loan Trust Series 2005-AR6, Class 2A1A
	6,568,363		0.871		10/19/45		2,970,483
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
	989,765		4.750		12/25/34		751,259
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
	3,567,779		4.602		06/25/34		2,663,330
Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
	8,944,808		0.891		11/19/35		4,033,374
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
	6,258,445		5.731		12/19/35		3,449,676
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	1,533,068		0.821		01/19/36		696,477
Impac CMB Trust Series 2005-06, Class 1A1
	6,715,519		0.721		10/25/35		2,965,541
Impac Secured Assets Corp. Series 2005-2, Class A1W
	6,950,951		0.721		03/25/36		2,605,470
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	4,643,344		5.320		08/25/35		2,563,261
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	5,060,068		5.397		09/25/35		2,851,460
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	8,481,809		0.681		05/25/46		3,662,684
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	5,792,088		4.197		07/25/35		4,411,103
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	2,158,962		4.740		07/25/35		1,661,790
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	1,544,692		4.068		07/25/35		1,175,905
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	5,890,105		4.768		07/25/35		4,469,208
Lehman XS Trust Series 2005-5N, Class 3A1A
	7,902,566		0.771		11/25/35		3,492,474
Lehman XS Trust Series 2005-7N, Class 1A1A
	241,693		0.741		12/25/35		108,897
Lehman XS Trust Series 2005-9N, Class 1A1
	9,078,420		0.741		02/25/36		4,126,497
Luminent Mortgage Trust Series 2006-2, Class A1A
	8,456,181		0.671		02/25/46		3,424,846
Luminent Mortgage Trust Series 2006-5, Class A1A
	4,466,425		0.661		07/25/36		1,738,083
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	46,029		0.851		11/25/34		20,270
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	3,078,879		3.106		12/25/46		1,113,304

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
$	2,897,363		3.825	%	11/25/29	$	1,814,684
Mortgage IT Trust Series 2005-AR1, Class 1A1
	7,987,035		0.721		11/25/35		3,561,566
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	7,619,847		3.256		01/25/46		3,280,292
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	23,053,554		6.547		11/25/37		9,692,002
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	7,063,072		5.204		09/25/35		4,548,868
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	6,554,701		5.180		09/25/35		4,267,131
Sequoia Mortgage Trust Series 2003-4, Class 1A2
	1,957,891		3.414		07/20/33		1,439,591
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	3,379,218		4.380		05/25/34		1,789,433
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	1,463,759		5.250		09/25/34		772,080
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	6,469,654		5.450		11/25/34		4,132,183
Structured Asset Mortgage Investments, Inc. Series 2006-AR1, Class 3A1
	13,959,980		0.701		02/25/36		5,932,992
Structured Asset Mortgage Investments, Inc. Series 2006-AR2, Class A1
	7,641,919		0.701		02/25/36		2,956,787
Structured Asset Securities Corp. Series 2003-26A, Class 3A5
	3,920,261		4.952		09/25/33		2,513,676
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	2,854,732		5.320		12/25/33		2,068,033
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	20,183,745		0.591		09/25/46		16,054,253
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
	160,655		4.775		02/25/33		111,125
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	4,342,123		4.243		06/25/34		3,456,536
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1
	8,517,164		0.761		10/25/45		3,990,579
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR17, Series A1A1
	7,565,301		0.741		12/25/45		3,340,073
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR09, Class 2A
	19,862,784		3.095		11/25/46		7,245,235
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	3,608,579		3.176		09/25/46		1,366,902

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(d) — (continued)
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 1A
$	6,193,823		2.956	%	03/25/47	$	2,310,675
Washington Mutual Pass-Through Certificates Series 2005-AR15, Class A1A1
	9,798,823		0.731		11/25/45		4,527,266
Wells Fargo Alternative Loan Trust Series 2007-PA6, Class A1
	20,889,951		6.599		12/28/37		10,942,921
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1
	16,516,600		5.034		04/25/35		13,108,229
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	5,574,232		4.939		10/25/35		4,225,459
							231,804,979
Collateralized Mortgage Obligations — 1.4%
Interest Only(e) — 0.0%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
	1,504,251		5.500		04/25/33		124,428
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(d)(f)
	288,970		0.000		11/25/32		—
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	84,884		5.500		04/25/33		2,433
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	20,815		5.750		05/25/33		164
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	93,451		5.500		06/25/33		1,789
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(d)(f)
	1,490,645		0.000		07/25/33		2
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(d)(f)
	1,844,828		0.000		08/25/33		2
FNMA REMIC Series 2004-47, Class EI(d)(f)
	5,149,288		0.000		06/25/34		151,316
Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class AI0(d)
	10,324,245		0.755		06/25/33		87,052
							367,186
Inverse Floaters(d) — 0.1%
GNMA Series 2001-48, Class SA
	159,924		23.108		10/16/31		190,911
GNMA Series 2001-51, Class SA
	303,658		27.993		10/16/31		421,091
GNMA Series 2001-51, Class SB
	313,815		23.108		10/16/31		380,749
GNMA Series 2001-59, Class SA
	57,536		22.945		11/16/24		68,504
GNMA Series 2002-11, Class SA
	158,198		32.713		02/16/32		238,888

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Inverse Floaters(d) — (continued)
GNMA Series 2002-13, Class SB
$	368,996		32.713	%	02/16/32	$	561,213
							1,861,356
Inverse Floating Rate — Interest Only(d)(e) — 0.0%
FNMA REMIC Series 2003-46, Class BS
	8,144,067		7.229		04/25/17		504,645
Planned Amortization Class — 0.4%
FHLMC REMIC Series 2639, Class UL
	243,478		4.750		03/15/22		249,911
FHLMC REMIC Series 2681, Class PC
	1,282,200		5.000		01/15/19		1,300,039
FHLMC REMIC Series 2775, Class MC
	1,458,800		5.000		08/15/27		1,484,410
FHLMC REMIC Series 2949, Class WV
	2,000,000		5.000		12/15/20		2,024,656
FNMA REMIC Series 2003-134, Class ME
	318,185		4.500		06/25/33		316,547
FNMA REMIC Series 2004-64, Class BA
	202,388		5.000		03/25/34		202,555
							5,578,118
Regular Floater(d) — 0.4%
FHLMC REMIC Series 3013, Class XH(f)
	1,001,587		0.000		08/15/35		951,180
FHLMC REMIC Series 3038, Class XA(f)
	491,817		0.000		09/15/35		446,374
FHLMC REMIC Series 3138, Class X(f)
	60,684		0.000		04/15/36		55,436
FHLMC REMIC Series 3273, Class TC(f)
	610,428		0.000		02/15/37		582,261
FHLMC REMIC Series 3292, Class WA(f)
	1,755,358		0.000		07/15/36		1,747,017
FHLMC REMIC Series 3325, Class SX(f)
	1,656,075		0.000		06/15/37		1,575,948
FNMA REMIC Series 2004-62, Class DI(e)(f)
	2,353,937		0.000		07/25/33		54,314
FNMA REMIC Series 2004-71, Class DI(e)(f)
	5,051,274		0.000		04/25/34		30,916
FNMA REMIC Series 2006-48, Class VF
	568,165		0.821		02/25/20		563,364
FNMA REMIC Series 2006-81, Class LF(f)
	226,926		0.000		09/25/36		224,011
FNMA REMIC Series 2007-27, Class XA(f)
	242,256		0.000		05/25/35		238,671
FNMA REMIC Series 2007-53, Class UF(f)
	77,874		0.000		06/25/37		76,441
FNMA REMIC Series 2007-56, Class GY(f)
	270,754		0.000		06/25/37		271,609
							6,817,542

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Sequential Fixed Rate — 0.5%
Countrywide Alternative Loan Trust Series 2005-J11, Clas 2A1
$	4,156,206		6.000	%	10/25/35	$	2,615,812
Countrywide Alternative Loan Trust Series 2006-5T2, Class A3
	5,305,907		6.000		04/25/36		3,632,245
FHLMC REMIC Series 2664, Class MA
	355,105		5.000		04/15/30		363,024
FHLMC REMIC Series 2796, Class AB
	173,414		5.500		10/15/31		176,797
FNMA REMIC Series 2005-103, Class DA
	380,951		5.000		06/25/16		385,378
							7,173,256
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	22,302,103
Commercial Mortgage-Backed Securities — 3.6%
Agency — 0.4%
FNMA
	1,214,443		7.040		08/01/15		1,357,271
	2,673,801		6.460		12/01/28		2,666,295
FNMA Series 2001-M2, Class C(d)
	2,166,838		6.300		09/25/15		2,242,845
							6,266,411
Interest Only(b)(d)(e) — 0.0%
CS First Boston Mortgage Securities Corp. Series 2002-CKS4, Class ASP
	21,296,820		1.553		11/15/36		245,616
Sequential Fixed Rate — 3.2%
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A1
	16,279,445		7.202		10/15/32		15,810,233
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	15,000,000		6.278		11/15/39		14,029,678
LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	9,000,000		4.954		09/15/30		7,201,861
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
	10,175,000		5.197		11/15/30		8,232,525
Merrill Lynch Mortgage Investors, Inc. Series 1999-C1, Class A2
	3,339,334		7.560		11/15/31		3,330,448
							48,604,745
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	55,116,772
Federal Agencies — 52.7%
Adjustable Rate FNMA(d) — 2.1%
	30,329		4.375		06/01/33		30,011
	3,583,886		4.343		07/01/34		3,595,404
	13,447,544		4.520		09/01/34		13,476,941
	9,568,322		5.326		05/01/35		9,610,279

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate FNMA(d) — (continued)
$	5,117,140		3.975	%	06/01/35	$	5,144,624
							31,857,259
FHLMC — 8.1%
	153,314		5.000		12/01/12		159,055
	13,926		5.500		07/01/13		14,470
	108,537		5.500		12/01/13		112,776
	1,279,377		6.500		12/01/13		1,333,862
	82,789		4.000		02/01/14		84,473
	39,149		5.500		02/01/14		40,678
	1,368,833		4.000		03/01/14		1,396,674
	267,388		4.000		04/01/14		272,827
	8,274		5.500		06/01/14		8,598
	38,700		5.500		09/01/14		40,216
	2,227		7.000		10/01/14		2,329
	470,589		6.000		12/01/14		481,832
	19,971		7.000		05/01/15		20,920
	61,105		8.000		07/01/15		64,876
	12,437		7.000		02/01/16		13,031
	29,098		7.000		03/01/16		30,523
	556,941		7.500		05/01/16		584,463
	2,134		7.000		10/01/17		2,248
	1,942,348		4.500		05/01/18		2,000,939
	439,477		4.500		06/01/18		452,733
	1,756,392		4.500		09/01/18		1,809,374
	1,357,883		4.500		10/01/18		1,398,843
	1,234,497		5.000		10/01/18		1,276,971
	1,753,053		4.500		11/01/18		1,805,933
	1,435,439		4.500		12/01/18		1,478,739
	3,988,844		5.000		12/01/18		4,126,086
	509,637		4.500		01/01/19		525,010
	1,375,585		4.500		03/01/19		1,415,512
	6,227,907		4.500		06/01/19		6,415,770
	500,502		5.000		06/01/19		515,741
	2,764,411		4.500		02/01/20		2,842,759
	2,783,108		5.000		06/01/20		2,873,837
	4,045,310		5.000		07/01/20		4,169,744
	2,840,271		4.500		10/01/23		2,886,322
	467,390		5.500		10/01/25		480,422
	597,191		5.500		11/01/25		613,842
	50,335		7.000		06/01/26		52,965
	60,187		7.500		03/01/27		64,456
	10,949		6.500		06/01/29		11,484
	1,764,034		6.500		12/01/29		1,852,446
	58,133		7.500		12/01/30		61,182
	42,090		7.500		01/01/31		44,298
	58,757		6.500		03/01/32		61,448
	15,586		6.500		04/01/32		16,300
	168,192		6.500		07/01/32		175,898
	1,057,159		6.500		08/01/33		1,105,592
	399,996		6.500		10/01/33		417,817
	1,352,325		5.000		11/01/35		1,383,866
	4,433,647		5.000		12/01/35		4,537,056
	14,028,322		5.000		03/01/36		14,355,517
	11,927,039		5.000		04/01/36		12,205,224
	19,825,636		5.000		06/01/36		20,290,026
	14,776,820		5.500		09/01/37		15,141,421

