Goldman Sachs Trust

N-CSR 1 d876846dncsr.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2021

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				March 31, 2021

				Multi Sector Fixed Income Funds
				Bond
				Core Fixed Income
				Global Core Fixed Income
				Income
				Long Short Credit Strategies
				Strategic Income

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Goldman Sachs Multi Sector Fixed Income Funds

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BOND

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CORE FIXED INCOME

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GLOBAL CORE FIXED INCOME

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INCOME

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LONG SHORT CREDIT STRATEGIES

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STRATEGIC INCOME


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Analysis			3

Fund Basics			7

Schedules of Investments			37

Financial Statements			153

Financial Highlights			160

Bond			160

Core Fixed Income			168

Global Core Fixed Income			176

Income			183

Long Short Credit Strategies			190

Strategic Income			197

Notes to the Financial Statements			204

Report of Independent Registered Public Accounting Firm			238

Other Information			239



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2021 (the “Reporting Period”), the performance of the fixed income markets was broadly influenced by global economic growth expectations, efforts to stem the COVID-19 pandemic, and monetary and fiscal stimulus by central banks and governments around the world.

During the second quarter of 2020, when the Reporting Period began, spread, or non-government bond, sectors produced positive returns, supported by improving economic data and accommodative monetary and fiscal policy. In April, the broad fixed income market experienced bouts of volatility based on economic developments, including data that showed sharp declines in global economic activity, and COVID-19 related headlines. In May, ongoing central bank accommodation, better economic data and market optimism around the reopening of economies sparked a significant rally in risk assets, including corporate credit. Investors appeared to be looking beyond risks such as deteriorating U.S.-China relations and civil unrest as manifested by nationwide protests in the U.S. At the start of June, renewed COVID-19 case growth in the U.S. and in several other developed economies increased risk-off investor sentiment, or reduced risk appetite. However, survey and economic activity data rebounded from April’s record low levels, boosting the performance of risk assets overall. Central banks continued to demonstrate their willingness to expand policy parameters to support labor markets and to use quantitative easing to facilitate fiscal expansion and underpin more segments of the capital markets. In June, the European Central Bank (“ECB”) expanded and extended its quantitative easing program, while the U.S. Federal Reserve (“Fed”) removed a requirement for issuers to “opt in” to its secondary market corporate credit facility.

In the third quarter of 2020, spread sectors continued to produce gains, supported by accommodative central bank monetary policies as well as by agreement on a €750 billion European Union Recovery Fund, stronger than consensus expected second calendar quarter corporate earnings and progress on COVID-19 vaccine development. However, the financial markets continued to experience episodes of risk-off sentiment, driven by headlines about rising COVID-19 cases, increasing U.S.-China tensions, and limited progress in the U.S. Congress on a fourth fiscal stimulus package. Meanwhile, the Fed kept its monetary policy and forward guidance unchanged as it awaited details on further U.S. government fiscal stimulus and the path of the COVID-19 pandemic. The Fed also extended its credit facilities, which had been set to expire in September, to the end of the 2020 calendar year, thereby elongating the policy tailwind for corporate credit markets. In the Eurozone, the European Union Recovery Fund reduced political tail risks. (A tail risk is an event or an outcome that has only a small probability of happening.) During August, Fed Chair Jerome Powell unveiled the conclusions of the Federal Open Market Committee’s monetary policy framework review. The main outcome was the adoption of flexible average inflation targeting. In other words, the Fed said it would aim for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time. The U.S. central bank also adjusted how it would assess labor market performance, taking into account racial and income disparities. September 2020 saw the return of risk-off investor sentiment, as some of the factors that had supported the improvement in economic conditions started to fade. Renewed COVID-19 case growth in Europe and reduced prospects of further U.S. fiscal support, alongside rising political uncertainty heading into the then-upcoming U.S. elections, all contributed to increased market volatility and investor risk aversion.

Spread sector performance was mixed during the fourth quarter of 2020. Rising COVID-19 cases and renewed lockdowns dominated pandemic-related news flow early in the quarter, and then encouraging efficacy results for several COVID-19 vaccines helped lift market sentiment into the end of the calendar year. Risk sentiment was also bolstered late in the quarter by the removal of a few long-standing overhangs. Specifically, the U.S. presidential elections were resolved; the U.K. and European Union agreed to a post-Brexit deal; and another round of fiscal stimulus was provided by the U.S. federal government. (Brexit refers to the U.K.’s exit from the European Union.) Global economic conditions remained weak, with the inflation picture relatively benign due to slack in economic output and employment. Central banks around the world maintained their commitment to accommodative monetary policy. In the U.S., the Fed did not extend the average maturity of its U.S. Treasury purchases at its December policy meeting, but it introduced dovish forward guidance, stating it would continue to increase its asset holdings “until substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” (Dovish tends to suggest lower interest rates; opposite of hawkish.) Meanwhile, the U.S. Department of the Treasury decided to let several of the Fed’s emergency credit facilities expire at the end of 2020 and requested the Fed return unused funds. In Europe, the ECB announced a multi-

MARKET REVIEW

pronged package of easing measures, in line with market expectations, extended the horizon for its pandemic emergency purchase program, and increased the level of its purchases.

During the first quarter of 2021, spread sector performance was largely negative. When the quarter began in January, the rollout of COVID-19 vaccines and the prospects for additional U.S. government fiscal stimulus pushed up U.S. interest rates. That said, positive COVID-19 vaccine rollout news was somewhat counteracted by the emergence of variant coronavirus strains and uncertainty over global vaccine supply. In February, the rise in interest rates became global in nature, as markets responded to recovering economic growth amid COVID-19 vaccine rollouts. To varying degrees, global central banks leaned against market expectations for earlier than previously anticipated policy normalization, indicating policy would remain accommodative despite improvements in economic growth given weak underlying inflation dynamics. Although global interest rates continued to rise during March, central banks’ dovish stances helped to stabilize them. In the U.S., the Fed revised its growth and inflation projections higher but kept its median dot plot projection flat through 2023. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) Fed policymakers also said they would focus on inflation outcomes rather than inflation outlooks. In Europe, the ECB increased the pace of its asset purchases to preserve favorable financing conditions and noted it would review the pace of purchases in the context of fresh inflation projections every quarter. Meanwhile, the new U.S. President signed the American Rescue Plan Act into law in March 2021, with the overall cost of this fifth fiscal stimulus package amounting to nearly $1.9 trillion.

For the Reporting Period overall, spread sectors generated solid positive returns. High yield corporate bonds and sovereign emerging markets debt produced double-digit gains, significantly outperforming U.S. Treasury securities. Investment grade corporate bonds, commercial mortgage-backed securities, asset backed securities and agency securities also recorded positive returns and outpaced U.S. Treasury securities. Mortgage-backed securities generated a rather flat return for the Reporting Period but still outperformed U.S. Treasuries. During the Reporting Period, the U.S. Treasury yield curve steepened, as yields on maturities of two years and shorter fell and yields on maturities of three years and longer rose. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve.) The yield on the bellwether 10-year U.S. Treasury rose approximately 104 basis points to end the Reporting Period at 1.74%.

Looking Ahead

At the end of the Reporting Period, we saw dimensions of uncertainty in both the near term and the long term for those factors most influencing the fixed income markets. In the near term, there was broad uncertainty around the timing of economic re-openings given the emergence of new COVID-19 variants and divergent vaccination rollouts and thus around the buoyancy of consumer spending. Longer term, there was broad uncertainty around the direction of inflation, fiscal and monetary policy, and interest rates.

From our point of view, a burst of global economic growth is likely in the short term as more consumer spending opportunities return, but we believed certain economies might experience re-openings with historically normal — rather than turbocharged — consumer spending. That said, we saw a long road ahead for the closing of output gaps, particularly in Europe, though COVID-19 vaccines were likely to help, in our opinion. Potential headwinds to global economic growth could be less expansionary policy in China and monetary policy tightening in select emerging markets countries. Within the developed markets, we expected most central banks to keep policy rates unchanged through 2021. As for fiscal policy, we thought it would be extended or — in the case of the U.S. — expanded. Overall, we expected U.S. fiscal policy to remain supportive into the economic recovery, as government officials sought to support the climate transition (i.e., help usher in low-carbon economies) and advance inclusive growth by reducing income and wealth inequalities. Under the circumstances, we believed interest rates, in the U.S. and globally, were likely to remain relatively low in the near term. Regarding inflation, we noted that while the COVID-19 pandemic had generated considerable swings in the prices of goods and services, many near-term price-boosting factors, including higher crude oil prices and a surge in services spending as economies re-open, may well prove transient. In our view, broader inflation signposts, such as labor market slack and the market’s inflation expectations, appeared slow-moving and subdued at the end of the Reporting Period.

PORTFOLIO RESULTS

Goldman Sachs Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Effective July 29, 2020, the Fund’s investment objective changed. The Fund’s former investment objective was to seek a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s current investment objective is to seek a total return consisting of capital appreciation and income. Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 6.56%, 5.67%, 6.82%, 6.39%, 6.84%, 6.93%, 6.30% and 6.93%, respectively. These returns compare to the 0.71% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same time period.

Note that with the change in the Fund’s investment objective, references to the Bloomberg Barclays Index here and throughout are for informational purposes only and not an indication of how the Fund is managed.

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

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

Detracting most was the Fund’s credit hedge, which pairs a long U.S. rates position and exposure to a basket of developed market currencies with the Fund’s corporate beta overweight. Since U.S. interest rates rose rapidly in the first quarter of 2021 on mounting expectations of stronger economic growth and inflation concerns after the COVID-19 pandemic ends, this position underperformed.

The Fund’s country strategy also detracted from its relative results during the Reporting Period. Within the Fund’s country strategy, long positions in Australian rates versus other developed markets’ rates hurt most, particularly during the first quarter of 2021 when Australian rates sold off, or rose rapidly. Mitigating these losses somewhat were long positions in Canadian rates and long positions in Australian rates in the second quarter of 2020, which benefited relative performance, as Canadian and Australian rates rallied during those months. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures. Our top-down currency strategy overall detracted modestly from the Fund’s relative results during the Reporting Period. The currency strategy is primarily implemented via currency forwards.

Tactical management of the Fund’s duration and yield curve positioning strategy further detracted from relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall contributed positively to the Fund’s relative results during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweight to investment grade and high yield corporate

PORTFOLIO RESULTS

credit contributed most positively to its relative results, especially during the latter half of the Reporting Period. Credit spreads, or the differential in yields between U.S. Treasury securities and non-Treasury securities that are identical in all respects except for quality rating, began to rally late in the second quarter of 2020 when a relaxation of COVID-19 containment measures, alongside monetary and fiscal policy support, helped the global economy sprint forward in the third calendar quarter. Credit spreads also tightened in the fourth quarter of 2020. Despite renewed COVID-19 concerns in the first part of the fourth calendar quarter amid rising case counts, encouraging COVID-19 vaccine progress, resolution of the U.S. presidential elections, better than consensus expected corporate earnings and supportive monetary and fiscal policy subsequently led spreads to compress in corporate markets in the final months of 2020. Then, despite rate market volatility in February 2021, corporate credit market moves were relatively orderly in the first quarter of the new year, which we believe was due to two key factors. First, positive COVID-19 vaccine rollout news bode well for corporations that may benefit from easing activity restrictions. Second, fourth quarter 2020 earnings releases showed corporate sector resilience to the COVID-19 shock.

Selection within the corporate credit sector also enhanced the Fund’s performance during the Reporting Period. In particular, the Fund overweighted the short to intermediate segment of the yield curve, which boosted returns. Also, the Fund had an emphasis on lower quality credits, such as bonds rated BBB and lower quality issuers within high yield corporate credit, which performed well when markets rallied during the Reporting Period.

Individual issue selection within the securitized sector also boosted the Fund’s relative results. Selections of specified pools of mortgage-backed securities contributed positively. Also, the Fund’s favoring of wing-coupon mortgage-backed securities, i.e. higher and lower coupon securities, and an underweight to current, or belly, coupon mortgage-backed securities, boosted results in the latter half of the Reporting Period. During the summer months, prepayment activity was concentrated on belly coupon mortgage-backed securities, as primary mortgage rates reached historical lows; meanwhile, prepayment speeds for high coupon mortgage-backed securities decelerated, benefiting Fund performance. Within emerging markets debt, selections of debt issued by Ecuador and China benefited performance during the Reporting Period, only partially offset by selections of debt issued by the Dominican Republic, which detracted. Individual issue selection within the government/swaps sector also added value, albeit more modestly. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures.

There were no significant detractors from a security selection perspective during the Reporting Period. The only notable detractor within our cross-sector strategy was the Fund’s overweight to an investment grade credit default swap index versus cash bond positions, as synthetics underperformed cash bonds during the Reporting Period. Credit derivatives tended to underperform cash bonds because of the lack of liquidity pressures in credit markets from the second quarter of 2020 through the end of the Reporting Period. (Synthetics is the term given to financial instruments that are engineered to simulate other instruments while altering key characteristics. Often synthetics will offer investors tailored cash flow patterns, maturities, risk profiles and so on. A cash bond is an arrangement wherein a party gives to another an amount of money to secure the fulfillment of an obligation. In cases where the party fails to comply with the obligation, the money is forfeited in favor of the latter.)

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

Tactical management of the Fund’s duration and yield curve positioning detracted modestly from its results during the Reporting Period, primarily driven by tactical U.S. rates positioning. The Fund held a neutral to long duration relative to that of the Bloomberg Barclays Index via a tactical overweight exposure to the intermediate- to long-term segments, i.e. seven- and 30-year segments, of the U.S. Treasury yield curve in the first quarter of 2021, which hurt as U.S. interest rates rose rapidly during the quarter. As of March 31, 2021, the Fund was slightly overweight U.S. rates, more significantly overweight Canadian and Australian rates and did not hold any significant underweight rates positions.

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

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury futures and Eurodollar futures were used as warranted to facilitate specific duration,

PORTFOLIO RESULTS

yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps and total return swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. The Fund used inverse floaters within its securitized selection strategy.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities* to implement our views in the Fund. During the Reporting Period, positions in futures, currency options and interest rate swaps detracted from relative results, while positions in currency forwards, swaptions and credit default swaps contributed positively to relative results. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period.

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

During the Reporting Period, we increased the Fund’s exposure in U.S. Treasuries and asset-backed securities and decreased its exposure in quasi-government securities, pass-through mortgage-backed securities, investment grade corporate bonds and high yield corporate bonds. Most notably, we reduced exposure to pass-through mortgage-backed securities because following the onset of the COVID-19 pandemic we expected the U.S. Federal Reserve’s (the “Fed”) continued presence in the agency mortgage-backed securities market, coupled with a slowdown in origination heading into fall 2020, to lead to spread tightening. However, given the rise in U.S. Treasury yields in the first quarter of 2021, we reduced the Fund’s position. We reduced the Fund’s exposure to investment grade corporate credit in the latter months of the Reporting Period because we recognized that corporate spreads had retraced nearly all of their COVID-19 widening, and we were mindful of concerns around the near-term economic growth outlook and idiosyncratic corporate challenges. We maintained the Fund’s bias to lower quality investment grade corporate bonds and to shorter-dated and intermediate-maturity bonds throughout the Reporting Period. We increased the Fund’s allocation to debt issued in U.S. dollars and decreased its allocation to debt issued in the Japanese yen. In terms of duration, the Fund began the Reporting Period rather neutral to U.S. rates and ended the Reporting Period slightly overweight to U.S. rates.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes in the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of March 2021, the Fund had its greatest allocations on a market-value weighted basis in pass-through mortgage-backed securities and investment grade corporate bonds. The Fund also had exposure at the end of the Reporting Period to U.S. government securities, asset-backed securities, high yield corporate bonds, emerging markets debt and commercial mortgage-backed securities. The Fund had no exposure to covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund

Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages.

PORTFOLIO RESULTS

also maintained a position in cash* at the end of the Reporting Period. The Fund had a modest long overall duration at the end of the Reporting Period, attributable primarily to a modestly long U.S. duration position.

FUND BASICS

Goldman Sachs Bond Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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

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

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS BOND FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Bond Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	6.56%	3.46%	3.87%	—
Including sales charges	2.59%	2.67%	3.47%	—

Class C				—
Excluding contingent deferred sales charges	5.67%	2.67%	3.09%	—
Including contingent deferred sales charges	4.63%	2.67%	3.09%	—

Institutional	6.82%	3.79%	4.21%	—

Service	6.39%	3.29%	3.71%	—

Investor	6.84%	3.70%	4.08%	—

Class R6 (Commenced July 31, 2015)	6.93%	3.80%	N/A	3.78%

Class R	6.30%	3.20%	3.60%	—

Class P (Commenced April 20, 2018)	6.93%	N/A	N/A	5.99%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Effective July 29, 2020, the Fund’s investment objective changed. The Fund’s former investment objective was to seek a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s current investment objective is to seek a total return consisting of capital appreciation and income. Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 3.83%, 3.05%, 4.17%, 3.65%, 4.09%, 4.18%, 3.57% and 4.18%, respectively. These returns compare to the 0.71% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same period.

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

Our top-down currency strategy overall also contributed positively to the Fund’s relative results during the Reporting Period. The currency strategy is primarily implemented via currency forwards.

Detracting most was the Fund’s credit hedge, which pairs a long U.S. rates position and exposure to a basket of developed market currencies with the Fund’s corporate beta overweight. Since U.S. rates rose rapidly in the first quarter of 2021 on mounting expectations of stronger economic growth and inflation concerns after the COVID-19 pandemic ends, this position underperformed.

The Fund’s country strategy also detracted from its relative results during the Reporting Period. Within the Fund’s country strategy, long positions in Australian rates versus other developed markets hurt most, particularly during the first quarter of 2021 when Australian rates sold off, or rose rapidly. Mitigating these losses somewhat were long positions in Canadian rates and long positions in Australian rates in the second quarter of 2020, which benefited relative performance, as Canadian and Australian rates rallied during those months. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures.

Bottom-up individual issue selection overall contributed positively to the Fund’s relative results during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweight to investment grade and high yield corporate

PORTFOLIO RESULTS

credit contributed most positively to relative results, especially during the latter half of the Reporting Period. Credit spreads, or the differential in yields between U.S. Treasury securities and non-Treasury securities that are identical in all respects except for quality rating, began to rally late in the second quarter of 2020 when a relaxation of COVID-19 containment measures, alongside monetary and fiscal policy support, helped the global economy sprint forward in the third calendar quarter. Credit spreads also tightened in the fourth quarter of 2020. Despite renewed COVID-19 concerns in the first part of the fourth calendar quarter amid rising case counts, encouraging COVID-19 vaccine progress, resolution of the U.S. presidential elections, better than consensus expected corporate earnings and supportive monetary and fiscal policy subsequently led spreads to compress in corporate markets in the final months of 2020. Then, despite rate market volatility in February 2021, corporate credit market moves were relatively orderly in the first quarter of the new year, which we believe was due to two key factors. First, positive COVID-19 vaccine rollout news bode well for corporations that may benefit from easing activity restrictions. Second, fourth quarter 2020 earnings releases showed corporate sector resilience to the COVID-19 shock. An overweight to collateralized loan obligations added value as well.

Selection within the corporate credit sector also enhanced the Fund’s performance during the Reporting Period. In particular, the Fund overweighted the short to intermediate segment of the yield curve, which boosted returns. Also, the Fund had an emphasis on lower quality credits, such as bonds rated BBB, which performed well when markets rallied during the Reporting Period.

Individual issue selection within the securitized sector also enhanced the Fund’s relative results. Selections of specified pools of mortgage-backed securities contributed positively. Also, the Fund’s favoring of wing-coupon mortgage-backed securities, i.e. higher and lower coupon securities, and an underweight to current, or belly, coupon mortgage-backed securities, boosted results in the latter half of the Reporting Period. During the summer months, prepayment activity was concentrated on belly coupon mortgage-backed securities, as primary mortgage rates reached historical lows; meanwhile, prepayment speeds for high coupon mortgage-backed securities decelerated, benefiting Fund performance. Within emerging markets debt, selections of debt issued by South Africa and Indonesia benefited performance during the Reporting Period, only partially offset by selections of debt issued by Mexico, which detracted. Individual issue selection within the government/swaps sector also added value, albeit more modestly. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures.

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

Tactical management of the Fund’s duration and yield curve positioning detracted modestly from its results during the Reporting Period, primarily driven by tactical positioning across a variety of developed market yield curves. In particular, the Fund was overweight the U.S. Treasury yield curve in February 2021, which hurt as U.S. interest rates rose rapidly then. The Fund held a long duration relative to that of the Bloomberg Barclays Index via long positions in the 10-year and 20-year segments of the U.S. Treasury yield curve. As of March 31, 2021, the Fund was slightly underweight to neutral U.S. rates and overweight Australian and Canadian rates.

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

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and international government bond futures, Eurodollar futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or

PORTFOLIO RESULTS

options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. The Fund used inverse floaters within its securitized selection strategy.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in futures and interest rate swaps detracted from relative results, while positions in swaptions and credit default swaps contributed positively to relative results. Positions in the remaining derivatives and similar instruments mentioned above did not meaningfully impact Fund performance.

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

During the Reporting Period, we increased the Fund’s exposure in U.S. Treasuries and decreased its exposure in pass-through mortgage-backed securities, investment grade corporate bonds and asset-backed securities. Most notably, we reduced exposure to pass-through mortgage-backed securities because following the onset of the COVID-19 pandemic we expected the U.S. Federal Reserve’s (the “Fed”) continued presence in the agency mortgage-backed securities market, coupled with a slowdown in origination heading into fall 2020, to lead to spread tightening. However, given the rise in U.S. Treasury yields in the first quarter of 2021, we reduced the Fund’s position. We reduced the Fund’s exposure to investment grade corporate credit in the latter months of the Reporting Period because we recognized that corporate spreads had retraced nearly all of their COVID-19 widening, and we were mindful of concerns around the near-term economic growth outlook and idiosyncratic corporate challenges. We maintained the Fund’s bias to lower quality investment grade corporate bonds and to shorter-dated and intermediate-maturity bonds throughout the Reporting Period. We increased the Fund’s allocation to debt issued in the Japanese yen and decreased its allocation to debt issued in the U.S. dollar. In terms of duration, the Fund began the Reporting Period underweight to U.S. rates and ended the Reporting Period neutral to underweight to U.S. rates.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of March 2021, the Fund had its greatest allocations on a market-value weighted basis in investment grade corporate bonds, pass-through mortgage-backed securities and U.S. government securities. The Fund also had exposure at the end of the Reporting Period to quasi-government securities, asset-backed securities, commercial mortgage-backed securities, emerging markets debt and high yield corporate bonds. The Fund had no exposure to covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a modest long overall duration at the end of the Reporting Period, albeit a rather neutral U.S. duration position.

FUND BASICS

Goldman Sachs Core Fixed Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS CORE FIXED INCOME FUND

Performance Summary

March 31, 2021

Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	3.83%	3.33%	3.52%	—
Including sales charges	-0.06%	2.55%	3.13%	—

Class C
Excluding contingent deferred sales charges	3.05%	2.54%	2.74%	—
Including contingent deferred sales charges	2.02%	2.54%	2.74%	—

Institutional	4.17%	3.68%	3.86%	—

Service	3.65%	3.16%	3.35%	—

Investor	4.09%	3.59%	3.79%	—

Class R6 (Commenced July 31, 2015)	4.18%	3.71%	N/A	3.69%

Class R	3.57%	3.06%	3.25%	—

Class P (Commenced April 20, 2018)	4.18%	N/A	N/A	5.79%

PORTFOLIO RESULTS

Goldman Sachs Global Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

In February 2020, the Board of Trustees of the Goldman Sachs Trust approved a change in the name, investment objective and principal investment strategy of the Goldman Sachs Global Income Fund. These changes became effective after the close of business on April 30, 2020. The Fund’s name changed to the Goldman Sachs Global Core Fixed Income Fund (the “Fund”). The Fund’s former investment objective was to seek a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation. The Fund’s current investment objective is to seek a total return consisting of capital appreciation and income. “Core” in the Fund’s name means that the Fund focuses its investments in intermediate and long-term investment grade bonds. Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 5.15%, 4.40%, 5.48%, 4.98%, 5.43%, 5.49% and 5.49%, respectively. These returns compare to the 1.50% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, hedged) (the “Bloomberg Barclays Index”), during the same time period.

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

Within our top-down strategies, the Fund’s cross-sector strategy contributed most positively to relative results during the Reporting Period. The cross-sector strategy is primarily implemented via cash bonds and index/single-name credit default swaps. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

The Fund’s currency strategy also contributed positively. The Fund’s currency strategy added value primarily because of overweight positions relative to the Bloomberg Barclays Index in pro-cyclical G10 currencies, such as the Australian dollar, Norwegian krone and Swedish krona, which appreciated relative to the U.S. dollar in the fourth quarter of 2020. (The G10, or Group of Ten, actually consists of eleven industrialized nations that meet on an annual basis or more frequently, as necessary, to consult each other, debate and cooperate on international financial matters. The member countries are Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States.) These currencies’ strong performance was driven both by the U.S. election outcome giving rise to investor expectations for potential easing in U.S.-China trade tensions and by the consensus expected benefit from a COVID-19 vaccine-induced economic growth uplift in 2021 as broad-based immunizations were widely anticipated to allow the job-rich services sector to rebound. The Fund’s currency strategy primarily implements relative value positions in developed and emerging market currencies, using valuations relative to short- and medium-term fundamentals.

Our duration strategy also boosted the Fund’s relative results during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Conversely, our country strategy detracted from the Fund’s relative performance during the Reporting Period. This was primarily due to the Fund’s overweight exposure to Australia versus underweight Norway, U.S. and Europe interest rate exposures, positions held largely on account of the global sell-off witnessed in February 2021. Sovereign yields sold off globally in early 2021 on the back of strong economic momentum, COVID-19 vaccine optimism and fiscal stimulus

PORTFOLIO RESULTS

support. Further, Australian interest rates witnessed a sharp sell-off on speculation around Reserve Bank of Australia (“RBA”) commitments to yield curve control and market anticipations of hawkish RBA tones, thereby hurting the Fund’s long Australian interest rate positions. Despite the sell-off throughout February, particularly in Australian interest rates, we viewed these markets at the end of the Reporting Period as attractive, as we expected the central banks to remain accommodative in the medium term. However, we also remained mindful that, in the near term, improving activity data and firming inflation expectations could result in further interest rate underperformance. The country strategy is primarily implemented via interest rate swaps and/or futures.

The Fund’s cross-macro strategy also detracted from relative returns during the Reporting Period, attributable primarily to the Fund’s overweight exposure to U.S. and Switzerland interest rates versus underweight Europe interest rates paired with overweight cross currency exposure to U.S. dollar/euro and Swiss franc/euro positions during 2020 year-end. In Europe, the European Central Bank (“ECB”) announced a multi-pronged package of easing measures, in line with consensus expectations. The ECB extended the horizon of its pandemic emergency purchase programme (“PEPP”) by nine months until March 2022, increased the PEPP envelope by €500 billion and communicated that the PEPP envelope was no longer considered a floor but carried two-sided risk and could be scaled up or down with the inflation outlook. Interest rates continued to rally through the last quarter of 2020 on concerns around rising COVID-19 cases and the imposition of further activity restrictions across Europe. This, coupled with reflation-themed market moves on an improved economic growth outlook due to COVID-19 vaccination progress, challenged the Fund’s short Europe interest rate positions. The cross-macro strategy is primarily implemented via interest rate swaps and/or futures.

Bottom-up individual issue selection, which are strategies that reflect any active views we take on particular sectors, contributed positively during the Reporting Period across all sectors in which the Fund was invested.

Which fixed income market sectors most significantly affected Fund performance?

Our cross-sector strategy and corporate selection strategy were the largest positive contributors to the Fund’s performance during the Reporting Period. Our cross-sector strategy proved most effective due to the Fund’s overweight bias to investment grade corporate bonds in 2020. Despite the sell-off in March 2020, just before the start of the Reporting Period, our rates-paired approach, implemented through our cross-macro strategy, where we hedge the Fund’s overweight exposure in credit with overweight exposure to U.S. duration, helped protect some downside risks and allowed us to keep the Fund invested in the sector. During the Reporting Period, we tactically and opportunistically added to the Fund’s overweight in investment grade corporate bonds, including after the sell-off, as we sought to take advantage of the dislocation in corporate credit markets by adding exposure to high quality bonds that experienced outsized weakness despite their strong fundamentals. After March 2020, swift and supportive policy action by central banks globally eased market liquidity pressures. These central bank actions, coupled with improvement in investor sentiment prevailing in the market during the second half of 2020 on the back of strong economic data reports, reduction in uncertainty in U.S. election results and COVID-19 vaccine rollout developments as investors looked ahead to a post-COVID world, benefited the Fund’s positions as credit spreads tightened. The resolution of two long-standing overhangs — additional fiscal stimulus in the U.S. and a post-Brexit trade deal between the U.K. and the European Union — also helped lift investor sentiment into the end of the Reporting Period, further benefiting the Fund’s corporate bond positions.

Strength in our corporate selection strategy was driven primarily by our lower quality bias within the investment grade corporate bond sector, as lower quality corporate bonds outperformed higher quality bonds during the Reporting Period. The Fund’s overweight exposure to shorter-dated and intermediate maturity investment grade corporate bonds also benefited performance due to the better carry and roll offered by the steepness in these segments of the yield curve. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative. Carry and roll are related but fundamentally different. We define carry to be a certain number, and roll to be an uncertain number, subject to specific assumptions being met. Carry for a certain horizon is equal to the certain payment(s) encountered over that period, i.e. payments known at the current time. Roll for a certain horizon is equal to the value realized simply by letting time elapse, i.e. it is the “return” stemming from a future curve being equal to today’s curve. It is not an expectation.) The corporate selection strategy is primarily implemented via cash rate bonds. To a lesser degree, our securitized, government/swaps and emerging

PORTFOLIO RESULTS

markets debt selection strategies also contributed positively to the Fund’s relative results during the Reporting Period.

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

The Fund’s duration positioning contributed positively to its results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. The Fund’s tactical auction strategies in Japanese and U.S. rates during the Reporting Period helped most. The Fund’s overweight position in U.K. steepeners also performed well, as the U.K. yield curve steepened with the Bank of England refraining from adopting negative rates, which the market had initially been pricing in. The duration strategy also benefited from the global sell-off in rates during the third quarter of 2020 when developed market economies started to ease lockdown restrictions. At the end of the Reporting Period, policy rates across major developed market economies were at their lower boundaries, with central banks reiterating their commitment to support the post-COVID-19 pandemic economic recovery with accommodative policy.

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

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

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

During the Reporting Period, the use of currency forwards, futures and interest rate swaps had a negative impact on the Fund’s results, while the use of swaptions and credit default swaps had a positive impact on the Fund’s results. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period.

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

As mentioned earlier, we tactically adjusted the Fund’s duration position during the Reporting Period as market conditions and central bank policy shifted. Also, we closed the Fund’s short European and U.S. interest rates positions and shifted by the end of the Reporting Period to long positions in short-term U.S., Australian and Canadian interest rates. We maintained the Fund’s long Canadian and Australian rates positions versus U.K. and European interest rates.

From a sector perspective, we maintained the Fund’s overweight to corporate credit though we scaled back exposure. We also reduced the Fund’s agency mortgage-backed securities sector overweight to a rather neutral position relative to the Bloomberg Barclays Index. In emerging markets debt, we reduced many overweight positions though we maintained select exposures. From a currency perspective, we maintained the Fund’s underweight to the U.S. dollar but reduced exposure significantly and

PORTFOLIO RESULTS

added to its allocations in other rate-sensitive G10 currencies.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of March 2021, on a market-value weighted basis, the Fund had overweighted allocations relative to the Bloomberg Barclays Index in investment grade corporate bonds; residential mortgage-backed securities, especially mortgage pass-through securities; and asset-backed securities. The Fund had underweighted exposures relative to the Bloomberg Barclays Index in government securities and, to a lesser degree, quasi-government securities and emerging markets debt. The Fund had a rather neutrally weighted position relative to the Bloomberg Barclays Index in high yield corporate bonds and commercial mortgage-backed securities and had no positions in covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period.

From a country perspective, on a market-value weighted basis, the Fund was overweight relative to the Bloomberg Barclays Index in the U.S., and to a much lesser degree, in Japan at the end of March 2021. The Fund was underweight compared to the Bloomberg Barclays Index in Australia, Canada, the U.K., the Eurozone overall and the emerging markets overall. Within the Eurozone, the Fund was most underweight France and was rather neutrally weighted to the remaining Eurozone markets at the end of the Reporting Period. Within the emerging markets, the Fund was rather neutrally weighted to each of the regional constituent markets, with the exception of Asia, where the Fund was underweighted. The Fund was also relatively neutrally weighted at the end of the Reporting Period to Denmark, Norway and Sweden. The Fund had a rather neutral duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period.

FUND BASICS

Goldman Sachs Global Core Fixed Income Fund

as of March 31, 2021


CURRENCY ALLOCATION¹

	Percentage of Net Assets

	as of 3/31/21			as of 3/31/20
U.S. Dollar		62.2	%		66.3	%
Euro		17.8			11.9
Japanese Yen		17.0			17.1
Chinese Yuan Renminbi		5.4			3.2
British Pound		2.3			4.3
Canadian Dollar		1.2			1.8
Thai Baht		1.0			1.6
South Korean Won		0.9			0.9
Indonesian Rupiah		0.2			0.2
Singapore Dollar		0.2			0.2
Israeli Shekel		0.1			0.1
Russian Ruble		0.1			0.1
Swedish Krona		0.0			0.3
Danish Krone		0.0			0.1

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Global Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	5.15%	3.29%	3.79%	—
Including sales charges	1.17%	2.50%	3.40%	—

Class C
Excluding contingent deferred sales charges	4.40%	2.54%	3.03%	—
Including contingent deferred sales charges	3.35%	2.54%	3.03%	—

Institutional	5.48%	3.63%	4.14%	—

Service	4.98%	3.12%	3.59%	—

Investor	5.43%	3.54%	4.04%	—

Class R6 (Commenced July 31, 2015)	5.49%	3.65%	N/A	3.73%

Class P (Commenced April 20, 2018)	5.49%	N/A	N/A	5.25%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Income Fund

Investment Objective

The Fund seeks a high level of current income, and secondarily, capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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

The Fund seeks to strike a balance between top-down sector positioning and rigorous bottom-up fundamental credit research.

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

Tactical management of the Fund’s duration and yield curve positioning strategy contributed positively to the relative performance during the Reporting Period as well. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection as a whole also added to the Fund’s relative performance, especially within the corporate credit and emerging markets debt sectors.

Which fixed income market sectors most significantly affected Fund performance?

The Fund seeks to be higher yielding than a typical bond strategy with less risk than high yield or emerging markets debt, with investments limited to no greater than 65% of net assets in non-investment grade issues and no greater than 35% in emerging markets debt. The Fund can be utilized as a complement to an established core bond strategy.

Implemented via our cross-sector strategy, the Fund’s overweights to high yield corporate bonds, emerging markets debt and investment grade corporate bonds contributed positively to relative returns, as risk asset spreads ground tighter following the widening of spreads in these sectors in March 2020. (Spread tightening is a decreased differential in yields between U.S. Treasury securities and non-Treasury securities that are identical in all respects except for quality rating; opposite of spread widening.) These positive contributors were only partially offset by the detracting effect of the Fund’s overweight to an investment grade credit default swap index versus cash bond positions, as synthetics underperformed cash bonds during the Reporting Period. (Synthetics is the term given to financial instruments that are engineered to simulate other instruments while altering key characteristics. Often synthetics will offer investors tailored cash flow patterns, maturities, risk profiles and so on. A cash bond is an arrangement wherein a party gives to another an amount of money to secure the fulfillment of an obligation. In cases where the party fails to comply with the obligation, the money is forfeited in favor of the latter.) Additionally, the Fund’s long U.S. rates position, which was paired with a long credit position, detracted, as rates sold off during the first quarter of 2021.

Among our security selection strategies, our selection of investment grade and high yield industrial corporate bonds contributed positively to the Fund’s relative performance,

PORTFOLIO RESULTS

only partially offset by selection among financial corporate bonds, which detracted. Our lower quality bias and tactical credit curve positioning further added to relative returns within the corporate credit sector. Our selections of high yield corporate bonds within the communications, industrial manufacturing and commercial services/products sub-sectors detracted, though most of this negative performance can be attributed to the beginning of the Reporting Period as driven by the COVID-19 pandemic sell-off that occurred then. Our selections of external emerging markets debt, especially debt from Angola, Nigeria and Ghana, contributed positively to the Fund’s relative performance. Within the securitized sector, our selections of mortgage-backed securities added value.

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

The Fund’s duration will typically range from three to six years. Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by tactical U.S. yield curve positioning. The 10-year U.S. Treasury ended the Reporting Period with a yield of 1.74% as compared to 0.70% at the end of March 2020, and a rise in government bond yields that had previously been concentrated in the U.S. amid increased prospects for additional fiscal stimulus flowed through to other developed markets as the aggressive economic growth recovery moved into focus amid COVID-19 vaccine rollouts.

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

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily forward foreign exchange contracts. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and other futures contracts were used as warranted to facilitate specific duration and yield curve strategies; credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives

and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in currency forwards and futures detracted from relative results, positions in credit default swaps contributed positively to relative results, and positions in interest rate swaps had a rather neutral effect on relative results.

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

The Fund’s flexible management style and multi-sector approach allow it to rotate out of sectors when spreads offer what we believe to be poor compensation for risk and vice versa. During the Reporting Period, we utilized that flexibility to increase our emphasis on the leveraged loan market, where we believed certain securities offered attractive yields versus opportunities in the traditional unsecured bond market.

The Fund’s exposures tilted as the Reporting Period progressed toward credits we believe may be able to absorb higher U.S. Treasury yields in the near term. By opportunistically reducing the Fund’s duration exposure to emerging markets debt, which we believe is the sector most sensitive to higher interest rates, and tilting the Fund’s portfolio in favor of developed markets credit, we sought to capture income with lower volatility. During the Reporting Period, the Fund maintained its positioning in cyclical sectors in an effort to take advantage of the consensus expected recovery in economic activity.

From an industry perspective, we had high conviction during the Reporting Period in companies that benefited from changes in consumer behavior due to the COVID-19 pandemic. We saw particular value in the building materials industry due to the pick-up in repair and remodel among consumers and due to stronger earnings given increased revenues and controls. Within the consumer products, food and beverage, and restaurants industries, we preferred credit that benefited from stay-at-home pantry-stocking trends and those we believed may well continue to benefit from drive-thru/take-out demand. While we did not have high conviction in the transportation industry and the Fund’s lack of exposure to this industry helped during the sell-off due to COVID-19 sensitivity, we did make some Fund investments in this industry in credits with what we saw as broader business profiles and good balance sheets, including fallen angels.

PORTFOLIO RESULTS

(Fallen angels are bonds initially given an investment-grade rating but subsequently moved to high yield status. The downgrade is usually caused by a deterioration in the financial condition of the issuer.) At the end of the Reporting Period, we believed the transportation industry was in the early stages of a multi-year growth cycle, should end-markets recover with the broader macroeconomic recovery. Lastly, through much of the Reporting Period, the Fund was underweight industries that face commodity pressures or declining secular trends, such as retail and apparel.

At the end of the Reporting Period, we believed a recovery in economic activity post-COVID-19 is likely to occur. However, the timing and shape of that recovery remained uncertain. We intend to seek to mitigate the risk of trying to “time” the recovery, including the risk of COVID-19 variants further delaying the recovery, in our underwriting process by analyzing businesses that may buy or have already bought sufficient time to see the recovery play out.

While economic growth prospects support our view ahead for positive returns in credit sectors, we recognized that valuations were stretched at the end of the Reporting Period, and we believed the economy was at a point in its cycle wherein specific risk could be easily mispriced to the downside. Our investment process seeks to avoid the risk of permanent impairment should conditions shift and to identify opportunities where we believe the Fund is adequately compensated for risk. In the low interest rate environment that dominated at the end of the Reporting Period, we believed value could be added by accessing a broad range of fixed income sectors in a flexible approach, and as such, the Fund may potentially provide an attractive solution both for a low yield scenario and an uncertain macro environment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

The Fund has the ability to invest across a variety of fixed income sectors, including government securities, mortgage-backed securities, securitized issues, investment grade corporate bonds, high yield corporate bonds and emerging markets debt. At the end of March 2021, the Fund had its most overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in high yield corporate bonds, emerging markets debt and, to a lesser degree, in investment grade corporate bonds. The Fund had its most underweighted exposure relative to the Bloomberg Barclays Index in pass-through mortgage-backed securities and quasi-government securities. The Fund had no exposure at the end of the Reporting Period to government securities, commercial mortgage-backed securities or covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had a rather neutral exposure relative to the Bloomberg Barclays Index in asset-backed securities at the end of the Reporting Period. The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a shorter overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period, including a shorter U.S. duration position.

FUND BASICS

Goldman Sachs Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on December 3, 2019 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Income Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from December 3, 2019 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Since Inception
Class A (Commenced December 03, 2019)
Excluding sales charges	19.94%	5.82%
Including sales charges	15.40%	2.80%

Class C (Commenced December 03, 2019)
Excluding contingent deferred sales charges	19.06%	5.03%
Including contingent deferred sales charges	18.02%	5.03%

Institutional (Commenced December 03, 2019)	20.34%	6.17%

Investor (Commenced December 03, 2019)	20.24%	6.08%

Class R6 (Commenced December 03, 2019)	20.35%	6.18%

Class R (Commenced December 03, 2019)	19.65%	5.56%

Class P (Commenced December 03, 2019)	20.35%	6.18%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Long Short Credit Strategies Fund

Investment Objective

The Fund seeks an absolute return comprised of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Opportunistic Corporate Credit Portfolio Management Team discusses the Goldman Sachs Long Short Credit Strategies Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

Because the composition of the Index (e.g. short-term cash securities) is not comparable to the range of instruments in which the Fund may transact (e.g., various credit-related instruments), references to the Index are for informational purposes only and not an indication of how the Fund is managed.

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

As a part of our investment philosophy, we apply a value-oriented approach to credit market investing, with a focus on capital preservation via high conviction ideas. Consistent with the cornerstone of our fundamentally-based investment process focused on bottom-up security selection, the Fund’s performance during the Reporting Period was attributable to individual security selection.

We maintained our focus on corporate fundamentals and earnings during the Reporting Period. The Fund’s long positioning in the energy, communications and consumer cyclicals sectors contributed most positively to performance. The largest individual contributors during the Reporting Period included long positions in CrownRock, L.P., WPX Energy and Nabors Industries — all energy-related names.

There were no significant detractors from a sector perspective during the Reporting Period. The largest individual detractors during the Reporting Period were the Fund’s positions in Hertz, Ingevity and Spectrum Brands. The Fund’s short position in a high yield credit default swap index, a position taken in an effort to mitigate risk and serve as a portfolio market hedge, also detracted from performance during the Reporting Period.

Importantly, since the Fund’s portfolio is constructed through bottom-up, fundamental research and not relative to a benchmark, there is no requirement to hold issues from any single company or sector.

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

The Fund does not use duration and yield curve positioning as active management strategies within its investment process. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) That said, the Fund does implement interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. The Fund’s interest rate swap positions contributed positively to its performance during the Reporting Period.

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

The Fund used credit default swaps via a short position in a credit default swap high yield index to tactically hedge market risk, which detracted from performance. The Fund used interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. Interest rate swaps contributed positively to Fund performance during the Reporting Period.

PORTFOLIO RESULTS

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

During the Reporting Period, we continued to pursue investment opportunities based on fundamental, bottom-up research, which, in our view, offered compelling risk-adjusted return potential.

Our focus on high quality and our significant weighting to the secured portion of the corporate credit capital structure remained consistent. While sector weightings remained broadly the same during the Reporting Period, the underlying portfolio composition of those weightings changed within certain sectors. For example, by the end of the Reporting Period, the Fund’s energy exposure shifted to include several investment grade holdings, formerly fallen angels that had migrated to high yield in 2020. (Fallen angels are bonds initially given an investment-grade rating but subsequently moved to high yield status. The downgrade is usually caused by a deterioration in the financial condition of the issuer.) In turn, the overall composition of the Fund’s energy sector exposure improved during the Reporting Period. Additionally, the Fund held several energy positions in issuers that were recently acquired and traded well during the Reporting Period given consensus expectations for their migration to investment grade status. Lastly, we held select positions in stressed or post-reorganization energy companies where we believed there may be upside opportunity after balance sheet restructuring. We continued to be opportunistic in our approach to leveraged credit, maintaining a significant exposure to leveraged loans during the Reporting Period.

Other shifts we made during the Reporting Period included a focus on greater diversification. Given the expansive lists our research team covers within the high yield and bank loan segments of the corporate credit sector and the vast amount of high yield and bank loan issuance in 2020, we diversified the Fund’s exposure within these corporate credit sectors while adding what we viewed as attractive credit holdings. We also leveraged COVID-19 exposure analyses to add exposure during the depth of the pandemic crisis. More specifically, we had positioned the Fund rather defensively in terms of exposure to the economic impact of the COVID-19 pandemic heading into the crisis. As conditions improved amid the COVID-19 vaccination rollout and the re-opening of the economy, we examined each sector and each issuer’s sensitivity to COVID-19 disruption and scored these views. This allowed us to pivot Fund positioning to seek to take advantage of select sector dislocations. Further, we sought to capitalize on technical, or supply/demand, market disruptions. In other words, during the Reporting Period, technical dynamics created certain inefficiencies in the corporate credit markets, and we made what we considered to be timely investments ranging across investment grade, bank loans, fallen angels and other segments of the corporate credit sector as we sought to take advantage of these inefficiencies.

We maintained the Fund’s short position in a credit default swap high yield index, as a reflection of our cautious view. We believe we will continue to see market volatility as 2021 progresses. One of the key tenets of our investment philosophy is capital preservation, which leads us to take a more defensive, cautious position given certain market conditions. We also believe our hedged approach may provide for active downside management for investors seeking to mitigate market risk and volatility.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective February 9, 2021, Aakash Thombre, Vice President, joined Michael McGuiness and Ashish Shah as a portfolio manager of the Fund. Aakash Thombre is a portfolio manager specializing in multi-sector credit, high yield, bank loan, and emerging market corporate debt. He joined Goldman Sachs Asset Management in 2007. Michael McGuiness is Head of Opportunistic Corporate Credit and a portfolio manager with more than 25 years of investment experience. Ashish Shah is Managing Director and co-Chief Investment Officer of Global Fixed Income. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund.

How was the Fund positioned at the end of March 2021?

Given the notable move higher in government bond yields during the Reporting Period, we believed at the end of the Reporting Period that the risk of rate volatility spilling over into risk assets had increased and could drive spread widening in the coming months. (Spread widening is an increased differential in yields between U.S. Treasury securities and non-Treasury securities that are identical in all respects except for quality rating; opposite of spread tightening.) Key signals for spread direction, in our view, are likely to include: 1) rate volatility increasing/decreasing; 2) primary market activity/access; and 3) equity market

PORTFOLIO RESULTS

volatility. While we believed near-term risks of high yield corporate credit spread widening had increased, the backdrop, in our opinion, remained positive with improving economic conditions, benefits of broader COVID-19 vaccinations and robust financial system liquidity. As such, we anticipate any move wider in spreads to likely be modest and/or short-lived. We further believed a global search for yield, central bank buying and a COVID-19 vaccine-induced economic recovery may well combine to support credit markets as 2021 progresses. Still, much of the aforementioned positive backdrop had already been discounted into security prices given the large risk-on, or reduced risk aversion, move that occurred during the last several months of the Reporting Period. This tempered our risk tolerance and resulted in us maintaining the Fund’s bias toward higher quality issues (approximately half of the Fund’s holdings rated BB or higher as of March 31, 2021), strong tilt to bank loans and secured instruments and an opportunistic cash balance.

Reflecting these views, as of March 31, 2021, approximately 54% of the Fund’s total net assets was invested in unsecured debt obligations, 13% in secured debt obligations, 24% in bank loans, 4% in investment grade corporate bonds, less than 1% in preferred and other equity securities and the remainder in cash and cash equivalents. The Fund’s notional derivative exposure, calculated as a percentage of total net assets, was -19% in a credit default swap high yield index. The Fund had a total of 380 holdings at March 31, 2021, with the Fund’s top long corporate issuers, as measured by a percentage of total net assets invested, being Charter Communications, Altice USA and Match Group.

FUND BASICS

Goldman Sachs Long Short Credit Strategies Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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FUND BASICS


TOP TEN INDUSTRY ALLOCATIONS²

As of March 31, 2021	Percentage of Net Assets
Media		8.4	%
Automotive		4.9
Internet		4.6
Technology - Software		4.1
Investment Companies		4.0
U.S. Treasury Obligation		3.9
Retailing		3.8
Packaging		3.7
Commercial Services		3.6
Pipelines		3.5

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. Prior to March 24, 2014 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Common Shares of the Predecessor Fund was 2.50%, which is not reflected in the following graph. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Long Short Credit Strategies Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 30, 2014)
Excluding sales charges	16.07%	2.94%	N/A	1.65%
Including sales charges	11.70%	2.15%	N/A	1.09%

Class C (Commenced April 30, 2014)
Excluding contingent deferred sales charges	15.08%	2.15%	N/A	0.88%
Including contingent deferred sales charges	14.06%	2.15%	N/A	0.88%

Institutional**	16.47%	3.28%	3.38%	—

Investor (Commenced April 30, 2014)	16.36%	3.19%	N/A	1.90%

Class R6 (Commenced November 30, 2017)	16.33%	N/A	N/A	3.28%

Class R (Commenced April 30, 2014)	15.65%	2.66%	N/A	1.38%

Class P (Commenced April 20, 2018)	16.35%	N/A	N/A	3.62%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

Effective at the close of business on March 21, 2014, the Predecessor Fund, a closed-end management investment company that was operated as an “interval fund,” was reorganized with and into the Fund, with shareholders of the Predecessor Fund receiving Institutional Shares of the Fund upon consummation of the reorganization. Because the Predecessor Fund was the accounting survivor, the Fund has assumed the Predecessor Fund’s historical performance. The performance information shown in this report is for the Predecessor Fund for the period prior to March 24, 2014, and reflects the Predecessor Fund’s investment strategies and policies. However, the Fund’s current investment strategies and policies, including the ability to implement short positions, are different from those of the Predecessor Fund. As a result, the Fund’s performance may differ substantially from what is shown for periods prior to March 24, 2014.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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

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

From a broad perspective, the Fund’s strong performance during the Reporting Period was due primarily to the large rally in risk assets off the March 2020 lows that were a result of the COVID-19 pandemic outbreak. This rally caused risk asset prices to recover substantially, spreads to tighten and market liquidity to normalize. (Spread tightening is a decreased differential in yields between U.S. Treasury securities and non-Treasury securities that are identical in all respects except for quality rating; opposite of spread widening.) The Fund outperformed the LIBOR Index in 10 of the 12 months of the Reporting Period.

More specifically, within our top-down strategies, our cross-sector strategy contributed most positively to the Fund’s performance during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors. Our currency strategy also contributed positively to the Fund’s performance during the

Reporting Period. The Fund’s combined duration and yield curve positioning strategy also added value during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Conversely, the Fund’s country strategy, wherein we trade based on our analysis of relative value rates across global interest rate markets, detracted from the Fund’s performance during the Reporting Period. In particular, the Fund’s long Australian rates versus other developed markets rates positions, including those of the U.S., Europe, Norway, the U.K. and Japan, were the largest detractors, experiencing underperformance most significantly in February 2021 amid the sell-off in rates that was faster and more severe in Australia than elsewhere. Positions taken in the New Zealand and Norway sovereign rates markets also detracted, while positions taken in the U.S., Europe and U.K. sovereign rates markets contributed positively. At the end of the Reporting Period, the Fund had long exposures to Australian, Canadian, Swedish and Swiss rates and short exposures to U.S., U.K, European, Japanese and Norwegian rates. The Fund’s cross macro strategy also detracted, with looser Australian/U.S./Swiss versus tighter European financial conditions trades hurting most.

Individual issue selection, which are strategies that reflect any active views we take on particular sectors, contributed positively during the Reporting Period across all sectors in which the Fund was invested.

Which fixed income market sectors most significantly affected Fund performance?

Within the Fund’s cross-sector strategy, long exposure to spread, or non-government bond, sectors, including investment grade credit, high yield credit, securitized credit

PORTFOLIO RESULTS

and emerging markets debt positively contributed to relative returns during the Reporting Period. Spreads tightened, or rallied, which led to strong performance in these sectors, especially in high yield and investment grade credit.

Individual issue selection within the government/swaps sector contributed positively to the Fund’s results during the Reporting Period, especially implementation of our rate volatility selling strategy and establishment of Canadian forward curve steepener positions. Individual issue selection within the securitized sector also added value, with selection of mortgage-backed securities pools proving particularly effective. Individual issue selection within the emerging markets debt and corporate bond sectors boosted Fund results as well.

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

The Fund’s tactical duration positioning was beneficial to results during the Reporting Period. While we tactically adjusted the Fund’s duration position as market conditions shifted throughout, we generally kept a long U.S. rates position in the Fund during the Reporting Period. At the end of the Reporting Period, the Fund also held long positions in Australia and Canada rates and held no significant short rates positions. The Fund’s yield curve positioning contributed positively to the Fund’s performance as well during the Reporting Period.

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

During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S. , Eurozone and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, we used written options contracts and swaptions (or options

on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. We used total return swaps to manage curve exposure across various strategies within the Fund. Our currency strategy used forward sales contracts to implement long and short views within the strategy. We additionally used equity swaps to manage fixed income spread sector exposures via exchange-traded funds; Treasury futures and Eurodollar (i.e., U.S. dollars held in offshore banks) futures to manage duration exposures and curve positioning; structured securities to gain exposure to local emerging market interest rates; yield curve options for hedging in the U.S.; and interest-only mortgage-backed securities to invest in mortgage pools.

The duration strategy, implemented through derivatives as described above, contributed positively to Fund performance during the Reporting Period. In the country strategy, the team primarily uses swaps/futures to express relative value trades in the interest rates of two separate countries. The country strategy overall detracted from the Fund’s performance during the Reporting Period. The currency strategy, implemented primarily through the use of currency forwards, also detracted from the Fund’s performance during the Reporting Period. The use of a credit default swap index to gain exposure to emerging markets debt contributed positively.

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

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

Toward the end of 2020 and into 2021, we trimmed the Fund’s long mortgage-backed securities position and moved closer to a neutral position. This was motivated by the rally in spreads, as we felt there was limited further spread compression opportunity. Plus, with the eventual end of quantitative easing, spreads would likely widen in the future for the sector, in our view, given the artificial demand the U.S. Federal Reserve’s quantitative easing program created.

PORTFOLIO RESULTS

We believed it was an attractive time to reduce the position given the market fundamentals.

Additionally, we sought to take advantage of the significant dislocation in credit-oriented spread sector assets, including emerging markets debt, investment grade corporate bonds and high yield corporate bonds, during the COVID-19 sell-off to tactically add risk, or exposure, to these sectors during the rally and subsequent spread tightening. When spreads reached near pre-sell-off levels late in 2020 and in early 2021, we saw less ongoing potential for further spread compression, and so we reduced the Fund’s exposure to these sectors while still maintaining long exposure. Broadly speaking, at the end of the Reporting Period we saw continued strong performance for risky assets in the near term with accelerated COVID-19 vaccine roll-out measures and ongoing U.S. fiscal stimulus likely to bolster economic growth in the months ahead.

We continued to seek attractive opportunities for carry and roll among various interest rate curves and to look for tactical trading opportunities. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative. Carry and roll are related but fundamentally different. We define carry to be a certain number, and roll to be an uncertain number, subject to specific assumptions being met. Carry for a certain horizon is equal to the certain payment(s) encountered over that period, i.e. payments known at the current time. Roll for a certain horizon is equal to the value appreciated simply by letting time elapse, i.e. it is the “return” stemming from a future curve being equal to today’s curve. It is not an expectation.)

By the end of the Reporting Period, the Fund was long investment grade and high yield credit and long agency mortgage-backed securities but selectively positioned across emerging markets debt. Within the emerging markets debt sector, the Fund had long exposure to the external dollar sovereign debt of Venezuela, Mexico, Turkey and the Dominican Republic and short exposure to the local sovereign rates of South Korea at the end of the Reporting Period. Elsewhere, the Fund was overweight pro-cyclical currencies at the end of the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned at the end of March 2021?

At the end of March 2021, the Fund had the majority of its total net assets invested in high yield corporate bonds, followed by pass-through mortgage-backed securities, asset-backed securities, investment grade corporate bonds and emerging markets debt. The Fund also had more modest exposures at the end of the Reporting Period to non-agency residential mortgage-backed securities, commercial mortgage-backed securities, agency residential mortgage-backed securities, quasi-government securities and U.S. Treasuries. The Fund had a position in cash* at the end of the Reporting Period.

Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates and agency-backed adjustable-rate mortgages.

FUND BASICS

Goldman Sachs Strategic Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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For more information about your Fund, please refer to www.GSAMFUNDS.com.There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS STRATEGIC INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Strategic Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	15.12%	2.55%	2.34%	—
Including sales charges	10.81%	1.76%	1.95%	—

Class C
Excluding contingent deferred sales charges	14.24%	1.81%	1.59%	—
Including contingent deferred sales charges	13.21%	1.81%	1.59%	—

Institutional	15.62%	2.90%	2.70%	—

Investor	15.52%	2.81%	2.61%	—

Class R6 (Commenced July 31, 2015)	15.51%	2.89%	N/A	1.98%

Class R	14.98%	2.31%	2.10%	—

Class P (Commenced April 20, 2018)	15.53%	N/A	N/A	3.04%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND BASICS

Index Definitions

The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The ICE BofAML U.S. Dollar 3-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. It is not possible to invest directly in an index.

GOLDMAN SACHS BOND FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 47.2%
Aerospace & Defense – 0.8%
	General Dynamics Corp.^(a)
$	65,000		3.250	%		04/01/25	$	70,396
	Northrop Grumman Corp.
	750,000		2.930	^(a)		01/15/25		798,630
	225,000		4.750			06/01/43		271,719
	25,000		4.030	^(a)		10/15/47		27,724
	Raytheon Technologies Corp.
	475,000		3.950	^(a)		08/16/25		527,901
	10,000		5.700			04/15/40		13,268
	200,000		4.050	^(a)		05/04/47		222,308
	100,000		4.625	^(a)		11/16/48		120,989
	The Boeing Co.^(a)
	50,000		3.250			02/01/35		48,358
	25,000		3.375			06/15/46		22,558
	25,000		3.850			11/01/48		24,163
	1,025,000		5.805			05/01/50		1,296,574
	TransDigm, Inc.^(a)
	50,000		6.500			05/15/25		51,062
	166,000		6.250	^(b)		03/15/26		175,545
	575,000		6.375			06/15/26		594,406

								4,265,601

Agriculture – 0.4%
	BAT Capital Corp.^(a)
	840,000		3.222			08/15/24		895,180
	25,000		4.758			09/06/49		25,829
	100,000		5.282			04/02/50		110,805
	Reynolds American, Inc.
	700,000		4.850			09/15/23		769,580
	65,000		4.450	^(a)		06/12/25		72,147

								1,873,541

Automotive – 0.9%
	Allison Transmission, Inc.^(a)(b)
	696,000		3.750			01/30/31		673,380
	American Honda Finance Corp.
	50,000		1.200			07/08/25		49,834
	BMW US Capital LLC^(a)(b)
	30,000		3.625			04/18/29		32,837
	BorgWarner, Inc.^(b)
	60,000		5.000			10/01/25		69,253
	Ford Motor Co.^(a)
	27,000		9.000			04/22/25		32,642
	Ford Motor Credit Co. LLC^(a)
	330,000		2.979			08/03/22		334,974
	650,000		4.140			02/15/23		671,850
	General Motors Co.
	425,000		5.400			10/02/23		471,061
	225,000		4.000			04/01/25		245,126
	30,000		6.600	^(a)		04/01/36		38,891
	35,000		5.150	^(a)		04/01/38		40,248
	50,000		5.950	^(a)		04/01/49		63,510
	General Motors Financial Co., Inc.^(a)
	300,000		4.300			07/13/25		329,922
	125,000		5.650			01/17/29		148,972
	500,000		2.350			01/08/31		477,635


Corporate Obligations – (continued)
Automotive – (continued)
	Hyundai Capital America
	70,000		2.750			09/27/26		72,255
	IHO Verwaltungs GmbH^(a)(b)(c) (PIK 7.125%, Cash 6.375%)
	823,000		6.375			05/15/29		896,041
	Lear Corp.^(a)
	30,000		5.250			05/15/49		35,292

								4,683,723

Banks – 12.6%
	ABN AMRO Bank NV^(a)(d) (-1x 5 Year EUR Swap + 4.674%)
EUR	400,000		4.375			12/31/99		499,781
	AIB Group PLC^(b)
$	1,300,000		4.750			10/12/23		1,420,562
	Banco do Brasil SA^(a)(d)
	(10 Year CMT + 4.398%)
	200,000		6.250			10/29/49		196,010
	(10 Year CMT + 6.362%)
	200,000		9.000			06/29/49		218,500
	Banco Santander SA
	800,000		2.746			05/28/25		836,856
	600,000		4.250			04/11/27		668,556
	400,000		2.749			12/03/30		380,284
	Bank of America Corp.
	425,000		4.200			08/26/24		468,516
	1,300,000		3.248	^(a)		10/21/27		1,397,877
	925,000		4.183	^(a)		11/25/27		1,028,961
	100,000		6.110			01/29/37		132,218
	5,000		5.875			02/07/42		6,792
	(3M USD LIBOR + 0.780%)
	65,000		3.550	^(a)(d)		03/05/24		68,582
	(3M USD LIBOR + 0.970%)
	65,000		3.458	^(a)(d)		03/15/25		69,798
	(3M USD LIBOR + 0.990%)
	75,000		2.496	^(a)(d)		02/13/31		74,483
	(3M USD LIBOR + 1.190%)
	525,000		2.884	^(a)(d)		10/22/30		539,742
	(3M USD LIBOR + 1.310%)
	750,000		4.271	^(a)(d)		07/23/29		845,520
	(3M USD LIBOR + 1.575%)
	525,000		3.824	^(a)(d)		01/20/28		577,684
	(3M USD LIBOR + 1.814%)
	30,000		4.244	^(a)(d)		04/24/38		34,008
	(3M USD LIBOR + 1.990%)
	5,000		4.443	^(a)(d)		01/20/48		5,841
	(SOFR + 1.530%)
	600,000		1.898	^(a)(d)		07/23/31		564,438
	(SOFR + 2.150%)
	950,000		2.592	^(a)(d)		04/29/31		946,998
	Barclays PLC^(a)(d)
	(3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,317,228
	(3M USD LIBOR + 2.452%)
	825,000		2.852			05/07/26		862,933
	BNP Paribas SA^(b)
	1,750,000		3.500			03/01/23		1,845,497
	550,000		3.375			01/09/25		590,354


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA^(b) – (continued)
	(5 Year USD Swap + 4.149%)
$	200,000		6.625	% ^(a)(d)		12/31/99	$	218,098
	(SOFR + 1.004%)
	725,000		1.323	^(a)(d)		01/13/27		709,710
	(SOFR + 2.074%)
	350,000		2.219	^(a)(d)		06/09/26		358,838
	BPCE SA^(b)
	1,025,000		4.000			09/12/23		1,105,852
	525,000		4.625			09/12/28		606,805
	(SOFR + 1.312%)
	475,000		2.277	^(a)(d)		01/20/32		458,161
	CaixaBank SA^(a)(d) (-1X 5 year EUR Swap + 6.346%)
EUR	400,000		5.875			12/31/99		528,301
	CIT Bank NA^(a)(d) (SOFR + 1.715%)
$	600,000		2.969			09/27/25		630,378
	Citigroup, Inc.
	780,000		3.500			05/15/23		825,607
	1,050,000		3.400			05/01/26		1,140,604
	125,000		4.300			11/20/26		139,910
	1,125,000		4.450			09/29/27		1,265,287
	1,200,000		4.125			07/25/28		1,324,452
	15,000		8.125			07/15/39		24,618
	(3M USD LIBOR + 0.897%)
	65,000		3.352	^(a)(d)		04/24/25		69,526
	(3M USD LIBOR + 1.023%)
	535,000		4.044	^(a)(d)		06/01/24		573,552
	(SOFR + 1.422%)
	550,000		2.976	^(a)(d)		11/05/30		568,849
	(SOFR + 2.842%)
	45,000		3.106	^(a)(d)		04/08/26		48,060
	Citizens Financial Group, Inc.^(a)
	65,000		2.850			07/27/26		68,927
	Commerzbank AG^(a)(d) (-1x 5 Year EUR Swap + 6.363%)
EUR	400,000		6.125			03/31/99		501,329
	Credit Agricole SA^(a)(b)(d)
	(5 Year USD Swap + 4.319%)
	250,000		6.875			12/31/99		277,730
	(SOFR + 1.676%)
$	375,000		1.907			06/16/26		380,378
	Credit Suisse AG
	300,000		2.950			04/09/25		317,556
	Credit Suisse Group AG
	307,000		4.550			04/17/26		343,680
	875,000		4.282	^(a)(b)		01/09/28		962,657
	(3M USD LIBOR + 1.410%)
	525,000		3.869	^(a)(b)(d)		01/12/29		561,262
	Deutsche Bank AG
	65,000		4.100			01/13/26		70,633
	(SOFR + 1.870%)
	450,000		2.129	^(a)(d)		11/24/26		450,869
	(SOFR + 2.159%)
	300,000		2.222	^(a)(d)		09/18/24		307,530
	Erste Group Bank AG^(a)(d) (5 Year EUR Swap + 6.204%)
EUR	400,000		6.500			12/31/99		526,364
	Fifth Third Bancorp^(a)
$	375,000		2.375			01/28/25		391,103


Corporate Obligations – (continued)
Banks – (continued)
	First Horizon Corp.^(a)
	700,000		3.550			05/26/23		738,955
	700,000		4.000			05/26/25		768,796
	HSBC Holdings PLC
	200,000		4.950			03/31/30		233,230
	(3M USD LIBOR + 1.000%)
	450,000		1.189	^(a)(d)		05/18/24		454,779
	(3M USD LIBOR + 1.055%)
	625,000		3.262	^(a)(d)		03/13/23		640,681
	(3M USD LIBOR + 1.211%)
	600,000		3.803	^(a)(d)		03/11/25		646,926
	(SOFR + 1.538%)
	1,050,000		1.645	^(a)(d)		04/18/26		1,050,997
	Huntington Bancshares, Inc.^(a)
	825,000		4.000			05/15/25		914,364
	ING Groep NV^(a)(b)(d) (1 Year CMT + 1.100%)
	950,000		1.400			07/01/26		945,250
	Intesa Sanpaolo SpA^{(a)(d )} (5 Year EUR Swap + 7.192%)
EUR	350,000		7.750			12/29/49		502,282
	JPMorgan Chase & Co.
$	425,000		3.625	^(a)		12/01/27		461,631
	30,000		6.400			05/15/38		42,383
	(3M USD LIBOR + 0.730%)
	240,000		3.559	^(a)(d)		04/23/24		254,328
	(3M USD LIBOR + 0.890%)
	220,000		3.797	^(a)(d)		07/23/24		235,622
	(3M USD LIBOR + 1.155%)
	65,000		3.220	^(a)(d)		03/01/25		69,308
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	^(a)(d)		01/29/27		1,105,550
	(3M USD LIBOR + 3.800%)
	1,710,000		4.005	^(a)(d)		12/29/49		1,711,077
	(SOFR + 1.160%)
	550,000		2.301	^(a)(d)		10/15/25		573,469
	(SOFR + 2.040%)
	25,000		2.522	^(a)(d)		04/22/31		24,921
	(SOFR + 2.515%)
	275,000		2.956	^(a)(d)		05/13/31		279,895
	(SOFR + 3.125%)
	800,000		4.600	^(a)(d)		12/31/99		808,312
	(SOFR + 3.790%)
	75,000		4.493	^(a)(d)		03/24/31		86,516
	Macquarie Bank Ltd.^(a)(b)(d) (5 year CMT + 1.700%)
	625,000		3.052			03/03/36		598,331
	Macquarie Group Ltd.^(a)(b)(d) (SOFR + 1.069%)
	450,000		1.340			01/12/27		441,468
	Mitsubishi UFJ Financial Group, Inc.
	60,000		3.741			03/07/29		65,467
	30,000		4.286			07/26/38		34,189
	Morgan Stanley, Inc.
	1,050,000		3.700			10/23/24		1,150,149
	50,000		4.000			07/23/25		55,495
	425,000		3.950			04/23/27		469,047
	(3M USD LIBOR + 0.847%)
	415,000		3.737	^(a)(d)		04/24/24		441,033


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc. – (continued)
	(3M USD LIBOR + 1.400%)
$	1,550,000		1.618	% ^(a)(d)		10/24/23	$	1,577,667
	(3M USD LIBOR + 1.431%)
	35,000		4.457	^(a)(d)		04/22/39		41,069
	(3M USD LIBOR + 1.628%)
	200,000		4.431	^(a)(d)		01/23/30		229,012
	(SOFR + 1.034%)
	750,000		1.794	^(a)(d)		02/13/32		700,170
	(SOFR + 1.143%)
	1,275,000		2.699	^(a)(d)		01/22/31		1,293,360
	(SOFR + 1.152%)
	800,000		2.720	^(a)(d)		07/22/25		843,736
	(SOFR + 3.120%)
	400,000		3.622	^(a)(d)		04/01/31		433,688
	Natwest Group PLC
	826,000		3.875			09/12/23		885,802
	(3M USD LIBOR + 1.480%)
	1,160,000		3.498	^(a)(d)		05/15/23		1,195,380
	(3M USD LIBOR + 1.550%)
	850,000		4.519	^(a)(d)		06/25/24		918,450
	(3M USD LIBOR + 1.762%)
	225,000		4.269	^(a)(d)		03/22/25		245,518
	(5 Year CMT + 2.100%)
	200,000		3.754	^(a)(d)		11/01/29		212,500
	Santander UK PLC
	499,000		2.875			06/18/24		531,395
	Standard Chartered PLC^(a)(b)(d) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,361,689
	State Street Corp.^(a)(d)
	(3M USD LIBOR + 1.030%)
	60,000		4.141			12/03/29		68,429
	(SOFR + 2.650%)
	25,000		3.152			03/30/31		26,526
	The Bank of Nova Scotia
	70,000		2.200			02/03/25		72,737
	Truist Bank^(a)
	50,000		3.200			04/01/24		53,657
	350,000		2.250			03/11/30		341,618
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		205,688
	200,000		6.500	^(b)		01/08/26		191,000
	US Bancorp^(a)
	60,000		3.150			04/27/27		64,964
	Wells Fargo & Co.
	315,000		3.750	^(a)		01/24/24		340,606
	2,750,000		3.000			10/23/26		2,942,390
	600,000		4.300			07/22/27		678,366
	75,000		4.150	^(a)		01/24/29		84,489
	(3M USD LIBOR + 0.750%)
	45,000		2.164	^(a)(d)		02/11/26		46,418
	(SOFR + 1.600%)
	70,000		1.654	^(a)(d)		06/02/24		71,549
	Westpac Banking Corp.
	65,000		2.350			02/19/25		67,992
	(5 Year CMT + 2.000%)
	300,000		4.110	^(a)(d)		07/24/34		320,562

								63,205,523


Corporate Obligations – (continued)
Beverages – 1.4%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
	355,000		4.700			02/01/36		416,298
	1,625,000		4.900			02/01/46		1,931,264
	Anheuser-Busch InBev Worldwide, Inc.^(a)
	55,000		5.450			01/23/39		68,694
	925,000		4.600			04/15/48		1,060,503
	Bacardi Ltd.^(a)(b)
	600,000		5.300			05/15/48		737,178
	Constellation Brands, Inc.^(a)
	625,000		4.400			11/15/25		704,844
	225,000		3.700			12/06/26		247,104
	500,000		3.600			02/15/28		544,295
	625,000		3.150			08/01/29		654,712
	Keurig Dr Pepper, Inc.^(a)
	377,000		4.057			05/25/23		404,412
	50,000		5.085			05/25/48		62,687
	Molson Coors Beverage Co.
	20,000		5.000			05/01/42		23,098
	The Coca-Cola Co.
	65,000		2.950			03/25/25		70,060

								6,925,149

Biotechnology^(a)(b) – 0.1%
	Royalty Pharma PLC
	425,000		1.200			09/02/25		417,261

Building Materials^(a) – 0.4%
	Carrier Global Corp.
	60,000		2.242			02/15/25		62,176
	1,125,000		2.493			02/15/27		1,164,229
	150,000		2.722			02/15/30		151,408
	Cemex SAB de CV^(b)
	200,000		5.200			09/17/30		215,500
	Masco Corp.
	325,000		1.500			02/15/28		312,617

								1,905,930

Chemicals – 1.4%
	DuPont de Nemours, Inc.^(a)
	425,000		4.205			11/15/23		461,367
	55,000		5.319			11/15/38		69,026
	Huntsman International LLC^(a)
	350,000		4.500			05/01/29		386,273
	Nutrition & Biosciences, Inc.^(a)(b)
	650,000		1.832			10/15/27		636,031
	1,150,000		2.300			11/01/30		1,114,844
	275,000		3.268			11/15/40		270,473
	Sasol Financing USA LLC^(a)
	310,000		5.875			03/27/24		327,430
	Syngenta Finance NV^(b)
	1,485,000		3.933			04/23/21		1,486,723
	The Sherwin-Williams Co.^(a)
	500,000		3.450			06/01/27		545,070
	475,000		2.950			08/15/29		494,651
	Tronox, Inc.^(a)(b)
	990,000		4.625			03/15/29		990,000


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	Valvoline, Inc.^(a)(b)
$	315,000		3.625	%		06/15/31	$	304,762

								7,086,650

Commercial Services^(a) – 0.7%
	CoStar Group, Inc.^(b)
	625,000		2.800			07/15/30		608,496
	Global Payments, Inc.
	375,000		2.650			02/15/25		393,960
	225,000		3.200			08/15/29		236,929
	Nielsen Finance LLC/Nielsen Finance Co.^(b)
	83,000		5.875			10/01/30		89,951
	PayPal Holdings, Inc.
	1,150,000		1.650			06/01/25		1,172,011
	1,175,000		2.650			10/01/26		1,243,585

								3,744,932

Computers – 1.5%
	Amdocs Ltd.^(a)
	350,000		2.538			06/15/30		343,269
	Apple, Inc.
	65,000		2.500			02/09/25		68,807
	1,875,000		2.450	^(a)		08/04/26		1,977,000
	40,000		4.500	^(a)		02/23/36		49,175
	Dell International LLC/EMC Corp.^(a)(b)
	600,000		5.450			06/15/23		655,716
	275,000		5.850			07/15/25		320,680
	325,000		6.020			06/15/26		384,563
	35,000		6.100			07/15/27		42,084
	50,000		5.300			10/01/29		58,466
	50,000		6.200			07/15/30		62,260
	175,000		8.100			07/15/36		256,471
	100,000		8.350			07/15/46		152,215
	Hewlett Packard Enterprise Co.^(a)
	1,300,000		4.450			10/02/23		1,413,282
	585,000		4.650			10/01/24		654,363
	909,000		4.900			10/15/25		1,036,151
	155,000		6.350			10/15/45		202,329
	HP, Inc.
	30,000		6.000			09/15/41		37,781
	NetApp, Inc.^(a)
	35,000		2.375			06/22/27		35,706

								7,750,318

Cosmetics/Personal Care – 0.0%
	The Procter & Gamble Co.
	45,000		2.800			03/25/27		48,536

Diversified Financial Services – 2.3%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,199,795
	450,000		3.300	^(a)		01/23/23		466,223
	400,000		4.875	^(a)		01/16/24		435,100
	295,000		6.500	^(a)		07/15/25		344,061
	Air Lease Corp.
	550,000		2.250			01/15/23		564,646
	425,000		3.375	^(a)		07/01/25		449,115


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	475,000		2.875	^(a)		01/15/26		491,620
	875,000		3.750	^(a)		06/01/26		934,544
	50,000		3.250	^(a)		10/01/29		50,257
	Ally Financial, Inc.^(a)
	275,000		1.450			10/02/23		279,081
	55,000		5.800			05/01/25		63,813
	American Express Co.^(a)
	165,000		2.500			07/30/24		174,390
	Aviation Capital Group LLC^(a)(b)
	375,000		1.950			01/30/26		365,396
	Avolon Holdings Funding Ltd.^(a)(b)
	425,000		3.950			07/01/24		444,206
	675,000		2.875			02/15/25		675,580
	175,000		4.250			04/15/26		183,075
	Capital One Financial Corp.
	325,000		3.500			06/15/23		345,677
	320,000		3.300	^(a)		10/30/24		345,046
	GE Capital International Funding Co.
	1,600,000		3.373			11/15/25		1,733,856
	250,000		4.418			11/15/35		286,090
	Huarong Finance 2019 Co. Ltd.
	480,000		3.750			05/29/24		505,650
	200,000		3.375	^(a)		02/24/30		194,063
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		219,374
	JAB Holdings B.V.^(a)(b)
	250,000		2.200			11/23/30		234,905
	Mastercard, Inc.^(a)
	250,000		3.300			03/26/27		274,900
	Navient Corp.^(a)
	15,000		4.875			03/15/28		14,681
	Raymond James Financial, Inc.^(a)
	75,000		4.650			04/01/30		87,560
	Visa, Inc.^(a)
	100,000		2.050			04/15/30		99,692
	15,000		4.150			12/14/35		17,762

								11,480,158

Electrical – 1.8%
	Alliant Energy Finance LLC^(a)(b)
	375,000		3.750			06/15/23		398,610
	100,000		4.250			06/15/28		112,393
	Ameren Corp.^(a)
	125,000		3.500			01/15/31		132,920
	Appalachian Power Co.^(a)
	30,000		3.700			05/01/50		30,509
	Berkshire Hathaway Energy Co.^(a)
	225,000		3.250			04/15/28		243,338
	400,000		3.700			07/15/30		443,256
	20,000		4.450			01/15/49		23,505
	Dominion Energy, Inc.
	675,000		3.071	^(e)		08/15/24		720,259
	225,000		3.375	^(a)		04/01/30		239,690
	Duke Energy Corp.^(a)
	65,000		3.750			04/15/24		70,092


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electrical – (continued)
	Exelon Corp.^(a)
$	325,000		4.050	%		04/15/30	$	361,387
	50,000		4.700			04/15/50		59,959
	Exelon Generation Co. LLC^(a)
	35,000		3.250			06/01/25		37,387
	NRG Energy, Inc.^(a)(b)
	675,000		3.750			06/15/24		723,235
	319,000		3.375			02/15/29		311,025
	Pacific Gas & Electric Co.^(a)
	250,000		2.100			08/01/27		244,728
	425,000		2.500			02/01/31		400,826
	125,000		3.300			08/01/40		112,706
	275,000		3.500			08/01/50		239,330
	Sempra Energy^(a)
	35,000		3.550			06/15/24		37,687
	Southern California Edison Co.^(a)
	725,000		3.700			08/01/25		792,381
	450,000		4.200			03/01/29		501,403
	Southern Power Co.^(a)
	60,000		4.950			12/15/46		67,663
	Southwestern Electric Power Co.^(a)
	35,000		2.750			10/01/26		36,836
	The Southern Co.^(a)
	1,050,000		3.250			07/01/26		1,124,235
	Virginia Electric and Power Co.^(a)
	500,000		2.450			12/15/50		429,665
	Vistra Operations Co. LLC^(a)(b)
	1,210,000		3.550			07/15/24		1,267,475

								9,162,500

Electronics^(a) – 0.1%
	Honeywell International, Inc.
	35,000		1.350			06/01/25		35,508
	Sensata Technologies, Inc.^(b)
	276,000		3.750			02/15/31		272,205

								307,713

Engineering & Construction^(a) – 0.2%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		422,125
	250,000		3.875	^(b)		04/30/28		253,359
	310,000		5.500	^(b)		07/31/47		305,443

								980,927

Environmental^(a) – 0.2%
	GFL Environmental, Inc.^(b)
	150,000		3.750			08/01/25		152,250
	Republic Services, Inc.
	675,000		1.750			02/15/32		627,608
	Waste Management, Inc.
	250,000		1.150			03/15/28		236,840

								1,016,698

Food & Drug Retailing^(a) – 0.4%
	BRF SA
	210,000		4.875			01/24/30		213,995


Corporate Obligations – (continued)
Food & Drug Retailing^(a) – (continued)
	Kraft Heinz Foods Co.
	1,122,000		4.250			03/01/31		1,231,639
	Sysco Corp.
	75,000		6.600			04/01/40		105,038
	275,000		6.600			04/01/50		398,208
	The JM Smucker Co.
	225,000		2.375			03/15/30		221,884

								2,170,764

Gas^(a) – 0.1%
	NiSource, Inc.
	100,000		3.600			05/01/30		108,408
	The East Ohio Gas Co.^(b)
	150,000		1.300			06/15/25		149,583
	125,000		2.000			06/15/30		120,410

								378,401

Healthcare Providers & Services^(a) – 1.0%
	Abbott Laboratories
	50,000		4.750			11/30/36		62,046
	CommonSpirit Health
	635,000		3.910			10/01/50		646,877
	DENTSPLY SIRONA, Inc.
	350,000		3.250			06/01/30		365,621
	DH Europe Finance II S.a.r.l.
	700,000		2.200			11/15/24		729,953
	275,000		2.600			11/15/29		281,006
	HCA, Inc.
	40,000		5.500			06/15/47		49,781
	Laboratory Corp. of America Holdings
	65,000		3.600			02/01/25		70,310
	STERIS Irish FinCo UnLtd Co.
	525,000		2.700			03/15/31		520,716
	Stryker Corp.
	850,000		1.950			06/15/30		821,525
	Tenet Healthcare Corp.^(b)
	150,000		7.500			04/01/25		161,250
	Thermo Fisher Scientific, Inc.
	250,000		4.497			03/25/30		291,760
	Zimmer Biomet Holdings, Inc.
	65,000		3.550			04/01/25		70,450
	800,000		3.550			03/20/30		856,336

								4,927,631

Household Products^(a) – 0.0%
	Kimberly-Clark Corp.
	100,000		3.100			03/26/30		107,756
	10,000		2.875			02/07/50		9,830

								117,586

Insurance – 1.1%
	American International Group, Inc.
	150,000		4.875			06/01/22		157,494
	100,000		4.125			02/15/24		109,499
	1,090,000		3.900	^(a)		04/01/26		1,203,196
	375,000		4.200	^(a)		04/01/28		421,590
	250,000		3.400	^(a)		06/30/30		265,980


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Insurance – (continued)
	Arch Capital Finance LLC^(a)
$	1,000,000		4.011	%		12/15/26	$	1,128,720
	Great-West Lifeco Finance 2018 LP^(a)(b)
	325,000		4.047			05/17/28		365,638
	Marsh & McLennan Cos., Inc.^(a)
	575,000		4.375			03/15/29		659,835
	Reinsurance Group of America, Inc.^(a)
	65,000		3.900			05/15/29		71,234
	Teachers Insurance & Annuity Association of America^(b)
	295,000		4.900			09/15/44		360,729
	Willis North America, Inc.^(a)
	205,000		2.950			09/15/29		212,772
	XLIT Ltd.
	775,000		4.450			03/31/25		864,032

								5,820,719

Internet^(a) – 0.5%
	Amazon.com, Inc.
	20,000		3.800			12/05/24		22,150
	410,000		3.875			08/22/37		467,851
	Booking Holdings, Inc.
	205,000		4.100			04/13/25		228,780
	Expedia Group, Inc.
	300,000		3.600	^(b)		12/15/23		318,555
	125,000		4.625	^(b)		08/01/27		138,952
	25,000		3.800			02/15/28		26,411
	300,000		2.950	^(b)		03/15/31		295,680
	Prosus NV^(b)
	200,000		4.027			08/03/50		182,000
	200,000		3.832			02/08/51		176,510
	TD Ameritrade Holding Corp.
	55,000		3.300			04/01/27		59,768
	Uber Technologies, Inc.^(b)
	650,000		7.500			05/15/25		698,750

								2,615,407

Iron/Steel – 0.2%
	ArcelorMittal SA
	325,000		4.250			07/16/29		348,536
	Steel Dynamics, Inc.^(a)
	150,000		2.400			06/15/25		156,476
	275,000		1.650			10/15/27		269,613
	Vale Overseas Ltd.
	134,000		6.250			08/10/26		158,890

								933,515

Lodging^(a) – 0.4%
	Hilton Domestic Operating Co., Inc.
	969,000		4.875			01/15/30		1,028,351
	3,000		4.000	^(b)		05/01/31		2,993
	MGM Resorts International
	310,000		6.750			05/01/25		332,475
	438,000		4.750			10/15/28		450,045

								1,813,864


Corporate Obligations – (continued)
Machinery-Diversified^(a) – 0.3%
	Otis Worldwide Corp.
	175,000		2.293			04/05/27		179,657
	1,275,000		2.565			02/15/30		1,283,657

								1,463,314

Media – 2.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	1,012,000		4.500			02/01/24		1,107,290
	1,900,000		4.908			07/23/25		2,156,253
	30,000		6.384			10/23/35		38,873
	25,000		6.484			10/23/45		32,770
	Comcast Corp.
	550,000		3.700	^(a)		04/15/24		600,132
	225,000		3.100	^(a)		04/01/25		242,755
	550,000		3.950	^(a)		10/15/25		614,471
	256,000		3.300	^(a)		02/01/27		279,181
	550,000		3.300	^(a)		04/01/27		600,275
	350,000		3.150	^(a)		02/15/28		377,867
	375,000		4.150	^(a)		10/15/28		428,846
	25,000		6.500			11/15/35		35,360
	75,000		3.750	^(a)		04/01/40		82,354
	75,000		4.700	^(a)		10/15/48		92,671
	Cox Communications, Inc.^(a)(b)
	50,000		3.350			09/15/26		53,897
	30,000		3.500			08/15/27		32,550
	CSC Holdings LLC^(a)(b)
	243,000		3.375			02/15/31		228,420
	Discovery Communications LLC^(a)
	15,000		4.900			03/11/26		17,092
	50,000		5.200			09/20/47		58,749
	Fox Corp.^(a)
	300,000		4.030			01/25/24		325,821
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		542,098
	Scripps Escrow II, Inc.^(a)(b)
	490,000		3.875			01/15/29		481,425
	TEGNA, Inc.^(a)
	950,000		4.625			03/15/28		965,437
	The Walt Disney Co.
	1,125,000		4.000			10/01/23		1,218,904
	35,000		3.350			03/24/25		37,947
	45,000		6.650			11/15/37		65,836
	Time Warner Cable LLC^(a)
	30,000		5.875			11/15/40		37,271
	ViacomCBS, Inc.
	10,000		6.875			04/30/36		13,805
	Virgin Media Finance PLC^(a)(b)
	950,000		5.000			07/15/30		942,875

								11,711,225

Mining – 0.5%
	Freeport-McMoRan, Inc.^(a)
	950,000		4.625			08/01/30		1,029,562
	Glencore Finance Canada Ltd.^(b)
	650,000		4.250			10/25/22		684,470


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mining – (continued)
	Glencore Funding LLC^(a)(b)
$	300,000		4.125	%		03/12/24	$	324,780
	Newcrest Finance Pty Ltd.^(a)(b)
	150,000		3.250			05/13/30		157,305
	Teck Resources Ltd.^(a)
	250,000		3.900			07/15/30		261,113

								2,457,230

Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	75,000		2.700			10/09/22		77,594
	125,000		3.450	^(a)		05/01/27		135,751
	175,000		3.625	^(a)		05/01/30		188,391
	30,000		5.875			01/14/38		38,817
	55,000		6.875			01/10/39		77,302

								517,855

Office^(a)(b) – 0.2%
	Xerox Holdings Corp.
	970,000		5.000			08/15/25		1,003,950

Oil Field Services – 1.3%
	BP Capital Markets America, Inc.^(a)
	35,000		3.194			04/06/25		37,679
	60,000		3.543			04/06/27		65,729
	225,000		4.234			11/06/28		255,240
	Cimarex Energy Co.^(a)
	30,000		4.375			03/15/29		33,248
	Devon Energy Corp.^(a)
	227,000		5.850			12/15/25		264,739
	195,000		5.600			07/15/41		225,441
	Exxon Mobil Corp.^(a)
	35,000		3.176			03/15/24		37,511
	45,000		4.227			03/19/40		50,623
	Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	^(b)		02/11/26		251,922
	240,000		7.288			08/16/37		313,875
	Gazprom PJSC Via Gaz Finance PLC^(b)
	280,000		3.250			02/25/30		267,925
	Halliburton Co.^(a)
	2,000		3.800			11/15/25		2,201
	Lukoil Securities B.V.^(b)
	210,000		3.875			05/06/30		216,640
	Marathon Oil Corp.
	40,000		6.600			10/01/37		49,557
	Marathon Petroleum Corp.^(a)
	625,000		4.500			05/01/23		670,488
	Petroleos de Venezuela SA
	4,280,000		6.000			10/28/22		149,800
	1,110,000		5.375			04/12/27		48,563
	Phillips 66
	375,000		3.700			04/06/23		397,571
	100,000		3.850	^(a)		04/09/25		109,522
	200,000		1.300	^(a)		02/15/26		197,990
	60,000		4.650	^(a)		11/15/34		68,710
	Schlumberger Holdings Corp.^(a)(b)
	30,000		4.300			05/01/29		33,319


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Suncor Energy, Inc.
	225,000		2.800			05/15/23		235,094
	450,000		3.100	^(a)		05/15/25		480,542
	Sunoco LP/Sunoco Finance Corp.^(a)(b)
	630,000		4.500			05/15/29		626,850
	Total Capital International SA^(a)
	45,000		3.127			05/29/50		42,572
	Valero Energy Corp.
	650,000		2.700			04/15/23		674,901
	350,000		2.850	^(a)		04/15/25		365,736
	30,000		6.625			06/15/37		38,988
	WPX Energy, Inc.^(a)
	221,000		5.875			06/15/28		243,653

								6,456,629

Packaging^(a)(b) – 0.1%
	Berry Global, Inc.
	375,000		1.570			01/15/26		369,169

Pharmaceuticals – 2.1%
	AbbVie, Inc.^(a)
	30,000		4.550			03/15/35		34,953
	650,000		4.050			11/21/39		724,594
	25,000		4.875			11/14/48		30,566
	750,000		4.250			11/21/49		848,970
	AstraZeneca PLC
	45,000		6.450			09/15/37		64,153
	Bausch Health Americas, Inc.^(a)(b)
	200,000		9.250			04/01/26		221,500
	Bayer US Finance II LLC^(a)(b)
	950,000		3.875			12/15/23		1,024,081
	Becton Dickinson & Co.^(a)
	580,000		3.700			06/06/27		639,276
	372,000		4.685			12/15/44		443,059
	200,000		4.669			06/06/47		239,012
	Bristol-Myers Squibb Co.^(a)
	634,000		3.875			08/15/25		704,716
	300,000		3.900			02/20/28		336,804
	60,000		3.400			07/26/29		65,542
	Cigna Corp.^(a)
	525,000		2.400			03/15/30		520,049
	475,000		3.400			03/15/50		470,150
	CVS Health Corp.^(a)
	950,000		3.375			08/12/24		1,022,361
	195,000		2.625			08/15/24		205,739
	450,000		3.875			07/20/25		497,349
	150,000		5.125			07/20/45		184,367
	McKesson Corp.^(a)
	65,000		3.796			03/15/24		70,543
	Mylan, Inc.^(a)
	60,000		5.400			11/29/43		70,794
	Pfizer, Inc.
	750,000		3.450	^(a)		03/15/29		823,140
	200,000		2.625	^(a)		04/01/30		207,426
	25,000		4.400			05/15/44		30,073
	Prestige Brands, Inc.^(a)(b)
	635,000		3.750			04/01/31		604,837


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Takeda Pharmaceutical Co. Ltd.^(a)
$	680,000		2.050	%		03/31/30	$	654,242
	Wyeth LLC
	45,000		5.950			04/01/37		62,633

								10,800,929

Pipelines – 1.7%
	Energy Transfer Operating LP^(a)
	875,000		4.200			09/15/23		937,414
	65,000		4.050			03/15/25		70,166
	725,000		5.500			06/01/27		836,309
	550,000		5.250			04/15/29		626,945
	Galaxy Pipeline Assets Bidco Ltd.^(b)
	200,000		2.625			03/31/36		191,000
	Kinder Morgan Energy Partners LP^(a)
	1,025,000		3.500			09/01/23		1,087,791
	Kinder Morgan, Inc.
	500		7.750			01/15/32		702
	40,000		3.250	^(a)		08/01/50		35,466
	MPLX LP^(a)
	50,000		4.250			12/01/27		56,048
	225,000		4.800			02/15/29		257,544
	200,000		4.500			04/15/38		218,470
	Phillips 66 Partners LP^(a)
	30,000		3.750			03/01/28		32,146
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	600,000		3.650			06/01/22		614,358
	425,000		3.850			10/15/23		450,088
	Sabine Pass Liquefaction LLC^(a)
	800,000		6.250			03/15/22		830,688
	300,000		5.625			04/15/23		325,434
	Sunoco Logistics Partners Operations LP^(a)
	200,000		4.250			04/01/24		216,110
	35,000		4.000			10/01/27		37,618
	75,000		5.400			10/01/47		80,245
	The Williams Cos., Inc.
	915,000		3.600	^(a)		03/15/22		936,859
	35,000		4.300	^(a)		03/04/24		38,195
	450,000		3.900	^(a)		01/15/25		487,723
	30,000		6.300			04/15/40		38,686
	Western Midstream Operating LP^(a)
	6,000		5.450			04/01/44		6,150

								8,412,155

Real Estate Investment Trust – 2.8%
	Agree LP^(a)
	175,000		2.900			10/01/30		176,645
	Alexandria Real Estate Equities, Inc.^(a)
	325,000		3.800			04/15/26		359,102
	350,000		3.375			08/15/31		369,089
	American Campus Communities Operating Partnership LP^(a)
	800,000		3.750			04/15/23		845,600
	American Tower Corp.^(a)
	925,000		3.375			05/15/24		991,757
	500,000		2.100			06/15/30		477,740
	Camden Property Trust^(a)
	65,000		3.150			07/01/29		68,631


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Crown Castle International Corp.^(a)
	1,275,000		3.150			07/15/23		1,346,629
	65,000		3.100			11/15/29		67,040
	75,000		3.300			07/01/30		78,383
	Duke Realty LP^(a)
	300,000		1.750			07/01/30		280,095
	Healthcare Realty Trust, Inc.^(a)
	175,000		2.050			03/15/31		164,456
	Healthpeak Properties, Inc.^(a)
	65,000		3.500			07/15/29		69,779
	Host Hotels & Resorts LP^(a)
	55,000		3.375			12/15/29		54,611
	Kilroy Realty LP^(a)
	500,000		4.750			12/15/28		565,625
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(a)(b)
	813,000		3.875			02/15/29		807,919
	Mid-America Apartments LP^(a)
	325,000		1.700			02/15/31		298,808
	MPT Operating Partnership LP/MPT Finance Corp.^(a)
	2,000		3.500			03/15/31		1,961
	National Retail Properties, Inc.^(a)
	235,000		3.900			06/15/24		255,342
	400,000		4.000			11/15/25		439,496
	Regency Centers LP^(a)
	700,000		2.950			09/15/29		712,684
	SBA Communications Corp.^(a)(b)
	1,194,000		3.125			02/01/29		1,146,240
	Simon Property Group LP^(a)
	65,000		3.500			09/01/25		70,545
	Spirit Realty LP^(a)
	725,000		4.000			07/15/29		785,102
	Trust Fibra Uno 1401^(a)(b)
	300,000		5.250			12/15/24		330,187
	UDR, Inc.^(a)
	150,000		2.100			08/01/32		139,700
	775,000		1.900			03/15/33		701,941
	VEREIT Operating Partnership LP^(a)
	800,000		4.625			11/01/25		903,360
	200,000		3.400			01/15/28		211,374
	400,000		2.850			12/15/32		387,716
	Welltower, Inc.^(a)
	65,000		3.625			03/15/24		70,117
	Weyerhaeuser Co.
	50,000		7.375			03/15/32		70,272
	WP Carey, Inc.^(a)
	155,000		4.600			04/01/24		170,539
	105,000		4.000			02/01/25		113,960
	425,000		3.850			07/15/29		458,124

								13,990,569

Retailing – 1.0%
	1011778 BC ULC/New Red Finance, Inc.^(a)(b)
	192,000		4.000			10/15/30		185,280
	7-Eleven, Inc.^(a)(b)
	700,000		1.300			02/10/28		669,655


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Retailing – (continued)
	AutoNation, Inc.^(a)
$	225,000		4.750	%		06/01/30	$	259,299
	Dollar Tree, Inc.^(a)
	525,000		4.000			05/15/25		579,642
	Group 1 Automotive, Inc.^(a)(b)
	115,000		4.000			08/15/28		114,138
	IRB Holding Corp.^(a)(b)
	254,000		7.000			06/15/25		274,320
	Lowe’s Cos., Inc.^(a)
	650,000		1.700			10/15/30		608,212
	McDonald’s Corp.^(a)
	75,000		4.450			09/01/48		87,404
	Starbucks Corp.^(a)
	850,000		3.800			08/15/25		937,983
	Target Corp.
	65,000		3.500			07/01/24		71,097
	The Home Depot, Inc.^(a)
	275,000		3.900			12/06/28		314,905
	Tractor Supply Co.^(a)
	400,000		1.750			11/01/30		370,856
	Walgreens Boots Alliance, Inc.^(a)
	50,000		4.800			11/18/44		55,200
	275,000		4.100			04/15/50		279,881
	Walmart, Inc.^(a)
	65,000		3.300			04/22/24		70,053

								4,877,925

Savings & Loans^(a)(b)(d) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	400,000		3.960			07/18/30		437,628

Semiconductors – 1.9%
	Applied Materials, Inc.^(a)
	275,000		1.750			06/01/30		264,322
	15,000		4.350			04/01/47		17,945
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	53,000		3.500			01/15/28		56,271
	Broadcom, Inc.
	2,331,000		3.459	^(a)		09/15/26		2,502,538
	1,700,000		3.419			04/15/33		1,704,868
	650,000		3.500	^(a)(b)		02/15/41		622,707
	Intel Corp.^(a)
	65,000		3.400			03/25/25		70,801
	Lam Research Corp.^(a)
	375,000		1.900			06/15/30		364,118
	Microchip Technology, Inc.
	525,000		3.922			06/01/21		528,031
	625,000		2.670	^(b)		09/01/23		651,650
	NXP B.V./NXP Funding LLC^(b)
	1,325,000		3.875			09/01/22		1,383,737
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(a)(b)
	275,000		3.400			05/01/30		290,048
	ON Semiconductor Corp.^(a)(b)
	860,000		3.875			09/01/28		885,800

								9,342,836


Corporate Obligations – (continued)
Software^(a) – 0.8%
	Adobe, Inc.
	30,000		3.250			02/01/25		32,481
	450,000		2.150			02/01/27		464,693
	600,000		2.300			02/01/30		607,980
	Fiserv, Inc.
	55,000		3.850			06/01/25		60,452
	750,000		3.200			07/01/26		808,792
	Intuit, Inc.
	175,000		1.350			07/15/27		171,680
	Microsoft Corp.
	35,000		2.700			02/12/25		37,364
	Oracle Corp.
	775,000		2.875			03/25/31		788,965
	30,000		3.850			07/15/36		31,766
	30,000		3.800			11/15/37		31,179
	ServiceNow, Inc.
	975,000		1.400			09/01/30		881,419

								3,916,771

Technology – Hardware^(a) – 0.0%
	QUALCOMM, Inc.
	25,000		4.800			05/20/45		31,225

Telecommunication Services – 3.4%
	AT&T, Inc.^(a)
	400,000		4.450			04/01/24		439,392
	2,175,000		2.300			06/01/27		2,217,456
	100,000		1.650			02/01/28		96,806
	500,000		2.750			06/01/31		498,110
	694,000		2.550	^(b)		12/01/33		658,738
	40,000		5.250			03/01/37		48,317
	175,000		4.900			08/15/37		206,098
	450,000		3.500			06/01/41		444,757
	225,000		5.450			03/01/47		281,381
	25,000		4.500			03/09/48		27,436
	Bell Canada^(a)
	55,000		4.464			04/01/48		63,557
	British Telecommunications PLC
	25,000		9.625			12/15/30		38,650
	Level 3 Financing, Inc.^(a)(b)
	645,000		4.250			07/01/28		651,450
	NTT Finance Corp.^(a)(b)
	475,000		2.065			04/03/31		468,792
	T-Mobile USA, Inc.^(a)(b)
	625,000		3.500			04/15/25		674,150
	375,000		1.500			02/15/26		371,426
	1,050,000		3.750			04/15/27		1,146,978
	1,175,000		2.050			02/15/28		1,152,557
	800,000		3.875			04/15/30		868,080
	60,000		4.375			04/15/40		66,348
	325,000		3.000			02/15/41		302,448
	Telefonica Emisiones SA
	325,000		4.570			04/27/23		350,730
	Verizon Communications, Inc.
	990,000		3.376			02/15/25		1,073,843
	1,865,000		2.100	^(a)		03/22/28		1,871,043
	630,000		4.329			09/21/28		721,344


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Verizon Communications, Inc. – (continued)
$	575,000		3.150	% ^(a)		03/22/30	$	605,866
	800,000		2.550	^(a)		03/21/31		798,952
	50,000		4.125			08/15/46		55,002
	925,000		4.862			08/21/46		1,114,468
	18,000		5.012			04/15/49		22,231
	Vodafone Group PLC
	30,000		5.000			05/30/38		36,217

								17,372,623

Transportation^(a) – 0.1%
	Canadian Pacific Railway Co.
	200,000		2.050			03/05/30		193,344
	CSX Corp.
	65,000		3.250			06/01/27		70,570
	Union Pacific Corp.
	35,000		3.799			10/01/51		37,529
	United Parcel Service, Inc.
	65,000		3.900			04/01/25		71,984

								373,427

	TOTAL CORPORATE OBLIGATIONS
	(Cost $228,155,030)						$	237,168,507



Mortgage-Backed Obligations – 46.9%
Collateralized Mortgage Obligations – 5.1%
Interest Only^(f) – 1.9%
	FHLMC REMIC Series 4314, Class SE^(d) (-1x 1M USD LIBOR + 6.050%)
$	487,966		5.944	%		03/15/44	$	82,398
	FHLMC REMIC Series 4320, Class SD^(d) (-1x 1M USD LIBOR + 6.100%)
	2,596,568		5.994			07/15/39		473,927
	FHLMC REMIC Series 4583, Class ST^(d) (-1x 1M USD LIBOR + 6.000%)
	952,254		5.894			05/15/46		177,328
	FHLMC REMIC Series 4905, Class SA^(d) (-1x 1M USD LIBOR + 6.100%)
	604,643		5.991			08/25/49		116,416
	FHLMC REMIC Series 4936, Class ES^(d) (-1x 1M USD LIBOR + 6.000%)
	160,156		5.891			12/25/49		26,169
	FHLMC REMIC Series 4936, Class PS^(d) (-1x 1M USD LIBOR + 6.000%)
	439,850		5.891			12/25/49		66,638
	FHLMC REMIC Series 4980, Class KI
	4,829,322		4.500			06/25/50		843,510
	FHLMC REMIC Series 4989, Class EI
	460,664		4.000			07/25/50		80,005
	FHLMC REMIC Series 4998, Class GI
	1,677,132		4.000			08/25/50		294,253
	FHLMC REMIC Series 5009, Class DI
	1,341,001		2.000			09/25/50		159,452
	FHLMC REMIC Series 5020, Class IH
	1,270,486		3.000			08/25/50		187,774
	FHLMC STRIPS Series 304, Class C45
	143,383		3.000			12/15/27		7,952


Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	FNMA REMIC Series 2011-124, Class SC^(d) (-1x 1M USD LIBOR + 6.550%)
	225,475		6.441			12/25/41		42,918
	FNMA REMIC Series 2012-5, Class SA^(d) (-1x 1M USD LIBOR + 5.950%)
	334,866		5.841			02/25/42		60,168
	FNMA REMIC Series 2012-88, Class SB^(d) (-1x 1M USD LIBOR + 6.670%)
	241,000		6.561			07/25/42		41,549
	FNMA REMIC Series 2014-6, Class SA^(d) (-1x 1M USD LIBOR + 6.600%)
	285,885		6.491			02/25/44		56,036
	FNMA REMIC Series 2015-34, Class LS^(d) (-1x 1M USD LIBOR + 6.100%)
	599,501		5.991			06/25/45		127,263
	FNMA REMIC Series 2016-69, Class BS^(d) (-1x 1M USD LIBOR + 6.100%)
	1,588,583		5.991			10/25/46		289,756
	FNMA REMIC Series 2017-31, Class SG^(d) (-1x 1M USD LIBOR + 6.100%)
	720,083		5.991			05/25/47		144,738
	FNMA REMIC Series 2017-86, Class SB^(d) (-1x 1M USD LIBOR + 6.150%)
	540,645		6.041			11/25/47		107,062
	FNMA REMIC Series 2018-17, Class CS^(d) (-1x 1M USD LIBOR + 3.450%)
	1,081,997		2.500			03/25/48		69,530
	FNMA REMIC Series 2019-41, Class SB^(d) (-1x 1M USD LIBOR + 6.050%)
	621,786		5.941			08/25/49		127,263
	FNMA REMIC Series 2020-45, Class AI
	690,610		4.000			07/25/50		113,518
	FNMA REMIC Series 2020-45, Class EI
	529,522		5.000			07/25/50		99,474
	FNMA REMIC Series 2020-49, Class KS^(d) (-1x 1M USD LIBOR + 6.100%)
	624,584		5.991			07/25/50		127,839
	FNMA REMIC Series 2020-60, Class KI
	1,257,378		2.000			09/25/50		149,509
	FNMA REMIC Series 2020-62, Class GI
	884,659		4.000			06/25/48		164,124
	GNMA REMIC Series 2020-61, Class SW^(d) (-1X 1M USD LIBOR + 6.050%)
	933,086		5.939			08/20/49		142,957
	GNMA REMIC Series 2010-101, Class S^(d) (-1x 1M USD LIBOR + 6.000%)
	239,453		5.889			08/20/40		45,196
	GNMA REMIC Series 2010-20, Class SE^(d) (-1x 1M USD LIBOR + 6.250%)
	554,057		6.139			02/20/40		109,417
	GNMA REMIC Series 2013-134, Class DS^(d) (-1x 1M USD LIBOR + 6.100%)
	74,461		5.989			09/20/43		14,395
	GNMA REMIC Series 2013-152, Class SG^(d) (-1x 1M USD LIBOR + 6.150%)
	231,072		6.039			06/20/43		44,888


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2013-181, Class SA^(d) (-1x 1M USD LIBOR + 6.100%)
$	336,971		5.989	%		11/20/43	$	66,401
	GNMA REMIC Series 2014-132, Class SL^(d) (-1x 1M USD LIBOR + 6.100%)
	334,584		5.989			10/20/43		45,022
	GNMA REMIC Series 2014-133, Class BS^(d) (-1x 1M USD LIBOR + 5.600%)
	191,493		5.489			09/20/44		32,594
	GNMA REMIC Series 2014-162, Class SA^(d) (-1x 1M USD LIBOR + 5.600%)
	169,093		5.489			11/20/44		28,031
	GNMA REMIC Series 2015-110, Class MS^(d) (-1x 1M USD LIBOR + 5.710%)
	1,151,196		5.599			08/20/45		191,321
	GNMA REMIC Series 2015-111, Class IM
	493,312		4.000			08/20/45		63,994
	GNMA REMIC Series 2015-119, Class SN^(d) (-1x 1M USD LIBOR + 6.250%)
	231,095		6.139			08/20/45		42,672
	GNMA REMIC Series 2015-123, Class SP^(d) (-1x 1M USD LIBOR + 6.250%)
	278,259		6.139			09/20/45		53,120
	GNMA REMIC Series 2015-167, Class AS^(d) (-1x 1M USD LIBOR + 6.250%)
	173,542		6.139			11/20/45		30,507
	GNMA REMIC Series 2015-168, Class SD^(d) (-1x 1M USD LIBOR + 6.200%)
	127,274		6.089			11/20/45		25,071
	GNMA REMIC Series 2015-57, Class AS^(d) (-1x 1M USD LIBOR + 5.600%)
	992,980		5.489			04/20/45		159,102
	GNMA REMIC Series 2016-109, Class IH
	696,806		4.000			10/20/45		89,970
	GNMA REMIC Series 2016-27, Class IA
	317,951		4.000			06/20/45		34,101
	GNMA REMIC Series 2018-105, Class SC^(d) (-1x 1M USD LIBOR + 6.200%)
	256,086		6.089			08/20/48		41,350
	GNMA REMIC Series 2018-122, Class HS^(d) (-1x 1M USD LIBOR + 6.200%)
	761,499		6.089			09/20/48		136,249
	GNMA REMIC Series 2018-122, Class SE^(d) (-1x 1M USD LIBOR + 6.200%)
	537,736		6.089			09/20/48		85,801
	GNMA REMIC Series 2018-124, Class SN^(d) (-1x 1M USD LIBOR + 6.200%)
	653,341		6.089			09/20/48		114,056
	GNMA REMIC Series 2018-137, Class SN^(d) (-1x 1M USD LIBOR + 6.150%)
	576,848		6.039			10/20/48		95,940
	GNMA REMIC Series 2018-139, Class SQ^(d) (-1x 1M USD LIBOR + 6.150%)
	448,133		6.039			10/20/48		71,964
	GNMA REMIC Series 2018-72, Class IB
	377,657		4.000			04/20/46		56,687


Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2019-1, Class SN^(d) (-1x 1M USD LIBOR + 6.050%)
	164,334		5.939			01/20/49		26,330
	GNMA REMIC Series 2019-110, Class PS^(d) (-1X 1M USD LIBOR + 6.050%)
	331,164		5.939			09/20/49		62,952
	GNMA REMIC Series 2019-128, Class IO
	921,019		4.000			10/20/49		132,663
	GNMA REMIC Series 2019-129, Class AI
	507,844		3.500			10/20/49		70,566
	GNMA REMIC Series 2019-151, Class IA
	1,757,875		3.500			12/20/49		227,461
	GNMA REMIC Series 2019-151, Class NI
	1,340,565		3.500			10/20/49		136,955
	GNMA REMIC Series 2019-153, Class EI
	2,090,544		4.000			12/20/49		316,398
	GNMA REMIC Series 2019-20, Class SF^(d) (-1x 1M USD LIBOR + 3.790%)
	351,723		3.679			02/20/49		29,196
	GNMA REMIC Series 2019-4, Class SJ^(d) (-1x 1M USD LIBOR + 6.050%)
	658,216		5.939			01/20/49		107,692
	GNMA REMIC Series 2019-6, Class SA^(d) (-1x 1M USD LIBOR + 6.050%)
	167,986		5.939			01/20/49		28,202
	GNMA REMIC Series 2019-69, Class S^(d) (-1x 1M USD LIBOR + 3.270%)
	1,236,620		3.159			06/20/49		90,728
	GNMA REMIC Series 2019-97, Class SC^(d) (-1x 1M USD LIBOR + 6.100%)
	537,791		5.989			08/20/49		87,164
	GNMA REMIC Series 2019-98, Class SC^(d) (-1x 1M USD LIBOR + 6.050%)
	608,761		5.939			08/20/49		99,229
	GNMA REMIC Series 2020-11, Class SN^(d) (-1x 1M USD LIBOR + 6.050%)
	405,904		5.939			01/20/50		71,676
	GNMA REMIC Series 2020-146, Class KI
	2,077,455		2.500			10/20/50		257,975
	GNMA REMIC Series 2020-151, Class MI
	983,195		2.500			10/20/50		132,745
	GNMA REMIC Series 2020-173, Class AI
	1,280,414		2.500			11/20/50		133,040
	GNMA REMIC Series 2020-21, Class SA^(d) (-1x 1M USD LIBOR + 6.050%)
	1,084,224		5.939			02/20/50		194,178
	GNMA REMIC Series 2020-51, Class ID
	631,381		3.500			04/20/50		78,142
	GNMA REMIC Series 2020-55, Class AS^(d) (-1x 1M USD LIBOR + 6.050%)
	1,029,152		5.939			04/20/50		186,593
	GNMA REMIC Series 2020-55, Class IO
	1,575,873		3.500			04/20/50		217,369
	GNMA REMIC Series 2020-61, Class GI
	1,266,751		5.000			05/20/50		161,073


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2020-61, Class SF^(d) (-1x 1M USD LIBOR + 6.440%)
$	364,569		6.329	%		07/20/43	$	72,664
	GNMA REMIC Series 2020-78, Class DI
	2,363,849		4.000			06/20/50		337,296
	GNMA Series 2019-78, Class SA^(d) (-1X 1M USD LIBOR + 6.050%)
	845,464		5.939			06/20/49		144,241
	GNMA Series 2020-26, Class AI
	3,495		2.000			02/20/51		411

								9,460,314

Regular Floater^(d) – 0.0%
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	71,940		0.559			07/25/41		72,767

Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2005-70, Class PA
	36,455		5.500			08/25/35		41,458
	FNMA REMIC Series 2011-52, Class GB
	285,607		5.000			06/25/41		321,584
	FNMA REMIC Series 2012-111, Class B
	24,743		7.000			10/25/42		29,658
	FNMA REMIC Series 2012-153, Class B
	66,973		7.000			07/25/42		81,987

								474,687

Sequential Floating Rate^(d) – 3.1%
	Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%)
	1,806,405		0.609			11/25/36		1,634,267
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2^(b) (1M USD LIBOR + 2.400%)
	293,007		2.509			04/25/31		293,346
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(b) (1M USD LIBOR + 2.300%)
	494,611		2.409			08/25/31		494,936
	Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2^(b) (1M USD LIBOR + 2.050%)
	50,000		2.159			01/25/40		49,893
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M USD LIBOR + 0.200%)
	669,530		0.309			08/25/47		627,748
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2^(b) (1M USD LIBOR + 1.700%)
	966,057		1.809			01/25/50		961,721
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2^(b) (1M USD LIBOR + 1.850%)
	125,000		1.959			02/25/50		124,419
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2^(b) (1M USD LIBOR + 3.000%)
	160,647		3.109			06/25/50		161,187
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1^(b) (1M USD LIBOR + 5.100%)
	705,000		5.209			06/25/50		725,664


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(d) – (continued)
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1^(b) (1M USD LIBOR + 6.000%)
	740,000		6.109			08/25/50		777,188
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2^(b) (1M USD LIBOR + 3.750%)
	295,000		3.859			08/25/50		297,159
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1^(b) (SOFR30A + 4.800%)
	713,000		4.817			10/25/50		740,441
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1^(b) (SOFR30A + 3.000%)
	612,000		3.017			12/25/50		602,268
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2^(b) (1M USD LIBOR + 3.150%)
	665,000		3.259			09/25/50		669,861
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1^(b) (SOFR30A + 3.000%)
	800,000		3.017			08/25/33		786,230
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1^(b) (SOFR30A + 4.000%)
	161,000		4.017			11/25/50		165,341
	FNMA Connecticut Avenue Securitie Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	83,072		5.359			10/25/23		85,541
	FNMA Connecticut Avenue Securitie Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	447,053		4.509			01/25/24		457,625
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	687,478		0.860			08/20/56		949,265
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
	523,723		0.902			11/15/49		722,831
	Mill City Mortgage Loan Trust Series 2019-GS2, Class M1^(b)
$	720,000		3.000			08/25/59		748,248
	Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2^(b)
	760,000		2.500			11/25/60		756,800
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
GBP	1,267,915		1.250			05/25/51		1,754,709
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	663,880		0.984			03/20/56		915,596
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1^(b)
$	128,874		3.500			07/25/49		130,705

								15,632,989

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	25,640,757

Commercial Mortgage-Backed Securities – 0.6%
Sequential Fixed Rate – 0.5%
	Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D^(b)
	500,000		3.000	%		07/15/49	$	438,854


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	BANK Series 2021-BN32, Class A5
$	1,000,000		2.643	%		04/15/54		$	1,017,578
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E^(b)
	500,000		2.500			11/15/52			387,324
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D^(b)
	350,000		3.000			09/10/50			317,499
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E^(b)
	387,000		2.500			03/15/53			329,509
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D^(b)
	150,000		3.250			01/15/60			134,496

									2,625,260

Sequential Floating Rate^(b) – 0.1%
	BANK 2018-BNK10 Series 2018-BN10, Class D
	200,000		2.600			02/15/61			171,505
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D^(d)
	150,000		3.494			02/15/50			137,762
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D^(d)
	250,000		4.890			11/15/51			255,470

									564,737

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	3,189,997

Federal Agencies – 41.2%
Adjustable Rate FHLMC^(d) – 0.0%
$	23,050		2.297	%		09/01/35		$	24,296

FHLMC – 0.9%
	87,705		6.000			08/01/27			97,421
	9,871		5.000			08/01/33			11,197
	1,552		5.000			09/01/33			1,760
	2,290		5.000			10/01/33			2,597
	2,346		5.000			11/01/34			2,678
	128,155		5.000			12/01/34			146,298
	3,376		5.000			07/01/35			3,854
	453		5.000			11/01/35			514
	28,039		5.000			03/01/39			31,951
	4,353		5.000			05/01/39			4,960
	10,898		5.000			04/01/40			12,559
	2,604		5.000			08/01/40			3,001
	28,542		4.000			02/01/41			31,487
	748		5.000			04/01/41			861
	2,367		5.000			06/01/41			2,725
	847,291		4.000			03/01/48			913,659
	878,080		4.000			04/01/48			940,509
	2,056,143		4.500			08/01/48			2,293,419

									4,501,450

GNMA – 22.0%
	25,989		5.500			11/15/32			28,895
	11,578		5.500			01/15/33			12,800
	30,037		5.500			02/15/33			33,772
	31,825		5.500			03/15/33			35,726


Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	37,666		5.500			07/15/33			42,497
	14,340		5.500			08/15/33			15,901
	8,248		5.500			09/15/33			9,142
	18,579		5.500			04/15/34			20,545
	7,629		5.500			05/15/34			8,253
	136,950		5.500			09/15/34			154,536
	138,583		5.500			12/15/34			156,460
	96,488		5.500			01/15/35			109,175
	463		5.500			05/15/36			507
	4,625		4.000			02/20/41			5,064
	7,224		4.000			11/20/41			7,985
	1,204		4.000			01/20/42			1,330
	3,853		4.000			04/20/42			4,259
	2,389		4.000			10/20/42			2,641
	650,132		4.000			08/20/43			718,382
	3,827		4.000			03/20/44			4,220
	4,657		4.000			05/20/44			5,136
	323,854		4.000			11/20/44			356,536
	75,572		4.000			12/20/44			83,199
	21,130		4.000			05/20/45			23,223
	80,957		4.000			07/20/45			88,874
	454,557		4.000			01/20/46			498,157
	2,753,768		3.500			04/20/47			2,929,593
	2,714,525		3.500			12/20/47			2,890,112
	2,006,298		4.500			05/20/48			2,187,481
	2,981,629		4.500			08/20/48			3,239,478
	374,244		5.000			08/20/48			408,925
	2,132,008		4.500			09/20/48			2,314,384
	312,479		5.000			09/20/48			341,387
	2,811,039		5.000			10/20/48			3,070,213
	1,634,451		5.000			11/20/48			1,785,146
	1,602,406		5.000			12/20/48			1,749,144
	3,487,548		4.500			01/20/49			3,772,528
	3,133,936		5.000			01/20/49			3,419,944
	1,337,624		4.000			02/20/49			1,435,723
	2,818,424		4.500			02/20/49			3,047,847
	1,708,608		4.000			03/20/49			1,833,382
	74,058		4.500			03/20/49			80,063
	258,768		5.000			03/20/49			282,141
	1,268,277		4.000			05/20/49			1,359,408
	1,999,380		4.500			10/20/49			2,165,502
	940,389		4.500			12/20/49			1,015,408
	2,000,000		3.500			03/20/50			2,109,725
	24,000,000		2.500			TBA-30yr	^(g)		24,716,945
	16,000,000		3.000			TBA-30yr	^(g)		16,664,710
	25,000,000		2.000			TBA-30yr	^(g)		25,188,957

									110,435,361

UMBS – 6.8%
	200		6.000			06/01/21			201
	1,751		5.500			09/01/23			1,811
	1,184		5.500			10/01/23			1,225
	574		5.500			05/01/25			580
	7,346		4.500			02/01/39			8,236
	4,875		4.500			04/01/39			5,424
	6,444		4.500			08/01/39			7,167
	87,129		4.500			12/01/39			96,866


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	86,020		4.500	%		06/01/40	$	96,047
	33,441		4.500			08/01/41		37,589
	54,780		3.000			12/01/42		58,960
	124,246		3.000			01/01/43		133,725
	34,828		3.000			02/01/43		37,485
	12,834		3.000			03/01/43		13,813
	187,466		3.000			04/01/43		201,885
	31,994		3.000			05/01/43		34,474
	44,754		3.000			06/01/43		48,225
	14,543		3.000			07/01/43		15,671
	21,757		5.000			06/01/44		24,405
	16,603		3.500			03/01/45		17,777
	548,333		3.000			04/01/45		581,254
	1,584,598		4.500			04/01/45		1,792,512
	185,067		4.500			05/01/45		209,465
	832,202		4.500			06/01/45		928,870
	391,331		4.000			11/01/45		427,898
	109,912		4.000			03/01/46		119,752
	69,567		4.000			06/01/46		75,544
	19,348		4.000			08/01/46		21,010
	137,205		4.000			10/01/46		148,992
	123,929		4.000			06/01/47		135,643
	687,909		4.500			07/01/47		763,551
	289,987		4.500			11/01/47		321,602
	365,876		4.000			12/01/47		402,746
	1,055,213		4.000			01/01/48		1,159,899
	2,128,605		4.000			02/01/48		2,331,409
	1,569,422		4.000			03/01/48		1,716,979
	1,090,348		4.000			06/01/48		1,197,499
	894,333		4.500			07/01/48		971,154
	707,173		4.000			08/01/48		770,259
	877,340		4.500			08/01/48		952,633
	553,808		4.500			09/01/48		617,474
	1,793,867		4.500			10/01/48		1,949,219
	863,251		4.500			11/01/48		936,794
	1,716,401		4.500			11/01/48		1,861,152
	2,525,372		5.000			11/01/48		2,868,960
	237,872		4.500			12/01/48		258,286
	2,317,280		4.500			01/01/49		2,514,879
	341,944		4.500			02/01/49		371,808
	2,781,546		3.000			09/01/49		2,946,806
	22,284		4.500			01/01/50		24,189
	3,845,247		3.000			12/01/50		4,064,692

								34,284,496

UMBS, 30 Year, Single Family^(g) – 11.5%
	36,000,000		2.000			TBA-30yr		35,894,779
	14,000,000		2.500			TBA-30yr		14,334,687
	2,000,000		2.500			TBA-30yr		2,052,109
	5,000,000		4.500			TBA-30yr		5,444,531

								57,726,106

	TOTAL FEDERAL AGENCIES						$	206,971,709

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $230,984,065)						$	235,802,463


Agency Debenture^(h) – 0.0%
	Israel Government AID Bond
	40,000		5.500			09/18/33		54,832
	(Cost $38,595)



Asset-Backed Securities^(d) – 7.5%
Collateralized Loan Obligations – 5.3%
	AGL CLO 3 Ltd. Series 2020-3A, Class A^(b) (3M USD LIBOR + 1.300%)
$	1,300,000		1.541	%		01/15/33	$	1,305,260
	AMMC CLO 15 Ltd. Series 2014-15A, Class DRR^(b) (3M USD LIBOR + 3.400%)
	750,000		3.641			01/15/32		746,704
	Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A^(b) (3M USD LIBOR + 1.090%)
	2,009,000		1.314			04/20/31		2,005,569
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C^(b) (3M USD LIBOR + 2.570%)
	1,000,000		2.762			01/15/32		979,096
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D^(b) (3M USD LIBOR + 4.280%)
	1,000,000		4.472			01/15/32		973,015
	Crown City CLO I Series 2020-1A, Class B^(b) (3M USD LIBOR + 3.030%)
	1,000,000		3.254			07/20/30		998,950
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1^(b) (3M USD LIBOR + 1.860%)
	2,350,000		2.084			07/20/31		2,362,991
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A^(b) (3M USD LIBOR + 1.450%)
	1,675,000		1.629			11/30/32		1,681,671
	KREF Ltd. Series 2018-FL1, Class A^(b) (1M USD LIBOR + 1.100%)
	1,939,217		1.208			06/15/36		1,939,204
	Magnetite XXIV Ltd. Series 2019-24A, Class A^(b) (3M USD LIBOR + 1.330%)
	2,000,000		1.571			01/15/33		2,003,066
	Marble Point CLO XIV Ltd. Series 2018-2A, Class A1R^(b) (3M USD LIBOR + 1.280%)
	2,900,000		1.504			01/20/32		2,901,607
	MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		1.482			02/20/31		498,661
	MidOcean Credit CLO VI Series 2016-6A, Class D1R^(b) (3M USD LIBOR + 3.520%)
	800,000		4.050			04/20/33		787,918
	Mill City Mortgage Loan Trust Series 2017-2, Class A3^(b)
	268,362		2.947			07/25/59		278,043
	Mountain View CLO LLC Series 2016-1A, Class AR^(b) (3M USD LIBOR + 1.360%)
	1,200,000		1.594			04/14/33		1,200,379
	Orec Ltd. Series 2018-CRE1, Class A^(b) (1M USD LIBOR + 1.180%)
	1,475,000		1.286			06/15/36		1,476,647
	Steele Creek CLO Ltd. Series 2019-1A, Class D^(b) (3M USD LIBOR + 4.100%)
	1,350,000		4.341			04/15/32		1,339,606


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(d) – (continued)
Collateralized Loan Obligations – (continued)
	TICP CLO VIII Ltd. Trust Series 2017-8A, Class A1^(b) (3M USD LIBOR + 1.230%)
$	2,000,000		1.454	%		10/20/30	$	2,000,084
	Whitehorse Ltd. Series 2014-9A, Class AR^(b) (3M USD LIBOR + 1.160%)
	57,438		1.383			07/17/26		57,454
	Zais CLO Ltd. Series 2020-15A, Class A1^(b) (3M USD LIBOR + 2.555%)
	1,275,000		2.774			07/28/30		1,281,093

								26,817,018

Home Equity – 0.6%
	Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%)
	500,000		0.784			10/25/35		493,106
	Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	779		0.729			01/25/32		750
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	16,227		7.000			09/25/37		16,456
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		0.709			11/25/32		221
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,051,744		0.339			04/25/37		1,012,066
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	2,725,951		0.329			04/25/37		976,306
	Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%)
	516,733		0.309			01/25/37		508,894

								3,007,799

Student Loan – 1.6%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	487,233		0.461			09/26/33		475,796
	Navient Student Loan Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 1.050%)
	3,175,970		1.159			12/27/66		3,215,971
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,244,466		1.259			09/25/65		1,253,543
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	139,246		0.338			01/25/27		138,094
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	823,416		0.358			10/25/28		819,020
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	636,407		0.548			01/25/22		629,762
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	180,570		0.968			04/25/23		180,170


Asset-Backed Securities^(d) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	412,950		1.868			07/25/22		418,865
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	694,475		1.918			07/25/23		699,618

								7,830,839

	TOTAL ASSET-BACKED SECURITIES
	(Cost $37,277,440)						$	37,655,656



Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
	Abu Dhabi Government International Bond^(b)
$	480,000		3.875	%		04/16/50	$	521,550
	Dominican Republic^(b)
	150,000		4.500			01/30/30		150,703
	200,000		5.875			01/30/60		190,688
	Republic of Brazil
	200,000		3.875			06/12/30		193,875
	Republic of Colombia^(a)
	230,000		3.000			01/30/30		224,753
	330,000		3.125			04/15/31		322,988
	470,000		4.125			05/15/51		447,087
	Republic of Ecuador^(b)
	41,572		0.000	⁽ⁱ⁾		07/31/30		16,837
	34,740		0.500	^(e)		07/31/30		20,323
	Republic of Egypt^(b)
	620,000		8.875			05/29/50		632,787
	200,000		4.550			11/20/23		204,500
	Republic of Indonesia
EUR	250,000		2.150	^(b)		07/18/24		310,582
$	200,000		3.850			10/15/30		219,313
	Republic of Peru^(a)
	20,000		2.780			12/01/60		16,481
	100,000		3.230			07/28/21		80,656
	Republic of Qatar^(b)
	200,000		4.400			04/16/50		232,000
	Republic of Romania
EUR	20,000		2.875			03/11/29		25,931
	500,000		3.624	^(b)		05/26/30		674,009
$	130,000		3.000	^(b)		02/14/31		130,122
EUR	70,000		2.000	^(b)		01/28/32		82,269
	70,000		3.375			01/28/50		85,732
	80,000		3.375	^(b)		01/28/50		97,979
$	230,000		4.000	^(b)		02/14/51		221,878
	Republic of Turkey
	200,000		5.950			01/15/31		181,000
	200,000		5.875			06/26/31		180,750
	Ukraine Government Bond^(b)
	430,000		7.253			03/15/33		427,581
	United Mexican States
	200,000		4.500			04/22/29		221,125
	624,000		3.771	^(a)		05/24/61		549,705

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $6,572,485)						$	6,663,204


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – 1.0%
California^(a) – 0.3%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	339,244
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,237,234

								1,576,478

Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010^(a)
	115,000		6.630			02/01/35		137,698
	730,000		7.350			07/01/35		906,462
	Illinois State GO Bonds Taxable-Pension Series 2003
	530,000		5.100			06/01/33		596,707

								1,640,867

New York^(a) – 0.3%
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175			11/15/49		990,954
	Port Authority of New York & New Jersey Consolidated Bonds – 192 Series 2015
	375,000		4.810			10/15/65		483,124

								1,474,078

Ohio^(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		340,147

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,174,059)						$	5,031,570



U.S. Treasury Obligations – 15.7%
	United States Treasury Bonds^(j)
$	1,100,000		3.625	%		02/15/44	$	1,353,344
	3,510,000		2.250			08/15/49		3,398,667
	960,000		1.625			11/15/50		800,850
	United States Treasury Notes
	13,490,000		0.375			12/31/25		13,173,828
	15,330,000		0.500			02/28/26		15,028,191
	15,500,000		0.750			03/31/26		15,363,164
	60,000		1.625			09/30/26		61,795
	14,980,000		1.125			02/29/28		14,717,850
	15,250,000		1.250			03/31/28		15,090,352
	40,000		0.625	^(j)		05/15/30		36,412

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $80,398,331)						$	79,024,453


Shares	Dividend Rate		Value


Investment Company^(k) – 1.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,459,479		0.036%	$	7,459,479
(Cost $7,459,479)

TOTAL INVESTMENTS – 121.2%
(Cost $595,059,484)			$	608,860,164

LIABILITIES IN EXCESS OF OTHER ASSETS – (21.2)%				(106,344,478	)

NET ASSETS – 100.0%			$	502,515,686



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

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

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Pay-in-kind securities.

(d)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

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

(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 $124,296,718 which represents approximately 24.7% of the Fund’s net assets as of March 31, 2021.

(h)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $54,832, which represents approximately 0.0% of the Fund’s net assets as of March 31, 2021.

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

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

(k)		Represents an affiliated issuer.


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

GOLDMAN SACHS BOND FUND



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
EUR		—Euro
GBP		—British Pound
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand



Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	1,015,311	USD	179,472		04/05/21	$	853
	BRL	3,959,092	USD	683,362		05/04/21		18,551
	CAD	1,011,000	USD	801,846		06/01/21		2,701
	CAD	3,634,177	USD	2,874,177		06/16/21		17,955
	CHF	1,137,665	EUR	1,023,811		06/16/21		3,648
	CLP	1,121,477,103	USD	1,537,002		05/17/21		20,135
	CNH	2,953,402	USD	446,558		06/16/21		710
	COP	699,073,229	USD	186,893		04/27/21		3,952
	EUR	378,113	AUD	584,065		06/16/21		366
	EUR	1,106,100	CHF	1,222,041		06/16/21		3,550
	EUR	1,640,299	JPY	212,564,211		06/16/21		5,586
	EUR	384,356	USD	450,690		04/30/21		326
	GBP	408,628	CHF	523,631		06/16/21		8,275
	GBP	318,371	JPY	48,476,790		06/16/21		879
	GBP	1,001,421	USD	1,373,232		05/20/21		7,540
	GBP	307,898	USD	424,440		06/16/21		130
	IDR	36,789,176,196	USD	2,524,649		04/05/21		1,399
	IDR	2,869,531,150	USD	195,619		05/10/21		236
	INR	84,343,466	USD	1,142,754		04/27/21		4,339


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	KRW	3,299,623,476	USD	2,916,021		04/05/21	$	7,141
	KRW	4,284,966,490	USD	3,789,914		06/15/21		9,945
	MXN	102,139,439	USD	4,839,366		06/16/21		115,641
	NOK	10,504,384	USD	1,223,568		06/16/21		4,512
	SGD	2,322,703	USD	1,725,813		06/16/21		239
	USD	1,516,135	AUD	1,990,985		04/16/21		3,733
	USD	1,054,931	AUD	1,382,825		06/01/21		4,312
	USD	2,251,148	AUD	2,927,825		06/16/21		26,579
	USD	620,235	CHF	564,524		05/21/21		22,104
	USD	5,258,667	CHF	4,871,272		06/16/21		93,764
	USD	2,225,817	CNH	14,648,251		06/16/21		7,461
	USD	1,133,233	COP	4,067,548,764		04/27/21		22,806
	USD	16,371,779	EUR	13,491,348		04/09/21		547,525
	USD	5,680,427	EUR	4,819,236		04/30/21		25,390
	USD	7,450,250	EUR	6,240,719		06/16/21		119,742
	USD	7,004,267	GBP	5,032,943		05/20/21		64,781
	USD	2,206,690	GBP	1,587,746		06/16/21		17,300
	USD	2,543,380	IDR	36,789,176,196		04/05/21		17,332
	USD	1,287,694	IDR	18,967,860,000		07/01/21		2,079
	USD	673,857	ILS	2,236,893		04/22/21		4,638
	USD	1,217,382	JPY	132,557,571		06/10/21		19,406
	USD	4,499,081	JPY	488,134,916		06/16/21		87,331
	USD	2,562,304	KRW	2,791,274,368		04/05/21		89,493
	USD	1,520,915	NOK	12,708,971		05/21/21		35,062
	USD	4,042,756	NOK	34,342,535		06/16/21		27,733
	USD	2,357,850	NZD	3,321,574		06/16/21		38,502
	USD	201,794	RUB	15,038,879		05/19/21		3,981
	USD	5,028,346	SEK	41,701,485		05/19/21		251,252
	USD	10,624,286	SEK	90,368,899		06/16/21		269,398
	USD	2,951,663	SGD	3,962,871		04/06/21		5,822
	USD	5,602,293	SGD	7,531,800		05/05/21		4,294
	USD	178,535	TRY	1,476,380		04/29/21		3,679
	USD	215,276	TRY	1,811,982		06/16/21		7,002
	USD	848,279	TWD	23,653,259		04/08/21		16,483
	USD	1,335,584	TWD	37,756,956		04/12/21		7,312
	USD	1,341,488	TWD	37,923,873		04/19/21		6,466
	USD	533,699	ZAR	7,955,524		06/17/21		265
	ZAR	27,046,695	USD	1,770,543		06/17/21		42,993

TOTAL							$	2,134,629

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	5,408,894	USD	4,168,856		06/01/21	$	(59,381	)
	AUD	3,901,724	USD	3,016,739		06/16/21		(52,198	)
	BRL	2,943,782	USD	533,320		04/05/21		(10,487	)
	CAD	2,895,955	USD	2,321,942		06/16/21		(17,296	)
	CHF	851,497	EUR	769,829		06/16/21		(1,438	)
	CHF	2,557,890	USD	2,761,065		06/16/21		(48,990	)
	CLP	175,589,113	USD	244,145		05/17/21		(345	)
	CNH	26,712,159	USD	4,072,545		06/16/21		(27,211	)
	COP	7,639,691,354	USD	2,122,462		04/27/21		(36,851	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	EUR	378,125	CAD	561,070		06/16/21	$	(2,352	)
	EUR	682,725	CHF	758,111		06/16/21		(1,863	)
	EUR	407,241	GBP	349,839		06/16/21		(4,046	)
	EUR	506,425	NOK	5,197,068		06/16/21		(12,735	)
	EUR	727,000	SEK	7,456,766		06/16/21		(478	)
	EUR	11,010,495	USD	13,319,128		04/09/21		(404,712	)
	EUR	763,406	USD	898,443		04/30/21		(2,638	)
	EUR	6,240,049	USD	7,478,205		06/16/21		(148,486	)
	GBP	1,581,654	USD	2,201,163		05/20/21		(20,358	)
	GBP	419,851	USD	581,369		06/16/21		(2,425	)
	IDR	36,789,176,196	USD	2,543,682		04/05/21		(17,633	)
	IDR	10,768,543,421	USD	745,209		04/12/21		(7,157	)
	IDR	17,821,316,196	USD	1,223,403		05/03/21		(5,801	)
	IDR	9,215,001,479	USD	647,752		05/10/21		(18,800	)
	ILS	833,745	USD	250,938		06/16/21		(1,273	)
	JPY	164,632,535	USD	1,511,952		06/10/21		(24,102	)
	JPY	649,067,475	USD	5,962,303		06/16/21		(96,049	)
	MXN	8,571,920	USD	416,749		06/16/21		(907	)
	NOK	7,598,826	EUR	758,162		06/16/21		(2,166	)
	NOK	19,864,105	USD	2,337,032		06/16/21		(14,695	)
	NZD	2,044,205	USD	1,462,261		06/16/21		(34,859	)
	RUB	89,188,861	USD	1,199,952		05/19/21		(26,816	)
	RUB	38,653,538	USD	500,694		10/01/21		(1,309	)
	SEK	3,884,650	NOK	3,824,792		06/16/21		(2,039	)
	SEK	39,781,000	USD	4,796,775		05/19/21		(239,681	)
	SEK	9,407,845	USD	1,100,076		06/16/21		(22,081	)
	SGD	3,962,871	USD	2,948,291		04/06/21		(2,450	)
	TRY	13,883,683	USD	1,773,247		06/16/21		(177,415	)
	TWD	73,020,444	USD	2,638,726		04/08/21		(70,868	)
	TWD	12,525,914	USD	443,819		04/12/21		(3,164	)
	TWD	89,716,041	USD	3,222,251		04/19/21		(64,004	)
	USD	2,914,914	AUD	3,836,802		06/01/21		(144	)
	USD	684,313	BRL	3,959,092		04/05/21		(18,846	)
	USD	839,661	CAD	1,058,761		06/01/21		(2,894	)
	USD	5,643,315	CAD	7,130,326		06/16/21		(31,107	)
	USD	980,990	CLP	718,707,110		05/17/21		(16,913	)
	USD	678,000	COP	2,508,566,100		04/27/21		(6,830	)
	USD	2,524,649	IDR	36,789,176,196		04/05/21		(1,398	)
	USD	177,537	IDR	2,599,139,630		04/12/21		(603	)
	USD	913,591	INR	67,642,304		04/27/21		(6,361	)
	USD	448,454	KRW	508,349,108		04/05/21		(1,897	)
	USD	2,916,201	KRW	3,299,623,476		06/15/21		(9,866	)
	USD	4,412,709	MXN	93,472,091		06/16/21		(121,826	)
	USD	880,669	NZD	1,263,060		06/16/21		(1,286	)
	USD	304,274	TRY	2,685,974		05/24/21		(9,012	)
	USD	1,712,085	TRY	15,226,291		06/16/21		(38,071	)
	USD	1,784,131	TWD	50,969,356		04/08/21		(8,274	)
	USD	813,872	TWD	23,162,803		05/03/21		(2,619	)
	USD	896,764	TWD	25,432,241		05/07/21		(92	)
	USD	982,824	ZAR	14,964,301		06/17/21		(20,563	)
	ZAR	10,662,812	USD	719,520		06/17/21		(4,557	)

TOTAL							$	(1,990,718	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(12,000,000	)	$	(12,110,387	)
GNMA		4.000		TBA-30yr		04/21/21		(3,000,000	)		(3,202,716	)
GNMA		4.500		TBA-30yr		04/21/21		(1,000,000	)		(1,081,710	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		04/14/21		(7,000,000	)		(7,512,421	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		05/13/21		(4,000,000	)		(4,167,346	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		4/14/21		(2,000,000	)		(2,083,282	)

TOTAL (Proceeds Receivable: $(30,160,156))										$	(30,157,862	)

(a)

TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		193			06/21/21	$	34,975,219		$	(1,289,798	)
2 Year U.S. Treasury Notes		121			06/30/21		26,707,914			(2,326	)
10 Year U.S. Treasury Notes		247			06/21/21		32,341,562			(560,399	)
20 Year U.S. Treasury Bonds		88			06/21/21		13,604,250			(423,073	)

Total									$	(2,275,596	)
Short position contracts:
Australian 10 Year Government Bonds		(13	)		06/15/21		(1,363,762	)		(272	)
Ultra 10 Year U.S. Treasury Notes		(108	)		06/21/21		(15,518,250	)		532,487
5 Year U.S. Treasury Notes		(560	)		06/30/21		(69,103,125	)		528,944

Total									$	1,061,159

TOTAL FUTURES CONTRACTS									$	(1,214,437	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250^(a)	3M WIBOR^(b)	12/16/21	PLN	18,330		$	(3,335	)	$	(651	)	$	(2,684	)
1M BID Avg^(d)	3.390%^(d)	01/03/22	BRL	12,550			(15,941	)		—			(15,941	)
1M BID Avg^(d)	4.120^(d)	01/03/22		6,500			16,085			21,907			(5,822	)
5.800^(d)	1M BID Avg^(d)	01/02/23		9,300			10,976			9,643			1,333
1M BID Avg^(d)	4.230^(d)	01/02/23		4,200			(17,171	)		(37,539	)		20,368
3M AUDOR^(b)	0.190^(b)	02/22/23	AUD	132,640	^(c)		(38,060	)		(46,976	)		8,916
6M CDOR^(e)	0.804^(e)	02/28/23	CAD	107,340	^(c)		79,750			15,673			64,077
6M CDOR^(e)	0.750^(e)	03/01/23	CAD	166,350	^(c)		50,968			(45,949	)		96,917
0.275^(e)	3M LIBOR^(b)	03/03/23	$	129,720	^(c)		74,866			27,450			47,416
4.700^(d)	Mexico IB TIIE 28D^(d)	06/14/23	MXN	10,675	^(c)		5,764			5,437			327
2.750^(b)	3M CNY^(b)	06/16/23	CNY	3,130	^(c)		(1,196	)		(158	)		(1,038	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO^(e)	(0.500)%^(f)	06/16/23	EUR	3,310	^(c)	$	(1,009	)	$	(2,744	)	$	1,735
1.000^(b)	3M KWCDC^(b)	06/16/23	KRW	9,514,270	^(c)		24,006			31,774			(7,768	)
6M WIBOR^(e)	0.345^(f)	06/16/23	PLN	1,750	^(c)		(2,210	)		(1,919	)		(291	)
6M CDOR^(e)	0.700^(e)	11/18/23	CAD	27,520	^(c)		(93,590	)		(502,625	)		409,035
1M BID Avg^(d)	4.930^(d)	01/02/24	BRL	1,840			(11,910	)		(801	)		(11,109	)
3M AUDOR^(b)	0.500^(b)	01/25/24	AUD	74,230	^(c)		(66,420	)		109,144			(175,564	)
3M AUDOR^(b)	0.500^(b)	02/24/24		24,470	^(c)		18,795			60,584			(41,789	)
6M CDOR^(e)	0.750^(e)	06/16/24	CAD	9,500	^(c)		(62,765	)		(50,149	)		(12,616	)
0.250^(e)	3M LIBOR^(b)	06/16/24	$	8,260	^(c)		85,313			62,979			22,334
1M LIBOR + 0.090%^(b)	3M LIBOR^(b)	07/25/24		41,260			7,695			13,848			(6,153	)
3M SOFR + 0.241%^(b)	3M LIBOR^(b)	11/10/24		24,480			969			23			946
6.320^(d)	1M BID Avg^(d)	01/02/25	BRL	9,161			63,450			(34,461	)		97,911
6M WIBOR^(e)	0.750^(f)	12/16/25	PLN	3,690			(18,712	)		(735	)		(17,977	)
1.550^(e)	6M AUDOR^(e)	02/23/26	AUD	12,160	^(c)		18,423			9,173			9,250
1.597^(e)	3M LIBOR^(b)	03/11/26	$	8,090	^(c)		43,281			16,440			26,841
Mexico IB TIIE 28D^(d)	5.550^(d)	06/10/26	MXN	3,790	^(c)		(5,106	)		2			(5,108	)
6M AUDOR^(e)	0.500^(e)	06/16/26	AUD	17,610	^(c)		(325,862	)		(302,275	)		(23,587	)
6M CDOR^(e)	1.000^(e)	06/16/26	CAD	3,870	^(c)		(81,185	)		(65,489	)		(15,696	)
6M CHFOR^(e)	(0.250)^(f)	06/16/28	CHF	11,430	^(c)		(47,218	)		(815	)		(46,403	)
(0.500)^(f)	6M CHFOR^(e)	06/16/26	CHF	2,950	^(c)		17,810			17,531			279
(0.250)^(f)	6M EURO^(e)	06/16/26	EUR	7,000	^(c)		(16,812	)		(15,221	)		(1,591	)
(0.500)^(f)	12M EURO^(f)	06/16/26	EUR	47,210	^(c)		199,255			141,898			57,357
12M GBP^(f)	0.000^(f)	06/16/26	GBP	13,260	^(c)		(452,003	)		(474,051	)		22,048
0.000^(e)	6M JYOR^(e)	06/16/26	JPY	1,082,270	^(c)		10,256			8,908			1,348
6M NIBOR^(e)	1.500^(f)	06/16/26	NOK	153,480	^(c)		(14,161	)		(25,707	)		11,546
3M NZDOR^(b)	1.250^(e)	06/16/26	NZD	8,090	^(c)		13,434			(7,765	)		21,199
3M STIBOR^(b)	0.500^(f)	06/16/26	SEK	196,840	^(c)		157,275			148,400			8,875
3M LIBOR^(b)	0.500^(e)	06/16/26	$	20,050	^(c)		(626,197	)		(464,637	)		(161,560	)
3M JIBAR^(b)	6.250^(b)	06/17/26	ZAR	13,750	^(c)		2,059			943			1,116
6M AUDOR^(e)	0.750^(e)	06/16/28	AUD	8,930	^(c)		(327,731	)		(303,069	)		(24,662	)
1.000^(e)	6M CDOR^(e)	06/16/28	CAD	8,320	^(c)		369,936			290,364			79,572
(0.500)^(f)	12M EURO^(f)	06/16/28	EUR	10,170	^(c)		187,185			170,372			16,813
0.250^(e)	6M JYOR^(e)	03/19/30	JPY	371,600	^(c)		(4,548	)		(31,273	)		26,725
6M AUDOR^(e)	1.750^(e)	03/19/30	AUD	7,400	^(c)		(229,604	)		(69,025	)		(160,579	)
6M EURO^(e)	0.050^(f)	05/21/30	EUR	26,300	^(c)		(418,267	)		48,550			(466,817	)
0.750^(f)	3M STIBOR^(b)	06/18/30	SEK	10,730	^(c)		24,528			(21,713	)		46,241
0.250^(f)	6M EURO^(e)	06/18/30	EUR	9,850	^(c)		50,756			(969,590	)		1,020,346
6M AUDOR^(e)	1.240^(e)	10/28/30	AUD	10,500	^(c)		(558,919	)		(521,263	)		(37,656	)
1.240^(f)	6M NIBOR^(e)	10/29/30	NOK	87,720	^(c)		471,636			(563,348	)		1,034,984
6M AUDOR^(e)	1.710^(e)	01/21/31	AUD	23,340	^(c)		(901,910	)		(515,397	)		(386,513	)
0.500^(e)	6M GBP^(e)	01/26/31	GBP	14,250	^(c)		873,860			420,090			453,770
6M AUDOR^(e)	1.500^(e)	02/02/31		2,640	^(c)		(121,374	)		(80,937	)		(40,437	)
1.500^(e)	3M LIBOR^(b)	02/02/31	$	2,120	^(c)		101,231			20,966			80,265
1.000^(e)	6M GBP^(e)	02/10/31	GBP	10,790	^(c)		309,820			109,907			199,913
6M EURO^(e)	0.500^(d)	02/12/31	EUR	14,390	^(c)		55,240			211,711			(156,471	)
12M GBP^(f)	0.900^(d)	02/17/31	GBP	4,230	^(c)		(72,798	)		(13,421	)		(59,377	)
6M AUDOR^(e)	2.500^(e)	02/24/31	AUD	11,880	^(c)		(148,325	)		(84,033	)		(64,292	)
3M LIBOR^(b)	2.209^(e)	02/25/31	$	6,950	^(c)		(110,255	)		(33,994	)		(76,261	)
6M LIBOR^(b)	2.377^(e)	03/09/31		11,600	^(c)		(103,260	)		(57,539	)		(45,721	)
12M GBP^(f)	1.050^(b\f)	03/24/31	GBP	5,980	^(c)		(46,945	)		(28,060	)		(18,885	)
6.400^(d)	Mexico IB TIIE 28D^(d)	06/04/31	MXN	37,015	^(c)		71,195			5,284			65,911


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M AUDOR^(e)		1.000%^(e)	06/16/31	AUD	5,760	^(c)	$	(372,373	)	$	(350,185	)	$	(22,188	)
0.750^(e)		3M LIBOR^(f)	06/16/31		7,730	^(c)		783,800			724,429			59,371
6M CDOR^(e)		1.250^(e)	06/16/31	CAD	3,570	^(c)		(236,324	)		(216,958	)		(19,366	)
0.000^(f)		6M EURO^(e)	06/16/31	EUR	2,790	^(c)		29,255			37,332			(8,077	)
0.250^(f)		12M GBP^(f)	06/16/31	GBP	13,390	^(c)		1,042,835			907,057			135,778
0.000^(e)		6M JYOR^(e)	06/16/31	JPY	1,444,290	^(c)		217,749			213,322			4,427
2.000^(f)		6M NIBOR^(e)	06/16/31	NOK	27,120	^(c)		(32,355	)		(49,259	)		16,904
1.100^(f)		12M GBP^(f)	02/17/36	GBP	4,870	^(c)		52,997			9,330			43,667
2.431^(e)		3M LIBOR^(b)	02/25/36	$	8,570	^(c)		89,987			23,380			66,607
2.502^(e)		3M LIBOR^(b)	03/10/36		9,130	^(c)		72,658			48,078			24,580
0.260^(f)		6M EURO^(e)	05/21/40	EUR	13,760	^(c)		970,257			173,429			796,828
2.750^(a)		6M AUDOR^(a)	02/24/41	AUD	3,750	^(c)		55,809			13,813			41,996
1.100^(f)		12M GBP^(f)	03/24/41	GBP	3,830	^(c)		50,002			32,621			17,381
0.250^(f)		6M EURO^(e)	06/16/41	EUR	130	^(c)		6,886			4,003			2,883
3M LIBOR^(f)		2.000^(e)	02/10/51	$	3,250	^(c)		(220,034	)		(173,006	)		(47,028	)
1.250^(e)		6M GBP^(e)	03/11/51	GBP	2,180	^(c)		52,091			17,244			34,847
0.000^(f)		6M EURO^(e)	06/16/51	EUR	380	^(c)		63,376			52,022			11,354
0.500^(e)		6M JYOR^(e)	06/16/51	JPY	288,680	^(c)		56,182			48,443			7,739

TOTAL							$	1,153,816		$	(1,879,233	)	$	3,033,049

(a)

Payments made at maturity.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(d)

Payments made monthly.

(e)

Payments made semi-annually.

(f)

Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Paid by the Fund	Credit Spread at March 31, 2021^(a)			Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%^(b)		0.063	%	Barclays Bank PLC		06/20/21		80	$	(195	)	$	32		$	(227	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.071		Barclays Bank PLC		12/20/21		690		(4,927	)		(396	)		(4,531	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.063		BofA Securities LLC		06/20/21		670		(1,635	)		344			(1,979	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.063		Citibank NA		06/20/21		560		(1,366	)		231			(1,597	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.083		Citibank NA		06/20/22		80		(934	)		(295	)		(639	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.063		Deutsche Bank AG (London)		06/20/21		460		(1,122	)		236			(1,358	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.063		JPMorgan Securities, Inc.		06/20/21		10		(25	)		4			(29	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)^(b)		0.083		JPMorgan Securities, Inc.		06/20/22		140		(1,632	)		(374	)		(1,258	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


Reference Obligation/Index	Financing Rate Paid by the Fund		Credit Spread at March 31, 2021^(a)			Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000%^(c)		8.204	%	Citibank NA		10/17/57		700	$	(109,841	)	$	(190,948	)	$	81,107
Markit CMBX Series 10		3.000^(c)		5.692		MS & Co. Int. PLC		11/17/59		600		(75,119	)		(112,767	)		37,648
Markit CMBX Series 11		3.000^(c)		4.089		Citibank NA		11/18/54		900		(52,690	)		(139,467	)		86,777
Markit CMBX Series 11		3.000^(c)		4.089		JPMorgan Securities, Inc.		11/18/54		350		(21,044	)		(106,984	)		85,940
Markit CMBX Series 11		3.000^(c)		4.089		MS & Co. Int. PLC		11/18/54		1,000		(60,042	)		(280,601	)		220,559

TOTAL											$	(330,572	)	$	(830,985	)	$	500,413

(a)

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

(b)

Payments made quarterly.