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	484,745		7.500	%	11/01/37	$	505,041
	306,044		7.500		01/01/38		318,970
	707,332		6.500		04/01/38		735,404
	291,632		6.500		09/01/38		303,206
	10,000,000		6.000		11/01/38		10,312,364
							125,704,409
FNMA — 42.5%
	285,280		8.500		10/01/15		314,232
	9,711		7.000		01/01/16		10,122
	466,057		6.000		12/01/16		485,851
	6,296,825		5.000		10/01/17		6,520,025
	41,415,185		5.000		12/01/17		42,883,103
	1,189,108		5.000		01/01/18		1,230,687
	3,773,919		5.000		02/01/18		3,896,517
	1,193,641		5.000		04/01/18		1,234,734
	8,471,702		4.500		05/01/18		8,713,750
	879,653		5.000		05/01/18		909,936
	34,550,265		4.500		06/01/18		35,576,501
	648,640		5.000		06/01/18		670,970
	4,764,191		4.000		07/01/18		4,888,400
	11,548,720		4.500		07/01/18		11,878,684
	2,311,393		4.000		08/01/18		2,371,654
	2,363,558		4.500		08/01/18		2,431,088
	61,709		6.000		08/01/18		64,125
	20,900,446		4.000		09/01/18		21,352,061
	4,860,746		4.500		09/01/18		5,005,417
	159,811		4.500		10/01/18		164,377
	27,920,058		4.500		12/01/18		28,717,774
	486,863		4.500		01/01/19		501,558
	670,597		4.500		03/01/19		690,838
	2,208,414		5.000		04/01/19		2,284,443
	169,037		5.000		05/01/19		174,550
	332,758		4.500		06/01/19		342,197
	249,600		5.000		06/01/19		258,192
	211,932		4.500		07/01/19		217,457
	192,670		4.500		08/01/19		197,693
	7,762,817		6.000		09/01/19		8,087,815
	322,648		5.000		11/01/19		333,170
	602,889		5.000		12/01/19		623,645
	4,154,324		4.500		04/01/20		4,279,715
	9,745,703		6.000		12/01/20		10,153,717
	299,374		6.000		03/01/21		311,019
	326,762		6.000		06/01/21		339,472
	373,764		6.000		08/01/21		388,302
	2,999,701		6.000		10/01/22		3,116,212
	424,758		4.500		03/01/23		434,771
	6,663,450		5.000		03/01/23		6,849,669
	2,942,458		4.500		04/01/23		3,011,915
	29,182,530		4.500		05/01/23		29,870,405
	13,717,295		5.000		05/01/23		14,100,645
	1,693,312		4.500		06/01/23		1,733,226
	499,775		4.500		07/01/23		511,555
	49,782		4.500		11/01/23		50,955
	1,074,374		4.500		12/01/23		1,099,699
	2,619,266		5.000		12/01/23		2,684,748
	634,019		7.000		08/01/27		664,767
	1,790,340		7.000		03/01/28		1,877,258

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	23,551		7.500	%	12/01/30	$	24,718
	121,150		8.000		01/01/31		127,725
	64,038		8.000		02/01/31		67,686
	544,617		7.000		03/01/31		572,494
	15,127		7.500		07/01/31		16,027
	33,731		7.500		08/01/32		35,739
	44,498		7.500		11/01/32		47,147
	1,191,746		5.500		03/01/33		1,224,570
	949,334		5.500		05/01/33		975,481
	142,070		5.500		06/01/33		145,983
	1,828,227		5.500		07/01/33		1,878,581
	14,783		6.500		09/01/33		15,436
	823,214		5.500		06/01/34		845,887
	26,707,260		5.000		06/01/35		27,321,830
	720,860		6.000		07/01/35		743,080
	975,775		5.000		10/01/35		997,619
	26,665		5.500		10/01/35		27,367
	11,348,422		5.000		01/01/36		11,602,472
	2,154,612		5.500		03/01/36		2,211,263
	255,975		6.000		03/01/36		263,825
	290,880		6.000		04/01/36		299,801
	1,216,286		6.000		08/01/36		1,238,307
	8,876,061		6.500		08/01/36		9,272,363
	1,713,303		6.500		09/01/36		1,781,567
	851,415		7.500		09/01/36		894,360
	332,099		6.000		10/01/36		342,284
	9,228,997		6.500		10/01/36		9,596,714
	459,784		7.500		10/01/36		482,976
	45,601		5.000		11/01/36		46,615
	4,441,202		6.000		11/01/36		4,577,403
	307,660		6.500		11/01/36		319,918
	92,225		7.500		11/01/36		96,877
	480,705		8.000		11/01/36		507,868
	1,630,433		5.000		12/01/36		1,666,678
	731,848		7.500		12/01/36		768,762
	1,110,366		5.000		01/01/37		1,135,030
	1,093,469		5.000		02/01/37		1,117,774
	621,161		6.500		02/01/37		645,876
	199,323		5.000		03/01/37		203,744
	3,088,079		6.000		03/01/37		3,182,610
	942,733		5.000		04/01/37		963,636
	853,434		5.500		04/01/37		875,825
	4,200,879		6.000		04/01/37		4,323,573
	994,802		6.500		04/01/37		1,034,383
	785,776		5.000		05/01/37		803,200
	2,263,770		5.500		05/01/37		2,323,164
	259,119		6.000		05/01/37		267,065
	1,113,088		5.000		06/01/37		1,137,790
	3,050,338		6.000		06/01/37		3,143,713
	2,778,123		6.500		06/01/37		2,888,658
	174,772		5.000		07/01/37		178,657
	1,610,710		6.500		07/01/37		1,674,795
	198,088		7.000		07/01/37		203,681
	409,050		5.000		08/01/37		418,121
	663,145		6.000		08/01/37		676,150
	787,404		6.500		08/01/37		818,732
	74,144		7.000		08/01/37		76,238
	57,354		7.500		08/01/37		60,202
	3,926,113		6.000		09/01/37		4,041,774

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	846,094		6.500	%	09/01/37	$	879,758
	2,900,953		7.000		09/01/37		3,040,091
	910,041		7.500		09/01/37		955,230
	483,924		7.000		10/01/37		497,589
	1,599,149		7.500		10/01/37		1,678,556
	1,265,570		6.500		11/01/37		1,315,924
	21,581,535		7.500		11/01/37		22,646,980
	1,205,114		6.500		12/01/37		1,253,062
	5,717,272		7.500		12/01/37		6,001,168
	851,180		6.500		01/01/38		885,047
	3,312,567		7.500		01/01/38		3,477,055
	316,794		5.000		02/01/38		315,075
	959,682		6.000		02/01/38		989,059
	460,172		6.500		02/01/38		478,434
	824,616		7.500		02/01/38		865,563
	97,039		5.000		03/01/38		99,181
	710,289		5.500		03/01/38		728,924
	272,338		6.500		03/01/38		283,146
	981,638		5.500		04/01/38		1,007,294
	4,170,173		6.000		05/01/38		4,297,817
	3,051,370		5.500		06/01/38		3,131,121
	901,145		6.000		06/01/38		914,583
	4,854,365		5.500		07/01/38		4,981,241
	2,129,825		6.000		07/01/38		2,161,583
	351,088		5.000		08/01/38		358,838
	3,493,939		5.500		08/01/38		3,585,259
	20,700,089		6.000		08/01/38		21,333,094
	403,702		6.500		08/01/38		419,725
	2,804,627		5.500		09/01/38		2,877,929
	4,709,561		6.000		09/01/38		4,811,167
	2,461,901		6.500		09/01/38		2,559,607
	1,239		5.000		10/01/38		1,266
	817,518		5.500		10/01/38		839,727
	18,305,247		6.000		10/01/38		18,801,081
	328,422		6.500		10/01/38		341,457
	6,391,494		6.000		11/01/38		6,554,704
	115,922		6.000		12/01/38		117,910
	34,000,000		4.500		TBA-15yr(g)		34,743,750
	27,000,000		5.500		TBA-15yr(g)		27,675,000
	7,000,000		6.000		TBA-15yr(g)		7,258,125
	72,000,000		6.500		TBA-15yr(g)		74,767,536
							657,671,086
TOTAL FEDERAL AGENCIES						$	815,232,754
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	1,124,456,608
Agency Debentures — 0.1%
FNMA
$	2,300,000		0.000	%(h)	10/09/19	$	1,246,460
	306,000		5.000		06/16/28		298,196

Principal		Interest			Maturity
Amount		Rate			Date	Value
Agency Debentures — (continued)
Small Business Administration
$	363,672		6.300	%	06/01/18	$	376,784
TOTAL AGENCY DEBENTURES						$	1,921,440
Asset-Backed Securities — 2.6%
Credit Card — 0.2%
MBNA Master Credit Card Trust II Series 1999-J, Class A
$	3,000,000		7.000	%	02/15/12	$	3,009,255
Home Equity — 2.1%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(b)(d)
	9,469,144		1.471		10/25/37		6,865,130
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(b)(d)
	3,400,000		1.721		10/25/37		1,275,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(b)(d)
	6,500,000		1.921		10/25/37		2,210,000
Countrywide Home Equity Loan Trust Series 2002-E, Class A(d)
	1,133,176		1.455		10/15/28		532,876
Countrywide Home Equity Loan Trust Series 2004-G, Class 2A(d)
	528,464		1.415		12/15/29		225,117
Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B(d)
	17,144,530		1.345		11/15/36		8,323,598
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	2,285,225		7.000		09/25/37		742,698
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	2,789,772		7.000		09/25/37		780,614
Household Home Equity Loan Trust Series 2007-3, Class APT(d)
	10,351,069		1.708		11/20/36		7,181,054
Impac CMB Trust Series 2004-08, Class 1A(d)
	866,454		1.191		10/25/34		194,889
Impac CMB Trust Series 2004-10, Class 2A(d)
	1,049,200		1.111		03/25/35		429,496
Morgan Stanley Capital, Inc. Series 2004-HE1, Class A4(d)
	4,071,384		0.841		01/25/34		3,021,089
							31,781,561
Manufactured Housing — 0.1%
Mid-State Trust Series 4, Class A
	1,369,504		8.330		04/01/30		1,033,975
Utilities — 0.2%
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A5
	3,695,735		7.030		03/15/12		3,778,736
TOTAL ASSET-BACKED SECURITIES						$	39,603,527
U.S. Treasury Obligations — 0.9%
United States Treasury Inflation Protected Securities
$	3,516,008		1.750	%	01/15/28	$	3,248,461
	8,505,571		3.625	(i)	04/15/28		10,132,925

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — (continued)
United States Treasury Principal-Only STRIPS(h)
$	400,000		0.000	%	08/15/27	$	222,035
TOTAL U.S. TREASURY OBLIGATIONS						$	13,603,421
Municipal Bond — 0.0%
Ohio — 0.0%
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2
$	72,000		5.125	%	06/01/24	$	48,778
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 98.4%						$	1,520,917,071
Repurchase Agreement(j) — 9.2%
Joint Repurchase Agreement Account II
$	142,800,000		0.073	%	01/02/09	$	142,800,000
Maturity Value: $142,800,579
TOTAL INVESTMENTS — 107.6%						$	1,663,717,071
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.6)%							(117,779,083	)
NET ASSETS — 100.0%						$	1,545,937,988

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

(a) Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b) Securities are 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 $69,136,123, which represents approximately 4.5% of net assets as of December 31, 2008.

(c) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d) Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2008.

(e) Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(f) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(g) 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 $144,444,411 which represents approximately 9.3% of net assets as of December 31, 2008.

(h) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(i) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(j) Joint repurchase agreement was entered into on December 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

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.goldmansachsfunds.com

Investment Abbreviations:
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
RRB	— Rate Reduction Bond
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At December 31, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date		Settlement Date		Value		Gain
Euro	Purchase		01/13/09	$	1,709,227	$	1,740,050	$	30,823

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Euro	Sale		01/13/09	$	8,972,714	$	9,640,344	$	(667,630	)

FORWARD SALES CONTRACTS — At December 31, 2008, the Fund had the following forward sales contracts:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date	Date		Amount		Value
FNMA		5.000	%	TBA - 15yr(g)		01/13/09	$	39,000,000	$	39,917,510
FNMA		4.500		TBA - 15yr(g)		01/20/09		35,000,000		35,765,625
TOTAL (Proceeds Receivable: $75,286,719)									$	75,683,135

FUTURES CONTRACTS — At December 31, 2008, the following futures contracts were open:

	Number of
	Contracts	Settlement	Notional			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)
Eurodollars	13	March 2009	$	3,215,550		$	25,113
Eurodollars	(84)	June 2009		(20,762,700	)		(287,285	)
Eurodollars	(154)	September 2009		(38,016,825	)		(568,887	)
Eurodollars	(384)	December 2009		(94,641,600	)		(1,727,809	)
2 Year U.S. Treasury Notes	49	March 2009		10,685,063			39,864
5 Year U.S. Treasury Notes	340	March 2009		40,478,594			(241,714	)
10 Year U.S. Treasury Notes	(16)	March 2009		(2,012,000	)		(43,274	)
30 Year U.S. Treasury Bonds	917	March 2009		126,588,984			7,042,977
TOTAL						$	4,238,985

SWAP CONTRACTS — At December 31, 2008, the Fund had outstanding swap contracts with the following terms:

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	by the Fund			Gain (Loss)
Banc of America Securities LLC	$	80,000		09/02/10	4.309%	3 month LIBOR	$	—		$	4,256,928
		65,000		10/06/10	4.703	3 month LIBOR		—			3,460,682
		65,000		04/19/12	4.547	3 month LIBOR		—			5,582,651
		11,000		05/25/15	4.533	3 month LIBOR		—			1,484,329
		25,000		10/19/15	4.965	3 month LIBOR		—			4,130,082
		28,700	(a)	11/18/15	4.444	3 month LIBOR		—			2,245,692
		21,000	(a)	11/25/15	3.815	3 month LIBOR		—			1,037,548
		44,900	(a)	06/17/19	3.500	3 month LIBOR		(654,120	)		3,948,298
		80,000		03/23/20	3 month LIBOR	5.108%		—			(20,468,078	)
		17,500	(a)	11/18/20	3 month LIBOR	4.569		—			(2,385,898	)
		12,700	(a)	11/25/20	3 month LIBOR	3.807		—			(910,058	)
		36,400	(a)	06/17/24	3 month LIBOR	3.500		523,540			(3,347,021	)
		10,000		04/09/35	5.266	3 month LIBOR		—			4,671,045
Citibank NA	EUR	28,600		12/17/10	6 month EURO	4.500		(1,264,053	)		(4,334	)
	$	23,900	(a)	06/18/12	2.750	3 month LIBOR		301,066			257,093
		500	(a)	06/18/29	3 month LIBOR	3.500		(45,304	)		(5,736	)
Credit Suisse First Boston Corp.		77,100	(a)	06/18/12	2.750	3 month LIBOR		866,600			933,987
		14,800	(a)	06/17/24	3 month LIBOR	3.500		(1,083,277	)		(64,732	)
		11,400	(a)	06/18/29	3 month LIBOR	3.500		(1,223,176	)		59,463
Deutsche Bank Securities, Inc.	EUR	48,900		12/17/10	4.500	6 month EURO		(46,782	)		2,187,344
	$	74,500	(a)	06/17/16	3.500	3 month LIBOR		2,325,000			2,565,255
		16,100	(a)	06/17/19	3.500	3 month LIBOR		(234,551	)		1,415,760
		86,700	(a)	06/17/24	3 month LIBOR	3.500		(3,920,592	)		(2,804,569	)
		8,500	(a)	06/18/29	3 month LIBOR	3.500		(640,469	)		(227,212	)
		36,700	(a)	06/17/39	3.500	3 month LIBOR		4,308,559			882,015
JPMorgan Securities, Inc.		28,700	(a)	06/17/14	3 month LIBOR	3.250		(662,490	)		(643,214	)
		82,700	(a)	06/17/16	3.500	3 month LIBOR		1,609,547			3,818,964
		3,100	(a)	06/17/19	3.500	3 month LIBOR		(37,285	)		264,723
		4,000	(a)	06/17/24	3 month LIBOR	3.500		41,457			(351,729	)
		2,800	(a)	06/18/29	3 month LIBOR	3.500		(263,478	)		(22,347	)
TOTAL							$	(99,808	)	$	11,966,931

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2008.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

CREDIT DEFAULT SWAP CONTRACTS

						Credit
						Spread at				Upfront
		Notional		Rates (paid)		December				Payments
	Referenced	Amount		received by	Termination	31, 2008(a)	Market			received			Unrealized
Swap Counterparty	Obligation	(000s)		Fund	Date	(basis points)	Value			by the Fund			Gain (Loss)
Protection Purchased:
Credit Suisse First Boston Corp.	Computer Sciences Corp.
	5.00%, 02/15/13	$	4,725	(1.180)%	03/20/18	100	$	(68,827	)	$	—		$	(68,827	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index		146,400	(1.550)	06/20/13	212		3,296,102			(2,002,837	)		5,298,939
JPMorgan Securities, Inc	CDX North America Investment Grade Index		80,341	(1.550)	06/20/13	212		1,808,837			(253,939	)		2,062,776
	Nordstrom, Inc. 6.95%, 03/15/28		5,250	(0.870)	12/20/17	515		1,210,752			—			1,210,752
Protection Sold:
Credit Suisse First Boston Corp.	ABX-HE-AAA 07-1 Index		16,200	0.090	08/25/37	2208		(9,775,926	)		(3,674,566	)		(6,101,360	)
TOTAL							$	(3,529,062	)	$	(5,931,342	)	$	2,402,280

(a) Credit spreads on the referenced obligation, together with the period of expiration, is an indicator of payment/performance risk. The likelihood of payment or performance is generally greater as credit spreads on the referenced obligation and period of expiration increase.

TAX INFORMATION — At December 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	1,952,353,044
Gross unrealized gain		26,444,275
Gross unrealized loss		(315,080,248	)
Net unrealized security loss	$	(288,635,973	)

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — 22.7%
Airlines — 0.0%
United Air Lines, Inc.
$	454		6.602	%	09/01/13	$	423
Banks — 5.4%
ANZ Capital Trust I(a)(b)
	250,000		4.484		01/29/49		193,229
Bank of America Corp.
	400,000		8.000	(b)(c)	12/29/49		286,000
Barclays Bank PLC(c)
	830,000		2.006		03/13/09		826,874
Citigroup, Inc.
	525,000		4.125		02/22/10		512,695
HSBC Holdings PLC
	500,000		6.800		06/01/38		528,370
JPMorgan Chase & Co.
	375,000		6.000		01/15/18		395,010
	350,000		7.900	(b)(c)	04/30/49		291,141
JPMorgan Chase Capital XXII Series V(b)
	250,000		6.450		02/02/37		196,890
MUFG Capital Finance 1 Ltd.(b)(c)
	250,000		6.346		07/29/49		180,000
PNC Bank NA
	250,000		6.875		04/01/18		260,809
Rabobank Nederland(a)(c)
	500,000		4.208		04/06/09		499,725
Resona Preferred Global Securities Ltd.(a)(b)(c)
	300,000		7.191		12/29/49		142,826
Royal Bank of Scotland Group PLC(b)
	200,000		7.640	(c)	03/31/49		79,657
	175,000		9.118		03/31/49		149,404
	200,000		6.990	(a)(c)	10/05/49		90,000
UFJ Finance Aruba AEC
	30,000		6.750		07/15/13		29,357
Wachovia Corp.
	500,000		5.500		05/01/13		494,421
Wells Fargo & Co.
	300,000		5.625		12/11/17		307,926
Wells Fargo Capital XIII(b)(c)
	175,000		7.700		03/26/49		144,429
Wells Fargo Capital XV(b)(c)
	200,000		9.750		09/26/49		202,000
							5,810,763
Brokerage — 2.1%
Citigroup Global Markets Holdings, Inc.(c)
	1,200,000		1.971		03/17/09		1,194,024
Merrill Lynch & Co., Inc.
	150,000		5.450		02/05/13		144,187
	200,000		6.400		08/28/17		200,373
Morgan Stanley
	550,000		4.570	(c)	01/09/12		433,957

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Brokerage — (continued)
$	325,000		6.625	%(b)	04/01/18	$	285,119
							2,257,660
Captive Financial — 0.2%
General Electric Capital Corp.(b)(c)
	200,000		6.375		11/15/67		125,714
International Lease Finance Corp.
	125,000		4.950		02/01/11		90,189
							215,903
Distributors(a)(b) — 0.7%
Ras Laffan Liquefied Natural Gas Co. Ltd.
	17,424		3.437		09/15/09		16,425
Southern Star Central Gas Pipeline, Inc.
	900,000		6.000		06/01/16		721,692
							738,117
Electric(b) — 1.1%
AEP Texas Central Co.
	115,000		6.650		02/15/33		105,511
Arizona Public Service Co.
	150,000		6.250		08/01/16		122,494
Commonwealth Edison Co.
	75,000		5.800		03/15/18		67,786
	150,000		5.875		02/01/33		125,377
	125,000		5.900		03/15/36		99,663
MidAmerican Energy Holdings Co.
	75,000		5.750		04/01/18		73,159
	250,000		6.125		04/01/36		232,471
Progress Energy, Inc.
	100,000		5.625		01/15/16		91,157
Scottish Power PLC
	125,000		4.910		03/15/10		123,743
The AES Corp.
	125,000		9.500		06/01/09		122,500
							1,163,861
Energy — 1.6%
Anadarko Petroleum Corp.(b)
	325,000		5.950		09/15/16		287,075
Canadian Natural Resources Ltd.(b)
	275,000		5.700		05/15/17		240,708
	75,000		6.500		02/15/37		60,470
Halliburton Co.(a)
	25,000		7.600		08/15/96		28,261
Kerr-McGee Corp.(b)
	75,000		6.950		07/01/24		65,763
Nexen, Inc.(b)
	350,000		6.400		05/15/37		273,869
Transocean, Inc.(b)
	175,000		6.800		03/15/38		155,183
Valero Energy Corp.(b)
	375,000		6.625		06/15/37		275,814
XTO Energy, Inc.(b)
	150,000		5.000		01/31/15		134,312

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Energy — (continued)
$	225,000		6.500	%	12/15/18	$	217,805
							1,739,260
Entertainment(b) — 0.1%
Universal City Development Partners
	125,000		11.750		04/01/10		80,000
Food & Beverage — 0.5%
Cargill, Inc.(a)(b)
	250,000		5.200		01/22/13		229,024
Kraft Foods, Inc.
	150,000		6.500		08/11/17		150,771
Land O’ Lakes, Inc.(b)
	125,000		8.750		11/15/11		122,813
							502,608
Gaming(b) — 0.1%
Mohegan Tribal Gaming Authority
	170,000		6.375		07/15/09		155,550
Health Care Services(b)(d) — 0.1%
HCA, Inc.
	125,000		9.625		11/15/16		100,000
Life Insurance(a)(b) — 0.2%
Americo Life, Inc.
	50,000		7.875		05/01/13		47,500
Phoenix Life Insurance Co.
	100,000		7.150		12/15/34		61,383
Symetra Financial Corp.
	100,000		6.125		04/01/16		82,333
							191,216
Media-Cable — 1.5%
Comcast Cable Communications Holdings, Inc.
	200,000		10.625		07/15/12		212,412
	175,000		9.455		11/15/22		196,063
Cox Communications, Inc.(a)(b)
	150,000		5.875		12/01/16		133,393
	300,000		6.250		06/01/18		266,277
CSC Holdings, Inc. Series B
	125,000		7.625		04/01/11		120,000
EchoStar DBS Corp.(b)
	125,000		7.125		02/01/16		104,375
Rogers Communications, Inc.(b)
	225,000		6.800		08/15/18		227,347
Time Warner Cable, Inc.(b)
	250,000		5.400		07/02/12		233,437
	150,000		6.550		05/01/37		141,072
							1,634,376
Media-Non Cable(b) — 0.6%
DIRECTV Holdings LLC
	125,000		8.375		03/15/13		124,375
News America, Inc.
	300,000		6.650		11/15/37		291,124

Principal			Interest			Maturity
Amount			Rate			Date	Value
Corporate Bonds — (continued)
Media-Non Cable(b) — (continued)
Thomson Reuters Corp.
$		275,000		6.500	%	07/15/18	$	250,069
								665,568
Metals & Mining(b) — 0.3%
ArcelorMittal
		450,000		6.125		06/01/18		308,141
GrafTech Finance, Inc.
		13,000		10.250		02/15/12		11,830
								319,971
Noncaptive-Financial — 1.7%
Countrywide Home Loans, Inc.
		50,000		6.250		04/15/09		50,010
		275,000		5.625		07/15/09		273,791
		25,000		4.125		09/15/09		24,719
GATX Financial Corp.(b)
		150,000		8.875		06/01/09		148,312
Pemex Project Funding Master Trust
		10,000		9.125		10/13/10		10,475
SLM Corp.
		300,000		5.450		04/25/11		236,809
The Bear Stearns Cos. LLC
		50,000		6.400		10/02/17		52,203
		825,000		7.250		02/01/18		896,318
VIP Finance Ireland Ltd. for OJSC Vimpel Communications
		200,000		9.125		04/30/18		107,000
								1,799,637
Packaging(b)(c) — 0.1%
Impress Holdings BV
EUR	125,000			8.443		09/15/13		130,317
Pipelines — 1.9%
Boardwalk Pipelines LP(b)
$		175,000		5.875		11/15/16		144,834
El Paso Corp.(b)
		500		7.750		01/15/32		331
Energy Transfer Partners LP(b)
		500,000		5.950		02/01/15		432,357
		175,000		6.700		07/01/18		147,902
Enterprise Products Operating LP(b)
		125,000		5.600		10/15/14		109,974
		225,000		5.000		03/01/15		183,358
		100,000		7.034	(c)	01/15/68		42,000
Gulf South Pipeline Co. LP(a)(b)
		175,000		6.300		08/15/17		145,066
ONEOK Partners LP(b)
		225,000		6.150		10/01/16		197,166
		125,000		6.650		10/01/36		93,317
Southern Natural Gas Co.(a)(b)
		50,000		5.900		04/01/17		38,255
Tennessee Gas Pipeline Co.
		325,000		7.625		04/01/37		250,925