(c)

Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB		(1.000)%		0.521	%		06/20/26	EUR	7,875	$	(233,384	)	$	(221,180	)	$	(12,204	)
Protection Sold:
CDX.NA.EM Index 35		1.000		1.855			06/20/26	$	7,930		(328,971	)		(310,833	)		(18,138	)
CDX.NA.IG Index 28		1.000		0.278			06/20/22		11,100		103,063			93,570			9,493
CDX.NA.IG Index 34		1.000		0.319			06/20/23		7,575		118,167			71,945			46,222
General Electric Co. 2.700%, 10/09/22		1.000		0.517			06/20/24		1,125		18,208			(12,381	)		30,589
General Electric Co. 2.700%, 10/09/22		1.000		0.613			12/20/24		475		7,080			(5,628	)		12,708
ICE CD ITXEB		5.000		2.525			06/20/26	EUR	2,400		337,833			307,635			30,198
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.347			06/20/24	$	825		17,615			8,968			8,647
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.515			06/20/24		2,430		39,252			4,828			34,424
State of Qatar, 9.750%, 06/15/30		1.000		0.294			06/20/24		210		4,971			2,957			2,014
State of Qatar, 9.750%, 06/15/30		1.000		0.345			12/20/24		100		2,507			1,571			936
The Boeing Co., 8.750%, 08/15/21		1.000		0.770			06/20/24		500		4,152			6,989			(2,837	)

TOTAL										$	90,493		$	(51,559	)	$	142,052

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
3Y IRS	JPMorgan Securities, Inc.		0.700	%		11/14/2022		10,200,000		$	10,200,000		$	27,548		$	103,239		$	(75,691	)
Puts
3M IRS	BofA Securities LLC		0.584			06/30/2021		660,000			660,000			16,056			17,260			(1,204	)
3M IRS	Citibank NA		0.428			06/07/2021		640,000			640,000			26,898			25,017			1,881
3M IRS	Citibank NA		0.465			06/25/2021		650,000			650,000			26,410			19,408			7,002
3M IRS	Deutsche Bank AG (London)		0.925			06/01/2021		17,800,000			17,800,000			198,402			120,535			77,867
3M IRS	JPMorgan Securities, Inc.		0.325			06/01/2021		600,000			600,000			39,197			26,522			12,675
3M IRS	JPMorgan Securities, Inc.		0.390			06/01/2021		650,000			650,000			31,746			23,957			7,789
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		18,970,000			18,970,000			441,027			96,747			344,280
3M IRS	UBS AG (London)		0.415			06/04/2021		640,000			640,000			28,153			23,673			4,480
								40,610,000		$	40,610,000		$	807,889		$	353,119		$	454,770

Total purchased option contracts								50,810,000		$	50,810,000		$	835,437		$	456,358		$	379,079
Written option contracts
Calls
1M IRS	Citibank NA		0.031			04/29/2021		(3,350,000	)	$	(3,350,000	)	$	(11,623	)	$	(19,533	)	$	7,910
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(3,350,000	)		(3,350,000	)		(6,243	)		(19,535	)		13,292
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(3,780,000	)		(3,780,000	)		(1,224	)		(37,422	)		36,198
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(3,350,000	)		(3,350,000	)		(18,540	)		(21,352	)		2,812
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,000,000	)		(2,000,000	)		(24,107	)		(103,884	)		79,777
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(3,780,000	)		(3,780,000	)		(6,449	)		(35,627	)		29,178
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(3,780,000	)		(3,780,000	)		(22,730	)		(34,303	)		11,573
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(3,780,000	)		(3,780,000	)		(16,435	)		(34,870	)		18,435
3M IRS	MS & Co. Int. PLC		0.040			04/06/2021		(1,320,000	)		(1,320,000	)		–			(44,800	)		44,800
1M IRS	UBS AG (London)		0.023			04/06/2021		(3,350,000	)		(3,350,000	)		(1,987	)		(22,457	)		20,470

								(31,840,000	)	$	(31,840,000	)	$	(109,338	)	$	(373,783	)	$	264,445
Puts
3M IRS	BofA Securities LLC		1.250	%		06/30/2021		(4,070,000	)		(4,070,000	)		(21,130	)		(17,501	)		(3,629	)
1M IRS	Citibank NA		0.031			04/29/2021		(3,350,000	)		(3,350,000	)		(30,875	)		(19,533	)		(11,342	)
3M IRS	Citibank NA		1.025			06/07/2021		(4,060,000	)		(4,060,000	)		(33,552	)		(24,461	)		(9,091	)
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(3,350,000	)		(3,350,000	)		(20,506	)		(19,535	)		(971	)
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(3,780,000	)		(3,780,000	)		(51,810	)		(37,422	)		(14,388	)
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(17,800,000	)		(17,800,000	)		(106,011	)		(75,334	)		(30,677	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(17,800,000	)		(17,800,000	)		(53,367	)		(45,201	)		(8,166	)
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(3,350,000	)		(3,350,000	)		(12,995	)		(21,352	)		8,357
3M IRS	JPMorgan Securities, Inc.		0.980			06/01/2021		(4,190,000	)		(4,190,000	)		(38,575	)		(23,045	)		(15,530	)
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(18,970,000	)		(18,970,000	)		(340,542	)		(58,807	)		(281,735	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(18,970,000	)		(18,970,000	)		(254,167	)		(37,940	)		(216,227	)
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(3,780,000	)		(3,780,000	)		(55,606	)		(35,627	)		(19,979	)
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(3,780,000	)		(3,780,000	)		(49,413	)		(34,303	)		(15,110	)
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(3,780,000	)		(3,780,000	)		(42,489	)		(34,871	)		(7,618	)
3M IRS	MS & Co. Int. PLC		0.912			06/01/2021		(3,900,000	)		(3,900,000	)		(45,388	)		(26,130	)		(19,258	)
1M IRS	UBS AG (London)		0.023			04/06/2021		(3,350,000	)		(3,350,000	)		(21,852	)		(22,457	)		605


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
3M IRS	UBS AG (London)		0.963	%		06/04/2021		(4,080,000	)	$	(4,080,000	)	$	(41,157	)	$	(23,664	)	$	(17,493	)
3M IRS	UBS AG (London)		1.100			06/25/2021		(4,110,000	)		(4,110,000	)		(32,587	)		(18,803	)		(13,784	)

								(126,470,000	)	$	(126,470,000	)	$	(1,252,022	)	$	(575,986	)	$	(676,036	)

Total written option contracts								(158,310,000	)	$	(158,310,000	)	$	(1,361,360	)	$	(949,769	)	$	(411,591	)

TOTAL								(107,500,000	)	$	(107,500,000	)	$	(525,923	)	$	(493,411	)	$	(32,512	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put USD	HSBC Bank PLC	$	1.190		04/28/2021		15,162,000		$	15,162,000		$	31,721		$	60,622		$	(28,901	)
Call AUD/Put USD	UBS AG (London)		0.770		04/14/2021		7,018,000			7,018,000			11,993			17,617			(5,624	)

							22,180,000		$	22,180,000		$	43,714		$	78,239		$	(34,525	)
Puts
Put USD/Call TWD	BNP Paribas SA		28.200		04/28/2021		1,778,000			1,778,000			4,849			4,404			445
Put USD/Call TWD	Citibank NA		28.150		05/05/2021		1,778,000			1,778,000			5,518			6,025			(507	)
Put USD/Call SGD	Deutsche Bank AG (London)		1.334		04/01/2021		8,924,000			8,924,000			9			10,450			(10,441	)
Put USD/Call SGD	Deutsche Bank AG (London)		1.335		05/03/2021		8,889,000			8,889,000			20,400			23,049			(2,649	)
Put USD/Call SGD	UBS AG (London)		1.335		04/01/2021		3,553,000			3,553,000			4			5,710			(5,706	)
							24,922,000		$	24,922,000		$	30,780		$	49,638		$	(18,858	)

Total purchased option contracts							47,102,000		$	47,102,000		$	74,494		$	127,877		$	(53,383	)
Written option contracts
Calls
Call USD/Put ILS	BNP Paribas SA		3.370		04/20/2021		(1,785,000	)		(1,785,000	)		(6,262	)		(3,320	)		(2,942	)
Call USD/Put TWD	BNP Paribas SA		28.800		04/28/2021		(1,778,000	)		(1,778,000	)		(3,287	)		(4,217	)		930
Call USD/Put TWD	Citibank NA		28.700		05/05/2021		(1,778,000	)		(1,778,000	)		(4,737	)		(4,584	)		(153	)

							(5,341,000	)	$	(5,341,000	)	$	(14,286	)	$	(12,121	)	$	(2,165	)
Puts
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350		09/30/2021		(1,778,000	)		(1,778,000	)		(23,222	)		(24,634	)		1,412

Total written option contracts							(7,119,000	)	$	(7,119,000	)	$	(37,508	)	$	(36,755	)	$	(753	)

TOTAL							39,983,000		$	39,983,000		$	36,986		$	91,122		$	(54,136	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)



Abbreviations:
1M IRS		—1 Month Interest Rate Swaptions
3M IRS		—3 Month Interest Rate Swaptions
3Y IRS		—3 Year Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.EM Index 35		—CDX North America Emerging Markets Index 35
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
ICE CD ITXEB		—iTraxx Europe Index
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 38.4%
Aerospace & Defense – 0.9%
	Northrop Grumman Corp.^(a)
$	1,925,000		2.930	%		01/15/25	$	2,049,817
	2,750,000		3.250			01/15/28		2,945,277
	105,000		4.030			10/15/47		116,443
	2,275,000		5.250			05/01/50		2,966,145
	Raytheon Technologies Corp.
	1,775,000		3.950	^(a)		08/16/25		1,972,682
	775,000		4.125	^(a)		11/16/28		872,495
	800,000		5.700			04/15/40		1,061,424
	350,000		4.050	^(a)		05/04/47		389,039
	200,000		4.625	^(a)		11/16/48		241,978
	The Boeing Co.^(a)
	1,575,000		3.450			11/01/28		1,629,401
	300,000		3.250			02/01/35		290,148
	275,000		3.375			06/15/46		248,135
	100,000		3.625			03/01/48		92,165
	100,000		3.850			11/01/48		96,652
	2,725,000		5.805			05/01/50		3,446,989

								18,418,790

Agriculture^(a)– 0.2%
	BAT Capital Corp.
	1,685,000		3.222			08/15/24		1,795,688
	2,550,000		2.259			03/25/28		2,507,950
	425,000		4.758			09/06/49		439,093
	225,000		5.282			04/02/50		249,311

								4,992,042

Automotive – 0.4%
	Ford Motor Credit Co. LLC
	1,200,000		5.875			08/02/21		1,216,489
	General Motors Co.
	1,425,000		5.400			10/02/23		1,579,441
	550,000		4.000			04/01/25		599,198
	200,000		5.950	^(a)		04/01/49		254,040
	General Motors Financial Co., Inc.^(a)
	675,000		4.300			07/13/25		742,324
	300,000		5.650			01/17/29		357,534
	2,825,000		2.350			01/08/31		2,698,638

								7,447,664

Banks – 9.2%
	ABN AMRO Bank NV^(a)(b) (-1x 5 Year EUR Swap + 4.674%)
EUR	1,600,000		4.375			12/31/99		1,999,125
	Banco Santander SA
$	2,400,000		2.746			05/28/25		2,510,568
	400,000		4.250			04/11/27		445,704
	800,000		3.306			06/27/29		846,960
	800,000		2.749			12/03/30		760,568
	Bank of America Corp.
	4,810,000		4.200			08/26/24		5,302,496
	5,000,000		4.183	^(a)		11/25/27		5,561,950
	350,000		6.110			01/29/37		462,763
	(3M USD LIBOR + 0.990%)
	225,000		2.496	^(a)(b)		02/13/31		223,448


Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.190%)
	1,325,000		2.884	^(a)(b)		10/22/30		1,362,206
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	^(a)(b)		07/21/28		1,684,106
	(SOFR + 1.370%)
	5,725,000		1.922	^(a)(b)		10/24/31		5,385,450
	(SOFR + 1.530%)
	3,725,000		1.898	^(a)(b)		07/23/31		3,504,219
	(SOFR + 2.150%)
	5,225,000		2.592	^(a)(b)		04/29/31		5,208,489
	Barclays PLC^(a)(b)
	(3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,815,252
	(3M USD LIBOR + 2.452%)
	2,600,000		2.852			05/07/26		2,719,548
	BNP Paribas SA^(c)
	3,825,000		3.500			03/01/23		4,033,730
	900,000		3.375			01/09/25		966,033
	(5 Year USD Swap + 4.149%)
	650,000		6.625	^(a)(b)		12/31/99		708,819
	(SOFR + 1.004%)
	3,025,000		1.323	^(a)(b)		01/13/27		2,961,203
	(SOFR + 2.074%)
	1,325,000		2.219	^(a)(b)		06/09/26		1,358,456
	BPCE SA^(c)
	2,250,000		4.000			09/12/23		2,427,480
	1,150,000		4.625			09/12/28		1,329,193
	(SOFR + 1.312%)
	1,650,000		2.277	^(a)(b)		01/20/32		1,591,507
	(SOFR + 1.520%)
	1,675,000		1.652	^(a)(b)		10/06/26		1,670,829
	Capital One NA^(a)
	1,700,000		2.650			08/08/22		1,747,226
	CIT Bank NA^(a) (b)(SOFR + 1.715%)
	1,500,000		2.969			09/27/25		1,575,945
	CIT Group, Inc.^(a)
	224,000		4.750			02/16/24		243,040
	Citigroup, Inc.
	2,595,000		3.500			05/15/23		2,746,730
	2,500,000		4.600			03/09/26		2,817,625
	3,175,000		3.400			05/01/26		3,448,971
	2,450,000		4.450			09/29/27		2,755,515
	4,925,000		4.125			07/25/28		5,435,772
	(3M USD LIBOR + 1.023%)
	1,795,000		4.044	^(a)(b)		06/01/24		1,924,348
	(SOFR + 1.422%)
	1,375,000		2.976	^(a)(b)		11/05/30		1,422,121
	Credit Agricole SA^(c)
	1,050,000		3.250			10/04/24		1,127,669
	(5 Year USD Swap + 4.319%)
	600,000		6.875	^(a)(b)		12/31/99		666,552
	(SOFR + 1.676%)
	1,275,000		1.907	^(a)(b)		06/16/26		1,293,284
	Credit Suisse AG
	1,175,000		2.950			04/09/25		1,243,761


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG
$	683,000		4.550	%		04/17/26	$	764,605
	1,400,000		4.282	^(a)(c)		01/09/28		1,540,252
	(3M USD LIBOR + 1.410%)
	1,675,000		3.869	^(a)(b)(c)		01/12/29		1,790,692
	(SOFR + 3.730%)
	1,925,000		4.194	^(a)(b)(c)		04/01/31		2,093,514
	Deutsche Bank AG^(a)(b)
	(SOFR + 1.870%)
	1,725,000		2.129			11/24/26		1,728,329
	(SOFR + 2.159%)
	1,075,000		2.222			09/18/24		1,101,983
	Erste Group Bank AG^(a)(b) (5 Year EUR Swap + 6.204%)
EUR	1,600,000		6.500			12/31/99		2,105,456
	Fifth Third Bancorp^(a)
$	1,235,000		2.375			01/28/25		1,288,031
	HSBC Holdings PLC
	600,000		4.950			03/31/30		699,690
	(3M USD LIBOR + 1.000%)
	850,000		1.189	^(a)(b)		05/18/24		859,027
	(3M USD LIBOR + 1.055%)
	1,200,000		3.262	^(a)(b)		03/13/23		1,230,108
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803	^(a)(b)		03/11/25		1,752,091
	(SOFR + 1.538%)
	3,625,000		1.645	^(a)(b)		04/18/26		3,628,444
	Huntington Bancshares, Inc.^(a)
	1,625,000		4.000			05/15/25		1,801,020
	ING Groep NV^(a)(b)(c) (1 Year CMT + 1.100%)
	3,400,000		1.400			07/01/26		3,383,000
	JPMorgan Chase & Co.^(a)(b)
	(3M USD LIBOR + 0.730%)
	640,000		3.559			04/23/24		678,208
	(3M USD LIBOR + 0.890%)
	650,000		3.797			07/23/24		696,157
	(3M USD LIBOR + 0.945%)
	1,400,000		3.509			01/23/29		1,516,074
	(3M USD LIBOR + 1.000%)
	3,025,000		4.023			12/05/24		3,282,246
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,515,126
	(3M USD LIBOR + 1.337%)
	2,150,000		3.782			02/01/28		2,371,278
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		884,400
	(3M USD LIBOR + 3.800%)
	2,250,000		4.005			12/29/49		2,251,417
	(SOFR + 2.040%)
	100,000		2.522			04/22/31		99,685
	(SOFR + 2.515%)
	925,000		2.956			05/13/31		941,465
	(SOFR + 3.125%)
	2,350,000		4.600			12/31/99		2,374,416
	(SOFR + 3.790%)
	275,000		4.493			03/24/31		317,224


Corporate Obligations – (continued)
Banks – (continued)
	Macquarie Bank Ltd.^(a)(b)(c) (5 year CMT + 1.700%)
	2,550,000		3.052			03/03/36		2,441,191
	Macquarie Group Ltd.^(a)(b)(c) (SOFR + 1.069%)
	1,900,000		1.340			01/12/27		1,863,976
	Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751			07/18/39		1,840,267
	Morgan Stanley, Inc.
	2,200,000		4.875			11/01/22		2,346,630
	525,000		3.875			04/29/24		573,479
	3,300,000		3.700			10/23/24		3,614,754
	700,000		4.000			07/23/25		776,930
	4,000,000		3.950			04/23/27		4,414,560
	(3M USD LIBOR + 0.847%)
	550,000		3.737	^(a)(b)		04/24/24		584,502
	(3M USD LIBOR + 1.628%)
	325,000		4.431	^(a)(b)		01/23/30		372,145
	(SOFR + 0.720%)
	5,100,000		0.985	^(a)(b)		12/10/26		4,977,243
	(SOFR + 1.034%)
	2,625,000		1.794	^(a)(b)		02/13/32		2,450,595
	(SOFR + 1.143%)
	8,575,000		2.699	^(a)(b)		01/22/31		8,698,480
	(SOFR + 1.152%)
	1,050,000		2.720	^(a)(b)		07/22/25		1,107,404
	(SOFR + 3.120%)
	1,325,000		3.622	^(a)(b)		04/01/31		1,436,591
	Natwest Group PLC
	1,336,000		3.875			09/12/23		1,432,726
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	^(a)(b)		05/15/23		1,940,431
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	^(a)(b)		06/25/24		2,269,113
	(3M USD LIBOR + 1.762%)
	400,000		4.269	^(a)(b)		03/22/25		436,476
	(5 Year CMT + 2.100%)
	500,000		3.754	^(a)(b)		11/01/29		531,250
	Santander UK PLC
	1,158,000		2.875			06/18/24		1,233,177
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247			01/20/23		3,091,292
	State Street Corp.^(a)(b) (SOFR + 2.650%)
	100,000		3.152			03/30/31		106,104
	Truist Bank^(a)
	1,250,000		2.250			03/11/30		1,220,063
	UBS Group AG^(c)
	2,550,000		4.125			09/24/25		2,834,146
	Wells Fargo & Co.
	1,135,000		3.750	^(a)		01/24/24		1,227,264
	2,700,000		3.000			10/23/26		2,888,892
	4,150,000		4.300			07/22/27		4,692,031
	(3M USD LIBOR + 4.240%)
	325,000		5.013	^(a)(b)		04/04/51		416,452
	Westpac Banking Corp.^(a)(b) (5 Year CMT + 2.000%)
	700,000		4.110			07/24/34		747,978

								192,548,741


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Beverages – 1.2%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
$	850,000		4.700	%		02/01/36	$	996,770
	6,675,000		4.900			02/01/46		7,933,037
	Anheuser-Busch InBev Worldwide, Inc.
	1,200,000		4.750	^(a)		01/23/29		1,402,176
	400,000		4.950			01/15/42		479,600
	3,275,000		4.600	^(a)		04/15/48		3,754,755
	350,000		5.550	^(a)		01/23/49		451,364
	925,000		4.500	^(a)		06/01/50		1,052,252
	Bacardi Ltd.^(a)(c)
	1,500,000		5.300			05/15/48		1,842,945
	Constellation Brands, Inc.^(a)
	1,375,000		4.400			11/15/25		1,550,656
	625,000		3.700			12/06/26		686,400
	1,075,000		3.600			02/15/28		1,170,234
	1,425,000		3.150			08/01/29		1,492,744
	Keurig Dr Pepper, Inc.^(a)
	704,000		4.057			05/25/23		755,188
	225,000		5.085			05/25/48		282,089
	350,000		3.800			05/01/50		372,351

								24,222,561

Biotechnology^(a)(c)– 0.1%
	Royalty Pharma PLC
	1,475,000		1.200			09/02/25		1,448,140

	Building Materials^(a)– 0.3%
	Carrier Global Corp.
	3,375,000		2.493			02/15/27		3,492,686
	1,750,000		2.722			02/15/30		1,766,433
	Masco Corp.
	1,300,000		1.500			02/15/28		1,250,470

								6,509,589

Chemicals – 0.7%
	DuPont de Nemours, Inc.^(a)
	925,000		4.205			11/15/23		1,004,152
	975,000		4.493			11/15/25		1,103,456
	75,000		5.419			11/15/48		97,749
	Ecolab, Inc.
	133,000		5.500			12/08/41		174,112
	231,000		3.950	^(a)		12/01/47		260,048
	Huntsman International LLC^(a)
	850,000		4.500			05/01/29		938,091
	Nutrition & Biosciences, Inc.^(a)(c)
	2,300,000		1.832			10/15/27		2,250,573
	4,025,000		2.300			11/01/30		3,901,956
	950,000		3.268			11/15/40		934,363
	Syngenta Finance NV^(c)
	2,590,000		3.933			04/23/21		2,593,004
	The Sherwin-Williams Co.^(a)
	325,000		3.125			06/01/24		346,424
	1,900,000		3.450			06/01/27		2,071,266
	100,000		3.300			05/15/50		98,981

								15,774,175


Corporate Obligations – (continued)
Commercial Services – 1.0%
	CoStar Group, Inc.^(a)(c)
	2,225,000		2.800			07/15/30		2,166,244
	DP World PLC
	100,000		6.850	^(c)		07/02/37		129,844
	200,000		5.625			09/25/48		234,313
	Emory University^(a)
	4,015,000		2.143			09/01/30		3,969,690
	Global Payments, Inc.^(a)
	875,000		2.650			02/15/25		919,240
	550,000		3.200			08/15/29		579,161
	IHS Markit Ltd.^(a)
	2,800,000		4.000	^(c)		03/01/26		3,085,376
	1,775,000		4.250			05/01/29		1,994,656
	PayPal Holdings, Inc.^(a)
	3,825,000		1.650			06/01/25		3,898,211
	3,000,000		2.650			10/01/26		3,175,110
	The University of Chicago
	320,000		5.420			10/01/30		391,544

								20,543,389

Computers^(a)– 1.2%
	Amdocs Ltd.
	1,225,000		2.538			06/15/30		1,201,443
	Apple, Inc.
	4,050,000		2.450			08/04/26		4,270,320
	Dell International LLC/EMC Corp.^(c)
	1,625,000		5.450			06/15/23		1,775,897
	875,000		5.850			07/15/25		1,020,346
	2,351,000		6.020			06/15/26		2,781,868
	176,000		5.300			10/01/29		205,799
	200,000		6.200			07/15/30		249,040
	1,000,000		8.100			07/15/36		1,465,550
	Hewlett Packard Enterprise Co.
	2,400,000		2.250			04/01/23		2,472,024
	4,325,000		4.450			10/02/23		4,701,880
	1,775,000		4.650			10/01/24		1,985,462
	1,782,000		4.900			10/15/25		2,031,266
	410,000		6.350			10/15/45		535,194

								24,696,089

Diversified Financial Services – 1.7%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		2,164,847
	1,450,000		3.300	^(a)		01/23/23		1,502,272
	900,000		4.875	^(a)		01/16/24		978,975
	965,000		6.500	^(a)		07/15/25		1,125,489
	Air Lease Corp.^(a)
	2,250,000		2.300			02/01/25		2,297,025
	1,625,000		3.375			07/01/25		1,717,202
	1,700,000		2.875			01/15/26		1,759,483
	2,200,000		3.750			06/01/26		2,349,710
	Ally Financial, Inc.^(a)
	975,000		1.450			10/02/23		989,469
	American Express Co.^(a)
	555,000		2.500			07/30/24		586,585
	700,000		3.625			12/05/24		763,798


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	(3M USD LIBOR + 3.285%)
$	1,010,000		3.469	% ^(b)		12/29/49	$	1,003,688
	Aviation Capital Group LLC^(a)(c)
	1,600,000		1.950			01/30/26		1,559,024
	Avolon Holdings Funding Ltd.^(a)(c)
	975,000		3.950			07/01/24		1,019,060
	2,125,000		2.875			02/15/25		2,126,827
	1,050,000		4.250			04/15/26		1,098,447
	Capital One Financial Corp.
	1,050,000		3.500			06/15/23		1,116,801
	1,110,000		3.300	^(a)		10/30/24		1,196,880
	GE Capital International Funding Co.
	3,500,000		3.373			11/15/25		3,792,810
	800,000		4.418			11/15/35		915,488
	Huarong Finance 2017 Co. Ltd.
	200,000		4.750			04/27/27		217,875
	200,000		4.250			11/07/27		212,875
	Huarong Finance 2019 Co. Ltd.
	500,000		3.750			05/29/24		526,719
	590,000		3.875	^(a)		11/13/29		596,638
	440,000		3.375	^(a)		02/24/30		426,938
	Intercontinental Exchange, Inc.^(a)
	1,100,000		3.000			06/15/50		1,018,589
	JAB Holdings B.V.^(a)(c)
	500,000		2.200			11/23/30		469,810
	Mastercard, Inc.^(a)
	850,000		3.300			03/26/27		934,660
	Nasdaq, Inc.^(a)
	350,000		3.250			04/28/50		329,081
	Raymond James Financial, Inc.^(a)
	275,000		4.650			04/01/30		321,054
	Visa, Inc.^(a)
	325,000		2.050			04/15/30		323,999

								35,442,118

Electrical – 1.7%
	AEP Transmission Co. LLC^(a)
	225,000		3.650			04/01/50		239,987
	Alliant Energy Finance LLC^(a)(c)
	825,000		3.750			06/15/23		876,942
	225,000		4.250			06/15/28		252,884
	Ameren Corp.^(a)
	400,000		3.500			01/15/31		425,344
	American Electric Power Co., Inc.^(a)
	850,000		2.300			03/01/30		828,529
	Arizona Public Service Co.^(a)
	1,175,000		2.950			09/15/27		1,264,535
	Avangrid, Inc.^(a)
	925,000		3.200			04/15/25		991,378
	Berkshire Hathaway Energy Co.^(a)
	1,275,000		3.700			07/15/30		1,412,879
	250,000		4.250			10/15/50		288,175
	Dominion Energy, Inc.
	1,650,000		3.071	^(d)		08/15/24		1,760,632
	725,000		3.375	^(a)		04/01/30		772,335


Corporate Obligations – (continued)
Electrical – (continued)
	Duke Energy Corp.^(a)
	2,100,000		3.150			08/15/27		2,242,359
	Emera US Finance LP^(a)
	950,000		2.700			06/15/21		952,337
	Enel Finance International NV^(c)
	1,375,000		2.875			05/25/22		1,410,860
	Entergy Corp.^(a)
	1,025,000		2.950			09/01/26		1,092,517
	Exelon Corp.^(a)
	1,125,000		3.497			06/01/22		1,160,269
	1,000,000		4.050			04/15/30		1,111,960
	125,000		4.700			04/15/50		149,896
	FirstEnergy Corp.^(a)
	2,175,000		2.650			03/01/30		2,106,725
	1,125,000		2.250			09/01/30		1,037,462
	Florida Power & Light Co.^(a)
	832,000		4.125			02/01/42		958,772
	NRG Energy, Inc.^(a)(c)
	1,625,000		3.750			06/15/24		1,741,122
	Ohio Power Co.^(a)
	675,000		2.600			04/01/30		687,076
	Pacific Gas & Electric Co.^(a)
	850,000		2.100			08/01/27		832,074
	1,475,000		2.500			02/01/31		1,391,102
	500,000		3.300			08/01/40		450,825
	1,025,000		3.500			08/01/50		892,047
	Southern California Edison Co.^(a)
	1,075,000		4.200			03/01/29		1,197,797
	The Southern Co.^(a)
	1,730,000		3.250			07/01/26		1,852,311
	Virginia Electric and Power Co.^(a)
	1,925,000		2.450			12/15/50		1,654,210
	Vistra Operations Co. LLC^(a)(c)
	3,350,000		3.550			07/15/24		3,509,125

								35,544,466

Engineering & Construction^(a)– 0.1%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		422,125
	440,000		3.875	^(c)		04/30/28		445,913
	200,000		5.500	^(c)		10/31/46		196,810
	420,000		5.500			07/31/47		413,826
	340,000		5.500	^(c)		07/31/47		335,002

								1,813,676

Environmental – 0.2%
	Republic Services, Inc.^(a)
	1,650,000		2.500			08/15/24		1,736,872
	2,525,000		1.750			02/15/32		2,347,720
	The Nature Conservancy
	60,000		0.944			07/01/26		58,680
	75,000		1.304			07/01/28		71,309
	Waste Management, Inc.^(a)
	925,000		1.150			03/15/28		876,308

								5,090,889


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food & Drug Retailing^(a)– 0.4%
	Mars, Inc.^(c)
$	525,000		2.700	%		04/01/25	$	556,143
	925,000		3.200			04/01/30		990,481
	Smithfield Foods, Inc.^(c)
	2,350,000		2.650			10/03/21		2,367,413
	Sysco Corp.
	225,000		6.600			04/01/40		315,115
	875,000		6.600			04/01/50		1,267,026
	The JM Smucker Co.
	700,000		2.375			03/15/30		690,305
	Tyson Foods, Inc.
	1,250,000		3.900			09/28/23		1,347,938

								7,534,421

Gas^(a)– 0.2%
	NiSource, Inc.
	2,500,000		3.490			05/15/27		2,715,775
	325,000		3.600			05/01/30		352,326
	The East Ohio Gas Co.^(c)
	525,000		1.300			06/15/25		523,541
	525,000		2.000			06/15/30		505,722

								4,097,364

Hand/Machine Tools^(a)– 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,605,352

Healthcare Providers & Services^(a)– 1.3%
	Adventist Health System/West
	540,000		2.952			03/01/29		558,323
	Banner Health
	3,235,000		2.338			01/01/30		3,243,848
	Baylor Scott & White Holdings
	1,140,000		1.777			11/15/30		1,084,892
	Centene Corp.
	2,850,000		4.250			12/15/27		2,995,663
	CommonSpirit Health
	2,385,000		3.910			10/01/50		2,429,610
	DENTSPLY SIRONA, Inc.
	1,125,000		3.250			06/01/30		1,175,209
	DH Europe Finance II S.a.r.l.
	1,725,000		2.200			11/15/24		1,798,813
	1,225,000		3.250			11/15/39		1,250,468
	PeaceHealth Obligated Group
	1,280,000		1.375			11/15/25		1,277,347
	Rush Obligated Group
	1,320,000		3.922			11/15/29		1,471,430
	Stanford Health Care
	975,000		3.310			08/15/30		1,054,029
	STERIS Irish FinCo UnLtd Co.
	2,175,000		2.700			03/15/31		2,157,252
	Stryker Corp.
	475,000		3.375			11/01/25		516,544
	2,825,000		1.950			06/15/30		2,730,363
	Sutter Health
	605,000		2.294			08/15/30		595,477


Corporate Obligations – (continued)
Healthcare Providers & Services^(a)– (continued)
	Thermo Fisher Scientific, Inc.
	775,000		4.497			03/25/30		904,456
	300,000		4.100			08/15/47		349,242
	Zimmer Biomet Holdings, Inc.
	2,475,000		3.550			03/20/30		2,649,290

								28,242,256

Household Products ^(a)– 0.0%
	Kimberly-Clark Corp.
	350,000		3.100			03/26/30		377,146

Insurance – 0.8%
	AIA Group Ltd.^(a)(c)
	875,000		3.900			04/06/28		959,420
	American International Group, Inc.
	474,000		4.875			06/01/22		497,681
	300,000		4.125			02/15/24		328,497
	3,875,000		3.900	^(a)		04/01/26		4,277,419
	775,000		3.400	^(a)		06/30/30		824,538
	Arch Capital Finance LLC^(a)
	1,200,000		4.011			12/15/26		1,354,464
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,613,846
	Great-West Lifeco Finance 2018 LP^(a)(c)
	1,125,000		4.047			05/17/28		1,265,670
	Marsh & McLennan Cos., Inc.^(a)
	1,325,000		4.375			03/15/29		1,520,490
	New York Life Insurance Co.^(a)(c)
	925,000		3.750			05/15/50		978,225
	Principal Financial Group, Inc.^(a)
	2,250,000		2.125			06/15/30		2,168,415
	Willis North America, Inc.^(a)
	700,000		2.950			09/15/29		726,537

								16,515,202

Internet^(a)– 0.6%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,706,525
	1,300,000		4.800			12/05/34		1,641,757
	525,000		3.875			08/22/37		599,078
	Booking Holdings, Inc.
	575,000		4.100			04/13/25		641,700
	Expedia Group, Inc.
	1,025,000		3.600	^(c)		12/15/23		1,088,396
	2,850,000		4.500			08/15/24		3,111,658
	475,000		4.625	^(c)		08/01/27		528,020
	825,000		3.800			02/15/28		871,571
	1,225,000		2.950	^(c)		03/15/31		1,207,360
	Prosus NV^(c)
	420,000		3.680			01/21/30		434,175
EUR	100,000		2.031			08/03/32		119,322
$	230,000		4.027			08/03/50		209,300
	210,000		3.832			02/08/51		185,336

								13,344,198


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Iron/Steel ^(a)– 0.1%
	Steel Dynamics, Inc.
$	490,000		2.400	%		06/15/25	$	511,153
	1,075,000		1.650			10/15/27		1,053,941

								1,565,094

Machinery-Diversified^(a)– 0.2%
	Otis Worldwide Corp.
	625,000		2.293			04/05/27		641,631
	4,000,000		2.565			02/15/30		4,027,160

								4,668,791

Media – 1.6%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	8,750,000		4.908			07/23/25		9,930,112
	6,675,000		3.750			02/15/28		7,233,431
	Comcast Corp.^(a)
	1,275,000		3.700			04/15/24		1,391,216
	725,000		3.100			04/01/25		782,210
	1,300,000		3.950			10/15/25		1,452,386
	1,173,000		3.300			02/01/27		1,279,215
	1,775,000		3.300			04/01/27		1,937,253
	1,550,000		3.150			02/15/28		1,673,411
	1,775,000		4.150			10/15/28		2,029,872
	1,325,000		4.250			10/15/30		1,528,692
	325,000		3.750			04/01/40		356,866
	275,000		4.700			10/15/48		339,796
	Fox Corp.^(a)
	700,000		4.030			01/25/24		760,249
	600,000		5.476			01/25/39		749,148
	The Walt Disney Co.
	1,800,000		2.200			01/13/28		1,836,792
	Time Warner Cable LLC^(a)
	275,000		5.875			11/15/40		341,646

								33,622,295

Mining – 0.3%
	Glencore Funding LLC^(c)
	1,300,000		4.125	^(a)		03/12/24		1,407,380
	1,181,000		4.625			04/29/24		1,302,277
	Newcrest Finance Pty Ltd.^(a)(c)
	525,000		3.250			05/13/30		550,567
	Newmont Corp.^(a)
	2,050,000		2.250			10/01/30		1,996,864
	Teck Resources Ltd.^(a)
	900,000		3.900			07/15/30		940,005

								6,197,093

Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	225,000		2.700			10/09/22		232,783
	450,000		3.450	^(a)		05/01/27		488,704
	625,000		3.625	^(a)		05/01/30		672,825
	700,000		5.875			01/14/38		905,723
	550,000		4.250	^(a)		05/01/40		604,219


Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
	General Electric Co. – (continued)
	1,925,000		4.350	^(a)		05/01/50		2,138,675

								5,042,929

Oil Field Services – 1.0%
	BP Capital Markets America, Inc.^(a)
	1,125,000		3.224			04/14/24		1,207,204
	Devon Energy Corp.^(a)
	514,000		5.850			12/15/25		599,452
	180,000		5.600			07/15/41		208,100
	Gazprom PJSC Via Gaz Capital SA^(c)
	990,000		5.150			02/11/26		1,084,359
	Gazprom PJSC Via Gaz Finance PLC^(c)
	1,210,000		3.250			02/25/30		1,157,819
	Lukoil Securities B.V.^(c)
	790,000		3.875			05/06/30		814,980
	Marathon Petroleum Corp.^(a)
	2,050,000		4.500			05/01/23		2,199,199
	600,000		3.625			09/15/24		648,522
	375,000		3.800			04/01/28		406,200
	Occidental Petroleum Corp.^(a)
	3,175,000		2.900			08/15/24		3,131,344
	Ovintiv Exploration, Inc.
	1,649,000		5.625			07/01/24		1,811,839
	Phillips 66
	1,325,000		3.700			04/06/23		1,404,752
	375,000		3.850	^(a)		04/09/25		410,708
	725,000		1.300	^(a)		02/15/26		717,714
	Suncor Energy, Inc.
	775,000		2.800			05/15/23		809,766
	1,550,000		3.100	^(a)		05/15/25		1,655,198
	Valero Energy Corp.
	2,175,000		2.700			04/15/23		2,258,324
	1,150,000		2.850	^(a)		04/15/25		1,201,704

								21,727,184

Packaging^(a)(c)– 0.1%
	Berry Global, Inc.
	1,475,000		1.570			01/15/26		1,452,064

Pharmaceuticals – 2.2%
	AbbVie, Inc.^(a)
	3,250,000		4.050			11/21/39		3,622,970
	125,000		4.875			11/14/48		152,828
	4,900,000		4.250			11/21/49		5,546,604
	Bayer US Finance II LLC^(a)(c)
	850,000		3.875			12/15/23		916,283
	Becton Dickinson & Co.^(a)
	1,364,000		2.894			06/06/22		1,399,491
	2,200,000		3.363			06/06/24		2,358,796
	1,225,000		2.823			05/20/30		1,257,279
	1,250,000		4.669			06/06/47		1,493,825
	175,000		3.794			05/20/50		185,120
	Bristol-Myers Squibb Co.^(a)
	1,527,000		3.875			08/15/25		1,697,322
	700,000		3.900			02/20/28		785,876
	1,200,000		4.125			06/15/39		1,396,236
	350,000		4.250			10/26/49		412,283


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Cigna Corp.^(a)
$	5,100,000		4.125	%		11/15/25	$	5,689,407
	3,475,000		3.400			03/15/50		3,439,520
	CVS Health Corp.^(a)
	650,000		2.625			08/15/24		685,795
	4,050,000		3.875			07/20/25		4,476,141
	675,000		4.780			03/25/38		797,060
	550,000		5.125			07/20/45		676,011
	425,000		4.250			04/01/50		477,942
	Elanco Animal Health, Inc.
	1,675,000		4.912			08/27/21		1,694,726
	650,000		5.272	^(a)		08/28/23		699,473
	Pfizer, Inc.^(a)
	675,000		2.625			04/01/30		700,063
	Takeda Pharmaceutical Co. Ltd.^(a)
	2,400,000		2.050			03/31/30		2,309,088
	Zoetis, Inc.^(a)
	3,850,000		2.000			05/15/30		3,702,391
	100,000		4.450			08/20/48		119,751

								46,692,281

Pipelines – 1.5%
	Abu Dhabi Crude Oil Pipeline LLC^(c)
	1,190,000		4.600			11/02/47		1,343,212
	Energy Transfer Operating LP^(a)
	775,000		5.200			02/01/22		795,119
	1,950,000		4.200			09/15/23		2,089,093
	1,700,000		2.900			05/15/25		1,771,604
	50,000		4.950			06/15/28		55,969
	1,225,000		5.250			04/15/29		1,396,377
	375,000		5.300			04/15/47		392,828
	Enterprise Products Operating LLC^(a)
	85,000		3.750			02/15/25		93,011
	EQM Midstream Partners LP^(a)
	312,000		4.750			07/15/23		322,920
	775,000		5.500			07/15/28		811,813
	Galaxy Pipeline Assets Bidco Ltd.^(c)
	200,000		2.625			03/31/36		191,000
	320,000		3.250			09/30/40		305,600
	Kinder Morgan Energy Partners LP^(a)
	4,500,000		3.450			02/15/23		4,708,485
	MPLX LP^(a)
	2,151,000		3.375			03/15/23		2,258,034
	2,225,000		2.650			08/15/30		2,181,946
	275,000		4.500			04/15/38		300,396
	645,000		5.500			02/15/49		768,692
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	525,000		3.650			06/01/22		537,563
	1,100,000		3.850			10/15/23		1,164,933
	875,000		3.800			09/15/30		891,371
	Sabine Pass Liquefaction LLC^(a)
	1,475,000		6.250			03/15/22		1,531,581
	1,650,000		5.625			03/01/25		1,887,913
	1,025,000		5.000			03/15/27		1,168,490


Corporate Obligations – (continued)
Pipelines – (continued)
	The Williams Cos., Inc.^(a)
	785,000		3.600			03/15/22		803,754
	850,000		3.900			01/15/25		921,256
	800,000		4.000			09/15/25		878,080
	Western Midstream Operating LP^(a)
	1,125,000		4.350			02/01/25		1,161,563
	475,000		3.950			06/01/25		484,500
	225,000		5.450			04/01/44		230,625
	165,000		5.300			03/01/48		165,000

								31,612,728

Real Estate^(a)– 0.0%
	Country Garden Holdings Co. Ltd.
	210,000		3.300			01/12/31		198,450

Real Estate Investment Trust^(a)– 1.7%
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		828,698
	800,000		3.375			08/15/31		843,632
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,721,775
	American Homes 4 Rent LP
	723,000		4.900			02/15/29		826,295
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,251,557
	1,750,000		2.400			03/15/25		1,824,620
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,270,787
	125,000		4.150			07/01/50		133,361
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,650,930
	Duke Realty LP
	1,075,000		1.750			07/01/30		1,003,674
	Essex Portfolio LP
	875,000		3.000			01/15/30		896,009
	Healthcare Realty Trust, Inc.
	625,000		2.050			03/15/31		587,344
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,565,205
	1,025,000		4.750			12/15/28		1,159,531
	Mid-America Apartments LP
	1,125,000		1.700			02/15/31		1,034,336
	National Retail Properties, Inc.
	790,000		3.900			06/15/24		858,382
	1,150,000		4.000			11/15/25		1,263,551
	Regency Centers LP
	1,950,000		2.950			09/15/29		1,985,334
	Spirit Realty LP
	1,900,000		4.000			07/15/29		2,057,510
	1,200,000		3.400			01/15/30		1,241,520
	UDR, Inc.
	475,000		2.100			08/01/32		442,382
	Ventas Realty LP
	975,000		3.500			02/01/25		1,053,419
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,891,410
	400,000		3.950			08/15/27		439,416


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Real Estate Investment Trust^(a)– (continued)
	VEREIT Operating Partnership LP – (continued)
$	875,000		3.400	%		01/15/28	$	924,761
	1,550,000		2.850			12/15/32		1,502,400
	WP Carey, Inc.
	505,000		4.600			04/01/24		555,626
	445,000		4.000			02/01/25		482,972
	1,000,000		3.850			07/15/29		1,077,940
	725,000		2.400			02/01/31		695,732

								36,070,109

Retailing^(a)– 0.9%
	7-Eleven, Inc.^(c)
	2,800,000		1.300			02/10/28		2,678,620
	AutoNation, Inc.
	825,000		4.750			06/01/30		950,763
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		1,076,478
	1,999,000		4.200			05/15/28		2,245,357
	Lowe’s Cos., Inc.
	2,500,000		1.700			10/15/30		2,339,275
	1,550,000		3.000			10/15/50		1,447,669
	McDonald’s Corp.
	200,000		4.450			09/01/48		233,076
	650,000		4.200			04/01/50		740,838
	Starbucks Corp.
	1,850,000		3.800			08/15/25		2,041,493
	The Home Depot, Inc.
	625,000		3.900			12/06/28		715,694
	Tractor Supply Co.
	1,500,000		1.750			11/01/30		1,390,710
	Walgreens Boots Alliance, Inc.
	3,050,000		4.100			04/15/50		3,104,137
	Walmart, Inc.
	800,000		4.050			06/29/48		940,320

								19,904,430

Savings & Loans^(a)(b)(c)– 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960			07/18/30		1,066,718

Semiconductors – 1.1%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	2,400,000		3.875			01/15/27		2,603,952
	161,000		3.500			01/15/28		170,935
	Broadcom, Inc.
	4,565,000		3.459	^(a)		09/15/26		4,900,939
	4,925,000		3.419			04/15/33		4,939,104
	3,975,000		3.469			04/15/34		3,988,591
	3,700,000		3.500	^(a)(c)		02/15/41		3,544,637
	Lam Research Corp.^(a)
	1,175,000		1.900			06/15/30		1,140,902
	Microchip Technology, Inc.
	1,025,000		3.922			06/01/21		1,030,918
	NXP B.V./NXP Funding LLC^(c)
	225,000		4.625			06/01/23		243,675
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(a)(c)
	825,000		3.400			05/01/30		870,144

								23,433,797


Corporate Obligations – (continued)
Software ^(a)– 0.8%
	Adobe, Inc.
	1,400,000		2.150			02/01/27		1,445,710
	Fiserv, Inc.
	2,775,000		2.750			07/01/24		2,933,647
	1,825,000		3.200			07/01/26		1,968,062
	1,075,000		4.200			10/01/28		1,210,902
	Intuit, Inc.
	675,000		1.350			07/15/27		662,195
	450,000		1.650			07/15/30		426,456
	Oracle Corp.
	3,175,000		2.875			03/25/31		3,232,213
	1,325,000		3.600			04/01/40		1,332,248
	1,425,000		3.850			04/01/60		1,399,948
	ServiceNow, Inc.
	3,400,000		1.400			09/01/30		3,073,668

								17,685,049

Telecommunication Services – 3.9%
	AT&T, Inc.^(a)
	6,700,000		2.300			06/01/27		6,830,784
	325,000		1.650			02/01/28		314,620
	6,300,000		4.350			03/01/29		7,120,512
	2,375,000		2.750			06/01/31		2,366,023
	6,170,000		2.550	^(c)		12/01/33		5,856,502
	1,165,000		4.900			08/15/37		1,372,021
	3,105,000		4.850			03/01/39		3,608,196
	1,325,000		3.500			06/01/41		1,309,564
	NTT Finance Corp.^(a)(c)
	2,175,000		2.065			04/03/31		2,146,573
	T-Mobile USA, Inc.^(a)(c)
	2,025,000		3.500			04/15/25		2,184,246
	1,350,000		1.500			02/15/26		1,337,135
	5,025,000		3.750			04/15/27		5,489,109
	4,175,000		2.050			02/15/28		4,095,257
	3,200,000		3.875			04/15/30		3,472,320
	1,200,000		3.000			02/15/41		1,116,732
	Telefonica Emisiones SA
	1,375,000		4.570			04/27/23		1,483,859
	1,200,000		4.665			03/06/38		1,350,024
	Verizon Communications, Inc.
	7,580,000		2.100	^(a)		03/22/28		7,604,559
	5,066,000		4.329			09/21/28		5,800,519
	625,000		3.875	^(a)		02/08/29		698,056
	2,251,000		4.016	^(a)		12/03/29		2,517,091
	1,750,000		3.150	^(a)		03/22/30		1,843,940
	3,350,000		2.550	^(a)		03/21/31		3,345,611
	500,000		5.250			03/16/37		631,155
	2,175,000		4.812			03/15/39		2,600,952
	25,000		4.125			08/15/46		27,501
	2,750,000		4.862			08/21/46		3,313,282
	131,000		5.012			04/15/49		161,794
	1,399,000		2.987	^(a)(c)		10/30/56		1,230,756

								81,228,693


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Transportation^(a)– 0.3%
	Burlington Northern Santa Fe LLC
$	800,000		4.050	%		06/15/48	$	899,320
	Canadian Pacific Railway Co.
	575,000		2.050			03/05/30		555,864
	CSX Corp.
	2,250,000		3.800			04/15/50		2,391,593
	United Parcel Service, Inc.
	1,950,000		5.300			04/01/50		2,635,678

								6,482,455

Trucking & Leasing^(c)– 0.1%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,425,000		4.250			01/17/23		1,514,804

	TOTAL CORPORATE OBLIGATIONS
	(Cost $777,257,989)						$	806,373,232



Foreign Debt Obligations – 6.7%
Sovereign – 6.7%
	Abu Dhabi Government International Bond
$	460,000		2.500	%^(c)		10/11/22	$	474,231
	420,000		3.125	^(c)		10/11/27		455,306
	240,000		4.125	^(c)		10/11/47		270,300
	450,000		4.125			10/11/47		506,813
	Japan Treasury Discount Bill^(e)
JPY	11,161,650,000		0.000			05/24/21		100,820,269
	Japanese Government CPI Linked Bond
	1,779,190,336		0.100			03/10/29		16,184,245
	Kuwait International Government Bond
$	4,120,000		3.500			03/20/27		4,547,450
	Perusahaan Penerbit SBSN
	2,030,000		4.550			03/29/26		2,281,212
	Republic of Colombia^(a)
	930,000		4.500			03/15/29		1,015,734
	220,000		4.125			05/15/51		209,275
	Republic of Indonesia
	790,000		3.700	^(c)		01/08/22		809,256
	200,000		5.875			01/15/24		225,875
EUR	280,000		2.150	^(c)		07/18/24		347,852
$	420,000		4.125	^(c)		01/15/25		459,900
	380,000		4.125			01/15/25		416,100
	1,380,000		4.350	^(c)		01/08/27		1,543,444
	520,000		3.050			03/12/51		514,150
	450,000		3.350			03/12/71		425,909
	Republic of Peru^(a)
	90,000		2.783			01/23/31		90,084
	10,000		2.780			12/01/60		8,241
	100,000		3.230	^(f)		07/28/21		80,656
	Republic of Qatar^(c)
	210,000		3.875			04/23/23		223,650
	230,000		4.500			04/23/28		268,238
	280,000		3.750			04/16/30		313,425
	340,000		4.400			04/16/50		394,400
	Republic of Romania^(c)
EUR	100,000		2.000			01/28/32		117,527


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Romania^(c) – (continued)
	360,000		3.375			01/28/50		440,906
	State of Israel^(g)
	200,000		4.500			04/03/20		238,500
	United Mexican States
	1,350,000		3.750			01/11/28		1,445,344
	450,000		4.500			04/22/29		497,531
	240,000		3.250	^(a)		04/16/30		241,950
	1,410,000		2.659	^(a)		05/24/31		1,337,297
	200,000		4.750	^(a)		04/27/32		221,688
EUR	839,000		1.450	^(a)		10/25/33		923,632
$	1,960,000		3.771	^(a)		05/24/61		1,726,637

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $144,840,879)						$	140,077,027



Asset-Backed Securities^(b)– 5.7%
Collateralized Loan Obligations^(c)– 4.7%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		1.541	%		01/15/33	$	4,116,589
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,000,000		1.461			04/15/33		4,013,828
	Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%)
	2,100,000		2.850			04/22/31		2,100,225
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	3,520,459		1.063			01/27/28		3,520,639
	Crown City CLO I Series 2020-1A, Class A2 (3M USD LIBOR + 2.550%)
	4,600,000		2.774			07/20/30		4,610,129
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	2,900,000		3.254			07/20/30		2,896,955
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,015,476		1.491			07/15/26		1,015,524
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	14,600,000		1.481			04/15/33		14,658,137
	Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%)
	6,000,000		1.541			07/15/31		6,000,360
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	3,900,000		3.174			07/20/31		3,936,336
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	6,250,000		1.629			11/30/32		6,274,894
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	4,176,774		1.208			06/15/36		4,176,748
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,900,000		0.991			04/15/29		6,880,494


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities ^(b)– (continued)
Collateralized Loan Obligations^(c)– (continued)
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
$	648,876		2.947	%		07/25/59	$	672,284
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		1.594			04/14/33		3,501,106
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class A1 (3M USD LIBOR + 1.320%)
	2,150,000		1.544			07/20/32		2,152,838
	OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		1.673			04/18/33		2,006,744
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	2,450,000		1.286			06/15/36		2,452,735
	Palmer Square CLO Ltd. Series 2019-1A, Class A1 (3M USD LIBOR + 1.340%)
	6,000,000		1.534			11/14/32		6,007,950
	Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%)
	7,000,000		1.189			04/20/34		6,982,507
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,900,000		1.521			04/15/33		6,920,217
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	3,250,000		2.774			07/28/30		3,265,532

								98,162,771

Other^(c)– 0.7%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.256			06/15/28		5,701,746
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	2,795,702		1.156			09/15/35		2,796,554
	Dryden Senior Loan Fund Series 2019-76A, Class A1 (3M USD LIBOR + 1.330%)
	6,000,000		1.554			10/20/32		6,017,172

								14,515,472

Student Loan – 0.3%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	820,341		0.461			09/26/33		801,084
	Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,294,168		0.868			04/25/35		1,286,476
	Higher Education Funding I Series 2014-1, Class A^(c) (3M USD LIBOR + 1.050%)
	2,791,596		1.238			05/25/34		2,806,966
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	2,444,487		1.259			09/25/65		2,462,316


Asset-Backed Securities ^(b)– (continued)
Student Loan – (continued)
	SLC Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	52,597		0.284			09/15/26		52,554

								7,409,396

	TOTAL ASSET-BACKED SECURITIES
	(Cost $119,742,054)						$	120,087,639



Mortgage-Backed Obligations – 32.8%
Collateralized Mortgage Obligations – 0.9%
Inverse Floaters^(b)– 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
$	14,687		37.071	%		02/16/32	$	19,467

Sequential Fixed Rate – 0.3%
	FHLMC REMIC Series 2755, Class ZA
	332,347		5.000			02/15/34		370,201
	FHLMC REMIC Series 4246, Class PT
	152,570		6.500			02/15/36		177,951
	FHLMC REMIC Series 4273, Class PD
	738,598		6.500			11/15/43		874,865
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2^(b)(c) (1M USD LIBOR + 3.000%)
	1,903,049		3.109			06/25/50		1,909,444
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2^(b)(c) (SOFR30A + 2.800%)
	1,032,000		2.817			10/25/50		1,038,624
	FNMA REMIC Series 2011-52, Class GB
	660,070		5.000			06/25/41		743,216
	FNMA REMIC Series 2011-99, Class DB
	656,896		5.000			10/25/41		738,441
	FNMA REMIC Series 2012-111, Class B
	107,221		7.000			10/25/42		128,518
	FNMA REMIC Series 2012-153, Class B
	379,515		7.000			07/25/42		464,591

								6,445,851

Sequential Floating Rate^(b)– 0.6%
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	1,561,702		0.860			08/20/56		2,156,387
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	130,065		0.590			01/19/36		125,739
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	120,542		0.829			10/25/34		117,152
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,131,917		0.902			11/15/49		1,562,248
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	3,550,161		1.250			05/25/51		4,913,185


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate ^(b)– (continued)
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
$	1,438,406		0.984	%		03/20/56	$	1,983,791
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 (1 Year CMT + 2.592%)
	16,536		2.564			02/25/33		16,412
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1^(c)
	420,930		3.500			07/25/49		426,910

								11,301,824

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	17,767,142

Commercial Mortgage-Backed Securities – 0.3%
Sequential Fixed Rate – 0.2%
	BANK Series 2019-BN21, Class A5
$	950,000		2.851	%		10/17/52	$	986,913
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E^(c)
	2,024,000		2.500			11/15/52		1,567,886
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E^(c)
	1,304,000		2.500			03/15/53		1,110,285

								3,665,084

Sequential Floating Rate^(b)(c)– 0.1%
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D
	1,500,000		3.346			05/10/49		1,103,492
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D
	1,757,000		3.230			06/10/50		1,601,126

								2,704,618

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	6,369,702

Federal Agencies – 31.6%
Adjustable Rate FNMA^(b)– 0.1%
	(1 Year CMT + 2.227%)
$	2,587		2.784	%		06/01/33	$	2,719
	(1 Year USD LIBOR + 1.233%)
	145,707		1.868			06/01/35		151,225
	(1 Year USD LIBOR + 1.551%)
	690,720		2.409			09/01/34		722,242
	(1 Year USD LIBOR + 1.668%)
	283,430		2.590			07/01/34		297,308
	(1 Year USD LIBOR + 1.735%)
	638,945		2.525			05/01/35		671,366

								1,844,860

FHLMC – 0.4%
	12,117		5.000			05/01/23		13,374
	42,830		4.500			10/01/23		46,505
	18,902		5.500			10/01/25		21,121
	9,141		7.500			12/01/30		10,820
	4,595		7.500			01/01/31		5,434
	7,658		5.000			10/01/33		8,685


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	1,706		5.000			04/01/35		1,935
	11,550		5.000			07/01/35		13,185
	65,305		5.000			12/01/35		74,430
	149,595		5.000			01/01/38		171,007
	324,216		5.000			01/01/39		370,640
	98,770		5.000			06/01/39		112,548
	12,588		4.000			06/01/40		13,878
	7,737		5.000			08/01/40		8,917
	2,177		4.500			11/01/40		2,432
	99,002		4.000			02/01/41		109,216
	2,222		5.000			04/01/41		2,559
	7,032		5.000			06/01/41		8,098
	7,837		4.000			11/01/41		8,660
	2,118,226		4.000			03/01/48		2,284,147
	2,195,200		4.000			04/01/48		2,351,273
	2,056,143		4.500			08/01/48		2,293,419

								7,932,283

FNMA – 0.0%
	14,761		8.000			02/01/31		17,350
	14,196		7.000			03/01/31		15,363

								32,713

GNMA – 19.3%
	6,013		6.000			11/15/38		7,047
	40,526		5.000			07/15/40		43,294
	75,196		5.000			01/15/41		81,604
	4,625		4.000			02/20/41		5,064
	7,224		4.000			11/20/41		7,985
	1,204		4.000			01/20/42		1,330
	3,853		4.000			04/20/42		4,259
	2,389		4.000			10/20/42		2,641
	38,748		4.000			08/20/43		42,816
	3,827		4.000			03/20/44		4,220
	4,657		4.000			05/20/44		5,136
	323,854		4.000			11/20/44		356,536
	21,130		4.000			05/20/45		23,223
	3,019,519		4.000			07/20/45		3,314,804
	49,556		4.000			10/20/45		54,403
	9,238,889		3.500			04/20/47		9,828,783
	10,315,508		3.500			12/20/47		10,982,759
	322,162		4.500			02/20/48		352,036
	861,418		4.500			04/20/48		939,816
	2,338,893		4.500			05/20/48		2,550,112
	2,303,450		5.000			07/20/48		2,518,166
	3,719,282		4.500			08/20/48		4,040,922
	2,151,904		5.000			08/20/48		2,351,316
	16,219,945		4.500			09/20/48		17,607,426
	937,721		5.000			09/20/48		1,024,471
	2,811,039		5.000			10/20/48		3,070,213
	9,231,895		5.000			11/20/48		10,083,066
	14,697,292		4.500			12/20/48		15,909,742
	5,046,555		5.000			12/20/48		5,508,688
	11,331,245		4.500			01/20/49		12,257,162
	8,559,529		5.000			01/20/49		9,340,684
	5,796,370		4.000			02/20/49		6,221,469


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	1,878,950		4.500	%		02/20/49		$	2,031,898
	5,125,825		4.000			03/20/49			5,500,145
	1,542,406		4.500			03/20/49			1,667,478
	2,833,182		5.000			03/20/49			3,089,086
	4,227,589		4.000			05/20/49			4,531,360
	56,067		3.500			08/20/49			59,239
	7,262,998		5.000			08/20/49			7,930,407
	3,477,266		4.500			10/20/49			3,766,181
	10,482,130		3.500			03/20/50			11,057,209
	443,933		3.500			06/20/50			468,572
	1,017,669		3.500			07/20/50			1,074,152
	108,000,000		2.500			TBA-30yr	^(h)		111,257,135
	56,000,000		3.000			TBA-30yr	^(h)		58,325,216
	76,000,000		2.000			TBA-30yr	^(h)		76,574,431

									405,873,702

UMBS – 6.5%
	10,071		5.500			09/01/23			10,412
	3,552		5.500			10/01/23			3,675
	20,924		7.000			08/01/27			23,526
	852		6.500			09/01/27			953
	47,870		7.000			03/01/28			54,174
	1,378		6.500			05/01/28			1,566
	12,928		4.500			04/01/39			14,384
	6,175		4.500			05/01/39			6,860
	6,536		4.500			07/01/39			7,271
	26,550		4.500			08/01/39			29,530
	231,065		4.500			12/01/39			256,887
	622,277		4.500			05/01/41			697,112
	70,598		4.500			08/01/41			79,354
	21,242		3.000			11/01/42			22,823
	445,584		3.000			12/01/42			476,531
	649,860		3.000			01/01/43			699,439
	96,965		3.000			02/01/43			104,363
	683,904		3.000			03/01/43			736,077
	1,176,252		3.000			04/01/43			1,266,377
	819,561		3.000			05/01/43			883,108
	87,351		3.000			06/01/43			94,124
	693,080		3.000			07/01/43			746,819
	578,893		5.000			05/01/44			659,433
	2,376,897		4.500			04/01/45			2,688,769
	277,600		4.500			05/01/45			314,197
	832,202		4.500			06/01/45			928,870
	109,912		4.000			03/01/46			119,752
	69,567		4.000			06/01/46			75,544
	19,348		4.000			08/01/46			21,010
	137,205		4.000			10/01/46			148,992
	247,859		4.000			06/01/47			271,287
	3,228,383		4.500			07/01/47			3,579,018
	773,298		4.500			11/01/47			857,605
	365,876		4.000			12/01/47			402,746
	1,406,950		4.000			01/01/48			1,546,532
	3,775,056		4.000			02/01/48			4,129,825
	2,810,478		4.000			03/01/48			3,070,299
	873,378		4.500			04/01/48			952,356


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	2,180,698		4.000			06/01/48			2,394,998
	2,497,348		4.000			07/01/48			2,732,603
	3,535,865		4.000			08/01/48			3,851,296
	1,754,681		4.500			08/01/48			1,905,265
	1,107,617		4.500			09/01/48			1,234,948
	5,386,125		4.500			10/01/48			5,853,410
	1,726,502		4.500			11/01/48			1,873,589
	9,552,009		4.500			11/01/48			10,359,812
	6,662,326		5.000			11/01/48			7,568,766
	15,448,536		4.500			01/01/49			16,765,863
	3,559,944		4.500			04/01/49			3,864,342
	239,912		4.500			07/01/49			262,024
	10,199,004		3.000			09/01/49			10,804,955
	1,859,601		3.000			10/01/49			1,970,085
	2,853,727		3.000			12/01/49			3,009,898
	22,283,278		4.500			01/01/50			24,188,640
	12,497,053		3.000			12/01/50			13,210,249

									137,832,343

UMBS, 30 Year, Single Family^(h)– 5.3%
	88,000,000		2.000			TBA-30yr			87,762,272
	20,000,000		2.500			TBA-30yr			20,478,124
	3,000,000		4.500			TBA-30yr			3,266,718

									111,507,114

	TOTAL FEDERAL AGENCIES							$	665,023,015

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $681,937,981)							$	689,159,859



Agency Debentures – 3.1%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	7,083,968
	3,500,000		3.375			09/08/23			3,763,830
	750,000		3.375			12/08/23			810,255
	2,400,000		5.000			09/28/29			3,025,488
	FHLMC
	31,620,000		0.375			09/23/25			31,004,042
	FNMA
	3,700,000		1.875			09/24/26			3,861,690
	4,200,000		6.250			05/15/29			5,674,914
	Israel Government AID Bond⁽ⁱ⁾
	1,200,000		5.500			12/04/23			1,361,448
	2,400,000		5.500			04/26/24			2,765,808
	4,700,000		5.500			09/18/33			6,442,713

	TOTAL AGENCY DEBENTURES
	(Cost $62,937,851)							$	65,794,156



Municipal Debt Obligations – 2.2%
Arizona – 0.1%
	City of Tucson AZ Taxable Series A^(a)
$	745,000		0.984	%		07/01/26		$	732,009
	745,000		1.457			07/01/28			724,328
	690,000		1.932			07/01/31			668,515


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – (continued)
Arizona – (continued)
	City of Yuma AZ Pledged Revenue Taxable Series 2021
$	40,000		1.269	%		07/15/26	$	39,853
	35,000		1.749			07/15/28		35,057
	65,000		2.102			07/15/30		65,190

								2,264,952

California – 0.6%
	Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1^(a)
	645,000		1.079			04/01/26		636,016
	820,000		1.633			04/01/28		802,790
	415,000		2.069			04/01/31		405,583
	California State GO Bonds Build America Taxable Series 2009^(a)
	950,000		7.500			04/01/34		1,474,721
	1,650,000		7.550			04/01/39		2,665,491
	California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021
	95,000		1.807			02/01/30		91,082
	525,000		1.877			02/01/31		496,574
	Fresno Unified School District GO Bonds Taxable Refunding Series 2020
	355,000		1.162			08/01/26		353,158
	Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A^(a)
	345,000		1.197			11/01/26		338,873
	765,000		1.648			11/01/28		739,319
	2,295,000		2.074			11/01/30		2,217,592
	Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C^(a)
	245,000		1.831			11/01/29		235,515
	Port Of Oakland RB Taxable Refunding Series R^(a)
	330,000		1.949			05/01/28		329,104
	55,000		2.099			05/01/30		54,015
	385,000		2.199			05/01/31		378,064
	San Francisco Municipal Transportation Agency Revenue Refunding Series A
	555,000		1.302			03/01/28		539,235
	San Jose Financing Authority Lease RB Taxable Refunding Series A^(a)
	345,000		1.812			06/01/29		336,672
	195,000		1.862			06/01/30		188,352

								12,282,156

Colorado – 0.1%
	City & County of Denver CO Airport System Revenue Taxable
	Refunding Series C^(a)
	225,000		1.572			11/15/26		225,731
	Regional Transportation District Sales Tax Revenue Series 2021^(a)
	1,285,000		0.900			11/01/26		1,263,551
	Westminster Public Schools GO Bonds Taxable Refunding Series 2021
	325,000		0.906			12/01/26		318,178

								1,807,460

Florida ^(a)– 0.1%
	Florida State Board of Administration Finance Corp. RB Taxable Series A
	1,640,000		2.154			07/01/30		1,638,662


Municipal Debt Obligations – (continued)
Illinois – 0.2%
	Chicago O’Hare International Airport Revenue Taxable Refunding Series D^(a)
	395,000		1.704			01/01/26		399,645
	Illinois State GO Bonds Build America Series 2010^(a)
	160,000		6.630			02/01/35		191,579
	1,595,000		7.350			07/01/35		1,980,557
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,317,260

								3,889,041

Kansas – 0.0%
	Seward County Unified School District GO Bonds Taxable Refunding Series 2021
	100,000		0.889			09/01/26		97,984
	255,000		1.333			09/01/28		248,418

								346,402

Louisiana^(a)– 0.1%
	City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021
	60,000		0.958			06/01/26		58,490
	110,000		1.409			06/01/28		106,008
	City of New Orleans LA Water System Revenue Taxable Refunding Series 2021
	45,000		1.008			12/01/26		43,823
	105,000		1.459			12/01/28		100,754
	Louisiana State Transportation Authority Revenue Taxable Refunding Series A
	50,000		1.138			02/15/26		49,192
	50,000		1.648			02/15/28		48,647
	60,000		1.997			02/15/30		57,844
	State of Louisiana Highway Improvement Revenue Taxable Refunding Series A
	125,000		0.897			06/15/26		122,985
	200,000		1.320			06/15/28		193,394
	State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021
	105,000		1.059			09/01/26		102,517
	100,000		1.543			09/01/28		97,034

								980,688

Maryland – 0.1%
	State of Maryland Department of Transportation Revenue Taxable Refunding Series A
	910,000		0.906			08/01/26		883,675
	1,160,000		1.303			08/01/28		1,101,188

								1,984,863

Massachusetts – 0.0%
	City of Worcester MA GO Bonds Taxable Refunding Series B
	500,000		1.010			11/15/26		496,170
	145,000		1.514			11/15/28		142,814

								638,984


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – (continued)
New Jersey – 0.1%
	New Jersey Turnpike Authority Revenue Taxable Refunding Series B
$	845,000		1.047	%		01/01/26	$	831,129
	855,000		1.483			01/01/28		831,532

								1,662,661

New York – 0.7%
	City of New York GO Bonds Taxable Refunding Series D^(a)
	2,005,000		0.982			08/01/25		2,002,669
	2,365,000		1.396			08/01/27		2,321,831
	City of New York Transitional Finance Authority RB Taxable Series D-2^(a)
	490,000		1.920			11/01/29		483,422
	Metropolitan Transportation Authority Revenue Series 2010^(a)
	395,000		5.989			11/15/30		500,648
	New York City Transitional Finance Authority Future Tax Secured Revenue Series 2018^(a)
	1,970,000		3.590			08/01/27		2,197,061
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B^(a)
	2,670,000		5.175			11/15/49		3,307,309
	New York State Urban Development Corp. RB Taxable Refunding Series F^(a)
	490,000		1.000			03/15/26		476,624
	Port Authority of New York & New Jersey Revenue Bonds Taxable Series Aaa
	3,320,000		1.086			07/01/23		3,369,444

								14,659,008

North Carolina^(a)– 0.0%
	University of North Carolina Taxable Revenue Series 2021
	100,000		1.225			04/01/26		100,320
	410,000		1.710			04/01/28		406,899
	110,000		2.241			04/01/31		109,669

								616,888

Ohio^(a)– 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,690,000		6.270			02/15/50		2,299,394

Pennsylvania – 0.0%
	Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C
	125,000		2.758			06/01/30		128,382

Texas – 0.0%
	City of Austin TX Rental Car Special Facility Revenue Taxable Refunding Series 2021^(a)
	115,000		1.027			11/15/26		112,014
	City of Houston TX Airport System Revenue Taxable Refunding Series 2020
	355,000		2.235			07/01/29		356,582
	Laredo College District Taxable Refunding Series 2021
	35,000		5.000			08/01/28		42,962


Municipal Debt Obligations – (continued)
Texas – (continued)
	Laredo College District Taxable Refunding Series 2021 – (continued)
	55,000		5.000			08/01/30		68,532

								580,090

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $43,349,133)						$	45,779,631



U.S. Treasury Obligations – 24.9%
	United States Treasury Bonds
$	6,530,000		4.250	%		05/15/39	$	8,579,808
	13,000,000		3.750			11/15/43		16,272,344
	210,000		3.375	^(j)		05/15/44		248,817
	15,240,000		2.875			11/15/46		16,668,750
	1,820,000		3.375			11/15/48		2,188,550
	74,830,000		2.375	^(j)		11/15/49		74,444,158
	1,570,000		2.000			02/15/50		1,437,777
	United States Treasury Notes
	10,780,000		2.375			03/15/22		11,015,812
	135,850,000		0.125			08/31/22		135,850,000
	19,650,000		2.625			02/28/23		20,571,861
	2,630,000		2.000	^(j)		04/30/24		2,760,678
	2,680,000		2.625			03/31/25		2,889,166
	23,460,000		0.500	^(j)		02/28/26		22,998,131
	23,360,000		0.750			03/31/26		23,153,775
	1,000,000		1.625	^(j)		09/30/26		1,029,922
	36,550,000		0.750			01/31/28		35,042,312
	22,790,000		1.125			02/29/28		22,391,175
	23,190,000		1.250			03/31/28		22,947,230
	5,560,000		3.125	^(j)		11/15/28		6,217,644
	United States Treasury Strip Coupon^(e)
	50,580,000		0.000			02/15/38		34,048,575
	94,430,000		0.000			08/15/38		62,556,601

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $556,870,769)						$	523,313,086


Shares		Dividend Rate	Value

Investment Company ^(k)– 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,105,895	0.036%	$	3,105,895
	(Cost $3,105,895)

	TOTAL INVESTMENTS – 113.9%
	(Cost $2,390,042,551)		$	2,393,690,525

	LIABILITIES IN EXCESS OF OTHER ASSETS – (13.9)%			(291,258,001	)

	NET ASSETS – 100.0%		$	2,102,432,524


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

GOLDMAN SACHS CORE FIXED INCOME FUND



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

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

(f)		Actual maturity date is July 28, 2121.

(g)		Actual maturity date is April 03, 2120.

(h)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $357,663,896 which represents approximately 17.0% of the Fund’s net assets as of March 31, 2021.

(i)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $10,569,969, which represents approximately 0.5% of the Fund’s net assets as of March 31, 2021.

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

(k)		Represents an affiliated issuer.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
BofA Securities LLC	USD	7,531,379	NOK	63,845,380		06/16/21	$	67,141
Citibank NA	GBP	1,530,000	USD	2,097,918		05/20/21		11,666
	USD	6,361,424	NZD	8,877,788		06/16/21		162,347
JPMorgan Securities, Inc.	GBP	763,526	USD	1,047,077		05/20/21		5,683
	USD	6,643,959	AUD	8,626,188		06/16/21		89,758
State Street Bank (London)	USD	12,828,351	GBP	9,217,862		05/20/21		118,648
	USD	106,077,925	JPY	11,164,786,423		05/24/21		5,192,698
	USD	7,994,006	SEK	67,879,102		06/16/21		216,102
UBS AG (London)	USD	3,327,249	EUR	2,740,850		04/09/21		112,455
	USD	19,525,426	JPY	2,127,910,232		06/10/21		294,651

TOTAL							$	6,271,149


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	EUR	12,182,417	USD	14,516,556		06/16/21	$	(206,782	)
Citibank NA	USD	3,857,890	AUD	5,078,009		06/01/21		(191	)
	USD	7,167,490	CAD	9,066,480		06/16/21		(47,756	)
HSBC Bank PLC	JPY	882,463,424	USD	8,119,907		06/16/21		(144,227	)
JPMorgan Securities, Inc.	EUR	1,605,882	USD	1,896,977		04/09/21		(13,408	)
State Street Bank (London)	AUD	6,474,869	USD	4,990,447		06/01/21		(71,083	)

TOTAL							$	(483,447	)

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(14,000,000	)	$	(14,128,785	)
GNMA		4.000		TBA-30yr		04/21/21		(10,000,000	)		(10,675,721	)
GNMA		4.500		TBA-30yr		04/21/21		(1,000,000	)		(1,081,710	)
UMBS, 30 Year, Single Family		2.500		TBA-30yr		04/14/21		(5,000,000	)		(5,130,273	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		04/14/21		(5,000,000	)		(5,208,205	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		05/13/21		(12,000,000	)		(12,502,037	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		04/14/21		(12,000,000	)		(12,878,436	)

TOTAL (Proceeds Receivable: $61,711,914)										$	(61,605,167	)

(a)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		713			06/30/21	$	157,378,039		$	(120,277	)
10 Year U.S. Treasury Notes		529			06/21/21		69,265,938			(1,418,833	)
20 Year U.S. Treasury Bonds		735			06/21/21		113,626,406			(4,178,379	)

Total									$	(5,717,489	)
Short position contracts:
Japan 10 Year Government Bonds		(11	)		06/14/21	$	(15,017,024	)		(38,783	)
Ultra Long U.S. Treasury Bonds		(363	)		06/21/21		(65,782,406	)		2,433,173
Ultra 10 Year U.S. Treasury Notes		(578	)		06/21/21		(83,051,375	)		2,874,491
5 Year U.S. Treasury Notes		(544	)		06/30/21		(67,128,751	)		334,020

Total									$	5,602,901

TOTAL FUTURES CONTRACTS									$	(114,588	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M AUDOR^(a)	0.190%^(a)	02/22/23	AUD	195,160	^(b)	$	(56,000	)	$	(71,625	)	$	15,625
6M CDOR^(c)	0.804^(c)	02/28/23	CAD	153,730	^(b)		114,216			20,131			94,085
6M CDOR^(c)	0.750^(c)	03/01/23		255,070	^(b)		78,150			(70,318	)		148,468
0.275%^(c)	3M LIBOR^(a)	03/03/23	$	199,000	^(b)		114,851			42,139			72,712
6M CDOR^(c)	0.700^(c)	11/18/23	CAD	32,820	^(b)		(111,614	)		(639,264	)		527,650
3M AUDOR^(a)	0.500^(a)	01/25/24	AUD	102,040	^(b)		(91,304	)		150,034			(241,338	)
3M AUDOR^(a)	0.500^(a)	02/24/24		33,630	^(b)		25,831			83,263			(57,432	)
1M LIBOR + 0.090%^(a)	3M LIBOR^(a)	07/25/24	$	38,780			7,232			13,033			(5,801	)
3M SOFR + 0.241%^(a)	3M LIBOR^(a)	11/10/24		23,010			37,668			22			37,646
1.550^(c)	6M AUDOR^(c)	02/23/26	AUD	19,000	^(b)		28,785			14,349			14,436
1.597^(c)	3M LIBOR^(a)	03/11/26	$	14,210	^(b)		76,024			28,742			47,282
12M GBP^(d)	0.000^(d)	06/16/26	GBP	24,040	^(b)		(819,470	)		(835,148	)		15,678
3M STIBOR^(a)	0.500^(d)	06/16/26	SEK	270,160	^(b)		215,857			203,601			12,256
6M NIBOR^(c)	1.500^(d)	06/16/26	NOK	46,570	^(b)		(4,297	)		(17,516	)		13,219
(0.500)^(d)	12M EURO^(d)	06/16/26	EUR	21,860	^(b)		95,032			65,704			29,328
6M CHFOR^(c)	(0.250)^(d)	06/16/28	CHF	15,740	^(b)		(65,023	)		3,133			(68,156	)
6M AUDOR^(c)	0.750^(c)	06/16/28	AUD	11,020	^(b)		(404,432	)		(373,999	)		(30,433	)
(0.500)^(d)	12M EURO^(d)	06/16/28	EUR	15,570	^(b)		288,083			260,835			27,248
1.000^(c)	6M CDOR^(c)	06/16/28	CAD	10,380	^(b)		461,531			362,257			99,274
6M AUDOR^(c)	1.750^(c)	03/19/30	AUD	14,860	^(b)		(461,069	)		(242,625	)		(218,444	)
0.250^(c)	6M JYOR^(c)	03/19/30	JPY	608,950	^(b)		(7,453	)		(52,591	)		45,138
6M EURO^(c)	0.050^(d)	05/21/30	EUR	41,120	^(b)		(653,960	)		82,305			(736,265	)
0.750^(d)	3M STIBOR^(a)	06/18/30	SEK	25,140	^(b)		57,467			(41,590	)		99,057
0.250^(d)	6M EURO^(c)	06/18/30	EUR	17,540	^(b)		90,381			(1,807,406	)		1,897,787
6M AUDOR^(c)	1.240^(c)	10/28/30	AUD	14,230	^(b)		(757,469	)		(740,396	)		(17,073	)
1.240^(d)	6M NIBOR^(c)	10/29/30	NOK	118,930	^(b)		639,442			(811,446	)		1,450,888
6M AUDOR^(c)	1.710^(c)	01/21/31	AUD	35,690	^(b)		(1,379,141	)		(813,264	)		(565,877	)
0.500^(c)	6M GBP^(c)	01/26/31	GBP	21,660	^(b)		1,328,266			638,307			689,959
6M AUDOR^(c)	1.500^(c)	02/02/31	AUD	4,360	^(b)		(200,451	)		(133,675	)		(66,776	)
1.500^(c)	3M LIBOR^(a)	02/02/31	$	3,520	^(b)		168,082			34,812			133,270
1.000^(c)	6M GBP^(c)	02/10/31	GBP	16,550	^(b)		475,210			170,246			304,964
6M EURO^(c)	0.500^(d)	02/12/31	EUR	22,040	^(b)		84,605			323,153			(238,548	)
12M GBP^(d)	0.900^(d)	02/17/31	GBP	6,560	^(b)		(112,897	)		(20,864	)		(92,033	)
6M AUDOR^(c)	2.500^(c)	02/24/31	AUD	16,790	^(b)		(209,628	)		(122,105	)		(87,523	)
3M LIBOR^(a)	2.209^(c)	02/25/31	$	10,610	^(b)		(168,317	)		(31,688	)		(136,629	)
3M LIBOR^(a)	2.377^(c)	03/09/31		20,380	^(b)		(181,419	)		(96,508	)		(84,911	)
12M GBP^(d)	1.050^(d)	03/24/31	GBP	9,370	^(b)		(73,557	)		(44,050	)		(29,507	)
6M AUDOR^(c)	1.000^(c)	06/16/31	AUD	8,680	^(b)		(561,145	)		(527,709	)		(33,436	)
6M CDOR^(c)	1.250^(c)	06/16/31	CAD	6,950	^(b)		(460,071	)		(428,378	)		(31,693	)
0.250^(d)	12M GBP^(d)	06/16/31	GBP	20,170	^(b)		1,570,871			1,367,120			203,751
0.750^(c)	3M LIBOR^(a)	06/16/31	$	10,020	^(b)		1,015,999			942,250			73,749
0.000^(d)	6M EURO^(c)	06/16/31	EUR	4,690	^(b)		49,179			62,756			(13,577	)
2.000^(d)	6M NIBOR^(c)	06/16/31	NOK	52,880	^(b)		(63,088	)		(87,085	)		23,997
1.100^(d)	12M GBP^(d)	02/17/36	GBP	7,570	^(b)		82,380			14,517			67,863
2.431^(c)	3M LIBOR^(a)	02/25/36	$	13,050	^(b)		137,028			15,753			121,275
2.502^(c)	3M LIBOR^(a)	03/10/36		16,060	^(b)		127,808			82,014			45,794
0.260^(d)	6M EURO^(c)	05/21/40	EUR	20,780	^(b)		1,465,257			267,518			1,197,739
2.750^(c)	6M AUDOR^(c)	02/24/41	AUD	5,860	^(b)		87,210			21,516			65,694
1.100^(d)	12M GBP^(d)	03/24/41	GBP	5,990	^(b)		78,202			51,178			27,024


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR^(a)	2.000%^(c)	02/10/51	$	5,020	^(b)	$	(339,868	)	$	(267,390	)	$	(72,478	)
1.250%^(c)	6M GBP^(c)	03/11/51	GBP	3,370	^(b)		80,526			26,688			53,838
0.000^(d)	6M EURO^(c)	06/16/51	EUR	490	^(b)		81,722			67,081			14,641
0.500^(c)	6M JYOR^(c)	06/16/51	JPY	439,680	^(b)		85,571			73,781			11,790

TOTAL						$	2,066,793		$	(2,788,402	)	$	4,855,195

(a)

Payments made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(c)

Payments made semi-annually.

(d)

Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000%	8.204%		Citibank NA		10/17/57		2,450	$	(384,446	)	$	(668,319	)	$	283,873
Markit CMBX Series 10		3.000	5.692		Citibank NA		11/17/59		900		(112,678	)		(156,424	)		43,746
Markit CMBX Series 11		3.000	4.089		Citibank NA		11/18/54		3,350		(196,124	)		(519,127	)		323,003
Markit CMBX Series 11		3.000	4.089		JPMorgan Securities, Inc.		11/18/54		1,100		(66,137	)		(336,235	)		270,098
Markit CMBX Series 11		3.000	4.089		MS & Co. Int. PLC		11/18/54		1,100		(66,046	)		(308,661	)		242,615

TOTAL										$	(825,431	)	$	(1,988,766	)	$	1,163,335

(a)

Payments made monthly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28	1.000%	0.278%		06/20/22	$	33,100	$	307,331	$	278,946		$	28,385
CDX.NA.IG Index 34	1.000	0.319		06/20/23		25,375		395,838		241,002			154,836
CDX.NA.IG Index 34	1.000	0.554		06/20/25		130,600		2,441,155		1,460,162			980,993
General Electric Co. 2.700%, 10/09/22	1.000	0.517		06/20/24		2,825		45,724		(31,089	)		76,813
General Electric Co. 2.700%, 10/09/22	1.000	0.613		12/20/24		1,225		18,257		(14,516	)		32,773
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.470		12/20/24		1,080		21,808		10,654			11,154
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.633		12/20/25		5,030		87,320		27,435			59,885
Prudential Financial, Inc., 3.500%, 05/15/24	1.000	0.347		06/20/24		2,950		62,988		32,059			30,929


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Republic of Chile, 3.875%, 08/05/20		1.000%	0.391%		12/20/24	$	1,000	$	23,108		$	15,760		$	7,348
Republic of Chile, 3.875%, 08/05/20		1.000	0.529		12/20/25		5,120		114,619			101,203			13,416
Republic of Colombia, 10.375%, 01/28/33		1.000	0.832		06/20/24		3,580		19,054			(10,263	)		29,317
Republic of Colombia, 10.375%, 01/28/33		1.000	1.222		12/20/25		2,450		(25,160	)		14,774			(39,934	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.515		06/20/24		2,160		34,890			8,236			26,654
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.803		12/20/25		3,850		36,226			55,177			(18,951	)
Republic of Peru, 8.750%, 11/21/33		1.000	0.761		12/20/25		6,110		71,388			63,233			8,155
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.409		12/20/25		4,530		126,400			90,571			35,829
Russian Federation, 7.500%, 03/31/30		1.000	0.841		12/20/24		1,000		6,147			2,953			3,194
Russian Federation, 7.500%, 03/31/30		1.000	1.020		12/20/25		5,070		(4,289	)		55,899			(60,188	)
State of Qatar, 9.750%, 06/15/30		1.000	0.345		12/20/24		170		4,262			2,674			1,588
State of Qatar, 9.750%, 06/15/30		1.000	0.449		12/20/25		4,350		113,436			92,045			21,391
The Boeing Co., 8.750%, 08/15/21		1.000	0.770		06/20/24		1,225		10,171			17,132			(6,961	)
United Mexican States, 4.150%, 03/28/27		1.000	1.022		12/20/25		6,530		(6,377	)		(120,224	)		113,847

TOTAL								$	3,904,296		$	2,393,823		$	1,510,473

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3Y IRS	JPMorgan Securities, Inc.		0.700	%		11/14/2022		13,700,000	$	13,700,000	$	37,000	$	138,664	$	(101,664	)
Puts
3M IRS	BofA Securities LLC		0.584			06/30/2021		1,020,000		1,020,000		24,813		26,675		(1,862	)
3M IRS	Citibank NA		0.428			06/07/2021		990,000		990,000		41,608		38,699		2,909
3M IRS	Citibank NA		0.465			06/25/2021		1,010,000		1,010,000		41,037		30,157		10,880


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
3M IRS	Deutsche Bank AG (London)		0.925	%		06/01/2021		27,300,000		$	27,300,000		$	304,291		$	184,865		$	119,426
3M IRS	JPMorgan Securities, Inc.		0.325			06/01/2021		930,000			930,000			60,756			41,109			19,647
3M IRS	JPMorgan Securities, Inc.		0.390			06/01/2021		1,010,000			1,010,000			49,327			37,225			12,102
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		27,050,000			27,050,000			628,877			137,955			490,922
3M IRS	UBS AG (London)		0.415			06/04/2021		980,000			980,000			43,110			36,249			6,861
								60,290,000			60,290,000			1,193,819			532,934			660,885

Total purchased option contracts								73,990,000		$	73,990,000		$	1,230,819		$	671,598		$	559,221
Written option contracts
Calls
1M IRS	Citibank NA		0.031			04/29/2021		(5,140,000	)		(5,140,000	)		(17,834	)		(29,970	)		12,136
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(4,900,000	)		(4,900,000	)		(9,131	)		(28,573	)		19,442
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(5,070,000	)		(5,070,000	)		(1,642	)		(50,193	)		48,551
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(5,140,000	)		(5,140,000	)		(28,446	)		(32,761	)		4,315
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,700,000	)		(2,700,000	)		(32,544	)		(140,244	)		107,700
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(5,070,000	)		(5,070,000	)		(8,649	)		(47,785	)		39,136
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(5,070,000	)		(5,070,000	)		(30,488	)		(46,010	)		15,522
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(5,070,000	)		(5,070,000	)		(22,045	)		(46,771	)		24,726
3M IRS	MS & Co. Int. PLC		0.040			04/06/2021		(1,950,000	)		(1,950,000	)		—			(66,171	)		66,171
1M IRS	UBS AG (London)		0.023			04/06/2021		(5,140,000	)		(5,140,000	)		(3,048	)		(33,239	)		30,191
1M IRS	UBS AG (London)		0.039			04/12/2021		(240,000	)		(240,000	)		(447	)		(676	)		229
								(45,490,000	)	$	(45,490,000	)	$	(154,274	)	$	(522,393	)	$	368,119
Puts
3M IRS	BofA Securities LLC		1.250			06/30/2021		(6,320,000	)		(6,320,000	)		(32,812	)		(27,176	)		(5,636	)
1M IRS	Citibank NA		0.031			04/29/2021		(5,140,000	)		(5,140,000	)		(47,373	)		(29,970	)		(17,403	)
3M IRS	Citibank NA		1.025			06/07/2021		(6,280,000	)		(6,280,000	)		(51,899	)		(37,837	)		(14,062	)
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(4,900,000	)		(4,900,000	)		(29,993	)		(28,573	)		(1,420	)
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(5,070,000	)		(5,070,000	)		(69,491	)		(50,193	)		(19,298	)
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(27,300,000	)		(27,300,000	)		(162,590	)		(115,541	)		(47,049	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(27,300,000	)		(27,300,000	)		(81,849	)		(69,325	)		(12,524	)
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(5,140,000	)		(5,140,000	)		(19,938	)		(32,761	)		12,823
3M IRS	JPMorgan Securities, Inc.		0.980			06/01/2021		(6,530,000	)		(6,530,000	)		(60,118	)		(35,915	)		(24,203	)
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(27,050,000	)		(27,050,000	)		(485,591	)		(83,855	)		(401,736	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(27,050,000	)		(27,050,000	)		(362,425	)		(54,100	)		(308,325	)
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(5,070,000	)		(5,070,000	)		(74,582	)		(47,785	)		(26,797	)
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(5,070,000	)		(5,070,000	)		(66,277	)		(46,010	)		(20,267	)
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(5,070,000	)		(5,070,000	)		(56,989	)		(46,771	)		(10,218	)
3M IRS	MS & Co. Int. PLC		0.912			06/01/2021		(6,060,000	)		(6,060,000	)		(70,526	)		(40,602	)		(29,924	)
1M IRS	UBS AG (London)		0.023			04/06/2021		(5,140,000	)		(5,140,000	)		(33,528	)		(35,121	)		1,593
1M IRS	UBS AG (London)		0.039			04/12/2021		(240,000	)		(240,000	)		(1,469	)		(2,153	)		684
3M IRS	UBS AG (London)		0.963			06/04/2021		(6,310,000	)		(6,310,000	)		(63,653	)		(36,598	)		(27,055	)
3M IRS	UBS AG (London)		1.100			06/25/2021		(6,340,000	)		(6,340,000	)		(50,269	)		(29,005	)		(21,264	)
								(187,380,000	)	$	(187,380,000	)	$	(1,821,372	)	$	(849,291	)	$	(972,081	)

Total written option contracts								(232,870,000	)	$	(232,870,000	)	$	(1,975,646	)	$	(1,371,684	)	$	(603,962	)

TOTAL								(158,880,000	)	$	(158,880,000	)	$	(744,827	)	$	(700,086	)	$	(44,741	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)



Abbreviations:
1M IRS		—1 Month Interest Rate Swaptions
3M IRS		—3 Month Interest Rate Swaptions
3Y IRS		—3 Year Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – 39.2%
British Pound – 1.3%
	United Kingdom Gilt
GBP	2,980,000		3.500	%		01/22/45	$	5,871,147
	1,020,000		1.750			07/22/57		1,572,324
	710,000		3.500			07/22/68		1,757,152

								9,200,623

Canadian Dollar – 1.2%
	British Columbia Province of Canada
CAD	2,600,000		2.850			06/18/25		2,218,369
	2,000,000		4.950			06/18/40		2,141,195
	Ontario Province of Canada
	1,700,000		2.600			06/02/25		1,433,184
	2,300,000		4.650			06/02/41		2,375,971

								8,168,719

Chinese Yuan – 5.4%
	Agricultural Development Bank of China
CNY	12,220,000		3.740			07/12/29		1,878,207
	32,800,000		2.960			04/17/30		4,733,089
	China Development Bank
	17,690,000		3.340			07/14/25		2,691,956
	26,490,000		3.500			08/13/26		4,050,030
	7,420,000		4.040			04/10/27		1,161,504
	590,000		3.650			05/21/29		90,026
	10,700,000		3.450			09/20/29		1,608,663
	27,380,000		3.090			06/18/30		3,995,199
	China Government Bond
	18,480,000		3.250			06/06/26		2,843,260
	19,000,000		2.850			06/04/27		2,841,485
	12,660,000		3.280			12/03/27		1,940,725
	22,460,000		3.250			11/22/28		3,427,655
	8,400,000		3.290			05/23/29		1,284,815
	2,890,000		4.080			10/22/48		465,908
	25,690,000		3.860			07/22/49		3,999,420
	2,790,000		3.390			03/16/50		396,408

								37,408,350

Euro – 9.9%
	Federal Republic of Germany
EUR	15,060,000		1.500			05/15/23		18,491,982
	650,000		2.500			08/15/46		1,206,002
	French Republic Government Bond OAT
	1,700,000		4.500			04/25/41		3,532,043
	310,000		3.250			05/25/45		577,955
	800,000		1.750	^(a)		05/25/66		1,230,538
	Ireland Government Bond
	1,120,000		0.200			10/18/30		1,342,332
	Italy Buoni Poliennali Del Tesoro
	800,000		0.050	^(a)		01/15/23		945,459
	4,710,000		0.950			03/15/23		5,664,540
	4,190,000		6.000			05/01/31		7,469,085
	1,750,000		2.950	^(a)		09/01/38		2,608,563
	1,000,000		2.800	^(a)		03/01/67		1,465,969
	Italy Certificati di Credito del Tesoro/CCTS-eu^(b) (-1x6M Euribor + 1.850%)
	4,320,000		1.323			01/15/25		5,352,195


Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Kingdom of Belgium^(a)
EUR	960,000		4.250	%		03/28/41	$	1,926,703
	250,000		2.150			06/22/66		423,283
	Portugal Obrigacoes do Tesouro OT^(a)
	1,200,000		1.950			06/15/29		1,623,561
	Republic of Austria Government Bond^(a)
	450,000		1.500			11/02/86		725,893
	280,000		2.100	^(c)		09/20/17		575,299
	280,000		0.850	^(d)		06/30/20		320,068
	Republic of Indonesia^(a)
	650,000		2.625			06/14/23		802,655
	240,000		2.150			07/18/24		298,159
	Republic of Romania^(a)
	70,000		2.000			01/28/32		82,269
	400,000		3.375			01/28/50		489,895
	Spain Government Bond^(a)
	2,075,000		5.900			07/30/26		3,232,612
	3,250,000		1.500			04/30/27		4,197,357
	890,000		1.250			10/31/30		1,139,797
	1,110,000		3.450			07/30/66		2,084,629

								67,808,843

Indonesian Rupiah – 0.1%
	Republic of Indonesia
IDR	12,964,000,000		8.750			05/15/31		1,013,022

Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		783,890

Japanese Yen – 17.0%
	Government of Japan
JPY	4,782,000,000		0.100			03/01/23		43,391,926
	650,450,000		0.100			09/20/24		5,921,636
	596,200,000		2.500			09/20/34		6,990,765
	367,900,000		0.400			03/20/39		3,304,139
	130,600,000		0.300			12/20/39		1,146,815
	90,700,000		1.400			09/20/45		973,408
	621,400,000		0.500			03/20/60		5,246,754
	Japan Treasury Discount Bill^(e)
	4,237,950,000		0.000			06/28/21		38,284,505
	Japanese Government CPI Linked Bond
	1,242,506,048		0.100			03/10/29		11,302,345

								116,562,293

Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		349,909

Singapore Dollar – 0.2%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,674,913

South Korean Won – 0.9%
	Inflation Linked Korea Treasury Bond
KRW	1,850,759,565		1.000			06/10/26		1,673,136
	Korea Treasury Bond
	2,598,070,000		1.875			06/10/29		2,284,329
	2,641,660,000		1.375			12/10/29		2,217,183

								6,174,648


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – (continued)
Thai Baht – 1.0%
	Thailand Government Bond
THB	126,490,000		1.875	%		06/17/22	$	4,117,690
	76,900,000		2.400			12/17/23		2,577,646

								6,695,336

United States Dollar – 2.0%
	Abu Dhabi Government International Bond
$	500,000		3.125	^(a)		10/11/27		542,031
	600,000		4.125	^(a)		10/11/47		675,750
	1,370,000		4.125			10/11/47		1,542,963
	Mexico Government International Bond^(f)
	780,000		2.659			05/24/31		739,781
	811,000		3.771			05/24/61		714,440
	Republic of Indonesia
	970,000		5.875			01/15/24		1,095,494
	200,000		4.125	^(a)		01/15/25		219,000
	4,340,000		4.125			01/15/25		4,752,300
	790,000		3.850	^(a)		07/18/27		866,778
	Republic of Peru^(f)
	10,000		2.780			12/01/60		8,241
	100,000		3.230	^(g)		07/28/21		80,656
	Republic of Qatar^(a)
	1,820,000		5.103			04/23/48		2,300,594

								13,538,028

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $260,053,960)						$	269,378,574



Corporate Obligations – 37.9%
Aerospace & Defense^(f) – 1.2%
	Airbus SE
EUR	550,000		2.000	%		04/07/28	$	715,172
	500,000		2.375			04/07/32		676,912
	550,000		2.375			06/09/40		730,316
	Northrop Grumman Corp.
$	1,700,000		2.930			01/15/25		1,810,228
	1,100,000		3.250			01/15/28		1,178,111
	Raytheon Technologies Corp.
	27,000		3.650			08/16/23		28,869
	Teledyne Technologies, Inc.
	1,250,000		0.950			04/01/24		1,245,100
	The Boeing Co.
	1,075,000		5.150			05/01/30		1,238,013
	225,000		3.250			02/01/35		217,611
	225,000		3.375			06/15/46		203,020
	80,000		3.625			03/01/48		73,732
	80,000		3.850			11/01/48		77,322
	80,000		5.805			05/01/50		101,196

								8,295,602

Agriculture^(f) – 0.3%
	Altria Group, Inc.
EUR	200,000		3.125			06/15/31		270,321


Corporate Obligations – (continued)
Agriculture^(f) – (continued)
	BAT Capital Corp.
$	50,000		3.557			08/15/27		53,213
	1,450,000		2.259			03/25/28		1,426,090

								1,749,624

Automotive – 0.1%
	General Motors Financial Co., Inc.^(f)
	200,000		5.650			01/17/29		238,356
	Volkswagen Leasing GmbH
EUR	600,000		1.625			08/15/25		744,718

								983,074

Banks – 11.7%
	ABN AMRO Bank NV^(b)(f)
	(-1x 5 Year EUR Swap + 4.674)
	500,000		4.375			09/22/49		624,727
	(5 year EUR Swap + 2.450%)
	700,000		2.875			01/18/28		858,815
	AIB Group PLC^(b)(f)
	(-1X 5 year EUR Swap + 3.300%)
	675,000		2.875			05/30/31		838,750
	(3M USD LIBOR + 1.874%)
$	2,250,000		4.263	^(a)		04/10/25		2,445,457
	Australia & New Zealand Banking Group Ltd.^(a)(b)(f) (5 Year CMT + 1.288%)
	750,000		2.950			07/22/30		774,383
	Banco Santander SA
	800,000		2.706			06/27/24		844,880
	400,000		3.306			06/27/29		423,480
	1,600,000		3.490			05/28/30		1,671,872
EUR	500,000		1.625			10/22/30		597,895
$	800,000		2.749			12/03/30		760,568
	Bank of America Corp.
	750,000		5.875			02/07/42		1,018,755
	(3M USD LIBOR + 0.810%)
	2,900,000		3.366	^(b)(f)		01/23/26		3,119,588
	(SOFR + 2.150%)
	375,000		2.592	^(b)(f)		04/29/31		373,815
	Barclays PLC^(f)
	900,000		3.684			01/10/23		920,637
	(3M USD LIBOR + 1.400%)
	800,000		4.610	^(b)		02/15/23		826,496
	BNP Paribas SA
	1,450,000		3.375	^(a)		01/09/25		1,556,386
	1,250,000		3.375			01/09/25		1,341,712
	(-1X 3M Euribor + 0.950%)
EUR	900,000		0.500	^(b)(f)		09/01/28		1,052,338
	(3M Euribor + 1.800%)
	1,100,000		2.125	^(b)(f)		01/23/27		1,401,591
	(5 year EUR Swap + 1.830%)
	300,000		2.625	^(b)(f)		10/14/27		364,704
	(5 Year USD Swap + 1.483%)
$	950,000		4.375	^(a)(b)(f)		03/01/33		1,030,285
	(5 Year USD Swap + 4.149%)
	200,000		6.625	^(a)(b)(f)		03/25/49		218,098
	(SOFR + 1.004%)
	575,000		1.323	^(a)(b)(f)		01/13/27		562,873


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA – (continued)
	(SOFR + 2.074%)
$	550,000		2.219	%^(a)(b)(f)		06/09/26	$	563,888
	BPCE SA^(a)
	2,350,000		4.000			09/12/23		2,535,368
	(SOFR + 1.520%)
	1,000,000		1.652	^(b)(f)		10/06/26		997,510
	CaixaBank SA
EUR	400,000		1.125			05/17/24		484,813
	(-1X 3M Euribor + 0.850%)
	900,000		0.375	^(b)(f)		11/18/26		1,054,670
	Citigroup, Inc.
$	1,210,000		3.500			05/15/23		1,280,749
GBP	600,000		2.750	^(f)		01/24/24		868,873
	(SOFR + 0.686%)
$	1,575,000		0.776	^(b)(f)		10/30/24		1,573,614
	(SOFR + 2.842%)
	1,700,000		3.106	^(b)(f)		04/08/26		1,815,617
	(SOFR + 3.914%)
	25,000		4.412	^(b)(f)		03/31/31		28,420
	Citizens Bank NA^(f)
	250,000		3.250			02/14/22		255,663
	Commerzbank AG
EUR	550,000		4.000			03/23/26		716,159
	Commonwealth Bank of Australia^(a)(b)(f) (5 Year CMT + 2.050%)
$	1,000,000		3.610			09/12/34		1,033,270
	Cooperative Rabobank UA
EUR	550,000		3.875			07/25/23		702,892
	Credit Agricole SA^(a)(b)f)
	(SOFR + 0.892%)
$	1,100,000		1.247			01/26/27		1,075,437
	(SOFR + 1.676%)
	300,000		1.907			06/16/26		304,302
	Credit Suisse AG
	1,000,000		2.950			04/09/25		1,058,520
	Credit Suisse Group AG^(a)(b)(f)
	(3M USD LIBOR + 1.410%)
	2,800,000		3.869			01/12/29		2,993,396
	(SOFR + 1.560%)
	1,550,000		2.593			09/11/25		1,606,978
	Deutsche Bank AG^(b)(f)
	(-1X 3M Euribor + 2.050%)
EUR	1,600,000		1.750			11/19/30		1,942,592
	(SOFR + 1.870%)
$	275,000		2.129			11/24/26		275,531
	(SOFR + 2.159%)
	600,000		2.222			09/18/24		615,060
	Erste Group Bank AG^(b)(f) (5 Year EUR Swap + 6.204%)
EUR	600,000		6.500			04/15/49		789,546
	Fifth Third Bancorp^(f)
$	575,000		2.375			01/28/25		599,691
	HSBC Holdings PLC
	200,000		4.250			08/18/25		220,098
	450,000		4.950			03/31/30		524,768
	(3M USD LIBOR + 1.211%)
	2,150,000		3.803	^(b)(f)		03/11/25		2,318,151


Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co.^(f)
	3,200,000		3.625	%		12/01/27	$	3,475,808
	(3M USD LIBOR + 0.730%)
	305,000		3.559	^(b)		04/23/24		323,209
	(3M USD LIBOR + 0.890%)
	300,000		3.797	^(b)		07/23/24		321,303
	(SOFR + 2.515%)
	750,000		2.956	^(b)		05/13/31		763,350
	Kreditanstalt fuer Wiederaufbau^(h)
EUR	3,000,000		0.625			01/07/28		3,737,383
	Macquarie Bank Ltd.^(a)(b)(f) (5 year CMT + 1.700%)
$	800,000		3.052			03/03/36		765,864
	Macquarie Group Ltd.
EUR	350,000		0.625			02/03/27		418,301
	(3M USD LIBOR + 1.372%)
$	380,000		3.763	^(a)(b)(f)		11/28/28		415,389
	(SOFR + 1.069%)
	400,000		1.340	^(a)(b)(f)		01/12/27		392,416
	Natwest Group PLC
	200,000		3.875			09/12/23		214,480
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498	^(b)(f)		05/15/23		1,236,600
	Regions Financial Corp.^(f)
	210,000		3.800			08/14/23		225,355
	Santander UK Group Holdings PLC^(b)(f)
	(1 year CMT + 1.250%)
	1,000,000		1.532			08/21/26		991,830
	(SOFR + 0.787%)
	1,250,000		1.089			03/15/25		1,250,925
	Societe Generale SA
EUR	1,700,000		1.750			03/22/29		2,143,309
	(-1X 3M Euribor + 1.280%)
	400,000		0.875	^(b)(f)		09/22/28		477,669
	(1 year CMT + 1.100%)
$	1,500,000		1.488	^(a)(b)(f)		12/14/26		1,471,440
	Standard Chartered PLC^(a)(b)(f)
	(1 year CMT + 0.880%)
	325,000		1.214			03/23/25		326,157
	(1 year CMT + 1.000%)
	1,550,000		1.456			01/14/27		1,513,497
	The Huntington National Bank^(f)
	1,950,000		3.250			05/14/21		1,951,462
	300,000		1.800			02/03/23		306,963
	The PNC Financial Services Group, Inc.^(f)
	600,000		3.500			01/23/24		646,578
	UniCredit SpA
EUR	500,000		1.800			01/20/30		602,996
	(-1X 3M Euribor + 2.550%)
	350,000		2.200	^(b)(f)		07/22/27		433,491
	Wells Fargo & Co.^(b)(f) (SOFR + 2.000%)
$	2,450,000		2.188			04/30/26		2,527,444
	Westpac Banking Corp.^(b)(f)
	(5 year CMT + 1.350%)
	1,200,000		2.894			02/04/30		1,236,108
	(5 year CMT + 1.750%)
	475,000		2.668			11/15/35		451,787

								80,484,795


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Beverages^(f) – 2.3%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
$	750,000		4.900	%		02/01/46	$	891,353
	Anheuser-Busch InBev Worldwide, Inc.
	500,000		4.150			01/23/25		555,365
	1,700,000		4.750			01/23/29		1,986,416
	700,000		4.600			04/15/48		802,543
	Bacardi Ltd.^(a)
	1,200,000		4.700			05/15/28		1,373,424
	Constellation Brands, Inc.
	1,500,000		3.200			02/15/23		1,569,480
	1,500,000		4.400			11/15/25		1,691,625
	1,550,000		2.875			05/01/30		1,585,697
	Diageo Capital PLC
	1,950,000		2.000			04/29/30		1,905,247
	Keurig Dr Pepper, Inc.
	3,250,000		4.417			05/25/25		3,646,207
	50,000		5.085			05/25/48		62,687

								16,070,044

Biotechnology^(f) – 0.2%
	Biogen, Inc.
	1,600,000		2.250			05/01/30		1,538,992

Building Materials^(f) – 0.2%
	Carrier Global Corp.
	650,000		2.493			02/15/27		672,665
	225,000		2.722			02/15/30		227,113
	300,000		3.377			04/05/40		299,922

								1,199,700

Chemicals – 0.4%
	DuPont de Nemours, Inc.^(f)
	600,000		4.493			11/15/25		679,050
	Nutrition & Biosciences, Inc.^(a)(f)
	450,000		1.230			10/01/25		442,566
	200,000		1.832			10/15/27		195,702
	150,000		3.268			11/15/40		147,531
	Sasol Financing International Ltd.
	560,000		4.500			11/14/22		571,200
	Syngenta Finance NV^(a)(f)
	550,000		4.441			04/24/23		578,050
	400,000		4.892			04/24/25		427,200

								3,041,299

Commercial Services – 0.2%
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		223,000
	DP World PLC
	390,000		5.625			09/25/48		456,909
	Global Payments, Inc.^(f)
	450,000		1.200			03/01/26		441,473

								1,121,382

Computers^(f) – 1.2%
	Dell International LLC/EMC Corp.^(a)
	1,250,000		6.020			06/15/26		1,479,087
	1,075,000		4.900			10/01/26		1,222,039


Corporate Obligations – (continued)
Computers^(f) – (continued)
	Dell International LLC/EMC Corp.^(a) – (continued)
	875,000		5.300			10/01/29		1,023,146
	75,000		6.200			07/15/30		93,390
	Hewlett Packard Enterprise Co.
	1,200,000		4.450			10/02/23		1,304,568
	300,000		4.650			10/01/24		335,571
	1,850,000		4.900			10/15/25		2,108,778
	250,000		6.350			10/15/45		326,338

								7,892,917

Diversified Financial Services – 1.2%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	282,000		3.500	^(f)		05/26/22		289,504
	2,149,000		4.625			07/01/22		2,242,052
	AIG Global Funding^(a)
	224,000		2.300			07/01/22		229,271
	Air Lease Corp.^(f)
	1,150,000		3.250			03/01/25		1,208,535
	575,000		2.875			01/15/26		595,119
	American Express Co.^(f)
	255,000		2.500			07/30/24		269,512
	Aviation Capital Group LLC^(a)(f)
	400,000		1.950			01/30/26		389,756
	Avolon Holdings Funding Ltd.^(a)(f)
	400,000		3.950			07/01/24		418,076
	Capital One Financial Corp.^(f)
	505,000		3.300			10/30/24		544,526
	GE Capital Funding LLC^(a)(f)
	550,000		4.400			05/15/30		623,590
	GE Capital International Funding Co.
	1,350,000		4.418			11/15/35		1,544,886

								8,354,827

Electrical – 0.6%
	Ameren Corp.^(f)
	150,000		2.500			09/15/24		157,844
	CMS Energy Corp.^(b)(f) (5 year CMT + 2.900%)
	550,000		3.750			12/01/50		547,079
	DTE Energy Co.
	498,000		2.250			11/01/22		511,272
	Electricite de France SA^(a)(f)
	1,450,000		4.500			09/21/28		1,652,492
	Pacific Gas & Electric Co.^(f)
	250,000		2.500			02/01/31		235,780
	100,000		3.300			08/01/40		90,165
	200,000		3.500			08/01/50		174,058
	Sempra Energy^(f)
	700,000		3.400			02/01/28		752,185

								4,120,875

Engineering & Construction^(f) – 0.2%
	Mexico City Airport Trust
	540,000		3.875	^(a)		04/30/28		547,256
	200,000		5.500	^(a)		10/31/46		196,810
	430,000		5.500	^(a)		07/31/47		423,679
	200,000		5.500			07/31/47		197,060

								1,364,805


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food & Drug Retailing – 0.0%
	The JM Smucker Co.
$	225,000		3.000	%		03/15/22	$	230,720

Gas^(f) – 0.3%
	NiSource, Inc.
	1,025,000		3.600			05/01/30		1,111,182
	ONE Gas, Inc.
	1,225,000		1.100			03/11/24		1,225,882

								2,337,064

Healthcare Providers & Services^(f) – 0.7%
	DENTSPLY SIRONA, Inc.
	775,000		3.250			06/01/30		809,588
	Medtronic Global Holdings SCA
EUR	400,000		0.250			07/02/25		474,465
	300,000		2.250			03/07/39		411,998
	Smith & Nephew PLC
$	1,825,000		2.032			10/14/30		1,717,088
	Stryker Corp.
	1,700,000		1.950			06/15/30		1,643,050

								5,056,189

Insurance – 1.5%
	Ageas SA^(b)(f) (-1X 3M Euribor + 3.100%)
EUR	800,000		1.875			11/24/51		928,722
	Allianz SE^(b)(f) (-1X 5 year EUR Swap + 2.770%)
	800,000		2.625			10/30/49		945,206
	American International Group, Inc.
$	200,000		4.875			06/01/22		209,992
	150,000		4.125			02/15/24		164,249
	2,150,000		3.900	^(f)		04/01/26		2,373,277
	Aviva PLC^(b)(f) (5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		753,178
	AXA SA^(b)(f) (3M Euribor + 3.200%)
EUR	550,000		3.250			05/28/49		742,042
	CNP Assurances^(f)
	1,000,000		0.375			03/08/28		1,150,032
	Helvetia Europe SA^(b)(f) (-1X 5 year EUR Swap + 3.950%)
	550,000		2.750			09/30/41		697,751
	La Mondiale SAM^(f)
	600,000		0.750			04/20/26		712,809
	600,000		2.125			06/23/31		734,087
	Legal & General Group PLC^(b)(f) (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750			11/26/49		729,686
	M&G PLC^(b)(f) (5 year UK Government Bond + 3.724%)
	100,000		6.340			12/19/63		173,185

								10,314,216

Internet^(f) – 0.4%
	Booking Holdings, Inc.
EUR	600,000		0.100			03/08/25		705,942
	Expedia Group, Inc.
$	1,150,000		3.250			02/15/30		1,163,754
	Prosus NV^(a)
	210,000		3.680			01/21/30		217,087
	200,000		4.027			08/03/50		182,000


Corporate Obligations – (continued)
Internet^(f) – (continued)
	Prosus NV^(a) – (continued)
	200,000		3.832			02/08/51		176,510

								2,445,293

Investment Companies – 0.7%
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		400,306
	200,000		3.375	^(f)		02/24/30		194,063
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		406,537
	200,000		4.625			06/03/26		216,625
	200,000		4.875			11/22/26		220,188
	JAB Holdings B.V.
EUR	2,700,000		1.000			12/20/27		3,258,999

								4,696,718

Iron/Steel^(f) – 0.2%
	Steel Dynamics, Inc.
$	1,275,000		1.650			10/15/27		1,250,023

Lodging^(f) – 0.2%
	Marriott International, Inc.
	1,500,000		4.650			12/01/28		1,672,800

Machinery-Diversified^(f) – 0.1%
	Otis Worldwide Corp.
	900,000		2.565			02/15/30		906,111

Media^(f) – 1.1%
	Charter Communications Operating LLC/Charter Communications Operating Capital
	900,000		4.500			02/01/24		984,744
	3,400,000		4.908			07/23/25		3,858,558
	650,000		4.800			03/01/50		699,836
	Comcast Corp.
	1,000,000		3.700			04/15/24		1,091,150
	750,000		3.950			10/15/25		837,915

								7,472,203

Mining^(a) – 0.5%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,495,746
	650,000		4.125	^(f)		03/12/24		703,690
	775,000		4.875	^(f)		03/12/29		882,640

								3,082,076

Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	100,000		2.700			10/09/22		103,459
	300,000		6.750			03/15/32		401,730
	750,000		4.350	^(f)		05/01/50		833,250

								1,338,439

Multi-National – 1.0%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,317,558
	770,000		1.000			11/14/42		1,021,630
	FMS Wertmanagement^(h)
GBP	1,100,000		1.375			03/07/25		1,568,762

								6,907,950


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – 1.1%
	BP Capital Markets America, Inc.^(f)
$	700,000		3.790	%		02/06/24	$	759,514
	BP Capital Markets PLC
	250,000		3.814			02/10/24		272,468
	(-1X 5 year EUR Swap + 3.880%)
EUR	400,000		3.250	^(b)(f)		03/22/49		503,107
	(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625	^(b)(f)		03/22/49		509,078
	Devon Energy Corp.^(f)
$	100,000		5.850			12/15/25		116,625
	Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	^(a)		02/11/26		339,547
	210,000		5.150			02/11/26		230,016
	240,000		8.625	⁽ⁱ⁾		04/28/34		337,575
	310,000		7.288			08/16/37		405,422
	Gazprom PJSC Via Gaz Finance PLC^(a)
	400,000		3.250			02/25/30		382,750
	Occidental Petroleum Corp.
	300,000		5.550	^(f)		03/15/26		316,500
	250,000		6.450			09/15/36		275,312
	Phillips 66^(f)
	250,000		3.850			04/09/25		273,805
	200,000		1.300			02/15/26		197,990
	Pioneer Natural Resources Co.^(f)
	150,000		1.125			01/15/26		147,480
	Suncor Energy, Inc.^(f)
	900,000		3.100			05/15/25		961,083
	Wintershall Dea Finance B.V.^(f)
EUR	1,300,000		1.332			09/25/28		1,562,135

								7,590,407

Pharmaceuticals – 2.3%
	AbbVie, Inc.
$	620,000		2.300			11/21/22		637,713
	300,000		3.750	^(f)		11/14/23		323,214
	1,350,000		2.600	^(f)		11/21/24		1,424,371
	200,000		4.250	^(f)		11/14/28		228,028
	750,000		3.200	^(f)		11/21/29		796,245
	550,000		4.050	^(f)		11/21/39		613,118
	625,000		4.875	^(f)		11/14/48		764,138
	1,700,000		4.250	^(f)		11/21/49		1,924,332
	Bayer US Finance II LLC^(a)(f)
	750,000		3.875			12/15/23		808,485
	1,000,000		4.250			12/15/25		1,113,380
	Becton Dickinson & Co.^(f)
	3,275,000		3.363			06/06/24		3,511,389
	1,000,000		3.700			06/06/27		1,102,200
	Cigna Corp.^(f)
	600,000		4.900			12/15/48		735,144
	CVS Health Corp.^(f)
	123,000		3.700			03/09/23		130,466
	300,000		2.625			08/15/24		316,521
	100,000		5.050			03/25/48		122,753
	Takeda Pharmaceutical Co. Ltd.^(f)
EUR	500,000		1.375			07/09/32		612,232


Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Upjohn Finance B.V.^(f)
	500,000		1.908			06/23/32		629,699

								15,793,428

Pipelines – 0.9%
	Abu Dhabi Crude Oil Pipeline LLC^(a)
	1,260,000		4.600			11/02/47		1,422,225
	Energy Transfer Operating LP^(f)
	250,000		5.250			04/15/29		284,975
	Enterprise Products Operating LLC^(f)
	500,000		3.750			02/15/25		547,125
	EQM Midstream Partners LP^(f)
	76,000		4.750			07/15/23		78,660
	Galaxy Pipeline Assets Bidco Ltd.^(a)
	200,000		2.625			03/31/36		191,000
	MPLX LP^(f)
	250,000		4.500			04/15/38		273,088
	150,000		5.500			02/15/49		178,766
	Sabine Pass Liquefaction LLC^(f)
	1,500,000		5.625			03/01/25		1,716,285
	Sunoco Logistics Partners Operations LP^(f)
	250,000		5.300			04/01/44		258,200
	The Williams Cos., Inc.^(f)
	550,000		3.600			03/15/22		563,139
	450,000		3.900			01/15/25		487,723

								6,001,186

Real Estate^(f) – 0.5%
	Country Garden Holdings Co. Ltd.
	310,000		3.300			01/12/31		292,950
	Grand City Properties SA
EUR	600,000		0.125			01/11/28		680,999
	Logicor Financing S.a.r.l.
	600,000		2.250			05/13/25		756,356
	550,000		3.250			11/13/28		750,137
	SBB Treasury Oyj
	950,000		0.750			12/14/28		1,079,451

								3,559,893

Real Estate Investment Trust^(f) – 1.1%
	National Retail Properties, Inc.
$	375,000		3.900			06/15/24		407,460
	Prologis LP
	1,000,000		2.250			04/15/30		986,020
	Simon Property Group LP
	576,000		2.750			06/01/23		600,595
	Spirit Realty LP
	300,000		2.100			03/15/28		291,813
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		1,016,280
	200,000		3.400			01/15/28		211,374
	300,000		2.850			12/15/32		290,787
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)
	400,000		3.750			09/17/24		424,240
	WP Carey, Inc.
	240,000		4.600			04/01/24		264,060
	170,000		4.000			02/01/25		184,506


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Real Estate Investment Trust^(f) – (continued)
	WP Carey, Inc. – (continued)
$	625,000		2.400	%		02/01/31	$	599,769
	WPC Eurobond B.V.
EUR	1,775,000		1.350			04/15/28		2,149,921
	WPC Eurobond BV
	300,000		0.950			06/01/30		347,300

								7,774,125

Retailing^(f) – 0.4%
	Dollar Tree, Inc.
$	650,000		4.000			05/15/25		717,652
	Walgreens Boots Alliance, Inc.
	1,850,000		3.200			04/15/30		1,924,888

								2,642,540

Savings & Loans^(a)(b)(f) – 0.1%
	Nationwide Building Society
	(3M USD LIBOR + 1.181%)
	200,000		3.622			04/26/23		206,284
	(3M USD LIBOR + 1.855%)
	500,000		3.960			07/18/30		547,035

								753,319

Semiconductors – 1.2%
	Broadcom, Inc.
	3,193,000		3.459	^(f)		09/15/26		3,427,973
	1,050,000		3.419			04/15/33		1,053,007
	3,700,000		3.469			04/15/34		3,712,651

								8,193,631

Software^(f) – 0.3%
	Fidelity National Information Services, Inc.
EUR	400,000		0.750			05/21/23		477,242
	550,000		0.625			12/03/25		659,400
	Fiserv, Inc.
$	650,000		3.200			07/01/26		700,954

								1,837,596

Sovereign – 0.4%
	European Financial Stability Facility^(h)
EUR	1,170,000		0.875			04/10/35		1,496,560
	European Union
	820,000		0.200			06/04/36		955,998

								2,452,558

Telecommunication Services – 2.7%
	AT&T, Inc.^(f)
$	250,000		3.000			06/30/22		256,743
	1,879,000		2.550	^(a)		12/01/33		1,783,528
EUR	600,000		1.800			09/14/39		707,947
$	100,000		4.350			06/15/45		109,610
	100,000		4.850			07/15/45		114,908
	550,000		5.450			03/01/47		687,819
	600,000		4.500			03/09/48		658,458
	Deutsche Telekom International Finance B.V.^(a)(f)
	500,000		2.485			09/19/23		520,115
	1,300,000		4.375			06/21/28		1,490,203


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	T-Mobile USA, Inc.^(a)(f)
	500,000		3.500			04/15/25		539,320
	900,000		3.750			04/15/27		983,124
	900,000		3.875			04/15/30		976,590
	1,675,000		2.550			02/15/31		1,636,453
	550,000		3.000			02/15/41		511,836
	Telefonica Emisiones SA^(f)
EUR	500,000		1.788			03/12/29		645,296
	Verizon Communications, Inc.
$	3,084,000		4.329			09/21/28		3,531,149
	1,000,000		2.550	^(f)		03/21/31		998,690
	64,000		5.012			04/15/49		79,044
	300,000		4.000	^(f)		03/22/50		322,767
	676,000		2.987	^(a)(f)		10/30/56		594,704
	Vodafone Group PLC
	1,000,000		4.375			05/30/28		1,148,490

								18,296,794

Trading Companies & Distributors^(f) – 0.2%
	Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200			07/24/25		565,267
	600,000		1.750			03/12/29		727,698

								1,292,965

	TOTAL CORPORATE OBLIGATIONS
	(Cost $248,456,722)						$	260,116,180



Asset-Backed Securities^(b) – 6.7%
Collateralized Loan Obligations^(a) – 4.8%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		1.541	%		01/15/33	$	2,108,497
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		1.461			04/15/33		2,107,260
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	2,675,549		1.063			01/27/28		2,675,685
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		1.481			04/15/33		5,321,105
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		0.991			04/15/29		5,285,017
	Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		1.571			01/15/33		1,402,146
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	396,535		2.947			07/25/59		410,840
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		1.594			04/14/33		1,800,569
	Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	1,400,000		4.341			04/15/32		1,389,221


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(a) – (continued)
	Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
$	3,700,000		1.131	%		04/15/29	$	3,698,679
	Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	900,000		4.374			04/20/32		900,288
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		1.521			04/15/33		3,485,182
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		1.301			04/15/31		2,100,460

								32,684,949

Home Equity^(b) – 0.0%
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	35,158		7.000			09/25/37		35,654

Student Loans – 1.9%
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(a) (1M USD LIBOR + 1.200%)
	2,915,678		1.309			12/27/66		2,954,167
	Educational Services of America, Inc. Series 2015-2, Class A^(a) (1M USD LIBOR + 1.000%)
	635,893		1.109			12/25/56		641,886
	Higher Education Funding I Series 2014-1, Class A^(a) (3M USD LIBOR + 1.050%)
	2,295,312		1.238			05/25/34		2,307,950
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	253,430		1.138			02/25/42		252,090
	Navient Student Loan Trust Series 2017-2A, Class A^(a) (1M USD LIBOR + 1.050%)
	4,561,848		1.159			12/27/66		4,619,304
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a) (1M USD LIBOR + 0.850%)
	166,408		0.959			02/25/48		166,723
	PHEAA Student Loan Trust Series 2016-1A, Class A^(a) (1M USD LIBOR + 1.150%)
	2,000,035		1.259			09/25/65		2,014,622

								12,956,742

	TOTAL ASSET-BACKED SECURITIES
	(Cost $45,449,219)						$	45,677,345



Mortgage-Backed Obligations – 22.7%
Collateralized Mortgage Obligations – 2.3%
Interest Only^(j) – 1.4%
	FHLMC REMIC Series 3852, Class SW^(b) (-1x 1M USD LIBOR + 6.000%)
$	240,694		5.894	%		05/15/41	$	39,367
	FHLMC REMIC Series 4314, Class SE^(b) (-1x 1M USD LIBOR + 6.050%)
	224,066		5.944			03/15/44		37,836


Mortgage-Backed Obligations – (continued)
Interest Only^(j) – (continued)
	FHLMC REMIC Series 4320, Class SD^(b) (-1x 1M USD LIBOR + 6.100%)
	188,091		5.994			07/15/39		34,330
	FHLMC REMIC Series 4583, Class ST^(b) (-1x 1M USD LIBOR + 6.000%)
	776,595		5.894			05/15/46		144,617
	FHLMC REMIC Series 4792, Class SA^(b) (-1x 1M USD LIBOR + 6.200%)
	397,803		6.094			05/15/48		61,270
	FHLMC REMIC Series 4936, Class ES^(b) (-1x 1M USD LIBOR + 6.000%)
	179,491		5.891			12/25/49		29,329
	FHLMC REMIC Series 4980, Class KI
	2,103,747		4.500			06/25/50		367,449
	FHLMC REMIC Series 4991, Class IE
	1,079,677		5.000			07/25/50		178,107
	FHLMC REMIC Series 4998, Class GI
	1,597,269		4.000			08/25/50		280,241
	FHLMC REMIC Series 5002, Class SJ^(b) (-1x 1M USD LIBOR + 6.100%)
	1,863,748		5.991			07/25/50		370,051
	FHLMC REMIC Series 5009, Class DI
	1,265,980		2.000			09/25/50		150,532
	FHLMC REMIC Series 5012, Class DI
	309,457		4.000			09/25/50		54,351
	FHLMC REMIC Series 5020, Class IH
	1,355,817		3.000			08/25/50		200,386
	FHLMC STRIPS Series 304, Class C45
	172,060		3.000			12/15/27		9,542
	FNMA REMIC Series 2011-124, Class SC^(b) (-1x 1M USD LIBOR + 6.550%)
	232,107		6.441			12/25/41		44,181
	FNMA REMIC Series 2012-5, Class SA^(b) (-1x 1M USD LIBOR + 5.950%)
	334,866		5.841			02/25/42		60,168
	FNMA REMIC Series 2014-6, Class SA^(b) (-1x 1M USD LIBOR + 6.600%)
	296,281		6.491			02/25/44		58,074
	FNMA REMIC Series 2015-34, Class LS^(b) (-1x 1M USD LIBOR + 6.100%)
	1,032,474		5.991			06/25/45		219,175
	FNMA REMIC Series 2017-31, Class SG^(b) (-1x 1M USD LIBOR + 6.100%)
	604,753		5.991			05/25/47		121,557
	FNMA REMIC Series 2017-86, Class SB^(b) (-1x 1M USD LIBOR + 6.150%)
	459,548		6.041			11/25/47		91,003
	FNMA REMIC Series 2018-17, Class CS^(b) (-1x 1M USD LIBOR + 3.450%)
	1,788,472		2.500			03/25/48		114,928
	FNMA REMIC Series 2018-38, Class SG^(b) (-1x 1M USD LIBOR + 6.200%)
	164,474		6.091			06/25/48		26,130
	FNMA REMIC Series 2019-41, Class SB^(b) (-1x 1M USD LIBOR + 6.050%)
	930,191		5.941			08/25/49		190,385


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(j) – (continued)
	FNMA REMIC Series 2020-45, Class AI
$	722,378		4.000	%		07/25/50	$	118,740
	FNMA REMIC Series 2020-60, Class KI
	1,311,293		2.000			09/25/50		155,919
	FNMA REMIC Series 2020-60, Class NI
	287,394		4.000			09/25/50		50,476
	GNMA REMIC Series 2020-61, Class SW^(b) (-1X 1M USD LIBOR + 6.050%)
	1,112,526		5.939			08/20/49		170,449
	GNMA REMIC Series 2010-101, Class S^(b) (-1x 1M USD LIBOR + 6.000%)
	510,036		5.889			08/20/40		96,267
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x 1M USD LIBOR + 6.250%)
	417,844		6.139			02/20/40		82,517
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x 1M USD LIBOR + 6.050%)
	432,929		5.939			08/20/43		88,478
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x 1M USD LIBOR + 6.100%)
	90,136		5.989			09/20/43		17,426
	GNMA REMIC Series 2013-152, Class SG^(b) (-1x 1M USD LIBOR + 6.150%)
	161,384		6.039			06/20/43		31,350
	GNMA REMIC Series 2013-152, Class TS^(b) (-1x 1M USD LIBOR + 6.100%)
	152,037		5.989			06/20/43		29,018
	GNMA REMIC Series 2013-181, Class SA^(b) (-1x 1M USD LIBOR + 6.100%)
	556,205		5.989			11/20/43		109,602
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x 1M USD LIBOR + 5.600%)
	1,226,884		5.489			08/20/44		220,224
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x 1M USD LIBOR + 6.100%)
	334,584		5.989			10/20/43		45,022
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x 1M USD LIBOR + 5.600%)
	191,493		5.489			09/20/44		32,594
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x 1M USD LIBOR + 5.600%)
	579,191		5.494			10/16/44		103,726
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x 1M USD LIBOR + 5.710%)
	1,017,336		5.599			08/20/45		169,074
	GNMA REMIC Series 2015-111, Class IM
	486,461		4.000			08/20/45		63,105
	GNMA REMIC Series 2015-123, Class SP^(b) (-1x 1M USD LIBOR + 6.250%)
	278,259		6.139			09/20/45		53,120
	GNMA REMIC Series 2015-129, Class IC
	191,717		4.500			09/16/45		34,437
	GNMA REMIC Series 2015-167, Class AS^(b) (-1x 1M USD LIBOR + 6.250%)
	173,542		6.139			11/20/45		30,507
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x 1M USD LIBOR + 6.200%)
	127,274		6.089			11/20/45		25,071


Mortgage-Backed Obligations – (continued)
Interest Only^(j) – (continued)
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x 1M USD LIBOR + 5.600%)
	845,187		5.489			04/20/45		135,422
	GNMA REMIC Series 2016-1, Class ST^(b) (-1x 1M USD LIBOR + 6.200%)
	220,977		6.089			01/20/46		39,115
	GNMA REMIC Series 2016-138, Class GI
	519,770		4.000			10/20/46		77,543
	GNMA REMIC Series 2016-27, Class IA
	271,040		4.000			06/20/45		29,070
	GNMA REMIC Series 2018-105, Class SC^(b) (-1x 1M USD LIBOR + 6.200%)
	307,303		6.089			08/20/48		49,621
	GNMA REMIC Series 2018-122, Class SE^(b) (-1x 1M USD LIBOR + 6.200%)
	679,814		6.089			09/20/48		108,470
	GNMA REMIC Series 2018-137, Class SN^(b) (-1x 1M USD LIBOR + 6.150%)
	729,259		6.039			10/20/48		121,289
	GNMA REMIC Series 2018-139, Class SQ^(b) (-1x 1M USD LIBOR + 6.150%)
	445,372		6.039			10/20/48		71,520
	GNMA REMIC Series 2018-147, Class SA^(b) (-1x 1M USD LIBOR + 6.200%)
	642,164		6.089			10/20/48		108,766
	GNMA REMIC Series 2018-72, Class IB
	613,693		4.000			04/20/46		92,116
	GNMA REMIC Series 2019-1, Class SN^(b) (-1x 1M USD LIBOR + 6.050%)
	333,043		5.939			01/20/49		53,360
	GNMA REMIC Series 2019-110, Class PS^(b) (-1X 1M USD LIBOR + 6.050%)
	1,945,590		5.939			09/20/49		369,843
	GNMA REMIC Series 2019-110, Class SD^(b) (-1x 1M USD LIBOR + 6.100%)
	895,386		5.989			09/20/49		140,535
	GNMA REMIC Series 2019-110, Class SE^(b) (-1x 1M USD LIBOR + 6.100%)
	869,006		5.989			09/20/49		133,915
	GNMA REMIC Series 2019-128, Class IO
	637,628		4.000			10/20/49		91,844
	GNMA REMIC Series 2019-129, Class AI
	1,015,688		3.500			10/20/49		141,133
	GNMA REMIC Series 2019-151, Class IA
	2,982,353		3.500			12/20/49		385,903
	GNMA REMIC Series 2019-151, Class NI
	1,424,118		3.500			10/20/49		145,491
	GNMA REMIC Series 2019-153, Class EI
	1,511,237		4.000			12/20/49		228,722
	GNMA REMIC Series 2019-153, Class SC^(b) (-1X 1M USD LIBOR + 6.050%)
	333,435		5.939			12/20/49		52,913
	GNMA REMIC Series 2019-20, Class SF^(b) (-1x 1M USD LIBOR + 3.790%)
	949,014		3.679			02/20/49		78,776
	GNMA REMIC Series 2019-4, Class SJ^(b) (-1x 1M USD LIBOR + 6.050%)
	851,764		5.939			01/20/49		139,358


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(j) – (continued)
	GNMA REMIC Series 2019-69, Class S^(b) (-1x 1M USD LIBOR + 3.270%)
$	1,078,079		3.159	%		06/20/49	$	79,096
	GNMA REMIC Series 2019-78, Class SE^(b) (-1x 1M USD LIBOR + 6.100%)
	247,942		5.989			06/20/49		38,685
	GNMA REMIC Series 2019-97, Class SC^(b) (-1x 1M USD LIBOR + 6.100%)
	688,999		5.989			08/20/49		111,672
	GNMA REMIC Series 2019-98, Class SC^(b) (-1x 1M USD LIBOR + 6.050%)
	913,141		5.939			08/20/49		148,843
	GNMA REMIC Series 2020-11, Class SN^(b) (-1x 1M USD LIBOR + 6.050%)
	1,378,542		5.939			01/20/50		243,428
	GNMA REMIC Series 2020-146, Class KI
	1,869,710		2.500			10/20/50		232,178
	GNMA REMIC Series 2020-173, Class AI
	1,181,921		2.500			11/20/50		122,806
	GNMA REMIC Series 2020-36, Class AS^(b) (1M USD LIBOR + 6.050%)
	1,055,603		6.050			03/20/50		194,073
	GNMA REMIC Series 2020-55, Class AS^(b) (-1x 1M USD LIBOR + 6.050%)
	844,226		5.939			04/20/50		153,065
	GNMA REMIC Series 2020-55, Class IO
	1,841,216		3.500			04/20/50		253,969
	GNMA REMIC Series 2020-61, Class SF^(b) (-1x 1M USD LIBOR + 6.440%)
	1,461,192		6.329			07/20/43		291,236
	GNMA REMIC Series 2020-78, Class DI
	2,174,741		4.000			06/20/50		310,312
	GNMA REMIC Series 2020-78, Class SD^(b) (-1x 1M USD LIBOR + 6.150%)
	391,216		6.039			06/20/50		63,588

								9,647,807

Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2011-52, Class GB
	285,607		5.000			06/25/41		321,584
	FNMA REMIC Series 2011-99, Class DB
	270,487		5.000			10/25/41		304,064
	FNMA REMIC Series 2012-111, Class B
	32,991		7.000			10/25/42		39,544
	FNMA REMIC Series 2012-153, Class B
	133,947		7.000			07/25/42		163,973

								829,165

Sequential Floating Rate^(b) – 0.7%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	55,978		1.759			09/25/35		52,264
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.420%)
	196,308		0.531			03/20/46		156,810
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	9,168		2.912			04/20/35		9,098


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%)
	666,633		3.909			03/25/29		692,120
	FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2, Class M2 (1M USD LIBOR + 3.450%)
	675,000		3.559			10/25/29		698,869
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	718,497		0.860			08/20/56		992,095
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	241,926		3.193			08/19/36		235,214
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	574,406		0.902			11/15/49		792,783
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	433,759		1.259			01/25/46		406,584
	Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	47,534		0.918			11/20/34		46,006
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
GBP	553,233		0.984			03/20/56		762,996

								4,844,839

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	15,321,811

Commercial Mortgage-Backed Securities – 0.7%
	BANK Series 2017-BNK4, Class C^(b)
$	900,000		4.372	%		05/15/50	$	944,659
	BANK Series 2018-BK15, Class D^(a)
	290,000		3.000			11/15/61		248,160
	BANK Series 2018-BNK14, Class D^(a)
	350,000		3.000			09/15/60		315,032
	BANK Series 2019-BNK19, Class D^(a)
	200,000		3.000			08/15/61		183,409
	Benchmark Mortgage Trust Series 2018-B6, Class D^(a)(b)
	400,000		3.118			10/10/51		378,827
	Benchmark Mortgage Trust Series 2019-B13, Class D^(a)
	450,000		2.500			08/15/57		392,250
	Citigroup Commercial Mortgage Trust Series 2017-P7, Class D^(a)
	200,000		3.250			04/14/50		169,837
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D^(a)
	400,000		3.000			09/15/50		336,997
	JPMBD Commercial Mortgage Series 2017-C7, Class D^(a)
	250,000		3.000			10/15/50		221,988
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D^(a)
	500,000		3.000			07/15/50		454,050
	Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B^(b)
	1,300,000		3.514			10/15/52		1,367,911

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	5,013,120


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Federal Agencies – 19.7%
FHLMC – 0.0%
$	2,259		5.000	%		01/01/33		$	2,564
	203		5.000			06/01/33			230
	3,079		5.000			07/01/33			3,493
	3,935		5.000			08/01/33			4,462
	664		5.000			10/01/33			753
	2,202		5.000			11/01/33			2,498
	922		5.000			12/01/33			1,045
	2,842		5.000			02/01/34			3,227
	1,011		5.000			03/01/34			1,155
	2,520		5.000			04/01/34			2,877
	3,192		5.000			05/01/34			3,621
	50,508		5.000			06/01/34			57,326
	852		5.000			11/01/34			973
	12,456		5.000			04/01/35			14,129
	364		5.000			11/01/35			413
	7,140		5.000			02/01/37			8,162
	241		5.000			11/01/37			275
	12,811		5.000			01/01/40			14,765
	9,441		4.000			06/01/40			10,408
	74,251		4.000			02/01/41			81,912
	5,877		4.000			11/01/41			6,495

									220,783

GNMA – 12.6%
	323,854		4.000			11/20/44			356,536
	30,233		4.000			05/20/45			33,227
	732,836		4.000			07/20/45			804,501
	524,871		4.000			01/20/46			575,215
	241,508		4.500			02/20/48			263,903
	77,213		4.500			03/20/48			84,331
	287,139		4.500			04/20/48			313,272
	657,143		4.500			05/20/48			716,488
	903,524		4.500			08/20/48			981,660
	561,366		5.000			08/20/48			613,387
	4,324,092		4.500			09/20/48			4,693,983
	624,959		5.000			09/20/48			682,775
	679,303		5.000			10/20/48			741,934
	2,822,724		5.000			11/20/48			3,082,976
	1,134,338		5.000			12/20/48			1,238,214
	3,537,165		4.500			01/20/49			3,826,199
	2,041,427		5.000			01/20/49			2,227,731
	1,337,624		4.000			02/20/49			1,435,723
	939,475		4.500			02/20/49			1,015,949
	1,281,456		4.000			03/20/49			1,375,036
	685,875		4.500			03/20/49			741,492
	1,085,330		5.000			03/20/49			1,183,361
	1,691,036		4.000			05/20/49			1,812,544
	2,665,818		4.500			10/20/49			2,887,312
	603,971		4.500			12/20/49			652,152
05/20/21	22,000,000		2.500			TBA-30yr	^(k)		22,671,976
	5,000,000		3.000			TBA-30yr	^(k)		5,207,690
	26,000,000		2.000			TBA-30yr	^(k)		26,196,516

									86,416,083


Mortgage-Backed Obligations – (continued)
UMBS – 3.2%
	259,840		4.500			07/01/36			291,088
	21,963		4.500			12/01/36			24,604
	17,901		4.500			05/01/38			20,070
	17,923		4.500			05/01/39			19,915
	11,572		4.500			06/01/39			12,869
	6,444		4.500			08/01/39			7,167
	11,195		4.500			09/01/39			12,538
	13,677		4.500			10/01/39			15,318
	5,759		4.500			03/01/40			6,450
	81,597		4.500			04/01/40			91,109
	7,374		4.500			12/01/40			8,234
	74,035		4.500			01/01/41			82,665
	23,321		4.500			04/01/41			26,125
	46,177		4.500			06/01/41			51,730
	30,263		4.500			07/01/41			33,902
	50,834		4.500			08/01/41			57,073
	159,955		4.500			09/01/41			179,191
	110,881		4.500			10/01/41			124,216
	106,482		4.500			11/01/41			119,287
	68,110		4.500			12/01/41			76,301
	70,862		4.500			01/01/42			79,384
	8,670		4.500			03/01/42			9,734
	28,336		4.500			04/01/42			31,814
	74,232		3.000			12/01/42			79,897
	182,750		3.000			01/01/43			196,692
	240,858		3.000			04/01/43			259,395
	416,101		4.500			06/01/45			464,435
	1,965,253		4.500			11/01/47			2,181,965
	4,954,907		4.000			01/01/48			5,406,220
	786,998		4.500			07/01/48			854,537
	1,752,426		4.500			08/01/48			1,903,365
	553,808		4.500			09/01/48			617,474
	401,303		5.000			11/01/48			455,902
	785,785		4.500			02/01/49			855,802
	2,355,189		4.500			06/01/49			2,565,059
	891,335		4.500			01/01/50			967,550
	3,845,247		3.000			12/01/50			4,064,692

									22,253,769

UMBS, 30 Year, Single Family^(k) – 3.9%
	14,000,000		2.000			TBA-30yr			13,963,664
	8,000,000		2.500			TBA-30yr			8,191,250
	2,000,000		4.500			TBA-30yr			2,177,812

	2,000,000		3.500			TBA-30yr			2,112,812

									26,445,538

	TOTAL FEDERAL AGENCIES							$	135,336,173

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $153,550,943)							$	155,671,104



Agency Debenture – 0.2%
	FHLMC
$	1,160,000		6.750	%		03/15/31		$	1,679,587
	(Cost $1,428,268)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal

Amount

Interest

Rate

Maturity

Date

Value

Structured Note^(a)(b) – 0.1%

JPMorgan Chase Bank NA

IDR

9,474,000,000

7.500

06/17/35

667,034

Cost $667,520)_


Shares		Dividend Rate	Value


Investment Company^(l) – 1.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,198,119	0.036%	$	11,198,119
	(Cost $11,198,119)

	TOTAL INVESTMENTS – 108.4%
	(Cost $720,804,751)		$	744,387,943

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.4)%			(57,617,946	)

	NET ASSETS – 100.0%		$	686,769,997



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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Actual maturity date is September 20, 2117.

(d)		Actual maturity date is June 30, 2120.

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

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

(g)		Actual maturity date is July 28, 2121.

(h)		Guaranteed by a foreign government until maturity.

(i)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

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

(k)		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 $80,521,720 which represents approximately 11.7% of the Fund’s net assets as of March 31, 2021.

(l)		Represents an affiliated issuer.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
EUR		—Euro
GBP		—British Pound
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTA		—Monthly Treasury Average
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	1,060,688	USD	187,493		04/05/21	$	891
	BRL	4,128,962	USD	712,683		05/04/21		19,347
	CAD	3,772,980	USD	2,983,942		06/16/21		18,654
	CHF	1,182,926	EUR	1,064,543		06/16/21		3,792
	CLP	1,178,560,355	USD	1,614,920		05/17/21		21,478
	CNH	3,112,329	USD	470,588		06/16/21		748
	COP	738,347,020	USD	197,393		04/27/21		4,174
	EUR	398,119	AUD	614,968		06/16/21		386
	EUR	1,160,550	CHF	1,282,212		06/16/21		3,710
	EUR	1,684,374	JPY	218,274,343		06/16/21		5,749
	EUR	402,456	USD	471,913		04/30/21		341
	GBP	425,386	CHF	545,105		06/16/21		8,614
	GBP	336,058	JPY	51,169,944		06/16/21		928
	GBP	320,329	USD	441,576		06/16/21		135
	IDR	82,819,128,834	USD	5,683,443		04/05/21		3,150
	IDR	3,030,740,673	USD	206,609		05/10/21		249
	INR	111,906,277	USD	1,515,792		04/27/21		6,162
	KRW	10,930,110,033	USD	9,668,157		04/05/21		14,912
	KRW	4,627,176,817	USD	4,092,576		06/15/21		10,750
	MXN	109,269,161	USD	5,176,583		06/16/21		124,300
	NOK	10,963,658	USD	1,277,063		06/16/21		4,712
	SGD	2,533,507	USD	1,882,445		06/16/21		261
	USD	1,600,389	AUD	2,101,627		04/16/21		3,940
	USD	2,588,427	AUD	3,365,999		06/16/21		30,933
	USD	5,452,526	CHF	5,051,403		06/16/21		96,634
	USD	37,124,332	CNH	241,560,602		05/20/21		469,258
	USD	4,271,007	CNH	28,149,052		06/16/21		8,067
	USD	1,161,396	COP	4,168,613,772		04/27/21		23,379
	USD	132,507,246	EUR	109,489,289		04/09/21		4,085,212
	USD	5,947,927	EUR	5,046,182		04/30/21		26,586
	USD	7,732,348	EUR	6,477,134		06/16/21		124,142
	USD	14,525,897	GBP	10,437,641		05/20/21		134,348
	USD	2,266,586	GBP	1,630,422		06/16/21		18,349
	USD	5,771,748	IDR	82,819,128,834		04/05/21		85,155
	USD	2,514,921	IDR	36,640,138,060		05/03/21		11,564
	USD	1,314,682	IDR	19,365,390,000		07/01/21		2,123
	USD	699,906	ILS	2,323,362		04/22/21		4,817
	USD	714,684	ILS	2,364,014		05/28/21		7,046
	USD	79,651,107	JPY	8,680,497,148		06/10/21		1,201,987
	USD	4,790,216	JPY	519,685,511		06/16/21		93,312
	USD	38,891,273	JPY	4,239,043,748		06/28/21		574,048
	USD	9,599,099	KRW	10,404,740,306		04/05/21		381,458
	USD	4,700,591	NOK	39,930,528		06/16/21		32,266
	USD	2,573,290	NZD	3,623,716		06/16/21		42,964
	USD	209,774	RUB	15,654,055		05/19/21		3,870
	USD	11,673,556	SEK	99,286,864		06/16/21		296,806
	USD	3,068,515	SGD	4,119,753		04/06/21		6,054
	USD	5,866,213	SGD	7,886,621		05/05/21		4,494
	USD	1,550,173	SGD	2,062,853		05/25/21		17,121


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	6,790,059	THB	209,339,553		06/16/21	$	93,086
	USD	186,515	TRY	1,542,363		04/29/21		3,843
	USD	223,742	TRY	1,883,239		06/16/21		7,277
	USD	869,190	TWD	24,238,220		04/08/21		16,822
	USD	1,384,605	TWD	39,142,792		04/12/21		7,581
	USD	1,392,507	TWD	39,366,168		04/19/21		6,711
	USD	558,737	ZAR	8,328,752		06/17/21		278
	ZAR	29,356,526	USD	1,920,505		06/17/21		47,910

TOTAL							$	8,222,884

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	5,638,102	USD	4,345,516		06/01/21	$	(61,897	)
	AUD	3,808,892	USD	2,943,578		06/16/21		(49,571	)
	BRL	3,068,275	USD	556,333		04/05/21		(11,389	)
	CAD	3,008,624	USD	2,412,270		06/16/21		(17,960	)
	CHF	885,575	EUR	800,642		06/16/21		(1,497	)
	CHF	2,582,153	USD	2,786,955		06/16/21		(49,152	)
	CLP	181,442,077	USD	252,283		05/17/21		(356	)
	CNH	27,656,986	USD	4,216,590		06/16/21		(28,170	)
	COP	8,004,117,757	USD	2,223,637		04/27/21		(38,541	)
	EUR	399,132	CAD	592,240		06/16/21		(2,483	)
	EUR	710,553	CHF	789,012		06/16/21		(1,939	)
	EUR	421,321	GBP	361,934		06/16/21		(4,186	)
	EUR	526,956	NOK	5,407,762		06/16/21		(13,253	)
	EUR	767,000	SEK	7,867,042		06/16/21		(504	)
	EUR	4,503,219	USD	5,409,076		04/09/21		(127,166	)
	EUR	799,356	USD	940,751		04/30/21		(2,763	)
	EUR	6,487,353	USD	7,777,594		06/16/21		(157,384	)
	GBP	290,853	USD	403,948		05/20/21		(2,917	)
	GBP	492,912	USD	683,448		06/16/21		(3,758	)
	IDR	82,819,128,834	USD	5,724,203		04/05/21		(37,611	)
	IDR	11,190,778,474	USD	774,430		04/12/21		(7,439	)
	IDR	17,953,212,062	USD	1,232,458		05/03/21		(5,844	)
	IDR	14,227,836,121	USD	1,000,982		05/10/21		(29,888	)
	ILS	591,709	USD	178,091		06/16/21		(903	)
	JPY	729,654,378	USD	6,703,431		06/16/21		(108,835	)
	MXN	8,985,133	USD	436,836		06/16/21		(948	)
	NOK	8,019,869	EUR	800,170		06/16/21		(2,287	)
	NOK	20,660,685	USD	2,430,723		06/16/21		(15,258	)
	NZD	2,263,011	USD	1,619,571		06/16/21		(39,383	)
	RUB	91,661,128	USD	1,233,214		05/19/21		(27,559	)
	RUB	40,784,048	USD	528,291		10/01/21		(1,381	)
	SEK	4,094,878	NOK	4,031,780		06/16/21		(2,150	)
	SEK	9,780,619	USD	1,143,640		06/16/21		(22,931	)
	SGD	4,119,753	USD	3,065,007		04/06/21		(2,547	)
	TRY	14,684,347	USD	1,875,008		06/16/21		(187,145	)
	TWD	78,534,607	USD	2,838,178		04/08/21		(76,407	)
	TWD	13,005,510	USD	460,812		04/12/21		(3,285	)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	TWD	92,648,372	USD	3,327,345		04/19/21	$	(65,873	)
	USD	3,330,651	AUD	4,384,022		06/01/21		(165	)
	USD	713,674	BRL	4,128,962		04/05/21		(19,655	)
	USD	9,547,706	CAD	12,034,329		06/01/21		(29,133	)
	USD	5,870,464	CAD	7,419,779		06/16/21		(34,311	)
	USD	1,024,940	CLP	750,955,481		05/17/21		(17,739	)
	USD	714,000	COP	2,641,764,300		04/27/21		(7,193	)
	USD	5,683,443	IDR	82,819,128,834		04/05/21		(3,151	)
	USD	184,519	IDR	2,701,353,036		04/12/21		(626	)
	USD	959,621	INR	71,050,351		04/27/21		(6,682	)
	USD	463,469	KRW	525,369,727		04/05/21		(1,960	)
	USD	3,286,319	KRW	3,718,404,033		06/15/21		(11,118	)
	USD	6,382,888	KRW	7,211,706,000		07/01/21		(12,755	)
	USD	4,580,079	MXN	97,011,381		06/16/21		(126,154	)
	USD	922,014	NZD	1,322,358		06/16/21		(1,346	)
	USD	316,239	TRY	2,791,603		05/24/21		(9,366	)
	USD	1,787,426	TRY	15,896,288		06/16/21		(39,740	)
	USD	1,873,089	TWD	53,510,594		04/08/21		(8,680	)
	USD	859,189	TWD	24,452,520		05/03/21		(2,764	)
	USD	946,192	TWD	26,834,018		05/07/21		(97	)
	USD	1,023,013	ZAR	15,575,873		06/17/21		(21,382	)
	ZAR	11,093,948	USD	747,736		06/17/21		(3,863	)

TOTAL							$	(1,570,440	)

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(10,000,000	)	$	(10,091,989	)
GNMA		4.000		TBA-30yr		04/21/21		(4,000,000	)		(4,270,288	)
GNMA		4.500		TBA-30yr		04/21/21		(1,000,000	)		(1,081,711	)
UMBS, 30 Year, Single Family		2.500		TBA-30yr		04/14/21		(8,000,000	)		(8,208,437	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		05/13/21		(3,000,000	)		(3,125,509	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		04/14/21		(1,000,000	)		(1,041,641	)

TOTAL (Proceeds Receivable: $27,839,023)										$	(27,819,575	)

(a)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		53			06/15/21	$	5,559,952		$	(18,323	)
Australian 3 Year Government Bonds		28			06/15/21		2,489,209			3,200
Canada 10 Year Government Bonds		64			06/21/21		7,067,144			(190,621	)
French 10 Year Government Bonds		66			06/08/21		12,534,639			(21,778	)
Ultra Long U.S. Treasury Bonds		89			06/21/21		16,128,469			(507,508	)
Japan 10 Year Government Bonds		7			06/14/21		9,556,288			25,263
10 Year German Euro-Bund		64			06/08/21		12,855,044			(573	)
5 Year German Euro-Bobl		79			06/08/21		12,514,257			7,284
10 Year U.K. Long Gilt		81			06/28/21		14,247,533			(177,125	)
10 Year U.S. Treasury Notes		215			06/21/21		28,151,563			(269,573	)
20 Year U.S. Treasury Bonds		89			06/21/21		13,758,844			(517,697	)

Total									$	(1,667,451	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(128	)		06/21/21		(18,392,000	)		621,232
5 Year U.S. Treasury Notes		(203	)		06/30/21		(25,049,883	)		45,143
2 Year U.S. Treasury Notes		(69	)		06/30/21		(15,230,133	)		4,073

Total									$	670,448

TOTAL FUTURES CONTRACTS									$	(997,003	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund^(a)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR		3.565%	JPMorgan Securities, Inc.		03/14/24		MYR 10,040	$	78,516		$	—		$	78,516
3M KLIBOR		2.000	MS & Co. Int. PLC		06/16/26		5,630		(50,705	)		(7,735	)		(42,970	)

TOTAL								$	27,811		$	(7,735	)	$	35,546

(a)

Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%^(a)	3M WIBOR^(b)	12/16/21	PLN	33,570	^(c)	$	(1,418	)	$	(1,193	)	$	(225	)
1M BID Avg^(d)	3.390%^(d)	01/03/22	BRL	21,600	^(c)		(27,437	)		—			(27,437	)
1M BID Avg^(d)	4.120^(d)	01/03/22		9,000	^(c)		22,272			31,235			(8,963	)
5.800^(d)	1M BID Avg^(d)	01/02/23		16,560	^(c)		19,546			17,172			2,374
1M BID Avg^(d)	4.230^(d)	01/02/23		2,545	^(c)		(10,405	)		(48,178	)		37,773
3M AUDOR^(b)	0.190^(b)	02/22/23	AUD	138,040	^(c)		(39,610	)		(47,869	)		8,259
6M CDOR^(e)	0.804^(e)	02/28/23	CAD	105,370	^(c)		78,286			14,612			63,674


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M CDOR^(e)	0.750%^(e)	03/01/23	CAD	168,180	^(c)	$	51,528		$	(46,109	)	$	97,637
0.275%^(e)	3M LIBOR^(a)	03/03/23	$	131,210	^(c)		75,726			27,840			47,886
4.700^(d)	Mexico IB TIIE 28D^(d)	06/14/23	MXN	19,200	^(c)		10,368			9,780			588
6M EURO^(e)	(0.500)^(f)	06/16/23	EUR	6,010	^(c)		(1,833	)		(5,641	)		3,808
6M WIBOR^(e)	0.345^(f)	06/16/23	PLN	5,045	^(c)		(6,776	)		(5,532	)		(1,244	)
2.750^(a)	3M CNY^(a)	06/16/23	CNY	5,520	^(c)		(2,110	)		(279	)		(1,831	)
1.000^(a)	3M KWCDC^(a)	06/16/23	KRW	16,830,840	^(c)		42,466			56,208			(13,742	)
6M CDOR^(e)	0.700^(e)	11/18/23	CAD	30,420	^(c)		(103,453	)		(532,492	)		429,039
1M BID Avg^(d)	4.930^(d)	01/02/24	BRL	7,560	^(c)		(48,934	)		(958	)		(47,976	)
3M AUDOR^(a)	0.500^(a)	01/25/24	AUD	73,790	^(c)		(66,026	)		108,497			(174,523	)
3M AUDOR^(a)	0.500^(a)	02/24/24		24,350	^(c)		18,704			60,288			(41,584	)
6M CDOR^(e)	0.750^(e)	06/16/24	CAD	9,840	^(c)		(65,011	)		(51,944	)		(13,067	)
0.250^(e)	3M LIBOR^(a)	06/16/24	$	8,560	^(c)		88,412			65,267			23,145
1M LIBOR + 0.090^(a)	3M LIBOR^(a)	07/25/24		47,120			8,788			15,823			(7,035	)
SOFR + 0.241^(a)	3M LIBOR^(a)	11/10/24		27,960			45,771			27			45,744
6.320^(d)	1M BID Avg^(d)	01/02/25	BRL	20,795	^(c)		144,027			(65,701	)		209,728
6M EURO^(e)	0.080^(f)	01/15/25	EUR	4,960	^(c)		110,788			21,547			89,241
0.080^(f)	6M EURO^(e)	01/15/25		4,960	^(c)		6,472			(206	)		6,678
6M THBFIX^(e)	0.750^(e)	12/16/25	THB	82,200	^(c)		(33,973	)		(1,095	)		(32,878	)
6M WIBOR^(e)	0.750^(f)	12/16/25	PLN	6,750	^(c)		(35,673	)		(1,345	)		(34,328	)
1.550^(e)	6M AUDOR^(e)	02/23/26	AUD	12,000	^(c)		18,180			9,039			9,141
1.597^(e)	3M LIBOR^(a)	03/11/26	$	8,180	^(c)		43,763			16,682			27,081
6M CHFOR^(e)	(0.500)^(f)	06/16/26	CHF	480	^(c)		(2,898	)		(2,678	)		(220	)
12M GBP^(f)	0.000^(f)	06/16/26	GBP	13,270	^(c)		(452,345	)		(475,637	)		23,292
6M GBP^(e)	0.250^(e)	06/16/26		1,690	^(c)		(56,864	)		(49,364	)		(7,500	)
3M LIBOR^(a)	0.500^(e)	06/16/26	$	20,970	^(c)		(654,930	)		(531,066	)		(123,864	)
3M STIBOR^(a)	0.500^(f)	06/16/26	SEK	214,100	^(c)		171,065			161,689			9,376
6M AUDOR^(e)	0.500^(e)	06/16/26	AUD	18,360	^(c)		(339,740	)		(315,149	)		(24,591	)
6M CDOR^(e)	1.000^(e)	06/16/26	CAD	3,910	^(c)		(82,024	)		(66,219	)		(15,805	)
3M NZDOR^(a)	1.250^(e)	06/16/26	NZD	8,100	^(c)		13,450			(7,775	)		21,225
6M NIBOR^(e)	1.500^(f)	06/16/26	NOK	148,380	^(c)		(13,690	)		(26,047	)		12,357
(0.500)^(f)	12M EURO^(f)	06/16/26	EUR	49,580	^(c)		215,540			149,022			66,518
(0.250)^(f)	6M EURO^(e)	06/16/26		6,830	^(c)		(16,403	)		(14,159	)		(2,244	)
0.000^(e)	6M JYOR^(e)	06/16/26	JPY	1,090,820	^(c)		10,337			8,978			1,359
3M JIBAR^(a)	6.250^(a)	06/17/26	ZAR	12,240	^(c)		1,832			(1,739	)		3,571
6M CHFOR^(e)	(0.250)^(f)	06/16/28	CHF	10,000	^(c)		(41,310	)		1,991			(43,301	)
6M AUDOR^(e)	0.750^(e)	06/16/28	AUD	8,620	^(c)		(316,353	)		(292,548	)		(23,805	)
(0.500)^(f)	12M EURO^(f)	06/16/28	EUR	9,580	^(c)		177,253			160,488			16,765
1.000^(e)	6M CDOR^(e)	06/16/28	CAD	8,000	^(c)		355,708			279,196			76,512
(0.250)^(f)	6M EURO^(e)	06/16/28	EUR	620	^(c)		6,217			5,399			818
1.500^(f)	6M EURO^(e)	06/21/28		5,050	^(c)		(449,871	)		(59,157	)		(390,714	)
6M AUDOR^(e)	1.750^(e)	03/19/30	AUD	9,600	^(c)		(297,865	)		(125,484	)		(172,381	)
0.250^(e)	6M JYOR^(e)	03/19/30	JPY	405,290	^(c)		(4,961	)		(34,664	)		29,703
6M EURO^(e)	0.050^(f)	05/21/30	EUR	26,110	^(c)		(415,245	)		46,657			(461,902	)
0.750^(f)	3M STIBOR^(a)	06/18/30	SEK	16,860	^(c)		38,540			(29,854	)		68,394
0.250^(f)	6M EURO^(e)	06/18/30	EUR	11,730	^(c)		60,444			(1,231,517	)		1,291,961
3M KWCDC^(a)	1.000^(a)	09/16/30		KRW 2,402,600^(c)			(135,190	)		(3,510	)		(131,680	)
6M AUDOR^(e)	1.240^(e)	10/28/30	AUD	10,420	^(c)		(554,661	)		(523,399	)		(31,262	)
1.240^(f)	3M NIBOR^(e)	10/29/30	NOK	87,100	^(c)		468,304			(558,810	)		1,027,114
6M AUDOR^(e)	1.710^(e)	01/21/31	AUD	23,290	^(c)		(899,977	)		(519,827	)		(380,150	)
0.500^(e)	6M GBP^(e)	01/26/31	GBP	14,700	^(c)		901,455			431,625			469,830


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M AUDOR^(e)		1.500%^(e)	02/02/31	AUD	3,280	^(c)	$	(150,798	)	$	(100,499	)	$	(50,299	)
1.500%^(e)		3M LIBOR^(a)	02/02/31	$	2,640	^(c)		126,062			26,109			99,953
1.000^(e)		6M GBP^(e)	02/10/31	GBP	10,880	^(c)		312,403			110,453			201,950
6M EURO^(e)		0.500^(f)	02/12/31	EUR	14,500	^(c)		55,661			213,641			(157,980	)
12M GBP^(f)		0.900^(f)	02/17/31	GBP	4,160	^(c)		(71,593	)		(13,143	)		(58,450	)
6M AUDOR^(e)		2.500^(e)	02/24/31	AUD	11,730	^(c)		(146,452	)		(83,055	)		(63,397	)
3M LIBOR^(a)		2.209^(e)	02/25/31	$	7,100	^(c)		(112,634	)		(36,711	)		(75,923	)
3M LIBOR^(a)		2.378^(e)	03/09/31		11,690	^(c)		(104,062	)		(58,129	)		(45,933	)
12M GBP^(f)		1.050^(f)	03/24/31	GBP	6,130	^(c)		(48,122	)		(28,839	)		(19,283	)
6.400^(d)		Mexico IB TIIE 28D^(d)	06/04/31	MXN	19,100	^(c)		36,737			2,332			34,405
6M AUDOR^(e)		1.000^(e)	06/16/31	AUD	5,670	^(c)		(366,555	)		(344,713	)		(21,842	)
6M CDOR^(e)		1.250^(e)	06/16/31	CAD	4,740	^(c)		(313,775	)		(292,375	)		(21,400	)
0.250^(f)		12M GBP^(f)	06/16/31	GBP	13,620	^(c)		1,060,747			922,889			137,858
0.750^(e)		3M LIBOR^(a)	06/16/31	$	8,040	^(c)		815,233			754,184			61,049
2.000^(f)		3M NIBOR^(e)	06/16/31	NOK	36,020	^(c)		(42,973	)		(59,009	)		16,036
0.000^(f)		6M EURO^(e)	06/16/31	EUR	6,020	^(c)		63,125			64,572			(1,447	)
0.500^(e)		6M GBP^(e)	06/16/31	GBP	3,300	^(c)		259,252			233,764			25,488
0.000^(e)		6M JYOR^(e)	06/16/31	JPY	1,485,220	^(c)		223,919			219,359			4,560
1.100^(f)		12M GBP^(f)	02/17/36	GBP	4,790	^(c)		52,127			9,029			43,098
2.431^(e)		3M LIBOR^(a)	02/25/36	$	8,750	^(c)		91,877			25,845			66,032
2.503^(e)		3M LIBOR^(a)	03/10/36		9,230	^(c)		73,454			48,683			24,771
0.000^(f)		6M EURO^(e)	06/16/36	EUR	750	^(c)		48,075			39,158			8,917
0.260^(f)		6M EURO^(e)	05/21/40		13,660	^(c)		963,205			152,984			810,221
2.750^(e)		6M AUDOR^(e)	02/24/41	AUD	3,700	^(c)		55,064			13,535			41,529
1.100^(f)		12M GBP^(f)	03/24/41	GBP	3,920	^(c)		51,177			33,483			17,694
6M GBP^(e)		0.750^(e)	06/16/41		1,040	^(c)		(138,116	)		(121,610	)		(16,506	)
0.250^(f)		6M EURO^(e)	06/16/41	EUR	520	^(c)		27,543			17,552			9,991
3M LIBOR^(a)		2.000^(e)	02/10/51	$	3,360	^(c)		(227,480	)		(179,112	)		(48,368	)
1.250^(e)		6M GBP^(e)	03/11/51	GBP	2,250	^(c)		53,763			17,710			36,053
6M GBP^(e)		0.750^(e)	06/16/51		1,100	^(c)		(199,365	)		(171,106	)		(28,259	)
0.000^(f)		6M EURO^(e)	06/16/51	EUR	260	^(c)		43,363			35,594			7,769
0.500^(e)		6M JYOR^(e)	06/16/51	JPY	287,970	^(c)		56,045			48,323			7,722

TOTAL							$	575,163		$	(2,477,185	)	$	3,052,348

(a)

Payments made at termination date.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(d)

Payments made monthly.

(e)

Payments made semi-annually.

(f)

Payments made annually.


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Paid by the Fund		Credit Spread at March 31, 2021^(a)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.071	Barclays Bank PLC		12/20/21		460	$	(3,285	)	$	(264	)	$	(3,021	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.063	Deutsche Bank AG (London)		06/20/21		100		(241	)		(1	)		(240	)
Protection Sold:
Markit CMBX Series 8		3.000^(c)	8.204	MS & Co. Int. PLC		10/17/57		1,250		(196,300	)		(299,611	)		103,311
Markit CMBX Series 10		3.000^(c)	5.692	MS & Co. Int. PLC		11/17/59		1,550		(194,015	)		(305,757	)		111,742
Markit CMBX Series 11		3.000^(c)	4.089	MS & Co. Int. PLC		11/18/54		3,400		(204,291	)		(636,894	)		432,603

TOTAL									$	(598,132	)	$	(1,242,527	)	$	644,395

(a)

(b)

Payments made quarterly.