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal			Interest			Maturity
Amount			Rate			Date	Value
Corporate Bonds — (continued)
Pipelines — (continued)
TEPPCO Partners LP(b)
$		275,000		6.650	%	04/15/18	$	235,853
								2,021,338
Property/Casualty Insurance — 0.7%
CNA Financial Corp.
		150,000		7.250		11/15/23		93,644
Endurance Specialty Holdings Ltd.(b)
		75,000		6.150		10/15/15		65,035
		150,000		7.000		07/15/34		97,500
QBE Insurance Group Ltd.(a)
		122,500		9.750		03/14/14		98,879
Swiss Re Capital I LP(a)(b)(c)
		100,000		6.854		05/29/49		31,805
The Chubb Corp.(b)
		75,000		6.500		05/15/38		71,599
		125,000		6.375	(c)	03/29/67		77,524
ZFS Finance USA Trust I(a)(b)(c)
		500,000		6.150		12/15/65		280,138
								816,124
Real Estate Investment Trust(b) — 0.4%
iStar Financial, Inc. Series B
		100,000		5.700		03/01/14		31,000
Simon Property Group LP
		450,000		6.125		05/30/18		304,066
Westfield Capital Corp.(a)
		150,000		5.125		11/15/14		104,548
								439,614
Technology(b) — 0.2%
Fiserv, Inc.
		225,000		6.125		11/20/12		198,692
Telecommunications-Internet & Data — 0.2%
Deutsche Telekom International Finance BV
		200,000		8.750		06/15/30		245,340
Tobacco — 0.9%
Altria Group, Inc.
		300,000		9.700		11/10/18		324,249
BAT International Finance PLC(a)(b)
		200,000		9.500		11/15/18		222,323
Philip Morris International, Inc.
		450,000		5.650		05/16/18		446,100
								992,672
Wireless Telecommunications(b) — 1.2%
AT&T, Inc.
		725,000		6.400		05/15/38		776,606
Hellas Telecommunications Luxembourg V(c)
EUR	125,000			8.818		10/15/12		102,516
Inmarsat Finance II PLC(e)
$		125,000		10.375		11/15/12		111,406
Sprint Capital Corp.
		275,000		6.875		11/15/28		162,718

Principal			Interest			Maturity
Amount			Rate			Date	Value
Corporate Bonds — (continued)
Wireless Telecommunications(b) — (continued)
Verizon Wireless(a)
$		150,000		8.500	%	11/15/18	$	175,752
								1,328,998
Wirelines Telecommunications — 0.9%
New England Telephone & Telegraph Co.(f)
		5,000		7.875		11/15/29		5,203
Nordic Telephone Co. Holdings(b)
EUR	125,000			8.250		05/01/16		114,679
Telecom Italia Capital(b)
$		175,000		6.200		07/18/11		154,000
		300,000		7.721		06/04/38		246,375
Verizon Communications, Inc.(b)
		300,000		6.400		02/15/38		312,729
		150,000		8.950		03/01/39		193,754
								1,026,740
TOTAL CORPORATE BONDS							$	24,574,748
Mortgage-Backed Obligations — 77.5%
Adjustable Rate Non-Agency(c) — 9.0%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$		151,379		4.996	%	04/25/35	$	105,429
American Home Mortgage Assets Series 2007-1, Class A1
		851,163		2.956		02/25/47		286,094
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
		163,334		4.983		04/25/34		119,314
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
		510,904		5.076		06/25/35		289,385
Countrywide Alternative Loan Trust Series 2005-38, Class A3
		337,475		0.821		09/25/35		145,944
Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1
		332,456		4.813		04/20/35		237,951
Countrywide Home Loan Trust Series 2004-HYB6, Class A2
		177,714		4.539		11/20/34		95,667
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
		740,853		4.899		08/20/35		386,731
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
		76,136		4.750		12/25/34		57,789
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
		324,344		4.602		06/25/34		242,121
Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
		695,383		5.731		12/19/35		383,297
Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A
		762,537		0.761		11/19/36		317,454
Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
		1,497,352		0.771		01/19/38		614,223
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
		464,334		5.320		08/25/35		256,326

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Adjustable Rate Non-Agency(c) — (continued)
JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
$	594,360		5.062	%	07/25/35	$	421,406
Lehman XS Trust Series 2006-2N, Class 1A1
	1,582,943		0.731		02/25/46		619,011
Lehman XS Trust Series 2007-16N, Class 2A2
	1,425,862		1.321		09/25/47		546,063
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	9,206		0.851		11/25/34		4,054
Master Adjustable Rate Mortgages Trust Series 2006-A2, Class 4A1B
	769,720		3.456		12/25/46		277,039
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	660,779		5.365		10/25/34		332,090
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	544,275		3.256		01/25/46		234,307
Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	960,565		6.547		11/25/37		403,833
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	642,097		5.204		09/25/35		413,533
Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	728,300		5.180		09/25/35		474,126
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
	229,656		4.380		05/25/34		121,612
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	91,485		5.250		09/25/34		48,255
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
	413,757		5.450		11/25/34		264,268
Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 5A2
	1,000,000		5.250		02/25/36		294,380
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	286,294		4.243		06/25/34		227,904
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1
	728,270		5.295		03/25/37		480,926
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1
	1,376,383		5.034		04/25/35		1,092,352
							9,792,884
Collateralized Mortgage Obligations — 1.7%
Planned Amortization Class — 0.5%
FNMA REMIC Series 2005-70, Class PA
	498,986		5.500		08/25/35		511,557
Regular Floater(c)(g) — 0.1%
FHLMC REMIC Series 3038, Class XA
	70,260		0.000		09/15/35		63,768
FHLMC REMIC Series 3167, Class X
	64,780		0.000		06/15/36		61,681

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Regular Floater(c)(g) — (continued)
FHLMC REMIC Series 3176, Class XI(h)
$	252,044		0.000	%	10/15/35	$	459
							125,908
Sequential Fixed Rate — 1.1%
Countrywide Alternative Loan Trust Series 2005-1CB, Class 2A1
	687,851		6.000		03/25/35		396,509
FHLMC REMIC Series 3200, Class AD
	798,039		5.500		05/15/29		813,640
							1,210,149
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	1,847,614
Commercial Mortgage-Backed Securities — 4.7%
Sequential Fixed Rate — 4.7%
Banc of America Commercial Mortgage, Inc. Series 2002-2, Class A3
	530,000		5.118		07/11/43		475,927
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	1,000,000		5.180		09/10/47		810,339
Bear Stearns Commercial Mortgage Securities Series 2006-PW13, Class A4
	1,000,000		5.540		09/11/41		766,307
GMAC Commercial Mortgage Securities, Inc. Series 2000-C3, Class A2
	734,518		6.957		09/15/35		709,957
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3, Class A4A
	1,000,000		4.936		08/15/42		790,834
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-CB18, Class A4
	700,000		5.440		06/12/47		516,953
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	1,207,000		5.156		02/15/31		968,123
							5,038,440
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	5,038,440
Federal Agencies — 62.1%
Adjustable Rate FHLMC(c) — 0.9%
	632,711		4.809		09/01/35		638,130
	305,291		5.740		04/01/37		312,567
							950,697
FHLMC — 3.8%
	320,813		5.000		05/01/18		331,182
	323,757		5.500		05/01/33		332,738
	337,966		6.500		08/01/37		351,413
	576,914		7.500		08/01/37		601,070
	812,353		6.500		10/01/37		848,318
	621,593		5.500		06/01/38		636,868

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FHLMC — (continued)
$	998,989		6.500	%	09/01/38	$	1,038,637
							4,140,226
FNMA — 56.4%
	2,802,237		4.500		06/01/18		2,886,817
	226,841		4.500		10/01/18		233,321
	49,719		4.500		11/01/18		51,139
	83,727		4.500		12/01/18		86,119
	18,975		6.000		12/01/18		19,718
	757,032		4.500		01/01/19		778,707
	188,071		6.000		02/01/19		195,386
	328,890		4.500		05/01/19		337,464
	323,358		5.000		05/01/19		334,490
	422,081		4.000		06/01/19		430,755
	163,612		4.500		06/01/19		167,878
	113,489		4.500		08/01/19		116,448
	433,580		5.000		08/01/19		447,720
	366,288		6.000		08/01/19		380,536
	388,141		6.000		09/01/19		404,391
	716,423		5.500		06/01/20		742,171
	4,634,172		5.000		08/01/20		4,775,266
	487,285		6.000		12/01/20		507,686
	466,354		5.000		01/01/21		480,710
	606,508		6.000		04/01/21		632,268
	266,735		6.000		06/01/21		277,111
	193,704		5.500		07/01/21		199,846
	126,087		6.000		07/01/21		131,195
	509,605		4.500		04/01/22		521,668
	442,459		4.500		06/01/22		452,933
	995,128		4.500		04/01/23		1,018,584
	1,990,988		4.500		05/01/23		2,037,919
	2,226,912		4.500		07/01/23		2,279,403
	429,619		5.000		07/01/23		441,625
	26,336		4.500		08/01/23		26,957
	541,843		5.000		08/01/23		556,986
	1,754,874		4.500		12/01/23		1,796,238
	630,319		6.000		12/01/32		652,982
	98,971		6.000		02/01/34		102,439
	1,374,767		5.000		06/01/35		1,406,403
	144,172		6.000		07/01/35		148,616
	299,033		5.000		11/01/35		306,178
	1,031,675		5.000		01/01/36		1,054,770
	180,761		4.500		03/01/36		183,701
	1,263,560		5.000		03/01/36		1,293,748
	51,194		6.000		03/01/36		52,765
	58,176		6.000		04/01/36		59,960
	2,345,164		5.000		07/01/36		2,397,298
	49,314		6.000		08/01/36		50,826
	17,032		6.000		09/01/36		17,554
	290,781		6.500		09/01/36		302,367
	140,876		6.000		10/01/36		145,196
	1,086,363		6.000		11/01/36		1,119,680
	142,722		6.500		11/01/36		148,408
	732,643		5.000		03/01/37		748,930
	194,604		6.500		03/01/37		202,358
	85,343		5.500		04/01/37		87,582
	226,375		5.500		05/01/37		232,315
	610,067		6.000		06/01/37		628,742

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	576,876		5.500	%	07/01/37	$	592,011
	227,009		7.000		09/01/37		237,949
	269,804		6.500		10/01/37		280,554
	684,668		8.000		10/01/37		722,119
	462,768		5.500		02/01/38		474,863
	112,588		6.000		02/01/38		116,034
	986,261		5.500		03/01/38		1,012,038
	98,164		5.500		04/01/38		100,729
	258,846		5.500		06/01/38		265,612
	498,836		5.500		07/01/38		511,874
	349,394		5.500		08/01/38		358,525
	3,438,337		6.000		08/01/38		3,543,246
	374,870		6.000		09/01/38		386,308
	170,976		6.000		10/01/38		176,193
	997,438		6.500		10/01/38		1,037,024
	1,640,905		6.000		11/01/38		1,690,971
	2,000,000		4.500		TBA-15yr(i)		2,043,750
	5,000,000		5.500		TBA-15yr(i)		5,125,000
	7,000,000		6.500		TBA-15yr(i)		7,269,066
							61,036,139
GNMA — 1.0%
	21,077		5.500		05/15/36		21,790
	1,000,000		5.500		TBA-15yr(i)		1,029,688
							1,051,478
TOTAL FEDERAL AGENCIES						$	67,178,540
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	83,857,478
Agency Debentures — 4.1%
FHLB(j)
$	2,400,000		4.625	%	09/11/20	$	2,602,576
FHLMC
	1,600,000		5.000		02/16/17		1,814,136
FNMA(k)
	100,000		0.000		10/09/19		54,194
TOTAL AGENCY DEBENTURES						$	4,470,906
Asset-Backed Securities — 1.2%
Automotive — 0.2%
Nissan Auto Receivables Owner Trust Series 2006-C, Class A3
$	149,180		5.440	%	04/15/10	$	149,122
Home Equity — 1.0%
Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2(c)
	22,790		0.871		10/27/32		20,055
Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1(c)
	13,124		1.131		10/25/32		11,676