(c)

Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000%	0.278%		06/20/22	$	22,525	$	209,161	$	198,972		$	10,189
CDX.NA.IG Index 34		1.000	0.319		06/20/23		18,450		288,090		164,532			123,558
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.380		06/20/24		1,130		23,279		3,477			19,802
Republic of Chile, 3.875%, 08/05/20		1.000	0.391		12/20/24		1,000		23,109		18,848			4,261
Republic of Colombia, 10.375%, 01/28/33		1.000	0.832		06/20/24		2,950		15,701		(7,039	)		22,740
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.515		06/20/24		110		1,777		(161	)		1,938
Republic of Peru, 8.750%, 11/21/33		1.000	0.509		06/20/24		20		330		316			14
Russian Federation, 7.500%, 03/31/30		1.000	0.841		12/20/24		1,580		9,705		7,004			2,701
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21		1.000	0.733		06/20/24	EUR	1,200		12,654		15,928			(3,274	)
United Mexican States, 4.150%, 03/28/27		1.000	0.658		06/20/24	$	320		3,558		(3,053	)		6,611

TOTAL								$	587,364	$	398,824		$	188,540

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3Y IRS	JPMorgan Securities, Inc.		0.700	%		11/14/2022		10,100,000		$	10,100,000		$	27,278		$	102,227		$	(74,949	)
Puts
3M IRS	BofA Securities LLC		0.584			06/30/2021		690,000			690,000			16,785			18,044			(1,259	)
3M IRS	Citibank NA		0.428			06/07/2021		650,000			650,000			27,319			25,408			1,911
3M IRS	Citibank NA		0.465			06/25/2021		670,000			670,000			27,222			20,005			7,217
3M IRS	Deutsche Bank AG (London)		0.925			06/01/2021		18,200,000			18,200,000			202,861			123,244			79,617
3M IRS	JPMorgan Securities, Inc.		0.390			06/01/2021		670,000			670,000			32,722			24,694			8,028
3M IRS	JPMorgan Securities, Inc.		0.325			06/01/2021		620,000			620,000			40,504			27,406			13,098
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		18,690,000			18,690,000			434,518			95,319			339,199
3M IRS	UBS AG (London)		0.415			06/04/2021		660,000			660,000			29,033			24,413			4,620

								40,850,000		$	40,850,000		$	810,964		$	358,533		$	452,431

Total purchased option contracts								50,950,000		$	50,950,000		$	838,242		$	460,760		$	377,482
Written option contracts
Calls
1M IRS	Citibank NA		0.031			04/29/2021		(3,320,000	)		(3,320,000	)		(11,519	)		(19,358	)		7,839
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(3,320,000	)		(3,320,000	)		(6,187	)		(19,360	)		13,173
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(3,970,000	)		(3,970,000	)		(1,285	)		(39,303	)		38,018
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(3,320,000	)		(3,320,000	)		(18,374	)		(21,161	)		2,787
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,000,000	)		(2,000,000	)		(24,107	)		(103,884	)		79,777
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(3,970,000	)		(3,970,000	)		(6,772	)		(37,417	)		30,645
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(3,970,000	)		(3,970,000	)		(23,873	)		(36,028	)		12,155
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(3,970,000	)		(3,970,000	)		(17,262	)		(36,623	)		19,361
3M IRS	MS & Co. Int. PLC		0.040			04/06/2021		(1,380,000	)		(1,380,000	)		—			(46,828	)		46,828
1M IRS	UBS AG (London)		0.023			04/06/2021		(3,320,000	)		(3,320,000	)		(1,970	)		(22,256	)		20,286

								(32,540,000	)	$	(32,540,000	)	$	(111,349	)	$	(382,218	)	$	270,869
Puts
3M IRS	BofA Securities LLC		1.250			06/30/2021		(4,260,000	)		(4,260,000	)		(22,117	)		(18,318	)		(3,799	)
1M IRS	Citibank NA		0.031			04/29/2021		(3,320,000	)		(3,320,000	)		(30,599	)		(19,358	)		(11,241	)
3M IRS	Citibank NA		1.025			06/07/2021		(4,190,000	)		(4,190,000	)		(34,627	)		(25,245	)		(9,382	)
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(3,320,000	)		(3,320,000	)		(20,322	)		(19,360	)		(962	)
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(3,970,000	)		(3,970,000	)		(54,414	)		(39,303	)		(15,111	)
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(18,200,000	)		(18,200,000	)		(108,393	)		(77,027	)		(31,366	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(18,200,000	)		(18,200,000	)		(54,565	)		(46,216	)		(8,349	)
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(3,320,000	)		(3,320,000	)		(12,879	)		(21,161	)		8,282
3M IRS	JPMorgan Securities, Inc.		0.980			06/01/2021		(4,330,000	)		(4,330,000	)		(39,864	)		(23,815	)		(16,049	)
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(18,690,000	)		(18,690,000	)		(335,515	)		(57,939	)		(277,576	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(18,690,000	)		(18,690,000	)		(250,415	)		(37,380	)		(213,035	)
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(3,970,000	)		(3,970,000	)		(58,400	)		(37,417	)		(20,983	)
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(3,970,000	)		(3,970,000	)		(51,897	)		(36,028	)		(15,869	)
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(3,970,000	)		(3,970,000	)		(44,624	)		(36,623	)		(8,001	)
3M IRS	MS & Co. Int. PLC		0.912			06/01/2021		(4,010,000	)		(4,010,000	)		(46,668	)		(26,867	)		(19,801	)
1M IRS	UBS AG (London)		0.023			04/06/2021		(3,320,000	)		(3,320,000	)		(21,657	)		(22,256	)		599
3M IRS	UBS AG (London)		0.963			06/04/2021		(4,200,000	)		(4,200,000	)		(42,368	)		(24,360	)		(18,008	)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
3M IRS	UBS AG (London)		1.100	%		06/25/2021		(4,270,000	)	$	(4,270,000	)	$	(33,857	)	$	(19,536	)	$	(14,321	)

								(128,200,000	)	$	(128,200,000	)	$	(1,263,181	)	$	(588,209	)	$	(674,972	)

Total written option contracts								(160,740,000	)	$	(160,740,000	)	$	(1,374,530	)	$	(970,427	)	$	(404,103	)

TOTAL								(109,790,000	)	$	(109,790,000	)	$	(536,288	)	$	(509,667	)	$	(26,621	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description		Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put USD	HSBC Bank PLC		1.190	%		04/28/2021		15,876,000		$	15,876,000		$	33,214		$	63,476		$	(30,262	)
Call AUD/Put USD	UBS AG (London)		0.770			04/14/2021		7,408,000			7,408,000			12,661			18,597			(5,936	)

								23,284,000		$	23,284,000		$	45,875		$	82,073		$	(36,198	)
Puts
Put USD/Call SGD	Deutsche Bank AG (London)		1.334			04/01/2021		9,269,000			9,269,000			9			10,854			(10,845	)
Put USD/Call SGD	Deutsche Bank AG (London)		1.335			05/03/2021		9,382,000			9,382,000			21,531			24,327			(2,796	)
Put USD/Call SGD	UBS AG (London)		1.335			04/01/2021		3,700,000			3,700,000			4			5,946			(5,942	)
Put USD/Call TWD	Citibank NA		28.150			05/05/2021		1,876,000			1,876,000			5,824			6,358			(534	)
Put USD/Call TWD	BNP Paribas SA		28.200			04/28/2021		1,877,000			1,877,000			5,118			4,649			469

								26,104,000		$	26,104,000		$	32,486		$	52,134		$	(19,648	)

Total purchased option contracts								49,388,000		$	49,388,000		$	78,361		$	134,207		$	(55,846	)
Written option contracts
Calls
Call USD/Put ILS	BNP Paribas SA		3.370			04/20/2021		(1,854,000	)		(1,854,000	)		(6,504	)		(3,449	)		(3,055	)
Call USD/Put TWD	BNP Paribas SA		28.800			04/28/2021		(1,877,000	)		(1,877,000	)		(3,471	)		(4,452	)		981
Call USD/Put TWD	Citibank NA		28.700			05/05/2021		(1,876,000	)		(1,876,000	)		(4,997	)		(4,836	)		(161	)

								(5,607,000	)	$	(5,607,000	)	$	(14,972	)	$	(12,737	)	$	(2,235	)
Puts – 0.0%
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350			09/30/2021		(1,876,000	)		(1,876,000	)		(24,503	)		(25,992	)		1,489

Total written option contracts								(7,483,000	)	$	(7,483,000	)	$	(39,475	)	$	(38,729	)	$	(746	)

TOTAL								41,905,000		$	41,905,000		$	38,886		$	95,478		$	(56,592	)



Abbreviations:
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
BofA Securities LLC		— Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 6.5%
Aerospace & Defense^(b) – 0.3%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	300,000		6.750	%		02/09/28	$	297,000

Automotive – Distributor^(b) – 0.1%
	Truck Hero, Inc. (1M LIBOR + 3.750%)
	150,000		4.500			01/31/28		149,521

Automotive – Parts – 0.6%
	First Brands
	(3M LIBOR + 5.000%)
	211,478		6.000	^(b)		03/30/27		211,214
	250,000		0.000	^(c)		03/22/28		247,500
	Garrett LX I S.a.r.l.^(c)
	300,000		0.000			03/05/28		297,750

								756,464

Building Materials^(b) – 0.1%
	CP Atlas Buyer, Inc. (3M LIBOR + 3.750%)
	100,000		4.250			11/23/27		99,266

Chemicals^(b) – 0.1%
	Starfruit Finco B.V. (1M LIBOR + 2.750%)
	69,274		2.860			10/01/25		68,163

Commercial Services^(b) – 0.3%
	Conservice Midco LLC (3M LIBOR + 4.250%)
	199,000		4.453			05/13/27		198,702
	GlobalLogic Holdings, Inc. (1M LIBOR + 3.750%)
	99,500		4.500			09/14/27		99,251

								297,953

Computers^(b) – 0.1%
	Redstone Buyer LLC (3M LIBOR + 5.000%)
	74,813		6.000			09/01/27		75,000

Consumer Products^(b) – 0.1%
	Kronos Acquisition Holdings, Inc. (3M LIBOR + 3.750%)
	149,625		4.250			12/22/26		147,327

Consumer Products – Industrial^(c) – 0.1%
	The Hillman Group, Inc.
	83,122		0.000			02/23/28		82,638
	16,878		0.000			02/23/28		16,779

								99,417

Diversified Financial Services – 0.8%
	DRW Holdings LLC^(b) (1M LIBOR + 3.750%)
	325,000		3.859			03/01/28		324,188
	Edelman Financial Center LLC^(c)
	375,000		0.000			04/07/28		372,656
	Syncapay, Inc.^(b) (3M LIBOR + 6.500%)
	223,594		7.500			12/10/27		223,314

								920,158

Diversified Manufacturing^(b) – 0.0%
	AI Aqua Merger Sub, Inc.
	(1M LIBOR + 3.250%)
	19,794		4.250			12/13/23		19,757
	(1M LIBOR + 3.250%)
	29,693		4.250			12/13/23		29,544

								49,301


Bank Loans^(a) – (continued)
Energy^(b) – 0.1%
	Granite Acquisition, Inc. (3M LIBOR + 2.750%)
	100,000		3.250			03/31/28		99,625

Food & Beverages^(c) – 0.1%
	City Brewing Co. LLC
	150,000		0.000			04/05/28		149,250

Healthcare Providers & Services^(b) – 0.2%
	Envision Healthcare Corp. (1M LIBOR + 3.750%)
	49,369		3.859			10/10/25		42,478
	Pluto Acquisition I, Inc. (1M LIBOR + 5.000%)
	149,625		5.500			06/22/26		149,625
	Sotera Health Holdings LLC (3M LIBOR + 4.500%)
	100,000		3.250			12/11/26		99,625

								291,728

Home Construction^(b) – 0.3%
	Foundation Building Materials Holding Co. LLC
	(1M LIBOR + 3.250%)
	47,519		3.750			02/03/28		47,032
	(1M LIBOR + 3.250%)
	27,481		3.750			02/03/28		27,199
	Packers Holdings LLC (3M LIBOR + 3.250%)
	225,000		4.000			03/09/28		222,282

								296,513

Oil Field Services^(c) – 0.3%
	Apergy Corp. (3M LIBOR + 5.000%)
	394,872		0.000			06/03/27		401,782

Pipeline^(b) – 0.1%
	Centurion Pipeline Co. LLC (1M LIBOR + 4.000%)
	89,775		4.109			09/28/25		88,877

Retailers^(b) – 0.3%
	TruGreen LP (3M LIBOR + 8.500%)
	310,000		9.250			11/02/28		319,300

Technology – Software/Services – 2.2%
	AppLovin Corp.^(b) (1M LIBOR + 3.500%)
	124,681		3.609			08/15/25		124,462
	Camelot U.S. Acquisition 1 Co.^(b) (1M LIBOR + 3.000%)
	74,813		4.000			10/30/26		74,738
	Cardtronics USA, Inc.^(b) (1M LIBOR + 4.000%)
	24,813		5.000			06/29/27		24,750
	DCert Buyer, Inc.^(b) (1M LIBOR + 7.000%)
	325,000		7.109			02/16/29		326,423
	Endure Digital, Inc.^(b) (3M LIBOR + 3.500%)
	225,000		4.250			02/10/28		222,356
	Epicor Software Corp.^(b)
	(1M LIBOR + 3.250%)
	124,375		4.000			07/30/27		123,920
	(1M LIBOR + 7.750%)
	50,000		8.750			07/31/28		51,563
	Grab Holdings, Inc.^(b)(6M LIBOR + 4.500%)
	350,000		5.500			01/29/26		355,250
	Idera, Inc.^(b)
	(3M LIBOR + 3.750%)
	200,000		4.500			02/04/28		198,450
	(3M LIBOR + 6.750%)
	45,000		7.500			03/02/29		44,738


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	MedAssets Software Intermediate Holdings, Inc.^(b) (6M LIBOR + 3.750%)
$	150,000		4.500	%		01/28/28	$	149,157
	Mitchell International, Inc.^(b) (1M LIBOR + 4.250%)
	149,250		4.750			11/29/24		149,362
	Syndigo LLC^(b)
	(3M LIBOR + 4.500%)
	225,000		5.250			12/15/27		225,000
	(6M LIBOR + 8.000%)
	160,000		8.750			12/15/28		160,000
	Virtusa Corp.^(c)
	380,000		0.000			02/11/28		380,239

								2,610,408

Telecommunication Services^(b) – 0.2%
	Hoya Midco LLC (1M LIBOR + 3.500%)
	114,313		4.500			06/30/24		111,919
	Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
	10,453		6.500			07/13/22		10,563
	Sorenson Communications LLC (3M LIBOR + 4.500%)
	100,000		5.690			03/12/26		100,000

								222,482

Textiles^(b) – 0.1%
	Canada Goose, Inc. (3M LIBOR + 4.250%)
	74,813		5.000			10/07/27		74,782

	TOTAL BANK LOANS
	(Cost $7,450,710)						$	7,514,317



Corporate Obligations – 77.5%
Advertising^(d)(e) – 0.1%
	Terrier Media Buyer, Inc.
$	127,000		8.875	%		12/15/27	$	136,525

Aerospace & Defense – 1.1%
	Howmet Aerospace, Inc.
	11,000		6.875	^(d)		05/01/25		12,746
	220,000		5.950			02/01/37		264,825
	The Boeing Co.^(d)
	175,000		4.875			05/01/25		194,997
	90,000		5.150	%		05/01/30		103,648
	25,000		3.250			02/01/35		24,179
	90,000		5.805			05/01/50		113,845
	TransDigm, Inc.^(d)
	320,000		6.500			05/15/25		326,800
	13,000		6.250	^(e)		03/15/26		13,748
	70,000		6.375			06/15/26		72,363
	130,000		5.500			11/15/27		134,387
	40,000		4.625	^(e)		01/15/29		39,300

								1,300,838

Agriculture – 0.2%
	MHP Lux SA
	200,000		6.950			04/03/26		208,800


Corporate Obligations – (continued)
Airlines^(e) – 0.6%
	American Airlines Inc/AAdvantage Loyalty IP Ltd.
	55,000		5.500			04/20/26		57,131
	181,000		5.750			04/20/29		192,765
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^(d)
	240,000		5.750			01/20/26		254,100
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.^(d)
	158,000		6.500			06/20/27		172,813

								676,809

Automotive – 2.0%
	Adient US LLC^(d)(e)
	2,000		7.000			05/15/26		2,138
	Clarios Global LP/Clarios US Finance Co.^(d)(e)
	60,000		6.250			05/15/26		63,825
	Dana, Inc.^(d)
	55,000		5.625			06/15/28		58,369
	Dealer Tire LLC/DT Issuer LLC^(d)(e)
	269,000		8.000			02/01/28		283,795
	Ford Motor Co.
	100,000		9.000	^(d)		04/22/25		120,897
	130,000		4.750			01/15/43		130,578
	Ford Motor Credit Co. LLC^(d)
	275,000		5.125			06/16/25		296,646
	330,000		3.375			11/13/25		335,469
	General Motors Co.
	25,000		5.400			10/02/23		27,709
	175,000		6.125	^(d)		10/01/25		206,148
	General Motors Financial Co., Inc.^(d)
	50,000		3.250			01/05/23		52,079
	150,000		5.650			01/17/29		178,767
	Meritor, Inc.^(d)(e)
	91,000		6.250			06/01/25		96,915
	316,000		4.500			12/15/28		316,000
	Real Hero Merger Sub 2, Inc.^(d)(e)
	40,000		6.250			02/01/29		41,200
	The Goodyear Tire & Rubber Co.^(d)
	153,000		5.125			11/15/23		153,382

								2,363,917

Banks – 11.2%
	Banco de Bogota SA
	700,000		6.250			05/12/26		784,210
	Banco do Brasil SA^(b)(d) (10 Year CMT + 4.398%)
	400,000		6.250			04/15/49		392,020
	Banco Mercantil del Norte SA^(b)(d)
	(10 Year CMT + 5.353%)
	400,000		7.625			01/10/49		437,875
	(5 Year CMT + 5.035%)
	200,000		6.875			07/06/49		204,250
	Banco Santander SA
	400,000		2.749			12/03/30		380,284
	Bank of America Corp.
	125,000		4.200			08/26/24		137,799
	175,000		3.248	^(d)		10/21/27		188,176
	275,000		4.183	^(d)		11/25/27		305,907


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

GOLDMAN SACHS INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.310%)
$	100,000		4.271	% ^(b)(d)		07/23/29	$	112,736
	(3M USD LIBOR + 1.190%)
	125,000		2.884	^(b)(d)		10/22/30		128,510
	(3M USD LIBOR + 0.990%)
	50,000		2.496	^(b)(d)		02/13/31		49,655
	(SOFR + 2.150%)
	275,000		2.592	^(b)(d)		04/29/31		274,131
	(SOFR + 1.530%)
	200,000		1.898	^(b)(d)		07/23/31		188,146
	Barclays PLC^(b)(d) (3M USD LIBOR + 2.452%)
	225,000		2.852			05/07/26		235,345
	BBVA Bancomer SA^(b)(d) (5 Year CMT + 2.650%)
	200,000		5.125			01/18/33		205,563
	BNP Paribas SA^(e)
	200,000		3.375			01/09/25		214,674
	CIT Group, Inc.^(b)(d) (SOFR + 3.827%)
	573,000		3.929			06/19/24		603,082
	Citigroup, Inc.
	10,000		3.400			05/01/26		10,863
	125,000		4.300			11/20/26		139,910
	275,000		4.125			07/25/28		303,520
	(SOFR + 1.422%)
	100,000		2.976	^(b)(d)		11/05/30		103,427
	Credit Bank of Moscow Via CBOM Finance PLC^(e)
	200,000		4.700			01/29/25		201,250
	Credit Suisse Group AG
	250,000		4.550			04/17/26		279,870
	(5 Year CMT + 4.889%)
	200,000		5.250	^(b)(d)(e)		02/11/49		202,000
	Deutsche Bank AG^(b)(d) (SOFR + 2.159%)
	150,000		2.222			09/18/24		153,765
	First Horizon Corp.^(d)
	25,000		4.000			05/26/25		27,457
	Freedom Mortgage Corp.^(d)(e)
	315,000		7.625			05/01/26		329,962
	HSBC Holdings PLC^(b)(d) (SOFR + 1.538%)
	200,000		1.645			04/18/26		200,190
	ING Groep NV^(b)(d)(e) (1 Year CMT + 1.100%)
	200,000		1.400			07/01/26		199,000
	Itau Unibanco Holding SA^(b)(d) (5 Year CMT + 3.981%)
	200,000		6.125			12/12/49		200,530
	JPMorgan Chase & Co.^(d)
	(3M USD LIBOR + 1.245%)
	500,000		3.960	^(b)		01/29/27		552,775
	500,000		3.625			12/01/27		543,095
	(3M USD LIBOR + 0.945%)
	225,000		3.509	^(b)		01/23/29		243,655
	(SOFR + 2.515%)
	50,000		2.956	^(b)		05/13/31		50,890
	(SOFR + 3.125%)
	150,000		4.600	^(b)		02/01/49		151,559
	(3M USD LIBOR + 3.800%)
	40,000		4.005	^(b)		05/01/49		40,025
	Macquarie Bank Ltd.^(b)(d)(e) (5 year CMT + 1.700%)
	200,000		3.052			03/03/36		191,466


Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc.
	300,000		3.950			04/23/27		331,092
	(3M USD LIBOR + 1.628%)
	25,000		4.431	^(b)(d)		01/23/30		28,627
	(SOFR + 1.143%)
	600,000		2.699	^(b)(d)		01/22/31		608,640
	(SOFR + 1.034%)
	100,000		1.794	^(b)(d)		02/13/32		93,356
	Natwest Group PLC^(b)(d)
	(3M USD LIBOR + 1.550%)
	250,000		4.519			06/25/24		270,132
	(3M USD LIBOR + 1.762%)
	225,000		4.269			03/22/25		245,518
	Truist Financial Corp.^(b)(d) (10 Year CMT + 4.349%)
	316,000		5.100			03/01/49		344,604
	Turkiye Vakiflar Bankasi TAO
	210,000		6.000			11/01/22		205,603
	200,000		8.125			03/28/24		205,688
	200,000		6.500	^(e)		01/08/26		191,000
	UniCredit SpA^(b)(d)(e) (5 Year CMT + 4.750%)
	440,000		5.459			06/30/35		466,623
	Wells Fargo & Co.
	300,000		4.300			07/22/27		339,183
	125,000		4.150	^(d)		01/24/29		140,815
	Yapi ve Kredi Bankasi A/S^(b)(d)(e)
	(5 year CMT + 7.415%)
	270,000		7.875			01/22/31		260,550
	(5 Year USD Swap + 11.245%)
	200,000		13.875			01/15/49		221,000

								12,920,003

Beverages^(d) – 1.3%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	625,000		3.650			02/01/26		686,881
	150,000		4.700			02/01/36		175,900
	Anheuser-Busch InBev Worldwide, Inc.
	175,000		4.750			01/23/29		204,484
	Constellation Brands, Inc.
	175,000		3.700			12/06/26		192,192
	100,000		3.150			08/01/29		104,754
	Keurig Dr Pepper, Inc.
	176,000		3.200			05/01/30		186,196

								1,550,407

Biotechnology^(d)(e) – 0.0%
	Royalty Pharma PLC
	50,000		1.200			09/02/25		49,090

Building Materials^(d) – 1.2%
	Builders FirstSource, Inc.^(e)
	95,000		5.000			03/01/30		99,037
	Carrier Global Corp.
	150,000		2.722			02/15/30		151,408
	Cornerstone Building Brands, Inc.^(e)
	167,000		6.125			01/15/29		176,394
	CP Atlas Buyer, Inc.^(e)
	300,000		7.000			12/01/28		313,500


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Building Materials^(d) – (continued)
	JELD-WEN, Inc.^(e)
$	200,000		4.875	%		12/15/27	$	206,000
	Masco Corp.
	75,000		1.500			02/15/28		72,143
	Standard Industries, Inc.^(e)
	344,000		4.375			07/15/30		346,501

								1,364,983

Chemicals^(d) – 2.6%
	Axalta Coating Systems LLC^(e)
	250,000		3.375			02/15/29		243,750
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.^(e)
	150,000		4.750			06/15/27		155,250
	HB Fuller Co.
	80,000		4.250			10/15/28		81,300
	Hexion, Inc.^(e)
	160,000		7.875			07/15/27		171,600
	Ingevity Corp.^(e)
	125,000		3.875			11/01/28		120,937
	Kraton Polymers LLC/Kraton Polymers Capital Corp.^(e)
	85,000		4.250			12/15/25		85,213
	LYB International Finance III LLC
	100,000		2.875			05/01/25		105,726
	Minerals Technologies, Inc.^(e)
	315,000		5.000			07/01/28		323,269
	Nutrition & Biosciences, Inc.^(e)
	175,000		1.832			10/15/27		171,239
	275,000		2.300			11/01/30		266,593
	OCI NV^(e)
	200,000		5.250			11/01/24		207,000
	Rayonier AM Products, Inc.^(e)
	30,000		7.625			01/15/26		31,800
	Sasol Financing USA LLC
	340,000		4.375			09/18/26		345,576
	200,000		6.500			09/27/28		215,100
	The Sherwin-Williams Co.
	175,000		2.950			08/15/29		182,240
	Valvoline, Inc.^(e)
	90,000		3.625			06/15/31		87,075
	WR Grace & Co-Conn^(e)
	240,000		4.875			06/15/27		248,400

								3,042,068

Commercial Services – 2.1%
	Alarm.com Holdings, Inc.^(e)(f)
	15,000		0.000			01/15/26		13,882
	Allied Universal Holdco LLC/Allied Universal Finance Corp.^(d)
	170,000		9.750			07/15/27		186,575
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(d)(e)
	185,000		5.375			03/01/29		191,475
	CoStar Group, Inc.^(d)(e)
	75,000		2.800			07/15/30		73,019
	DP World Crescent Ltd.^(d)
	200,000		3.750			01/30/30		207,500
	Global Payments, Inc.^(d)
	75,000		3.200			08/15/29		78,977


Corporate Obligations – (continued)
Commercial Services – (continued)
	IHS Markit Ltd.^(d)
	50,000		3.625			05/01/24		53,740
	75,000		4.250			05/01/29		84,281
	Mersin Uluslararasi Liman Isletmeciligi A/S^(d)
	400,000		5.375			11/15/24		413,375
	MPH Acquisition Holdings LLC^(d)(e)
	275,000		5.750			11/01/28		268,125
	NESCO Holdings II, Inc.^(d)(e)
	71,000		5.500			04/15/29		72,775
	Quanta Services, Inc.^(d)
	61,000		2.900			10/01/30		61,834
	Rent-A-Center Inc/TX^(d)(e)
	95,000		6.375			02/15/29		100,225
	Sabre GLBL, Inc.^(d)(e)
	251,000		9.250			04/15/25		299,318
	Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.^(d)(e)
	55,000		4.625			11/01/26		57,131
	Verisure Holding AB^(d)(e)
EUR	125,000		3.250			02/15/27		147,917
	Verisure Midholding AB^(d)(e)
	125,000		5.250			02/15/29		151,700

								2,461,849

Computers^(d) – 1.7%
	Amdocs Ltd.
	75,000		2.538			06/15/30		73,558
	Austin BidCo, Inc.^(e)
	62,000		7.125			12/15/28		63,085
	Booz Allen Hamilton, Inc.^(e)
	148,000		3.875			09/01/28		148,370
	Dell International LLC/EMC Corp.^(e)
	340,000		4.000			07/15/24		369,257
	325,000		6.020			06/15/26		384,562
	Hewlett Packard Enterprise Co.
	225,000		4.900			10/15/25		256,473
	200,000		1.750			04/01/26		199,990
	Seagate HDD Cayman^(e)
	392,000		3.125			07/15/29		376,320
	Unisys Corp.^(e)
	80,000		6.875			11/01/27		87,600

								1,959,215

Cosmetics/Personal Care^(d) – 0.3%
	Coty, Inc.
	EUR 350,000		4.000			04/15/23		400,467

Distribution & Wholesale^(d)(e) – 1.0%
	Avient Corp.
$	122,000		5.750			05/15/25		129,473
	Core & Main Holdings LP^(g) (PIK 9.375%, Cash 8.625%)
	147,000		8.625			09/15/24		149,940
	Core & Main LP
	300,000		6.125			08/15/25		307,875
	H&E Equipment Services, Inc.
	205,000		3.875			12/15/28		198,850
	Wolverine Escrow LLC
	371,000		8.500			11/15/24		370,072

								1,156,210


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

GOLDMAN SACHS INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services^(d) – 4.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
$	150,000		4.875	%		01/16/24	$	163,163
	175,000		6.500			07/15/25		204,104
	AG Issuer LLC^(e)
	228,000		6.250			03/01/28		238,545
	Air Lease Corp.
	75,000		2.875			01/15/26		77,624
	320,000		3.750			06/01/26		341,776
	(5 year CMT + 4.076%)
	150,000		4.650	^(b)		06/15/49		148,536
	Ally Financial, Inc.
	50,000		1.450			10/02/23		50,742
	American Express Co.^(b) (3M USD LIBOR + 3.285%)
	25,000		3.469			06/15/49		24,844
	Aviation Capital Group LLC^(e)
	75,000		1.950			01/30/26		73,079
	Avolon Holdings Funding Ltd.^(e)
	60,000		3.950			07/01/24		62,711
	100,000		2.875			02/15/25		100,086
	50,000		4.250			04/15/26		52,307
	Global Aircraft Leasing Co. Ltd.^(e)(g) (PIK 7.250%, Cash 6.500%)
	91,273		6.500			09/15/24		87,280
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(e)
	215,000		4.375			02/01/29		210,431
	JAB Holdings B.V.^(e)
	250,000		2.200			11/23/30		234,905
	LD Holdings Group LLC^(e)
	215,000		6.500			11/01/25		225,213
	185,000		6.125			04/01/28		187,313
	Nationstar Mortgage Holdings, Inc.^(e)
	295,000		5.500			08/15/28		296,449
	Navient Corp.
	455,000		5.000			03/15/27		456,137
	NFP Corp.^(e)
	662,000		6.875			08/15/28		686,825
	OneMain Finance Corp.
	164,000		4.000			09/15/30		159,490
	United Wholesale Mortgage LLC^(e)
	340,000		5.500			04/15/29		340,000
	United Wholesale Mortgage LLC^(e)
	175,000		5.500			11/15/25		182,438

								4,603,998

Electrical^(d) – 1.6%
	AES Panama Generation Holdings SRL
	400,000		4.375			05/31/30		413,860
	American Electric Power Co., Inc.
	25,000		2.300			03/01/30		24,369
	Calpine Corp.^(e)
	415,000		3.750			03/01/31		395,287
	FirstEnergy Corp.
	75,000		2.650			03/01/30		72,646
	NRG Energy, Inc.^(e)
	66,000		3.375			02/15/29		64,350
	177,000		3.625			02/15/31		172,132


Corporate Obligations – (continued)
Electrical^(d) – (continued)
	Pacific Gas & Electric Co.
	25,000		2.100			08/01/27		24,473
	50,000		2.500			02/01/31		47,156
	Pike Corp.^(e)
	380,000		5.500			09/01/28		386,650
	Sempra Energy
	50,000		3.400			02/01/28		53,727
	The Southern Co.
	120,000		3.250			07/01/26		128,484
	Vistra Operations Co. LLC^(e)
	50,000		3.550			07/15/24		52,375
	60,000		4.300			07/15/29		63,425

								1,898,934

Electrical Components & Equipment^(d)(e) – 0.2%
	Energizer Holdings, Inc.
	250,000		4.750			06/15/28		257,813

Electronics^(d)(e) – 0.1%
	TTM Technologies, Inc.
	92,000		4.000			03/01/29		90,620

Engineering & Construction^(d) – 1.4%
	Aeropuerto Internacional de Tocumen SA
	400,000		5.625			05/18/36		419,500
	Dycom Industries, Inc.^(e)
	292,000		4.500			04/15/29		292,730
	IHS Netherlands Holdco B.V.
	200,000		7.125			03/18/25		208,500
	200,000		8.000			09/18/27		215,187
	KBR, Inc.^(e)
	71,000		4.750			09/30/28		71,799
	Mexico City Airport Trust
	400,000		5.500			10/31/46		393,620

								1,601,336

Entertainment – 1.3%
	Live Nation Entertainment, Inc.
	150,000		2.000			02/15/25		163,707
	50,000		6.500	^(d)(e)		05/15/27		55,062
	200,000		3.750	^(d)(e)		01/15/28		197,250
	Motion Bondco DAC^(d)(e)
	400,000		6.625			11/15/27		408,000
	SeaWorld Parks & Entertainment, Inc.^(d)(e)
	366,000		9.500			08/01/25		397,110
	Six Flags Entertainment Corp.^(d)(e)
	260,000		5.500			04/15/27		269,750

								1,490,879

Environmental^(d) – 0.6%
	GFL Environmental, Inc.^(e)
	242,000		4.000			08/01/28		233,530
	Waste Management, Inc.
	50,000		1.150			03/15/28		47,368
	Waste Pro USA, Inc.^(e)
	349,000		5.500			02/15/26		357,289

								638,187


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food & Drug Retailing – 1.7%
	Bellis Acquisition Co. PLC^(d)(e)
	GBP 100,000		3.250	%		02/16/26	$	138,275
	BRF SA^(d)
$	400,000		4.875			01/24/30		407,610
	Kraft Heinz Foods Co.
	115,000		5.000	^(d)		07/15/35		132,410
	330,000		6.875			01/26/39		454,670
	101,000		5.500	^(d)		06/01/50		123,320
	Post Holdings, Inc.^(d)(e)
	22,000		4.625			04/15/30		22,055
	Sysco Corp.^(d)
	125,000		3.300			07/15/26		134,579
	United Natural Foods, Inc.^(d)(e)
	265,000		6.750			10/15/28		282,888
	US Foods, Inc.^(d)(e)
	301,000		4.750			02/15/29		300,247

								1,996,054

Forest Products&Paper^(d)(e) – 0.4%
	Mercer International, Inc.
	400,000		5.125			02/01/29		413,500

Gaming^(d) – 0.6%
	Boyd Gaming Corp.
	281,000		4.750			12/01/27		285,215
	Wynn Macau Ltd.^(e)
	365,000		5.625			08/26/28		378,797

								664,012

Healthcare Providers & Services – 1.7%
	CAB SELAS^(d)(e)
	EUR 150,000		3.375			02/01/28		175,108
	Catalent Pharma Solutions, Inc.^(d)(e)
$	120,000		3.125			02/15/29		115,500
	CHS/Community Health Systems, Inc.^(d)(e)
	40,000		8.000			03/15/26		43,000
	240,000		4.750			02/15/31		234,000
	DaVita, Inc.^(d)(e)
	387,000		3.750			02/15/31		368,617
	DENTSPLY SIRONA, Inc.^(d)
	50,000		3.250			06/01/30		52,232
	DH Europe Finance II S.a.r.l.^(d)
	50,000		2.600			11/15/29		51,092
	HCA, Inc.
	50,000		5.375			02/01/25		55,625
	Laboratoire Eimer Selas^(d)(e)
	EUR 100,000		5.000			02/01/29		118,889
	Lifepoint Health, Inc.^(d)(e)
$	260,000		5.375			01/15/29		256,100
	ModivCare, Inc.^(d)(e)
	57,000		5.875			11/15/25		60,349
	Stryker Corp.^(d)
	50,000		1.950			06/15/30		48,325
	Tenet Healthcare Corp.
	131,000		6.750			06/15/23		141,316
	96,000		6.125	^(d)(e)		10/01/28		100,080


Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Thermo Fisher Scientific, Inc.^(d)
	50,000		4.497			03/25/30		58,352
	Zimmer Biomet Holdings, Inc.^(d)
	50,000		3.550			03/20/30		53,521

								1,932,106

Home Builders^(d) – 0.2%
	Mattamy Group Corp.^(e)
	42,000		4.625			03/01/30		41,580
	Taylor Morrison Communities, Inc.^(e)
	63,000		5.125			08/01/30		66,938
	Tri Pointe Homes, Inc.
	86,000		5.700			06/15/28		94,922

								203,440

Home Furnishings^(d)(e) – 0.4%
	Tempur Sealy International, Inc.
	495,000		4.000			04/15/29		495,000

Household Products^(d)(e) – 0.2%
	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
	206,000		7.000			12/31/27		197,245

Housewares^(d) – 0.0%
	Newell Brands, Inc.
	38,000		4.700			04/01/26		41,943

Industrials^(d)(e) – 0.1%
	Arcosa, Inc.
	125,000		4.375			04/15/29		125,000

Insurance^(d) – 1.2%
	Acrisure LLC/Acrisure Finance, Inc.^(e)
	250,000		4.250			02/15/29		245,937
	Acrisure LLC/Acrisure Finance, Inc.^(e)
	60,000		10.125			08/01/26		69,225
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(e)
	119,000		6.750			10/15/27		127,330
	American International Group, Inc.
	50,000		3.900			04/01/26		55,193
	175,000		4.200			04/01/28		196,742
	25,000		3.400			06/30/30		26,598
	AssuredPartners, Inc.^(e)
	70,000		5.625			01/15/29		70,963
	Equitable Holdings, Inc.
	60,000		4.350			04/20/28		67,079
	HUB International Ltd.^(e)
	212,000		7.000			05/01/26		219,685
	NMI Holdings, Inc.^(e)
	242,000		7.375			06/01/25		277,695

								1,356,447

Internet^(d) – 2.5%
	Adevinta ASA^(e)
	EUR 100,000		2.625			11/15/25		120,694
	Arches Buyer, Inc.^(e)
$	77,000		6.125			12/01/28		79,310
	Booking Holdings, Inc.
	90,000		4.100			04/13/25		100,440
	72,000		4.625			04/13/30		83,691


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

GOLDMAN SACHS INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Internet^(d) – (continued)
	Endure Digital, Inc.^(e)
$	724,000		6.000	%		02/15/29	$	705,900
	Expedia Group, Inc.
	100,000		4.500			08/15/24		109,181
	180,000		6.250	^(e)		05/01/25		208,143
	167,000		4.625	^(e)		08/01/27		185,641
	75,000		2.950	^(e)		03/15/31		73,920
	Getty Images, Inc.^(e)
	358,000		9.750			03/01/27		381,270
	Match Group Holdings II LLC^(e)
	3,000		4.125			08/01/30		3,011
	Prosus NV
	400,000		3.680			01/21/30		413,500
	EUR 120,000		2.031	^(e)		08/03/32		143,187
	Uber Technologies, Inc.^(e)
	155,000		7.500			05/15/25		166,625
	110,000		6.250			01/15/28		118,387

								2,892,900

Iron/Steel^(d) – 0.5%
	Cleveland-Cliffs, Inc.
	126,000		5.750			03/01/25		129,307
	185,000		4.875	^(e)		03/01/31		184,075
	Metinvest B.V.
	200,000		8.500			04/23/26		223,050
	Steel Dynamics, Inc.
	10,000		2.400			06/15/25		10,432
	25,000		1.650			10/15/27		24,510
	Vale Overseas Ltd.
	60,000		3.750			07/08/30		62,394

								633,768

Leisure Time – 0.5%
	NCL Corp. Ltd.^(d)(e)
	31,000		5.875			03/15/26		31,310
	NCL Corp., Ltd.^(d)(e)
	275,000		3.625			12/15/24		258,500
	Royal Caribbean Cruises Ltd.
	105,000		5.250			11/15/22		107,888
	190,000		5.500	^(d)(e)		04/01/28		190,950

								588,648

Lodging^(d) – 1.1%
	Fortune Star BVI Ltd.
	400,000		6.750			07/02/23		419,125
	Hilton Domestic Operating Co., Inc.
	150,000		4.875			01/15/30		159,188
	94,000		4.000	^(e)		05/01/31		93,765
	Marriott International, Inc.
	45,000		4.625			06/15/30		50,289
	Marriott Ownership Resorts, Inc.
	394,000		4.750			01/15/28		396,955
	Travel + Leisure Co.^(e)
	28,000		6.625			07/31/26		31,780
	90,000		4.625			03/01/30		93,150

								1,244,252


Corporate Obligations – (continued)
Machinery-Diversified^(d) – 0.7%
	Husky III Holding Ltd.^(e)(g) (PIK 13.750%, Cash 13.000%)
	30,000		13.000			02/15/25		32,662
	Otis Worldwide Corp.
	325,000		2.565			02/15/30		327,207
	Titan Acquisition Ltd./Titan Co-Borrower LLC^(e)
	401,000		7.750			04/15/26		414,534

								774,403

Media – 3.7%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(d)
	975,000		4.908			07/23/25		1,106,498
	225,000		3.750			02/15/28		243,823
	Comcast Corp.^(d)
	100,000		4.150			10/15/28		114,359
	200,000		4.250			10/15/30		230,746
	DISH DBS Corp.
	253,000		7.750			07/01/26		278,300
	180,000		7.375	^(d)		07/01/28		187,875
	GCI LLC^(d)(e)
	295,000		4.750			10/15/28		300,900
	Gray Television, Inc.^(d)(e)
	180,000		7.000			05/15/27		195,525
	iHeartCommunications, Inc.^(d)
	55,000		8.375			05/01/27		58,781
	Radiate Holdco LLC/Radiate Finance, Inc.^(d)(e)
	364,000		6.500			09/15/28		384,020
	Scripps Escrow II, Inc.^(d)(e)
	130,000		5.375			01/15/31		129,025
	Scripps Escrow, Inc.^(d)(e)
	115,000		5.875			07/15/27		118,450
	TEGNA, Inc.^(d)
	50,000		4.625			03/15/28		50,813
	Townsquare Media, Inc.^(d)(e)
	210,000		6.875			02/01/26		223,650
	Urban One, Inc.^(d)(e)
	185,000		7.375			02/01/28		190,319
	Virgin Media Vendor Financing Notes III DAC^(d)(e)
GBP	100,000		4.875	%		07/15/28		141,956
	Ziggo B.V.^(d)(e)
$	215,000		4.875			01/15/30		219,300
	Ziggo Bond Co. B.V.^(d)(e)
EUR	100,000		3.375			02/28/30		115,397

								4,289,737

Mining^(d) – 0.9%
	Arconic Corp.^(e)
$	52,000		6.125			02/15/28		55,380
	Freeport-McMoRan, Inc.
	200,000		5.400			11/14/34		238,000
	Glencore Funding LLC^(e)
	225,000		4.125			03/12/24		243,585
	Hudbay Minerals, Inc.^(e)
	250,000		4.500			04/01/26		258,437
	105,000		6.125			04/01/29		111,563
	Novelis Corp.^(e)
	100,000		4.750			01/30/30		102,500


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mining^(d) – (continued)
	Teck Resources Ltd.
$	25,000		3.900	%		07/15/30	$	26,111

								1,035,576

Miscellaneous Manufacturing – 1.2%
	Bombardier, Inc.^(d)(e)
	85,000		7.500			12/01/24		84,894
	General Electric Co.
	50,000		3.375			03/11/24		53,802
	250,000		3.625	^(d)		05/01/30		269,130
	125,000		5.875			01/14/38		161,736
	(3M USD LIBOR + 3.330%)
	742,000		3.514	^(b)(d)		06/15/49		700,114
	Hillenbrand, Inc.^(d)
	154,000		3.750			03/01/31		149,957

								1,419,633

Multi-National^(d)(e) – 0.5%
	Banque Ouest Africaine de Developpement
EUR	480,000		2.750			01/22/33		579,192

Office^(d)(e) – 0.0%
	Xerox Holdings Corp.
	55,000		5.000			08/15/25		56,925

Oil Field Services – 3.8%
	BP Capital Markets PLC^(d)
	150,000		3.279			09/19/27		162,139
	California Resources Corp.^(d)(e)
	235,000		7.125			02/01/26		239,112
	Cenovus Energy, Inc.
	80,000		5.375	^(d)		07/15/25		90,026
	85,000		6.750			11/15/39		106,080
	Continental Resources, Inc.^(d)(e)
	215,000		5.750			01/15/31		241,875
	Devon Energy Corp.^(d)
	55,000		5.850			12/15/25		64,144
	DNO ASA^(d)(e)
	100,000		8.750			05/31/23		101,750
	Indigo Natural Resources LLC^(d)(e)
	300,000		5.375			02/01/29		295,500
	Laredo Petroleum, Inc.^(d)
	40,000		9.500			01/15/25		38,400
	Marathon Petroleum Corp.^(d)
	50,000		3.800			04/01/28		54,160
	MEG Energy Corp.^(d)(e)
	140,000		5.875			02/01/29		140,350
	Nabors Industries, Inc.^(d)(e)
	322,000		9.000			02/01/25		328,440
	Noble Finance Co.^(d)(g) (PIK 15.000%, Cash 11.000%)
	36,761		11.000			02/15/28		38,507
	Occidental Petroleum Corp.^(d)
	55,000		2.700			02/15/23		54,656
	95,000		8.000			07/15/25		109,013
	200,000		5.550			03/15/26		211,000
	100,000		6.625			09/01/30		112,000
	Phillips 66^(d)
	25,000		1.300			02/15/26		24,749


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Range Resources Corp.^(d)
	180,000		5.000			03/15/23		182,700
	SEPLAT Petroleum Development Co. PLC^(d)
	200,000		9.250			04/01/23		203,937
	Suncor Energy, Inc.^(d)
	25,000		3.100			05/15/25		26,697
	Sunoco LP/Sunoco Finance Corp.^(d)(e)
	135,000		4.500			05/15/29		134,325
	TechnipFMC PLC^(d)(e)
	315,000		6.500			02/01/26		328,781
	Transocean Poseidon Ltd.^(d)(e)
	80,000		6.875			02/01/27		73,600
	Transocean, Inc.^(d)(e)
	915,000		11.500			01/30/27		786,900
	USA Compression Partners LP/USA Compression Finance Corp.^(d)
	223,000		6.875			04/01/26		228,575

								4,377,416

Packaging – 1.8%
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(d)(e)
	365,000		4.000			09/01/29		363,175
	Berry Global, Inc.^(d)(e)
	75,000		1.570			01/15/26		73,834
	Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC^(d)(e)
	228,000		6.000			09/15/28		235,410
	Kleopatra Finco Sarl^(d)(e)
EUR	100,000		4.250			03/01/26		116,941
	Kleopatra Holdings 2 SCA^(d)(e)
	100,000		6.500			09/01/26		112,858
	Pactiv LLC
$	285,000		8.375			04/15/27		324,900
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(d)(e)
	88,000		4.000			10/15/27		86,020
	Sealed Air Corp.^(e)
	113,000		6.875			07/15/33		138,990
	TriMas Corp.^(d)(e)
	360,000		4.125			04/15/29		359,550
	Trivium Packaging Finance B.V.^(d)(e)
	200,000		8.500			08/15/27		217,000

								2,028,678

Pharmaceuticals^(d) – 2.1%
	AbbVie, Inc.
	225,000		3.200			11/21/29		238,873
	AdaptHealth LLC^(e)
	65,000		6.125			08/01/28		68,656
	120,000		4.625			08/01/29		119,400
	Bausch Health Cos., Inc.^(e)
	175,000		9.000			12/15/25		189,875
	35,000		5.000			01/30/28		35,481
	389,000		5.250			02/15/31		387,055
	Becton Dickinson & Co.
	175,000		3.700			06/06/27		192,885
	25,000		2.823			05/20/30		25,659


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

GOLDMAN SACHS INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals^(d) – (continued)
	Cigna Corp.
$	400,000		2.400	%		03/15/30	$	396,228
	CVS Health Corp.
	100,000		3.250			08/15/29		105,838
	100,000		3.750			04/01/30		109,101
	Herbalife Nutrition Ltd./HLF Financing, Inc.^(e)
	107,000		7.875			09/01/25		116,363
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(e)
	152,000		7.250			08/15/26		159,220
	Prestige Brands, Inc.^(e)
	210,000		3.750			04/01/31		200,025
	Zoetis, Inc.
	50,000		2.000			05/15/30		48,083

								2,392,742

Pipelines^(d) – 3.4%
	Antero Midstream Partners LP/Antero Midstream Finance Corp.
	60,000		5.375			09/15/24		60,450
	DCP Midstream Operating LP
	115,000		5.625			07/15/27		124,488
	Energy Transfer Operating LP
	60,000		4.050			03/15/25		64,769
	175,000		5.250			04/15/29		199,482
	EnLink Midstream Partners LP
	40,000		4.400			04/01/24		40,350
	Genesis Energy LP/Genesis Energy Finance Corp.
	176,000		7.750			02/01/28		176,000
	Global Partners LP/GLP Finance Corp.
	345,000		6.875			01/15/29		370,012
	MPLX LP
	135,000		4.000			03/15/28		149,113
	75,000		2.650			08/15/30		73,549
	NGL Energy Operating LLC/NGL Energy Finance Corp.^(e)
	260,000		7.500			02/01/26		266,500
	NuStar Logistics LP
	145,000		6.000			06/01/26		154,063
	185,000		6.375			10/01/30		199,569
	ONEOK, Inc.
	50,000		6.350			01/15/31		62,731
	Plains All American Pipeline LP/PAA Finance Corp.
	60,000		3.850			10/15/23		63,542
	150,000		3.800			09/15/30		152,807
	Sabine Pass Liquefaction LLC
	265,000		5.625			04/15/23		287,467
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	225,000		5.500			08/15/22		217,125
	265,000		5.750			04/15/25		217,962
	Summit Midstream Partners LP^(b) (3M USD LIBOR + 7.430%)
	188,000		9.500			12/15/49		115,620
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(e)
	99,000		5.500			09/15/24		99,990
	50,000		6.000			12/31/30		49,250
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	95,000		5.375			02/01/27		98,681
	160,000		4.875	^(e)		02/01/31		161,600
	415,000		4.000	^(e)		01/15/32		391,137


Corporate Obligations – (continued)
Pipelines^(d) – (continued)
	The Williams Cos., Inc.
	60,000		4.550			06/24/24		66,148
	Western Midstream Operating LP
	50,000		4.350			02/01/25		51,625

								3,914,030

Real Estate^(d) – 0.6%
	NE Property B.V.
EUR	200,000		3.375			07/14/27		254,666
	Realogy Group LLC/Realogy Co-Issuer Corp.^(e)
$	31,000		7.625			06/15/25		33,829
	140,000		9.375			04/01/27		154,700
	225,000		5.750			01/15/29		221,906

								665,101

Real Estate Investment Trust^(d) – 1.0%
	Agree LP
	25,000		2.900			10/01/30		25,235
	Crown Castle International Corp.
	175,000		4.450			02/15/26		197,160
	150,000		3.300			07/01/30		156,765
	Duke Realty LP
	25,000		1.750			07/01/30		23,341
	Regency Centers LP
	60,000		2.950			09/15/29		61,087
	Spirit Realty LP
	60,000		4.000			07/15/29		64,974
	Trust Fibra Uno
	200,000		4.869			01/15/30		215,845
	UDR, Inc.
	150,000		1.900			03/15/33		135,859
	VEREIT Operating Partnership LP
	55,000		4.875			06/01/26		62,999
	25,000		3.400			01/15/28		26,422
	50,000		2.850			12/15/32		48,465
	WP Carey, Inc.
	75,000		4.250			10/01/26		84,085
	60,000		3.850			07/15/29		64,676
	25,000		2.400			02/01/31		23,991

								1,190,904

Retailing – 4.1%
	1011778 BC ULC/New Red Finance, Inc.^(d)(e)
	753,000		4.000			10/15/30		726,645
	7-Eleven, Inc.^(d)(e)
	175,000		1.300			02/10/28		167,414
	BCPE Ulysses Intermediate, Inc.^(d)(e)(g) (PIK 8.500%, Cash 7.750%)
	415,000		7.750			04/01/27		429,525
	Beacon Roofing Supply, Inc.^(d)(e)
	205,000		4.875			11/01/25		209,100
	Burlington Coat Factory Warehouse Corp.^(d)(e)
	92,000		6.250			04/15/25		97,520
	Burlington Stores, Inc.^(e)
	79,000		2.250			04/15/25		118,655
	Carvana Co.^(d)(e)
	90,000		5.500			04/15/27		90,423


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Retailing – (continued)
	Dollar Tree, Inc.^(d)
$	225,000		4.000	%		05/15/25	$	248,418
	eG Global Finance PLC^(d)
EUR	250,000		4.375			02/07/25		286,247
	Foundation Building Materials, Inc.^(d)(e)
$	95,000		6.000			03/01/29		93,575
	Group 1 Automotive, Inc.^(d)(e)
	70,000		4.000			08/15/28		69,475
	IRB Holding Corp.^(d)(e)
	159,000		7.000			06/15/25		171,720
	343,000		6.750			02/15/26		354,147
	Ken Garff Automotive LLC^(d)(e)
	190,000		4.875			09/15/28		189,288
	LBM Acquisition LLC^(d)(e)
	190,000		6.250			01/15/29		195,700
	Lowe’s Cos., Inc.^(d)
	300,000		1.300			04/15/28		285,363
	225,000		1.700			10/15/30		210,535
	Murphy Oil USA, Inc.^(d)(e)
	85,000		3.750			02/15/31		83,406
	Park River Holdings, Inc.^(d)(e)
	80,000		5.625			02/01/29		77,600
	Specialty Building Products Holdings LLC/SBP Finance Corp.^(d)(e)
	215,000		6.375			09/30/26		222,525
	Superior Plus LP/Superior General Partner, Inc.^(d)(e)
	295,000		4.500			03/15/29		297,212
	Tractor Supply Co.^(d)
	75,000		1.750			11/01/30		69,536
	Yum! Brands, Inc.^(d)(e)
	2,000		7.750			04/01/25		2,180
	88,000		4.750			01/15/30		93,060

								4,789,269

Semiconductors^(d) – 1.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	48,000		3.875			01/15/27		52,079
	400,000		3.500			01/15/28		424,684
	Broadcom, Inc.
	375,000		3.459			09/15/26		402,596
	237,000		3.469	^(e)		04/15/34		237,810
	Lam Research Corp.
	75,000		1.900			06/15/30		72,824
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(e)
	165,000		3.875			06/18/26		181,503
	100,000		3.400			05/01/30		105,472

								1,476,968

Software^(d) – 1.2%
	Black Knight InfoServ LLC^(e)
	100,000		3.625			09/01/28		97,625
	Brunello Bidco SpA^(e)
EUR	350,000		3.500			02/15/28		408,762
	BY Crown Parent LLC/BY Bond Finance, Inc.^(e)
$	25,000		4.250			01/31/26		25,813
	Castle US Holding Corp.^(e)
	277,000		9.500			02/15/28		281,847


Corporate Obligations – (continued)
Software^(d) – (continued)
	Fiserv, Inc.
	115,000		3.200			07/01/26		124,015
	Intuit, Inc.
	25,000		1.650			07/15/30		23,692
	Playtika Holding Corp.^(e)
	213,000		4.250			03/15/29		209,272
	ServiceNow, Inc.
	125,000		1.400			09/01/30		113,003
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp.^(e)
	160,000		3.875			02/01/29		156,400

								1,440,429

Telecommunication Services – 4.4%
	Altice France SA^(d)(e)
EUR	100,000		2.125			02/15/25		113,166
	AT&T, Inc.^(d)
$	300,000		2.300			06/01/27		305,856
	75,000		1.650			02/01/28		72,605
	75,000		2.750			06/01/31		74,717
	202,000		2.550	^(e)		12/01/33		191,736
	175,000		4.900			08/15/37		206,097
	Bharti Airtel Ltd.^(d)(e)
	360,000		3.250			06/03/31		350,525
	CommScope, Inc.^(d)(e)
	85,000		7.125			07/01/28		90,100
	Frontier Communications Corp.^(d)(e)
	83,000		5.000			05/01/28		84,349
	Intelsat Jackson Holdings SA^(d)(h)
	450,000		5.500			08/01/23		276,750
	MTN Mauritius Investments Ltd.
	400,000		6.500			10/13/26		445,750
	PPF Telecom Group B.V.^(d)
EUR	400,000		2.125			01/31/25		476,874
	Sprint Capital Corp.
$	125,000		8.750			03/15/32		184,844
	T-Mobile USA, Inc.^(d)(e)
	25,000		1.500			02/15/26		24,762
	150,000		3.750			04/15/27		163,854
	250,000		2.050			02/15/28		245,225
	200,000		3.875			04/15/30		217,020
	Telecom Italia SpA^(d)
EUR	175,000		2.875			01/28/26		216,413
	Telesat Canada/Telesat LLC^(d)(e)
$	95,000		6.500			10/15/27		95,000
	VEON Holdings B.V.^(d)(e)
	410,000		3.375			11/25/27		402,189
	Verizon Communications, Inc.
	275,000		4.329			09/21/28		314,872
	275,000		3.150	^(d)		03/22/30		289,762
	Vmed O2 UK Financing I PLC^(d)(e)
	292,000		4.250			01/31/31		283,605

								5,126,071

Toys/Games/Hobbies^(d)(e) – 0.2%
	Mattel, Inc.
	230,000		3.375			04/01/26		234,600
	38,000		5.875			12/15/27		41,563

								276,163


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

GOLDMAN SACHS INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Transportation – 0.9%
	FedEx Corp.^(d)
$	225,000		3.300	%		03/15/27	$	244,325
	MV24 Capital B.V.
	757,056		6.748			06/01/34		790,177
	XPO Logistics, Inc.^(d)(e)
	3,000		6.250			05/01/25		3,214

								1,037,716

	TOTAL CORPORATE OBLIGATIONS
	(Cost $88,885,663)						$	89,828,216



Mortgage-Backed Obligations – 9.0%
Collateralized Mortgage Obligations⁽ⁱ⁾ – 1.9%
Interest Only – 1.9%
	FHLMC REMIC Series 4991, Class IE
$	823,202		5.000	%		07/25/50	$	135,798
	FHLMC REMIC Series 5002, Class SJ^(b) (-1x 1M USD LIBOR + 6.100%)
	543,059		5.991			07/25/50		107,825
	FNMA REMIC Series 2017-86, Class SB^(b) (-1x 1M USD LIBOR + 6.150%)
	262,730		6.041			11/25/47		52,027
	FNMA REMIC Series 2020-45, Class AI
	359,808		4.000			07/25/50		59,143
	FNMA REMIC Series 2020-60, Class KI
	469,578		2.000			09/25/50		55,835
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x 1M USD LIBOR + 5.600%)
	1,051,073		5.489			08/20/44		188,666
	GNMA REMIC Series 2015-112, Class SB^(b) (-1x 1M USD LIBOR + 5.740%)
	662,356		5.629			08/20/45		110,634
	GNMA REMIC Series 2018-124, Class SN^(b) (-1x 1M USD LIBOR + 6.200%)
	269,468		6.089			09/20/48		47,042
	GNMA REMIC Series 2019-110, Class PS^(b) (-1X 1M USD LIBOR + 6.050%)
	687,166		5.939			09/20/49		130,625
	GNMA REMIC Series 2019-153, Class EI
	881,555		4.000			12/20/49		133,421
	GNMA REMIC Series 2019-52, Class SK^(b) (-1x 1M USD LIBOR + 6.050%)
	268,492		5.939			04/20/49		38,259
	GNMA REMIC Series 2020-146, Class KI
	934,854		2.500			10/20/50		116,089
	GNMA REMIC Series 2020-173, Class AI
	1,674,387		2.500			11/20/50		173,975
	GNMA REMIC Series 2020-21, Class SA^(b) (-1x 1M USD LIBOR + 6.050%)
	342,386		5.939			02/20/50		61,319
	GNMA REMIC Series 2020-36, Class AS^(b) (1M USD LIBOR + 6.050%)
	649,602		6.050			03/20/50		119,430
	GNMA REMIC Series 2020-55, Class AS^(b) (-1x 1M USD LIBOR + 6.050%)
	538,697		5.939			04/20/50		97,670


Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
	GNMA REMIC Series 2020-55, Class IO
	1,334,681		3.500			04/20/50		184,100
	GNMA REMIC Series 2020-61, Class GI
	430,679		5.000			05/20/50		54,763
	GNMA REMIC Series 2020-61, Class SF^(b) (-1x 1M USD LIBOR + 6.440%)
	537,374		6.329			07/20/43		107,106
	GNMA REMIC Series 2020-7, Class GI
	189,403		4.000			01/20/50		23,605
	GNMA REMIC Series 2020-78, Class DI
	525,511		4.000			06/20/50		74,985
	GNMA REMIC Series 2020-78, Class SD^(b) (-1x 1M USD LIBOR + 6.150%)
	535,966		6.039			06/20/50		87,116

	GNMA Series 2020-26, Class AI
	2,419		2.000			02/20/51		284

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	2,159,717

Federal Agencies^(j) – 7.1%
GNMA – 5.3%
$	2,000,000		2.000	%		TBA-30yr	$	2,015,117
	3,000,000		2.500			TBA-30yr		3,094,350
	1,000,000		4.500			TBA-30yr		1,081,710

								6,191,177

UMBS, 30 Year, Single Family – 1.8%
	1,000,000		2.000			TBA-30yr		995,931
	1,000,000		5.000			TBA-30yr		1,107,705

								2,103,636

	TOTAL FEDERAL AGENCIES						$	8,294,813

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $10,296,299)						$	10,454,530



Asset-Backed Securities^(b)(e) – 1.2%
Collateralized Loan Obligations – 1.2%
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
$	200,000		4.472	%		01/15/32	$	194,603
	Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, Class DR (3M USD LIBOR + 3.250%)
	600,000		3.450			04/20/31		600,000
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	600,000		4.050			04/18/36		593,937

	TOTAL ASSET-BACKED SECURITIES
	(Cost $1,391,000)						$	1,388,540


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – 10.2%
Sovereign – 10.2%
	Benin Government International Bond^(e)
EUR	260,000		4.875	%		01/19/32	$	289,657
	Dominican Republic
$	640,000		5.500			01/27/25		701,600
	200,000		5.950			01/25/27		224,250
	240,000		4.875	^(e)		09/23/32		242,400
	Finance Department Government of Sharjah^(e)
	200,000		4.000			07/28/50		175,500
	Jamaica Government International Bond
	400,000		7.875			07/28/45		538,882
	Kingdom of Bahrain^(e)
	200,000		7.375			05/14/30		221,937
	Kingdom of Morocco^(e)
	310,000		3.000			12/15/32		290,237
	Mexico Government International Bond
	540,000		4.500			04/22/29		597,037
	200,000		2.659	^(d)		05/24/31		189,688
	Perusahaan Penerbit SBSN Indonesia III
	550,000		4.150			03/29/27		606,031
	Republic of Abu Dhabi^(e)
	200,000		3.875			04/16/50		217,312
	Republic of Angola^(e)
	200,000		8.250			05/09/28		191,375
	Republic of Argentina^(d)
	13,920		1.000			07/09/29		4,985
	455,900		0.125	^(k)		07/09/30		151,444
	Republic of Armenia International Bond^(e)
	330,000		3.600			02/02/31		301,537
	Republic of Belarus Ministry of Finance^(e)
	200,000		5.875			02/24/26		191,638
	Republic of Colombia^(d)
	200,000		4.500			03/15/29		218,437
	200,000		4.125			05/15/51		190,250
	Republic of Ecuador^(e)
	34,036		0.000	^(f)		07/31/30		13,785
	40,000		0.500	^(k)		07/31/30		23,400
	46,400		0.500	^(k)		07/31/40		20,300
	Republic of Egypt
	200,000		8.875	^(e)		05/29/50		204,125
EUR	180,000		4.750			04/11/25		218,870
	200,000		4.750			04/16/26		241,649
	200,000		5.625			04/16/30		232,928
	Republic of Indonesia
	100,000		1.100			03/12/33		113,811
	Republic of Ivory Coast^(e)
	500,000		4.875			01/30/32		570,225
	Republic of Lebanon^(h)
$	10,000		6.200			02/26/25		1,141
	10,000		6.750			11/29/27		1,134
	20,000		6.850			05/25/29		2,275
	110,000		6.650			02/26/30		12,272
	10,000		8.250			05/17/34		1,109
	Republic of Nigeria
	400,000		7.625			11/21/25		450,250
	Republic of Oman^(e)
	320,000		6.250			01/25/31		334,700


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Paraguay
	200,000		4.700			03/27/27		222,875
	200,000		4.950	^(d)		04/28/31		225,062
	Republic of Peru^(d)
	400,000		2.783			01/23/31		400,375
	Republic of Romania
EUR	290,000		2.875			03/11/29		376,004
	30,000		2.625	^(e)		12/02/40		34,829
	Republic of South Africa
$	300,000		4.665			01/17/24		317,344
	Republic of Turkey
	200,000		7.250			12/23/23		205,875
	200,000		6.125			10/24/28		189,375
	200,000		7.625			04/26/29		205,250
	200,000		4.875			04/16/43		152,438
	Republic of Uzbekistan^(e)
	200,000		3.700			11/25/30		194,000
	Russian Federation Bond
	200,000		4.750			05/27/26		223,875
	Trinidad & Tobago Government International Bond^(d)
	400,000		4.500			06/26/30		405,125
	Ukraine Government Bond
	190,000		7.750			09/01/23		204,856
	200,000		7.750			09/01/24		215,438
	200,000		7.750			09/01/26		217,188

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $11,942,612)						$	11,776,080


Shares	Dividend Rate	Value

Investment Company^(l) – 1.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,270,339	0.036%	$	2,270,339
(Cost $2,270,339)

TOTAL INVESTMENTS – 106.3%
(Cost $122,236,623)		$	123,232,022

LIABILITIES IN EXCESS OF OTHER ASSETS – (6.3)%			(7,357,983	)

NET ASSETS – 100.0%		$	115,874,039



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank


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

GOLDMAN SACHS INCOME FUND


		Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(g)		Pay-in-kind securities.

(h)		Security is currently in default and/or non-income producing.

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

(j)		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 $8,294,813 which represents approximately 7.2% of the Fund’s net assets as of March 31, 2021.

(k)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

(l)		Represents an affiliated issuer.



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
EUR		—Euro
GBP		—British Pound
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
CP		—Commercial Paper
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
LLC		—Limited Liability Company
LP		—Limited Partnership
MTN		—Medium Term Note
PLC		—Public Limited Company
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
WR		—Withdrawn Rating

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	USD	655,911	AUD	851,603		06/16/21	$	8,861
	USD	7,666,205	EUR	6,320,598		04/09/21		252,656
	USD	274,417	GBP	197,183		05/20/21		2,538
	USD	761,436	NOK	6,454,881		06/16/21		6,788
	USD	656,438	NZD	916,103		06/16/21		16,753
	USD	843,920	SEK	7,165,936		06/16/21		22,814

TOTAL							$	310,410


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	EUR	830,233	USD	998,167		04/09/21			(24,372	)
	EUR	1,295,792	USD	1,544,065		06/16/21			(21,994	)
	JPY	100,904,466	USD	929,698		06/16/21			(17,726	)
	USD	815,455	CAD	1,031,505		06/16/21			(5,434	)

TOTAL								$	(69,526	)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		21			06/21/21	$	3,805,594		$	(142,688	)
2 Year U.S. Treasury Notes		17			06/30/21		3,752,351			(2,257	)
10 Year U.S. Treasury Notes		102			06/21/21		13,355,625			(214,342	)
20 Year U.S. Treasury Bonds		5			06/21/21		772,969			(6,572	)

Total									$	(365,859	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(34	)		06/21/21		(4,885,375	)		169,718
5 Year U.S. Treasury Notes		(3	)		06/30/21		(370,195	)		225
10 Year German Euro-Bund		(1	)		06/08/21		(200,860	)		(25	)

Total									$	169,918

TOTAL FUTURES CONTRACTS									$	(195,941	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)^(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.500)%^(b)		6M EURO^(c)	06/16/24	EUR	900	$	1,999		$	2,818		$	(819	)
(0.250)^(b)		6M EURO^(c)	06/16/25		220		(1,242	)		(1,109	)		(133	)
(0.250)^(b)		6M EURO^(c)	06/16/26		740		(1,826	)		(1,534	)		(292	)
(0.250)^(b)		6M EURO^(c)	06/16/28		510		5,066			4,439			627
0.000^(b)		6M EURO^(c)	06/16/31		1,250		13,903			7,777			6,126
0.250^(b)		6M EURO^(c)	06/16/41		190		9,960			6,410			3,550
0.000		6M EURO	06/16/51		20	$	3,320		$	2,738		$	582

TOTAL						$	31,180		$	21,539		$	9,641

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(b)

Payments made annually.

(c)

Payments made semi-annually.


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

GOLDMAN SACHS INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.000%, 02/01/2027		(1.000)%	14.970%		12/20/22	$	60	$	12,870	$	8,703		$	4,167
Protection Sold:
CDX.NA.HY Index 34		5.000	2.653		06/20/25		46		4,284		(1,541	)		5,825
CDX.NA.IG Index 28		1.000	0.278		06/20/22		625		5,769		5,270			499
CDX.NA.IG Index 33		1.000	0.491		12/20/24		1,950		37,243		33,111			4,132
CDX.NA.IG Index 34		1.000	0.554		06/20/25		15,350		288,593		160,662			127,931
CDX.NA.IG Index 34		1.000	0.319		06/20/23		425		6,579		4,038			2,541

TOTAL								$	355,338	$	210,243		$	145,095

(a)

Payments made quarterly.

(b)



Abbreviations:
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – 36.8%
Bank Loans^(a) – 23.7%
Advertising^(b) – 0.4%
	Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
$	469,074		3.609	%		12/17/26	$	464,449

Aerospace & Defense^(b) – 0.8%
	ADS Tactical, Inc. (NR/NR) (3M LIBOR + 5.750%)
	450,000		6.750			02/09/28		445,500
	TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	589,992		2.359			12/09/25		577,207

								1,022,707

Automotive – 2.0%
	First Brands (B/B1)^(b) (3M LIBOR + 5.000%)
	444,688		6.000			03/30/27		444,132
	Garrett LX I S.a.r.l. (NR/NR)^(c)
	400,000		0.000			03/05/28		397,000
	Navistar International Corp. (BB-/Ba2)^(b) (1M LIBOR + 3.500%)
	1,218,271		3.620			11/06/24		1,217,967
	Truck Hero, Inc. (B-/B2)^(b) (1M LIBOR + 3.750%)
	300,000		4.500			01/31/28		299,043
	Wheel Pros LLC (B-/B3)^(c)
	159,600		0.000			11/06/27		158,903

								2,517,045

Building & Construction^(c) – 0.2%
	DG Investment Intermediate Holdings 2, Inc. (NR/NR)
	186,039		0.000			03/17/28		184,993
	38,961		0.000			03/17/28		38,742

								223,735

Building Materials^(b) – 0.2%
	CP Atlas Buyer, Inc. (B-/B2) (3M LIBOR + 3.750%)
	100,000		4.250			11/23/27		99,266
	Potters Industries LLC (B/B2) (3M LIBOR + 4.000%)
	190,000		4.203			12/14/27		190,000

								289,266

Chemicals^(b) – 0.8%
	Consolidated Energy Finance SA (B+/B1) (1M LIBOR + 2.500%)
	296,433		2.609			05/07/25		289,023
	Illuminate Buyer LLC (B+/B1) (1M LIBOR + 3.500%)
	523,688		3.609			06/30/27		520,849
	INEOS Enterprises Holdings US Finco LLC (BB/B1) (3M LIBOR + 3.500%)
	168,371		4.500			08/28/26		168,413

								978,285

Coal^(b) – 0.2%
	Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	292,500		5.000			10/13/25		292,354

Commercial Services^(b) – 1.5%
	AlixPartners LLP (B+/B1) (1M LIBOR + 2.750%)
	325,000		3.250			02/04/28		323,599
	Allied Universal Holding Co. LLC (B-/B3) (1M LIBOR + 4.250%)
	547,075		4.359			07/10/26		545,160


Secured Debt Obligations – (continued)
Commercial Services^(b) – (continued)
	Amentum Government Services Holdings LLC (B/B1) (3M LIBOR + 4.750%)
	350,000		5.500			01/29/27		350,438
	Garda World Security Corp. (B/B1) (1M LIBOR + 4.250%)
	382,008		4.370			10/30/26		381,848
	Sabert Corp. (B/B2) (1M LIBOR + 4.500%)
	262,378		5.500			12/10/26		262,050

								1,863,095

Consumer Cyclical Services^(b) – 0.9%
	AI Aqua Merger Sub, Inc. (B/B2)
	(1M LIBOR + 3.250%)
	132,848		4.250			12/13/23		132,600
	(1M LIBOR + 4.250%)
	415,738		5.250			12/13/23		415,738
	Guidehouse LLP (B-/B2) (1M LIBOR + 4.000%)
	325,000		4.109			05/01/25		324,652
	Rent-A-Center, Inc. (BB-/Ba3) (1M LIBOR + 4.000%)
	225,000		4.750			02/17/28		225,938

								1,098,928

Consumer Products^(b) – 0.1%
	Energizer Holdings, Inc. (BB+/Ba1) (1M LIBOR + 2.250%)
	175,000		2.750			12/22/27		174,051

Distribution/Wholesale^(b) – 0.1%
	Resideo Funding, Inc. (BBB-/Ba2) (3M LIBOR + 2.250%)
	150,000		2.750			02/08/28		149,437

Diversified Financial services – 0.5%
	DRW Holdings LLC (BB-/B1)^(b) (1M LIBOR + 3.750%)
	275,000		3.859			03/01/28		274,312
	Edelman Financial Center LLC (NR/B2)^(c) (1M LIBOR + 3.500%)
	300,000		0.000			03/15/28		298,125

								572,437

Diversified Manufacturing – 0.9%
	Apex Tool Group LLC (CCC+/B3)^(b) (1M LIBOR + 5.250%)
	669,930		6.500			08/01/24		668,885
	Fluid-Flow Products, Inc. (NR/NR)^(c)
	24,000		0.000			03/16/28		23,850
	126,000		0.000			03/16/28		125,213
	Kleopatra Finco S.a.r.l. (NR/NR)^(c)
	350,000		0.000			02/04/26		348,687

								1,166,635

Energy – Services^(b) – 0.1%
	WIN Waste Innovations Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	150,000		3.250			03/31/28		149,438

Food & Beverage – 0.3%
	Chobani LLC (B-/B1)^(b) (1M LIBOR + 3.500%)
	248,750		4.500			10/20/27		248,377
	City Brewing Co. LLC (NR/NR)^(c) (3M LIBOR + 3.500%)
	175,000		0.000			03/31/28		174,125

								422,502


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – (continued)
Gaming^(b) – 0.9%
	Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 2.750%)
$	1,100,304		2.859	%		12/23/24	$	1,083,337

Health Care – Services^(b) – 1.2%
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.250%)
	329,375		4.453			02/11/26		329,648
	Help At Home, Inc. (B-/B1) (3M LIBOR + 5.000%)
	155,388		6.000			10/29/27		155,776
	Kindred Healthcare LLC (B+/B3) (1M LIBOR + 4.500%)
	757,563		4.625			07/02/25		757,563
	Onex TSG Intermediate Corp. (B/B2) (3M LIBOR + 4.750%)
	300,000		5.500			02/28/28		296,517

								1,539,504

Home Construction^(b) – 0.4%
	Foundation Building Materials Holding Co. LLC (B/B2)
	(1M LIBOR + 3.250%)
	100,763		3.750			02/03/28		99,731
	(3M LIBOR + 3.250%)
	174,237		3.750			02/03/28		172,451
	Packers Holdings LLC (B-/B2) (3M LIBOR + 3.250%)
	125,000		4.000			03/09/28		123,490
	Park River Holdings, Inc. (B/B2) (3M LIBOR + 3.250%)
	150,000		4.000			12/28/27		148,969

								544,641

Insurance^(b) – 0.4%
	HUB International Ltd. (B/B2) (3M LIBOR + 3.000%)
	551,062		3.215			04/25/25		542,923

Machinery^(b) – 0.4%
	Vertical Midco GmbH (B/B1) (6M LIBOR + 4.250%)
	547,253		4.478			07/30/27		548,074

Media – Cable^(b) – 0.2%
	CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.250%)
	303,482		2.356			07/17/25		298,994

Media – Non Cable^(b) – 1.6%
	Allen Media LLC (BB-/Ba3) (3M LIBOR + 5.500%)
	386,039		5.703			02/10/27		384,880
	Cambium Learning Group, Inc. (B-/B3) (3M LIBOR + 4.500%)
	380,445		4.703			12/18/25		380,342
	iHeartCommunications, Inc. (B+/B1)
	(1M LIBOR + 3.000%)
	159,142		3.109			05/01/26		157,078
	(1M LIBOR + 4.000%)
	322,563		4.750			05/01/26		322,663
	Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	390,278		2.359			03/24/25		383,772
	Nexstar Broadcasting, Inc. (BB/Ba3) (1M LIBOR + 2.500%)
	303,387		2.615			09/18/26		300,848
	The E.W. Scripps Co. (BB-/Ba3) (1M LIBOR + 3.000%)
	124,688		3.750			01/07/28		124,123

								2,053,706


Secured Debt Obligations – (continued)
Oil Field Service^(b) – 0.5%
	Apergy Corp. (BBB-/Ba2)
	608,349		6.000			06/03/27		618,995

Packaging^(b) – 1.8%
	BWAY Holding Co. (B-/B3) (3M LIBOR + 3.250%)
	542,162		3.443			04/03/24		529,963
	Flex Acquisition Co., Inc. (B/B2) (1M LIBOR + 3.500%)
	539,089		4.000			02/23/28		531,763
	LABL, Inc. (B/B2) (1M LIBOR + 4.000%)
	257,692		4.109			07/01/26		256,790
	Reynolds Group Holdings, Inc. (B+/B1) (1M LIBOR + 3.250%)
	149,625		3.359			02/05/26		147,830
	TricorBraun Holdings, Inc. (NR/NR)
	(3M LIBOR + 3.250%)
	2,142		3.750			03/03/28		2,087
	(3M LIBOR + 3.250%)
	285,731		3.750			03/03/28		282,753
	Trident TPI Holdings, Inc. (B-/B2) (3M LIBOR + 3.000%)
	510,065		4.000			10/17/24		504,409

								2,255,595

Pharmaceuticals^(b) – 0.7%
	Bausch Health Cos., Inc. (BB/Ba2) (1M LIBOR + 3.000%)
	295,421		3.109			06/02/25		294,301
	Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	299,250		4.750			10/01/27		297,754
	Horizon Therapeutics USA, Inc. (BB+/Ba1) (3M LIBOR + 2.000%)
	300,000		2.500			02/26/28		298,950

								891,005

Pipelines^(b) – 0.1%
	Centurion Pipeline Co. LLC (BB/B1) (1M LIBOR + 4.000%)
	169,575		4.109			09/28/25		167,879

Retailing – 0.3%
	Harbor Freight Tools USA, Inc. (BB-/Ba3)^(b) (1M LIBOR + 3.000%)
	149,625		3.750			10/19/27		149,353
	LBM Acquisition LLC (B/B2)^(c)
	49,844		0.000			12/17/27		49,604
	224,299		0.000			12/17/27		223,218

								422,175

Technolgy- Software^(b) – 0.1%
	Camelot U.S. Acquisition 1 Co. (B/B2) (1M LIBOR + 3.000%)
	99,750		4.000			10/30/26		99,650

Technology^(b) – 0.3%
	Redstone Buyer LLC (B/B1) (3M LIBOR + 5.000%)
	199,500		6.000			09/01/27		199,999
	Syndigo LLC (B-/B2) (3M LIBOR + 4.500%)
	225,000		5.250			12/15/27		225,000

								424,999

Technology – Hardware^(b) – 0.3%
	CommScope, Inc. (B/Ba3) (1M LIBOR + 3.250%)
	340,502		3.359			04/06/26		337,965


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – (continued)
Technology – Software – 4.1%
	Ahead Data Blue LLC (B/B1)^(b) (3M LIBOR + 5.000%)
$	275,000		6.000	%		10/13/27	$	275,344
	AppLovin Corp. (B+/B1)^(b) (1M LIBOR + 3.250%)
	249,362		3.609			08/15/25		248,923
	Castle US Holding Corp. (B-/B2)^(b) (3M LIBOR + 3.750%)
	297,500		3.953			01/29/27		293,781
	DCert Buyer, Inc. (B-/B2)^(b) (1M LIBOR + 4.000%)
	691,768		4.109			10/16/26		689,942
	DCert Buyer, Inc. (CCC/Caa2)^(b) (1M LIBOR + 7.000%)
	125,000		7.109			02/16/29		125,547
	Epicor Software Corp. (B-/B2)^(b) (1M LIBOR + 3.250%)
	547,250		4.000			07/30/27		545,247
	GlobalLogic Holdings, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	174,125		4.500			09/14/27		173,690
	Grab Holdings, Inc. (B-/B3)^(b)(6M LIBOR + 4.500%)
	200,000		5.500			01/29/26		203,000
	Idera, Inc. (B-/B2)^(b) (3M LIBOR + 3.750%)
	325,000		4.500			02/04/28		322,481
	Idera, Inc. (CCC/Caa2)^(b) (3M LIBOR + 6.750%)
	30,000		7.500			03/02/29		29,825
	Mitchell International, Inc. (B-/B2)^(b) (1M LIBOR + 4.250%)
	447,750		4.750			11/29/24		448,086
	Panther Commercial Holdings LP (B-/B3)^(b) (3M LIBOR + 4.500%)
	250,000		4.712			01/07/28		249,220
	Perforce Software, Inc. (B-/B2)^(b) (1M LIBOR + 3.750%)
	734,127		3.859			07/01/26		726,052
	Ultra Clean Holdings, Inc. (B+/B1)^(c)
	75,000		0.000			08/27/25		75,094
	Virtusa Corp. (B+/B2)^(c)
	300,000		0.000			02/11/28		300,189
	VS Buyer LLC (B/B1)^(b) (1M LIBOR + 3.000%)
	544,500		3.109			02/28/27		542,006

								5,248,427

Telecommunications^(b) – 1.1%
	CCI Buyer, Inc. (B-/B1) (3M LIBOR + 4.000%)
	150,000		4.750			12/17/27		150,141
	Endure Digital, Inc. (B/B2) (3M LIBOR + 3.500%)
	275,000		4.250			02/10/28		271,769
	MH Sub I LLC (B/B2) (1M LIBOR + 3.750%)
	213,823		4.750			09/13/24		213,595
	Nielsen Consumer, Inc. (B/B1) (3M LIBOR + 4.000%)
	175,000		4.103			03/06/28		174,212
	PUG LLC (B-/B3) (1M LIBOR + 3.500%)
	675,450		3.609			02/12/27		650,965

								1,460,682

Telecommunications – Wireless^(b) – 0.1%
	Sorenson Communications LLC (B+/B2) (3M LIBOR + 5.500%)
	125,000		5.690			03/12/26		125,000

Telecommunications-Wirelines^(b) – 0.2%
	Zayo Group Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	247,697		3.109			03/09/27		245,525

	TOTAL BANK LOANS						$	30,293,440


Secured Debt Obligations – (continued)
Other Secured Debt Obligations – 13.1%
Airlines^(d) – 0.5%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	23,000		5.500			04/20/26		23,891
	77,000		5.750			04/20/29		82,005
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)^(e)
	295,000		5.750			01/20/26		312,331
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)^(e)
	206,000		6.500			06/20/27		225,313

								643,540

Chemicals^(d)(e) – 0.2%
	INEOS Quattro Finance 2 PLC (BB/Ba3)
	300,000		3.375			01/15/26		300,000

Commercial Services^(d)(e) – 0.5%
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)
	297,000		6.625			07/15/26		313,706
	APX Group, Inc. (B-/B3)
	233,000		6.750			02/15/27		249,893
	NESCO Holdings II, Inc. (B/B3)
	110,000		5.500			04/15/29		112,750

								676,349

Distribution/Wholesale^(d)(e) – 0.2%
	Wolverine Escrow LLC (CCC+/Caa3)
	275,000		8.500			11/15/24		274,313
	20,000		9.000			11/15/26		19,950

								294,263

Electric^(d)(e) – 0.4%
	Calpine Corp. (BB+/Ba2)
	580,000		3.750			03/01/31		552,450

Entertainment^(d)(e) – 0.4%
	SeaWorld Parks & Entertainment, Inc. (CCC/Caa2)
	270,000		9.500			08/01/25		292,950
	WMG Acquisition Corp. (BB/Ba3)
	197,000		3.000			02/15/31		185,672

								478,622

Environmental^(d)(e) – 0.3%
	GFL Environmental, Inc. (BB-/Ba3)
	393,000		3.500			09/01/28		380,719

Food^(d)(e) – 0.2%
	US Foods, Inc. (BB-/B3)
	281,000		6.250			04/15/25		298,914

Health Care – Services^(e) – 1.5%
	Legacy LifePoint Health LLC (B/B1)^(d)
	300,000		6.750			04/15/25		318,750
	Tenet Healthcare Corp. (NR/B1)^(d)
	156,000		4.625			09/01/24		160,290
	Tenet Healthcare Corp. (BB-/B1)
	557,000		4.625			07/15/24		566,051
	350,000		7.500	^(d)		04/01/25		376,250


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – (continued)
Health Care – Services^(e) – (continued)
$	454,000		4.875	%^(d)		01/01/26	$	470,458

								1,891,799

Insurance^(d)(e) – 0.3%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	365,000		4.250			02/15/29		359,069

Internet^(d)(e) – 0.5%
	Arches Buyer, Inc. (B/B1)
	370,000		4.250			06/01/28		367,225
	Cablevision Lightpath LLC (B+/B1)
	272,000		3.875			09/15/27		268,600

								635,825

Iron/Steel^(d)(e) – 0.4%
	Cleveland-Cliffs, Inc. (B/B2)
	145,000		9.875			10/17/25		168,563
	250,000		6.750			03/15/26		269,375

								437,938

Leisure Time^(d)(e) – 0.2%
	Carnival Corp. (BB-/B1)
	180,000		9.875			08/01/27		211,050

Machinery-Diversified^(d)(e) – 0.4%
	Vertical US New Co., Inc. (B/B1)
	425,000		5.250			07/15/27		444,656

Media^(d)(e) – 1.4%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/B2)
	525,000		5.375			08/15/26		378,000
	Scripps Escrow II, Inc. (BB-/Ba3)
	410,000		3.875			01/15/29		402,825
	Sinclair Television Group, Inc. (BB-/Ba2)
	470,000		4.125			12/01/30		452,375
	UPC Holding B.V. (B/B3)
	200,000		5.500			01/15/28		206,750
	Urban One, Inc. (B-/B3)
	125,000		7.375			02/01/28		128,594
	Ziggo B.V. (B+/B1)
	200,000		4.875			01/15/30		204,000

								1,772,544

Oil Field Services^(d)(e) – 0.0%
	Transocean Phoenix 2 Ltd. (CCC+/NR)
	12,000		7.750			10/15/24		11,640
	Transocean Proteus Ltd. (CCC+/NR)
	39,000		6.250			12/01/24		36,953

								48,593

Oil, Gas & Consumable Fuels^(e) – 0.5%
	Noble Finance Co. (NR/NR)^(f) (PIK 15.000%, Cash 11.000%)
	52,296		11.000			02/15/28		54,780
	Transocean Poseidon Ltd. (CCC+/Caa1)^(d)
	120,000		6.875			02/01/27		110,400
	Transocean Sentry Ltd. (CCC+/Caa1)^(d)
	541,813		5.375			05/15/23		506,595

								671,775


Secured Debt Obligations – (continued)
Packaging^(d)(e) – 0.6%
	LABL Escrow Issuer LLC (B/B2)
	229,000		6.750			07/15/26		245,030
	Mauser Packaging Solutions Holding Co. (B-/B3)
	345,000		5.500			04/15/24		349,744
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)
	186,000		4.000			10/15/27		181,815

								776,589

Pharmaceuticals^(d)(e) – 0.1%
	Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500			11/01/25		128,281

Pipelines^(d)(e) – 0.7%
	Cheniere Energy, Inc. (BB/Ba3)
	385,000		4.625			10/15/28		399,437
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)
	450,000		7.500			02/01/26		461,250

								860,687

Real Estate Investment Trust^(d)(e) – 0.1%
	Realogy Group LLC/Realogy Co-Issuer Corp. (B+/B2)
	97,000		7.625			06/15/25		105,851

Retailing^(d)(e) – 1.5%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	383,000		4.375			01/15/28		384,915
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	621,000		4.000			10/15/30		599,265
	1011778 BC ULC/New Red Finance, Inc. (BB+/Ba2)
	50,000		5.750			04/15/25		53,062
	IRB Holding Corp. (B/B2)
	272,000		7.000			06/15/25		293,760
	Petsmart, Inc. (BB-/B1)
	250,000		4.750			02/15/28		255,625
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	336,000		6.375			09/30/26		347,760

								1,934,387

Software^(d)(e) – 0.9%
	Camelot Finance SA (B/B2)
	1,098,000		4.500			11/01/26		1,132,312

Telecommunications^(d)(e) – 1.3%
	Altice France SA (B/B2)
	791,000		7.375			05/01/26		822,640
	425,000		5.125			01/15/29		429,250
	Frontier Communications Corp. (B+/B3)
	5,000		5.000			05/01/28		5,081
	LogMeIn, Inc. (B-/B2)
	380,000		5.500			09/01/27		397,100

								1,654,071

	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	16,690,284

	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $46,483,955)						$	46,983,724


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – 54.4%
Advertising^(e) – 0.9%
	Lamar Media Corp. (BB-/B1)
$	250,000		4.000	%		02/15/30	$	249,062
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)^(d)
	100,000		6.250			06/15/25		105,875
	100,000		4.250			01/15/29		96,125
	574,000		4.625			03/15/30		552,475
	Terrier Media Buyer, Inc. (CCC+/Caa1)^(d)
	201,000		8.875			12/15/27		216,075

								1,219,612

Aerospace & Defense^(e) – 1.4%
	TransDigm UK Holdings PLC (B-/B3)
	625,000		6.875			05/15/26		657,031
	TransDigm, Inc. (B-/B3)^(d)
	330,000		4.625			01/15/29		324,225
	Triumph Group, Inc. (CCC-/Ca)
	393,000		5.250			06/01/22		391,035
	428,000		7.750			08/15/25		431,745

								1,804,036

Apparel^(d)(e) – 0.0%
	Levi Strauss & Co. (BB+/Ba2)
	60,000		3.500			03/01/31		57,900

Automotive^(e) – 2.9%
	Adient Global Holdings Ltd. (B/B3)^(d)
	559,000		4.875			08/15/26		575,770
	Allison Transmission, Inc. (NR/Ba3)^(d)
	224,000		3.750			01/30/31		216,720
	Dana, Inc. (BB/B2)
	325,000		5.625			06/15/28		344,906
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)^(d)
	230,000		8.000			02/01/28		242,650
	Ford Motor Co. (BB+/Ba2)
	89,000		9.000			04/22/25		107,598
	Ford Motor Credit Co. LLC (BB+/Ba2)
	284,000		4.063			11/01/24		297,105
	250,000		5.125			06/16/25		269,678
	470,000		3.375			11/13/25		477,789
	375,000		4.125			08/17/27		384,054
	Meritor, Inc. (BB-/B1)^(d)
	196,000		6.250			06/01/25		208,740
	Navistar International Corp. (CCC+/B3)^(d)
	262,000		6.625			11/01/25		270,843
	Real Hero Merger Sub 2, Inc. (CCC/Caa2)^(d)
	55,000		6.250			02/01/29		56,650
	Tesla, Inc. (BB/B1)^(d)
	258,000		5.300			08/15/25		267,353

								3,719,856

Building Materials^(e) – 1.4%
	Builders FirstSource, Inc. (B+/B1)^(d)
	203,000		5.000			03/01/30		211,628
	Cornerstone Building Brands, Inc. (B-/B3)^(d)
	223,000		6.125			01/15/29		235,544
	CP Atlas Buyer, Inc. (CCC/Caa2)^(d)
	265,000		7.000			12/01/28		276,925


Unsecured Debt Obligations – (continued)
Building Materials^(e) – (continued)
	Griffon Corp. (B+/B2)
	317,000		5.750			03/01/28		336,812
	Standard Industries, Inc. (BBB-/Ba2)^(d)
	191,000		5.000			02/15/27		198,533
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B2)^(d)
	546,000		5.250			01/15/29		568,522

								1,827,964

Chemicals^(d)(e) – 2.1%
	Axalta Coating Systems LLC (BB-/B1)
	310,000		3.375			02/15/29		302,250
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	183,000		4.750			06/15/27		189,405
	Element Solutions, Inc. (BB-/B2)
	294,000		3.875			09/01/28		288,855
	Ingevity Corp. (NR/Ba3)
	505,000		3.875			11/01/28		488,587
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B2)
	110,000		4.250			12/15/25		110,275
	The Chemours Co. (B/B1)
	315,000		5.750			11/15/28		330,750
	WR Grace & Co-Conn (BB-/B1)
	939,000		4.875			06/15/27		971,865

								2,681,987

Commercial Services^(d)(e) – 1.6%
	Ashtead Capital, Inc. (BBB-/Baa3)
	681,000		4.375			08/15/27		712,455
	Gartner, Inc. (BB/Ba3)
	190,000		3.750			10/01/30		187,625
	MPH Acquisition Holdings LLC (B-/B3)
	260,000		5.750			11/01/28		253,500
	Nielsen Finance LLC/Nielsen Finance Co. (BB-/B2)
	260,000		5.625			10/01/28		272,675
	Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	360,000		4.625			11/01/26		373,950
	The Nielsen Co. Luxembourg S.a.r.l. (BB-/B2)
	297,000		5.000			02/01/25		303,683

								2,103,888

Computers^(d)(e) – 0.6%
	Austin BidCo, Inc. (CCC+/NR)
	79,000		7.125			12/15/28		80,383
	Booz Allen Hamilton, Inc. (BB-/Ba2)
	453,000		3.875			09/01/28		454,132
	Science Applications International Corp. (BB-/B1)
	275,000		4.875			04/01/28		283,938

								818,453

Distribution & Wholesale^(d)(e) – 0.1%
	Core & Main LP (CCC+/Caa2)
	179,000		6.125			08/15/25		183,699

Diversified Financial Services^(e) – 2.7%
	Air Lease Corp. (BB+/NR)^(b) (5 year CMT + 4.076%)
	225,000		4.650			06/15/49		222,804


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Diversified Financial Services^(e) – (continued)
	Compass Group Diversified Holdings LLC (B+/B1)^(d)
$	283,000		5.250	%		04/15/29	$	294,320
	Freedom Mortgage Corp. (B/B2)^(d)
	250,000		7.625			05/01/26		261,875
	Global Aircraft Leasing Co. Ltd. (NR/B1)^(d) (f) (PIK 7.250%, Cash 6.500%)
	201,877		6.500			09/15/24		193,045
	LD Holdings Group LLC (B+/B2)^(d)
	205,000		6.500			11/01/25		214,738
	210,000		6.125			04/01/28		212,625
	Nationstar Mortgage Holdings, Inc. (B/B2)^(d)
	240,000		5.500			08/15/28		241,179
	87,000		5.125			12/15/30		85,695
	Navient Corp. (B+/Ba3)
	444,000		4.875			03/15/28		434,565
	NFP Corp. (CCC+/Caa2)^(d)
	453,000		6.875			08/15/28		469,987
	OneMain Finance Corp. (BB-/Ba3)
	264,000		8.875			06/01/25		292,050
	United Wholesale Mortgage LLC (NR/Ba3)^(d)
	265,000		5.500			04/15/29		265,000
	United Wholesale Mortgage LLC (NR/Ba3)^(d)
	250,000		5.500			11/15/25		260,625

								3,448,508

Diversified Manufacturing^(d)(e) – 0.3%
	BWX Technologies, Inc. (BB/Ba3)
	324,000		4.125			04/15/29		328,455

Electrical^(d)(e) – 0.9%
	Clearway Energy Operating LLC (BB/Ba2)
	246,000		4.750			03/15/28		254,610
	NRG Energy, Inc. (BB+/Ba2)
	102,000		3.375			02/15/29		99,450
	271,000		3.625			02/15/31		263,548
	Pike Corp. (CCC+/B3)
	510,000		5.500			09/01/28		518,925

								1,136,533

Electrical Components & Equipment^(d)(e) – 0.4%
	Energizer Holdings, Inc. (B+/B2)
	310,000		4.375			03/31/29		309,225
	Wesco Distribution, Inc. (BB-/B2)
	204,000		7.125			06/15/25		222,105

								531,330

Electronics^(d)(e) – 0.1%
	TTM Technologies, Inc. (BB-/Ba3)
	99,000		4.000			03/01/29		97,515

Engineering & Construction^(e) – 0.9%
	AECOM (BB/Ba3)
	84,000		5.875			10/15/24		93,660
	446,000		5.125			03/15/27		485,025
	Dycom Industries, Inc. (BB/Ba3)^(d)
	164,000		4.500			04/15/29		164,410


Unsecured Debt Obligations – (continued)
Engineering & Construction^(e) – (continued)
	KBR, Inc. (B+/B1)^(d)
	351,000		4.750			09/30/28		354,949

								1,098,044

Entertainment^(d)(e) – 0.1%
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	82,000		5.250			10/15/25		82,000

Environmental^(d)(e) – 0.2%
	Stericycle, Inc. (BB-/NR)
	284,000		3.875			01/15/29		279,740

Food & Drug Retailing^(d)(e) – 1.4%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B1)
	401,000		4.625			01/15/27		414,032
	403,000		3.500			03/15/29		383,354
	Post Holdings, Inc. (B+/B2)
	360,000		4.625			04/15/30		360,900
	United Natural Foods, Inc. (CCC+/B3)
	284,000		6.750			10/15/28		303,170
	US Foods, Inc. (B+/Caa1)
	365,000		4.750			02/15/29		364,088

								1,825,544

Forest Products&Paper^(d)(e) – 0.5%
	Clearwater Paper Corp. (BB-/Ba3)
	285,000		4.750			08/15/28		286,425
	Mercer International, Inc. (B+/Ba3)
	390,000		5.125			02/01/29		403,163

								689,588

Gaming^(d)(e) – 0.2%
	Boyd Gaming Corp. (B/Caa1)
	250,000		8.625			06/01/25		278,125

Healthcare Providers & Services^(e) – 1.6%
	Catalent Pharma Solutions, Inc. (BB-/B1)^(d)
	85,000		3.125			02/15/29		81,812
	Centene Corp. (BBB-/Ba1)
	424,000		4.250			12/15/27		445,671
	DaVita, Inc. (B+/Ba3)^(d)
	140,000		4.625			06/01/30		142,100
	405,000		3.750			02/15/31		385,762
	Encompass Health Corp. (B+/B1)
	360,000		4.500			02/01/28		366,300
	HCA, Inc. (BB-/Ba2)
	399,000		3.500			09/01/30		400,995
	Surgery Center Holdings, Inc. (CCC/Caa2)^(d)
	86,000		6.750			07/01/25		87,720
	Syneos Health, Inc. (BB-/B2)^(d)
	189,000		3.625			01/15/29		184,039

								2,094,399

Home Builders^(e) – 0.8%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)^(d)
	372,000		4.875			02/15/30		372,000


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Home Builders^(e) – (continued)
	Mattamy Group Corp. (BB/B1)^(d)
$	298,000		4.625	%		03/01/30	$	295,020
	Tri Pointe Homes, Inc. (BB-/Ba3)
	308,000		5.250			06/01/27		329,560
	Tri Pointe Homes, Inc. (BB-/Ba3)
	68,000		5.700			06/15/28		75,055

								1,071,635

Household Products^(d)(e) – 0.5%
	Spectrum Brands, Inc. (B/B2)
	637,000		3.875			03/15/31		619,483

Housewares^(d)(e) – 0.3%
	The Scotts Miracle-Gro Co. (B+/Ba3)
	368,000		4.000			04/01/31		366,160

Insurance^(d)(e) – 0.0%
	AssuredPartners, Inc. (CCC+/Caa2)
	55,000		5.625			01/15/29		55,756

Internet^(d)(e) – 4.1%
	Arches Buyer, Inc. (CCC+/Caa1)
	45,000		6.125			12/01/28		46,350
	Endure Digital, Inc. (CCC+/Caa2)
	201,000		6.000			02/15/29		195,975
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	499,000		3.500			03/01/29		491,515
	GrubHub Holdings, Inc. (BB-/B1)
	1,265,000		5.500			07/01/27		1,314,019
	Match Group Holdings II LLC (BB/Ba3)
	241,000		5.000			12/15/27		252,447
	492,000		4.625			06/01/28		499,380
	248,000		5.625			02/15/29		265,050
	653,000		4.125			08/01/30		655,449
	Netflix, Inc. (BB+/Ba3)
	204,000		3.625			06/15/25		215,985
	Twitter, Inc. (BB+/Ba2)
	277,000		3.875			12/15/27		289,465
	Uber Technologies, Inc. (B-/B3)
	625,000		7.500			05/15/25		671,875
	270,000		6.250			01/15/28		290,587

								5,188,097

Iron/Steel^(d)(e) – 0.2%
	Cleveland-Cliffs, Inc. (NR/B3)
	295,000		4.625			03/01/29		294,263
	5,000		4.875			03/01/31		4,975

								299,238

Leisure Time – 0.9%
	Carnival Corp. (B+/B2)^(d)(e)
	245,000		7.625			03/01/26		262,762
	180,000		5.750			03/01/27		184,050
	NCL Corp., Ltd. (B-/Caa1)^(d)(e)
	33,000		5.875			03/15/26		33,330
	NCL Finance Ltd. (B-/Caa1)^(d)(e)
	217,000		6.125			03/15/28		220,798


Unsecured Debt Obligations – (continued)
Leisure Time – (continued)
	Royal Caribbean Cruises Ltd. (B/B2)
	100,000		5.250			11/15/22		102,750
	305,000		5.500	^(d)(e)		04/01/28		306,525

								1,110,215

Lodging^(d)(e) – 0.4%
	Hilton Domestic Operating Co., Inc. (BB/Ba2)
	162,000		4.000			05/01/31		161,595
	MGM China Holdings Ltd. (B+/Ba3)
	325,000		4.750			02/01/27		329,469

								491,064

Machinery-Diversified^(d)(e) – 0.4%
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	450,000		7.750			04/15/26		465,188

Media^(e) – 7.0%
	Cable One, Inc. (BB-/B2)^(d)
	533,000		4.000			11/15/30		527,004
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)
	1,330,000		4.750			03/01/30		1,373,225
	700,000		4.500			08/15/30		712,250
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)
	425,000		4.250			02/01/31		424,469
	CSC Holdings LLC (B/B3)^(d)
	1,141,000		5.750			01/15/30		1,198,050
	682,000		4.625			12/01/30		669,212
	DISH DBS Corp. (B-/B2)
	450,000		7.375			07/01/28		469,687
	GCI LLC (B-/B3)^(d)
	387,000		4.750			10/15/28		394,740
	Gray Television, Inc. (B+/B3)^(d)
	312,000		4.750			10/15/30		309,270
	Nexstar Broadcasting, Inc. (B/B3)^(d)
	404,000		4.750			11/01/28		407,030
	Scripps Escrow II, Inc. (CCC+/Caa1)^(d)
	110,000		5.375			01/15/31		109,175
	Sinclair Television Group, Inc. (B-/B2)^(d)
	300,000		5.875			03/15/26		305,250
	Sirius XM Radio, Inc. (BB/Ba3)^(d)
	238,000		5.500			07/01/29		256,445
	416,000		4.125			07/01/30		414,960
	TEGNA, Inc. (BB-/Ba3)
	79,000		4.750	^(d)		03/15/26		83,740
	1,030,000		5.000			09/15/29		1,063,475
	Ziggo Bond Co. B.V. (B-/B3)^(d)
	200,000		5.125			02/28/30		203,500

								8,921,482

Mining^(d)(e) – 0.8%
	Alcoa Nederland Holding B.V. (BB+/Ba1)
	350,000		5.500			12/15/27		374,938
	Hudbay Minerals, Inc. (B/B3)
	380,000		4.500			04/01/26		392,825
	200,000		6.125			04/01/29		212,500

								980,263


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Miscellaneous Manufacturing – 0.8%
	Bombardier, Inc. (CCC/Caa3)^(d)
$	252,000		8.750	%		12/01/21	$	264,600
	471,000		6.000	^(e)		10/15/22		471,000
	Hillenbrand, Inc. (BB+/Ba1)^(e)
	236,000		3.750			03/01/31		229,805

								965,405

Oil Field Services^(e) – 5.4%
	Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)^(d)
	677,000		6.250			04/01/28		687,155
	California Resources Corp. (B+/B2)^(d)
	325,000		7.125			02/01/26		330,687
	Cenovus Energy, Inc. (BBB-/Baa3)
	385,000		5.375			07/15/25		433,248
	CNX Resources Corp. (BB-/B1)^(d)
	417,000		7.250			03/14/27		446,711
	170,000		6.000			01/15/29		175,950
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)^(d)
	821,000		5.625			10/15/25		836,394
	Indigo Natural Resources LLC (BB-/B3)^(d)
	290,000		5.375			02/01/29		285,650
	MEG Energy Corp. (B-/B3)^(d)
	155,000		5.875			02/01/29		155,388
	Nabors Industries, Ltd. (CCC-/Caa1)^(d)
	895,000		7.500			01/15/28		731,662
	Occidental Petroleum Corp. (BB-/Ba2)
	290,000		8.000			07/15/25		332,775
	215,000		5.500			12/01/25		226,288
	375,000		6.625			09/01/30		420,000
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)^(d)
	145,000		4.500			05/15/29		144,275
	TechnipFMC PLC (BB+/Ba1)^(d)
	445,000		6.500			02/01/26		464,469
	Transocean, Inc. (CCC/Caa3)^(d)
	575,000		11.500			01/30/27		494,500
	WPX Energy, Inc. (BBB-/B1)
	152,000		5.250			10/15/27		162,070
	257,000		5.875			06/15/28		283,342
	212,000		4.500			01/15/30		227,900

								6,838,464

Packaging^(e) – 1.4%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)^(d)
	702,000		5.250			08/15/27		716,040
	Silgan Holdings, Inc. (BB/Ba3)
	234,000		4.125			02/01/28		241,020
	Trident TPI Holdings, Inc. (CCC+/Caa2)^(d)
	526,000		9.250			08/01/24		560,190
	TriMas Corp. (BB-/Ba3)^(d)
	220,000		4.125			04/15/29		219,725

								1,736,975

Pharmaceuticals – 1.6%
	AdaptHealth LLC (B+/B1)^(d)(e)
	165,000		6.125			08/01/28		174,281
	75,000		4.625			08/01/29		74,625


Unsecured Debt Obligations – (continued)
Pharmaceuticals – (continued)
	Bausch Health Cos., Inc. (B/B3)^(d)(e)
	525,000		5.000			01/30/28		532,219
	148,000		6.250			02/15/29		157,065
	400,000		5.250			02/15/31		398,000
	Prestige Brands, Inc. (B+/B2)^(d)(e)
	191,000		5.125			01/15/28		199,595
	215,000		3.750			04/01/31		204,787
	Teva Pharmaceutical Finance Netherlands III B.V. (BB-/Ba2)
	312,000		2.800			07/21/23		310,830

								2,051,402

Pipelines^(e) – 2.7%
	Buckeye Partners LP (BB/B1)^(d)
	324,000		4.500			03/01/28		324,000
	Cheniere Energy Partners LP (BB/Ba2)
	669,000		4.500			10/01/29		694,924
	EQM Midstream Partners LP (BB-/Ba3)^(d)
	190,000		6.500			07/01/27		206,150
	410,000		4.750			01/15/31		397,700
	Global Partners LP/GLP Finance Corp. (B+/B2)
	245,000		6.875			01/15/29		262,763
	NuStar Logistics LP (BB-/Ba3)
	240,000		5.750			10/01/25		255,600
	375,000		6.000			06/01/26		398,437
	Rattler Midstream LP (BBB-/Ba3)^(d)
	330,000		5.625			07/15/25		344,497
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)^(d)
	220,000		6.000			12/31/30		216,700
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)^(d)
	295,000		4.875			02/01/31		297,950

								3,398,721

Real Estate^(e) – 0.8%
	Kennedy-Wilson, Inc. (BB/B1)
	399,000		5.000			03/01/31		402,491
	The Howard Hughes Corp. (BB-/Ba3)^(d)
	158,000		5.375			08/01/28		165,900
	229,000		4.125			02/01/29		223,847
	229,000		4.375			02/01/31		223,848

								1,016,086

Real Estate Investment Trust^(e) – 0.8%
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)^(d)
	189,000		4.625			06/15/25		197,978
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	180,000		3.500			03/15/31		176,522
	SBA Communications Corp. (BB-/B1)^(d)
	174,000		3.125			02/01/29		167,040
	Service Properties Trust (BB/Ba1)
	73,000		7.500			09/15/25		83,083
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)^(d)
	94,000		3.500			02/15/25		95,410
	80,000		3.750			02/15/27		79,800


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Real Estate Investment Trust^(e) – (continued)
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)^(d) – (continued)
$	250,000		4.125	%		08/15/30	$	251,250

								1,051,083

Retailing^(e) – 2.0%
	Asbury Automotive Group, Inc. (BB/B1)
	185,000		4.500			03/01/28		188,238
	230,000		4.750			03/01/30		236,900
	Carvana Co. (CCC+/Caa2)^(d)
	100,000		5.500			04/15/27		100,470
	290,000		5.875			10/01/28		298,700
	Foundation Building Materials, Inc. (CCC+/Caa1)^(d)
	65,000		6.000			03/01/29		64,025
	Group 1 Automotive, Inc. (BB+/Ba2)^(d)
	225,000		4.000			08/15/28		223,312
	Ken Garff Automotive LLC (B/B1)^(d)
	305,000		4.875			09/15/28		303,856
	LBM Acquisition LLC (CCC+/Caa2)^(d)
	215,000		6.250			01/15/29		221,450
	Lithia Motors, Inc. (BB/Ba2)^(d)
	345,000		4.375			01/15/31		357,075
	Murphy Oil USA, Inc. (BB+/Ba2)^(d)
	60,000		3.750			02/15/31		58,875
	Park River Holdings, Inc. (CCC+/Caa1)^(d)
	115,000		5.625			02/01/29		111,550
	Yum! Brands, Inc. (BB-/Ba3)
	349,000		3.625			03/15/31		335,040

								2,499,491

Semiconductors^(d)(e) – 0.2%
	Qorvo, Inc. (BB+/Ba1)
	210,000		3.375			04/01/31		204,225

Software^(d)(e) – 1.1%
	Castle US Holding Corp. (CCC/Caa2)
	64,000		9.500			02/15/28		65,120
	Fair Isaac Corp. (BB+/Ba2)
	343,000		4.000			06/15/28		349,431
	Open Text Corp. (BB/Ba2)
	255,000		3.875			02/15/28		256,275
	Playtika Holding Corp. (B/B2)
	243,000		4.250			03/15/29		238,748
	PTC, Inc. (BB/Ba3)
	136,000		4.000			02/15/28		137,870
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B-/B3)
	430,000		3.875			02/01/29		420,325

								1,467,769

Telecommunication Services^(d)(e) – 1.5%
	Level 3 Financing, Inc. (BB/Ba3)
	375,000		4.250			07/01/28		378,750
	246,000		3.750			07/15/29		237,390
	Lumen Technologies, Inc. (BB-/B2)
	195,000		5.125			12/15/26		204,262
	QualityTech LP/QTS Finance Corp. (BB+/Ba3)
	230,000		3.875			10/01/28		227,700


Unsecured Debt Obligations – (continued)
Telecommunication Services^(d)(e) – (continued)
	ViaSat, Inc. (B/Caa1)
	824,000		5.625			09/15/25		837,390

								1,885,492

Toys/Games/Hobbies^(d)(e) – 0.1%
	Mattel, Inc. (BB/Ba2)
	105,000		3.375			04/01/26		107,100

Transportation^(d)(e) – 0.3%
	Cargo Aircraft Management, Inc. (BB/Ba3)
	342,000		4.750			02/01/28		353,115

	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $67,737,124)						$	69,451,085



U.S. Treasury Obligation^(g) – 3.9%
	United States Treasury Bills
	5,000,000		0.000	%		04/29/21	$	4,999,963
	(Cost $4,999,718)


Shares		Description	Value

*Common Stocks – 0.4%**
Oil, Gas & Consumable Fuels – 0.4%
	26,824	Noble Corp.	$	454,667
	1,141,924	Prairie Provident Resources, Inc.		49,976

	TOTAL COMMON STOCKS
	(Cost $3,269,329)		$	504,643


Shares	Dividend Rate			Value

Investment Company^(h) – 4.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,082,329		0.036	%	$	5,082,329
(Cost $5,082,329)

TOTAL INVESTMENTS – 99.5%
(Cost $127,572,455)				$	127,021,744

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%					666,981

NET ASSETS – 100.0%				$	127,688,725



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

*		Non-income producing security.

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND


		remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(f)		Pay-in-kind securities.

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

(h)		Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from Standard & Poor’s/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Help at Home, Inc. (B-/B1), due 10/29/27	$	19,612	$	19,661	$	326
TricorBraun Holdings, Inc. (NR/NR), due 03/03/28		62,127		61,513		(647	)

TOTAL	$	81,739	$	81,174	$	(321	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


Payments Made by the Fund^(a)	Payments Received by Fund^(b)	Termination Date		Notional Amount (000s)^(c)		Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)

0.500%	3M LIBOR		06/16/28	$	3,650	$	247,615	$	198,214	$	49,401

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2021^(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:

CDX.NA.HY Index 36	(5.000)%		3.076	%		06/20/26	$	25,000	$	(2,268,560	)	$	(2,213,600	)	$	(54,960	)

(a)

Payments made quarterly.

(b)



Abbreviation:
CDX.NA.HY Index 36		—CDX North America High Yield Index 36


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a)(b) – 2.5%
Advertising – 0.1%
	Terrier Media Buyer, Inc. (1M LIBOR + 3.500%)
$	493,763		3.609	%		12/17/26	$	488,894

Aerospace & Defense – 0.2%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
	2,400,000		6.750			02/09/28		2,376,000

Building Materials – 0.2%
	CPG International, Inc. (3M LIBOR + 2.500%)
	1,580,669		3.250			05/05/24		1,578,693

Chemicals – 0.2%
	Starfruit Finco B.V. (1M LIBOR + 2.750%)
	1,670,645		2.860			10/01/25		1,643,848

Commercial Services – 0.4%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,707,847		3.750			06/07/23		1,697,566
	Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 5.000%)
	1,758,769		2.500			02/28/25		1,788,809

								3,486,375

Food & Drug Retailing – 0.0%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	454,208		2.609			10/10/26		453,300

Healthcare Providers & Services – 0.1%
	Sotera Health Holdings LLC (3M LIBOR + 4.500%)
	850,000		3.250			12/11/26		846,812

Insurance – 0.3%
	Asurion LLC (1M LIBOR + 3.250%)
	2,674,524		3.359			12/23/26		2,655,910

Internet – 0.1%
	Getty Images, Inc. (1 Week LIBOR + 4.500%)
	918,577		4.625			02/19/26		908,197

Media – 0.2%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	1,959,288		2.356			07/17/25		1,930,310

Miscellaneous Manufacturing – 0.2%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,299,050		3.360			05/15/24		2,258,817

Real Estate – 0.2%
	Brookfield Property REIT, Inc. (1M LIBOR + 3.000%)
	2,050,000		3.109			08/28/23		1,995,675

Software – 0.2%
	Grab Holdings, Inc. (6M LIBOR + 4.500%)
	800,000		5.500			01/29/26		812,000
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	911,125		3.859			05/04/26		909,576

								1,721,576

Telecommunication Services – 0.1%
	Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
	551,166		6.500			07/13/22		556,953

	TOTAL BANK LOANS
	(Cost $22,844,402)						$	22,901,360


Corporate Obligations – 35.9%
Advertising^(c)(d) – 0.2%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000	%		08/15/27	$	672,481
	Terrier Media Buyer, Inc.
	800,000		8.875			12/15/27		860,000

								1,532,481

Aerospace & Defense^(d) – 0.7%
	The Boeing Co.
	2,200,000		5.150			05/01/30		2,533,608
	TransDigm, Inc.
	1,685,000		6.500			05/15/25		1,720,806
	1,250,000		5.500			11/15/27		1,292,187
	Triumph Group, Inc.
	450,000		7.750			08/15/25		453,938

								6,000,539

Airlines^(c)(d) – 0.1%
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
	870,000		6.500			06/20/27		951,563

Automotive – 0.8%
	Adient US LLC^(c)(d)
	13,000		7.000			05/15/26		13,894
	Clarios Global LP/Clarios US Finance Co.^(c)(d)
	1,570,000		8.500			05/15/27		1,689,712
	Dana, Inc.^(d)
	515,000		5.375			11/15/27		539,463
	Ford Motor Co.^(d)
	1,666,000		9.000			04/22/25		2,014,139
	Ford Motor Credit Co. LLC
	542,000		3.813			10/12/21		548,782
	General Motors Financial Co., Inc.^(d)
	2,050,000		2.350			01/08/31		1,958,303
	Navistar International Corp.^(c)(d)
	460,000		6.625			11/01/25		475,525

								7,239,818

Banks – 2.0%
	ABN AMRO Bank NV^(b)(d) (-1x 5 Year EUR Swap + 4.674%)
EUR	800,000		4.375			09/22/49		999,563
	AIB Group PLC^(b)(d) (-1x 5 Year EUR Swap + 6.629%)
	725,000		6.250			06/23/49		953,244
	Banco do Brasil SA^(b)(d) (10 Year CMT + 4.398%)
$	1,550,000		6.250			04/15/49		1,519,077
	Banco Santander SA
	600,000		2.749			12/03/30		570,426
	(-1x 5 Year EUR Swap + 4.534%)
EUR	800,000		4.375	^(b)(d)		01/14/49		961,614
	BPCE SA^(c)
$	675,000		4.875			04/01/26		760,840
	CaixaBank SA^(b)(d) (-1X 5 year EUR Swap + 6.346%)
EUR	600,000		5.875			10/09/49		792,452
	CIT Bank NA^(b)(d) (SOFR + 1.715%)
$	1,850,000		2.969			09/27/25		1,943,665
	Commerzbank AG^(b)(d) (-1x 5 Year EUR Swap + 6.363%)
EUR	1,000,000		6.125			10/09/49		1,253,323


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG^(b)(c)(d)
	(5 Year CMT + 4.889%)
$	1,625,000		5.250	%		02/11/49	$	1,641,250
	(SOFR + 3.730%)
	2,450,000		4.194			04/01/31		2,664,473
	Erste Group Bank AG^(b)(d) (5 Year EUR Swap + 6.204%)
EUR	800,000		6.500			04/15/49		1,052,728
	Intesa Sanpaolo SpA^(b)(d) (5 Year EUR Swap + 7.192%)
	650,000		7.750			01/11/49		932,810
	Itau Unibanco Holding SA/Cayman Island^(b)(d) (5 year CMT + 3.446%)
$	330,000		3.875			04/15/31		320,265
	Natwest Group PLC^(b)(d) (5 Year CMT + 2.100%)
	675,000		3.754			11/01/29		717,187
	QNB Finance Ltd.
	230,000		3.500			03/28/24		245,094
	Societe Generale SA^(b)(d) (5 Year USD Swap + 3.929%)
	450,000		6.750			04/06/49		498,390
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		205,688
	270,000		5.250	^(c)		02/05/25		252,872
	530,000		6.500	^(c)		01/08/26		506,150

								18,791,111

Building Materials^(d) – 0.5%
	Cemex SAB de CV^(c)
	200,000		7.375			06/05/27		225,750
	350,000		5.200			09/17/30		377,125
	Cornerstone Building Brands, Inc.^(c)
	1,760,000		8.000			04/15/26		1,823,800
	Griffon Corp.
	527,000		5.750			03/01/28		559,938
	Summit Materials LLC/Summit Materials Finance Corp.^(c)
	520,000		6.500			03/15/27		548,600
	738,000		5.250			01/15/29		768,442

								4,303,655

Chemicals – 0.9%
	Ingevity Corp.^(c)(d)
	1,025,000		3.875			11/01/28		991,687
	Nouryon Holding B.V.^(c)(d)
	1,330,000		8.000			10/01/26		1,408,137
	OCI NV^(c)(d)
	975,000		5.250			11/01/24		1,009,125
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		4,088,160
	The Chemours Co.^(d)
	490,000		7.000			05/15/25		504,088
	550,000		5.375			05/15/27		579,563

								8,580,760

Commercial Services – 1.3%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.^(c)(d)
	1,500,000		6.625			07/15/26		1,584,375
	1,345,000		9.750			07/15/27		1,476,137


Corporate Obligations – (continued)
Commercial Services – (continued)
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		223,000
	200,000		3.875			07/18/29		209,500
	DP World PLC
	200,000		5.625			09/25/48		234,313
	Herc Holdings, Inc.^(c)(d)
	2,330,000		5.500			07/15/27		2,461,062
	Prime Security Services Borrower LLC/Prime Finance, Inc.^(c)(d)
	1,210,000		6.250			01/15/28		1,252,350
	Sabre GLBL, Inc.^(c)(d)
	1,062,000		9.250			04/15/25		1,266,435
	The Nielsen Co. Luxembourg S.a.r.l.^(c)(d)
	1,485,000		5.000			02/01/25		1,518,412
	United Rentals North America, Inc.^(d)
	1,070,000		3.875			02/15/31		1,075,350
	Verscend Escrow Corp.^(c)(d)
	970,000		9.750			08/15/26		1,036,688

								12,337,622

Computers^(d) – 1.3%
	Booz Allen Hamilton, Inc.^(c)
	1,355,000		3.875			09/01/28		1,358,387
	Dell International LLC/EMC Corp.^(c)
	5,625,000		6.020			06/15/26		6,655,894
	Hewlett Packard Enterprise Co.
	3,725,000		4.900			10/15/25		4,246,053

								12,260,334

Distribution & Wholesale^(c)(d) – 0.7%
	Core & Main Holdings LP^(e) (PIK 9.375%, Cash 8.625%)
	1,900,000		8.625			09/15/24		1,938,000
	Core & Main LP
	912,000		6.125			08/15/25		935,940
	Performance Food Group, Inc.
	358,000		6.875			05/01/25		382,165
	1,900,000		5.500			10/15/27		1,985,500
	Univar Solutions USA, Inc.
	550,000		5.125			12/01/27		570,625
	Wolverine Escrow LLC
	455,000		8.500			11/15/24		453,862
	455,000		9.000			11/15/26		453,863

								6,719,955

Diversified Financial Services – 1.5%
	AerCap Holdings NV^(b)(d) (5 Year CMT + 4.535%)
	985,000		5.875			10/10/79		1,004,700
	Air Lease Corp.
	575,000		3.500			01/15/22		588,007
	1,625,000		2.875	^(d)		01/15/26		1,681,859
	Aviation Capital Group LLC^(c)(d)
	700,000		1.950			01/30/26		682,073
	Avolon Holdings Funding Ltd.^(c)(d)
	725,000		4.250			04/15/26		758,451
	1,500,000		3.250			02/15/27		1,491,780
	Global Aircraft Leasing Co. Ltd.^(c)(d)(e) (PIK 7.250%, Cash 6.500%)
	3,409,358		6.500			09/15/24		3,260,199


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Navient Corp.
$	400,000		6.750	%		06/25/25	$	434,000
	2,680,000		5.625			08/01/33		2,505,800
	OneMain Finance Corp.^(d)
	228,000		5.375			11/15/29		241,965
	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^(c)(d)
	1,324,000		3.875			03/01/31		1,276,190

								13,925,024

Electrical^(c)(d) – 0.7%
	Calpine Corp.
	235,000		4.500			02/15/28		237,056
	1,915,000		4.625			02/01/29		1,867,125
	Talen Energy Supply LLC
	1,125,000		6.625			01/15/28		1,125,000
	Vistra Operations Co. LLC
	3,336,000		3.550			07/15/24		3,494,460

								6,723,641

Energy-Alternate Sources^(c)(d) – 0.0%
	Greenko Dutch B.V.
	200,000		3.850			03/29/26		200,688

Engineering & Construction^(d) – 0.7%
	KBR, Inc.^(c)
	1,257,000		4.750			09/30/28		1,271,141
	Mexico City Airport Trust
	200,000		4.250			10/31/26		211,063
	320,000		4.250	^(c)		10/31/26		337,700
	310,000		3.875	^(c)		04/30/28		314,166
	468,000		5.500			10/31/46		460,535
	690,000		5.500	^(c)		10/31/46		678,995
	2,985,000		5.500			07/31/47		2,941,120
	520,000		5.500	^(c)		07/31/47		512,356

								6,727,076

Entertainment^(c)(d) – 0.5%
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op
	703,000		5.500			05/01/25		737,271
	Lions Gate Capital Holdings LLC
	470,000		6.375			02/01/24		484,984
	565,000		5.875			11/01/24		581,600
	Live Nation Entertainment, Inc.
	1,400,000		6.500			05/15/27		1,541,750
	Motion Bondco DAC
	1,010,000		6.625			11/15/27		1,030,200

								4,375,805

Environmental^(c)(d) – 0.4%
	GFL Environmental, Inc.
	930,000		8.500			05/01/27		1,021,837
	Waste Pro USA, Inc.
	2,825,000		5.500			02/15/26		2,892,094

								3,913,931


Corporate Obligations – (continued)
Food & Drug Retailing^(d) – 1.0%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC^(c)
	500,000		7.500			03/15/26		549,375
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(c)
	875,000		4.625			01/15/27		903,437
	577,000		4.875			02/15/30		591,425
	B&G Foods, Inc.
	2,005,000		5.250			04/01/25		2,055,125
	475,000		5.250			09/15/27		490,438
	BRF SA
	800,000		4.875			01/24/30		815,220
	Kraft Heinz Foods Co.
	734,000		4.375			06/01/46		767,667
	1,300,000		4.875			10/01/49		1,455,553
	Lamb Weston Holdings, Inc.^(c)
	1,195,000		4.875			05/15/28		1,284,625

								8,912,865

Forest Products&Paper^(d) – 0.1%
	Mercer International, Inc.
	1,040,000		5.500			01/15/26		1,066,000

Gaming^(c)(d) – 0.2%
	Station Casinos LLC
	2,153,000		4.500			02/15/28		2,139,544

Healthcare Providers & Services^(d) – 0.9%
	Centene Corp.
	850,000		3.375			02/15/30		858,262
	DaVita, Inc.^(c)
	2,425,000		3.750			02/15/31		2,309,813
	Encompass Health Corp.
	1,100,000		4.500			02/01/28		1,119,250
	Envision Healthcare Corp.^(c)
	1,175,000		8.750			10/15/26		873,906
	Select Medical Corp.^(c)
	1,200,000		6.250			08/15/26		1,273,500
	Tenet Healthcare Corp.^(c)
	1,568,000		6.125			10/01/28		1,634,640

								8,069,371

Insurance^(c)(d) – 0.7%
	Acrisure LLC/Acrisure Finance, Inc.
	2,555,000		7.000			11/15/25		2,638,037
	GTCR AP Finance, Inc.
	1,375,000		8.000			05/15/27		1,474,688
	HUB International Ltd.
	208,000		7.000			05/01/26		215,540
	USI, Inc.
	2,250,000		6.875			05/01/25		2,289,375

								6,617,640

Internet – 1.2%
	GrubHub Holdings, Inc.^(c)(d)
	2,530,000		5.500			07/01/27		2,628,037
	Match Group Holdings II LLC^(c)(d)
	2,597,000		4.625			06/01/28		2,635,955


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Internet – (continued)
	Netflix, Inc.
$	2,820,000		5.500	%		02/15/22	$	2,918,700
	Prosus NV^(c)(d)
	850,000		3.680			01/21/30		878,688
	600,000		4.027			08/03/50		546,000
	Twitter, Inc.^(c)(d)
	920,000		3.875			12/15/27		961,400
	Uber Technologies, Inc.^(c)(d)
	430,000		8.000			11/01/26		465,475

								11,034,255

Investment Companies – 0.5%
	Huarong Finance 2017 Co. Ltd.
	250,000		4.250			11/07/27		266,094
	Huarong Finance 2019 Co. Ltd.^(d)
	220,000		3.875			11/13/29		222,475
	250,000		3.375			02/24/30		242,578
	Huarong Finance II Co. Ltd.
	1,370,000		5.500			01/16/25		1,502,712
	450,000		4.625			06/03/26		487,406
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(d)
	1,475,000		4.750			09/15/24		1,522,938

								4,244,203

Iron/Steel^(d) – 0.1%
	Cleveland-Cliffs, Inc.
	585,000		5.875			06/01/27		598,163

Lodging^(d) – 0.3%
	Hilton Domestic Operating Co., Inc.
	110,000		5.375	^(c)		05/01/25		115,775
	2,897,000		4.875			01/15/30		3,074,441

								3,190,216

Machinery – Construction & Mining^(c)(d) – 0.1%
	The Manitowoc Co., Inc.
	565,000		9.000			04/01/26		610,200

Machinery-Diversified^(c)(d) – 0.1%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	1,120,000		7.750			04/15/26		1,157,800

Media – 3.7%
	Altice Financing SA^(c)(d)
	1,535,000		7.500			05/15/26		1,600,237
	CCO Holdings LLC/CCO Holdings Capital Corp.^(c)(d)
	2,395,000		4.250			02/01/31		2,392,006
	Charter Communications Operating LLC/Charter Communications Operating Capital^(d)
	7,325,000		4.908			07/23/25		8,312,923
	CSC Holdings LLC^(c)(d)
	1,000,000		5.750			01/15/30		1,050,000
	1,320,000		3.375			02/15/31		1,240,800
	Cumulus Media New Holdings, Inc.^(c)(d)
	1,278,000		6.750			07/01/26		1,300,365
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(c)(d)
	875,000		5.375			08/15/26		630,000
	2,340,000		6.625			08/15/27		1,240,200


Corporate Obligations – (continued)
Media – (continued)
	DISH DBS Corp.
	1,540,000		5.875			07/15/22		1,607,375
	470,000		5.875			11/15/24		489,975
	450,000		7.750			07/01/26		495,000
	1,140,000		7.375	^(d)		07/01/28		1,189,875
	Entercom Media Corp.^(c)(d)
	2,705,000		7.250			11/01/24		2,805,085
	iHeartCommunications, Inc.^(d)
	430,000		8.375			05/01/27		459,563
	1,300,000		5.250	^(c)		08/15/27		1,327,625
	Nexstar Broadcasting, Inc.^(c)(d)
	1,350,000		5.625			07/15/27		1,419,187
	Scripps Escrow II, Inc.^(c)(d)
	600,000		5.375			01/15/31		595,500
	Scripps Escrow, Inc.^(c)(d)
	1,555,000		5.875			07/15/27		1,601,650
	Sirius XM Radio, Inc.^(c)(d)
	1,310,000		4.625			07/15/24		1,346,025
	UPC Holding B.V.^(c)(d)
	465,000		5.500			01/15/28		480,694
	Virgin Media Secured Finance PLC^(c)(d)
	2,575,000		5.500			05/15/29		2,732,719

								34,316,804

Mining – 0.6%
	Alcoa Nederland Holding B.V.^(c)(d)
	1,120,000		5.500			12/15/27		1,199,800
	Constellium SE^(c)(d)
	485,000		5.625			06/15/28		511,069
	First Quantum Minerals Ltd.^(c)(d)
	2,121,000		7.250			04/01/23		2,158,117
	Novelis Corp.^(c)(d)
	950,000		4.750			01/30/30		973,750
	Vedanta Resources Ltd.
	310,000		7.125			05/31/23		277,353

								5,120,089

Miscellaneous Manufacturing^(d) – 0.2%
	General Electric Co.
	1,350,000		3.625			05/01/30		1,453,302

Oil Field Services – 2.1%
	Apache Corp.^(d)
	555,000		4.625			11/15/25		570,263
	Cenovus Energy, Inc.^(d)
	1,890,000		5.375			07/15/25		2,126,855
	Gazprom PJSC Via Gaz Capital SA^(c)
	4,280,000		5.150			02/11/26		4,687,937
	Gazprom PJSC Via Gaz Finance PLC^(c)
	240,000		3.250			02/25/30		229,650
	Lukoil Securities B.V.^(c)
	1,290,000		3.875			05/06/30		1,330,790
	MEG Energy Corp.^(c)(d)
	490,000		7.125			02/01/27		510,825
	Nabors Industries Ltd.^(c)(d)
	520,000		7.250			01/15/26		436,800
	Nabors Industries, Inc.
	62,000		4.625			09/15/21		60,760


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
	Occidental Petroleum Corp.^(d)
$	1,410,000		8.000	%		07/15/25	$	1,617,975
	1,100,000		6.625			09/01/30		1,232,000
	Petroleos de Venezuela SA^(f)
	137,050,000		6.000			10/28/22		4,796,750
	USA Compression Partners LP/USA Compression Finance Corp.^(d)
	545,000		6.875			04/01/26		558,625
	Valero Energy Corp.^(d)
	1,025,000		2.850			04/15/25		1,071,084

								19,230,314

Packaging^(d) – 1.3%
	ARD Finance SA^(e)
	(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000			06/30/27		688,982
	(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500	^(c)		06/30/27		2,514,000
	Berry Global, Inc.^(c)
	1,495,000		4.500			02/15/26		1,532,375
	Flex Acquisition Co., Inc.^(c)
	1,095,000		6.875			01/15/25		1,115,531
	480,000		7.875			07/15/26		502,800
	LABL Escrow Issuer LLC^(c)
	450,000		6.750			07/15/26		481,500
	465,000		10.500			07/15/27		514,988
	Mauser Packaging Solutions Holding Co.^(c)
	2,010,000		7.250			04/15/25		2,007,487
	Sealed Air Corp.^(c)
	500,000		4.000			12/01/27		511,250
	Trivium Packaging Finance B.V.^(c)
	875,000		5.500			08/15/26		918,750
	645,000		8.500			08/15/27		699,825

								11,487,488

Pharmaceuticals^(d) – 0.3%
	AbbVie, Inc.
	300,000		4.250			11/21/49		339,588
	Bausch Health Cos., Inc.^(c)
	1,050,000		5.250			01/30/30		1,053,937
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(c)
	535,000		7.250			08/15/26		560,413
	Par Pharmaceutical, Inc.^(c)
	480,000		7.500			04/01/27		506,400

								2,460,338

Pipelines – 2.5%
	Buckeye Partners LP^(d)
	1,145,000		4.350			10/15/24		1,177,919
	1,962,000		3.950			12/01/26		1,937,475
	Cheniere Energy Partners LP^(d)
	2,000,000		4.500			10/01/29		2,077,500
	Energy Transfer Operating LP^(d)
	6,075,000		3.600			02/01/23		6,328,145
	EQM Midstream Partners LP^(d)
	1,085,000		4.000			08/01/24		1,098,563


Corporate Obligations – (continued)
Pipelines – (continued)
	Galaxy Pipeline Assets Bidco Ltd.^(c)
	240,000		2.625			03/31/36		229,200
	430,000		3.250			09/30/40		410,650
	Genesis Energy LP/Genesis Energy Finance Corp.^(d)
	2,620,000		7.750			02/01/28		2,620,000
	Global Partners LP/GLP Finance Corp.^(d)
	445,000		7.000			08/01/27		468,919
	Plains All American Pipeline LP/PAA Finance Corp.^(d)
	4,925,000		3.600			11/01/24		5,244,632
	Sabine Pass Liquefaction LLC^(d)
	800,000		5.625			04/15/23		867,824

								22,460,827

Real Estate^(d) – 0.2%
	China SCE Group Holdings Ltd.
	260,000		5.950			09/29/24		257,400
	Country Garden Holdings Co. Ltd.
	230,000		3.300			01/12/31		217,350
	Fantasia Holdings Group Co. Ltd
	200,000		10.875			03/02/24		186,000
	Kaisa Group Holdings Ltd.
	230,000		11.250			04/16/25		225,544
	Sunac China Holdings Ltd.
	240,000		8.350			04/19/23		249,900
	Yuzhou Group Holdings Co. Ltd.
	200,000		6.000			10/25/23		177,400
	200,000		7.700			02/20/25		172,700

								1,486,294

Real Estate Investment Trust^(d) – 0.8%
	Iron Mountain, Inc.^(c)
	2,085,000		5.250			07/15/30		2,150,156
	MPT Operating Partnership LP/MPT Finance Corp.
	2,270,000		4.625			08/01/29		2,389,561
	Starwood Property Trust, Inc.
	1,550,000		5.000			12/15/21		1,569,375
	VICI Properties LP/VICI Note Co., Inc.^(c)
	718,000		3.500			02/15/25		728,770
	WP Carey, Inc.
	370,000		4.600			04/01/24		407,093

								7,244,955

Retailing^(d) – 0.9%
	Asbury Automotive Group, Inc.
	123,000		4.500			03/01/28		125,153
	Beacon Roofing Supply, Inc.^(c)
	1,635,000		4.875			11/01/25		1,667,700
	eG Global Finance PLC^(c)
	1,413,000		6.750			02/07/25		1,453,624
	1,000,000		8.500			10/30/25		1,061,250
	Group 1 Automotive, Inc.^(c)
	631,000		4.000			08/15/28		626,267
	IRB Holding Corp.^(c)
	1,237,000		7.000			06/15/25		1,335,960
	Penske Automotive Group, Inc.
	1,750,000		3.500			09/01/25		1,776,250


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Retailing^(d) – (continued)
	Yum! Brands, Inc.^(c)
$	72,000		7.750	%		04/01/25	$	78,480

								8,124,684

Semiconductors – 1.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(d)
	1,453,000		3.875			01/15/27		1,576,476
	Broadcom, Inc.
	10,719,000		3.469			04/15/34		10,755,650

								12,332,126

Software^(c)(d) – 0.9%
	Camelot Finance SA
	2,750,000		4.500			11/01/26		2,835,937
	Castle US Holding Corp.
	1,085,000		9.500			02/15/28		1,103,987
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	2,902,000		5.750			03/01/25		2,952,785
	Solera LLC/Solera Finance, Inc.
	1,000,000		10.500			03/01/24		1,032,500
	The Dun & Bradstreet Corp.
	249,000		10.250			02/15/27		277,013

								8,202,222

Telecommunication Services – 3.4%
	Altice France Holding SA^(c)(d)
	1,865,000		10.500			05/15/27		2,098,125
	Altice France SA^(c)(d)
	460,000		5.500			01/15/28		469,200
	AT&T, Inc.^(d)
	1,025,000		1.650			02/01/28		992,262
	3,850,000		4.350			03/01/29		4,351,424
	1,250,000		2.250			02/01/32		1,185,087
	Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd.^(c)(d)
	1,089,262		8.750			05/25/24		1,119,217
	434,839		8.000			12/31/26		419,929
	(PIK 7.000%, Cash 6.000%)
	577,462		13.000	^(e)		12/31/25		579,808
	Intelsat Jackson Holdings SA^(c)(d)
	2,900,000		8.000			02/15/24		2,997,875
	Lumen Technologies, Inc.
	1,680,000		5.800			03/15/22		1,730,400
	465,000		5.125	^(c)(d)		12/15/26		487,088
	Sprint Capital Corp.
	1,610,000		8.750			03/15/32		2,380,787
	T-Mobile USA, Inc.^(c)(d)
	2,575,000		3.500			04/15/25		2,777,498
	7,575,000		3.750			04/15/27		8,274,627
	Telecom Italia Capital SA
	950,000		7.200			07/18/36		1,197,000
	315,000		7.721			06/04/38		416,981

								31,477,308


Corporate Obligations – (continued)
Toys/Games/Hobbies^(c)(d) – 0.2%
	Mattel, Inc.
	1,310,000		5.875			12/15/27		1,432,812

	TOTAL CORPORATE OBLIGATIONS
	(Cost $359,738,234)						$	329,053,823



Mortgage-Backed Obligations – 40.1%
Collateralized Mortgage Obligations – 13.8%
Interest Only^(g) – 5.6%
	FHLMC REMIC Series 3753, Class SK^(b) (-1x1M USD LIBOR + 6.050%)
$	704,686		5.944	%		11/15/38	$	4,356
	FHLMC REMIC Series 3852, Class SW^(b)(-1x 1M USD LIBOR + 6.000%)
	1,907,502		5.894			05/15/41		311,984
	FHLMC REMIC Series 4468, Class SY^(b)(-1x 1M USD LIBOR + 6.100%)
	7,229,771		5.994			05/15/45		1,547,207
	FHLMC REMIC Series 4989, Class EI
	1,681,422		4.000			07/25/50		292,019
	FHLMC REMIC Series 4991, Class IE
	14,572,878		5.000			07/25/50		2,403,989
	FHLMC REMIC Series 5002, Class SJ^(b)(-1x 1M USD LIBOR + 6.100%)
	11,313,730		5.991			07/25/50		2,246,361
	FHLMC REMIC Series 5009, Class DI
	6,179,858		2.000			09/25/50		734,817
	FHLMC REMIC Series 5012, Class DI
	3,353,257		4.000			09/25/50		588,940
	FHLMC REMIC Series 5020, Class IH
	929,161		3.000			08/25/50		137,327
	FHLMC STRIPS Series 304, Class C45
	11,616,677		3.000			12/15/27		644,246
	FNMA REMIC Series 2011-100, Class S^(b) (-1x1M USD LIBOR + 6.450%)
	4,800,385		6.341			10/25/41		823,255
	FNMA REMIC Series 2012-88, Class SB^(b)(-1x 1M USD LIBOR + 6.670%)
	4,820,010		6.561			07/25/42		830,970
	FNMA REMIC Series 2017-104, Class SB^(b) (-1x1M USD LIBOR + 6.150%)
	1,807,117		6.041			01/25/48		343,749
	FNMA REMIC Series 2017-69, Class SG^(b) (-1x1M USD LIBOR + 6.150%)
	2,504,901		6.041			09/25/47		492,418
	FNMA REMIC Series 2017-86, Class SB^(b)(-1x 1M USD LIBOR + 6.150%)
	2,162,581		6.041			11/25/47		428,249
	FNMA REMIC Series 2020-45, Class EI
	2,583,951		5.000			07/25/50		485,414
	FNMA REMIC Series 2020-60, Class KI
	7,894,714		2.000			09/25/50		938,722
	FNMA REMIC Series 2020-60, Class NI
	3,114,184		4.000			09/25/50		546,951


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
	GNMA REMIC Series 2010-35, Class DS^(b)(-1x 1M USD LIBOR + 5.680%)
$	5,064,825		5.569	%		03/20/40	$	874,013
	GNMA REMIC Series 2010-85, Class SN^(b) (-1x1M USD LIBOR + 5.940%)
	7,192,603		5.829			07/20/40		1,463,331
	GNMA REMIC Series 2013-103, Class DS^(b)(-1x 1M USD LIBOR + 6.150%)
	6,226,047		6.039			07/20/43		1,225,512
	GNMA REMIC Series 2013-117, Class PS^(b) (-1x1M USD LIBOR + 6.150%)
	8,227,878		6.039			04/20/43		1,305,546
	GNMA REMIC Series 2013-134, Class DS^(b)(-1x 1M USD LIBOR + 6.100%)
	54,866		5.989			09/20/43		10,607
	GNMA REMIC Series 2013-152, Class TS^(b)(-1x 1M USD LIBOR + 6.100%)
	152,037		5.989			06/20/43		29,018
	GNMA REMIC Series 2014-11, Class NI
	3,633,402		4.500			12/16/42		287,408
	GNMA REMIC Series 2014-132, Class SL^(b)(-1x 1M USD LIBOR + 6.100%)
	9,557,491		5.989			10/20/43		1,286,063
	GNMA REMIC Series 2014-133, Class BS^(b)(-1x 1M USD LIBOR + 5.600%)
	5,508,203		5.489			09/20/44		937,558
	GNMA REMIC Series 2014-180, Class PI
	5,379,828		4.000			08/20/44		734,500
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M USD LIBOR + 6.200%)
	6,632,737		6.089			08/20/45		1,216,100
	GNMA REMIC Series 2015-126, Class LS^(b) (-1x1M USD LIBOR + 6.200%)
	4,276,307		6.089			09/20/45		784,053
	GNMA REMIC Series 2015-129, Class IC
	1,917,174		4.500			09/16/45		344,373
	GNMA REMIC Series 2015-133, Class SA^(b) (-1x1M USD LIBOR + 5.700%)
	2,352,068		5.589			09/20/45		393,531
	GNMA REMIC Series 2015-133, Class SB^(b) (-1x1M USD LIBOR + 5.700%)
	3,245,381		5.589			09/20/45		532,650
	GNMA REMIC Series 2015-144, Class QS^(b)(-1x 1M USD LIBOR + 5.700%)
	7,576,049		5.589			10/20/45		1,235,226
	GNMA REMIC Series 2015-168, Class SD^(b)(-1x 1M USD LIBOR + 6.200%)
	12,612,744		6.089			11/20/45		2,484,510
	GNMA REMIC Series 2015-95, Class GI
	20,638,013		4.500			07/16/45		3,980,872
	GNMA REMIC Series 2016-6, Class S^(b) (-1x1M USD LIBOR + 5.650%)
	9,232,024		5.539			01/20/46		1,613,522
	GNMA REMIC Series 2017-112, Class SJ^(b)(-1x 1M USD LIBOR + 5.660%)
	2,116,017		5.549			07/20/47		327,757


Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
	GNMA REMIC Series 2018-105, Class SC^(b)(-1x 1M USD LIBOR + 6.200%)
	1,792,601		6.089			08/20/48		289,453
	GNMA REMIC Series 2018-122, Class HS^(b)(-1x 1M USD LIBOR + 6.200%)
	1,513,513		6.089			09/20/48		270,801
	GNMA REMIC Series 2018-124, Class SN^(b)(-1x 1M USD LIBOR + 6.200%)
	2,812,625		6.089			09/20/48		491,008
	GNMA REMIC Series 2018-139, Class SQ^(b)(-1x 1M USD LIBOR + 6.150%)
	2,472,551		6.039			10/20/48		397,056
	GNMA REMIC Series 2018-147, Class SA^(b)(-1x 1M USD LIBOR + 6.200%)
	1,998,071		6.089			10/20/48		338,423
	GNMA REMIC Series 2018-67, Class PS^(b)(-1x 1M USD LIBOR + 6.200%)
	3,852,746		6.089			05/20/48		641,874
	GNMA REMIC Series 2018-7, Class DS^(b) (-1x1M USD LIBOR + 5.700%)
	2,324,479		5.589			01/20/48		377,529
	GNMA REMIC Series 2018-79, Class SD^(b)(-1x 1M USD LIBOR + 6.200%)
	1,011,944		6.089			06/20/48		167,271
	GNMA REMIC Series 2019-1, Class SN^(b)(-1x 1M USD LIBOR + 6.050%)
	2,528,213		5.939			01/20/49		405,072
	GNMA REMIC Series 2019-151, Class NI
	6,682,491		3.500			10/20/49		682,699
	GNMA REMIC Series 2019-4, Class SJ^(b)(-1x 1M USD LIBOR + 6.050%)
	4,381,623		5.939			01/20/49		716,884
	GNMA REMIC Series 2019-6, Class SA^(b)(-1x 1M USD LIBOR + 6.050%)
	823,400		5.939			01/20/49		138,234
	GNMA REMIC Series 2019-69, Class S^(b)(-1x 1M USD LIBOR + 3.270%)
	2,267,461		3.159			06/20/49		166,358
	GNMA REMIC Series 2019-78, Class SE^(b)(-1x 1M USD LIBOR + 6.100%)
	1,674,015		5.989			06/20/49		261,185
	GNMA REMIC Series 2019-97, Class SC^(b)(-1x 1M USD LIBOR + 6.100%)
	2,069,645		5.989			08/20/49		335,445
	GNMA REMIC Series 2020-11, Class SN^(b)(-1x 1M USD LIBOR + 6.050%)
	2,136,740		5.939			01/20/50		377,313
	GNMA REMIC Series 2020-146, Class IM
	1,771,317		2.500			10/20/50		238,068
	GNMA REMIC Series 2020-146, Class KI
	13,711,204		2.500			10/20/50		1,702,637
	GNMA REMIC Series 2020-151, Class MI
	5,702,529		2.500			10/20/50		769,922
	GNMA REMIC Series 2020-173, Class AI
	6,500,563		2.500			11/20/50		675,432


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
	GNMA REMIC Series 2020-21, Class SA^(b)(-1x 1M USD LIBOR + 6.050%)
$	5,796,113		5.939	%		02/20/50	$	1,038,048
	GNMA REMIC Series 2020-51, Class ID
	2,887,922		3.500			04/20/50		357,422
	GNMA REMIC Series 2020-55, Class IO
	562,817		3.500			04/20/50		77,632
	GNMA REMIC Series 2020-61, Class SF^(b)(-1x 1M USD LIBOR + 6.440%)
	8,394,560		6.329			07/20/43		1,673,152
	GNMA REMIC Series 2020-7, Class GI
	372,255		4.000			01/20/50		46,393
	GNMA REMIC Series 2020-78, Class DI
	12,764,785		4.000			06/20/50		1,821,397
	GNMA REMIC Series 2020-78, Class SD^(b)(-1x 1M USD LIBOR + 6.150%)
	12,360,854		6.039			06/20/50		2,009,138
	GNMA REMIC Series 2020-79, Class AI
	2,181,819		4.000			06/20/50		285,707

								51,618,677

Regular Floater^(b) – 0.4%
	FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%)
	261,306		0.456			10/15/36		263,350
	FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
	150,577		0.506			12/15/36		151,643
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	242,176		0.706			09/15/37		245,732
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	120,524		0.956			06/15/39		122,835
	FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	372,523		0.476			03/15/41		375,033
	FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
	477,902		0.509			06/25/36		481,965
	FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	551,451		0.509			08/25/36		555,332
	FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	551,728		0.509			08/25/36		555,696
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	674,881		0.459			04/25/37		677,376
	FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	193,430		0.559			08/25/37		195,592
	FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	67,545		1.209			10/25/39		69,123

								3,693,677


Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.5%
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	311,719		5.500			02/25/36		294,185
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	506,265		6.000			06/25/36		479,833
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	941,759		6.500			07/25/36		866,436
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	781,577		6.000			08/25/36		647,135
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	2,555,147		6.000			10/25/37		1,899,937

								4,187,526

Sequential Floating Rate^(b) – 7.3%
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.380%)
	7,397,217		0.491			10/20/36		6,408,834
	Banc of America Funding Trust Series 2007-2, Class 2A1
	27,054		3.540			03/25/37		27,586
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(c) (1M USD LIBOR + 2.300%)
	2,068,412		2.409			08/25/31		2,069,772
	Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2^(c) (1M USD LIBOR + 2.150%)
	175,654		2.259			09/25/31		176,047
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	377,210		0.609			07/25/35		271,663
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	473,922		0.909			12/25/35		393,457
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.340%)
	60,411		0.449			11/25/36		75,106
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	2,543,009		0.609			08/25/37		1,931,955
	FHLMC STACR REMIC Trust Series 2019-DNA3, Class B1^(c) (1M USD LIBOR + 3.250%)
	1,335,000		3.359			07/25/49		1,330,714
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2^(c) (1M USD LIBOR + 1.700%)
	3,696,910		1.809			01/25/50		3,680,319
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1^(c) (1M USD LIBOR + 2.500%)
	495,000		2.609			02/25/50		480,080
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2^(c) (1M USD LIBOR + 1.850%)
	1,635,000		1.959			02/25/50		1,627,400
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2^(c) (1M USD LIBOR + 3.000%)
	350,128		3.109			06/25/50		351,305
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1^(c) (1M USD LIBOR + 5.100%)
	1,570,000		5.209			06/25/50		1,616,019
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1^(c) (1M USD LIBOR + 6.000%)
	1,516,000		6.109			08/25/50		1,592,185


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2^(c) (1M USD LIBOR + 3.750%)
$	655,000		3.859	%		08/25/50	$	659,795
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1^(c)(SOFR30A + 4.800%)
	1,521,000		4.817			10/25/50		1,579,539
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1^(c)(SOFR30A + 3.000%)
	460,000		3.017			12/25/50		452,685
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2^(c)(SOFR30A + 5.650%)
	600,000		5.667			12/25/50		576,126
	FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1^(c) (1M USD LIBOR + 4.100%)
	3,640,000		4.209			03/25/50		3,682,896
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2^(c) (1M USD LIBOR + 3.150%)
	335,000		3.259			09/25/50		337,449
	FHLMC STACR REMIC Trust Series 2021-DNA1, Class B2^(c)(SOFR30A + 4.750%)
	412,000		4.767			01/25/51		370,857
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B2^(c)(SOFR30A + 5.000%)
	540,000		5.017			08/25/33		501,897
	FHLMC STACR Series 2019-HQA3, Class B1^(c) (1M USD LIBOR + 3.000%)
	1,350,000		3.109			09/25/49		1,324,781
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class M3 (1M USD LIBOR + 3.900%)
	399,436		4.009			12/25/27		405,723
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA3, Class M3 (1M USD LIBOR + 4.700%)
	1,283,037		4.809			04/25/28		1,328,755
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA1, Class M3 (1M USD LIBOR + 5.550%)
	1,935,096		5.659			07/25/28		2,031,179
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA2, Class M3 (1M USD LIBOR + 4.650%)
	1,746,113		4.759			10/25/28		1,823,303
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1^(c)(SOFR30A + 4.000%)
	341,000		4.017			11/25/50		350,194
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	276,693		5.109			12/25/28		290,716
	FNMA Connecticut Avenue Securitie Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	186,283		5.359			10/25/23		191,818
	FNMA Connecticut Avenue Securitie Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	979,005		4.509			01/25/24		1,002,155


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FNMA Connecticut Avenue Securitie Series 2018-C01, Class 1B1 (1M USD LIBOR + 3.550%)
	2,335,000		3.659			07/25/30		2,338,372
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	2,050,181		2.359			07/25/30		2,050,179
	FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	1,452,888		6.859			08/25/28		1,540,978
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	2,117,698		5.409			10/25/28		2,226,213
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.520%)
	2,437,100		0.629			06/25/35		2,211,964
	Lehman XS Trust Series 2007-5H, Class 3A4
	3,172,685		2.582			05/25/37		2,997,009
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	4,088,417		0.902			11/15/49		5,642,747
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	1,237,185		1.059			12/25/46		960,062
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	219,543		1.109			12/25/46		190,879
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M USD LIBOR + 0.200%)
	922,184		0.309			05/25/47		1,000,776
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.480%)
	1,000,472		0.589			12/25/36		935,116
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	2,423,627		1.259			01/25/46		2,271,786
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.540%)
	1,506,100		0.649			02/25/46		993,947
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	2,833,365		1.059			09/25/46		2,564,033
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%)
	114,006		0.519			09/25/46		111,614

								66,977,985

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	126,477,865

Commercial Mortgage-Backed Securities – 2.1%
Sequential Fixed Rate – 1.7%
	Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D^(c)
$	1,100,000		3.000	%		07/15/49	$	965,479
	BANK 2018-BNK10 Series 2018-BN10, Class D^(c)
	500,000		2.600			02/15/61		428,762


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	BANK Series 2018-BK15, Class D^(c)
$	780,000		3.000	%		11/15/61		$	667,465
	BANK Series 2018-BN13, Class D^(c)
	750,000		3.000			08/15/61			610,738
	BANK Series 2018-BNK14, Class D^(c)
	500,000		3.000			09/15/60			450,046
	Benchmark Mortgage Trust Series 2019-B13, Class D^(c)
	750,000		2.500			08/15/57			653,750
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E^(c)
	1,200,000		2.500			11/15/52			929,577
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D^(c)
	1,000,000		3.000			09/15/50			842,491
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D^(c)
	800,000		3.000			09/10/50			725,713
	COMM 2017-COR2 Mortgage Trust Series 2019-GC44, Class D^(c)
	300,000		2.500			08/15/57			268,490
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E^(c)
	878,000		2.500			03/15/53			747,569
	CSMC Trust Series 2014-USA, Class E^(c)
	3,550,000		4.373			09/15/37			2,872,306
	JPMBD Commercial Mortgage Series 2017-C7, Class D^(c)
	660,000		3.000			10/15/50			586,047
	Morgan Stanley Capital I Trust Series 2018-L1, Class D^(c)
	900,000		3.000			10/15/51			781,026
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D^(c)
	500,000		3.401			03/15/50			468,423
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D^(c)
	756,000		3.250			01/15/60			677,861
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D^(c)
	800,000		2.500			02/15/53			681,171
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45			2,564,302

									15,921,216

Sequential Floating Rate^(b) – 0.4%
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D^(c)
	550,000		3.494			02/15/50			505,126
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.755			02/10/49			410,778
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D^(c)
	650,000		4.890			11/15/51			664,223
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D^(c)
	1,000,000		3.346			05/10/49			735,661
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D^(c)
	1,100,000		3.230			06/10/50			1,002,412

									3,318,200

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	19,239,416


Mortgage-Backed Obligations – (continued)
Federal Agencies – 24.2%
FHLMC – 0.1%
	13,734		5.000			01/01/33			15,583
	346		5.000			03/01/33			392
	6,262		5.000			04/01/33			7,104
	633		5.000			05/01/33			718
	2,461		5.000			06/01/33			2,792
	18,718		5.000			07/01/33			21,231
	27,274		5.000			08/01/33			30,929
	3,218		5.000			09/01/33			3,645
	5,961		5.000			10/01/33			6,761
	13,384		5.000			11/01/33			15,180
	6,453		5.000			12/01/33			7,320
	5,683		5.000			01/01/34			6,446
	18,716		5.000			02/01/34			21,255
	7,616		5.000			03/01/34			8,684
	17,575		5.000			04/01/34			20,062
	21,056		5.000			05/01/34			23,895
	307,018		5.000			06/01/34			348,468
	6,171		5.000			11/01/34			7,044
	75,716		5.000			04/01/35			85,881
	2,216		5.000			11/01/35			2,513

									635,903

GNMA – 15.7%
	23,382,056		4.500			12/20/48			25,310,954
	9,650,990		5.000			12/20/48			10,534,769
	19,063,447		4.500			01/20/49			20,621,190
	33,000,000		2.000			TBA-30yr	^(h)		33,275,673
	13,000,000		4.500			TBA-30yr	^(h)		14,062,235
	39,000,000		2.500			TBA-30yr	^(h)		40,148,850

									143,953,671

UMBS – 2.2%
	1,824		5.000			09/01/22			1,828
	833		5.000			04/01/23			919
	3,298		5.500			05/01/25			3,338
	26,921		4.500			08/01/37			30,428
	5,912		4.500			04/01/39			6,574
	9,456		4.000			08/01/39			10,422
	4,483		4.000			09/01/39			4,941
	34,044		4.500			10/01/39			37,840
	3,857		4.500			05/01/41			4,337
	15,737		4.500			06/01/41			17,694
	11,786		4.500			08/01/41			13,307
	5,309		4.500			10/01/41			5,968
	1,675		4.500			11/01/42			1,888
	23,855		4.500			12/01/43			26,784
	51,472		5.000			07/01/48			57,028
	411,038		5.000			08/01/48			455,401
	1,551,048		5.000			10/01/48			1,716,245
	4,435,073		5.000			04/01/49			4,904,046
	9,999,209		5.000			05/01/49			11,050,754
	1,456,311		5.000			06/01/49			1,610,760
	655,655		5.000			04/01/50			725,805

									20,686,307


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(h) – 6.2%
$	16,000,000		5.000	%		TBA-30yr	$	17,723,272
	36,000,000		4.500			TBA-30yr		39,200,620

								56,923,892

	TOTAL FEDERAL AGENCIES						$	222,199,773

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $357,061,523)						$	367,917,054



Asset-Backed Securities^(b) – 11.4%
Collateralized Loan Obligations^(c) – 8.8%
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
$	4,800,000		1.461	%		04/15/33	$	4,816,594
	Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	1,000,000		3.924			01/20/32		1,006,048
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	750,000		2.762			01/15/32		734,322
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	1,625,000		4.472			01/15/32		1,581,149
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	1,800,000		3.254			07/20/30		1,798,110
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	9,000,000		1.481			04/15/33		9,035,838
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,800,000		2.084			07/20/31		5,832,062
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	5,400,000		3.174			07/20/31		5,450,312
	HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	25,900,000		1.574			01/20/33		25,942,062
	MarblePoint CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	1,000,000		3.921			01/19/34		1,001,678
	MidOcean Credit CLO VI Series 2016-6A, Class D1R (3M USD LIBOR + 3.520%)
	1,400,000		4.050			04/20/33		1,378,856
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	957,292		2.947			07/25/59		991,827
	Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	1,600,000		4.010			07/15/29		1,600,045
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	3,947,000		1.286			06/15/36		3,951,406
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	1,400,000		4.050			04/18/36		1,385,853


Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
	Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
$	2,150,000		3.418	%		04/25/34	$	2,111,919
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,200,000		1.521			04/15/33		6,218,166
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		1.301			04/15/31		3,900,854
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	2,225,000		2.774			07/28/30		2,235,633

								80,972,734

Home Equity – 0.3%
	Lehman XS Trust Series 2007-3, Class 1BA2(6M USD LIBOR + 0.500%)
	131,973		0.701			03/25/37		128,845
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
	752,926		0.279			11/25/36		213,365
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	3,058,788		0.324			03/25/37		2,460,714

								2,802,924

Student Loan – 2.3%
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	9,851,083		0.968			04/25/23		9,829,282
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	10,610,118		1.218			10/25/21		10,642,174

								20,471,456

	TOTAL ASSET-BACKED SECURITIES
	(Cost $103,225,139)						$	104,247,114



Foreign Debt Obligations – 2.8%
Sovereign – 2.8%
	Dominican Republic
DOP	30,000,000		18.500	%		02/04/28	$	801,313
$	700,000		4.500	^(c)		01/30/30		703,281
	2,110,000		5.875	^(c)		01/30/60		2,011,753
	Republic of Colombia^(d)
	250,000		3.875			02/15/61		223,438
	Republic of Colombia^(d)
	630,000		3.125			04/15/31		616,613
	Republic of Egypt^(c)
	2,790,000		4.550			11/20/23		2,852,775
	Republic of Indonesia
	560,000		3.050			03/12/51		553,700
	200,000		3.350			03/12/71		189,293
	Republic of Indonesia
	5,310,000		4.450			02/11/24		5,794,537


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Peru^(d)
$	10,000		2.780	%		12/01/60	$	8,241
	240,000		3.230	⁽ⁱ⁾		07/28/21		193,575
	Republic of Qatar^(c)
	470,000		3.750			04/16/30		526,106
	480,000		4.400			04/16/50		556,800
	Republic of Romania
EUR	1,620,000		3.624	^(c)		05/26/30		2,183,790
$	480,000		3.000	^(c)		02/14/31		480,450
EUR	230,000		2.000	^(c)		01/28/32		270,311
	200,000		3.375	^(c)		01/28/50		244,948
	120,000		3.375			01/28/50		146,969
$	1,660,000		4.000	^(c)		02/14/51		1,601,381
	Republic of Turkey
	300,000		5.950			01/15/31		271,500
	300,000		5.875			06/26/31		271,125
	Republic of Turkey
	700,000		5.250			03/13/30		621,687
	Ukraine Government Bond^(c)
EUR	1,550,000		4.375			01/27/30		1,663,750
$	380,000		7.253			03/15/33		377,863
	United Mexican States^(d)
	1,520,000		2.659			05/24/31		1,441,625
	1,640,000		3.771			05/24/61		1,444,737

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $25,500,252)						$	26,051,561



Municipal Debt Obligations – 1.1%
Illinois – 1.1%
	Illinois State GO Bonds Build America Series 2010^(d)
$	4,470,000		7.350	%		07/01/35	$	5,550,526
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,818,694

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,150,551)						$	10,369,220



U.S. Treasury Obligations^(j) – 0.2%
	United States Treasury Bond
$	10,000		2.750	%		11/15/47	$	10,706
	United States Treasury Note
	1,270,000		2.750			02/28/25		1,374,478

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,275,625)						$	1,385,184


Shares		Description	Value


Exchange Traded Fund^(k) – 2.4%
	439,970	Goldman Sachs Access High Yield Corporate Bond ETF
	(Cost $21,288,603)		$	22,020,498


Shares	Dividend Rate		Value


Investment Company^(k) – 13.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
118,992,801		0.036%	$	118,992,801
(Cost $118,992,801)

TOTAL INVESTMENTS – 109.4%
(Cost $1,019,077,130)			$	1,002,938,615

LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%				(85,766,490	)

NET ASSETS – 100.0%			$	917,172,125



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(e)		Pay-in-kind securities.

(f)		Security is currently in default and/or non-income producing.

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

(h)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $144,410,650 which represents approximately 15.8% of the Fund’s net assets as of March 31, 2021.

(i)		Actual maturity date is July 28, 2121.

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

(k)		Represents an affiliated issuer.


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

GOLDMAN SACHS STRATEGIC INCOME FUND



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand



Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTA		—Monthly Treasury Average
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PIK		—Payment in kind
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	2,087,343	USD	368,971		04/05/21	$	1,754
	BRL	8,146,695	USD	1,406,166		05/04/21		38,172
	CAD	8,510,257	USD	6,749,673		06/01/21		22,733
	CAD	10,103,126	USD	7,995,980		06/16/21		44,244
	CHF	2,358,650	EUR	2,122,597		06/16/21		7,568
	CLP	2,340,036,001	USD	3,206,312		05/17/21		42,758
	CNH	6,118,707	USD	925,156		06/16/21		1,471
	COP	1,449,202,376	USD	387,435		04/27/21		8,192
	EUR	784,234	AUD	1,211,394		06/16/21		760
	EUR	2,284,209	CHF	2,523,662		06/16/21		7,306
	EUR	7,987,615	JPY	1,035,088,374		06/16/21		27,352
	EUR	795,685	USD	933,007		04/30/21		674
	GBP	844,326	CHF	1,081,951		06/16/21		17,097
	GBP	659,343	JPY	100,394,832		06/16/21		1,822
	GBP	2,566,758	USD	3,519,974		05/20/21		19,103
	GBP	632,052	USD	871,289		06/16/21		266
	IDR	85,948,234,880	USD	5,898,177		04/05/21		3,269
	IDR	5,932,513,846	USD	404,425		05/10/21		488
	INR	228,164,315	USD	3,090,411		04/27/21		12,682


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	KRW	8,209,707,715	USD	7,255,276		04/05/21	$	17,767
	KRW	10,248,610,866	USD	9,064,407		06/15/21		23,940
	MXN	58,873,000	USD	2,820,902		05/19/21		43,701
	MXN	239,097,982	USD	11,314,763		06/16/21		284,400
	NOK	21,641,364	USD	2,520,814		06/16/21		9,302
	SGD	5,411,885	USD	4,021,135		06/16/21		558
	USD	3,140,288	AUD	4,123,819		04/16/21		7,731
	USD	4,914,903	AUD	6,442,555		06/01/21		20,090
	USD	13,622,869	AUD	17,690,723		06/16/21		181,411
	USD	12,366,866	CHF	11,457,409		06/16/21		218,822
	USD	4,580,680	CNH	30,144,470		06/16/21		15,552
	USD	2,381,909	COP	8,549,604,394		04/27/21		47,896
	USD	18,623,106	EUR	15,385,381		04/09/21		577,307
	USD	11,759,481	EUR	9,976,667		04/30/21		52,562
	USD	15,241,249	EUR	12,767,057		06/16/21		244,738
	USD	6,382,081	GBP	4,585,869		05/20/21		59,027
	USD	7,841,822	GBP	5,641,823		06/16/21		62,146
	USD	5,940,392	IDR	85,948,234,880		04/05/21		38,946
	USD	2,726,711	IDR	40,164,727,500		07/01/21		4,403
	USD	1,376,783	ILS	4,570,281		04/22/21		9,474
	USD	8,306,429	JPY	902,086,277		06/16/21		153,399
	USD	6,594,491	KRW	7,173,719,470		04/05/21		239,237
	USD	18,873,811	NOK	160,115,141		06/16/21		154,566
	USD	15,797,967	NZD	22,110,850		06/16/21		358,666
	USD	5,629,152	PLN	21,738,000		06/02/21		126,935
	USD	416,128	RUB	31,052,882		05/19/21		7,677
	USD	578,842	SEK	5,010,717		05/19/21		4,842
	USD	50,269,319	SEK	427,167,524		06/16/21		1,322,475
	USD	6,046,507	SGD	8,117,964		04/06/21		11,937
	USD	11,536,602	SGD	15,509,970		05/05/21		8,839
	USD	369,039	TRY	3,051,735		04/29/21		7,604
	USD	442,647	TRY	3,725,760		06/16/21		14,397
	USD	1,744,511	TWD	48,638,579		04/08/21		34,073
	USD	2,740,198	TWD	77,465,395		04/12/21		15,003
	USD	2,742,998	TWD	77,544,563		04/19/21		13,220
	USD	1,101,446	ZAR	16,418,561		06/17/21		547
	ZAR	29,090,010	USD	1,906,300		05/25/21		49,696
	ZAR	58,680,620	USD	3,837,982		06/17/21		96,672

TOTAL							$	4,797,269

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	23,890,737	USD	18,413,571		06/01/21	$	(262,280	)
	AUD	6,018,642	USD	4,642,531		06/16/21		(69,550	)
	BRL	6,059,352	USD	1,098,661		04/05/21		(22,484	)
	CAD	6,552,118	USD	5,252,493		06/16/21		(38,215	)
	CHF	1,751,948	EUR	1,583,918		06/16/21		(2,958	)
	CHF	5,231,461	USD	5,646,943		06/16/21		(100,138	)
	CLP	358,006,692	USD	497,785		05/17/21		(703	)
	CNH	55,308,884	USD	8,432,242		06/16/21		(56,173	)
	COP	15,701,370,777	USD	4,361,856		04/27/21		(75,435	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	EUR	784,260	CAD	1,163,700		06/16/21	$	(4,879	)
	EUR	1,411,830	CHF	1,567,724		06/16/21		(3,853	)
	EUR	828,563	GBP	711,773		06/16/21		(8,234	)
	EUR	1,049,005	NOK	10,765,461		06/16/21		(26,414	)
	EUR	1,505,000	SEK	15,436,635		06/16/21		(991	)
	EUR	6,570,026	USD	7,760,961		04/09/21		(54,855	)
	EUR	1,580,385	USD	1,859,934		04/30/21		(5,462	)
	EUR	24,397,846	USD	29,142,141		06/16/21		(483,817	)
	GBP	1,483,591	USD	2,061,338		06/16/21		(15,570	)
	IDR	85,948,234,881	USD	5,946,048		04/05/21		(44,601	)
	IDR	22,078,698,894	USD	1,527,901		04/12/21		(14,674	)
	IDR	45,783,507,380	USD	3,142,961		05/03/21		(14,903	)
	IDR	19,252,778,287	USD	1,353,520		05/10/21		(39,458	)
	JPY	3,177,706,838	USD	29,218,862		06/16/21		(498,834	)
	MXN	17,695,001	USD	860,294		06/16/21		(1,871	)
	NOK	15,738,994	EUR	1,570,333		06/16/21		(4,490	)
	NOK	40,755,149	USD	4,794,810		06/16/21		(30,080	)
	NZD	6,224,052	USD	4,463,956		06/16/21		(117,900	)
	PLN	22,657,000	USD	5,867,131		06/02/21		(132,301	)
	RUB	202,443,360	USD	2,723,685		05/19/21		(60,868	)
	RUB	80,046,305	USD	1,036,869		10/01/21		(2,711	)
	SEK	8,052,650	NOK	7,928,568		06/16/21		(4,228	)
	SEK	24,351,582	USD	2,848,431		06/16/21		(58,114	)
	SGD	8,117,963	USD	6,039,590		04/06/21		(5,019	)
	TRY	36,503,008	USD	4,646,630		06/16/21		(450,867	)
	TWD	151,815,828	USD	5,486,152		04/08/21		(147,354	)
	TWD	25,728,905	USD	911,629		04/12/21		(6,498	)
	TWD	206,831,291	USD	7,433,262		04/19/21		(152,243	)
	USD	14,197,197	AUD	18,687,284		06/01/21		(704	)
	USD	1,408,123	BRL	8,146,695		04/05/21		(38,780	)
	USD	7,215,549	CAD	9,097,989		06/01/21		(24,569	)
	USD	27,759,642	CAD	35,106,760		06/16/21		(178,862	)
	USD	2,016,913	CLP	1,477,745,027		05/17/21		(34,892	)
	USD	1,405,000	COP	5,198,429,750		04/27/21		(14,153	)
	USD	5,898,177	IDR	85,948,234,881		04/05/21		(3,269	)
	USD	364,050	IDR	5,329,696,392		04/12/21		(1,236	)
	USD	176,059	IDR	2,581,903,701		05/10/21		(164	)
	USD	1,887,222	INR	139,729,886		04/27/21		(13,140	)
	USD	913,924	KRW	1,035,988,245		04/05/21		(3,866	)
	USD	7,255,725	KRW	8,209,707,715		06/15/21		(24,547	)
	USD	2,776,960	MXN	58,012,083		05/19/21		(45,752	)
	USD	9,133,407	MXN	193,477,029		06/16/21		(252,582	)
	USD	1,102,305	NOK	9,526,985		05/21/21		(11,530	)
	USD	872,136	NZD	1,254,459		06/10/21		(3,827	)
	USD	1,817,842	NZD	2,607,162		06/16/21		(2,655	)
	USD	625,641	TRY	5,522,846		05/24/21		(18,530	)
	USD	3,527,614	TRY	31,372,504		06/16/21		(78,435	)
	USD	3,689,205	TWD	105,393,661		04/08/21		(17,099	)
	USD	1,689,540	TWD	48,084,311		05/03/21		(5,435	)
	USD	1,857,079	TWD	52,666,766		05/07/21		(191	)
	USD	927,308	ZAR	14,080,572		05/25/21		(19,461	)
	USD	2,026,909	ZAR	30,861,349		06/17/21		(42,405	)
	ZAR	21,829,187	USD	1,471,294		06/17/21		(7,602	)

TOTAL							$	(3,862,711	)


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		1,837			06/21/21	$	240,532,187		$	(3,099,050	)
Short position contracts:
Australian 10 Year Government Bonds		(45	)		06/15/21		(4,720,714	)		(8,656	)
Ultra Long U.S. Treasury Bonds		(38	)		06/21/21		(6,886,312	)		37,167
Ultra 10 Year U.S. Treasury Notes		(243	)		06/21/21		(34,916,062	)		1,214,462
20 Year U.S. Treasury Bonds		(113	)		06/21/21		(17,469,094	)		468,552
5 Year U.S. Treasury Notes		(1,499	)		06/30/21		(184,974,259	)		961,432
2 Year U.S. Treasury Notes		(1,028	)		06/30/21		(226,906,906	)		137,068

Total									$	2,810,025

TOTAL FUTURES CONTRACTS									$	(289,025	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%^(a)	3M WIBOR^(b)	12/16/21	PLN	161,390	^(c)	$	(29,364	)	$	(5,736	)	$	(23,628	)
1M BID Avg^(a)	3.390%^(a)	01/03/22	BRL	91,130	^(c)		(115,755	)		—			(115,755	)
1M BID Avg^(a)	4.120^(a)	01/03/22		37,900	^(c)		93,791			131,534			(37,743	)
1M BID Avg^(a)	4.230^(a)	01/02/23		29,505	^(c)		(120,628	)		(273,349	)		152,721
5.800^(a)	1M BID Avg^(a)	01/02/23		67,660	^(c)		79,856			70,158			9,698
3M AUDOR^(b)	0.190^(b)	02/22/23	AUD	536,160	^(c)		(153,847	)		(191,634	)		37,787
6M CDOR^(d)	0.804^(d)	02/28/23	CAD	417,940	^(c)		310,514			62,454			248,060
6M CDOR^(d)	0.750^(d)	03/01/23		820,710	^(c)		251,457			(226,917	)		478,374
0.275^(d)	3M LIBOR^(b)	03/03/23	$	640,210	^(c)		369,491			135,424			234,067
Mexico IB TIIE 28D(^e)	4.700^(e)	06/14/23	MXN	61,370	^(c)		(1,373	)		(61,931	)		60,558
2.750^(b)	3M CNY^(b)	06/16/23	CNY	22,760	^(c)		(8,701	)		(1,152	)		(7,549	)
6M EURO^(d)	(0.500)^(f)	06/16/23	EUR	28,920	^(c)		(8,818	)		(23,977	)		15,159
1.000^(b)	3M KWCDC^(b)	06/16/23	KRW	68,896,890	^(c)		173,836			230,106			(56,270	)
6M WIBOR^(d)	0.345^(f)	06/16/23	PLN	12,015	^(c)		(15,169	)		(13,174	)		(1,995	)
6M CDOR^(d)	0.700^(d)	11/18/23	CAD	110,910	^(c)		(377,183	)		(1,869,854	)		1,492,671
1M BID Avg^(a)	4.930^(a)	01/02/24	BRL	20,510	^(c)		(132,758	)		(5,451	)		(127,307	)
3M AUDOR^(b)	0.500^(b)	01/25/24	AUD	270,430	^(c)		(241,975	)		397,626			(639,601	)
3M AUDOR^(b)	0.500^(b)	02/24/24		89,140	^(c)		68,469			220,700			(152,231	)
6M CDOR^(d)	0.750^(d)	06/16/24	CAD	46,930	^(c)		(310,057	)		(247,736	)		(62,321	)
0.250^(d)	3M LIBOR^(b)	06/16/24	$	40,800	^(c)		421,400			311,085			110,315
(0.500)^(f)	6M EURO^(d)	06/16/24	EUR	7,250	^(c)		16,772			20,092			(3,320	)
1M LIBOR+0.090^(b)	3M LIBOR^(b)	07/25/24	$	522,840	^(c)		97,510			175,496			(77,986	)
3M SOFR+0.241^(b)	3M LIBOR^(b)	11/10/24		310,230	^(c)		12,285			294			11,991
6.320^(a)	1M BID Avg^(a)	01/02/25	BRL	83,870	^(c)		580,890			(279,621	)		860,511
6M WIBOR^(d)	0.750^(f)	12/16/25	PLN	32,430	^(c)		(164,448	)		(6,462	)		(157,986	)
1.550^(d)	6M AUDOR^(d)	02/23/26	AUD	84,150	^(c)		127,491			63,532			63,959
1.598^(d)	3M LIBOR^(d)	03/11/26	$	62,240	^(c)		332,983			124,914			208,069
6M AUDOR^(d)	0.500^(d)	06/16/26	AUD	86,840	^(c)		(1,606,918	)		(1,490,605	)		(116,313	)
6M CDOR^(d)	1.000^(d)	06/16/26	CAD	19,160	^(c)		(401,940	)		(324,118	)		(77,822	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.500)^(f)	6M CHFOR^(d)	06/16/26	CHF	14,620	^(c)	$	88,265		$	86,865		$	1,400
(0.250)^(f)	6M EURO^(d)	06/16/26	EUR	40,420	^(c)		(97,076	)		(90,063	)		(7,013	)
(0.500)^(f)	12M EURO^(f)	06/16/26		232,280	^(c)		980,365			698,160			282,205
12M GBP^(f)	0.000^(f)	06/16/26	GBP	37,120	^(c)		(1,265,337	)		(1,385,285	)		119,948
0.000^(d)	6M JYOR^(d)	06/16/26	JPY	5,374,340	^(c)		50,932			44,235			6,697
Mexico IB TIIE 28D^(e)	5.550^(e)	06/10/26	MXN	33,690	^(c)		(45,386	)		16			(45,402	)
6M NIBOR^(d)	1.500^(f)	06/16/26	NOK	769,770	^(c)		(71,023	)		(127,143	)		56,120
3M NZDOR^(b)	1.250^(d)	06/16/26	NZD	39,960	^(c)		66,357			(38,355	)		104,712
3M STIBOR^(b)	0.500^(f)	06/16/26	SEK	968,420	^(c)		773,764			729,881			43,883
3M LIBOR^(b)	0.500^(d)	06/16/26	$	98,950	^(c)		(3,090,384	)		(2,293,060	)		(797,324	)
3M JIBAR^(b)	6.250^(b)	06/17/26	ZAR	56,455	^(c)		8,451			(3,148	)		11,599
6M AUDOR^(d)	0.750^(d)	06/16/28	AUD	41,230	^(c)		(1,513,137	)		(1,399,274	)		(113,863	)
1.000^(d)	6M CDOR^(d)	06/16/28	CAD	38,160	^(c)		1,696,725			1,331,764			364,961
6M CHFOR^(d)	(0.250)%^(f)	06/16/28	CHF	56,190	^(c)		(232,123	)		(5,810	)		(226,313	)
(0.250)^(f)	6M EURO^(d)	06/16/28	EUR	1,080	^(c)		10,831			8,502			2,329
(0.500)^(f)	12M EURO^(f)	06/16/28		49,300	^(c)		907,393			825,892			81,501
1.250^(f)	6M EURO^(d)	12/19/28		2,630	^(c)		(338,418	)		(60,842	)		(277,576	)
6M EURO^(d)	1.250^(f)	12/19/28		2,630	^(c)		(4,482	)		—			(4,482	)
6M AUDOR^(d)	1.750^(d)	03/19/30	AUD	36,750	^(c)		(1,140,262	)		(348,472	)		(791,790	)
0.250^(d)	6M JYOR^(d)	03/19/30	JPY	1,848,820	^(c)		(22,629	)		(159,622	)		136,993
6M EURO^(d)	0.050^(f)	05/21/30	EUR	183,680	^(c)		(2,921,193	)		(1,006,274	)		(1,914,919	)
0.250^(f)	6M EURO^(d)	06/18/30		48,860	^(c)		251,770			(4,844,473	)		5,096,243
0.750^(f)	3M STIBOR^(b)	06/18/30	SEK	56,820	^(c)		129,885			(111,934	)		241,819
6M AUDOR^(d)	1.240^(d)	10/28/30	AUD	53,660	^(c)		(2,856,346	)		(2,801,183	)		(55,163	)
1.240^(f)	6M NIBOR^(d)	10/29/30	NOK	448,490	^(c)		2,411,364			(2,984,856	)		5,396,220
6M AUDOR^(d)	1.710%^(d)	01/21/31	AUD	114,820	^(c)		(4,436,899	)		(2,609,611	)		(1,827,288	)
0.500^(d)	6M GBP^(d)	01/26/31	GBP	72,190	^(c)		4,426,942			2,176,399			2,250,543
6M AUDOR^(d)	1.500^(d)	02/02/31	AUD	17,980	^(c)		(826,631	)		(550,223	)		(276,408	)
1.000^(d)	6M GBP^(d)	02/10/31		53,310	^(c)		1,530,721			546,167			984,554
1.500^(d)	3M LIBOR^(b)	02/02/31	$	12,710	^(c)		606,911			125,700			481,211
6M EURO^(d)	0.500^(f)	02/12/31	EUR	71,040	^(c)		272,703			1,043,184			(770,481	)
12M GBP^(f)	0.900^(f)	02/17/31	GBP	29,160	^(c)		(501,840	)		(91,586	)		(410,254	)
6M AUDOR^(d)	2.500^(d)	02/24/31	AUD	82,240	^(c)		(1,026,790	)		(603,280	)		(423,510	)
3M LIBOR^(b)	2.209^(d)	02/25/31	$	47,550	^(c)		(754,334	)		(142,013	)		(612,321	)
3M LIBOR^(b)	2.378^(d)	03/09/31		89,160	^(c)		(793,684	)		(420,088	)		(373,596	)
12M GBP^(d)	1.050%^(d)	03/24/31	GBP	41,180	^(c)		(323,276	)		(193,451	)		(129,825	)
6.400%^(e)	Mexico IB TIIE 28D^(e)	06/04/31	MXN	268,685	^(c)		516,789			38,348			478,441
6M AUDOR^(d)	1.000^(d)	06/16/31	AUD	28,220	^(c)		(1,824,369	)		(1,715,662	)		(108,707	)
6M CDOR^(d)	1.250^(d)	06/16/31	CAD	18,630	^(c)		(1,233,256	)		(1,136,692	)		(96,564	)
0.000^(f)	6M EURO^(d)	06/16/31	EUR	21,410	^(c)		224,502			286,481			(61,979	)
0.250^(f)	12M GBP^(f)	06/16/31	GBP	51,380	^(c)		4,001,556			3,480,695			520,861
0.000^(d)	6M JYOR^(b)	06/16/31	JPY	7,064,680	^(c)		1,065,108			1,043,634			21,474
0.500^(b)	6M JYOR^(d)	06/16/51		1,422,300	^(c)		276,808			238,669			38,139
2.000^(f)	6M NIBOR^(d)	06/16/31	NOK	141,860	^(c)		(169,244	)		(250,880	)		81,636
0.750^(d)	3M LIBOR^(b)	06/16/31	$	65,890	^(c)		6,681,060			6,141,034			540,026
1.100^(f)	12M GBP^(f)	02/17/36	GBP	33,620	^(c)		365,866			63,304			302,562
2.431^(d)	3M LIBOR^(b)	02/25/36	$	58,480	^(c)		614,053			70,593			543,460
2.503^(d)	3M LIBOR^(b)	03/10/36		70,300	^(c)		559,459			356,683			202,776
0.260^(f)	6M EURO^(d)	05/21/40	EUR	96,100	^(c)		6,776,285			703,694			6,072,591
2.750^(d)	6M AUDOR^(d)	02/24/41	AUD	25,940	^(c)		386,044			94,557			291,487
1.100^(f)	12M GBP^(f)	03/24/41	GBP	26,350	^(c)		344,010			224,977			119,033


The accompanying notes are an integral part of these financial statements.		147

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250^(f)		6M EURO^(d)	06/16/41	EUR	790	^(c)	$	41,843		$	24,325		$	17,518
3M LIBOR^(b)		2.000^(d)	02/10/51	$	16,100	^(c)		(1,090,015	)		(856,870	)		(233,145	)
1.250^(d)		6M GBP^(d)	03/11/51	GBP	10,790	^(c)		257,825			85,443			172,382
0.000^(f)		6M EURO^(d)	06/16/51	EUR	3,220	^(c)		537,030			440,817			96,213
1.250^(d)		3M LIBOR^(b)	06/16/51	$	4,280	^(c)		961,761			755,633			206,128

TOTAL							$	10,493,055		$	(7,642,800	)	$	18,135,855

(a)

Payments made at maturity.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(d)

Payments made semi-annually.

(e)

Payments made monthly.

(f)

Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund		Credit Spread at March 31, 2021^(a)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%^(b)	0.063%		Barclays Bank PLC		06/20/21	$	10,330	$	(25,208	)	$	2,052		$	(27,260	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.063		Citibank NA		06/20/21		2,060		(5,027	)		879			(5,906	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.063		Deutsche Bank AG (London)		06/20/21		11,160		(27,235	)		1,856			(29,091	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.063		JPMorgan Securities, Inc.		06/20/21		3,640		(8,883	)		829			(9,712	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)^(b)	0.063		UBS AG (London)		06/20/21		5,910		(14,423	)		1,306			(15,729	)
Protection Sold:
Markit CMBX Series 8		3.000^(c)	8.204		Citibank NA		10/17/57		3,450		(540,487	)		(835,404	)		294,917
Markit CMBX Series 8		3.000^(c)	8.204		MS & Co. Int. PLC		10/17/57		600		(94,300	)		(95,244	)		944
Markit CMBX Series 10		3.000^(c)	5.692		MS & Co. Int. PLC		11/17/59		5,900		(738,469	)		(961,282	)		222,813
Markit CMBX Series 11		3.000^(c)	4.089		Citibank NA		11/18/54		5,000		(293,322	)		(682,000	)		388,678
Markit CMBX Series 11		3.000^(c)	4.089		MS & Co. Int. PLC		11/18/54		4,100		(246,445	)		(937,937	)		691,492

TOTAL										$	(1,993,799	)	$	(3,504,945	)	$	1,511,146

(a)

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

(b)

Payments made quarterly.

(c)

Payments made monthly.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB 35		(1.000)%	0.521%		06/20/26	EUR	14,325	$	(424,536	)	$	(402,336	)	$	(22,200	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.151		12/20/23	$	5,890		(139,107	)		(37,404	)		(101,703	)
Protection Sold:
CDX.NA.EM Index 35		1.000	1.855		06/20/26		44,840		(1,860,157	)		(1,757,607	)		(102,550	)
CDX.NA.HY Index 34		5.000	2.653		06/20/25		25,346		2,368,435			57,812			2,310,623
CDX.NA.IG Index 34		1.000	0.554		06/20/25		54,150		1,012,158			750,566			261,592
ICE CD ITXEB 35		5.000	2.525		06/20/26	EUR	4,350		612,323			557,588			54,735
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.470		12/20/24	$	3,250		65,624			32,342			33,282
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.633		12/20/25		2,880		50,002			45,624			4,378
Republic of Chile, 3.875%, 08/05/20		1.000	0.529		12/20/25		2,380		53,290			60,797			(7,507	)
Republic of Colombia, 10.375%, 01/28/33		1.000	0.748		12/20/23		12,040		83,017			(129,260	)		212,277
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.515		06/20/24		8,760		141,500			36,832			104,668
Republic of Peru, 8.750%, 11/21/33		1.000	0.761		12/20/25		2,880		33,655			54,988			(21,333	)
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.409		12/20/25		2,370		66,130			72,231			(6,101	)
Russian Federation, 7.500%, 03/31/30		1.000	0.841		12/20/24		1,340		8,237			3,579			4,658
State of Qatar, 9.750%, 06/15/30		1.000	0.294		06/20/24		1,330		31,484			18,635			12,849
State of Qatar, 9.750%, 06/15/30		1.000	0.345		12/20/24		520		13,035			8,182			4,853

TOTAL								$	2,115,090		$	(627,431	)	$	2,742,521

(a)

Payments made quarterly.

(b)


The accompanying notes are an integral part of these financial statements.		149

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	JPMorgan Securities, Inc.		0.700	%		11/14/2022		45,500,000		$	45,500,000		$	122,884		$	460,526		$	(337,642	)
Puts
3M IRS	BofA Securities LLC		0.584			06/30/2021		3,260,000			3,260,000			79,307			85,253			(5,946	)
3M IRS	Citibank NA		0.428			06/07/2021		3,150,000			3,150,000			132,391			123,132			9,259
3M IRS	Citibank NA		0.465			06/25/2021		3,220,000			3,220,000			130,831			96,145			34,686
3M IRS	Deutsche Bank AG (London)		0.925			06/01/2021		69,000,000			69,000,000			769,086			467,242			301,844
3M IRS	JPMorgan Securities, Inc.		0.325			06/01/2021		2,980,000			2,980,000			194,679			131,726			62,953
3M IRS	JPMorgan Securities, Inc.		0.390			06/01/2021		3,200,000			3,200,000			156,284			117,940			38,344
3M IRS	UBS AG (London)		0.415			06/04/2021		3,140,000			3,140,000			138,127			116,145			21,982
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		72,790,000			72,790,000			1,692,271			371,229			1,321,042

								160,740,000		$	160,740,000		$	3,292,976		$	1,508,812		$	1,784,164

Total purchased option contracts								206,240,000		$	206,240,000		$	3,415,860		$	1,969,338		$	1,446,522
Written option contracts
Calls
1M IRS	Citibank NA		0.031			04/29/2021		(25,550,000	)		(25,550,000	)		(88,650	)		(148,977	)		60,327
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(25,550,000	)		(25,550,000	)		(47,613	)		(148,988	)		101,375
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(30,590,000	)		(30,590,000	)		(9,904	)		(302,841	)		292,937
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(25,550,000	)		(25,550,000	)		(141,402	)		(162,849	)		21,447
1M IRS	MS & Co. Int. PLC		0.040			04/06/2021		(5,180,000	)		(5,180,000	)		—			(175,780	)		175,780
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(30,590,000	)		(30,590,000	)		(52,182	)		(288,311	)		236,129
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(30,590,000	)		(30,590,000	)		(183,950	)		(277,604	)		93,654
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(30,590,000	)		(30,590,000	)		(133,008	)		(282,193	)		149,185
1M IRS	UBS AG (London)		0.023			04/06/2021		(25,550,000	)		(25,550,000	)		(15,154	)		(171,274	)		156,120
1Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(8,800,000	)		(8,800,000	)		(106,071	)		(457,091	)		351,020
								(238,540,000	)	$	(238,540,000	)	$	(777,934	)	$	(2,415,908	)	$	1,637,974
Puts
1M IRS	Citibank NA		0.031			04/29/2021		(25,550,000	)		(25,550,000	)		(235,484	)		(148,977	)		(86,507	)
1M IRS	Deutsche Bank AG (London)		0.039			04/12/2021		(25,550,000	)		(25,550,000	)		(156,391	)		(148,988	)		(7,403	)
1M IRS	Deutsche Bank AG (London)		1.638			04/06/2021		(30,590,000	)		(30,590,000	)		(419,275	)		(302,841	)		(116,434	)
1M IRS	JPMorgan Securities, Inc.		0.091			04/19/2021		(25,550,000	)		(25,550,000	)		(99,111	)		(162,849	)		63,738
1M IRS	MS & Co. Int. PLC		1.650			04/16/2021		(30,590,000	)		(30,590,000	)		(449,994	)		(288,311	)		(161,683	)
1M IRS	MS & Co. Int. PLC		1.715			04/29/2021		(30,590,000	)		(30,590,000	)		(399,881	)		(277,604	)		(122,277	)
1M IRS	MS & Co. Int. PLC		1.719			04/22/2021		(30,590,000	)		(30,590,000	)		(343,845	)		(282,193	)		(61,652	)
1M IRS	UBS AG (London)		0.023			04/06/2021		(25,550,000	)		(25,550,000	)		(166,661	)		(171,274	)		4,613
3M IRS	BofA Securities LLC		1.250			06/30/2021		(20,200,000	)		(20,200,000	)		(104,872	)		(86,860	)		(18,012	)
3M IRS	Citibank NA		1.025			06/07/2021		(20,020,000	)		(20,020,000	)		(165,448	)		(120,620	)		(44,828	)
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(69,000,000	)		(69,000,000	)		(410,942	)		(292,026	)		(118,916	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(69,000,000	)		(69,000,000	)		(206,871	)		(175,216	)		(31,655	)
3M IRS	JPMorgan Securities, Inc.		0.980			06/01/2021		(20,820,000	)		(20,820,000	)		(191,679	)		(114,510	)		(77,169	)
3M IRS	MS & Co. Int. PLC		0.912			06/01/2021		(19,310,000	)		(19,310,000	)		(224,728	)		(129,377	)		(95,351	)
3M IRS	UBS AG (London)		0.963			06/04/2021		(20,210,000	)		(20,210,000	)		(203,871	)		(117,218	)		(86,653	)
3M IRS	UBS AG (London)		1.100			06/25/2021		(20,300,000	)		(20,300,000	)		(160,954	)		(92,872	)		(68,082	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
6M IRS	JPMorgan Securities, Inc.		0.878	%		08/10/2021		(72,790,000	)	$	(72,790,000	)	$	(1,306,696	)	$	(225,649	)	$	(1,081,047	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(72,790,000	)		(72,790,000	)		(975,266	)		(145,580	)		(829,686	)

								(629,000,000	)	$	(629,000,000	)	$	(6,221,969	)	$	(3,282,965	)	$	(2,939,004	)

Total written option contracts								(867,540,000	)	$	(867,540,000	)	$	(6,999,903	)	$	(5,698,873	)	$	(1,301,030	)

TOTAL								(661,300,000	)	$	(661,300,000	)	$	(3,584,043	)	$	(3,729,535	)	$	145,492

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put USD	HSBC Bank PLC		1.190	%		04/28/2021		31,388,000		$	31,388,000		$	65,666		$	125,497		$	(59,831	)
Call AUD/Put USD	UBS AG (London)		0.770			04/14/2021		14,536,000			14,536,000			24,842			36,490			(11,648	)
								45,924,000		$	45,924,000		$	90,508		$	161,987		$	(71,479	)
Puts
Put USD/Call SGD	Deutsche Bank AG (London)		1.334			04/01/2021		18,233,000			18,233,000			18			21,351			(21,333	)
Put USD/Call SGD	Deutsche Bank AG (London)		1.335			05/03/2021		18,411,000			18,411,000			42,254			47,740			(5,486	)
Put USD/Call SGD	UBS AG (London)		1.335			04/01/2021		7,315,000			7,315,000			7			11,755			(11,748	)
Put USD/Call TWD	Citibank NA		28.150			05/05/2021		3,682,000			3,682,000			11,429			12,478			(1,049	)
Put USD/Call TWD	BNP Paribas SA		28.200			04/28/2021		3,691,000			3,691,000			10,066			9,143			923

								51,332,000		$	51,332,000		$	63,774		$	102,467		$	(38,693	)

Total purchased option contracts								97,256,000		$	97,256,000		$	154,282		$	264,454		$	(110,172	)
Written option contracts
Calls
Call USD/Put ILS	BNP Paribas SA		3.370			04/20/2021		(3,647,000	)		(3,647,000	)		(12,794	)		(6,784	)		(6,010	)
Call USD/Put TWD	BNP Paribas SA		28.800			04/28/2021		(3,691,000	)		(3,691,000	)		(6,825	)		(8,755	)		1,930
Call USD/Put TWD	Citibank NA		28.700			05/05/2021		(3,682,000	)		(3,682,000	)		(9,809	)		(9,492	)		(317	)
								(11,020,000	)	$	(11,020,000	)	$	(29,428	)	$	(25,031	)	$	(4,397	)
Puts – 0.0%
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350			09/30/2021		(3,682,000	)		(3,682,000	)		(48,090	)		(51,014	)		2,924

Total written option contracts								(14,702,000	)	$	(14,702,000	)	$	(77,518	)	$	(76,045	)	$	(1,473	)

TOTAL								82,554,000		$	82,554,000		$	76,764		$	188,409		$	(111,645	)


The accompanying notes are an integral part of these financial statements.		151

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)



Abbreviations:
1M IRS		—1 Month Interest Rate Swaptions
3M IRS		—3 Months Interest Rate Swaptions
6M IRS		—6 Months Interest Rate Swaptions
1Y IRS		—1 Year Interest Rate Swaptions
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.EM Index 35		—CDX North America Emerging Markets Index 35
CDX.NA.HY Index 34		—CDX North America High Yield Index 34
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
ICE CD ITXEB 35		—iTraxx Europe Index 35
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2021


	Bond Fund		Core Fixed Income Fund		Global Core Fixed Income Fund

Assets:
Investments, at value (cost $587,600,005, $2,386,936,656 and $709,606,632, respectively)	$	601,400,685	$	2,390,584,630	$	733,189,824
Investments of affiliated issuers, at value (cost $7,459,479, $3,105,895 and $11,198,119, respectively)		7,459,479		3,105,895		11,198,119
Purchased options, at value (premium paid $584,235, $671,598 and $594,967, respectively)		909,931		1,230,819		916,603
Cash		8,235,315		33,004,338		12,703,492
Foreign currencies, at value (cost $47,714, $3,442 and $3,406,645, respectively)		63,993		11,848		1,264,137
Unrealized gain on swap contracts		512,031		1,163,335		726,172
Unrealized gain on forward foreign currency exchange contracts		2,134,629		6,271,149		8,222,884
Variation margin on futures contracts		—		184,140		534,411
Variation margin on swaps contracts		593,883		1,140,415		608,925
Receivables:
Investments sold on an extended-settlement basis		220,378,972		595,492,808		141,527,028
Collateral on certain derivative contracts^(a)		8,624,712		17,619,307		10,422,023
Interest		2,880,414		10,317,200		4,544,346
Investments sold		1,486,317		1,216,255		—
Fund shares sold		575,648		6,759,484		631,836
Reimbursement from investment adviser		80,095		106,477		124,657
Due from broker		36,518		64,496		—
Upfront payments made on swap contracts		847		—		—
Other assets		37,024		123,164		34,119

Total assets		855,410,493		3,068,395,760		926,648,576


Liabilities:
Variation margin on futures contracts		70,074		—		—
Unrealized loss on forward foreign currency exchange contracts		1,990,718		483,447		1,570,440
Written option contracts, at value (premium received $986,524, $1,371,684 and $1,009,156, respectively)		1,398,868		1,975,646		1,414,005
Unrealized loss on swap contracts		11,618		—		46,231
Payables:
Investments purchased on an extended — settlement basis		314,768,284		895,570,817		205,602,877
Forward sale contracts, at value (proceeds received $30,160,156, $61,711,914 and $27,839,023, respectively)		30,157,862		61,605,167		27,819,575
Investments purchased		1,944,445		1,082		18,211
Upfront payments received on swap contracts		831,832		1,988,766		1,250,262
Fund shares redeemed		475,588		2,420,780		702,036
Due to broker — upfront payment		369,147		518,297		335,118
Management fees		171,114		582,253		366,217
Distribution and Service fees and Transfer Agency fees		74,140		150,073		42,650
Income distributions		34,419		97,830		23,610
Accrued expenses		596,698		569,078		687,347

Total liabilities		352,894,807		965,963,236		239,878,579


Net Assets:
Paid-in capital		497,847,571		2,097,887,474		665,169,101
Total distributable earnings (loss)		4,668,115		4,545,050		21,600,896

NET ASSETS	$	502,515,686	$	2,102,432,524	$	686,769,997
Net Assets:
Class A	$	92,870,714	$	164,129,494	$	52,269,846
Class C		11,436,678		12,415,633		4,799,118
Institutional		158,080,069		645,061,899		282,632,658
Service		83,577		1,070,099		653,006
Investor		68,314,453		426,466,996		73,476,828
Class R6		72,608,406		39,377,597		264,049,409
Class R		5,029,812		4,864,281		—
Class P		94,091,977		809,046,525		8,889,132

Total Net Assets	$	502,515,686	$	2,102,432,524	$	686,769,997
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,813,751		15,253,720		4,107,132
Class C		1,086,595		1,147,852		380,329
Institutional		15,006,699		59,697,923		22,248,450
Service		7,932		98,981		51,696
Investor		6,506,409		39,599,600		5,795,355
Class R6		6,894,564		3,640,808		20,779,045
Class R		477,794		451,789		—
Class P		8,936,044		74,753,587		699,031
Net asset value, offering and redemption price per share:^(b)
Class A		$10.54		$10.76		$12.73
Class C		10.53		10.82		12.62
Institutional		10.53		10.81		12.70
Service		10.54		10.81		12.63
Investor		10.50		10.77		12.68
Class R6		10.53		10.82		12.71
Class R		10.53		10.77		—
Class P		10.53		10.82		12.72

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		TBA
Bond	$	—	$	8,064,712	$	560,000

Core Fixed Income		—		15,679,307		1,940,000

Global Core Fixed Income		2,321,503		7,660,520		440,000

(b)

Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Global Core Fixed Income Funds is $10.95, $11.18 and $13.23, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


The accompanying notes are an integral part of these financial statements.		153

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2021


	Income Fund		Long Short Credit Strategies Fund			Strategic Income Fund

Assets:
Investments, at value (cost $119,966,284, $122,490,126 and $878,795,726, respectively)	$	120,961,683	$	121,939,415		$	861,925,316
Investments of affiliated issuers, at value (cost $2,270,339, $5,082,329 and $140,281,404, respectively)		2,270,339		5,082,329			141,013,299
Purchased options, at value (premium paid $0, $0 and $2,233,792, respectively)		—–		—			3,570,142
Cash		1,842,177		1,468,133			13,212,142
Foreign currencies, at value (cost $112,676, $0 and $511,450, respectively)		112,240		—			511,814
Unrealized gain on swap contracts		—		—			1,598,844
Unrealized gain on forward foreign currency exchange contracts		310,410		—			4,797,269
Variation margin on futures contracts		9,239		—			—
Variation margin on swaps contracts		23,926		—			3,805,325
Receivables:
Investments sold on an extended-settlement basis		13,445,360		476,238			162,300,506
Interest		1,302,074		1,161,426			6,757,203
Investments sold		1,263,595		1,220,629			2,625,534
Collateral on certain derivative contracts^(a)		889,873		1,507,469			46,480,310
Reimbursement from investment adviser		—		33,376			65,506
Fund shares sold		—		20,173			241,106
Upfront payments made on swap contracts		—		—			6,922
Other assets		60,220		52,828			20,840

Total assets		142,491,136		132,962,016			1,248,932,078


Liabilities:
Foreign currency overdraft, at value (identified cost $0, $49 and $0, respectively)		—		51			—
Unrealized loss on swap contracts		—		—			87,698
Unrealized loss on forward foreign currency exchange contracts		69,526		—			3,862,711
Variation margin on futures contracts		—		—			228,023
Variation margin on swaps contracts		—		184,258			—
Written option contracts, at value (premium received $0, $0 and $5,774,918, respectively)		—		—			7,077,421
Payables:
Investments purchased on an extended — settlement basis		23,786,711		1,333,000			310,296,357
Investments purchased		2,464,645		3,272,894			1,930,096
Management fees		54,033		109,076			446,377
Fund shares redeemed		13,917		66,330			743,948
Collateral on certain derivative contracts^(b)		3,529		—			—
Distribution and Service fees and Transfer Agency fees		3,447		4,542			120,681
Income distributions		49		155			—
Due to broker — upfront payment		—		46,550			2,584,062
Payable for Unfunded Loan Commitments		—		321			—
Upfront payments received on swap contracts		—		—			3,511,867
Accrued expenses		221,240		256,114			870,712

Total liabilities		26,617,097		5,273,291			331,759,953


Net Assets:
Paid-in capital		115,143,694		162,887,267			2,918,462,857
Total distributable earnings (loss)		730,345		(35,198,542	)		(2,001,290,732	)
NET ASSETS	$	115,874,039	$	127,688,725		$	917,172,125
Net Assets:
Class A	$	500,782	$	1,894,451		$	126,488,226
Class C		77,336		422,912			55,099,051
Institutional		25,710,223		14,905,485			437,444,689
Investor		54,066		2,405,822			22,710,905
Class R6		54,134		1,654,141			4,022,747
Class R		53,711		28,505			2,538,678
Class P		89,423,787		106,377,409			268,867,829
Total Net Assets	$	115,874,039	$	127,688,725		$	917,172,125
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		48,851		212,410			13,439,047
Class C		7,545		47,451			5,866,331
Institutional		2,508,788		1,672,981			46,446,379
Investor		5,275		269,857			2,411,761
Class R6		5,282		185,598			427,333
Class R		5,241		3,198			270,180
Class P		8,725,006		11,955,519			28,600,149
Net asset value, offering and redemption price per share:^(c)
Class A		$10.25		$8.92			$9.41
Class C		10.25		8.91			9.39
Institutional		10.25		8.91			9.42
Investor		10.25		8.92			9.42
Class R6		10.25		8.91			9.41
Class R		10.25		8.91			9.40
Class P		10.25		8.90			9.40

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		TBA
Income	$	307,107	$	582,766	$	—

Long Short Credit Strategies		—		1,507,469		—

Strategic Income		3,224,433		42,472,877		783,000

(b)

Includes segregated cash for initial margin and/or collateral on swaps of $3,529 for the Income Fund.

(c)

Maximum public offering price per share for Class A Shares of the Income, Long Short Credit Strategies and Strategic Income Funds is $10.65, $9.27 and $9.78, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2021


	Bond Fund			Core Fixed Income Fund			Global Core Fixed Income Fund
Investment income:

Interest (net of foreign withholding taxes of $0, $0 and $18,893, respectively)	$	13,774,425		$	35,366,724		$	14,113,451

Dividends — affiliated issuers		66,843			133,123			6,736

Total investment income		13,841,268			35,499,847			14,120,187

Expenses:

Management fees		2,021,435			6,950,087			4,429,440

Distribution and Service (12b-1) fees^(a)		352,559			481,981			166,247

Transfer Agency fees^(a)		312,131			1,004,662			338,180

Professional fees		251,372			234,062			237,712

Custody, accounting and administrative services		199,003			226,164			404,506

Registration fees		123,962			224,280			108,832

Printing and mailing costs		94,419			181,892			141,584

Service fees — Class C		32,455			28,320			14,708

Trustee fees		19,713			21,870			19,993

Prime Broker Fees		11,097			—			17,653

Shareholder Administration fees — Service Class		193			3,012			1,504

Other		26,438			81,129			40,632

Total expenses		3,444,777			9,437,459			5,920,991

Less — expense reductions		(741,451	)		(1,943,099	)		(1,022,516	)

Net expenses		2,703,326			7,494,360			4,898,475

NET INVESTMENT INCOME		11,137,942			28,005,487			9,221,712

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		10,319,479			28,696,048			14,092,476

Investment — affiliated issuers		67,678			—			—

Purchased options		102,531			245,621			99,559

Futures contracts		(5,411,677	)		2,412,606			(1,697,120	)

Written options		1,745,712			1,968,531			1,931,096

Swap contracts		(4,390,735	)		(5,354,357	)		(3,365,616	)

Forward foreign currency exchange contracts		78,806			(4,216,754	)		(10,045,067	)

Foreign currency transactions		66,438			879,097			4,040,475

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		15,881,427			(15,947,115	)		17,231,976

Purchased options		437,892			674,068			454,026

Futures contracts		(4,357,295	)		(6,424,909	)		(1,667,988	)

Written options		(433,065	)		(613,417	)		(425,024	)

Swap contracts		3,454,667			8,527,109			3,301,600

Forward foreign currency exchange contracts		85,293			4,941,866			5,271,828

Foreign currency translation		(9,483	)		(11,451	)		(2,297,208	)

Net realized and unrealized gain		17,637,668			15,776,943			26,925,013

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,775,610		$	43,782,430		$	36,146,725

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Bond	$	227,960	$	97,364	$	194	$	27,041	$	111,583	$	15,900	$	59,480	$	31	$	63,859	$	26,875	$	6,627	$	27,776
Core Fixed Income		369,642		84,960		3,012		24,367		180,694		13,824		183,080		482		346,949		35,463		5,969		238,201
Global Core Fixed Income		120,619		44,124		1,504		—		58,961		7,215		107,481		241		75,443		86,147		—		2,692


The accompanying notes are an integral part of these financial statements.		155

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2021


	Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
Investment income:

Interest (net of foreign withholding taxes of $655, $14 and $0, respectively)	$	3,086,092		$	5,187,409		$	43,413,813

Dividends — affiliated issuers		1,319			3,781			662,251

Dividends — unaffiliated issuers		—			—			10,602

Total investment income		3,087,411			5,191,190			44,086,666

Expenses:

Management fees		409,201			1,111,633			6,130,005

Professional fees		237,834			175,945			285,955

Amortization of offering costs		139,576			—			—

Custody, accounting and administrative services		75,065			34,585			236,578

Registration fees		44,400			103,645			120,985

Transfer Agency fees^(a)		25,277			38,871			575,563

Printing and mailing costs		21,469			55,320			81,995

Trustee fees		19,084			19,130			20,417

Distribution and Service (12b-1) fees^(a)		1,783			7,435			911,421

Service fees — Class C		223			1,243			192,053

Prime Broker Fees		—			—			39,070

Other		7,743			7,445			41,267

Total expenses		981,655			1,555,252			8,635,309

Less — expense reductions		(509,894	)		(300,502	)		(326,029	)

Net expenses		471,761			1,254,750			8,309,280

NET INVESTMENT INCOME		2,615,650			3,936,440			35,777,386

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		786,395			935,035			46,782,628

Investment — affiliated issuers		—			—			64,180

Purchased options		—			—			(201,344	)

Futures contracts		(579,454	)		—			(7,129,397	)

Written options		—			—			12,022,303

Swap contracts		130,085			(2,161,840	)		(15,681,682	)

Forward foreign currency exchange contracts		(316,681	)		—			(9,141,549	)

Foreign currency transactions		34,968			—			451,595

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		3,880,600			12,673,550			69,457,804

Investments — affiliated issuers		—			—			731,896

Purchased options		—			—			2,159,679

Futures contracts		(251,771	)		—			860,485

Unfunded Loan Commitment		—			(321	)		—

Written options		—			—			(1,126,797	)

Swap contracts		261,977			9,118			19,135,976

Forward foreign currency exchange contracts		252,457			—			2,104,265

Foreign currency translation		(1,974	)		(2	)		(157,866	)

Net realized and unrealized gain		4,196,602			11,455,540			120,332,176

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,812,252		$	15,391,980		$	156,109,562

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Goldman Sachs Income	$	854	$	669	$	260	$	414	$	109	$	9,869	$	64	$	15	$	64	$	14,742
Long Short Credit Strategies		3,573		3,728		134		1,742		611		6,245		2,862		760		33		26,618
Strategic Income		320,626		576,159		14,636		156,843		94,442		215,468		28,267		1,888		3,589		75,066


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Bond Fund						Core Fixed Income Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	11,137,942		$	11,642,970		$	28,005,487		$	28,485,168

Net realized gain		2,578,232			21,201,915			24,630,792			46,919,258

Net change in unrealized gain (loss)		15,059,436			(7,139,211	)		(8,853,849	)		3,732,044

Net increase in net assets resulting from operations		28,775,610			25,705,674			43,782,430			79,136,470

Distributions to shareholders:

From distributable earnings:

Class A Shares		(4,119,179	)		(2,433,447	)		(6,172,349	)		(3,249,602	)

Class C Shares		(489,368	)		(185,799	)		(393,097	)		(177,099	)

Institutional Shares		(7,181,832	)		(4,472,781	)		(22,746,162	)		(8,532,589	)

Service Shares		(3,274	)		(1,015	)		(45,768	)		(30,865	)

Investor Shares		(2,641,231	)		(1,006,504	)		(13,618,918	)		(1,740,445	)

Class R6 Shares		(4,481,848	)		(2,493,166	)		(3,453,397	)		(6,095,880	)

Class R Shares		(228,568	)		(248,890	)		(183,067	)		(145,994	)

Class P Shares		(4,576,776	)		(2,828,261	)		(36,380,070	)		(22,136,637	)

Return of capital:

Class A Shares		—			—			—			—

Class C Shares		—			—			—			—

Institutional Shares		—			—			—			—

Investor Shares		—			—			—			—

Class R6 Shares		—			—			—			—

Class R Shares		—			—			—			—

Class P Shares		—			—			—			—

Total distributions to shareholders		(23,722,076	)		(13,669,863	)		(82,992,828	)		(42,109,111	)

From share transactions:

Proceeds from sales of shares		226,614,458			133,640,576			1,450,533,635			734,273,516

Reinvestment of distributions		22,810,164			13,110,709			80,320,982			41,111,691

Cost of shares redeemed		(179,781,749	)		(192,751,023	)		(801,522,106	)		(484,022,906	)

Net increase (decrease) in net assets resulting from share transactions		69,642,873			(45,999,738	)		729,332,511			291,362,301

TOTAL INCREASE (DECREASE)		74,696,407			(33,963,927	)		690,122,113			328,389,660

Net assets:

Beginning of year		427,819,279			461,783,206			1,412,310,411			1,083,920,751

End of year	$	502,515,686		$	427,819,279		$	2,102,432,524		$	1,412,310,411


The accompanying notes are an integral part of these financial statements.		157

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Global Core Fixed Income Fund						Income Fund^(a)
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Period Ended March 31, 2020
From operations:

Net investment income	$	9,221,712		$	8,951,293		$	2,615,650		$	304,130

Net realized gain		5,055,803			32,686,240			55,313			8,205

Net change in unrealized gain (loss)		21,869,210			(7,552,876	)		4,141,289			(2,948,131	)

Net increase (decrease) in net assets resulting from operations		36,146,725			34,084,657			6,812,252			(2,635,796	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(2,593,104	)		(1,559,422	)		(13,299	)		(1,422	)

Class C Shares		(244,930	)		(150,935	)		(2,786	)		(521	)

Institutional Shares		(14,932,909	)		(7,916,411	)		(1,029,797	)		(317,318	)

Service Shares		(35,111	)		(20,104	)		—			—

Investor Shares		(3,820,831	)		(1,656,079	)		(2,146	)		(627	)

Class R6 Shares		(14,225,166	)		(9,122,934	)		(2,196	)		(643	)

Class R Shares		—			—			(1,877	)		(546	)

Class P Shares		(482,492	)		(247,987	)		(2,081,827	)		(3,382	)

Return of capital:

Class A Shares		—			—			—			—

Class C Shares		—			—			—			—

Institutional Shares		—			—			—			—

Investor Shares		—			—			—			—

Class R6 Shares		—			—			—			—

Class R Shares		—			—			—			—

Class P Shares		—			—			—			—

Total distributions to shareholders		(36,334,543	)		(20,673,872	)		(3,133,928	)		(324,459	)

From share transactions:

Proceeds from sales of shares		229,803,066			227,403,940			109,615,491			26,050,439

Reinvestment of distributions		35,321,873			20,078,335			3,133,615			324,457

Cost of shares redeemed		(245,452,102	)		(210,120,151	)		(23,967,957	)		(75	)

Net increase in net assets resulting from share transactions		19,672,837			37,362,124			88,781,149			26,374,821

TOTAL INCREASE		19,485,019			50,772,909			92,459,473			23,414,566

Net assets:

Beginning of year		667,284,978			616,512,069			23,414,566			—

End of year	$	686,769,997		$	667,284,978		$	115,874,039		$	23,414,566

(a)

Commenced operations on December 3, 2019.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Long Short Credit Strategies Fund						Strategic Income Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	3,936,440		$	4,487,180		$	35,777,386		$	44,044,654

Net realized gain (loss)		(1,226,805	)		(1,219,106	)		27,166,734			(61,141,707	)

Net change in unrealized gain (loss)		12,682,345			(7,813,247	)		93,165,442			(40,970,008	)

Net increase (decrease) in net assets resulting from operations		15,391,980			(4,545,173	)		156,109,562			(58,067,061	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(46,048	)		(76,787	)		(4,709,665	)		(11	)

Class C Shares		(11,628	)		(24,766	)		(2,177,218	)		(5	)

Institutional Shares		(547,276	)		(940,220	)		(20,917,491	)		(59	)

Investor Shares		(78,892	)		(131,291	)		(892,657	)		(4	)

Class R6 Shares		(89,382	)		(101,272	)		(245,691	)		(1	)

Class R Shares		(777	)		(1,058	)		(99,839	)		—

Class P Shares		(3,105,869	)		(3,781,933	)		(10,040,741	)		(22	)

Return of capital:

Class A Shares		—			—			(310,581	)		(4,959,068	)

Class C Shares		—			—			(143,578	)		(2,745,797	)

Institutional Shares		—			—			(1,379,413	)		(26,378,884	)

Investor Shares		—			—			(58,867	)		(1,944,099	)

Class R6 Shares		—			—			(16,202	)		(254,375	)

Class R Shares		—			—			(6,584	)		(124,892	)

Class P Shares		—			—			(662,141	)		(10,249,840	)

Total distributions to shareholders		(3,879,872	)		(5,057,327	)		(41,660,668	)		(46,657,057	)

From share transactions:

Proceeds from sales of shares		38,024,553			21,448,351			224,058,052			195,430,419

Reinvestment of distributions		3,877,264			5,053,589			37,618,300			41,855,613

Cost of shares redeemed		(22,500,758	)		(40,269,305	)		(499,083,762	)		(859,812,535	)

Net increase (decrease) in net assets resulting from share transactions		19,401,059			(13,767,365	)		(237,407,410	)		(622,526,503	)

TOTAL INCREASE (DECREASE)		30,913,167			(23,369,865	)		(122,958,516	)		(727,250,621	)

Net assets:

Beginning of year		96,775,558			120,145,423			1,040,130,641			1,767,381,262

End of year	$	127,688,725		$	96,775,558		$	917,172,125		$	1,040,130,641


The accompanying notes are an integral part of these financial statements.		159

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.33		$	10.06		$	9.95		$	10.14		$	10.28

Net investment income^(a)		0.22			0.24			0.25			0.21			0.19

Net realized and unrealized gain (loss)		0.48			0.32			0.12			(0.19	)		(0.07	)

Total from investment operations		0.70			0.56			0.37			0.02			0.12

Distributions to shareholders from net investment income		(0.30	)		(0.29	)		(0.24	)		(0.18	)		(0.25	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—

Total distributions		(0.49	)		(0.29	)		(0.26	)		(0.21	)		(0.26	)

Net asset value, end of year	$	10.54		$	10.33		$	10.06		$	9.95		$	10.14

Total return^(b)		6.56	%		5.66	%		3.84	%		0.22	%		1.15	%

Net assets, end of year (in 000s)	$	92,871		$	84,503		$	85,671		$	101,231		$	117,249

Ratio of net expenses to average net assets		0.78	%		0.79	%		0.80	%		0.79	%		0.78	%

Ratio of total expenses to average net assets		0.93	%		0.95	%		1.00	%		0.93	%		0.97	%

Ratio of net investment income to average net assets		2.03	%		2.34	%		2.59	%		2.03	%		1.87	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c)

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


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.32		$	10.05		$	9.95		$	10.14		$	10.27

Net investment income^(a)		0.14			0.16			0.18			0.13			0.11

Net realized and unrealized gain (loss)		0.48			0.32			0.11			(0.18	)		(0.05	)

Total from investment operations		0.62			0.48			0.29			(0.05	)		0.06

Distributions to shareholders from net investment income		(0.22	)		(0.21	)		(0.17	)		(0.12	)		(0.18	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.02	)		—

Total distributions		(0.41	)		(0.21	)		(0.19	)		(0.14	)		(0.19	)

Net asset value, end of year	$	10.53		$	10.32		$	10.05		$	9.95		$	10.14

Total return^(b)		5.67	%		4.88	%		2.97	%		(0.53	)%		0.50	%

Net assets, end of year (in 000s)	$	11,437		$	12,468		$	8,217		$	14,476		$	19,081

Ratio of net expenses to average net assets		1.53	%		1.54	%		1.55	%		1.54	%		1.53	%

Ratio of total expenses to average net assets		1.68	%		1.70	%		1.74	%		1.68	%		1.72	%

Ratio of net investment income to average net assets		1.29	%		1.53	%		1.82	%		1.29	%		1.10	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		161

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Net investment income^(a)		0.26			0.28			0.28			0.24			0.23

Net realized and unrealized gain (loss)		0.47			0.32			0.12			(0.18	)		(0.07	)

Total from investment operations		0.73			0.60			0.40			0.06			0.16

Distributions to shareholders from net investment income		(0.34	)		(0.32	)		(0.28	)		(0.21	)		(0.29	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.04	)		—

Total distributions		(0.53	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)

Net asset value, end of year	$	10.53		$	10.33		$	10.05		$	9.95		$	10.14

Total return^(b)		6.82	%		6.01	%		4.19	%		0.56	%		1.50	%

Net assets, end of year (in 000s)	$	158,080		$	133,067		$	155,541		$	314,928		$	329,358

Ratio of net expenses to average net assets		0.45	%		0.45	%		0.46	%		0.45	%		0.44	%

Ratio of total expenses to average net assets		0.60	%		0.62	%		0.64	%		0.59	%		0.63	%

Ratio of net investment income to average net assets		2.36	%		2.69	%		2.89	%		2.37	%		2.19	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Net investment income^(a)		0.20			0.24			0.22			0.19			0.17

Net realized and unrealized gain (loss)		0.48			0.31			0.13			(0.18	)		(0.06	)

Total from investment operations		0.68			0.55			0.35			0.01			0.11

Distributions to shareholders from net investment income		(0.28	)		(0.27	)		(0.23	)		(0.17	)		(0.24	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—

Total distributions		(0.47	)		(0.27	)		(0.25	)		(0.20	)		(0.25	)

Net asset value, end of year	$	10.54		$	10.33		$	10.05		$	9.95		$	10.14

Total return^(b)		6.39	%		5.49	%		3.67	%		0.06	%		0.99	%

Net assets, end of year (in 000s)	$	84		$	45		$	66		$	410		$	1,293

Ratio of net expenses to average net assets		0.95	%		0.95	%		0.96	%		0.95	%		0.94	%

Ratio of total expenses to average net assets		1.09	%		1.12	%		1.11	%		1.09	%		1.13	%

Ratio of net investment income to average net assets		1.83	%		2.29	%		2.28	%		1.87	%		1.69	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		163

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.30		$	10.02		$	9.92		$	10.11		$	10.25

Net investment income^(a)		0.25			0.27			0.28			0.23			0.22

Net realized and unrealized gain (loss)		0.47			0.32			0.11			(0.18	)		(0.07	)

Total from investment operations		0.72			0.59			0.39			0.05			0.15

Distributions to shareholders from net investment income		(0.33	)		(0.31	)		(0.27	)		(0.20	)		(0.28	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.04	)		—

Total distributions		(0.52	)		(0.31	)		(0.29	)		(0.24	)		(0.29	)

Net asset value, end of year	$	10.50		$	10.30		$	10.02		$	9.92		$	10.11

Total return^(b)		6.84	%		5.82	%		4.10	%		0.47	%		1.40	%

Net assets, end of year (in 000s)	$	68,314		$	26,436		$	33,495		$	36,267		$	44,207

Ratio of net expenses to average net assets		0.53	%		0.54	%		0.55	%		0.54	%		0.53	%

Ratio of total expenses to average net assets		0.68	%		0.70	%		0.75	%		0.68	%		0.72	%

Ratio of net investment income to average net assets		2.24	%		2.61	%		2.85	%		2.27	%		2.12	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Net investment income^(a)		0.26			0.28			0.29			0.24			0.23

Net realized and unrealized gain (loss)		0.47			0.32			0.11			(0.18	)		(0.07	)

Total from investment operations		0.73			0.60			0.40			0.06			0.16

Distributions to shareholders from net investment income		(0.34	)		(0.32	)		(0.28	)		(0.22	)		(0.29	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—

Total distributions		(0.53	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)

Net asset value, end of year	$	10.53		$	10.33		$	10.05		$	9.95		$	10.14

Total return^(b)		6.93	%		6.03	%		4.10	%		0.58	%		1.51	%

Net assets, end of year (in 000s)	$	72,608		$	84,920		$	71,648		$	70,350		$	51,028

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.45	%		0.44	%		0.43	%

Ratio of total expenses to average net assets		0.59	%		0.60	%		0.65	%		0.58	%		0.60	%

Ratio of net investment income to average net assets		2.39	%		2.67	%		2.95	%		2.37	%		2.24	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		165

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.32		$	10.05		$	9.94		$	10.13		$	10.27

Net investment income^(a)		0.20			0.23			0.23			0.18			0.16

Net realized and unrealized gain (loss)		0.47			0.30			0.12			(0.18	)		(0.06	)

Total from investment operations		0.67			0.53			0.35			—			0.10

Distributions to shareholders from net investment income		(0.27	)		(0.26	)		(0.22	)		(0.16	)		(0.23	)

Distributions to shareholders from net realized gains		(0.19	)		—			—			—			(0.01	)

Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—

Total distributions		(0.46	)		(0.26	)		(0.24	)		(0.19	)		(0.24	)

Net asset value, end of year	$	10.53		$	10.32		$	10.05		$	9.94		$	10.13

Total return^(b)		6.30	%		5.40	%		3.58	%		(0.03	)%		0.90	%

Net assets, end of year (in 000s)	$	5,030		$	5,316		$	19,263		$	22,970		$	25,639

Ratio of net expenses to average net assets		1.03	%		1.04	%		1.05	%		1.04	%		1.03	%

Ratio of total expenses to average net assets		1.18	%		1.22	%		1.25	%		1.18	%		1.22	%

Ratio of net investment income to average net assets		1.79	%		2.24	%		2.34	%		1.78	%		1.58	%

Portfolio turnover rate^(c)		690	%		742	%		429	%		372	%		517	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.33		$	10.05		$	9.87

Net investment income^(b)		0.26			0.28			0.27

Net realized and unrealized gain		0.47			0.32			0.19

Total from investment operations		0.73			0.60			0.46

Distributions to shareholders from net investment income		(0.34	)		(0.32	)		(0.26	)

Distributions to shareholders from net realized gains		(0.19	)		—			—

Distributions to shareholders from return of capital		—			—			(0.02	)

Total distributions		(0.53	)		(0.32	)		(0.28	)

Net asset value, end of period	$	10.53		$	10.33		$	10.05

Total return^(c)		6.93	%		6.03	%		4.72	%

Net assets, end of period (in 000s)	$	94,092		$	81,064		$	87,881

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.59	%		0.60	%		0.67	%^(d)

Ratio of net investment income to average net assets		2.37	%		2.69	%		3.00	%^(d)

Portfolio turnover rate^(e)		690	%		742	%		429	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		167

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.79		$	10.41		$	10.23		$	10.40		$	10.53

Net investment income^(a)		0.14			0.22			0.25			0.19			0.19

Net realized and unrealized gain (loss)		0.29			0.51			0.19			(0.13	)		(0.09	)

Total from investment operations		0.43			0.73			0.44			0.06			0.10

Distributions to shareholders from net investment income		(0.21	)		(0.27	)		(0.26	)		(0.23	)		(0.23	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.46	)		(0.35	)		(0.26	)		(0.23	)		(0.23	)

Net asset value, end of year	$	10.76		$	10.79		$	10.41		$	10.23		$	10.40

Total return^(b)		3.83	%		7.07	%		4.40	%		0.56	%		0.94	%

Net assets, end of year (in 000s)	$	164,129		$	125,490		$	57,754		$	62,399		$	148,548

Ratio of net expenses to average net assets		0.70	%		0.74	%		0.79	%		0.79	%		0.79	%

Ratio of total expenses to average net assets		0.81	%		0.84	%		0.86	%		0.84	%		0.84	%

Ratio of net investment income to average net assets		1.26	%		2.07	%		2.45	%		1.82	%		1.77	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.84		$	10.46		$	10.29		$	10.46		$	10.59

Net investment income^(a)		0.06			0.15			0.17			0.11			0.11

Net realized and unrealized gain (loss)		0.29			0.50			0.19			(0.13	)		(0.09	)

Total from investment operations		0.35			0.65			0.36			(0.02	)		0.02

Distributions to shareholders from net investment income		(0.12	)		(0.19	)		(0.19	)		(0.15	)		(0.15	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.37	)		(0.27	)		(0.19	)		(0.15	)		(0.15	)

Net asset value, end of year	$	10.82		$	10.84		$	10.46		$	10.29		$	10.46

Total return^(b)		3.05	%		6.25	%		3.52	%		(0.18	)%		0.20	%

Net assets, end of year (in 000s)	$	12,416		$	8,331		$	6,585		$	9,817		$	15,714

Ratio of net expenses to average net assets		1.45	%		1.50	%		1.54	%		1.54	%		1.54	%

Ratio of total expenses to average net assets		1.56	%		1.60	%		1.61	%		1.59	%		1.59	%

Ratio of net investment income to average net assets		0.50	%		1.37	%		1.67	%		1.09	%		1.02	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		169

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.83		$	10.45		$	10.27		$	10.45		$	10.57

Net investment income^(a)		0.17			0.26			0.27			0.23			0.22

Net realized and unrealized gain (loss)		0.30			0.51			0.21			(0.14	)		(0.07	)

Total from investment operations		0.47			0.77			0.48			0.09			0.15

Distributions to shareholders from net investment income		(0.24	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.49	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)

Net asset value, end of year	$	10.81		$	10.83		$	10.45		$	10.27		$	10.45

Total return^(b)		4.17	%		7.41	%		4.75	%		0.81	%		1.38	%

Net assets, end of year (in 000s)	$	645,062		$	292,906		$	181,702		$	850,477		$	776,135

Ratio of net expenses to average net assets		0.37	%		0.41	%		0.45	%		0.45	%		0.44	%

Ratio of total expenses to average net assets		0.47	%		0.51	%		0.51	%		0.50	%		0.50	%

Ratio of net investment income to average net assets		1.55	%		2.46	%		2.66	%		2.20	%		2.11	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.83		$	10.46		$	10.28		$	10.45		$	10.58

Net investment income^(a)		0.13			0.21			0.23			0.18			0.17

Net realized and unrealized gain (loss)		0.29			0.50			0.20			(0.14	)		(0.09	)

Total from investment operations		0.42			0.71			0.43			0.04			0.08

Distributions to shareholders from net investment income		(0.19	)		(0.26	)		(0.25	)		(0.21	)		(0.21	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.44	)		(0.34	)		(0.25	)		(0.21	)		(0.21	)

Net asset value, end of year	$	10.81		$	10.83		$	10.46		$	10.28		$	10.45

Total return^(b)		3.65	%		6.87	%		4.23	%		0.41	%		0.79	%

Net assets, end of year (in 000s)	$	1,070		$	1,141		$	855		$	1,035		$	1,522

Ratio of net expenses to average net assets		0.87	%		0.91	%		0.95	%		0.95	%		0.94	%

Ratio of total expenses to average net assets		0.98	%		1.01	%		1.02	%		1.00	%		1.00	%

Ratio of net investment income to average net assets		1.11	%		1.95	%		2.28	%		1.68	%		1.61	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		171

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.80		$	10.42		$	10.24		$	10.41		$	10.54

Net investment income^(a)		0.16			0.24			0.27			0.22			0.21

Net realized and unrealized gain (loss)		0.30			0.52			0.20			(0.13	)		(0.08	)

Total from investment operations		0.46			0.76			0.47			0.09			0.13

Distributions to shareholders from net investment income		(0.24	)		(0.30	)		(0.29	)		(0.26	)		(0.26	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.49	)		(0.38	)		(0.29	)		(0.26	)		(0.26	)

Net asset value, end of year	$	10.77		$	10.80		$	10.42		$	10.24		$	10.41

Total return^(b)		4.09	%		7.33	%		4.66	%		0.81	%		1.19	%

Net assets, end of year (in 000s)	$	426,467		$	122,100		$	17,645		$	45,129		$	38,620

Ratio of net expenses to average net assets		0.45	%		0.48	%		0.54	%		0.54	%		0.53	%

Ratio of total expenses to average net assets		0.56	%		0.59	%		0.60	%		0.59	%		0.59	%

Ratio of net investment income to average net assets		1.46	%		2.27	%		2.66	%		2.11	%		2.01	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.84		$	10.46		$	10.28		$	10.45		$	10.57

Net investment income^(a)		0.19			0.27			0.29			0.26			0.23

Net realized and unrealized gain (loss)		0.29			0.50			0.19			(0.16	)		(0.08	)

Total from investment operations		0.48			0.77			0.48			0.10			0.15

Distributions to shareholders from net investment income		(0.25	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total Distributions		(0.50	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)

Net asset value, end of year	$	10.82		$	10.84		$	10.46		$	10.28		$	10.45

Total Return^(b)		4.18	%		7.41	%		4.76	%		0.92	%		1.40	%

Net assets, end of year (in 000s)	$	39,378		$	152,821		$	219,927		$	8,482		$	56,117

Ratio of net expenses to average net assets		0.36	%		0.40	%		0.44	%		0.43	%		0.42	%

Ratio of total expenses to average net assets		0.47	%		0.50	%		0.51	%		0.47	%		0.48	%

Ratio of net investment income to average net assets		1.71	%		2.51	%		2.84	%		2.50	%		2.13	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		173

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.79		$	10.42		$	10.24		$	10.41		$	10.54

Net investment income^(a)		0.12			0.20			0.22			0.17			0.16

Net realized and unrealized gain (loss)		0.29			0.50			0.20			(0.14	)		(0.09	)

Total from investment operations		0.41			0.70			0.42			0.03			0.07

Distributions to shareholders from net investment income		(0.18	)		(0.25	)		(0.24	)		(0.20	)		(0.20	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—			—			—

Total distributions		(0.43	)		(0.33	)		(0.24	)		(0.20	)		(0.20	)

Net asset value, end of year	$	10.77		$	10.79		$	10.42		$	10.24		$	10.41

Total return^(b)		3.57	%		6.70	%		4.14	%		0.31	%		0.69	%

Net assets, end of year (in 000s)	$	4,864		$	4,774		$	4,444		$	4,637		$	944

Ratio of net expenses to average net assets		0.95	%		1.00	%		1.04	%		1.04	%		1.03	%

Ratio of total expenses to average net assets		1.06	%		1.10	%		1.11	%		1.09	%		1.10	%

Ratio of net investment income to average net assets		1.02	%		1.88	%		2.20	%		1.63	%		1.50	%

Portfolio turnover rate^(c)		575	%		693	%		396	%		273	%		363	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.85		$	10.47		$	10.20

Net investment income^(b)		0.18			0.27			0.28

Net realized and unrealized gain		0.29			0.50			0.27

Total from investment operations		0.47			0.77			0.55

Distributions to shareholders from net investment income		(0.25	)		(0.31	)		(0.28	)

Distributions to shareholders from net realized gains		(0.25	)		(0.08	)		—

Total distributions		(0.50	)		(0.39	)		(0.28	)

Net asset value, end of period	$	10.82		$	10.85		$	10.47

Total return^(c)		4.18	%		7.41	%		5.50	%

Net assets, end of period (in 000s)	$	809,047		$	704,747		$	595,010

Ratio of net expenses to average net assets		0.36	%		0.40	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.46	%		0.50	%		0.52	%^(d)

Ratio of net investment income to average net assets		1.60	%		2.47	%		2.91	%^(d)

Portfolio turnover rate^(e)		575	%		693	%		396	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		175

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.72		$	12.47		$	12.17		$	12.21		$	12.24

Net investment income^(a)		0.14			0.14			0.17			0.09			0.09

Net realized and unrealized gain (loss)		0.54			0.47			0.31			0.08			0.05

Total from investment operations		0.68			0.61			0.48			0.17			0.14

Distributions to shareholders from net investment income		(0.32	)		(0.20	)		(0.18	)		(0.21	)		(0.12	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.67	)		(0.36	)		(0.18	)		(0.21	)		(0.17	)

Net asset value, end of year	$	12.73		$	12.72		$	12.47		$	12.17		$	12.21

Total return^(b)		5.15	%		4.88	%		3.99	%		1.38	%		1.14	%

Net assets, end of year (in 000s)	$	52,270		$	42,358		$	63,453		$	78,752		$	136,317

Ratio of net expenses to average net assets		1.00	%		1.01	%		1.03	%		1.03	%		1.03	%

Ratio of total expenses to average net assets		1.17	%		1.13	%		1.20	%		1.14	%		1.13	%

Ratio of net investment income to average net assets		1.07	%		1.08	%		1.39	%		0.76	%		0.71	%

Portfolio turnover rate^(c)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.61		$	12.37		$	12.07		$	12.11		$	12.14

Net investment income^(a)		0.04			0.04			0.08			0.01			—	^(b)

Net realized and unrealized gain		0.54			0.46			0.31			0.07			0.05

Total from investment operations		0.58			0.50			0.39			0.08			0.05

Distributions to shareholders from net investment income		(0.22	)		(0.10	)		(0.09	)		(0.12	)		(0.03	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.57	)		(0.26	)		(0.09	)		(0.12	)		(0.08	)

Net asset value, end of year	$	12.62		$	12.61		$	12.37		$	12.07		$	12.11

Total return^(c)		4.40	%		4.06	%		3.24	%		0.68	%		0.42	%

Net assets, end of year (in 000s)	$	4,799		$	6,300		$	8,725		$	12,984		$	20,808

Ratio of net expenses to average net assets		1.75	%		1.76	%		1.78	%		1.74	%		1.74	%

Ratio of total expenses to average net assets		1.91	%		1.88	%		1.94	%		1.89	%		1.88	%

Ratio of net investment income (loss) to average net assets		0.33	%		0.33	%		0.63	%		0.05	%		(0.03	)%

Portfolio turnover rate^(d)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		177

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.70		$	12.45		$	12.15		$	12.19		$	12.22

Net investment income^(a)		0.18			0.18			0.21			0.13			0.13

Net realized and unrealized gain		0.53			0.47			0.31			0.08			0.05

Total from investment operations		0.71			0.65			0.52			0.21			0.18

Distributions to shareholders from net investment income		(0.36	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.71	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)

Net asset value, end of year	$	12.70		$	12.70		$	12.45		$	12.15		$	12.19

Total return^(b)		5.48	%		5.22	%		4.34	%		1.72	%		1.48	%

Net assets, end of year (in 000s)	$	282,633		$	250,976		$	252,456		$	321,021		$	627,253

Ratio of net expenses to average net assets		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%

Ratio of total expenses to average net assets		0.83	%		0.79	%		0.86	%		0.80	%		0.79	%

Ratio of net investment income to average net assets		1.38	%		1.37	%		1.73	%		1.08	%		1.05	%

Portfolio turnover rate^(c)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.62		$	12.38		$	12.09		$	12.12		$	12.16

Net investment income^(a)		0.11			0.13			0.15			0.07			0.07

Net realized and unrealized gain		0.55			0.44			0.30			0.09			0.04

Total from investment operations		0.66			0.57			0.45			0.16			0.11

Distributions to shareholders from net investment income		(0.30	)		(0.17	)		(0.16	)		(0.19	)		(0.10	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.65	)		(0.33	)		(0.16	)		(0.19	)		(0.15	)

Net asset value, end of year	$	12.63		$	12.62		$	12.38		$	12.09		$	12.12

Total return^(b)		4.98	%		4.71	%		3.75	%		1.31	%		0.90	%

Net assets, end of year (in 000s)	$	653		$	196		$	1,930		$	1,799		$	2,772

Ratio of net expenses to average net assets		1.18	%		1.19	%		1.19	%		1.19	%		1.19	%

Ratio of total expenses to average net assets		1.34	%		1.30	%		1.36	%		1.30	%		1.29	%

Ratio of net investment income to average net assets		0.85	%		1.02	%		1.24	%		0.60	%		0.56	%

Portfolio turnover rate^(c)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		179

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.67		$	12.43		$	12.13		$	12.17		$	12.20

Net investment income^(a)		0.17			0.17			0.20			0.12			0.11

Net realized and unrealized gain		0.54			0.46			0.31			0.08			0.06

Total from investment operations		0.71			0.63			0.51			0.20			0.17

Distributions to shareholders from net investment income		(0.35	)		(0.23	)		(0.21	)		(0.24	)		(0.15	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.70	)		(0.39	)		(0.21	)		(0.24	)		(0.20	)

Net asset value, end of year	$	12.68		$	12.67		$	12.43		$	12.13		$	12.17

Total return^(b)		5.43	%		5.07	%		4.25	%		1.63	%		1.39	%

Net assets, end of year (in 000s)	$	73,477		$	47,717		$	53,615		$	62,988		$	97,332

Ratio of net expenses to average net assets		0.75	%		0.76	%		0.78	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.92	%		0.88	%		0.95	%		0.89	%		0.88	%

Ratio of net investment income to average net assets		1.31	%		1.31	%		1.64	%		1.00	%		0.90	%

Portfolio turnover rate^(c)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Core Fixed Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	12.70		$	12.45		$	12.16		$	12.19		$	12.22

Net investment income^(a)		0.19			0.17			0.21			0.15			0.11

Net realized and unrealized gain		0.53			0.48			0.30			0.07			0.07

Total from investment operations		0.72			0.65			0.51			0.22			0.18

Distributions to shareholders from net investment income		(0.36	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—			—			(0.05	)

Total distributions		(0.71	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)

Net asset value, end of year	$	12.71		$	12.70		$	12.45		$	12.16		$	12.19

Total return^(b)		5.49	%		5.22	%		4.35	%		1.73	%		1.50	%

Net assets, end of year (in 000s)	$	264,049		$	311,837		$	228,163		$	268,413		$	5,468

Ratio of net expenses to average net assets		0.68	%		0.68	%		0.68	%		0.68	%		0.67	%

Ratio of total expenses to average net assets		0.82	%		0.78	%		0.85	%		0.78	%		0.77	%

Ratio of net investment income to average net assets		1.40	%		1.36	%		1.74	%		1.25	%		0.92	%

Portfolio turnover rate^(c)		522	%		610	%		302	%		172	%		289	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		181

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Core Fixed Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	12.71		$	12.46		$	12.10

Net investment income^(b)		0.19			0.18			0.21

Net realized and unrealized gain		0.53			0.47			0.36

Total from investment operations		0.72			0.65			0.57

Distributions to shareholders from net investment income		(0.36	)		(0.24	)		(0.21	)

Distributions to shareholders from net realized gains		(0.35	)		(0.16	)		—

Total distributions		(0.71	)		(0.40	)		(0.21	)

Net asset value, end of period	$	12.72		$	12.71		$	12.46

Total return^(c)		5.49	%		5.22	%		4.77	%

Net assets, end of period (in 000s)	$	8,889		$	7,900		$	8,170

Ratio of net expenses to average net assets		0.68	%		0.68	%		0.69	%^(d)

Ratio of total expenses to average net assets		0.82	%		0.78	%		0.87	%^(d)

Ratio of net investment income to average net assets		1.40	%		1.38	%		1.82	%^(d)

Portfolio turnover rate^(e)		522	%		610	%		302	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Class A Shares
	Year Ended March 31, 2021			Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.33			0.11

Net realized and unrealized gain (loss)		1.43			(1.11	)

Total from investment operations		1.76			(1.00	)

Distributions to shareholders from net investment income		(0.35	)		(0.12	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.39	)		(0.12	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		19.94	%		(10.14	)%

Net assets, end of period (in 000s)	$	501		$	142

Ratio of net expenses to average net assets		0.97	%		0.98	%^(d)

Ratio of total expenses to average net assets		1.71	%		2.58	%^(d)

Ratio of net investment income to average net assets		3.19	%		3.44	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		183

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Class C Shares
	Year Ended March 31, 2021			Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.26			0.09

Net realized and unrealized gain (loss)		1.42			(1.12	)

Total from investment operations		1.68			(1.03	)

Distributions to shareholders from net investment income		(0.27	)		(0.09	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.31	)		(0.09	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		19.06	%		(10.35	)%

Net assets, end of period (in 000s)	$	77		$	65

Ratio of net expenses to average net assets		1.72	%		1.73	%^(d)

Ratio of total expenses to average net assets		2.71	%		3.40	%^(d)

Ratio of net investment income to average net assets		2.52	%		2.67	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Institutional Shares
	Year Ended March 31, 2021			Peiod Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.37			0.12

Net realized and unrealized gain (loss)		1.42			(1.11	)

Total from investment operations		1.79			(0.99	)

Distributions to shareholders from net investment income		(0.38	)		(0.13	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.42	)		(0.13	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		20.34	%		(10.03	)%

Net assets, end of period (in 000s)	$	25,710		$	22,264

Ratio of net expenses to average net assets		0.64	%		0.64	%^(d)

Ratio of total expenses to average net assets		1.75	%		2.53	%^(d)

Ratio of net investment income to average net assets		3.63	%		3.72	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		185

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Investor Shares
	Year Ended March 31, 2021			Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.36			0.12

Net realized and unrealized gain (loss)		1.43			(1.12	)

Total from investment operations		1.79			(1.00	)

Distributions to shareholders from net investment income		(0.38	)		(0.12	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.42	)		(0.12	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		20.24	%		(10.06	)%

Net assets, end of period (in 000s)	$	54		$	45

Ratio of net expenses to average net assets		0.72	%		0.73	%^(d)

Ratio of total expenses to average net assets		1.81	%		2.62	%^(d)

Ratio of net investment income to average net assets		3.54	%		3.63	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Class R6 Shares
	Year Ended March 31, 2021			Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.37			0.12

Net realized and unrealized gain (loss)		1.43			(1.11	)

Total from investment operations		1.80			(0.99	)

Distributions to shareholders from net investment income		(0.39	)		(0.13	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.43	)		(0.13	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		20.35	%		(10.03	)%

Net assets, end of period (in 000s)	$	54		$	45

Ratio of net expenses to average net assets		0.63	%		0.63	%^(d)

Ratio of total expenses to average net assets		1.72	%		2.52	%^(d)

Ratio of net investment income to average net assets		3.64	%		3.73	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		187

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Class R Shares
	Year Ended March 31, 2021			Peiod Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.31			0.10

Net realized and unrealized gain (loss)		1.43			(1.11	)

Total from investment operations		1.74			(1.01	)

Distributions to shareholders from net investment income		(0.33	)		(0.11	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.37	)		(0.11	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		19.65	%		(10.21	)%

Net assets, end of period (in 000s)	$	54		$	45

Ratio of net expenses to average net assets		1.22	%		1.23	%^(d)

Ratio of total expenses to average net assets		2.32	%		3.12	%^(d)

Ratio of net investment income to average net assets		3.04	%		3.13	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Fund
	Class P Shares
	Year Ended March 31, 2021			Period Ended March31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	8.88		$	10.00

Net investment income^(b)		0.36			0.12

Net realized and unrealized gain (loss)		1.44			(1.11	)

Total from investment operations		1.80			(0.99	)

Distributions to shareholders from net investment income		(0.39	)		(0.13	)

Distributions to shareholders from net realized gains		(0.04	)		—

Total distributions		(0.43	)		(0.13	)

Net asset value, end of period	$	10.25		$	8.88

Total return^(c)		20.35	%		(10.03	)%

Net assets, end of period (in 000s)	$	89,424		$	809

Ratio of net expenses to average net assets		0.63	%		0.60	%^(d)

Ratio of total expenses to average net assets		1.10	%		0.63	%^(d)

Ratio of net investment income to average net assets		3.46	%		3.76	%^(d)

Portfolio turnover rate^(e)		363	%		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		189

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.93		$	8.71		$	9.19		$	9.45		$	9.47

Net investment income^(a)		0.28			0.33			0.38			0.32			0.33

Net realized and unrealized gain (loss)		0.99			(0.73	)		(0.34	)		(0.24	)		(0.03	)

Total from investment operations		1.27			(0.40	)		0.04			0.08			0.30

Distributions to shareholders from net investment income		(0.28	)		(0.38	)		(0.52	)		(0.34	)		(0.32	)

Net asset value, end of year	$	8.92		$	7.93		$	8.71		$	9.19		$	9.45

Total return^(b)		16.07	%		(4.90	)%		0.61	%		0.86	%		3.20	%

Net assets, end of year (in 000s)	$	1,894		$	978		$	3,169		$	6,984		$	12,673

Ratio of net expenses to average net assets		1.46	%		1.47	%		1.47	%		1.43	%		1.45	%

Ratio of total expenses to average net assets		1.72	%		1.84	%		1.74	%		1.54	%		1.62	%

Ratio of net investment income to average net assets		3.19	%		3.74	%		4.15	%		3.40	%		3.43	%

Portfolio turnover rate^(c)		112	%		164	%		220	%		267	%		266	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Net investment income^(a)		0.22			0.26			0.31			0.25			0.26

Net realized and unrealized gain (loss)		0.97			(0.72	)		(0.34	)		(0.24	)		(0.03	)

Total from investment operations		1.19			(0.46	)		(0.03	)		0.01			0.23

Distributions to shareholders from net investment income		(0.21	)		(0.31	)		(0.46	)		(0.27	)		(0.25	)

Net asset value, end of year	$	8.91		$	7.93		$	8.70		$	9.19		$	9.45

Total return^(b)		15.08	%		(5.50	)%		(0.25	)%		0.12	%		2.43	%

Net assets, end of year (in 000s)	$	423		$	543		$	1,092		$	1,545		$	2,692

Ratio of net expenses to average net assets		2.21	%		2.22	%		2.22	%		2.18	%		2.20	%

Ratio of total expenses to average net assets		2.51	%		2.60	%		2.52	%		2.29	%		2.37	%

Ratio of net investment income to average net assets		2.52	%		3.00	%		3.39	%		2.65	%		2.68	%

Portfolio turnover rate^(c)		112	%		164	%		220	%		267	%		266	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		191

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.92		$	8.70		$	9.18		$	9.44		$	9.46

Net investment income^(a)		0.31			0.35			0.41			0.35			0.36

Net realized and unrealized gain (loss)		0.99			(0.72	)		(0.34	)		(0.23	)		(0.03	)

Total from investment operations		1.30			(0.37	)		0.07			0.12			0.33

Distributions to shareholders from net investment income		(0.31	)		(0.41	)		(0.55	)		(0.38	)		(0.35	)

Net asset value, end of year	$	8.91		$	7.92		$	8.70		$	9.18		$	9.44

Total return^(b)		16.47	%		(4.59	)%		0.84	%		1.32	%		3.55	%

Net assets, end of year (in 000s)	$	14,905		$	14,592		$	22,611		$	199,256		$	189,429

Ratio of net expenses to average net assets		1.13	%		1.13	%		1.13	%		1.09	%		1.11	%

Ratio of total expenses to average net assets		1.42	%		1.50	%		1.30	%		1.19	%		1.28	%

Ratio of net investment income to average net assets		3.57	%		4.07	%		4.45	%		3.74	%		3.77	%

Portfolio turnover rate^(c)		112	%		164	%		220	%		267	%		266	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Net investment income^(a)		0.31			0.35			0.40			0.35			0.35

Net realized and unrealized gain (loss)		0.98			(0.72	)		(0.34	)		(0.24	)		(0.03	)

Total from investment operations		1.29			(0.37	)		0.06			0.11			0.32

Distributions to shareholders from net investment income		(0.30	)		(0.40	)		(0.55	)		(0.37	)		(0.34	)

Net asset value, end of year	$	8.92		$	7.93		$	8.70		$	9.19		$	9.45

Total return^(b)		16.36	%		(4.56	)%		0.75	%		1.12	%		3.45	%

Net assets, end of year (in 000s)	$	2,406		$	2,187		$	4,261		$	7,357		$	9,347

Ratio of net expenses to average net assets		1.21	%		1.22	%		1.22	%		1.18	%		1.20	%

Ratio of total expenses to average net assets		1.49	%		1.59	%		1.50	%		1.28	%		1.38	%

Ratio of net investment income to average net assets		3.49	%		3.99	%		4.41	%		3.66	%		3.69	%

Portfolio turnover rate^(c)		112	%		164	%		220	%		267	%		266	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		193

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2018^(a)
	2021			2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	7.93		$	8.70		$	9.18		$	9.48

Net investment income^(b)		0.31			0.35			0.40			0.13

Net realized and unrealized gain (loss)		0.98			(0.71	)		(0.33	)		(0.20	)

Total from investment operations		1.29			(0.36	)		0.07			(0.07	)

Distributions to shareholders from net investment income		(0.31	)		(0.41	)		(0.55	)		(0.23	)

Net asset value, end of period	$	8.91		$	7.93		$	8.70		$	9.18

Total return^(c)		16.33	%		(4.46	)%		0.85	%		(0.62	)%

Net assets, end of period (in 000s)	$	1,654		$	2,218		$	1,823		$	3,612

Ratio of net expenses to average net assets		1.12	%		1.12	%		1.12	%		1.11	%^(d)

Ratio of total expenses to average net assets		1.39	%		1.50	%		1.43	%		1.05	%^(d)

Ratio of net investment income to average net assets		3.57	%		4.07	%		4.49	%		4.27	%^(d)

Portfolio turnover rate^(e)		112	%		164	%		220	%		267	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Net investment income^(a)		0.26			0.30			0.35			0.30			0.30

Net realized and unrealized gain (loss)		0.98			(0.71	)		(0.34	)		(0.24	)		(0.02	)

Total from investment operations		1.24			(0.41	)		0.01			0.06			0.28

Distributions to shareholders from net investment income		(0.26	)		(0.36	)		(0.50	)		(0.32	)		(0.30	)

Net asset value, end of year	$	8.91		$	7.93		$	8.70		$	9.19		$	9.45

Total return^(b)		15.65	%		(5.03	)%		0.24	%		0.61	%		2.94	%

Net assets, end of year (in 000s)	$	29		$	24		$	26		$	36		$	35

Ratio of net expenses to average net assets		1.71	%		1.72	%		1.72	%		1.68	%		1.70	%

Ratio of total expenses to average net assets		1.98	%		2.09	%		2.01	%		1.78	%		1.87	%

Ratio of net investment income to average net assets		2.98	%		3.48	%		3.88	%		3.15	%		3.18	%

Portfolio turnover rate^(c)		112	%		164	%		220	%		267	%		266	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		195

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	7.92		$	8.69		$	9.25

Net investment income^(b)		0.31			0.35			0.38

Net realized and unrealized gain (loss)		0.98			(0.71	)		(0.40	)

Total from investment operations		1.29			(0.36	)		(0.02	)

Distributions to shareholders from net investment income		(0.31	)		(0.41	)		(0.54	)

Net asset value, end of period	$	8.90		$	7.92		$	8.69

Total return^(c)		16.35	%		(4.47	)%		(0.07	)%

Net assets, end of period (in 000s)	$	106,377		$	76,234		$	87,163

Ratio of net expenses to average net assets		1.12	%		1.12	%		1.12	%^(d)

Ratio of total expenses to average net assets		1.38	%		1.49	%		1.52	%^(d)

Ratio of net investment income to average net assets		3.55	%		4.08	%		4.55	%^(d)

Portfolio turnover rate^(e)		112	%		164	%		220	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.48		$	9.28		$	9.54		$	9.70		$	9.41

Net investment income^(a)		0.31			0.26			0.35			0.17			0.19

Net realized and unrealized gain (loss)		0.99			(0.78	)		(0.31	)		(0.25	)		0.26

Total from investment operations		1.30			(0.52	)		0.04			(0.08	)		0.45

Distributions to shareholders from net investment income		(0.35	)		—	^(b)		(0.05	)		(0.05	)		(0.11	)

Distributions to shareholders from return of capital		(0.02	)		(0.28	)		(0.25	)		(0.03	)		(0.05	)

Total distributions		(0.37	)		(0.28	)		(0.30	)		(0.08	)		(0.16	)

Net asset value, end of year	$	9.41		$	8.48		$	9.28		$	9.54		$	9.70

Total return^(c)		15.12	%		(5.64	)%		0.46	%		(0.86	)%		4.84	%

Net assets, end of year (in 000s)	$	126,488		$	115,257		$	202,337		$	311,146		$	646,435

Ratio of net expenses to average net assets		1.02	%		1.01	%		0.99	%		0.95	%		0.92	%

Ratio of total expenses to average net assets		1.05	%		1.04	%		1.01	%		0.95	%		0.93	%

Ratio of net investment income to average net assets		3.27	%		2.84	%		3.72	%		1.81	%		1.96	%

Portfolio turnover rate^(d)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		197

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.46		$	9.25		$	9.52		$	9.71		$	9.41

Net investment income^(a)		0.24			0.19			0.28			0.10			0.12

Net realized and unrealized gain (loss)		0.98			(0.77	)		(0.32	)		(0.26	)		0.28

Total from investment operations		1.22			(0.58	)		(0.04	)		(0.16	)		0.40

Distributions to shareholders from net investment income		(0.27	)		—	^(b)		(0.04	)		(0.02	)		(0.07	)

Distributions to shareholders from return of capital		(0.02	)		(0.21	)		(0.19	)		(0.01	)		(0.03	)

Total distributions		(0.29	)		(0.21	)		(0.23	)		(0.03	)		(0.10	)

Net asset value, end of year	$	9.39		$	8.46		$	9.25		$	9.52		$	9.71

Total return^(c)		14.24	%		(6.27	)%		(0.41	)%		(1.60	)%		4.25	%

Net assets, end of year (in 000s)	$	55,099		$	89,308		$	150,514		$	252,929		$	448,657

Ratio of net expenses to average net assets		1.77	%		1.77	%		1.74	%		1.70	%		1.60	%

Ratio of total expenses to average net assets		1.80	%		1.79	%		1.76	%		1.70	%		1.68	%

Ratio of net investment income to average net assets		2.54	%		2.10	%		2.97	%		1.01	%		1.26	%

Portfolio turnover rate^(d)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.49		$	9.28		$	9.55		$	9.70		$	9.41

Net investment income^(a)		0.34			0.29			0.38			0.20			0.22

Net realized and unrealized gain (loss)		0.99			(0.76	)		(0.32	)		(0.25	)		0.26

Total from investment operations		1.33			(0.47	)		0.06			(0.05	)		0.48

Distributions to shareholders from net investment income		(0.38	)		(0.01	)		(0.06	)		(0.07	)		(0.13	)

Distributions to shareholders from return of capital		(0.02	)		(0.31	)		(0.27	)		(0.03	)		(0.06	)

Total distributions		(0.40	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)

Net asset value, end of year	$	9.42		$	8.49		$	9.28		$	9.55		$	9.70

Total return^(b)		15.62	%		(5.31	)%		0.71	%		(0.49	)%		5.19	%

Net assets, end of year (in 000s)	$	437,445		$	564,586		$	950,665		$	3,849,088		$	6,435,385

Ratio of net expenses to average net assets		0.69	%		0.68	%		0.65	%		0.61	%		0.58	%

Ratio of total expenses to average net assets		0.71	%		0.70	%		0.66	%		0.61	%		0.59	%

Ratio of net investment income to average net assets		3.61	%		3.18	%		4.10	%		2.08	%		2.31	%

Portfolio turnover rate^(c)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		199

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41

Net investment income^(a)		0.33			0.29			0.37			0.19			0.21

Net realized and unrealized gain (loss)		1.00			(0.78	)		(0.32	)		(0.24	)		0.26

Total from investment operations		1.33			(0.49	)		0.05			(0.05	)		0.47

Distributions to shareholders from net investment income		(0.37	)		(0.01	)		(0.05	)		(0.07	)		(0.13	)

Distributions to shareholders from return of capital		(0.02	)		(0.30	)		(0.27	)		(0.03	)		(0.05	)

Total distributions		(0.39	)		(0.31	)		(0.32	)		(0.10	)		(0.18	)

Net asset value, end of year	$	9.42		$	8.48		$	9.28		$	9.55		$	9.70

Total return^(b)		15.52	%		(5.40	)%		0.61	%		(0.56	)%		5.10	%

Net assets, end of year (in 000s)	$	22,711		$	25,179		$	96,019		$	189,884		$	345,997

Ratio of net expenses to average net assets		0.77	%		0.76	%		0.74	%		0.70	%		0.67	%

Ratio of total expenses to average net assets		0.80	%		0.79	%		0.76	%		0.70	%		0.68	%

Ratio of net investment income to average net assets		3.53	%		3.15	%		3.98	%		2.01	%		2.23	%

Portfolio turnover rate^(c)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41

Net investment income^(a)		0.34			0.29			0.35			0.21			0.21

Net realized and unrealized gain (loss)		0.99			(0.77	)		(0.29	)		(0.26	)		0.27

Total from investment operations		1.33			(0.48	)		0.06			(0.05	)		0.48

Distributions to shareholders from net investment income		(0.38	)		(0.01	)		(0.10	)		(0.06	)		(0.13	)

Distributions to shareholders from return of capital		(0.02	)		(0.31	)		(0.23	)		(0.04	)		(0.06	)

Total distributions		(0.40	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)

Net asset value, end of year	$	9.41		$	8.48		$	9.28		$	9.55		$	9.70

Total return^(b)		15.51	%		(5.30	)%		0.70	%		(0.48	)%		5.21	%

Net assets, end of year (in 000s)	$	4,023		$	6,779		$	25,882		$	24,628		$	66,431

Ratio of net expenses to average net assets		0.68	%		0.67	%		0.64	%		0.60	%		0.56	%

Ratio of total expenses to average net assets		0.70	%		0.69	%		0.66	%		0.60	%		0.57	%

Ratio of net investment income to average net assets		3.63	%		3.16	%		3.73	%		2.14	%		2.18	%

Portfolio turnover rate^(c)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		201

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.47		$	9.26		$	9.53		$	9.70		$	9.40

Net investment income^(a)		0.29			0.24			0.32			0.14			0.16

Net realized and unrealized gain (loss)		0.98			(0.77	)		(0.31	)		(0.25	)		0.28

Total from investment operations		1.27			(0.53	)		0.01			(0.11	)		0.44

Distributions to shareholders from net investment income		(0.32	)		—			(0.05	)		(0.04	)		(0.10	)

Distributions to shareholders from return of capital		(0.02	)		(0.26	)		(0.23	)		(0.02	)		(0.04	)

Total distributions		(0.34	)		(0.26	)		(0.28	)		(0.06	)		(0.14	)

Net asset value, end of year	$	9.40		$	8.47		$	9.26		$	9.53		$	9.70

Total return^(b)		14.98	%		(5.89	)%		0.10	%		(1.12	)%		4.71	%

Net assets, end of year (in 000s)	$	2,539		$	3,056		$	4,986		$	7,361		$	9,577

Ratio of net expenses to average net assets		1.27	%		1.27	%		1.24	%		1.20	%		1.14	%

Ratio of total expenses to average net assets		1.30	%		1.29	%		1.26	%		1.20	%		1.18	%

Ratio of net investment income to average net assets		3.04	%		2.59	%		3.46	%		1.46	%		1.66	%

Portfolio turnover rate^(c)		722	%		491	%		169	%		128	%		184	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.47		$	9.27		$	9.62

Net investment income^(b)		0.34			0.29			0.33

Net realized and unrealized gain (loss)		0.99			(0.77	)		(0.35	)

Total from investment operations		1.33			(0.48	)		(0.02	)

Distributions to shareholders from net investment income		(0.38	)		(0.01	)		(0.06	)

Distributions to shareholders from return of capital		(0.02	)		(0.31	)		(0.27	)

Total distributions		(0.40	)		(0.32	)		(0.33	)

Net asset value, end of period	$	9.40		$	8.47		$	9.27

Total return^(c)		15.53	%		(5.31	)%		(0.12	)%

Net assets, end of period (in 000s)	$	268,868		$	235,966		$	336,979

Ratio of net expenses to average net assets		0.68	%		0.67	%		0.64	%^(d)

Ratio of total expenses to average net assets		0.70	%		0.69	%		0.68	%^(d)

Ratio of net investment income to average net assets		3.62	%		3.18	%		3.84	%^(d)

Portfolio turnover rate^(e)		722	%		491	%		169	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		203

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2021

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Bond and Core Fixed Income	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Global Core Fixed Income*	A, C, Institutional, Service, Investor, R6 and P	Diversified
Income, Long Short Credit Strategies and Strategic Income	A, C, Institutional, Investor, R6, R and P	Diversified

Effective April 30, 2020, the Goldman Sachs Global Income Fund changed its name to the Goldman Sachs Global Core Fixed Income Fund.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall

204

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

D. Offering Costs — Offering costs paid in connection with the initial offering of shares of the Income Fund have been amortized on a straight-line basis over 12 months from the date of commencement of operations.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Bond	Daily/Monthly	Annually
Core Fixed Income	Daily/Monthly	Annually
Global Core Fixed Income	Daily/Monthly	Annually
Income	Daily/Monthly	Annually
Long Short Credit Strategies	Daily/Monthly	Annually
Strategic Income	Monthly/Monthly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

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

205

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

The Income, Long Short Credit Strategies and Strategic Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including

206

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

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

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

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

iv. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

vi. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

207

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

208

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

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

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

209

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what they believe to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2021:



BOND

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	237,168,507		$	—

Mortgage-Backed Obligations		—		235,802,463			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		79,024,453		54,832			—

Asset-Backed Securities		—		37,655,656			—

Foreign Debt Obligations		—		6,663,204			—

Municipal Debt Obligations		—		5,031,570			—

Investment Company		7,459,479		—			—

Total	$	86,483,932	$	522,376,232		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(30,157,862	)	$	—

Derivative Type

Assets
Forward Foreign Currency Exchange Contracts^(a)	$	—	$	2,134,629		$	—

Futures Contracts^(a)		1,061,431		—			—

Interest Rate Swap Contracts^(a)		—		5,220,076			—

Credit Default Swap Contracts^(a)		—		687,262			—

Purchased Option Contracts		—		909,931			—

Total	$	1,061,431	$	8,951,898		$	—

(a)

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

210

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



BOND (continued)

Derivative Type	Level 1			Level 2			Level 3

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,990,718	)	$	—

Futures Contracts^(a)		(2,275,868	)		—			—

Interest Rate Swap Contracts^(a)		—			(2,187,027	)		—

Credit Default Swap Contracts^(a)		—			(44,797	)		—

Written Option Contracts		—			(1,398,868	)		—

Total	$	(2,275,868	)	$	(5,621,410	)	$	—

CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	806,373,232		$	—

Foreign Debt Obligations		117,004,514			23,072,513			—

Asset-Backed Securities		—			120,087,639			—

Mortgage-Backed Obligations		—			689,159,859			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		523,313,086			65,794,156			—

Municipal Debt Obligations		—			45,779,631			—

Investment Company		3,105,895			—			—

Total	$	643,423,495		$	1,750,267,030		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(61,605,167	)	$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	6,271,149		$	—

Futures Contracts^(a)		5,641,684			—			—

Interest Rate Swap Contracts^(a)		—			7,683,125			—

Credit Default Swap Contracts^(a)		—			2,799,842			—

Purchased Option Contracts		—			1,230,819			—

Total	$	5,641,684		$	17,984,935		$	—

(a)

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

211

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE FIXED INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(483,447	)	$	—

Futures Contracts^(a)		(5,756,272	)		—			—

Interest Rate Swap Contracts^(a)		—			(2,827,930	)		—

Credit Default Swap Contracts^(a)		—			(126,034	)		—

Written Option Contracts		—			(1,975,646	)		—

Total	$	(5,756,272	)	$	(5,413,057	)	$	—

GLOBAL CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Foreign Sovereign Debt Obligations	$	182,475,966		$	86,902,608		$	—

Corporate Obligations		—			260,116,180			—

Asset-Backed Securities		—			45,677,345			—

Mortgage-Backed Obligations		—			155,671,104			—

U.S. Government Agencies		—			1,679,587			—

Structured Note		—			667,034			—

Investment Company		11,198,119			—			—

Total	$	193,674,085		$	550,713,858		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(27,819,575	)	$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	8,222,884		$	—

Futures Contracts^(a)		706,195			—			—

Interest Rate Swap Contracts^(a)		—			5,954,203			—

Credit Default Swap Contracts^(a)		—			839,470			—

Purchased Option Contracts		—			916,603			—

Total	$	706,195		$	15,933,160		$	—

(a)

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

212

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL CORE FIXED INCOME (continued)

Investment Type	Level 1			Level 2			Level 3

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,570,440	)	$	—

Futures Contracts^(a)		(1,703,198	)		—			—

Interest Rate Swap Contracts^(a)		—			(2,866,309	)		—

Credit Default Swap Contracts^(a)		—			(6,535	)		—

Written Option Contracts		—			(1,414,005	)		—

Total	$	(1,703,198	)	$	(5,857,289	)	$	—

INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	7,514,317		$	—

Corporate Obligations		—			89,828,216			—

Mortgage-Backed Obligations		—			10,454,530			—

Asset-Backed Securities		—			1,388,540			—

Foreign Debt Obligations		—			11,776,080			—

Investment Company		2,270,339			—			—

Total	$	2,270,339		$	120,961,683		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	310,410		$	—

Futures Contracts		169,943			—			—

Interest Rate Swap Contracts		—			10,885			—

Credit Default Swap Contracts		—			145,095			—

Total	$	169,943		$	466,390		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(69,526	)	$	—

Futures Contracts		(365,884	)		—			—

Interest Rate Swap Contracts		—			(1,244	)		—

Total	$	(365,884	)	$	(70,770	)	$	—

(a)

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

213

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LONG SHORT CREDIT STRATEGIES

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—	$	30,293,440		$	—

Other Secured Obligations		—		16,690,284			—

Unsecured Debt Obligations		—		69,451,085			—

U.S. Treasury Obligations		4,999,963		—			—

Common Stock and/or Other Equity Investments

North America		49,976		454,667			—

Investment Company		5,082,329		—			—

Total	$	10,132,268	$	116,889,476		$	—

Liabilities

Fixed Income

Unfunded Loan Commitment	$	—	$	(321	)	$	—

Derivative Type

Assets^(a)

Interest Rate Swap Contracts	$	—	$	49,401		$	—

Liabilities^(a)

Credit Default Swap Contracts	$	—	$	(54,960	)	$	—



STRATEGIC INCOME

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Bank Loans	$	—	$	22,901,360	$	—

Corporate Obligations		—		329,053,823		—

Mortgage-Backed Obligations		—		367,917,054		—

Asset-Backed Securities		—		104,247,114		—

Foreign Debt Obligations		—		26,051,561		—

Municipal Debt Obligations		—		10,369,220		—

U.S. Treasury Obligations		1,385,184		—		—

Exchange Traded Fund		22,020,498		—		—

Investment Company		118,992,801		—		—

Total	$	142,398,483	$	860,540,132	$	—

(a)

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

214

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	4,797,269		$	—

Futures Contracts^(a)		2,818,681			—			—

Interest Rate Swap Contracts^(a)		—			29,351,605			—

Credit Default Swap Contracts^(a)		—			4,602,759			—

Purchased Option Contracts		—			3,570,142			—

Total	$	2,818,681		$	42,321,775		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(3,862,711	)	$	—

Futures Contracts^(a)		(3,107,706	)		—			—

Interest Rate Swap Contracts^(a)		—			(11,215,750	)		—

Credit Default Swap Contracts^(a)		—			(349,092	)		—

Written Option Contracts		—			(7,077,421	)		—

Total	$	(3,107,706	)	$	(22,504,974	)	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

BOND

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts;

Purchased options, at value

7,116,944

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(5,824,255)

^(a)

Credit

Variation margin on swap contracts;

Receivable for unrealized gain on swap

contracts

687,262

^(a)

Variation margin on swap contracts;

Payable for unrealized loss on swap

contracts

(44,797)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value

2,209,123

Payable for unrealized loss on
forward foreign currency exchange
contracts; Written options, at value

(2,028,226)

Total

10,013,329

(7,897,278)

(a)

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

215

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)

CORE FIXED INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts; Purchased options, at value

14,555,628

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(10,559,848)

^(a)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap

contracts

2,799,842

^(a)

Variation margin on swap

contracts

(126,034)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

6,271,149

Payable for unrealized loss on forward foreign currency exchange contracts

(483,447)

Total

23,626,619

(11,169,329)

GLOBAL CORE FIXED INCOME

Risk

Statements of Assets and
Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Unrealized gain on swap contracts, Variation margin on futures contracts;

Variation margin on swap contracts; Purchased options, at value

7,498,640

^(a)

Unrealized loss on swap contracts,

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(5,944,037)

^(a)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap

contracts

839,470

^(a)

Variation margin on swap

contracts

(6,535)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value

8,301,245

Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value

(1,609,915)

Total

16,639,355

(7,560,487)

INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts;

180,828

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

(367,128)

^(a)

Credit

Variation margin on swap contracts;

145,095

^(a)

—

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts

310,410

Payable for unrealized loss on forward

foreign currency exchange contracts

(69,526)

Total

636,333

(436,654)

(a)

Includes unrealized gain (loss) on centrally cleared swaps described in the Additional Investment Information section of the Schedule of Investments. Only variation margin as of March 31, 2021 is reported within the Statements of Assets and Liabilities.

216

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



LONG SHORT CREDIT STRATEGIES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts	$	49,401	^(a)	—		—
Credit	—		—		Variation margin on swap contracts		(54,960)	^(a)
Total		$	49,401			$	(54,960)

STRATEGIC INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts; Purchased options, at value

35,740,428

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(21,400,877)

^(a)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap

contracts

4,602,759

^(a)

Variation margin on swap

contracts

(349,092)

^(a)

Currency

Receivable for unrealized gain on forward
foreign currency exchange contracts.

4,797,269

Payable for unrealized loss on forward foreign currency exchange contracts.

(3,862,711)

Total

45,140,456

(25,612,680)

(a)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



BOND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	(8,273,743	)	$	(1,969,647	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		319,574			1,125,983
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts purchased options contracts and written options contracts		78,806			31,157
Total		$	(7,875,363	)	$	(812,507	)

217

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)



CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	(2,176,869	)	$	(2,217,184	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,449,270			4,380,035
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(4,216,754	)		4,941,866
Total		$	(4,944,353	)	$	7,104,717



GLOBAL CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	(3,998,025	)	$	(284,230	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		973,949			2,003,436
Currency	Net realized gain (loss) from purchased options contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on purchased options contracts, forward foreign currency exchange contracts, and written options contracts		(10,053,072	)		5,215,236
Total		$	(13,077,148	)	$	6,934,442



INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(543,378	)	$	(236,932	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		94,009			247,138
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(316,681	)		252,457
Total		$	(766,050	)	$	262,663

218

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



LONG SHORT CREDIT STRATEGIES
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(108,457	)	$	296,738
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,053,383	)		(287,620	)
Total		$	(2,161,840	)	$	9,118



STRATEGIC INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	(17,024,693	)	$	15,301,776
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		6,034,573			5,727,567
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(9,141,549	)		2,104,265
Total		$	(20,131,669	)	$	23,133,608

For the year ended March 31, 2021, the relevant values for each derivative type was as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)
Fund	Futures contracts		Forward contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Bond		954	$	358,636,531	$	665,011,932		48,033,000	$	50,414,670		7,119,000	$	239,029,271
Core Fixed Income		2,069		194,953,656		952,913,338		—		69,459,987		—		306,303,610
Global Core Fixed Income		1,796		612,550,389		784,625,659		50,348,532		52,110,314		7,483,000		258,719,753
Income		123		5,595,911		15,126,892		—		—		—		—
Long Short Credit Strategies		—		—		3,776,933		—		—		—		—

Strategic Income		5,933		1,158,874,867		4,252,207,075		99,181,527		230,202,459		14,702,000		1,399,242,500

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2021.

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

219

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)

termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the GSAM and GSAMI believe to be of good standing and by monitoring the financial stability of those counterparties.

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

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2021:


Bond
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(4,758	)	$	—		$	—		$	(4,758	)	$	(4,758	)	$	—	$	(4,758	)
BNP Paribas SA		4,849		—		—		4,849		—			—			(9,549	)		(9,549	)		(4,700	)		—		(4,700	)
BofA Securities LLC		16,056		—		—		16,056		(1,979	)		—			(21,130	)		(23,109	)		(7,053	)		7,053		—
Citibank NA		58,826		167,884		—		226,710		(2,236	)		—			(80,787	)		(83,023	)		143,687			—		143,687
Deutsche Bank AG (London)		218,811		—		—		218,811		(1,358	)		—			(239,161	)		(240,519	)		(21,708	)		—		(21,708	)
HSBC Bank PLC		31,721		—		—		31,721		—			—			—			—			31,721			—		31,721
JPMorgan Securities, Inc.		539,518		85,940		2,134,629		2,760,087		(1,287	)		(1,990,718	)		(712,148	)		(2,704,153	)		55,934			—		55,934
MS & Co. Int. PLC		—		258,207		—		258,207		—			—			(238,510	)		(238,510	)		19,697			—		19,697
UBS AG (London)		40,150		—		—		40,150		—			—			(97,583	)		(97,583	)		(57,433	)		—		(57,433	)

Total	$	909,931	$	512,031	$	2,134,629	$	3,556,591	$	(11,618	)	$	(1,990,718	)	$	(1,398,868	)	$	(3,401,204	)	$	155,387		$	7,053	$	162,440

(1)

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

(2)

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

220

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Global Core Fixed Income
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(3,021	)	$	—		$	—		$	(3,021	)	$	(3,021	)	$	—	$	(3,021	)
BNP Paribas SA		5,118		—		—		5,118		—			—			(9,975	)		(9,975	)		(4,857	)		—		(4,857	)
BofA Securities LLC		16,785		—		—		16,785		—			—			(22,117	)		(22,117	)		(5,332	)		5,332		—
Citibank NA		60,365		—		—		60,365		—			—			(81,742	)		(81,742	)		(21,377	)		—		(21,377	)
Deutsche Bank AG (London)		224,401		—		—		224,401		(240	)		—			(245,166	)		(245,406	)		(21,005	)		—		(21,005	)
HSBC Bank PLC		33,214		—		—		33,214		—			—			—			—			33,214			—		33,214
JPMorgan Securities, Inc.		535,022		78,516		8,222,884		8,836,422		—			(1,570,440	)		(705,657	)		(2,276,097	)		6,560,325			—		6,560,325
MS & Co. Int. PLC		—		647,656		—		647,656		(42,970	)		—			(249,496	)		(292,466	)		355,190			—		355,190
UBS AG (London)		41,698		—		—		41,698		—			—			(99,852	)		(99,852	)		(58,154	)		—		(58,154	)

Total	$	916,603	$	726,172	$	8,222,884	$	9,865,659	$	(46,231	)	$	(1,570,440	)	$	(1,414,005	)	$	(3,030,676	)	$	6,834,983		$	5,332	$	6,840,315

(1)

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

(2)


Strategic Income
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(27,260	)	$	—		$	—		$	(27,260	)	$	(27,260	)	$	—	$	(27,260	)
BNP Paribas SA		10,066		—		—		10,066		—			—			(19,619	)		(19,619	)		(9,553	)		—		(9,553	)
BofA Securities LLC		79,307		—		—		79,307		—			—			(104,872	)		(104,872	)		(25,565	)		—		(25,565	)
Citibank NA		274,651		683,595		—		958,246		(5,906	)		—			(499,391	)		(505,297	)		452,949			—		452,949
Deutsche Bank AG (London)		811,358		—		—		811,358		(29,091	)		—			(1,250,996	)		(1,280,087	)		(468,729	)		468,729		—
HSBC Bank PLC		65,666		—		—		65,666		—			—			—			—			65,666			—		65,666
JPMorgan Securities, Inc.		2,166,118		—		4,797,269		6,963,387		(9,712	)		(3,862,711	)		(2,868,315	)		(6,740,738	)		222,649			—		222,649
MS & Co. Int. PLC		—		915,249		—		915,249		—			—			(1,787,588	)		(1,787,588	)		(872,339	)		872,339		—
UBS AG (London)		162,976		—		—		162,976		(15,729	)		—			(546,640	)		(562,369	)		(399,393	)		399,393		—

Total	$	3,570,142	$	1,598,844	$	4,797,269	$	9,966,255	$	(87,698	)	$	(3,862,711	)	$	(7,077,421	)	$	(11,027,830	)	$	(1,061,575	)	$	1,740,461	$	678,886

(1)

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

(2)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2021, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate#
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.41	%		0.40	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.38			0.31	*
Global Core Fixed Income		0.65			0.59			0.56			0.55			0.54			0.65			0.64	**
Income		0.55			0.50			0.47			0.46			0.45			0.55			0.54
Long Short Credit Strategies		1.00			0.90			0.86			0.84			0.82			1.00			0.99
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.60			0.59

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

The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least July 29th, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2020, the Investment Adviser agreed to waive a portion of the Management Fee equal to 0.01% of the Fund’s average daily net assets. This management fee waiver arrangement will remain in effect through at least July 29, 2021, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and the Bond and Strategic Income Funds invest in Goldman Sachs Access High Yield Corporate Bond ETF, which are affiliated Underlying Funds. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended March 31, 2021, GSAM waived $46,111, $287,941, $4,900, $8,921, and $92,729 of the management fee for the Bond, Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds, respectively. For the fiscal year ended March 31, 2021, GSAMI waived $24,433 of the management fee for the Global Core Fixed Income Fund.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.


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

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

222

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2021, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contigent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	10,609	$	7
Core Fixed Income		11,218		607
Global Core Fixed Income		694		—
Income		2,244		—
Long Short Credit Strategies		549		—
Strategic Income		1,394		1

D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1 2020, Goldman Sachs had charged 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund. This arrangement will remain in effect through at least July 29, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2020, Goldman Sachs had agreed to waive 0.03% of its transfer agency fee as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds are 0.004%, 0.014%, 0.004%, 0.054%, 0.094% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 29, 2021 for the Funds, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

223

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

For the fiscal year ended March 31, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Bond	$	46,111	$	154	$	695,186	$	741,451
Core Fixed Income		1,228,372		286		714,441		1,943,099
Global Core Fixed Income		70,799		25,716		926,001		1,022,516
Income		4,900		—		504,994		509,894
Long Short Credit Strategies		8,921		5		291,576		300,502
Strategic Income		92,729		273		233,027		326,029

G. Line of Credit Facility — As of March 31, 2021, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2021, the Funds did not have any borrowings under the facility. The facility was increased to $1,000,000,000 effective April 26, 2021.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2021, Goldman Sachs earned $40,936, $85,971 and $235,468 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income and Strategic Income Funds, respectively.

As of March 31, 2021, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund

Goldman Sachs

Balanced Strategy

Portfolio

Goldman Sachs

Growth and Income

Strategy Portfolio

Global Core Fixed Income

As of March 31, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:


Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Bond		—	%		—	%		—	%		21	%		—	%		—	%		—	%
Income		11			69			92			—			100			100			100
Long Short Credit Strategies		—			6			—			—			—			—			96

224

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access High Yield Corporate Bond ETF as of and for the fiscal year ended March 31, 2021:


Fund	Underlying Fund	Market Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain/ (Loss)		Change in Unrealized Gain/(Loss)		Market Value as of March 31, 2021		Shares as of March 31, 2021		Dividend Income
Bond	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,970,018	$	432,043,492	$	(426,554,031	)	$	—	$	—	$	7,459,479		7,459,479	$	15,037
	Goldman Sachs Access High Yield Corporate Bond ETF		—		4,748,157		(4,815,835	)		67,678		—		—		—		51,806
Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		131,413,400		1,384,957,047		(1,513,264,552	)		—		—		3,105,895		3,105,895		133,123
Global Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,122,305		264,096,465		(267,020,651	)		—		—		11,198,119		11,198,119		6,736
Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		455,147		108,413,577		(106,598,385	)		—		—		2,270,339		2,270,339		1,319
Long Short Credit Strategies	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,233,586		94,254,479		(92,405,736	)		—		—		5,082,329		5,082,329		3,781
Strategic Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		99,264,768		509,856,059		(490,128,026	)		—		—		118,992,801		118,992,801		12,560
	Goldman Sachs Access High Yield Corporate Bond ETF		—		21,288,602		—			—		731,896		22,020,498		439,970		649,691

225

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2021, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities of (Excluding U.S. Government and Agency Obligations)
Bond	$	3,802,705,723	$	237,145,617	$	3,757,071,046	$	249,744,664
Core Fixed Income		11,492,428,008		525,160,626		10,968,448,040		301,339,176
Global Core Fixed Income		2,249,177,019		1,403,142,523		2,287,320,053		1,426,847,914
Income		252,132,191		132,342,477		245,784,466		49,051,453
Long Short Credit Strategies		—		124,245,306		—		111,086,243
Strategic Income		9,073,601,469		345,593,574		9,177,379,174		612,865,077

7. TAX INFORMATION

The tax character of distributions paid during the for the fiscal year ended March 31, 2021 was as follows:


	Bond		Core Fixed Income		Global Core Fixed Income		Income		Long Short Credit Strategies		Strategic Income
Distribution paid from:
Ordinary income	$	20,424,315	$	66,941,244	$	24,529,865	$	3,099,852	$	3,879,872	$	39,083,302
Net long-term capital gains		3,297,761		16,051,584		11,804,679		34,076		—		—
Total taxable distributions	$	23,722,076	$	82,992,828	$	36,334,544	$	3,133,928	$	3,879,872	$	39,083,302
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	2,577,366

The tax character of distributions paid during the for the fiscal year ended March 31, 2020 was as follows:


	Bond		Core Fixed Income		Global Core Fixed Income		Income		Long Short Credit Strategies		Strategic Income
Distribution paid from:
Ordinary income	$	13,669,863	$	42,109,111	$	17,193,942	$	320,155	$	5,057,327	$	102
Net long-term capital gains		—		—		3,479,930		4,304		—		—
Total taxable distributions	$	13,669,863	$	42,109,111	$	20,673,872	$	324,459	$	5,057,327	$	102
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	46,656,955

226

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION (continued)

As of March 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:


	Bond			Core Fixed Income			Global Core Fixed Income			Income			Long Short Credit Strategies			Strategic Income
Undistributed ordinary income—net	$	257,455		$	2,650,203		$	5,079,045		$	87,915		$	1,711,420		$	—
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term		—			—			—			—			(27,919,470	)		(1,213,500,217	)
Perpetual Long-Term		—			—			—			—			(8,238,249	)		(769,113,390	)
Total capital loss carryforwards	$	—		$	—		$	—		$	—		$	(36,157,719	)	$	(1,982,613,607	)
Timing differences (Post October Capital Loss Deferral/Qualified Later Year Ordinary Loss Deferral/Defaulted Bonds/Dividends Payable and Straddle Loss Deferrals)		(12,735,902	)		(10,174,584	)		(8,872,379	)		(486,388	)		(1,110,181	)		(24,430,201	)
Unrealized gains (losses)—net		17,146,562			12,069,431			25,394,230			1,128,818			357,938			5,753,076
Total accumulated earnings (losses) net	$	4,668,115		$	4,545,050		$	21,600,896		$	730,345		$	(35,198,542	)	$	(2,001,290,732	)

(1)

The Strategic Income Fund utilized $32,995,742 of capital losses in the current fiscal year.

As of March 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Bond			Core Fixed Income			Global Core Fixed Income			Income			Long Short Credit Strategies			Strategic Income
Tax Cost	$	594,818,204		$	2,395,487,600		$	726,909,238		$	122,295,333		$	126,692,647		$	1,022,406,925
Gross unrealized gain		22,791,784			63,820,012			31,008,993			2,697,527			3,912,225			54,542,038
Gross unrealized loss		(5,645,222	)		(51,750,581	)		(5,614,763	)		(1,568,709	)		(3,554,287	)		(48,788,962	)
Net unrealized gains (losses)	$	17,146,562		$	12,069,431		$	25,394,230		$	1,128,818		$	357,938		$	5,753,076

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of underlying fund investments, swap transactions, material modification of debt securities, and market discount accretion and premium amortization.

The Income Fund reclassed $11,001 from paid in capital to distributable earnings for the year ending March 31, 2021. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from non-deductible expenses.

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

227

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to a Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

228

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on

229

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

8. OTHER RISKS (continued)

the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. GSAM and GSAMI are currently evaluating the impact, if any, of applying ASU 2020-04.

230

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

231

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Bond Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,162,907		$	23,876,739			1,642,597		$	17,073,250
Reinvestment of distributions		344,387			3,793,573			216,053			2,248,816
Shares redeemed		(1,870,432	)		(20,462,290	)		(2,199,693	)		(22,767,209	)
		636,862			7,208,022			(341,043	)		(3,445,143	)
Class C Shares
Shares sold		352,718			3,873,183			642,365			6,770,290
Reinvestment of distributions		40,987			451,484			15,061			156,695
Shares redeemed		(514,913	)		(5,631,285	)		(267,376	)		(2,755,334	)
		(121,208	)		(1,306,618	)		390,050			4,171,651
Institutional Shares
Shares sold		7,509,445			82,232,065			5,315,319			55,087,881
Reinvestment of distributions		613,213			6,750,780			410,967			4,273,510
Shares redeemed		(5,995,774	)		(65,613,208	)		(8,315,942	)		(85,754,042	)
		2,126,884			23,369,637			(2,589,656	)		(26,392,651	)
Service Shares
Shares sold		8,385			92,655			4,092			40,890
Reinvestment of distributions		295			3,248			96			993
Shares redeemed		(5,069	)		(56,485	)		(6,387	)		(65,597	)
		3,611			39,418			(2,199	)		(23,714	)
Investor Shares
Shares sold		5,144,227			56,398,722			879,029			9,065,470
Reinvestment of distributions		240,605			2,641,013			96,623			1,001,319
Shares redeemed		(1,445,634	)		(15,738,055	)		(1,750,074	)		(18,144,447	)
		3,939,198			43,301,680			(774,422	)		(8,077,658	)
Class R6 Shares
Shares sold		2,647,658			29,116,155			2,500,038			25,986,782
Reinvestment of distributions		398,587			4,391,846			235,029			2,446,728
Shares redeemed		(4,373,634	)		(48,256,722	)		(1,640,760	)		(16,931,826	)
		(1,327,389	)		(14,748,721	)		1,094,307			11,501,684
Class R Shares
Shares sold		105,642			1,164,551			164,868			1,699,008
Reinvestment of distributions		18,298			201,465			14,874			154,369
Shares redeemed		(160,983	)		(1,778,321	)		(1,582,541	)		(16,271,278	)
		(37,043	)		(412,305	)		(1,402,799	)		(14,417,901	)
Class P Shares
Shares sold		2,704,318			29,860,388			1,725,921			17,917,005
Reinvestment of distributions		415,801			4,576,755			271,881			2,828,279
Shares redeemed		(2,033,418	)		(22,245,383	)		(2,891,893	)		(30,061,290	)
		1,086,701			12,191,760			(894,091	)		(9,316,006	)

NET INCREASE (DECREASE)		6,307,616		$	69,642,873			(4,519,853	)	$	(45,999,738	)

232

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Core Fixed Income Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,683,294		$	63,651,988			7,667,253		$	83,079,471
Reinvestment of distributions		533,766			5,986,978			290,646			3,130,966
Shares redeemed		(2,598,243	)		(28,937,384	)		(1,870,447	)		(20,039,210	)
		3,618,817			40,701,582			6,087,452			66,171,227
Class C Shares
Shares sold		727,076			8,240,479			464,600			5,032,931
Reinvestment of distributions		31,946			360,064			15,463			167,034
Shares redeemed		(379,644	)		(4,272,701	)		(341,038	)		(3,651,813	)
		379,378			4,327,842			139,025			1,548,152
Institutional Shares
Shares sold		55,509,935			629,628,316			23,150,088			249,400,464
Reinvestment of distributions		1,819,528			20,465,967			716,370			7,742,021
Shares redeemed		(24,674,737	)		(277,802,962	)		(14,209,082	)		(153,251,003	)
		32,654,726			372,291,321			9,657,376			103,891,482
Service Shares
Shares sold		24,112			272,409			54,975			593,528
Reinvestment of distributions		1,283			14,474			759			8,202
Shares redeemed		(31,698	)		(359,363	)		(32,184	)		(349,532	)
		(6,303	)		(72,480	)		23,550			252,198
Investor Shares
Shares sold		38,758,645			435,883,183			11,701,150			126,091,507
Reinvestment of distributions		1,213,149			13,604,730			161,102			1,740,263
Shares redeemed		(11,682,749	)		(130,601,849	)		(2,245,559	)		(24,045,896	)
		28,289,045			318,886,064			9,616,693			103,785,874
Class R6 Shares
Shares sold		3,578,248			40,662,071			1,366,681			14,881,214
Reinvestment of distributions		293,171			3,326,097			560,447			6,045,546
Shares redeemed		(14,326,354	)		(164,257,664	)		(8,852,238	)		(94,724,310	)
		(10,454,935	)		(120,269,496	)		(6,925,110	)		(73,797,550	)
Class R Shares
Shares sold		159,957			1,800,723			118,143			1,260,132
Reinvestment of distributions		16,266			182,602			13,210			142,070
Shares redeemed		(166,804	)		(1,880,346	)		(115,620	)		(1,240,039	)
		9,419			102,979			15,733			162,163
Class P Shares
Shares sold		23,795,632			270,394,466			23,462,615			253,934,269
Reinvestment of distributions		3,225,241			36,380,070			2,046,617			22,135,589
Shares redeemed		(17,237,476	)		(193,409,837	)		(17,380,102	)		(186,721,103	)
		9,783,397			113,364,699			8,129,130			89,348,755

NET INCREASE		64,273,544		$	729,332,511			26,743,849		$	291,362,301

233

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Global Core Fixed Income Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,471,888		$	19,679,479			666,723		$	8,497,208
Reinvestment of distributions		172,295			2,287,873			110,121			1,412,741
Shares redeemed		(867,820	)		(11,484,132	)		(2,533,357	)		(32,655,064	)
		776,363			10,483,220			(1,756,513	)		(22,745,115	)
Class C Shares
Shares sold		48,999			647,360			26,962			342,382
Reinvestment of distributions		16,991			223,813			10,626			135,038
Shares redeemed		(185,221	)		(2,426,309	)		(243,329	)		(3,085,869	)
		(119,231	)		(1,555,136	)		(205,741	)		(2,608,449	)
Institutional Shares
Shares sold		9,865,060			130,847,377			6,987,029			89,805,795
Reinvestment of distributions		1,084,339			14,377,111			591,182			7,577,752
Shares redeemed		(8,470,410	)		(111,917,416	)		(8,083,603	)		(103,264,071	)
		2,478,989			33,307,072			(505,392	)		(5,880,524	)
Service Shares
Shares sold		80,259			1,077,598			18,748			236,371
Reinvestment of distributions		2,663			35,111			1,542			19,596
Shares redeemed		(46,783	)		(621,722	)		(160,555	)		(2,058,013	)
		36,139			490,987			(140,265	)		(1,802,046	)
Investor Shares
Shares sold		3,658,429			48,779,732			1,474,799			18,984,120
Reinvestment of distributions		288,901			3,820,812			129,436			1,656,005
Shares redeemed		(1,918,154	)		(25,132,805	)		(2,151,570	)		(27,543,366	)
		2,029,176			27,467,739			(547,335	)		(6,903,241	)
Class R6 Shares
Shares sold		2,125,412			27,807,782			8,646,077			108,986,025
Reinvestment of distributions		1,062,622			14,094,661			703,794			9,029,216
Shares redeemed		(6,965,991	)		(93,434,951	)		(3,112,453	)		(40,279,123	)
		(3,777,957	)		(51,532,508	)		6,237,418			77,736,118
Class P Shares
Shares sold		73,458			963,738			43,061			552,039
Reinvestment of distributions		36,356			482,492			19,333			247,987
Shares redeemed		(32,542	)		(434,767	)		(96,274	)		(1,234,645	)
		77,272			1,011,463			(33,880	)		(434,619	)

NET INCREASE		1,500,751		$	19,672,837			3,048,292		$	37,362,124

234

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Income Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		45,920		$	468,476			15,828		$	160,010
Reinvestment of distributions		1,269			13,030			147			1,422
Shares redeemed		(14,312	)		(145,520	)		(1	)		(10	)
		32,877			335,986			15,974			161,422
Class C Shares
Shares sold		3,558			36,437			7,263			72,854
Reinvestment of distributions		273			2,782			54			519
Shares redeemed		(3,602	)		(36,950	)		(1	)		(10	)
		229			2,269			7,316			73,363
Institutional Shares
Shares sold		325,264			3,415,252			2,474,927			24,750,010
Reinvestment of distributions		101,468			1,029,797			32,481			317,318
Shares redeemed		(425,351	)		(4,366,371	)		(1	)		(10	)
		1,381			78,678			2,507,407			25,067,318
Investor Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		211			2,146			64			627
Shares redeemed		—			—			(1	)		(10	)
		211			2,146			5,064			50,627
Class R6 Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		216			2,196			66			643
Shares redeemed		—			—			(1	)		(10	)
		216			2,196			5,066			50,643
Class R Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		185			1,877			56			546
Shares redeemed		—			—			(1	)		(10	)
		185			1,877			5,056			50,546
Class P Shares
Shares sold		10,314,134			105,695,326			90,702			917,535
Reinvestment of distributions		200,986			2,081,787			373			3,382
Shares redeemed		(1,881,188	)		(19,419,116	)		(1	)		(15	)
		8,633,932			88,357,997			91,074			920,902

NET INCREASE		8,669,031		$	88,781,149			2,636,957		$	26,374,821

(a)

Commenced operations on December 3, 2019.

235

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Long Short Credit Strategies Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		138,476		$	1,226,010			23,827		$	197,226
Reinvestment of distributions		5,214			46,043			8,826			76,779
Shares redeemed		(54,549	)		(486,077	)		(273,369	)		(2,386,800	)
		89,141			785,976			(240,716	)		(2,112,795	)
Class C Shares
Shares sold		5			44			—			—
Reinvestment of distributions		1,324			11,615			2,854			24,766
Shares redeemed		(22,423	)		(197,075	)		(59,794	)		(520,159	)
		(21,094	)		(185,416	)		(56,940	)		(495,393	)
Institutional Shares
Shares sold		372,672			3,248,570			450,237			3,873,625
Reinvestment of distributions		61,973			544,687			107,988			936,741
Shares redeemed		(602,977	)		(5,267,232	)		(1,316,869	)		(11,386,187	)
		(168,332	)		(1,473,975	)		(758,644	)		(6,575,821	)
Investor Shares
Shares sold		41,796			371,429			108,883			935,802
Reinvestment of distributions		8,972			78,892			15,097			131,139
Shares redeemed		(56,763	)		(502,317	)		(337,766	)		(2,944,855	)
		(5,995	)		(51,996	)		(213,786	)		(1,877,914	)
Class R6 Shares
Shares sold		18,454			160,000			58,520			510,000
Reinvestment of distributions		10,159			89,382			11,701			101,272
Shares redeemed		(122,818	)		(1,100,000	)		—			—
		(94,205	)		(850,618	)		70,221			611,272
Class R Shares
Shares sold		111			1,000			194			1,698
Reinvestment of distributions		88			777			122			1,057
Shares redeemed		—			—			(328	)		(2,872	)
		199			1,777			(12	)		(117	)
Class P Shares
Shares sold		3,719,905			33,017,500			1,822,359			15,930,000
Reinvestment of distributions		353,139			3,105,868			437,178			3,781,835
Shares redeemed		(1,748,509	)		(14,948,057	)		(2,662,165	)		(23,028,432	)
		2,324,535			21,175,311			(402,628	)		(3,316,597	)

NET INCREASE (DECREASE)		2,124,249		$	19,401,059			(1,602,505	)	$	(13,767,365	)

236

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Strategic Income Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,301,194		$	40,735,446			4,333,774		$	40,120,028
Reinvestment of distributions		454,092			4,269,208			490,074			4,515,940
Shares redeemed		(4,906,951	)		(46,108,146	)		(13,041,523	)		(120,215,951	)
		(151,665	)		(1,103,492	)		(8,217,675	)		(75,579,983	)
Class C Shares
Shares sold		180,875			1,710,421			186,533			1,721,726
Reinvestment of distributions		233,801			2,189,404			254,409			2,339,261
Shares redeemed		(5,105,244	)		(47,947,100	)		(6,147,862	)		(56,597,035	)
		(4,690,568	)		(44,047,275	)		(5,706,920	)		(52,536,048	)
Institutional Shares
Shares sold		10,976,286			103,788,531			13,004,783			120,397,728
Reinvestment of distributions		2,045,553			19,203,925			2,438,400			22,475,357
Shares redeemed		(33,110,986	)		(314,435,639	)		(51,302,131	)		(472,312,676	)
		(20,089,147	)		(191,443,183	)		(35,858,948	)		(329,439,591	)
Investor Shares
Shares sold		513,420			4,940,246			987,962			9,169,309
Reinvestment of distributions		101,226			951,404			210,455			1,942,886
Shares redeemed		(1,170,512	)		(10,795,378	)		(8,575,241	)		(79,296,601	)
		(555,866	)		(4,903,728	)		(7,376,824	)		(68,184,406	)
Class R6 Shares
Shares sold		130,478			1,233,570			363,532			3,359,548
Reinvestment of distributions		22,412			209,907			25,852			237,989
Shares redeemed		(524,636	)		(4,966,758	)		(2,378,604	)		(22,071,301	)
		(371,746	)		(3,523,281	)		(1,989,220	)		(18,473,764	)
Class R Shares
Shares sold		77,248			729,238			88,099			812,563
Reinvestment of distributions		9,759			91,570			10,258			94,318
Shares redeemed		(177,771	)		(1,656,375	)		(275,684	)		(2,518,416	)
		(90,764	)		(835,567	)		(177,327	)		(1,611,535	)
Class P Shares
Shares sold		7,455,037			70,920,600			2,141,649			19,849,517
Reinvestment of distributions		1,139,338			10,702,882			1,114,643			10,249,862
Shares redeemed		(7,849,752	)		(73,174,366	)		(11,755,858	)		(106,800,555	)
		744,623			8,449,116			(8,499,566	)		(76,701,176	)

NET DECREASE		(25,205,133	)	$	(237,407,410	)		(67,826,480	)	$	(622,526,503	)

237

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Core Fixed Income Fund (formerly Goldman Sachs Global Income Fund), Goldman Sachs Strategic Income Fund, Goldman Sachs Long Short Credit Strategies Fund, and Goldman Sachs Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Core Fixed Income Fund (formerly Goldman Sachs Global Income Fund), Goldman Sachs Strategic Income Fund, and Goldman Sachs Long Short Credit Strategies Fund	For the year ended March 31, 2021	For each of the two years in the period ended March 31, 2021	For each of the periods indicated therein
Goldman Sachs Income Fund	For the year ended March 31, 2021	For the year ended March 31, 2021, and for the period December 3, 2019 (commencement of operations) through March 31, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2020 through March 31, 2021, which represents a period of 182 days of a 365 day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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


	Bond Fund							Core Fixed Income Fund							Global Core Fixed Income Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*
Class A
Actual	$	1,000.00	$	975.80		$	3.79	$	1,000.00	$	972.80		$	3.44	$	1,000.00	$	982.00		$	4.89
Hypothetical 5% return		1,000.00		1,021.44	+		3.88		1,000.00		1,021.44	+		3.53		1,000.00		1,020.00	+		4.99
Class C
Actual		1,000.00		972.00			7.47		1,000.00		968.50			7.12		1,000.00		978.10			8.58
Hypothetical 5% return		1,000.00		1,017.35	+		7.64		1,000.00		1,017.70	+		7.29		1,000.00		1,016.26	+		8.75
Institutional
Actual		1,000.00		977.30			2.17		1,000.00		973.70			1.82		1,000.00		983.50			3.36
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,023.09	+		1.87		1,000.00		1,021.54	+		3.43
Service
Actual		1,000.00		975.80			2.36		1,000.00		971.30			4.28		1,000.00		981.70			5.83
Hypothetical 5% return		1,000.00		1,020.59	+		2.42		1,000.00		1,020.59	+		4.38		1,000.00		1,019.05	+		5.94
Investor
Actual		1,000.00		976.90			2.56		1,000.00		974.10			2.21		1,000.00		983.20			3.66
Hypothetical 5% return		1,000.00		1,022.34	+		2.62		1,000.00		1,022.69	+		2.27		1,000.00		1,021.24	+		3.73
Class R6
Actual		1,000.00		977.40			2.12		1,000.00		973.80			1.77		1,000.00		983.60			3.31
Hypothetical 5% return		1,000.00		1,022.79	+		2.17		1,000.00		1,023.14	+		1.82		1,000.00		1,021.59	+		3.38
Class R
Actual		1,000.00		974.50			5.02		1,000.00		970.80			4.67		—		—			—
Hypothetical 5% return		1,000.00		1,020.19	+		5.14		1,000.00		1,020.19	+		4.78		—		—			—
Class P
Actual		1,000.00		977.40			2.12		1,000.00		973.80			1.77		1,000.00		983.60			3.31
Hypothetical 5% return		1,000.00		1,023.14	+		2.17		1,000.00		1,023.14	+		1.82		1,000.00		1,021.59	+		3.38

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Bond		0.77	%		1.52	%		0.44	%		0.48	%		0.52	%		0.43	%		1.02	%		0.43	%
Core Fixed Income		0.70			1.45			0.37			0.87			0.45			0.36			0.95			0.36
Global Core Fixed Income		0.99			1.74			0.68			1.18			0.74			0.67			—			0.67

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

239

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited) (continued)


	Goldman Sachs Income Fund							Long Short Credit Strategies Fund							Strategic Income Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*
Class A
Actual	$	1,000.00	$	1,031.20		$	4.91	$	1,000.00	$	1,031.30		$	7.34	$	1,000.00	$	1,011.40		$	5.06
Hypothetical 5% return		1,000.00		1,017.70	+		4.89		1,000.00		1,017.70	+		7.29		1,000.00		1,019.90	+		5.09
Class C
Actual		1,000.00		1,027.40			8.69		1,000.00		1,027.40			11.17		1,000.00		1,008.50			8.81
Hypothetical 5% return		1,000.00		1,016.36	+		8.65		1,000.00		1,013.91	+		11.10		1,000.00		1,016.16	+		8.85
Institutional
Actual		1,000.00		1,032.90			3.24		1,000.00		1,034.20			5.73		1,000.00		1,014.10			3.41
Hypothetical 5% return		1,000.00		1,021.74	+		3.23		1,000.00		1,019.30	+		5.69		1,000.00		1,021.54	+		3.43
Investor
Actual		1,000.00		1,032.50			3.60		1,000.00		1,033.70			6.14		1,000.00		1,013.70			3.82
Hypothetical 5% return		1,000.00		1,021.39	+		3.58		1,000.00		1,018.90	+		6.09		1,000.00		1,021.14	+		3.83
Class R6
Actual		1,000.00		1,033.00			3.19		1,000.00		1,033.00			5.68		1,000.00		1,013.10			3.36
Hypothetical 5% return		1,000.00		1,021.79	+		3.18		1,000.00		1,019.35	+		5.64		1,000.00		1,021.59	+		3.38
Class R
Actual		1,000.00		1,029.90			6.12		1,000.00		1,030.00			8.65		1,000.00		1,011.20			6.32
Hypothetical 5% return		1,000.00		1,016.40	+		6.09		1,000.00		1,016.40	+		8.60		1,000.00		1,018.65	+		6.34
Class P
Actual		1,000.00		1,033.00			3.19		1,000.00		1,034.20			5.68		1,000.00		1,014.20			3.36
Hypothetical 5% return		1,000.00		1,021.79	+		3.18		1,000.00		1,019.35	+		5.64		1,000.00		1,021.59	+		3.38

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


Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income		0.97	%		1.72	%		0.64	%		0.71	%		0.63	%		1.21	%		0.63	%
Long Short Credit Strategies		1.45			2.21			1.13			1.21			1.12			1.71			1.12
Strategic Income		1.01			1.76			0.68			0.76			0.67			1.26			0.67

240

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2020 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID 19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stresset market conditions caused by the COVID-19 pandemic. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

241

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 72	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Dwight L. Bush Age: 64	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Kathryn A. Cassidy Age: 67	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Joaquin Delgado Age: 61	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust	105	Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

242

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	161	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2021.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2021, As of March 31, 2021, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 35 portfolios (20 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

243

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of March 31, 2021.

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

Multi Sector Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Bond Fund, Core Fixed Income Fund, Global Core Fixed Income Fund, and Income Fund, designate $5,753,668, $28,658,190, $6,067,907, and $336,052 respectively, as short-term capital gain dividends paid during the fiscal year ended March 31, 2021.

Pursuant to Section 852 of the Internal Revenue Code, the Bond Fund, Core Fixed Income Fund, Global Core Fixed Income Fund, and Income Fund designate $3,297,761, $16,051,584, $11,804,679, and $34,076, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended March 31, 2021.

For the fiscal year ended March 31, 2021, the Bond Fund, Core Fixed Income Fund, Global Core Fixed Income Fund, Income Fund, Long Short Credit Strategies Fund, and Strategic Income Fund, designate 70.97%, 58.20%, 49.26%, 88.84%, 100%, and 96.85% respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

244

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.00 trillion in assets under supervision as of March 31, 2021, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund

∎

Emerging Markets Equity Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Defensive Equity Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁶

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Strategic Volatility Premium Fund

∎

Target Date Retirement Portfolio

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

		GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

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

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

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

Goldman Sachs Funds

LOGO



Annual Report				March 31, 2021

				Municipal Funds
				Dynamic Municipal Income
				High Yield Municipal
				Municipal Income Completion
				Short Duration Tax-Free

LOGO

Goldman Sachs Municipal Funds

∎

DYNAMIC MUNICIPAL INCOME

∎

HIGH YIELD MUNICIPAL

∎

MUNICIPAL INCOME COMPLETION

∎

SHORT DURATION TAX-FREE



Market Review			1

Portfolio Management Discussions and Analysis			3

Fund Basics			5

Schedules of Investments			20

Financial Statements			202

Financial Highlights			206

Dynamic Municipal Income			206

High Yield Municipal			213

Municipal Income Completion			219

Short Duration Tax-Free			220

Notes to the Financial Statements			227

Report of Independent Registered Public Accounting Firm			246

Other Information			248



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Municipal Funds

Market Review

During the 12 months ended March 31, 2021 (the “Reporting Period”), the performance of the municipal bond market was influenced most by supply and demand dynamics, falling municipal yields and investor expectations for economic growth.

When the Reporting Period began in the second quarter of 2020, municipal securities recorded solid gains. Demand was strong for the quarter overall, despite a bumpy start. During April, municipal bond mutual funds experienced investment outflows, as fear and uncertainty driven by the COVID-19 pandemic fueled widespread selling. However, in May and June, investment flows were positive for seven consecutive weeks amid growing investor confidence and increased clarity about the economic impact of COVID-19. New issuance was robust, with a significant portion of the supply growth due to municipal borrowers issuing taxable bonds to refinance (or advance refund) previously issued tax-exempt bonds that had higher interest costs. The combination of 2017 tax reform legislation and lower U.S. Treasury yields incentivized states and localities to issue taxable municipal bonds for this refinancing purpose. Historically, taxable issuance had been a minor part of overall volume.

In the third and fourth quarters of 2020, municipal securities continued to generate positive returns. Investment inflows increased during both quarters, driven, in our view, by the credit outlook for municipal bonds, their attractive yields relative to other asset classes, and the benign interest rate environment. New issuance — especially of taxable municipal bonds — remained strong. October saw the calendar month’s highest volume on record, as municipal borrowers brought deals to market ahead of potential U.S. Presidential election-related volatility.

Municipal securities ended the first quarter of 2021 rather flat. Investment inflows to municipal bond mutual funds were strong during the first six weeks of the quarter but became more subdued as investors grew concerned in mid to late February about a rise in interest rates. After a brief lull, investment inflows picked up again in March. Regarding new issuance, it was slow during January but accelerated and normalized as the quarter progressed. Many of the transactions were related to funding new projects, though refinancing activity and taxable municipal issuance remained prevalent. The passage of the $1.9 trillion American Rescue Plan benefited many municipal sectors, as it would provide financial assistance to states and municipalities.

Primary market issuance rose during the Reporting Period overall, with approximately $491 billion in new supply — an increase of 11% year over year. Investment flows were positive during the Reporting Period at approximately $77.2 billion. (Source: Lipper.)

For the Reporting Period overall, yields fell along the municipal yield curve. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The municipal yield curve steepened, as shorter-term municipal yields fell more than longer-term municipal yields. (A steepening yield curve is one wherein the differential in yields between shorter-term and longer-term maturities widens; opposite of a flattening yield curve.) The yield on a two-year AAA-rated municipal security decreased 92 basis points to 0.14%; the yield on a 10-year AAA-rated municipal security decreased 21 basis points to 1.12%; and the yield on a 30-year AAA-rated municipal security decreased 24 basis points to 1.75%. (A basis point is 1/100th of a percentage point.) By comparison, the yield on a two-year U.S. Treasury security fell seven basis points to 0.16%; the yield on a 10-year U.S. Treasury rose 104 basis points to 1.74%; and the yield on a 30-year U.S. Treasury rose 106 basis points to 2.41%. (Source: GSAM, MMD and Bloomberg.)

High Yield Municipals

In the second quarter of 2020, when the Reporting Period began, high yield municipal securities outpaced investment grade municipal securities. Most of the outperformance occurred in June, as investor risk appetite increased amid a search for higher tax free yields in response to historically low investment grade municipal yields. Tobacco was the best-performing sector during the second calendar quarter, while hospital credits performed the worst. High yield municipal securities continued to outpace investment grade municipal securities during the third calendar quarter, even as the high yield municipal market saw an uptick in defaults, increased credit stress, and downgrades among certain smaller issuers, specific sectors and credits already under pressure before COVID-19. In the fourth quarter of 2020, high yield municipal bonds outperformed investment grade municipal bonds, led by airline bonds, which benefited from positive news about the development of COVID-19 vaccines. Housing credits were the weakest performers. High yield municipal bonds continued to outperform investment grade municipal bonds in the first quarter of 2021. Lease appropriation credits were the strongest positive performers, while Puerto Rican credits were the weakest. Improving credit fundamentals, lower interest rate sensitivity, a strong economic backdrop and positive investment inflows drove high yield

MARKET REVIEW

municipal bonds’ outperformance versus investment grade municipal bonds. For the Reporting Period overall, the high yield municipal bond market outperformed the investment grade municipal bond market. The strongest performers, as measured by the Bloomberg Barclays High Yield Municipal Bond Index, were tobacco and leasing bonds, while the weakest performers were housing and electric bonds.

Looking Ahead

At the end of the Reporting Period, we thought municipal bond valuations were at the richer end of their historical ranges, having significantly outperformed U.S. Treasuries during the first quarter of 2021. In our view, municipal securities could underperform U.S. Treasuries in the near term given these rather rich valuations, heavier supply and softer demand and tax season-related selling.

Given the significant investment inflows to municipal bond mutual funds in early 2021, we believed demand from individuals could slow and become choppier in the near term. The choppiness, in our opinion, could be caused by a tug-of-war between investors who have cash on the sidelines and are looking for tax free income and investors who are concerned about significant increases in future interest rates. As for supply, we expected municipal bond issuance to increase in the near term, although the rise in U.S. Treasury yields during the Reporting Period may lower projected taxable municipal issuance for refinancing purposes, as cost savings may be less attractive. Longer term, future supply may be impacted by potential federal infrastructure legislation, in our view.

In the coming months, we expected market participants to closely follow the White House’s priorities and future policies in terms of the implications for the overall municipal market. In our opinion, there was an increased probability the next area of focus was likely to be tax legislation, specifically as it relates to increasing corporate and individual taxes. Discussions surrounding policies such as infrastructure, the removal of the $10,000 cap on state and local tax deductions and changes to other facets of the Tax Cuts and Jobs Act of 2017 had already started to garner headlines at the end of the Reporting Period. We expected more to come on those initiatives.

Broadly speaking, at the end of the Reporting Period, we believed municipal securities would remain attractive because of their tax-advantaged nature. Regarding investment grade municipal bonds, we expected their credit quality to remain strong as 2021 progressed due to sizeable federal aid, better than consensus expected state and municipal revenues and strong growth as the U.S. economy comes out of the pandemic. Major rating agencies had already improved their outlooks on large sectors of the municipal market, such as states and local governments, to reflect the improved environment. At the end of the Reporting Period, we continued to favor the risk-reward profile of BBB-rated municipal credits. We believed there was opportunity to pick up additional yield in this credit rating category while still getting exposure to investment grade quality municipal issuers in traditional municipal sectors, such as state and local general obligations and transportation.

As for high yield municipal bonds, at the end of the Reporting Period, we did not anticipate a significant rise in defaults, as most issuers were not directly affected by COVID-19. However, certain issuers, such as those in retail sales, proton therapy and waste disposal/recycling — already under stress before the pandemic — were likely to remain so, in our opinion. We believed some project finance issuance, boosted by the low interest rate environment, could also struggle during the critical final development and start-up stages. On a positive note, we expected health care, small university and student housing sectors to start improving as COVID-19 vaccines become more readily available. We thought there were select opportunities in these credits amid a strengthening economic recovery.

In the months ahead, we intend to maintain our approach in which we focus on seeking attractive risk/return opportunities across maturities along the municipal bond yield curve and inclusive of all credit qualities. We will continue seeking to keep the Goldman Sachs Municipal Funds invested in the most tax-efficient manner.

PORTFOLIO RESULTS

Goldman Sachs Dynamic Municipal Income Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Municipal Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 9.00%, 8.19%, 9.37%, 8.79%, 9.28%, 9.37% and 9.37%, respectively. These returns compare to the 4.54% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (the “Index”), during the same time period.

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

Sector positioning and bottom-up issue selection added to the Fund’s relative returns during the Reporting Period. The Fund’s combined duration and yield curve positioning also contributed positively to relative performance. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period?

During the Reporting Period, the Fund benefited from its sector positioning, especially overweights compared to the Index in tobacco revenue bonds and airline bonds. Conversely, overweight positions in health care bonds and special tax bonds detracted from relative performance. An overweight in Puerto Rico credits bolstered relative returns, while an overweight in Pennsylvania credits dampened results.

As for individual issue selection, the Fund was helped by its investments in Puerto Rico sales tax bonds, New Jersey Transportation Trust Authority bonds, Commonwealth of Puerto Rico general obligation bonds, State of Illinois general obligation bonds and Tobacco Settlement Financing Corporation municipal bonds. It was hurt by its holdings in Capital Trust Agency bonds and New Hampshire Health and Education Facilities Authority bonds.

In addition, the Fund’s exposure to BBB-rated, high yield and non-rated bonds added to relative returns, as lower credit quality issues outperformed higher credit quality issues during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period?

The Fund’s combined duration and yield curve positioning added to performance during the Reporting Period. More specifically, the Fund was helped by its exposure to the 10-year and 20-year segments of the municipal yield curve, as longer-term municipal yields rallied. These positive results were offset somewhat by the Fund’s underweights relative to the Index in the two- to three-year segment of the municipal yield curve.

How did the Fund use derivatives and similar instruments during the Reporting Period as a whole?

During the Reporting Period, the Fund used U.S. Treasury futures to manage U.S. interest rate duration, which added to returns. In addition, to manage against potential changes in interest rates, the Fund employed interest rate swaps. The use of interest rate swaps had a negative impact on the Fund’s performance during the Reporting Period. The Fund also maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

We increased the Fund’s exposure to special assessment bonds during the Reporting Period and reduced its exposure to state general obligation bonds. From a state perspective, we increased the Fund’s allocations to New York and Florida credits and decreased its allocations to Illinois credits. In addition, we reduced the Fund’s exposure to the 12- to 13-year segment of the municipal yield curve and increased its exposure to the one- to two-year segment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective March 12, 2021, Sylvia Yeh became a portfolio manager for the Fund. Scott Diamond and Joseph Wenzel continued to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was underweight relative to the Index in higher credit quality investment grade municipal bonds and overweight in BBB-rated and other lower credit quality issues. In terms of its sector positioning, the Fund was overweight special tax, transportation and health care bonds and underweight state general obligation bonds. From a state perspective, the Fund was overweight Florida, Illinois and Puerto Rico credits. Additionally, at the end of the Reporting Period, the Fund was underweight short to intermediate maturity municipal bonds.

FUND BASICS

Dynamic Municipal Income Fund

as of March 31, 2021

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Dynamic Municipal Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	9.00%	3.89%	4.83%	—
Including sales charges	4.90%	3.10%	4.42%	—

Class C
Excluding contingent deferred sales charges	8.19%	3.13%	4.05%	—
Including contingent deferred sales charges	7.17%	3.13%	4.05%	—

Institutional	9.37%	4.24%	5.17%	—

Service	8.79%	3.72%	4.66%	—

Investor	9.28%	4.15%	5.07%	—

Class R6 (Commenced November 30, 2017)	9.37%	N/A	N/A	4.89%

Class P (Commenced April 20, 2018)	9.37%	N/A	N/A	4.89%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs High Yield Municipal Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Municipal Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 12.87%, 12.03%, 13.22%, 13.14%, 13.24% and 13.24%, respectively. These returns compare to the 11.13% average annual total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite Index”), during the same time period.

The High Yield Municipal Fund Composite Index is composed 60% of the Bloomberg Barclays Municipal High Yield Bond Index (with dividends reinvested) and 40% of the Bloomberg Barclays Municipal Bond Index (with dividends reinvested), which generated average annual total returns of 15.02% and 5.51%, respectively, during the Reporting Period.

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

During the Reporting Period, our bottom-up issue selection and the Fund’s sector positioning contributed positively to relative performance. In addition, the Fund’s combined duration and yield curve positioning added to relative returns. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Which municipal bond market sectors most significantly affected Fund performance?

Individual issue selection bolstered the Fund’s relative performance during the Reporting Period. Specifically, the Fund was helped by its holdings of New Jersey Transit bonds. These positive results were offset somewhat by the Fund’s investments in Buckeye (Ohio) tobacco bonds, which detracted.

Within its sector positioning, the Fund benefited from an underweight compared to the High Yield Municipal Composite Index in housing bonds and an overweight in state general obligation bonds. Its overweight in special tax bonds dampened relative performance. State exposure hampered the Fund’s returns overall, with an underweight in Puerto Rico credits detracting from performance and overweights in California and Florida credits adding to results.

During the Reporting Period, the Fund’s overweight positions compared to the High Yield Municipal Composite Index in lower credit quality issues added to relative returns. Overweight positions in longer maturities also contributed positively, while the Fund’s underweight positions in shorter maturities modestly detracted.

How did duration and yield curve positioning decisions affect the Fund’s performance?

During the Reporting Period, the Fund’s combined duration and yield curve positioning contributed positively to performance. The Fund benefited from its overweights relative to the High Yield Municipal Composite Index in the 10-year, 20-year and 30-year segments of the municipal yield curve. These results were offset by the Fund’s underweight positions in the one-year, two-year, three-year, five-year and seven-year segments, which detracted from relative returns.

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

During the Reporting Period, the Fund employed interest rate swaps to manage the Fund’s duration position, which had a negative impact on the Fund’s performance. In addition, U.S. Treasury futures were utilized to manage U.S. interest rate

PORTFOLIO RESULTS

duration. The use of U.S. Treasury futures had a positive impact on results during the Reporting Period. The Fund also maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on Fund performance during the Reporting Period.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to transportation bonds and decreased its exposure to municipal bonds backed by corporate credits. From a state perspective, we increased the Fund’s exposure to New York credits and reduced its exposures to Illinois and California credits. In addition, we decreased the Fund’s positions in the one- to two-year, two- to three-year, nine- to 10-year and 10- to 11-year segments of the municipal yield curve, while increasing its positions in the 11- to 16-year segment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, relative to the High Yield Municipal Composite Index, the Fund was underweight higher credit quality municipal bonds and overweight lower credit quality municipal bonds. Regarding sectors, the Fund was overweight special tax and transportation municipal bonds and underweight housing, health care and leasing municipal bonds. In term of state exposures, the Fund was overweight compared to the High Yield Municipal Composite Index in New Jersey and California credits and underweight Puerto Rico credits. Finally, at the end of the Reporting Period, the Fund was underweight short- to intermediate-maturity municipal bonds and overweight intermediate- to long-maturity municipal bonds.

FUND BASICS

High Yield Municipal Fund

as of March 31, 2021

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Performance Summary

March 31, 2021

The following graph shows the value as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Barclays Municipal High Yield Bond Index (60%) and the Bloomberg Barclays Municipal Bond Index (40%) (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Municipal Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	12.87%	6.19%	7.16%	—
Including sales charges	7.81%	5.22%	6.66%	—

Class C
Excluding contingent deferred sales charges	12.03%	5.40%	6.36%	—
Including contingent deferred sales charges	11.01%	5.40%	6.36%	—

Institutional	13.22%	6.50%	7.47%	—

Investor	13.14%	6.44%	7.43%	—

Class R6 (Commenced November 30, 2017)	13.24%	N/A	N/A	7.09%

Class P (Commenced April 20, 2018)	13.24%	N/A	N/A	6.93%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Municipal Income Completion Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Municipal Income Completion Fund’s (the “Fund”) performance and positioning during the 12 months ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Separate Account Institutional Shares generated an average annual total return of 14.11%. These returns compare to the 4.54% average annual total return of the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with dividends reinvested), during the same time period.

Because the composition of the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is not comparable to the range of instruments in which the Fund may transact, references to the return of the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index are included for informational purposes only and not an indication of how the Fund is managed. This Fund employs a benchmark agnostic strategy.

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

During the Reporting Period, the Fund was helped by its sector positioning. The Fund’s combined duration and yield curve positioning also contributed positively. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) Conversely, our bottom-up issue selection detracted from performance.

Which municipal bond market sectors most significantly affected Fund performance?

The Fund benefited from its exposure to state general obligation bonds and tobacco bonds during the Reporting Period. It was hampered by its exposure to health care revenue bonds and special tax bonds. Regarding its state exposures, the Fund’s holdings of Puerto Rico credits added to performance, while investments in Illinois credits hurt returns. The Fund’s bias toward BBB-rated issues had a positive impact on performance during the Reporting Period.

Individual issue selection detracted from the Fund’s performance during the Reporting Period, especially positions in Denver Health and Hospital Authority bonds and Capital Trust Agency bonds. These negative results were partially offset by the Fund’s holdings of New York Metropolitan Transportation Authority bonds, State of Illinois general obligation bonds, Buckeye (Ohio) tobacco settlement bonds, Puerto Rico sales tax financing bonds and New Jersey Transportation Trust Authority bonds, each of which contributed positively.

How did duration and yield curve positioning decisions affect the Fund’s performance?

The Fund’s combined duration and yield curve positioning added to performance. During the Reporting Period, the Fund benefited from its exposure to the 10-year and 20-year segments of the municipal yield curve, as municipal yields fell. On the other hand, our efforts to hedge duration detracted slightly.

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

During the Reporting Period, the Fund used U.S. Treasury futures to manage U.S. interest rate duration. The Fund also employed interest swaps to manage U.S. interest rate duration and to manage against potential changes in interest rates. Collectively, the use of U.S. Treasury futures and interest rate swaps had a positive impact on the Fund’s performance during the Reporting Period.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

We increased the Fund’s exposures to hospital bonds, state general obligation bonds and transportation bonds during the Reporting Period. We decreased its cash holdings and its exposure to special tax-sales bonds. From a state perspective,

PORTFOLIO RESULTS

we increased the Fund’s exposure to Illinois credits and reduced its exposure to Florida credits. Finally, we increased the Fund’s exposure to the five- to six-year segment of the municipal yield curve and reduced its exposure to the 14- to 15-year segment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had substantial exposure to BBB-rated municipal bonds and non-rated municipal securities. It had sizable positions in special assessment bonds, state general obligations bonds and hospital bonds. From a state perspective, the Fund had significant investments in Illinois, Florida, New York and Puerto Rico credits. It had comparatively smaller positions in Michigan, Ohio and Colorado credits at the end of the Reporting Period.

FUND BASICS

Municipal Income Completion Fund

as of March 31, 2021

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Performance Summary

March 31, 2021

The following graph shows the value as of March 31, 2021, of a $1,000,000 investment made on April 1, 2019 (commencement of operations) in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Municipal Income Completion Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2019 through March 31, 2021.

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Average Annual Total Return through March 31, 2021	One Year	Since Inception
Separate Account Institutional (Commenced April 1, 2019)	14.11%	6.76%

PORTFOLIO RESULTS

Goldman Sachs Short Duration Tax-Free Fund

Investment Objective

The Fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, 2.92%, 2.51%, 3.23%, 2.71%, 3.18%, 3.24% and 3.24%, respectively. These returns compare to the 2.93% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period.

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

Bottom-up issue selection and sector positioning contributed positively to the Fund’s relative performance during the Reporting Period. The Fund’s combined duration and yield curve positioning detracted from relative returns. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Which municipal bond market sectors most significantly affected Fund performance?

During the Reporting Period, the Fund benefited from its overweights compared to the Index in state general obligation bonds and electricity bonds. It was hurt by its overweight position in health care revenue bonds. An overweight in Puerto Rico credits added to relative performance, but an overweight in Pennsylvania credits detracted from results.

Regarding individual issue selection, the Fund was aided by its investments in revenue bonds, especially Florida development credits and Arizona health care credits. On the other hand, the Fund’s holdings of Pennsylvania general obligation bonds slightly held back its relative performance.

The Fund’s underweight position relative to the Index in higher credit quality credits and its overweight in lower credit quality credits bolstered relative returns during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance?

The Fund’s combined duration and yield curve positioning detracted from relative performance. Specifically, the Fund was hurt by its underweight positions relative to the Index in the two-year and three-year segments of the municipal yield curve. These negative results were partially offset by the Fund’s exposure to the five-year and seven-year segments, which added to returns.

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

During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on Fund performance during the Reporting Period.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

We increased the Fund’s exposure to state general obligation bonds during the Reporting Period and decreased its exposure to local general obligation bonds. From a state perspective, we added to the Fund’s positions in New York and Pennsylvania credits and reduced its positions in Florida and Virginia credits. In addition, we decreased the Fund’s exposures to maturities of less than one year and maturities of two to three years. We also increased its exposure to the four- to five-year and the six- to seven-year segments of the municipal yield curve during the Reporting Period.

PORTFOLIO RESULTS

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was underweight relative to the Index in higher credit quality municipal bonds and overweight lower credit quality municipal bonds. With regard to sectors, the Fund was underweight housing and pre-refunded bonds relative to the Index. It was overweight state and local general obligation bonds as well as education, health care, power and transportation bonds relative to the Index at the end of the Reporting Period. (Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.) From a state perspective, the Fund was overweight Illinois, Puerto Rico and New Jersey credits and underweight California and Ohio credits relative to the Index. Finally, the Fund was underweight short-maturity municipal bonds relative to the Index at the end of the Reporting Period.

FUND BASICS

Short Duration Tax-Free Fund

as of March 31, 2021

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Performance Summary

March 31, 2021

The following graph shows the value as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Tax-Free Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	2.92%	1.73%	1.53%	—
Including sales charges	1.39%	1.42%	1.38%	—

Class C
Excluding contingent deferred sales charges	2.51%	1.32%	1.12%	—
Including contingent deferred sales charges	1.86%	1.32%	1.12%	—

Institutional	3.23%	2.06%	1.85%	—

Service	2.71%	1.55%	1.35%	—

Investor	3.18%	1.99%	1.78%	—

Class R6 (Commenced November 30, 2017)	3.24%	N/A	N/A	2.65%

Class P (Commenced April 20, 2018)	3.24%	N/A	N/A	2.76%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND BASICS

Index Definition

The Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Goldman Sachs High Yield Municipal Fund Composite Index is comprised of the Bloomberg Barclays Municipal High Yield Bond Index (60%) (with dividends reinvested) and the Bloomberg Barclays Municipal Bond Index (40%) (with dividends reinvested).