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal			Interest			Maturity
Amount			Rate			Date	Value
Asset-Backed Securities — (continued)
Home Equity — (continued)
Bear Stearns Asset Backed Securities Trust Series 2003-2, Class A2(c)
$		4,866		0.921	%	03/25/43	$	4,522
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(c)
		364,198		1.471		10/25/37		264,043
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(c)
		150,000		1.721		10/25/37		56,250
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(c)
		250,000		1.921		10/25/37		85,000
CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1(c)
		2,280		1.091		01/25/32		1,600
First Alliance Mortgage Loan Trust Series 1999-4, Class A2(c)
		4,727		1.268		03/20/31		3,894
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		76,174		7.000		09/25/37		24,757
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		119,562		7.000		09/25/37		33,455
Home Equity Asset Trust Series 2002-1, Class A4(c)
		257		1.071		11/25/32		110
Household Home Equity Loan Trust Series 2007-3, Class APT(c)
		398,119		1.708		11/20/36		276,195
Renaissance Home Equity Loan Trust Series 2003-2, Class A(c)
		3,066		0.911		08/25/33		2,409
Renaissance Home Equity Loan Trust Series 2003-3, Class A(c)
		9,771		0.971		12/25/33		6,426
Salomon Brothers Mortgage Securities VII Series 2002-CIT1, Class A(c)
		1,469		0.771		03/25/32		1,142
Saxon Asset Securities Trust Series 2002-1, Class AV2(c)
		23		1.011		01/25/32		23
Wells Fargo Home Equity Trust Series 2005-3, Class AI1A(a)(c)
		316,206		0.741		11/25/35		286,261
								1,077,818
TOTAL ASSET-BACKED SECURITIES							$	1,226,940
Credit Linked Note(a) — 0.1%
Brazil — 0.1%
UBS AG, Jersey Branch (Referenced Obligation: Federal Republic of Brazil Inflation Linked)
BRL	297,000			6.000	%	12/31/17	$	52,637
Foreign Debt Obligations — 0.1%
Sovereign — 0.1%
Israel Government AID Bond
$		50,000		5.500	%	04/26/24	$	59,937
		40,000		5.500		09/18/33		53,180

Principal		Interest			Maturity
Amount		Rate			Date	Value
Foreign Debt Obligations — (continued)
Sovereign — (continued)
United Mexican States(c)
	30,000		5.519	%	01/13/09	$	30,000
TOTAL FOREIGN DEBT OBLIGATIONS						$	143,117
Municipal Bonds — 0.1%
New York(c) — 0.0%
New York City Municipal Water Finance Authority Water & Sewer Systems RB Residuals Series 2005-1105 (FSA)
$	10,000		7.220	%	06/15/34	$	9,541
Ohio — 0.1%
Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2
	75,000		5.875		06/01/47		40,718
TOTAL MUNICIPAL BONDS						$	50,259
U.S. Treasury Obligations — 2.0%
United States Treasury Inflation Protected Securities
$	218,306		2.000	%	01/15/16	$	209,062
	654,918		2.000		01/15/26		616,902
	644,568		2.375		01/15/27		647,539
	413,648		1.750		01/15/28		382,172
	267,892		3.625		04/15/28		319,147
TOTAL U.S. TREASURY OBLIGATIONS						$	2,174,822
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 107.8%						$	116,550,907
Repurchase Agreement(l) — 5.9%
Joint Repurchase Agreement Account II
$	6,400,000		0.073	%	01/02/09	$	6,400,000
Maturity Value: $6,400,026
TOTAL INVESTMENTS — 113.7%						$	122,950,907
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.7)%							(14,788,664	)
NET ASSETS — 100.0%						$	108,162,243

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

(a) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $4,300,388, which represents approximately 4.0% of net assets as of December 31, 2008.

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

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

(c) Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2008.

(d) Pay-in-kind security.

(e) Security issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

(f) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(g) Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(h) Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(i) 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 $15,467,504 which represents approximately 14.3% of net assets as of December 31, 2008.

(j) A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(k) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) Joint repurchase agreement was entered into on December 31, 2008. Additional information appears in the Notes to the Schedule of Investments section.

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.goldmansachsfunds.com

Investment Abbreviations:
BBSW	— Australian Bank Bill Swap Reference Rate
BP	— British Pound Offered Rate
EURO	— Euro Offered Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GNMA	— Government National Mortgage Association
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At December 31, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date		Settlement Date		Value		Gain
Brazilian Real	Sale		02/03/09	$	75,387	$	71,075	$	4,312
Euro	Purchase		01/13/09		44,100		48,332		4,232
Hungarian Forint	Purchase		01/16/09		266,772		289,920		23,148
Hungarian Forint	Sale		01/16/09		304,657		289,920		14,737
TOTAL								$	46,429

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Euro	Purchase		01/13/09	$	139,652	$	138,950	$	(702	)
Euro	Sale		01/13/09		708,027		760,709		(52,682	)
Swedish Krona	Sale		01/20/09		10,270		10,831		(561	)
TOTAL								$	(53,945	)

FORWARD SALES CONTRACTS — At December 31, 2008, the Fund had the following forward sales contracts:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date	Date		Amount		Value
FNMA		5.000	%	TBA-15yr(i)		01/13/09	$	4,000,000	$	4,083,752
FNMA		4.500		TBA-15yr(i)		01/20/09		5,000,000		5,109,375
TOTAL (Proceeds Receivable: $9,151,563)									$	9,193,127

FUTURES CONTRACTS — At December 31, 2008, the following futures contracts were open:

	Number of
	Contracts	Settlement	Notional			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)
Eurodollars	12	March 2009	$	2,968,200		$	26,234
Eurodollars	12	June 2009		2,966,100			25,240
Eurodollars	7	September 2009		1,728,038			13,800
Eurodollars	(5)	December 2009		(1,232,313	)		(21,600	)
Eurodollars	(13)	March 2010		(3,200,275	)		(57,949	)
5 Year Euro-Bobl	24	March 2009		3,876,903			21,305
U.K. Life Long Gilt	5	March 2009		887,595			52,983
2 Year U.S. Treasury Notes	24	March 2009		5,233,500			26,612
5 Year U.S. Treasury Notes	106	March 2009		12,619,797			334,392
10 Year U.S. Treasury Notes	(36)	March 2009		(4,527,000	)		(124,333	)
30 Year U.S. Treasury Bonds	62	March 2009		8,558,906			397,070
TOTAL						$	693,754

SWAP CONTRACTS — At December 31, 2008, the Fund had outstanding swap contracts with the following terms:

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	by the Fund			Gain (Loss)
Banc of America Securities LLC	$	4,300	(a)	11/18/15	4.444%	3 month LIBOR	$	—		$	336,463
		3,100	(a)	11/25/15	3.815	3 month LIBOR		—			153,162
		1,500	(a)	06/17/19	3.500	3 month LIBOR		(21,853	)		131,903
		2,600	(a)	11/18/20	3 month LIBOR	4.569%		—			(354,476	)
		1,900	(a)	11/25/20	3 month LIBOR	3.807		—			(136,150	)
		2,100	(a)	06/17/24	3 month LIBOR	3.500		30,205			(193,097	)
Citibank NA	EUR	770		12/17/10	6 month EURO	4.500		(33,934	)		(215	)
	$	100	(a)	06/18/29	3 month LIBOR	3.500		(9,061	)		(1,147	)
Credit Suisse International (London)	MXN	1,300		12/03/10	8.400	Mexico Interbank TIIE 28 Days		—			883
		3,500		11/18/11	9.360	Mexico Interbank TIIE 28 Days		—			9,526
	BRL	1,000		01/02/12	13.260	Brazilian Interbank Deposit Average		—			7,223
	EUR	730		12/17/13	4.500	6 month EURO		8,661			47,723
	JPY	128,000		12/17/13	6 month JYOR	1.500		(4,888	)		(35,920	)
	$	1,300	(a)	06/18/29	3 month LIBOR	3.500		(139,485	)		6,781
Deutsche Bank Securities, Inc.	MXN	9,300		11/18/10	8.910	Mexico Interbank TIIE 28 Days		—			12,310
	EUR	3,420		12/17/10	4.500	6 month EURO		17,996			131,711
	BRL	4,000		01/03/11	13.220	Brazilian Interbank Deposit Average		—			25,498
	$	100	(a)	06/17/16	3.500	3 month LIBOR		3,121			3,443
	GBP	80		12/17/18	5.250	6 month BP		6,631			10,684
	$	500	(a)	06/17/19	3.500	3 month LIBOR		(7,284	)		43,968
		4,000	(a)	06/17/24	3 month LIBOR	3.500		(156,821	)		(153,452	)
		900	(a)	06/18/29	3 month LIBOR	3.500		(67,721	)		(24,151	)
		1,300	(a)	06/17/39	3.500	3 month LIBOR		152,619			31,243
JPMorgan Securities, Inc.	MXN	5,000		11/19/10	8.950	Mexico Interbank TIIE 28 Days		—			6,986
		21,000		12/01/10	8.420	Mexico Interbank TIIE 28 Days		—			15,164
		8,000		12/03/10	8.380	Mexico Interbank TIIE 28 Days		—			5,218
		42,000		12/09/10	8.200	Mexico Interbank TIIE 28 Days		—			17,867
	EUR	1,820		12/17/10	6 month EURO	4.500		(79,039	)		(1,677	)
		2,040		12/17/10	4.500	6 month EURO		12,424			76,875
	$	1,600	(a)	06/17/14	3 month LIBOR	3.250		(80,284	)		7,492
		5,700	(a)	06/17/14	3.250	3 month LIBOR		146,276			113,045
		200	(a)	06/17/16	3.500	3 month LIBOR		3,893			9,236
	AUD	50		12/17/18	6 month BBSW	7.250		(3,762	)		(4,480	)
	$	100	(a)	06/17/19	3.500	3 month LIBOR		(1,203	)		8,539
		200	(a)	06/17/24	3 month LIBOR	3.500		2,073			(17,586	)
		300	(a)	06/18/29	3 month LIBOR	3.500		(28,361	)		(2,263	)
UBS AG (London)	JPY	12,000		12/17/13	1.500	6 month JYOR		960			2,865
	AUD	50		12/17/18	7.250	6 month BBSW		(306	)		8,548
	GBP	80		12/17/18	6 month BP	5.250		(2,003	)		(15,312	)
TOTAL							$	(251,146	)	$	284,430

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2008.

CREDIT DEFAULT SWAP CONTRACTS

						Credit Spread at				Upfront
		Notional		Rates (paid)		December 31,				Payments
		Amount		received by	Termination	2008(a)	Market			received				Unrealized
Swap Counterparty	Referenced Obligation	(000s)		Fund	Date	(basis points)	Value			by the Fund				Gain (Loss)
Protection Purchased:
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index	$	12,688	(1.550)%	06/20/13	212	$	285,662		$	(143,516	)		$	429,178
JPMorgan Securities, Inc.	CDX North America Investment Grade Index		1,984	(1.550)	06/20/13	212		44,663			(6,270	)			50,933
Protection Sold:
Credit Suisse First Boston Corp.	ABX-HE-AAA 07-1 Index		900	0.090	08/25/37	2208		(543,107	)		(204,143	)			(338,964	)
	ABX-HE-AAA 07-2 Index		600	0.760	01/25/38	1804		(365,281	)		(149,386	)			(215,895	)
TOTAL							$	(578,063	)	$	(503,315	)	$		(74,748	)

(a) Credit spreads on the referenced obligation, together with the period of expiration, is an indicator of payment/performance risk. The likelihood of payment or performance is generally greater as credit spreads on the referenced obligation and period of expiration increase.