The Bloomberg Barclays Municipal High Yield Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Bloomberg Barclays Municipal High Yield Bond Index does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Barclays Municipal Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with dividends reinvested), an unmanaged index, represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – 97.6%
Alabama – 1.0%
	Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A-/A2)
$	5,000,000		4.000%		09/15/2033	$	5,584,516
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	425,000		5.000		08/01/2025		500,511
	485,000		5.000		08/01/2026		587,723
	550,000		5.000		08/01/2027		681,058
	485,000		5.000		08/01/2028		612,992
	485,000		5.000		08/01/2029		623,889
	425,000		5.000		08/01/2030		553,674
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000		5.000		11/15/2021		100,309
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
	4,600,000		5.750		10/01/2049		5,277,695
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	1,000,000		5.000		10/01/2024		1,143,350
	1,000,000		5.000		10/01/2025		1,177,827
	2,225,000		5.000		10/01/2030		2,579,577
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	740,000		5.000		10/01/2044		822,581
	4,415,000		5.500		10/01/2053		4,962,030
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	4,275,000		0.000		10/01/2046		4,329,254
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000		5.000		10/01/2021		1,024,209
	13,500,000		6.000		10/01/2042		15,683,780
	10,615,000		6.500		10/01/2053		12,466,460
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)^(a)
	14,875,000		0.000		10/01/2050		15,110,422
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(b)(c)
	225,000		2.000		10/01/2024		234,351
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)^(b)(c)
	225,000		2.000		10/01/2024		234,351
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(b)(c)
	1,750,000		2.000		10/01/2024		1,822,726
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A1)
	3,820,000		4.000		06/01/2024		4,208,415
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A1)^(b)
	10,000,000		(1 Mo. LIBOR + 0.85%), 0.923		06/01/2024		10,067,759
	UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)
	1,350,000		4.000		09/01/2036		1,594,539
	2,030,000		4.000		09/01/2037		2,390,003
	1,350,000		4.000		09/01/2038		1,584,919

							95,958,920


Municipal Bonds – (continued)
Alaska – 0.4%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2016 (AMT) (A+/NR)
	1,755,000		5.000		12/01/2030		2,093,733
	1,365,000		5.000		12/01/2031		1,627,640
	1,960,000		5.000		12/01/2032		2,335,950
	2,055,000		5.000		12/01/2033		2,441,799
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	1,200,000		5.000		12/01/2026		1,459,269
	3,430,000		5.000		12/01/2027		4,277,909
	2,175,000		5.000		12/01/2028		2,756,836
	2,235,000		5.000		12/01/2029		2,869,514
	1,540,000		5.000		12/01/2030		1,993,842
	Alaska Municipal Bond Bank Authority RB Series 2017 THREE (A+/NR)
	1,240,000		5.000		12/01/2027		1,537,556
	Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)
	2,600,000		5.000		06/01/2046		2,629,869
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (WD/NR)^(d)
	37,350,000		0.000		06/01/2046		7,942,089
	State of Alaska GO Unlimited Bonds Series 2016 A (AA-/Aa3)
	5,460,000		5.000		08/01/2027		6,458,185

							40,424,191

Arizona – 1.3%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(e)
	21,670,000		(3 Mo. LIBOR + 0.81%), 0.969		01/01/2037		21,575,651
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	425,000		3.375		07/01/2041		437,380
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,400,000		5.000		11/01/2044		1,675,228
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (B+/NR)
	570,000		5.000		01/01/2043		574,168
	3,250,000		4.500		01/01/2049		3,035,073
	2,095,000		5.000		01/01/2054		2,032,467
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (B/NR)
	1,565,000		5.000		01/01/2037		1,452,025
	1,105,000		5.000		01/01/2038		1,017,690
	300,000		5.000		01/01/2043		260,200
	2,125,000		5.000		01/01/2049		1,786,661
	600,000		5.125		01/01/2054		502,003
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa2)
	365,000		5.000		05/01/2024		386,457
	300,000		5.000		05/01/2029		325,633
	650,000		5.000		05/01/2031		697,157


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)^(b)(c)
$	10,000,000		2.700	%		08/14/2023	$	10,502,911
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(b)(c)
	7,300,000		5.000			06/03/2024		8,287,983
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,375,000		3.000			07/01/2049		1,415,761
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A/A1)
	1,110,000		5.000			07/01/2023		1,221,188
	1,115,000		5.000			07/01/2024		1,269,153
	1,215,000		5.000			07/01/2025		1,423,898
	915,000		4.000			07/01/2044		1,015,975
	2,980,000		5.000			07/01/2044		3,578,511
	2,290,000		3.250			07/01/2049		2,369,102
	1,375,000		5.000			07/01/2049		1,641,023
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A3)
	3,005,000		2.163			07/01/2022		3,045,225
	1,950,000		2.226			07/01/2023		1,991,137
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000			07/01/2030		8,467,986
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	5,019,000		4.000			07/01/2037		5,089,429
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	395,000		3.500			07/01/2029		408,070
	378,000		4.100			07/01/2034		388,476
	1,141,000		4.750			07/01/2043		1,171,150
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000		5.000			07/01/2028		3,076,094
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	535,000		4.000			05/15/2031		584,684
	900,000		5.000			05/15/2041		1,012,520
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	5,000,000		5.000			11/15/2042		5,779,432
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
	380,000		4.000			02/15/2041		419,380
	295,000		4.000			02/15/2046		323,195
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)^(f)
	300,000		4.000			07/01/2030		322,653
	600,000		5.000			07/01/2040		672,568
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)^(f)
	300,000		5.000			10/01/2026		314,517
	400,000		5.125			10/01/2030		430,455


Municipal Bonds – (continued)
Arizona – (continued)
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	200,000		4.000			07/01/2025		224,835
	200,000		4.000			07/01/2026		228,640
	200,000		4.000			07/01/2027		232,150
	325,000		4.000			07/01/2028		380,043
	250,000		4.000			07/01/2029		295,292
	500,000		4.000			07/01/2034		559,910
	700,000		5.000			07/01/2039		844,959
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)^(f)
	500,000		4.750			05/01/2030		524,699
	225,000		5.500			05/01/2040		236,465
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	11,910,000		5.000			12/01/2037		16,530,894
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)(c)
	4,000,000		2.800			06/01/2021		4,014,774

								126,052,930

Arkansas – 0.4%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	2,790,000		5.000			12/01/2047		3,384,575
	4,630,000		3.200			12/01/2049		4,730,645
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	4,700,000		3.500			07/01/2038		4,705,763
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (BBB-/NR)
	1,120,000		5.000			06/01/2021		1,125,843
	520,000		5.000			06/01/2022		538,386
	700,000		5.000			06/01/2023		742,322
	1,030,000		5.000			06/01/2024		1,109,755
	1,215,000		5.000			06/01/2025		1,324,489
	1,705,000		5.000			06/01/2026		1,879,269
	1,770,000		5.000			06/01/2027		1,965,746
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	550,000		5.000			08/01/2026		662,046
	500,000		5.000			08/01/2028		594,510
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,592,901
	5,185,000		3.000			02/01/2024		5,362,640
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,341,688

								37,060,578

California – 8.7%
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(d)
	1,000,000		0.000			08/01/2037		706,364


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
$	670,000		4.000	%		09/01/2024	$	738,278
	500,000		4.000			09/01/2025		548,345
	370,000		4.000			09/01/2026		404,491
	415,000		4.000			09/01/2027		451,739
	410,000		4.000			09/01/2028		444,531
	345,000		4.000			09/01/2029		372,523
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	1,000,000		5.000			05/01/2040		1,175,776
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	190,000		4.000			09/01/2021		192,826
	195,000		4.000			09/01/2022		204,671
	205,000		4.000			09/01/2023		221,383
	210,000		4.000			09/01/2024		232,222
	220,000		4.000			09/01/2025		248,308
	230,000		4.000			09/01/2026		262,518
	235,000		4.000			09/01/2027		266,191
	255,000		4.000			09/01/2029		285,330
	275,000		4.000			09/01/2031		303,759
	290,000		4.000			09/01/2032		319,465
	300,000		5.000			09/01/2033		343,819
	215,000		5.000			09/01/2034		245,768
	330,000		5.000			09/01/2035		376,648
	345,000		3.000			09/01/2036		354,939
	360,000		3.000			09/01/2037		369,419
	370,000		3.000			09/01/2038		378,383
	380,000		3.000			09/01/2039		388,039
	1,160,000		5.000			09/01/2044		1,303,399
	1,475,000		5.000			09/01/2049		1,651,032
	Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)
	1,505,000		4.000			09/01/2045		1,648,096
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (BBB-/NR)
	425,000		4.000			06/01/2049		472,523
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
	500,000		5.000			06/01/2050		584,185
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (BBB+/NR)
	950,000		4.000			06/01/2049		1,097,106
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	275,000		5.000			06/01/2049		335,384
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)^(d)
	2,375,000		0.000			06/01/2055		574,093


Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	825,000		4.000			06/01/2049		946,778
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	595,000		5.000			06/01/2049		719,448
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)^(d)
	12,130,000		0.000			06/01/2055		2,343,833
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)^(d)
	45,220,000		0.000			06/01/2055		5,435,874
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250			04/01/2040		7,420,039
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		5,209,041
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	450,000		5.000			08/01/2035		556,945
	575,000		5.000			08/01/2040		701,880
	550,000		5.000			08/01/2045		662,168
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		587,191
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	375,000		5.000			11/15/2028		467,474
	350,000		5.000			11/15/2029		433,124
	565,000		5.000			11/15/2030		695,506
	1,010,000		5.000			11/15/2042		1,206,075
	12,000,000		5.000			11/15/2056		14,186,888
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,516,262
	1,150,000		5.000			02/01/2035		1,338,866
	450,000		5.000			02/01/2042		516,409
	1,450,000		5.000			02/01/2047		1,652,489
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	2,285,000		5.000			06/30/2028		2,874,195
	1,635,000		5.000			12/31/2028		2,048,121
	6,195,000		5.000			12/31/2043		7,316,819
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	670,000		4.000			07/01/2031		771,813
	1,830,000		4.000			07/01/2041		2,058,057
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		239,855
	200,000		5.000			10/01/2027		245,051
	150,000		5.000			10/01/2028		187,261


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1) – (continued)
$	225,000		5.000	%		10/01/2029	$	278,953
	125,000		5.000			10/01/2030		153,709
	225,000		5.000			10/01/2031		275,185
	225,000		5.000			10/01/2032		274,192
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)^(f)
	430,000		5.000			10/01/2034		505,217
	1,125,000		5.000			10/01/2039		1,299,550
	1,035,000		5.000			10/01/2049		1,173,464
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	2,875,000		5.000			12/31/2034		3,480,258
	2,375,000		5.000			12/31/2035		2,867,263
	900,000		5.000			12/31/2037		1,080,544
	2,000,000		5.000			12/31/2038		2,395,364
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		436,744
	California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)^(f)
	5,550,000		4.000			11/01/2023		5,550,826
	California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)
	4,130,000		3.000			11/01/2025		4,558,654
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(f)
	2,000,000		6.750			12/01/2028		2,016,376
	14,195,000		7.500			12/01/2040		14,390,380
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2001 A (AMT) (A-/NR)^(b)(c)
	1,250,000		2.500			05/01/2024		1,323,366
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2003 A (A-/NR)^(b)(c)
	3,500,000		2.500			05/01/2024		3,705,424
	California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (A-/NR)
	10,000,000		3.375			07/01/2025		11,119,684
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)^(f)
	13,845,000		5.000			07/01/2030		14,823,375
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)^(f)
	280,000		5.000			07/01/2022		296,368
	360,000		5.000			07/01/2023		395,256
	445,000		5.000			07/01/2024		503,411
	1,330,000		5.000			07/01/2029		1,625,716


Municipal Bonds – (continued)
California – (continued)
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(f)
	1,000,000		5.000			06/15/2040		1,082,256
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BBB-/NR)^(f)
	215,000		3.000			10/01/2030		226,511
	500,000		5.000			10/01/2040		577,134
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)^(f)
	680,000		4.000			07/01/2030		742,261
	750,000		5.000			07/01/2040		836,543
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa2)
	1,250,000		5.000			08/01/2046		1,497,484
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	16,170,000		4.000			11/01/2037		19,536,435
	17,175,000		4.000			11/01/2038		20,684,727
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	330,000		4.250			09/01/2022		345,232
	205,000		5.000			09/01/2030		230,601
	220,000		5.000			09/01/2037		244,022
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)^(f)
	1,375,000		7.250			09/01/2050		1,457,225
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	625,000		4.000			09/01/2041		697,558
	530,000		4.000			09/01/2051		588,407
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		1,057,317
	595,000		5.000			09/02/2039		708,712
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	2,630,000		5.000			09/02/2033		3,156,708
	875,000		5.000			09/02/2038		1,034,178
	350,000		5.000			09/02/2043		409,331
	1,040,000		5.000			09/02/2048		1,205,352
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	4,225,000		5.000			09/02/2029		4,970,203
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	645,000		4.000			09/02/2023		689,378
	670,000		4.000			09/02/2024		730,768
	1,500,000		5.000			09/02/2034		1,812,544


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(f)
$	750,000		3.000	%		06/01/2029	$	764,952
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (BBB+/NR)
	365,000		5.000			08/01/2028		452,588
	300,000		5.000			08/01/2029		368,056
	315,000		5.000			08/01/2030		382,897
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (B/NR)^(f)
	500,000		5.000			07/01/2024		513,952
	900,000		5.000			07/01/2029		936,114
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		174,889
	70,000		5.000			04/01/2031		81,306
	385,000		4.000			04/01/2032		421,177
	455,000		4.000			04/01/2034		493,511
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)^(f)
	1,725,000		5.000			12/01/2031		1,980,722
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,710,000		4.000			09/02/2028		1,887,025
	1,250,000		5.000			09/02/2040		1,505,585
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,300,000		5.000			09/02/2038		1,528,752
	1,500,000		5.000			09/02/2048		1,730,847
	California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)
	115,000		4.000			09/02/2021		116,450
	180,000		4.000			09/02/2022		187,541
	345,000		4.000			09/02/2023		368,652
	355,000		4.000			09/02/2024		387,447
	1,015,000		4.000			09/02/2029		1,143,859
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	975,000		5.000			05/15/2042		1,129,076
	1,000,000		5.000			05/15/2047		1,150,624
	800,000		5.000			05/15/2050		919,026
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF – Irvine, LLC Series 2017 (NR/Baa1)
	1,750,000		5.000			05/15/2022		1,831,528
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (WD/NR)^(d)
	22,510,000		0.000			06/01/2046		4,115,629


Municipal Bonds – (continued)
California – (continued)
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	230,000		4.000			09/01/2026		264,338
	245,000		4.000			09/01/2027		285,034
	250,000		4.000			09/01/2028		293,991
	165,000		3.000			09/01/2037		168,394
	170,000		3.000			09/01/2038		172,869
	175,000		3.000			09/01/2039		177,489
	180,000		3.000			09/01/2040		182,377
	620,000		3.125			09/01/2044		630,122
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa1)^(d)
	3,500,000		0.000			06/01/2034		2,667,229
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	600,000		4.000			09/01/2042		655,578
	City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)
	1,280,000		5.000			09/01/2044		1,556,392
	1,925,000		5.000			09/01/2049		2,327,990
	City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)
	1,125,000		4.000			09/01/2029		1,283,814
	1,275,000		4.000			09/01/2032		1,467,328
	1,030,000		4.000			09/01/2037		1,162,045
	485,000		4.000			09/01/2040		542,085
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)^(f)
	1,000,000		5.000			09/01/2035		1,218,434
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	305,000		4.000			09/01/2028		356,572
	330,000		4.000			09/01/2030		380,323
	440,000		4.000			09/01/2032		502,422
	450,000		4.000			09/01/2034		508,883
	465,000		4.000			09/01/2036		523,573
	150,000		3.000			09/01/2038		154,807
	160,000		3.000			09/01/2039		164,516
	190,000		4.000			09/01/2040		211,845
	City of Oroville RB for Oroville Hospital Series 2019 (BB/NR)
	1,140,000		5.000			04/01/2024		1,243,935
	1,325,000		5.000			04/01/2027		1,530,882
	1,000,000		5.000			04/01/2029		1,181,688
	1,250,000		5.000			04/01/2030		1,459,034
	1,500,000		5.000			04/01/2031		1,742,388
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		115,876
	100,000		5.000			09/01/2027		115,375
	100,000		5.000			09/01/2028		114,856
	100,000		5.000			09/01/2029		114,208
	140,000		5.000			09/01/2031		158,343
	250,000		5.000			09/01/2032		282,251
	230,000		5.000			09/01/2033		259,166
	150,000		5.000			09/01/2034		168,721
	150,000		5.000			09/01/2035		168,328


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) – (continued)
$	700,000		5.000	%		09/01/2036	$	782,788
	275,000		5.000			09/01/2037		306,736
	250,000		5.000			09/01/2038		278,307
	500,000		5.000			09/01/2039		555,830
	City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)
	325,000		3.000			09/01/2029		335,496
	815,000		5.000			09/01/2034		939,947
	445,000		5.000			09/01/2039		507,971
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	55,000		3.000			09/01/2022		56,511
	70,000		4.000			09/01/2024		76,004
	95,000		4.000			09/01/2026		106,010
	65,000		5.000			09/01/2030		77,545
	190,000		4.000			09/01/2032		211,698
	225,000		4.000			09/01/2034		249,276
	265,000		4.000			09/01/2036		292,160
	305,000		4.000			09/01/2038		334,674
	330,000		4.000			09/01/2040		361,717
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	875,000		4.000			09/01/2041		965,135
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(f)
	570,000		4.000			09/01/2028		632,123
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
	600,000		5.000			09/01/2035		711,592
	1,000,000		5.000			09/01/2040		1,171,128
	City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
	1,420,000		4.000			09/01/2044		1,557,852
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000			09/01/2024		331,327
	330,000		2.250			09/01/2026		346,951
	350,000		2.375			09/01/2028		367,066
	380,000		2.750			09/01/2031		391,880
	405,000		3.000			09/01/2033		422,776
	415,000		3.000			09/01/2034		433,069
	270,000		3.000			09/01/2035		279,708
	900,000		3.125			09/01/2037		934,465
	740,000		3.125			09/01/2039		765,266
	810,000		3.250			09/01/2041		837,008
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	345,000		5.000			09/01/2044		398,268
	465,000		5.000			09/01/2049		534,851
	City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No. 1 Series 2019 B (NR/NR)
	95,000		3.125			09/01/2037		98,930
	700,000		3.250			09/01/2041		726,534


Municipal Bonds – (continued)
California – (continued)
	City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No. 1 Series 2019 B (NR/NR) – (continued)
	600,000		3.500			09/01/2049		625,302
	940,000		4.000			09/01/2049		1,022,453
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		291,706
	County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)
	450,000		5.000			09/01/2034		516,858
	725,000		5.000			09/01/2039		824,285
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A/A2)
	1,225,000		5.000			07/01/2039		1,468,410
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	1,365,000		4.000			09/01/2045		1,487,040
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,405,000		5.000			09/01/2027		1,616,588
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	395,000		3.125			09/01/2044		402,336
	1,630,000		3.125			09/01/2049		1,649,846
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	1,300,000		3.950			01/15/2053		1,443,395
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(a)
	3,000,000		0.000			01/15/2032		3,523,310
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)^(b)(c)
	1,175,000		5.500			01/15/2023		1,248,478
	Foothill-Eastern Transportation Corridor Agency RB Refunding for Senior Lien Series 2021 A (A-/Baa2)
	4,000,000		4.000			01/15/2046		4,619,574
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000		5.000			09/01/2032		532,305
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(d)
	43,000,000		0.000			06/01/2047		9,483,272
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)^(d)
	9,375,000		0.000			06/01/2047		2,017,079
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)
	13,395,000		5.000			06/01/2045		15,536,184


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB/NR)
$	15,270,000	3.500 %		06/01/2036	$	15,545,700
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB-/NR)
	22,180,000	5.000		06/01/2034		26,819,799
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	2,440,000	5.000		06/01/2047		2,524,279
	10,080,000	5.250		06/01/2047		10,460,348
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	14,450,000	5.000		06/01/2047		14,949,113
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	3,915,000	5.300		06/01/2037		4,069,534
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)^(f)
	665,000	4.000		06/01/2036		761,795
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	1,305,000	3.678		06/01/2038		1,344,231
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000	5.000		09/01/2025		773,957
	650,000	5.000		09/01/2026		797,470
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000	5.000		09/01/2025		571,537
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000	5.000		09/01/2026		527,557
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000	4.000		09/01/2025		204,077
	175,000	4.000		09/01/2026		202,220
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (AA/NR)
	350,000	5.000		09/01/2030		454,981
	310,000	5.000		09/01/2032		398,929
	360,000	5.000		09/01/2034		458,690
	460,000	5.000		09/01/2036		580,064
	Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR)
	775,000	5.000		09/01/2043		871,624
	2,500,000	5.000		09/01/2048		2,798,989
	Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)
	3,000,000	3.500		09/01/2035		3,293,406
	Los Angeles Community College District GO Refunding Bonds Series 2020 (AA+/Aaa)
	6,270,000	1.606		08/01/2028		6,223,278
	14,495,000	1.806		08/01/2030		14,150,077
	4,000,000	2.106		08/01/2032		3,930,692


Municipal Bonds – (continued)
California – (continued)
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA-/Aa2)
	2,335,000	5.000		05/15/2034		2,881,625
	Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (A+/Aa3)
	3,810,000	5.000		05/15/2038		4,968,582
	3,915,000	5.000		05/15/2039		5,089,374
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (A+/Aa3)
	1,000,000	5.000		05/15/2029		1,187,592
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (A+/Aa3)
	7,000,000	5.250		05/15/2048		8,465,251
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	5,000,000	5.000		05/15/2030		6,146,463
	1,000,000	5.000		05/15/2035		1,210,475
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (A+/Aa3)
	6,000,000	5.000		05/15/2030		7,602,631
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	44,275,000	5.720		05/01/2027		54,432,566
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(d)
	2,000,000	0.000		08/01/2037		1,350,311
	4,500,000	0.000		08/01/2038		2,941,258
	4,500,000	0.000		08/01/2039		2,840,917
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)^(d)
	1,205,000	0.000		08/01/2026		1,136,445
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(d)
	2,510,000	0.000		08/01/2035		1,819,616
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000	6.500		11/01/2039		2,794,128
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,430,000	6.125		11/01/2029		4,372,083
	2,000,000	6.500		11/01/2039		3,193,289
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(a)
	5,000,000	0.000		08/01/2035		5,468,675
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A1)^(e)
	5,125,000	(3 Mo. LIBOR + 0.72%), 0.879		07/01/2027		5,150,636
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000	5.000		11/01/2047		13,696,603
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(d)
	2,150,000	0.000		08/01/2031		1,782,676
	4,150,000	0.000		08/01/2032		3,354,024
	3,500,000	0.000		08/01/2033		2,753,890


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
$	6,450,000	7.000 %		08/01/2038	$	9,122,851
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000		05/01/2031		4,169,342
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	590,000	4.000		09/01/2023		635,091
	320,000	4.000		09/01/2024		352,840
	400,000	4.000		09/01/2025		450,364
	1,490,000	4.000		09/01/2026		1,709,080
	305,000	4.000		09/01/2027		347,675
	500,000	4.000		09/01/2028		564,605
	1,780,000	4.000		09/01/2029		1,991,493
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,310,000	5.000		09/01/2027		4,593,945
	1,000,000	5.375		09/01/2031		1,063,686
	485,000	5.250		09/01/2034		513,681
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	195,000	4.000		09/01/2027		222,106
	205,000	4.000		09/01/2028		234,726
	210,000	4.000		09/01/2029		240,258
	220,000	4.000		09/01/2030		250,379
	545,000	4.000		09/01/2034		612,459
	500,000	4.000		09/01/2037		558,371
	370,000	4.000		09/01/2040		410,431
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	750,000	5.000		09/01/2025		882,646
	1,075,000	5.000		09/01/2026		1,299,211
	1,000,000	5.000		09/01/2027		1,236,373
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	35,000	4.000		09/01/2021		35,467
	50,000	4.000		09/01/2022		52,234
	85,000	4.000		09/01/2023		91,053
	80,000	4.000		09/01/2024		87,448
	150,000	4.000		09/01/2025		167,377
	275,000	5.000		09/01/2026		325,360
	210,000	5.000		09/01/2027		252,363
	160,000	5.000		09/01/2028		190,779
	170,000	5.000		09/01/2029		201,451
	110,000	5.000		09/01/2030		129,587
	100,000	5.000		09/01/2031		117,096
	185,000	5.000		09/01/2032		215,834
	165,000	5.000		09/01/2033		191,806
	175,000	4.000		09/01/2034		193,121
	150,000	4.000		09/01/2035		165,223
	125,000	3.000		09/01/2036		126,297
	470,000	5.000		09/01/2039		538,312


Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) – (continued)
	250,000	3.250		09/01/2041		254,389
	400,000	5.000		09/01/2045		453,484
	1,000,000	5.000		09/01/2049		1,130,554
	Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (AA/NR)
	1,000,000	5.000		07/01/2029		1,129,549
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(e)
	2,375,000	(3 Mo. LIBOR + 0.55%), 0.678		06/01/2034		2,285,270
	San Diego County Regional Airport Authority RB Refunding Series 2013 B (AMT) (A/A1)
	3,465,000	5.000		07/01/2023		3,821,103
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(d)
	5,000,000	0.000		07/01/2039		3,334,408
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,714,757
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A/A1)
	4,650,000	5.000		05/01/2049		5,683,012
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (ETM) (A/A1)^(g)
	3,800,000	5.000		05/01/2021		3,813,272
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A/A1)
	4,750,000	5.000		05/01/2026		4,991,935
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A/A1)
	2,000,000	5.500		05/01/2028		2,204,395
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (A/NR)
	10,000,000	5.000		05/01/2023		10,969,284
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 D (AMT) (A/A1)
	10,000,000	5.000		05/01/2048		11,868,826
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (A/NR)
	1,300,000	5.000		05/01/2027		1,611,995
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A/A1)
	9,380,000	5.000		05/01/2044		11,310,540
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (A-/NR)
	1,000,000	5.000		08/01/2033		1,178,084


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
$	500,000		5.000	%		09/01/2036	$	583,737
	1,550,000		5.000			09/01/2044		1,781,608
	2,275,000		5.000			09/01/2049		2,600,487
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (BBB/Baa2)^(d)
	1,605,000		0.000			01/15/2026		1,475,922
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	1,000,000		5.000			01/15/2029		1,141,857
	State of California GO Bonds for Bid Group A Series 2019 (AA-/Aa2)
	15,000,000		2.375			10/01/2026		15,877,558
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	5,000,000		1.400			06/01/2022		5,007,758
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000		5.000			08/01/2025		3,217,111
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (BBB-/NR)
	1,550,000		4.000			06/01/2049		1,746,899
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)^(d)
	6,000,000		0.000			06/01/2060		1,426,235
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	885,000		5.000			06/01/2026		1,076,785
	1,180,000		5.000			06/01/2027		1,472,303
	920,000		5.000			06/01/2028		1,172,550
	1,780,000		5.000			06/01/2029		2,312,917
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A-/NR)
	1,745,000		5.000			06/01/2032		2,254,675
	870,000		5.000			06/01/2034		1,114,189
	435,000		5.000			06/01/2035		555,507
	870,000		5.000			06/01/2036		1,106,161
	870,000		5.000			06/01/2039		1,096,116
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,100,000		5.000			06/01/2048		3,720,389
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)^(d)
	7,975,000		0.000			06/01/2054		1,508,224
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	1,265,000		5.000			10/01/2028		1,592,503
	580,000		5.000			10/01/2029		741,196


Municipal Bonds – (continued)
California – (continued)
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR) – (continued)
	490,000		5.000			10/01/2030		628,095
	1,025,000		5.000			10/01/2031		1,307,550
	880,000		5.000			10/01/2033		1,113,238
	615,000		5.000			10/01/2035		773,221
	705,000		5.000			10/01/2036		883,214
	880,000		5.000			10/01/2037		1,098,872
	880,000		5.000			10/01/2038		1,095,671
	880,000		5.000			10/01/2039		1,092,849
	970,000		5.000			10/01/2040		1,201,526
	950,000		5.000			10/01/2045		1,162,126
	995,000		5.000			10/01/2049		1,211,917
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
	1,720,000		2.400			10/01/2049		1,733,712
	University of California RB Refunding Series 2013 AL-2 (AA/Aa2)^(b)(c)
	39,860,000		0.030			04/01/2021		39,860,000
	University of California RB Refunding Series 2018 O (AA-/Aa3)
	3,500,000		5.500			05/15/2058		4,400,823
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)^(d)
	1,175,000		0.000			08/01/2025		1,125,490
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	800,000		5.000			09/01/2047		894,905

								811,476,538

Colorado – 3.9%
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/Aa2)
	6,910,000		5.250			12/01/2040		8,540,347
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)^(g)
	325,000		5.250			12/01/2026		406,854
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,425,000		4.700			12/01/2047		1,476,856
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	2,975,000		5.500			12/01/2050		3,206,877
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)^(a)(f)
	1,855,000		0.000			12/01/2049		1,480,601
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,054,000		4.500			12/01/2029		2,133,355
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/NR)
	14,305,000		5.000			03/01/2043		17,250,348
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (NR/NR)^(g)
	9,555,000		5.000			03/01/2028		12,157,479


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
$	525,000		5.000	%		12/01/2037	$	555,385
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	525,000		5.000			12/01/2035		581,805
	515,000		5.000			12/01/2040		565,148
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)^(f)
	1,120,000		5.000			12/01/2040		1,223,698
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	735,000		5.000			12/01/2035		801,096
	500,000		5.125			12/01/2048		540,640
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250			12/01/2038		1,069,558
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	3,510,000		6.000			12/15/2029		4,657,967
	10,805,000		6.000			12/15/2030		14,308,293
	City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)
	1,035,000		5.000			12/01/2049		1,105,568
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (NR/Ba2)^(f)
	300,000		5.000			02/01/2034		335,186
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)^(f)
	1,400,000		5.000			10/01/2029		1,581,115
	2,500,000		5.000			10/01/2039		2,760,246
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	380,000		4.000			11/01/2029		401,210
	400,000		5.000			11/01/2039		429,095
	700,000		5.000			11/01/2049		744,814
	Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (NR/Aa3)
	325,000		5.000			06/01/2049		351,486
	350,000		5.000			06/01/2054		377,920
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	1,800,000		4.000			09/01/2045		2,010,335
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	3,900,000		4.000			11/15/2043		4,511,677
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 B (AA/Aa2)^(b)(c)
	6,000,000		5.000			11/19/2026		7,419,638


Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,000,000		5.000			08/01/2030		1,270,482
	855,000		5.000			08/01/2035		1,066,422
	2,010,000		4.000			08/01/2044		2,230,182
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	855,000		5.000			08/01/2035		1,066,422
	2,140,000		5.000			08/01/2036		2,656,556
	855,000		5.000			08/01/2037		1,058,028
	1,285,000		5.000			08/01/2038		1,584,698
	2,575,000		5.000			08/01/2039		3,167,528
	3,495,000		4.000			08/01/2049		3,859,256
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(b)(c)
	2,000,000		5.000			08/01/2025		2,310,746
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(b)(c)
	4,285,000		5.000			08/01/2026		5,096,823
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (WD/NR)^(g)
	1,150,000		5.000			06/01/2027		1,432,492
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	1,730,000		4.000			11/01/2039		2,023,043
	7,435,000		5.000			11/01/2039		9,381,975
	8,285,000		5.000			11/01/2044		10,292,691
	1,950,000		5.000			11/01/2049		2,408,279
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	1,200,000		4.000			01/01/2036		1,414,893
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	1,250,000		2.496			11/01/2024		1,310,638
	2,730,000		2.678			11/01/2025		2,883,243
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	3,210,000		4.000			12/01/2029		3,257,288
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	242,000		3.500			12/01/2021		244,881
	500,000		4.500			12/01/2027		528,098
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		959,223
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,255,000		5.000			12/01/2039		1,350,823
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(f)
	2,730,000		5.000			12/01/2029		2,954,195
	3,105,000		5.500			12/01/2039		3,406,798


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
$	1,500,000	5.000 %		12/01/2038	$	1,816,354
	11,500,000	5.250		12/01/2048		13,879,007
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)^(b)(c)
	7,960,000	5.000		11/15/2022		8,558,135
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000	5.500		11/15/2029		5,609,771
	Denver Colorado City & County GO Bonds Series 2020 A (AAA/Aaa)
	8,000,000	5.000		08/01/2032		10,698,754
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	23,495,000	5.000		10/01/2032		24,991,582
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(f)
	4,995,000	5.000		12/01/2025		5,921,452
	5,145,000	5.000		12/01/2026		6,262,930
	5,285,000	5.000		12/01/2027		6,579,967
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	640,000	5.000		12/01/2030		741,782
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	765,000	5.000		12/01/2024		880,283
	205,000	5.000		12/01/2025		243,023
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	880,000	5.000		12/01/2030		1,118,441
	1,230,000	5.000		12/01/2031		1,554,029
	3,500,000	5.000		12/01/2032		4,397,559
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)^(f)
	5,655,000	5.250		12/01/2039		6,092,725
	E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (AA/A2)^(d)
	1,500,000	0.000		09/01/2035		1,103,488
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	1,545,000	5.000		09/01/2026		1,885,431
	880,000	5.000		09/01/2027		1,097,858
	880,000	5.000		09/01/2028		1,121,124
	1,145,000	5.000		09/01/2034		1,485,505
	1,100,000	5.000		09/01/2035		1,422,862
	1,235,000	5.000		09/01/2036		1,591,559
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)^(d)
	1,350,000	0.000		09/01/2030		1,131,878
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(d)
	6,000,000	0.000		09/01/2040		3,605,195
	E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)^(b)
	2,000,000	(1 Mo. LIBOR + 1.05%), 1.123		09/01/2021		2,000,611


Municipal Bonds – (continued)
Colorado – (continued)
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	470,000	3.000		12/01/2029		499,585
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	650,000	4.000		12/01/2031		657,428
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000		12/01/2039		972,690
	Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)^(f)
	1,070,000	5.500		12/01/2050		1,172,375
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	1,375,000	5.000		12/01/2039		1,481,412
	1,000,000	5.000		12/01/2049		1,068,642
	Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,185,000	5.750		12/01/2050		1,301,237
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,380,000	5.000		12/01/2039		1,489,092
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000	5.500		12/01/2048		534,493
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	215,000	4.000		12/01/2022		224,222
	160,000	4.000		12/01/2023		172,161
	175,000	4.000		12/01/2024		191,696
	100,000	4.000		12/01/2025		111,197
	215,000	4.000		12/01/2026		242,117
	290,000	4.000		12/01/2029		330,161
	205,000	4.000		12/01/2030		232,197
	225,000	4.000		12/01/2031		253,691
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	407,000	4.375		12/01/2031		422,147
	500,000	5.000		12/01/2046		519,091
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)^(f)
	500,000	4.000		12/01/2035		517,122
	500,000	5.000		12/01/2041		540,252
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	925,000	5.000		12/01/2040		1,004,582
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000	5.000		12/01/2049		692,893
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000	5.625		12/01/2048		1,073,041
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000	6.250		11/15/2028		2,502,400


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
$	5,000,000		5.000	%		12/01/2039	$	5,372,059
	Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		964,197
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	220,000		5.000			07/15/2026		262,896
	425,000		5.000			01/15/2027		513,575
	430,000		5.000			07/15/2027		524,924
	440,000		5.000			01/15/2028		542,410
	Regional Transportation District Sales Tax Revenue RB Series 2016 A (AA+/Aa2)
	19,445,000		5.000			11/01/2046		22,894,345
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000		5.000			12/01/2049		907,148
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	2,875,000		5.000			12/01/2039		3,094,297
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	487,000		4.500			12/01/2028		518,786
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,240,000		5.000			12/01/2049		1,361,541
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	75,000		5.000			12/01/2025		87,975
	125,000		5.000			12/01/2026		149,953
	150,000		5.000			12/01/2027		183,099
	235,000		5.000			12/01/2028		290,916
	175,000		5.000			12/01/2029		219,673
	300,000		4.000			12/01/2030		354,506
	300,000		4.000			12/01/2031		352,883
	375,000		4.000			12/01/2032		439,254
	220,000		4.000			12/01/2034		255,905
	325,000		4.000			12/01/2039		372,358
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		538,842
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	100,000		3.000			12/01/2022		101,733
	1,000,000		5.000			12/01/2037		1,130,201
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
	100,000		3.500			12/01/2027		106,828
	115,000		5.000			12/01/2037		129,973
	325,000		5.000			12/01/2047		361,452
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,067,694
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/A3)
	350,000		5.000			12/01/2032		418,286


Municipal Bonds – (continued)
Colorado – (continued)
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	1,000,000		5.000			12/01/2030		1,068,281
	6,920,000		5.000			12/01/2047		7,329,119
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	1,250,000		3.750			12/01/2040		1,355,516
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,000,000		4.150			12/01/2030		1,083,489
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	195,000		5.000			12/01/2026		234,753
	205,000		5.000			12/01/2027		251,985
	210,000		5.000			12/01/2028		262,706
	210,000		5.000			12/01/2029		266,690
	215,000		5.000			12/01/2030		271,276
	230,000		5.000			12/01/2031		288,907
	250,000		5.000			12/01/2032		312,746
	255,000		5.000			12/01/2033		317,742
	285,000		5.000			12/01/2034		354,118
	100,000		5.000			12/01/2035		123,874
	695,000		5.000			12/01/2050		831,514
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
	100,000		5.000			12/15/2021		102,921
	105,000		5.000			12/15/2022		112,351
	115,000		5.000			12/15/2023		127,513
	130,000		5.000			12/15/2024		148,589
	125,000		5.000			12/15/2025		146,177
	135,000		5.000			12/15/2026		157,247
	125,000		5.000			12/15/2027		144,952
	125,000		5.000			12/15/2028		144,296
	125,000		5.000			12/15/2029		143,673
	125,000		5.000			12/15/2030		143,245
	135,000		5.000			12/15/2031		154,381
	160,000		5.000			12/15/2032		182,617
	1,045,000		3.250			12/15/2050		1,104,804
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.000			12/01/2040		1,087,356
	Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)
	595,000		5.000			12/01/2049		642,257
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,250,000		5.375			12/01/2048		1,336,451
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	600,000		5.000			12/01/2039		645,036

								360,591,820


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Connecticut – 1.4%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
$	450,000		5.000	%		08/01/2026	$	532,454
	965,000		5.000			08/01/2027		1,165,439
	1,165,000		5.000			08/01/2028		1,426,709
	750,000		5.500			08/01/2029		936,624
	350,000		5.500			08/01/2030		434,216
	525,000		5.500			08/01/2031		648,626
	500,000		5.500			08/01/2032		615,582
	405,000		5.500			08/01/2033		496,909
	City of New Haven GO Refunding Bonds Series 2019 B (AGM) (AA/A2)
	1,350,000		5.000			02/01/2024		1,519,652
	1,400,000		5.000			02/01/2026		1,677,097
	600,000		5.000			02/01/2027		738,278
	1,050,000		5.000			02/01/2028		1,321,942
	Connecticut State GO Bonds Series 2018 C (A/Aa3)
	680,000		5.000			06/15/2028		865,394
	Connecticut State GO Refunding Bonds Series 2017 B (A/Aa3)
	5,000,000		5.000			04/15/2028		6,341,337
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (BB+/NR)^(f)
	400,000		5.000			01/01/2030		448,840
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (BB+/NR)^(f)
	650,000		3.250			01/01/2027		660,007
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (BB+/NR)^(f)
	550,000		2.750			01/01/2026		554,474
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(b)(c)
	2,290,000		1.800			07/01/2024		2,376,051
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	390,000		5.000			07/01/2025		445,840
	575,000		5.000			07/01/2026		672,119
	440,000		5.000			07/01/2027		523,923
	530,000		5.000			07/01/2028		640,209
	485,000		5.000			07/01/2029		592,942
	875,000		5.000			07/01/2030		1,059,370
	645,000		5.000			07/01/2031		775,079
	575,000		5.000			07/01/2032		687,799
	475,000		5.000			07/01/2033		565,998
	450,000		5.000			07/01/2034		533,691
	870,000		4.000			07/01/2039		936,767
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)^(f)
	3,675,000		4.750			10/01/2048		3,787,033
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000			11/01/2026		6,841,587


Municipal Bonds – (continued)
Connecticut – (continued)
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)^(f)
	3,750,000		7.000			02/01/2045		3,843,354
	State of Connecticut GO Bonds Series 2018 (A/Aa3)
	1,770,000		5.000			06/15/2027		2,204,719
	755,000		5.000			06/15/2029		953,075
	State of Connecticut GO Bonds Series 2018 C (A/Aa3)
	165,000		5.000			06/15/2032		205,227
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/Aa3)
	1,500,000		5.000			04/15/2025		1,765,509
	6,395,000		5.000			04/15/2026		7,744,864
	1,350,000		5.000			04/15/2028		1,712,161
	1,000,000		5.000			04/15/2035		1,256,484
	1,000,000		5.000			04/15/2036		1,252,453
	1,000,000		5.000			04/15/2039		1,241,776
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/Aa3)
	3,220,000		4.576			11/01/2022		3,422,137
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (A+/Aa3)
	1,035,000		5.000			10/01/2029		1,147,690
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000			05/01/2036		11,675,305
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)
	6,910,000		5.000			02/01/2032		8,863,932
	4,000,000		5.000			02/01/2033		5,108,288
	14,215,000		5.000			02/01/2036		17,979,281
	8,640,000		5.000			02/01/2037		10,892,799
	6,295,000		5.000			02/01/2039		7,894,327
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000			11/01/2025		373,024
	325,000		5.000			11/01/2026		380,010
	325,000		5.000			11/01/2027		385,374
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000			11/01/2024		725,730
	240,000		5.000			11/01/2026		280,623

								132,130,130

Delaware – 0.2%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000			06/01/2025		806,197
	760,000		5.000			06/01/2026		897,973
	725,000		5.000			06/01/2027		875,211
	600,000		5.000			06/01/2029		742,058
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	460,000		4.000			08/01/2029		500,022
	615,000		5.000			08/01/2039		702,719
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	530,000		4.000			09/01/2030		608,050
	1,550,000		5.000			09/01/2040		1,853,977


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Delaware – (continued)
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
$	505,000		4.000	%		07/01/2023	$	534,003
	550,000		4.000			07/01/2024		591,728
	570,000		4.000			07/01/2025		621,178
	620,000		4.000			07/01/2026		681,907
	675,000		4.000			07/01/2027		748,435
	2,255,000		4.000			07/01/2030		2,478,850
	University of Delaware RB Series 2015 (AA+/Aa1)^(g)
	1,805,000		5.000			05/01/2025		2,136,021

								14,778,329

District of Columbia – 1.1%
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000			06/01/2035		12,327,844
	1,300,000		4.000			06/01/2037		1,494,131
	District of Columbia RB for International School Series 2019 (BBB/NR)
	860,000		5.000			07/01/2039		1,001,495
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	1,275,000		4.000			07/01/2039		1,416,195
	550,000		4.000			07/01/2044		605,530
	District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)^(f)
	880,000		5.000			06/01/2041		1,005,089
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	1,000,000		2.246			04/01/2027		1,015,261
	1,000,000		2.412			04/01/2028		1,012,640
	1,250,000		2.532			04/01/2029		1,259,588
	1,150,000		2.582			04/01/2030		1,146,373
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	485,000		6.500			05/15/2033		537,972
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)
	5,000,000		5.000			10/01/2030		5,348,071
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)^(b)(c)
	6,390,000		1.750			10/01/2024		6,640,643
	Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A/A2)
	1,060,000		5.000			10/01/2031		1,304,770
	850,000		5.000			10/01/2033		1,037,497
	850,000		5.000			10/01/2034		1,033,998
	850,000		5.000			10/01/2035		1,031,383
	1,375,000		5.000			10/01/2036		1,663,324
	850,000		5.000			10/01/2037		1,025,381
	850,000		5.000			10/01/2038		1,022,826
	1,275,000		5.000			10/01/2039		1,530,859
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	695,000		4.000			10/01/2044		784,645
	925,000		5.000			10/01/2047		1,122,028


Municipal Bonds – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2) – (continued)
	1,390,000		4.000			10/01/2049		1,556,335
	2,710,000		4.000			10/01/2053		3,029,266
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,130,000		3.000			10/01/2050		2,216,994
	2,785,000		4.000			10/01/2053		3,158,755
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	3,400,000		5.000			10/01/2029		3,631,411
	Metropolitan Washington Airports Authority RB Refunding Series 2016 A (AMT) (A+/Aa3)
	1,325,000		5.000			10/01/2032		1,573,155
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (A+/Aa3)
	9,155,000		5.000			10/01/2024		10,549,401
	19,185,000		5.000			10/01/2029		23,614,248
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (A+/Aa3)
	6,375,000		5.000			10/01/2034		7,855,077

								103,552,185

Florida – 10.6%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
	7,245,000		3.250			05/01/2036		7,608,992
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	1,165,000		4.000			05/01/2025		1,199,802
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	145,000		4.000			05/01/2024		148,346
	215,000		4.500			05/01/2029		232,446
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	635,000		2.875			05/01/2025		647,907
	3,400,000		3.250			05/01/2031		3,516,707
	1,420,000		3.625			05/01/2040		1,461,794
	1,725,000		4.000			05/01/2051		1,782,941
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	375,000		3.500			05/01/2024		383,972
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	360,000		2.500			05/01/2024		375,599
	370,000		3.000			05/01/2025		396,018
	380,000		3.000			05/01/2026		409,416
	395,000		3.125			05/01/2027		422,514
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	270,000		4.250			05/01/2027		276,460
	365,000		4.750			05/01/2036		376,937


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
$	585,000		4.125	%		05/01/2023	$	593,755
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	425,000		3.600			05/01/2029		439,109
	445,000		4.000			05/01/2036		468,450
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	285,000		3.125			11/01/2024		289,294
	1,030,000		3.500			11/01/2030		1,069,507
	1,770,000		4.000			11/01/2040		1,837,027
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(f)
	410,000		4.200			05/01/2024		419,421
	630,000		4.550			05/01/2029		681,282
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	135,000		3.350			11/01/2024		138,078
	200,000		3.700			11/01/2029		212,017
	695,000		4.125			11/01/2039		736,684
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	170,000		5.000			05/01/2028		181,282
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	200,000		3.000			05/01/2032		196,659
	225,000		3.375			05/01/2041		218,118
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	505,000		5.375			05/01/2028		545,526
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	440,000		2.500			05/01/2025		444,328
	320,000		3.250			05/01/2030		327,573
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	170,000		2.250			05/01/2022		173,214
	175,000		2.500			05/01/2023		182,154
	180,000		2.500			05/01/2024		189,422
	185,000		3.000			05/01/2025		199,925
	190,000		3.000			05/01/2026		207,928
	1,070,000		3.625			05/01/2031		1,172,454
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(f)
	125,000		3.625			06/01/2024		127,974
	450,000		4.000			06/01/2030		483,683
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
	410,000		2.500			05/01/2025		414,506
	285,000		3.000			05/01/2030		291,067
	775,000		4.000			05/01/2040		821,835


Municipal Bonds – (continued)
Florida – (continued)
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	750,000		2.500			05/01/2025		756,980
	250,000		3.000			05/01/2030		255,325
	840,000		4.000			05/01/2040		890,764
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
	205,000		2.500			05/01/2025		207,265
	145,000		3.000			05/01/2030		148,083
	385,000		4.000			05/01/2040		408,267
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	215,000		5.000			11/01/2031		230,861
	100,000		5.250			11/01/2046		107,376
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(f)
	250,000		4.000			11/01/2024		258,408
	370,000		4.500			11/01/2029		408,367
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	75,000		4.500			11/01/2025		79,227
	175,000		5.000			11/01/2036		196,788
	310,000		5.000			11/01/2048		344,340
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	530,000		4.250			05/01/2029		589,376
	465,000		4.500			05/01/2035		511,067
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	735,000		4.500			05/01/2025		768,868
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	130,000		2.500			05/01/2023		135,013
	135,000		2.750			05/01/2024		143,004
	90,000		3.000			05/01/2025		97,036
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	315,000		3.500			05/01/2023		333,689
	325,000		3.500			05/01/2024		351,859
	340,000		3.500			05/01/2025		374,487
	350,000		3.500			05/01/2026		391,823
	365,000		3.500			05/01/2027		412,735
	Bellagio Community Development District Special Assessment Bonds Series 2016 (BBB/NR)
	155,000		2.500			11/01/2022		157,035
	160,000		2.750			11/01/2023		163,854
	170,000		3.000			11/01/2025		176,014
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	830,000		2.625			05/01/2025		838,597
	1,075,000		3.250			05/01/2030		1,101,253
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	305,000		2.500			12/15/2025		308,604
	325,000		3.125			12/15/2030		333,339


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	125,000		3.000	%		06/15/2025	$	127,015
	465,000		3.250			06/15/2030		476,856
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	315,000		3.500			06/15/2024		322,122
	1,000,000		4.000			06/15/2032		1,072,459
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	395,000		2.500			05/01/2026		395,230
	455,000		3.000			05/01/2031		453,425
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	400,000		2.875			05/01/2025		407,531
	1,130,000		3.250			05/01/2031		1,165,615
	500,000		3.625			05/01/2040		513,037
	Broward County School District GO Bonds Series 2021 (AA-/Aa2)
	6,410,000		5.000			07/01/2038		8,469,998
	6,645,000		5.000			07/01/2039		8,753,334
	4,420,000		5.000			07/01/2040		5,806,775
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	205,000		3.250			12/15/2024		209,418
	1,280,000		3.500			12/15/2030		1,329,246
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	20,250,000		5.875			07/01/2054		16,605,000
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(f)
	28,215,000		5.250			12/01/2058		31,705,232
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)^(f)
	425,000		3.000			12/15/2029		428,561
	645,000		5.000			12/15/2039		734,736
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)^(f)
	900,000		4.000			12/01/2028		969,828
	1,375,000		5.250			12/01/2043		1,562,992
	Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)^(f)
	880,000		4.500			01/01/2035		954,703
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	558,000		4.250			05/01/2031		616,316
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	1,100,000		5.000			07/01/2024		1,257,799
	1,250,000		5.000			07/01/2025		1,476,365
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	5,000,000		5.000			07/01/2024		5,717,268
	1,850,000		5.000			07/01/2025		2,185,020
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		120,694
	115,000		3.500			11/01/2026		127,874


Municipal Bonds – (continued)
Florida – (continued)
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		243,321
	245,000		2.500			05/01/2024		255,616
	250,000		3.000			05/01/2025		267,682
	255,000		3.000			05/01/2026		275,520
	600,000		4.250			05/01/2037		654,156
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	127,000		3.875			11/01/2024		130,816
	189,000		4.200			11/01/2029		204,476
	750,000		5.000			11/01/2049		822,776
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	150,000		3.000			05/01/2025		152,550
	655,000		3.375			05/01/2031		675,758
	630,000		3.750			05/01/2040		651,609
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)^(f)
	490,000		2.625			05/01/2025		493,875
	595,000		3.200			05/01/2030		604,876
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	300,000		3.250			05/01/2025		305,782
	360,000		3.750			05/01/2030		378,683
	975,000		4.250			05/01/2040		1,039,209
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(f)
	1,350,000		5.500			10/01/2036		1,476,855
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(f)
	1,000,000		5.000			10/01/2029		1,123,350
	1,000,000		5.000			10/01/2034		1,115,455
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,125,421
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (A-/NR)
	1,300,000		3.250			09/01/2025		1,411,100
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A-/A2)
	900,000		4.000			07/01/2038		1,034,203
	750,000		5.000			07/01/2040		937,790
	1,420,000		4.000			07/01/2045		1,601,064
	1,660,000		5.000			07/01/2050		2,040,202
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BB+/NR)
	415,000		5.000			01/01/2037		461,419
	1,485,000		5.000			01/01/2047		1,628,149
	1,395,000		5.000			01/01/2052		1,525,591
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		18,233,642


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(a)
$	5,000,000		0.000	%		05/01/2038	$	5,380,456
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)^(f)
	200,000		3.625			06/15/2024		205,315
	295,000		4.000			06/15/2029		319,284
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	720,000		5.375			05/01/2036		721,063
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	880,000		2.375			05/01/2023		909,087
	900,000		2.500			05/01/2024		942,065
	925,000		2.750			05/01/2025		985,827
	915,000		3.000			05/01/2026		995,667
	980,000		3.200			05/01/2027		1,067,269
	1,015,000		3.250			05/01/2028		1,096,881
	1,500,000		3.750			05/01/2046		1,587,116
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	175,000		3.200			12/15/2024		178,261
	500,000		3.500			12/15/2029		520,844
	325,000		4.000			12/15/2039		340,732
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.750			05/01/2025		268,271
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(f)
	215,000		3.750			11/01/2023		219,629
	470,000		4.500			11/01/2028		505,750
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		135,055
	133,000		3.250			05/01/2024		142,062
	138,000		3.500			05/01/2025		150,264
	143,000		3.625			05/01/2026		158,874
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (AA/NR)
	190,000		2.875			05/01/2021		190,349
	195,000		3.000			05/01/2022		199,549
	205,000		3.250			05/01/2023		217,114
	210,000		3.375			05/01/2024		226,960
	220,000		3.500			05/01/2025		243,431
	215,000		4.125			05/01/2035		236,793
	County of Broward RB for Airport System Series 2012 Q-1 (A/A1)^(g)
	855,000		5.000			10/01/2022		917,181
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,810,000		5.000			09/01/2033		3,478,903
	2,955,000		5.000			09/01/2034		3,639,202


Municipal Bonds – (continued)
Florida – (continued)
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1) – (continued)
	3,005,000		5.000			09/01/2035		3,682,980
	1,610,000		4.000			09/01/2036		1,832,580
	3,520,000		4.000			09/01/2038		3,982,601
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A/A1)
	7,500,000		2.600			06/01/2023		7,846,379
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(b)(c)
	400,000		2.000			10/01/2024		416,623
	County of Lake RB for Waterman Communities, Inc. Series 2020 B-3 (NR/NR)
	2,000,000		3.375			08/15/2026		2,009,161
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (A-/NR)
	4,500,000		4.000			10/01/2044		5,017,987
	12,720,000		5.000			10/01/2044		15,466,984
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	400,000		5.000			10/01/2026		487,444
	475,000		5.000			10/01/2027		593,075
	525,000		5.000			10/01/2028		669,337
	450,000		5.000			10/01/2029		584,132
	770,000		5.000			10/01/2030		993,411
	365,000		5.000			10/01/2031		467,582
	415,000		5.000			10/01/2032		527,897
	350,000		5.000			10/01/2033		442,999
	265,000		5.000			10/01/2034		334,537
	435,000		5.000			10/01/2035		546,941
	600,000		5.000			10/01/2036		751,327
	525,000		5.000			10/01/2037		655,257
	805,000		5.000			10/01/2038		1,000,910
	1,000,000		5.000			10/01/2039		1,239,316
	2,000,000		5.000			10/01/2044		2,443,530
	1,160,000		5.000			10/01/2049		1,408,361
	1,390,000		4.000			10/01/2054		1,549,747
	County of Osceola Transportation RB Refunding Series 2019 A-2 (BBB+/NR)^(d)
	155,000		0.000			10/01/2025		144,215
	275,000		0.000			10/01/2026		249,511
	360,000		0.000			10/01/2027		317,783
	500,000		0.000			10/01/2028		428,946
	700,000		0.000			10/01/2029		580,710
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(f)
	450,000		3.875			11/01/2024		462,169
	740,000		4.250			11/01/2030		793,307
	Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)^(f)
	100,000		3.125			11/01/2030		100,401
	155,000		3.625			11/01/2040		155,871
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	1,595,000		4.000			05/01/2024		1,634,048


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
$	750,000		2.625	%		06/15/2025	$	755,883
	660,000		3.000			06/15/2031		666,785
	475,000		4.000			06/15/2040		498,417
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)^(f)
	210,000		2.625			05/01/2025		211,465
	295,000		3.250			05/01/2030		299,880
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	185,000		3.750			11/01/2023		188,984
	730,000		4.500			11/01/2028		785,364
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	2,755,000		5.400			05/01/2039		3,047,832
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,670,000		5.300			05/01/2039		1,846,612
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	225,000		3.250			05/01/2030		226,135
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	2,835,000		4.600			05/01/2028		3,031,547
	745,000		4.250			12/15/2028		806,257
	2,395,000		4.750			12/15/2038		2,738,282
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	690,000		3.750			05/01/2034		758,155
	960,000		4.000			05/01/2037		1,043,947
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)^(f)
	360,000		2.375			05/01/2026		358,461
	470,000		3.000			05/01/2032		463,879
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(f)
	240,000		3.000			05/01/2025		244,828
	440,000		3.625			05/01/2031		460,862
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		205,578
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		301,751
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	115,000		2.750			05/01/2025		116,281
	110,000		3.250			05/01/2030		112,110
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	475,000		2.500			05/01/2026		475,847
	700,000		3.100			05/01/2031		701,485


Municipal Bonds – (continued)
Florida – (continued)
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)^(f)
	430,000		3.000			05/01/2030		436,916
	700,000		4.000			05/01/2040		735,329
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	300,000		2.500			05/01/2026		299,571
	450,000		3.000			05/01/2031		446,897
	470,000		3.500			05/01/2041		464,640
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM-CR) (AA/A2)
	3,070,000		4.000			08/15/2045		3,488,502
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	2,640,000		5.000			08/15/2031		3,344,952
	3,080,000		5.000			08/15/2032		3,877,556
	2,595,000		5.000			08/15/2033		3,253,605
	2,125,000		5.000			08/15/2034		2,655,377
	2,760,000		5.000			08/15/2035		3,434,204
	3,960,000		5.000			08/15/2036		4,910,057
	5,280,000		5.000			08/15/2037		6,525,167
	4,675,000		4.000			08/15/2045		5,185,571
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
	1,025,000		3.250			11/01/2025		1,051,470
	375,000		3.625			11/01/2030		396,916
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	225,000		3.250			11/01/2025		230,811
	245,000		3.625			11/01/2030		259,314
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(f)
	275,000		4.125			11/01/2024		281,767
	445,000		4.250			11/01/2029		476,365
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	895,000		3.250			05/01/2023		910,123
	1,960,000		4.250			05/01/2029		2,181,082
	3,190,000		5.000			05/01/2035		3,751,290
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	355,000		3.500			05/01/2030		369,849
	165,000		4.000			05/01/2040		173,110
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,450,000		2.750			11/01/2035		1,483,127
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)^(f)
	1,505,000		4.000			06/01/2030		1,589,667
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(f)
	425,000		4.000			12/15/2029		473,246
	425,000		5.000			12/15/2034		501,964
	490,000		5.000			12/15/2039		571,951


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)^(f)
$	1,675,000		5.125	%		06/01/2040	$	1,869,039
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (NR/Baa3)
	320,000		4.000			07/01/2035		350,382
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	420,000		4.000			06/01/2030		438,588
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)^(f)
	4,900,000		7.375			01/01/2049		4,815,786
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	250,000		5.000			04/01/2026		295,301
	265,000		5.000			04/01/2027		319,702
	280,000		5.000			04/01/2028		343,601
	220,000		5.000			04/01/2029		273,850
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)^(f)
	470,000		4.000			09/15/2030		502,467
	1,050,000		5.000			09/15/2040		1,159,256
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(b)(c)(f)
	485,000		6.250			01/01/2024		477,426
	9,090,000		6.375			01/01/2026		8,852,269
	20,465,000		6.500			01/01/2029		19,728,800
	Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (BBB-/NR)
	250,000		5.000			10/01/2022		264,588
	250,000		5.000			10/01/2023		273,678
	350,000		5.000			10/01/2024		394,415
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(f)
	2,000,000		4.500			06/01/2033		2,324,961
	250,000		4.750			06/01/2038		290,909
	4,500,000		5.000			06/01/2048		5,213,611
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB/NR)
	2,000,000		5.000			03/01/2044		2,295,221
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	1,700,000		5.000			03/01/2039		1,933,434
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB/NR)
	2,750,000		5.000			03/01/2047		3,054,179
	Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR)
	1,540,000		4.875			11/01/2037		1,650,338
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		211,720
	1,065,000		5.000			11/01/2038		1,183,148
	840,000		5.000			11/01/2047		926,682


Municipal Bonds – (continued)
Florida – (continued)
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	410,000		3.350			11/01/2024		419,449
	1,000,000		3.700			11/01/2029		1,064,690
	2,025,000		4.125			11/01/2039		2,154,896
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		481,912
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)^(f)
	700,000		2.625			05/01/2025		707,101
	500,000		3.250			05/01/2030		512,183
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	840,000		4.250			05/01/2026		883,482
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	830,000		3.250			05/01/2025		843,440
	1,360,000		4.000			05/01/2030		1,425,517
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	355,000		3.750			11/01/2024		364,200
	600,000		4.125			11/01/2029		641,740
	1,305,000		4.750			11/01/2039		1,428,039
	2,100,000		5.000			11/01/2050		2,306,812
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	705,000		2.500			05/01/2026		701,663
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	920,000		5.000			11/15/2036		966,880
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (A+/Aa3)
	4,605,000		5.000			10/01/2022		4,931,299
	14,000,000		5.000			10/01/2023		15,590,742
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A/A1)
	1,290,000		5.000			10/01/2047		1,513,978
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (A+/Aa3)
	2,375,000		5.000			10/01/2021		2,430,796
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	235,000		3.000			11/01/2024		238,893
	1,095,000		3.500			11/01/2030		1,146,661
	2,400,000		4.375			11/01/2049		2,560,715
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	100,000		3.375			05/01/2021		100,091
	550,000		3.875			05/01/2026		572,738
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	425,000		2.625			05/01/2025		428,988
	510,000		3.250			05/01/2030		521,082


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
$	1,170,000		3.100	%		05/01/2024	$	1,190,329
	1,880,000		3.300			05/01/2029		1,976,825
	370,000		3.700			05/01/2033		393,055
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	400,000		3.100			05/01/2024		406,923
	1,150,000		3.300			05/01/2029		1,209,199
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(f)
	265,000		4.000			05/01/2024		291,681
	265,000		4.000			05/01/2025		297,385
	140,000		4.000			05/01/2026		159,953
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		102,230
	400,000		3.500			11/01/2030		418,069
	1,000,000		3.875			11/01/2039		1,045,653
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		130,882
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,050,000		5.000			05/01/2034		1,205,745
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024		233,493
	225,000		4.000			05/01/2025		249,165
	235,000		4.000			05/01/2026		265,023
	240,000		4.000			05/01/2027		274,604
	250,000		4.000			05/01/2028		283,994
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/2023		615,844
	605,000		3.500			05/01/2024		652,315
	630,000		3.625			05/01/2025		690,157
	650,000		3.750			05/01/2026		710,713
	1,015,000		4.200			05/01/2031		1,106,919
	1,000,000		4.350			05/01/2036		1,085,574
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	265,000		2.500			05/01/2027		279,437
	350,000		2.500			05/01/2028		368,865
	360,000		2.500			05/01/2029		378,317
	365,000		2.500			05/01/2030		381,976
	375,000		2.500			05/01/2031		390,191
	300,000		3.000			05/01/2032		325,669
	300,000		3.000			05/01/2033		324,211
	245,000		3.000			05/01/2034		263,682
	255,000		3.000			05/01/2035		273,718
	200,000		3.000			05/01/2036		213,875
	Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)
	290,000		2.875			05/01/2025		293,917
	200,000		3.250			05/01/2031		206,625


Municipal Bonds – (continued)
Florida – (continued)
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	140,000		3.250			05/01/2031		144,669
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(f)
	225,000		4.000			12/15/2024		231,628
	550,000		4.250			12/15/2029		592,196
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031		1,378,131
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	80,000		3.375			11/01/2025		81,758
	305,000		3.875			11/01/2031		325,972
	415,000		4.200			11/01/2039		442,362
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	100,000		4.250			11/01/2022		102,025
	370,000		4.875			11/01/2027		401,177
	865,000		5.375			11/01/2037		961,028
	785,000		5.500			11/01/2047		864,929
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
	75,000		4.875			11/01/2027		81,319
	335,000		5.500			11/01/2047		369,110
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		862,046
	700,000		4.500			11/01/2038		768,531
	2,300,000		5.000			11/01/2048		2,579,490
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)^(f)
	1,630,000		3.000			05/01/2025		1,655,362
	1,020,000		3.500			05/01/2031		1,065,402
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	110,000		4.000			11/01/2025		113,335
	165,000		4.500			11/01/2031		178,143
	170,000		5.000			11/01/2041		190,129
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(f)
	165,000		4.000			11/01/2024		169,968
	235,000		5.000			11/01/2039		259,440
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)^(f)
	1,175,000		4.500			05/01/2038		1,270,830
	1,855,000		4.625			05/01/2048		1,997,901
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.625			05/01/2025		267,383
	155,000		3.000			05/01/2030		158,093


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
$	1,000,000		4.625	%		05/01/2037	$	1,076,038
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	740,000		2.750			06/15/2025		752,109
	485,000		3.125			06/15/2030		502,253
	375,000		4.000			06/15/2040		399,027
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	700,000		3.600			06/15/2041		700,567
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR)^(h)
	750,000		3.875			05/01/2031		744,136
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)^(f)(h)
	115,000		3.000			05/01/2026		114,892
	Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)
	475,000		3.500			05/01/2030		492,739
	435,000		4.000			05/01/2035		461,834
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	430,000		3.125			05/01/2025		443,833
	370,000		3.400			05/01/2030		385,390
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)^(f)
	670,000		2.500			05/01/2025		676,917
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	155,000		3.000			05/01/2024		157,071
	225,000		3.250			05/01/2029		231,590
	200,000		3.850			05/01/2039		209,761
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	470,000		3.000			05/01/2030		472,398
	750,000		3.500			05/01/2040		757,553
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	190,000		3.600			05/01/2024		194,235
	285,000		3.800			05/01/2029		303,176
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(f)
	215,000		3.650			05/01/2022		216,877
	515,000		4.300			05/01/2027		546,793
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(f)
	300,000		2.900			05/01/2024		303,795
	570,000		3.200			05/01/2029		585,829
	455,000		4.000			05/01/2049		470,995
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	325,000		3.600			05/01/2024		332,268
	485,000		3.800			05/01/2029		516,012


Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,210,000		4.250			05/01/2025		1,258,075
	1,605,000		4.875			05/01/2035		1,712,367
	905,000		4.875			05/01/2045		955,387
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	195,000		4.000			05/01/2022		197,123
	940,000		4.625			05/01/2027		1,013,135
	1,000,000		5.250			05/01/2037		1,108,802
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	435,000		3.900			05/01/2023		443,480
	535,000		4.250			05/01/2028		571,756
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	1,285,000		4.350			05/01/2024		1,324,944
	1,970,000		4.750			05/01/2029		2,187,381
	2,250,000		5.300			05/01/2039		2,563,139
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	190,000		4.000			05/01/2021		190,264
	225,000		4.250			05/01/2026		236,975
	6,865,000		5.000			05/01/2036		7,470,179
	4,755,000		5.125			05/01/2046		5,165,875
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	500,000		2.000			05/01/2028		521,913
	500,000		2.000			05/01/2029		516,264
	Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project – Phase 2B Series 2020 (NR/NR)^(f)
	410,000		2.500			05/01/2025		413,900
	440,000		3.200			05/01/2030		451,877
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	435,000		3.500			05/01/2024		444,663
	275,000		3.875			05/01/2029		295,167
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	155,000		3.625			11/01/2023		158,125
	560,000		4.125			11/01/2028		598,292
	250,000		4.750			11/01/2048		268,285
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	200,000		3.000			05/01/2021		200,312
	445,000		3.000			05/01/2022		452,931
	460,000		3.000			05/01/2023		474,596
	375,000		3.000			05/01/2024		391,135
	490,000		3.000			05/01/2025		515,747
	500,000		3.000			05/01/2026		529,955


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR) – (continued)
$	520,000	3.000 %		05/01/2027	$	552,961
	535,000	3.000		05/01/2028		569,386
	550,000	3.000		05/01/2029		587,417
	1,605,000	3.000		05/01/2035		1,655,256
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	545,000	3.125		05/01/2024		552,786
	535,000	3.375		05/01/2030		557,098
	925,000	4.000		05/01/2038		985,103
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	330,000	3.500		05/01/2025		365,006
	340,000	3.500		05/01/2026		380,986
	500,000	4.000		05/01/2036		561,044
	Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (A+/A2)^(b)(c)
	11,700,000	5.000		04/01/2026		13,808,830
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	1,000,000	3.125		05/01/2025		1,013,898
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,430,000	5.000		05/01/2038		1,573,664
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	601,000	5.375		05/01/2030		601,307
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	840,000	3.000		05/01/2025		851,808
	980,000	3.400		05/01/2030		1,017,292
	1,420,000	4.000		05/01/2040		1,489,818
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	235,000	3.800		05/01/2024		239,661
	290,000	4.000		05/01/2029		306,904
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	490,000	3.250		06/15/2024		498,157
	885,000	3.625		06/15/2030		931,264
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	1,000,000	4.750		11/01/2029		1,126,823
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)
	750,000	4.450		05/01/2030		817,637
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	155,000	3.500		05/01/2023		160,275
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)^(f)
	1,040,000	5.000		03/01/2030		1,129,069


Municipal Bonds – (continued)
Florida – (continued)
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)^(f)(g)
	8,460,000	5.000		03/01/2023		9,223,430
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	1,000,000	4.000		10/01/2037		1,151,424
	900,000	4.000		10/01/2038		1,031,825
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	190,000	4.000		11/01/2023		194,543
	1,000,000	4.750		11/01/2027		1,090,062
	850,000	5.125		11/01/2039		939,903
	2,350,000	5.250		11/01/2049		2,588,074
	Miami-Dade County Expressway Authority RB Refunding Series 2014 B (A/A3)
	1,335,000	5.000		07/01/2030		1,516,804
	1,000,000	5.000		07/01/2031		1,135,838
	Miami-Dade County Expressway Authority RB Series 2014 A (A/A3)
	1,110,000	5.000		07/01/2030		1,261,163
	500,000	5.000		07/01/2031		567,919
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(b)
	7,935,000	(SIFMA Municipal Swap Index Yield + 0.80%), 0.870		11/01/2021		7,936,179
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	500,000	2.500		05/01/2026		499,759
	750,000	3.125		05/01/2031		746,137
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	240,000	3.125		12/15/2024		244,522
	675,000	3.375		12/15/2030		698,073
	1,500,000	4.000		12/15/2039		1,595,314
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	1,545,000	5.250		11/01/2035		1,669,512
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	500,000	3.500		05/01/2031		500,336
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(f)
	125,000	3.500		05/01/2026		136,506
	130,000	3.500		05/01/2027		143,238
	135,000	3.500		05/01/2028		149,624
	140,000	3.500		05/01/2029		155,699
	700,000	3.500		05/01/2038		749,279
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)^(f)
	75,000	3.125		05/01/2025		76,145
	45,000	3.500		05/01/2031		46,744
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	515,000	2.625		05/01/2025		517,449
	495,000	3.125		05/01/2030		498,146
	430,000	3.625		05/01/2040		433,306


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR)
$	655,000		5.000	%		10/01/2030	$	852,949
	575,000		5.000			10/01/2031		745,860
	1,025,000		5.000			10/01/2033		1,319,931
	1,205,000		5.000			10/01/2034		1,542,544
	1,000,000		5.000			10/01/2036		1,269,411
	1,975,000		5.000			10/01/2037		2,497,512
	2,075,000		5.000			10/01/2038		2,612,919
	2,180,000		5.000			10/01/2039		2,734,468
	2,630,000		5.000			10/01/2044		3,223,074
	North Sumter County Utility Dependent District RB Refunding Series 2020 (AA-/NR)
	28,725,000		5.000			10/01/2043		35,709,185
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	1,150,000		4.450			05/01/2031		1,272,031
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	270,000		2.500			06/15/2025		272,535
	300,000		3.000			06/15/2030		306,075
	315,000		4.000			06/15/2040		333,378
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	590,000		3.700			05/01/2024		606,782
	825,000		4.100			05/01/2029		908,376
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	295,000		3.250			05/01/2025		301,422
	350,000		3.500			05/01/2030		364,652
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,795,614
	3,500,000		6.000			11/01/2047		4,054,151
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	285,000		4.375			11/01/2023		293,603
	640,000		4.875			11/01/2028		703,013
	Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (A-/NR)
	250,000		4.000			11/15/2041		283,200
	1,000,000		5.000			11/15/2042		1,190,482
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
	2,300,000		4.000			05/15/2053		2,473,345
	1,825,000		5.000			05/15/2053		2,089,246
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	205,000		3.400			05/01/2025		208,403
	245,000		3.750			05/01/2030		255,926
	965,000		4.150			05/01/2040		1,016,957
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	215,000		3.500			11/01/2025		239,344
	225,000		3.500			11/01/2026		253,793


Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR) – (continued)
	230,000		3.500			11/01/2027		261,740
	240,000		3.500			11/01/2028		275,455
	585,000		4.000			11/01/2033		675,335
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(f)
	785,000		4.000			05/01/2050		846,283
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	520,000		2.500			05/01/2022		530,374
	530,000		2.750			05/01/2023		554,170
	350,000		3.750			05/01/2031		383,844
	1,045,000		4.000			05/01/2036		1,147,231
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	145,000		3.500			05/01/2021		145,183
	300,000		4.000			05/01/2027		318,602
	3,500,000		5.000			05/01/2039		3,896,107
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	235,000		4.500			05/01/2024		241,404
	465,000		4.750			05/01/2030		508,721
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	625,000		3.125			05/01/2030		639,070
	800,000		3.750			05/01/2040		822,946
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	350,000		4.250			05/01/2031		410,445
	1,030,000		4.500			05/01/2038		1,198,517
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	265,000		4.000			05/01/2026		292,826
	275,000		4.000			05/01/2027		308,872
	285,000		4.125			05/01/2028		323,782
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	255,000		2.500			05/01/2026		255,259
	335,000		3.125			05/01/2031		334,421
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	445,000		4.000			05/01/2024		483,700
	480,000		4.000			05/01/2026		539,318
	520,000		4.000			05/01/2028		597,574
	1,335,000		4.500			05/01/2031		1,590,390
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,364,385
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	545,000		2.000			05/01/2028		555,916
	555,000		2.000			05/01/2029		559,991
	565,000		2.125			05/01/2030		567,630
	1,000,000		2.625			05/01/2034		1,014,679
	995,000		2.800			05/01/2037		1,010,858


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
$	590,000		2.750	%		05/01/2025	$	596,045
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,700,000		5.000			07/01/2029		3,071,818
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	100,000		2.875			05/01/2025		101,429
	170,000		3.250			05/01/2031		173,735
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	2,055,000		2.800			05/01/2025		2,075,666
	3,265,000		3.200			05/01/2031		3,328,415
	1,875,000		3.500			05/01/2037		1,905,699
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		299,168
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		101,971
	555,000		3.500			11/01/2030		576,366
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	250,000		2.500			05/01/2026		250,446
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)^(f)
	120,000		4.100			05/01/2024		122,660
	185,000		4.500			05/01/2029		200,053
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	455,000		4.250			11/01/2025		474,561
	Reedy Creek Improvement District Refundig GO Bonds Series 2020 A (AA-/Aa3)
	3,020,000		1.769			06/01/2025		3,135,743
	3,230,000		1.869			06/01/2026		3,348,120
	3,070,000		1.969			06/01/2027		3,164,603
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	750,000		5.000			05/01/2025		812,008
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	250,000		3.750			05/01/2024		254,813
	425,000		4.000			05/01/2030		449,512
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	165,000		3.500			05/01/2024		168,511
	415,000		4.000			05/01/2030		443,562
	620,000		4.500			05/01/2040		669,309
	620,000		4.750			05/01/2050		667,746
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,657,357
	890,000		4.000			05/01/2035		974,236


Municipal Bonds – (continued)
Florida – (continued)
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	605,000		2.750			05/01/2025		612,556
	525,000		3.250			05/01/2031		540,468
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	325,000		3.000			05/01/2025		328,666
	475,000		3.600			05/01/2030		487,039
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		2.500			06/15/2025		570,193
	320,000		3.000			06/15/2030		325,233
	290,000		4.000			06/15/2040		305,504
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	705,000		2.375			05/01/2035		701,500
	1,425,000		2.625			05/01/2040		1,438,301
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	560,000		3.375			06/15/2024		571,891
	1,000,000		3.750			06/15/2031		1,073,026
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	650,000		2.750			05/01/2025		652,109
	465,000		3.250			05/01/2030		467,350
	560,000		3.750			05/01/2040		562,129
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	250,000		4.000			11/01/2024		256,888
	740,000		4.500			11/01/2029		799,138
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	190,000		4.000			11/01/2023		194,002
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,210,000		3.625			05/01/2024		1,247,951
	1,895,000		4.000			05/01/2029		2,097,565
	5,000,000		4.750			05/01/2039		5,696,102
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	375,000		2.500			05/01/2026		373,265
	620,000		3.000			05/01/2031		611,490
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	350,000		3.125			11/01/2025		357,496
	505,000		3.625			11/01/2031		529,953
	300,000		4.125			11/01/2040		317,985
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000		3.000			05/01/2023		438,030
	435,000		3.250			05/01/2024		464,639
	445,000		3.450			05/01/2025		483,852
	465,000		3.625			05/01/2026		513,011
	990,000		4.125			05/01/2036		1,087,479


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)^(f)
$	475,000		4.250	%		11/01/2024	$	489,012
	730,000		4.500			11/01/2029		789,184
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	390,000		4.000			05/01/2024		400,033
	590,000		4.625			05/01/2029		645,349
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000		2.500			11/01/2023		364,320
	355,000		2.750			11/01/2024		375,390
	370,000		3.000			11/01/2025		397,275
	585,000		4.250			11/01/2037		645,596
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	1,000,000		5.125			05/01/2033		1,038,274
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	165,000		2.875			05/01/2024		166,912
	300,000		3.250			05/01/2029		311,160
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	400,000		3.375			05/01/2025		407,804
	230,000		4.000			05/01/2030		244,710
	430,000		4.300			05/01/2040		459,638
	310,000		4.500			05/01/2046		330,311
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(f)(h)
	375,000		2.375			06/15/2026		373,455
	425,000		3.000			06/15/2031		423,880
	565,000		3.500			06/15/2041		565,942
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		274,105
	270,000		2.500			05/01/2024		282,787
	280,000		3.000			05/01/2025		302,123
	290,000		3.000			05/01/2026		316,464
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	325,000		3.500			06/15/2024		332,479
	500,000		4.000			06/15/2030		540,716
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)^(f)
	675,000		2.500			12/15/2025		678,379
	500,000		3.000			12/15/2030		503,438
	1,000,000		3.500			12/15/2040		1,009,814
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	255,000		3.125			12/15/2025		261,640
	500,000		3.625			12/15/2030		529,848
	870,000		4.000			12/15/2039		914,999
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	375,000		3.000			05/01/2025		380,241


Municipal Bonds – (continued)
Florida – (continued)
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) – (continued)
	500,000		3.300			05/01/2031		512,600
	825,000		3.750			05/01/2040		851,270
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	165,000		3.250			05/01/2030		168,910
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	400,000		2.500			05/01/2029		422,510
	720,000		2.875			05/01/2033		763,882
	1,440,000		3.000			05/01/2038		1,517,106
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,190,000		3.500			05/01/2029		1,237,563
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		197,607
	190,000		2.500			05/01/2024		199,827
	200,000		3.000			05/01/2025		215,386
	205,000		3.000			05/01/2026		223,073
	1,135,000		3.500			05/01/2031		1,231,613
	1,370,000		4.000			05/01/2036		1,498,479
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(h)
	385,000		2.375			05/01/2026		385,340
	285,000		3.000			05/01/2031		284,751
	Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)
	10,160,000		4.000			10/01/2028		11,647,266
	4,225,000		4.000			10/01/2029		4,839,915
	Tampa-Hillsborough County Expressway Authority RB Series 2017 (A+/A2)
	6,175,000		5.000			07/01/2047		7,320,369
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	1,950,000		5.000			07/01/2048		2,309,000
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	1,115,000		4.800			05/01/2036		1,190,727
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	825,000		5.000			08/01/2026		1,004,529
	825,000		5.000			08/01/2027		1,028,440
	690,000		5.000			08/01/2028		876,518
	The Miami-Dade County School Board COPS Series 2010 A (A+/A1)
	10,000,000		6.235			06/15/2027		12,552,751
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	205,000		3.000			05/01/2027		222,828
	210,000		3.125			05/01/2028		228,233
	230,000		3.375			05/01/2032		247,188


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
$	735,000		3.600	%		05/01/2041	$	736,837
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	345,000		3.500			05/01/2032		382,436
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(f)
	550,000		5.200			05/01/2028		591,243
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		322,737
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	4,705,000		3.000			05/01/2033		5,086,278
	5,295,000		3.000			05/01/2037		5,707,731
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	565,000		3.500			05/01/2024		581,078
	765,000		3.850			05/01/2029		831,249
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)
	2,025,000		3.000			05/01/2033		2,189,099
	4,925,000		3.000			05/01/2040		5,267,926
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(f)
	2,020,000		3.450			05/01/2024		2,077,417
	2,975,000		3.750			05/01/2029		3,226,235
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	815,000		4.375			11/01/2023		838,624
	2,005,000		5.000			11/01/2029		2,211,570
	100,000		5.375			11/01/2039		115,649
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	505,000		4.250			06/15/2028		547,287
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	320,000		3.125			12/15/2025		330,111
	735,000		3.625			12/15/2031		792,462
	450,000		4.000			12/15/2040		481,749
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		906,272
	650,000		5.000			04/01/2031		779,668
	550,000		5.000			04/01/2033		654,068
	5,000,000		5.000			04/01/2048		5,753,077
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,293,693
	7,000,000		4.000			07/01/2047		7,979,969


Municipal Bonds – (continued)
Florida – (continued)
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	135,000		3.500			05/01/2024		137,166
	360,000		4.000			05/01/2030		382,307
	595,000		4.375			05/01/2039		641,084
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)^(f)
	415,000		3.125			05/01/2030		417,105
	475,000		3.625			05/01/2040		477,917
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)^(f)
	275,000		4.375			11/01/2024		283,807
	500,000		5.250			11/01/2039		557,512
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)^(f)
	465,000		2.500			05/01/2025		469,460
	235,000		3.250			05/01/2030		240,413
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	200,000		2.500			11/01/2026		200,115
	200,000		3.000			11/01/2031		199,278
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	310,000		3.875			05/01/2024		316,876
	490,000		4.125			05/01/2029		522,706
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	1,220,000		4.875			05/01/2032		1,365,175
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)^(f)
	3,955,000		4.625			11/01/2038		4,233,299
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	205,000		4.000			11/01/2024		211,390
	495,000		4.500			11/01/2029		539,807
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	2,000,000		4.750			11/01/2047		2,129,379
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	405,000		3.000			11/01/2024		412,207
	700,000		3.375			11/01/2030		728,118
	100,000		4.000			11/01/2050		103,168
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	530,000		4.375			11/01/2025		553,949
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,098,285
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	350,000		2.125			05/01/2022		354,526
	360,000		2.250			05/01/2023		372,183
	365,000		2.500			05/01/2024		384,105
	375,000		2.625			05/01/2025		400,739


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR) – (continued)
$	390,000		3.000	%		05/01/2026	$	428,624
	400,000		3.125			05/01/2027		439,307
	415,000		3.250			05/01/2028		453,140
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	230,000		4.200			05/01/2026		238,446
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	405,000		3.000			12/15/2024		413,874
	1,000,000		3.375			12/15/2030		1,046,757
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)^(f)
	1,370,000		5.000			12/15/2032		1,624,862
	2,000,000		5.000			12/15/2037		2,363,746
	4,470,000		5.000			12/15/2047		5,192,684
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	300,000		2.500			05/01/2027		320,659
	310,000		2.500			05/01/2028		331,842
	315,000		2.625			05/01/2029		339,870
	1,060,000		3.000			05/01/2034		1,153,207
	2,130,000		3.125			05/01/2038		2,309,416
	1,725,000		3.250			05/01/2040		1,877,031
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)^(f)
	450,000		3.000			05/01/2025		457,817
	525,000		3.500			05/01/2031		544,328
	875,000		4.000			05/01/2040		919,441
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(f)
	410,000		4.000			05/01/2024		419,147
	1,000,000		4.625			05/01/2029		1,069,256
	1,000,000		5.000			05/01/2038		1,101,381
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	265,000		4.000			11/01/2024		273,761
	395,000		4.500			11/01/2029		433,993
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	240,000		4.000			11/01/2024		247,954
	375,000		4.500			11/01/2029		412,075
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)^(f)
	140,000		2.500			05/01/2026		140,364
	175,000		3.100			05/01/2031		175,874
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)^(f)
	250,000		2.500			05/01/2026		250,653
	285,000		3.100			05/01/2031		286,422
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,612,404
	1,000,000		4.250			05/01/2037		1,044,020


Municipal Bonds – (continued)
Florida – (continued)
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(f)
	345,000		3.250			05/01/2024		368,615
	355,000		3.500			05/01/2025		387,288
	370,000		3.625			05/01/2026		410,688
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	445,000		4.750			11/01/2025		465,753
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	250,000		3.250			05/01/2031		255,979
	235,000		4.000			05/01/2040		246,391
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	250,000		2.875			05/01/2025		253,202
	250,000		3.250			05/01/2031		255,970
	1,050,000		4.000			05/01/2040		1,100,889
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	190,000		2.875			05/01/2025		192,452
	250,000		3.250			05/01/2031		255,974
	815,000		4.000			05/01/2040		854,499
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A/NR)
	495,000		4.250			05/01/2030		525,192
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	380,000		2.000			05/01/2027		382,250
	385,000		2.000			05/01/2028		381,774
	395,000		2.000			05/01/2029		385,760
	150,000		2.125			05/01/2030		145,597
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	415,000		3.125			05/01/2025		424,872
	500,000		3.500			05/01/2030		526,035
	930,000		3.750			05/01/2037		977,697
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(f)
	975,000		3.250			05/01/2023		994,623
	970,000		3.800			05/01/2028		1,058,998
	1,940,000		4.000			05/01/2033		2,155,439
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	1,445,000		2.625			05/01/2024		1,470,450
	1,250,000		3.000			05/01/2029		1,319,469
	1,500,000		3.375			05/01/2034		1,599,620
	3,960,000		3.550			05/01/2039		4,202,708
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)^(f)
	2,305,000		1.875			05/01/2025		2,336,406
	2,950,000		2.625			05/01/2030		3,044,394
	3,400,000		3.000			05/01/2035		3,509,535
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	330,000		4.000			05/01/2026		370,610


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR) – (continued)
$	330,000		4.000	%		05/01/2027	$	374,299
	335,000		4.000			05/01/2028		394,104
	350,000		4.000			05/01/2029		408,578
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,860,000		3.500			05/01/2032		2,033,745
	2,180,000		4.000			05/01/2037		2,369,347
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	155,000		3.750			05/01/2024		158,071
	225,000		4.000			05/01/2029		238,651
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.625			05/01/2025		267,479
	245,000		3.200			05/01/2030		249,546
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		231,923
	225,000		3.000			11/01/2025		240,862
	230,000		3.200			11/01/2026		248,722
	1,400,000		4.125			11/01/2046		1,501,032
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	725,000		5.500			05/01/2034		774,281
	925,000		5.750			05/01/2044		992,070
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	2,150,000		4.000			05/01/2031		2,330,565
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	500,000		5.125			11/01/2038		541,720
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,360,000		5.500			11/01/2045		2,514,673
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	240,000		3.250			11/01/2024		245,688
	375,000		3.625			11/01/2029		398,094
	1,000,000		4.000			11/01/2039		1,056,755
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)^(f)
	615,000		2.750			05/01/2026		616,821
	415,000		3.250			05/01/2031		416,465
	515,000		3.625			05/01/2041		516,719
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(f)
	365,000		2.650			05/01/2025		370,692
	630,000		3.000			05/01/2031		645,069
	1,725,000		4.000			05/01/2040		1,811,578
	1,595,000		4.000			05/01/2051		1,650,099
	West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR)
	2,575,000		5.000			05/01/2032		2,852,315
	1,955,000		4.500			05/01/2034		2,091,694
	3,395,000		5.000			05/01/2037		3,696,836


Municipal Bonds – (continued)
Florida – (continued)
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	500,000		4.000			05/01/2024		513,773
	750,000		4.250			05/01/2029		811,145
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)^(f)(h)
	250,000		2.500			05/01/2026		249,998
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)^(f)(h)
	435,000		2.500			05/01/2026		434,996
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	240,000		3.625			05/01/2024		245,267
	355,000		3.900			05/01/2029		379,377
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(f)
	475,000		3.500			05/01/2024		483,077
	810,000		3.750			05/01/2029		854,773
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	490,000		3.500			06/15/2024		501,499
	1,285,000		3.750			06/15/2030		1,379,385
	3,350,000		4.250			06/15/2039		3,643,153
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	250,000		3.875			05/01/2024		256,290
	500,000		4.370			05/01/2029		543,811
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000		4.250			11/01/2029		215,828
	680,000		4.875			11/01/2039		745,277
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	160,000		3.000			05/01/2025		162,217
	230,000		3.650			05/01/2030		237,113
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		143,493
	250,000		5.000			05/01/2047		264,712
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	1,135,000		2.500			05/01/2025		1,144,268
	640,000		3.125			05/01/2030		652,944
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,450,000		4.500			05/01/2036		1,547,907

								987,115,353

Georgia – 1.7%
	Atlanta Airport RB Refunding Series 2012 C (A+/Aa3)
	1,250,000		5.000			01/01/2027		1,293,830
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)^(b)(c)
	5,250,000		1.550			08/19/2022		5,335,434


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)^(b)(c)
$	3,000,000	2.150 %		06/13/2024	$	3,137,898
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/Baa1)^(b)(c)
	3,500,000	1.650		06/18/2021		3,509,493
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(b)(c)
	1,600,000	2.250		05/25/2023		1,659,401
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(b)(c)
	2,500,000	2.925		03/12/2024		2,664,844
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)^(b)(c)
	9,475,000	3.000		02/01/2023		9,881,167
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)^(b)(c)
	5,100,000	1.550		08/19/2022		5,182,993
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000	3.500		11/01/2043		5,221,756
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)
	7,585,000	4.000		01/01/2035		8,014,787
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)^(b)(c)
	1,050,000	5.000		07/01/2024		1,177,487
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
	545,000	5.000		03/01/2027		559,219
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)^(h)
	1,215,000	2.375		01/01/2031		1,233,858
	1,320,000	4.000		01/01/2036		1,509,602
	Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (BBB+/Baa1)
	775,000	4.000		08/01/2035		883,667
	500,000	4.000		08/01/2036		567,975
	750,000	4.000		08/01/2037		847,599
	745,000	4.000		08/01/2038		839,374
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(b)(c)
	14,250,000	4.000		09/01/2023		15,387,555
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000	5.000		05/15/2025		2,915,145
	3,000,000	5.000		05/15/2026		3,591,814
	3,000,000	5.000		05/15/2027		3,671,442
	2,455,000	5.000		05/15/2028		3,061,826
	2,800,000	5.000		05/15/2029		3,542,269
	4,875,000	5.000		05/15/2049		7,054,394


Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(b)(c)
	14,050,000	4.000		12/02/2024		15,636,747
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(e)
	5,200,000	(3 Mo. LIBOR + 0.65%), 0.809		10/01/2033		5,055,674
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
	2,210,000	5.000		01/01/2023		2,381,148
	4,155,000	5.000		01/01/2024		4,653,438
	4,360,000	5.000		01/01/2025		5,047,134
	4,575,000	5.000		01/01/2026		5,420,174
	4,805,000	5.000		01/01/2027		5,839,998
	5,040,000	5.000		01/01/2028		6,259,882
	5,295,000	5.000		01/01/2029		6,612,678
	1,080,000	5.000		01/01/2034		1,317,032
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	830,000	5.000		01/01/2024		930,776
	900,000	5.000		01/01/2025		1,042,201
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(f)
	1,275,000	4.000		01/01/2038		1,400,365
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	1,925,000	1.900		08/01/2024		1,994,920
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(b)(c)
	400,000	2.000		10/01/2024		416,623

						156,753,619

Guam – 0.4%
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	875,000	3.625		02/01/2025		906,692
	2,045,000	4.250		02/01/2030		2,150,640
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000	5.000		11/15/2022		3,197,479
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000	5.000		01/01/2029		3,069,598
	Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)
	2,530,000	5.000		11/15/2031		2,795,930
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000	5.000		12/01/2025		3,178,844
	2,255,000	5.000		12/01/2026		2,644,710
	2,000,000	5.000		12/01/2027		2,332,888
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000	5.000		10/01/2024		1,597,834
	2,790,000	5.000		10/01/2030		2,953,301


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Guam – (continued)
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
$	325,000		5.000	%		10/01/2039	$	360,468
	250,000		5.000			10/01/2044		276,155
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)^(g)
	1,450,000		5.500			07/01/2023		1,615,690
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000			01/01/2046		1,154,199
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	3,975,000		5.000			01/01/2050		4,777,429
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025		405,265
	560,000		5.000			07/01/2026		662,931
	350,000		5.000			07/01/2027		422,502
	370,000		5.000			07/01/2028		442,942
	725,000		5.000			07/01/2029		861,316
	700,000		5.000			07/01/2030		826,609
	700,000		5.000			07/01/2031		823,537
	700,000		5.000			07/01/2032		821,009
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	400,000		5.000			07/01/2029		481,086
	600,000		5.000			07/01/2031		716,773
	250,000		5.000			07/01/2033		296,035
	225,000		5.000			07/01/2034		265,638
	425,000		5.000			07/01/2036		499,183
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	300,000		5.000			11/01/2027		363,343
	450,000		5.000			11/01/2028		552,786
	450,000		5.000			11/01/2029		559,019
	375,000		5.000			11/01/2030		470,906

								42,482,737

Hawaii – 0.5%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000			07/01/2042		3,438,957
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	500,000		5.000			07/01/2021		505,838
	430,000		5.000			07/01/2022		455,858
	200,000		5.000			07/01/2023		221,409
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
	680,000		5.000			07/01/2021		687,939
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa2)
	5,025,000		4.000			03/01/2037		5,513,253
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	9,055,000		3.200			07/01/2039		9,667,694


Municipal Bonds – (continued)
Hawaii – (continued)
	Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)
	30,000		4.000			05/15/2026		33,480
	75,000		5.000			05/15/2029		91,454
	35,000		5.000			05/15/2030		42,330
	150,000		5.000			05/15/2031		180,054
	180,000		5.000			05/15/2032		214,612
	60,000		3.000			05/15/2033		61,523
	100,000		3.000			05/15/2034		102,170
	150,000		3.000			05/15/2035		152,707
	670,000		3.250			05/15/2039		685,852
	575,000		5.000			05/15/2044		662,150
	State of Hawaii Airports System RB Refunding Series 2018 D (A+/A1)
	20,865,000		5.000			07/01/2034		26,895,753

								49,613,033

Idaho – 0.0%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024		2,067,402

Illinois – 12.1%
	Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (AA/NR)
	7,200,000		5.000			01/01/2035		8,954,419
	Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (AA/A1)
	6,155,000		5.000			01/01/2037		7,276,393
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)
	300,000		5.000			01/01/2029		379,213
	175,000		5.000			01/01/2030		220,224
	665,000		5.000			01/01/2031		833,167
	1,875,000		5.000			01/01/2032		2,342,214
	765,000		5.000			01/01/2033		951,335
	1,115,000		5.000			01/01/2034		1,381,352
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)^(d)
	350,000		0.000			01/01/2026		332,919
	165,000		0.000			01/01/2027		153,835
	240,000		0.000			01/01/2028		218,403
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/Ba3)
	555,000		5.382			12/01/2023		598,414
	2,250,000		5.482			12/01/2024		2,470,476
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A-/NR)
	3,550,000		6.000			04/01/2046		4,237,140
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A-/NR)
	760,000		5.000			04/01/2034		881,446
	575,000		5.000			04/01/2035		665,743
	525,000		5.000			04/01/2036		606,410
	490,000		5.000			04/01/2037		564,068


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(d)
$	2,225,000		0.000	%		12/01/2026	$	2,023,634
	1,125,000		0.000			12/01/2027		992,403
	3,055,000		0.000			12/01/2029		2,510,379
	2,660,000		0.000			12/01/2030		2,108,584
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(d)
	965,000		0.000			12/01/2027		851,261
	1,040,000		0.000			12/01/2028		885,950
	460,000		0.000			12/01/2030		364,642
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)^(d)
	670,000		0.000			01/01/2031		502,469
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB-/NR)
	2,500,000		6.000			12/01/2035		2,833,328
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(d)
	4,705,000		0.000			12/01/2031		3,598,485
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	4,725,000		5.500			12/01/2026		5,548,890
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)^(d)
	3,485,000		0.000			12/01/2023		3,390,486
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/Ba3)
	2,500,000		5.500			12/01/2026		3,070,024
	6,330,000		5.500			12/01/2027		7,958,471
	3,000,000		5.500			12/01/2028		3,841,011
	2,115,000		5.500			12/01/2029		2,749,143
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	1,020,000		5.250			12/01/2039		1,121,377
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB-/Ba3)
	5,225,000		5.000			12/01/2042		5,416,392
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/Ba3)
	5,625,000		6.038			12/01/2029		6,445,677
	2,500,000		6.138			12/01/2039		2,855,254
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	5,160,000		7.000			12/01/2044		6,187,762
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	7,125,000		6.500			12/01/2046		8,569,178
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,825,000		5.000			12/01/2025		2,151,619
	2,190,000		5.000			12/01/2026		2,645,771


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR) – (continued)
	2,375,000		5.000			12/01/2027		2,927,838
	7,445,000		5.000			12/01/2028		9,344,146
	700,000		5.000			12/01/2030		863,423
	1,800,000		5.000			12/01/2031		2,211,310
	1,000,000		5.000			12/01/2032		1,223,986
	2,000,000		5.000			12/01/2033		2,439,269
	600,000		5.000			12/01/2034		727,538
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	5,000,000		5.000			12/01/2027		6,178,221
	5,230,000		5.000			12/01/2028		6,581,371
	5,500,000		5.000			12/01/2029		6,891,123
	4,690,000		5.000			12/01/2030		5,822,913
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)
	2,500,000		4.000			12/01/2027		2,836,703
	4,000,000		5.000			12/01/2028		4,850,597
	5,000,000		5.000			12/01/2029		6,134,828
	5,000,000		5.000			12/01/2030		6,122,424
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)^(d)
	2,000,000		0.000			12/01/2025		1,849,233
	2,000,000		0.000			12/01/2026		1,788,670
	300,000		0.000			12/01/2027		259,120
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (BB-/NR)
	125,000		5.000			12/01/2021		128,760
	750,000		5.000			12/01/2022		801,538
	1,200,000		5.000			12/01/2023		1,323,400
	1,250,000		5.000			12/01/2024		1,414,824
	1,200,000		5.000			12/01/2025		1,388,424
	1,000,000		5.000			12/01/2026		1,176,688
	1,000,000		5.000			12/01/2027		1,197,048
	1,000,000		5.000			12/01/2028		1,212,649
	1,000,000		5.000			12/01/2029		1,226,966
	1,000,000		5.000			12/01/2030		1,224,485
	1,000,000		5.000			12/01/2031		1,219,134
	1,000,000		5.000			12/01/2032		1,214,251
	1,000,000		5.000			12/01/2033		1,209,545
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds Series 2018 C (BB-/NR)
	8,620,000		5.000			12/01/2025		9,973,512
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR) (NATL-RE) (AA/A2)^(d)
	1,465,000		0.000			01/01/2030		1,213,006
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL-RE) (BBB+/Baa2)^(d)
	1,050,000		0.000			01/01/2028		911,253
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(d)
	750,000		0.000			01/01/2032		540,901


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
$	330,000		5.500	%		01/01/2037	$	368,349
	3,020,000		5.500			01/01/2040		3,358,312
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,628,585
	630,000		5.000			01/01/2034		678,896
	11,590,000		5.000			01/01/2036		12,464,068
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		651,124
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	2,905,000		5.000			01/01/2034		2,968,020
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,130,000		7.517			01/01/2040		1,501,869
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,469,425
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		17,434,481
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,760,000		5.000			01/01/2028		4,513,262
	4,890,000		5.000			01/01/2029		5,953,566
	2,720,000		5.000			01/01/2031		3,272,972
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	3,000,000		5.500			01/01/2049		3,583,463
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,574,798
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,575,000		5.000			01/01/2024		2,831,389
	4,435,000		5.000			01/01/2025		5,009,846
	5,600,000		5.000			01/01/2038		6,258,398
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A-/A3)
	4,235,000		5.500			01/01/2029		4,600,223
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,040,000		5.000			01/01/2039		8,565,966
	8,355,000		5.000			01/01/2048		9,995,136
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,605,000		5.000			01/01/2023		2,815,749
	4,760,000		5.000			01/01/2024		5,328,247
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	9,105,000		5.000			01/01/2037		10,608,917
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	8,045,000		5.250			01/01/2035		9,641,570
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (WD/NR)^(g)
	1,105,000		5.000			01/01/2025		1,290,297
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	2,000,000		5.000			01/01/2035		2,299,999
	2,000,000		5.000			01/01/2039		2,287,291


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2014 (A/Baa3)
	4,425,000		5.000			01/01/2044		4,916,129
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		578,566
	1,330,000		4.000			01/01/2052		1,424,480
	Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (AA/NR)
	2,200,000		5.000			11/01/2033		2,723,882
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,560,000		5.000			11/01/2028		1,902,653
	1,780,000		5.000			11/01/2029		2,157,299
	1,000,000		5.000			11/01/2030		1,206,347
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,645,000		5.000			11/01/2026		1,966,804
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	15,475,000		5.000			11/01/2042		16,414,656
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)^(h)
	875,000		3.250			07/01/2029		873,404
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	2,745,000		5.000			01/01/2025		3,100,795
	3,430,000		5.000			01/01/2027		4,046,629
	10,115,000		5.000			01/01/2028		12,141,393
	8,480,000		5.000			01/01/2029		10,324,385
	9,315,000		5.000			01/01/2030		11,477,907
	430,000		5.000			01/01/2031		525,997
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	265,000		5.432			01/01/2042		316,032
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	5,650,000		6.314			01/01/2044		7,422,961
	City of Peoria GO Refunding Bonds Series 2019 (AGM) (AA/A2)
	880,000		5.000			01/01/2029		1,080,695
	1,470,000		5.000			01/01/2031		1,869,608
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	155,000		4.000			01/01/2025		174,332
	195,000		4.000			01/01/2026		223,972
	115,000		4.000			01/01/2027		134,652
	200,000		4.000			01/01/2028		237,653
	200,000		4.000			01/01/2029		239,349
	145,000		4.000			01/01/2030		172,117
	Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (AA/NR)
	10,350,000		5.500			12/01/2036		13,540,940
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	840,000		4.000			12/01/2023		916,335


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	County of Cook Sales Tax RB Refunding Series 2021 A (AA-/NR)
$	600,000		5.000	%		11/15/2029	$	779,374
	1,595,000		5.000			11/15/2030		2,105,028
	2,055,000		5.000			11/15/2031		2,703,004
	1,165,000		5.000			11/15/2032		1,525,492
	1,025,000		5.000			11/15/2036		1,320,574
	1,445,000		5.000			11/15/2037		1,852,516
	2,080,000		5.000			11/15/2038		2,656,231
	2,655,000		4.000			11/15/2039		3,105,824
	2,435,000		4.000			11/15/2040		2,840,238
	3,540,000		4.000			11/15/2041		4,115,824
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,746,138
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		2.163			02/01/2026		514,856
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	605,000		5.000			12/01/2034		722,974
	775,000		5.000			12/01/2039		910,689
	1,000,000		5.000			12/01/2044		1,160,253
	Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (AA/A1)
	2,325,000		4.000			12/01/2036		2,623,860
	1,420,000		4.000			12/01/2037		1,598,577
	4,230,000		4.000			12/01/2042		4,711,072
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		559,925
	400,000		4.000			12/01/2040		446,125
	1,085,000		4.000			12/01/2042		1,204,841
	Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (AA+/NR)
	815,000		4.000			12/15/2031		996,513
	1,300,000		4.000			12/15/2032		1,561,536
	3,740,000		4.000			12/15/2033		4,440,694
	1,700,000		4.000			12/15/2034		2,012,723
	1,395,000		4.000			12/15/2035		1,642,658
	2,750,000		3.000			12/15/2036		2,988,082
	2,000,000		3.000			12/15/2037		2,166,237
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		21,917,330
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(f)
	5,600,000		6.125			04/01/2049		6,635,401
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,460,027
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,514,160


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	750,000		5.000			09/01/2026		898,728
	500,000		5.000			09/01/2027		612,655
	500,000		5.000			09/01/2028		624,204
	1,600,000		5.000			09/01/2030		2,014,765
	1,000,000		5.000			09/01/2031		1,251,222
	1,000,000		5.000			09/01/2032		1,244,155
	1,035,000		5.000			09/01/2033		1,281,341
	1,150,000		5.000			09/01/2034		1,416,687
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	3,000,000		5.000			09/01/2046		3,391,909
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)^(h)
	375,000		5.000			05/15/2041		428,160
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,536,224
	Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (AA-/Aa2)^(h)
	1,380,000		5.000			10/01/2037		1,945,017
	1,700,000		5.000			10/01/2038		2,413,877
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	5,275,000		5.000			01/01/2027		6,372,082
	3,350,000		5.000			01/01/2028		4,129,158
	3,515,000		5.000			01/01/2029		4,403,039
	2,195,000		5.000			01/01/2030		2,790,739
	11,130,000		5.000			01/01/2036		13,776,398
	5,290,000		4.000			01/01/2038		6,030,838
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 A (BAM) (AA/NR)
	5,300,000		5.000			01/01/2038		6,287,601
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	10,685,000		5.000			01/01/2026		12,604,596
	8,170,000		5.000			01/01/2027		9,869,178
	15,355,000		5.000			01/01/2028		18,926,335
	11,790,000		5.000			01/01/2029		14,768,656
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,653,781
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		2,210,277
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	39,035,000		5.100			06/01/2033		43,948,066
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,491,968
	4,000,000		5.500			07/01/2025		4,384,255
	3,165,000		5.500			07/01/2027		3,449,532
	5,500,000		5.250			07/01/2028		5,942,406
	9,490,000		5.500			07/01/2038		10,155,090


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
$	4,415,000		5.000	%		11/01/2021	$	4,527,001
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500			12/01/2041		412,258
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	26,930,000		5.000			11/01/2029		31,448,453
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	25,805,000		5.000			11/01/2021		26,457,036
	53,565,000		5.000			11/01/2024		60,540,695
	27,000,000		5.000			11/01/2025		31,225,260
	9,450,000		5.000			11/01/2026		11,128,639
	24,005,000		5.000			11/01/2028		28,321,934
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	16,380,000		5.000			05/01/2031		19,346,429
	1,760,000		5.000			05/01/2042		2,018,991
	1,760,000		5.000			05/01/2043		2,015,736
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	8,000,000		5.000			11/01/2024		9,083,690
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	9,175,000		4.000			11/01/2042		9,914,272
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	1,525,000		5.500			05/01/2039		1,876,177
	4,100,000		5.750			05/01/2045		5,100,175
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	8,355,000		5.000			08/01/2021		8,475,214
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,960,000		4.000			02/01/2030		4,428,461
	1,185,000		4.000			02/01/2031		1,318,250
	Illinois State GO Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,340,000		5.000			10/01/2031		2,782,612
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	1,605,000		5.000			06/15/2022		1,679,779
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	675,000		4.000			06/15/2021		679,047
	2,875,000		5.000			06/15/2022		3,008,950
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	3,185,000		4.000			06/15/2021		3,204,097
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 B (AA-/A1)
	2,745,000		5.000			01/01/2025		3,195,305
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	14,015,000		5.000			01/01/2026		16,805,531
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	360,000		5.000			12/01/2025		424,609
	410,000		5.000			12/01/2026		496,076
	405,000		4.000			12/01/2028		484,918
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(d)
	5,600,000		0.000			12/15/2032		4,197,297


Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)^(d)
	2,690,000		0.000			12/15/2031		2,089,895
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)
	1,555,000		5.700			06/15/2024		1,636,550
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)^(g)
	460,000		5.700			06/15/2022		494,118
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	5,390,000		5.000			12/15/2028		5,624,191
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)
	2,000,000		5.000			12/15/2028		2,413,764
	300,000		5.000			12/15/2032		358,589
	600,000		5.000			12/15/2033		714,944
	500,000		5.000			12/15/2034		594,913
	1,260,000		0.000	^(a)		12/15/2037		1,027,922
	3,500,000		0.000	^(a)		12/15/2042		2,849,342
	3,850,000		0.000	^(a)		12/15/2047		3,090,745
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	11,975,000		4.000			06/15/2050		13,281,587
	1,160,000		5.000			06/15/2050		1,379,351
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (WD/NR)^(g)
	1,125,000		6.000			06/01/2021		1,135,302
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)
	4,430,000		5.000			07/01/2029		5,535,606
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(d)
	6,055,000		0.000			12/01/2025		5,668,819
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500			03/01/2030		4,272,129
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	1,100,000		6.630			02/01/2035		1,317,111
	State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)
	300,000		5.000			01/01/2034		306,803
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000			02/01/2024		634,180
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	2,820,000		4.000			06/01/2032		3,058,891
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	3,455,000		5.000			12/01/2027		4,147,756
	875,000		4.250			12/01/2040		948,484
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	925,000		3.250			11/01/2026		1,012,254


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
$	3,800,000	5.000 %		02/01/2028	$	4,461,610
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	500,000	5.000		10/01/2028		606,900
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	1,500,000	4.000		12/01/2033		1,651,323
	5,000,000	4.250		12/01/2037		5,462,705
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	5,100,000	5.000		10/01/2027		6,113,069
	State of Illinois RB Refunding Series 2016 C (BAM) (AA/NR)
	5,580,000	4.000		06/15/2028		6,141,010
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)^(f)
	375,000	4.000		01/01/2031		386,823
	335,000	5.000		01/01/2045		349,388
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	750,000	5.000		01/01/2024		776,386
	2,690,000	5.000		01/01/2030		2,853,463
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,000,000	4.250		01/01/2029		1,012,358
	Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)
	3,055,000	5.000		12/30/2027		3,818,853
	3,235,000	5.000		12/30/2028		4,103,423
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	210,000	4.125		10/01/2041		218,537
	420,000	4.125		10/01/2046		434,934
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa1)
	650,000	4.000		01/01/2034		734,921

						1,131,290,204

Indiana – 0.5%
	City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (AA/NR)
	1,845,000	2.000		09/01/2038		1,712,135
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A2)^(b)(c)
	3,000,000	5.000		11/01/2022		3,214,093
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A2)^(b)(c)
	11,500,000	5.000		06/05/2026		13,959,227
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	540,000	5.000		09/15/2034		644,662
	680,000	5.000		09/15/2039		799,635
	445,000	4.000		09/15/2044		477,425
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)^(b)(c)
	2,300,000	2.100		11/01/2026		2,415,134


Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	185,000	4.000		07/01/2030		201,474
	300,000	5.000		07/01/2040		336,279
	Indiana Finance Authority RB for WVB East End Partners LLC Series 2013 A (BBB+/NR)
	5,000,000	5.250		01/01/2051		5,415,053
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	2,930,000	3.000		11/01/2030		3,035,145
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,110,000	3.000		11/01/2030		2,185,719
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,350,000	3.000		11/01/2030		2,434,331
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(b)
	3,815,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.620		11/01/2023		3,828,378
	Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A/A1)
	2,275,000	5.000		01/01/2029		2,861,102
	Purdue University RB Series 2007 A (AAA/Aaa)
	3,035,000	5.250		07/01/2029		3,929,561

						47,449,353

Iowa – 0.1%
	City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)
	1,060,000	4.000		06/01/2031		1,229,181
	Coralville Iowa COPS Series 2016 E (BB/NR)
	500,000	4.000		06/01/2021		500,124
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	1,555,000	3.125		12/01/2022		1,584,088
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	1,700,000	4.000		05/15/2055		1,828,124
	2,300,000	5.000		05/15/2055		2,633,023
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-2 (BBB/NR)
	1,750,000	2.875		05/15/2049		1,767,332

						9,541,872

Kansas – 0.0%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	450,000	4.000		05/15/2021		450,283
	1,300,000	4.000		05/15/2023		1,312,814
	1,015,000	4.000		05/15/2024		1,027,415
	1,060,000	5.000		05/15/2025		1,114,544
	1,165,000	5.000		05/15/2027		1,241,209

						5,146,265


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Kentucky – 1.6%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(e)
$	8,480,000	(3 Mo. LIBOR + 0.53%), 0.667 %		11/01/2027	$	8,346,828
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	180,000	4.000		03/01/2046		200,066
	110,000	4.000		03/01/2049		121,869
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	1,200,000	4.000		06/01/2037		1,333,569
	400,000	4.000		06/01/2045		436,706
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,030,000	4.000		06/01/2037		1,144,647
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	855,000	5.000		08/01/2035		1,066,423
	855,000	5.000		08/01/2036		1,061,381
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A2)^(b)(c)
	25,000,000	4.000		01/01/2025		27,660,460
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)^(b)(c)
	22,955,000	4.000		06/01/2025		25,852,628
	Kentucky Public Energy Authority RB Series 2020 A (NR/A2)^(b)(c)
	10,800,000	4.000		06/01/2026		12,364,541
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	8,145,000	5.000		11/01/2025		9,684,824
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A/NR)
	2,000,000	4.000		10/01/2034		2,214,983
	Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (A/A1)^(b)(c)
	3,080,000	2.550		05/03/2021		3,085,405
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	1,500,000	4.000		10/01/2039		1,704,160
	1,100,000	4.000		10/01/2040		1,246,587
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 C (A/NR)^(b)(c)
	8,500,000	5.000		10/01/2026		10,355,220
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (NR/A1)
	17,250,000	2.000		10/01/2033		17,109,999
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	2,295,000	5.000		05/15/2030		2,362,286


Municipal Bonds – (continued)
Kentucky – (continued)
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)
	10,000,000	4.000		05/15/2038		11,525,796
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000	4.000		04/01/2026		3,682,073
	University of Louisville RB Series 2020 A (AGM) (AA/A1)
	1,080,000	5.000		09/01/2025		1,280,264
	1,135,000	5.000		09/01/2026		1,385,090
	1,195,000	5.000		09/01/2027		1,495,051
	1,255,000	5.000		09/01/2028		1,603,999

						148,324,855

Louisiana – 1.5%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	770,000	4.000		12/01/2021		778,399
	815,000	4.000		12/01/2022		836,855
	1,135,000	4.000		12/01/2023		1,179,102
	1,150,000	4.000		12/01/2024		1,205,038
	1,385,000	5.000		12/01/2025		1,521,487
	1,455,000	5.000		12/01/2026		1,617,731
	1,530,000	5.000		12/01/2027		1,715,945
	1,605,000	5.000		12/01/2028		1,810,746
	1,000,000	5.000		12/01/2029		1,132,573
	City of New Orleans Sewerage Service RB Series 2020 B (A/NR)
	1,325,000	5.000		06/01/2045		1,630,143
	City of New Orleans Sewerage Service RB Series 2020 B (AGM) (AA/NR)
	275,000	4.000		06/01/2035		323,803
	310,000	4.000		06/01/2036		363,669
	285,000	4.000		06/01/2037		333,122
	310,000	4.000		06/01/2038		361,250
	355,000	4.000		06/01/2039		412,472
	310,000	4.000		06/01/2040		359,311
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)^(f)
	1,200,000	3.625		06/01/2024		1,227,327
	2,540,000	3.750		06/01/2030		2,677,734
	5,070,000	4.375		06/01/2048		5,402,476
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)^(f)
	7,800,000	5.000		04/01/2035		8,773,418
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (AA/NR)
	1,230,000	5.000		10/01/2026		1,493,311
	2,750,000	5.000		10/01/2027		3,417,719
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB-/Baa2)
	14,185,000	3.500		11/01/2032		15,617,770


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)^(g)
$	6,250,000		4.375	%		02/01/2024	$	6,961,446
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	900,000		2.750			10/01/2023		943,916
	670,000		5.000			10/01/2023		744,184
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (A+/NR)
	1,295,000		4.000			06/01/2050		1,457,528
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (AA/NR)
	3,530,000		3.000			06/01/2050		3,670,537
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	900,000		4.000			07/01/2044		1,000,637
	900,000		4.000			07/01/2049		995,690
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	6,600,000		3.375			09/01/2028		6,600,000
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500			06/01/2030		1,633,436
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A/A3)
	3,695,000		4.000			05/15/2042		4,086,880
	3,000,000		5.000			05/15/2046		3,495,846
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A-/A2)
	3,750,000		5.000			01/01/2034		4,263,526
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	1,000,000		5.000			01/01/2048		1,151,649
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)^(b)(c)
	11,300,000		2.000			04/01/2023		11,524,217
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)^(b)(c)
	15,505,000		2.100			07/01/2024		15,931,907
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)^(b)(c)
	21,235,000		2.200			07/01/2026		21,905,064
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)^(g)
	500,000		5.000			04/01/2023		544,890

								141,102,754

Maine – 0.4%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	505,000		3.000			01/01/2025		543,128
	800,000		3.000			01/01/2026		870,043


Municipal Bonds – (continued)
Maine – (continued)
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1) – (continued)
	800,000		3.000			01/01/2027		876,610
	300,000		5.000			01/01/2028		368,258
	225,000		5.000			01/01/2029		280,914
	270,000		5.000			01/01/2030		340,774
	370,000		5.000			01/01/2031		464,094
	810,000		5.000			01/01/2032		1,011,521
	890,000		5.000			01/01/2033		1,103,624
	620,000		5.000			01/01/2034		765,775
	Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (AA/A2)
	305,000		5.000			12/01/2021		314,325
	400,000		5.000			12/01/2022		429,722
	500,000		5.000			12/01/2023		556,632
	500,000		5.000			12/01/2024		572,039
	450,000		5.000			12/01/2025		526,291
	1,530,000		5.000			12/01/2026		1,818,895
	1,500,000		5.000			12/01/2027		1,811,983
	1,000,000		5.000			12/01/2028		1,209,060
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	4,655,000		4.000			07/01/2045		5,314,706
	2,355,000		4.000			07/01/2050		2,673,603
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,575,000		5.000			07/01/2026		1,863,121
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000		5.000			06/01/2024		11,187,110

								34,902,228

Maryland – 0.7%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		453,363
	650,000		4.500			09/01/2033		692,426
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000			08/01/2027		2,065,902
	City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)^(f)
	100,000		2.600			06/01/2021		100,098
	100,000		2.650			06/01/2022		100,738
	150,000		2.700			06/01/2023		151,980
	100,000		2.750			06/01/2024		101,850
	160,000		3.000			06/01/2024		161,822
	125,000		2.800			06/01/2025		128,011
	135,000		2.850			06/01/2026		138,986
	175,000		2.950			06/01/2027		180,880
	190,000		3.050			06/01/2028		195,295
	200,000		3.150			06/01/2029		206,544
	300,000		3.375			06/01/2029		303,106
	200,000		3.200			06/01/2030		206,090
	200,000		3.250			06/01/2031		206,293
	250,000		3.300			06/01/2032		256,104
	270,000		3.350			06/01/2033		276,786


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Maryland – (continued)
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
$	880,000		3.000	%		07/01/2024	$	906,762
	950,000		4.000			07/01/2029		1,094,402
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	440,000		4.000			01/01/2038		490,366
	525,000		4.000			01/01/2039		583,911
	570,000		4.000			01/01/2040		632,260
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	615,000		4.000			01/01/2032		693,613
	530,000		4.000			01/01/2033		596,314
	600,000		4.000			01/01/2034		672,136
	540,000		4.000			01/01/2035		602,821
	595,000		4.000			01/01/2036		663,078
	660,000		4.000			01/01/2037		733,690
	615,000		4.000			01/01/2038		682,220
	880,000		4.000			01/01/2039		973,708
	880,000		4.000			01/01/2040		971,598
	County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)^(g)
	13,475,000		4.000			11/01/2023		14,795,371
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	555,000		5.700			07/01/2029		557,117
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	1,410,000		3.750			07/01/2039		1,458,483
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	300,000		4.000			07/01/2040		331,158
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	1,000,000		5.000			06/01/2044		1,109,649
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	6,620,000		1.700			09/01/2022		6,739,555
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (A-/Baa1)
	800,000		3.250			07/01/2039		850,312
	350,000		4.000			07/01/2040		400,020
	750,000		4.000			07/01/2045		845,633
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	305,000		4.000			10/01/2026		342,397
	425,000		4.000			10/01/2027		481,152
	440,000		4.000			10/01/2028		498,855
	355,000		4.000			10/01/2029		403,621
	475,000		4.000			10/01/2030		542,682
	795,000		3.000			10/01/2034		813,048
	475,000		4.000			10/01/2040		527,835


Municipal Bonds – (continued)
Maryland – (continued)
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000		4.000			02/01/2030		16,693,910

								63,613,951

Massachusetts – 1.3%
	City of Cambridge GO Refunding Bonds Series 2021 (AAA/Aaa)
	7,090,000		5.000			02/15/2028		9,106,384
	7,295,000		5.000			02/15/2029		9,577,449
	7,290,000		5.000			02/15/2030		9,744,023
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)^(g)
	7,265,000		5.000			12/01/2021		7,498,714
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000		5.000			07/15/2036		7,092,569
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(f)
	1,185,000		4.000			11/15/2023		1,219,318
	1,200,000		5.000			11/15/2028		1,350,128
	Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)
	7,000,000		5.000			07/01/2042		7,348,862
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	225,000		4.000			12/01/2042		239,075
	245,000		5.000			12/01/2042		276,252
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)^(f)
	125,000		5.000			07/15/2021		126,272
	115,000		5.000			07/15/2022		120,312
	125,000		5.000			07/15/2024		138,377
	125,000		5.000			07/15/2025		141,591
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	350,000		5.000			10/01/2026		423,468
	495,000		5.000			10/01/2027		612,742
	500,000		5.000			10/01/2028		631,072
	425,000		5.000			10/01/2029		545,459
	325,000		5.000			10/01/2030		423,970
	450,000		5.000			10/01/2031		580,413
	400,000		5.000			10/01/2032		513,240
	500,000		5.000			10/01/2033		638,284
	450,000		5.000			10/01/2034		572,535
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	825,000		5.000			07/01/2038		1,006,454
	1,850,000		5.000			07/01/2039		2,251,409
	Massachusetts School Building Authority RB Series 2018 B (AA/Aa3)
	10,735,000		4.000			02/15/2039		11,523,886
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,195,000		2.078			10/15/2023		2,284,691


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(e)
$	1,970,000	(3 Mo. LIBOR + 0.57%), 0.707 %		05/01/2037	$	1,935,215
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(e)
	1,735,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		1,704,365
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	4,030,000	4.000		05/01/2039		4,686,344
	Massachusetts State GO Bonds Series 2017 F (AA/Aa1)
	8,665,000	5.000		11/01/2043		10,748,517
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	8,500,000	5.000		01/01/2026		10,214,436
	10,000,000	5.000		01/01/2027		12,341,906
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(b)(c)
	5,525,000	5.000		01/01/2023		5,982,074

						123,599,806

Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(c)
	25,718,183	4.000		04/01/2034		23,887,866
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)^(c)
	331,114	4.000		04/01/2034		307,549
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	235,000	5.000		04/01/2022		243,713
	245,000	5.000		04/01/2023		262,974
	265,000	5.000		04/01/2024		292,581
	275,000	5.000		04/01/2025		311,260
	290,000	5.000		04/01/2026		335,096
	615,000	5.000		04/01/2027		724,146
	645,000	5.000		04/01/2028		769,826
	455,000	5.000		04/01/2029		549,756
	710,000	5.000		04/01/2030		866,650
	City of Detroit GO Bonds Series 2020 (BB-/WR)
	685,000	5.000		04/01/2021		685,000
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	915,000	5.000		04/01/2030		1,116,881
	675,000	5.000		04/01/2032		829,320
	915,000	5.000		04/01/2034		1,116,921
	1,580,000	5.000		04/01/2036		1,914,813
	1,175,000	5.000		04/01/2038		1,415,152
	1,000,000	5.000		04/01/2039		1,200,552
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
	745,000	1.817		04/01/2022		744,832
	365,000	2.017		04/01/2023		364,908
	400,000	2.189		04/01/2024		398,953
	500,000	2.511		04/01/2025		498,511
	675,000	2.711		04/01/2026		668,803
	City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (AA/Aa2)
	1,000,000	5.000		01/01/2045		1,249,757


Municipal Bonds – (continued)
Michigan – (continued)
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000	5.000		07/01/2026		1,215,850
	1,130,000	5.000		07/01/2027		1,277,669
	1,000,000	5.000		07/01/2028		1,130,337
	1,000,000	5.000		07/01/2029		1,129,994
	3,435,000	5.000		07/01/2033		3,876,827
	3,330,000	5.000		07/01/2036		3,753,767
	11,575,000	5.000		07/01/2048		12,984,911
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	6,200,000	2.192		05/01/2026		6,479,162
	15,160,000	2.302		05/01/2027		15,850,399
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A+/A2)
	3,000,000	5.000		07/01/2035		3,588,342
	Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (AA-/A1)
	8,300,000	5.250		07/01/2033		10,170,431
	17,775,000	5.250		07/01/2034		21,780,651
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	1,850,000	5.000		11/15/2048		2,270,988
	3,700,000	4.000		11/15/2050		4,148,628
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	8,250,000	4.000		02/15/2047		9,321,401
	17,000,000	4.000		02/15/2050		19,149,533
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	1,000,000	3.875		10/01/2023		1,032,808
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A1)
	1,000,000	5.000		07/01/2034		1,136,873
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A2)
	650,000	5.000		07/01/2036		736,281
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	325,000	5.000		07/01/2032		370,045
	250,000	5.000		07/01/2033		284,477
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A+/A2)
	1,945,000	5.000		07/01/2033		2,279,408
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D- 1 (AGM) (AA/A1)
	400,000	5.000		07/01/2035		454,197


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
$	1,000,000		5.000	%		07/01/2029	$	1,176,502
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (BB/NR)
	1,240,000		3.500			09/01/2030		1,239,971
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	450,000		4.000			09/01/2045		492,597
	475,000		4.000			09/01/2050		517,182
	Michigan Finance Authority RB Refunding for McLaren Health Care Corp Obligated Group Series 2015 B (AA-/A1)
	1,215,000		5.000			05/15/2034		1,405,032
	Michigan Finance Authority RB Senior Lien Series 2014 C-1 (NR/NR)^(g)
	1,000,000		5.000			07/01/2022		1,060,522
	Michigan Finance Authority RB Senior Lien Series 2014 C-2 (AMT) (NR/NR)^(g)
	5,015,000		5.000			07/01/2022		5,312,045
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
	1,270,000		5.000			06/01/2049		1,533,535
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)^(d)
	92,350,000		0.000			06/01/2065		11,538,588
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	15,000,000		4.250			12/31/2038		17,494,315
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(b)(c)
	1,115,000		1.450			09/01/2021		1,120,419
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,000,000		5.000			05/01/2023		2,195,609
	2,125,000		5.000			05/01/2024		2,422,990
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000			11/01/2026		2,888,905
	2,585,000		4.000			11/01/2027		3,055,036
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,145,000		5.000			05/01/2025		1,343,105
	1,215,000		5.000			05/01/2026		1,469,295
	3,705,000		5.000			05/01/2027		4,532,117
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	580,000		2.019			05/01/2025		586,033
	1,000,000		2.138			05/01/2026		1,004,095
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA/NR)
	2,160,000		5.000			05/01/2022		2,262,848
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A-/A1)
	400,000		5.000			12/01/2033		481,245


Municipal Bonds – (continued)
Michigan – (continued)
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A-/A1) – (continued)
	1,065,000		5.000			12/01/2034		1,278,417
	650,000		5.000			12/01/2035		778,358
	800,000		5.000			12/01/2036		955,325
	880,000		5.000			12/01/2037		1,048,319

								234,371,204

Minnesota – 0.3%
	City of Minneapolis GO Green Bonds Series 2019 (AAA/NR)
	2,390,000		2.000			12/01/2029		2,502,072
	2,940,000		2.000			12/01/2030		3,055,030
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		3,991,234
	1,325,000		4.000			05/01/2049		1,463,814
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (BBB-/NR)
	440,000		3.000			12/01/2030		449,762
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	1,560,000		4.250			02/15/2048		1,733,641
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	610,000		3.000			03/01/2022		616,099
	630,000		3.000			03/01/2023		641,596
	650,000		3.250			03/01/2024		670,769
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)
	320,000		5.000			02/01/2022		331,259
	380,000		5.000			02/01/2023		409,242
	400,000		5.000			02/01/2024		446,318
	375,000		5.000			02/01/2025		431,381
	1,105,000		5.000			02/01/2027		1,340,099
	350,000		5.000			02/01/2028		433,368
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BB+/NR)
	500,000		5.000			05/01/2047		535,124
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	165,000		4.000			12/01/2026		183,547
	165,000		4.000			12/01/2027		185,321
	205,000		4.000			12/01/2028		231,555
	125,000		4.000			12/01/2029		142,100
	250,000		4.000			12/01/2030		281,912
	170,000		4.000			12/01/2031		190,687
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,889,381
	University of Minnesota GO Bonds Series 2013 A (AA/Aa1)
	3,185,000		4.000			02/01/2029		3,365,074

								25,520,385


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Mississippi – 0.3%
	Mississippi Business Finance Corp. RB for Chevron USA, Inc. Series 2009 B (AA-/Aa2)^(b)(c)
$	11,100,000		0.050	%		04/01/2021	$	11,100,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(b)(c)
	4,120,000		2.750			12/09/2021		4,178,340
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	5,950,000		2.500			04/01/2022		5,973,271
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,120,400
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(b)(c)
	2,700,000		2.900			09/01/2023		2,838,785

								25,210,796

Missouri – 1.2%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	350,000		3.000			11/01/2021		351,322
	350,000		4.000			11/01/2022		357,658
	City of Poplar Bluff COPS Series 2021 (BBB+/NR)
	875,000		2.500			10/01/2041		837,570
	1,060,000		2.625			10/01/2046		1,002,426
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(f)
	1,000,000		4.500			12/01/2029		1,052,019
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 B (AMT) (AGM) (AA/A2)
	12,335,000		5.000			03/01/2049		14,786,198
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A-/A2)
	4,200,000		5.000			03/01/2030		5,241,494
	4,410,000		5.000			03/01/2031		5,475,377
	4,630,000		5.000			03/01/2032		5,726,308
	4,865,000		5.000			03/01/2033		5,986,140
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A-/A2)
	2,000,000		5.000			03/01/2033		2,480,821
	3,200,000		5.000			03/01/2034		3,954,977
	Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (AAA/Aa1)
	19,880,000		5.000			05/01/2047		23,881,637
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	830,000		5.000			09/01/2038		984,678
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	320,000		5.000			09/01/2025		364,979
	860,000		5.000			09/01/2027		1,017,771
	1,355,000		5.000			09/01/2028		1,625,013
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	420,000		4.000			02/15/2037		486,361
	675,000		4.000			02/15/2038		779,528


Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1) – (continued)
	500,000		4.000			02/15/2039		575,874
	1,850,000		4.000			02/15/2044		2,105,510
	5,000,000		4.000			02/15/2049		5,653,300
	Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (AA/NR)
	275,000		5.000			10/01/2030		339,879
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	210,000		5.000			10/01/2026		248,783
	210,000		5.000			10/01/2029		261,358
	150,000		5.000			10/01/2032		183,804
	240,000		4.000			10/01/2034		271,561
	125,000		4.000			10/01/2035		141,031
	150,000		4.000			10/01/2036		168,650
	170,000		4.000			10/01/2037		190,533
	145,000		4.000			10/01/2038		162,053
	110,000		4.000			10/01/2039		122,629
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
	4,270,000		1.600			12/01/2022		4,301,376
	Springfield Public Utility RB Refunding Series 2015 (AA+/NR)
	15,750,000		3.250			08/01/2027		17,287,909
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	1,100,000		5.000			04/01/2048		1,237,294
	St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (AA/A2)
	1,000,000		5.000			10/01/2040		1,255,606
	5,300,000		5.000			10/01/2045		6,547,660

								117,447,087

Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000			07/01/2029		712,198

Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(b)(c)
	12,675,000		4.000			08/01/2025		14,388,581
	Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (AA/NR)
	415,000		4.000			01/01/2033		464,249
	1,000,000		4.000			01/01/2034		1,114,576
	1,000,000		4.000			01/01/2035		1,111,317
	1,250,000		4.000			01/01/2036		1,384,726
	1,185,000		4.000			01/01/2037		1,308,274
	1,500,000		4.000			01/01/2038		1,650,944
	2,000,000		4.000			01/01/2039		2,194,654

								23,617,321


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Nevada – 1.4%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
$	130,000	3.000 %		06/01/2021	$	130,281
	230,000	3.000		06/01/2022		233,510
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	100,000	3.000		06/01/2021		100,226
	395,000	3.250		06/01/2022		402,153
	200,000	3.500		06/01/2025		211,738
	185,000	3.500		06/01/2026		197,216
	200,000	3.500		06/01/2027		214,411
	150,000	3.500		06/01/2028		160,888
	170,000	3.500		06/01/2029		182,728
	175,000	3.250		06/01/2030		183,176
	310,000	3.250		06/01/2031		323,323
	415,000	3.500		06/01/2032		435,113
	470,000	3.500		06/01/2033		490,338
	1,000,000	3.500		06/01/2034		1,040,319
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	250,000	4.250		06/01/2034		270,692
	295,000	4.500		06/01/2039		321,474
	250,000	4.625		06/01/2043		271,723
	395,000	4.625		06/01/2049		426,252
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)^(f)
	625,000	2.500		06/15/2024		630,705
	1,505,000	2.750		06/15/2028		1,535,668
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000	5.000		06/15/2033		8,979,459
	Clark County School District Building GO Bonds Series 2019 B (AGM) (AA/A1)
	8,540,000	5.000		06/15/2030		10,952,202
	Clark County School District GO Bonds Series 2018 A (A+/A1)
	5,000,000	5.000		06/15/2030		6,190,142
	11,180,000	5.000		06/15/2031		13,782,094
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	880,000	5.000		06/15/2027		1,092,537
	880,000	5.000		06/15/2028		1,116,432
	880,000	5.000		06/15/2029		1,133,501
	770,000	5.000		06/15/2030		1,004,687
	705,000	5.000		06/15/2031		916,433
	795,000	5.000		06/15/2032		1,028,968
	725,000	5.000		06/15/2033		934,359
	835,000	5.000		06/15/2034		1,072,090
	880,000	5.000		06/15/2035		1,126,832
	835,000	4.000		06/15/2036		985,358
	900,000	4.000		06/15/2037		1,058,209
	855,000	4.000		06/15/2038		1,002,249
	950,000	4.000		06/15/2039		1,110,353
	700,000	4.000		06/15/2040		816,131
	County of Clark RB Refunding for Motor Vehicle Fuel Tax Series 2020 C (AA-/Aa3)
	18,215,000	5.000		07/01/2029		23,896,069


Municipal Bonds – (continued)
Nevada – (continued)
	Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR)
	1,285,000	4.000		09/01/2025		1,380,951
	Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (A/Aa3)
	1,250,000	5.000		07/01/2026		1,476,286
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	715,000	5.000		07/01/2026		844,436
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	605,000	5.000		07/01/2035		723,824
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	2,685,000	5.000		07/01/2043		3,170,713
	23,350,000	4.000		07/01/2049		25,578,153
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,050,000	5.000		07/01/2027		1,266,116
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA+/Aa1)
	5,000,000	5.000		11/01/2026		5,889,359
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	1,700,000	5.000		07/01/2040		1,937,786

						128,227,663

New Hampshire – 0.7%
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	2,250,000	4.000		01/01/2041		2,469,496
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)^(b)(c)
	2,695,000	2.800		10/02/2023		2,810,411
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(b)
	7,400,000	(SIFMA Municipal Swap Index Yield + 0.75%), 0.820		10/01/2021		7,400,815
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	8,965,000	5.000		08/01/2032		10,818,178
	3,880,000	5.000		08/01/2033		4,661,192
	4,075,000	5.000		08/01/2034		4,882,068
	4,290,000	5.000		08/01/2035		5,128,421
	4,505,000	5.000		08/01/2036		5,370,354
	4,735,000	5.000		08/01/2037		5,629,525
	4,980,000	5.000		08/01/2038		5,907,252
	5,235,000	5.000		08/01/2039		6,196,508
	5,505,000	5.000		08/01/2040		6,503,507

						67,777,727


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – 5.4%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
$	300,000		5.000	%		03/01/2024	$	335,932
	250,000		5.000			03/01/2026		296,900
	Borough of Stone Harbor GO Bonds Series 2018 (AA+/NR)
	1,345,000		4.000			11/01/2026		1,544,757
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	1,975,000		4.000			10/01/2025		2,274,377
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(d)
	2,560,000		0.000			11/01/2021		2,552,450
	Hawthorne School District GO Bonds Series 2019 (BAM) (SCH BD RES FD) (AA/NR)
	1,100,000		3.000			09/01/2034		1,168,617
	1,350,000		3.000			09/01/2035		1,431,469
	1,350,000		3.000			09/01/2036		1,428,065
	1,350,000		3.000			09/01/2037		1,424,909
	1,350,000		3.000			09/01/2038		1,422,140
	1,100,000		3.000			09/01/2039		1,156,738
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	500,000		5.000			07/01/2032		514,269
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB/Baa1)
	4,000,000		5.500			06/15/2033		4,804,364
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB/Baa1)
	5,805,000		5.000			06/15/2028		7,231,718
	10,295,000		5.000			06/15/2029		12,860,111
	New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Baa3)
	4,325,000		5.000			10/01/2047		4,894,210
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,300,000		5.000			06/01/2042		1,521,470
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB/Baa1)
	2,680,000		5.500			09/01/2024		3,114,648
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB/Baa1)
	9,340,000		5.000			06/15/2029		11,667,163
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (A/NR)
	785,000		3.000			06/01/2032		800,672
	1,545,000		5.000			06/01/2032		1,814,537
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	22,075,000		7.425			02/15/2029		28,237,512
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	1,250,000		4.000			06/15/2046		1,395,182
	1,315,000		4.000			06/15/2050		1,461,025


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB/Baa1)
	5,380,000		5.000			06/15/2037		6,386,045
	New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)
	8,220,000		5.000			07/01/2026		9,424,943
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba1)
	1,600,000		4.000			07/01/2042		1,503,745
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	1,090,000		5.000			07/01/2034		1,348,097
	1,130,000		5.000			07/01/2035		1,392,695
	1,095,000		5.000			07/01/2036		1,345,714
	2,200,000		5.000			07/01/2037		2,694,266
	1,980,000		5.000			07/01/2038		2,417,685
	1,610,000		5.000			07/01/2045		1,930,001
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000		5.000			07/01/2033		3,329,591
	New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A/A2)
	1,250,000		3.000			07/01/2040		1,291,945
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)^(b)(c)
	10,910,000		5.000			07/01/2024		12,422,871
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,095,000		5.000			01/01/2027		9,239,393
	New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)
	8,945,000		5.000			01/01/2032		10,308,156
	7,385,000		5.000			01/01/2045		8,478,050
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)^(d)
	24,175,000		0.000			12/15/2035		16,937,174
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)^(d)
	10,025,000		0.000			12/15/2026		9,181,560
	3,190,000		0.000			12/15/2029		2,663,300
	1,325,000		0.000			12/15/2031		1,034,864
	5,000,000		0.000			12/15/2036		3,275,056
	1,495,000		0.000			12/15/2037		943,602
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	755,000		5.000			06/15/2046		847,039
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB/Baa1)
	9,075,000		5.500			12/15/2021		9,405,329
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	20,730,000		5.250			12/15/2022		22,474,009


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)^(d)
$	7,530,000		0.000	%		12/15/2027	$	6,813,816
	18,565,000		0.000			12/15/2031		14,809,802
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB/Baa1)
	1,705,000		5.250			12/15/2022		1,847,833
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB/Baa1)^(d)
	25,925,000		0.000			12/15/2036		16,981,165
	42,640,000		0.000			12/15/2037		26,913,153
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)^(d)
	10,000,000		0.000			12/15/2038		6,077,007
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB/Baa1)
	4,415,000		5.250			06/15/2036		4,450,926
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
	1,390,000		4.000			12/15/2039		1,555,980
	1,620,000		5.000			12/15/2039		1,961,376
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	2,330,000		5.000			06/15/2030		2,717,307
	1,825,000		5.000			06/15/2031		2,117,620
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB/Baa1)
	2,905,000		4.000			12/15/2031		3,343,105
	2,000,000		5.000			12/15/2032		2,454,721
	3,345,000		5.000			12/15/2033		4,090,664
	7,775,000		5.000			12/15/2034		9,484,143
	2,770,000		5.000			12/15/2035		3,367,018
	3,455,000		5.000			12/15/2036		4,183,497
	2,410,000		4.250			12/15/2038		2,737,304
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	450,000		3.000			06/15/2050		444,979
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB/Baa1)
	7,000,000		5.000			06/15/2029		8,744,126
	6,155,000		5.000			06/15/2030		7,631,897
	2,215,000		5.000			06/15/2031		2,733,980
	3,000,000		5.000			06/15/2032		3,689,000
	5,000,000		5.000			06/15/2033		6,125,503
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB/Baa1)
	3,060,000		5.000			06/15/2034		3,736,672
	10,000,000		5.000			06/15/2037		12,090,811
	3,000,000		5.250			06/15/2043		3,628,335
	10,000,000		4.500			06/15/2049		11,339,598
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	16,590,000		4.000			06/15/2044		18,297,282


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation RB Refunding Series 2018 A (BBB/Baa1)
	2,000,000		5.000			12/15/2028		2,513,026
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB/Baa1)^(d)
	8,320,000		0.000			12/15/2032		6,286,620
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	3,195,000		5.500			12/15/2022		3,477,288
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BB+/Baa1)
	1,670,000		4.000			01/01/2023		1,744,305
	730,000		4.000			01/01/2024		767,626
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	1,000,000		5.000			01/01/2037		1,158,981
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2)
	1,000,000		5.000			11/01/2029		1,300,994
	1,500,000		5.000			11/01/2030		1,938,332
	1,000,000		5.000			11/01/2031		1,286,354
	1,000,000		5.000			11/01/2032		1,281,119
	725,000		5.000			11/01/2033		925,143
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	10,000,000		4.000			06/01/2031		12,216,138
	3,215,000		4.000			06/01/2032		3,952,355
	The Camden County Improvement Authority RB Refunding for Rowan University Foundation, Inc. Series 2020 A (BAM) (AA/A2)
	5,025,000		5.000			07/01/2029		6,546,127
	5,310,000		5.000			07/01/2031		6,823,882
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,200,000		5.000			06/01/2046		2,577,113
	2,250,000		5.250			06/01/2046		2,688,831
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	2,000,000		5.000			06/01/2046		2,323,689
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	1,460,000		3.200			06/01/2027		1,497,591
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000		2.000			07/15/2022		1,571,435
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)^(f)
	6,455,000		6.750			12/01/2041		6,574,478
	Union County Utilities Authority RB Refunding for Covanta Union LLC Series 2011 A (AMT) (AA+/NR)
	4,750,000		5.250			12/01/2031		4,904,274

								504,352,686

New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB/Baa2)^(b)(c)
	2,445,000		1.875			10/01/2021		2,462,993


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Mexico – (continued)
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB/Baa2)^(b)(c)
$	4,250,000	1.875 %		10/01/2021	$	4,281,277
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	175,000	5.000		09/01/2027		209,904
	200,000	5.000		09/01/2029		246,895
	450,000	5.000		09/01/2030		562,482
	300,000	5.000		09/01/2031		373,087
	350,000	5.000		09/01/2032		433,371

						8,570,009

New York – 9.1%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	4,050,000	1.625		11/01/2025		4,099,209
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)^(f)
	1,150,000	5.000		12/01/2041		1,294,261
	City of New Rochelle RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000	5.000		07/01/2025		375,006
	335,000	5.000		07/01/2026		383,813
	425,000	5.000		07/01/2027		484,391
	City of Poughkeepsie GO Bonds Series 2021 (NR/NR)^(h)
	775,000	2.500		04/29/2022		786,150
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)^(f)
	900,000	5.000		07/01/2040		1,061,770
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)^(d)(f)
	29,200,000	0.000		06/01/2060		1,335,357
	Essex County Industrial Development Agency RB Refunding for International Paper Co. Series 2019 A (AMT) (BBB/Baa2)^(b)(c)
	500,000	2.100		10/01/2024		522,496
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (AAA/Aaa)^(e)
	7,059,969	(1 Mo. LIBOR + 0.50%), 0.610		01/25/2033		7,094,859
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR)
	1,725,000	3.000		07/01/2025		1,726,999
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(b)
	9,000,000	(1 Mo. LIBOR + 0.75%), 0.831		10/01/2023		9,008,609
	Long Island Power Authority RB Series 2019 B (A/A2)^(b)(c)
	12,825,000	1.650		09/01/2024		13,253,747
	Metropolitan Transportation Authority RB Anticipation Notes Series 2018 B Subseries 2018 B-2B (SP-2/MIG2)
	5,000,000	5.000		05/15/2021		5,024,022
	Metropolitan Transportation Authority RB Anticipation Notes Series 2019 B-1 (SP-2/MIG2)
	54,680,000	5.000		05/15/2022		57,279,793


Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-2S (SP-2/MIG2)
	8,305,000	4.000		02/01/2022		8,529,933
	Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A-/A3)^(b)(c)
	2,500,000	5.000		05/15/2030		3,128,897
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	625,000	5.000		11/15/2027		738,490
	850,000	5.000		11/15/2028		999,252
	Metropolitan Transportation Authority RB Green Bond Series 2019 B (BAM) (AA/A3)
	5,160,000	5.000		11/15/2052		6,193,863
	Metropolitan Transportation Authority RB Green Bond Series 2019 C (AGM-CR) (AA/A2)
	7,365,000	5.000		11/15/2041		9,039,324
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (AGM) (AA/A2)
	4,380,000	4.000		11/15/2042		5,004,767
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	10,175,000	4.750		11/15/2045		11,951,135
	3,250,000	5.000		11/15/2050		3,897,350
	1,800,000	5.250		11/15/2055		2,189,585
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	3,000,000	5.000		11/15/2028		3,752,945
	3,450,000	5.000		11/15/2029		4,381,589
	1,675,000	5.000		11/15/2030		2,156,658
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (BBB+/A3)
	1,340,000	5.000		11/15/2027		1,627,300
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,465,000	4.000		11/15/2032		2,762,453
	Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (BBB+/A3)
	4,545,000	5.000		11/01/2025		4,839,261
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	8,725,000	5.000		11/15/2021		8,968,595
	Metropolitan Transportation Authority RB Refunding Series 2015 D-1 (BBB+/A3)
	8,675,000	5.000		11/15/2033		9,986,021
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	520,000	5.000		11/15/2027		623,326
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	735,000	5.000		11/15/2029		873,077
	755,000	5.250		11/15/2031		904,977
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	1,075,000	5.000		11/15/2027		1,323,666
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)^(b)
	7,510,000	(1 Mo. LIBOR + 0.55%), 0.627		11/01/2022		7,480,317


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
$	4,250,000	5.250 %		11/15/2028	$	4,992,673
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/A3)^(b)
	7,510,000	(1 Mo. LIBOR + 0.55%), 0.623		11/01/2022		7,480,345
	Metropolitan Transportation Authority RB Series 2013 B (BBB+/A3)
	2,530,000	5.000		11/15/2022		2,712,073
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	580,000	5.000		11/15/2028		691,415
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP-2/MIG2)
	10,600,000	5.000		09/01/2022		11,233,007
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	475,000	5.000		11/15/2025		552,658
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)^(d)
	82,790,000	0.000		06/01/2060		5,563,132
	New York City GO Bonds Fiscal 2012 Series I (AA/Aa2)^(g)
	3,000,000	5.000		08/01/2022		3,194,186
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	4,725,000	5.000		03/01/2044		5,693,425
	New York City GO Bonds Subseries 2014 I-2 (AA/Aa2)^(b)(c)
	13,540,000	0.060		04/01/2021		13,540,000
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(b)(c)
	3,500,000	2.750		12/29/2023		3,635,696
	New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (ASSURED GTY) (AA/NR)
	1,345,000	2.250		10/01/2029		1,362,514
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	1,320,000	5.000		01/01/2030		1,709,359
	1,100,000	5.000		01/01/2031		1,446,852
	880,000	4.000		01/01/2032		1,060,345
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	2,290,000	3.000		03/01/2036		2,469,930
	1,875,000	4.000		03/01/2045		2,142,828
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	2,125,000	4.000		03/01/2045		2,386,471
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)
	5,655,000	5.000		08/01/2039		6,418,280
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	15,685,000	2.570		11/01/2023		16,559,633
	17,020,000	2.640		11/01/2024		18,253,310
	11,900,000	2.740		11/01/2025		12,748,061


Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)^(b)(c)
	60,965,000	0.060		04/02/2021		60,965,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)
	10,000,000	4.000		05/01/2044		11,361,948
	New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (AA+/Aa1)
	5,250,000	5.000		06/15/2046		6,307,305
	New York City Water & Sewer System RB Refunding Series 2020 FF (AA+/Aa1)
	5,645,000	4.000		06/15/2041		6,649,246
	New York Convention Center Development Corp. RB Refunding Series 2015 (NR/A1)
	1,300,000	5.000		11/15/2030		1,498,358
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)^(d)
	143,440,000	0.000		06/01/2060		6,938,910
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	4,840,000	3.500		02/15/2048		4,906,841
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)^(f)
	12,380,000	5.000		11/15/2044		13,509,164
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)
	855,000	2.625		09/15/2069		862,493
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)
	1,070,000	2.800		09/15/2069		1,057,353
	New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)
	12,125,000	5.000		10/01/2041		12,163,965
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa2)
	1,435,000	5.000		02/15/2027		1,760,930
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa2)
	6,235,000	5.000		02/15/2027		7,651,151
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2020 A (AA+/Aa2)
	10,670,000	4.000		03/15/2044		12,203,426
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(b)(c)
	9,620,000	5.000		05/01/2022		9,877,723
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(b)(c)
	5,770,000	5.000		05/01/2024		6,442,610
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa2)
	5,275,000	5.000		03/15/2026		6,394,108


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)
$	1,400,000		5.000	%		07/01/2033	$	1,690,270
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	100,000		3.560			07/01/2026		100,045
	100,000		3.670			07/01/2027		99,430
	40,000		3.760			07/01/2028		39,404
	200,000		3.820			07/01/2029		196,308
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	1,070,000		5.000			07/01/2027		1,258,864
	1,130,000		5.000			07/01/2028		1,343,943
	1,185,000		5.000			07/01/2029		1,418,939
	745,000		5.000			07/01/2030		898,426
	100,000		4.000			07/01/2031		110,921
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB/Baa2)
	540,000		5.000			07/01/2032		670,584
	465,000		5.000			07/01/2034		573,292
	1,005,000		5.000			07/01/2035		1,235,973
	440,000		5.000			07/01/2036		539,344
	545,000		4.000			07/01/2040		609,140
	590,000		5.000			07/01/2041		708,669
	2,315,000		4.000			07/01/2045		2,555,872
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	530,000		4.000			09/01/2036		608,146
	500,000		4.000			09/01/2037		571,794
	575,000		4.000			09/01/2038		655,621
	615,000		4.000			09/01/2039		699,351
	750,000		4.000			09/01/2040		850,694
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,080,000		5.000			05/01/2022		1,133,936
	1,005,000		5.000			05/01/2023		1,100,655
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2021 (AA+/NR)
	8,175,000		4.000			03/15/2042		9,456,362
	5,010,000		5.000			03/15/2049		6,270,333
	New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)^(g)
	5,000		5.000			03/15/2024		5,687
	New York State Dormitory Authority RB Series 2020 B (AA-/Aa2)
	1,100,000		3.000			04/01/2042		1,143,063
	1,550,000		3.000			04/01/2048		1,594,401
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa2)
	425,000		4.900			03/15/2023		462,763
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(c)
	5,350,000		0.110			04/30/2021		5,350,000


Municipal Bonds – (continued)
New York – (continued)
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)^(b)(c)(f)
	1,440,000		2.875			12/03/2029		1,469,381
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)^(b)(c)
	750,000		2.750			09/02/2025		772,051
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa2)
	5,000,000		5.000			03/15/2031		5,652,904
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa2)
	16,750,000		2.860			03/15/2024		17,736,751
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa2)
	11,875,000		2.980			03/15/2025		12,731,907
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	9,545,000		5.000			01/01/2023		10,199,679
	2,000,000		5.000			01/01/2027		2,395,780
	1,170,000		5.000			01/01/2029		1,423,962
	725,000		5.000			01/01/2031		872,122
	8,150,000		5.000			01/01/2033		9,725,647
	5,000,000		5.000			01/01/2034		5,946,711
	14,460,000		4.000			01/01/2036		15,867,262
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	2,450,000		4.000			10/01/2030		2,839,432
	6,645,000		5.000			10/01/2035		8,259,960
	2,250,000		5.000			10/01/2040		2,754,466
	6,205,000		4.375			10/01/2045		7,081,039
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	1,225,000		2.500			10/31/2031		1,245,859
	575,000		4.000			10/31/2034		665,713
	4,285,000		4.000			10/31/2041		4,845,461
	2,040,000		4.000			10/31/2046		2,278,452
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)
	1,500,000		4.000			07/01/2046		1,611,921
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	500,000		5.000			12/01/2027		607,153
	500,000		5.000			12/01/2028		611,329
	500,000		5.000			12/01/2029		618,153
	600,000		5.000			12/01/2036		739,992
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,150,000		5.000			12/01/2027		1,420,165
	970,000		5.000			12/01/2028		1,201,587
	1,105,000		5.000			12/01/2029		1,385,064
	885,000		5.000			12/01/2030		1,123,232
	1,060,000		5.000			12/01/2031		1,336,652
	1,235,000		5.000			12/01/2032		1,540,571


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1) – (continued)
$	1,370,000		5.000	%		12/01/2033	$	1,702,955
	1,920,000		5.000			12/01/2034		2,377,364
	1,680,000		5.000			12/01/2035		2,084,798
	1,745,000		5.000			12/01/2036		2,152,145
	2,055,000		5.000			12/01/2037		2,530,106
	1,920,000		5.000			12/01/2038		2,360,318
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	3,405,000		5.000			07/01/2041		3,814,183
	27,550,000		5.250			01/01/2050		31,022,755
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B-/NR)
	3,640,000		5.000			08/01/2021		3,691,565
	2,390,000		5.000			08/01/2026		2,422,050
	2,250,000		5.000			08/01/2031		2,279,655
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	6,300,000		5.250			08/01/2031		7,644,579
	5,675,000		5.375			08/01/2036		6,809,735
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,075,000		5.000			07/01/2046		13,489,252
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	420,000		4.000			12/01/2032		486,142
	505,000		4.000			12/01/2033		581,299
	420,000		4.000			12/01/2034		482,055
	420,000		4.000			12/01/2035		480,552
	525,000		4.000			12/01/2036		598,556
	425,000		4.000			12/01/2037		483,046
	420,000		4.000			12/01/2038		475,979
	1,260,000		3.000			12/01/2039		1,315,129
	840,000		3.000			12/01/2040		874,352
	1,680,000		4.000			12/01/2049		1,863,441
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	345,000		4.000			07/01/2039		365,769
	4,225,000		3.000			07/01/2044		3,822,661
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (A+/Aa3)
	10,000,000		5.000			10/15/2044		11,238,810
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (A+/Aa3)
	2,910,000		5.000			11/15/2034		3,496,145
	19,315,000		5.000			11/15/2041		22,871,950
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
	6,335,000		4.000			07/15/2046		7,193,985


Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	2,500,000		5.000			09/01/2033		3,132,573
	2,000,000		5.000			09/01/2034		2,494,632
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
	2,000,000		4.000			07/15/2045		2,259,404
	1,500,000		4.000			07/15/2050		1,687,667
	State of New York GO Refunding Bonds Series 2021 B (AA+/Aa2)
	25,000,000		1.450			03/15/2028		24,774,315
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	600,000		5.000			09/01/2038		752,259
	820,000		5.000			09/01/2039		1,025,272
	805,000		4.000			09/01/2040		923,642
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
	1,000,000		5.000			11/01/2023		1,100,849
	1,000,000		5.000			11/01/2024		1,133,018
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	200,000		4.000			10/15/2029		217,256
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (BB/NR)
	300,000		4.000			10/15/2030		332,569

								853,237,362

North Carolina – 0.9%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(b)(c)
	375,000		2.000			10/01/2024		390,584
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(b)(c)
	400,000		2.000			10/01/2024		416,623
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)^(b)(c)
	1,750,000		2.100			10/01/2024		1,828,737
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
	5,250,000		5.000			03/01/2029		6,688,770
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)^(g)
	38,115,000		5.000			04/01/2022		39,960,506
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (BBB-/NR)
	1,310,000		5.000			12/31/2037		1,452,097
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	500,000		5.000			10/01/2040		554,864
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (AA-/A2)
	5,995,000		3.000			07/01/2045		6,115,690


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)
$	590,000		3.000	%		07/01/2026	$	607,317
	1,785,000		3.000			07/01/2027		1,840,394
	1,040,000		4.000			07/01/2030		1,132,175
	1,080,000		5.000			07/01/2031		1,224,702
	1,110,000		5.000			07/01/2032		1,255,794
	1,375,000		5.000			07/01/2033		1,550,542
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	620,000		4.000			09/01/2025		625,218
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	3,000,000		3.000			01/01/2042		3,147,079
	1,650,000		5.000			01/01/2049		2,027,239
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	4,500,000		5.000			01/01/2043		5,453,282
	5,000,000		5.000			01/01/2044		6,044,793

								82,316,406

Ohio – 2.1%
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,290,000		6.973			02/15/2024		2,645,068
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	1,585,000		5.000			02/15/2028		1,995,887
	1,235,000		5.000			02/15/2029		1,580,390
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	6,090,000		5.000			02/15/2025		7,108,964
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	440,000		5.000			06/01/2034		557,080
	690,000		4.000			06/01/2037		801,110
	920,000		4.000			06/01/2038		1,061,494
	895,000		4.000			06/01/2039		1,028,046
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	5,070,000		3.000			06/01/2048		5,134,881
	3,835,000		4.000			06/01/2048		4,276,448
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	38,575,000		5.000			06/01/2055		43,458,977
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)^(d)
	35,885,000		0.000			06/01/2057		5,426,128
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	285,000		5.000			11/01/2021		288,090
	400,000		5.000			11/01/2022		411,255
	420,000		5.000			11/01/2023		438,409


Municipal Bonds – (continued)
Ohio – (continued)
	City of Cleveland RB Refunding for Airport System Series 2019 A (A-/A2)
	12,500,000		2.592			01/01/2026		13,071,620
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A-/A2)
	805,000		5.000			01/01/2022		831,250
	1,235,000		5.000			01/01/2023		1,328,625
	1,365,000		5.000			01/01/2024		1,523,992
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	400,000		4.000			09/01/2040		413,789
	625,000		4.000			09/01/2045		638,793
	850,000		5.000			09/01/2049		940,815
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	2,480,000		5.250			11/15/2040		2,769,692
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,625,000		5.000			08/01/2049		6,735,541
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223			02/15/2040		12,525,107
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,344,559
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	2,000,000		3.750			12/01/2038		2,036,500
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	250,000		5.000			12/01/2025		284,242
	325,000		5.000			12/01/2026		376,425
	325,000		5.000			12/01/2027		382,075
	425,000		5.000			12/01/2028		505,604
	400,000		5.000			12/01/2029		480,442
	680,000		5.000			12/01/2030		811,526
	800,000		5.000			12/01/2031		950,518
	660,000		5.000			12/01/2032		781,005
	1,170,000		5.000			12/01/2033		1,379,097
	1,200,000		5.000			12/01/2035		1,407,253
	650,000		5.000			12/01/2037		759,546
	1,630,000		5.000			12/01/2038		1,902,092
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	1,500,000		2.321			05/01/2027		1,554,037
	1,500,000		2.447			05/01/2028		1,531,026
	Lakewood City School District GO Refunding Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027		3,733,590
	Miami University RB Refunding Series 2011 (AA/Aa3)
	2,550,000		5.000			09/01/2036		2,596,345
	Northeast Ohio Medical University RB Refunding Series 2021 A (NR/Baa2)
	250,000		4.000			12/01/2035		283,957
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(f)
	700,000		4.500			01/15/2048		777,081


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BBB-/Ba1)
$	925,000		2.875	%		02/01/2026	$	962,593
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,305,000		2.875			02/01/2026		2,398,677
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/Baa2)^(b)(c)
	2,500,000		2.400			10/01/2029		2,633,534
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa2)^(b)(c)
	3,500,000		2.600			10/01/2029		3,695,026
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 C (AMT) (BBB+/NR)^(b)(c)
	8,000,000		2.100			10/01/2024		8,319,690
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BBB-/Ba1)
	3,130,000		3.250			09/01/2029		3,319,010
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	1,260,000		5.000			12/01/2042		1,414,323
	1,250,000		5.000			12/01/2045		1,396,841
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A/A3)
	680,000		5.000			05/01/2027		838,225
	1,535,000		5.000			05/01/2028		1,930,758
	1,075,000		5.000			05/01/2029		1,377,022
	2,270,000		5.000			05/01/2030		2,950,826
	1,260,000		5.000			05/01/2032		1,616,053
	1,045,000		5.000			05/01/2034		1,329,396
	695,000		4.000			05/01/2037		803,459
	1,115,000		4.000			05/01/2038		1,285,159
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)^(f)
	925,000		5.000			12/01/2033		998,534
	1,795,000		5.000			12/01/2038		1,907,023
	2,725,000		5.000			12/01/2048		2,848,459
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022		2,922,683
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)^(f)
	390,000		3.750			12/01/2031		391,270
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)^(f)
	4,375,000		7.000			12/01/2042		4,964,661

								193,171,593

Oklahoma – 0.3%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	4,250,000		5.000			06/01/2024		4,790,199


Municipal Bonds – (continued)
Oklahoma – (continued)
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	925,000		4.000			09/01/2045		1,014,008
	840,000		5.000			09/01/2045		1,003,088
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	3,670,000		4.000			08/15/2048		4,026,735
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	2,150,000		5.000			08/15/2029		2,646,414
	5,000,000		5.250			08/15/2048		5,980,983
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,586,374
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)^(b)(c)
	3,285,000		5.000			06/01/2025		3,626,960

								24,674,761

Oregon – 0.8%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2018 A (SCH BD GTY) (AA+/Aa1)
	3,790,000		5.000			06/15/2026		4,641,947
	Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)
	240,000		5.125			11/15/2040		258,846
	120,000		5.250			11/15/2050		128,411
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500			03/01/2029		1,417,510
	1,540,000		3.750			03/01/2032		1,575,950
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	500,000		5.000			08/15/2025		592,364
	300,000		5.000			08/15/2026		365,136
	400,000		5.000			08/15/2027		498,239
	500,000		5.000			08/15/2028		634,824
	500,000		5.000			08/15/2029		644,961
	600,000		5.000			08/15/2030		788,308
	1,775,000		5.000			08/15/2045		2,222,147
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (AGM) (AA/NR)
	4,725,000		4.000			08/15/2045		5,488,124
	Multnomah County Oregon Hospital Facilities Authority RB Refunding for Adventist Health System & West Obligated Group Series 2019 (A/NR)^(b)(c)
	7,715,000		5.000			03/01/2025		8,773,123
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2019 250 (AMT) (A+/A1)^(b)(c)
	10,000,000		5.000			03/01/2022		10,410,685
	Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000			07/01/2047		10,701,839


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Oregon – (continued)
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/NR)
$	270,000	5.000 %		10/01/2028	$	340,121
	525,000	5.000		10/01/2029		669,949
	225,000	5.000		10/01/2035		283,600
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (A+/NR)
	2,665,000	5.000		07/01/2032		3,311,761
	2,365,000	5.000		07/01/2033		2,927,583
	1,000,000	5.000		07/01/2034		1,233,742
	1,000,000	5.000		07/01/2035		1,230,679
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)^(g)
	2,050,000	5.000		06/15/2023		2,266,781
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aa1)
	7,090,000	4.000		04/01/2029		8,119,215
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa2)
	2,355,000	5.000		05/01/2026		2,874,134
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(f)
	190,000	5.000		11/01/2034		226,676
	500,000	5.000		11/01/2036		591,327
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000	5.000		06/15/2029		5,169,233

						78,387,215

Pennsylvania – 3.6%
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	4,000,000	5.000		04/01/2030		4,918,943
	18,400,000	4.000		04/01/2044		20,159,968
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	3,050,000	4.000		07/15/2035		3,587,810
	3,180,000	4.000		07/15/2036		3,728,022
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B-/Caa2)
	1,850,000	4.875		11/01/2024		1,977,788
	1,350,000	5.125		05/01/2030		1,548,901
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(f)
	2,420,000	5.000		05/01/2027		2,866,937
	1,600,000	5.000		05/01/2032		1,861,225
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(f)
	600,000	5.000		05/01/2023		644,799
	750,000	5.000		05/01/2028		901,538


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
	325,000	5.000		07/01/2025		368,241
	420,000	5.000		07/01/2026		484,545
	425,000	5.000		07/01/2027		497,296
	450,000	5.000		07/01/2028		531,891
	475,000	5.000		07/01/2029		566,028
	650,000	5.000		07/01/2030		780,297
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000	5.000		10/01/2031		113,042
	390,000	5.000		10/01/2032		440,154
	410,000	5.000		10/01/2033		461,680
	City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A/A2)
	1,250,000	5.000		07/01/2030		1,595,086
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000		08/01/2025		1,183,756
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	540,000	5.380		06/01/2021		543,714
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	2,305,000	5.114		06/01/2021		2,320,269
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000	4.000		06/01/2039		28,225,591
	Commonwealth of Pennsylvania COPS Series 2018 A (A/A2)
	1,250,000	4.000		07/01/2046		1,381,288
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,925,000	5.000		08/15/2025		4,681,783
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)^(f)
	2,000,000	5.875		10/15/2040		2,088,236
	5,000,000	6.250		10/15/2053		5,237,886
	Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)
	4,945,000	5.000		08/01/2045		5,720,425
	Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (BBB-/Ba1)
	1,090,000	3.950		07/01/2024		1,097,654
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000		12/01/2038		807,925
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)^(e)
	15,800,000	(3 Mo. LIBOR + 0.77%), 0.907		05/01/2037		15,567,021
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	725,000	4.000		06/01/2044		820,441
	1,300,000	5.000		06/01/2044		1,598,071
	3,325,000	4.000		06/01/2049		3,738,745
	2,350,000	5.000		06/01/2049		2,872,800


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
$	900,000	5.000 %		07/01/2022	$	930,041
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	900,000	5.000		03/01/2040		980,543
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	295,000	4.000		06/01/2021		296,691
	500,000	4.000		06/01/2022		521,085
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
	850,000	4.000		09/01/2037		976,353
	850,000	4.000		09/01/2038		970,088
	850,000	4.000		09/01/2039		967,611
	Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (A-/NR)
	600,000	4.000		11/15/2043		675,704
	North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)^(e)
	1,400,000	(SIFMA Municipal Swap Index Yield + 0.26%), 0.330		11/01/2021		1,398,953
	1,600,000	(SIFMA Municipal Swap Index Yield + 0.46%), 0.530		11/01/2023		1,599,414
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,000,000	5.000		11/01/2039		1,093,611
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	230,000	5.000		05/01/2021		230,676
	155,000	5.000		05/01/2022		161,714
	50,000	5.000		05/01/2023		53,679
	100,000	5.000		05/01/2024		110,129
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)*^(f)
	19,499	5.250		06/01/2026		11,699
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(b)(c)
	6,460,000	2.800		12/01/2021		6,567,235
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)
	750,000	5.000		06/30/2042		862,792
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)
	8,250,000	3.000		04/01/2039		8,807,131
	Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2016 (A/A2)
	1,060,000	4.000		03/15/2036		1,205,301


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000	4.000		03/01/2037		399,728
	675,000	5.000		03/01/2038		823,283
	500,000	5.000		03/01/2039		608,232
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)^(e)
	1,255,000	(3 Mo. LIBOR + 0.60%), 0.759		07/01/2027		1,244,802
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	2,500,000	4.000		05/01/2040		2,839,779
	4,120,000	5.000		05/01/2046		5,040,214
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,795,938
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,424,136
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,000,000	2.412		12/01/2027		998,141
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)^(g)
	1,720,000	5.500		12/01/2023		1,961,807
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000	5.250		12/01/2044		39,134,505
	Pennsylvania Turnpike Commission RB Series 2018 A-2 (A+/A1)
	4,740,000	5.000		12/01/2043		5,782,685
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)^(e)
	6,050,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.770		12/01/2023		6,076,337
	Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)
	4,250,000	5.000		12/01/2036		5,377,385
	4,275,000	5.000		12/01/2038		5,361,687
	21,160,000	5.000		12/01/2044		25,818,327
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,340,788
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	10,000,000	5.250		06/01/2047		12,211,285
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	350,000	4.000		06/15/2029		375,003
	1,000,000	5.000		06/15/2039		1,090,804
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
	450,000	5.000		08/01/2030		531,387
	290,000	5.000		08/01/2040		340,744
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)^(f)
	900,000	5.000		06/15/2040		1,038,950


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (BBB-/Ba1)
$	1,760,000	5.625 %		07/01/2042	$	1,850,903
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,500,000	5.000		07/01/2028		5,328,526
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	850,000	5.000		09/01/2034		1,078,413
	1,755,000	5.000		09/01/2035		2,217,412
	1,700,000	5.000		09/01/2036		2,137,644
	1,700,000	5.000		09/01/2037		2,129,435
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)
	2,125,000	4.000		09/01/2034		2,538,575
	425,000	4.000		09/01/2035		505,196
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	90,000	5.000		11/15/2021		90,637
	450,000	5.000		11/15/2028		459,982
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,525,000	5.000		06/01/2031		3,062,813
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,215,971
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	375,000	4.000		10/01/2021		377,843
	200,000	4.000		10/01/2023		206,461
	750,000	4.000		10/01/2029		779,371
	425,000	5.000		10/01/2039		456,918
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	4,100,000	5.000		11/01/2044		4,103,641
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BB-/NR)
	530,000	5.000		02/01/2025		569,930
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-1 (BB-/NR)^(b)(c)
	1,350,000	5.000		02/01/2025		1,447,723
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (BB-/NR)^(b)(c)
	3,125,000	5.000		02/01/2027		3,404,009
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (BB-/NR)^(b)(c)
	7,300,000	5.000		02/01/2030		8,106,493
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	530,000	5.000		07/01/2027		635,596
	620,000	5.000		07/01/2028		755,949
	650,000	5.000		07/01/2029		800,758
	440,000	5.000		07/01/2030		548,712

						332,765,104


Municipal Bonds – (continued)
Puerto Rico – 4.9%
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)*
	125,000	5.250		07/01/2018		108,125
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)*
	390,000	5.250		07/01/2016		337,350
	500,000	5.250		07/01/2017		432,500
	Commonwealth of Puerto Rico GO Refunding Bonds for Public Improvement Series 2009 B (D/Ca)*
	2,000,000	6.000		07/01/2039		1,772,500
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CCC/Ca)
	2,040,000	6.125		07/01/2024		2,228,604
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/Ca)
	515,000	4.250		07/01/2025		535,296
	1,000,000	5.000		07/01/2033		1,049,192
	6,100,000	5.125		07/01/2037		6,409,731
	1,060,000	5.750		07/01/2037		1,122,594
	18,900,000	5.250		07/01/2042		19,892,250
	Puerto Rico Commonwealth GO Bonds Series 2014 A (D/Ca)*
	72,545,000	8.000		07/01/2035		56,947,825
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)*
	4,955,000	5.000		07/01/2041		4,001,163
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,450,000	6.000		07/01/2027		2,527,167
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	930,000	5.250		07/01/2041		1,147,687
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	9,440,000	5.250		07/01/2038		10,626,604
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	3,425,000	5.250		07/01/2033		4,200,804
	165,000	5.250		07/01/2034		204,079
	4,895,000	5.250		07/01/2036		6,086,075
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	40,000	5.500		07/01/2031		49,254
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(d)
	520,000	0.000		07/01/2028		384,981
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,215,000	5.500		07/01/2023		1,286,488
	545,000	5.500		07/01/2024		586,691
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(e)
	21,915,000	(3 Mo. LIBOR + 0.52%), 0.679		07/01/2029		20,232,796
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	350,000	5.250		07/01/2029		387,847
	215,000	5.250		07/01/2030		238,176
	1,150,000	5.250		07/01/2032		1,275,498


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
$	1,000,000		5.250	%		07/01/2019	$	898,750
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	9,375,000		5.250			07/01/2040		8,507,813
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	8,215,000		6.750			07/01/2036		7,619,413
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	590,915		10.000			01/01/2021		569,494
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
	590,915		10.000			07/01/2021		570,233
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	196,972		10.000			01/01/2022		190,078
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	196,972		10.000			07/01/2022		190,078
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	60,000		5.250			07/01/2041		74,044
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	7,175,000		5.250			07/01/2035		7,880,682
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	600,000		5.250			07/01/2032		729,664
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	90,000		5.500			07/01/2029		109,385
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	165,000		5.500			07/01/2031		203,172
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,165,000		5.500			07/01/2029		2,631,322
	2,230,000		5.250			07/01/2034		2,758,161
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000		5.250			07/01/2039		224,372
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	295,000		5.500			07/01/2026		345,783
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	2,925,000		5.250			07/01/2030		3,211,346
	2,970,000		5.250			07/01/2031		3,272,705
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	355,000		5.250			07/01/2034		439,079
	23,140,000		5.250			07/01/2036		28,762,953


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,240,000		5.250			07/01/2032		1,375,320
	1,760,000		5.250			07/01/2033		1,950,194
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000		4.750			07/01/2038		5,325,731
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/C)
	160,000		5.500			07/01/2026		175,963
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(d)
	1,750,000		0.000			07/01/2037		873,511
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(c)
	3,240,000		10.000			07/01/2035		3,404,936
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(d)
	476,000		0.000			07/01/2024		446,750
	16,610,000		0.000			07/01/2027		14,551,662
	3,658,000		0.000			07/01/2029		3,012,635
	25,338,000		0.000			07/01/2031		19,392,185
	21,539,000		0.000			07/01/2033		15,288,891
	12,474,000		0.000			07/01/2046		3,806,691
	31,842,000		0.000			07/01/2051		7,008,478
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	75,394,000		4.329			07/01/2040		80,650,469
	143,000		4.536			07/01/2053		153,334
	7,274,000		4.784			07/01/2058		7,871,232
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	19,288,000		4.500			07/01/2034		20,806,807
	1,555,000		4.550			07/01/2040		1,685,314
	14,865,000		4.750			07/01/2053		16,141,969
	38,702,000		5.000			07/01/2058		42,617,868

								459,799,744

Rhode Island – 0.0%
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM) (MUN GOVT GTD) (AA/Aa3)
	500,000		5.000			05/15/2024		566,405

South Carolina – 0.5%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000		4.000			05/01/2025		1,566,120
	1,570,000		4.000			05/01/2026		1,767,324
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000		5.000			02/01/2031		3,159,144
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,530,000		5.000			03/01/2031		5,537,863
	1,615,000		4.000			03/01/2032		1,876,435
	South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)
	3,750,000		5.000			07/01/2037		4,595,756


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
South Carolina – (continued)
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
$	5,505,000	2.388 %		12/01/2023	$	5,774,938
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	875,000	3.056		12/01/2023		932,101
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(b)
	12,445,000	(1 Mo. LIBOR + 0.45%), 0.527		10/01/2022		12,452,542
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	500,000	5.000		04/15/2032		635,477
	500,000	5.000		04/15/2033		632,790
	500,000	5.000		04/15/2034		630,289
	450,000	5.000		04/15/2035		565,871
	425,000	4.000		04/15/2036		491,395
	550,000	4.000		04/15/2037		633,578
	525,000	4.000		04/15/2038		602,986
	700,000	4.000		04/15/2039		802,188
	750,000	4.000		04/15/2040		856,846

						43,513,643

South Dakota – 0.1%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000	5.000		01/01/2024		708,883
	1,075,000	5.000		01/01/2025		1,250,046
	730,000	5.000		01/01/2026		874,220
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)^(b)(c)
	3,525,000	5.000		07/01/2024		3,946,890

						6,780,039

Tennessee – 0.3%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,115,000	5.000		08/01/2035		1,390,714
	500,000	4.000		08/01/2036		573,577
	City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)
	1,225,000	4.000		06/01/2037		1,438,216
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/A3)
	6,020,000	5.000		07/01/2034		6,491,034
	1,800,000	4.000		07/01/2040		1,988,297
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	400,000	5.000		07/01/2040		471,917
	700,000	5.000		07/01/2046		818,931
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	75,000	3.000		10/01/2024		76,635


Municipal Bonds – (continued)
Tennessee – (continued)
	Metropolitan Government Nashville & Davidson County Industrial Development Board RB for Waste Management, Inc. Series 2001 (A-/NR)^(b)(c)
	3,000,000	2.850		08/02/2021		3,023,640
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(f)
	650,000	4.500		06/01/2028		711,684
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)^(b)(c)
	11,325,000	5.000		10/01/2024		12,982,546

						29,967,191

Texas – 7.3%
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BB+/NR)
	1,355,000	5.000		01/01/2029		1,524,505
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	250,000	5.000		01/01/2040		285,462
	435,000	5.000		01/01/2046		493,977
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)
	530,000	5.000		01/01/2026		630,619
	595,000	5.000		01/01/2027		726,868
	620,000	5.000		01/01/2028		774,154
	650,000	5.000		01/01/2029		827,269
	690,000	5.000		01/01/2030		890,249
	1,010,000	5.000		01/01/2032		1,289,300
	1,115,000	5.000		01/01/2034		1,411,826
	585,000	5.000		01/01/2035		738,171
	610,000	5.000		01/01/2036		766,158
	645,000	5.000		01/01/2037		807,863
	675,000	5.000		01/01/2038		842,907
	1,420,000	5.000		01/01/2039		1,768,149
	Central Texas Regional Mobility Authority RB Series 2021 C (BBB+/Baa2)^(h)
	12,945,000	5.000		01/01/2027		15,267,844
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(f)
	250,000	5.750		09/01/2029		276,899
	City of Arlington Special Tax for Senior Lien Series 2018 A (AGM) (AA/A1)
	1,325,000	5.000		02/15/2037		1,625,060
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,700,000	5.000		11/15/2032		2,141,987
	2,000,000	5.000		11/15/2033		2,510,043
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)
	1,510,000	5.000		11/15/2022		1,621,685
	1,950,000	5.000		11/15/2023		2,178,816
	4,845,000	5.000		11/15/2024		5,593,764
	1,150,000	5.000		11/15/2025		1,366,692
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(f)
	990,000	4.000		11/01/2023		1,022,040
	1,650,000	4.500		11/01/2024		1,706,750
	2,815,000	4.000		11/01/2028		3,018,252


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)^(f)
$	550,000		2.500	%		09/01/2025	$	560,548
	140,000		3.125			09/01/2030		144,547
	180,000		3.250			09/01/2030		187,260
	355,000		4.000			09/01/2040		379,987
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	250,000		4.200			09/01/2027		278,782
	575,000		4.800			09/01/2037		635,764
	650,000		5.250			09/01/2046		723,760
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(f)
	110,000		4.375			09/01/2023		113,842
	300,000		5.375			09/01/2038		353,751
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	199,000		4.625			09/01/2023		206,701
	370,000		5.000			09/01/2028		423,954
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)^(f)
	190,000		3.250			09/01/2026		190,067
	185,000		3.750			09/01/2031		184,521
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)^(f)
	388,000		2.625			08/15/2025		394,271
	171,000		3.375			08/15/2030		176,747
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(f)
	170,000		3.125			08/15/2024		174,094
	340,000		3.500			08/15/2029		366,752
	1,905,000		4.000			08/15/2039		2,048,231
	1,825,000		4.250			08/15/2049		1,962,729
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	150,000		4.000			08/15/2025		165,689
	155,000		4.000			08/15/2026		173,541
	160,000		4.000			08/15/2027		181,018
	165,000		4.000			08/15/2028		187,766
	170,000		4.000			08/15/2029		194,154
	925,000		3.000			08/15/2034		957,364
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000			02/15/2024		9,344,413
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	425,000		4.125			09/01/2027		458,778
	1,350,000		4.625			09/01/2037		1,504,026


Municipal Bonds – (continued)
Texas – (continued)
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	125,000		3.250			09/01/2022		127,016
	570,000		4.500			09/01/2027		634,003
	1,800,000		4.500			09/01/2037		1,992,204
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	425,000		4.000			09/01/2024		466,813
	440,000		4.000			09/01/2025		490,973
	460,000		4.000			09/01/2026		521,697
	480,000		4.000			09/01/2027		550,489
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(f)
	150,000		3.250			09/01/2024		154,650
	290,000		3.625			09/01/2029		314,492
	785,000		4.125			09/01/2039		858,097
	City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR)
	1,110,000		3.000			10/01/2025		1,139,346
	645,000		3.000			10/01/2030		667,073
	440,000		3.250			10/01/2033		458,263
	City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)
	13,745,000		5.000			03/01/2029		17,795,308
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)^(g)
	4,800,000		5.000			07/01/2022		5,078,125
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A/NR)^(g)
	23,250,000		5.000			07/01/2022		24,642,126
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	130,000		5.000			08/15/2024		143,036
	130,000		5.000			08/15/2025		145,962
	150,000		5.000			08/15/2026		171,383
	100,000		5.000			08/15/2027		115,797
	125,000		5.000			08/15/2028		146,195
	150,000		5.000			08/15/2029		176,952
	200,000		5.000			08/15/2030		234,227
	280,000		5.000			08/15/2032		324,452
	300,000		5.000			08/15/2034		344,959
	175,000		5.000			08/15/2035		200,701
	250,000		5.000			08/15/2036		285,770
	250,000		5.000			08/15/2037		284,490
	300,000		5.000			08/15/2038		340,469
	300,000		5.000			08/15/2039		339,626
	City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)^(f)
	390,000		2.625			09/15/2026		388,819
	230,000		3.125			09/15/2031		227,971
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(f)
	785,000		3.875			09/01/2024		812,607
	1,180,000		4.750			09/01/2044		1,309,505


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)^(f)
$	210,000		2.625	%		09/01/2025	$	210,946
	505,000		3.125			09/01/2030		508,015
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(f)
	425,000		4.250			09/01/2029		460,882
	1,000,000		4.875			09/01/2044		1,118,880
	City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)
	620,000		2.750			09/01/2025		632,811
	430,000		3.125			09/01/2030		447,424
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(f)
	175,000		3.500			09/15/2024		181,065
	250,000		3.750			09/15/2029		274,792
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(f)
	205,000		4.375			09/15/2029		224,178
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,415,000		4.000			09/01/2025		1,496,308
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)^(f)
	600,000		2.500			09/01/2025		607,913
	330,000		3.125			09/01/2030		341,120
	845,000		4.000			09/01/2040		904,477
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)^(f)
	245,000		3.750			09/15/2025		254,883
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(f)
	200,000		3.500			09/15/2024		206,819
	280,000		3.750			09/15/2029		308,341
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)^(f)
	205,000		2.625			09/15/2026		202,942
	240,000		3.125			09/15/2031		234,960
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(f)
	200,000		5.000			09/15/2024		209,014
	400,000		5.250			09/15/2029		442,073
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(f)
	530,000		4.250			09/15/2024		549,545
	490,000		5.125			09/15/2024		507,661
	795,000		4.500			09/15/2029		883,214
	775,000		5.375			09/15/2029		857,397


Municipal Bonds – (continued)
Texas – (continued)
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)^(f)(h)
	410,000		3.500			09/15/2031		410,299
	1,000,000		3.875			09/15/2041		997,875
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)^(f)
	375,000		4.500			09/01/2025		388,614
	200,000		4.875			09/01/2025		207,734
	465,000		4.875			09/01/2030		503,795
	265,000		5.250			09/01/2030		288,436
	475,000		5.250			09/01/2040		516,124
	310,000		5.625			09/01/2040		336,738
	845,000		4.125			09/01/2049		929,119
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)^(f)
	520,000		2.500			09/01/2025		532,013
	455,000		3.250			09/01/2030		472,967
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)^(f)
	100,000		3.125			09/01/2024		102,957
	145,000		3.500			09/01/2029		159,804
	380,000		4.000			09/01/2039		423,638
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)^(f)
	250,000		4.000			09/01/2028		274,313
	1,610,000		4.500			09/01/2048		1,725,838
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(f)
	151,000		3.500			09/01/2024		155,853
	326,000		3.750			09/01/2029		356,957
	862,000		4.250			09/01/2039		949,032
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)^(f)
	180,000		3.375			09/01/2030		189,658
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	280,000		4.000			09/01/2024		290,825
	415,000		4.250			09/01/2029		463,011
	655,000		4.875			09/01/2039		745,629
	1,000,000		5.000			09/01/2049		1,128,561
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(f)
	185,000		3.750			09/01/2024		191,413
	365,000		4.000			09/01/2029		394,219
	580,000		5.000			09/01/2029		630,835
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)^(f)
	305,000		3.250			09/01/2030		325,652
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)^(f)
	535,000		2.625			09/15/2025		543,747
	405,000		3.375			09/15/2030		418,592
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)^(f)
	225,000		3.625			09/15/2030		237,188
	210,000		4.375			09/15/2030		218,870
	500,000		4.125			09/15/2040		529,755
	400,000		4.875			09/15/2040		422,347


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)^(f)
$	250,000		3.750	%		09/15/2024	$	259,012
	370,000		4.125			09/15/2029		412,362
	1,050,000		4.625			09/15/2039		1,157,681
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)^(f)
	750,000		2.500			09/15/2025		759,903
	305,000		3.250			09/15/2030		315,301
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (A+/Aa2)^(b)(c)
	30,610,000		1.750			12/01/2024		31,512,392
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (A+/Aa2)^(b)(c)
	2,800,000		2.750			12/01/2022		2,910,828
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (A+/Aa2)^(b)(c)
	26,495,000		1.750			12/01/2024		27,421,477
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA-/Aa1)
	1,505,000		4.000			02/01/2028		1,816,881
	2,000,000		4.000			02/01/2029		2,445,782
	2,000,000		4.000			02/01/2030		2,457,683
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	355,000		4.375			09/01/2025		363,343
	500,000		4.875			09/01/2030		529,833
	635,000		5.375			09/01/2040		684,421
	Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (NR/Aaa)
	445,000		5.000			04/01/2025		520,786
	400,000		5.000			04/01/2026		482,158
	550,000		5.000			04/01/2027		678,471
	635,000		5.000			04/01/2028		798,374
	465,000		5.000			04/01/2029		594,784
	365,000		5.000			04/01/2030		474,820
	700,000		4.000			04/01/2031		840,490
	575,000		4.000			04/01/2035		673,162
	1,345,000		4.000			04/01/2037		1,558,315
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000		4.000			08/15/2036		5,053,956
	3,875,000		4.000			08/15/2037		4,475,176
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
	1,970,000		5.000			02/01/2025		2,309,107
	2,095,000		5.000			02/01/2026		2,535,071
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)^(f)
	505,000		2.500			09/15/2025		517,418
	350,000		3.250			09/15/2030		364,761
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)^(f)
	335,000		3.500			09/01/2026		334,502
	395,000		4.125			09/01/2031		393,994


Municipal Bonds – (continued)
Texas – (continued)
	Dallas Area Rapid Transit RB Refunding Series 2016 A (AA+/Aa2)
	8,325,000		5.000			12/01/2048		9,719,939
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A/A1)^(g)
	21,430,000		5.000			11/01/2021		22,019,205
	Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2014 B (AMT) (A/NR)
	1,700,000		5.000			11/01/2022		1,822,714
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A/NR)
	2,500,000		5.250			11/01/2030		2,781,474
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)^(b)(c)
	4,000,000		2.000			08/01/2024		4,204,331
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(f)
	125,000		3.750			08/15/2024		126,628
	235,000		4.000			08/15/2029		240,526
	775,000		4.500			08/15/2035		794,491
	575,000		5.000			08/15/2044		594,635
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(f)
	395,000		5.000			09/01/2027		425,822
	225,000		5.000			09/01/2032		236,816
	330,000		5.125			09/01/2037		342,955
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000		5.000			10/01/2037		22,582,023
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(a)
	2,950,000		0.000			10/01/2046		3,328,918
	4,075,000		0.000			10/01/2047		4,603,599
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR)
	400,000		4.000			09/01/2026		452,536
	470,000		5.000			09/01/2027		564,374
	500,000		5.000			09/01/2028		606,130
	745,000		5.000			09/01/2029		913,211
	465,000		4.000			09/01/2031		533,288
	415,000		4.000			09/01/2033		470,242
	650,000		4.000			09/01/2034		733,924
	580,000		4.000			09/01/2036		651,986
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)^(b)(c)
	8,000,000		5.000			12/01/2024		9,268,030
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	4,700,000		5.000			12/01/2024		5,452,559
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A+/A1)^(b)(c)
	6,500,000		5.000			12/01/2026		7,988,014


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(e)
$	6,770,000	(SIFMA Municipal Swap Index Yield + 0.95%), 1.020 %		06/01/2023	$	6,814,163
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (AA-/A1)
	1,400,000	5.000		05/15/2030		1,770,283
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)^(e)
	19,920,000	(3 Mo. LIBOR + 0.67%), 0.832		08/15/2035		19,355,350
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(f)
	745,000	4.000		09/01/2029		800,095
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000	3.000		09/01/2024		101,771
	100,000	3.500		09/01/2025		110,037
	100,000	3.500		09/01/2026		111,095
	105,000	3.500		09/01/2027		116,759
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	3,295,000	5.000		07/15/2028		3,890,569
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (B-/NR)
	830,000	5.000		07/01/2027		972,671
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	2,480,000	5.000		07/15/2027		2,908,076
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	4,250,000	5.000		07/15/2027		4,983,598
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	360,000	5.000		07/01/2031		445,601
	325,000	5.000		07/01/2032		400,865
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
	2,000,000	5.000		07/01/2029		2,506,502
	2,175,000	5.000		07/01/2030		2,703,664
	2,185,000	5.000		07/01/2031		2,704,549
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (BBB-/NR)
	440,000	3.375		10/01/2037		438,753
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000	4.000		02/15/2042		3,864,609
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(f)
	1,315,000	5.000		09/01/2038		1,485,656
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(d)(g)
	33,515,000	0.000		08/15/2024		11,847,585


Municipal Bonds – (continued)
Texas – (continued)
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	2,000,000	5.000		05/15/2030		2,562,341
	1,520,000	5.000		05/15/2031		1,939,303
	Lower Neches Valley Authority Industrial Development Corp. RB Refunding for Exxon Capital Ventures, Inc. Series 2012 (AA-/Aa2)^(b)(c)
	13,215,000	0.050		04/01/2021		13,215,000
	Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (AAA/Aaa)
	1,250,000	4.000		02/15/2040		1,450,154
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (A-/Baa2)
	6,350,000	2.600		11/01/2029		6,746,072
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(f)
	5,575,000	4.625		10/01/2031		5,924,746
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	795,000	5.250		02/15/2030		855,539
	405,000	5.375		02/15/2035		450,693
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000	5.000		09/15/2032		1,553,504
	710,000	5.000		09/15/2033		803,313
	750,000	5.000		09/15/2034		846,056
	790,000	5.000		09/15/2035		889,783
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)^(f)
	335,000	4.000		08/15/2029		364,993
	610,000	5.000		08/15/2039		673,828
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	765,000	5.000		04/01/2027		818,406
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (B-/NR)
	1,000,000	5.000		04/01/2039		965,478
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	645,000	4.000		04/01/2022		647,046
	320,000	4.000		04/01/2023		321,579
	275,000	4.000		04/01/2024		276,153
	365,000	4.000		04/01/2025		366,067
	375,000	4.000		04/01/2026		375,167
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)^(g)
	250,000	5.000		04/01/2025		294,484


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (WD/NR)^(a)(g)
$	1,000,000	0.000 %		09/01/2031	$	1,362,055
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	1,300,000	5.000		01/01/2037		1,549,570
	2,750,000	5.000		01/01/2038		3,349,458
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000	5.000		01/01/2032		2,404,623
	1,500,000	5.000		01/01/2048		1,745,064
	North Texas Tollway Authority RB Special Project System Series 2011 A (WD/NR)^(g)
	1,000,000	5.500		09/01/2021		1,021,723
	1,000,000	6.000		09/01/2021		1,023,665
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000	5.000		01/01/2022		569,355
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A+/A1)
	6,000,000	6.500		01/01/2043		7,137,310
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(b)(c)
	3,280,000	1.500		08/15/2024		3,384,179
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)^(f)
	3,470,000	3.625		01/01/2035		3,546,050
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)^(f)
	3,690,000	6.000		01/01/2025		3,787,464
	Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (AAA/Aaa)
	4,630,000	4.000		08/01/2032		5,649,829
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(f)
	250,000	3.250		09/15/2024		255,953
	355,000	3.625		09/15/2029		382,822
	1,250,000	4.125		09/15/2039		1,350,680
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (AA/NR)
	285,000	5.000		09/01/2027		342,035
	335,000	5.000		09/01/2029		410,638
	395,000	4.000		09/01/2032		449,549
	395,000	4.000		09/01/2034		444,586
	615,000	4.000		09/01/2036		688,049
	1,040,000	2.625		09/01/2038		1,002,040
	1,230,000	2.750		09/01/2039		1,197,179
	1,200,000	2.750		09/01/2040		1,160,869
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	3,005,000	4.000		08/01/2025		3,433,551
	5,905,000	5.000		08/01/2026		7,196,875
	4,590,000	5.000		08/01/2027		5,728,247


Municipal Bonds – (continued)
Texas – (continued)
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa) – (continued)
	5,010,000	5.000		08/01/2028		6,376,391
	6,835,000	5.000		08/01/2029		8,739,138
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,100,000	5.000		05/15/2021		2,107,608
	2,730,000	5.000		05/15/2022		2,825,624
	Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A+/A1)
	13,655,000	5.000		07/01/2036		16,840,255
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(e)
	5,015,000	(3 Mo. LIBOR + 0.70%), 0.823		12/15/2026		5,028,939
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,250,000	6.250		12/15/2026		4,993,390
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(e)
	2,795,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.620		09/15/2027		2,789,213
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	2,510,000	5.000		12/15/2031		3,281,191
	2,295,000	5.000		12/15/2032		3,034,798
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	7,200,000	5.000		12/31/2030		9,144,151
	10,000,000	5.000		12/31/2031		12,644,249
	3,040,000	5.000		12/31/2032		3,825,203
	4,000,000	5.000		12/31/2033		5,016,867
	5,000,000	5.000		12/31/2034		6,249,421
	4,000,000	5.000		12/31/2035		4,983,735
	4,030,000	5.000		12/31/2036		5,007,160
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	9,840,000	5.000		12/31/2055		10,976,097
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	7,215,000	5.000		06/30/2058		8,605,925
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	1,380,000	5.000		08/15/2042		1,529,236
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)^(f)
	135,000	4.750		09/01/2023		140,619
	360,000	5.250		09/01/2028		416,427


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(f)
$	265,000	4.500 %		09/01/2027	$	285,944
	United Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/Aaa)^(d)
	500,000	0.000		08/15/2026		467,583
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000	3.250		02/15/2041		9,034,244
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000	5.000		08/15/2026		7,207,533
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	315,000	2.375		12/01/2025		318,965
	308,000	2.875		12/01/2030		314,266
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	261,000	4.000		12/01/2023		271,592
	520,000	4.250		12/01/2029		547,580
	1,159,000	4.625		12/01/2035		1,216,739
	1,604,000	5.000		12/01/2045		1,684,399

						679,452,500

Utah – 0.8%
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,625,000	5.000		06/15/2022		1,719,216
	2,175,000	5.000		06/15/2023		2,403,989
	2,355,000	5.000		06/15/2024		2,701,674
	2,400,000	5.000		06/15/2025		2,848,102
	2,750,000	5.000		06/15/2027		3,461,273
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)^(f)
	3,875,000	5.250		02/01/2040		3,967,634
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A/A2)
	18,635,000	5.000		07/01/2037		22,583,227
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A/A2)
	2,650,000	5.000		07/01/2047		3,102,334
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A/A2)
	5,000,000	5.000		07/01/2029		6,238,874
	5,500,000	5.000		07/01/2030		6,836,853
	4,110,000	5.000		07/01/2048		4,878,745
	7,250,000	5.250		07/01/2048		8,726,765
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)
	700,000	5.000		04/15/2039		836,257
	625,000	5.000		04/15/2044		737,944
	1,150,000	5.000		04/15/2049		1,349,291
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)
	3,065,000	4.000		06/15/2034		3,391,453

						75,783,631


Municipal Bonds – (continued)
Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	745,000	5.000		05/01/2025		791,704
	585,000	5.000		05/01/2026		627,411

						1,419,115

Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	1,410,000	5.000		10/01/2029		1,413,153
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000	5.000		10/01/2032		693,022
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (WD/NR)
	4,700,000	5.000		10/01/2039		4,229,879
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)^(f)
	5,000,000	5.000		10/01/2034		5,516,065

						11,852,119

Virginia – 1.5%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	19,500,000	5.000		11/01/2023		21,714,566
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(b)(c)
	1,700,000	1.900		06/01/2023		1,740,928
	County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)
	6,990,000	5.000		06/15/2030		9,192,539
	Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (BBB+/NR)
	1,250,000	4.000		10/01/2042		1,340,428
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	3,000,000	5.000		01/01/2040		3,525,871
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(b)(c)
	1,000,000	1.900		06/01/2023		1,028,662
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(b)(c)
	1,850,000	1.800		04/01/2022		1,874,799
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)^(b)(c)
	2,250,000	1.700		10/01/2022		2,274,417
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	305,000	5.000		04/01/2026		355,285
	305,000	5.000		04/01/2027		362,555
	350,000	5.000		04/01/2028		422,294
	405,000	5.000		04/01/2029		494,662


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR) – (continued)
$	305,000		5.000	%		04/01/2030	$	375,358
	650,000		5.000			04/01/2031		793,285
	265,000		5.000			04/01/2032		321,584
	570,000		5.000			04/01/2033		688,299
	345,000		5.000			04/01/2034		414,640
	775,000		5.000			04/01/2035		929,226
	375,000		5.000			04/01/2036		447,726
	905,000		5.000			04/01/2037		1,075,843
	410,000		4.000			04/01/2039		444,910
	265,000		4.000			04/01/2040		287,135
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	9,355,000		6.706			06/01/2046		9,817,790
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(d)
	122,865,000		0.000			06/01/2047		28,465,363
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)^(d)
	13,500,000		0.000			06/01/2047		3,041,443
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	760,000		4.000			05/15/2037		787,162
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,345,000		1.400			12/01/2023		4,346,638
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)^(g)
	4,750,000		5.000			07/01/2025		5,608,104
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	2,580,000		5.000			12/31/2047		2,998,727
	4,950,000		5.000			12/31/2049		5,747,110
	2,835,000		5.000			12/31/2056		3,277,228
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
	17,500,000		5.000			01/01/2040		18,024,326
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	1,535,000		5.000			01/01/2044		1,580,527
	355,000		5.000			07/01/2049		365,449
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (BBB-/NR)
	750,000		5.500			01/01/2042		784,091
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^(b)(c)(f)
	300,000		5.000			07/01/2038		313,150
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(b)(c)
	3,200,000		1.900			06/01/2023		3,279,101

								138,541,221


Municipal Bonds – (continued)
Washington – 1.5%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000		5.000			06/01/2026		5,939,527
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000		4.000			01/01/2033		3,907,499
	6,715,000		4.000			01/01/2034		7,806,926
	11,655,000		4.000			01/01/2043		13,228,582
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)
	13,715,000		4.000			05/01/2044		14,718,030
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000		4.000			07/01/2035		7,584,694
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (BB/NR)
	3,710,000		5.000			04/01/2030		3,958,216
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	9,295,000		5.000			04/01/2038		11,239,967
	Port of Seattle RB for Intermediate Lien Series 2018 A (AMT) (A+/A1)
	5,000,000		5.000			05/01/2043		5,801,064
	Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)
	2,485,000		5.000			09/01/2022		2,531,265
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)
	15,055,000		5.000			02/01/2026		17,028,683
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)^(g)
	2,500,000		5.000			07/01/2022		2,651,305
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	985,000		5.000			08/01/2036		1,222,761
	1,715,000		5.000			08/01/2037		2,122,242
	1,715,000		5.000			08/01/2038		2,114,986
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	1,300,000		5.000			08/01/2035		1,621,461
	2,930,000		5.000			08/01/2036		3,637,248
	1,000,000		5.000			08/01/2039		1,230,108
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(b)(c)
	5,400,000		5.000			08/01/2024		6,043,055
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(b)(c)
	1,265,000		5.000			08/01/2025		1,461,547
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)^(b)(c)
	4,285,000		5.000			08/01/2026		5,096,823
	25,000		5.000			08/01/2026		29,736


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Washington – (continued)
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
$	1,000,000		4.000	%		05/01/2045	$	1,122,247
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB-/Baa1)
	320,000		5.000			07/01/2029		390,659
	6,825,000		5.000			07/01/2048		7,932,858
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(f)
	745,000		5.000			01/01/2034		829,252
	1,400,000		5.000			01/01/2039		1,542,509
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)^(d)
	6,855,000		0.000			06/01/2028		6,266,143

								139,059,393

West Virginia – 0.6%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB-/NR)
	770,000		3.000			03/01/2035		748,575
	2,165,000		3.000			03/01/2037		2,073,591
	2,175,000		3.250			03/01/2041		2,072,855
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	6,145,000		5.000			06/01/2035		7,893,016
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,740,000		5.000			06/01/2035		10,901,572
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B/B2)^(b)(c)
	1,575,000		5.000			07/01/2025		1,658,169
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	770,000		5.000			01/01/2033		944,543
	910,000		5.000			01/01/2034		1,111,557
	1,095,000		5.000			01/01/2035		1,334,249
	2,330,000		5.000			01/01/2036		2,831,002
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	2,325,000		5.000			09/01/2029		2,952,641
	2,645,000		5.000			09/01/2030		3,323,005
	2,100,000		5.000			09/01/2031		2,616,799
	1,700,000		5.000			09/01/2032		2,102,482
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	10,125,000		1.549			10/01/2025		10,359,302

								52,923,358

Wisconsin – 1.0%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	1,000,000		4.300			11/01/2030		1,107,855


Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	2,000,000		5.000			11/15/2041		2,387,811
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (BBB/NR)
	265,000		5.000			07/01/2035		331,972
	310,000		5.000			07/01/2036		386,879
	265,000		5.000			07/01/2037		329,510
	310,000		5.000			07/01/2038		384,274
	310,000		5.000			07/01/2039		383,144
	285,000		5.000			07/01/2040		351,349
	310,000		5.000			07/01/2041		380,973
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	220,000		4.000			07/01/2026		252,712
	220,000		4.000			07/01/2027		256,800
	220,000		4.000			07/01/2028		260,405
	220,000		4.000			07/01/2029		256,116
	265,000		4.000			07/01/2030		306,336
	355,000		4.000			07/01/2031		407,294
	420,000		4.000			07/01/2032		480,143
	175,000		4.000			07/01/2033		198,718
	130,000		4.000			07/01/2034		147,168
	155,000		4.000			07/01/2035		175,071
	220,000		4.000			07/01/2036		247,741
	220,000		4.000			07/01/2037		247,019
	265,000		4.000			07/01/2038		296,814
	265,000		4.000			07/01/2039		296,118
	265,000		4.000			07/01/2040		294,582
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)^(f)
	885,000		5.000			12/01/2035		1,001,270
	1,950,000		5.000			12/01/2045		2,158,798
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)^(f)
	470,000		4.000			06/15/2030		508,291
	815,000		5.000			06/15/2040		915,132
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)^(f)
	1,650,000		4.000			03/01/2030		1,722,263
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*^(f)
	24,345		5.500			12/01/2048		12,173
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*^(f)
	51,733		7.250			12/01/2048		25,866
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)^(f)(h)
	4,750,000		5.625			06/01/2050		4,652,979
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)^(f)(h)
	6,025,000		6.500			06/01/2045		5,662,346
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		565,770


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(f)
$	425,000	3.000 %		04/01/2025	$	435,767
	500,000	5.000		04/01/2030		597,504
	510,000	5.000		04/01/2040		588,973
	Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)^(f)
	1,180,000	4.500		01/01/2035		1,280,170
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	790,000	5.000		01/01/2026		935,943
	635,000	5.000		01/01/2028		788,695
	750,000	5.000		01/01/2029		948,861
	1,000,000	5.000		01/01/2030		1,285,483
	1,400,000	5.000		01/01/2032		1,780,606
	950,000	5.000		01/01/2033		1,203,281
	900,000	5.000		01/01/2036		1,128,744
	500,000	5.000		01/01/2037		624,878
	1,400,000	5.000		01/01/2039		1,739,429
	500,000	5.000		01/01/2040		619,773
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)^(f)
	370,000	5.000		06/01/2029		414,165
	710,000	5.000		06/01/2039		765,630
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,000,000	4.000		01/01/2030		1,106,284
	8,955,000	4.000		01/01/2046		9,399,386
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)^(f)
	580,000	4.000		09/01/2029		578,752
	770,000	5.000		09/01/2039		798,050
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (AA/NR)
	5,000,000	3.090		06/01/2050		4,571,792
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(f)
	2,770,000	6.125		10/01/2049		2,882,344
	Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (A-/NR)
	2,000,000	2.875		05/01/2027		2,183,968
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	425,000	5.000		11/15/2044		479,134
	570,000	5.000		11/15/2049		640,387
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB+/NR)
	6,000,000	5.250		07/01/2028		6,276,514
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)^(d)
	9,810,000	0.000		12/15/2027		7,228,250
	Public Finance Authority Waste Management Inc. Project RB Refunding Series 2016 A-3 (AMT) (A-/NR)^(b)(c)
	10,000,000	2.000		06/01/2021		10,024,517


Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	350,000	4.000		03/15/2030		389,421
	345,000	4.000		03/15/2040		376,849
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,185,000	3.000		02/01/2042		1,199,815
	390,000	4.000		02/01/2045		424,148
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	275,000	4.000		09/15/2021		277,577
	225,000	4.000		09/15/2022		231,568
	250,000	4.000		09/15/2023		261,807
	365,000	4.000		09/15/2024		381,704

						92,241,861

Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	22,700,000	3.625		07/15/2039		24,160,457

	TOTAL MUNICIPAL BONDS
	(Cost $8,589,796,980)				$	9,121,449,247



Bank Loans⁽ⁱ⁾– 0.0%
Commercial Support Services – 0.0%
	CarbonLite P, LLC DIP Delayed Draw Term Loan
$	443,705	12.000%		09/06/2021	$	443,705
	CarbonLite P, LLC Roll Up Term Loan
	1,578,197	12.000		09/06/2021		1,578,197

	TOTAL BANK LOANS
	(Cost $2,641,384)				$	2,021,902



Corporate Bonds – 0.2%
Consumer Services – 0.0%
	Howard University Series 2020
$	1,250,000	2.516%		10/01/2025	$	1,273,774
	1,840,000	2.657		10/01/2026		1,859,546
	1,500,000	2.757		10/01/2027		1,551,513
	1,545,000	2.845		10/01/2028		1,556,249

						6,241,082

Health Care Equipment & Services – 0.1%
	CommonSpirit Health
	470,000	4.350		11/01/2042		517,455
	Prime Healthcare Foundation, Inc. Series B
	4,975,000	7.000		12/01/2027		5,841,292

						6,358,747

Real Estate – 0.1%
	Benloch Ranch Improvement Association No. 1 Series 2020^(j)
	5,825,000	9.750		12/01/2039		5,639,008
	Benloch Ranch Improvement Association No. 1 Series 2021^(f)
	3,380,000	9.750		12/01/2039		3,380,000

						9,019,008

	TOTAL CORPORATE BONDS
	(Cost $20,673,471)				$	21,618,837


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligation – 0.5%
	U.S. Treasury Notes
$	50,000,000		0.375	%		12/31/2025	$	48,828,125
	(Cost $49,869,308)

	TOTAL INVESTMENTS – 98.3%
	(Cost $8,662,981,143)						$	9,193,918,111

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%							156,169,791

	NET ASSETS – 100.0%						$	9,350,087,902



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

*		Security is currently in default and/or non-income producing.

(a)		Zero coupon bond until next reset date.

(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Variable Rate Demand Instruments - rate shown is that which is in effect on March 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

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

(e)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(f)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(g)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(h)		When-issued security.

(i)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(j)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

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



Investment Abbreviations:
AGC		—Insured by Assured Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GARB		—General Airport Revenue Bond
GO		—General Obligation
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SCH BD GTY		—School Bond Guaranty
SCH BD RES FD		—School Bond Reserve Fund
SCSDE		—South Carolina State Department of Education
SD CRED PROG		—School District Credit Program
SIFMA		—The Securities Industry and Financial Markets Association
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
USD		—United States Dollar
WR		—Withdrawn Rating


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(868	)		06/21/2021	$	(124,883,500	)	$	3,131,553
U.S. Treasury Ultra Bond		(332	)		06/21/2021		(60,403,250	)		1,259,205

Total Futures Contracts									$	4,390,758

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at March 31, 2021^(b)			Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000	%		0.266	%		Bank of America NA		03/20/2023	USD	1,000	$	14,758	$	(9,761	)	$	24,519
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.266			JPMorgan Chase Bank NA		03/20/2023		1,000		14,758		(9,761	)		24,519

TOTAL													$	29,516	$	(19,522	)	$	49,038

(a)

Payments received quarterly.

(b)

Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 98.0%
Alabama – 1.7%
	Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)^(a)
$	5,720,000	6.000%		07/01/2045	$	5,826,812
	Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)^(a)
	2,880,000	8.000		07/01/2028		2,881,000
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
	19,150,000	5.750		10/01/2049		21,971,276
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	2,625,000	5.000		10/01/2030		3,043,321
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	2,205,000	5.500		10/01/2053		2,478,205
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(b)
	5,750,000	0.000		10/01/2038		5,844,940
	6,000,000	0.000		10/01/2042		6,077,351
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000	6.000		10/01/2042		9,642,621
	19,850,000	7.000		10/01/2051		23,554,389
	81,815,000	6.500		10/01/2053		96,085,107

						177,405,022

Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	6,280,000	5.000		06/01/2046		6,352,145
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (WD/NR)^(c)
	6,780,000	0.000		06/01/2046		1,441,696

						7,793,841

Arizona – 1.8%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,616,295
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
	63,640,000	(3 Mo. LIBOR + 0.81%), 0.969		01/01/2037		63,362,918
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	665,000	4.000		07/01/2047		716,078
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,500,000	4.000		11/01/2049		1,660,596


Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2020 A (A/NR)
	1,975,000	4.000		11/01/2045		2,242,966
	2,350,000	4.000		11/01/2050		2,660,222
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (B+/NR)
	1,000,000	5.000		01/01/2043		1,007,311
	5,250,000	4.500		01/01/2049		4,902,811
	3,300,000	5.000		01/01/2054		3,201,499
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (B/NR)
	275,000	5.000		01/01/2037		255,148
	200,000	5.000		01/01/2038		184,197
	650,000	5.000		01/01/2043		563,768
	3,450,000	5.000		01/01/2049		2,900,698
	1,100,000	5.125		01/01/2054		920,339
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa2)
	1,000,000	5.000		05/01/2038		1,049,096
	2,780,000	5.000		05/01/2043		2,883,869
	3,450,000	5.000		05/01/2048		3,551,627
	2,000,000	5.000		05/01/2051		2,051,412
	Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (BB+/NR)^(a)
	10,845,000	5.000		07/15/2053		12,028,636
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,625,000	3.000		07/01/2049		1,673,172
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A/A1)
	1,085,000	4.000		07/01/2044		1,204,735
	3,540,000	5.000		07/01/2044		4,250,983
	2,710,000	3.250		07/01/2049		2,803,610
	1,625,000	5.000		07/01/2049		1,939,391
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000	6.250		12/01/2042		1,270,055
	1,325,000	6.250		12/01/2046		1,345,135
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	625,000	3.500		07/01/2029		645,681
	600,000	4.100		07/01/2034		616,628
	1,909,000	4.750		07/01/2043		1,959,444
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	6,600,000	5.000		05/15/2056		7,321,452
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)^(a)
	3,100,000	6.000		08/01/2028		2,981,953
	16,130,000	6.250		08/01/2040		15,077,392


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
$	580,000		4.000	%		02/15/2051	$	632,395
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)^(a)
	700,000		5.000			07/01/2050		772,445
	1,340,000		5.000			07/01/2054		1,474,657
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)^(a)
	1,885,000		5.250			10/01/2040		1,988,730
	1,885,000		5.500			10/01/2051		1,981,682
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	1,500,000		5.000			07/01/2049		1,775,433
	1,650,000		5.000			07/01/2054		1,948,409
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)^(a)
	250,000		5.500			05/01/2040		262,739
	950,000		5.750			05/01/2050		999,055
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000		4.500			06/01/2030		5,525,309
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000		4.000			09/01/2029		3,541,373
	Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)
	1,520,000		5.000			12/01/2050		1,541,818
	1,900,000		5.000			12/01/2054		1,922,509
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000		5.000			07/01/2037		964,574
	1,000,000		5.000			07/01/2042		1,120,907
	University Medical Center Corp. RB Series 2011 (NR/WR)^(e)
	3,500,000		6.000			07/01/2021		3,548,789

								183,849,941

Arkansas – 0.2%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	7,235,000		5.000			12/01/2047		8,776,847
	5,370,000		3.200			12/01/2049		5,486,730
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	5,090,000		3.500			07/01/2038		5,096,242

								19,359,819

California – 11.1%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)^(c)
	1,600,000		0.000			08/01/2026		1,521,006


Municipal Bonds – (continued)
California – (continued)
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)
	3,000,000		5.000			08/01/2040		3,505,092
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(c)
	4,995,000		0.000			08/01/2037		3,528,286
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)^(c)
	1,850,000		0.000			08/01/2036		1,245,983
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000			05/01/2040		546,736
	1,000,000		5.000			05/01/2043		1,168,891
	Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)
	2,750,000		4.000			09/01/2050		2,999,568
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(c)
	1,055,000		0.000			08/01/2025		1,006,210
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BB/NR)
	2,755,000		5.250			05/01/2048		2,932,059
	2,850,000		5.250			05/01/2053		3,024,211
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR)^(c)
	12,620,000		0.000			06/01/2055		3,205,611
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
	1,350,000		5.000			06/01/2050		1,577,300
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	900,000		5.000			06/01/2049		1,097,621
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)^(c)
	7,375,000		0.000			06/01/2055		1,782,711
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	875,000		4.000			06/01/2049		1,004,159
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	620,000		5.000			06/01/2049		749,676
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)^(c)
	32,690,000		0.000			06/01/2055		6,316,561
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)^(c)
	145,220,000		0.000			06/01/2055		17,456,824
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	565,000		5.000			08/01/2050		677,631


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3) – (continued)
$	775,000		5.000	%		08/01/2055	$	922,418
	425,000		5.000			08/01/2057		503,916
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,761,573
	4,000,000		5.000			02/01/2047		4,664,955
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	8,100,000		5.000			11/15/2056		9,576,150
	California Health Facilities Financing Authority RB Refunding for CommonSpirit Health Obligated Group Series 2020 A (BBB+/Baa1)
	14,220,000		4.000			04/01/2049		16,093,931
	California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)^(a)
	1,000,000		5.000			01/01/2055		1,124,207
	California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (NR/Baa3)
	1,400,000		5.000			05/15/2049		1,655,331
	950,000		5.000			05/15/2052		1,120,854
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,065,634
	17,675,000		5.000			02/01/2047		20,143,277
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	7,605,000		5.000			12/31/2043		8,982,148
	California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)^(a)
	1,135,000		5.000			07/01/2052		1,254,172
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	1,510,000		4.000			07/01/2051		1,671,474
	1,035,000		4.000			07/01/2055		1,136,004
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000		5.000			10/01/2034		302,564
	250,000		5.000			10/01/2036		300,879
	300,000		5.000			10/01/2037		360,283
	300,000		5.000			10/01/2038		359,386
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)^(a)
	1,090,000		5.000			10/01/2049		1,235,822
	1,740,000		5.000			10/01/2054		1,965,681
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	10,375,000		5.000			12/31/2037		12,456,264
	2,300,000		5.000			12/31/2038		2,754,669
	California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)^(a)
	8,900,000		4.000			11/01/2023		8,901,324


Municipal Bonds – (continued)
California – (continued)
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(a)
	7,550,000		6.750			12/01/2028		7,611,821
	45,930,000		7.500			12/01/2040		46,562,180
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)^(a)
	15,850,000		5.000			11/21/2045		18,781,061
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(a)
	1,540,000		5.000			06/15/2050		1,652,486
	1,030,000		5.000			06/15/2055		1,102,288
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BBB-/NR)^(a)
	3,300,000		5.000			10/01/2050		3,763,478
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)^(a)
	750,000		5.000			07/01/2050		827,551
	1,000,000		5.000			07/01/2058		1,097,464
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (BB+/NR)^(a)
	820,000		5.000			07/01/2045		915,784
	1,240,000		5.000			07/01/2055		1,372,169
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (BB+/NR)^(a)
	2,420,000		5.000			07/01/2059		2,645,430
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (BB+/NR)^(a)
	975,000		4.000			07/01/2045		1,012,422
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	20,000,000		3.000			11/01/2050		21,064,930
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,175,000		5.000			09/01/2030		1,321,736
	1,255,000		5.000			09/01/2037		1,392,037
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)^(a)
	2,880,000		7.250			09/01/2050		3,052,224
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	1,820,000		4.000			09/01/2051		2,004,301
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		929,618
	685,000		5.000			09/02/2049		801,655
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,495,000		5.000			09/02/2038		1,766,967
	575,000		5.000			09/02/2043		672,473
	1,785,000		5.000			09/02/2048		2,068,801


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
$	1,345,000		5.000	%		09/02/2039	$	1,604,298
	895,000		5.000			09/02/2044		1,056,670
	945,000		5.000			09/02/2048		1,110,281
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)
	950,000		5.000			09/02/2039		1,129,175
	1,080,000		5.000			09/02/2044		1,267,958
	1,570,000		5.000			09/02/2049		1,832,234
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(a)
	375,000		5.000			06/01/2034		432,110
	475,000		5.000			06/01/2039		539,945
	1,340,000		5.000			06/01/2051		1,494,562
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		2,015,152
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)^(a)
	950,000		5.250			12/01/2043		1,112,786
	9,000,000		5.500			12/01/2058		10,572,401
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (BBB+/NR)
	500,000		5.000			08/01/2038		588,917
	3,000,000		4.000			08/01/2045		3,113,886
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (B/NR)^(a)
	2,350,000		5.250			07/01/2039		2,435,604
	3,125,000		5.250			07/01/2049		3,200,509
	1,450,000		5.250			07/01/2052		1,485,036
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)^(a)
	860,000		3.000			11/01/2022		874,048
	935,000		5.000			11/01/2032		1,084,443
	1,875,000		5.000			11/01/2041		2,129,450
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)
	2,875,000		5.000			08/15/2038		3,386,127
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	1,200,000		5.000			04/01/2047		1,345,585
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB-/NR)
	7,460,000		5.500			12/01/2054		8,290,545
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,230,000		4.000			09/02/2050		1,339,307
	945,000		5.000			09/02/2050		1,120,785


Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	2,220,000		5.000			09/02/2038		2,610,638
	2,500,000		5.000			09/02/2048		2,884,745
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	3,750,000		5.000			05/15/2042		4,342,603
	5,750,000		5.000			05/15/2047		6,616,089
	5,640,000		5.000			05/15/2050		6,479,131
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (WD/NR)^(c)
	35,600,000		0.000			06/01/2046		6,508,947
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)^(c)
	7,000,000		0.000			09/01/2033		5,149,838
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	190,000		3.000			09/01/2037		193,908
	195,000		3.000			09/01/2038		198,291
	205,000		3.000			09/01/2039		207,916
	210,000		3.000			09/01/2040		212,773
	715,000		3.125			09/01/2044		726,673
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	1,250,000		4.000			09/01/2050		1,353,568
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	865,000		4.000			09/01/2045		951,937
	City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)
	515,000		4.000			09/01/2040		575,616
	1,500,000		4.000			09/01/2045		1,652,889
	3,000,000		4.000			09/01/2050		3,287,243
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)^(e)
	750,000		6.500			12/01/2021		781,243
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)^(a)
	2,850,000		5.000			09/01/2050		3,369,651
	City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)
	3,000,000		5.000			09/01/2045		3,321,293
	City of Oakland GO Bonds Series 2020 B-1 (AA/Aa1)
	4,750,000		3.000			01/15/2050		5,010,686
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	950,000		4.000			09/01/2050		1,050,177
	City of Oroville RB for Oroville Hospital Series 2019 (BB/NR)
	1,900,000		5.250			04/01/2034		2,228,061
	3,565,000		5.250			04/01/2039		4,123,834
	14,580,000		5.250			04/01/2049		16,514,095
	13,840,000		5.250			04/01/2054		15,588,014


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
$	600,000		5.000	%		09/02/2030	$	635,541
	City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)
	500,000		5.000			09/01/2044		567,326
	700,000		5.000			09/01/2049		791,387
	City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	325,000		4.000			09/01/2035		359,282
	375,000		4.000			09/01/2040		411,042
	425,000		4.000			09/01/2045		461,909
	950,000		4.000			09/01/2050		1,028,712
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	475,000		4.000			09/01/2045		516,252
	640,000		4.000			09/01/2050		693,027
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	1,125,000		4.000			09/01/2046		1,230,647
	1,400,000		4.000			09/01/2050		1,527,540
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(a)
	280,000		5.000			09/01/2032		315,621
	700,000		5.000			09/01/2037		782,847
	1,745,000		5.000			09/01/2047		1,932,150
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
	1,100,000		4.000			09/01/2045		1,187,498
	1,500,000		4.000			09/01/2050		1,607,735
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	405,000		5.000			09/01/2044		467,532
	535,000		5.000			09/01/2049		615,366
	County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)
	1,225,000		5.000			09/01/2044		1,380,808
	200,000		4.000			09/01/2045		215,955
	1,420,000		5.000			09/01/2049		1,592,613
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	1,985,000		4.000			09/01/2040		2,165,921
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	695,000		3.000			09/01/2050		694,589
	1,875,000		4.000			09/01/2050		2,032,235
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)^(c)
	1,305,000		0.000			08/01/2027		1,192,638


Municipal Bonds – (continued)
California – (continued)
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	2,285,000		5.000			09/01/2037		2,673,549
	6,680,000		5.000			09/01/2047		7,692,209
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	455,000		3.125			09/01/2044		463,451
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)^(c)
	5,400,000		0.000			08/01/2032		4,201,108
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (ASSURED GTY) (AA/WR)^(c)
	4,180,000		0.000			04/01/2029		3,686,431
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)^(c)
	3,460,000		0.000			10/01/2032		2,756,262
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)^(c)
	12,000,000		0.000			01/15/2035		8,607,688
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	37,510,000		3.950			01/15/2053		41,647,484
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(b)
	1,000,000		0.000			01/15/2032		1,174,437
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(c)
	77,260,000		0.000			06/01/2047		17,039,013
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)^(c)
	147,670,000		0.000			06/01/2047		31,771,954
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)
	2,130,000		5.000			06/01/2045		2,470,479
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	8,900,000		5.000			06/01/2047		9,207,412
	5,400,000		5.250			06/01/2047		5,603,758
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	3,500,000		5.000			06/01/2047		3,620,892
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	27,780,000		5.300			06/01/2037		28,876,543
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)^(a)
	1,825,000		4.000			06/01/2046		2,033,779
	1,250,000		4.000			06/01/2051		1,388,674


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(c)
$	100,945,000		0.000	%		06/01/2036	$	37,606,161
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)^(c)
	51,235,000		0.000			06/01/2047		9,028,862
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)^(c)
	260,660,000		0.000			06/01/2057		20,969,862
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,372,093
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,655,000		5.000			09/01/2047		1,938,971
	1,925,000		5.000			03/01/2057		2,239,225
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)
	2,750,000		6.000			09/01/2043		2,998,857
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,925
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa2)^(c)
	49,925,000		0.000			08/01/2050		20,145,312
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,662,066
	1,500,000		7.000			09/01/2031		1,530,538
	875,000		7.250			09/01/2038		892,516
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(c)
	3,760,000		0.000			08/01/2035		2,725,799
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	14,850,000		6.500			11/01/2039		23,710,175
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		3,193,290
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	9,795,000		6.125			11/01/2029		12,485,292
	21,765,000		6.500			11/01/2039		34,750,974
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(b)
	7,000,000		0.000			08/01/2030		7,704,458
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)^(c)
	860,000		0.000			08/01/2025		821,993
	1,105,000		0.000			08/01/2026		1,036,635
	5,550,000		0.000			08/01/2030		4,654,534
	7,855,000		0.000			08/01/2032		6,214,603
	7,000,000		0.000			08/01/2034		5,201,541


Municipal Bonds – (continued)
California – (continued)
	Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)
	2,925,000		5.250			08/15/2045		3,297,723
	Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR)
	250,000		5.000			08/15/2027		306,730
	200,000		5.000			08/15/2028		249,454
	2,900,000		5.000			08/15/2047		3,388,789
	Orange County Community Facilities District Special Tax RB Series 2020 A (NR/NR)
	1,015,000		4.000			08/15/2040		1,137,698
	940,000		4.000			08/15/2050		1,034,536
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)^(f)
	7,800,000		2.000			08/01/2021		8,589,016
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000			11/01/2047		13,895,980
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	10,750,000		7.000			08/01/2038		15,204,752
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)^(c)
	1,840,000		0.000			08/01/2025		1,756,417
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)^(c)
	1,300,000		0.000			08/01/2040		831,066
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	500,000		4.000			09/01/2030		554,440
	650,000		4.000			09/01/2031		716,354
	900,000		3.000			09/01/2032		933,961
	820,000		3.000			09/01/2033		848,602
	750,000		3.000			09/01/2034		773,671
	Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR)
	400,000		5.000			09/01/2049		455,698
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/Aa3)^(c)
	6,200,000		0.000			08/01/2036		4,011,766
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,835,000		5.375			09/01/2031		5,142,924
	880,000		5.250			09/01/2034		932,040
	6,815,000		5.500			09/01/2045		7,189,785
	River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)
	22,500,000		5.500			09/01/2045		23,737,367
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)^(c)
	2,220,000		0.000			10/01/2033		1,663,506


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
California – (continued)
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)^(c) – (continued)
$	2,220,000	0.000 %			10/01/2035		$	1,556,352
	1,840,000	0.000			10/01/2037			1,202,271
	5,100,000	0.000			10/01/2038			3,214,564
	8,425,000	0.000			10/01/2039			5,120,841
	13,395,000	0.000			10/01/2040			7,842,897
	7,275,000	0.000			10/01/2041			4,102,829
	6,360,000	0.000			10/01/2042			3,454,268
	Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)
	1,225,000	6.500			10/01/2025			1,263,063
	1,950,000	6.750			10/01/2030			2,012,971
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A/NR)
	2,000,000	5.750			06/01/2048			2,177,363
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	395,000	4.000			09/01/2045			434,700
	835,000	4.000			09/01/2050			915,735
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	770,000	5.000			09/01/2029			935,548
	1,865,000	5.000			09/01/2033			2,203,517
	2,250,000	5.000			09/01/2035			2,641,707
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	1,000,000	5.000			09/01/2049			1,130,554
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(d)
	3,920,000	(3 Mo. LIBOR + 0.55%), 12.00			06/01/2034			3,771,898
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A1)^(c)
	1,420,000	0.000			08/01/2025			1,353,167
	San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (A-/NR)
	1,000,000	4.000			07/01/2044			1,131,021
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)^(c)
	10,000,000	0.000			07/01/2030			8,678,195
	3,005,000	0.000			07/01/2031			2,537,439
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 A (AMT) (A/A1)
	7,145,000	5.000			05/01/2049			8,561,499
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A/A1)
	1,450,000	4.000			05/01/2050			1,625,026
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	1,370,000	4.000			08/01/2032			1,517,107
	1,560,000	4.000			08/01/2033			1,718,648
	1,680,000	4.000			08/01/2034			1,841,246


Municipal Bonds – (continued)
California – (continued)
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3) – (continued)
	1,810,000		4.000			08/01/2035			1,979,524
	1,945,000		4.000			08/01/2036			2,120,925
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	3,000,000		5.000			01/15/2029			3,425,572
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)^(c)
	1,580,000		0.000			08/01/2024			1,546,859
	1,595,000		0.000			08/01/2025			1,537,684
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)
	2,000,000		5.000			09/01/2042			2,089,020
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)
	2,000,000		5.500			09/01/2044			2,093,242
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/2042			2,050,715
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (WD/NR)^(c)
	88,700,000		0.000			06/01/2056			10,022,488
	State of California GO Bonds RMKT 04/02/18 Series 2004 B-5 (AAA/Aa1)^(f)(g)
	21,290,000		0.040			04/01/2021			21,290,000
	State of California GO Bonds RMKT 10/01/12 Series 2004 A-5 (AA+/Aa1)^(f)(g)
	18,740,000		0.030			04/01/2021			18,740,000
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250			09/01/2042			4,224,192
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)
	4,650,000		4.000			09/01/2050			4,964,414
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)^(c)
	16,700,000		0.000			06/01/2060			3,969,689
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (BBB+/NR)
	4,740,000		5.000			06/01/2048			5,797,417
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,700,000		5.000			06/01/2048			4,440,464
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)^(c)
	9,510,000		0.000			06/01/2054			1,798,522
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	995,000		5.000			10/01/2045			1,217,174
	1,045,000		5.000			10/01/2049			1,272,817


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
$	1,815,000		2.400	%		10/01/2049	$	1,829,469
	Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR)
	750,000		5.000			09/01/2040		845,356
	1,000,000		5.000			09/01/2045		1,120,425
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)^(e)
	1,500,000		6.875			12/01/2021		1,566,170
	University of California RB Refunding Series 2013 AL-2 (AA/Aa2)^(f)(g)
	15,000,000		0.030			04/01/2021		15,000,000
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250			09/01/2031		1,028,613
	5,000,000		7.500			09/01/2042		5,142,460
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	1,400,000		5.000			09/01/2047		1,566,083
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)^(c)
	8,360,000		0.000			08/01/2034		6,403,355
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(b)
	19,135,000		0.000			08/01/2042		18,785,241

								1,149,465,170

Colorado – 4.8%
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,575,000		4.700			12/01/2047		1,632,314
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	611,000		5.000			12/01/2037		643,233
	613,000		5.125			12/01/2047		643,119
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,480,000		5.000			12/01/2040		1,606,273
	2,610,000		5.000			12/01/2050		2,804,412
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	4,000,000		7.750			12/15/2050		4,213,493
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	3,250,000		5.500			12/01/2050		3,503,311
	Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR)
	6,000,000		8.500			12/15/2050		6,335,125
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)^(a)(b)
	1,930,000		0.000			12/01/2049		1,540,464


Municipal Bonds – (continued)
Colorado – (continued)
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
$	2,375,000		5.125	%		12/01/2046	$	2,466,321
	Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)^(a)
	1,185,000		5.250			12/01/2049		1,280,339
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		701,060
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,630,030
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)^(a)
	1,300,000		5.000			12/01/2049		1,409,756
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,500,000		5.125			12/01/2048		2,703,198
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		1,061,150
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,398,791
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037		1,851,383
	4,000,000		6.125			12/01/2047		4,231,003
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		2,115,502
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
	2,575,000		5.350			12/01/2050		2,751,968
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		524,794
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	780,000		4.375			12/01/2032		819,027
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (NR/Ba2)^(a)
	900,000		5.000			02/01/2051		976,706
	1,335,000		5.000			02/01/2061		1,440,397
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)^(a)
	6,000,000		5.000			10/01/2049		6,529,269
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	2,750,000		5.000			11/01/2054		2,921,992
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)^(e)
	3,500,000		5.000			12/01/2022		3,779,352


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)^(e)
$	3,000,000		5.750	%		12/01/2023	$	3,437,295
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	2,650,000		4.000			09/01/2050		2,938,375
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (NR/WR)^(e)
	3,000,000		5.625			06/01/2023		3,348,495
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,570,000		4.000			08/01/2039		1,780,461
	4,315,000		4.000			08/01/2044		4,787,679
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	7,170,000		5.000			08/01/2044		8,694,058
	2,135,000		3.250			08/01/2049		2,230,240
	4,620,000		4.000			08/01/2049		5,101,505
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (WD/NR)^(e)
	4,410,000		5.000			06/01/2027		5,493,294
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,045,000		4.000			11/01/2039		2,391,401
	8,790,000		5.000			11/01/2039		11,091,804
	4,790,000		5.000			11/01/2044		5,950,753
	2,300,000		5.000			11/01/2049		2,840,534
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047		1,089,892
	965,000		5.000			12/31/2051		1,088,013
	2,980,000		5.000			12/31/2056		3,354,027
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047		3,200,294
	Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,760,000		5.000			12/01/2049		1,907,951
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	4,240,000		5.000			12/01/2039		4,469,610
	1,750,000		5.000			12/01/2043		1,839,208
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000		5.000			12/01/2037		526,936
	700,000		5.125			12/01/2047		735,605
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000		7.625			12/15/2047		531,320
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.250			12/01/2048		2,129,946


Municipal Bonds – (continued)
Colorado – (continued)
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000		7.500			12/15/2048		869,595
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		1,054,623
	2,100,000		5.250			12/01/2047		2,209,207
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	3,835,000		5.000			12/01/2049		4,096,478
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(a)
	4,165,000		5.500			12/01/2039		4,569,828
	10,900,000		5.750			12/01/2049		11,953,982
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)^(a)
	2,370,000		8.000			12/15/2049		2,533,390
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	17,970,000		5.000			10/01/2032		19,114,651
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(a)
	5,555,000		5.000			12/01/2028		6,883,228
	7,200,000		5.000			12/01/2034		8,703,080
	4,800,000		4.000			12/01/2035		5,422,756
	4,800,000		4.000			12/01/2036		5,407,413
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375			08/01/2047		2,605,455
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,261,000		8.000			08/01/2047		1,321,799
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	665,000		5.000			12/01/2030		770,758
	2,500,000		5.000			12/01/2032		2,880,543
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	425,000		5.000			12/01/2032		527,732
	1,825,000		4.000			12/01/2038		2,074,090
	1,690,000		5.000			12/01/2048		1,999,678
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	1,185,000		4.000			12/01/2038		1,350,928
	1,900,000		4.000			12/01/2039		2,160,774
	950,000		4.000			12/01/2040		1,077,509
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,765,000		5.000			06/01/2049		4,001,939
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)^(c)
	3,000,000		0.000			09/01/2039		1,417,446
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(c)
	15,000,000		0.000			09/01/2028		13,387,011


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(c) – (continued)
$	4,100,000		0.000	%		09/01/2034	$	3,047,960
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(c)
	20,000,000		0.000			09/01/2040		12,017,316
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	1,580,000		5.000			08/01/2049		1,719,501
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000		6.750			08/01/2049		559,642
	Fitzsimons Village Metropolitan District No. 1 GO Refunding Bonds Series 2020 A (NR/NR)
	1,045,000		5.000			12/01/2049		1,116,749
	Flying Horse Metropolitan District No. 2 GO Refunding Bonds Series 2020 A (AGM) (AA/A2)
	2,185,000		4.000			12/01/2050		2,532,490
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)^(e)
	1,000,000		5.000			12/01/2021		1,061,805
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,833,233
	Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2039		699,526
	925,000		5.000			12/01/2049		986,347
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/A2)
	3,930,000		4.000			12/01/2047		4,398,357
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	570,000		5.000			12/01/2051		590,102
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,075,060
	Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (NR/Ba2)
	580,000		4.125			12/01/2040		612,946
	900,000		4.375			12/01/2047		951,780
	Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,980,000		5.000			12/01/2050		2,122,024
	Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)^(b)
	5,800,000		0.000			12/01/2050		4,827,466
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000		5.000			12/01/2049		4,477,611
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000		7.750			12/15/2049		726,152
	Leyden Rock Metropolitan District No. 10 Limited Tax GO Refunding & Improvement Bonds Series 2016 A (NR/NR)
	1,250,000		5.000			12/01/2045		1,299,577
	Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,180,000		5.750			12/01/2050		1,280,720


Municipal Bonds – (continued)
Colorado – (continued)
	Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR)
	525,000		4.875			12/01/2040		561,837
	750,000		5.125			12/01/2050		806,168
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	2,665,000		5.000			12/01/2049		2,849,996
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	1,473,000		7.375			12/15/2049		1,541,814
	Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)
	980,000		5.000			12/01/2049		1,048,028
	Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR)^(h)
	520,000		5.000			12/01/2041		559,055
	570,000		5.000			12/01/2051		603,727
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,346,922
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,480,735
	5,380,000		5.750			12/01/2047		5,713,773
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	330,000		4.000			12/01/2032		369,983
	320,000		4.000			12/01/2033		355,484
	190,000		4.000			12/01/2034		211,238
	550,000		4.000			12/01/2036		606,533
	215,000		4.000			12/01/2038		235,514
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	1,742,000		4.375			12/01/2031		1,806,831
	1,706,000		5.000			12/01/2046		1,771,139
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)
	4,711,000		7.250			12/15/2049		4,972,778
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000		5.125			12/01/2049		1,600,324
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR)
	2,140,000		5.000			12/01/2040		2,307,605
	3,335,000		5.250			12/01/2050		3,593,304
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR)
	1,924,000		7.750			12/15/2050		2,037,826
	Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	550,000		4.300			12/01/2050		554,978
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)^(a)
	1,150,000		5.000			12/01/2051		1,224,035


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
$	1,200,000		5.000	%		12/01/2050	$	1,291,045
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(a)
	1,000,000		5.000			12/01/2040		1,029,264
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	800,000		5.000			12/01/2049		852,792
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		2,146,083
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)^(a)
	3,000,000		5.000			12/15/2041		3,218,504
	Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR)
	900,000		4.125			12/15/2036		960,693
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		6,447,010
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR)^(a)
	5,400,000		4.750			12/01/2045		5,743,699
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR)^(a)(c)
	150,000		0.000			12/01/2025		121,102
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	9,930,000		5.000			12/01/2049		10,588,704
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	425,000		5.000			07/15/2028		528,661
	675,000		5.000			01/15/2029		846,604
	375,000		5.000			07/15/2029		473,644
	470,000		5.000			01/15/2030		598,310
	330,000		5.000			07/15/2030		423,315
	Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.250			12/01/2060		1,068,587
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		1,227,318
	Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)^(a)
	1,055,000		5.000			12/01/2050		1,138,287
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	3,450,000		5.000			12/01/2039		3,713,156
	5,695,000		5.000			12/01/2049		6,083,297
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		589,214
	1,000,000		5.125			12/01/2043		1,065,130
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		674,442


Municipal Bonds – (continued)
Colorado – (continued)
	Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)^(a)
	1,000,000		5.000			12/01/2040		1,081,912
	1,625,000		5.125			12/01/2050		1,756,348
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	749,000		4.500			12/01/2031		777,997
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	1,500,000		5.500			12/01/2046		1,561,527
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,460,000		5.000			12/01/2049		1,603,105
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	375,000		4.000			12/01/2039		429,644
	750,000		4.000			12/01/2044		848,070
	2,210,000		3.000			12/01/2049		2,246,491
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,346,939
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		538,842
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,720,818
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/A3)
	650,000		5.000			12/01/2039		764,024
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	8,920,000		5.000			12/01/2038		9,483,559
	18,750,000		5.000			12/01/2047		19,858,523
	Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR)
	720,000		7.125			12/15/2050		767,780
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	2,500,000		4.250			12/01/2050		2,754,266
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,145,572
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,633,051
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,100,000		5.000			12/01/2040		1,209,016
	1,750,000		5.000			12/01/2049		1,909,879
	Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,730,000		5.750			12/01/2050		1,891,578


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
$	880,000		5.250	%		12/01/2037	$	942,530
	2,400,000		5.375			12/01/2047		2,559,650
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	805,000		5.000			12/01/2050		963,120
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
	1,205,000		3.250			12/15/2050		1,273,961
	Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR)
	1,570,000		4.375			12/01/2044		1,630,808
	Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR)
	580,000		5.000			12/01/2040		623,758
	1,020,000		5.000			12/01/2050		1,084,372
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)^(e)
	1,725,000		9.500			12/01/2021		1,858,908
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,614,414
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR)^(b)
	1,000,000		0.000			12/01/2050		759,157
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR)
	4,238,000		8.000			12/15/2050		4,284,367
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)^(e)
	873,000		5.000			12/01/2022		933,171
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,467,000		7.375			12/15/2047		1,536,848
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,055,249
	2,500,000		5.000			12/01/2047		2,625,097
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)^(a)
	980,000		5.000			12/01/2050		1,064,200
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR)
	181,000		7.750			12/15/2050		194,907
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,709,988
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,068,686
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,696,797


Municipal Bonds – (continued)
Colorado – (continued)
	Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR)
	1,825,000		6.250			12/15/2040		1,867,743

								495,467,895

Connecticut – 0.6%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	900,000		5.500			08/01/2034		1,101,077
	500,000		5.500			08/01/2035		610,308
	420,000		5.500			08/01/2036		511,154
	400,000		5.500			08/01/2037		485,456
	410,000		5.500			08/01/2038		496,398
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (BB+/NR)^(a)
	1,150,000		5.000			01/01/2045		1,252,631
	1,650,000		5.000			01/01/2055		1,779,848
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(f)(g)
	26,545,000		0.010			04/01/2021		26,545,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	1,015,000		4.000			07/01/2039		1,092,895
	3,500,000		4.000			07/01/2044		3,722,481
	3,500,000		4.000			07/01/2049		3,704,452
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)^(a)
	20,200,000		7.000			02/01/2045		20,702,869
	State of Connecticut GO Bonds Series 2018 C (A/Aa3)
	450,000		5.000			06/15/2032		559,709
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/Aa3)
	500,000		4.000			04/15/2037		581,882
	Town of Hamden GO Refunding Bonds Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		553,357

								63,699,517

Delaware – 0.2%
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
	3,785,000		5.000			11/15/2048		4,317,370
	Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)
	6,130,000		4.000			07/01/2043		6,779,251
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	855,000		5.000			08/01/2049		960,720
	795,000		5.000			08/01/2054		890,624
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	1,900,000		5.000			09/01/2050		2,230,970
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
	5,375,000		4.000			07/01/2035		5,750,558

								20,929,493


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
District of Columbia – 1.0%
	District of Columbia RB for International School Series 2019 (BBB/NR)
$	1,275,000		5.000	%		07/01/2049	$	1,453,105
	1,140,000		5.000			07/01/2054		1,296,229
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	655,000		4.000			07/01/2044		721,132
	1,300,000		4.000			07/01/2049		1,424,283
	District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)^(a)
	445,000		5.000			06/01/2051		501,739
	600,000		5.000			06/01/2061		671,886
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)
	25,000,000		6.500			10/01/2041		31,662,160
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (A-/Baa1)
	37,100,000		6.500			10/01/2044		48,726,020
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	815,000		4.000			10/01/2044		920,123
	1,075,000		5.000			10/01/2047		1,303,979
	1,610,000		4.000			10/01/2049		1,802,662
	2,955,000		4.000			10/01/2053		3,303,129
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,470,000		3.000			10/01/2050		2,570,880
	3,570,000		4.000			10/01/2053		4,049,104

								100,406,431

Florida – 13.7%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	3,725,000		4.750			05/01/2036		4,105,481
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	630,000		5.000			05/01/2039		691,757
	1,030,000		5.100			05/01/2049		1,127,550
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,580,000		3.625			05/01/2040		1,626,503
	5,755,000		4.000			05/01/2051		5,948,303
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	500,000		3.750			05/01/2029		531,888
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	2,895,000		6.300			05/01/2035		2,897,940
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	1,725,000		3.500			05/01/2031		1,838,956


Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	3,970,000		3.500			05/01/2032		4,398,010
	6,700,000		3.700			05/01/2036		7,445,770
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	740,000		4.625			05/01/2028		786,982
	1,810,000		5.000			05/01/2036		1,982,788
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	2,530,000		6.900			05/01/2025		2,591,805
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,560,000		6.900			05/01/2036		3,627,521
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	930,000		6.900			05/01/2036		941,949
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	520,000		4.000			11/01/2040		539,692
	3,250,000		4.000			11/01/2050		3,329,342
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(a)
	1,845,000		5.100			05/01/2039		2,025,131
	3,080,000		5.200			05/01/2049		3,375,012
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	660,000		4.375			11/01/2049		702,464
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	740,000		5.750			05/01/2048		865,888
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	250,000		3.375			05/01/2041		242,353
	475,000		4.000			05/01/2051		483,941
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,840,000		6.000			05/01/2048		2,193,908
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	580,000		3.750			05/01/2040		597,552
	880,000		4.000			05/01/2051		906,298
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(a)
	900,000		4.500			06/01/2039		974,858
	1,630,000		4.625			06/01/2049		1,746,244


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
$	550,000		4.000	%		05/01/2051	$	573,162
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	1,000,000		4.000			05/01/2050		1,042,113
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
	390,000		4.000			05/01/2051		406,424
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	110,000		4.250			11/01/2021		111,161
	915,000		4.750			11/01/2026		986,165
	700,000		5.000			11/01/2031		751,641
	6,020,000		5.250			11/01/2046		6,464,028
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(a)
	935,000		5.000			11/01/2049		1,040,212
	750,000		5.125			11/01/2049		841,326
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	265,000		4.500			11/01/2025		279,936
	965,000		5.000			11/01/2036		1,085,144
	1,065,000		5.000			11/01/2048		1,182,974
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)^(a)
	705,000		3.500			05/01/2041		700,510
	775,000		4.000			05/01/2051		791,111
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	1,855,000		4.250			05/01/2029		2,062,814
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	915,000		5.000			05/01/2035		979,254
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	930,000		3.750			05/01/2031		1,037,879
	1,075,000		4.000			05/01/2037		1,170,271
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	1,610,000		4.250			05/01/2031		1,835,992
	2,810,000		4.250			05/01/2037		3,154,151
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)^(a)
	2,620,000		6.375			11/01/2049		2,859,963
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	535,000		6.000			11/01/2027		621,265
	490,000		3.750			11/01/2031		507,259
	2,980,000		6.500			11/01/2043		3,758,668
	1,495,000		4.125			11/01/2046		1,533,502
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,045,000		4.000			05/01/2040		1,096,443


Municipal Bonds – (continued)
Florida – (continued)
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) – (continued)
	1,630,000		4.000			05/01/2051		1,673,577
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	770,000		6.125			11/01/2033		930,785
	1,000,000		6.500			11/01/2043		1,257,924
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	1,285,000		3.625			12/15/2040		1,316,142
	1,000,000		4.000			12/15/2050		1,033,276
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	1,250,000		3.625			05/01/2041		1,252,071
	1,500,000		4.000			05/01/2051		1,527,396
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	105,000		3.500			05/01/2021		105,089
	500,000		4.100			05/01/2026		530,407
	1,755,000		4.700			05/01/2036		1,854,565
	3,200,000		4.875			05/01/2047		3,370,841
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		3.750			06/15/2040		336,249
	950,000		4.000			06/15/2050		979,376
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		958,917
	2,650,000		4.500			06/15/2049		2,827,520
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	1,165,000		3.500			05/01/2041		1,158,323
	1,360,000		4.000			05/01/2051		1,388,272
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		3.625			05/01/2040		579,732
	1,590,000		4.000			05/01/2050		1,638,818
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	6,995,000		5.750			05/01/2035		7,889,212
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)^(a)
	310,000		3.875			11/01/2023		316,247
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.000			12/15/2039		1,044,796
	1,350,000		4.000			12/15/2049		1,392,281
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	31,390,000		5.875			07/01/2054		25,739,800
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(a)
	58,380,000		5.250			12/01/2058		65,601,682
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)^(a)
	1,155,000		5.000			12/15/2049		1,291,295
	1,075,000		5.000			12/15/2054		1,196,779


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
$	275,000		5.000	%		08/01/2040	$	324,847
	750,000		5.000			08/01/2055		869,019
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)^(a)
	525,000		5.250			12/01/2043		596,779
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	290,000		4.000			05/01/2024		296,041
	500,000		5.125			05/01/2038		538,266
	1,000,000		5.250			05/01/2049		1,074,925
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		398,689
	500,000		4.500			12/15/2032		541,150
	975,000		4.700			12/15/2037		1,055,821
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	210,000		3.750			11/01/2021		214,249
	215,000		3.875			11/01/2022		222,726
	25,000		4.000			11/01/2023		26,001
	1,705,000		4.500			11/01/2031		1,766,473
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	675,000		3.750			05/01/2040		698,152
	750,000		4.000			05/01/2050		772,436
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)^(a)
	1,720,000		3.700			05/01/2040		1,751,874
	3,010,000		4.000			05/01/2051		3,078,986
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	1,510,000		4.375			05/01/2050		1,596,259
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(a)
	900,000		5.500			10/01/2036		984,570
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(a)
	5,400,000		5.000			10/01/2049		5,925,229
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,969,487
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
	2,000,000		4.000			11/01/2045		2,227,782
	5,000,000		5.000			11/01/2050		5,982,596
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A-/A2)
	1,495,000		4.000			07/01/2045		1,685,628
	1,740,000		5.000			07/01/2050		2,138,525
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BB+/NR)
	480,000		5.000			01/01/2037		533,689


Municipal Bonds – (continued)
Florida – (continued)
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BB+/NR) – (continued)
	1,725,000		5.000			01/01/2047		1,891,284
	1,615,000		5.000			01/01/2052		1,766,186
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(b)
	25,620,000		0.000			05/01/2046		27,411,707
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,561,642
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)^(a)
	500,000		4.750			06/15/2039		554,161
	1,000,000		5.000			06/15/2049		1,104,676
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	2,990,000		3.500			05/01/2032		3,210,429
	1,500,000		3.625			05/01/2035		1,607,500
	1,750,000		3.750			05/01/2046		1,851,635
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)^(c)
	1,130,000		0.000			11/01/2027		745,956
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)*
	3,305,000		5.850			05/01/2035		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)*
	3,980,000		5.000			05/01/2011		40
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,195,000		5.850			05/01/2035		3,213,465
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	1,370,000		5.850			05/01/2035		1,370,914
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)*^(c)
	2,939,931		0.000			05/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(a)
	180,000		3.875			11/01/2024		185,501
	270,000		4.000			11/01/2029		290,515
	500,000		4.750			11/01/2038		561,494
	1,000,000		5.000			11/01/2049		1,118,439
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		445,573
	1,000,000		4.250			12/15/2049		1,051,935
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	535,000		4.000			05/01/2040		562,532
	760,000		4.000			05/01/2050		784,327
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(a)
	2,880,000		5.125			11/01/2050		3,199,676


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
$	782,000		4.000	%		05/01/2031	$	874,837
	1,407,000		4.250			05/01/2038		1,559,105
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (AA/NR)
	960,000		3.750			05/01/2029		1,048,617
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
	4,505,000		4.000			10/01/2049		4,985,794
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,060,000		4.000			09/01/2044		2,287,226
	County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR)
	4,000,000		5.750			08/15/2050		4,240,230
	2,000,000		5.750			08/15/2055		2,104,797
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	1,340,000		5.000			10/01/2049		1,626,899
	1,610,000		4.000			10/01/2054		1,795,031
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		550,714
	1,175,000		4.125			05/01/2048		1,290,190
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(a)
	1,570,000		4.700			11/01/2039		1,713,463
	2,500,000		4.750			11/01/2049		2,704,007
	Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)^(a)
	175,000		3.625			11/01/2040		175,983
	375,000		4.000			11/01/2050		382,473
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)^(a)
	1,175,000		3.800			05/01/2050		1,207,702
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	525,000		4.000			06/15/2040		550,882
	1,500,000		4.000			06/15/2050		1,546,383
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)^(a)
	1,175,000		3.875			05/01/2040		1,216,229
	1,210,000		4.000			05/01/2051		1,240,742
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	3,170,000		5.125			11/01/2048		3,572,910
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,670,000		5.400			05/01/2039		1,847,506
	2,645,000		5.500			05/01/2044		2,947,608
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,655,000		5.400			05/01/2049		2,930,530


Municipal Bonds – (continued)
Florida – (continued)
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	935,000		4.000			05/01/2051		937,805
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	1,000,000		4.750			12/15/2038		1,143,333
	2,995,000		5.000			12/15/2048		3,414,833
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,090,000		3.750			05/01/2034		3,395,214
	4,275,000		4.000			05/01/2037		4,648,827
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)^(a)
	1,035,000		3.375			05/01/2041		1,009,137
	700,000		4.000			05/01/2051		714,448
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(a)
	950,000		4.125			05/01/2040		1,005,909
	3,785,000		4.125			05/01/2051		3,972,039
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	1,000,000		5.000			11/01/2048		1,077,952
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		549,427
	920,000		5.000			11/01/2049		1,011,402
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	190,000		4.000			05/01/2040		197,626
	500,000		4.125			05/01/2051		513,713
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	1,425,000		3.600			05/01/2041		1,428,562
	2,675,000		4.000			05/01/2051		2,726,105
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)^(a)
	1,145,000		4.000			05/01/2051		1,181,948
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	530,000		3.500			05/01/2041		523,956
	1,325,000		4.000			05/01/2051		1,343,647
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (AA/A2)
	4,745,000		3.000			08/15/2050		4,859,249
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM-CR) (AA/A2)
	3,240,000		4.000			08/15/2045		3,681,676
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	12,765,000		4.000			08/15/2045		14,159,105
	6,690,000		4.000			08/15/2050		7,369,766


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
$	985,000		4.000	%		11/01/2040	$	1,031,596
	3,560,000		4.125			11/01/2050		3,707,397
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	340,000		4.000			11/01/2040		356,084
	2,505,000		4.125			11/01/2050		2,608,716
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	800,000		6.375			11/01/2026		894,899
	3,245,000		7.000			11/01/2045		3,890,795
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	900,000		5.250			11/01/2035		958,815
	1,360,000		5.375			11/01/2046		1,447,734
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(a)
	1,245,000		5.000			11/01/2039		1,375,327
	1,800,000		5.125			11/01/2049		1,977,203
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,550,000		5.000			05/01/2035		2,998,680
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	185,000		4.000			05/01/2040		194,093
	500,000		4.200			05/01/2050		522,635
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,475,000		4.375			05/01/2034		1,547,786
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,250,000		3.000			11/01/2041		1,274,174
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)^(a)
	1,650,000		5.000			06/01/2040		1,798,531
	2,595,000		5.000			06/01/2055		2,788,889
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(a)
	4,650,000		5.000			12/15/2049		5,324,608
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)^(a)
	2,005,000		5.250			06/01/2050		2,226,116
	3,560,000		5.250			06/01/2055		3,931,722
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (NR/Baa3)
	600,000		4.000			07/01/2045		639,601
	800,000		4.000			07/01/2055		845,718
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	830,000		5.000			06/01/2040		891,312
	1,850,000		5.000			06/01/2050		1,961,674


Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)^(a)
	23,530,000		7.375			01/01/2049		23,125,599
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)^(a)
	2,085,000		5.000			09/15/2050		2,272,789
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^{(a) (f) (g)}
	1,160,000		6.250			01/01/2024		1,141,883
	14,940,000		6.375			01/01/2026		14,549,274
	34,195,000		6.500			01/01/2029		32,964,883
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(a)
	1,750,000		4.750			06/01/2038		2,036,359
	3,000,000		5.000			06/01/2048		3,475,741
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	2,580,000		5.000			03/01/2044		2,904,527
	5,805,000		5.000			03/01/2049		6,502,638
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB/NR)
	6,060,000		5.000			03/01/2047		6,730,301
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)^(e)
	600,000		5.000			04/01/2022		628,745
	5,830,000		5.250			04/01/2022		6,123,697
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		799,815
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	1,000,000		4.125			11/01/2039		1,064,146
	4,580,000		4.375			11/01/2049		4,883,198
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		772,922
	1,000,000		4.125			05/01/2038		1,084,884
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (BBB/NR)
	1,855,000		3.250			11/01/2049		1,899,327
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		258,434
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)^(a)
	1,280,000		4.000			05/01/2040		1,342,557
	1,190,000		4.000			05/01/2051		1,224,633
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	1,100,000		4.250			05/01/2040		1,139,213
	1,375,000		4.500			05/01/2052		1,426,899
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	750,000		4.000			05/01/2051		751,216


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
$	3,165,000		5.000	%		11/15/2026	$	3,367,147
	5,000,000		5.000			11/15/2036		5,254,781
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A/A1)
	3,540,000		5.000			10/01/2047		4,154,637
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	3,000,000		4.375			11/01/2049		3,200,894
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,520,000		4.500			05/01/2036		1,616,935
	2,295,000		4.625			05/01/2046		2,411,264
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	540,000		4.000			05/01/2040		565,100
	860,000		4.000			05/01/2051		885,061
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	925,000		3.750			05/01/2034		981,481
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,060,000		3.875			05/01/2039		2,188,338
	1,400,000		4.100			05/01/2048		1,488,780
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(a)
	1,725,000		4.000			05/01/2031		1,932,234
	1,335,000		4.250			05/01/2035		1,491,020
	1,810,000		4.250			05/01/2039		2,000,993
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	640,000		3.875			11/01/2039		669,218
	1,150,000		4.000			11/01/2051		1,185,358
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		208,992
	500,000		4.250			11/01/2051		521,513
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	755,000		5.000			05/01/2034		866,988
	2,170,000		5.125			05/01/2045		2,492,163
	Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)
	500,000		5.050			05/01/2031		536,936
	500,000		5.150			05/01/2034		535,146
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,890,000		5.700			05/01/2036		1,919,878
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,404,687
	2,000,000		4.350			05/01/2036		2,171,148


Municipal Bonds – (continued)
Florida – (continued)
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	475,000		3.625			05/01/2040		489,267
	665,000		4.000			05/01/2050		685,042
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(a)
	1,000,000		4.875			12/15/2038		1,096,756
	1,000,000		5.000			12/15/2048		1,094,289
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,125,005
	2,150,000		4.250			05/01/2036		2,373,032
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	825,000		4.375			11/01/2050		875,388
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,573,883
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)^(a)
	1,065,000		4.000			05/01/2040		1,117,345
	2,375,000		4.000			05/01/2050		2,460,773
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	180,000		5.000			11/01/2041		201,314
	520,000		5.000			11/01/2050		581,509
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(a)
	455,000		5.125			11/01/2049		499,373
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,613,163
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	990,000		5.000			11/01/2047		1,070,000
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	290,000		3.500			05/01/2040		296,569
	470,000		3.750			05/01/2050		482,370
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	2,000,000		5.000			05/01/2048		2,173,697
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,340,000		4.000			06/15/2040		1,425,854
	1,060,000		4.000			06/15/2050		1,105,532
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	700,000		4.000			06/15/2051		712,304


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR)^(h)
$	265,000		4.100	%		05/01/2051	$	264,541
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)^(a)(h)
	325,000		4.300			05/01/2051		321,746
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR)^(a)(h)
	900,000		4.125			05/01/2031		896,690
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	600,000		4.000			05/01/2040		635,054
	1,900,000		4.000			05/01/2050		1,962,800
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
	525,000		3.200			05/01/2030		540,305
	525,000		3.750			05/01/2040		543,287
	670,000		3.900			05/01/2050		690,401
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)^(a)
	1,085,000		3.625			05/01/2040		1,112,432
	2,500,000		3.875			05/01/2051		2,571,303
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	250,000		3.850			05/01/2039		262,202
	575,000		4.000			05/01/2049		595,880
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	1,275,000		4.000			05/01/2050		1,313,141
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,000,000		6.700			05/01/2033		2,129,678
	4,745,000		7.000			05/01/2043		5,073,108
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		7,231,782
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		571,818
	1,615,000		4.500			05/01/2049		1,728,825
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(a)
	1,000,000		5.000			05/01/2037		1,089,955
	2,370,000		5.125			05/01/2047		2,569,531
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(a)
	575,000		3.750			05/01/2039		594,461
	555,000		4.000			05/01/2049		574,511
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	950,000		4.400			05/01/2039		1,026,851
	1,075,000		4.500			05/01/2049		1,150,532
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)^(e)
	19,180,000		8.000			05/01/2021		19,288,081


Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	305,000		4.000			05/01/2022		308,320
	1,125,000		4.625			05/01/2027		1,212,528
	2,500,000		5.250			05/01/2037		2,772,006
	5,820,000		5.375			05/01/2047		6,422,189
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	1,175,000		5.000			05/01/2038		1,287,165
	2,545,000		5.100			05/01/2048		2,776,561
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	3,760,000		5.450			05/01/2048		4,249,272
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	410,000		4.000			05/01/2021		410,569
	1,325,000		4.250			05/01/2026		1,395,520
	5,630,000		5.000			05/01/2036		6,126,309
	13,730,000		5.125			05/01/2046		14,916,397
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	1,735,000		2.500			05/01/2033		1,790,335
	1,685,000		2.625			05/01/2037		1,729,385
	Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project – Phase 2B Series 2020 (NR/NR)^(a)
	2,100,000		3.750			05/01/2040		2,170,197
	1,250,000		4.000			05/01/2050		1,288,371
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	1,160,000		4.700			05/01/2039		1,280,103
	2,250,000		4.875			05/01/2049		2,475,769
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	1,930,000		3.000			05/01/2035		1,990,432
	1,990,000		3.000			05/01/2038		2,038,000
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	645,000		3.375			05/01/2030		671,642
	895,000		4.000			05/01/2038		953,154
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB+/NR)
	2,600,000		6.500			11/15/2031		2,670,157
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	1,430,000		4.000			05/01/2031		1,620,812
	1,860,000		4.000			05/01/2036		2,087,085
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	1,610,000		4.400			05/01/2040		1,669,726
	2,840,000		4.600			05/01/2051		2,937,890


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
$	985,000		5.125	%		05/01/2048	$	1,067,922
	1,775,000		5.125			05/01/2049		1,922,594
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	3,495,000		5.400			05/01/2030		3,162,425
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,324,000		5.375			05/01/2030		1,324,677
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	3,800,000		4.000			05/01/2050		3,915,782
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	855,000		4.625			05/01/2039		929,615
	1,340,000		4.750			05/01/2050		1,441,059
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,755,000		4.000			06/15/2039		1,838,653
	2,920,000		4.375			06/15/2049		3,083,472
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/2032		2,050,484
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	2,800,000		5.125			11/01/2038		3,289,277
	4,750,000		5.250			11/01/2049		5,534,521
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)*
	880,000		5.250			05/01/2015		21,120
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)*
	1,380,000		6.150			11/01/2014		33,120
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	365,000		6.000			05/01/2036		374,757
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	730,000		6.250			05/01/2038		752,818
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	520,000		7.250			05/01/2035		564,464
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)*
	1,075,000		5.250			05/01/2015		25,800
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	1,000,000		4.750			05/01/2037		1,107,056
	1,700,000		5.000			05/01/2048		1,869,400
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)
	1,500,000		5.000			11/15/2039		1,648,571


Municipal Bonds – (continued)
Florida – (continued)
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)^(a)
	1,165,000		5.000			03/01/2030		1,264,775
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)^(a)(e)
	10,595,000		5.000			03/01/2023		11,551,093
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	460,000		4.000			11/01/2023		470,999
	600,000		4.750			11/01/2027		654,037
	4,000,000		5.125			11/01/2039		4,423,075
	4,135,000		5.250			11/01/2049		4,553,909
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		11,043,331
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,440,000		5.000			05/01/2029		3,599,548
	3,515,000		5.000			05/01/2037		3,639,369
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,875,000		3.500			05/01/2041		1,856,270
	2,455,000		4.000			05/01/2051		2,491,603
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,005,000		5.000			05/01/2028		2,159,663
	1,220,000		5.000			05/01/2035		1,297,188
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,000,000		4.000			12/15/2049		2,095,213
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,924,486
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		799,637
	1,235,000		5.625			11/01/2045		1,340,522
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	1,185,000		5.125			11/01/2048		1,283,877
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,250,000		3.875			05/01/2041		1,249,964
	2,250,000		4.125			05/01/2052		2,242,119
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(a)
	815,000		3.500			05/01/2038		872,374
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)^(a)
	55,000		3.500			05/01/2031		57,131
	150,000		4.000			05/01/2038		156,602
	New River Community Development District Special Assessment Series 2006 B (NR/NR)*
	3,260,000		5.000			05/01/2013		33


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
$	470,000		3.625	%		05/01/2040	$	473,613
	1,500,000		4.000			05/01/2051		1,530,896
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (A/NR)
	3,000,000		5.000			10/01/2049		3,667,658
	6,580,000		5.000			10/01/2054		8,014,255
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	345,000		4.000			06/15/2040		365,128
	955,000		4.000			06/15/2050		994,507
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,200,000		4.850			05/01/2039		2,488,606
	3,625,000		5.000			05/01/2049		4,103,507
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A/NR)
	1,680,000		5.000			04/01/2024		1,744,935
	1,765,000		5.000			04/01/2025		1,830,087
	1,005,000		5.000			04/01/2026		1,040,984
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	840,000		4.000			05/01/2040		881,286
	905,000		4.000			05/01/2050		932,869
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	1,680,000		5.375			11/01/2038		1,910,835
	3,300,000		5.500			11/01/2049		3,740,621
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
	2,700,000		4.000			05/15/2053		2,903,492
	2,175,000		5.000			05/15/2053		2,489,923
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	1,175,000		4.300			05/01/2050		1,229,804
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	400,000		4.000			11/01/2038		454,148
	3,290,000		4.200			11/01/2048		3,679,176
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	3,155,000		3.750			05/01/2031		3,460,084
	2,040,000		4.000			05/01/2036		2,239,571
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		743,405
	2,380,000		5.000			05/01/2039		2,649,353
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		589,266
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	1,855,000		5.250			05/01/2039		2,077,857
	5,095,000		5.375			05/01/2050		5,627,109


Municipal Bonds – (continued)
Florida – (continued)
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
	815,000		5.500			11/01/2032		930,587
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	800,000		4.000			05/01/2051		823,937
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,643,995
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		924,886
	1,065,000		4.500			05/01/2034		1,222,032
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	795,000		3.500			05/01/2041		790,443
	1,370,000		4.000			05/01/2052		1,395,022
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,200,000		4.375			05/01/2036		3,698,342
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	655,000		3.300			05/01/2030		672,640
	695,000		3.750			05/01/2037		719,354
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,260,000		5.000			07/01/2039		2,648,865
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	555,000		3.625			05/01/2040		566,400
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,920,000		3.500			05/01/2037		1,951,437
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,800,000		4.750			05/01/2033		2,952,470
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,158,700
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	250,000		4.000			11/01/2039		261,272
	1,205,000		4.000			11/01/2050		1,233,993
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	750,000		3.500			05/01/2041		747,360
	1,000,000		4.000			05/01/2051		1,026,707
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	910,000		6.600			05/01/2033		928,825
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	625,000		6.600			05/01/2036		634,437
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,260,000		6.600			05/01/2033		2,306,751


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
$	3,070,000		5.000	%		05/01/2025	$	3,323,820
	6,825,000		5.000			05/01/2033		7,630,325
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)*
	2,170,000		7.200			05/01/2022		22
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	470,000		4.500			05/01/2039		502,792
	1,520,000		4.625			05/01/2050		1,616,210
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	825,000		4.500			05/01/2040		890,613
	830,000		4.750			05/01/2050		893,918
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	1,030,000		3.625			05/01/2040		1,058,470
	1,000,000		3.875			05/01/2051		1,032,542
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,310,000		5.450			05/01/2036		4,333,728
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	1,100,000		4.350			05/01/2051		1,130,937
	River Landing Community Development District Special Assessment Series 2020 B (NR/NR)
	1,200,000		4.250			11/01/2035		1,249,037
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	320,000		4.000			06/15/2040		337,108
	780,000		4.000			06/15/2050		808,538
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(a)
	1,410,000		4.125			06/15/2039		1,523,368
	2,280,000		4.250			06/15/2049		2,439,390
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)^(a)
	375,000		2.625			05/01/2025		378,793
	375,000		3.125			05/01/2030		384,906
	980,000		3.625			05/01/2040		1,012,613
	950,000		3.750			05/01/2050		976,504
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	620,000		3.750			05/01/2040		622,358
	1,250,000		4.000			05/01/2051		1,253,749
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(a)
	2,200,000		5.250			11/01/2039		2,470,720
	2,825,000		5.375			11/01/2049		3,152,758
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	3,800,000		5.250			11/01/2049		4,236,468
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		4,570,912


Municipal Bonds – (continued)
Florida – (continued)
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	1,325,000		3.500			05/01/2041		1,293,176
	1,125,000		4.000			05/01/2051		1,137,077
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	310,000		4.125			11/01/2040		328,584
	950,000		4.250			11/01/2050		999,187
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)^(a)
	2,100,000		5.125			11/01/2039		2,315,620
	3,480,000		5.250			11/01/2049		3,816,773
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,438,943
	2,505,000		5.375			05/01/2049		2,781,022
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,484,318
	330,000		4.125			11/01/2040		357,213
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	790,000		3.500			05/01/2032		836,860
	495,000		3.625			05/01/2035		524,355
	1,715,000		3.750			05/01/2038		1,815,654
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	380,000		4.350			05/01/2026		399,189
	485,000		4.875			05/01/2035		525,038
	95,000		5.000			05/01/2038		103,478
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,137,475
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	375,000		3.600			05/01/2034		391,292
	600,000		4.000			05/01/2043		626,940
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	450,000		4.300			05/01/2040		481,016
	335,000		4.500			05/01/2046		356,949
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,550,000		5.800			05/01/2035		3,033,308
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,640,000		5.800			05/01/2035		2,096,852
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	285,000		3.750			05/01/2024		291,928


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) – (continued)
$	425,000		4.375	%		05/01/2029	$	462,836
	1,000,000		5.000			05/01/2039		1,108,831
	1,750,000		5.250			05/01/2049		1,953,790
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(a)
	1,250,000		5.125			11/01/2037		1,375,237
	1,790,000		5.250			11/01/2047		1,969,136
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,145,000		4.800			05/01/2035		1,042,358
	St. Johns County Industrial Development Authority RB Refunding Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	7,475,000		4.000			08/01/2055		7,951,516
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)*
	418,112		5.500			11/01/2010		250,867
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(a)(h)
	625,000		3.500			06/15/2041		626,042
	1,650,000		4.000			06/15/2051		1,694,397
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,150,000		5.000			05/01/2034		2,246,308
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,100,000		4.500			06/15/2039		1,202,480
	2,600,000		4.625			06/15/2049		2,808,621
	Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,750,000		5.125			11/01/2034		2,071,239
	3,495,000		5.500			11/01/2044		4,142,339
	Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,435,000		6.500			05/01/2039		2,659,415
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)^(a)
	1,500,000		3.750			12/15/2050		1,510,874
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	420,000		4.000			12/15/2039		441,724
	860,000		4.125			12/15/2049		899,956
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)^(a)
	400,000		3.750			06/15/2029		423,444
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	950,000		3.750			05/01/2040		980,251
	1,290,000		4.000			05/01/2050		1,329,598


Municipal Bonds – (continued)
Florida – (continued)
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	705,000		3.750			05/01/2040		724,110
	875,000		4.000			05/01/2051		900,466
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,655,000		4.000			05/01/2038		1,764,259
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	175,000		3.250			05/01/2021		175,112
	965,000		3.750			05/01/2026		993,656
	1,550,000		4.000			05/01/2033		1,610,549
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,430,852
	2,350,000		6.000			11/01/2044		2,518,765
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(h)
	715,000		3.375			05/01/2041		712,404
	635,000		4.000			05/01/2051		655,189
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	2,050,000		5.000			07/01/2048		2,427,410
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		411,593
	1,110,000		4.800			05/01/2036		1,185,388
	1,715,000		5.000			05/01/2046		1,832,903
	Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,000,000		4.000			06/15/2040		1,058,343
	1,000,000		4.000			06/15/2050		1,041,369
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	695,000		3.375			05/01/2032		746,936
	1,345,000		3.600			05/01/2037		1,446,847
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	615,000		4.000			05/01/2051		626,749
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,640,000		3.500			05/01/2032		1,817,958
	1,775,000		3.750			05/01/2040		1,960,483
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(a)
	375,000		5.625			05/01/2040		417,348
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		337,590


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
$	1,165,000		4.250	%		05/01/2037	$	1,272,985
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(a)
	8,340,000		4.400			05/01/2040		9,158,856
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	305,000		5.750			11/01/2027		342,594
	1,955,000		6.250			11/01/2044		2,296,409
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,840,000		5.375			11/01/2039		3,284,431
	5,750,000		5.500			11/01/2049		6,593,899
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	1,560,000		4.625			06/15/2038		1,713,273
	2,440,000		4.750			06/15/2048		2,668,396
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	550,000		4.000			12/15/2040		588,804
	1,145,000		4.125			12/15/2049		1,216,832
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	13,300,000		5.000			04/01/2048		15,303,185
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		1,165,180
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)^(a)
	525,000		3.625			05/01/2040		528,224
	1,000,000		4.000			05/01/2051		1,019,185
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)^(a)
	1,000,000		5.375			11/01/2049		1,112,735
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)^(a)
	875,000		3.750			05/01/2040		898,030
	750,000		4.000			05/01/2051		771,827
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	700,000		3.500			11/01/2041		694,908
	700,000		4.000			11/01/2050		715,465
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,265,000		5.250			11/01/2027		1,361,460
	2,745,000		6.125			11/01/2046		3,171,929
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)^(a)
	785,000		4.700			11/01/2029		852,676
	1,525,000		5.125			11/01/2038		1,733,704
	2,175,000		5.375			11/01/2048		2,468,878
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		1,086,629
	1,995,000		4.750			05/01/2050		2,138,638


Municipal Bonds – (continued)
Florida – (continued)
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)^(a)
	4,630,000		4.750			11/01/2048		4,911,091
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,331,912
	1,850,000		5.125			11/01/2049		2,046,561
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	195,000		3.500			11/01/2021		196,699
	1,340,000		4.000			11/01/2027		1,423,829
	3,160,000		4.625			11/01/2037		3,399,239
	2,790,000		4.750			11/01/2047		2,970,484
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	1,695,000		4.000			11/01/2040		1,792,151
	900,000		4.000			11/01/2050		928,514
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	90,000		4.250			11/01/2021		91,068
	2,430,000		5.625			11/01/2045		2,742,676
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	2,255,000		4.375			05/01/2035		2,471,128
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	1,700,000		3.500			05/01/2032		1,851,066
	2,545,000		3.625			05/01/2037		2,759,959
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	615,000		4.750			05/01/2037		652,981
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	2,300,000		3.750			12/15/2039		2,409,752
	3,505,000		4.000			12/15/2049		3,672,778
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)^(a)
	790,000		3.250			12/15/2022		803,576
	2,000,000		4.000			12/15/2028		2,155,888
	1,000,000		5.000			12/15/2032		1,186,030
	1,705,000		5.000			12/15/2037		2,015,094
	5,330,000		5.000			12/15/2047		6,191,723
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)^(a)
	2,425,000		5.500			11/01/2047		2,739,857
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	2,800,000		3.375			05/01/2045		3,034,249
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)^(a)
	1,400,000		4.000			05/01/2051		1,445,675


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
$	495,000		5.500	%		05/01/2034	$	507,624
	750,000		6.125			05/01/2042		774,394
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	420,000		6.000			11/01/2027		478,820
	2,050,000		6.500			11/01/2043		2,683,421
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	600,000		6.375			11/01/2027		657,433
	2,300,000		7.125			11/01/2044		2,616,540
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(a)
	270,000		4.000			05/01/2024		276,024
	4,655,000		5.125			05/01/2049		5,119,168
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	1,000,000		5.000			11/01/2039		1,119,573
	1,700,000		5.125			11/01/2049		1,899,106
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,097,182
	1,600,000		5.125			11/01/2049		1,787,394
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	1,265,000		5.875			11/01/2032		1,278,986
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)^(a)
	350,000		3.600			05/01/2041		351,759
	470,000		4.000			05/01/2051		480,167
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)^(a)
	580,000		3.600			05/01/2041		582,916
	940,000		4.000			05/01/2051		960,333
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	375,000		3.375			05/01/2021		375,317
	2,450,000		3.750			05/01/2026		2,532,302
	4,360,000		4.000			05/01/2031		4,555,294
	1,700,000		4.125			05/01/2034		1,775,405
	1,000,000		4.250			05/01/2037		1,044,020
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(a)
	1,980,000		4.000			05/01/2031		2,213,856
	2,940,000		4.000			05/01/2037		3,214,459
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		842,377
	1,000,000		5.250			11/01/2046		1,116,141
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		277,845
	1,700,000		4.000			05/01/2050		1,753,127


Municipal Bonds – (continued)
Florida – (continued)
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	370,000		4.000			05/01/2040		387,932
	2,015,000		4.000			05/01/2050		2,077,939
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		277,843
	1,740,000		4.000			05/01/2050		1,794,350
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	1,625,000		2.600			05/01/2034		1,582,033
	1,100,000		2.750			05/01/2038		1,057,724
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	1,000,000		3.750			05/01/2037		1,051,287
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,095,000		7.000			05/01/2041		4,115,029
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,400,000		5.000			05/01/2032		2,487,942
	5,577,000		5.125			05/01/2043		5,791,744
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,200,000		6.000			05/01/2044		4,570,631
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(a)
	970,000		4.250			05/01/2043		1,066,846
	13,370,000		4.375			05/01/2050		14,703,330
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	10,000,000		3.700			05/01/2050		10,509,478
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)^(a)
	4,235,000		3.250			05/01/2040		4,367,440
	9,410,000		3.500			05/01/2051		9,671,087
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,435,000		4.000			05/01/2033		1,495,285
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,155,000		4.000			05/01/2034		1,202,282
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,760,000		5.500			05/01/2042		1,814,535
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	910,000		4.625			05/01/2039		989,674
	1,385,000		4.875			05/01/2050		1,504,682
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	555,000		3.750			05/01/2040		569,607
	1,000,000		4.000			05/01/2051		1,025,247
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	1,000,000		3.750			11/01/2031		1,082,090
	1,000,000		4.000			11/01/2036		1,079,278
	1,300,000		4.125			11/01/2046		1,393,816


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
$	2,860,000		5.500	%		05/01/2034	$	3,054,405
	3,825,000		5.750			05/01/2044		4,102,343
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250			05/01/2049		4,342,697
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/2039		14,010
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	210,000		6.600			05/01/2039		212,253
	Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	3,235,000		4.200			05/01/2036		3,494,321
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(a)
	355,000		4.000			11/01/2024		364,448
	1,640,000		5.125			11/01/2038		1,776,842
	2,800,000		5.250			11/01/2049		3,028,730
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125			11/01/2035		1,287,588
	1,945,000		5.500			11/01/2045		2,072,474
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000		4.250			11/01/2049		1,281,956
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)^(a)
	570,000		3.625			05/01/2041		571,902
	1,545,000		4.000			05/01/2051		1,574,516
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	2,340,000		4.750			05/01/2039		2,567,672
	3,790,000		5.000			05/01/2050		4,186,678
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)^(a)(h)
	1,050,000		4.000			05/01/2051		1,071,767
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)^(a)(h)
	1,855,000		4.000			05/01/2051		1,893,454
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)^(a)
	515,000		5.000			05/01/2038		568,328
	600,000		5.200			05/01/2048		660,984
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000		4.625			05/01/2039		1,076,418
	1,590,000		4.850			05/01/2049		1,727,420
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(a)
	800,000		4.100			05/01/2037		849,677
	795,000		4.125			05/01/2038		844,027


Municipal Bonds – (continued)
Florida – (continued)
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000		5.000			05/01/2039		1,330,598
	2,000,000		5.200			05/01/2050		2,223,928
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(a)
	2,375,000		4.250			06/15/2039		2,582,832
	3,525,000		4.375			06/15/2049		3,777,023
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000		5.000			11/01/2049		1,055,790
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	400,000		4.375			11/01/2025		430,057
	1,770,000		5.000			11/01/2045		1,899,401
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	1,885,000		4.400			11/01/2035		1,986,818
	625,000		4.250			05/01/2040		648,342
	500,000		4.500			05/01/2051		517,696
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	385,000		5.375			05/01/2035		415,369
	3,035,000		5.625			05/01/2045		3,281,416
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000		4.875			05/01/2036		829,070
	1,445,000		5.000			05/01/2047		1,530,034
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	1,585,000		3.700			05/01/2040		1,625,562
	1,960,000		3.875			05/01/2050		2,001,361

								1,423,183,548

Georgia – 1.7%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/A1)
	1,500,000		5.250			07/01/2040		1,729,095
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A2)
	1,000,000		4.000			07/01/2040		1,061,364
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (B+/Baa3)
	10,920,420		8.750			06/01/2029		10,988,443
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
	900,000		5.125			03/01/2052		851,337
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)^(h)
	14,390,000		4.000			01/01/2054		15,957,019
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)^(h)
	940,000		3.625			01/01/2031		960,738
	940,000		5.000			01/01/2036		1,048,809
	1,880,000		5.000			01/01/2054		2,049,492


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
$	6,650,000		5.000 %		05/15/2043	$	7,873,865
	24,875,000		5.000		05/15/2049		35,995,496
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(d)
	49,820,000		(3 Mo. LIBOR + 0.65%), 0.809		10/01/2033		48,437,246
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
	2,200,000		5.000		01/01/2034		2,682,842
	6,000,000		5.000		01/01/2039		7,222,323
	29,610,000		5.000		01/01/2049		35,042,686
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(a)
	3,500,000		4.000		01/01/2038		3,844,139

							175,744,894

Guam – 0.7%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000		5.750		10/01/2043		1,640,764
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	6,240,000		5.000		02/01/2040		6,689,625
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000		12/01/2031		572,563
	4,515,000		5.000		12/01/2046		5,025,699
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125		10/01/2043		8,004,543
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BB+/Baa2)
	2,560,000		6.375		10/01/2043		2,745,770
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)^(e)
	14,455,000		5.500		07/01/2023		16,106,758
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000		01/01/2046		10,841,629
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	4,170,000		5.000		01/01/2050		5,011,794
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,165,000		5.000		07/01/2033		1,362,246
	960,000		5.000		07/01/2035		1,117,415
	1,920,000		5.000		07/01/2036		2,229,069
	1,365,000		5.000		07/01/2037		1,580,769
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000		07/01/2048		2,911,200


Municipal Bonds – (continued)
Guam – (continued)
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	1,350,000		5.000		11/01/2035		1,673,244
	1,400,000		5.000		11/01/2040		1,707,303

							69,220,391

Hawaii – 0.1%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	12,170,000		3.200		07/01/2039		12,993,466
	Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)
	675,000		5.000		05/15/2044		777,306
	2,750,000		5.000		05/15/2049		3,141,379

							16,912,151

Illinois – 11.4%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/Ba3)
	1,400,000		5.382		12/01/2023		1,509,514
	5,440,000		5.482		12/01/2024		5,973,062
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A-/NR)
	16,000,000		6.000		04/01/2046		19,096,971
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A-/NR)
	1,700,000		5.000		04/01/2042		1,938,301
	1,625,000		5.000		04/01/2046		1,839,996
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(c)
	4,415,000		0.000		12/01/2027		3,894,629
	685,000		0.000		12/01/2028		583,535
	9,125,000		0.000		12/01/2029		7,498,270
	6,905,000		0.000		12/01/2030		5,473,599
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(c)
	125,000		0.000		12/01/2029		102,716
	775,000		0.000		12/01/2030		614,343
	Chicago Illinois Board of Education GO Bonds Series 2017 A (BB-/NR)^(a)
	5,500,000		7.000		12/01/2046		6,981,637
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(c)
	22,095,000		0.000		12/01/2031		16,898,729
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	5,000,000		5.500		12/01/2026		5,871,841
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/Ba3)
	8,965,000		5.500		12/01/2029		11,652,986
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	20,025,000		5.250		12/01/2035		22,095,893
	10,410,000		5.250		12/01/2039		11,444,643


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB-/Ba3)
$	525,000		5.500	%		12/01/2039	$	536,837
	1,445,000		5.000			12/01/2041		1,472,072
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB-/Ba3)
	5,435,000		5.500			12/01/2030		7,186,964
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/Ba3)
	13,525,000		6.038			12/01/2029		15,498,273
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB-/Ba3)
	9,025,000		4.000			12/01/2035		9,312,966
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	54,375,000		7.000			12/01/2044		65,205,342
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	61,035,000		6.500			12/01/2046		73,406,282
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,861,016
	1,250,000		5.000			12/01/2030		1,541,826
	1,025,000		5.000			12/01/2031		1,259,218
	1,000,000		5.000			12/01/2032		1,223,986
	1,250,000		5.000			12/01/2034		1,515,705
	1,000,000		5.000			12/01/2035		1,209,244
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	6,535,000		5.000			12/01/2029		8,187,908
	1,000,000		5.000			12/01/2030		1,241,559
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(c)
	11,545,000		0.000			01/01/2032		8,326,267
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,800,000		5.500			01/01/2037		2,009,176
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		9,092,934
	6,295,000		5.000			01/01/2034		6,783,568
	10,500,000		5.000			01/01/2036		11,291,865
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,670,000		5.250			01/01/2035		6,683,650
	3,025,000		5.000			01/01/2040		3,030,232
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		18,729,928
	7,095,000		5.000			01/01/2034		7,248,916


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		4,179,982
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,653,178
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		18,325,468
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	28,265,000		5.000			01/01/2044		32,808,458
	20,105,000		5.500			01/01/2049		24,015,173
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		4,186,935
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,772,804
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		7,141,422
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	7,230,000		5.000			01/01/2035		7,783,815
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	14,455,000		5.000			01/01/2038		16,154,489
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	2,660,000		6.000			01/01/2038		3,197,290
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	11,630,000		4.000			01/01/2044		12,987,693
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	1,500,000		5.000			01/01/2039		1,715,468
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,375,166
	5,460,000		4.000			01/01/2052		5,847,865
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA-/NR)
	2,585,000		4.000			01/01/2041		2,834,906
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)^(h)
	915,000		3.750			07/01/2041		911,744
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,685,000		5.500			01/01/2037		2,997,021
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	485,000		5.000			01/01/2031		593,275
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	735,000		5.432			01/01/2042		876,541
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	7,350,000		6.314			01/01/2044		9,656,418
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,880,000		5.800			03/01/2037		1,609,633


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
$	2,500,000		4.000	%		11/15/2047	$	2,910,229
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,166,000		5.625			03/01/2036		1,170,832
	Illinois Finance Authority RB for 2018 Blue Island LLC Series 2018 A-1 (NR/NR)*
	1,400,000		5.000			12/01/2053		882,000
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	745,000		6.125			05/15/2027		746,962
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	715,000		5.000			12/01/2034		854,424
	920,000		5.000			12/01/2039		1,081,076
	1,175,000		5.000			12/01/2044		1,363,297
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(a)
	10,175,000		6.125			04/01/2049		12,056,287
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	950,000		4.000			10/01/2040		1,072,665
	950,000		4.000			10/01/2050		1,053,287
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,747,925
	2,825,000		5.000			05/15/2037		3,128,271
	1,055,000		5.000			05/15/2047		1,149,223
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,500,000		4.000			09/01/2035		1,687,757
	1,725,000		5.000			09/01/2036		2,110,082
	2,000,000		4.000			09/01/2037		2,237,390
	1,620,000		5.000			09/01/2038		1,970,453
	2,000,000		4.000			09/01/2039		2,224,525
	1,500,000		5.000			09/01/2040		1,814,279
	1,500,000		4.000			09/01/2041		1,658,809
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	500,000		5.000			09/01/2036		574,546
	3,470,000		5.000			09/01/2046		3,923,309
	Illinois Finance Authority RB Refunding for Navistar International Corp. Series 2020 (CCC/B3)^{(a) (f) (g)}
	4,740,000		4.750			08/01/2030		4,964,473
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)^(h)
	950,000		5.000			05/15/2051		1,065,896
	765,000		5.000			05/15/2056		853,184
	Illinois Finance Authority RB Series 2013 A (BBB-/NR)
	3,935,000		5.250			05/15/2047		4,104,825
	Illinois Finance Authority RB Series 2013 A (NR/NR)^(e)
	565,000		5.250			05/15/2023		623,557
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	1,560,000		4.000			01/01/2038		1,778,470
	1,260,000		4.000			01/01/2039		1,432,250


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	50,750,000		5.100			06/01/2033		57,137,552
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		514,454
	750,000		5.000			03/01/2037		769,531
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,403,921
	Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)
	20,000,000		5.000			02/01/2039		21,477,448
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,525,000		5.000			05/01/2029		2,770,392
	10,000,000		5.000			05/01/2030		10,925,210
	5,000,000		5.000			05/01/2031		5,448,395
	5,000,000		5.000			05/01/2039		5,381,179
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000			12/01/2035		11,017,035
	1,770,000		4.500			12/01/2041		1,945,857
	4,730,000		5.000			12/01/2042		5,388,510
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	62,270,000		5.000			11/01/2029		72,717,978
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,845,000		5.000			11/01/2025		6,759,690
	16,695,000		5.000			11/01/2026		19,660,596
	57,825,000		5.000			11/01/2027		68,889,750
	24,325,000		5.000			11/01/2028		28,699,482
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	350,000		5.000			05/01/2032		411,564
	1,940,000		5.000			05/01/2033		2,272,478
	5,280,000		5.000			05/01/2042		6,056,971
	5,280,000		5.000			05/01/2043		6,047,207
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	2,000,000		5.000			11/01/2024		2,270,922
	Illinois State GO Bonds Series 2019 B (BBB-/Baa3)
	4,200,000		4.000			11/01/2038		4,587,366
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	10,825,000		4.000			11/01/2042		11,697,220
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	1,575,000		5.500			05/01/2039		1,937,691
	4,250,000		5.750			05/01/2045		5,286,767
	Illinois State GO Bonds Series 2020 C (BBB-/Baa3)
	11,965,000		4.250			10/01/2045		13,160,946
	Illinois State GO Bonds Series 2021 A (BBB-/Baa3)
	8,000,000		5.000			03/01/2046		9,513,110
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		22,561,666
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,763,000		6.250			03/01/2034		1,764,097
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(c)
	15,690,000		0.000			12/15/2032		11,759,926


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)^(c)(e)
$	530,000		0.000	%		06/15/2030	$	461,116
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)^(c)
	9,370,000		0.000			06/15/2030		7,657,355
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)^(c)
	3,200,000		0.000			06/15/2044		1,601,361
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)^(c)
	66,700,000		0.000			12/15/2056		18,934,436
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)^(c)
	18,400,000		0.000			12/15/2056		5,926,852
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(c)
	70,000,000		0.000			12/15/2054		21,415,177
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	11,460,000		4.000			06/15/2050		12,710,396
	1,340,000		5.000			06/15/2050		1,593,388
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)*
	2,322,000		6.000			03/01/2036		1,892,430
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/2029		874,087
	1,010,000		4.750			10/01/2032		1,047,986
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000		4.000			06/01/2046		8,243,441
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)^(e)
	5,000,000		7.625			11/01/2023		5,932,038
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	630,000		6.630			02/01/2035		754,345
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		4.250			12/01/2040		10,297,825
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	4,910,000		3.250			11/01/2026		5,373,156
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	3,000,000		5.000			10/01/2027		3,595,923
	8,230,000		5.000			10/01/2028		9,989,568
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	2,750,000		4.000			12/01/2033		3,027,425
	7,950,000		4.250			12/01/2037		8,685,701


Municipal Bonds – (continued)
Illinois – (continued)
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)^(a)
	380,000		5.000			01/01/2045		396,320
	900,000		5.000			01/01/2055		931,680
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,900,000		5.000			01/01/2039		1,931,897
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	540,000		4.125			10/01/2041		561,952
	1,080,000		4.125			10/01/2046		1,118,403

								1,176,380,595

Indiana – 0.3%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000		5.000			02/01/2029		1,425,733
	1,250,000		5.250			02/01/2034		1,360,831
	1,500,000		5.000			02/01/2039		1,612,150
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	400,000		4.000			09/15/2049		426,846
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Ba1)
	7,120,000		5.000			06/01/2039		7,323,640
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	865,000		5.000			07/01/2055		954,272
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)
	6,250,000		5.000			07/01/2048		6,733,853
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	3,110,000		3.000			11/01/2030		3,221,605
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,250,000		3.000			11/01/2030		2,330,743
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,500,000		3.000			11/01/2030		2,589,714
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)*
	7,520,823		6.500			11/15/2031		150

								27,979,537

Iowa – 0.1%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	2,630,000		3.125			12/01/2022		2,679,197
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	2,050,000		4.000			05/15/2055		2,204,503
	2,700,000		5.000			05/15/2055		3,090,940

								7,974,640


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
$	1,155,000	5.000 %			05/15/2028		$	1,236,154
	1,215,000	5.000			05/15/2029			1,304,495
	2,850,000	5.000			05/15/2034			2,971,386
	1,190,000	5.000			05/15/2050			1,197,824

								6,709,859

Kentucky – 0.3%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(d)
	7,015,000	(3 Mo. LIBOR + 0.53%), 15.00			11/01/2027			6,904,834
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	205,000	4.000			03/01/2046			227,852
	130,000	4.000			03/01/2049			144,028
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)
	900,000	4.000			12/01/2041			1,019,918
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	3,300,000	4.000			06/01/2037			3,667,315
	2,925,000	4.000			06/01/2045			3,193,412
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,000,000	4.000			06/01/2037			1,111,308
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	2,300,000	5.000			08/01/2049			2,768,064
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)^(f)(g)
	1,275,000	4.000			06/01/2025			1,435,944
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A/NR)
	5,000,000	5.750			10/01/2042			5,585,403
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	6,000,000	3.000			10/01/2043			6,217,359

								32,275,437

Louisiana – 1.4%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	2,125,000	5.000			12/01/2034			2,332,506
	2,375,000	5.000			12/01/2039			2,551,505
	City of New Orleans Sewerage Service RB Series 2020 B (A/NR)
	1,125,000	4.000			06/01/2050			1,273,091
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)^(a)
	1,900,000	4.125			06/01/2039			2,018,292


Municipal Bonds – (continued)
Louisiana – (continued)
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)^(a) – (continued)
	2,300,000		4.375			06/01/2048			2,450,827
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)^(a)
	8,790,000		5.000			04/01/2035			9,886,967
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	2,600,000		5.000			10/01/2039			3,183,875
	4,850,000		4.000			10/01/2041			5,448,485
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (A+/NR)
	1,380,000		4.000			06/01/2050			1,553,196
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (AA/NR)
	3,760,000		3.000			06/01/2050			3,909,694
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	5,225,000		5.000			07/01/2059			6,230,572
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A/A3)
	12,725,000		4.000			05/15/2042			14,074,574
	21,250,000		5.000			05/15/2046			24,762,243
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A2)
	32,395,000		5.000			01/01/2045			36,438,946
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	4,850,000		5.000			01/01/2048			5,585,500
	Parish of St. James RB for NuStar Logistics LP Series 2008 (BB-/ Ba3)^{(a) (f) (g)}
	1,400,000		6.100			06/01/2030			1,750,233
	Parish of St. James RB for NuStar Logistics LP Series 2010 (BB-/NR)^(a)
	2,375,000		6.350			07/01/2040			3,016,454
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)^(f)(g)
	235,000		2.000			04/01/2023			239,663
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)^(f)(g)
	950,000		2.200			07/01/2026			979,977
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-2 (BBB-/Baa3)^(f)(g)
	13,250,000		2.375			07/01/2026			13,784,266
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048			2,369,911

									143,840,777

Maine – 0.2%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	1,000,000		4.000			01/01/2035			1,147,094
	1,355,000		4.000			01/01/2036			1,549,283


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Maine – (continued)
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1) – (continued)
$	850,000		4.000	%		01/01/2037	$	964,775
	1,030,000		4.000			01/01/2038		1,165,506
	800,000		4.000			01/01/2039		899,238
	1,400,000		4.000			01/01/2040		1,569,910
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,797,422
	5,250,000		5.000			07/01/2048		6,255,209
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	2,080,000		4.000			07/01/2045		2,374,777
	2,505,000		4.000			07/01/2050		2,843,897

								23,567,111

Maryland – 0.6%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,142,548
	1,500,000		5.000			09/01/2038		1,620,913
	City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (CCC/NR)
	1,400,000		5.000			09/01/2028		1,435,390
	860,000		5.000			09/01/2039		869,887
	6,135,000		5.000			09/01/2046		6,185,657
	City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)^(a)
	325,000		3.550			06/01/2034		326,937
	200,000		3.700			06/01/2039		201,055
	300,000		3.875			06/01/2046		301,933
	City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)^(a)
	290,000		3.400			06/01/2034		297,436
	310,000		3.450			06/01/2035		318,401
	550,000		3.500			06/01/2039		559,587
	1,650,000		3.625			06/01/2046		1,680,913
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	1,450,000		5.000			07/01/2036		1,710,280
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	1,660,000		4.000			01/01/2045		1,827,342
	2,370,000		4.000			01/01/2050		2,601,031
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	4,980,000		4.000			01/01/2045		5,453,849
	5,690,000		4.000			01/01/2050		6,218,986
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)^(a)
	1,885,000		5.250			07/01/2048		2,066,821
	Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)
	3,765,000		4.000			07/01/2050		4,169,218


Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BB/NR)
	2,375,000		5.000			06/01/2058		2,530,528
	Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (BBB-/NR)
	925,000		4.000			07/01/2040		1,018,738
	1,400,000		4.250			07/01/2050		1,542,618
	1,175,000		5.000			07/01/2050		1,386,200
	2,265,000		5.000			07/01/2056		2,660,020
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	3,050,000		5.000			06/01/2049		3,368,272
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (A-/Baa1)
	1,000,000		4.000			07/01/2050		1,116,802
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	840,000		3.000			10/01/2034		859,070
	500,000		4.000			10/01/2040		555,616
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (BBB-/NR)
	650,000		4.000			06/01/2046		717,671
	2,000,000		4.000			06/01/2051		2,201,374
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB+/Baa1)
	2,100,000		5.000			07/01/2031		2,197,040

								61,142,133

Massachusetts – 0.5%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
	10,130,000		3.000			04/01/2044		10,603,909
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(a)
	1,000,000		5.000			11/15/2033		1,106,595
	900,000		5.000			11/15/2038		986,095
	2,350,000		5.125			11/15/2046		2,563,896
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000		5.000			10/01/2036		2,214,852
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	260,000		4.000			12/01/2042		276,265
	280,000		5.000			12/01/2042		315,716
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)^(a)
	1,000,000		5.000			07/15/2046		1,136,083
	Massachusetts Development Finance Agency RB Refunding for Southcoast Health System Obligated Group Series 2021 G (BBB+/Baa1)
	1,000,000		4.000			07/01/2046		1,147,862
	1,900,000		5.000			07/01/2050		2,367,281
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	2,125,000		4.000			10/01/2045		2,409,444


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
$	2,125,000	5.000 %		07/01/2044	$	2,544,767
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(d)
	5,390,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		5,294,828
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(d)
	1,040,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		1,021,636
	Massachusetts State GO Bonds Consolidated Loan Series 2020 E (AA/Aa1)
	17,875,000	5.000		11/01/2050		22,623,726

						56,612,955

Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(f)
	53,570,536	4.000		04/01/2034		49,758,017
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)^(f)
	971,333	4.000		04/01/2034		902,205
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	465,000	5.500		04/01/2031		583,299
	495,000	5.500		04/01/2032		617,915
	370,000	5.500		04/01/2033		460,642
	280,000	5.500		04/01/2034		347,482
	300,000	5.500		04/01/2035		370,886
	345,000	5.500		04/01/2036		425,363
	365,000	5.500		04/01/2037		448,430
	395,000	5.500		04/01/2038		484,274
	555,000	5.500		04/01/2039		678,476
	590,000	5.500		04/01/2040		731,922
	1,360,000	5.500		04/01/2045		1,666,388
	1,940,000	5.500		04/01/2050		2,364,296
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	1,925,000	4.000		04/01/2040		2,129,324
	660,000	4.000		04/01/2042		725,264
	6,550,000	5.000		04/01/2046		7,860,358
	6,275,000	5.000		04/01/2050		7,489,629
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
	1,145,000	2.960		04/01/2027		1,131,359
	950,000	3.110		04/01/2028		931,827
	450,000	3.244		04/01/2029		439,574
	125,000	3.344		04/01/2030		121,810
	475,000	3.644		04/01/2034		462,433
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000	5.000		07/01/2037		3,938,571
	15,335,000	5.000		07/01/2048		17,202,904
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA/Aa1)
	3,000,000	6.000		05/01/2021		3,012,375
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)^(d)
	4,675,000	(3 Mo. LIBOR + 0.60%), 15.00		07/01/2032		4,591,227


Municipal Bonds – (continued)
Michigan – (continued)
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (AA-/A1)^(e)
	2,000,000	5.250		07/01/2022		2,127,232
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	3,200,000	5.000		05/15/2037		3,613,640
	1,400,000	5.000		05/15/2044		1,555,146
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000	5.000		11/01/2045		1,713,820
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	2,800,000	5.000		11/15/2048		3,437,170
	20,975,000	4.000		11/15/2050		23,518,238
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	10,275,000	4.000		02/15/2047		11,609,381
	24,000,000	4.000		02/15/2050		27,034,635
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	2,175,000	5.000		07/01/2032		2,476,455
	1,750,000	5.000		07/01/2033		1,991,341
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A+/A2)
	355,000	5.000		07/01/2033		416,036
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D- 1 (AGM) (AA/A1)
	2,600,000	5.000		07/01/2035		2,952,282
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A1)
	1,250,000	5.000		07/01/2034		1,465,486
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D- 2 (A+/A2)
	2,100,000	5.000		07/01/2034		2,457,232
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	750,000	5.000		07/01/2035		877,924
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (BB/NR)
	1,000,000	5.000		09/01/2040		1,106,457
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	475,000	4.000		09/01/2045		519,964
	500,000	4.000		09/01/2050		544,402


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
$	1,370,000		5.000	%		06/01/2049	$	1,654,285
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)^(c)
	100,350,000		0.000			06/01/2065		12,538,140
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	22,545,000		4.125			06/30/2035		26,413,756
	7,065,000		4.500			06/30/2048		8,220,103
	Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	1,875,000		5.000			05/15/2037		2,117,367
	1,400,000		5.000			05/15/2044		1,555,146
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC-/NR)^(c)
	42,935,000		0.000			06/01/2052		4,669,405
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	2,000,000		5.000			03/01/2030		2,262,679
	3,480,000		5.000			03/01/2033		3,896,550

								262,620,522

Minnesota – 0.5%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000		5.000			05/01/2048		6,924,185
	2,300,000		4.000			05/01/2049		2,540,961
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (BBB-/NR)
	365,000		4.000			12/01/2040		385,527
	425,000		4.000			12/01/2050		444,855
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)
	2,500,000		5.750			06/15/2032		2,596,952
	3,750,000		6.000			06/15/2039		3,896,009
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	3,265,000		4.250			02/15/2048		3,628,422
	23,575,000		5.250			02/15/2053		28,100,655
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	640,000		3.250			03/01/2025		663,063
	660,000		4.000			03/01/2026		708,267
	755,000		4.000			03/01/2029		808,232
	1,260,000		4.000			03/01/2032		1,323,518
	685,000		4.200			03/01/2034		722,710
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BB+/NR)
	2,400,000		5.000			05/01/2047		2,568,594
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	425,000		4.000			12/01/2034		471,113
	650,000		4.000			12/01/2040		707,897

								56,490,960


Municipal Bonds – (continued)
Missouri – 0.5%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)^(a)(f)
	493,986		5.000			04/01/2023		77,958
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)^(a)(f)
	2,494,076		5.000			04/01/2023		393,592
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Ba1)
	1,925,000		5.000			03/01/2036		2,068,651
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(a)
	4,750,000		5.250			12/01/2048		4,978,996
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	675,000		3.500			11/01/2040		654,471
	1,150,000		4.250			11/01/2050		1,117,877
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 B (AMT) (AGM) (AA/A2)
	13,905,000		5.000			03/01/2049		16,668,186
	Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)^(a)
	1,000,000		5.000			04/01/2036		1,041,146
	1,150,000		5.000			04/01/2046		1,184,748
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,850,793
	2,470,000		5.000			09/01/2048		2,878,860
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	1,495,000		5.000			09/01/2030		1,790,203
	1,065,000		5.000			09/01/2031		1,269,436
	1,230,000		5.000			09/01/2033		1,449,578
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	8,000,000		4.000			02/15/2054		9,010,828
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	400,000		3.000			10/01/2044		406,995
	500,000		3.125			10/01/2049		510,253
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	1,195,000		5.000			04/01/2048		1,344,151
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,828,887
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)*
	1,250,000		5.750			04/01/2027		325,000

								51,850,609


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Nevada – 0.5%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
$	585,000		4.000	%		06/01/2021	$	587,304
	320,000		5.000			06/01/2022		332,626
	275,000		5.000			06/01/2023		294,667
	200,000		4.250			06/01/2024		214,862
	150,000		5.000			06/01/2024		164,769
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	300,000		4.250			06/01/2037		318,669
	440,000		4.375			06/01/2042		465,384
	505,000		4.500			06/01/2047		534,736
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	500,000		4.000			06/01/2039		534,875
	1,400,000		4.000			06/01/2044		1,479,690
	1,375,000		4.000			06/01/2049		1,445,696
	City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR)
	950,000		5.000			12/01/2049		1,057,441
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	345,000		4.250			06/01/2034		373,554
	465,000		4.500			06/01/2039		506,730
	345,000		4.625			06/01/2043		374,978
	600,000		4.625			06/01/2049		647,472
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)^(a)
	725,000		2.500			06/15/2024		731,618
	1,745,000		2.750			06/15/2028		1,780,558
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	815,000		5.100			03/01/2022		798,984
	2,180,000		5.125			03/01/2025		2,009,903
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		2,295,292
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000		5.000			07/01/2030		831,593
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	635,000		5.000			07/01/2035		759,716
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	2,795,000		5.000			07/01/2043		3,300,613
	26,275,000		4.000			07/01/2049		28,782,268
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,325,000		5.000			07/01/2029		1,649,434
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	2,635,000		5.000			07/01/2045		2,962,495
	2,825,000		5.000			07/01/2051		3,170,744

								58,406,671


Municipal Bonds – (continued)
New Hampshire – 1.1%
	New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B/B2)^(a)
	1,800,000		2.950			04/01/2029		1,843,871
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B/B1)^{(a) (f) (g)}
	2,820,000		3.625			07/02/2040		2,910,012
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B/B1)^{(a) (f) (g)}
	4,890,000		3.750			07/02/2040		5,050,557
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	3,000,000		4.000			01/01/2051		3,258,596
	New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (A/NR)
	15,000,000		5.000			08/01/2059		22,493,841
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	6,595,000		5.000			08/01/2033		7,922,825
	6,930,000		5.000			08/01/2034		8,302,512
	7,290,000		5.000			08/01/2035		8,714,729
	7,660,000		5.000			08/01/2036		9,131,390
	8,055,000		5.000			08/01/2037		9,576,732
	8,470,000		5.000			08/01/2038		10,047,073
	8,900,000		5.000			08/01/2039		10,534,656
	9,360,000		5.000			08/01/2040		11,057,734

								110,844,528

New Jersey – 7.1%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	750,000		5.000			03/01/2032		904,586
	1,010,000		5.000			03/01/2037		1,203,119
	1,205,000		5.000			03/01/2042		1,421,440
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB/Baa2)
	2,500,000		5.000			06/15/2026		2,604,108
	1,000,000		5.000			06/15/2028		1,038,290
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa2)
	1,000,000		4.750			06/15/2032		1,038,036
	1,000,000		5.000			06/15/2037		1,038,633
	1,000,000		5.125			06/15/2043		1,038,564
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BB+/Baa3)
	3,500,000		4.000			07/01/2032		3,850,894
	New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB/NR)
	1,000,000		5.375			01/01/2043		1,101,306
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	500,000		5.000			07/01/2037		511,725


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR) – (continued)
$	1,150,000		5.000	%		07/01/2047	$	1,166,517
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB/Baa1)
	4,500,000		5.000			06/15/2041		5,199,490
	New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A+/A1)
	4,725,000		3.000			08/01/2041		4,762,382
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	25,180,000		7.425			02/15/2029		32,209,312
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	1,400,000		4.000			06/15/2046		1,562,604
	5,840,000		4.000			06/15/2050		6,488,509
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (B/Ba3)
	7,500,000		5.500			04/01/2028		7,524,119
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (B+/Ba3)
	8,500,000		5.250			09/15/2029		9,024,425
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (B+/Ba3)
	5,000,000		5.625			11/15/2030		5,595,667
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (B+/Ba3)
	5,000,000		5.625			11/15/2030		5,595,667
	New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (BBB/Baa1)
	2,470,000		5.000			06/15/2047		2,877,565
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB/Baa1)
	5,000,000		5.000			06/15/2042		5,868,660
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba1)
	3,450,000		4.000			07/01/2042		3,242,451
	New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (AA/A2)
	1,110,000		3.250			07/01/2049		1,164,449
	1,000,000		4.000			07/01/2050		1,120,296
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	3,350,000		3.000			07/01/2050		3,395,601
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000		5.000			07/01/2028		1,188,446
	1,000,000		5.000			07/01/2029		1,181,777
	900,000		5.000			07/01/2030		1,056,609


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)
	9,700,000		4.125			07/01/2038		10,494,277
	5,600,000		5.000			07/01/2046		6,325,964
	New Jersey State Turnpike Authority RB Series 2021 A (A+/A2)
	3,500,000		4.000			01/01/2042		4,084,483
	4,750,000		4.000			01/01/2051		5,465,837
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)^(c)
	134,205,000		0.000			12/15/2035		94,024,962
	63,415,000		0.000			12/15/2036		42,844,671
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB/Baa1)^(c)
	41,545,000		0.000			12/15/2035		28,274,156
	46,515,000		0.000			12/15/2038		28,267,198
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)^(c)
	12,000,000		0.000			12/15/2026		10,990,396
	9,240,000		0.000			12/15/2029		7,714,387
	1,900,000		0.000			12/15/2034		1,340,492
	New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-1 (A+/Baa1)
	3,335,000		5.000			06/15/2030		3,889,365
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB/Baa1)
	26,100,000		5.000			06/15/2038		28,950,634
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	2,525,000		5.250			06/15/2041		2,870,984
	5,075,000		5.000			06/15/2045		5,697,439
	1,750,000		5.000			06/15/2046		1,963,336
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)^(c)
	11,150,000		0.000			12/15/2033		8,568,622
	25,400,000		0.000			12/15/2034		18,942,817
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)^(c)
	5,000,000		0.000			12/15/2027		4,524,446
	23,445,000		0.000			12/15/2030		19,306,550
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB/Baa1)^(c)
	52,985,000		0.000			12/15/2036		34,705,768
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)^(c)
	2,625,000		0.000			12/15/2033		1,916,097
	1,565,000		0.000			12/15/2036		1,025,093
	36,240,000		0.000			12/15/2038		22,023,073
	16,135,000		0.000			12/15/2039		9,441,349
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2010 A (BBB/Baa1)^(c)
	7,045,000		0.000			12/15/2040		3,962,268


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
$	1,610,000		4.000	%		12/15/2039	$	1,802,250
	1,880,000		5.000			12/15/2039		2,276,165
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,765,000		5.000			06/15/2030		6,723,295
	4,600,000		5.000			06/15/2031		5,337,563
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB/Baa1)
	6,120,000		4.000			12/15/2031		7,042,962
	7,180,000		5.000			12/15/2033		8,780,559
	6,070,000		5.000			12/15/2035		7,378,266
	7,585,000		5.000			12/15/2036		9,184,320
	5,275,000		4.250			12/15/2038		5,991,401
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	4,075,000		5.000			06/15/2038		5,039,930
	4,975,000		3.000			06/15/2050		4,919,487
	9,800,000		4.000			06/15/2050		10,885,193
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB/Baa1)
	5,675,000		5.000			06/15/2034		6,929,938
	20,000,000		5.250			06/15/2043		24,188,902
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	8,010,000		4.000			06/15/2044		8,834,312
	6,000,000		5.000			06/15/2044		7,135,370
	3,075,000		3.500			06/15/2046		3,216,559
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		29,228,238
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,650,000		5.000			06/01/2046		3,104,250
	2,750,000		5.250			06/01/2046		3,286,349
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	33,620,000		5.000			06/01/2046		39,061,216
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)^(a)
	8,045,000		6.750			12/01/2041		8,193,907

								732,130,343

New Mexico – 0.0%
	City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (BB+/NR)
	500,000		5.000			05/15/2044		552,099
	1,000,000		5.000			05/15/2049		1,097,215
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	450,000		4.000			09/01/2033		514,788
	375,000		4.000			09/01/2034		427,473
	300,000		4.000			09/01/2035		340,940
	1,125,000		4.000			09/01/2040		1,258,410

								4,190,925


Municipal Bonds – (continued)
New York – 7.4%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)
	1,240,000		3.000			07/15/2043		1,253,361
	Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (NR/Ba1)
	2,750,000		5.000			07/15/2025		3,201,931
	2,575,000		5.000			07/15/2026		3,085,590
	2,125,000		5.000			07/15/2028		2,557,292
	3,105,000		5.000			07/15/2042		3,565,101
	Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (AA/NR)
	2,820,000		4.000			04/01/2050		3,134,987
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)^(a)
	1,400,000		5.000			12/01/2051		1,553,381
	1,000,000		5.000			12/01/2055		1,101,714
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)^(a)
	4,290,000		5.000			07/01/2045		5,004,032
	5,175,000		5.000			07/01/2051		6,009,053
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)^(a)(c)
	66,000,000		0.000			06/01/2060		3,018,272
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		760,414
	865,000		5.000			07/01/2033		1,008,700
	815,000		5.000			07/01/2035		947,090
	640,000		5.000			07/01/2036		743,023
	455,000		5.000			07/01/2038		525,240
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR)
	2,100,000		5.250			07/01/2056		2,179,219
	Metropolitan Transportation Authority RB 2013 B (BBB+/A3)
	800,000		5.000			11/15/2038		852,610
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	4,750,000		5.000			02/01/2023		5,108,018
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-2S (SP-2/MIG2)
	4,470,000		4.000			02/01/2022		4,591,066
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	645,000		5.000			11/15/2027		762,121
	880,000		5.000			11/15/2028		1,034,520
	Metropolitan Transportation Authority RB Green Bond Series 2019 B (BAM) (AA/A3)
	5,840,000		5.000			11/15/2052		7,010,109
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (AGM) (AA/A2)
	16,500,000		4.000			11/15/2054		18,571,308
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (BBB+/A3)
	7,095,000		5.000			11/15/2047		8,542,374


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
$	26,610,000		4.750	%		11/15/2045	$	31,255,007
	5,835,000		5.000			11/15/2050		6,997,243
	22,155,000		5.250			11/15/2055		26,950,137
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	23,425,000		5.000			11/15/2044		28,542,751
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	46,815,000		4.000			11/15/2050		51,742,742
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	4,705,000		5.000			11/15/2033		5,979,763
	9,415,000		4.000			11/15/2045		10,495,460
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 B (BBB+/A3)
	1,655,000		5.000			11/15/2025		1,958,143
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,555,000		4.000			11/15/2032		2,863,313
	950,000		4.000			11/15/2035		1,057,347
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (BBB+/A3)^(c)
	300,000		0.000			11/15/2040		160,954
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	545,000		5.000			11/15/2027		653,294
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	740,000		5.000			11/15/2029		879,016
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	3,635,000		5.000			11/15/2029		4,219,653
	1,850,000		5.250			11/15/2031		2,159,531
	Metropolitan Transportation Authority RB Series 2013 A (BBB+/A3)
	4,320,000		5.000			11/15/2043		4,599,460
	Metropolitan Transportation Authority RB Series 2013 E (BBB+/A3)
	2,120,000		5.000			11/15/2038		2,291,677
	Metropolitan Transportation Authority RB Series 2014 A-1 (BBB+/A3)
	505,000		5.250			11/15/2039		550,046
	1,895,000		5.000			11/15/2044		2,045,431
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	595,000		5.000			11/15/2028		709,297
	7,120,000		5.000			11/15/2034		8,371,339
	Metropolitan Transportation Authority RB Subseries 2014 D-1 (BBB+/A3)
	2,115,000		5.000			11/15/2039		2,353,180
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	490,000		5.000			11/15/2025		570,110


Municipal Bonds – (continued)
New York – (continued)
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)^(c)
	202,665,000		0.000			06/01/2060		13,618,217
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	5,000,000		5.000			03/01/2044		6,024,788
	New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)
	2,000,000		4.500			02/15/2048		2,080,867
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	2,545,000		3.000			03/01/2049		2,611,716
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	1,975,000		3.000			03/01/2049		1,992,324
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (BBB/Baa2)
	1,000,000		5.000			08/01/2040		1,097,097
	New York City Transitional Finance Authority Future Tax Secured RB Subseries 2013 C-4 (AAA/Aa1)^(f)(g)
	18,160,000		0.060			04/01/2021		18,160,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)^(f)(g)
	26,000,000		0.060			04/02/2021		26,000,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries B-1 (AAA/Aa1)
	5,110,000		4.000			11/01/2045		5,827,282
	New York City Water & Sewer System RB Series 2020 GG-1 (AA+/Aa1)
	10,000,000		4.000			06/15/2050		11,589,258
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)^(c)
	178,305,000		0.000			06/01/2060		8,625,504
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)^(a)
	18,700,000		5.000			11/15/2044		20,405,603
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)
	1,250,000		2.625			09/15/2069		1,260,955
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)
	1,430,000		2.800			09/15/2069		1,413,097
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (BBB-/NR)
	750,000		5.000			07/01/2051		862,279
	New York State Dormitory Authority RB for NYU Langone Hospitals Obligated Group Series 2020 A (A/A3)
	37,050,000		4.000			07/01/2050		42,260,531
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	150,000		3.560			07/01/2026		150,068
	150,000		3.670			07/01/2027		149,145
	60,000		3.760			07/01/2028		59,105
	300,000		3.820			07/01/2029		294,462


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
$	615,000		4.000	%		07/01/2031	$	682,165
	870,000		4.000			07/01/2032		959,287
	925,000		4.000			07/01/2033		1,015,515
	845,000		4.000			07/01/2035		915,225
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (AA/A2)
	6,645,000		3.000			09/01/2050		6,700,384
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	6,485,000		4.000			09/01/2045		7,278,227
	6,170,000		4.000			09/01/2050		6,866,673
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)^{(a) (f) (g)}
	1,685,000		2.875			12/03/2029		1,719,380
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)^(f)(g)
	2,905,000		2.750			09/02/2025		2,990,413
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	1,245,000		5.000			01/01/2029		1,515,241
	7,050,000		5.000			01/01/2030		8,517,576
	795,000		5.000			01/01/2031		956,327
	5,250,000		5.000			01/01/2033		6,264,987
	5,565,000		4.000			01/01/2036		6,106,592
	10,000,000		5.000			01/01/2036		11,836,369
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	9,320,000		4.000			10/01/2030		10,801,433
	9,625,000		5.000			10/01/2035		11,964,201
	13,230,000		5.000			10/01/2040		16,196,259
	20,005,000		4.375			10/01/2045		22,829,360
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	2,850,000		4.000			10/31/2046		3,183,131
	16,645,000		4.000			04/30/2053		18,493,941
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	1,080,000		5.000			12/01/2030		1,358,803
	845,000		5.000			12/01/2033		1,047,872
	750,000		5.000			12/01/2035		926,306
	660,000		5.000			12/01/2037		811,947
	660,000		4.000			12/01/2039		742,272
	845,000		4.000			12/01/2042		935,059
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,600,000		4.000			12/01/2039		1,784,926
	1,975,000		4.000			12/01/2040		2,202,199
	1,740,000		4.000			12/01/2041		1,940,198
	1,695,000		4.000			12/01/2042		1,886,304
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,010,000		4.000			07/01/2035		5,450,149


Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000			07/01/2033		10,254,318
	5,025,000		5.000			07/01/2034		5,664,140
	2,500,000		4.000			07/01/2041		2,693,112
	4,540,000		5.000			07/01/2041		5,085,577
	10,000,000		4.000			07/01/2046		10,749,419
	21,200,000		5.250			01/01/2050		23,872,320
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B-/NR)
	5,600,000		5.000			08/01/2026		5,675,096
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	6,850,000		5.250			08/01/2031		8,311,963
	5,990,000		5.375			08/01/2036		7,187,720
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,250,000		5.000			07/01/2046		13,684,748
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,669,544
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	490,000		4.000			12/01/2032		567,166
	590,000		4.000			12/01/2033		679,142
	490,000		4.000			12/01/2034		562,397
	505,000		4.000			12/01/2035		577,807
	610,000		4.000			12/01/2036		695,466
	740,000		4.000			12/01/2037		841,067
	490,000		4.000			12/01/2038		555,309
	1,470,000		3.000			12/01/2039		1,534,317
	980,000		3.000			12/01/2040		1,020,077
	1,960,000		4.000			12/01/2049		2,174,014
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	405,000		4.000			07/01/2039		429,381
	4,835,000		3.000			07/01/2044		4,374,572
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
	11,635,000		4.000			07/15/2046		13,212,630
	6,000,000		4.000			07/15/2051		6,798,294
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
	4,735,000		4.000			07/15/2055		5,289,785
	5,685,000		4.000			07/15/2060		6,323,120
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	700,000		5.000			09/01/2038		877,636
	955,000		5.000			09/01/2039		1,194,067
	945,000		4.000			09/01/2040		1,084,275


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
$	4,375,000		5.000	%		11/01/2046	$	4,787,225
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	475,000		5.000			10/15/2039		541,027
	610,000		5.000			10/15/2049		680,764
	530,000		5.000			10/15/2054		589,411
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (BB/NR)
	725,000		5.000			10/15/2040		831,437
	1,325,000		5.000			10/15/2050		1,489,406

								767,444,188

North Carolina – 0.7%
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (BBB-/NR)
	1,370,000		5.000			12/31/2037		1,518,605
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)
	3,800,000		4.750			03/01/2032		3,840,503
	1,000,000		5.000			03/01/2037		1,011,171
	1,000,000		5.000			03/01/2042		1,009,480
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	950,000		5.000			10/01/2045		1,044,292
	1,310,000		5.000			10/01/2050		1,432,023
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (AA-/A2)
	6,325,000		3.000			07/01/2045		6,452,334
	North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)
	1,500,000		4.000			07/01/2039		1,549,955
	1,650,000		5.000			07/01/2039		1,835,747
	1,035,000		4.000			07/01/2044		1,059,789
	1,160,000		5.000			07/01/2044		1,279,856
	2,000,000		5.000			07/01/2049		2,199,504
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500			09/01/2030		1,009,871
	2,000,000		5.000			09/01/2037		2,055,315
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	10,350,000		5.000			01/01/2049		12,716,319
	4,250,000		4.000			01/01/2055		4,780,712
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	16,000,000		5.000			01/01/2049		19,205,792
	5,450,000		4.000			01/01/2055		6,048,878

								70,050,146


Municipal Bonds – (continued)
Ohio – 3.5%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	770,000		4.000			06/01/2037		893,992
	1,025,000		4.000			06/01/2038		1,182,642
	1,000,000		4.000			06/01/2039		1,148,655
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	12,530,000		3.000			06/01/2048		12,690,348
	4,185,000		4.000			06/01/2048		4,666,736
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	85,025,000		5.000			06/01/2055		95,790,007
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)^(c)
	107,390,000		0.000			06/01/2057		16,238,313
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,539,106
	2,700,000		5.250			11/01/2047		2,809,341
	2,320,000		5.250			11/01/2050		2,409,945
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (B/Ba3)
	22,490,000		5.375			09/15/2027		22,560,304
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	550,000		4.000			09/01/2040		568,960
	825,000		4.000			09/01/2045		843,207
	1,075,000		5.000			09/01/2049		1,189,854
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	8,280,000		5.250			11/15/2055		9,056,688
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		36,949,066
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		7,266,052
	7,500,000		5.000			02/15/2042		8,635,176
	7,500,000		4.750			02/15/2047		8,253,480
	1,500,000		5.000			02/15/2057		1,704,180
	1,000,000		5.500			02/15/2057		1,167,385
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	7,500,000		5.000			12/01/2051		8,595,227
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,064,782
	1,610,000		5.000			01/01/2046		1,659,387
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,293,766


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Ohio – (continued)
	Northeast Ohio Medical University RB Refunding Series 2021 A (NR/Baa2)
$	450,000		3.000	%		12/01/2040	$	452,923
	200,000		4.000			12/01/2045		219,893
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(a)
	2,075,000		3.750			01/15/2028		2,250,081
	2,880,000		4.250			01/15/2038		3,180,997
	18,110,000		4.500			01/15/2048		20,104,208
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BBB-/Ba1)
	4,140,000		3.250			09/01/2029		4,390,001
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	4,790,000		5.000			12/01/2050		5,339,430
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)^(a)
	1,075,000		5.000			12/01/2033		1,160,458
	2,085,000		5.000			12/01/2038		2,215,121
	5,000,000		5.000			12/01/2048		5,226,532
	Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A/A2)
	6,650,000		3.000			01/15/2045		6,816,551
	31,660,000		4.000			01/15/2050		35,792,738
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)^(a)
	2,095,000		4.250			12/01/2050		2,077,436
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)^(a)
	10,000,000		7.000			12/01/2042		11,347,797

								359,750,765

Oklahoma – 0.7%
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	1,075,000		4.000			09/01/2045		1,178,442
	1,000,000		5.000			09/01/2045		1,194,152
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	2,400,000		4.000			08/15/2052		2,624,931
	2,500,000		4.125			08/15/2057		2,748,744
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		18,207,052
	9,500,000		5.500			08/15/2057		11,505,210
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,862,329
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		25,953,202
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)^(f)(g)
	9,070,000		5.000			06/01/2025		10,014,163

								76,288,225


Municipal Bonds – (continued)
Oregon – 0.2%
	Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)
	130,000		5.250			11/15/2050		139,112
	225,000		5.375			11/15/2055		241,156
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	1,875,000		5.000			08/15/2045		2,347,338
	3,850,000		4.000			08/15/2050		4,345,541
	2,850,000		5.000			08/15/2050		3,556,554
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (AGM) (AA/NR)
	5,000,000		4.000			08/15/2045		5,807,539
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/NR)
	1,750,000		5.000			10/01/2040		2,159,888
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(a)
	860,000		5.000			11/01/2039		1,009,156

								19,606,284

Pennsylvania – 3.2%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,553,147
	1,000,000		5.000			09/01/2035		1,030,788
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	32,000,000		4.000			04/01/2044		35,060,813
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B-/Caa2)
	3,900,000		4.875			11/01/2024		4,169,391
	2,500,000		5.125			05/01/2030		2,868,335
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(a)
	2,000,000		5.000			05/01/2027		2,369,369
	1,400,000		5.000			05/01/2032		1,628,572
	6,950,000		5.000			05/01/2042		7,965,268
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(a)
	250,000		5.000			05/01/2028		300,513
	1,000,000		5.000			05/01/2033		1,181,007
	2,750,000		5.000			05/01/2042		3,224,197
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000		5.000			05/01/2042		18,616,962
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BB-/WR)
	950,000		5.000			11/01/2029		1,019,662
	1,745,000		5.000			11/01/2030		1,857,947


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BB-/WR) – (continued)
$	1,425,000	5.000 %		11/01/2034	$	1,494,886
	7,850,000	4.000		11/01/2047		7,404,683
	8,745,000	5.000		11/01/2047		8,767,719
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
	4,150,000	4.000		07/01/2046		4,409,715
	6,600,000	4.000		07/01/2051		6,973,905
	4,005,000	5.000		07/01/2054		4,610,483
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	1,150,000	5.000		10/01/2037		1,286,207
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Ba2)
	500,000	5.000		08/01/2035		504,106
	1,000,000	5.000		08/01/2045		1,006,514
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,050,496
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,318,403
	1,900,000	5.000		06/01/2035		2,313,473
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,799,982
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)^(d)
	645,000	(3 Mo. LIBOR + 0.55%), 0.687		11/01/2026		645,335
	Cumberland County Municipal Authority RB Refunding Series 2015 (BBB+/NR)
	1,355,000	5.000		01/01/2038		1,484,286
	Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)^(e)
	145,000	5.000		01/01/2025		168,728
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)^(a)
	5,100,000	5.875		10/15/2040		5,325,002
	14,000,000	6.250		10/15/2053		14,666,080
	Doylestown Hospital Authority RB Series 2019 A (BBB-/Ba1)
	1,250,000	4.000		07/01/2045		1,298,972
	2,375,000	5.000		07/01/2049		2,651,782
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	1,100,000	5.000		12/01/2043		1,171,121
	900,000	5.000		12/01/2048		949,687
	1,750,000	5.000		12/01/2053		1,840,710
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)^(d)
	52,950,000	(3 Mo. LIBOR + 0.77%), 0.907		05/01/2037		52,169,226


Municipal Bonds – (continued)
Pennsylvania – (continued)
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	1,300,000	4.000		06/01/2044		1,471,135
	2,300,000	5.000		06/01/2044		2,827,358
	5,700,000	4.000		06/01/2049		6,409,277
	4,225,000	5.000		06/01/2049		5,164,927
	Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)
	1,400,000	5.000		04/01/2027		1,430,656
	1,500,000	5.000		04/01/2033		1,524,311
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	750,000	5.000		03/01/2045		809,608
	1,000,000	5.000		03/01/2050		1,072,311
	Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (A-/NR)
	2,365,000	5.000		11/15/2045		2,799,378
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,900,000	5.000		11/01/2044		2,048,679
	2,100,000	5.000		11/01/2049		2,258,963
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	945,000	5.000		05/01/2044		1,083,708
	1,245,000	5.000		05/01/2049		1,422,636
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)*^(a)
	78,146	5.750		06/01/2036		46,888
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (B-/Caa1)
	2,460,000	8.000		05/01/2029		2,472,823
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)^(d)
	9,705,000	(3 Mo. LIBOR + 0.60%), 0.759		07/01/2027		9,626,141
	10,750,000	(3 Mo. LIBOR + 0.65%), 0.809		07/01/2039		9,810,244
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BB/NR)
	4,000,000	5.000		05/01/2042		4,085,979
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	4,380,000	5.000		05/01/2046		5,358,285
	3,145,000	4.000		05/01/2050		3,504,283
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
	365,000	5.000		07/01/2031		395,158
	400,000	5.000		07/01/2035		428,669


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
$	3,875,000		5.250	%			06/01/2047		$	4,731,873
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	2,225,000		5.000				06/15/2050			2,394,658
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
	310,000		5.000				08/01/2040			364,243
	975,000		5.000				08/01/2050			1,122,915
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)^(a)
	2,860,000		5.000				06/15/2050			3,255,659
	Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (BBB-/Ba1)
	2,000,000		5.625				07/01/2042			2,103,299
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	500,000		5.000				07/01/2028			592,058
	2,000,000		5.000				07/01/2029			2,351,512
	3,000,000		5.000				07/01/2030			3,506,071
	2,615,000		5.000				07/01/2031			3,044,787
	1,000,000		5.000				07/01/2032			1,160,786
	4,425,000		5.000				07/01/2033			5,120,916
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	530,000		5.000				11/15/2021			533,753
	2,450,000		5.000				11/15/2028			2,504,345
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000		5.000				01/01/2035			1,215,971
	2,325,000		5.000				01/01/2038			2,557,942
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	475,000		5.000				10/01/2039			510,673
	1,125,000		5.000				10/01/2049			1,187,881
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	4,600,000		5.000				11/01/2044			4,604,085
	Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (BB/NR)
	1,000,000		5.000				07/01/2028			1,082,388
	1,000,000		5.000				07/01/2035			1,081,193
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	1,320,000		4.000				07/01/2037			1,495,304

										326,731,201

Puerto Rico – 7.3%
	Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds Series 2011 E (D/Ca)*
	2,000,000		6.000				07/01/2029			1,742,500


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)^(a)
	20,000,000	5.000			07/01/2035			23,473,028
	20,750,000	5.000			07/01/2047			23,993,017
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/Ca)
	535,000	4.250			07/01/2025			556,085
	115,000	4.500			07/01/2027			119,909
	420,000	5.000			07/01/2030			440,660
	1,150,000	5.000			07/01/2033			1,206,571
	8,710,000	5.125			07/01/2037			9,152,255
	24,605,000	5.250			07/01/2042			25,896,762
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)*
	115,000	5.250			07/01/2030			101,056
	Puerto Rico Commonwealth GO Bonds Series 2014 A (D/Ca)*
	93,730,000	8.000			07/01/2035			73,578,050
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)*
	5,185,000	5.500			07/01/2039			4,342,437
	3,725,000	5.000			07/01/2041			3,007,938
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000	5.250			07/01/2041			444,266
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	28,730,000	5.250			07/01/2038			32,341,350
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	1,860,000	5.250			07/01/2033			2,281,313
	680,000	5.250			07/01/2034			841,053
	6,070,000	5.250			07/01/2036			7,546,981
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)*
	215,000	5.000			07/01/2028			26,337
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,585,000	5.500			07/01/2023			1,678,258
	2,050,000	5.500			07/01/2027			2,263,240
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (D/Ca)*
	4,000,000	5.250			07/01/2032			3,515,000
	4,035,000	5.250			07/01/2037			3,545,756
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (D/Ca)*
	155,000	6.000			07/01/2035			126,519
	205,000	6.500			07/01/2040			170,406
	Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)*
	130,000	4.625			07/01/2030			117,163
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
	52,372,000	(3 Mo. LIBOR + 0.52%), 12.00			07/01/2029			48,351,904
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	1,250,000	5.250			07/01/2032			1,386,411
	435,000	5.250			07/01/2035			480,592


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)*
$	155,000		3.625	%		07/01/2021	$	135,431
	60,000		3.750			07/01/2022		52,425
	390,000		3.875			07/01/2023		340,763
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)*
	215,000		3.300			07/01/2019		185,975
	80,000		3.500			07/01/2020		70,100
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/Ca)*
	1,000		5.000			07/01/2024		859
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)*
	80,000		4.375			07/01/2021		72,100
	100,000		4.375			07/01/2022		90,125
	65,000		5.000			07/01/2022		58,825
	190,000		4.500			07/01/2023		171,237
	125,000		5.000			07/01/2024		113,125
	90,000		4.625			07/01/2025		81,113
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	65,000		3.700			07/01/2017		56,062
	1,230,000		5.000			07/01/2017		1,096,238
	145,000		4.250			07/01/2018		127,238
	3,130,000		5.000			07/01/2019		2,805,262
	260,000		4.250			07/01/2020		231,725
	25,000		5.250			07/01/2020		22,625
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (D/NR)*
	1,295,000		5.000			07/01/2032		1,171,975
	1,385,000		5.000			07/01/2037		1,253,425
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (NR/NR)*
	300,000		4.200			07/01/2019		265,500
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1 (D/NR)*
	3,765,000		5.250			07/01/2033		3,416,738
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1 (NR/NR)*
	2,000,000		5.500			07/01/2020		1,815,000
	Puerto Rico Electric Power Authority RB Series 2010 AAA (D/Ca)*
	4,000		5.250			07/01/2027		3,450
	4,000		5.250			07/01/2028		3,450
	Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA-1 (D/NR)*
	130,000		5.250			07/01/2023		117,975
	1,485,000		5.250			07/01/2027		1,347,638
	2,115,000		5.250			07/01/2028		1,919,362
	Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA- 1 (D/NR)*
	90,000		5.400			07/01/2028		76,612
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA-1 (D/NR)*
	80,000		5.000			07/01/2022		72,400


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA-1 (D/NR)* – (continued)
	90,000		4.250			07/01/2023		81,112
	60,000		4.500			07/01/2023		54,075
	50,000		4.600			07/01/2024		45,062
	210,000		4.625			07/01/2025		189,263
	900,000		5.000			07/01/2025		814,500
	25,000		5.000			07/01/2026		22,625
	40,000		4.800			07/01/2027		36,100
	Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA-1 (D/NR)*
	1,175,000		5.950			07/01/2030		1,041,344
	4,620,000		6.050			07/01/2032		4,094,475
	115,000		6.250			07/01/2040		102,350
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	20,000		4.875			07/01/2027		18,050
	7,590,000		5.250			07/01/2040		6,887,925
	Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1 (D/NR)*
	2,130,000		6.125			07/01/2040		1,887,713
	Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1 (D/NR)*
	1,905,000		4.800			07/01/2029		1,719,262
	14,720,000		5.000			07/01/2042		13,321,600
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	715,000		7.250			07/01/2030		666,738
	5,210,000		7.000			07/01/2033		4,845,300
	6,190,000		7.000			07/01/2040		5,756,700
	Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1 (NR/NR)*
	747,236		10.000			07/01/2019		718,281
	Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1 (NR/NR)*
	747,235		10.000			07/01/2019		718,280
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	5,036,850		10.000			01/01/2021		4,854,264
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
	5,036,850		10.000			07/01/2021		4,860,560
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	1,678,950		10.000			01/01/2022		1,620,187
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	1,678,950		10.000			07/01/2022		1,620,187
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	2,000,000		5.250			07/01/2041		2,468,144
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	2,395,000		5.250			07/01/2035		2,630,555
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	470,000		5.250			07/01/2032		571,570


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
$	100,000		5.500	%		07/01/2029	$	121,539
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	185,000		5.500			07/01/2031		227,799
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,455,000		5.500			07/01/2029		2,983,785
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	330,000		5.500			07/01/2026		386,808
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,825,000		5.250			07/01/2031		4,214,847
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	320,000		5.250			07/01/2034		395,790
	27,260,000		5.250			07/01/2036		33,884,101
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,570,000		5.250			07/01/2033		1,739,662
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,976,752
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(c)
	4,785,000		0.000			07/01/2034		2,694,022
	3,850,000		0.000			07/01/2035		2,083,190
	2,250,000		0.000			07/01/2037		1,123,086
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)*
	1,000,000		6.125			07/01/2023		995,000
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(c)
	4,313,000		0.000			07/01/2031		3,300,912
	10,295,000		0.000			07/01/2033		7,307,634
	77,830,000		0.000			07/01/2046		23,751,381
	121,370,000		0.000			07/01/2051		26,713,743
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	129,551,000		4.329			07/01/2040		138,583,296
	562,000		4.536			07/01/2053		602,613
	12,699,000		4.784			07/01/2058		13,741,651
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		4,249,171
	3,447,000		4.550			07/01/2040		3,735,870
	30,365,000		4.750			07/01/2053		32,973,487
	84,274,000		5.000			07/01/2058		92,800,843

								755,134,774

Rhode Island – 0.2%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC-/NR)^(c)
	124,220,000		0.000			06/01/2052		18,962,158


Municipal Bonds – (continued)
South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	2,963,000		6.875			11/01/2035		2,968,062
	South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)
	2,365,000		5.000			11/15/2047		2,698,766
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)
	7,790,000		5.250			12/01/2055		9,107,974
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	2,250,000		4.000			04/15/2045		2,535,640
	2,000,000		3.000			04/15/2049		2,037,371

								19,347,813

Tennessee – 0.3%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	2,200,000		4.000			08/01/2044		2,440,995
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-2 (BBB+/Baa1)
	1,900,000		5.000			08/01/2049		2,286,662
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/A3)
	5,230,000		4.000			07/01/2040		5,777,109
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/A3)
	1,500,000		5.000			08/15/2042		1,574,110
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	2,500,000		5.000			07/01/2040		2,949,480
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	315,000		5.000			10/01/2029		366,907
	230,000		5.000			10/01/2034		268,373
	375,000		5.000			10/01/2039		431,444
	450,000		5.000			10/01/2048		508,011
	Metropolitan Nashville Airport Authority (The) RB Series 2019 B (AMT) (A/A2)
	7,450,000		5.000			07/01/2054		8,997,109
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(a)
	850,000		5.125			06/01/2036		960,832
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (BBB-/NR)^(e)
	2,000,000		5.375			12/01/2022		2,170,277

								28,731,309


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – 4.7%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)^(a)
$	650,000		4.250	%		09/01/2023	$	672,726
	500,000		4.625			09/01/2028		565,059
	2,340,000		5.125			09/01/2038		2,700,138
	2,580,000		5.250			09/01/2047		2,948,357
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BB+/NR)
	1,480,000		5.000			01/01/2029		1,665,142
	Board of Managers, Joint Guadalupe County – City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (BB/NR)
	1,950,000		5.250			12/01/2035		2,124,703
	2,435,000		5.000			12/01/2040		2,551,918
	Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR)
	9,415,000		6.000			09/15/2051		9,584,030
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)
	3,900,000		5.000			01/01/2045		4,387,295
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	1,600,000		5.000			01/01/2040		1,826,954
	2,465,000		5.000			01/01/2046		2,799,204
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/Baa1)
	2,575,000		5.000			01/01/2045		3,153,033
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(a)
	2,190,000		6.500			09/01/2048		2,558,732
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(a)
	6,000,000		5.125			11/01/2033		6,566,688
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)^(a)
	430,000		3.750			09/01/2040		446,940
	1,490,000		4.000			09/01/2050		1,561,110
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(a)
	400,000		5.500			09/01/2046		467,109
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	1,125,000		5.625			09/01/2038		1,324,671
	1,700,000		5.750			09/01/2047		1,988,210
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)^(a)
	2,380,000		4.250			09/01/2049		2,548,484
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)^(a)
	1,800,000		4.125			09/01/2050		1,850,155


Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,815,000		7.500			09/01/2045		4,101,370
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,710,000		6.250			09/01/2045		1,803,978
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)^(a)
	215,000		4.750			09/01/2031		214,467
	450,000		4.250			09/01/2041		447,553
	370,000		5.250			09/01/2041		368,147
	550,000		4.500			09/01/2050		546,427
	500,000		5.500			09/01/2050		497,085
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)^(a)
	692,000		3.875			08/15/2040		714,820
	994,000		4.125			08/15/2050		1,025,822
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(a)
	1,360,000		4.250			08/15/2049		1,462,636
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)^(a)
	910,000		4.350			08/15/2039		934,173
	1,920,000		4.500			08/15/2048		1,970,973
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	2,050,000		3.250			08/15/2043		2,115,356
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	4,345,000		5.000			09/01/2047		4,858,987
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	1,390,000		4.500			09/01/2037		1,538,424
	2,435,000		5.000			09/01/2044		2,730,535
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	2,235,000		4.500			09/01/2032		2,545,629
	4,715,000		4.500			09/01/2038		5,274,814
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(a)
	2,450,000		4.375			09/01/2049		2,674,659
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	1,500,000		5.000			08/15/2043		1,679,237
	City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)^(a)
	575,000		3.625			09/15/2041		566,003
	445,000		4.000			09/15/2050		448,399


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(a)
$	1,405,000		4.625	%		09/01/2039	$	1,573,368
	900,000		4.750			09/01/2044		998,775
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)^(a)
	1,310,000		3.625			09/01/2040		1,311,834
	400,000		4.000			09/01/2046		407,218
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(a)
	1,225,000		4.875			09/01/2044		1,370,628
	City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)
	990,000		3.750			09/01/2042		1,037,184
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(a)
	580,000		4.250			09/15/2039		633,268
	2,415,000		4.500			09/15/2049		2,628,826
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(a)
	850,000		5.000			09/15/2049		941,192
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)^(a)
	1,890,000		4.000			09/01/2054		1,979,034
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)^(a)
	295,000		4.500			09/15/2040		327,820
	525,000		4.625			09/15/2049		580,145
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(a)
	780,000		4.250			09/15/2039		868,866
	2,950,000		4.375			09/15/2049		3,243,559
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)^(a)
	585,000		3.625			09/15/2041		564,469
	820,000		4.000			09/15/2051		812,847
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(a)
	1,155,000		5.750			09/15/2039		1,285,482
	2,055,000		6.000			09/15/2049		2,281,701
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(a)
	2,405,000		5.875			09/15/2039		2,675,760
	5,200,000		5.125			09/15/2048		5,804,345
	3,830,000		6.125			09/15/2048		4,256,966
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)^(a)(h)
	130,000		4.125			09/15/2031		130,106
	420,000		4.500			09/15/2041		420,333
	1,540,000		4.125			09/15/2051		1,541,252
	510,000		4.750			09/15/2051		510,397


Municipal Bonds – (continued)
Texas – (continued)
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)^(a)
	550,000		5.250			09/01/2040		597,618
	355,000		5.625			09/01/2040		385,620
	560,000		4.125			09/01/2049		615,747
	1,510,000		5.375			09/01/2050		1,632,541
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)^(a)
	1,175,000		3.750			09/01/2040		1,220,322
	1,060,000		4.000			09/01/2050		1,099,552
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)^(a)
	1,355,000		4.125			09/01/2048		1,432,356
	1,465,000		4.500			09/01/2048		1,570,406
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)^(a)
	2,465,000		4.875			09/01/2048		2,754,057
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(a)
	1,050,000		4.375			09/01/2049		1,156,536
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)^(a)
	126,000		3.875			09/01/2040		134,123
	175,000		4.125			09/01/2050		186,442
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000		4.875			09/01/2039		455,346
	835,000		5.000			09/01/2049		942,349
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(a)
	2,205,000		4.500			09/01/2039		2,408,513
	1,185,000		5.500			09/01/2039		1,338,755
	1,490,000		4.750			09/01/2049		1,624,569
	2,140,000		5.750			09/01/2049		2,413,157
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)^(a)
	750,000		3.750			09/01/2040		805,460
	1,250,000		4.000			09/01/2050		1,356,096
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)^(a)
	1,195,000		3.875			09/15/2040		1,242,959
	1,780,000		4.125			09/15/2050		1,849,165
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)^(a)
	110,000		4.375			09/15/2030		114,646
	500,000		4.125			09/15/2040		529,754
	1,520,000		4.375			09/15/2050		1,608,442
	600,000		5.125			09/15/2050		633,173
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)^(a)
	1,760,000		4.750			09/15/2049		1,928,430
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)^(a)
	1,070,000		3.750			09/15/2040		1,113,194
	1,490,000		4.000			09/15/2050		1,548,234


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
$	665,000	5.375 %		09/01/2040	$	716,756
	1,500,000	5.625		09/01/2050		1,623,993
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	240,000	4.500		09/01/2023		248,003
	780,000	5.000		09/01/2028		876,628
	2,035,000	5.600		09/01/2038		2,356,148
	2,470,000	5.700		09/01/2047		2,825,293
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)^(a)
	800,000	3.750		09/15/2040		832,956
	1,200,000	4.000		09/15/2050		1,247,880
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)^(a)
	985,000	4.500		09/01/2041		981,054
	765,000	4.750		09/01/2050		761,363
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)^(a)
	3,250,000	5.000		04/01/2032		3,356,083
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(a)
	195,000	3.750		08/15/2024		197,540
	350,000	4.000		08/15/2029		358,229
	1,150,000	4.500		08/15/2035		1,178,923
	875,000	5.000		08/15/2044		904,880
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa2)
	1,545,000	4.750		05/01/2038		1,624,198
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa2)
	5,685,000	4.750		11/01/2042		5,977,021
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(a)
	1,575,000	5.000		09/01/2027		1,697,901
	895,000	5.000		09/01/2032		942,001
	1,315,000	5.125		09/01/2037		1,366,623
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(b)
	15,140,000	0.000		10/01/2046		17,084,686
	11,100,000	0.000		10/01/2047		12,539,864
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)^(d)
	23,855,000	(3 Mo. LIBOR + 0.67%), 0.832		08/15/2035		23,178,809
	Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL-RE) (BB/Baa2)^(c)
	5,525,000	0.000		11/15/2036		2,459,961
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(a)
	1,340,000	4.500		09/01/2039		1,468,953
	1,800,000	4.750		09/01/2049		1,968,472


Municipal Bonds – (continued)
Texas – (continued)
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		652,633
	510,000	3.875		09/01/2037		558,396
	930,000	4.000		09/01/2047		1,010,313
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	15,835,000	5.000		07/15/2028		18,647,823
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (B-/NR)
	875,000	5.000		07/01/2027		1,025,407
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	2,750,000	5.000		07/15/2027		3,224,681
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	2,780,000	5.000		07/15/2027		3,259,859
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (B/Ba3)
	10,000,000	6.625		07/15/2038		10,212,233
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (B/Ba3)
	9,250,000	5.000		07/01/2029		10,073,272
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (B/NR)
	10,500,000	5.000		07/15/2035		11,555,993
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (BBB-/NR)
	1,035,000	4.000		10/01/2051		1,094,044
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,950,000	5.000		12/01/2045		2,023,095
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(a)
	390,000	4.500		09/01/2023		404,916
	785,000	5.000		09/01/2028		896,477
	1,170,000	5.375		09/01/2038		1,336,571
	1,930,000	5.125		09/01/2047		2,162,376
	1,500,000	5.500		09/01/2047		1,697,304
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(a)
	19,675,000	4.625		10/01/2031		20,909,305
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	705,000	5.500		02/15/2040		786,428
	1,325,000	5.250		02/15/2045		1,444,315
	780,000	4.000		02/15/2051		769,542
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000	5.000		09/15/2043		2,057,227
	2,800,000	5.000		09/15/2048		3,102,037


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Texas – (continued)
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)^(a)
$	1,465,000	5.000 %			08/15/2051		$	1,599,762
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	335,000	5.000			04/01/2031			348,017
	300,000	5.000			04/01/2036			310,973
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)^(e)
	1,000,000	5.000			04/01/2025			1,177,936
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)
	1,385,000	4.750			04/01/2046			1,447,736
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000	5.000			01/01/2048			9,888,699
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)^(a)
	9,995,000	4.000			01/01/2050			10,245,883
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)^(a)
	4,125,000	6.000			01/01/2025			4,233,954
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750			09/15/2036			181,671
	460,000	6.000			09/15/2046			473,916
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(a)
	825,000	4.125			09/15/2039			891,449
	3,275,000	4.375			09/15/2049			3,534,577
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	7,300,000	5.000			05/15/2045			7,775,505
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(d)
	5,770,000	(3 Mo. LIBOR + 0.70%), 0.823			12/15/2026			5,786,037
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	2,815,000	5.000			12/15/2031			3,679,902
	2,575,000	5.000			12/15/2032			3,405,056
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	5,000,000	4.000			12/31/2037			5,730,145
	3,750,000	4.000			12/31/2038			4,285,013
	3,000,000	4.000			12/31/2039			3,419,806


Municipal Bonds – (continued)
Texas – (continued)
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	3,900,000		5.000			12/31/2050			4,357,723
	3,900,000		5.000			12/31/2055			4,350,282
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000		6.750			06/30/2043			5,668,773
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	30,190,000		5.000			06/30/2058			36,010,101
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	2,850,000		5.000			08/15/2042			3,158,205
	Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)^(a)
	1,500,000		4.000			09/01/2043			1,499,955
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)^(a)
	1,353,000		5.875			09/01/2047			1,583,106
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(a)
	1,400,000		5.000			09/01/2047			1,556,001
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	390,000		3.125			12/01/2035			397,996
	457,000		3.375			12/01/2040			466,377
	786,000		3.500			12/01/2047			801,554
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	64,000		4.000			12/01/2021			65,057
	500,000		4.000			12/01/2027			540,351
	1,545,000		4.750			12/01/2035			1,675,579

									483,918,651

Utah – 0.3%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	8,150,000		7.100			08/15/2023			8,435,695
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)^(a)
	10,250,000		5.500			02/01/2050			10,489,474
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)^(a)
	1,954,000		7.875			08/15/2050			1,924,744
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A/A2)
	6,000,000		5.000			07/01/2047			7,024,153
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A/A2)
	4,640,000		5.000			07/01/2048			5,507,877

									33,381,943


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
$	1,000,000		5.000	%		05/01/2047	$	1,024,141

Virgin Islands – 0.4%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	10,775,000		5.000			10/01/2025		10,799,098
	7,910,000		5.000			10/01/2029		7,927,691
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		6,019,387
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (WD/NR)
	9,850,000		5.000			10/01/2039		8,864,747
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)
	3,515,000		5.000			10/01/2039		3,864,768
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	1,945,000		6.000			10/01/2039		1,949,245

								39,424,936

Virginia – 1.3%
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)
	2,700,000		5.000			10/01/2045		3,012,885
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	5,000,000		5.000			01/01/2050		5,773,578
	5,000,000		5.000			01/01/2059		5,736,249
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	710,000		4.000			04/01/2045		758,935
	880,000		5.000			04/01/2049		1,021,224
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	11,560,000		6.706			06/01/2046		12,131,871
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(c)
	236,845,000		0.000			06/01/2047		54,872,250
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)^(c)
	34,250,000		0.000			06/01/2047		7,716,254
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	1,375,000		5.000			12/31/2047		1,598,158
	520,000		5.000			12/31/2052		602,752
	26,545,000		5.000			12/31/2056		30,685,720
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	4,250,000		5.000			01/01/2044		4,376,053
	3,370,000		5.000			07/01/2049		3,469,191


Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^{(a) (f) (g)}
	1,000,000		5.000			07/01/2038		1,043,834

								132,798,954

Washington – 1.1%
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (BB/NR)
	7,355,000		5.000			04/01/2030		7,847,083
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,790,000		5.000			08/01/2049		4,561,289
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
	1,125,000		4.000			05/01/2050		1,256,413
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB-/Baa1)
	16,450,000		5.000			07/01/2048		19,120,222
	37,700,000		4.000			07/01/2058		40,595,560
	35,975,000		5.000			07/01/2058		41,588,269
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(a)
	1,350,000		5.000			01/01/2049		1,470,306
	3,800,000		5.000			01/01/2055		4,127,174

								120,566,316

West Virginia – 0.4%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB-/NR)
	955,000		3.000			03/01/2035		928,428
	2,685,000		3.000			03/01/2037		2,571,636
	2,685,000		3.250			03/01/2041		2,558,904
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B/B2)^(f)(g)
	3,250,000		5.000			07/01/2025		3,421,620
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B/B2)^(f)(g)
	4,850,000		4.125			07/01/2025		4,958,573
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	6,120,000		5.000			01/01/2043		7,261,847
	13,000,000		4.125			01/01/2047		14,273,459
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	1,650,000		5.000			09/01/2038		1,995,244
	1,525,000		5.000			09/01/2039		1,839,508

								39,809,219


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Wisconsin – 1.0%
	Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (AA/A2)
$	900,000		5.000	%		07/01/2044	$	1,058,626
	2,350,000		4.125			07/01/2049		2,593,551
	1,300,000		5.000			07/01/2054		1,515,658
	1,600,000		5.000			07/01/2058		1,863,412
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)^(a)
	305,000		4.000			06/15/2029		323,556
	385,000		5.000			06/15/2039		416,947
	495,000		5.000			06/15/2049		529,719
	430,000		5.000			06/15/2054		459,108
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	5,900,000		4.300			11/01/2030		6,536,343
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	760,000		4.000			07/01/2045		835,614
	950,000		4.000			07/01/2050		1,039,763
	1,185,000		4.000			07/01/2055		1,292,840
	1,520,000		4.000			07/01/2059		1,657,543
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)^(a)
	5,650,000		5.000			12/01/2055		6,237,169
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)^(a)
	1,300,000		5.000			06/15/2054		1,433,829
	Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (BB-/NR)^(a)
	520,000		4.000			07/01/2030		541,546
	700,000		5.000			07/01/2040		758,213
	1,875,000		5.000			07/01/2055		1,996,577
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)^(a)
	3,100,000		5.250			03/01/2045		3,409,752
	7,110,000		5.250			03/01/2055		7,764,527
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*^(a)
	41,995		5.500			12/01/2048		20,997
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*^(a)
	85,207		7.250			12/01/2048		42,604
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)^(a)(h)
	10,450,000		5.625			06/01/2050		10,236,555
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)^(a)(h)
	13,090,000		6.500			06/01/2045		12,302,092
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		2,942,005
	1,525,000		5.350			12/01/2045		1,712,700
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(a)
	565,000		5.000			04/01/2040		652,490
	2,000,000		5.000			04/01/2050		2,270,923


Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	1,425,000		4.000			01/01/2045		1,606,586
	1,900,000		3.000			01/01/2050		1,944,815
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)^(a)
	1,950,000		5.000			06/01/2050		2,080,573
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	12,080,000		4.000			01/01/2052		12,623,495
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)^(a)
	1,450,000		5.000			09/01/2049		1,479,856
	1,360,000		5.000			09/01/2054		1,383,277
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(a)
	3,205,000		6.125			10/01/2049		3,334,986
	Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (BB/NR)^(a)
	1,020,000		5.000			10/01/2034		1,192,695
	350,000		5.000			10/01/2039		402,965
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	575,000		5.000			11/15/2044		648,241
	765,000		5.000			11/15/2049		859,466
	Public Finance Authority Student Housing RB for CHF- Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)
	3,250,000		5.250			07/01/2047		3,502,618
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	385,000		4.000			03/15/2040		420,541
	1,115,000		5.000			03/15/2050		1,311,944
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,315,000		3.000			02/01/2042		1,331,440
	435,000		4.000			02/01/2045		473,088

								107,041,245

Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	32,340,000		3.625			07/15/2039		34,420,668

	TOTAL MUNICIPAL BONDS
	(Cost $9,190,109,610)						$	10,150,888,651



Bank Loans⁽ⁱ⁾– 0.0%
Commercial Support Services – 0.0%
	CarbonLite P, LLC DIP Delayed Draw Term Loan
$	1,451,547		12.000	%		09/06/2021	$	1,451,547

	CarbonLite P, LLC Roll Up Term Loan

	5,162,957		12.000			09/06/2021		5,162,957

	TOTAL BANK LOANS
	(Cost $8,662,576)						$	6,614,504


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – 0.4%
Health Care Equipment & Services – 0.2%
	CommonSpirit Health
$	1,293,000		4.350	%		11/01/2042	$	1,423,552
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		19,402,483

								20,826,035

Real Estate – 0.2%
	Benloch Ranch Improvement Association No. 1 Series 2020^(j)
	12,165,000		9.750			12/01/2039		11,776,572
	Benloch Ranch Improvement Association No. 1 Series 2021^(a)
	7,500,000		9.750			12/01/2039		7,500,000

								19,276,572

	TOTAL CORPORATE BONDS
	(Cost $37,118,546)						$	40,102,607

	TOTAL INVESTMENTS – 98.4%
	(Cost $9,235,890,732)						$	10,197,605,762

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%							162,926,665

	NET ASSETS – 100.0%						$	10,360,532,427



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

*		Security is currently in default and/or non-income producing.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Zero coupon bond until next reset date.

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

(d)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(e)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(f)		Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(h)		When-issued security.

(i)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.



(j)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

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



Investment Abbreviations:
AGC		—Insured by Assured Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CA MTG INS		—Insured by California Mortgage Insurance
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GO		—General Obligation
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SD CRED PROG		—School District Credit Program
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
USD		—United States Dollar
WR		—Withdrawn Rating


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS – At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(968	)		06/21/2021	$	(139,271,000	)	$	3,492,331
U.S. Treasury Ultra Bond		(372	)		06/21/2021		(67,680,750	)		1,410,916

Total Futures Contracts									$	4,903,247

SWAP CONTRACTS – At March 31, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000%	0.266%		Bank of America NA		03/20/2023		USD	4,000	$	59,031		$	(39,044	)	$	98,075
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.700	0.192		JPMorgan Chase Bank NA		06/20/2021			10,000		38,615			—			38,615
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.266				03/20/2023			9,000		132,820			(87,849	)		220,669
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.286				09/20/2023			15,000		268,188			(172,551	)		440,739
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.830	0.974				06/20/2021			10,000		24,248			—			24,248
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.297		Morgan Stanley Co., Inc.		12/20/2023			10,000		193,307			(77,097	)		270,404
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.000	1.689				12/20/2023			10,000		(171,230	)		(208,680	)		37,450

TOTAL											$	544,979		$	(585,221	)	$	1,130,200

(a)

Payments received quarterly.