TAX INFORMATION — At December 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	134,974,184
Gross unrealized gain		2,755,840
Gross unrealized loss		(14,779,117	)
Net Unrealized security loss	$	(12,023,277	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Foreign Sovereign Debt Obligations — 41.9%
Australian Dollar — 0.1%
Australia Government Bond
AUD	1,100,000		6.000	%	02/15/17	$	879,550
British Pound — 4.1%
United Kingdom Treasury
GBP	7,000,000		4.500		03/07/13		10,886,462
	1,300,000		8.750		08/25/17		2,640,929
	7,240,000		8.000		06/07/21		15,208,007
	1,150,000		4.750		12/07/30		1,844,911
	3,580,000		4.250		06/07/32		5,414,798
	3,300,000		4.500		12/07/42		5,397,905
							41,393,012
Canadian Dollar — 2.5%
Government of Canada
CAD	12,340,000		3.500		06/01/13		10,755,642
	3,900,000		4.500		06/01/15		3,604,238
	6,450,000		5.750		06/01/29		6,877,544
Quebec Province of Canada
$	3,350,000		5.125		11/14/16		3,733,557
							24,970,981
Danish Krone — 0.7%
Kingdom of Denmark
DKK	20,000,000		6.000		11/15/09		3,828,411
	16,000,000		4.000		11/15/15		3,120,906
							6,949,317
Euro — 16.0%
Federal Republic of Germany
EUR	200,000		4.000		07/04/16		299,578
	4,460,000		4.750		07/04/28		7,047,541
	600,000		5.500		01/04/31		1,034,347
	50,000		4.000		01/04/37		74,468
	7,000,000		4.250		07/04/39		11,050,947
French Treasury Note
	10,000,000		4.500		07/12/13		14,926,543
Government of France
	4,200,000		3.500		04/25/15		6,016,412
	5,500,000		3.750		04/25/21		7,696,372
	3,800,000		5.500		04/25/29		6,418,026
Kingdom of Belgium
	17,500,000		5.000		09/28/12		25,855,982
Kingdom of Spain
	10,000,000		4.400		01/31/15		14,610,668
Kingdom of The Netherlands
	9,800,000		4.250		07/15/13		14,383,720
Republic of Austria
	2,860,000		3.800	(a)	10/20/13		4,083,079
	13,650,000		3.500		07/15/15		19,070,940
Republic of Italy
	12,980,000		4.500		02/01/18		18,327,915
	7,120,000		6.000		05/01/31		10,840,942
							161,737,480
Japanese Yen — 17.6%
Government of Japan
JPY	3,100,000,000		0.800		12/20/10		34,566,385
	1,000,000,000		1.300		06/20/12		11,310,358

Principal		Interest			Maturity
Amount		Rate			Date	Value
Foreign Sovereign Debt Obligations — (continued)
Japanese Yen — (continued)
JPY	3,000,000,000		1.500	%	06/20/12	$	34,157,308
	800,000,000		1.100		09/20/13		9,001,858
	1,538,000,000		1.700		09/20/16		18,071,458
	589,000,000		1.700		12/20/16		6,922,404
	1,216,000,000		1.500		09/20/18		13,870,677
	400,000,000		1.900		06/20/25		4,573,004
	875,000,000		2.000		12/20/25		10,056,351
	430,000,000		2.100		12/20/26		5,001,358
	350,000,000		2.100		12/20/27		4,095,448
	285,000,000		2.500		09/20/34		3,579,870
	250,000,000		2.500		03/20/38		3,175,973
Government of Japan CPI Linked Bond
	87,210,000		0.800		12/10/15		832,367
	452,320,000		1.000		06/10/16		4,325,107
	1,548,288,000		1.200		03/10/17		14,977,317
							178,517,243
Polish Zloty — 0.5%
Government of Poland
PLN	16,000,000		4.750		04/25/12		5,316,233
Swedish Krona — 0.4%
Kingdom of Sweden
SEK	11,000,000		6.750		05/05/14		1,718,722
	20,000,000		4.500		08/12/15		2,881,017
							4,599,739
TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS						$	424,363,555
Corporate Bonds — 22.1%
Banks — 9.3%
Alliance & Leicester PLC(b)
$	2,600,000		4.869	%	01/12/10	$	2,518,638
Australia & New Zealand Banking Group Ltd.
EUR	1,400,000		5.250		05/20/13		1,899,439
Banca Popolare di Bergamo Capital Trust(b)
	1,180,000		8.364		12/29/49		1,221,992
Bancaja Emisiones SA Unipersonal(b)
	500,000		4.625		12/29/49		169,832
Banco Popolare Scarl(b)
	1,850,000		6.156		06/21/49		1,105,784
Bank of America Corp.(b)
$	3,500,000		8.000		12/29/49		2,502,500
BayernLB Capital Trust I(b)
	5,150,000		6.203		05/31/49		1,684,565
BNP Paribas
EUR	2,250,000		5.000		12/16/13		3,169,977
Caja de Ahorros de Valencia Castellon y Alicante(b)
	2,100,000		4.375		03/03/49		875,731
Citicorp
DEM	4,500,000		6.250		09/19/09		3,175,405
Citigroup, Inc.
$	3,350,000		6.875		03/05/38		3,732,869

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Banks — (continued)
Credit Suisse London
EUR	2,200,000		6.125	%	05/16/14	$	3,088,231
Deutsche Postbank Funding Trust IV(b)
	950,000		5.983		06/29/49		422,575
HSBC Holdings PLC
$	3,900,000		6.800		06/01/38		4,121,286
Instituto de Credito Oficial MTN
	2,100,000		4.625		10/26/10		2,223,724
Intesa Sanpaolo SPA
EUR	2,000,000		5.000		04/28/11		2,799,028
	2,350,000		6.625		05/08/18		2,718,990
	2,050,000		8.047	(b)	06/20/49		1,709,732
JPMorgan Chase & Co.(b)
$	4,350,000		7.900		04/30/49		3,618,461
Kreditanstalt fuer Wiederaufbau MTN
EUR	6,250,000		4.375		07/04/18		8,983,427
Landwirtschaftliche Rentenbank
$	8,940,000		5.000		11/08/16		9,996,797
Nordea Bank Finland PLC
	1,010,000		6.500		04/01/09		1,013,304
RBS Capital Trust I(b)
	860,000		4.709		12/29/49		334,741
Resona Bank Ltd. MTN(b)
EUR	1,180,000		3.750		04/15/15		1,396,680
Resona Preferred Global Securities Ltd.(a)(b)
$	2,500,000		7.191		07/30/49		1,190,220
Royal Bank of Scotland Group PLC
EUR	1,150,000		5.250		05/15/13		1,587,709
	2,350,000		6.934		04/09/18		3,240,156
Santander International Debt SA
	1,500,000		5.125		04/11/11		2,097,893
Schieneninfrastructurfinanzierungs-Gesellschaft mBH MTN
$	760,000		4.625		11/21/13		834,062
Societe Generale(b)
EUR	2,100,000		7.756		05/22/49		2,046,461
St. George Bank Ltd.
	850,000		6.500		06/24/13		1,197,291
U.S. Bank NA(b)
	2,450,000		4.375		02/28/17		2,815,403
UBS AG London
GBP	3,450,000		6.625		04/11/18		5,365,739
UniCredit SPA
EUR	3,600,000		5.750		09/26/17		4,536,877
UT2 Funding PLC
	1,350,000		5.321		06/30/16		756,014
Wachovia Bank NA
	1,750,000		6.000		05/23/13		2,364,157
Wells Fargo Capital XIII(b)
$	1,750,000		7.700		03/26/49		1,444,294
							93,959,984
Brokerage — 1.1%
Bear Stearns & Co., Inc.
	2,410,000		5.850		07/19/10		2,434,519

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Brokerage — (continued)
$	200,000		7.250	%	02/01/18	$	217,289
Merrill Lynch & Co., Inc.
	1,700,000		6.400		08/28/17		1,703,174
Morgan Stanley
EUR	6,850,000		5.500		10/02/17		6,784,109
							11,139,091
Capital Goods(a) — 0.0%
Bombardier, Inc.
$	250,000		6.300		05/01/14		205,000
	360,000		7.450		05/01/34		228,600
							433,600
Communications — 4.5%
AT&T, Inc.
	3,300,000		5.600		05/15/18		3,359,875
	2,050,000		6.300		01/15/38		2,167,076
Bell Atlantic New Jersey, Inc.
	65,000		8.000		06/01/22		61,495
British Telecommunications PLC
EUR	1,450,000		5.250		01/22/13		1,870,511
	600,000		6.500		07/07/15		770,894
Comcast Cable Communications Holdings, Inc.
$	170,000		9.455		11/15/22		206,017
Comcast Corp.
	8,400,000		5.700		05/15/18		7,877,587
Cox Communications, Inc.
	1,850,000		4.625		01/15/10		1,788,358
Deutsche Telekom International Finance BV
	1,000,000		6.750		08/20/18		1,017,068
France Telecom SA
EUR	1,100,000		5.625		05/22/18		1,493,534
Koninklijke (Royal) KPN NV
	7,950,000		4.750		05/29/14		10,161,736
Telecom Italia Finance SA
	949,000		7.750		01/24/33		1,120,268
$	450,000		6.000		09/30/34		310,500
	400,000		7.200		07/18/36		308,000
Telefonica Emisiones SAU
EUR	2,250,000		5.580		06/12/13		3,186,097
$	2,650,000		7.045		06/20/36		2,911,255
Time Warner Cable, Inc.
	2,600,000		6.550		05/01/37		2,445,243
Verizon Wireless Capital LLC
EUR	2,850,000		8.750		12/18/15		4,044,557
							45,100,071
Consumer Noncyclical — 2.4%
Altria Group, Inc.
$	2,900,000		9.700		11/10/18		3,134,407
BAT International Finance PLC
EUR	3,150,000		5.875		03/12/15		4,122,504
$	550,000		9.500	(a)	11/15/18		611,389
Casino Guichard-Perrachon SA
EUR	2,200,000		6.375		04/04/13		2,763,490
	1,750,000		4.875		04/10/14		1,997,056

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Consumer Noncyclical — (continued)
Diageo Finance PLC
EUR	2,950,000		6.625	%	12/05/14	$	4,218,215
Imperial Tobacco Finance PLC
	1,650,000		7.250		09/15/14		2,088,893
Imperial Tobacco Overseas BV
$	1,410,000		7.125		04/01/09		1,417,604
Tesco PLC
EUR	2,650,000		5.875		09/12/16		3,516,710
							23,870,268
Energy — 0.5%
Canadian Natural Resources Ltd.
$	1,100,000		6.750		02/01/39		913,645
Transocean, Inc.
	1,716,000		6.800		03/15/38		1,521,677
XTO Energy, Inc.
	3,250,000		5.500		06/15/18		2,942,150
							5,377,472
Financial Companies — 1.5%
American Express Centurion
	3,250,000		5.200		11/26/10		3,173,695
Capital One Financial Corp.
	4,540,000		5.700		09/15/11		4,080,141
Countrywide Home Loans, Inc.
	1,766,000		6.250		04/15/09		1,766,367
	950,000		5.625		07/15/09		945,822
GE Capital Euro Funding
EUR	1,100,000		5.250		05/18/15		1,408,363
International Lease Finance Corp.
$	1,000,000		4.950		02/01/11		721,510
SLM Corp.
	3,475,000		8.450		06/15/18		2,747,408
							14,843,306
Insurance — 1.6%
Allianz Finance II B.V.
EUR	2,050,000		5.000		03/06/13		2,905,467
American International Group, Inc.(b)
	3,300,000		4.875		03/15/67		1,123,855
Aviva PLC(b)
	2,250,000		6.875		05/22/38		1,651,660
AXA SA(b)
	2,280,000		5.777		07/06/49		1,663,759
	2,500,000		6.211		10/05/49		1,737,562
Endurance Specialty Holdings Ltd.
$	20,000		7.000		07/15/34		13,000
Old Mutual PLC(b)
EUR	2,950,000		4.500		01/18/17		1,847,123
Resolution PLC(b)
GBP	1,950,000		6.586		04/25/49		280,361
SL Finance PLC(b)
EUR	650,000		5.314		01/06/49		558,976
GBP	2,850,000		6.546		01/06/49		2,508,310

Principal		Interest			Maturity
Amount		Rate			Date	Value
Corporate Bonds — (continued)
Insurance — (continued)
Swiss Re Capital I LP(a)(b)
$	1,400,000		6.854	%	05/25/49	$	445,277
ZFS Finance USA Trust I(a)(b)
	950,000		6.150		12/15/65		532,262
ZFS Finance USA Trust IV(a)(b)
	1,050,000		5.875		05/09/32		366,849
ZFS Finance USA Trust V(a)(b)
	1,900,000		6.500		05/09/37		855,000
							16,489,461
Metals & Mining — 0.1%
Glencore Finance Europe SA
EUR	2,450,000		7.125		04/23/15		1,520,133
Natural Gas — 0.8%
Centrica PLC
	3,950,000		7.125		12/09/13		5,660,082
Enterprise Products Partners L.P.
$	2,300,000		6.500		01/31/19		1,935,029
							7,595,111
Real Estate Investment Trust — 0.2%
Simon Property Group LP
	2,700,000		5.600		09/01/11		2,260,461
Transportation — 0.1%
OeBB Infrastruktur Bau AG
	810,000		4.750		10/28/13		910,060
TOTAL CORPORATE BONDS						$	223,499,018
Foreign Debt Obligation — 1.0%
Supranational — 1.0%
European Investment Bank
EUR	6,750,000		4.250	%	10/15/14	$	9,779,491
Asset-Backed Securities — 0.5%
Home Equity — 0.5%
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(a)(b)
$	4,224,695		1.471	%	10/25/37	$	3,062,904
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(a)(b)
	1,600,000		1.721		10/25/37		600,000
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a)(b)
	2,900,000		1.921		10/25/37		986,000
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	247,566		7.000		09/25/37		80,459
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	259,050		7.000		09/25/37		72,486
							4,801,849
TOTAL ASSET-BACKED SECURITIES						$	4,801,849