(b)


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 95.4%
Alabama – 0.6%
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
$	100,000	5.750%		10/01/2049	$	114,732
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	125,000	5.000		10/01/2030		144,920
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	200,000	5.500		10/01/2053		224,781
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	30,000	6.500		10/01/2053		35,233
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)^(a)
	125,000	0.000		10/01/2050		126,978

						646,644

Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	75,000	5.000		06/01/2046		75,862

Arizona – 1.5%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(b)
	495,000	(3 Mo. LIBOR + 0.81%), 0.969		01/01/2037		492,845
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	25,000	3.375		07/01/2041		25,728
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	99,000	4.750		07/01/2043		101,616
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	100,000	5.000		05/15/2041		112,502
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	140,000	5.000		11/15/2042		161,824
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
	50,000	4.000		02/15/2046		54,779
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)^(c)
	25,000	5.125		10/01/2030		26,904
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	425,000	5.000		12/01/2037		589,893

						1,566,091

Arkansas – 0.2%
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	100,000	3.500		07/01/2038		100,123


Municipal Bonds – (continued)
Arkansas – (continued)
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (BBB-/NR)
	50,000	5.000		06/01/2027		55,529

						155,652

California – 8.8%
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)^(d)
	200,000	0.000		08/01/2036		134,701
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (BBB-/NR)
	50,000	4.000		06/01/2049		55,591
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (BBB+/NR)
	50,000	4.000		06/01/2049		57,742
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	25,000	5.000		06/01/2049		30,489
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)^(d)
	250,000	0.000		06/01/2055		60,431
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)^(d)
	400,000	0.000		06/01/2055		48,084
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	50,000	5.000		08/01/2045		60,197
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	100,000	4.000		07/01/2041		112,462
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	125,000	5.000		12/31/2034		151,316
	125,000	5.000		12/31/2035		150,909
	75,000	5.000		12/31/2037		90,045
	200,000	5.000		12/31/2038		239,536
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(c)
	55,000	5.000		06/15/2040		59,524
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (BB+/NR)^(c)
	365,000	3.000		07/01/2030		370,463
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	50,000	4.000		09/01/2051		54,846
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	50,000	5.000		09/02/2048		58,745


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)^(c)
$	50,000	5.250 %		12/01/2043	$	58,568
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	200,000	4.000		09/01/2050		216,571
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	185,000	4.000		09/01/2033		209,261
	City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR)^(e)
	250,000	4.000		09/01/2046		272,487
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	25,000	3.000		09/01/2039		25,706
	City of Oroville RB for Oroville Hospital Series 2019 (BB/NR)
	250,000	5.250		04/01/2049		283,163
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000	5.000		09/01/2030		113,516
	City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	250,000	4.000		09/01/2033		277,676
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	25,000	4.000		09/01/2040		27,403
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	25,000	4.000		09/01/2050		27,277
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	100,000	4.000		09/01/2040		109,114
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(d)
	300,000	0.000		06/01/2047		66,162
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	100,000	5.000		06/01/2047		103,454
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	105,000	5.000		06/01/2047		108,627
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(d)
	250,000	0.000		06/01/2036		93,135
	Los Angeles Community College District GO Refunding Bonds Series 2020 (AA+/Aaa)
	1,000,000	2.106		08/01/2032		982,673
	Los Angeles Department of Airports Subordinated RB Refunding Series 2015 C (A+/Aa3)
	275,000	5.000		05/15/2028		324,082


Municipal Bonds – (continued)
California – (continued)
	Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (A+/Aa3)
	225,000	5.000		05/15/2038		293,420
	225,000	5.000		05/15/2039		292,493
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	60,000	5.000		05/15/2030		73,758
	Modesto Irrigation District Financing Authority RB for Domestic Water Project Series 2007 F (NATL-RE) (AA-/Baa2)^(b)
	25,000	(3 Mo. LIBOR + 0.63%), 0.758		09/01/2037		24,349
	Needles Unified School District GO Bonds 2011 B (AGM) (AA/A2)^(a)
	865,000	0.000		08/01/2041		827,634
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(d)
	800,000	0.000		08/01/2031		663,322
	50,000	0.000		08/01/2033		39,341
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	125,000	3.000		09/01/2034		128,945
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(b)
	100,000	(3 Mo. LIBOR + 0.55%), 12.00% Cap), 0.678		06/01/2034		96,222
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)^(d)
	300,000	0.000		07/01/2031		253,322
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A/A1)
	400,000	5.000		05/01/2049		488,861
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A/A1)
	500,000	4.000		05/01/2050		560,354
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2016 A (A/A1)
	150,000	5.000		05/01/2022		157,824
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	100,000	4.000		08/01/2032		110,738
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)
	100,000	4.000		09/01/2050		106,762
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)^(d)
	300,000	0.000		06/01/2060		71,312
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	25,000	5.000		09/01/2047		27,966

						9,250,579


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – 3.9%
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
$	125,000		5.350	%		12/01/2050	$	133,591
	Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR)
	100,000		7.875			12/15/2050		103,935
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	200,000		4.000			09/01/2045		223,371
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	100,000		4.000			11/15/2043		115,684
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	400,000		4.000			08/01/2039		453,621
	1,000,000		4.000			08/01/2044		1,109,543
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	250,000		5.000			12/01/2038		302,726
	75,000		5.250			12/01/2048		90,515
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	100,000		5.000			10/01/2032		106,370
	Denver Health & Hospital Authority RB Refunding Series 2019 A (BBB/NR)
	500,000		5.000			12/01/2033		624,833
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(d)
	20,000		0.000			09/01/2034		14,868
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)^(d)
	110,000		0.000			09/01/2030		92,227
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	20,000		5.000			01/15/2027		24,168
	15,000		5.000			07/15/2027		18,311
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	65,000		5.000			12/01/2026		77,976
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	575,000		3.375			12/01/2030		623,948

								4,115,687

Connecticut – 0.0%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	25,000		5.500			08/01/2029		31,221

Delaware – 0.1%
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
	100,000		4.000			07/01/2030		109,927


Municipal Bonds – (continued)
District of Columbia – 0.4%
	District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (BBB+/NR)
	125,000		5.000			07/01/2037		147,252
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	195,000		6.500			05/15/2033		216,298

								363,550

Florida – 14.1%
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.250			05/01/2031		103,433
	AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR)
	500,000		4.000			05/01/2051		513,353
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	55,000		3.750			05/01/2029		58,508
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	150,000		2.375			05/01/2026		149,075
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(c)
	80,000		3.625			06/01/2024		81,903
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)^(c)
	200,000		3.000			05/01/2031		199,308
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	45,000		6.000			11/01/2027		52,256
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			12/15/2040		102,424
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	500,000		3.125			05/01/2031		501,059
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	95,000		5.875			07/01/2054		77,900
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(c)
	625,000		5.250			12/01/2058		702,313
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
	200,000		4.000			08/01/2030		224,919
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)^(c)
	100,000		4.000			12/01/2028		107,759
	100,000		5.250			12/01/2043		113,672
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	30,000		4.250			05/01/2037		32,708
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)^(c)
	100,000		3.700			05/01/2040		101,853


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
$	145,000		4.000	%		11/01/2039	$	163,913
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (A-/NR)
	125,000		3.250			09/01/2025		135,683
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	100,000		3.500			12/15/2029		104,169
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.125			05/01/2030		174,555
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	40,000		5.000			09/01/2035		49,025
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)^(c)
	265,000		2.700			05/01/2025		267,676
	310,000		3.125			05/01/2030		317,887
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)^(c)
	100,000		2.625			05/01/2025		100,698
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	400,000		3.750			05/01/2040		401,521
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)^(c)
	50,000		3.375			05/01/2041		48,751
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		4.000			05/01/2040		104,014
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	130,000		3.600			05/01/2041		130,325
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)^(c)
	135,000		4.000			05/01/2040		141,813
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	575,000		4.000			08/15/2045		637,797
	100,000		4.000			08/15/2050		110,161
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(c)
	100,000		5.000			11/01/2039		110,468
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	200,000		5.000			05/01/2035		235,191
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)^(c)
	100,000		4.000			06/01/2030		105,626
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)^(c)
	100,000		5.125			06/01/2040		111,584


Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	100,000		4.000			06/01/2030		104,426
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)^(c)
	100,000		7.375			01/01/2049		98,281
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	100,000		5.000			04/01/2028		122,715
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^{(c) (f) (g)}
	100,000		6.375			01/01/2026		97,385
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB/NR)
	150,000		5.000			03/01/2047		166,592
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	125,000		3.700			11/01/2029		133,086
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	100,000		4.000			05/01/2030		104,817
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	50,000		3.750			11/01/2024		51,296
	50,000		4.750			11/01/2039		54,714
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	710,000		3.750			05/01/2041		707,007
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		104,718
	50,000		4.375			11/01/2049		53,348
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	60,000		3.000			05/01/2036		64,163
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	100,000		2.875			05/01/2025		101,318
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	95,000		5.000			11/01/2048		106,544
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)^(c)
	25,000		3.500			05/01/2031		26,113
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.500			05/01/2040		102,265
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.600			06/15/2041		50,040
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	85,000		3.400			05/01/2030		88,536


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
$	100,000		3.200	%		05/01/2030	$	102,915
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)^(c)
	200,000		2.500			05/01/2025		202,065
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	125,000		3.250			05/01/2029		128,661
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(c)
	100,000		4.000			05/01/2049		103,515
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	60,000		2.000			05/01/2028		62,629
	70,000		2.000			05/01/2029		72,277
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(c)
	100,000		4.750			11/01/2048		107,314
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	75,000		4.000			05/01/2038		79,873
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	195,000		3.125			05/01/2025		197,710
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)^(c)
	200,000		5.000			03/01/2030		217,129
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	100,000		4.000			10/01/2038		114,647
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		99,001
	100,000		4.000			05/01/2051		101,491
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			05/01/2040		100,769
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(c)
	60,000		3.250			05/01/2024		61,201
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	100,000		4.000			05/01/2036		109,783
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	155,000		3.750			05/01/2040		159,446
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	210,000		2.625			05/01/2034		213,083
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	100,000		2.750			05/01/2025		101,025


Municipal Bonds – (continued)
Florida – (continued)
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	125,000		3.500			05/01/2037		127,047
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		103,850
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	250,000		3.000			05/01/2031		249,565
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	100,000		2.625			05/01/2040		100,933
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)^(c)
	90,000		2.625			05/01/2025		90,910
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	50,000		3.750			05/01/2040		50,190
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	200,000		3.500			05/01/2041		195,196
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	25,000		4.000			11/01/2031		27,739
	St. Johns County Industrial Development Authority RB Refunding Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	150,000		4.000			08/01/2055		159,562
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(c)(e)
	50,000		3.500			06/15/2041		50,083
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039		54,658
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)^(c)
	60,000		3.750			06/15/2029		63,517
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	80,000		3.750			05/01/2040		82,547
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	130,000		2.500			05/01/2025		131,437
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033		51,953
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)^(e)
	50,000		3.375			05/01/2041		49,818
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	140,000		2.500			05/01/2026		140,123


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)^(c)
$	75,000		3.625	%		05/01/2040	$	75,461
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)^(c)
	100,000		3.250			05/01/2030		102,303
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	50,000		2.500			11/01/2026		50,029
	50,000		3.000			11/01/2031		49,819
	40,000		3.500			11/01/2041		39,709
	50,000		4.000			11/01/2050		51,105
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	100,000		3.375			11/01/2030		104,017
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	85,000		3.375			05/01/2045		92,111
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)^(c)
	25,000		3.600			05/01/2041		25,126
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034		52,218
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	100,000		3.750			05/01/2037		105,129
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	100,000		2.625			05/01/2024		101,761
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)^(c)
	50,000		1.875			05/01/2025		50,681
	50,000		2.625			05/01/2030		51,600
	50,000		3.000			05/01/2035		51,611
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.750			05/01/2040		102,632
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(c)
	125,000		4.000			05/01/2040		131,274
	100,000		4.000			05/01/2051		103,454
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	50,000		4.750			05/01/2039		54,865
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)^(c)(e)
	60,000		3.500			05/01/2041		59,572
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)^(c)(e)
	100,000		3.500			05/01/2041		99,287
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(c)
	150,000		4.250			06/15/2039		163,126


Municipal Bonds – (continued)
Florida – (continued)
	Willow Walk Community Development District Special Assessment Series 2017 (NR/NR)
	75,000		3.500			05/01/2023		76,197
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.700			05/01/2040		102,559

								14,869,972

Georgia – 0.2%
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)^(e)
	35,000		2.375			01/01/2031		35,543
	30,000		4.000			01/01/2036		34,309
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	75,000		5.000			05/15/2049		108,529

								178,381

Guam – 0.3%
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	25,000		3.625			02/01/2025		25,906
	60,000		4.250			02/01/2030		63,099
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	70,000		5.000			11/15/2022		74,608
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	30,000		5.000			01/01/2029		30,902
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	75,000		5.000			07/01/2037		86,855
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	50,000		5.000			11/01/2035		61,972

								343,342

Hawaii – 1.2%
	State of Hawaii Airports System RB Refunding Series 2018 D (A+/A1)
	1,000,000		5.000			07/01/2034		1,289,037

Illinois – 15.7%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(d)
	175,000		0.000			12/01/2027		154,374
	220,000		0.000			12/01/2030		174,394
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(d)
	245,000		0.000			12/01/2029		201,323
	205,000		0.000			12/01/2030		162,504
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(d)
	100,000		0.000			12/01/2031		76,482


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/Ba3)
$	30,000		5.500	%		12/01/2026	$	36,840
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(d)
	295,000		0.000			12/01/2025		275,293
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/Ba3)
	175,000		6.038			12/01/2029		200,532
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	100,000		7.000			12/01/2044		119,918
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	100,000		6.500			12/01/2046		120,269
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	455,000		5.000			12/01/2026		549,692
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds Series 2018 C (BB-/NR)
	375,000		5.000			12/01/2025		433,883
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	530,000		5.250			01/01/2035		531,084
	60,000		5.000			01/01/2040		60,104
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	75,000		5.000			01/01/2033		76,657
	100,000		5.000			01/01/2034		102,170
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	250,000		5.000			01/01/2044		290,186
	250,000		5.500			01/01/2049		298,622
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	375,000		6.000			01/01/2038		450,746
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	55,000		5.000			01/01/2037		64,085
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	910,000		5.250			01/01/2035		1,090,594
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	570,000		5.000			01/01/2039		651,878
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	55,000		5.000			11/01/2042		58,340
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)^(e)
	35,000		3.750			07/01/2041		34,875
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	200,000		5.500			01/01/2037		223,242


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(c)
	100,000		6.125			04/01/2049		118,489
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	305,000		5.000			10/01/2033		386,011
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	200,000		5.000			09/01/2046		226,127
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)^(e)
	25,000		5.000			05/15/2041		28,544
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	100,000		4.000			01/01/2038		114,004
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	155,000		5.100			06/01/2033		174,509
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	1,000,000		4.000			06/01/2033		1,082,179
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	35,000		4.500			12/01/2041		38,477
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	400,000		5.000			11/01/2029		467,114
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	100,000		5.000			11/01/2021		102,527
	600,000		5.000			11/01/2028		707,901
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	750,000		5.000			05/01/2032		881,923
	Illinois State GO Bonds Series 2019 B (BBB-/Baa3)
	700,000		4.000			11/01/2038		764,561
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	1,000,000		5.500			05/01/2030		1,277,062
	50,000		5.500			05/01/2039		61,514
	290,000		5.750			05/01/2045		360,744
	Illinois State GO Bonds Series 2020 C (BBB-/Baa3)
	1,000,000		4.000			10/01/2041		1,091,543
	175,000		4.250			10/01/2045		192,492
	Illinois State GO Refunding Bonds Series 2018 B (BBB-/Baa3)
	375,000		5.000			10/01/2031		445,931
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	260,000		5.000			06/15/2022		272,114
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(d)
	135,000		0.000			12/15/2032		101,185
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	370,000		5.000			12/15/2028		386,076
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(d)
	35,000		0.000			12/15/2054		10,708


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
$	65,000	4.000 %		06/15/2050	$	72,092
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	580,000	4.250		12/01/2040		628,709
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	30,000	3.250		11/01/2026		32,830

						16,463,453

Indiana – 0.3%
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)^(f)(g)
	35,000	2.100		11/01/2026		36,752
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	100,000	3.000		11/01/2030		103,589
	Indiana Municipal Power Agency RB Refunding Series 2016 A (A+/A1)
	135,000	5.000		01/01/2042		160,855

						301,196

Kentucky – 1.1%
	County of Trimble RB for Louisville Gas and Electric Co. Series 2016 A (AMT) (A/A1)^(f)(g)
	250,000	1.300		09/01/2027		247,343
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	100,000	4.000		03/01/2046		111,148
	90,000	4.000		03/01/2049		99,711
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	75,000	4.000		06/01/2045		81,882
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	100,000	4.000		10/01/2040		113,326
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (NR/A1)
	500,000	2.000		10/01/2033		495,942

						1,149,352

Louisiana – 0.9%
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)^(c)
	250,000	5.000		04/01/2035		281,199
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB-/Baa2)
	125,000	3.500		11/01/2032		137,626
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	200,000	5.000		01/01/2048		230,330
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (BBB-/Baa3)^(f)(g)
	250,000	2.125		07/01/2024		257,081

						906,236


Municipal Bonds – (continued)
Maine – 0.4%
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	400,000	4.000		07/01/2045		456,688

Maryland – 1.1%
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	100,000	4.000		07/01/2040		110,386
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (NR/Baa3)
	865,000	4.000		01/01/2038		953,906
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (BBB-/NR)
	100,000	4.000		06/01/2046		110,411

						1,174,703

Massachusetts – 0.2%
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)^(c)
	120,000	5.000		07/15/2023		129,508
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(b)
	30,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		29,470

						158,978

Michigan – 2.0%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(g)
	255,000	4.000		04/01/2034		236,852
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	205,000	5.500		04/01/2045		251,184
	205,000	5.500		04/01/2050		249,835
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	20,000	5.000		04/01/2030		24,413
	15,000	5.000		04/01/2032		18,429
	20,000	5.000		04/01/2034		24,413
	35,000	5.000		04/01/2036		42,417
	25,000	5.000		04/01/2038		30,110
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
	50,000	1.817		04/01/2022		49,989
	50,000	2.711		04/01/2026		49,541
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	250,000	5.000		07/01/2048		280,451
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	100,000	5.000		05/15/2037		112,926
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	100,000	5.000		11/15/2048		122,756
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	220,000	4.000		02/15/2047		248,571


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
$	25,000	5.000 %		06/01/2049	$	30,188
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)^(d)
	1,000,000	0.000		06/01/2065		124,944
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	100,000	5.000		03/01/2030		113,134
	100,000	5.000		03/01/2033		111,970

						2,122,123

Minnesota – 0.0%
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	25,000	4.000		03/01/2032		26,260

Mississippi – 0.1%
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	60,000	2.500		04/01/2022		60,235
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)^(f)(g)
	75,000	1.600		06/16/2025		77,251

						137,486

Missouri – 0.2%
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	25,000	3.500		11/01/2040		24,240
	25,000	4.250		11/01/2050		24,302
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	100,000	5.000		04/01/2048		112,481

						161,023

Nebraska – 0.0%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(f)(g)
	25,000	4.000		08/01/2025		28,380

Nevada – 0.7%
	County of Clark Department of Aviation RB Refunding for Jet Aviation Fuel Tax Series 2013 A (AMT) (A/A1)
	150,000	5.000		07/01/2026		162,049
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	460,000	4.000		07/01/2049		503,895
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	100,000	5.000		07/01/2040		113,987

						779,931

New Hampshire – 0.0%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)^(f)(g)
	40,000	2.800		10/02/2023		41,713

New Jersey – 4.8%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	40,000	5.000		03/01/2032		48,245


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BB+/ Baa3)
	100,000	4.000		07/01/2032		110,026
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	50,000	7.425		02/15/2029		63,958
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	100,000	4.000		06/15/2046		111,614
	450,000	4.000		06/15/2050		499,971
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	25,000	5.000		07/01/2035		30,812
	100,000	5.000		07/01/2045		119,876
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB/Baa1)^(d)
	1,000,000	0.000		12/15/2035		680,567
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)^(d)
	200,000	0.000		12/15/2026		183,173
	120,000	0.000		12/15/2032		90,672
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (BBB/Baa1)
	125,000	4.000		06/15/2029		129,025
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	20,000	5.000		06/15/2046		22,438
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)^(d)
	190,000	0.000		12/15/2027		171,929
	240,000	0.000		12/15/2030		197,636
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)^(d)
	155,000	0.000		12/15/2033		113,141
	235,000	0.000		12/15/2038		142,810
	40,000	0.000		12/15/2039		23,406
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB/Baa1)
	90,000	4.000		12/15/2031		103,573
	140,000	5.000		12/15/2032		171,830
	215,000	5.000		12/15/2033		262,928
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	175,000	5.000		06/15/2038		216,439
	275,000	3.000		06/15/2050		271,931
	200,000	4.000		06/15/2050		222,147
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	400,000	3.500		06/15/2046		418,414
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB/Baa1)^(d)
	110,000	0.000		12/15/2032		83,116


The accompanying notes are an integral part of these financial statements.		147

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
$	20,000	5.000 %		01/01/2037	$	23,180
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	225,000	4.000		06/01/2032		276,603
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	250,000	5.000		06/01/2046		290,461

						5,079,921

New York – 12.8%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	125,000	1.625		11/01/2025		126,519
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)^(c)
	100,000	5.000		12/01/2041		112,545
	City of Poughkeepsie GO Bonds Series 2021 (NR/NR)^(e)
	25,000	2.500		04/29/2022		25,360
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)^(c)
	100,000	5.000		07/01/2040		117,975
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)^(c)(d)
	800,000	0.000		06/01/2060		36,585
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	1,415,000	5.250		11/15/2056		1,626,952
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (BBB+/A3)
	355,000	5.000		11/15/2047		427,420
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	375,000	4.750		11/15/2045		440,459
	75,000	5.000		11/15/2050		89,939
	75,000	5.250		11/15/2055		91,233
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	100,000	5.000		11/15/2044		121,847
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	185,000	4.000		11/15/2050		204,473
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	100,000	5.000		11/15/2028		125,098
	100,000	5.000		11/15/2029		127,002
	100,000	5.000		11/15/2030		128,756
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	100,000	5.000		11/15/2021		102,792
	Metropolitan Transportation Authority RB Refunding Series 2015 D-1 (BBB+/A3)
	175,000	5.000		11/15/2033		201,447
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	175,000	5.250		11/15/2031		209,763


Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	250,000	5.000		11/15/2032		302,667
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	200,000	5.250		11/15/2028		234,949
	Metropolitan Transportation Authority RB Series 2012 B (BBB+/A3)
	200,000	4.000		11/15/2029		208,291
	Metropolitan Transportation Authority RB Series 2013 B (BBB+/A3)
	100,000	5.000		11/15/2022		107,197
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP- 2/MIG2)
	500,000	5.000		09/01/2022		529,859
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)^(d)
	2,255,000	0.000		06/01/2060		151,526
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	75,000	3.000		03/01/2036		80,893
	50,000	4.000		03/01/2045		57,142
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	50,000	4.000		03/01/2045		56,152
	New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (AA+/Aa1)
	200,000	5.000		06/15/2046		240,278
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)^(d)
	3,500,000	0.000		06/01/2060		169,313
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	100,000	3.500		02/15/2048		101,381
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)^(c)
	350,000	5.000		11/15/2044		381,923
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (BBB-/NR)
	200,000	4.000		07/01/2035		216,621
	225,000	4.000		07/01/2040		240,113
	New York State Dormitory Authority RB for NYU Langone Hospitals Obligated Group Series 2020 A (A/A3)
	650,000	4.000		07/01/2050		741,413
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	100,000	4.000		07/01/2031		110,921
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB/Baa2)
	200,000	5.000		07/01/2035		245,965
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	250,000	4.000		09/01/2037		285,897
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)^(f)(g)
	250,000	2.750		09/02/2025		257,351


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
$	25,000		5.000	%		01/01/2023	$	26,715
	150,000		5.000			01/01/2027		179,683
	200,000		5.000			01/01/2028		245,091
	45,000		5.000			01/01/2029		54,768
	190,000		5.000			01/01/2030		229,552
	25,000		5.000			01/01/2031		30,073
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	130,000		4.000			10/01/2030		150,664
	70,000		5.000			10/01/2035		87,012
	460,000		5.000			10/01/2040		563,135
	65,000		4.375			10/01/2045		74,177
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	25,000		2.500			10/31/2031		25,426
	25,000		4.000			10/31/2034		28,944
	135,000		4.000			10/31/2041		152,657
	75,000		4.000			10/31/2046		83,767
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	490,000		5.000			12/01/2026		582,229
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	25,000		5.000			12/01/2034		30,955
	25,000		5.000			12/01/2035		31,024
	25,000		5.000			12/01/2036		30,833
	25,000		5.000			12/01/2037		30,780
	25,000		5.000			12/01/2038		30,733
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	245,000		5.000			07/01/2041		274,442
	350,000		5.250			01/01/2050		394,118
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	15,000		5.375			08/01/2036		17,999
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	135,000		3.000			07/01/2044		122,144
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (A+/Aa3)
	685,000		5.000			11/15/2041		811,146
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	130,000		5.000			09/01/2034		162,151

								13,486,235

North Carolina – 0.3%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (BBB/NR)^(f)(g)
	75,000		1.375			06/16/2025		76,557


Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (AA/NR)
	225,000		5.000			01/01/2035		279,641

								356,198

Ohio – 2.3%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	50,000		4.000			06/01/2039		57,433
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	955,000		5.000			06/01/2055		1,075,912
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)^(d)
	1,000,000		0.000			06/01/2057		151,209
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	100,000		5.250			11/15/2040		111,681
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	375,000		5.000			08/01/2049		449,036
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	20,000		5.000			02/15/2042		23,027
	20,000		5.500			02/15/2057		23,348
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.750			12/01/2038		173,102
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	100,000		5.000			12/01/2042		112,248
	100,000		5.000			12/01/2045		111,747
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)^(c)
	100,000		4.250			12/01/2050		99,162

								2,387,905

Oklahoma – 0.2%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	35,000		5.000			08/15/2038		41,752
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)^(f)(g)
	100,000		5.000			06/01/2025		110,410

								152,162

Oregon – 0.2%
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	175,000		4.000			08/15/2050		197,524

Pennsylvania – 1.4%
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BB-/WR)
	100,000		4.000			11/01/2047		94,327


The accompanying notes are an integral part of these financial statements.		149

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
$	250,000	4.000 %		07/01/2046	$	265,646
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)^(c)
	100,000	5.875		10/15/2040		104,412
	100,000	6.250		10/15/2053		104,758
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	100,000	5.000		03/01/2040		108,949
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	80,000	5.250		12/01/2044		102,062
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)^(c)
	140,000	5.000		06/15/2030		165,029
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	95,000	5.000		07/01/2033		109,941
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	100,000	5.000		10/01/2049		105,589
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	225,000	5.000		11/01/2040		225,529
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	50,000	5.000		07/01/2030		62,354

						1,448,596

Puerto Rico – 10.1%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)^(c)
	250,000	5.000		07/01/2047		289,072
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/Ca)
	25,000	4.250		07/01/2025		25,985
	130,000	5.125		07/01/2037		136,601
	60,000	5.750		07/01/2037		63,543
	85,000	5.250		07/01/2042		89,462
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 B (D/Ca)*
	50,000	5.000		07/01/2035		43,813
	Puerto Rico Commonwealth GO Bonds Series 2014 A (D/Ca)*
	1,375,000	8.000		07/01/2035		1,079,375
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)*
	870,000	5.000		07/01/2041		702,525
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	200,000	6.000		07/01/2027		206,299


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	670,000	5.250		07/01/2038		754,219
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	250,000	5.250		07/01/2036		310,831
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(d)
	105,000	0.000		07/01/2028		77,737
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (D/Ca)*
	30,000	5.250		07/01/2032		26,363
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	145,000	4.250		07/01/2020		129,231
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	200,000	5.250		07/01/2040		181,500
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	150,000	7.000		07/01/2040		139,500
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	115,000	5.250		07/01/2032		139,852
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	250,000	5.500		07/01/2029		303,848
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	435,000	5.500		07/01/2026		509,884
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	200,000	5.250		07/01/2034		247,369
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(d)
	125,000	0.000		07/01/2029		88,242
	210,000	0.000		07/01/2037		104,821
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(d)
	18,000	0.000		07/01/2024		16,894
	27,000	0.000		07/01/2027		23,654
	24,000	0.000		07/01/2029		19,766
	525,000	0.000		07/01/2033		372,657
	182,000	0.000		07/01/2046		55,541
	375,000	0.000		07/01/2051		82,538
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	1,395,000	4.329		07/01/2040		1,492,259
	15,000	4.536		07/01/2053		16,084
	1,025,000	4.784		07/01/2058		1,109,158
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	245,000	4.500		07/01/2034		264,292
	37,000	4.550		07/01/2040		40,101
	420,000	4.750		07/01/2053		456,080
	942,000	5.000		07/01/2058		1,037,311

						10,636,407


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
South Carolina – 0.3%
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
$	75,000		5.000	%		04/15/2035	$	94,312
	175,000		4.000			04/15/2036		202,339

								296,651

Texas – 6.7%
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (B/NR)
	35,000		5.000			01/01/2023		35,739
	Central Texas Regional Mobility Authority RB for Senior Lien Series 2020 E (A-/Baa1)
	600,000		5.000			01/01/2031		769,316
	700,000		5.000			01/01/2032		893,575
	550,000		5.000			01/01/2035		694,007
	Central Texas Regional Mobility Authority RB Series 2021 C (BBB+/Baa2)^(e)
	360,000		5.000			01/01/2027		424,598
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)^(c)
	50,000		4.250			09/01/2041		49,728
	55,000		4.500			09/01/2050		54,643
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)^(c)
	100,000		3.375			08/15/2030		103,361
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	50,000		2.500			09/15/2035		48,434
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)^(c)(e)
	100,000		3.875			09/15/2041		99,788
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)^(c)
	152,000		2.875			09/01/2025		155,621
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		113,837
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)^(c)
	255,000		2.750			09/01/2025		262,054
	100,000		3.750			09/01/2040		107,395
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)^(c)
	100,000		2.625			09/15/2025		101,635
	50,000		3.375			09/15/2030		51,678
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)^(c)
	100,000		3.250			09/15/2030		103,377
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)^(c)
	100,000		4.500			09/01/2041		99,599
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(c)
	100,000		5.000			08/15/2044		103,415


Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (AA-/A1)
	175,000		5.000			05/15/2030		221,285
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	200,000		5.000			07/15/2028		238,047
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	100,000		5.000			07/15/2027		117,261
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	150,000		5.000			07/15/2027		175,892
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	35,000		5.000			05/15/2030		44,841
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(c)
	100,000		4.625			10/01/2031		106,274
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	100,000		5.250			02/15/2030		107,615
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	345,000		5.000			01/01/2037		411,232
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	200,000		5.000			12/31/2055		223,091
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	150,000		5.000			06/30/2058		178,917
	Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)^(c)
	920,000		2.625			09/01/2026		910,823
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	50,000		2.875			12/01/2030		51,017

								7,058,095

Virginia – 0.6%
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(d)
	300,000		0.000			06/01/2047		69,504
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	50,000		5.000			12/31/2049		58,051
	200,000		5.000			12/31/2056		231,198
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
	300,000		5.000			01/01/2040		308,989

								667,742


The accompanying notes are an integral part of these financial statements.		151

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Washington – 0.5%
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
$	200,000	5.000 %		04/01/2038	$	241,850
	Port of Seattle RB for Intermediate Lien Series 2018 A (AMT) (A+/A1)
	220,000	5.000		05/01/2043		255,247

						497,097

West Virginia – 0.2%
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B/B2)^(f)(g)
	100,000	4.125		07/01/2025		102,239
	West Virginia GO Bonds Bid Group 2 Series 2019 A (AA-/Aa2)
	100,000	5.000		12/01/2043		125,473

						227,712

Wisconsin – 0.9%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	190,000	4.300		11/01/2030		210,492
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (BBB/NR)
	25,000	5.000		07/01/2038		30,990
	25,000	5.000		07/01/2041		30,723
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)^(c)
	50,000	5.000		12/01/2045		55,354
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)^(c)
	100,000	4.000		03/01/2030		104,380
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)^(c)(e)
	150,000	5.625		06/01/2050		146,936
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)^(c)(e)
	190,000	6.500		06/01/2045		178,564
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(c)
	100,000	5.000		04/01/2040		115,485
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(c)
	25,000	6.125		10/01/2049		26,014

						898,938

	TOTAL MUNICIPAL BONDS
	(Cost $97,557,370)				$	100,294,650



Corporate Bonds – 0.2%
Real Estate – 0.2%
	Benloch Ranch Improvement Association No. 1 Series 2020^(h)
$	100,000	9.750%		12/01/2039	$	96,807
	Benloch Ranch Improvement Association No. 1 Series 2021^(c)
	100,000	9.750		12/01/2039		100,000

	TOTAL CORPORATE BONDS
	(Cost $200,000)				$	196,807

	TOTAL INVESTMENTS – 95.6%
	(Cost $97,757,370)				$	100,491,457

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.4%					4,678,815

	NET ASSETS – 100.0%				$	105,170,272



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

*		Security is currently in default and/or non-income producing.

(a)		Zero coupon bond until next reset date.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(e)		When-issued security.

(f)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(g)		Variable Rate Demand Instruments - rate shown is that which is in effect on March 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(h)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

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


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND



Investment Abbreviations:
AGC		—Insured by Assured Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
COPS		—Certificates of Participation
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
Mo.		—Month
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NR		—Not Rated
RB		—Revenue Bond
RMKT		—Remarketed
SD CRED PROG		—School District Credit Program
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
WR		—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(9	)		06/21/2021	$	(1,294,875	)	$	32,470
U.S. Treasury Ultra Bond		(3	)		06/21/2021		(545,812	)		11,378

Total Futures Contracts									$	43,848


The accompanying notes are an integral part of these financial statements.		153

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 95.7%
Alabama – 0.8%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000	5.000%		05/01/2023	$	3,722,009
	Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A/A1)^(a)(b)
	20,000,000	4.000		12/01/2025		22,806,970
	90,000	4.000		12/01/2025		102,631
	Black Belt Energy Gas District RB Series 2016 A (NR/Aa2)^(a)(b)
	5,000,000	4.000		06/01/2021		5,028,850
	Black Belt Energy Gas District RB Series 2017 A (NR/Aa2)^(a)(b)
	1,000,000	4.000		07/01/2022		1,041,245
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	280,000	5.000		08/01/2021		283,994
	190,000	5.000		08/01/2022		200,992
	225,000	5.000		08/01/2023		248,369
	485,000	5.000		08/01/2024		554,584
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	85,000	4.000		10/01/2021		86,194
	85,000	4.000		10/01/2022		88,566
	Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A/A1)^(a)(b)
	3,335,000	1.000		06/26/2025		3,372,473
	Jacksonville State University RB Refunding Series 2020 (A-/A2)
	650,000	3.000		12/01/2021		661,008
	475,000	3.000		12/01/2022		494,954
	315,000	3.000		12/01/2023		333,102
	275,000	4.000		12/01/2024		307,401
	375,000	4.000		12/01/2025		428,978
	550,000	4.000		12/01/2026		642,005
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	3,025,000	5.000		09/15/2021		3,089,056
	1,225,000	5.000		09/15/2022		1,308,474
	2,000,000	5.000		09/15/2023		2,222,962
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000	5.000		10/01/2021		1,331,472
	1,745,000	5.000		10/01/2022		1,871,910
	3,125,000	6.500		10/01/2053		3,670,060
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	225,000	2.000		10/01/2024		234,351
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)^(a)(b)
	225,000	2.000		10/01/2024		234,351
	450,000	2.000		10/01/2024		468,701
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	1,875,000	2.000		10/01/2024		1,952,921
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2020 A (BBB/Baa2)^(a)(b)
	6,500,000	1.375		06/16/2025		6,634,978
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A1)^(a)
	25,100,000	(1 Mo. LIBOR + 0.85%), 0.923		06/01/2024		25,270,075


Municipal Bonds – (continued)
Alabama – (continued)
	Troy University RB Refunding Series 2019 A (BAM) (AA/A1)
	400,000	4.000		11/01/2021		408,548
	850,000	4.000		11/01/2022		899,291

						90,001,475

Alaska – 0.5%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	640,000	5.000		12/01/2022		688,527
	1,240,000	5.000		12/01/2023		1,383,932
	1,775,000	5.000		12/01/2024		2,048,044
	1,500,000	5.000		12/01/2025		1,780,475
	Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)
	1,060,000	5.000		06/30/2021		1,071,924
	1,110,000	5.000		06/30/2023		1,122,280
	Borough of North Slope GO Bonds for General Purpose Series 2019 A (AA/Aa2)
	16,555,000	5.000		06/30/2021		16,741,230
	6,775,000	5.000		06/30/2022		7,171,037
	10,225,000	5.000		06/30/2023		11,274,539
	Borough of North Slope GO Bonds for Schools Series 2019 B (AA/Aa2)
	990,000	5.000		06/30/2023		1,091,618
	Borough of North Slope GO Bonds Series 2020 A (AA/Aa2)
	1,300,000	5.000		06/30/2021		1,314,624
	300,000	5.000		06/30/2022		317,537
	1,750,000	5.000		06/30/2023		1,931,699
	3,275,000	5.000		06/30/2024		3,745,548
	Municipality of Anchorage GO Refunding Bonds Series 2018 D (AAA/NR)
	5,025,000	4.000		09/01/2022		5,293,603
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A1)
	485,000	4.625		06/01/2023		492,193
	State of Alaska International Airports System RB Refunding Series 2010 A (AMT) (A+/A1)
	1,470,000	5.000		10/01/2023		1,473,129

						58,941,939

Arizona – 1.5%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,290,000	5.000		07/01/2023		15,155,171
	Arizona Department of Transportation State Highway Taxable RB Refunding Series 2020 (AA+/Aa1)
	9,000,000	1.958		07/01/2024		9,366,426
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
	63,510,000	(3 Mo. LIBOR + 0.81%), 0.969		01/01/2037		63,233,484
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	250,000	5.000		11/01/2021		256,405
	250,000	5.000		11/01/2022		267,391


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR) – (continued)
$	755,000	5.000 %		11/01/2023	$	840,126
	1,055,000	5.000		11/01/2024		1,212,921
	340,000	5.000		11/01/2025		402,596
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (B+/NR)
	675,000	5.000		01/01/2022		681,940
	600,000	5.000		01/01/2023		613,189
	575,000	5.000		01/01/2024		593,814
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (B/NR)
	485,000	5.000		01/01/2022		486,779
	505,000	5.000		01/01/2023		508,555
	560,000	5.000		01/01/2024		564,087
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000	5.000		07/01/2021		5,888,234
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(a)(b)
	20,365,000	5.000		06/03/2024		23,121,201
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A3)
	3,000,000	2.107		07/01/2021		3,008,197
	3,150,000	2.163		07/01/2022		3,192,167
	2,050,000	2.226		07/01/2023		2,093,246
	County of Pinal RB Refunding Series 2014 (AA-/NR)
	2,465,000	5.000		08/01/2021		2,503,412
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	3,400,000	4.000		07/01/2021		3,431,164
	1,665,000	5.000		07/01/2022		1,764,909
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	9,505,000	5.000		07/01/2021		9,616,438
	16,400,000	5.000		07/01/2023		18,104,888
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	125,000	4.000		07/01/2023		134,451
	135,000	4.000		07/01/2024		148,889
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2003 A (BBB/Baa2)^(a)(b)
	3,750,000	1.050		06/01/2022		3,769,951
	Pinal County Industrial Development Authority RB Refunding for State of Arizona Department of Corrections Series 2020 A (BBB/NR)
	3,900,000	2.000		10/01/2024		3,958,918
	1,540,000	2.000		10/01/2025		1,556,913

						176,475,862


Municipal Bonds – (continued)
Arkansas – 0.0%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	250,000	5.000		08/01/2021		253,443
	250,000	5.000		08/01/2022		263,950
	235,000	5.000		08/01/2023		258,430
	400,000	5.000		08/01/2024		454,978
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ST AID WITHHLDG) (NR/Aa2)
	1,950,000	3.000		02/01/2022		1,995,157
	1,510,000	3.000		02/01/2023		1,586,296

						4,812,254

California – 7.3%
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	500,000	5.000		05/01/2021		501,691
	335,000	5.000		05/01/2022		351,730
	300,000	5.000		05/01/2023		328,030
	265,000	5.000		05/01/2024		300,070
	Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (AA/Aa3)^(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 0.500		04/01/2026		7,015,660
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)^(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 0.970		05/01/2023		10,100,763
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)^(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 0.970		05/01/2023		7,070,526
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 1.25%), 1.320		04/01/2027		15,603,603
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)^(a)(b)
	11,175,000	2.100		04/01/2022		11,279,801
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 F-1 (AA/Aa3)^(d)
	18,000,000	5.000		04/01/2027		22,567,822
	Bay Area Toll Authority Toll Bridge Authority RB Refunding for San Francisco Bay Area Series 2017 B (AA/Aa3)^(a)(b)
	2,500,000	2.850		04/01/2025		2,707,154
	Bay Area Toll Authority Toll Bridge Authority RB Refunding for San Francisco Bay Area Series 2018 A (AA/Aa3)^(a)(b)
	5,000,000	2.625		04/01/2026		5,423,552
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BB/NR)
	255,000	5.000		05/01/2021		255,429


The accompanying notes are an integral part of these financial statements.		155

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BB/NR) – (continued)
$	1,000,000	5.000 %		05/01/2023	$	1,046,030
	535,000	5.000		05/01/2024		569,244
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (BBB+/NR)
	200,000	1.100		06/01/2030		200,131
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (A/NR)
	300,000	3.000		06/01/2021		301,286
	425,000	5.000		06/01/2024		484,995
	450,000	5.000		06/01/2026		546,951
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB+/NR)
	400,000	1.375		06/01/2030		401,487
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (A/NR)
	500,000	3.000		06/01/2021		502,144
	400,000	4.000		06/01/2022		417,208
	400,000	4.000		06/01/2023		431,233
	750,000	5.000		06/01/2024		855,857
	700,000	5.000		06/01/2025		825,586
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (BBB+/NR)
	1,000,000	1.750		06/01/2030		1,004,453
	California Earthquake Authority Taxable RB Series 2020 B (A/NR)
	3,475,000	1.227		07/01/2021		3,483,388
	10,000,000	1.327		07/01/2022		10,132,900
	7,500,000	1.477		07/01/2023		7,690,541
	California Health Facilities Financing Authority RB for Kaiser Foundation Hospitals Series 2017 (AA-/NR)^(a)(b)
	7,695,000	5.000		11/01/2022		8,275,771
	California Health Facilities Financing Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2009 D (AA-/Aa3)^(a)(b)
	2,820,000	1.700		10/18/2022		2,880,460
	California Health Facilities Financing Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2019 C (AA-/Aa3)^(a)(b)
	32,470,000	5.000		10/01/2025		38,765,050
	California Health Facilities Financing Authority RB Refunding for Sutter Health Obligated Group Series 2011 D (A+/A1)^(d)
	1,810,000	5.250		08/15/2021		1,843,577
	California Health Facilities Financing Authority RG Refunding for Cedars-Sinai Medical Center Obligated Group Series 2015 (AA-/Aa3)
	2,590,000	5.000		11/15/2024		3,022,625
	California Infrastructure & Economic Development Bank RB for DesertXpress Enterprises LLC Series 2020 A (AMT) (NR/Aaa)^{(a) (b) (e)}
	30,000,000	0.450		07/01/2021		30,002,829


Municipal Bonds – (continued)
California – (continued)
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (NR/A3)^(a)(b)
	15,000,000	1.200		06/01/2028		14,787,094
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (NR/A3)^(a)
	5,000,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.770		06/01/2026		5,042,212
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013 A-1 (AAA/Aaa)^(a)
	20,000,000	(1 Mo. LIBOR + 0.33%), 0.411		04/01/2022		20,016,600
	California Municipal Finance Authority RB for River Springs Charter School, Inc. Series 2021 A (NR/NR)^(e)
	1,825,000	1.150		12/15/2021		1,824,993
	California Municipal Finance Authority RB for River Springs Charter School, Inc. Series 2021 B (NR/NR)^(e)
	1,925,000	2.450		12/15/2021		1,924,729
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (A-/NR)^{(a) (b) (e)}
	1,800,000	1.300		02/03/2025		1,841,404
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (A-/NR)^(a)(b)
	17,860,000	0.700		12/01/2023		18,010,853
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000	5.000		10/01/2021		255,287
	250,000	5.000		10/01/2022		265,894
	225,000	5.000		10/01/2023		248,318
	275,000	5.000		10/01/2024		312,893
	275,000	5.000		10/01/2025		321,525
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	860,000	5.000		12/31/2023		966,425
	665,000	5.000		06/30/2024		760,546
	800,000	5.000		12/31/2024		930,267
	1,000,000	5.000		06/30/2025		1,179,138
	1,760,000	5.000		12/31/2025		2,107,707
	1,360,000	5.000		06/30/2026		1,643,511
	2,570,000	5.000		12/31/2026		3,146,007
	1,960,000	5.000		06/30/2027		2,421,025
	3,000,000	5.000		12/31/2027		3,745,907
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	100,000	4.000		06/01/2022		103,039
	California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (A/Baa1)^(a)(b)
	2,490,000	0.600		09/01/2023		2,487,248
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)^(e)
	3,500,000	5.000		11/21/2045		3,704,603


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (BBB-/NR)
$	210,000	4.000 %		10/15/2021	$	213,670
	240,000	4.000		10/15/2022		251,970
	290,000	4.000		10/15/2023		313,160
	380,000	4.000		10/15/2024		420,124
	390,000	4.000		10/15/2025		439,481
	415,000	4.000		10/15/2026		475,558
	California State University RB Taxable Bonds Series 2020 D (AA-/Aa2)
	320,000	0.349		11/01/2022		320,397
	3,455,000	0.475		11/01/2023		3,457,285
	2,870,000	0.685		11/01/2024		2,864,734
	8,555,000	0.885		11/01/2025		8,474,711
	California State University RB Taxable Bonds Series 2020 E (AA-/Aa2)
	800,000	0.475		11/01/2023		800,529
	1,105,000	0.685		11/01/2024		1,102,973
	1,360,000	0.885		11/01/2025		1,347,236
	California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa2)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.38%), 0.450		12/01/2022		15,005,232
	California State Various Purpose GO Bonds Series 2014 (AA-/Aa2)
	6,850,000	5.000		05/01/2044		7,756,544
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	5,000,000	5.000		11/01/2024		5,823,548
	5,565,000	5.000		11/01/2025		6,708,875
	8,500,000	5.000		11/01/2026		10,544,298
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	11,655,000	4.000		11/01/2024		13,161,354
	2,015,000	3.000		11/01/2025		2,247,019
	7,025,000	5.000		11/01/2025		8,468,975
	14,275,000	4.000		11/01/2026		16,927,196
	2,755,000	5.000		11/01/2026		3,417,593
	California Statewide Communities Development Authority RB for Irvine East Campus Apartments, CHF-Irvine LLC Series 2017 (NR/Baa1)
	1,545,000	5.000		05/15/2021		1,550,773
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
	500,000	5.000		01/01/2022		515,736
	500,000	5.000		01/01/2023		537,890
	California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,250,000	5.000		05/15/2021		1,254,671
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	195,000	3.000		09/01/2021		197,062
	205,000	3.000		09/01/2022		211,916


Municipal Bonds – (continued)
California – (continued)
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) – (continued)
	210,000	3.000		09/01/2023		221,623
	215,000	3.000		09/01/2024		230,474
	225,000	4.000		09/01/2025		254,055
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)^(f)
	2,515,000	0.000		08/01/2023		2,490,859
	City of Montebello RB Series 2020 (AGM) (AA/NR)
	1,000,000	1.936		06/01/2021		1,001,952
	1,000,000	2.403		06/01/2024		1,041,140
	1,000,000	2.503		06/01/2025		1,041,536
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	170,000	4.000		09/01/2024		187,868
	250,000	4.000		09/01/2026		287,324
	City of San Francisco RB Refunding for Public Utilities Commission Water Series 2015 A (AA-/Aa2)
	1,345,000	5.000		11/01/2025		1,590,201
	City of Torrance Joint Powers Financing Authority RB Series 2020 (AA/NR)
	405,000	1.239		10/01/2021		405,958
	500,000	1.289		10/01/2022		503,450
	750,000	1.427		10/01/2023		757,995
	3,325,000	1.604		10/01/2024		3,366,978
	5,000,000	1.804		10/01/2025		5,052,631
	Foothill-De Anza Community College District GO Bonds Series 2000 A (NATL-RE) (AAA/Aaa)^(f)
	3,590,000	0.000		08/01/2023		3,558,838
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)
	5,000,000	5.000		06/01/2021		5,036,100
	6,025,000	5.000		06/01/2022		6,349,945
	6,000,000	5.000		06/01/2023		6,584,931
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB/NR)
	12,395,000	3.500		06/01/2036		12,618,792
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)^(e)
	450,000	4.000		06/01/2023		480,863
	555,000	4.000		06/01/2027		627,312
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	3,625,000	3.678		06/01/2038		3,733,975
	Irvine City Limited Obligation Improvement Bonds Reassessment District No. 15-2 Series 2015 (NR/NR)
	775,000	5.000		09/02/2021		790,087
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,765,000	5.000		09/01/2022		1,881,103
	1,135,000	5.000		09/01/2023		1,260,838
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		647,950
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		561,557


The accompanying notes are an integral part of these financial statements.		157

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
$	255,000	3.000 %		09/01/2022	$	263,238
	415,000	4.000		09/01/2023		448,062
	Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (SP-1+/MIG1)^(f)
	5,190,000	0.000		08/01/2023		5,140,182
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	785,000	5.000		09/01/2021		799,040
	Los Angeles Community College District GO Bonds Series 2013 F (AA+/Aaa)^(d)
	8,985,000	4.000		08/01/2023		9,786,596
	Los Angeles Community College District GO Refunding Bonds Series 2015 A (AA+/Aaa)^(d)
	5,240,000	5.000		08/01/2024		6,059,167
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	27,900,000	5.720		05/01/2027		34,300,815
	Los Angeles Unified School District GO Refunding Bonds 2014 C (A+/Aa3)
	4,520,000	5.000		07/01/2027		5,187,303
	Municipal Improvement Corp. of Los Angeles RB Refunding for City of Los Angeles Series 2020 C (AA-/NR)
	1,670,000	0.890		11/01/2024		1,664,903
	2,735,000	1.040		11/01/2025		2,705,214
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	650,000	4.000		09/01/2021		660,249
	Newport Mesa Unified School District GO Bonds Series 2011 (AA+/Aaa)^(d)(f)
	11,625,000	0.000		08/01/2021		1,930,751
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A1)^(c)
	9,945,000	(3 Mo. LIBOR + 0.72%), 0.879		07/01/2027		9,994,746
	Pittsburg Successor Agency Redevelopment Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	2,950,000	5.000		09/01/2025		3,491,382
	Port of Los Angeles RB Refunding Series 2019 A (AMT) (AA/Aa2)
	10,100,000	5.000		08/01/2024		11,523,957
	Port of Oakland RB Refunding for California Intermediate Lien Series 2021 H (AMT) (A/A2)
	3,000,000	5.000		05/01/2025		3,494,062
	Port of Oakland RB Refunding Senior Lien Series 2020 (A+/A1)
	2,225,000	0.821		05/01/2023		2,237,380
	1,285,000	1.081		05/01/2024		1,297,037
	905,000	1.181		05/01/2025		908,159
	1,460,000	1.517		05/01/2026		1,465,301
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	380,000	4.000		09/01/2022		397,528
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	180,000	4.000		09/01/2022		187,785


Municipal Bonds – (continued)
California – (continued)
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) – (continued)
	195,000	4.000		09/01/2024		213,361
	205,000	4.000		09/01/2025		228,190
	210,000	4.000		09/01/2026		237,231
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	675,000	5.000		09/01/2021		687,492
	800,000	5.000		09/01/2022		849,818
	1,835,000	5.000		09/01/2023		2,026,306
	Sacramento City Unified School District GO RB Refunding Series 2012 (BBB/A2)
	26,940,000	4.000		07/01/2029		28,020,868
	Sacramento City Unified School District GO RB Refunding Series 2014 (BBB/NR)
	1,000,000	5.000		07/01/2021		1,011,015
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2020 B (AA/Aa2)
	4,400,000	0.872		12/01/2024		4,400,205
	4,900,000	1.042		12/01/2025		4,847,274
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(c)
	10,000,000	(3 Mo. LIBOR + 0.57%), 0.698		06/01/2039		9,541,436
	Sacramento Municipal Utility District RB Series 2019 A (AA-/NR)^(a)(b)
	22,130,000	5.000		10/17/2023		24,216,596
	San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)^(g)
	42,470,000	0.000		08/01/2041		24,066,195
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A/A1)^(d)
	1,500,000	5.000		05/01/2021		1,505,239
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A/A1)
	6,900,000	5.000		05/01/2026		7,251,442
	10,000,000	5.000		05/01/2027		10,508,226
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A/A1)
	23,995,000	5.000		05/01/2025		28,199,423
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	350,000	4.000		08/01/2021		353,654
	360,000	4.000		08/01/2022		374,864
	385,000	4.000		08/01/2023		410,381
	855,000	4.000		08/01/2024		928,381
	930,000	4.000		08/01/2025		1,020,040
	1,020,000	3.000		08/01/2026		1,079,519


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	San Jose City Financing Authority Taxable RB Refunding for Civic Center Refunding Project 2020 A (AA/Aa2)
$	970,000	0.541 %		06/01/2022	$	969,269
	990,000	0.642		06/01/2023		987,641
	725,000	0.844		06/01/2024		721,867
	735,000	0.994		06/01/2025		724,495
	Sequoia Union High School District GO Refunding Bonds Series 2020 (NR/Aa1)
	160,000	1.600		07/01/2023		164,213
	Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (A/NR)
	240,000	4.000		07/01/2021		241,890
	230,000	4.000		07/01/2022		239,228
	260,000	4.000		07/01/2023		278,091
	240,000	4.000		07/01/2024		262,751
	300,000	4.000		07/01/2025		335,000
	320,000	4.000		07/01/2026		363,730
	State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa2)
	12,400,000	2.367		04/01/2022		12,664,452
	State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa2)
	29,705,000	2.350		04/01/2022		30,333,525
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa2)
	52,000,000	5.000		10/01/2022		55,757,478
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	8,950,000	1.400		06/01/2022		8,963,887
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (BBB+/NR)
	750,000	0.450		06/01/2030		739,215
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	2,500,000	5.000		06/01/2021		2,518,608
	2,000,000	5.000		06/01/2022		2,109,769
	1,750,000	5.000		06/01/2024		1,999,070
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB+/NR)
	580,000	2.250		06/01/2029		582,356
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	1,200,000	5.000		10/01/2026		1,456,173
	University of California RB Refunding Series 2013 AL-4 (AA/Aa2)^(a)(b)
	26,285,000	0.030		04/01/2021		26,285,000
	University of California RB Series 2020 BF (AA/Aa2)
	500,000	0.628		05/15/2023		502,743
	785,000	0.833		05/15/2024		790,816
	Washington Township Health Care District RB Refunding Series 2020 A (NR/Baa2)
	325,000	5.000		07/01/2021		328,368
	200,000	5.000		07/01/2022		210,567


Municipal Bonds – (continued)
California – (continued)
	Washington Township Health Care District RB Refunding Series 2020 A (NR/Baa2) – (continued)
	175,000	5.000		07/01/2023		191,172
	200,000	5.000		07/01/2024		225,315
	225,000	5.000		07/01/2025		260,022
	250,000	5.000		07/01/2026		295,812

						870,036,183

Colorado – 2.3%
	City of Aurora COPS Refunding Series 2019 (AA/Aa1)
	450,000	5.000		12/01/2021		464,112
	375,000	5.000		12/01/2022		404,409
	285,000	5.000		12/01/2023		319,691
	875,000	5.000		12/01/2024		1,016,486
	City of Colorado Springs Utilities System RB Refunding Series 2018 A-1 (AA+/Aa2)
	1,520,000	5.000		11/15/2024		1,771,509
	1,000,000	5.000		11/15/2025		1,204,026
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)^(d)
	13,360,000	5.250		01/01/2023		14,520,729
	Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A-/A3)
	100,000	5.000		10/01/2021		102,239
	450,000	5.000		10/01/2022		480,349
	300,000	5.000		10/01/2024		343,675
	475,000	5.000		10/01/2027		587,985
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	3,965,000	5.000		08/01/2025		4,651,019
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	4,335,000	5.000		08/01/2025		5,085,036
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(a)(b)
	8,275,000	5.000		08/01/2025		9,560,711
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (WD/NR)^(d)
	700,000	5.000		06/01/2021		705,232
	500,000	5.000		06/01/2022		527,626
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,245,000	5.000		11/01/2021		2,305,802
	1,825,000	5.000		11/01/2022		1,959,435
	1,730,000	5.000		11/01/2023		1,932,613
	1,275,000	5.000		11/01/2024		1,472,694
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	965,000	5.000		01/01/2022		999,254
	810,000	5.000		01/01/2023		877,010
	1,500,000	5.000		01/01/2024		1,688,255


The accompanying notes are an integral part of these financial statements.		159

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
$	800,000	2.185 %		11/01/2021	$	807,056
	1,275,000	2.237		11/01/2022		1,306,196
	1,250,000	2.396		11/01/2023		1,299,091
	Denver City & County Airport RB Refunding Series 2019 D (A+A1)^(a)(b)
	8,270,000	5.000		11/15/2022		8,891,429
	75,000	5.000		11/15/2022		80,636
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)^(d)
	24,395,000	5.000		12/01/2022		26,363,313
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)^(d)
	4,060,000	5.000		12/01/2021		4,190,609
	Denver Colorado City & County GO Refunding Bonds Series 2020 B (AAA/Aaa)
	39,565,000	5.000		08/01/2026		48,755,127
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(e)
	4,110,000	5.000		12/01/2021		4,226,453
	4,315,000	5.000		12/01/2022		4,629,668
	4,530,000	5.000		12/01/2023		5,045,630
	4,760,000	5.000		12/01/2024		5,477,318
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	220,000	5.000		12/01/2021		226,234
	300,000	5.000		12/01/2022		321,877
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	150,000	5.000		09/01/2023		166,477
	450,000	5.000		09/01/2024		516,788
	300,000	5.000		09/01/2025		355,629
	2,800,000	5.000		09/01/2040		3,131,841
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(f)
	20,115,000	0.000		09/01/2028		17,951,982
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa1)^(d)
	5,925,000	4.000		12/15/2022		6,314,015
	12,040,000	5.000		12/15/2022		13,034,244
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	50,000	3.000		07/15/2023		52,593
	385,000	5.000		01/15/2024		429,400
	325,000	5.000		07/15/2024		368,359
	325,000	5.000		01/15/2025		373,256
	400,000	5.000		07/15/2025		466,021
	350,000	3.000		01/15/2026		380,482
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	25,000	5.000		12/01/2021		25,722
	50,000	5.000		12/01/2022		53,532
	150,000	5.000		12/01/2024		171,379
	State of Colorado COPS Series 2020 A (AA-/Aa2)
	1,375,000	5.000		12/15/2023		1,545,393
	1,440,000	5.000		12/15/2024		1,674,959
	3,530,000	5.000		12/15/2025		4,239,798


Municipal Bonds – (continued)
Colorado – (continued)
	University of Colorado Hospital Authority RB Refunding for University of Colorado Health Obligated Group Series 2019 C (AA/Aa3)^(a)(b)
	23,765,000	5.000		11/15/2024		27,039,613
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA/Aa3)^(a)(b)
	7,230,000	5.000		03/01/2022		7,362,839
	10,000	5.000		03/01/2022		10,184
	University of Colorado RB Green Bonds Series 2019 C (AA+/Aa1)^(a)(b)
	21,205,000	2.000		10/15/2024		22,293,499
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	150,000	5.000		12/01/2021		154,150
	165,000	5.000		12/01/2022		176,316
	195,000	5.000		12/01/2023		215,996
	200,000	5.000		12/01/2024		228,428
	180,000	5.000		12/01/2025		211,408

						273,544,837

Connecticut – 2.4%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,250,000	5.000		08/01/2021		1,266,393
	1,000,000	5.000		08/01/2023		1,091,680
	945,000	5.000		08/01/2024		1,062,284
	600,000	5.000		08/01/2025		692,770
	City of New Haven GO Bonds Series 2019 A (AGM) (AA/A2)
	1,500,000	5.000		08/01/2023		1,659,480
	City of New Haven GO Bonds Series 2019 A (BBB+/Baa1)
	1,300,000	5.000		08/01/2021		1,317,049
	City of Waterbury GO Refunding Bonds Series 2020 C (AA-/NR)
	765,000	1.895		09/01/2024		794,123
	Connecticut State GO Bonds Series 2013 A (A/Aa3)
	5,355,000	5.000		10/15/2023		5,992,359
	Connecticut State GO Bonds Series 2013 E (A/Aa3)
	10,000,000	5.000		08/15/2031		10,998,759
	Connecticut State GO Bonds Series 2015 F (A/Aa3)
	6,640,000	5.000		11/15/2021		6,837,045
	5,695,000	5.000		11/15/2022		6,136,398
	4,545,000	5.000		11/15/2023		5,102,350
	Connecticut State GO Bonds Series 2017 A (A/Aa3)
	1,705,000	5.000		04/15/2022		1,789,710
	Connecticut State GO Bonds Series 2018 A (A/Aa3)
	5,000,000	5.000		04/15/2025		5,885,029
	Connecticut State GO Refunding Bonds Series 2010 D (A/Aa3)
	7,500,000	5.000		10/01/2022		7,526,084
	Connecticut State GO Refunding Bonds Series 2017 B (A/Aa3)
	18,110,000	3.000		04/15/2022		18,637,959
	Connecticut State GO Refunding Bonds Series 2018 B (A/Aa3)
	8,500,000	5.000		04/15/2023		9,319,771
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(a)(b)
	15,245,000	1.800		07/01/2024		15,817,861
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(a)(b)
	20,385,000	0.010		04/01/2021		20,385,000


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2019 U-1 (AAA/Aaa)^(a)(b)
$	13,300,000	2.000 %		02/08/2022	$	13,505,741
	800,000	2.000		02/08/2022		812,375
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	100,000	5.000		07/01/2021		100,924
	400,000	5.000		07/01/2022		418,933
	415,000	5.000		07/01/2023		449,773
	375,000	5.000		07/01/2024		418,392
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)^(a)(b)
	23,840,000	5.000		02/01/2028		30,247,875
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(a)(b)
	49,750,000	5.000		02/01/2023		54,053,037
	25,000	5.000		02/01/2023		27,162
	New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)^(d)
	6,265,000	5.000		08/15/2021		6,374,873
	State of Connecticut GO Bonds Series 2020 A (A/Aa3)
	1,995,000	3.000		07/01/2021		2,008,015
	4,715,000	2.500		07/01/2022		4,841,867
	3,490,000	2.000		07/01/2023		3,612,189
	7,115,000	1.998		07/01/2024		7,437,136
	4,000,000	2.098		07/01/2025		4,172,702
	State of Connecticut Special Tax Obligation Bonds Series 2020 A (A+/NR)
	500,000	4.000		05/01/2021		501,412
	400,000	5.000		05/01/2022		420,954
	1,025,000	5.000		05/01/2024		1,166,371
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/Aa3)
	3,780,000	4.576		11/01/2022		4,017,291
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2012 A (A+/Aa3)
	5,000,000	5.000		01/01/2026		5,408,012
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2016 A (A+/Aa3)
	4,225,000	5.000		09/01/2025		5,034,783
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (A+/Aa3)
	5,035,000	3.000		12/01/2022		5,129,655
	Town of Rocky Hill GO Bonds Series 2020 (NR/NR)
	9,450,000	1.500		07/28/2021		9,484,942
	Town of Stratford GO Refunding Bonds Series 2020 B (BAM) (AA/A2)
	585,000	0.572		08/01/2023		585,006
	665,000	0.956		08/01/2024		668,452
	1,800,000	1.086		08/01/2025		1,806,565
	Town of Windham GO Bonds Series 2020 B (SP-1+/NR)
	5,650,000	2.000		09/30/2021		5,699,667
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	400,000	4.000		11/01/2021		407,036
	415,000	5.000		11/01/2022		441,164
	400,000	5.000		11/01/2023		439,160


Municipal Bonds – (continued)
Connecticut – (continued)
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	790,000	5.000		11/01/2022		839,806

						292,843,374

Delaware – 0.2%
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A/A2)^(a)(b)
	5,425,000	1.050		07/01/2025		5,504,950
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000	5.000		06/01/2023		515,681
	305,000	5.000		06/01/2024		341,740
	Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (BBB-/NR)^(a)(b)
	14,650,000	1.250		10/01/2025		14,578,030
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,500,000	5.000		02/01/2022		3,641,210
	1,750,000	5.000		02/01/2023		1,905,398
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (AA+/Aa2)
	530,000	1.680		10/01/2021		532,107
	560,000	1.730		10/01/2022		567,845
	660,000	1.790		10/01/2023		671,275

						28,258,236

District of Columbia – 0.6%
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	230,000	4.000		07/01/2021		231,299
	200,000	5.000		07/01/2023		218,248
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	350,000	1.438		04/01/2022		353,801
	520,000	1.558		04/01/2023		530,159
	560,000	1.667		04/01/2024		574,619
	735,000	1.817		04/01/2025		751,503
	800,000	2.136		04/01/2026		816,277
	District of Columbia RB Refunding Series 2019 A (AAA/Aa1)
	5,000,000	5.000		03/01/2024		5,682,478
	District of Columbia RB Refunding Series 2019 C (AAA/Aa1)
	10,000,000	5.000		10/01/2022		10,724,151
	15,745,000	5.000		10/01/2023		17,609,125
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)^(a)(b)
	575,000	1.750		10/01/2024		597,554
	6,675,000	1.750		10/01/2024		6,936,821
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	4,100,000	5.000		10/01/2029		4,379,055
	Metropolitan Washington Airports Authority RB Refunding Series 2014 A (AMT) (A+/Aa3)
	3,890,000	5.000		10/01/2044		4,407,377
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (A+/Aa3)
	2,305,000	5.000		10/01/2026		2,810,843


The accompanying notes are an integral part of these financial statements.		161

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority RB Refunding Series 2019 A (AMT) (A+/Aa3)
$	4,750,000	5.000 %		10/01/2025	$	5,640,726
	Metropolitan Washington Airports Authority RB Series 2011 C (A+/Aa3)
	6,835,000	5.000		10/01/2027		6,991,581
	2,000,000	5.000		10/01/2028		2,046,017

						71,301,634

Florida – 2.6%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
	815,000	4.000		05/01/2021		816,958
	855,000	5.000		05/01/2022		894,388
	900,000	5.000		05/01/2023		978,614
	945,000	5.000		05/01/2024		1,061,445
	995,000	5.000		05/01/2025		1,149,354
	1,045,000	5.000		05/01/2026		1,235,145
	1,100,000	5.000		05/01/2027		1,322,202
	1,155,000	5.000		05/01/2028		1,405,539
	1,200,000	2.375		05/01/2029		1,244,349
	1,230,000	2.625		05/01/2030		1,289,479
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	335,000	2.250		05/01/2021		335,366
	340,000	2.250		05/01/2022		344,776
	350,000	2.500		05/01/2023		360,856
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,100,000	2.125		05/01/2021		1,101,095
	1,125,000	2.250		05/01/2022		1,145,172
	1,150,000	2.500		05/01/2023		1,194,587
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	170,000	2.000		05/01/2021		170,203
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	570,000	3.000		05/01/2021		571,076
	460,000	3.125		05/01/2022		472,745
	460,000	3.250		05/01/2023		484,928
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	125,000	2.250		05/01/2021		125,174
	130,000	2.250		05/01/2022		132,387
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	295,000	3.500		05/01/2021		295,657
	305,000	3.500		05/01/2022		315,005
	Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR)
	2,500,000	4.700		11/01/2029		2,680,268
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)
	185,000	2.100		05/01/2021		185,218
	185,000	2.375		05/01/2022		188,644
	190,000	2.500		05/01/2023		197,127


Municipal Bonds – (continued)
Florida – (continued)
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,205,000	5.000		07/01/2023		2,432,133
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	1,115,000	2.125		09/01/2022		1,138,919
	1,005,000	2.250		09/01/2023		1,052,275
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	85,000	3.500		05/01/2021		85,196
	83,000	3.500		05/01/2022		85,496
	87,000	3.500		05/01/2023		92,478
	40,000	4.000		05/01/2024		43,976
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	625,000	5.000		07/01/2021		631,991
	430,000	5.000		07/01/2022		454,749
	1,240,000	5.000		07/01/2023		1,367,143
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	1,100,000	5.000		07/01/2021		1,112,304
	750,000	5.000		07/01/2022		793,168
	2,265,000	5.000		07/01/2023		2,497,241
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000	3.000		11/01/2021		96,130
	100,000	3.000		11/01/2022		102,826
	105,000	3.000		11/01/2023		110,217
	105,000	3.500		11/01/2024		113,513
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	225,000	2.250		05/01/2021		225,249
	City of Gainesville Taxable RB Series 2020 (AA-/Aa3)
	360,000	0.541		10/01/2021		360,523
	270,000	0.641		10/01/2022		271,319
	185,000	0.817		10/01/2023		186,852
	265,000	0.997		10/01/2024		268,322
	500,000	1.117		10/01/2025		505,199
	City of Jacksonville Taxable RB Refunding Series 2020 C (AA/NR)
	705,000	0.393		10/01/2021		704,965
	995,000	0.493		10/01/2022		995,755
	330,000	0.594		10/01/2023		329,526
	650,000	0.819		10/01/2024		646,792
	690,000	0.939		10/01/2025		679,462
	City of Lakeland RB Refunding for Lakeland Regional Health Systems Obligated Group Series 2016 (NR/A2)
	4,130,000	5.000		11/15/2024		4,763,462
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (A-/NR)
	670,000	3.250		09/01/2023		703,447
	1,380,000	3.250		09/01/2024		1,474,592
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	840,000	2.000		05/01/2021		840,778
	860,000	2.125		05/01/2022		869,091


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
$	122,000	2.625 %		05/01/2021	$	122,181
	126,000	2.750		05/01/2022		128,264
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)
	160,000	3.000		05/01/2024		169,895
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
	1,110,000	5.000		10/01/2021		1,134,858
	740,000	5.000		10/01/2022		789,907
	625,000	5.000		10/01/2023		694,036
	945,000	5.000		10/01/2024		1,084,337
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A/A1)
	265,000	5.000		10/01/2021		270,934
	285,000	5.000		10/01/2022		304,221
	215,000	5.000		10/01/2023		238,748
	355,000	5.000		10/01/2024		407,344
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	425,000	2.000		10/01/2024		442,662
	County of Hillsborough Utility RB Refunding Series 2019 (AA+/Aaa)
	1,615,000	5.000		08/01/2022		1,718,421
	3,750,000	5.000		08/01/2023		4,166,277
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A-/A2)^(d)
	16,545,000	5.000		10/01/2022		17,722,488
	County of Miami-Dade Aviation RB Refunding Series 2014 A (AMT) (A-/A2)
	20,000,000	5.000		10/01/2034		22,718,940
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	3,505,000	5.000		07/01/2024		3,996,859
	County of Miami-Dade RB Refunding Series 2020 A (A-/NR)
	2,500,000	5.000		10/01/2023		2,787,367
	2,400,000	5.000		10/01/2024		2,779,087
	1,350,000	5.000		10/01/2025		1,608,424
	County of Miami-Dade RB Refunding Series 2020 B (A-/NR)
	1,770,000	1.229		10/01/2025		1,757,619
	County of Miami-Dade RB Refunding Subordinate Series 2021 B (A+/NR)
	300,000	0.707		10/01/2023		299,591
	450,000	1.004		10/01/2024		447,711
	1,490,000	1.154		10/01/2025		1,474,731
	County of Miami-Dade Transit System Taxable RB Refunding Series 2020 B (AA/NR)
	5,065,000	0.550		07/01/2023		5,075,482
	7,300,000	0.750		07/01/2024		7,317,572
	5,045,000	0.900		07/01/2025		5,035,850
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	300,000	5.000		10/01/2021		305,599
	250,000	5.000		10/01/2022		266,337
	640,000	5.000		10/01/2023		709,030
	780,000	5.000		10/01/2024		896,386
	275,000	5.000		10/01/2025		326,738


Municipal Bonds – (continued)
Florida – (continued)
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,495,000	2.125		05/01/2021		1,496,520
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	120,000	3.000		05/01/2021		120,211
	125,000	3.000		05/01/2022		127,484
	130,000	3.000		05/01/2023		136,101
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,710,000	4.250		05/01/2029		3,015,680
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	255,000	2.000		11/01/2021		256,933
	260,000	2.000		11/01/2022		264,823
	265,000	2.000		11/01/2023		273,715
	270,000	2.000		11/01/2024		280,944
	275,000	2.000		11/01/2025		286,976
	280,000	2.000		11/01/2026		291,819
	290,000	2.000		11/01/2027		298,817
	295,000	2.000		11/01/2028		300,332
	300,000	2.000		11/01/2029		302,099
	305,000	2.125		11/01/2030		307,123
	Florida Department of Management Services COPS Refunding Series 2018 A (AA+/Aa1)
	10,000,000	5.000		11/01/2022		10,713,643
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(e)
	300,000	2.625		12/15/2024		307,230
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	350,000	5.000		04/01/2022		364,876
	350,000	5.000		04/01/2023		379,601
	530,000	5.000		04/01/2024		593,433
	200,000	5.000		04/01/2025		230,559
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/WR)
	400,000	5.000		04/01/2021		400,000
	Florida State GO Refunding Bonds Series 2015 F (AAA/Aaa)
	5,015,000	5.000		06/01/2028		5,911,907
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	230,000	2.000		05/01/2021		230,267
	235,000	2.500		05/01/2022		239,129
	245,000	2.500		05/01/2023		254,447
	245,000	2.500		05/01/2024		257,060
	255,000	2.750		05/01/2025		271,979
	260,000	3.000		05/01/2026		283,190
	Fort Lauderdale RB Refunding Series 2020 (AAA/Aa2)
	18,650,000	1.150		01/01/2026		18,618,907
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (A+/Aa3)
	855,000	5.000		10/01/2021		875,087
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(e)
	235,000	3.500		05/01/2021		235,535
	245,000	3.500		05/01/2022		251,861
	250,000	3.500		05/01/2023		265,420


The accompanying notes are an integral part of these financial statements.		163

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
$	190,000	4.000 %		05/01/2021	$	190,447
	200,000	4.000		05/01/2022		206,164
	205,000	4.000		05/01/2023		217,781
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	305,000	2.500		05/01/2021		305,426
	225,000	2.500		05/01/2022		229,391
	230,000	2.500		05/01/2023		238,000
	200,000	2.500		05/01/2024		208,728
	175,000	2.500		05/01/2025		183,484
	200,000	2.500		05/01/2026		211,006
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	290,000	2.250		05/01/2021		290,332
	295,000	2.250		05/01/2022		298,605
	305,000	2.500		05/01/2023		316,184
	315,000	2.750		05/01/2024		332,101
	320,000	3.000		05/01/2025		343,690
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2015 A (AMT) (A+/Aa3)
	10,000,000	5.000		10/01/2040		11,330,017
	JEA Water & Sewer System RB Refunding Series 2020 A (AA+/Aa3)
	910,000	5.000		10/01/2023		1,015,566
	JEA Water & Sewer System RB Series 2006 B (NATL-RE) (AA+/Aa3)^(c)
	645,000	(MUNI-CPI + 0.99%), 2.361		10/01/2021		650,386
	670,000	(MUNI-CPI + 1.00%), 2.371		10/01/2022		685,851
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	75,000	3.000		05/01/2021		75,142
	79,000	3.000		05/01/2022		80,869
	82,000	3.000		05/01/2023		86,109
	81,000	3.000		05/01/2024		86,671
	84,000	3.000		05/01/2025		91,057
	Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (BBB+/NR)
	250,000	3.000		05/01/2021		250,393
	135,000	3.000		05/01/2022		137,464
	270,000	3.000		05/01/2023		281,818
	355,000	3.000		05/01/2024		375,402
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	275,000	5.000		05/01/2021		275,859
	435,000	5.000		05/01/2022		454,656
	460,000	5.000		05/01/2023		502,378
	485,000	5.000		05/01/2024		548,235
	335,000	5.000		05/01/2025		390,316
	355,000	4.500		05/01/2026		415,091


Municipal Bonds – (continued)
Florida – (continued)
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	290,000	3.500		05/01/2021		290,635
	300,000	3.500		05/01/2022		308,369
	305,000	3.500		05/01/2023		323,486
	320,000	3.500		05/01/2024		347,873
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)^(e)
	2,770,000	5.000		03/01/2022		2,881,953
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(a)
	15,065,000	(SIFMA Municipal Swap Index Yield + 0.80%), 0.870		11/01/2021		15,067,239
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(e)
	105,000	3.500		05/01/2021		105,173
	110,000	3.500		05/01/2022		112,177
	115,000	3.500		05/01/2023		120,435
	120,000	3.500		05/01/2024		127,616
	125,000	3.500		05/01/2025		134,919
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,000,000	5.000		01/01/2022		1,031,851
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	185,000	3.750		05/01/2024		199,696
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	190,000	3.000		11/01/2021		192,589
	195,000	3.000		11/01/2022		202,156
	205,000	3.000		11/01/2023		216,796
	210,000	3.000		11/01/2024		226,348
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	85,000	3.500		05/01/2021		85,144
	85,000	3.500		05/01/2022		86,746
	90,000	3.500		05/01/2023		94,614
	95,000	3.500		05/01/2024		101,652
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	235,000	3.500		05/01/2023		245,663
	245,000	3.500		05/01/2024		260,626
	255,000	3.500		05/01/2025		274,711
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	395,000	4.000		05/01/2021		395,818
	410,000	4.000		05/01/2022		421,036
	425,000	4.000		05/01/2023		451,045
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	455,000	3.000		05/01/2021		455,749
	500,000	3.000		05/01/2024		532,960
	515,000	2.000		05/01/2025		534,569
	520,000	2.000		05/01/2026		539,550
	535,000	2.000		05/01/2027		551,847


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Polk County School District COPS Refunding Series 2020 B (NR/Aa3)
$	1,695,000	5.000 %		01/01/2025	$	1,958,052
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	375,000	2.000		05/01/2021		375,454
	385,000	2.500		05/01/2022		392,305
	395,000	2.500		05/01/2023		411,315
	405,000	2.500		05/01/2024		426,199
	415,000	2.750		05/01/2025		444,348
	425,000	3.000		05/01/2026		465,102
	Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR)
	250,000	3.000		05/01/2021		250,344
	760,000	3.000		05/01/2022		773,463
	400,000	3.000		05/01/2023		411,532
	380,000	3.000		05/01/2024		393,220
	240,000	3.000		05/01/2025		248,576
	School District of Broward County COPS Series 2012 A (NR/NR)^(d)
	7,310,000	5.000		07/01/2022		7,742,981
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	395,000	2.625		05/01/2021		395,535
	405,000	2.875		05/01/2022		411,637
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	330,000	2.250		11/01/2021		332,764
	335,000	2.250		11/01/2022		340,987
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	100,000	2.000		05/01/2021		100,111
	100,000	2.125		05/01/2022		100,993
	100,000	2.375		05/01/2023		102,887
	100,000	2.500		05/01/2024		104,086
	100,000	2.750		05/01/2025		105,878
	100,000	3.000		05/01/2026		107,690
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	375,000	4.375		05/01/2021		375,988
	390,000	4.500		05/01/2022		403,880
	State Board of Administration Finance Corp. Taxable RB Series 2020 A (AA/Aa3)
	8,200,000	1.258		07/01/2025		8,276,061
	State of Florida GO Refunding Bonds Series 2021 A (AAA/Aaa)
	7,675,000	5.000		06/01/2025		9,099,730
	8,070,000	5.000		06/01/2026		9,882,219
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	255,000	2.250		05/01/2021		255,247
	260,000	2.250		05/01/2022		263,932
	Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	109,000	3.000		05/01/2022		110,708
	118,000	3.000		05/01/2024		121,427
	121,000	3.000		05/01/2025		124,511
	725,000	3.500		05/01/2031		764,184
	787,000	4.000		05/01/2036		834,561


Municipal Bonds – (continued)
Florida – (continued)
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	180,000	2.250		05/01/2021		180,244
	185,000	2.250		05/01/2022		187,678
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	195,000	5.000		08/01/2021		198,032
	360,000	5.000		08/01/2022		382,756
	640,000	5.000		08/01/2023		708,675
	420,000	5.000		08/01/2024		482,055
	520,000	5.000		08/01/2025		616,041
	The Miami-Dade County School Board GO Bonds Series 2014 A (AA-/Aa3)
	2,920,000	5.000		03/15/2029		3,295,796
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	990,000	2.125		05/01/2021		991,187
	1,015,000	2.250		05/01/2022		1,034,189
	1,040,000	2.500		05/01/2023		1,079,447
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	115,000	3.750		05/01/2021		115,284
	125,000	3.875		05/01/2022		129,000
	125,000	4.000		05/01/2023		129,516
	135,000	4.125		05/01/2024		140,267
	140,000	4.150		05/01/2025		145,189
	145,000	4.250		05/01/2026		150,277
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	345,000	2.250		05/01/2021		345,440
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(e)
	315,000	2.750		05/01/2021		315,499
	325,000	3.000		05/01/2022		331,703
	335,000	3.100		05/01/2023		350,915
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	475,000	2.000		05/01/2023		484,775
	490,000	2.000		05/01/2024		501,749
	500,000	2.000		05/01/2025		511,145
	795,000	2.000		05/01/2026		808,365
	Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR)
	172,000	3.000		05/01/2021		172,212
	158,000	3.000		05/01/2022		160,476
	165,000	3.000		05/01/2023		169,110
	171,000	3.000		05/01/2024		175,966
	177,000	3.000		05/01/2025		182,136
	973,000	3.500		05/01/2030		1,014,237
	1,433,000	4.000		05/01/2036		1,519,600
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	460,000	4.500		05/01/2023		474,550


The accompanying notes are an integral part of these financial statements.		165

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
$	325,000	4.000 %		05/01/2021	$	325,781
	350,000	4.000		05/01/2022		361,550
	365,000	4.000		05/01/2023		387,290
	390,000	4.000		05/01/2024		423,053
	310,000	4.000		05/01/2025		342,125
	Village Community Development District No. 8 Special Assessment RB Phase II Series 2020 (AGM) (AA/NR)
	660,000	5.000		05/01/2021		662,041
	645,000	5.000		05/01/2022		673,719
	680,000	5.000		05/01/2023		737,047
	720,000	5.000		05/01/2024		804,765
	750,000	5.000		05/01/2025		859,890
	790,000	5.000		05/01/2026		925,689
	Village Community Development District No. 8 Special Assessment RB Phase III Series 2020 (AGM) (AA/NR)
	595,000	5.000		05/01/2021		596,840
	580,000	5.000		05/01/2022		605,761
	610,000	5.000		05/01/2023		661,569
	645,000	5.000		05/01/2024		721,559
	670,000	5.000		05/01/2025		769,030
	705,000	5.000		05/01/2026		827,220
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	205,000	2.250		11/01/2021		206,563
	210,000	2.250		11/01/2022		213,127
	215,000	2.500		11/01/2023		222,793
	Volusia County School Board COPS Series 2019 (NR/Aa3)
	1,350,000	5.000		08/01/2021		1,370,992
	1,255,000	5.000		08/01/2022		1,334,329
	1,250,000	5.000		08/01/2023		1,373,713
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	400,000	2.625		05/01/2021		400,641

						311,798,615

Georgia – 4.0%
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)^(a)(b)
	6,360,000	1.550		08/19/2022		6,463,498
	Brookhaven Development Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 A (AA+/Aa2)
	1,500,000	5.000		07/01/2022		1,589,815
	1,585,000	5.000		07/01/2023		1,752,782
	1,500,000	5.000		07/01/2024		1,722,498
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)^(a)(b)
	3,975,000	2.150		06/13/2024		4,157,715
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(a)(b)
	2,115,000	2.250		05/25/2023		2,193,521


Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(a)(b)
	4,000,000	2.925		03/12/2024		4,263,750
	Burke County Development Authority Pollution Control RB for Georgia Power Company Series 1994 (A-/Baa1)^(a)(b)
	80,000	2.150		06/13/2024		83,677
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (BBB+/Baa1)^(a)(b)
	2,000,000	1.500		02/03/2025		2,039,465
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)^(a)(b)
	29,150,000	3.000		02/01/2023		30,399,579
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)^(a)(b)
	6,045,000	1.550		08/19/2022		6,143,371
	23,865,000	1.700		08/22/2024		24,646,474
	Carroll County School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/Aa1)
	200,000	5.000		04/01/2024		227,754
	220,000	5.000		04/01/2025		259,276
	City of Atlanta Department of Aviation RB Refunding Series 2020 A (AA-/Aa3)
	1,985,000	5.000		07/01/2024		2,278,746
	4,900,000	5.000		07/01/2025		5,809,946
	5,500,000	5.000		07/01/2026		6,726,026
	City of Atlanta Department of Aviation RB Refunding Series 2020 B (AMT) (AA-/Aa3)
	1,280,000	5.000		07/01/2024		1,461,398
	2,000,000	5.000		07/01/2025		2,353,919
	2,410,000	5.000		07/01/2026		2,915,407
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000	5.000		12/01/2021		591,099
	500,000	5.000		12/01/2022		534,893
	500,000	5.000		12/01/2023		554,533
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2020 A (A/A2)
	150,000	5.000		04/01/2023		163,738
	200,000	5.000		04/01/2025		233,889
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A/A2)
	700,000	5.000		04/01/2022		732,247
	600,000	5.000		04/01/2023		654,954
	650,000	5.000		04/01/2024		736,244
	950,000	5.000		04/01/2025		1,110,972
	County of DeKalb Water & Sewerage RB Series 2011 (A+/Aa3)
	12,775,000	5.250		10/01/2041		13,079,415
	County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)
	8,025,000	5.000		09/01/2024		9,292,705
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	25,000,000	4.000		10/01/2021		25,468,957
	18,845,000	4.000		10/01/2022		19,909,087
	De Kalb Private Hospital Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 B (AA+/Aa2)
	1,000,000	5.000		07/01/2023		1,105,856


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Georgia – (continued)
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)^(a)(b)
$	1,100,000	5.000 %		07/01/2024	$	1,233,558
	Georgia State GO Bonds Series 2020 A (AAA/Aaa)
	37,585,000	5.000		08/01/2024		43,394,198
	Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000	5.000		09/01/2021		9,449,793
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)
	5,445,000	5.000		10/01/2021		5,575,645
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	3,250,000	5.000		08/01/2021		3,300,966
	5,340,000	5.000		08/01/2022		5,680,490
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(a)(b)
	56,500,000	4.000		09/01/2023		61,010,305
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	750,000	5.000		05/15/2021		753,964
	1,000,000	5.000		05/15/2022		1,051,720
	1,500,000	5.000		05/15/2023		1,644,262
	1,500,000	5.000		05/15/2024		1,701,203
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(a)(b)
	60,465,000	4.000		12/02/2024		67,293,657
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000	3.000		07/01/2022		26,475,484
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(c)
	14,565,000	(3 Mo. LIBOR + 0.60%), 0.759		10/01/2024		14,578,078
	Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A-/A1)
	1,300,000	3.000		11/01/2021		1,320,503
	1,250,000	3.000		11/01/2022		1,302,091
	2,650,000	4.000		11/01/2023		2,896,209
	3,000,000	4.000		11/01/2024		3,363,837
	800,000	4.000		11/01/2025		916,156
	800,000	5.000		11/01/2026		977,175
	Municipal Electric Authority of Georgia RB Refunding Series 2020 A (A-/A2)
	2,875,000	5.000		01/01/2022		2,974,425
	3,875,000	5.000		01/01/2023		4,183,550
	2,250,000	5.000		01/01/2024		2,523,187
	Municipal Electric Authority of Georgia RB Series 2007 A-2 (NATL-RE) (A-/A2)^(c)
	1,410,000	(MUNI-CPI + 1.05%), 2.497		01/01/2022		1,426,234
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	1,090,000	5.000		01/01/2022		1,127,695
	900,000	5.000		01/01/2023		971,663


Municipal Bonds – (continued)
Georgia – (continued)
	Private Colleges & Universities Authority RB Refunding for Emory University Series 2020 B (AA/Aa2)
	12,250,000	5.000		09/01/2025		14,615,583
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)^(d)(f)
	10,130,000	0.000		12/01/2021		10,120,711
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	6,090,000	1.900		08/01/2024		6,311,200
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	425,000	2.000		10/01/2024		442,662
	The Dalton City Board of Water Light & Sinking Fund Commissioners RB Series 2020 (A-/A2)
	325,000	5.000		03/01/2022		338,347
	500,000	5.000		03/01/2023		543,316
	350,000	5.000		03/01/2024		394,726
	400,000	5.000		03/01/2025		465,571

						482,015,370

Guam – 0.1%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (BB+/Baa2)
	1,000,000	5.000		10/01/2022		1,044,993
	825,000	5.000		10/01/2023		881,126
	A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (BB+/Baa2)
	3,350,000	3.133		10/01/2024		3,320,453
	2,000,000	3.319		10/01/2025		1,963,041
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)
	3,775,000	5.000		11/15/2021		3,871,976
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (ETM) (AGM-CR) (AA/A2)^(d)
	1,060,000	5.000		10/01/2021		1,084,373
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,535,000	5.000		10/01/2030		1,624,845
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000	5.000		07/01/2021		313,311
	500,000	5.000		07/01/2022		527,504
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	400,000	5.000		07/01/2021		404,272
	400,000	5.000		07/01/2022		422,004
	500,000	5.000		07/01/2023		547,611
	400,000	5.000		07/01/2024		451,724
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	800,000	5.000		07/01/2022		836,869
	500,000	5.000		07/01/2023		539,238

						17,833,340


The accompanying notes are an integral part of these financial statements.		167

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Hawaii – 0.3%
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
$	500,000	5.000 %		07/01/2021	$	505,838
	500,000	5.000		07/01/2022		530,067
	200,000	5.000		07/01/2023		221,409
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
	720,000	5.000		07/01/2021		728,406
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)^(d)
	3,185,000	5.000		12/01/2021		3,286,386
	Hawaii State GO Bonds Series 2013 EH (NR/NR)^(d)
	6,125,000	5.000		08/01/2023		6,801,250
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa2)
	7,545,000	3.000		10/01/2021		7,650,422
	Honolulu City & County GO Bonds Series 2012 A (NR/Aa1)^(d)
	3,620,000	5.000		11/01/2022		3,897,394
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,060,000	5.000		11/01/2022		3,292,968
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000	5.000		09/01/2021		4,456,798
	State of Hawaii Airports System RB Refunding Series 2020 E (A+/A1)
	910,000	1.392		07/01/2025		914,049
	1,350,000	1.706		07/01/2026		1,359,215
	State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A/A2)
	3,065,000	5.000		08/01/2023		3,375,832

						37,020,034

Idaho – 0.0%
	Idaho Health Facilities Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2015 D (AA-/Aa3)
	1,170,000	5.500		12/01/2026		1,402,138

Illinois – 7.3%
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)^(f)
	100,000	0.000		01/01/2022		99,693
	100,000	0.000		01/01/2023		99,046
	385,000	0.000		01/01/2024		377,613
	480,000	0.000		01/01/2025		464,152
	Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (AA/NR)
	770,000	5.000		01/01/2022		797,039
	550,000	5.000		01/01/2023		594,998
	270,000	5.000		01/01/2024		303,176
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(f)
	540,000	0.000		12/01/2026		491,129
	450,000	0.000		12/01/2027		396,961
	460,000	0.000		12/01/2029		377,995
	Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL-RE) (BB-/Baa2)^(f)
	9,285,000	0.000		12/01/2024		8,862,580


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(f)
	4,300,000	0.000		12/01/2022		4,240,897
	550,000	0.000		12/01/2025		513,258
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000	5.000		12/01/2022		535,839
	5,000,000	5.000		12/01/2023		5,559,312
	7,675,000	5.000		12/01/2024		8,798,688
	2,500,000	5.000		12/01/2025		2,947,424
	1,270,000	5.000		12/01/2026		1,534,306
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)^(f)
	4,645,000	0.000		01/01/2023		4,520,259
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	6,935,000	5.500		01/01/2023		7,326,027
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,995,000	5.000		01/01/2023		5,322,318
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000	5.000		01/01/2022		2,188,668
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	15,460,000	5.000		01/01/2040		15,486,740
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,775,000	5.000		01/01/2027		4,453,651
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,455,000	5.000		01/01/2022		14,962,590
	Chicago Illinois Midway Airport RB Refunding for Second Lien Series 2016 A (AMT) (A-/NR)
	3,240,000	5.000		01/01/2024		3,617,388
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A-/A3)
	5,055,000	5.000		01/01/2027		5,665,816
	Chicago Illinois O’Hare International Airport RB Refunding for General Airport Senior Lien Series 2013 B (A/A2)
	1,025,000	5.000		01/01/2023		1,109,047
	1,605,000	5.000		01/01/2024		1,737,145
	1,485,000	5.000		01/01/2026		1,602,930
	Chicago Illinois O’Hare International Airport RB Refunding for General Airport Senior Lien Series 2020 D (A/NR)
	1,750,000	0.959		01/01/2023		1,761,229
	1,500,000	1.168		01/01/2024		1,513,933
	7,800,000	1.368		01/01/2025		7,871,949
	Chicago Illinois O’Hare International Airport RB Refunding Series 2015 A (AMT) (A/NR)
	7,025,000	5.000		01/01/2034		8,017,447
	Chicago Illinois Sales Tax RB Series 2011 A (WD/WR)^(d)
	5,000,000	5.250		01/01/2022		5,190,520
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	1,450,000	5.000		01/01/2022		1,498,382
	100,000	5.000		01/01/2023		107,763


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
$	1,660,000	5.000 %		01/01/2022	$	1,715,390
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	6,000,000	5.000		11/01/2021		6,155,468
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	1,000,000	5.000		11/01/2021		1,025,911
	Chicago O’Hare International Airport Customer Facility Charge RB Series 2013 (BBB/Baa1)
	1,025,000	5.750		01/01/2038		1,104,228
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A/A2)
	1,195,000	5.000		01/01/2026		1,236,810
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A/A2)
	5,000,000	5.000		01/01/2026		5,169,997
	2,980,000	4.000		01/01/2027		3,051,724
	5,790,000	5.000		01/01/2030		5,972,809
	Chicago O’Hare International Airport RB for Senior Lien Series 2017 E (A/NR)
	3,275,000	5.000		01/01/2025		3,804,316
	Chicago O’Hare International Airport RB Refunding Series 2015 B (A/NR)
	6,030,000	5.000		01/01/2025		7,004,589
	Chicago Park District GO Refunding Bonds Series 2020 F-2 (AA-/NR)
	350,000	5.000		01/01/2025		400,692
	475,000	5.000		01/01/2026		559,132
	Chicago Transit Authority Sales Tax Receipts Fund RB Refunding Series 2020 B (AA/NR)
	1,215,000	1.708		12/01/2022		1,234,351
	1,405,000	1.838		12/01/2023		1,435,920
	1,605,000	2.064		12/01/2024		1,645,112
	1,660,000	2.214		12/01/2025		1,694,968
	City of Chicago GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	500,000	5.000		01/01/2024		549,784
	City of Chicago GO Refunding Bonds Series 2016 C (BBB+/NR)
	5,450,000	5.000		01/01/2022		5,613,290
	10,040,000	5.000		01/01/2023		10,697,912
	City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)^(d)
	10,550,000	5.000		01/01/2022		10,924,481
	5,020,000	5.000		01/01/2023		5,434,378
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	4,675,000	5.000		01/01/2026		5,405,451
	Cook County Community Consolidated School District No. 59 Elk Grove GO Bonds Series 2020 (AAA/NR)
	1,250,000	4.000		03/01/2023		1,339,549
	1,600,000	4.000		03/01/2024		1,768,195
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	200,000	4.000		01/01/2022		205,547
	590,000	4.000		01/01/2023		627,724
	190,000	4.000		01/01/2024		208,292


Municipal Bonds – (continued)
Illinois – (continued)
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	710,000	4.000		12/01/2021		726,430
	800,000	4.000		12/01/2022		845,282
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)
	9,000,000	5.000		12/01/2022		9,726,166
	County of Will Illinois GO Bonds Series 2016 (AA+/Aa1)^(d)
	12,000,000	5.000		11/15/2025		14,470,598
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000	1.960		02/01/2024		514,266
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (AA+/NR)^(d)(f)
	19,705,000	0.000		07/15/2023		19,535,338
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	425,000	4.000		12/01/2021		430,053
	300,000	5.000		12/01/2022		313,525
	450,000	5.000		12/01/2023		490,253
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligated Group Series 2017 B (AA+/Aa2)^(a)(b)
	5,000	5.000		12/15/2022		5,383
	Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (A-/NR)^(a)
	2,250,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.770		05/01/2026		2,250,002
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)^(d)
	7,050,000	5.000		12/01/2021		7,274,418
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	250,000	5.000		10/01/2024		285,838
	250,000	5.000		10/01/2025		294,457
	500,000	5.000		10/01/2026		604,360
	Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (A/Baa1)^(a)(b)
	1,890,000	0.700		09/01/2023		1,887,464
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,125,000	3.250		05/15/2022		1,133,214
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,000,000	5.000		09/01/2021		1,017,749
	1,000,000	5.000		09/01/2024		1,134,311
	600,000	5.000		09/01/2025		700,920
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	500,000	4.000		09/01/2021		506,236
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)^(a)(b)
	8,385,000	5.000		12/15/2022		9,027,154


The accompanying notes are an integral part of these financial statements.		169

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for OSF Healthcare System Obligated Group Series 2020 B-1 (A/A3)^(a)(b)
$	3,500,000	5.000 %		11/15/2024	$	3,969,473
	Illinois Finance Authority RB Refunding for OSF Healthcare System Obligated Group Series 2020 B-2 (A/A3)^(a)(b)
	4,500,000	5.000		11/15/2026		5,380,283
	Illinois Finance Authority RB Refunding for Swedish Covenant Health Obligated Group Series 2016 A (AA-/NR)^(d)
	7,375,000	5.250		08/15/2026		9,150,728
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	2,240,000	5.000		01/01/2025		2,570,651
	3,055,000	5.000		01/01/2026		3,603,841
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	1,000,000	5.000		01/01/2022		1,034,051
	1,500,000	5.000		01/01/2023		1,613,714
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000	5.000		01/01/2025		4,797,018
	Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (BB+/WR)^(f)
	10,665,000	0.000		06/15/2023		10,359,247
	3,235,000	0.000		06/15/2025		3,001,206
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	10,150,000	5.250		06/15/2032		11,288,650
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	4,100,000	5.500		07/01/2024		4,503,413
	2,200,000	5.500		07/01/2026		2,406,274
	3,425,000	5.500		07/01/2027		3,732,906
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	3,255,000	5.000		05/01/2024		3,646,996
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	5,000,000	5.000		01/01/2024		5,549,473
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	1,615,000	5.000		12/01/2025		1,880,973
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	9,000,000	5.000		12/01/2021		9,260,884
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	33,615,000	5.000		11/01/2021		34,464,377
	49,395,000	5.000		11/01/2022		52,653,687
	82,025,000	5.000		11/01/2023		90,379,829
	4,850,000	5.000		11/01/2025		5,608,982
	21,510,000	5.000		11/01/2026		25,330,903
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	13,400,000	5.000		05/01/2021		13,443,707
	Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000	5.000		05/01/2021		5,016,309
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	4,000,000	5.000		11/01/2024		4,541,845
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	2,000,000	5.125		05/01/2022		2,095,396
	2,000,000	5.375		05/01/2023		2,187,482
	2,100,000	5.500		05/01/2024		2,384,584


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2020 D (BBB-/Baa3)
	13,000,000	5.000		10/01/2024		14,727,990
	Illinois State GO Bonds Series 2021 A (BBB-/Baa3)
	2,550,000	5.000		03/01/2022		2,650,508
	3,000,000	5.000		03/01/2023		3,239,039
	2,500,000	5.000		03/01/2024		2,788,159
	2,800,000	5.000		03/01/2025		3,206,230
	2,750,000	5.000		03/01/2026		3,218,934
	Illinois State GO Bonds Series 2021 B (BBB-/Baa3)
	4,000,000	5.000		03/01/2022		4,157,660
	3,500,000	5.000		03/01/2023		3,778,879
	4,250,000	5.000		03/01/2024		4,739,870
	4,500,000	5.000		03/01/2025		5,152,869
	4,500,000	5.000		03/01/2026		5,267,347
	Illinois State GO Bonds Series 2021 C (BBB-/Baa3)
	8,500,000	4.000		03/01/2022		8,758,680
	10,000,000	4.000		03/01/2023		10,608,214
	6,550,000	4.000		03/01/2024		7,117,770
	1,500,000	4.000		03/01/2025		1,660,545
	Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)
	2,000,000	5.000		04/01/2021		2,000,000
	Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,360,000	5.000		02/01/2023		2,540,074
	10,000,000	5.000		02/01/2025		11,429,218
	Illinois State GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	2,000,000	5.000		10/01/2024		2,265,845
	Illinois State GO Refunding Bonds Series 2019 B (BBB-/Baa3)
	7,095,000	5.000		09/01/2025		8,219,946
	Illinois State RB Refunding Series 2016 C (BBB/NR)
	460,000	4.000		06/15/2024		498,153
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (BBB/NR)
	12,500,000	5.000		06/15/2021		12,599,145
	310,000	5.000		06/15/2022		324,443
	1,770,000	5.000		06/15/2023		1,912,839
	115,000	5.000		06/15/2024		125,169
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	2,125,000	5.000		06/15/2022		2,224,006
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	1,200,000	4.000		06/15/2021		1,207,195
	3,225,000	5.000		06/15/2022		3,375,257
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	2,675,000	4.000		06/15/2021		2,691,039
	Illinois State Sales Tax RB Series 2013 (BBB/NR)
	175,000	2.450		06/15/2022		177,086
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)
	2,250,000	5.000		01/01/2023		2,434,905
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	9,395,000	5.000		01/01/2025		10,928,616
	Illinois State Toll Highway Authority RB Refunding Series 2014 D (AA-/A1)
	18,390,000	5.000		01/01/2024		20,681,876


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Kane County School District No. 129 West Aurora GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
$	425,000	5.000 %		02/01/2022	$	440,060
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	510,000	3.000		12/01/2021		518,298
	440,000	4.000		12/01/2022		464,080
	520,000	5.000		12/01/2023		578,169
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2013 (AA/NR)^(d)
	1,500,000	5.625		01/15/2022		1,564,536
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (AA/NR)
	400,000	1.045		02/15/2025		399,434
	Metropolitan Pier & Exposition Authority RB Refunding for Capital Appreciation for McCormick Place Expansion Series 1996 A (NATL-RE) (BB+/Baa2)^(f)
	13,455,000	0.000		06/15/2022		13,329,457
	Metropolitan Water Reclamation District of Greater Chicago GO Capital Improvement Bonds Series 2011 B (AA/Aa2)
	2,000,000	5.000		12/01/2023		2,063,978
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (WD/NR)^(d)
	17,325,000	5.500		06/01/2021		17,470,733
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,015,000	5.000		06/01/2022		5,278,002
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,300,000	5.000		02/01/2023		3,551,798
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	15,000,000	5.000		06/01/2023		16,338,330
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	10,490,000	5.000		12/01/2023		11,613,874
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,000,000	5.000		10/01/2025		2,321,292
	University of Illinois Board Trustees COPS RB Refunding Series 2016 A (A-/A1)
	5,000,000	5.000		08/15/2021		5,080,857
	Western Illinois University RB Refunding Series 2020 (BAM) (AA/NR)
	1,100,000	4.000		04/01/2021		1,100,000
	1,000,000	4.000		04/01/2023		1,068,973
	Will County Community High School District No. 210 Lincoln- Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa1)
	950,000	4.000		01/01/2022		973,151
	Will County Community Unit School District No. 365 Valley View GO Bonds Series 2005 (ETM) (NATL-RE) (NR/Aa2)^(d)(f)
	7,520,000	0.000		11/01/2025		7,303,477

						874,130,232

Indiana – 0.8%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2017 (AMT) (A-/A2)^(a)(b)
	1,250,000	5.000		11/01/2024		1,443,125


Municipal Bonds – (continued)
Indiana – (continued)
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A2)^(a)(b)
	11,990,000	5.000		06/05/2026		14,554,011
	Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/Aa2)^{(a) (b) (d)}
	10,590,000	1.650		01/01/2022		10,707,256
	Indiana Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/Aa2)^{(a) (b) (d)}
	8,065,000	1.650		01/01/2022		8,154,298
	Indiana Finance Authority RB CWA Authority, Inc. Series 2015 A (AA/NR)
	16,825,000	5.000		10/01/2045		19,081,483
	Indiana Finance Authority RB Refunding for Indiana Department of Transportation Series 2016 C (AA+/Aa1)
	7,890,000	5.000		12/01/2025		9,513,462
	Indiana Finance Authority RB Refunding for Indiana University Health, Inc. Obligated Group Series 2016 A (AA/Aa2)
	3,250,000	5.000		12/01/2025		3,902,121
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A-/A2)^(a)(b)
	3,000,000	0.750		04/01/2026		2,957,353
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A-/A2)^(a)(b)
	4,525,000	0.950		04/01/2026		4,454,531
	Indiana Finance Authority RB Refunding for Parkview Health System Obligated Group Obligated Group Series 2017 A (AA-/Aa3)
	1,635,000	5.000		11/01/2025		1,957,939
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(a)
	7,390,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.620		11/01/2023		7,415,915
	Ivy Tech Community College of Indiana RB Refunding Series 2020 W (AA/NR)
	435,000	5.000		07/01/2024		498,613
	310,000	5.000		07/01/2025		367,282
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	340,000	5.000		07/15/2021		344,606
	405,000	3.000		01/15/2022		414,033
	290,000	5.000		07/15/2022		307,947
	300,000	5.000		01/15/2023		325,709
	375,000	3.000		07/15/2023		394,801
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000	3.050		06/01/2025		10,955,415

						97,749,900

Iowa – 0.1%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	640,000	5.000		02/15/2022		666,018
	630,000	5.000		02/15/2023		684,787


The accompanying notes are an integral part of these financial statements.		171

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Iowa – (continued)
	Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)^(d)
$	5,000,000	5.000 %		08/01/2021	$	5,079,069

						6,429,874

Kansas – 0.7%
	City of Olathe GO Bonds Series 2020 A (SP-1+/NR)
	17,000,000	3.000		08/01/2021		17,154,484
	Kansas City Wyandotte County Unified School District No. 500 GO Bonds Series 2016 A (AA-/Aa3)^(d)
	30,210,000	5.500		09/01/2026		37,852,166
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,105,000	4.000		10/01/2021		3,163,709
	State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)
	15,840,000	2.750		09/01/2023		16,727,745
	State of Kansas Department of Transportation RB Series 2014 A (AA/Aa2)
	3,630,000	5.000		09/01/2025		4,188,016
	Wyandotte County-Kansas City Unified Government Utility System RB Refunding Series 2020 B (A/A2)
	75,000	0.689		09/01/2021		75,073
	130,000	0.789		09/01/2022		130,517
	265,000	0.909		09/01/2023		266,719
	775,000	1.129		09/01/2024		781,710
	780,000	1.249		09/01/2025		782,793

						81,122,932

Kentucky – 1.6%
	City of Owensboro Electric Light & Power System RB Refunding Series 2019 (A-/A3)
	1,140,000	5.000		01/01/2022		1,179,251
	800,000	4.000		01/01/2023		848,844
	1,400,000	5.000		01/01/2024		1,563,475
	2,700,000	4.000		01/01/2025		3,001,760
	County of Owen RB Refunding for American Water/Kentucky-American Water Co. Obligated Group Project Series 2020 (A/Baa1)^(a)(b)
	1,665,000	0.700		09/01/2023		1,661,184
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(c)
	13,455,000	(3 Mo. LIBOR + 0.53%), 0.667		11/01/2027		13,243,699
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 B (NATL-RE) (A-/A1)^(c)
	2,000,000	(3 Mo. LIBOR + 0.55%), 0.687		11/01/2025		1,973,742
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2020 A (AA/A2)
	500,000	3.000		09/01/2022		518,992
	4,000,000	5.000		09/01/2022		4,264,066
	Kentucky Asset Liability Commission RB Refunding for 2014 Federal Highway Trust Fund Project Notes Series 2014 A (AA/A2)
	4,830,000	5.000		09/01/2025		5,544,164


Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa2)
	1,100,000	5.000		06/01/2021		1,106,437
	2,470,000	5.000		06/01/2022		2,574,729
	1,000,000	5.000		06/01/2023		1,076,722
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	685,000	5.000		08/01/2025		803,518
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A2)
	775,000	4.000		04/01/2021		775,000
	1,210,000	4.000		04/01/2022		1,253,601
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A2)^(a)(b)
	13,000,000	4.000		04/01/2024		14,249,004
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A2)^(a)(b)
	540,000	4.000		04/01/2024		591,882
	7,255,000	4.000		01/01/2025		8,027,065
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A1)
	1,080,000	4.000		06/01/2021		1,086,126
	1,515,000	4.000		12/01/2021		1,551,204
	1,765,000	4.000		06/01/2022		1,838,919
	2,420,000	4.000		12/01/2022		2,563,696
	3,765,000	4.000		06/01/2023		4,051,828
	7,385,000	4.000		12/01/2023		8,064,320
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A1)^(a)(b)
	9,055,000	4.000		06/01/2025		10,189,237
	Kentucky Public Energy Authority Gas Supply RB Series 2019 C (A/A1)^(a)(b)
	20,000,000	4.000		02/01/2028		23,441,574
	Kentucky Public Energy Authority RB Series 2020 A (NR/A2)^(a)(b)
	10,470,000	4.000		06/01/2026		11,986,735
	Kentucky State Property & Building Commission RB Refunding Project No. 100 Series 2011 A (A-/A1)
	2,065,000	5.000		08/01/2021		2,096,566
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	5,110,000	5.000		11/01/2022		5,487,259
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)^(d)
	3,560,000	5.000		07/01/2022		3,775,458
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)
	2,000,000	5.000		07/01/2030		2,111,815
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)
	2,995,000	5.000		07/01/2023		3,295,714
	Kentucky Turnpike Authority RB Refunding for Kentucky Transportation Cabinet Series 2016 A (A-/Aa3)
	1,000,000	5.000		07/01/2021		1,011,113


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Kentucky – (continued)
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 A (A/A1)^(a)(b)
$	7,250,000	1.650 %		06/01/2021	$	7,265,312
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 B (A/A1)^(a)(b)
	3,000,000	1.650		06/01/2021		3,006,336
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 B (A/NR)^(a)(b)
	19,530,000	5.000		10/01/2023		21,690,123
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A/A1)
	3,800,000	0.900		09/01/2026		3,763,421
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	3,320,000	5.000		05/15/2030		3,417,337
	Louisville Water Co. RB Refunding Series 2019 (AAA/Aaa)
	9,390,000	5.000		11/15/2023		10,546,732

						196,497,960

Louisiana – 2.7%
	Consolidated Government of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB Refunding Series 2020 (A+/A2)
	1,500,000	5.000		08/01/2021		1,522,237
	Consolidated Government of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB Refunding Series 2020 (AGM) (AA/A2)
	425,000	5.000		08/01/2022		450,811
	610,000	5.000		08/01/2023		673,656
	1,000,000	5.000		08/01/2024		1,142,406
	1,100,000	5.000		08/01/2025		1,295,954
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (AA-/NR)
	215,000	5.000		02/01/2022		223,510
	135,000	5.000		02/01/2023		146,676
	465,000	5.000		02/01/2024		524,837
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (AA-/NR)
	1,395,000	5.000		02/01/2022		1,450,216
	1,530,000	5.000		02/01/2023		1,662,335
	1,570,000	5.000		02/01/2024		1,772,029
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for East Baton Rouge Sewerage Commission Series 2020 B (A+/NR)^(a)(b)
	35,000,000	0.875		02/01/2025		34,785,779
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	740,000	2.250		10/01/2021		746,825
	850,000	5.000		10/01/2021		869,247
	800,000	2.500		10/01/2022		824,551
	950,000	5.000		10/01/2022		1,014,364


Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	10,000,000	3.375		09/01/2028		10,000,000
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	14,000,000	3.500		06/01/2030		14,072,678
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2020 B (A/A3)^(a)(b)
	19,105,000	5.000		05/15/2025		22,334,127
	Louisiana Stadium & Exposition District RB Series 2020 (AA-/NR)
	15,000,000	5.000		07/03/2023		16,162,669
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,040,000	5.000		08/01/2022		5,362,752
	Louisiana State GO Refunding Bonds Series 2014 C (AA-/Aa3)
	11,520,000	5.000		08/01/2025		13,205,871
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)^(a)(b)
	12,160,000	2.000		04/01/2023		12,401,281
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)^(a)(b)
	23,150,000	2.100		07/01/2024		23,787,401
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (BBB-/Baa3)^(a)(b)
	12,250,000	2.125		07/01/2024		12,596,979
	State of Louisiana Gasoline & Fuels Tax RB Refunding First Lien Series 2015 A (AA-/Aa2)
	120,000,000	4.000		05/01/2041		131,864,832
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (AA-/Aa3)^(a)(b)
	3,075,000	0.600		05/01/2023		3,073,141
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (AA-/Aa3)^(a)(b)
	4,615,000	0.600		05/01/2023		4,612,209
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-2 (AA-/Aa3)^(a)(b)
	4,000,000	0.550		05/01/2022		4,000,286
	State of Louisiana Gasoline & Fuels Tax RB Refunding Series 2020 A-2 (AA-/Aa2)
	250,000	0.443		05/01/2021		250,047
	800,000	0.543		05/01/2022		802,496
	450,000	0.614		05/01/2023		452,166
	265,000	0.769		05/01/2024		266,508
	425,000	0.869		05/01/2025		425,100

						324,775,976

Maine – 0.2%
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	1,345,000	4.000		10/01/2021		1,370,230
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,545,000	5.000		06/01/2021		8,609,962
	8,000,000	5.000		06/01/2022		8,448,745
	4,290,000	5.000		06/01/2023		4,732,229

						23,161,166


The accompanying notes are an integral part of these financial statements.		173

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Maryland – 1.6%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (CCC/NR)
$	500,000	5.000 %		09/01/2021	$	501,723
	500,000	5.000		09/01/2022		505,820
	County of Anne Arundel GO Refunding Bonds Series 2021 (AAA/Aa1)
	8,300,000	5.000		04/01/2026		10,122,999
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,025,000	5.000		08/01/2022		2,154,118
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000	5.000		03/01/2023		3,083,336
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	835,000	4.000		01/01/2022		854,846
	815,000	4.000		01/01/2023		858,461
	1,050,000	4.000		01/01/2024		1,133,737
	2,805,000	4.000		01/01/2025		3,090,201
	County of Montgomery COPS Public Facilities Project Series 2020 A (AA+/Aa1)
	6,430,000	5.000		10/01/2024		7,465,074
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)^(d)
	14,350,000	5.000		11/01/2023		16,124,200
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,275,000	3.000		11/01/2022		8,646,546
	County of Prince George’s Public Improvement GO Bonds Series 2014 A (AAA/Aaa)
	3,530,000	4.000		09/01/2032		3,885,632
	1,360,000	4.000		09/01/2033		1,496,761
	Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR)
	685,000	2.625		07/01/2024		696,156
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 A (A-/NR)
	750,000	5.000		07/01/2021		758,298
	750,000	5.000		07/01/2022		792,300
	815,000	5.000		07/01/2023		894,908
	1,000,000	5.000		07/01/2024		1,134,460
	750,000	5.000		07/01/2025		875,878
	1,250,000	5.000		07/01/2026		1,495,142
	1,250,000	5.000		07/01/2027		1,527,261
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	8,315,000	1.700		09/01/2022		8,465,166
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (NR/Baa3)
	815,000	4.000		01/01/2024		875,866
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	100,000	4.000		10/01/2021		101,479
	165,000	4.000		10/01/2022		172,297
	340,000	4.000		10/01/2023		363,735
	350,000	4.000		10/01/2024		381,962
	390,000	4.000		10/01/2025		432,808


Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Serie 2020 B-1 (A/A2)^(a)(b)
	4,325,000	5.000		07/01/2025		4,997,943
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Serie 2020 B-2 (A/A2)^(a)(b)
	7,000,000	5.000		07/01/2027		8,516,497
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	675,000	4.000		06/01/2021		678,013
	Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)^(d)
	15,820,000	5.000		08/01/2021		16,070,176
	Maryland State Transportation Authority RB Series 2012 A (AMT) (A/A2)
	1,345,000	5.000		06/01/2022		1,417,217
	Maryland State Transportation Authority RB Series 2020 (AA-/Aa2)
	900,000	5.000		07/01/2025		1,070,467
	1,325,000	5.000		07/01/2026		1,622,659
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000	4.000		12/01/2026		10,492,639
	State of Maryland Department of Transportation Second Issue RB Series 2018 (AAA/Aa1)
	14,645,000	5.000		10/01/2025		17,577,871
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000	4.000		12/15/2026		10,763,237
	State of Maryland GO Refunding Series 2015 B (AAA/Aaa)
	15,000,000	4.000		08/01/2024		16,817,829
	State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)^(d)
	19,935,000	4.000		08/01/2021		20,186,045
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,595,000	5.000		04/01/2022		1,672,065
	1,075,000	5.000		04/01/2023		1,177,372

						191,951,200

Massachusetts – 2.6%
	City of Lawrence GO Bonds Series 2020 (ST AID WITHHLDG) (SP-1+/NR)
	3,600,000	1.500		09/01/2021		3,618,424
	City of Quincy GO Bonds Series 2020 (SP-1+/NR)
	55,206,000	2.000		07/09/2021		55,485,326
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)^(d)
	9,315,000	5.000		12/01/2021		9,614,662
	Massachusetts Bay Transportation Authority RB Refunding Series 2016 A (AAA/Aa1)
	4,105,000	5.000		07/01/2025		4,888,236
	Massachusetts Bay Transportation Authority RB Series 2005 A (AA/Aa2)
	6,260,000	5.000		07/01/2025		7,451,503


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Clean Water Trust RB Refunding Series 2006 (AAA/Aaa)^(c)
$	2,050,000	(MUNI-CPI + 0.99%), 2.165 %		08/01/2023	$	2,122,736
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
	3,795,000	5.000		02/01/2023		4,126,885
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)
	730,000	4.000		07/01/2021		736,549
	750,000	4.000		07/01/2022		784,574
	750,000	5.000		07/01/2023		827,968
	500,000	5.000		07/01/2024		572,422
	Massachusetts Development Finance Agency RB for Waste Management of Massachusetts, Inc. Series 2002 (AMT) (A-/NR)^{(a) (b) (e)}
	4,250,000	2.450		05/03/2021		4,257,329
	Massachusetts Development Finance Agency RB Refunding for Northeastern University Series 2020 A (NR/A1)
	1,575,000	5.000		10/01/2024		1,823,182
	920,000	5.000		10/01/2025		1,101,072
	Massachusetts Development Finance Agency RB Refunding for Partners Healthcare System, Inc. Series 2017 S-4 (AA-/Aa3)^(a)(b)
	2,000,000	5.000		01/25/2024		2,258,374
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	200,000	5.000		10/01/2021		204,578
	275,000	5.000		10/01/2022		293,973
	300,000	5.000		10/01/2023		332,191
	350,000	5.000		10/01/2024		400,433
	300,000	5.000		10/01/2025		353,348
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	460,000	5.000		07/01/2021		465,044
	875,000	5.000		07/01/2022		924,350
	725,000	5.000		07/01/2023		796,083
	Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA) (FNMA) (FHLMC) (AA+/Aa1)^(a)(b)
	5,250,000	1.850		06/01/2025		5,422,709
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,305,000	2.078		10/15/2023		2,399,185
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(c)
	7,665,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		7,529,658
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(c)
	11,560,000	(3 Mo. LIBOR + 0.57%), 0.707		05/01/2037		11,355,883
	Massachusetts State GO Bonds Series 2014 F (AA/Aa1)
	58,940,000	4.000		11/01/2031		61,921,126
	Massachusetts State GO Bonds Series 2015 (AA/Aa1)
	1,450,000	3.500		05/01/2036		1,522,810
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)^(c)
	38,250,000	(3 Mo. LIBOR + 0.55%), 0.687		11/01/2025		38,271,932


Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Refunding Bonds Series 2020 A (AA/Aa1)^(a)(b)
	26,000,000	5.000		06/01/2023		28,644,517
	Massachusetts State GO Refunding Bonds Series 2020 E (AA/Aa1)
	2,650,000	0.695		11/01/2025		2,646,313
	Massachusetts State Special Obligation RB Series 2005 A (AGM) (AA+/Aa1)^(c)
	705,000	(MUNI-CPI + 1.77%), 2.970		06/01/2022		724,900
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	875,000	5.000		01/01/2022		906,125
	1,300,000	5.000		01/01/2023		1,403,277
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (AA/Aa2)^(a)(b)
	1,205,000	5.000		01/01/2023		1,304,688
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(a)(b)
	40,050,000	5.000		01/01/2023		43,363,268
	Massachusetts Water Resources Authority RB Refunding Series 2016 C (AA+/Aa1)
	3,970,000	5.000		08/01/2025		4,735,072

						315,590,705

Michigan – 2.0%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	3,660,000	5.000		05/01/2021		3,672,377
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,385,000	5.000		11/01/2022		1,486,113
	Chippewa Valley Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/Aa1)
	255,000	0.478		05/01/2023		255,460
	375,000	0.640		05/01/2024		375,320
	1,520,000	0.790		05/01/2025		1,512,537
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000	5.000		07/01/2022		846,560
	900,000	5.000		07/01/2023		989,302
	13,450,000	5.000		07/01/2048		15,088,299
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)
	1,500,000	5.000		07/01/2021		1,517,329
	1,500,000	5.000		07/01/2022		1,587,300
	1,500,000	5.000		07/01/2023		1,648,838
	500,000	5.000		07/01/2024		569,300
	550,000	5.000		07/01/2025		624,332
	Detroit Michigan School District GO Refunding Bonds for School Building and Site Improvement Series 2012 A (Q-SBLF) (AA/Aa1)
	7,455,000	5.000		05/01/2023		7,838,853
	1,095,000	5.000		05/01/2031		1,150,286
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)^(c)
	5,435,000	(3 Mo. LIBOR + 0.60%), 0.759		07/01/2032		5,337,608


The accompanying notes are an integral part of these financial statements.		175

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2020 B (A+/A2)
$	375,000	1.442 %		07/01/2021	$	376,079
	260,000	1.492		07/01/2022		263,791
	Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (AA-/A1)
	115,000	1.503		07/01/2023		117,858
	370,000	1.604		07/01/2024		381,599
	200,000	1.654		07/01/2025		205,973
	Lansing Board of Water & Light RB Series 2021 B (AA-/Aa3)^(a)(b)
	11,135,000	2.000		07/01/2026		11,770,229
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	3,810,000	5.000		08/01/2021		3,868,114
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)
	510,000	5.000		11/15/2021		524,750
	Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/WR)
	1,510,000	5.000		04/01/2021		1,510,000
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	500,000	3.600		10/01/2021		503,172
	500,000	3.800		10/01/2022		510,915
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	5,175,000	5.000		07/01/2021		5,234,280
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	10,000,000	5.000		07/01/2021		10,114,550
	9,225,000	5.000		07/01/2022		9,769,030
	5,000,000	5.000		07/01/2023		5,518,597
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A1)
	750,000	5.000		07/01/2021		758,500
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)^(d)
	10,015,000	5.000		12/01/2021		10,337,181
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)^(d)
	9,840,000	5.000		06/01/2022		10,389,592
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)
	2,650,000	5.000		12/01/2025		3,127,527
	1,205,000	5.500		12/01/2027		1,440,247


Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority RB Refunding for Great Lakes Water Authority Water Supply System Revenue Series 2014 D-2 (AGM) (AA/A1)
	4,000,000	5.000		07/01/2024		4,573,814
	Michigan Finance Authority RB Refunding for Trinity Health Corp Obligated Group Series 2017 A (AA-/Aa3)
	1,950,000	5.000		12/01/2023		2,189,014
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (A/NR)
	5,000,000	0.747		06/01/2021		5,001,010
	5,000,000	0.897		06/01/2022		5,007,486
	5,000,000	1.086		06/01/2023		5,018,345
	5,500,000	1.376		06/01/2024		5,534,407
	10,000,000	1.476		06/01/2025		10,006,873
	Michigan State Building Authority RB Refunding Series 2020 (AA-/Aa2)
	1,110,000	0.461		10/15/2022		1,113,134
	750,000	0.602		04/15/2023		753,745
	920,000	0.652		10/15/2023		924,192
	1,810,000	0.816		10/15/2024		1,815,111
	2,880,000	0.916		10/15/2025		2,857,576
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)^(a)(b)
	2,600,000	1.900		11/15/2047		2,600,000
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)^(a)(b)
	4,400,000	2.400		03/15/2023		4,570,273
	Michigan State Hospital Finance Authority RB Refunding for Trinity Health Corp Obligated Group Series 2008 C (AA-/Aa3)
	2,215,000	5.000		12/01/2025		2,659,445
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000	5.000		12/31/2023		2,469,338
	2,685,000	5.000		06/30/2024		3,049,416
	3,500,000	5.000		12/31/2024		4,037,572
	Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)^(a)(b)
	11,700,000	2.850		08/02/2021		11,792,195
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)^(a)(b)
	2,000,000	1.450		09/01/2021		2,009,721
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(a)(b)
	4,000,000	1.450		09/01/2021		4,019,442
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,380,000	5.000		05/01/2023		2,612,775
	2,730,000	5.000		05/01/2024		3,112,829
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	665,000	4.000		03/01/2023		691,005
	690,000	4.000		03/01/2024		725,762
	720,000	4.000		03/01/2025		764,506
	745,000	4.000		03/01/2026		797,532
	775,000	4.000		03/01/2027		834,691


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)^(a)
$	3,930,000	(SIFMA Municipal Swap Index Yield + 0.27%), 0.340 %		04/01/2022	$	3,933,012
	University of Michigan General RB RMKT 07/26/18 Series 2012 E (AAA/Aaa)^(a)(b)
	19,790,000	0.050		04/01/2021		19,790,000
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	500,000	1.810		05/01/2023		506,628
	515,000	1.889		05/01/2024		522,672
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)
	1,000,000	5.000		05/01/2021		1,003,219
	1,000,000	5.000		05/01/2022		1,047,725
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A-/A1)
	600,000	5.000		12/01/2021		618,816
	500,000	5.000		12/01/2022		539,212
	Wayne State University RB Series 2020 A (A+/Aa3)
	500,000	0.897		11/15/2021		501,484
	745,000	1.097		11/15/2022		751,599
	500,000	1.219		11/15/2023		506,083
	700,000	1.322		11/15/2024		708,749
	Western Michigan University RB Refunding Series 2019 A (A/Aa3)
	1,490,000	5.000		11/15/2022		1,601,209
	160,000	5.000		11/15/2023		178,597

						244,972,012

Minnesota – 0.6%
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)^(a)(b)
	10,795,000	4.500		11/15/2021		11,071,489
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (NR/Baa1)
	500,000	4.000		05/01/2021		501,201
	500,000	4.000		05/01/2022		517,702
	575,000	5.000		05/01/2023		625,475
	Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (A/NR)
	2,810,000	5.000		01/01/2024		3,144,640
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	75,000	3.000		12/01/2021		75,804
	100,000	3.000		12/01/2022		102,625
	100,000	3.000		12/01/2023		103,948
	100,000	4.000		12/01/2024		108,199
	180,000	4.000		12/01/2025		197,684
	Minnesota State Trunk Highway GO Bonds Series 2020 F (AAA/Aa1)
	2,450,000	2.500		08/01/2026		2,694,333
	Minnesota State Trunk Highway GO Refunding Bonds Series 2020 G (AAA/Aa1)
	6,560,000	0.400		08/01/2022		6,581,830
	5,275,000	0.400		08/01/2023		5,288,235


Municipal Bonds – (continued)
Minnesota – (continued)
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)
	9,800,000	5.000		08/01/2021		9,955,301
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)
	6,305,000	5.000		08/01/2021		6,404,915
	Minnesota State Various Purpose GO Refunding Bonds Series 2020 F (AAA/Aa1)
	12,850,000	1.000		08/01/2022		12,994,565
	13,730,000	1.000		08/01/2023		13,954,961
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,240,000	5.000		08/01/2022		3,448,825

						77,771,732

Mississippi – 0.9%
	City of Jackson GO Refunding Bonds Series 2021 (A+/Baa3)
	340,000	5.000		03/01/2022		354,122
	325,000	5.000		03/01/2023		352,765
	500,000	5.000		03/01/2024		562,657
	1,000,000	5.000		03/01/2025		1,159,735
	830,000	5.000		03/01/2026		989,212
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(a)(b)
	7,725,000	2.750		12/09/2021		7,834,387
	Mississippi Business Finance Corp. RB for Waste Management, Inc. Series 2002 (AMT) (A-/NR)^(a)(b)
	1,000,000	2.200		06/03/2024		1,049,058
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,100,000	2.500		04/01/2022		9,135,590
	Mississippi Hospital Equipment & Facilities Authority RB Refunding for Baptist Memorial Health Care Obligated Group Series 2020 A-1 (BBB+/NR)^(a)(b)
	7,750,000	5.000		09/01/2025		8,865,664
	Mississippi Hospital Equipment & Facilities Authority RB Refunding for Baptist Memorial Health Care Obligated Group Series 2020 A-2 (BBB+/NR)^(a)(b)
	10,500,000	0.650		09/01/2021		10,502,534
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)^(d)
	10,000,000	5.000		11/01/2025		12,016,539
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)^(d)
	21,415,000	5.000		10/01/2021		21,928,823
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(a)(b)
	8,225,000	2.900		09/01/2023		8,647,781
	Warren County RB Refunding for International Paper Company, Series 2020 A (BBB/Baa2)^(a)(b)
	9,085,000	1.375		06/16/2025		9,273,657
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)^(a)(b)
	1,175,000	1.600		06/16/2025		1,210,272
	Warren County RB Refunding for International Paper Company, Series 2020 C (BBB/Baa2)^(a)(b)
	9,300,000	1.375		06/16/2025		9,493,122

						103,375,918


The accompanying notes are an integral part of these financial statements.		177

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Missouri – 0.3%
	Kansas City Industrial Development Authority RB Refunding for Kansas City International Airport Project Series 2020 C (A-/A2)
$	5,000,000	0.889 %		03/01/2022	$	5,009,729
	4,000,000	1.075		03/01/2023		4,021,723
	3,000,000	1.302		03/01/2024		3,025,754
	3,220,000	1.402		03/01/2025		3,230,868
	Metropolitan St. Louis Sewer District RB Refunding Series 2015 B (AAA/Aa1)^(d)
	4,665,000	5.000		05/01/2025		5,520,519
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	570,000	5.000		09/01/2023		618,135
	600,000	5.000		09/01/2024		668,373
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	665,000	5.000		02/15/2022		692,152
	575,000	5.000		02/15/2023		625,229
	400,000	5.000		02/15/2024		452,356
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	105,000	5.000		10/01/2024		119,352
	125,000	5.000		10/01/2025		146,148
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
	5,300,000	1.600		12/01/2022		5,338,945
	Southeast Missouri State University RB Refunding Series 2020 (A/NR)
	585,000	5.000		04/01/2022		611,353
	1,200,000	5.000		04/01/2023		1,301,488
	1,405,000	5.000		04/01/2024		1,573,158
	1,410,000	5.000		04/01/2025		1,625,438
	2,795,000	5.000		04/01/2026		3,301,462

						37,882,182

Montana – 0.1%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	210,000	4.000		07/01/2021		211,925
	310,000	5.000		07/01/2022		328,441
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,790,000	2.000		08/01/2023		9,012,532
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	470,000	5.000		12/01/2022		507,268
	Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	750,000	5.000		01/01/2022		776,622
	500,000	5.000		01/01/2023		541,364

						11,378,152

Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(a)(b)
	12,400,000	4.000		08/01/2025		14,076,403


Municipal Bonds – (continued)
Nebraska – (continued)
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000	5.000		09/01/2021		2,666,831
	County of Washington RB Refunding for Cargill, Inc. Series 2012 (AMT) (A/NR)^(a)(b)
	4,700,000	0.900		09/01/2025		4,721,837
	Douglas County Hospital Authority No. 2 RB for Children’s Hospital Obligated Group Series 2020 B (AA-/A1)^(a)(b)
	2,100,000	5.000		11/15/2025		2,481,972
	Douglas County Hospital Authority No. 2 RB Refunding for Children’s Hospital Obligated Group Series 2020 A (AA-/A1)
	100,000	5.000		11/15/2021		102,880
	110,000	5.000		11/15/2023		122,847
	175,000	5.000		11/15/2025		208,237

						24,381,007

Nevada – 0.6%
	City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A1)
	1,000,000	5.000		06/01/2021		1,007,443
	1,970,000	5.000		06/01/2024		2,252,881
	Clark County School District Building GO Bonds Series 2016 B (A+/A1)
	1,190,000	5.000		06/15/2022		1,256,778
	Clark County School District Building GO Bonds Series 2017 A (A+/A1)
	3,675,000	5.000		06/15/2022		3,881,227
	Clark County School District GO Bonds Series 2020 A (AGM) (A+/A1)
	600,000	3.000		06/15/2022		619,373
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	250,000	3.000		06/15/2023		264,583
	275,000	3.000		06/15/2024		297,116
	325,000	3.000		06/15/2025		356,600
	550,000	5.000		06/15/2026		667,350
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000	5.000		07/01/2022		3,858,890
	County of Clark Department of Aviation RB Refunding for Jet Aviation Fuel Tax Series 2013 A (AMT) (A/A1)
	500,000	5.000		07/01/2022		528,778
	1,650,000	5.000		07/01/2025		1,784,644
	2,100,000	5.000		07/01/2026		2,268,683
	County of Clark GO Bonds Series 2013 (AA+/Aa1)^(d)
	19,840,000	5.000		11/01/2023		22,292,970
	County of Clark Passenger Facility Charge RB Refunding Series 2017 B (AMT) (A/Aa3)
	5,000,000	5.000		07/01/2023		5,497,305
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)
	12,000,000	1.450		12/01/2024		12,233,377
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000	5.000		07/01/2025		806,452
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	200,000	5.000		07/01/2024		224,293


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Nevada – (continued)
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA/Aa1)
$	9,010,000	5.000 %		06/01/2021	$	9,078,785
	State of Nevada GO Bonds for Capital Improvements & Cultural Affairs Series 2014 A (AA+/WR)
	2,590,000	5.000		04/01/2021		2,590,000
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)^(a)(b)
	2,160,000	3.000		06/01/2022		2,224,675
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 C (AMT) (NR/A2)^(a)(b)
	2,000,000	0.625		04/15/2022		2,002,559

						75,994,762

New Hampshire – 0.4%
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	220,000	4.000		01/01/2024		237,909
	285,000	4.000		01/01/2025		315,964
	265,000	4.000		01/01/2026		299,994
	250,000	4.000		01/01/2027		287,506
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(a)
	31,000,000	(SIFMA Municipal Swap Index Yield + 0.75%), 0.820		10/01/2021		31,003,416
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-1 (AMT) (A-/NR)^(a)(b)
	1,250,000	2.150		07/01/2024		1,306,221
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-2 (AMT) (A-/NR)^(a)(b)
	5,000,000	2.150		07/01/2024		5,224,886
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-3 (AMT) (A-/NR)^(a)(b)
	5,000,000	2.150		07/01/2024		5,224,886
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-4 (AMT) (A-/NR)^(a)(b)
	3,000,000	2.150		07/01/2024		3,134,931

						47,035,713

New Jersey – 5.8%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	500,000	5.000		03/01/2023		540,524
	Borough of Fair Lawn GO Bonds Series 2020 (NR/MIG1)
	5,000,000	1.500		09/10/2021		5,029,123
	Burlington County Bridge Commission RB for County of Burlington NJ Series 2020 A&B (NR/MIG1)
	30,000,000	3.500		04/15/2021		30,039,171
	City of Newark GO Bonds Series 2020 (NR/NR)
	3,500,000	3.500		07/27/2021		3,535,918


Municipal Bonds – (continued)
New Jersey – (continued)
	City of Newark GO Refunding Bonds Series 2020 A (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000%		10/01/2023		1,106,254
	800,000	5.000		10/01/2024		914,086
	650,000	5.000		10/01/2025		764,334
	750,000	5.000		10/01/2026		904,763
	City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (NR/Baa1)
	115,000	5.000		10/01/2021		117,363
	750,000	5.000		10/01/2022		794,800
	City of Newark GO Refunding Bonds Series 2020 B (AGM) (SCH BD RES FD) (AA/A2)
	525,000	5.000		10/01/2023		580,783
	650,000	5.000		10/01/2024		742,695
	600,000	5.000		10/01/2025		705,540
	City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (NR/A3)
	250,000	5.000		10/01/2021		255,237
	580,000	5.000		10/01/2022		614,646
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	830,000	4.000		10/01/2021		845,776
	2,450,000	4.000		10/01/2022		2,590,230
	2,655,000	4.000		10/01/2024		2,985,483
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(f)
	5,750,000	0.000		11/01/2021		5,733,041
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	180,000	4.000		07/01/2021		180,452
	220,000	4.000		01/01/2022		221,716
	225,000	4.000		07/01/2022		225,990
	270,000	4.000		01/01/2023		271,204
	275,000	4.000		07/01/2023		276,568
	320,000	4.000		01/01/2024		321,387
	325,000	4.000		07/01/2024		326,653
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (BBB/Baa1)
	10,070,000	5.000		06/15/2040		11,147,318
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A+/A1)
	1,375,000	1.000		06/01/2023		1,386,622
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A+/A1)^(a)(b)
	8,645,000	1.200		06/01/2023		8,753,179
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A+/A1)
	2,550,000	1.150		06/01/2023		2,573,152
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A+/A1)
	3,100,000	0.850		12/01/2025		3,067,618


The accompanying notes are an integral part of these financial statements.		179

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. – Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
$	1,835,000	4.000 %		06/01/2021	$	1,843,192
	1,000,000	4.000		06/01/2022		1,032,962
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB/Baa1)
	12,350,000	5.500		09/01/2024		14,352,949
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB/Baa1)^(c)
	13,315,000	(SIFMA Municipal Swap Index Yield + 1.25%), 1.320		09/01/2025		13,282,389
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB/Baa1)
	22,710,000	5.000		06/15/2021		22,919,482
	6,900,000	5.000		06/15/2025		8,082,657
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB/Baa1)
	2,345,000	5.000		06/15/2023		2,577,667
	6,500,000	5.000		06/15/2024		7,393,319
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	260,000	5.000		06/15/2022		274,622
	250,000	5.000		06/15/2023		274,805
	300,000	5.000		06/15/2024		341,230
	385,000	5.000		06/15/2025		450,989
	555,000	5.000		06/15/2026		666,445
	445,000	5.000		06/15/2027		545,191
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (BBB+/NR)
	485,000	5.000		07/01/2021		489,892
	440,000	5.000		07/01/2022		462,787
	New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)
	750,000	5.000		07/01/2021		758,573
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)^(a)(b)
	13,480,000	5.000		07/01/2024		15,349,249
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-2 (AA-/A1)^(a)(b)
	6,825,000	5.000		07/01/2025		8,014,189
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000	5.000		07/01/2021		1,010,673
	1,240,000	5.000		07/01/2022		1,308,025
	New Jersey State Turnpike Authority RB Refunding Series 2005 A (AGM) (AA/A2)
	1,615,000	5.250		01/01/2026		1,961,229


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (ETM) (A+/A2)^(d)
	3,560,000	5.000		01/01/2022		3,689,078
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)^(c)
	5,000,000	(1 Mo. LIBOR + 0.48%), 0.561		01/01/2022		5,006,975
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)^(c)
	15,565,000	(1 Mo. LIBOR + 0.60%), 0.681		01/01/2023		15,627,240
	New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A+/A2)^(c)
	5,000,000	(1 Mo. LIBOR + 0.70%), 0.781		01/01/2024		5,045,082
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,650,000	5.000		01/01/2027		9,872,854
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)^(f)
	28,575,000	0.000		12/15/2028		24,685,934
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB/Baa1)
	10,000,000	5.000		06/15/2021		10,092,242
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	1,000,000	5.000		06/15/2021		1,009,224
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB/Baa1)
	15,550,000	5.500		12/15/2021		16,116,018
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	25,080,000	5.250		12/15/2022		27,189,973
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)^(f)
	25,055,000	0.000		12/15/2025		23,792,396
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BHAC- CR) (AA+/Aa1)^(f)
	1,130,000	0.000		12/15/2026		1,066,434
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)^(f)
	34,200,000	0.000		12/15/2027		30,947,214
	320,000	0.000		12/15/2031		255,273
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB/Baa1)
	3,435,000	5.000		12/15/2023		3,847,033
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (BBB/Baa1)^(d)
	5,185,000	5.000		06/15/2021		5,233,964
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
	8,105,000	5.000		12/15/2024		9,369,142
	12,030,000	5.000		12/15/2025		14,305,356


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (BBB/Baa1)
$	2,000,000	5.000 %		12/15/2023	$	2,239,903
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,215,000	5.000		06/15/2021		5,264,039
	5,000,000	5.000		06/15/2022		5,281,201
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB/Baa1)
	27,745,000	5.250		12/15/2023		31,263,105
	New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL-RE) (BBB/Baa1)
	4,920,000	5.750		06/15/2023		5,488,634
	New Jersey Transportation Trust Fund Authority RB Series 2006 C (AMBAC) (BBB/Baa1)^(f)
	3,500,000	0.000		12/15/2026		3,256,689
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000	5.000		06/15/2023		12,374,269
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB/Baa1)^(d)
	5,150,000	5.250		06/15/2021		5,201,134
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	30,330,000	5.500		12/15/2022		33,009,750
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,050,000	2.000		08/01/2022		1,075,366
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	22,450,000	4.000		06/01/2023		24,190,562
	50,135,000	5.000		06/01/2024		57,147,272
	44,005,000	5.000		06/01/2025		51,775,953
	20,000,000	5.000		06/01/2026		24,162,974
	19,885,000	5.000		06/01/2027		24,558,603
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	4,175,000	3.200		06/01/2027		4,282,495
	Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)
	2,695,000	2.000		07/15/2022		2,754,078

						691,421,601

New Mexico – 0.7%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa3)
	6,480,000	5.000		07/01/2021		6,554,862
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB/Baa2)^(a)(b)
	100,000	1.875		10/01/2021		100,736
	6,545,000	1.875		10/01/2021		6,593,166
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 B (BBB/Baa2)^(a)(b)
	50,000	2.125		06/01/2022		50,891
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (BBB/Baa2)^(a)(b)
	10,000,000	1.150		06/01/2024		10,104,926


Municipal Bonds – (continued)
New Mexico – (continued)
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (BBB/Baa2)^(a)(b)
	14,760,000	1.100		06/01/2023		14,897,966
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (BBB/Baa2)^(a)(b)
	11,500,000	1.150		06/01/2024		11,620,665
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB/Baa2)^(a)(b)
	15,425,000	1.875		10/01/2021		15,538,516
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB/Baa2)^(a)(b)
	3,750,000	2.125		06/01/2022		3,816,860
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,075,000	5.000		06/15/2022		4,311,772
	New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)
	3,600,000	5.000		06/15/2021		3,634,498
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	100,000	4.000		09/01/2023		106,603
	100,000	4.000		09/01/2024		108,821
	175,000	4.000		09/01/2025		193,846
	150,000	5.000		09/01/2026		176,530

						77,810,658

New York – 15.6%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	5,400,000	1.625		11/01/2025		5,465,612
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (NR/Ba1)
	1,250,000	5.000		07/15/2021		1,257,298
	500,000	5.000		07/15/2022		526,308
	500,000	5.000		07/15/2023		545,753
	Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (AA/NR)
	500,000	5.000		04/01/2024		566,501
	520,000	5.000		04/01/2025		608,335
	500,000	5.000		04/01/2026		602,154
	Catskill Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	10,000,000	1.250		06/30/2021		10,022,949
	City of Middletown GO Bonds Series 2020 (NR/MIG1)
	6,925,000	1.500		08/26/2021		6,960,942
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa2)^(a)(b)
	42,105,000	5.000		02/01/2024		46,073,118
	City of New York GO Bonds Series 2012 B (AA/Aa2)
	6,675,000	5.000		08/01/2023		7,098,567
	City of Rochester GO Bonds Series 2020 (NR/NR)
	59,305,000	3.000		06/30/2021		59,715,100
	55,895,000	2.000		08/04/2021		56,240,325
	City of Syracuse GO Bonds Series 2020 (NR/NR)
	50,000,000	2.000		07/30/2021		50,278,860


The accompanying notes are an integral part of these financial statements.		181

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
$	2,535,000	5.000 %		04/01/2021	$	2,535,000
	2,345,000	5.000		04/01/2022		2,454,944
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	1,000,000	5.000		07/01/2022		1,059,231
	County of Nassau GO Bonds Series 2014 A (A+/A2)^(d)
	12,040,000	5.000		04/01/2024		13,714,788
	County of Suffolk GO Bonds Anticipation Notes Series 2020 I (SP-2/NR)
	14,485,000	2.000		07/22/2021		14,563,055
	County of Suffolk GO Bonds Anticipation Notes Series 2020 II (SP-2/NR)
	2,500,000	2.000		08/19/2021		2,516,266
	County of Suffolk GO Refunding Bonds Series 2020 B (AGM) (AA/NR)
	3,430,000	5.000		05/15/2022		3,603,156
	3,115,000	5.000		05/15/2023		3,417,359
	County of Suffolk GO Refunding Bonds Series 2020 C (AGM) (AA/NR)
	1,275,000	0.899		06/15/2022		1,276,659
	1,060,000	1.046		06/15/2023		1,062,655
	2,690,000	1.407		06/15/2024		2,701,991
	Eastport-South Manor Central School District GO Bonds Series 2020 (ST AID WITHHDLG) (NR/NR)
	15,200,000	1.500		04/15/2021		15,207,021
	Greece Central School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/NR)
	23,000,000	1.500		06/29/2021		23,073,011
	Hermon-DeKalb Central School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/MIG1)
	5,100,000	1.500		08/20/2021		5,124,583
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(a)
	34,000,000	(1 Mo. LIBOR + 0.75%), 0.831		10/01/2023		34,032,524
	Long Island Power Authority RB Refunding Series 2015 C (A/A2)^(a)
	28,500,000	(1 Mo. LIBOR + 0.75%), 0.831		10/01/2023		28,527,314
	Long Island Power Authority RB Refunding Series 2020 B (A/A2)^(a)(b)
	8,000,000	0.850		09/01/2025		7,983,946
	Long Island Power Authority RB Series 2012 B (A/A2)
	10,000,000	5.000		09/01/2027		10,649,022
	Long Island Power Authority RB Series 2019 B (A/A2)^(a)(b)
	13,675,000	1.650		09/01/2024		14,132,163
	Metropolitan Transportation Authority Dedicated Tax Fund Bonds Anticipation Notes Series 2019 A (SP-1+/NR)
	32,625,000	5.000		03/01/2022		33,991,952
	Metropolitan Transportation Authority Dedicated Tax RB Refunding RMKT 08/13/13 Series 2008 B-4 (AA/NR)
	14,265,000	5.000		11/15/2023		15,977,730
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	41,265,000	5.000		02/01/2023		44,375,234


Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-2S (SP-2/MIG2)
	30,390,000	4.000		02/01/2022		31,213,083
	Metropolitan Transportation Authority RB Green Bond Subseries 2019 A-1 (BBB+/A3)^(a)(b)
	56,070,000	5.000		11/15/2024		64,111,840
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	4,250,000	4.000		11/15/2026		4,899,216
	3,750,000	5.000		11/15/2027		4,617,441
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	4,750,000	5.000		11/15/2030		5,023,756
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)^(a)
	26,620,000	(1 Mo. LIBOR + 0.55%), 0.627		11/01/2022		26,514,784
	Metropolitan Transportation Authority RB RMKT 03/18/21 Series 2002 B-1 (AA/NR)
	7,000,000	3.000		11/01/2022		7,307,511
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/A3)^(a)
	26,625,000	(1 Mo. LIBOR + 0.55%), 0.623		11/01/2022		26,519,863
	Metropolitan Transportation Authority RB Series 2018 B-2A (SP-2/MIG2)
	14,325,000	5.000		05/15/2021		14,393,823
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP-2/MIG2)
	9,000,000	5.000		09/01/2022		9,537,458
	Metropolitan Transportation Authority RB Subseries 2005 D-1 (BBB+/A3)^(a)
	25,585,000	(1 Mo. LIBOR + 0.65%), 0.727		07/01/2021		25,574,595
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (BBB+/A3)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 0.520		11/15/2022		14,887,236
	Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (BBB+/NR)
	260,000	5.000		12/01/2021		267,739
	300,000	5.000		12/01/2022		322,188
	250,000	5.000		12/01/2023		278,667
	600,000	5.000		12/01/2024		690,184
	750,000	5.000		12/01/2025		887,602
	New York City GO Bonds Fiscal 2008 Series J Subseries J-3 (AA/Aa2)
	19,400,000	5.000		08/01/2022		20,634,309
	New York City GO Bonds Fiscal 2019 Series A (AA/Aa2)
	10,000,000	5.000		08/01/2022		10,636,242
	New York City GO Bonds Series 2010 F-1 (AA/Aa2)
	2,160,000	5.887		12/01/2024		2,564,455
	New York City GO Bonds Series 2015 F-1 (AA/Aa2)
	5,395,000	5.000		06/01/2025		6,367,172


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York City GO Bonds Subseries 2006 C-4 (AGM) (AA/Aa2)^(b)
$	300,000	0.240 %		04/02/2021	$	300,000
	New York City GO Bonds Subseries 2012 A-1 (AA/Aa2)^(d)
	10,210,000	5.000		10/01/2022		10,954,134
	New York City GO Refunding Bonds Fiscal 2018 Series A (AA/Aa2)
	4,175,000	5.000		08/01/2026		5,100,585
	New York City GO Refunding Bonds Fiscal 2019 Series A (AA/Aa2)
	4,395,000	5.000		08/01/2024		5,050,645
	4,670,000	5.000		08/01/2025		5,541,310
	New York City GO Refunding Bonds Series 2015 A (AA/Aa2)
	8,670,000	5.000		08/01/2021		8,806,534
	New York City GO Refunding Bonds Subseries 2020 C-1 (AA/Aa2)
	1,160,000	5.000		08/01/2024		1,333,048
	New York City GO Refunding Bonds Subseries 2021 A-1 (AA/Aa2)
	11,845,000	5.000		08/01/2024		13,612,034
	6,265,000	5.000		08/01/2025		7,433,899
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(a)(b)
	6,500,000	2.750		12/29/2023		6,752,008
	New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (AA+/Aa2)^(a)(b)
	10,500,000	1.125		11/01/2024		10,568,318
	New York City Housing Development Corp. RB Green Bonds Series 2018 L-1 (AA+/Aa2)^(a)(b)
	510,000	2.750		12/29/2023		529,773
	New York City Housing Development Corp. RB Series 2020 D-2 (AA+/Aa2)^(a)(b)
	2,000,000	0.700		11/01/2024		2,005,766
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (BBB+/Baa1)^(c)
	2,505,000	(MUNI-CPI + 0.87%), 2.270		03/01/2025		2,573,025
	2,610,000	(MUNI-CPI + 0.88%), 2.280		03/01/2026		2,680,788
	2,725,000	(MUNI-CPI + 0.89%), 2.290		03/01/2027		2,794,551
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL-RE) (BBB+/Baa1)^(c)
	2,405,000	(MUNI-CPI + 0.86%), 2.260		03/01/2024		2,470,216
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	1,000,000	5.000		01/01/2024		1,125,503
	1,000,000	5.000		01/01/2025		1,164,045
	1,000,000	5.000		01/01/2026		1,200,145
	New York City Transitional Finance Authority Building Aid RB Series 2015 S-1 (ST AID WITHHLDG) (AA/Aa3)
	10,000,000	5.000		07/15/2033		11,565,453
	New York City Transitional Finance Authority Future Tax Secured RB Refunding Series 2015 C (AAA/Aa1)
	2,325,000	5.000		11/01/2024		2,704,343


Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (AAA/Aa1)^(a)(b)
	200,000	0.010		04/11/2021		200,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2013 Subseries A-6 (AAA/Aa1)
	15,750,000	5.000		08/01/2027		19,743,649
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2014 D-1 (AAA/Aa1)
	4,600,000	5.000		02/01/2028		5,184,998
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)
	3,825,000	5.000		08/01/2030		4,381,953
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	23,565,000	2.570		11/01/2023		24,879,041
	25,580,000	2.640		11/01/2024		27,433,588
	17,885,000	2.740		11/01/2025		19,159,585
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)^(a)(b)
	26,000,000	0.060		04/02/2021		26,000,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)
	7,800,000	1.940		05/01/2024		8,124,520
	33,155,000	2.010		05/01/2025		34,564,837
	New York City Water & Sewer System RB Series 2013 DD (AA+/Aa1)
	10,000,000	5.000		06/15/2035		10,980,827
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)^(a)(b)
	4,540,000	2.000		12/31/2021		4,542,485
	New York State Dormitory Authority RB for New York State University Series 2013 A (A+/Aa3)
	2,450,000	5.000		07/01/2025		2,678,970
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(a)(b)
	10,380,000	5.000		05/01/2022		10,658,083
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(a)(b)
	6,230,000	5.000		05/01/2024		6,956,232
	4,000,000	5.000		05/01/2024		4,466,280
	New York State Dormitory Authority RB for State of New York Personal Income Tax Revenue Series 2010 D (AA+/Aa2)
	7,770,000	5.000		03/15/2024		8,768,623
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa2)
	62,425,000	5.000		03/15/2023		68,249,864
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	925,000	5.000		07/01/2024		1,026,744
	970,000	5.000		07/01/2025		1,101,186
	1,025,000	5.000		07/01/2026		1,186,953
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,170,000	5.000		05/01/2022		1,228,431
	1,215,000	5.000		05/01/2023		1,330,642


The accompanying notes are an integral part of these financial statements.		183

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (AA+/Aa2)
$	32,965,000	3.250 %		03/15/2035	$	34,627,596
	New York State Dormitory Authority Sales Tax RB Refunding Series 2014 A (AA+/Aa2)
	5,580,000	5.000		03/15/2029		6,308,640
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa2)
	4,360,000	5.000		03/15/2025		5,128,288
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 B (AA+/Aa2)
	8,225,000	5.000		03/15/2032		9,761,838
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa2)
	31,875,000	5.000		03/15/2023		34,849,250
	New York State Dormitory Authority School District Financing RB Series 2020 A (AGM) (AA/A1)
	550,000	5.000		10/01/2022		589,657
	675,000	5.000		10/01/2023		752,768
	815,000	5.000		10/01/2024		940,663
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa2)
	730,000	4.900		03/15/2023		794,864
	New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (AA+/Aa2)
	34,055,000	5.000		03/15/2025		40,055,927
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2012 A (AA+/Aa2)
	5,125,000	5.000		12/15/2029		5,532,732
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2017 A (AA+/Aa2)
	2,150,000	5.000		02/15/2026		2,599,472
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(b)
	27,750,000	0.110		04/30/2021		27,750,000
	New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/A3)^(a)(b)
	17,000,000	2.625		07/03/2023		17,719,314
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (AA+/Aa2)
	1,120,000	5.000		03/15/2027		1,269,776
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2015 A (AA+/Aa2)
	4,220,000	5.000		03/15/2025		4,963,618
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa2)
	945,000	5.000		03/15/2022		988,331
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2010 C (AA+/Aa2)
	4,435,000	5.360		03/15/2024		5,018,104
	New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2013 C (AA+/Aa2)
	10,000,000	5.000		03/15/2029		10,893,871


Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa2)
	10,175,000	2.670		03/15/2023		10,589,039
	28,250,000	2.860		03/15/2024		29,914,222
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa2)
	20,015,000	2.980		03/15/2025		21,459,294
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	5,000,000	5.000		01/01/2022		5,150,184
	5,300,000	5.000		01/01/2023		5,663,520
	13,975,000	5.000		01/01/2024		15,436,008
	8,000,000	5.000		01/01/2025		9,098,315
	3,425,000	5.000		01/01/2026		4,000,488
	3,000,000	5.000		01/01/2028		3,676,373
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	250,000	5.000		12/01/2022		267,585
	1,500,000	5.000		12/01/2023		1,663,598
	1,850,000	5.000		12/01/2024		2,102,246
	1,115,000	5.000		12/01/2025		1,299,083
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 B (BBB/Baa1)
	1,500,000	1.360		12/01/2021		1,503,886
	1,200,000	1.610		12/01/2022		1,211,032
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,100,000	5.000		12/01/2021		1,133,113
	850,000	5.000		12/01/2022		913,894
	2,080,000	5.000		12/01/2023		2,308,599
	1,000,000	5.000		12/01/2024		1,143,690
	830,000	5.000		12/01/2025		973,179
	1,000,000	5.000		12/01/2026		1,202,046
	Niagara Falls Bridge Commission RB Series 1992 (NATL-RE) (A+/Baa2)
	7,230,000	6.250		10/01/2021		7,441,815
	Oyster Bay GO Refunding Bonds Series 2020 (BAM) (AA/Baa1)
	500,000	4.000		11/01/2023		546,455
	475,000	4.000		11/01/2024		533,146
	750,000	4.000		11/01/2025		862,543
	800,000	4.000		11/01/2026		940,472
	675,000	4.000		11/01/2027		807,185
	Oyster Bay GO Refunding Bonds Series 2020 (BBB+/Baa1)
	840,000	2.000		11/01/2021		847,834
	820,000	4.000		11/01/2022		863,243
	Oyster Bay GO Refunding Bonds Series 2021 (AGM) (AA/Baa1)
	575,000	4.000		03/01/2025		650,486
	925,000	4.000		03/01/2026		1,072,200
	825,000	4.000		03/01/2027		975,152
	850,000	4.000		03/01/2028		1,021,230
	Oyster Bay GO Refunding Bonds Series 2021 (BBB+/Baa1)
	475,000	2.000		03/01/2022		481,342
	440,000	4.000		03/01/2023		468,561
	425,000	4.000		03/01/2024		468,245


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
$	200,000	5.000 %		07/15/2021	$	202,647
	1,125,000	5.000		07/15/2022		1,192,976
	1,500,000	5.000		07/15/2023		1,658,448
	2,355,000	5.000		07/15/2024		2,694,710
	1,400,000	5.000		07/15/2025		1,651,025
	2,250,000	5.000		07/15/2026		2,725,929
	1,625,000	5.000		07/15/2027		2,012,442
	Port Authority of New York & New Jersey Consolidated RB Series 158 (A+/Aa3)
	6,315,000	5.859		12/01/2024		7,499,332
	Port Authority of New York & New Jersey Consolidated RB Series 169 (A+/Aa3)
	1,250,000	5.000		10/15/2024		1,281,431
	Port Authority of New York & New Jersey Consolidated RB Series 177 (A+/Aa3)
	2,715,000	4.000		07/15/2031		2,852,173
	Port Authority of New York & New Jersey Consolidated RB Series 186 (AMT) (A+/Aa3)
	5,295,000	5.000		10/15/2021		5,428,140
	8,345,000	5.000		10/15/2033		9,508,742
	Port Authority of New York & New Jersey Consolidated RB Series 193 (AMT) (A+/Aa3)
	2,280,000	5.000		10/15/2021		2,337,329
	Port Authority of New York & New Jersey Consolidated RB Series 2018 (AMT) (A+/Aa3)
	2,505,000	5.000		09/15/2025		2,969,435
	Port Authority of New York & New Jersey Consolidated RB Series 202 (AMT) (A+/Aa3)
	2,000,000	5.000		10/15/2021		2,050,289
	Port Authority of New York & New Jersey Consolidated RB Series AAA (A+/Aa3)
	156,640,000	1.086		07/01/2023		158,972,793
	Rocky Point Union Free School District GO Bonds Series 2020 (ST AID WITHHDLG) (NR/NR)
	3,200,000	1.500		06/25/2021		3,208,344
	Sales Tax Asset Receivable Corp. RB Refunding for Fiscal 2015 Series A (AA+/Aa2)
	1,365,000	5.000		10/15/2029		1,576,445
	2,500,000	4.000		10/15/2032		2,784,073
	Southwestern Central School District GO Bonds Series 2020 B (ST AID WITHHLDG) (NR/NR)
	5,650,000	1.500		06/24/2021		5,664,164
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,200,000	2.000		10/15/2021		5,244,647
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000	5.000		06/01/2021		4,990,618
	5,005,000	5.000		06/01/2022		5,267,144
	Suffolk County New York GO Bonds Series 2019 A (BAM) (AA/NR)
	3,160,000	5.000		04/01/2023		3,449,654
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000	4.000		02/01/2023		7,491,669


Municipal Bonds – (continued)
New York – (continued)
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000	4.000		10/15/2023		6,929,871
	Triborough Bridge & Tunnel Authority RB Refunding Series 2012 B (AA-/Aa3)
	7,125,000	5.000		11/15/2028		7,665,703
	Triborough Bridge & Tunnel Authority RB Refunding Series 2018 B (AA-/Aa3)
	7,610,000	5.000		11/15/2025		9,143,369
	Triborough Bridge & Tunnel Authority RB Refunding Subseries 2005 B-4 (AA-/Aa3)^(a)
	6,500,000	(SOFR + 0.38%), 0.387		02/01/2024		6,497,046
	Triborough Bridge & Tunnel Authority RB Series 2012 A (AA-/Aa3)
	5,000,000	4.000		11/15/2036		5,223,482
	Triborough Bridge & Tunnel Authority RB Series 2014 A (AA-/Aa3)
	20,135,000	5.000		11/15/2039		22,656,317
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	1,000,000	5.000		06/01/2021		1,007,172
	Utility Debt Securitization Authority Restructuring RB Series 2013 (AAA/Aaa)
	9,740,000	5.000		12/15/2030		10,949,807
	2,500,000	5.000		12/15/2041		2,789,040
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,025,000	5.000		12/15/2023		1,059,660

						1,872,174,282

North Carolina – 2.0%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	425,000	2.000		10/01/2024		442,662
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	450,000	2.000		10/01/2024		468,701
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)^(a)(b)
	1,750,000	2.100		10/01/2024		1,828,737
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (BBB/NR)^(a)(b)
	4,550,000	1.375		06/16/2025		4,644,484
	County of Wake GO Refunding Bonds Series 2021 (AAA/Aaa)^(h)
	7,845,000	5.000		04/01/2026		9,572,391
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)^(d)
	71,475,000	5.000		04/01/2022		74,935,777
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)^(d)
	35,000,000	5.000		04/01/2022		36,694,679


The accompanying notes are an integral part of these financial statements.		185

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (A-/NR)
$	220,000	3.000 %		05/01/2022	$	226,162
	250,000	4.000		05/01/2023		268,802
	190,000	4.000		05/01/2024		209,987
	240,000	5.000		05/01/2025		280,996
	275,000	5.000		05/01/2026		330,885
	North Carolina Medical Care Commission RB for Caromont Health Obligated Group Series 2021 B (AA-/NR)^(a)(b)
	3,470,000	5.000		02/01/2026		4,184,202
	North Carolina Municipal Power Agency No. 1 RB Refunding Series 2015 A (A/NR)
	6,170,000	5.000		01/01/2025		7,177,175
	North Carolina Turnpike Authority RB Series 2020 (BBB/NR)
	87,795,000	5.000		02/01/2024		98,854,466

						240,120,106

North Dakota – 0.1%
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	805,000	5.000		11/01/2021		826,755
	1,815,000	5.000		11/01/2022		1,946,015
	1,655,000	5.000		11/01/2023		1,846,115
	2,000,000	4.000		11/01/2024		2,172,465
	4,155,000	4.500		11/01/2026		4,529,553

						11,320,903

Ohio – 1.9%
	Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (BBB+/Baa2)
	125,000	5.000		11/15/2025		146,941
	175,000	5.000		11/15/2026		210,987
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,720,000	6.973		02/15/2024		3,141,740
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	925,000	5.000		02/15/2025		1,077,840
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	3,180,000	5.000		02/15/2023		3,456,544
	1,435,000	5.000		02/15/2024		1,619,754
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (A/NR)
	7,045,000	1.580		06/01/2021		7,058,282
	6,000,000	1.630		06/01/2022		6,081,746
	6,345,000	1.650		06/01/2023		6,485,584
	5,935,000	1.709		06/01/2024		6,090,884
	7,500,000	1.809		06/01/2025		7,684,951
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-1 Class 2 (BBB+/NR)
	2,955,000	1.850		06/01/2029		2,848,893
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	5,000,000	5.000		04/01/2023		5,480,353
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2021 A (AAA/Aaa)
	12,685,000	5.000		04/01/2025		14,977,211


Municipal Bonds – (continued)
Ohio – (continued)
	Cleveland GO Bonds Series 2020 A (AA+/A1)
	125,000	2.000		12/01/2022		128,612
	260,000	3.000		12/01/2023		278,281
	200,000	3.000		12/01/2024		217,877
	380,000	3.000		12/01/2025		420,135
	600,000	3.000		12/01/2026		670,925
	County of Allen Hospital Facilities Revenue RB for Bon Secours Mercy Health, Inc. Series 2017 B (A+/A1)^(a)(b)
	5,000,000	5.000		05/05/2022		5,249,483
	County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (A/Baa1)
	1,950,000	5.000		11/15/2024		2,237,794
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000	5.000		02/15/2023		1,882,190
	3,000,000	5.000		02/15/2024		3,336,280
	1,500,000	5.000		02/15/2025		1,716,937
	Hamilton County Sewer System RB Refunding Series 2019 A (AA+/Aa2)
	3,000,000	4.000		12/01/2021		3,075,043
	6,450,000	5.000		12/01/2024		7,510,819
	Hillsdale Local School District COPS Series 2020 (BAM) (AA/A2)
	675,000	4.000		12/01/2023		734,283
	1,245,000	4.000		12/01/2024		1,386,909
	1,120,000	4.000		12/01/2025		1,274,066
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	875,000	1.875		05/01/2023		902,516
	875,000	1.960		05/01/2024		911,937
	1,325,000	2.060		05/01/2025		1,390,498
	Miami Oxford University RB Refunding Series 2020 A (AA/Aa3)
	300,000	5.000		09/01/2021		305,884
	340,000	5.000		09/01/2022		362,894
	575,000	5.000		09/01/2023		639,927
	395,000	5.000		09/01/2024		456,088
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BBB-/Ba1)
	1,075,000	2.875		02/01/2026		1,118,689
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,695,000	2.875		02/01/2026		2,804,527
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (BBB+/NR)^(a)(b)
	3,750,000	2.100		10/01/2024		3,895,533
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 D (BBB+/NR)^(a)(b)
	5,000,000	1.900		10/01/2024		5,190,090
	Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A+/A2)^(c)
	155,000	(MUNI-CPI + 1.08%), 2.619		12/01/2021		156,672
	155,000	(MUNI-CPI + 1.10%), 2.639		12/01/2022		158,921
	165,000	(MUNI-CPI + 1.12%), 2.659		12/01/2023		170,868


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A+/A2)^(c)
$	680,000	(MUNI-CPI + 1.08%), 2.619 %		12/01/2021	$	687,336
	710,000	(MUNI-CPI + 1.10%), 2.639		12/01/2022		727,958
	480,000	(MUNI-CPI + 1.12%), 2.659		12/01/2023		497,071
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A/A3)
	425,000	5.000		05/01/2023		464,153
	985,000	5.000		05/01/2024		1,114,391
	650,000	5.000		05/01/2026		781,376
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,485,000	5.000		08/01/2023		8,317,739
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)^(d)
	1,685,000	5.000		05/01/2022		1,773,270
	Ohio State Infrastructure Improvement GO Bonds Series 2013 A (AA+/Aa1)
	6,505,000	4.000		02/01/2030		6,777,132
	Ohio State RB for Department of Transportation Series 2019-1 (AA/Aa2)
	1,000,000	5.000		12/15/2022		1,082,222
	1,295,000	5.000		12/15/2023		1,458,464
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)^(a)(b)
	15,100,000	5.000		09/15/2021		15,403,976
	20,000	5.000		09/15/2021		20,403
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)^(a)(b)
	11,775,000	5.000		09/15/2023		13,075,480
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2020 B (A/A2)^(a)(b)
	5,335,000	5.000		01/15/2025		6,187,478
	Ohio State RB Refunding for Administrative Building Fund Series 2020 A (AA/Aa2)
	6,000,000	1.562		10/01/2021		6,040,406
	1,125,000	1.678		10/01/2024		1,164,310
	Ohio State RB Refunding for Adult Correctional Building Funds Series 2020 A (AA/Aa2)
	5,220,000	1.562		10/01/2021		5,252,843
	4,000,000	1.592		10/01/2022		4,074,805
	4,535,000	1.610		10/01/2023		4,657,951
	3,625,000	1.678		10/01/2024		3,738,959
	Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (A/Baa1)
	140,000	5.000		11/15/2024		160,878
	280,000	5.000		11/15/2025		330,809
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)^(d)
	7,400,000	4.000		05/01/2021		7,420,887
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	8,250,000	3.250		11/01/2022		8,611,478


Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)
	6,085,000	5.000		06/01/2021		6,131,455
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)^(d)
	1,240,000	5.000		06/01/2022		1,310,003
	University of Toledo General Receipts RB Series 2011 B (A/A2)^(d)
	355,000	5.000		06/01/2021		357,682
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)^(d)
	2,805,000	5.000		05/01/2022		2,951,941

						225,519,244

Oklahoma – 0.6%
	City of Tulsa GO Bonds Series 2020 (AA/Aa1)
	5,300,000	5.000		03/01/2023		5,785,732
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	1,400,000	5.000		06/01/2021		1,409,751
	2,005,000	5.000		06/01/2022		2,107,859
	Oklahoma Capitol Improvement Authority RB Series 2017 B (AA-/NR)
	6,155,000	5.000		01/01/2025		7,197,131
	Oklahoma County Independent School District No. 12 Edmond GO Bonds Series 2020 (AA+/NR)
	7,700,000	2.000		03/01/2023		7,970,953
	Oklahoma County Independent School District No. 89 Oklahoma City GO Bonds Series 2020 A (AA/NR)
	16,520,000	1.250		07/01/2024		16,989,261
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	525,000	5.000		08/15/2022		551,114
	500,000	5.000		08/15/2023		546,537
	500,000	5.000		08/15/2024		563,547
	Oklahoma Development Finance Authority RB for Gilcrease Developers LLC Series 2020 A (AMT) (NR/Baa2)
	17,390,000	1.625		07/06/2023		17,470,220
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,840,000	4.000		01/01/2023		3,027,234
	Tulsa County Independent School District No. 1 GO Bonds Series 2020 B (AA/NR)
	7,300,000	2.000		08/01/2024		7,680,335

						71,299,674

Oregon – 0.7%
	City of Portland Sewer System RB for Second Lien Series 2020 A (AA/Aa2)
	6,370,000	5.000		03/01/2024		7,235,498
	6,710,000	5.000		03/01/2025		7,892,239
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	385,000	5.000		03/01/2023		405,371
	200,000	5.000		03/01/2024		215,031
	200,000	5.000		03/01/2025		218,646


The accompanying notes are an integral part of these financial statements.		187

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Oregon – (continued)
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)^(f)
$	3,780,000	0.000 %		06/15/2021	$	3,777,964
	Oregon Health & Science University RB Refunding for Oregon Health & Science University Obligated Group Series 2019 A (AA-/Aa3)
	600,000	5.000		07/01/2021		606,858
	850,000	5.000		07/01/2022		900,018
	950,000	5.000		07/01/2023		1,048,534
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)^(a)(b)
	13,050,000	2.400		08/14/2023		13,649,233
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/NR)
	400,000	5.000		10/01/2024		457,191
	125,000	5.000		10/01/2026		151,016
	Port of Portland Airport Taxable RB Series 27 B (A+/NR)
	875,000	0.800		07/01/2022		876,380
	1,100,000	1.000		07/01/2023		1,101,043
	1,155,000	1.200		07/01/2024		1,151,901
	1,000,000	1.300		07/01/2025		988,002
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)^(d)
	6,930,000	5.000		06/15/2023		7,662,825
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	12,520,000	4.000		06/15/2021		12,614,647
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	2,000,000	5.000		06/15/2021		2,019,006
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aa1)
	2,130,000	5.000		04/01/2022		2,232,697
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa2)
	2,135,000	5.000		05/01/2024		2,440,037
	State of Oregon Department of Transportation RB Senior Lien Series 2020 B (AAA/Aa1)
	1,125,000	0.414		11/15/2023		1,126,064
	1,520,000	0.566		11/15/2024		1,515,510
	4,145,000	0.686		11/15/2025		4,092,337
	Tualatin Hills Park & Recreation District GO Refunding Green Bonds Series 2021 (NR/Aa1)
	2,280,000	5.000		06/01/2024		2,615,926
	2,450,000	5.000		06/01/2025		2,909,253

						79,903,227

Pennsylvania – 4.5%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000	5.000		10/01/2021		1,407,716
	1,950,000	5.000		10/01/2022		2,089,386
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	3,170,000	5.000		04/01/2022		3,312,800
	2,250,000	5.000		04/01/2023		2,452,782
	4,000,000	5.000		04/01/2024		4,521,804