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — 30.7%
Collateralized Mortgage Obligations — 4.0%
Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1(b)
$	6,918,502		6.179	%	09/25/40	$	3,526,693
Countrywide Alternative Loan Trust Series 2005-46CB, Class A8
	5,002,840		5.500		10/25/35		3,848,590
Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1(b)
	664,913		4.813		04/20/35		475,901
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1(b)
	1,799,215		4.899		08/20/35		939,204
GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A(b)
	1,297,374		4.602		06/25/34		968,484
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A(b)
	18,000,000		5.976		08/19/36		4,986,765
Harborview Mortgage Loan Trust Series 2007-4, Class 2A1(b)
	10,538,866		0.801		07/19/47		4,021,538
Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1(b)
	464,334		5.320		08/25/35		256,326
Luminent Mortgage Trust Series 2006-5, Class A1A(b)
	1,914,182		0.661		07/25/36		744,893
Merrill Lynch Alternative Note Asset Series 2007-AF1, Class AV1(b)
	8,684,699		5.630		06/25/37		3,989,539
Morgan Stanley Mortgage Loan Trust Series 2007-15AR, Class 2A1(b)
	13,553,892		6.466		11/25/37		7,629,783
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1(b)
	2,177,099		3.256		01/25/46		937,226
Residential Accredit Loans, Inc. Series 2005-QS13, Class 2A3
	3,279,921		5.750		09/25/35		2,400,092
Sequoia Mortgage Trust Series 2004-10, Class A3A(b)
	428,082		4.509		11/20/34		276,253
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1(b)
	1,049,854		4.380		05/25/34		555,940
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2(b)
	213,465		5.250		09/25/34		112,595
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1(b)
	1,053,200		5.450		11/25/34		672,681
Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1(b)
	7,634,906		3.756		08/25/47		3,221,255
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A(b)
	1,443,432		3.176		09/25/46		546,761
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A(b)
	2,209,904		2.956		02/25/47		823,314
							40,933,833
Commercial Mortgage-Backed Securities — 0.9%
Bear Stearns Commercial Mortgage Securities Series 2007-PW18, Class A4
	13,000,000		5.700		06/11/50		9,277,627

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
Federal Agencies — 25.5%
Adjustable Rate FHLMC(b) — 2.0%
$	1,946,360		1.535	%	05/15/37	$	1,865,987
	1,879,588		1.695		02/15/36		1,821,915
	16,411,964		6.128		09/01/37		16,853,691
							20,541,593
Adjustable Rate FNMA(b) — 4.3%
	9,102,405		5.815		09/01/37		9,347,742
	13,678,594		6.588		09/01/37		14,106,051
	8,960,842		5.968		10/01/37		9,225,231
	10,518,858		1.411		07/25/48		10,323,542
							43,002,566
FHLMC — 4.3%
	988,007		5.500		11/01/37		1,012,385
	115,857		5.500		04/01/38		118,704
	1,569,444		5.500		05/01/38		1,608,011
	291,233		5.500		08/01/38		298,390
	39,281,902		6.500		08/01/38		40,844,832
							43,882,322
FNMA — 14.9%
	5,151,935		4.500		03/01/23		5,273,374
	1,848,059		4.500		04/01/23		1,891,621
	238,349		5.500		03/01/33		244,914
	189,867		5.500		05/01/33		195,096
	28,414		5.500		06/01/33		29,196
	365,645		5.500		07/01/33		375,716
	164,642		5.500		06/01/34		169,177
	6,186,453		5.000		06/01/35		6,328,811
	1,031,675		5.000		01/01/36		1,054,770
	2,000,000		6.500		08/01/36		2,089,297
	28,467		6.500		09/01/36		29,601
	167,806		6.000		11/01/36		172,952
	256,030		5.500		04/01/37		262,747
	51,743		6.500		04/01/37		53,801
	679,130		5.500		05/01/37		696,947
	482,835		6.000		05/01/37		497,643
	908,469		5.500		06/01/37		932,304
	463,007		6.500		06/01/37		481,429
	198,088		7.000		07/01/37		203,682
	369,772		6.000		08/01/37		381,091
	109,840		6.500		08/01/37		114,210
	74,144		7.000		08/01/37		76,238
	193,177		5.500		09/01/37		198,245
	141,014		6.500		09/01/37		146,624
	33,129		7.000		09/01/37		34,065
	166,940		5.500		10/01/37		171,320
	38,069,883		6.000		10/01/37		39,297,799
	339,454		6.500		10/01/37		352,960
	483,924		7.000		10/01/37		497,589
	13,207,760		7.500		10/01/37		13,598,364
	652,167		6.500		11/01/37		678,562
	10,200,676		7.500		11/01/37		10,703,538
	3,564,494		8.000		11/01/37		3,733,967

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date	Value
Mortgage-Backed Obligations — (continued)
FNMA — (continued)
$	24,054,883		7.000	%	12/01/37	$	24,734,160
	728,578		5.500		02/01/38		747,666
	739,276		6.000		02/01/38		761,907
	51,872		6.500		02/01/38		53,931
	7,942,347		5.000		03/01/38		8,117,665
	1,195,138		5.500		03/01/38		1,227,851
	45,386		6.500		03/01/38		47,187
	661,379		5.500		04/01/38		678,679
	2,900,520		5.500		05/01/38		2,976,577
	215,079		6.000		05/01/38		221,641
	3,343,849		5.500		06/01/38		3,431,244
	2,910,665		5.500		07/01/38		2,986,738
	62,679		6.000		07/01/38		64,650
	329,808		6.500		07/01/38		342,897
	1,241,670		5.500		08/01/38		1,274,122
	330,638		6.500		08/01/38		343,761
	542,517		5.500		09/01/38		556,697
	251,625		5.500		10/01/38		258,455
	1,014,948		6.000		10/01/38		1,045,916
	203,666		5.500		11/01/38		208,989
	9,000,000		5.500		TBA-5yr(c)		9,225,000
							150,273,383
TOTAL FEDERAL AGENCIES						$	257,699,864
Home Equity(b) — 0.3%
American Home Mortgage Investment Trust Series 2004-3, Class 1A
	41,007		0.841		10/25/34		29,206
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	337,475		3.756		09/25/35		163,313
Countrywide Alternative Loan Trust Series 2005-82, Class A1
	4,230,359		0.741		02/25/36		2,020,578
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	1,463,622		0.718		03/20/46		582,207
							2,795,304
TOTAL MORTGAGE-BACKED OBLIGATIONS						$	310,706,628
Agency Debentures — 0.6%
FFCB
$	3,500,000		5.050	%	11/06/17	$	3,914,485
	2,200,000		4.250		04/16/18		2,402,222
TOTAL AGENCY DEBENTURES						$	6,316,707
U.S. Treasury Obligations — 2.3%
Sovereign — 2.3%
United States Treasury Bonds
$	9,500,000		7.500	%	11/15/24	$	15,234,486

Principal		Interest			Maturity
Amount		Rate			Date	Value
U.S. Treasury Obligations — (continued)
Sovereign — (continued)
United States Treasury Inflation Protected Securities
$	8,686,608		1.750	%	01/15/28	$	8,025,609
							23,260,095
TOTAL U.S. TREASURY OBLIGATIONS						$	23,260,095
Short-Term Obligation — 3.5%
Rabobank
$	35,063,489		0.010	%	01/02/09	$	35,063,488
TOTAL INVESTMENTS — 102.6%						$	1,037,790,831
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%							(26,326,732	)
NET ASSETS — 100.0%						$	1,011,464,099

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

(a) Securities are 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 $13,166,580, which represents approximately 1.3% of net assets as of December 31, 2008.

(b) Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2008.

(c) 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 $9,225,000 which represents approximately 0.9% of net assets as of December 31, 2008.

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.goldmansachsfunds.com

Investment Abbreviations:
BBSW	— Austrialia Bank Bill Swap Reference Rate
BP	— British Pound Offered Rate
CPI	— Consumer Price Index
EURO	— Euro Offered Rate
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
MTN	— Medium-Term Note

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At December 31, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date		Settlement Date		Value		Gain
Brazilian Real	Sale		02/03/09	$	443,000	$	404,073	$	38,927
British Pound	Sale		01/15/09		52,436,464		49,881,027		2,555,437
Canadian Dollar	Sale		01/27/09		13,620,380		13,466,956		153,424
Euro	Purchase		01/13/09		27,168,244		28,477,022		1,308,778
Euro	Purchase		02/12/09		196,752		216,394		19,642
Euro	Purchase		03/18/09		13,591,105		14,347,768		756,663
Euro	Sale		03/18/09		12,473,877		12,209,461		264,416
Indian Rupee	Purchase		01/07/09		729,000		757,416		28,416
Indian Rupee	Sale		02/09/09		462,740		461,977		763
Japanese Yen	Sale		01/05/09		69,754		69,584		170
Japanese Yen	Sale		01/22/09		5,966,277		5,933,938		32,339
Malaysian Ringgit	Purchase		01/09/09		2,355,662		2,456,041		100,379
Polish Zloty	Sale		01/23/09		5,412,525		5,338,935		73,590
South African Rand	Purchase		03/18/09		692,580		752,480		59,900
South Korean Won	Purchase		01/15/09		439,000		507,579		68,579
Swedish Krona	Sale		01/20/09		2,027,680		2,000,097		27,583
TOTAL								$	5,489,006

Open Forward Foreign Currency	Contract	Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date		Settlement Date		Value		Loss
Brazilian Real	Sale		01/28/09	$	265,053	$	271,921	$	(6,868	)
Canadian Dollar	Purchase		01/27/09		13,624,056		13,198,899		(425,157	)
Canadian Dollar	Sale		01/27/09		20,641,698		20,705,608		(63,910	)
Danish Krone	Sale		02/17/09		6,394,898		6,905,358		(510,460	)
Euro	Purchase		01/13/09		5,105,461		5,062,850		(42,611	)
Euro	Sale		01/13/09		392,839,028		420,222,413		(27,383,385	)
Euro	Purchase		01/15/09		83,066,574		82,827,974		(238,600	)
Euro	Sale		03/18/09		5,482,669		5,707,293		(224,624	)
Hungarian Forint	Purchase		03/18/09		480,418		474,611		(5,807	)
Indian Rupee	Purchase		01/07/09		466,272		463,505		(2,767	)
Indian Rupee	Sale		01/07/09		1,167,935		1,220,921		(52,986	)
Indian Rupee	Sale		01/15/09		421,732		435,002		(13,270	)
Israeli Shekel	Sale		03/18/09		707,964		734,455		(26,491	)
Japanese Yen	Purchase		01/22/09		18,574,885		18,541,537		(33,348	)
Japanese Yen	Sale		01/22/09		185,448,298		189,115,738		(3,667,440	)
Japanese Yen	Purchase		03/18/09		2,847,000		2,823,262		(23,738	)
Malaysian Ringgit	Sale		01/09/09		2,301,812		2,428,646		(126,834	)
Malaysian Ringgit	Sale		01/14/09		1,707,663		1,795,496		(87,833	)
Polish Zloty	Sale		03/18/09		635,540		655,446		(19,906	)
Singapore Dollar	Sale		03/18/09		1,431,469		1,489,359		(57,890	)
South African Rand	Sale		03/18/09		2,524,535		2,786,451		(261,916	)
South Korean Won	Sale		01/15/09		797,964		916,074		(118,110	)
Swedish Krona	Sale		01/20/09		1,672,324		1,751,580		(79,256	)
Turkish Lira	Purchase		03/18/09		712,000		701,513		(10,487	)
Turkish Lira	Sale		03/18/09		2,365,670		2,409,787		(44,117	)
TOTAL								$	(33,527,811	)

Open Forward Foreign Currency	Expiration		Purchase		Sale		Unrealized
Cross Contracts with Unrealized Gain (Purchase/Sale)	Date		Current Value		Current Value		Gain
Euro/Czech Koruna		03/18/09	$	1,187,936	$	1,134,996	$	52,940
Euro/ Hungarian Forint		03/18/09		2,529,660		2,501,485		28,175
Euro/Polish Zloty		03/18/09		1,795,779		1,727,792		67,987
Polish Zloty/Euro		03/18/09		1,400,717		1,384,660		16,057
TOTAL							$	165,159

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

FORWARD SALES CONTRACTS — At December 31, 2008, the Fund had the following forward sales contracts:

	Interest			Maturity	Settlement		Principal
Description	Rate			Date	Date		Amount		Value
FNMA		4.500	%	TBA – 15yr(c)		01/13/09	$	7,000,000	$	7,153,125
FNMA		5.000		TBA – 15yr(c)		01/14/09		4,000,000		4,083,752
FNMA		5.500		TBA – 15yr(c)		01/14/09		12,000,000		12,300,000
FNMA		6.500		TBA – 15yr(c)		01/14/09		1,000,000		1,038,438
TOTAL (Proceeds Receivable: $24,480,156)									$	24,575,315

FUTURES CONTRACTS — At December 31, 2008, the following futures contracts were open:

	Number of
	Contracts	Settlement	Notional			Unrealized
Type	Long (Short)	Month	Value			Gain (Loss)
Australia 10 Year Treasury Bond	20	March 2009	$	1,623,029		$	56,854
Eurodollars	(2)	March 2009		(494,700	)		(10,132	)
Eurodollars	21	June 2009		5,190,675			44,170
Eurodollars	21	September 2009		5,184,113			41,400
2 Year Euro-Schatz	611	March 2009		91,276,427			183,623
5 Year Euro-Bobl	(180)	March 2009		(29,076,771	)		(128,392	)
10 Year Euro-Bund	(117)	March 2009		(20,303,448	)		(24,637	)
U.K. Life Long Gilt	11	March 2009		1,952,710			122,958
2 Year U.S. Treasury Notes	(3)	March 2009		(654,188	)		(3,359	)
5 Year U.S. Treasury Notes	720	March 2009		85,719,375			2,413,041
10 Year U.S. Treasury Notes	227	March 2009		28,545,250			1,384,126
30 Year U.S. Treasury Bonds	(492)	March 2009		(67,919,063	)		(4,001,613	)
TOTAL						$	78,039

SWAP CONTRACTS — At December 31, 2008, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount			Termination	received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)			Date	the Fund	the Fund	by the Fund			Gain (Loss)
Bank of America Securities LLC	$	33,290	(a)	11/19/15	3.892%	3 month LIBOR	$	—		$	1,768,997
		51,000	(a)	11/19/15	4.423	3 month LIBOR		—			3,939,818
		20,040	(a)	11/19/20	3 month LIBOR	3.843%		—			(1,502,623	)
		31,160	(a)	11/19/20	3 month LIBOR	4.530		—			(4,145,235	)
Barclays Bank PLC	GBP	2,700		12/17/18	5.250	6 month BP		215,898			368,493
Citibank NA	$	10,000		09/21/11	5.600	3 month LIBOR		10,710			1,181,742
		14,190	(a)	11/19/15	3.133	3 month LIBOR		—			264,966
		8,420	(a)	11/19/20	3 month LIBOR	3.179		—			(159,628	)
		3,000		12/17/28	5.000	3 month LIBOR		290,969			715,491
Credit Suisse International (London)	EUR	39,000		12/17/13	4.500	6 month EURO		1,794,066			1,218,227
	JPY	3,236,000		12/17/13	6 month JYOR	1.500		(123,583	)		(908,096	)
JPMorgan Securities, Inc.	AUD	1,790		12/17/18	6 month BBSW	7.250		(136,885	)		(158,172	)

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

INTEREST RATE SWAP CONTRACTS — (continued)

				Rates Exchanged
	Notional			Payments	Payments	Upfront Payments
	Amount		Termination	received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	by the Fund			Gain (Loss)
UBS AG (London)	$	3,000	12/17/28	3 month LIBOR	5.000%	$	10,323		$	(1,023,244	)
	AUD	1,790	12/17/18	7.250%	6 month BBSW		(10,957	)		306,014
	GBP	2,700	12/17/18	6 month BP	5.250		(67,600	)		(516,791	)
	JPY	385,000	12/17/13	1.500	6 month JYOR		30,814			91,929
TOTAL						$	2,013,755		$	1,441,888

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2008.

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rates						Upfront Payments
	Referenced	Amount		paid by			Termination	Market		made (received)			Unrealized
Swap Counterparty	Obligation	(000s)		Fund			Date	Value		by the Fund			Gain (Loss)
Protection Purchased:
Deutsche Bank Securities, Inc.	iTraxx Europe Index	EUR	82,500		1.650	%	06/20/13	$	591,407	$	(3,203,570	)	$	3,794,977
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index	$	19,200		1.500		12/20/13		375,456		1,106,957			(731,501	)
TOTAL								$	966,863	$	(2,096,613	)	$	3,063,476

TAX INFORMATION — At December 31, 2008, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:

Tax Cost	$	1,090,146,549
Gross unrealized gain		64,950,965
Gross unrealized loss		(117,306,683	)
Net unrealized security loss	$	(52,355,718	)

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. The Funds’ investments for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. If accurate quotations are not readily available, or if Goldman Sachs Asset Management L.P. (“GSAM”) or Goldman Sachs Asset Management International (”GSAMI”) believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

     GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing 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 the Funds’ net asset value per share. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

Fair Value of Investments — For the period ended December 31, 2008, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). 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 (exit price). Fair value measurements do not include transaction costs. FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Basis of Fair Value Measurement

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 considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3— Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

The following is a summary of the levels within the fair value hierarchy in which the Funds invest:

Core Fixed Income
			Investments
	Investments in		in Securities
	Securities		Short–			Derivatives–		Derivatives–
Level	Long-Assets		Liabilities			Assets		Liabilities
Level 1	$	13,603,421	$	—		$	7,107,954	$	(2,868,969	)
Level 2		1,650,113,650		(75,683,135	)		57,926,944		(50,225,690	)
Level 3		—		—			—		—
Total	$	1,663,717,071	$	(75,683,135	)	$	65,034,898	$	(53,094,659	)

Core Plus Fixed Income
			Investments
	Investments in		in Securities
	Securities		Short–			Derivatives–		Derivatives–
Level	Long-Assets		Liabilities			Assets		Liabilities
Level 1	$	2,174,822	$	—		$	897,636	$	(203,882	)
Level 2		120,624,569		(9,193,127	)		1,908,772		(2,461,067	)
Level 3		151,516		—			—		—
Total	$	122,950,907	$	(9,193,127	)	$	2,806,408	$	(2,664,949	)

Global Income
			Investments
	Investments in		in Securities
	Securities		Short–			Derivatives–		Derivatives–
Level	Long-Assets		Liabilities			Assets		Liabilities
Level 1	$	429,878,811	$	—		$	4,246,172	$	(4,168,133	)
Level 2		607,912,020		(24,575,315	)		18,808,205		(42,259,345	)
Level 3		—		—			—		—
Total	$	1,037,790,831		(24,575,315	)	$	23,054,377	$	(46,427,478	)

The following is a reconciliation of Level 3 investments for the year ended December 31, 2008:

	Core Plus Fixed
	Income
	Investments in
	Securities Long-
Level 3	Assets
Beginning Balance as of March 31, 2008	$	515,431
Realized gain (loss)		—
Change in unrealized gain (loss)		(67,565	)
Net purchase (sales)		107,641
Net transfers in and/or out of Level 3		(403,991	)
Ending Balance as of December 31, 2008	$	151,516

Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars (using 4:00 p.m. Eastern Time exchange rates) on the following basis: ⁽ⁱ⁾ investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

     Net realized and unrealized gain (loss) on foreign currency transactions represents: ⁽ⁱ⁾ foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward foreign currency exchange contracts; and (iii) gains and losses from the

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are segregated in the Statements of Operations from the effects of changes in market prices of those investments, and are included with the net realized and unrealized gain (loss) on investments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

     Non U.S. currency symbols utilized throughout the report are defined as follows:

AUD = Australian Dollar	GBP = British Pound
BRL = Brazilian Real	JPY = Japanese Yen
CAD = Canadian Dollar	MXN = Mexican Peso
DEM = German Mark	PLN = Polish Zloty
DKK = Danish Krone	SEK = Swedish Krona
EUR = Euro

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions, portfolio positions or to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded by the Funds. The Funds record realized gains or losses on the settlement date of a contract.

     Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

     The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. For forward foreign currency exchange contracts, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under the contracts.

Futures Contracts — The Funds may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds deposit 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 the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. For futures contracts, the Funds must set aside liquid assets, or engage in other appropriate measures to lower their obligations under the contracts.

Mortgage and Asset-Backed Securities — The Funds may invest in mortgage and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, Real Estate Mortgage Investment Conduit pass-through or participation certificates, and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.

     The value of some mortgage- and asset-backed securities 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. Early repayment of principal on mortgage- or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. 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. In addition, while mortgage- and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.

     Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or ‘‘IO’’ and/or the high coupon rate with relatively low principal amount, or ‘‘IOette’’), and the other that receives substantially all of the principal payments (the 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, adjustments are made to the cost of the security on a daily basis until maturity.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

These adjustments are included in interest income. Payments received for PO’s, typically monthly, are treated as a proportionate reduction to the reduction in par of the cost basis of the securities and excess amounts are recorded as gains. All gains and losses resulting from principal payments are classified as interest income in the accompanying Statements of Operations.

Mortgage Dollar Rolls — The Funds may enter into mortgage “dollar rolls” in which the Funds sell securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

     During the settlement period between sale and repurchase, the Funds will not be entitled to accrued interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Funds may decline below the repurchase price of those securities. In the event the buyer of the securities under a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds of the transaction may be restricted pending a determination by, or with respect to, the other party.

Repurchase Agreements — The Funds may enter in 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. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The collateral for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

     Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other 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. In addition, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At December 31, 2008, certain Funds had undivided interests in the

Joint Repurchase Agreement Account II, as follows:

	Principal
Fund	Amount
Core Fixed Income	$	142,800,000
Core Plus Fixed Income		6,400,000

     REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	3,515,000,000		0.08	%		01/02/09	$	3,515,015,622
Barclays Capital, Inc.		807,400,000		0.07			01/02/09		807,403,140
Deutsche Bank Securities, Inc.		1,000,000,000		0.04			01/02/09		1,000,002,222
Deutsche Bank Securities, Inc.		1,600,000,000		0.10			01/02/09		1,600,008,889
Greenwich Capital Markets		250,000,000		0.10			01/02/09		250,001,389
JPMorgan Securities		900,000,000		0.06			01/02/09		900,003,000
Morgan Stanley & Co.		650,000,000		0.03			01/02/09		650,001,083
UBS Securities LLC		1,050,000,000		0.07			01/02/09		1,050,004,083
TOTAL								$	9,772,439,428

At December 31, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 0.000% to 5.125%, due 01/08/09 to 01/17/17; Federal Home Loan Bank, 0.000% to 5.375%, due 02/13/09 to 08/19/11; Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/12/09 to 12/01/38; Federal National Mortgage Association, 2.750% to 8.500%, due 01/23/09 to 11/01/48; and Government National Mortgage Association, 6.000%, due 10/20/38 to 12/15/38. The aggregate market value of the collateral, including accrued interest, was $9,983,372,198.

Structured Notes — The Funds may invest in structured notes whose values are based on the price movements of a reference security or index. The value of these structured notes will rise and fall in response to changes in the reference security or index. On termination date of each structured note, the Funds will receive a payment from a counterparty based on the value of the referenced security (notional multiplied by price of the referenced security) and record a realized gain or loss. These structured notes are subject to credit, counterparty and interest rate risks.

Swap Contracts—The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. The Funds may be required to post collateral under the terms of a swap contract. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market, liquidity, elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. When entering into swap contracts, a Fund must “set aside” liquid assets, or engage in other appropriate measures to “cover” its obligations under the swap contract.

     Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Operations. Upfront payments made and/or received by the Funds, are recorded as an asset and/or liability on the Statements of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps, which are recorded as realized gain or loss on termination date. Periodic payments received or made on swap contracts are recorded as realized gain or loss on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gain on the Statements of Operations. The Funds may invest in the following types of swaps:

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

     An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indices for a specified amount of an underlying asset or 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 making a stream of payments to another party in exchange for the right to receive protection on a reference security or obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of the reference security or obligation or to take a short position with respect to the likelihood of default. Credit default swaps may involve greater risks than if a 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 the 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, the 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. The 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 fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation may be less than the premium payments received by the Fund. Upon the occurrence of a specified credit event, the Fund as a seller of credit protection maybe 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. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a trustworthy and transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets which have been pledged as collateral to the counterparty.

     Credit default swaps meet the definition of a credit derivative as defined by FASB FSP No. 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161. The Funds’ credit default swaps are disclosed in the Additional Investment Information section of the Schedule of Investments. The maximum potential amount of future payments (undiscounted) that the Funds as a 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 the Funds bought credit protection.

Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds 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 (“CPIU”). The adjustments to principal due to inflation are reflected as increases or decreases to interest. Such adjustments may have a significant impact on the Fund’s distributions. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (To Be Announced) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized, but not yet issued in the market. When-issued securities are purchased in order to secure what is considered to be an advantageous price and yield to the Funds at the time of entering into the transaction. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. 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 the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

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

(Registrant)	Goldman Sachs Trust
By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	February 27, 2009

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

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	February 27, 2009
By (Signature and Title)*		JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date	February 27, 2009

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