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	1,845,000	5.000		07/15/2021		1,869,942
	1,935,000	5.000		07/15/2022		2,054,494
	1,510,000	5.000		07/15/2023		1,672,791
	5,900,000	5.000		07/15/2025		7,004,513
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)^(a)
	5,985,000	(1 Mo. LIBOR + 0.48%), 0.556		11/01/2021		5,984,548
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	545,000	5.000		10/01/2022		574,389
	760,000	5.000		10/01/2023		826,498
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A/Baa2)
	1,000,000	4.000		07/01/2021		1,006,737
	City of Philadelphia Airport RB Refunding Series 2011 A (AMT) (A-/A2)
	3,600,000	5.000		06/15/2023		3,634,088
	2,610,000	5.000		06/15/2027		2,633,882
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	4,000,000	5.000		09/01/2021		4,076,792
	City of Philadelphia GO Bonds Series 2019 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		09/01/2022		687,486
	845,000	5.000		09/01/2023		932,452
	City of Philadelphia GO Bonds Series 2020 (ST AID WITHHLDG) (A+/A2)
	8,880,000	5.000		09/01/2021		9,050,479
	5,000,000	5.000		09/01/2022		5,329,350
	8,000,000	5.000		09/01/2023		8,827,950
	City of Philadelphia RB Series 2020 (SP-1+/MIG1)
	6,465,000	4.000		06/30/2021		6,526,976
	City of Philadelphia Water & Wastewater RB Series 2020 A (A+/A1)
	600,000	5.000		11/01/2025		718,510
	605,000	5.000		11/01/2026		744,907
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,025,000	5.000		08/01/2022		1,084,299
	Coatesville School District GO Refunding Bonds Series 2017 (ETM) (AGM) (ST AID WITHHLDG) (AA/A2)^(d)
	1,270,000	5.000		08/01/2021		1,289,874
	100,000	5.000		08/01/2022		106,321
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	645,000	5.380		06/01/2021		649,436
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	2,770,000	5.114		06/01/2021		2,788,349
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	2,270,000	5.000		06/01/2023		2,489,512
	1,720,000	5.000		06/01/2024		1,955,347


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
$	7,975,000	5.000 %		08/15/2025	$	9,512,668
	County of Beaver GO Refunding Bonds Series 2017 (BAM) (AA/NR)
	1,000,000	5.000		04/15/2025		1,153,650
	County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A+/A2)
	800,000	5.000		07/01/2022		845,531
	925,000	5.000		07/01/2023		1,023,137
	1,735,000	5.000		07/01/2024		1,992,356
	County of Westmoreland GO Bonds Series 2013 A (NR/A2)
	945,000	5.000		12/01/2023		1,036,813
	55,000	5.000		12/01/2024		60,456
	Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (A-/NR)
	2,150,000	2.074		11/01/2025		2,195,133
	2,195,000	2.345		11/01/2026		2,243,984
	Delaware County Authority RB Refunding for Neumann University Series 2020 (BBB/NR)
	180,000	4.000		10/01/2021		182,707
	195,000	4.000		10/01/2022		203,772
	235,000	5.000		10/01/2023		257,927
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A1)
	5,000,000	5.000		01/01/2022		5,175,576
	Delaware Valley Regional Finance Authority RB Refunding Series 2020 B (A+/A1)
	35,250,000	5.000		11/01/2024		40,553,479
	General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.60%), 0.670		06/01/2024		15,115,076
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	300,000	4.000		06/01/2021		301,719
	540,000	4.000		06/01/2022		562,773
	Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)^(a)(b)
	9,000,000	1.800		08/15/2022		9,174,559
	Lower Merion School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/Aaa)
	5,980,000	5.000		11/15/2026		7,429,911
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
	600,000	5.000		09/01/2022		638,643
	550,000	5.000		09/01/2023		608,317
	650,000	5.000		09/01/2024		744,100
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(a)(b)
	12,265,000	2.800		12/01/2021		12,468,597
	Pennsylvania Economic Development Financing Authority RB for UPMC Obligated Group Series 2013 A (A/A2)
	2,040,000	5.000		07/01/2038		2,225,175


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority RB for Waste Management, Inc. Series 2017 A (AMT) (A-/NR)^(a)(b)
	7,500,000	0.700		08/02/2021		7,506,803
	Pennsylvania Economic Development Financing Authority RB Refunding City of Philadelphia Water & Wastewater Series 2020 (BBB+/Baa2)
	365,000	3.000		01/01/2022		370,167
	370,000	3.000		01/01/2023		383,242
	430,000	3.000		01/01/2024		454,509
	505,000	3.000		01/01/2025		539,856
	615,000	4.000		01/01/2026		693,523
	Pennsylvania Economic Development Financing Authority RB Refunding for PPL Electric Utilities Corp. Series 2008 (A/A1)
	25,180,000	0.400		10/01/2023		25,163,240
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	300,000	5.000		05/01/2021		301,015
	400,000	5.000		05/01/2022		419,976
	500,000	5.000		05/01/2023		547,262
	300,000	5.000		05/01/2024		340,686
	350,000	5.000		05/01/2025		410,556
	Pennsylvania Higher Educational Facilities Authority RB Refunding for University of Pennsylvania Health System Obligated Group (The) Series 2015 (AA/Aa3)
	2,570,000	5.000		08/15/2025		3,065,524
	Pennsylvania Higher Educational Facilities Authority RB Refunding for University of Pennsylvania Health System Obligated Group (The) Series 2016 C (AA/Aa3)
	3,595,000	5.000		08/15/2025		4,288,156
	Pennsylvania State Commonwealth GO Bonds First Series 2011 (A+/Aa3)
	28,895,000	4.000		11/15/2027		29,547,602
	Pennsylvania State Commonwealth GO Bonds First Series 2013 (A+/Aa3)
	23,100,000	4.000		04/01/2032		24,759,677
	5,195,000	4.000		04/01/2033		5,566,482
	Pennsylvania State Commonwealth GO Bonds First Series 2020 (A+/Aa3)
	12,655,000	5.000		05/01/2026		15,416,334
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	6,635,000	5.000		09/15/2024		7,676,199
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	6,185,000	5.000		09/15/2025		7,415,719
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,465,000	5.000		01/01/2023		36,257,989
	55,075,000	5.000		01/01/2025		64,355,253
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,620,000	5.000		01/15/2022		4,792,246
	Pennsylvania State Commonwealth GO Refunding Bonds Series 2019 (A+/Aa3)
	9,960,000	5.000		07/15/2025		11,847,834


The accompanying notes are an integral part of these financial statements.		189

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM- CR) (AA/Aa3)
$	5,000,000	5.000 %		08/15/2022	$	5,323,917
	Pennsylvania Turnpike Commission RB Refunding Series 2016 (A-/A3)
	3,375,000	5.000		06/01/2029		4,009,634
	Pennsylvania Turnpike Commission RB Refunding Series 2017 A-2 (A+/A1)
	1,835,000	5.000		12/01/2024		2,144,085
	3,040,000	5.000		12/01/2025		3,667,074
	3,865,000	5.000		12/01/2026		4,783,889
	5,240,000	5.000		12/01/2027		6,635,193
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	895,000	2.013		12/01/2024		918,329
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000	5.000		12/01/2022		1,080,511
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)^(c)
	11,750,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.770		12/01/2023		11,801,151
	Pennsylvania Turnpike Commission RB Series 2020 B (A+/A1)
	475,000	5.000		12/01/2023		535,381
	450,000	5.000		12/01/2024		525,798
	350,000	5.000		12/01/2025		422,196
	350,000	5.000		12/01/2026		433,211
	Philadelphia Authority for Industrial Development RB Refunding for St. Joseph’s University Series 2020 (A-/NR)
	250,000	4.000		11/01/2021		254,978
	250,000	4.000		11/01/2022		263,483
	535,000	4.000		11/01/2024		592,660
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,000,000	5.000		07/01/2022		4,179,198
	1,750,000	5.000		07/01/2023		1,892,986
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	640,000	4.000		12/15/2021		655,823
	280,000	5.000		12/15/2022		301,083
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB Refunding for Allegheny Regional Asset District Series 2020 (AGM) (AA/A1)
	1,785,000	4.000		02/01/2023		1,903,572
	1,300,000	4.000		02/01/2025		1,462,970
	1,930,000	5.000		02/01/2026		2,307,955
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(a)
	11,605,000	(SIFMA Municipal Swap Index Yield + 0.65%), 0.720		12/01/2023		11,630,207
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)
	500,000	5.000		09/01/2021		509,475
	250,000	5.000		09/01/2022		266,248
	270,000	5.000		09/01/2023		299,797


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	275,000	5.000		09/01/2024		315,413
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	680,000	5.000		06/01/2021		684,455
	Southeastern Pennsylvania Transportation Authority RB Series 2020 (AA-/A3)
	600,000	5.000		06/01/2021		604,552
	700,000	5.000		06/01/2022		739,181
	1,000,000	5.000		06/01/2023		1,102,169
	1,100,000	5.000		06/01/2024		1,255,716
	1,310,000	5.000		06/01/2025		1,542,516
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BB-/NR)
	545,000	5.000		02/01/2022		558,162
	1,400,000	5.000		02/01/2023		1,460,759
	450,000	5.000		02/01/2024		477,810
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	235,000	4.000		07/01/2021		236,699
	300,000	4.000		07/01/2022		311,170
	350,000	4.000		07/01/2023		372,902
	450,000	4.000		07/01/2024		490,400
	575,000	4.000		07/01/2025		637,550
	625,000	4.000		07/01/2026		704,997
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)^(d)
	1,990,000	5.000		08/15/2023		2,213,382
	York Suburban School District GO Refunding Bonds Series 2019 A (BAM) (ST AID WITHHLDG) (AA/NR)
	1,075,000	4.000		02/15/2022		1,109,936
	2,745,000	4.000		02/15/2023		2,924,330
	2,070,000	4.000		02/15/2024		2,267,810

						544,941,032

Puerto Rico – 1.2%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)*
	571,650	5.500		07/01/2017		543,782
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(c)
	54,710,000	(3 Mo. LIBOR + 0.52%), 0.679		07/01/2029		50,510,439
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	25,000	5.250		07/01/2032		30,403
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)*
	654,385	5.500		07/01/2016		626,574
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(b)
	1,000,000	10.000		07/01/2035		1,050,906


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)*^(a)
$	10,835,000	10.000 %		07/01/2034	$	11,458,012
	Puerto Rico Public Buildings Authority RB Refunding Series 1993 L (AGM-CR) (AA/A2)
	270,000	5.500		07/01/2021		272,596
	Puerto Rico Public Finance Corp. RB Series 2001 E (ETM) (AGC- ICC) (AGM-CR) (AA/A2)^(d)
	4,010,000	6.000		08/01/2026		5,103,923
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(f)
	24,085,000	0.000		07/01/2024		22,604,991
	30,874,000	0.000		07/01/2027		27,048,044
	15,126,000	0.000		07/01/2029		12,457,386
	484,000	0.000		07/01/2031		370,425
	732,000	0.000		07/01/2033		519,591
	4,705,000	0.000		07/01/2046		1,435,825
	3,833,000	0.000		07/01/2051		843,650
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	1,862,000	4.329		07/01/2040		1,991,819
	56,000	4.536		07/01/2053		60,047
	747,000	4.784		07/01/2058		808,332
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000	4.500		07/01/2034		390,505
	183,000	4.550		07/01/2040		198,336
	1,345,000	4.750		07/01/2053		1,460,542
	3,400,000	5.000		07/01/2058		3,744,012

						143,530,140

Rhode Island – 0.2%
	City of Providence GO Refunding Bonds Series 2021 A (BBB+/NR)
	320,000	5.000		01/15/2022		330,932
	425,000	5.000		01/15/2023		457,306
	400,000	5.000		01/15/2024		445,895
	440,000	5.000		01/15/2025		505,155
	450,000	5.000		01/15/2026		529,793
	Narragansett Bay Commission Wastewater System RB Refunding Series 2020 A (AA-/NR)
	790,000	1.440		09/01/2023		803,980
	800,000	1.497		09/01/2024		815,429
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB/Baa2)
	1,210,000	5.000		09/15/2021		1,233,261
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,820,000	5.000		09/01/2021		4,915,336
	4,970,000	5.000		09/01/2022		5,307,581
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	820,000	5.000		05/15/2021		824,173
	1,415,000	5.000		05/15/2022		1,486,596


Municipal Bonds – (continued)
Rhode Island – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (WD/NR)
	2,995,000	2.250		06/01/2041		3,153,314

						20,808,751

South Carolina – 0.9%
	Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (AA/Aa1)
	4,950,000	3.000		03/01/2026		5,280,609
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	5,575,000	5.000		03/01/2022		5,822,196
	4,015,000	5.000		03/01/2023		4,385,390
	City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)^(a)
	10,000,000	(1 Mo. LIBOR + 0.37%), 0.447		01/01/2022		10,001,106
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)^(d)
	4,925,000	4.000		11/01/2021		5,035,135
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000	5.000		11/01/2021		10,284,783
	Laurens County Water & Sewer Commission RB Series 2020 (NR/WR)^(d)
	3,035,000	1.375		07/01/2021		3,042,781
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
	6,756,000	2.388		12/01/2023		7,087,280
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	1,050,000	3.056		12/01/2023		1,118,521
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(a)
	55,885,000	(1 Mo. LIBOR + 0.45%), 0.527		10/01/2022		55,918,866
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	730,000	5.000		04/15/2023		795,900
	835,000	5.000		04/15/2024		941,134
	925,000	5.000		04/15/2025		1,073,474
	1,010,000	5.000		04/15/2026		1,205,541
	700,000	5.000		04/15/2027		853,742

						112,846,458

South Dakota – 0.0%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	570,000	5.000		01/01/2022		590,233
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)^(a)(b)
	3,700,000	5.000		07/01/2024		4,142,835

						4,733,068


The accompanying notes are an integral part of these financial statements.		191

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Tennessee – 1.1%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
$	1,000,000	5.000 %		08/01/2025	$	1,173,019
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,720,000	5.000		06/01/2021		2,740,722
	2,400,000	5.000		06/01/2022		2,534,912
	City of Murfreesboro GO Bonds Series 2021 (AA/Aa1)
	4,440,000	5.000		06/01/2026		5,434,525
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)
	3,070,000	5.000		04/01/2022		3,217,704
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/A3)
	3,500,000	5.000		07/01/2021		3,538,295
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	7,860,000	5.000		04/01/2022		8,238,161
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	750,000	4.000		04/01/2021		750,000
	1,420,000	5.000		04/01/2022		1,473,887
	Metropolitan Government Nashville & Davidson County Sports Authority RB for MLS Project Series 2020 (AA/Aa3)
	500,000	1.030		08/01/2024		502,166
	740,000	1.230		08/01/2025		740,634
	Metropolitan Government of Nashville & Davidson County GO Bonds Series 2021 C (AA/Aa2)
	22,380,000	5.000		01/01/2026		27,033,614
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000	5.000		01/01/2023		10,438,879
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,500,000	5.000		07/01/2023		6,088,753
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000	5.000		07/01/2022		23,997,236
	17,965,000	5.000		07/01/2023		19,888,079
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)^(a)(b)
	7,500,000	5.000		10/01/2024		8,597,713
	Tennessee State School Bond Authority RB Series 2015 B (AA+/Aa1)^(d)
	5,470,000	5.000		11/01/2025		6,573,047

						132,961,346

Texas – 7.8%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,475,000	3.000		08/15/2022		6,725,819
	Alvin Independent School District GO Bonds RMKT 08/17/20 Series 2014 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	4,250,000	0.450		08/15/2023		4,242,936
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR)
	375,000	5.000		08/15/2021		381,493
	350,000	5.000		08/15/2022		372,625


Municipal Bonds – (continued)
Texas – (continued)
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR) – (continued)
	325,000	5.000		08/15/2023		359,926
	325,000	5.000		08/15/2024		373,037
	475,000	5.000		08/15/2025		562,746
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (B/NR)
	465,000	5.000		01/01/2022		469,351
	750,000	5.000		01/01/2023		765,830
	Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (NR/Aa1)
	195,000	3.750		02/01/2035		201,639
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,620,000	5.000		08/15/2023		11,811,884
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/Baa1)
	75,000	5.000		01/01/2022		77,497
	100,000	5.000		01/01/2023		107,835
	120,000	5.000		01/01/2024		134,256
	250,000	5.000		01/01/2025		288,698
	240,000	5.000		01/01/2026		285,563
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 C (A-/Baa1)
	600,000	1.345		01/01/2024		606,648
	600,000	1.445		01/01/2025		604,580
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 D (BBB+/Baa2)
	200,000	1.307		01/01/2022		200,559
	170,000	1.486		01/01/2023		171,339
	1,000,000	1.645		01/01/2024		1,006,172
	1,000,000	1.795		01/01/2025		1,000,340
	Central Texas Regional Mobility Authority Senior Lien RB Series 2020 F (BBB+/Baa2)
	7,250,000	5.000		01/01/2025		8,219,076
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)
	3,500,000	4.000		01/01/2022		3,526,465
	Central Texas Turnpike System RB Refunding Series 2015 C (A-/Baa1)
	1,515,000	5.000		08/15/2028		1,720,909
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,000,000	5.000		11/15/2023		1,117,342
	City of Austin TX Water & Wastewater System RB Refunding Series 2011 (AA/Aa2)
	20,000,000	5.000		11/15/2041		20,545,012
	City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (AA/NR)
	280,000	4.000		09/01/2023		299,663
	305,000	4.000		09/01/2025		337,296
	320,000	4.000		09/01/2026		358,491
	335,000	4.000		09/01/2027		377,016
	350,000	4.000		09/01/2028		394,305


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Corpus Christi GO Refunding Bonds for Forward Delivery Series 2020 B (AA/Aa2)
$	1,325,000	5.000 %		03/01/2024	$	1,504,615
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	135,000	4.000		08/15/2023		144,226
	140,000	4.000		08/15/2024		152,608
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)^(f)
	70,000	0.000		09/01/2021		69,423
	70,000	0.000		09/01/2022		67,908
	70,000	0.000		09/01/2023		66,285
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	405,000	4.000		09/01/2023		435,851
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)^(f)
	685,000	0.000		09/01/2021		682,233
	685,000	0.000		09/01/2022		672,624
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)^(d)
	2,700,000	5.000		07/01/2022		2,856,446
	City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)^(a)
	12,500,000	(1 Mo. LIBOR + 0.36%), 0.436		08/01/2021		12,505,152
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	50,000	5.000		08/15/2021		50,603
	65,000	5.000		08/15/2022		67,905
	75,000	5.000		08/15/2023		80,611
	City of Lubbock GO Bonds Series 2013 (AA+/Aa2)^(d)
	7,360,000	4.000		02/15/2023		7,887,851
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	285,000	4.000		09/15/2025		315,514
	295,000	4.000		09/15/2026		329,830
	305,000	4.000		09/15/2027		344,352
	320,000	4.000		09/15/2028		363,642
	340,000	4.000		09/15/2030		379,695
	City of San Antonio GO Refunding Bonds Series 2013 (AAA/Aaa)^(d)
	3,175,000	5.000		02/01/2022		3,303,098
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2013 (A+/Aa2)^(d)
	5,420,000	5.000		02/01/2023		5,888,793
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (A+/Aa2)^(a)(b)
	36,630,000	1.750		12/01/2024		37,709,863
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (A+/Aa2)^(a)(b)
	5,200,000	2.750		12/01/2022		5,405,823


Municipal Bonds – (continued)
Texas – (continued)
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (A+/Aa2)^(a)(b)
	27,875,000	1.750		12/01/2024		28,849,733
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2020 (A+/Aa2)^(a)(b)
	10,750,000	1.750		12/01/2025		11,095,637
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)^(a)(b)
	5,750,000	2.000		11/01/2022		5,898,619
	Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (AAA/NR)^(a)(b)
	15,000,000	0.500		08/15/2023		14,982,108
	Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (NR/Aaa)
	310,000	5.000		04/01/2023		338,415
	400,000	5.000		04/01/2024		453,201
	Corsicana Independent School District GO Bonds Series 2015 (PSF-GTD) (NR/Aaa)^(d)
	9,910,000	5.000		02/15/2025		11,621,494
	County of Bexar GO Bonds Series 2014 (AAA/Aaa)^(d)
	15,000,000	5.000		06/15/2024		17,244,769
	County of Collin GO Refunding Bonds Series 2020 (AAA/Aaa)
	560,000	0.867		02/15/2024		563,557
	750,000	0.967		02/15/2025		752,971
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
	3,740,000	5.000		03/01/2023		4,080,505
	County of Maverick GO Refunding Bonds Series 2016 (NR/NR)^(d)(e)
	14,885,000	7.000		03/01/2023		16,775,449
	Dallas Area Rapid Transit RB Refunding Series 2020 B (AA+/Aa2)
	1,175,000	5.000		12/01/2021		1,212,244
	1,200,000	5.000		12/01/2022		1,295,152
	4,000,000	5.000		12/01/2023		4,500,505
	Dallas Independent School District GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)
	11,365,000	5.000		02/15/2024		12,897,907
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2013 D (A/A1)
	3,385,000	5.250		11/01/2025		3,481,178
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 D (AMT) (A/NR)
	3,660,000	5.000		11/01/2023		4,080,648
	Dallas-Fort Worth International Airport RB Refunding Series 2020 A (A/A1)
	1,500,000	5.000		11/01/2023		1,678,140
	2,135,000	5.000		11/01/2024		2,472,615
	1,000,000	5.000		11/01/2025		1,194,022
	2,555,000	5.000		11/01/2026		3,133,322
	Dallas-Fort Worth International Airport RB Refunding Series 2020 B (A/A1)
	3,625,000	5.000		11/01/2021		3,724,454
	3,000,000	5.000		11/01/2022		3,223,951
	1,600,000	5.000		11/01/2023		1,790,016
	2,000,000	5.000		11/01/2024		2,316,267
	2,500,000	5.000		11/01/2025		2,985,056


The accompanying notes are an integral part of these financial statements.		193

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Dallas-Fort Worth International Airport RB Refunding Series 2020 C (A/A1)
$	2,690,000	1.329 %		11/01/2025	$	2,690,352
	Deer Park Independent School District GO Bonds RMKT 10/01/20 Series 2018 (PSF-GTD) (AAA/Aaa)^(a)(b)
	7,000,000	0.280		10/01/2021		7,002,393
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)^(a)(b)
	5,000,000	2.000		08/01/2024		5,255,414
	Dickinson Independent School District GO Refunding Bonds Series 2013 (PSF-GTD) (AAA/Aaa)^(a)(b)
	5,000,000	1.350		08/02/2021		5,019,811
	Ector County Hospital District GO Refunding Bonds Series 2020 (BBB-/Baa2)
	300,000	5.000		09/15/2021		305,310
	400,000	5.000		09/15/2022		422,541
	425,000	5.000		09/15/2023		463,769
	450,000	5.000		09/15/2024		504,814
	450,000	5.000		09/15/2025		517,458
	620,000	5.000		09/15/2026		727,407
	El Paso Independent School District GO Bonds Series 2020 (NR/Aa2)^(a)(b)
	7,000,000	2.500		08/01/2021		7,053,421
	Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)^(a)(b)
	4,225,000	1.950		08/01/2022		4,324,847
	Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (AAA/NR)^(a)(b)
	7,800,000	0.875		08/01/2025		7,808,739
	Georgetown Independent School District GO Bonds RMKT 08/01/20 Series 2016 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	5,500,000	2.000		08/01/2023		5,708,943
	Goose Creek Consolidated Independent School District GO Bonds RMKT 08/14/20 Series 2014 B (PSF-GTD) (AAA/NR)^(a)(b)
	7,500,000	0.450		08/15/2022		7,529,559
	Grand Parkway Transportation Corp. RB Series 2013 (BBB/NR)
	7,110,000	5.000		02/01/2023		7,653,096
	Gulf Coast Authority RB for Waste Management, Inc. Series 2003 B (AMT) (A-/NR)^(a)(b)
	2,500,000	2.450		05/03/2021		2,504,311
	Gulf Coast Industrial Development Authority RB for Exxon Mobil Corp. Series 2012 (AA-/Aa2)^(a)(b)
	21,900,000	0.050		04/01/2021		21,900,000
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR)
	270,000	4.000		09/01/2022		283,414
	300,000	4.000		09/01/2024		328,775
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-1 (A+/A1)^(a)(b)
	7,500,000	5.000		12/01/2022		8,067,807
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)^(a)(b)
	7,750,000	5.000		12/01/2024		8,978,404


Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (A/NR)
	700,000	1.447		11/15/2022		702,369
	1,000,000	1.593		11/15/2023		1,003,965
	500,000	1.841		11/15/2024		502,650
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	1,800,000	5.000		12/01/2021		1,857,420
	2,000,000	5.000		12/01/2022		2,159,630
	2,500,000	5.000		12/01/2023		2,803,595
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-1 (A+/A1)^(a)(b)
	3,500,000	5.000		12/01/2022		3,774,605
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-2 (A+/A1)^(a)(b)
	3,000,000	5.000		12/01/2024		3,483,169
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A+/A1)^(a)(b)
	2,200,000	5.000		12/01/2026		2,703,636
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(c)
	5,685,000	(SIFMA Municipal Swap Index Yield + 1.05%), 1.120		06/01/2024		5,747,544
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (AA/Aa2)^(a)(b)
	5,000,000	5.000		10/01/2024		5,776,578
	70,000	5.000		10/01/2024		80,872
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (AA-/A1)^(a)(b)
	8,940,000	0.900		05/15/2025		8,944,181
	Harris County Flood Control District GO Bonds Series 2020 A (AAA/Aaa)
	1,500,000	4.000		10/01/2024		1,688,940
	1,505,000	5.000		10/01/2025		1,805,656
	Harris County GO Refunding Bonds Series 2014 A (AAA/Aaa)
	4,230,000	5.000		10/01/2025		4,907,727
	Harris County GO Refunding Bonds Series 2015 A (AAA/Aaa)
	2,160,000	5.000		10/01/2025		2,589,377
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)^(c)
	35,255,000	(3 Mo. LIBOR + 0.67%), 0.832		08/15/2035		34,255,665
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	90,000	3.000		09/01/2021		90,877
	90,000	3.000		09/01/2022		92,595
	95,000	3.000		09/01/2023		99,908


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB Refunding Series 2020 C (A/A1)
$	825,000	0.883 %		07/01/2022	$	828,572
	4,580,000	1.054		07/01/2023		4,621,362
	13,060,000	1.272		07/01/2024		13,229,494
	Houston Independent School District GO Bonds RMKT 06/01/20 Series 2014 A (PSF-GTD) (AAA/Aaa)^(a)(b)
	10,000,000	4.000		06/01/2023		10,750,611
	Houston Independent School District GO Refunding Bonds RMKT 06/01/20 Series 2012 (PSF-GTD) (AAA/Aaa)^(a)(b)
	6,000,000	4.000		06/01/2023		6,484,104
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	4,935,000	2.400		06/01/2021		4,952,414
	Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (BBB+/A2)
	250,000	5.000		02/15/2022		258,946
	325,000	5.000		02/15/2023		349,786
	275,000	5.000		02/15/2024		305,413
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	310,000	3.000		09/01/2021		313,186
	330,000	3.000		09/01/2022		341,540
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(d)(f)
	30,635,000	0.000		08/15/2024		10,522,463
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(f)
	5,000,000	0.000		08/16/2021		4,997,508
	Lower Colorado River Authority LCRA RB Refunding for Transmission Services Corp. Project Series 2011A (A/A1)
	3,195,000	5.000		05/15/2027		3,212,241
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2011A (A/A1)
	3,130,000	5.000		05/15/2023		3,146,890
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)^(a)(b)
	8,250,000	2.500		08/01/2021		8,308,660
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (A-/Baa2)^(a)(b)
	3,375,000	0.900		09/01/2023		3,379,938
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)
	3,020,000	5.000		11/01/2022		3,244,946
	1,110,000	5.000		11/01/2023		1,244,871
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	855,000	4.000		04/01/2022		860,027
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/WR)
	810,000	4.000		04/01/2021		810,000
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/WR)
	400,000	4.000		04/01/2021		400,000


Municipal Bonds – (continued)
Texas – (continued)
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/WR)
	620,000	4.000		04/01/2021		620,000
	North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)^(a)(b)
	5,000,000	2.375		08/01/2022		5,146,217
	North Texas Tollway Authority RB Refunding First Tier Series 2012 B (A+/A1)^(d)
	7,845,000	5.000		01/01/2022		8,126,453
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,215,000	5.000		01/01/2024		1,311,931
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A+/A1)
	5,670,000	5.000		01/01/2025		6,376,631
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,630,000	5.000		01/01/2022		1,687,362
	14,225,000	5.000		01/01/2025		16,001,966
	Northside Independent School District GO Bonds Series 2016 (PSF-GTD) (AAA/Aaa)^(a)(b)
	2,510,000	2.000		06/01/2021		2,517,296
	Northside Independent School District GO Bonds Series 2020 (PSF-GTD) (AAA/Aaa)^(a)(b)
	32,150,000	0.700		06/01/2025		32,173,055
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	3,845,000	1.500		08/15/2024		3,967,125
	Pflugerville Independent School District Unlimited Tax School Building GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	7,500,000	2.500		08/15/2023		7,871,391
	Round Rock Independent School District GO Refunding Bonds Series 2019 B (AAA/Aaa)
	2,485,000	4.000		08/01/2023		2,702,102
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)^(a)(b)
	16,495,000	1.500		08/01/2021		16,567,768
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)^(a)(b)
	15,000,000	2.625		05/01/2024		16,021,585
	San Antonio Water System RB Refunding Series 2015 B (AA/Aa2)
	8,855,000	5.000		05/15/2039		10,309,839
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (AA/NR)
	300,000	5.000		09/01/2025		346,865
	State of Texas GO Bonds Series 2014 (AAA/Aaa)^(d)
	9,870,000	5.000		04/01/2024		11,255,636
	State of Texas GO Refunding Bonds Series 2014 (AAA/Aaa)^(d)
	16,635,000	5.000		04/01/2024		18,970,366
	State of Texas GO Refunding Bonds Series 2015 B (AAA/Aaa)
	25,000,000	5.000		10/01/2036		29,554,448


The accompanying notes are an integral part of these financial statements.		195

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	State of Texas RB Anticipation Notes Series 2020 (SP-1+/MIG1)
$	82,500,000	4.000 %		08/26/2021	$	83,798,674
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	2,200,000	5.000		07/01/2021		2,224,609
	1,795,000	5.000		07/01/2022		1,898,314
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Hendrick Medical Center Obligated Group Series 2021 (AGM) (AA/A2)
	700,000	0.863		09/01/2021		701,118
	450,000	0.923		09/01/2022		452,317
	500,000	1.071		09/01/2023		504,215
	700,000	1.356		09/01/2024		708,784
	600,000	1.386		09/01/2025		602,064
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(c)
	9,740,000	(3 Mo. LIBOR + 0.70%), 0.823		12/15/2026		9,767,071
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(c)
	9,560,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.620		09/15/2027		9,540,205
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	1,000,000	5.000		12/15/2021		1,032,528
	780,000	5.000		12/15/2022		840,808
	670,000	5.000		12/15/2023		750,527
	735,000	5.000		12/15/2024		849,369
	1,000,000	5.000		12/15/2025		1,185,781
	1,250,000	5.000		12/15/2026		1,516,867
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A/A3)^(f)
	6,950,000	0.000		08/15/2023		6,837,739
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000	5.000		04/01/2022		7,258,885
	Tomball Independent School District GO Bonds Series 2014 B-1 (PSF-GTD) (AAA/Aaa)^(a)(b)
	2,675,000	0.450		08/15/2023		2,673,688
	Tomball Independent School District GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)^(a)(b)
	11,650,000	1.350		08/15/2022		11,838,411
	Travis County Water Control & Improvement District No. 17 GO Refunding Bonds Series 2020 (BAM) (AA/NR)
	300,000	3.000		05/01/2022		308,730
	325,000	3.000		05/01/2023		342,738
	405,000	3.000		05/01/2024		436,054
	305,000	4.000		05/01/2025		346,332
	285,000	4.000		05/01/2026		329,889
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000	5.000		02/15/2022		6,621,824


Municipal Bonds – (continued)
Texas – (continued)
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	19,000	4.000		12/01/2021		19,314

						929,172,641

Utah – 0.4%
	County of Utah RB for IHC Health Services, Inc. Obligated Group Series 2020 B (AA+/Aa1)^(a)(b)
	5,715,000	5.000		08/01/2024		6,571,705
	6,000,000	5.000		08/01/2026		7,317,254
	Granite School District Board of Education GO Bonds Series 2020 (SCH BD GTY) (AAA/Aaa)
	4,660,000	5.000		06/01/2022		4,921,394
	4,890,000	5.000		06/01/2023		5,397,437
	5,135,000	5.000		06/01/2024		5,891,569
	1,895,000	5.000		06/01/2025		2,250,218
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,370,000	5.000		08/01/2023		5,967,436
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,415,000	5.000		08/01/2023		2,683,680
	Washington County School District Board of Education GO Refunding Bonds Series 2019 (SCH BD GTY) (AAA/Aaa)
	2,510,000	5.000		03/01/2022		2,620,823

						43,621,516

Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A3)
	365,000	5.000		12/01/2021		376,323

Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)^(e)
	2,015,000	5.000		09/01/2021		2,046,712
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM-CR) (AA/A2)
	155,000	4.000		10/01/2022		159,634
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (WD/NR)
	280,000	4.000		10/01/2022		273,056

						2,479,402

Virginia – 3.0%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	22,680,000	5.000		11/01/2023		25,255,711
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(a)(b)
	2,250,000	1.900		06/01/2023		2,304,169
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000	5.000		07/01/2022		376,348
	Commonwealth of Virginia GO Bonds Series 2020 A (AAA/Aaa)
	4,515,000	4.000		06/01/2024		5,037,029
	4,560,000	4.000		06/01/2025		5,225,192
	4,360,000	4.000		06/01/2026		5,122,771


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)^(d)
$	2,930,000	4.000 %		08/01/2021	$	2,966,898
	County of Arlington GO Refunding Bonds 2020 B (ST AID WITHHLDG) (AAA/Aaa)
	2,870,000	0.640		08/01/2024		2,878,745
	County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)^(d)
	9,235,000	4.500		07/15/2021		9,348,077
	Fairfax County GO Bonds for Virginia Public Improvement Series 2015 A (ST AID WITHHLDG) (AAA/Aaa)^(d)
	6,475,000	4.000		10/01/2024		7,301,050
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,285,000	4.000		10/01/2021		10,484,077
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)^(d)
	8,450,000	5.000		10/01/2021		8,652,746
	Fairfax County GO Taxable Refunding Bonds Series 2020 B (ST AID WITHHLDG) (AAA/Aaa)
	1,095,000	0.545		10/01/2024		1,084,919
	2,830,000	0.645		10/01/2025		2,779,840
	Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)^(a)(b)
	24,350,000	5.000		05/15/2021		24,475,020
	Halifax County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2010 A (BBB+/A2)^(a)(b)
	2,250,000	0.450		04/01/2022		2,250,222
	Hampton Roads Transportation Accountability Commission RB Series 2019 A (A+/Aa3)
	34,395,000	5.000		07/01/2022		36,436,698
	Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A+/A1)
	8,365,000	2.000		11/01/2023		8,434,309
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(a)(b)
	1,325,000	1.900		06/01/2023		1,362,977
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(a)(b)
	2,550,000	1.800		04/01/2022		2,584,182
	Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (BBB+/A2)^(a)(b)
	2,500,000	0.750		09/02/2025		2,489,172
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)^(a)(b)
	2,400,000	1.700		10/01/2022		2,426,045
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	210,000	5.000		04/01/2021		210,000
	215,000	5.000		04/01/2022		224,029
	250,000	5.000		04/01/2023		270,263
	270,000	5.000		04/01/2024		300,030
	270,000	5.000		04/01/2025		307,735


Municipal Bonds – (continued)
Virginia – (continued)
	University of Virginia RB Green Bonds Series 2015 A-2 (AAA/Aaa)
	20,705,000	5.000		04/01/2045		23,782,372
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)^(d)
	7,880,000	4.000		02/01/2024		8,705,787
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)^(d)
	5,225,000	5.000		03/15/2023		5,716,840
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	810,000	4.000		05/15/2037		838,949
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (AA+/Aa1)^(d)
	4,070,000	5.250		05/15/2021		4,093,324
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)^(d)
	9,365,000	5.000		05/15/2022		9,873,370
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000	5.000		05/15/2022		1,296,343
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,345,000	5.000		05/15/2023		2,582,045
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	5,660,000	2.500		12/01/2022		5,665,454
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,500,000	1.400		12/01/2023		4,501,697
	Virginia Housing Development Authority RB Series 2021 B (AA+/Aa1)
	11,625,000	0.670		03/01/2025		11,628,728
	Virginia Public School Authority RB Series 2019 VII (AA+/Aa1)
	10,890,000	5.000		04/15/2021		10,904,784
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (AAA/NR)
	3,375,000	5.000		11/01/2021		3,469,776
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (ETM) (NR/NR)^(d)
	385,000	5.000		11/01/2021		395,812
	Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (A/NR)
	500,000	5.000		01/01/2022		516,772
	500,000	5.000		01/01/2023		538,071
	550,000	5.000		01/01/2024		613,107
	700,000	5.000		01/01/2025		803,607
	750,000	5.000		01/01/2026		883,980
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2012 (BBB-/NR)
	1,525,000	5.000		07/01/2034		1,571,036
	4,500,000	5.000		01/01/2040		4,634,827


The accompanying notes are an integral part of these financial statements.		197

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
$	15,000,000	5.000 %		07/01/2034	$	15,452,819
	24,700,000	5.000		01/01/2040		25,440,049
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	14,290,000	5.000		07/01/2049		14,710,603
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)^(d)
	5,375,000	5.000		08/01/2021		5,460,000
	Wise County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2009 A (BBB+/A2)^(a)(b)
	12,500,000	0.750		09/02/2025		12,453,823
	Wise County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2010 A (BBB+/A2)^(a)(b)
	6,805,000	1.200		05/31/2024		6,924,109
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(a)(b)
	4,250,000	1.900		06/01/2023		4,355,055

						358,401,393

Washington – 1.2%
	City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)
	5,545,000	5.000		05/01/2021		5,564,572
	King County Housing Authority RB Refunding Series 2020 (AA/NR)
	300,000	3.000		06/01/2021		301,302
	250,000	3.000		06/01/2022		257,738
	200,000	3.000		06/01/2023		210,818
	225,000	3.000		06/01/2024		241,453
	280,000	3.000		06/01/2025		304,617
	King County Junior Lien Sewer RB Refunding Series 2020 A (AA/Aa2)^(a)(b)
	15,845,000	0.625		01/01/2024		15,862,509
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)^(d)
	5,010,000	5.000		06/01/2021		5,048,248
	King County Sewer RB Series 2014 A (AGM) (AA+/Aa1)
	29,000,000	5.000		01/01/2047		32,660,754
	Port of Seattle GO Refunding Bonds Series 2015 (AA-/Aaa)
	5,000,000	5.000		06/01/2027		5,723,067
	State of Washington GO Bonds Series 2021 E (AA+/Aaa)
	5,360,000	5.000		06/01/2024		6,151,547
	University of Washington RB Series 2019 A (AA+/Aaa)^(a)(b)
	15,000,000	5.000		05/01/2022		15,412,416
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,300,000	5.000		08/01/2025		1,524,924
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,260,000	5.000		08/01/2025		3,824,041


Municipal Bonds – (continued)
Washington – (continued)
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/ Baa1)^(a)(b)
	12,295,000	5.000		08/01/2024		13,759,142
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(a)(b)
	9,165,000	5.000		08/01/2025		10,588,993
	Washington Health Care Facilities Authority RB Refunding for Multicare Health System Obligated Group Series 2017 B (AA-/Aa3)
	1,315,000	5.000		08/15/2025		1,563,534
	Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)
	3,935,000	5.000		07/01/2024		4,520,061
	Washington State Motor Vehicle Fuel Tax GO Bonds for SR 520 Corridor Program Toll Revenue Series 2012 C (AA+/Aaa)
	1,685,000	5.000		06/01/2023		1,697,595
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)
	5,000,000	5.000		07/01/2024		5,298,845
	Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)
	6,500,000	5.000		07/01/2025		7,183,433

						137,699,609

West Virginia – 0.7%
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	7,830,000	5.000		06/01/2023		8,631,774
	8,640,000	5.000		06/01/2025		10,224,273
	8,860,000	5.000		12/01/2025		10,655,862
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)^(a)(b)
	2,900,000	2.625		06/01/2022		2,974,780
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2011 A (AMT) (A-/ Baa1)^(a)(b)
	5,650,000	1.000		09/01/2025		5,660,863
	West Virginia Economic Development Authority RB Refunding for Appalachian Power Co. Series 2010 A (A-/Baa1)^(a)(b)
	4,645,000	0.625		12/15/2025		4,592,086
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	540,000	5.000		01/01/2022		556,587
	550,000	5.000		01/01/2023		591,978
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	8,895,000	1.365		10/01/2022		9,012,738
	10,495,000	1.391		10/01/2023		10,704,403
	19,755,000	1.449		10/01/2024		20,193,077

						83,798,421

Wisconsin – 2.0%
	City of Milwaukee GO Refunding Bonds Series 2017 (A/NR)
	6,045,000	5.000		04/01/2023		6,585,198


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Wisconsin – (continued)
	City of Milwaukee GO Refunding Bonds Series 2018 (A/NR)
$	12,770,000	5.000 %		02/01/2023	$	13,815,871
	County of Dane GO Bonds Series 2019 A (AAA/NR)
	2,165,000	2.000		06/01/2022		2,210,463
	County of Dane GO Bonds Series 2020 A (AAA/NR)
	5,930,000	0.050		04/01/2021		5,930,000
	5,935,000	0.050		04/01/2022		5,927,966
	5,935,000	0.050		04/01/2023		5,913,813
	4,950,000	2.000		04/01/2024		5,192,576
	3,290,000	2.000		04/01/2026		3,508,882
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	160,000	4.000		07/01/2024		176,245
	265,000	4.000		07/01/2025		298,493
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	200,000	5.000		01/01/2022		206,749
	300,000	5.000		01/01/2023		323,560
	300,000	5.000		01/01/2024		334,683
	300,000	5.000		01/01/2025		345,239
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,925,000	4.000		01/01/2026		2,096,375
	2,000,000	4.000		01/01/2027		2,199,842
	1,720,000	4.000		01/01/2028		1,904,920
	1,790,000	4.000		01/01/2029		1,993,581
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 A (A+/NR)
	300,000	5.000		06/01/2022		315,928
	325,000	5.000		06/01/2023		356,945
	350,000	5.000		06/01/2024		398,481
	375,000	5.000		06/01/2025		440,548
	300,000	5.000		06/01/2026		362,782
	Public Finance Authority RB Refunding for Waste Management, Inc. Series 2016 (AMT) (A-/NR)^(a)(b)
	7,000,000	2.000		06/01/2021		7,017,162
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)^(f)
	10,252,000	0.000		12/15/2027		7,553,927
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
	7,905,000	5.000		06/01/2022		8,351,267
	State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)^(d)
	7,195,000	5.000		05/01/2021		7,220,503
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)^(d)
	11,145,000	5.000		05/01/2022		11,728,836
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)
	5,420,000	5.000		11/01/2021		5,571,885
	Western Technical College District GO Refunding Bonds Series 2017 G (AA+/NR)
	1,685,000	5.000		04/01/2023		1,841,923


Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	115,000	4.000		03/15/2022		118,212
	115,000	4.000		03/15/2023		120,692
	120,000	4.000		03/15/2024		128,340
	125,000	4.000		03/15/2025		135,922
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4 (AA/Aa3)^(a)
	4,000,000	(SIFMA Municipal Swap Index Yield + 0.65%), 0.720		07/31/2024		4,038,295
	Wisconsin Health & Educational Facilities Authority RB Refunding for Ascension Health Credit Group Series 2019 A (AA+/Aa2)
	1,875,000	5.000		11/15/2021		1,930,641
	930,000	5.000		11/15/2022		1,002,081
	4,455,000	5.000		11/15/2023		5,003,801
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	285,000	4.000		02/01/2022		291,435
	290,000	4.000		02/01/2023		304,212
	Wisconsin Health & Educational Facilities Authority RB Refunding for Marshfield Clinic Health System Obligated Group Series 2020 B-1 (A-/NR)^(a)(b)
	8,500,000	5.000		02/15/2025		9,652,682
	Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000	5.000		05/01/2021		2,584,108
	Wisconsin State GO Bonds Series 2015 A (AA/Aa1)^(d)
	40,860,000	5.000		05/01/2023		44,940,631
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000	5.000		05/01/2021		16,146,912
	9,495,000	5.000		05/01/2023		10,446,576
	Wisconsin State GO Bonds Series 2020 B (AA/Aa1)
	9,815,000	5.000		05/01/2024		11,230,318
	Wisconsin State GO Refunding Bonds Series 2016 2 (AA/Aa1)
	4,210,000	5.000		11/01/2024		4,903,428
	Wisconsin State GO Refunding Bonds Series 2017 2 (AA/Aa1)
	4,405,000	5.000		11/01/2024		5,130,546
	Wisconsin State GO Refunding Bonds Series 2021 1 (AA/Aa1)
	5,000,000	5.000		05/01/2026		6,107,799
	Wisconsin State RB Refunding Series 2020 A (AA/Aa2)
	775,000	1.720		05/01/2022		787,515
	820,000	1.749		05/01/2023		843,999

						235,972,788

	TOTAL MUNICIPAL BONDS
	(Cost $11,284,592,254)				$	11,471,399,297



Corporate Bonds – 0.2%
Consumer Services – 0.1%
	Emory University Series 2020
$	9,000,000	1.566%		09/01/2025	$	9,140,333


The accompanying notes are an integral part of these financial statements.		199

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate	Maturity Date		Value

Corporate Bonds – (continued)
Consumer Services – (continued)
	Howard University Series 2020
$	1,000,000	2.638 %		10/01/2021	$	1,005,774
	1,500,000	2.738		10/01/2022		1,537,248
	1,500,000	2.801		10/01/2023		1,546,225
	2,030,000	2.416		10/01/2024		2,090,983

						15,320,563

Media & Entertainment – 0.1%
	Smithsonian Institution
	740,000	0.845		09/01/2021		740,657
	825,000	0.895		09/01/2022		827,067
	800,000	0.974		09/01/2023		800,047
	1,000,000	1.118		09/01/2024		997,883
	1,000,000	1.218		09/01/2025		1,000,370

	4,366,024

	TOTAL CORPORATE BONDS
	(Cost $19,638,455)				$	19,686,587



U.S. Treasury Obligations – 3.2%
	U.S. Treasury Notes
$	100,000,000	0.375%		11/30/2025	$	97,812,500
	75,000,000	0.375		12/31/2025		73,242,188
	50,000,000	0.375		01/31/2026		48,753,907
	50,000,000	0.625		11/30/2027		47,679,687
	75,000,000	0.625		12/31/2027		71,414,062
	50,000,000	0.750		01/31/2028		47,937,500

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $398,745,999)				$	386,839,844

	TOTAL INVESTMENTS – 99.1%
	(Cost $11,702,976,708)				$	11,877,925,728

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%					107,196,516

	NET ASSETS – 100.0%				$	11,985,122,244



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

*		Security is currently in default and/or non-income producing.

(a)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(b)		Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(d)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933.



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

(g)		Zero coupon bond until next reset date.

(h)		When-issued security.



Investment Abbreviations:
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SCH BD GTY		—School Bond Guaranty
SCH BD RES FD		—School Bond Reserve Fund
SCSDE		—South Carolina State Department of Education
SD CRED PROG		—School District Credit Program
SIFMA		—The Securities Industry and Financial Markets Association
SOFR		—Secured Overnight Financing Rate
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
USD		—United States Dollar
WR		—Withdrawn Rating


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2021^(b)			Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:

California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023	1.000%		0.266	%		Bank of America NA		03/20/2023		USD 5,000	$	73,789	$	(48,805	)	$	122,594

California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000		0.266			JPMorgan Chase Bank NA		03/20/2023		10,000		147,578		(97,610	)		245,188

TOTAL											$	221,367	$	(146,415	)	$	367,782

(a)

Payments received quarterly.

(b)


The accompanying notes are an integral part of these financial statements.		201

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Assets and Liabilities

March 31, 2021


	Dynamic Municipal Income Fund		High Yield Municipal Fund		Municipal Income Completion Fund		Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $8,662,981,143, $9,235,890,732, $97,757,370 and $11,702,976,708)	$	9,193,918,111	$	10,197,605,762	$	100,491,457	$	11,877,925,728
Cash		113,572,714		108,028,630		6,099,130		31,866,829
Receivables:
Interest		99,373,049		119,452,272		1,034,405		118,556,033
Fund shares sold		21,171,480		19,005,935		199,812		23,633,929
Collateral on certain derivative contracts^(a)		5,224,340		5,841,440		50,325		—
Investments sold		1,578,197		5,184,435		—		24,893,471
Reimbursement from investment adviser		386,468		347,701		—		340,461
Variation margin on futures		280,875		314,000		2,719		—
Unrealized gain on swap contracts		49,038		1,130,200		—		367,782
Other assets		168,625		152,828		7,629		380,647
Total assets		9,435,722,897		10,457,063,203		107,885,477		12,077,964,880

Liabilities:
Payables:
Investments purchased on an extended-settlement basis		60,228,535		64,575,528		2,138,480		9,538,422
Fund shares redeemed		17,273,150		17,083,680		339,998		56,628,893
Management fees		2,727,680		4,335,747		99,481		3,421,201
Investments purchased		2,209,475		7,249,617		—		20,553,800
Income distribution		1,693,808		1,019,692		—		1,250,257
Distribution and Service fees and Transfer Agency fees		939,213		536,581		—		415,524
Upfront payments received on swap contracts		19,522		585,221		—		146,415
Collateral on certain derivative contracts^(a)		—		560,000		—		250,000
Accrued expenses		543,612		584,710		137,246		638,124
Total liabilities		85,634,995		96,530,776		2,715,205		92,842,636

Net Assets:
Paid-in capital		9,069,922,279		9,635,954,313		102,795,662		11,826,928,295
Total distributable earnings (loss)		280,165,623		724,578,114		2,374,610		158,193,949
NET ASSETS	$	9,350,087,902	$	10,360,532,427	$	105,170,272	$	11,985,122,244
Net Assets:
Class A	$	1,521,710,868	$	594,727,721	$	—	$	255,472,454
Class C		153,276,655		80,215,329		—		12,988,377
Institutional		4,188,941,048		1,416,245,896		—		2,424,423,261
Separate Account Institutional		—		—		105,170,272		—
Service		25,502		—		—		133,256
Investor		1,193,082,378		496,139,756		—		175,488,388
Class R6		97,336,521		11,000,715		—		8,392,709
Class P		2,195,714,930		7,762,203,010		—		9,108,223,799
Total Net Assets	$	9,350,087,902	$	10,360,532,427	$	105,170,272	$	11,985,122,244
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		91,488,815		56,709,881		—		23,585,016
Class C		9,211,774		7,646,821		—		1,200,404
Institutional		251,980,214		135,017,692		—		224,155,814
Separate Account Institutional		—		—		9,844,616		—
Service		1,526		—		—		12,317
Investor		71,812,926		47,257,367		—		16,221,971
Class R6		5,852,865		1,049,348		—		776,306
Class P		132,010,296		740,668,872		—		842,454,806
Net asset value, offering and redemption price per share:^(b)
Class A		$16.63		$10.49		$—		$10.83
Class C		16.64		10.49		—		10.82
Institutional		16.62		10.49		—		10.82
Separate Account Institutional		—		—		10.68		—
Service		16.71		—		—		10.82
Investor		16.61		10.50		—		10.82
Class R6		16.63		10.48		—		10.81
Class P		16.63		10.48		—		10.81

(a)

Segregated for initial margin and/or collateral on transactions as follows:


Fund	Futures		Swaps
Dynamic Municipal Income	$	5,224,340	$	—
High Yield Municipal		5,841,440		(560,000	)
Municipal Income Completion		50,325		—
Short Duration Tax-Free		—		(250,000	)

(b)

Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income, High Yield Municipal, and Short Duration Tax-Free Funds is $17.28, $10.98 and $10.99, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2021


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Municipal Income Completion Fund			Short Duration Tax-Free Fund
Investment income:

Interest	$	240,022,779		$	363,644,746		$	1,374,326		$	169,880,582

Expenses:

Management fees		28,531,010			44,468,309			—			32,942,637

Transfer Agency fees^(a)		5,221,655			3,653,973			9,281			3,478,482

Distribution and Service (12b-1) fees^(a)		4,650,007			1,815,944			—			629,805

Custody, accounting and administrative services		1,047,772			1,034,698			51,549			1,136,858

Registration fees		869,872			440,209			24,597			526,497

Service fees — Class C		369,435			202,495			—			37,901

Printing and mailing costs		227,308			192,758			11,217			114,785

Legal fees		148,761			191,876			35,481			77,362

Audit fees		58,938			58,938			47,070			61,938

Trustee fees		31,974			32,856			17,743			34,640

Shareholder administration fees — Service Shares		447			—			—			410

Other		154,963			112,235			12,588			118,171

Total expenses		41,312,142			52,204,291			209,526			39,159,486

Less — expense reductions		(2,261,285	)		(1,937,806	)		(209,526	)		(1,876,934	)

Net expenses		39,050,857			50,266,485			—			37,282,552

NET INVESTMENT INCOME		200,971,922			313,378,261			1,374,326			132,598,030

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(21,115,031	)		(16,296,136	)		(144,292	)		(10,856,193	)

Swap contracts		(18,246,961	)		(18,750,971	)		(35,877	)		226,860

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		519,237,789			771,545,858			3,425,632			147,406,417

Futures contracts		4,390,758			4,903,247			43,848			—

Swap contracts		16,570,488			17,535,260			33,817			(194,095	)

Net realized and unrealized gain		500,837,043			758,937,258			3,323,128			136,582,989

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	701,808,965		$	1,072,315,519		$	4,697,454		$	269,181,019

(a)

Class specific Distribution and/or Service, and Transfer Agency fees were as follows:


	Distribution and/or (12b-1) Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Separate Account Institutional		Service		Investor		Class R6		Class P
Dynamic Municipal Income	$	3,541,255	$	1,108,305	$	447	$	1,732,569	$	180,855	$	1,464,759	$	—	$	72	$	1,273,912	$	25,069	$	544,419
High Yield Municipal		1,208,461		607,483		—		590,356		99,167		454,073		—		—		476,924		1,787		2,031,666
Municipal Income Completion		—		—		—		—		—		—		9,281		—		—		—		—
Short Duration Tax-Free		515,692		113,703		410		251,161		18,611		801,080		—		66		179,380		2,131		2,226,053


The accompanying notes are an integral part of these financial statements.		203

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets


	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	200,971,922		$	168,716,537		$	313,378,261		$	324,754,557
Net realized loss		(39,361,992	)		(203,060,536	)		(35,047,107	)		(119,789,308	)
Net change in unrealized gain (loss)		540,199,035			(128,589,076	)		793,984,365			(269,938,986	)
Net increase (decrease) in net assets resulting from operations		701,808,965			(162,933,075	)		1,072,315,519			(64,973,737	)

Distributions to shareholders:
From distributable earnings:
Class A Shares		(30,680,998	)		(26,767,203	)		(15,135,019	)		(15,028,985	)
Class C Shares		(2,094,730	)		(1,836,214	)		(1,944,817	)		(1,996,031	)
Institutional Shares		(91,393,063	)		(80,218,287	)		(39,002,617	)		(35,707,014	)
Service Shares		(3,608	)		(4,678	)		—			—
Investor Shares		(25,147,556	)		(18,862,838	)		(13,199,218	)		(10,962,178	)
Class R6 Shares		(2,090,258	)		(1,636,966	)		(198,852	)		(430	)
Class P Shares		(45,429,187	)		(39,740,810	)		(234,209,820	)		(244,330,086	)
Total distributions to shareholders		(196,839,400	)		(169,066,996	)		(303,690,343	)		(308,024,724	)

From share transactions:
Proceeds from sales of shares		3,705,174,124			5,369,651,711			3,306,110,174			3,022,075,670
Reinvestment of distributions		177,162,915			150,907,107			293,250,971			298,380,974
Cost of shares redeemed		(2,373,423,744	)		(2,284,389,837	)		(1,870,384,214	)		(2,387,191,975	)^(a)
Net increase in net assets resulting from share transactions		1,508,913,295			3,236,168,981			1,728,976,931			933,264,669
TOTAL INCREASE		2,013,882,860			2,904,168,910			2,497,602,107			560,266,208

Net Assets:
Beginning of year		7,336,205,042			4,432,036,132			7,862,930,320			7,302,664,112
End of year	$	9,350,087,902		$	7,336,205,042		$	10,360,532,427		$	7,862,930,320

(a)

Net of $196,736 of redemption fees.


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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets (continued)


	Municipal Income Completion Fund						Short Duration Tax-Free Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal year Ended March 31, 2020^(a)			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	1,374,326		$	210,824		$	132,598,030		$	128,480,326
Net realized gain (loss)		(180,169	)		(246,463	)		(10,629,333	)		4,534,361
Net change in unrealized gain (loss)		3,503,297			(725,362	)		147,212,322			(50,221,844	)
Net increase (decrease) in net assets resulting from operations		4,697,454			(761,001	)		269,181,019			82,792,843

Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(2,012,540	)		(1,816,735	)
Class C Shares		—			—			(95,591	)		(167,468	)
Institutional Shares		—			—			(25,817,373	)		(28,233,445	)
Separate Account Institutional		(1,353,194	)		(208,649	)		—			—
Service Shares		—			—			(1,372	)		(2,752	)
Investor Shares		—			—			(1,815,994	)		(1,384,410	)
Class R6 Shares		—			—			(92,353	)		(97,487	)
Class P Shares		—			—			(95,650,568	)		(97,647,520	)
Total distributions to shareholders		(1,353,194	)		(208,649	)		(125,485,791	)		(129,349,817	)

From share transactions:
Proceeds from sales of shares		96,503,149			18,858,469			9,331,103,669			4,519,198,773
Reinvestment of distributions		1,336,815			208,649			110,210,651			114,038,179
Cost of shares redeemed		(13,664,986	)		(446,434	)		(5,088,379,752	)		(3,758,256,134	)
Net increase in net assets resulting from share transactions		84,174,978			18,620,684			4,352,934,568			874,980,818
TOTAL INCREASE		87,519,238			17,651,034			4,496,629,796			828,423,844

Net Assets:
Beginning of year		17,651,034			—			7,488,492,448			6,660,068,604
End of year	$	105,170,272		$	17,651,034		$	11,985,122,244		$	7,488,492,448

(a)

Commenced operations on April 1, 2019.


The accompanying notes are an integral part of these financial statements.		205

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.59		$	16.02		$	15.59		$	15.46		$	15.69

Net investment income^(a)		0.36			0.37			0.44			0.47			0.52

Net realized and unrealized gain (loss)		1.03			(0.43	)		0.42			0.11			(0.25	)

Total from investment operations		1.39			(0.06	)		0.86			0.58			0.27

Distributions to shareholders from net investment income		(0.35	)		(0.37	)		(0.43	)		(0.45	)		(0.50	)

Net asset value, end of year	$	16.63		$	15.59		$	16.02		$	15.59		$	15.46

Total return^(b)		9.00	%		(0.43	)%		5.62	%		3.81	%		1.73	%

Net assets, end of year (in 000s)	$	1,521,711		$	1,330,377		$	769,894		$	315,142		$	218,699

Ratio of net expenses to average net assets		0.72	%		0.73	%		0.74	%		0.76	%		0.78	%

Ratio of total expenses to average net assets		0.75	%		0.76	%		0.78	%		0.85	%		0.98	%

Ratio of net investment income to average net assets		2.21	%		2.25	%		2.78	%		2.98	%		3.34	%

Portfolio turnover rate^(c)		6	%		23	%		16	%		12	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.60		$	16.03		$	15.60		$	15.47		$	15.69

Net investment income^(a)		0.24			0.24			0.32			0.35			0.41

Net realized and unrealized gain (loss)		1.03			(0.42	)		0.42			0.12			(0.25	)

Total from investment operations		1.27			(0.18	)		0.74			0.47			0.16

Distributions to shareholders from net investment income		(0.23	)		(0.25	)		(0.31	)		(0.34	)		(0.38	)

Net asset value, end of year	$	16.64		$	15.60		$	16.03		$	15.60		$	15.47

Total return^(b)		8.19	%		(1.17	)%		4.83	%		3.03	%		1.04	%

Net assets, end of year (in 000s)	$	153,277		$	141,952		$	83,931		$	47,379		$	42,353

Ratio of net expenses to average net assets		1.47	%		1.48	%		1.49	%		1.51	%		1.53	%

Ratio of total expenses to average net assets		1.50	%		1.51	%		1.53	%		1.60	%		1.73	%

Ratio of net investment income to average net assets		1.46	%		1.50	%		2.04	%		2.23	%		2.59	%

Portfolio turnover rate^(c)		6	%		23	%		16	%		12	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		207

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.58		$	16.02		$	15.59		$	15.46		$	15.68

Net investment income^(a)		0.41			0.42			0.49			0.52			0.58

Net realized and unrealized gain (loss)		1.03			(0.43	)		0.43			0.12			(0.25	)

Total from investment operations		1.44			(0.01	)		0.92			0.64			0.33

Distributions to shareholders from net investment income		(0.40	)		(0.43	)		(0.49	)		(0.51	)		(0.55	)

Net asset value, end of year	$	16.62		$	15.58		$	16.02		$	15.59		$	15.46

Total return^(b)		9.37	%		(0.16	)%		5.97	%		4.17	%		2.13	%

Net assets, end of year (in 000s)	$	4,188,941		$	3,206,615		$	1,858,949		$	1,296,146		$	774,777

Ratio of net expenses to average net assets		0.39	%		0.39	%		0.40	%		0.42	%		0.44	%

Ratio of total expenses to average net assets		0.42	%		0.42	%		0.44	%		0.51	%		0.64	%

Ratio of net investment income to average net assets		2.54	%		2.59	%		3.14	%		3.32	%		3.67	%

Portfolio turnover rate^(c)		6	%		23	%		16	%		12	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.67		$	16.10		$	15.66		$	15.54		$	15.77

Net investment income^(a)		0.34			0.34			0.42			0.44			0.50

Net realized and unrealized gain (loss)		1.03			(0.42	)		0.43			0.11			(0.25	)

Total from investment operations		1.37			(0.08	)		0.85			0.55			0.25

Distributions to shareholders from net investment income		(0.33	)		(0.35	)		(0.41	)		(0.43	)		(0.48	)

Net asset value, end of year	$	16.71		$	15.67		$	16.10		$	15.66		$	15.54

Total return^(b)		8.79	%		(0.58	)%		5.50	%		3.58	%		1.57	%

Net assets, end of year (in 000s)	$	26		$	203		$	38		$	36		$	36

Ratio of net expenses to average net assets		0.89	%		0.89	%		0.90	%		0.92	%		0.94	%

Ratio of total expenses to average net assets		0.92	%		0.92	%		0.93	%		1.01	%		1.14	%

Ratio of net investment income to average net assets		2.06	%		2.09	%		2.65	%		2.83	%		3.19	%

Portfolio turnover rate^(c)		6	%		23	%		16	%		12	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		209

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Investor Shares^(a)
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.57		$	16.00		$	15.57		$	15.45		$	15.67

Net investment income^(b)		0.40			0.41			0.48			0.50			0.56

Net realized and unrealized gain (loss)		1.03			(0.43	)		0.42			0.11			(0.24	)

Total from investment operations		1.43			(0.02	)		0.90			0.61			0.32

Distributions to shareholders from net investment income		(0.39	)		(0.41	)		(0.47	)		(0.49	)		(0.54	)

Net asset value, end of year	$	16.61		$	15.57		$	16.00		$	15.57		$	15.45

Total return^(c)		9.28	%		(0.19	)%		5.88	%		4.01	%		2.03	%

Net assets, end of year (in 000s)	$	1,193,082		$	904,160		$	480,724		$	160,475		$	65,306

Ratio of net expenses to average net assets		0.47	%		0.48	%		0.49	%		0.51	%		0.53	%

Ratio of total expenses to average net assets		0.50	%		0.51	%		0.53	%		0.59	%		0.73	%

Ratio of net investment income to average net assets		2.46	%		2.50	%		3.03	%		3.22	%		3.57	%

Portfolio turnover rate^(d)		6	%		23	%		16	%		12	%		28	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class R6 Shares
	Year Ended March 31,									November 30, 2017* to March 31, 2018
	2021			2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	15.59		$	16.02		$	15.59		$	15.56

Net investment income^(a)		0.41			0.42			0.49			0.17

Net realized and unrealized gain (loss)		1.04			(0.42	)		0.43			0.03

Total from investment operations		1.45			—	^(b)		0.92			0.20

Distributions to shareholders from net investment income		(0.41	)		(0.43	)		(0.49	)		(0.17	)

Net asset value, end of period	$	16.63		$	15.59		$	16.02		$	15.59

Total return^(c)		9.37	%		(0.08	)%		5.98	%		1.27	%

Net assets, end of period (in 000s)	$	97,337		$	69,532		$	44,934		$	10

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.39	%		0.40	%^(d)

Ratio of total expenses to average net assets		0.41	%		0.41	%		0.42	%		0.43	%^(d)

Ratio of net investment income to average net assets		2.55	%		2.61	%		3.11	%		3.28	%^(d)

Portfolio turnover rate^(e)		6	%		23	%		16	%		12	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

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

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		211

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class P Shares
	Year Ended March 31,						April 20, 2018* to March 31, 2019
	2021			2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	15.59		$	16.02		$	15.65

Net investment income^(a)		0.41			0.43			0.46

Net realized and unrealized gain (loss)		1.04			(0.43	)		0.36

Total from investment operations		1.45			—	^(b)		0.82

Distributions to shareholders from net investment income		(0.41	)		(0.43	)		(0.45	)

Net asset value, end of period	$	16.63		$	15.59		$	16.02

Total return^(c)		9.37	%		(0.08	)%		5.35	%

Net assets, end of period (in 000s)	$	2,195,715		$	1,683,366		$	1,193,566

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.39	%^(d)

Ratio of total expenses to average net assets		0.41	%		0.41	%		0.43	%^(d)

Ratio of net investment income to average net assets		2.55	%		2.61	%		3.11	%^(d)

Portfolio turnover rate^(e)		6	%		23	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36

Net investment income^(a)		0.33			0.37			0.38			0.38			0.47

Net realized and unrealized gain (loss)		0.89			(0.34	)		0.35			0.18			(0.06	)

Total from investment operations		1.22			0.03			0.73			0.56			0.41

Distributions to shareholders from net investment income		(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.42	)

Net asset value, end of year	$	10.49		$	9.59		$	9.91		$	9.55		$	9.35

Total return^(b)		12.87	%		0.13	%		7.79	%		6.10	%		4.48	%

Net assets, end of year (in 000s)	$	594,728		$	419,784		$	377,942		$	250,436		$	234,550

Ratio of net expenses to average net assets		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%

Ratio of total expenses to average net assets		0.89	%		0.91	%		0.92	%		0.92	%		0.92	%

Ratio of net investment income to average net assets		3.23	%		3.61	%		3.97	%		4.00	%		4.93	%

Portfolio turnover rate^(c)		7	%		20	%		16	%		16	%		31	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		213

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36

Net investment income^(a)		0.25			0.29			0.31			0.31			0.40

Net realized and unrealized gain (loss)		0.89			(0.34	)		0.35			0.18			(0.06	)

Total from investment operations		1.14			(0.05	)		0.66			0.49			0.34

Distributions to shareholders from net investment income		(0.24	)		(0.27	)		(0.30	)		(0.29	)		(0.35	)

Net asset value, end of year	$	10.49		$	9.59		$	9.91		$	9.55		$	9.35

Total return^(b)		12.03	%		(0.62	)%		6.99	%		5.30	%		3.70	%

Net assets, end of year (in 000s)	$	80,215		$	77,387		$	60,899		$	59,381		$	66,772

Ratio of net expenses to average net assets		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%

Ratio of total expenses to average net assets		1.64	%		1.66	%		1.67	%		1.67	%		1.67	%

Ratio of net investment income to average net assets		2.50	%		2.85	%		3.22	%		3.25	%		4.18	%

Portfolio turnover rate^(c)		7	%		20	%		16	%		16	%		31	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.59		$	9.91		$	9.55		$	9.36		$	9.36

Net investment income^(a)		0.36			0.40			0.41			0.41			0.49

Net realized and unrealized gain (loss)		0.89			(0.34	)		0.35			0.17			(0.04	)

Total from investment operations		1.25			0.06			0.76			0.58			0.45

Distributions to shareholders from net investment income		(0.35	)		(0.38	)		(0.40	)		(0.39	)		(0.45	)

Net asset value, end of year	$	10.49		$	9.59		$	9.91		$	9.55		$	9.36

Total return^(b)		13.22	%		0.43	%		8.10	%		6.29	%		4.88	%

Net assets, end of year (in 000s)	$	1,416,246		$	894,702		$	699,635		$	5,026,846		$	4,284,703

Ratio of net expenses to average net assets		0.54	%		0.55	%		0.56	%		0.56	%		0.56	%

Ratio of total expenses to average net assets		0.56	%		0.57	%		0.58	%		0.58	%		0.58	%

Ratio of net investment income to average net assets		3.54	%		3.91	%		4.27	%		4.29	%		5.23	%

Portfolio turnover rate^(c)		7	%		20	%		16	%		16	%		31	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		215

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Investor Shares^(a)
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.60		$	9.92		$	9.56		$	9.37		$	9.37

Net investment income^(b)		0.35			0.39			0.41			0.41			0.50

Net realized and unrealized gain (loss)		0.89			(0.34	)		0.34			0.17			(0.05	)

Total from investment operations		1.24			0.05			0.75			0.58			0.45

Distributions to shareholders from net investment income		(0.34	)		(0.37	)		(0.39	)		(0.39	)		(0.45	)

Net asset value, end of year	$	10.50		$	9.60		$	9.92		$	9.56		$	9.37

Total return^(c)		13.14	%		0.38	%		8.05	%		6.26	%		4.81	%

Net assets, end of year (in 000s)	$	496,140		$	331,991		$	202,256		$	85,209		$	42,152

Ratio of net expenses to average net assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%

Ratio of total expenses to average net assets		0.65	%		0.66	%		0.66	%		0.67	%		0.67	%

Ratio of net investment income to average net assets		3.48	%		3.85	%		4.21	%		4.26	%		5.25	%

Portfolio turnover rate^(d)		7	%		20	%		16	%		16	%		31	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class R6 Shares
	Year Ended March 31,									November 30, 2017* to March 31, 2018
	2021			2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	9.58		$	9.91		$	9.55		$	9.46

Net investment income^(a)		0.35			0.40			0.41			0.14

Net realized and unrealized gain (loss)		0.90			(0.35	)		0.35			0.08

Total from investment operations		1.25			0.05			0.76			0.22

Distributions to shareholders from net investment income		(0.35	)		(0.38	)		(0.40	)		(0.13	)

Net asset value, end of period	$	10.48		$	9.58		$	9.91		$	9.55

Total return^(b)		13.24	%		0.32	%		8.09	%		2.33	%

Net assets, end of period (in 000s)	$	11,001		$	11		$	11		$	10

Ratio of net expenses to average net assets		0.53	%		0.54	%		0.55	%		0.57	%^(c)

Ratio of total expenses to average net assets		0.55	%		0.57	%		0.55	%		0.60	%^(c)

Ratio of net investment income to average net assets		3.44	%		3.92	%		4.28	%		4.36	%^(c)

Portfolio turnover rate^(d)		7	%		20	%		16	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		217

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class P Shares
	Year Ended March 31,						April 20, 2018* to March 31, 2019
	2021			2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	9.58		$	9.90		$	9.60

Net investment income^(a)		0.36			0.40			0.39

Net realized and unrealized gain (loss)		0.89			(0.34	)		0.28

Total from investment operations		1.25			0.06			0.67

Distributions to shareholders from net investment income		(0.35	)		(0.38	)		(0.37	)

Net asset value, end of period	$	10.48		$	9.58		$	9.90

Total return^(b)		13.24	%		0.44	%		7.14	%

Net assets, end of period (in 000s)	$	7,762,203		$	6,139,055		$	5,961,922

Ratio of net expenses to average net assets		0.53	%		0.54	%		0.55	%^(c)

Ratio of total expenses to average net assets		0.55	%		0.56	%		0.57	%^(c)

Ratio of net investment income to average net assets		3.56	%		3.93	%		4.27	%^(c)

Portfolio turnover rate^(d)		7	%		20	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Municipal Income Completion Fund
	Separate Account Institutional Shares
	Year Ended March 31, 2021			April 1, 2019* to March 31, 2020
Per Share Data

Net asset value, beginning of period	$	9.65		$	10.00

Net investment income^(a)		0.31			0.35

Net realized and unrealized gain (loss)		1.03			(0.34	)

Total from investment operations		1.34			0.01

Distributions to shareholders from net investment income		(0.31	)		(0.36	)

Net asset value, end of period	$	10.68		$	9.65

Total return^(b)		14.11	%		(0.10	)%

Net assets, end of period (in 000s)	$	105,170		$	17,651

Ratio of net expenses to average net assets		—	%		—	%

Ratio of total expenses to average net assets		0.45	%		6.51	%

Ratio of net investment income to average net assets		2.96	%		3.40	%

Portfolio turnover rate^(c)		8	%		7	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		219

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.63		$	10.66		$	10.48		$	10.52		$	10.56

Net investment income^(a)		0.11			0.16			0.16			0.12			0.12

Net realized and unrealized gain (loss)		0.20			(0.03	)		0.17			(0.04	)		(0.05	)

Total from investment operations		0.31			0.13			0.33			0.08			0.07

Distributions to shareholders from net investment income		(0.11	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)

Distributions to shareholders from net realized gains		—			—			—			—			—	^(b)

Total distributions		(0.11	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)

Net asset value, end of year	$	10.83		$	10.63		$	10.66		$	10.48		$	10.52

Total return^(c)		2.92	%		1.18	%		3.20	%		0.74	%		0.63	%

Net assets, end of year (in 000s)	$	255,472		$	134,986		$	119,675		$	97,703		$	124,586

Ratio of net expenses to average net assets		0.68	%		0.68	%		0.69	%		0.68	%		0.70	%

Ratio of total expenses to average net assets		0.73	%		0.74	%		0.75	%		0.75	%		0.76	%

Ratio of net investment income to average net assets		1.05	%		1.45	%		1.51	%		1.18	%		1.09	%

Portfolio turnover rate^(d)		20	%		29	%		44	%		35	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.62		$	10.65		$	10.47		$	10.51		$	10.55

Net investment income^(a)		0.08			0.11			0.12			0.09			0.07

Net realized and unrealized gain (loss)		0.19			(0.03	)		0.17			(0.05	)		(0.05	)

Total from investment operations		0.27			0.08			0.29			0.04			0.02

Distributions to shareholders from net investment income		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)

Distributions to shareholders from net realized gains		—			—			—			—			—	^(b)

Total distributions		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)

Net asset value, end of year	$	10.82		$	10.62		$	10.65		$	10.47		$	10.51

Total return^(c)		2.51	%		0.78	%		2.80	%		0.34	%		0.23	%

Net assets, end of year (in 000s)	$	12,988		$	17,180		$	15,681		$	19,813		$	23,220

Ratio of net expenses to average net assets		1.08	%		1.08	%		1.09	%		1.08	%		1.10	%

Ratio of total expenses to average net assets		1.48	%		1.50	%		1.50	%		1.50	%		1.51	%

Ratio of net investment income to average net assets		0.70	%		1.04	%		1.10	%		0.81	%		0.69	%

Portfolio turnover rate^(d)		20	%		29	%		44	%		35	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		221

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54

Net investment income^(a)		0.15			0.19			0.19			0.16			0.15

Net realized and unrealized gain (loss)		0.19			(0.02	)		0.16			(0.04	)		(0.05	)

Total from investment operations		0.34			0.17			0.35			0.12			0.10

Distributions to shareholders from net investment income		(0.14	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)

Distributions to shareholders from net realized gains		—			—			—			—			—	^(b)

Total distributions		(0.14	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)

Net asset value, end of year	$	10.82		$	10.62		$	10.64		$	10.47		$	10.50

Total return^(c)		3.23	%		1.58	%		3.42	%		1.15	%		0.94	%

Net assets, end of year (in 000s)	$	2,424,423		$	1,646,398		$	1,488,011		$	4,936,410		$	4,448,309

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%

Ratio of total expenses to average net assets		0.40	%		0.40	%		0.41	%		0.41	%		0.42	%

Ratio of net investment income to average net assets		1.36	%		1.75	%		1.77	%		1.52	%		1.41	%

Portfolio turnover rate^(d)		20	%		29	%		44	%		35	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54

Net investment income^(a)		0.10			0.14			0.14			0.11			0.10

Net realized and unrealized gain (loss)		0.19			(0.02	)		0.16			(0.04	)		(0.05	)

Total from investment operations		0.29			0.12			0.30			0.07			0.05

Distributions to shareholders from net investment income		(0.09	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)

Distributions to shareholders from net realized gains		—			—			—			—			—	^(b)

Total distributions		(0.09	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)

Net asset value, end of year	$	10.82		$	10.62		$	10.64		$	10.47		$	10.50

Total return^(c)		2.71	%		1.07	%		2.90	%		0.65	%		0.44	%

Net assets, end of year (in 000s)	$	133		$	179		$	293		$	287		$	263

Ratio of net expenses to average net assets		0.88	%		0.88	%		0.89	%		0.88	%		0.89	%

Ratio of total expenses to average net assets		0.90	%		0.91	%		0.91	%		0.91	%		0.92	%

Ratio of net investment income to average net assets		0.91	%		1.27	%		1.31	%		1.03	%		0.91	%

Portfolio turnover rate^(d)		20	%		29	%		44	%		35	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		223

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Investor Shares^(a)
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.62		$	10.64		$	10.47		$	10.51		$	10.55

Net investment income^(b)		0.14			0.18			0.19			0.16			0.14

Net realized and unrealized gain (loss)		0.20			(0.02	)		0.16			(0.05	)		(0.05	)

Total from investment operations		0.34			0.16			0.35			0.11			0.09

Distributions to shareholders from net investment income		(0.14	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)

Distributions to shareholders from net realized gains		—			—			—			—			—	^(c)

Total distributions		(0.14	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)

Net asset value, end of year	$	10.82		$	10.62		$	10.64		$	10.47		$	10.51

Total return^(d)		3.18	%		1.53	%		3.37	%		1.01	%		0.88	%

Net assets, end of year (in 000s)	$	175,488		$	111,743		$	65,719		$	21,605		$	10,002

Ratio of net expenses to average net assets		0.43	%		0.43	%		0.44	%		0.43	%		0.45	%

Ratio of total expenses to average net assets		0.48	%		0.49	%		0.50	%		0.50	%		0.51	%

Ratio of net investment income to average net assets		1.31	%		1.69	%		1.79	%		1.48	%		1.37	%

Portfolio turnover rate^(e)		20	%		29	%		44	%		35	%		40	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class R6 Shares
	Year Ended March 31,									November 30, 2017* to March 31, 2018
	2021			2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	10.61		$	10.64		$	10.46		$	10.45

Net investment income^(a)		0.15			0.19			0.21			0.06

Net realized and unrealized gain (loss)		0.19			(0.03	)		0.15			—	^(b)

Total from investment operations		0.34			0.16			0.36			0.06

Distributions to shareholders from net investment income		(0.14	)		(0.19	)		(0.18	)		(0.05	)

Net asset value, end of period	$	10.81		$	10.61		$	10.64		$	10.46

Total return^(c)		3.24	%		1.50	%		3.51	%		0.61	%

Net assets, end of period (in 000s)	$	8,393		$	5,992		$	5,014		$	10

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.38	%		0.36	%^(d)

Ratio of total expenses to average net assets		0.39	%		0.39	%		0.40	%		0.38	%^(d)

Ratio of net investment income to average net assets		1.37	%		1.75	%		1.96	%		1.64	%^(d)

Portfolio turnover rate^(e)		20	%		29	%		44	%		35	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		225

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class P Shares
	Year Ended March 31,						April 20, 2018* to March 31, 2019
	2021			2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	10.61		$	10.64		$	10.46

Net investment income^(a)		0.15			0.19			0.18

Net realized and unrealized gain (loss)		0.19			(0.03	)		0.17

Total from investment operations		0.34			0.16			0.35

Distributions to shareholders from net investment income		(0.14	)		(0.19	)		(0.17	)

Net asset value, end of period	$	10.81		$	10.61		$	10.64

Total return^(b)		3.24	%		1.50	%		3.42	%

Net assets, end of period (in 000s)	$	9,108,224		$	5,572,014		$	4,965,675

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.38	%^(c)

Ratio of total expenses to average net assets		0.39	%		0.39	%		0.40	%^(c)

Ratio of net investment income to average net assets		1.36	%		1.75	%		1.86	%^(c)

Portfolio turnover rate^(d)		20	%		29	%		44	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements

March 31, 2021

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Dynamic Municipal Income, Short Duration Tax-Free	A, C, Institutional, Service, Investor, R6 and P	Diversified
High Yield Municipal	A, C, Institutional, Investor, R6 and P	Diversified
Municipal Income Completion	Separate Account Institutional	Diversified

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class P and Separate Account Institutional Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

227

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Notes to Financial Statements (continued)

March 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed on the redemption of shares (including by exchange) of the High Yield Municipal Fund held for 60 calendar days or less. For this purpose, the High Yield Municipal Fund utilized a first-in first-out method so that shares held longest were treated as being redeemed first and shares held shortest were treated as being redeemed last. Redemption fees were reimbursed to the Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and are allocated to each share class of the Fund on a pro-rata basis. Effective March 16, 2020 redemption fees for Goldman Sachs High Yield Municipal Fund are no longer imposed.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

228

GOLDMAN SACHS MUNICIPAL FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

ii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

229

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

230

GOLDMAN SACHS MUNICIPAL FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2021:



DYNAMIC MUNICIPAL INCOME

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	9,121,449,247	$	—

Bank Loan		—		2,021,902		—

Corporate Bonds		—		15,979,829		5,639,008

U.S. Treasury Obligation		48,828,125		—		—

Total	$	48,828,125	$	9,139,450,978	$	5,639,008

Derivative Type

Assets^(a)

Futures Contracts	$	4,390,758	$	—	$	—

Credit Default Swap Contracts		—		49,038		—

Total	$	4,390,758	$	49,038	$	—

HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	10,150,888,651	$	—

Bank Loan		—		6,614,504		—

Corporate Bonds		—		28,326,035		11,776,572

Total	$	—	$	10,185,829,190	$	11,776,572

Derivative Type

Assets^(a)

Futures Contracts	$	4,903,247	$	—	$	—

Credit Default Swap Contracts		—		1,130,200		—

Total	$	4,903,247	$	1,130,200	$	—

(a)

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

231

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MUNICIPAL INCOME COMPLETION

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	100,294,650	$	—

Corporate Bonds		—		100,000		96,807

Total	$	—	$	100,394,650	$	96,807

Derivative Type

Assets^(a)

Futures Contracts	$	43,848	$	—	$	—

SHORT DURATION TAX-FREE

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	11,471,399,297	$	—

Corporate Bonds		—		19,686,587		—

U.S. Treasury Obligations		386,839,844		—		—

Total	$	386,839,844	$	11,491,085,884	$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	367,782	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	49,038		—	$	—
Interest rate	Variation margin on futures contracts		4,390,758	^(a)	—		—
Total		$	4,439,796			$	—

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of March 31, 2021 is reported within the Statements of Assets and Liabilities.

232

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4. INVESTMENTS IN DERIVATIVES (continued)



HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	1,130,200		—	$	—
Interest rate	Variation margin on futures contracts		4,903,247	^(a)	—		—
Total		$	6,033,447			$	—

MUNICIPAL INCOME COMPLETION
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	43,848	^(a)	—	$	—

SHORT DURATION TAX-FREE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	367,782		—	$	—

(a)



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	30,312		$	(25,879	)
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		(18,277,273	)		20,987,125
Total		$	(18,246,961	)	$	20,961,246

HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,086,141		$	(569,047	)
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		(19,837,112	)		23,007,554
Total		$	(18,750,971	)	$	22,438,507

233

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Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)



MUNICIPAL INCOME COMPLETION
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(35,877	)	$	77,665

SHORT DURATION TAX-FREE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	226,860		$	(194,095	)

For the fiscal year ended March 31, 2021, the relevant values for each derivative type were as follows:


	Average Number of Contracts or Notional Amounts⁽¹⁾
Fund	Futures Contracts		Swap Agreements
Dynamic Municipal Income		118	$	10,892,308
High Yield Municipal		132		80,109,231
Municipal Income Completion		1		38,462
Short Duration Tax-Free		—		15,000,000

(1)

Amounts disclosed represent average number of contracts for futures contracts or notional amounts for swap agreements, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.

For the fiscal year ended March 31, 2021, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Dynamic Municipal Income		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%		0.35	%		0.35	%
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.50			0.50
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.34			0.34

234

GOLDMAN SACHS MUNICIPAL FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.


	Distribution and/or Service Plan Rates
	Class A*			Class C			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%

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

For the fiscal year ended March 31, 2021, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2021. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2021, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	38,411	$	2
High Yield Municipal		41,724		—
Short Duration Tax-Free		10,896		—

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

235

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Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares; and 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.02% and 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. These arrangements will remain in effect through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees. Prior to July 1, 2020, the annual rate was 0.13% of the average daily net assets of Class A, Class C and Investor Shares. Prior to July 29, 2020, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.03% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal Fund and Short Duration Tax-Free Funds, respectively.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets is 0.004% for Dynamic Municipal Income, High Yield Municipal Income, Short Duration Tax-Free Funds and 0.00% for Municipal Income Completion Fund. These Other Expense limitations will remain in place through at least July 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Fee Waivers
Fund	Class C Distribution and Service Fee		Transfer Agency Waivers/Credits			Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	—	$	—		$	2,212,210	$	49,075	$	2,261,285
High Yield Municipal		—		211,234	^(a)		1,708,050		18,522		1,937,806
Municipal Income Completion		—		9,281			200,245		—		209,526
Short Duration Tax-Free		53,061		117,528	^(a)		1,677,545		28,800		1,876,934

(a)

Applicable to Class A, C and Investor Shares.

236

GOLDMAN SACHS MUNICIPAL FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — As of March 31, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:


Fund		Service
Dynamic Municipal Income		16%

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2021, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases		Sales		Net Realized Gain (Loss)
Dynamic Municipal Income	$	108,924,801	$	73,190,355	$	(6,073,183	)
High Yield Municipal		24,053,430		155,385,083		(3,541,289	)
Municipal Income Completion		—		217,625		(33,585	)
Short Duration Tax-Free		134,013,254		38,198,423		(2,037,354	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2021, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Dynamic Municipal Income	$	49,869,308	$	2,109,632,494	$	101,375	$	513,219,538
High Yield Municipal		—		2,365,012,734		—		642,174,799
Municipal Income Completion		—		87,223,049		—		3,787,804
Short Duration Tax-Free		623,044,265		5,722,769,404		220,387,853		1,639,577,675

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2021, was as follows:


	Dynamic Municipal Income		High Yield Municipal		Municipal Income Completion		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	14,604,739	$	17,639,652	$	35,919	$	13,808,411
Tax-exempt income		182,234,661		286,050,691		1,317,275		111,677,380
Total distributions	$	196,839,400	$	303,690,343	$	1,353,194	$	125,485,791

237

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Notes to Financial Statements (continued)

March 31, 2021

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2020, was as follows:


	Dynamic Municipal Income		High Yield Municipal		Municipal Income Completion		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	18,741,093	$	37,646,670	$	21,714	$	10,748,528
Tax-exempt income		150,325,903		270,378,054		186,935		118,601,289
Total distributions	$	169,066,996	$	308,024,724	$	208,649	$	129,349,817

As of March 31, 2021, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Undistributed tax-exempt income — net	$	17,103,167		$	138,809,272		$	8,269		$	19,105,223
Capital loss carryforwards:
Perpetual Short-term		(262,588,938	)		(299,878,904	)		(364,486	)		(19,619,230	)
Perpetual Long-term		(9,272,475	)		(120,999,957	)		(24,911	)		(24,907,342	)
Total capital loss carryforwards	$	(271,861,413	)	$	(420,878,861	)	$	(389,397	)	$	(44,526,572	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)		(1,693,808	)		(1,722,359	)		—			(3,849,769	)
Unrealized gains — net		536,617,677			1,008,370,062			2,755,738			187,465,067
Total accumulated earning — net	$	280,165,623		$	724,578,114		$	2,374,610		$	158,193,949

As of March 31, 2021, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Tax cost	$	8,661,739,674		$	9,195,246,008		$	97,779,567		$	11,690,824,276
Gross unrealized gain		562,230,943			1,064,286,704			3,394,954			217,822,582
Gross unrealized loss		(25,613,266	)		(55,916,642	)		(639,216	)		(30,357,515	)
Net unrealized gain	$	536,617,677		$	1,008,370,062		$	2,755,738		$	187,465,067

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

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

8. OTHER RISKS

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

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GOLDMAN SACHS MUNICIPAL FUNDS

8. OTHER RISKS (continued)

disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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Notes to Financial Statements (continued)

March 31, 2021

8. OTHER RISKS (continued)

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

Contingencies — Dynamic Municipal Income Fund and High Yield Municipal Fund are among the defendants in an adversary proceeding filed in August 2019 (the “Adversary Proceeding”) against current and former holders of General Obligation (“GO”) and other bonds issued by the Commonwealth of Puerto Rico seeking to clawback payments made to bondholders on the grounds that the bonds allegedly violated the Puerto Rico Constitution and were void from the outset. On February 9, 2020, the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico (the “Commonwealth”), the Puerto Rico Public Buildings Authority (“PBA”), and the Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) entered into a Plan Support Agreement (the “PSA”) with certain holders of GO Bond

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10. OTHER MATTERS (continued)

Claims and/or CW Guarantee Bond Claims (each as defined in the PSA) and holders of PBA Bond Claims (as defined in the PSA). The Government of the Commonwealth of Puerto Rico is not a party to the PSA and does not support it on its current terms. Pursuant to the PSA, the Oversight Board and certain creditors agreed to settle the GO clawback litigation. The settlement was incorporated into an amended Plan of Adjustment, filed February 28, 2020. On March 8, 2021, the Oversight Board filed its Second Amended Plan of Adjustment (the “Plan”) and Second Amended Disclosure Statement (the “Disclosure Statement”), that each incorporate the PSA’s terms regarding settlement of the Adversary Proceeding. Pursuant to the settlement, current GO bondholders will receive cash and new bonds, ultimately resulting in recovery of approximately 28% on average less than they are entitled under the existing bonds. Former GO bondholders will be dismissed from the clawback litigation. The settlement has support from current bondholders in excess of the required 70% threshold but it still requires court approval. In addition, the Plan requires certain legislation to be passed by Puerto Rico, which the government of Puerto Rico does not currently support. On May 12, 2021, the Oversight Board filed its Third Amended Plan of Adjustment and Disclosure Statement for the Third Amended Plan of Adjustment. The Court has scheduled the hearing to approve the Disclosure Statement for July 13, 2021. No schedule has been established yet for confirmation of the Plan. Absent Court approval and passage of related legislation, the value of the bonds could decline. GSAM has determined that the risk of loss is reasonably possible.

New Accounting Standard — In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

Other — On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

11. SUBSEQUENT EVENTS

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

241

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Dynamic Municipal Income Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		27,130,461		$	441,535,135			57,557,014		$	937,851,015
Reinvestment of distributions		1,680,072			27,305,457			1,472,195			24,001,344
Shares redeemed		(22,646,818	)		(366,111,221	)		(21,753,051	)		(347,171,442	)
		6,163,715			102,729,371			37,276,158			614,680,917
Class C Shares
Shares sold		2,215,316			36,061,208			4,980,688			81,202,614
Reinvestment of distributions		104,163			1,692,207			91,235			1,487,502
Shares redeemed		(2,208,390	)		(35,875,780	)		(1,207,274	)		(19,446,234	)
		111,089			1,877,635			3,864,649			63,243,882
Institutional Shares
Shares sold		108,713,396			1,758,290,200			171,519,064			2,788,853,875
Reinvestment of distributions		4,651,326			75,619,506			4,000,710			65,223,134
Shares redeemed		(67,149,083	)		(1,079,008,834	)		(85,827,643	)		(1,337,688,885	)
		46,215,639			754,900,872			89,692,131			1,516,388,124
Service Shares
Shares sold		—			—			16,380			266,000
Reinvestment of distributions		119			1,968			23			374
Shares redeemed		(11,538	)		(193,879	)		(5,809	)		(97,076	)
		(11,419	)		(191,911	)		10,594			169,298
Investor Shares
Shares sold		34,494,058			557,873,537			44,096,686			715,530,362
Reinvestment of distributions		1,547,951			25,146,992			1,158,129			18,860,480
Shares redeemed		(22,284,814	)		(359,673,808	)		(17,235,460	)		(273,201,701	)
		13,757,195			223,346,721			28,019,355			461,189,141
Class R6 Shares
Shares sold		2,635,343			42,636,938			2,621,422			42,622,609
Reinvestment of distributions		123,409			2,008,443			97,773			1,593,496
Shares redeemed		(1,366,001	)		(22,013,835	)		(1,063,735	)		(17,003,223	)
		1,392,751			22,631,546			1,655,460			27,212,882
Class P Shares
Shares sold		53,104,367			868,777,106			49,161,324			803,325,236
Reinvestment of distributions		2,790,925			45,388,342			2,438,428			39,740,777
Shares redeemed		(31,848,706	)		(510,546,387	)		(18,124,961	)		(289,781,276	)
		24,046,586			403,619,061			33,474,791			553,284,737

NET INCREASE		91,675,556		$	1,508,913,295			193,993,138		$	3,236,168,981

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Municipal Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		25,004,492		$	255,296,564			20,048,614		$	203,934,397
Reinvestment of distributions		1,330,660			13,424,922			1,344,897			13,709,617
Shares redeemed		(13,419,090	)		(134,525,705	)		(15,753,635	)		(157,972,186	)
		12,916,062			134,195,781			5,639,876			59,671,828
Class C Shares
Shares sold		2,072,246			20,652,165			3,852,316			39,248,209
Reinvestment of distributions		174,538			1,757,292			166,648			1,698,764
Shares redeemed		(2,671,001	)		(27,001,415	)		(2,093,824	)		(20,935,940	)
		(424,217	)		(4,591,958	)		1,925,140			20,011,033
Institutional Shares
Shares sold		83,608,303			844,550,883			66,322,633			672,981,874
Reinvestment of distributions		3,023,295			30,596,294			2,735,106			27,914,867
Shares redeemed		(44,932,582	)		(450,666,826	)		(46,355,759	)		(459,573,926	)
		41,699,016			424,480,351			22,701,980			241,322,815
Investor Shares
Shares sold		29,479,208			296,433,895			26,698,692			270,270,268
Reinvestment of distributions		1,302,751			13,181,730			1,063,104			10,856,437
Shares redeemed		(18,123,576	)		(177,792,271	)		(13,558,636	)		(134,755,390	)
		12,658,383			131,823,354			14,203,160			146,371,315
Class R6 Shares
Shares sold		1,213,075			12,022,429			1			—
Reinvestment of distributions		13,555			140,689			42			430
Shares redeemed		(178,441	)		(1,824,173	)		—			—
		1,048,189			10,338,945			43			430
Class P Shares
Shares sold		185,617,777			1,877,154,238			180,400,900			1,835,640,922
Reinvestment of distributions		23,226,887			234,150,044			23,975,829			244,200,859
Shares redeemed		(109,055,169	)		(1,078,573,824	)		(165,742,054	)		(1,613,954,533	)
		99,789,495			1,032,730,458			38,634,675			465,887,248

NET INCREASE		167,686,928		$	1,728,976,931			83,104,874		$	933,264,669

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Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Municipal Income Completion Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020^(a)

	Shares			Dollars			Shares			Dollars

Separate Account Institutional Shares
Shares sold		9,219,167		$	96,503,149			1,854,905		$	18,858,469
Reinvestment of distributions		127,959			1,336,815			20,490			208,649
Shares redeemed		(1,332,397	)		(13,664,986	)		(45,508	)		(446,434	)

NET INCREASE		8,014,729		$	84,174,978			1,829,887		$	18,620,684

(a)

Commenced operations on April 1, 2019.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Tax-Free Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		18,777,313		$	202,943,095			6,838,917		$	73,149,091
Reinvestment of distributions		144,975			1,565,595			131,143			1,408,383
Shares redeemed		(8,031,039	)		(86,837,761	)		(5,504,477	)		(58,897,750	)
		10,891,249			117,670,929			1,465,583			15,659,724
Class C Shares
Shares sold		326,313			3,519,956			794,027			8,509,972
Reinvestment of distributions		6,705			72,195			10,360			111,126
Shares redeemed		(750,133	)		(8,094,427	)		(659,751	)		(7,062,914	)
		(417,115	)		(4,502,276	)		144,636			1,558,184
Institutional Shares
Shares sold		162,622,055			1,754,610,301			92,654,961			992,727,589
Reinvestment of distributions		1,022,010			11,017,152			1,248,309			13,391,743
Shares redeemed		(94,544,965	)		(1,017,983,009	)		(78,657,196	)		(840,566,418	)
		69,099,100			747,644,444			15,246,074			165,552,914
Service Shares
Shares sold		7			71			1,400			15,000
Reinvestment of distributions		127			1,372			199			2,140
Shares redeemed		(4,655	)		(50,368	)		(12,330	)		(132,545	)
		(4,521	)		(48,925	)		(10,731	)		(115,405	)
Investor Shares
Shares sold		13,343,553			143,866,061			7,306,701			77,891,482
Reinvestment of distributions		168,372			1,815,725			129,044			1,384,410
Shares redeemed		(7,812,068	)		(84,337,114	)		(3,087,493	)		(32,958,887	)
		5,699,857			61,344,672			4,348,252			46,317,005
Class R6 Shares
Shares sold		519,646			5,608,073			271,987			2,910,376
Reinvestment of distributions		8,175			88,092			8,663			92,857
Shares redeemed		(316,078	)		(3,409,772	)		(187,418	)		(1,998,716	)
		211,743			2,286,393			93,232			1,004,517
Class P Shares
Shares sold		669,000,966			7,220,556,112			313,452,531			3,363,995,263
Reinvestment of distributions		8,874,293			95,650,520			9,108,513			97,647,520
Shares redeemed		(360,399,402	)		(3,887,667,301	)		(264,320,452	)		(2,816,638,904	)
		317,475,857			3,428,539,331			58,240,592			645,003,879

NET INCREASE		402,956,170		$	4,352,934,568			79,527,638		$	874,980,818

245

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS MUNICIPAL FUNDS

Liquidity Risk Management Program (Unaudited)

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and redemption fees (with respect to Class A, Class C, Institutional, Investor and Class R6 Shares, if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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


	Dynamic Municipal Income Fund							High Yield Municipal Fund							Municipal Income Completion Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 10/01/20		Ending Account Value 3/31/21			Expenses Paid for the 6 Months Ended 3/31/21*		Beginning Account Value 10/01/20		Ending Account Value 3/31/21			Expenses Paid for the 6 Months Ended 3/31/21*		Beginning Account Value 10/01/20		Ending Account Value 3/31/21			Expenses Paid for the 6 Months Ended 3/31/21*		Beginning Account Value 10/01/20		Ending Account Value 3/31/21			Expenses Paid for the 6 Months Ended 3/31/21*
Class A
Actual	$	1,000	$	1,034.80		$	3.65	$	1,000	$	1,060.60		$	4.37		N/A		N/A			N/A	$	1,000	$	1,006.10		$	3.40
Hypothetical 5% return		1,000		1,021.34	+		3.63		1,000		1,020.69	+		4.28		N/A		N/A			N/A		1,000		1,021.54	+		3.43
Class C
Actual		1,000		1,031.60			7.45		1,000		1,056.60			8.20		N/A		N/A			N/A		1,000		1,004.10			5.40
Hypothetical 5% return		1,000		1,017.60	+		7.39		1,000		1,016.95	+		8.05		N/A		N/A			N/A		1,000		1,019.55	+		5.44
Institutional
Actual		1,000		1,036.50			1.98		1,000		1,062.20			2.78		N/A		N/A			N/A		1,000		1,007.60			1.90
Hypothetical 5% return		1,000		1,022.99	+		1.97		1,000		1,022.24	+		2.72		N/A		N/A			N/A		1,000		1,023.04	+		1.92
Separate Account Institutional
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,057.70			—		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,024.93	+		—		N/A		N/A			N/A
Service
Actual		1,000		1,034.40			4.51		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,005.10			4.40
Hypothetical 5% return		1,000		1,020.49	+		4.48		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,020.54	+		4.43
Investor
Actual		1,000		1,036.10			2.39		1,000		1,061.90			3.08		N/A		N/A			N/A		1,000		1,007.30			2.15
Hypothetical 5% return		1,000		1,022.59	+		2.37		1,000		1,021.94	+		3.02		N/A		N/A			N/A		1,000		1,022.79	+		2.17
Class R6
Actual		1,000		1,036.50			1.93		1,000		1,061.20			2.72		N/A		N/A			N/A		1,000		1,007.60			1.85
Hypothetical 5% return		1,000		1,023.04	+		1.92		1,000		1,022.29	+		2.67		N/A		N/A			N/A		1,000		1,023.09	+		1.87
Class P
Actual		1,000		1,036.50			1.93		1,000		1,062.30			2.73		N/A		N/A			N/A		1,000		1,007.60			1.85
Hypothetical 5% return		1,000		1,023.04	+		1.92		1,000		1,022.29	+		2.67		N/A		N/A			N/A		1,000		1,023.09	+		1.87

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

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Separate Account Institutional		Service			Investor			Class R6			Class P
Dynamic Municipal Income		0.72	%		1.47	%		0.39	%		N/A		0.89	%		0.47	%		0.38	%		0.38	%
High Yield Municipal		0.85			1.60			0.54			N/A		N/A			0.60			0.53			0.53
Municipal Income Completion		N/A			N/A			N/A			—		N/A			N/A			N/A			N/A
Short Duration Tax-Free		0.68			1.08			0.38			N/A		0.88			0.43			0.37			0.37

248

GOLDMAN SACHS MUNICIPAL FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 72	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Dwight L. Bush Age: 64	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Kathryn A. Cassidy Age: 67	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Joaquin Delgado Age: 61	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)

249

GOLDMAN SACHS MUNICIPAL FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

250

GOLDMAN SACHS MUNICIPAL FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	161	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2021.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2021, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 35 portfolios (20 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴

251

GOLDMAN SACHS MUNICIPAL FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2021.

Goldman Sachs Municipal Funds — Tax Information (Unaudited)

During the period ended March 31, 2021, 92.58%, 94.19%, 97.35%, and 89.00% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, High Yield Municipal Fund, Municipal Income Completion Fund, and Short Duration Tax-Free Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

252

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund

∎

Emerging Markets Equity Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Defensive Equity Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁶

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Strategic Volatility Premium Fund

∎

Target Date Retirement Portfolio

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

Goldman Sachs Funds

LOGO



Annual Report				March 31, 2021

				Short Duration and Government Fixed Income Funds
				Enhanced Income
				Government Income
				High Quality Floating Rate
				Inflation Protected Securities
				Short Duration Government
				Short Duration Income
				Short-Term Conservative Income

LOGO

Goldman Sachs Short Duration and Government Fixed Income Funds

∎

ENHANCED INCOME

∎

GOVERNMENT INCOME

∎

HIGH QUALITY FLOATING RATE

∎

INFLATION PROTECTED SECURITIES

∎

SHORT DURATION GOVERNMENT

∎

SHORT DURATION INCOME

∎

SHORT-TERM CONSERVATIVE INCOME


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Analysis			3

Fund Basics			5

Schedules of Investments			34

Financial Statements			88

Financial Highlights			98

Enhanced Income			98

Government Income			104

High Quality Floating Rate			112

Inflation Protected Securities			118

Short Duration Government			125

Short Duration Income			132

Short-Term Conservative Income			139

Notes to Financial Statements			146

Report of Independent Registered Public Accounting Firm			176

Other Information			177



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Short Duration and

Government Fixed Income Funds

Market Review

MARKET REVIEW

multi-pronged package of easing measures, in line with market expectations, extended the horizon for its pandemic emergency purchase program, and increased the level of its purchases.

Looking Ahead

PORTFOLIO RESULTS

Goldman Sachs Enhanced Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Administration, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 4.82%, 4.79%, 5.18%, 5.10%, 5.19% and 5.19%, respectively. These returns compare to the 0.16% average annual total return of the Goldman Sachs Enhanced Income Fund Composite Index (the “Enhanced Income Composite”) during the same period. The Enhanced Income Composite is comprised 50% of the ICE BofAML Six-Month U.S. Treasury Bill Index (“BofAML Six-Month U.S. Treasury Bill Index”) and 50% of the ICE BofAML One-Year U.S. Treasury Note Index (“BofAML One-Year U.S. Treasury Note Index”), which generated average annual total returns of 0.16% and 0.17%, respectively, over the same time period.

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

Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy also boosted the Fund’s relative results, albeit more modestly, during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection overall contributed positively as well, with selection amongst corporate credit, securitized debt and government/swaps each bolstering relative results.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Overall, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period primarily due to the Fund’s exposure to investment grade corporate credit. Performance was driven by strong gains in the latter part of 2020 when improving economic data alongside accommodative monetary policy supported a risk asset recovery despite ongoing uncertainty around COVID-19. The Fund’s exposure to asset-backed securities added value as well.

Our individual security selection strategies contributed positively overall. Gains were driven in large part by our bias toward shorter-maturity issues within investment grade corporate credit. The Fund also benefited from selection among credit card-based asset-backed securities. Additionally, selection within the government/swaps sector added to results.

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

Tactical management of the Fund’s duration and yield curve positioning contributed positively, though modestly, to Fund performance during the Reporting Period. Gains were primarily attributable to the first quarter of 2021 when the Fund’s underweight U.S. duration position relative to that of the Enhanced Income Composite performed well amid a sharp rise in global yields as the market began to challenge the “low for longer” central bank narrative.

PORTFOLIO RESULTS

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

The Fund used Treasury futures during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of Treasury futures contributed positively to the Fund’s performance during the Reporting Period.

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

During the Reporting Period, we modestly reduced the Fund’s exposure to investment grade corporate bonds and asset backed securities overall and increased the Fund’s position in cash. Additionally, while we maintained the Fund’s shorter duration stance versus that of the Enhanced Income Composite, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

While the Fund’s benchmark is comprised of U.S. Treasury indices, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the Enhanced Income Composite. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably investment grade corporate bonds and asset-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. The Fund also had a significant position in cash at the end of the Reporting Period. The Fund maintained a shorter duration position compared to that of the Enhanced Income Composite at the end of the Reporting Period.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, we remained especially mindful of the potential for increased volatility in the near term due to hawkish monetary policy expectations or a re-escalation of COVID-19 cases globally. (Hawkish tends to suggest higher interest rates; opposite of dovish.) As always, we also intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

FUND BASICS

Enhanced Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

^(a)

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

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS ENHANCED INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Enhanced Income Fund Composite Index, which is comprised of the ICE Bank of America Merrill Lynch One-Year U.S. Treasury Note Index (50%), and the ICE Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index (50%), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Enhanced Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A	4.82%	1.76%	0.92%	—

Administration	4.79%	1.77%	0.97%	—

Institutional	5.18%	2.05%	1.23%	—

Investor	5.10%	1.96%	1.14%	—

Class R6 (Commenced July 31, 2015)	5.19%	2.06%	N/A	1.92%

Class P (Commenced April 20, 2018)	5.19%	N/A	N/A	2.48%

These returns assume reinvestment of all distributions at NAV.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs Government Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -1.73%, -2.53%, -1.50%, -1.93%, -1.55%, -1.49%, -2.05% and -1.42%, respectively. These returns compare to the -2.57% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index (the “Bloomberg Barclays Index”), during the same time period.

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

While the Fund posted negative absolute returns, it outperformed the Bloomberg Barclays Index on a relative basis. Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy overall contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration strategy did not materially impact the Fund’s performance during the Reporting Period. The duration strategy is typically implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Bottom-up individual issue selection overall, which are strategies that reflect any active views we take within particular sectors, contributed positively during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Within our cross-sector strategy, the Fund’s positioning in asset-backed securities and agency securities contributed most positively. Positioning in mortgage-backed securities, commercial mortgage-backed securities and mortgage-backed securities credit also added value.

Individual issue selection overall also contributed positively to the Fund’s relative results during the Reporting Period, especially in the securitized and government/swaps sectors. Within the securitized sector, selection of agency mortgage-backed securities proved especially effective, attributable in part to a factor known as moneyness, which describes how exposure to different coupons of agency mortgage-backed securities added value. The Fund’s selection of specified mortgage-backed securities pools further enhanced relative performance. Exposure to Ginnie Maes over conventional agency mortgage-backed securities, such as Fannie Maes and Freddie Macs, detracted somewhat. Within the government/swaps sector, selection of agency securities was especially beneficial to the Fund’s relative results, with an emphasis on guaranteed agency securities.

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

The Fund’s duration positioning overall did not materially impact the Fund’s relative results during the Reporting Period. The Fund’s duration positioning remained largely neutral to that of the Bloomberg Barclays Index during the Reporting Period, though we tactically adjusted its duration slightly shorter and slightly longer as market conditions shifted. After lowering its policy rate by a total of 150 basis points to 0.00%-0.25% in March 2020, the U.S. Federal Reserve (the “Fed”) held the targeted federal funds rate near zero through the remainder of the calendar year and into the first quarter of 2021. (A basis point is 1/100^th of a percentage point.) In the fourth quarter of 2020, the Fed also reaffirmed its commitment to ongoing asset purchases. During the first three months of 2021, the Fed increased its holdings of

PORTFOLIO RESULTS

U.S. Treasury securities by approximately $80 billion per month and of agency mortgage-backed securities by approximately $40 billion per month.

The Fund’s yield curve positioning also had a rather neutral effect on the Fund’s relative results during the Reporting Period. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

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

The Fund used Treasury futures, Eurodollar futures and bond exchange traded futures contracts to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright duration and term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) During the Reporting Period, the use of futures contributed most positively. The use of swaptions and interest rate swaps also added value, though to a lesser degree. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period.

Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to potentially manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

We shifted the Fund’s overweight exposure to asset-backed securities to a rather neutral position relative to the Bloomberg Barclays Index toward the end of the fourth quarter of 2020. During the last three quarters of 2020, spreads, or yield differentials to U.S. Treasuries, tightened rapidly amid market stabilization and accommodative fiscal and monetary policy. By the end of the fourth calendar quarter, spreads among asset-backed securities had reached historically tight levels. As a result, we moved to a more neutral position in the sector.

We shifted the Fund’s overweight to agency mortgage-backed securities to a rather neutral position relative to the Bloomberg Barclays Index toward the middle of the first quarter of 2021. In March 2020, mortgage-backed securities spreads widened substantially as liquidity collapsed on the back of heavy new supply due to historically low mortgage rates, lack of demand from investors and forced selling from money managers, mortgage real estate investment trusts and hedge funds. However, the Fed quickly announced a new round of open-ended quantitative easing on agency mortgage-backed securities in an effort to stabilize the market. During the last three quarters of 2020, we overweighted mortgage-backed securities within the Fund, as robust bank demand and steady purchases from the Fed enhanced the carry on production coupon mortgage-backed securities. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative. Production coupon mortgage-backed securities bear a coupon rate close to prevailing interest rates for similar investments at the time of issue.) Spreads on agency mortgage-backed securities also tightened as the Fed’s purchase activities provided the market with an ample amount of liquidity. By the first quarter of 2021, production coupon spreads were near the tightest levels seen since the 2008 financial crisis, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index moved close to its most negatively convex point in history. As volatility in the rates market picked up in February 2021, convexity selling within the agency mortgage-backed securities market served as headwind for the securities’ performance. Though the Fed remained committed to purchases of agency mortgage-backed securities, we moved the Fund’s weighting from an overweight bias to a neutral position in the sector given tight valuations of mortgages and elevated levels of extension risk. (Convexity is a measure of the curvature, or the degree of the curve, in the relationship between bond prices and bond yields. Convexity demonstrates how the duration of a bond changes as the interest rate changes. Extension risk is the risk that borrowers will defer prepayments due to market conditions. It is a risk that is generally analyzed in secondary market structured credit product investments. For instance, if interest rates rise it might discourage homeowners from re-financing their mortgages, reducing the flow of prepayments. This could extend the duration of the loans in a mortgage-backed security beyond what the valuation and risk models initially predicted.)

Within the mortgage-backed securities sector, we continued to favor lower coupon securities, which benefit from Fed purchases, and higher coupon securities. We continued to underweight intermediate coupon securities, as we believed

PORTFOLIO RESULTS

the market was overpricing the likelihood of a slowdown in prepayments. We also preferred Ginnie Maes on the back of positive market developments as well as on our expectation for renewed bank and overseas demand early in the second quarter of 2021.

Elsewhere, toward the end of the Reporting Period, we used then-recent weakness in commercial mortgage-backed securities to add exposure to new issues that offer what we saw as attractive concessions. We maintained the Fund’s overweight exposure to government agency debt through most of the Reporting Period, which, as mentioned earlier, contributed positively to relative results. We preferred government agency debt over U.S. Treasuries given that the former was more attractive, in our view, from a relative value perspective.

Additionally, as mentioned earlier, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed though maintained a neutral duration overall. As a residual of our investment strategies, the Fund’s position in cash was decreased.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of March 2021, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in quasi-government securities; residential mortgage-backed securities, especially pass-through mortgage-backed securities; and asset-backed securities, especially student loan asset-backed securities. The Fund was underweight relative to the Bloomberg Barclays Index in U.S. Treasury securities and was rather neutrally positioned compared to the Bloomberg Barclays Index in commercial mortgage-backed securities at the end of the Reporting Period. The Fund had a rather neutral duration to that of the Bloomberg Barclays Index at the end of the Reporting Period.

FUND BASICS

Government Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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^(a)

^(b)

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Government Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-1.73%	1.87%	2.24%	—
Including sales charges	-5.44%	1.08%	1.85%	—

Class C				—
Excluding contingent deferred sales charges	-2.53%	1.11%	1.49%	—
Including contingent deferred sales charges	-3.50%	1.11%	1.49%	—

Institutional	-1.50%	2.19%	2.58%	—

Service	-1.93%	1.69%	2.08%	—

Investor	-1.55%	2.12%	2.50%	—

Class R6 (Commenced July 31, 2015)	-1.49%	2.20%	N/A	2.39%

Class R	-2.05%	1.61%	1.99%	—

Class P (Commenced April 20, 2018)	-1.42%	N/A	N/A	4.10%

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 3.93%, 4.17%, 3.70%, 4.22%, 4.30% and 4.30%, respectively. These returns compare to the 0.12% average annual total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (“BofAML Three-Month U.S. Treasury Bill Index”).

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

Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted, albeit modestly, from Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection overall contributed positively to the Fund’s relative results during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Cross-sector positioning was the primary positive contributor to the Fund’s results during the Reporting Period, driven mostly by exposure to asset-backed securities, collateralized loan obligations (“CLOs”) and agency mortgage-backed securities. Performance was driven by strong gains in the latter part of 2020 when improving economic data alongside accommodative monetary policy supported a risk asset recovery despite ongoing uncertainty around COVID-19.

Overall, individual security selection contributed positively to the Fund’s relative results. Individual issue selection of agency collateralized mortgage obligations and credit card-based asset-backed securities within the securitized sector helped most. To a lesser degree, security selection within the government/swaps sector also boosted the Fund’s performance.

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

Tactical management of the Fund’s duration and yield curve positioning slightly detracted from Fund performance during the Reporting Period. This was primarily due to the Fund’s modestly short U.S. duration position in 2020 when rates rallied, or decreased.

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

The Fund used Treasury futures and swaps during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of both Treasury futures and swaps had a positive impact overall on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

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

During the Reporting Period, we modestly reduced the Fund’s exposures overall to asset-backed securities and residential mortgage-backed securities and increased the Fund’s position in cash. Additionally, while we maintained the Fund’s short duration stance versus that of the BofAML Three-Month U.S. Treasury Bill Index through most of the Reporting Period, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

While the Fund’s benchmark is comprised of a U.S. Treasury index, the Fund held a significant portion of its assets in non-Treasury sectors not represented in the benchmark index at the end of the Reporting Period. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed securities and agency mortgage-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. The Fund also had a significant position in cash at the end of the Reporting Period. The Fund maintained a shorter duration position relative to that of the BofAML Three-Month U.S. Treasury Bill Index at the end of the Reporting Period.

FUND BASICS

High Quality Floating Rate Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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

^(a)

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmark, the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A	3.93%	1.50%	0.65%	—

Institutional	4.17%	1.78%	0.94%	—

Service	3.70%	1.28%	0.47%	—

Investor	4.22%	1.68%	0.84%	—

Class R6 (Commenced July 31, 2015)	4.30%	1.81%	N/A	1.54%

Class P (Commenced April 20, 2018)	4.30%	N/A	N/A	1.74%

These returns assume reinvestment of all distributions at NAV.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs Inflation Protected Securities Fund

Investment Objective

The Fund seeks real return consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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

While the Fund posted solid positive absolute returns, it modestly underperformed the Bloomberg Barclays U.S. TIPS Index on a relative basis. Overall, bottom-up individual issue selection of various maturity U.S. Treasury inflation protected securities (“TIPS”) was the key detractor from the Fund’s relative performance during the Reporting Period.

The Fund’s duration strategy also dampened its results during the Reporting Period. The duration strategy for the Fund is primarily implemented via interest rate swaps and/or futures. Furthermore, derivatives are used in combination with cash securities to implement our views in the Fund. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve positioning, which indicates a spectrum of interest rates within a particular sector based on maturities of varying lengths, detracted, albeit more slightly, from Fund performance during the Reporting Period.

The Fund’s cross-sector strategy contributed positively to its results during the Reporting Period. The cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark, including interest rate swaps and/or futures.

Which fixed income market sectors most significantly affected Fund performance?

Individual issue selection of specific-issue TIPS detracted overall from Fund performance during the Reporting Period. Selection of TIPS with a maturity of greater than seven years added value, but this was more than offset by selection of TIPS with a maturity of less than seven years, which detracted significantly.

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

The Fund’s duration strategy detracted from its relative results during the Reporting Period. The Fund’s duration positioning remained largely neutral to that of the Bloomberg Barclays U.S. TIPS Index during the Reporting Period, though we tactically adjusted its duration slightly shorter and slightly longer as market conditions shifted. After lowering its policy rate by a total of 150 basis points to 0.00%-0.25% in March 2020, the U.S. Federal Reserve (the “Fed”) held the targeted federal funds rate near zero through the remainder of the calendar year and into the first quarter of 2021. (A basis point is 1/100th of a percentage point.) In the fourth quarter of 2020, the Fed also reaffirmed its commitment to ongoing asset purchases. During the first three months of 2021, the Fed increased its holdings of U.S. Treasury securities by approximately $80 billion per month and of agency mortgage-backed securities by approximately $40 billion per month.

Yield curve positioning, primarily implemented via interest rate swaps and swap options, detracted slightly from the Fund’s results during the Reporting Period.

PORTFOLIO RESULTS

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

The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. We used interest rate and bond exchange traded futures contracts to help implement duration positioning within the Fund. Interest rate swaps and options were similarly used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Inflation-linked swaps were used to help grant us greater precision and versatility in the management of active strategies.

During the Reporting Period, the use of futures, interest rate swaps, options and inflation-linked swaps contributed positively overall to performance.

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

We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. That said, overall we maintained, on average, a modest underweight to TIPS relative to the Bloomberg Barclays U.S. TIPS Index.

The Fund’s underweight to shorter-dated U.S. TIPS versus longer-dated U.S. TIPS detracted from relative performance during the Reporting Period. However, our selection of specified TIPS cash bonds contributed positively. Since March 2020, the Fed implemented and maintained an aggressive asset purchasing program, which relieved liquidity pressures in the TIPS market. The Fed’s indiscriminate buying of “off-the-run” TIPS assets allowed prices to rebound sharply. Shorter-dated TIPS especially benefited from the purchase of TIPS assets by the Fed. (Off-the-run TIPS are TIPS issued before the most recently issued securities of a particular maturity. Off-the-run TIPS can be contrasted with on-the-run TIPS, which refer to the newest issues only.)

In the first quarter of 2021, we began to shift the Fund’s exposure to TIPS from an underweight to a more neutral position relative to that of the Bloomberg Barclays U.S. TIPS Index. More specifically, we increased the Fund’s exposure to shorter-dated TIPS and decreased its exposure to longer-dated TIPS so that the Fund’s TIPS maturity profile more closely resembled that of the Bloomberg Barclays U.S. TIPS Index. Given that the path of inflation looking ahead remained highly uncertain and was subject to several structural shifts within the U.S. economy in the medium to long term, the Fund had a rather neutral exposure to TIPS overall at the end of the Reporting Period.

Overall, the Fund’s duration positioning shifted modestly during the Reporting Period as market conditions changed, but its duration positioning did not change materially. Throughout, we retained our neutral bias overall to U.S. interest rates.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of March 2021, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. The Fund had a rather neutral duration relative to that of the Bloomberg Barclays U.S. TIPS Index at the end of the Reporting Period.

Going forward, we intend to continue to closely monitor macro developments for the potential impact on inflation expectations as we position the Fund’s portfolio.

FUND BASICS

Inflation Protected Securities Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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^(a)

“U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 7.97 and 8.44 years, respectively, at March 31, 2021 and March 31, 2020.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Inflation Protected Securities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	6.72%	3.26%	2.94%	—
Including sales charges	2.70%	2.47%	2.54%	—

Class C
Excluding contingent deferred sales charges	6.01%	2.51%	2.18%	—
Including contingent deferred sales charges	5.00%	2.51%	2.18%	—

Institutional	7.06%	3.61%	3.28%	—

Investor	7.03%	3.54%	3.18%	—

Class R6 (Commenced July 31, 2015)	7.17%	3.63%	N/A	3.62%

Class R	6.43%	3.00%	2.67%	—

Class P (Commenced April 20, 2018)	7.07%	N/A	N/A	5.49%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs Short Duration Government Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 1.17%, 0.77%, 1.51%, 1.00%, 1.53%, 1.52% and 1.52%, respectively. These returns compare to the 0.19% average annual total return of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index (“BofAML Two-Year U.S. Treasury Note Index”), during the same time period.

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

Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed positively to relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted, albeit modestly, from relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection contributed positively overall to the Fund’s performance during the Reporting Period.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rates swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Sector positioning overall benefited the Fund’s results during the Reporting Period. Via the Fund’s cross-sector strategy, the Fund’s exposure to agency mortgage-backed securities and agency debt helped most. Performance was driven by strong gains in the latter part of 2020 when improving economic data alongside accommodative monetary policy supported a risk asset recovery despite ongoing uncertainty around COVID-19. Agency mortgage-backed securities performed particularly well immediately after the U.S. Federal Reserve (“Fed”) began making purchases of these securities in the second quarter of 2020.

Individual issue selection overall also contributed positively. Gains were primarily driven by our preference for higher coupon securities among agency mortgage-backed securities within the securitized sector. Higher coupon securities had initially sold off early in the Reporting Period given that the Fed was primarily purchasing “on-the-run” coupons, but higher coupon securities soon thereafter outperformed as Fed purchases broadened. (On-the-run securities are the most recently issued securities of particular maturity. On-the-run securities are the opposite of off-the-run securities, which refer to securities that have been issued before the most recent issue and are still outstanding.) Individual issue selection among U.S. Treasuries within the government/swaps sector added value as well.

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

Tactical management of the Fund’s duration and yield curve positioning slightly detracted from its results during the Reporting Period. This was primarily due to the Fund’s modestly short U.S. duration position in 2020 when rates rallied, or decreased.

PORTFOLIO RESULTS

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

The Fund used Treasury futures as well as interest rate swaps during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Overall, the use of derivatives had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period, especially the use of futures.

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

During the Reporting Period, we modestly reduced the Fund’s exposure to mortgage-backed securities overall and increased its exposure to quasi-government securities, especially agency debt. Additionally, while we maintained the Fund’s short duration stance versus that of the BofAML Two-Year U.S. Treasury Note Index through most of the Reporting Period, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

While the Fund’s benchmark is comprised of a U.S. Treasury index, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably mortgage-backed securities and quasi-government securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, the Fund maintained a shorter duration position than that of the BofAML Two-Year U.S. Treasury Note Index at the end of the Reporting Period.

FUND BASICS

Short Duration Government Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

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^(a)

^(b)

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Government Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	1.17%	1.50%	0.98%	—
Including sales charges	-0.33%	1.20%	0.82%	—

Class C
Excluding contingent deferred sales charges	0.77%	1.09%	0.58%	—
Including contingent deferred sales charges	0.12%	1.09%	0.58%	—

Institutional	1.51%	1.82%	1.31%	—

Service	1.00%	1.33%	0.80%	—

Investor	1.53%	1.77%	1.23%	—

Class R6 (Commenced July 31, 2015)	1.52%	1.83%	N/A	1.69%

Class P (Commenced April 20, 2018)	1.52%	N/A	N/A	2.86%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs Short Duration Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Liquidity Management Team discusses the Goldman Sachs Short Duration Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 6.64%, 6.22%, 6.99%, 6.90%, 7.00%, 6.37% and 7.00%, respectively. These returns compare to the 3.51% average annual total return of the Goldman Sachs Short Duration Income Fund Composite Index (the “Short Duration Income Composite”) during the same period. The Short Duration Income Composite is comprised 50% of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index and 50% of the Bloomberg Barclays U.S. 1-5 Year Government Bond Index, which generated average annual total returns of 7.13% and -0.02%, respectively, over the same time period.

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

Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. To a lesser degree, our currency strategy also boosted the Fund’s performance, driven largely by the Fund’s underweight U.S. dollar position versus a basket of pro-cyclical currencies in the latter half of 2020 as the global economy began to recover. The Short Duration Income Composite has no exposure to currency.

Conversely, our country and cross-macro strategies detracted from the Fund’s results during the Reporting Period. Within both strategies, the Fund was generally long U.S. and Australian rates versus other developed market rates in the first quarter of 2021 when U.S. and Australian rates rose, and thus such positioning detracted from performance. Markets continued to question central bank commitments to their dovish policies. (Dovish tends to suggest lower interest rates; opposite of hawkish.) A sharp sell-off in Australian rates challenged our cross-macro overweight exposures, with speculation around the Reserve Bank of Australia’s commitment to yield curve control, sending yields there higher. U.S. yields rose during the first quarter of 2021 on an improving economic growth outlook, expectations for higher inflation and the U.S. Federal Reserve’s commitment to not preemptively hike rates in response to any transitory rise in inflation during the economic rebound. The cross-macro strategy in one in which we hold relative value positions across rates, currencies and credit within the Fund. Our duration and yield curve positioning strategy detracted from Fund performance during the Reporting Period as well. Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall contributed positively to the Fund’s relative results during the Reporting Period, especially within the corporate credit sector.

The currency, country, duration, cross-macro and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Sector positioning contributed positively to the Fund’s results during the Reporting Period, primarily due to an overweight allocation to investment grade corporate credit

PORTFOLIO RESULTS

and exposure to high yield corporate credit. Performance was driven by strong gains in the latter part of 2020 when improving economic data alongside accommodative monetary policy supported a risk asset recovery despite ongoing uncertainty around COVID-19. The Fund’s exposure to commercial mortgage-backed securities and collateralized loan obligations contributed positively as well. These gains were only partially offset by the Fund’s long rate hedge paired against its corporate credit overweight, which detracted amid the sell-off, or increase, in rates during the first quarter of 2021.

Overall, security selection boosted relative results as well. Gains were driven by our shorter-maturity and down-in-quality biases within the investment grade corporate credit sector. The Fund also benefited from our preference for higher coupons among agency mortgage-backed securities. Higher coupon securities had initially sold off early in the Reporting Period given that the Fed was primarily purchasing “on-the-run” coupons, but higher coupon securities soon thereafter outperformed as Fed purchases broadened. (On-the-run securities are the most recently issued securities of particular maturity. On-the-run securities are the opposite of off-the-run securities, which refer to securities that have been issued before the most recent issue and are still outstanding.) Individual issue selection among U.S. Treasuries within the government/swaps sector and among securities within the emerging markets debt sector added value as well.

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

Tactical management of the Fund’s duration and yield curve positioning overall slightly detracted from its results during the Reporting Period. Losses were primarily attributable to the first quarter of 2021 when the Fund’s overweight U.S. duration position relative to that of the Short Duration Income Composite underperformed amid a sharp rise in global yields as the market began to challenge the “low for longer” central bank narrative.

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

The Fund used Treasury futures, Eurodollar futures as well as interest rate swaps and options during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund. Additionally, the Fund used currency forwards to hedge its exposure to foreign currency exposure and increase total return. The use of forwards, options and credit default swaps had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period. The use of futures and interest rate swaps had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period. Overall, on a net basis, the use of derivatives had a negative impact on the Fund’s performance, driven primarily by our hedging activities utilizing Treasury futures.

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

During the Reporting Period, we modestly reduced the Fund’s exposure to corporate credit and quasi-government securities and slightly increased its positions in asset-backed securities, government securities and cash. Additionally, while we maintained the Fund’s longer duration stance versus that of the Short Duration Income Composite through most of the Reporting Period, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

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

PORTFOLIO RESULTS

FUND BASICS

Short Duration Income Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

^(a)

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS SHORT DURATION INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on February 29, 2012 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Short Duration Income Fund Composite Index, which is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%), and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 29, 2012 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Since Inception
Class A (Commenced February 29, 2012)
Excluding sales charges	6.64%	2.52%	2.03%
Including sales charges	5.02%	2.22%	1.86%

Class C (Commenced February 29, 2012)
Excluding contingent deferred sales charges	6.22%	2.12%	1.62%
Including contingent deferred sales charges	5.56%	2.12%	1.62%

Institutional (Commenced February 29, 2012)	6.99%	2.87%	2.39%

Investor (Commenced February 29, 2012)	6.90%	2.78%	2.29%

Class R6 (Commenced July 31, 2015)	7.00%	2.87%	2.64%

Class R (Commenced February 29, 2012)	6.37%	2.25%	1.78%

Class P (Commenced April 20, 2018)	7.00%	N/A	4.11%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Goldman Sachs Short-Term Conservative Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short-Term Conservative Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Administration, Preferred, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 2.42%, 2.55%, 2.63%, 2.66%, 2.57%, 2.66% and 2.77%, respectively. These returns compare to the 0.59% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Short-Term Government/Corporate Index (“Bloomberg Barclays Index”), during the same time period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had an average annual total return of 0.14% during the same time period.

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

Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed positively to the Fund’s relative results. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection contributed positively to the Fund’s performance during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Cross-sector positioning contributed positively during the Reporting Period primarily due to the Fund’s exposure to investment grade corporate credit. Performance was driven by strong gains in the latter part of 2020 when improving economic data alongside accommodative monetary policy supported a risk asset recovery despite ongoing uncertainty around COVID-19.

Our individual security selection strategies overall also added to the Fund’s relative results during the Reporting Period. Gains were driven largely by our shorter-maturity bias within the investment grade corporate credit sector as well as by our selection of financials industry-related bonds within the sector. The Fund also benefited from our selection of certificates of deposit within the government/swaps sector.

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

Tactical management of the Fund’s duration and yield curve positioning detracted from relative results during the Reporting Period. This was primarily due to the Fund’s modestly short U.S. duration position in 2020 when rates rallied, or decreased.

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

The Fund does not use derivatives.

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

During the Reporting Period, we modestly reduced the Fund’s exposure to investment grade corporate credit and modestly increased its exposure to commercial paper within the government/swaps sector. We re-established a position, albeit quite a modest one, in emerging markets debt during the Reporting Period. We increased the Fund’s position in cash. Additionally, while we maintained the Fund’s shorter duration stance versus that of the Bloomberg Barclays Index through most of the Reporting Period, we did make

PORTFOLIO RESULTS

adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of March 2021?

At the end of the Reporting Period, the Fund had an emphasis on investment grade corporate bonds with lesser allocations to commercial paper, certificates of deposit, cash and cash equivalents, repurchase agreements, emerging markets debt and municipal debt. Further, the Fund maintained a slightly shorter U.S. duration position compared to that of the Bloomberg Barclays Index at the end of the Reporting Period.

FUND BASICS

Short-Term Conservative Income

as of March 31, 2021

PORTFOLIO COMPOSITION¹

Percentage of Net Assets

LOGO

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on February 28, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Bloomberg Barclays Short-Term Government/Corporate Index and the ICE Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index (with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short-Term Conservative Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 28, 2014 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Since Inception
Class A (Commenced October 31, 2016)	2.42%	N/A	1.57%

Administration (Commenced February 28, 2014)	2.55%	1.55%	1.16%

Preferred (Commenced October 31, 2016)	2.63%	N/A	1.78%

Institutional (Commenced February 28, 2014)	2.66%	1.77%	1.39%

Investor (Commenced August 14, 2018)	2.57%	N/A	1.89%

Class R6 (Commenced November 30, 2017)	2.66%	N/A	2.04%

Class P (Commenced April 20, 2018)	2.77%	N/A	2.05%

These returns assume reinvestment of all distributions at NAV.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

FUND BASICS

Index Definitions

The Enhanced Income Composite is an equal weight blend of the ICE BofAML Six-Month U.S. Treasury Bill Index and the ICE BofAML One-Year U.S. Treasury Note Index.

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

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

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

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

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

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

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

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

The Bloomberg Barclays Short-Term Government/Corporate Index, an unmanaged index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds, and investment grade U.S. corporate bonds. The Bloomberg Barclays Short-Term Goverment/Corporate Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 55.8%
Aerospace & Defense – 0.6%
	Teledyne Technologies, Inc.
$	2,700,000		0.650	%		04/01/23	$	2,698,434
	The Boeing Co.^(a)
	1,525,000		1.167			02/04/23		1,531,374

								4,229,808

Agriculture – 0.2%
	Archer-Daniels-Midland Co.^(a)
	600,000		2.750			03/27/25		638,196
	Cargill, Inc.^(b)
	500,000		1.375			07/23/23		510,275

								1,148,471

Apparel – 0.2%
	NIKE, Inc.^(a)
	725,000		2.400			03/27/25		763,657
	Ralph Lauren Corp.
	275,000		1.700			06/15/22		279,205

								1,042,862

Automotive – 0.8%
	Daimler Finance North America LLC^(b)
	775,000		3.350			05/04/21		776,845
	General Motors Co.
	1,522,000		5.400			10/02/23		1,686,954
	PACCAR Financial Corp.
	400,000		2.650			04/06/23		418,892
	Volkswagen Group of America Finance LLC^(b)
	1,025,000		2.900			05/13/22		1,052,019
	1,225,000		0.750			11/23/22		1,229,177

								5,163,887

Banks – 16.5%
	Banco Santander SA
	1,400,000		2.706			06/27/24		1,478,540
	Bank of America Corp.^(a)(c) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		512,100
	Bank of America Corp.
	1,200,000		4.100			07/24/23		1,296,972
	2,500,000		4.000			01/22/25		2,734,700
	(3M USD LIBOR + 0.630%)
	850,000		3.499	^(a)(c)		05/17/22		853,060
	(3M USD LIBOR + 0.790%)
	4,125,000		3.004	^(a)(c)		12/20/23		4,292,516
	(3M USD LIBOR + 0.940%)
	1,300,000		3.864	^(a)(c)		07/23/24		1,392,118
	Bank of New York Mellon Corp.^(a)
	1,375,000		0.350			12/07/23		1,372,456
	Banque Federative du Credit Mutuel SA^(b)
	1,700,000		2.125			11/21/22		1,746,648
	950,000		0.650			02/27/24		947,416
	Barclays Bank PLC^(a)
	725,000		1.700			05/12/22		735,179
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.400%)
	825,000		4.610			02/15/23		852,324
	BNP Paribas SA^(b)
	900,000		2.950			05/23/22		924,993


Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA^(b) – (continued)
	2,475,000		3.500			03/01/23		2,610,061
	BPCE SA^(b)
	649,000		4.000			09/12/23		700,193
	Canadian Imperial Bank of Commerce
	1,175,000		0.950			06/23/23		1,185,928
	CIT Group, Inc.^(a)
	75,000		4.750			02/16/24		81,375
	Citigroup, Inc.^(a)
	4,575,000		2.750			04/25/22		4,683,336
	925,000		2.700			10/27/22		955,470
	(3M USD LIBOR + 0.722%)
	2,850,000		3.142	^(c)		01/24/23		2,908,995
	(SOFR + 0.686%)
	1,225,000		0.776	^(c)		10/30/24		1,223,922
	Citizens Bank NA^(a)
	1,200,000		3.250			02/14/22		1,227,180
	900,000		2.250			04/28/25		934,047
	Cooperatieve Rabobank UA
	2,650,000		4.625			12/01/23		2,904,214
	1,050,000		0.375			01/12/24		1,044,309
	Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450			04/16/21		4,578,934
	Danske Bank A/S^(a)(b)
	1,175,000		1.226			06/22/24		1,185,975
	Fifth Third Bancorp^(a)
	325,000		1.625			05/05/23		332,293
	Fifth Third Bank NA^(a)
	1,125,000		1.800			01/30/23		1,153,091
	First Horizon Corp.^(a)
	1,000,000		3.550			05/26/23		1,055,650
	HSBC Holdings PLC
	1,300,000		3.600			05/25/23		1,383,278
	ING Groep NV
	900,000		4.100			10/02/23		975,474
	JPMorgan Chase & Co.^(a)(c)
	(3M USD LIBOR + 0.610%)
	1,343,000		3.514			06/18/22		1,351,609
	(3M USD LIBOR + 0.695%)
	1,775,000		3.207			04/01/23		1,823,138
	(SOFR + 0.420%)
	2,750,000		0.563			02/16/25		2,729,072
	(SOFR + 0.600%)
	850,000		0.653			09/16/24		851,003
	(SOFR + 1.455%)
	2,225,000		1.514			06/01/24		2,270,657
	KeyBank NA
	675,000		2.400			06/09/22		691,031
	725,000		1.250			03/10/23		736,535
	Lloyds Banking Group PLC^(a)(c) (1 Year CMT + 1.100%)
	1,200,000		1.326			06/15/23		1,211,436
	Macquarie Bank Ltd.^(b)
	1,225,000		2.100			10/17/22		1,256,385
	2,150,000		0.441			12/16/22		2,148,882
	Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623			07/18/22		1,027,590
	1,550,000		3.761			07/26/23		1,660,375


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

GOLDMAN SACHS ENHANCED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Mizuho Financial Group, Inc.^(a)(c) (3M USD LIBOR + 0.990%)
$	1,275,000		1.241	%		07/10/24	$	1,288,056
	Morgan Stanley, Inc.
	1,400,000		3.125			01/23/23		1,466,010
	(3M USD LIBOR + 0.847%)
	1,125,000		3.737	^(a)(c)		04/24/24		1,195,571
	(SOFR + 0.466%)
	1,550,000		0.560	^(a)(c)		11/10/23		1,551,472
	(SOFR + 0.745%)
	725,000		0.864	^(a)(c)		10/21/25		720,483
	MUFG Union Bank NA^(a)
	1,325,000		3.150			04/01/22		1,358,946
	650,000		2.100			12/09/22		667,661
	Natwest Group PLC^(a)(c) (1 Year CMT + 2.150%)
	1,200,000		2.359			05/22/24		1,237,092
	NatWest Markets PLC^(b)
	1,250,000		3.625			09/29/22		1,307,762
	795,000		2.375			05/21/23		824,336
	Royal Bank of Canada
	1,125,000		1.950			01/17/23		1,156,129
	1,475,000		0.500			10/26/23		1,475,044
	Santander UK Group Holdings PLC^(a)(c) (SOFR + 0.787%)
	1,425,000		1.089			03/15/25		1,426,054
	Santander UK PLC
	749,000		2.100			01/13/23		769,965
	Skandinaviska Enskilda Banken AB^(b)
	1,175,000		0.550			09/01/23		1,174,988
	Standard Chartered PLC^(a)(b)(c)
	(1 year CMT + 0.780%)
	875,000		0.991			01/12/25		870,634
	(3M USD LIBOR + 1.080%)
	1,400,000		3.885			03/15/24		1,478,288
	(3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23		1,233,228
	State Street Corp.^(a)(c) (SOFR + 2.690%)
	450,000		2.825			03/30/23		460,904
	Sumitomo Mitsui Financial Group, Inc.
	2,000,000		2.442			10/19/21		2,023,640
	325,000		0.508			01/12/24		323,703
	725,000		0.948			01/12/26		705,302
	Sumitomo Mitsui Trust Bank Ltd.^(b)
	2,250,000		0.800			09/12/23		2,258,167
	The Huntington National Bank^(a)
	1,250,000		3.125			04/01/22		1,282,238
	1,050,000		1.800			02/03/23		1,074,371
	Truist Bank^(a)
	1,700,000		1.250			03/09/23		1,729,699
	UBS AG^(b)
	1,775,000		0.450			02/09/24		1,762,575
	UBS Group AG^(b)
	6,306,000		2.650			02/01/22		6,425,310
	Wells Fargo & Co.^(a)
	500,000		3.750			01/24/24		540,645
	(SOFR + 1.600%)
	3,125,000		1.654	^(c)		06/02/24		3,194,156

								111,002,889


Corporate Obligations – (continued)
Beverages – 0.9%
	Constellation Brands, Inc.^(a)
	975,000		2.700			05/09/22		996,509
	1,950,000		3.200			02/15/23		2,040,324
	Keurig Dr Pepper, Inc.^(a)
	1,986,000		4.057			05/25/23		2,130,402
	The Coca-Cola Co.
	525,000		2.950			03/25/25		565,866

								5,733,101

Biotechnology – 0.6%
	Gilead Sciences, Inc.^(a)
	175,000		0.750			09/29/23		175,196
	(3M USD LIBOR + 0.520%)
	500,000		0.713	^(c)		09/29/23		500,570
	Illumina, Inc.
	2,475,000		0.550			03/23/23		2,473,094
	Royalty Pharma PLC^(b)
	1,200,000		0.750			09/02/23		1,198,464

								4,347,324

Chemicals – 0.7%
	Celanese US Holdings LLC^(a)
	350,000		3.500			05/08/24		375,347
	Nutrition & Biosciences, Inc.^(b)
	3,050,000		0.697			09/15/22		3,058,052
	Syngenta Finance NV^(b)
	1,485,000		3.933			04/23/21		1,486,722
	The Sherwin-Williams Co.^(a)
	64,000		2.750			06/01/22		65,526

								4,985,647

Commercial Services – 1.2%
	Global Payments, Inc.^(a)
	1,150,000		3.750			06/01/23		1,220,058
	525,000		1.200			03/01/26		515,051
	IHS Markit Ltd.^(a)
	2,223,000		5.000	^(b)		11/01/22		2,347,266
	475,000		3.625			05/01/24		510,525
	PayPal Holdings, Inc.
	1,800,000		2.200			09/26/22		1,847,826
	1,475,000		1.350			06/01/23		1,502,420

								7,943,146

Computers^(a) – 1.7%
	Dell International LLC/EMC Corp.^(b)
	5,425,000		5.450			06/15/23		5,928,765
	1,075,000		5.850			07/15/25		1,253,568
	Hewlett Packard Enterprise Co.
	1,400,000		2.250			04/01/23		1,442,014
	2,175,000		4.450			10/02/23		2,364,530
	325,000		4.650			10/01/24		363,535

								11,352,412

Diversified Financial Services – 3.9%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	725,000		4.450			12/16/21		741,494
	1,500,000		4.125			07/03/23		1,590,960


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	AIG Global Funding^(b)
$	1,450,000		2.300	%		07/01/22	$	1,484,118
	525,000		0.800			07/07/23		528,192
	1,525,000		0.450			12/08/23		1,520,394
	Air Lease Corp.
	1,425,000		3.500			01/15/22		1,457,233
	500,000		2.250			01/15/23		513,315
	1,150,000		2.750	^(a)		01/15/23		1,186,271
	1,674,000		4.250	^(a)		02/01/24		1,815,671
	825,000		2.300	^(a)		02/01/25		842,243
	Ally Financial, Inc.^(a)
	1,500,000		1.450			10/02/23		1,522,260
	Aviation Capital Group LLC^(a)(b)
	550,000		1.950			01/30/26		535,915
	Avolon Holdings Funding Ltd.^(a)(b)
	1,550,000		3.625			05/01/22		1,579,992
	675,000		2.875			02/15/25		675,581
	Capital One Financial Corp.^(a)
	725,000		2.600			05/11/23		754,435
	(3M USD LIBOR + 0.720%)
	1,300,000		0.932	^(c)		01/30/23		1,308,827
	GE Capital Funding LLC^(a)(b)
	1,375,000		3.450			05/15/25		1,486,416
	Intercontinental Exchange, Inc.
	500,000		0.700			06/15/23		501,555
	(3M USD LIBOR + 0.650%)
	2,225,000		0.834	^(a)(c)		06/15/23		2,228,716
	Jefferies Group LLC
	1,200,000		5.125			01/20/23		1,294,704
	Nasdaq, Inc.^(a)
	1,450,000		0.445			12/21/22		1,450,246
	The Charles Schwab Corp.^(a)
	1,125,000		3.250			05/21/21		1,126,519
	USAA Capital Corp.^(b)
	150,000		1.500			05/01/23		153,311

								26,298,368

Electrical – 4.2%
	Avangrid, Inc.^(a)
	650,000		3.200			04/15/25		696,644
	Berkshire Hathaway Energy Co.^(a)
	650,000		4.050			04/15/25		719,895
	CenterPoint Energy, Inc.^(a)
	1,850,000		2.500			09/01/22		1,899,395
	Dominion Energy, Inc.
	2,700,000		2.715	^(d)		08/15/21		2,722,815
	1,200,000		2.450	^(b)		01/15/23		1,241,808
	2,025,000		1.450	^(a)		04/15/26		2,016,252
	DTE Energy Co.
	475,000		2.600			06/15/22		486,329
	1,125,000		0.550			11/01/22		1,125,056
	575,000		1.050	^(a)		06/01/25		569,106
	Entergy Louisiana LLC^(a)
	925,000		0.620			11/17/23		925,786
	FirstEnergy Corp.^(a)
	400,000		2.050			03/01/25		401,792


Corporate Obligations – (continued)
Electrical – (continued)
	Florida Power & Light Co.^(a)
	375,000		2.850			04/01/25		400,080
	Georgia Power Co.
	1,000,000		2.100			07/30/23		1,033,830
	ITC Holdings Corp.^(a)
	585,000		2.700			11/15/22		603,983
	NextEra Energy Capital Holdings, Inc.
	1,200,000		2.900			04/01/22		1,230,144
	2,150,000		0.650			03/01/23		2,156,514
	NRG Energy, Inc.^(a)(b)
	1,225,000		3.750			06/15/24		1,312,538
	Pacific Gas & Electric Co.^(a)
	1,250,000		1.750			06/16/22		1,251,725
	PPL Electric Utilities Corp.^(a)(c) (3M USD LIBOR + 0.250%)
	275,000		0.443			09/28/23		274,824
	Public Service Enterprise Group, Inc.^(a)
	675,000		2.875			06/15/24		716,668
	675,000		0.800			08/15/25		659,259
	Southern Power Co.^(a)
	500,000		0.900			01/15/26		485,825
	The Southern Co.^(a)
	1,400,000		2.950			07/01/23		1,466,332
	Vistra Operations Co. LLC^(a)(b)
	875,000		3.550			07/15/24		916,563
	WEC Energy Group, Inc.
	725,000		0.550			09/15/23		723,942
	Xcel Energy, Inc.^(a)
	1,948,000		0.500			10/15/23		1,948,409

								27,985,514

Environmental^(a) – 0.1%
	Waste Management, Inc.
	625,000		0.750			11/15/25		611,900

Food & Drug Retailing – 0.2%
	Mondelez International Holdings Netherlands B.V.^(b)
	775,000		2.125			09/19/22		794,328
	Mondelez International, Inc.^(a)
	525,000		1.500			05/04/25		530,072

								1,324,400

Forest Products&Paper^(b) – 0.2%
	Georgia-Pacific LLC
	1,125,000		0.625			05/15/24		1,120,736

Gas^(a) – 0.2%
	NiSource, Inc.
	1,025,000		0.950			08/15/25		1,005,341
	The East Ohio Gas Co.^(b)
	250,000		1.300			06/15/25		249,305

								1,254,646

Healthcare Providers & Services – 0.7%
	Aetna, Inc.^(a)
	975,000		2.800			06/15/23		1,017,218
	Anthem, Inc.
	2,875,000		0.450			03/15/23		2,877,817


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

GOLDMAN SACHS ENHANCED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	DH Europe Finance II S.a.r.l.
$	1,000,000		2.050	%		11/15/22	$	1,024,980

								4,920,015

Insurance^(b) – 4.4%
	Athene Global Funding
	1,090,000		2.800			05/26/23		1,137,535
	875,000		1.200			10/13/23		882,910
	650,000		0.950			01/08/24		649,779
	375,000		2.500			01/14/25		388,399
	600,000		1.450			01/08/26		590,298
	Equitable Financial Life Global Funding
	700,000		1.400			07/07/25		699,804
	Great-West Lifeco US Finance 2020 LP^(a)
	425,000		0.904			08/12/25		417,949
	MassMutual Global Funding II^(c) (3M USD LIBOR + 0.150%)
	8,000,000		0.387			01/07/22		8,004,880
	Metropolitan Life Global Funding I
	575,000		1.950			01/13/23		590,450
	600,000		0.900			06/08/23		605,286
	New York Life Global Funding
	1,200,000		1.100			05/05/23		1,216,944
	(3M USD LIBOR + 0.280%)
	6,000,000		0.504	^(c)		01/21/22		6,012,480
	Pacific Life Global Funding II
	2,450,000		0.500			09/23/23		2,446,766
	Principal Life Global Funding II
	2,150,000		0.500			01/08/24		2,148,108
	Protective Life Global Funding
	675,000		1.082			06/09/23		683,775
	525,000		0.631			10/13/23		526,297
	600,000		0.473			01/12/24		595,716
	Reliance Standard Life Global Funding II
	1,600,000		2.625			07/22/22		1,643,456
	275,000		2.150			01/21/23		282,455

								29,523,287

Internet^(a)(c) – 0.4%
	TD Ameritrade Holding Corp. (3M USD LIBOR + 0.430%)
	2,950,000		0.635			11/01/21		2,955,369

Iron/Steel^(a) – 0.2%
	Steel Dynamics, Inc.
	1,240,000		2.400			06/15/25		1,293,531

Machinery-Diversified – 0.3%
	John Deere Capital Corp.
	400,000		1.200			04/06/23		406,604
	Otis Worldwide Corp.^(a)(c) (3M USD LIBOR + 0.450%)
	1,525,000		0.688			04/05/23		1,525,031

								1,931,635

Media – 2.4%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	4,525,000		4.464			07/23/22		4,717,765
	2,700,000		4.500			02/01/24		2,954,232


Corporate Obligations – (continued)
Media – (continued)
	Fox Corp.
	2,475,000		3.666			01/25/22		2,540,291
	Sky Ltd.^(b)
	1,550,000		3.125			11/26/22		1,617,828
	The Walt Disney Co.
	825,000		3.350			03/24/25		894,473
	Time Warner Cable LLC^(a)
	1,024,000		4.000			09/01/21		1,029,509
	Time Warner Entertainment Co. LP
	2,200,000		8.375			03/15/23		2,521,992

								16,276,090

Mining^(a)(b) – 0.3%
	Glencore Funding LLC
	1,175,000		3.000			10/27/22		1,212,706
	675,000		1.625			09/01/25		674,521

								1,887,227

Miscellaneous Manufacturing^(b) – 0.2%
	Siemens Financieringsmaatschappij NV
	1,175,000		0.650			03/11/24		1,174,706

Oil Field Services – 1.2%
	BP Capital Markets America, Inc.
	1,025,000		2.937			04/06/23		1,076,763
	Canadian Natural Resources Ltd.^(a)
	825,000		2.050			07/15/25		834,999
	Chevron Corp.
	950,000		1.141			05/11/23		966,530
	Exxon Mobil Corp.^(a)
	900,000		2.992			03/19/25		964,593
	Ovintiv Exploration, Inc.
	1,250,000		5.750			01/30/22		1,290,887
	Phillips 66^(a)
	950,000		0.900			02/15/24		950,352
	Pioneer Natural Resources Co.^(a)
	625,000		0.750			01/15/24		623,719
	Suncor Energy, Inc.
	1,175,000		2.800			05/15/23		1,227,710

								7,935,553

Packaging^(a)(b) – 0.4%
	Berry Global, Inc.
	2,100,000		0.950			02/15/24		2,089,773
	550,000		1.570			01/15/26		541,447

								2,631,220

Pharmaceuticals – 2.8%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,247,185
	2,350,000		2.150			11/19/21		2,375,826
	1,975,000		2.300			11/21/22		2,031,426
	3,000,000		2.600	^(a)		11/21/24		3,165,270
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		0.831			06/25/21		2,227,358
	Becton Dickinson & Co.^(a)
	1,215,000		2.894			06/06/22		1,246,614


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Bristol-Myers Squibb Co.^(a)
$	1,450,000		0.537	%		11/13/23	$	1,450,537
	Cigna Corp.^(a)
	1,357,000		3.750			07/15/23		1,450,416
	CVS Health Corp.^(a)
	2,200,000		2.125			06/01/21		2,203,014
	310,000		3.700			03/09/23		328,817
	GlaxoSmithKline Capital PLC^(a)
	875,000		0.534			10/01/23		876,619

								18,603,082

Pipelines – 2.4%
	Enbridge, Inc.^(c) (SOFR + 0.400%)
	600,000		0.413			02/17/23		601,002
	Energy Transfer Operating LP^(a)
	1,150,000		5.200			02/01/22		1,179,854
	Enterprise Products Operating LLC
	1,150,000		3.500			02/01/22		1,179,233
	649,000		3.350	^(a)		03/15/23		680,600
	Kinder Morgan Energy Partners LP^(a)
	2,275,000		3.950			09/01/22		2,367,092
	Kinder Morgan, Inc.^(a)(b)
	700,000		5.625			11/15/23		777,707
	MPLX LP^(a)
	1,125,000		3.375			03/15/23		1,180,980
	974,000		4.500			07/15/23		1,048,764
	(3M USD LIBOR + 1.100%)
	1,050,000		1.285	^(c)		09/09/22		1,050,473
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	1,250,000		3.650			06/01/22		1,279,912
	Sabine Pass Liquefaction LLC^(a)
	2,300,000		6.250			03/15/22		2,388,228
	The Williams Cos., Inc.^(a)
	950,000		3.600			03/15/22		972,696
	1,100,000		3.700			01/15/23		1,150,930

								15,857,471

Real Estate Investment Trust – 0.4%
	American Tower Corp.
	1,125,000		3.500			01/31/23		1,184,344
	750,000		0.600			01/15/24		748,297
	Crown Castle International Corp.^(a)
	700,000		1.350			07/15/25		698,145

								2,630,786

Retailing – 0.4%
	7-Eleven, Inc.^(a)(b)
	950,000		0.625			02/10/23		950,703
	900,000		0.800			02/10/24		897,300
	400,000		0.950			02/10/26		389,516
	Starbucks Corp.
	300,000		1.300			05/07/22		303,081

								2,540,600

Savings & Loans^(b) – 0.5%
	Nationwide Building Society
	1,325,000		2.000			01/27/23		1,361,888


Corporate Obligations – (continued)
Savings & Loans^(b) – (continued)
	(3M USD LIBOR + 1.064%)
	1,001,000		3.766	%^(a)(c)		03/08/24		1,057,316
	(3M USD LIBOR + 1.181%)
	1,175,000		3.622	^(a)(c)		04/26/23		1,211,919

								3,631,123

Semiconductors – 1.4%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	2,100,000		3.625			01/15/24		2,251,221
	Broadcom, Inc.^(a)
	2,075,000		3.625			10/15/24		2,257,766
	1,125,000		4.700			04/15/25		1,268,393
	NXP B.V./NXP Funding LLC^(b)
	3,200,000		4.625			06/01/23		3,465,600
	NXP BV / NXP Funding LLC / NXP USA Inc.^(a)(b)
	275,000		2.700			05/01/25		288,494

								9,531,474

Software^(a) – 1.2%
	Fidelity National Information Services, Inc.
	1,050,000		1.150			03/01/26		1,032,623
	Fiserv, Inc.
	825,000		3.800			10/01/23		887,832
	2,800,000		2.750			07/01/24		2,960,076
	Infor, Inc.^(b)
	1,225,000		1.450			07/15/23		1,243,044
	Intuit, Inc.
	500,000		0.950			07/15/25		497,910
	Oracle Corp.
	1,400,000		2.500			04/01/25		1,468,460

								8,089,945

Telecommunication Services – 3.6%
	AT&T, Inc.
	1,075,000		3.000	^(a)		06/30/22		1,103,993
	300,000		4.050			12/15/23		327,651
	2,000,000		0.900	^(a)		03/25/24		2,004,480
	275,000		4.450	^(a)		04/01/24		302,082
	3,100,000		3.950	^(a)		01/15/25		3,407,799
	2,375,000		3.400	^(a)		05/15/25		2,576,257
	Bell Canada
	2,750,000		0.750			03/17/24		2,746,260
	T-Mobile USA, Inc.^(a)(b)
	6,825,000		3.500			04/15/25		7,361,718
	Verizon Communications, Inc.
	2,950,000		0.750			03/22/24		2,953,953
	1,450,000		0.850	^(a)		11/20/25		1,418,303

								24,202,496

Transportation^(a) – 0.3%
	Ryder System, Inc.
	875,000		2.875			06/01/22		897,409
	United Parcel Service, Inc.
	1,000,000		3.900			04/01/25		1,107,450

								2,004,859


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

GOLDMAN SACHS ENHANCED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Trucking & Leasing^(a)(b) – 0.1%
	Penske Truck Leasing Co LP/PTL Finance Corp.
$	1,025,000		1.200	%		11/15/25	$	1,006,929

	TOTAL CORPORATE OBLIGATIONS
	(Cost $369,774,445)						$	374,172,509



Agency Debenture^(c) – 0.3%
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.380%)
$	1,900,000		0.390	%		05/08/23	$	1,914,478
	(Cost $1,900,000)



Asset-Backed Securities – 8.9%
Automotive – 4.1%
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(b)
$	500,000		2.030	%		12/15/27	$	501,704
	Ford Credit Auto Owner Trust Series 2019-1, Class A^(b)
	1,000,000		3.520			07/15/30		1,077,269
	Ford Credit Auto Owner Trust Series 2020-1, Class A^(b)
	6,835,000		2.040			08/15/31		7,077,322
	Ford Credit Floorplan Master Owner Trust A Series 2018-2, Class A
	2,800,000		3.170			03/15/25		2,947,852
	Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060			09/15/27		3,177,993
	Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,306,075
	Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440			09/15/26		3,814,865
	GMF Floorplan Owner Revolving Trust Series 2019-2, Class A^(b)
	1,500,000		2.900			04/15/26		1,597,542
	GMF Floorplan Owner Revolving Trust Series 2020-2, Class A^(b)
	1,500,000		0.690			10/15/25		1,504,269
	Tesla Auto Lease Trust Series 2021-A, Class A3^(b)
	500,000		0.560			03/20/25		499,613
	Tesla Auto Lease Trust Series 2021-A, Class A4^(b)
	1,800,000		0.660			03/20/25		1,798,247

								27,302,751

Credit Card – 1.6%
	American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670			11/15/24		2,101,231
	Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,110,914
	Evergreen Credit Card Trust Series 2019-2, Class A^(b)
	2,900,000		1.900			09/16/24		2,965,909
	Master Credit Card Trust II Series 2020-1A, Class A^(b)
	3,600,000		1.990			09/21/24		3,710,984

								10,889,038


Asset-Backed Securities – (continued)
Home Equity^(c) – 0.0%
	Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.500%)
	47,007		1.609			09/25/34		46,571

Student Loan^(c) – 3.2%
	Access Group, Inc. Series 2013-1, Class A^(b) (1M USD LIBOR + 0.500%)
	914,551		0.609			02/25/36		906,038
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(b) (1M USD LIBOR + 1.200%)
	1,488,857		1.309			12/27/66		1,508,511
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	930,339		0.809			02/25/39		923,419
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	1,054,603		1.238			05/25/34		1,060,409
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,015,038		1.118			07/25/45		1,007,668
	Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)
	1,000,000		0.912			03/25/51		1,000,620
	Navient Student Loan Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 1.050%)
	2,367,541		1.159			12/27/66		2,397,360
	Navient Student Loan Trust Series 2017-4A, Class A2^(b) (1M USD LIBOR + 0.500%)
	1,100,545		0.609			09/27/66		1,102,297
	Nelnet Student Loan Trust Series 2012-3A, Class A^(b) (1M USD LIBOR + 0.700%)
	2,991,183		0.809			02/25/45		2,974,782
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
	578,326		0.809			12/26/31		581,030
	PHEAA Student Loan Trust Series 2014-3A, Class A^(b) (1M USD LIBOR + 0.590%)
	4,227,022		0.699			08/25/40		4,235,076
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	1,378,249		1.329			10/25/27		1,382,578
	SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	2,012,254		0.254			05/15/29		1,991,986
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	640,522		0.308			01/26/26		640,252
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	87,796		1.088			10/01/24		87,852

								21,799,878

	TOTAL ASSET-BACKED SECURITIES
	(Cost $59,931,428)						$	60,038,238


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations^(e) – 0.2%
	United States Treasury Notes
$	25,000		1.375	%		04/30/21	$	25,024
	1,250,000		2.875			10/31/23		1,334,082

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,318,035)						$	1,359,106


Shares		Description	Value

Exchange Traded Fund – 4.5%
	SPDR Portfolio Short Term Corporate Bond ETF
	961,084		$	30,091,540
	(Cost $30,180,440)


Shares		Dividend Rate	Value

Investment Company^(f) – 0.0%
	Goldman Sachs Financial Square Money Market Fund – Institutional Shares
	9,096	0.097%	$	9,104
	(Cost $9,089)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $463,113,437)		$	467,584,975


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 29.4%
Certificates of Deposit – 13.3%
	Australia & New Zealand Banking Group Ltd.^(b)(c)
	(3M USD LIBOR + 0.030%)
$	7,000,000		0.215	%		03/08/22	$	7,000,000
	Bank of Montreal^(c)(3M USD LIBOR + 0.010%)
	6,650,000		0.289			11/18/21		6,653,321
	Bank of Nova Scotia^(c)(SOFR + 0.150%)
	3,000,000		0.160			03/17/22		2,999,847
	Bayerische Landesbank
	2,000,000		0.140			04/23/21		2,000,023
	Canadian Imperial Bank of Commerce^(c)(3M USD LIBOR + 0.110%)
	6,250,000		0.348			01/03/22		6,253,265
	Credit Agricole Corporate & Investment Bank^(c) (3M USD LIBOR + 0.480%)
	3,000,000		0.663			09/10/21		3,006,236
	Credit Suisse AG
	4,000,000		0.590			03/17/23		4,003,896
	Deutsche Bank AG
	2,221,000		0.720			11/08/21		2,222,247
	HSBC Bank PLC
	4,600,000		0.330			12/24/21		4,603,789
	(3M USD LIBOR + 0.210%)
	1,350,000		0.403	^(b)(c)		08/06/21		1,350,861
	Lloyds Bank Corporate Markets PLC^(c)(3M USD LIBOR + 0.100%)
	2,500,000		0.284			09/15/21		2,500,558


Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Macquarie Bank Ltd.^(b)(c)(3M USD LIBOR + 0.030%)
	3,500,000		0.224			11/12/21		3,500,000
	Mizuho Bank Ltd.
	4,000,000		0.230			11/10/21		4,000,272
	2,000,000		0.230			11/17/21		2,000,102
	Natixis SA^(c)
	(3M USD LIBOR + 0.030%)
	2,500,000		0.231			11/15/21		2,500,153
	(3M USD LIBOR + 0.130%)
	5,000,000		0.315			12/09/21		5,003,059
	Nordea Bank AB NY^(c)(3M USD LIBOR + 0.320%)
	2,270,000		0.515			05/05/21		2,270,651
	Norinchukin Bank NY
	4,000,000		0.300			05/27/21		4,001,152
	4,019,000		0.250			11/04/21		4,019,557
	Standard Chartered Bank^(c)(3M USD LIBOR + 0.060%)
	2,500,000		0.311			06/29/21		2,500,354
	Sumitomo Mitsui Banking Corp.^(c)(3M USD LIBOR + 0.350%)
	4,190,000		0.573			07/16/21		4,194,112
	Svenska Handelsbanken^(b)(c)(3M USD LIBOR + 0.030%)
	5,000,000		0.217			09/21/21		5,000,463
	Westpac Banking Corp.^(b)(c)
	(3M USD LIBOR + 0.090%)
	3,000,000		0.346			05/28/21		3,000,530
	(3M USD LIBOR+0.000%)
	5,000,000		0.191			09/01/21		4,999,796

								89,584,244

Commercial Paper^(g) – 16.1%
	ABN AMRO Funding LLC
	5,000,000		0.000			06/15/21		4,997,551
	American Honda Finance Corp.
	2,000,000		0.000			04/06/21		1,999,960
	Antalis S.A
	1,653,000		0.000			04/08/21		1,652,966
	AT&T, Inc.
	1,537,000		0.000			12/14/21		1,533,607
	2,330,000		0.000			12/16/21		2,324,783
	Banco Santander SA
	700,000		0.000			07/06/21		699,679
	Barclays Capital, Inc.
	2,000,000		0.000			08/06/21		1,998,876
	5,000,000		0.000			01/24/22		4,989,078
	BAT International Finance PLC
	2,000,000		0.000			04/22/21		1,999,794
	Columbia Funding Co.
	5,000,000		0.000			04/08/21		4,999,917
	Dexia Credit Local SA
	6,266,000		0.000			05/26/21		6,264,860
	Ei Dupont
	5,000,000		0.000			12/03/21		4,988,027
	Electricite de France SA
	4,773,000		0.000			06/28/21		4,770,168
	Enbridge, Inc.
	2,000,000		0.000			04/26/21		1,999,747
	Enel Finance America
	6,000,000		0.000			02/16/22		5,980,680


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

GOLDMAN SACHS ENHANCED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Commercial Paper^(g) – (continued)
	Exxon Mobil Corp.
$	7,000,000		0.000	%		09/01/21	$	6,996,616
	Fidelity National Information Services, Inc.
	3,000,000		0.000			05/03/21		2,999,491
	ING Funding LLC
	2,500,000		0.000			09/01/21		2,498,385
	Intercontinental Exchange, Inc.
	4,000,000		0.000			06/24/21		3,996,876
	Ionic Capital II Trust
	1,250,000		0.000			04/23/21		1,249,887
	8,000,000		0.000			06/04/21		7,997,371
	Jupiter Securitization Co. LLC
	6,800,000		0.000			07/01/21		6,797,220
	KFW
	4,300,000		0.000			02/10/22		4,292,829
	Matchpoint Finance PLC
	6,000,000		0.000			06/08/21		5,998,241
	Natwest Markets PLC
	2,000,000		0.000			01/18/22		1,995,117
	750,000		0.000			03/01/22		747,620
	Societe Generale SA
	8,000,000		0.000			12/13/21		7,984,544
	Versailles CDS LLC
	3,000,000		0.000			06/04/21		2,999,177

								107,753,067

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $197,289,586)						$	197,337,311

	TOTAL INVESTMENTS – 99.1%
	(Cost $660,403,023)						$	664,922,286

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%							6,298,655

	NET ASSETS – 100.0%						$	671,220,941



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

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

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

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

(f)		Represents an affiliated issuer.

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
SOFR		—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:

2 Year U.S. Treasury Notes		579			06/30/21	$	127,800,680		$	(109,462	)
Short position contracts:
5 Year U.S. Treasury Notes		(1,116	)		06/30/21		(137,712,657	)		1,699,667

TOTAL FUTURES CONTRACTS									$	1,590,205


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 51.3%
Collateralized Mortgage Obligations – 0.8%
Interest Only^(a) – 0.0%
	FNMA STRIPS Series 151, Class 2
$	29		9.500	%		07/25/22	$	1

Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
	8,792		37.071			02/16/32		11,653

Regular Floater^(b) – 0.0%
	FHLMC REMIC Series 1760, Class ZB (10 Year CMT – 0.600%)
	24,580		0.710			05/15/24		24,658

Sequential Fixed Rate – 0.7%
	FHLMC REMIC Series 2329, Class ZA
	233,706		6.500			06/15/31		263,563
	FHLMC REMIC Series 4246, Class PT
	76,285		6.500			02/15/36		88,975
	FHLMC REMIC Series 4273, Class PD
	408,172		6.500			11/15/43		483,478
	FNMA REMIC Series 2011-52, Class GB
	380,810		5.000			06/25/41		428,779
	FNMA REMIC Series 2011-99, Class DB
	378,681		5.000			10/25/41		425,689
	FNMA REMIC Series 2012-111, Class B
	49,486		7.000			10/25/42		59,316
	FNMA REMIC Series 2012-153, Class B
	212,082		7.000			07/25/42		259,625

								2,009,425

Sequential Floating Rate^(b) – 0.1%
	Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1^(c)
	245,749		3.674			07/27/48		249,826
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	89,317		0.925			11/25/29		84,908

								334,734

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	2,380,471

Commercial Mortgage-Backed Securities – 1.0%
Sequential Fixed Rate^(c) – 0.2%
	Manhattan West Mortgage Trust Series 2020-1MW, Class A
	600,000		2.130			09/10/39		603,803

Sequential Fixed Rate – 0.7%
	BANK Series 2019-BN24, Class A3
	1,400,000		2.960			11/15/62		1,465,811
	BANK Series 2020-BN29, Class A4
	600,000		1.997			11/15/53		579,467

								2,045,278

Sequential Floating Rate^(b) – 0.1%
	BANK Series 2021-BN31, Class AS
	250,000		2.211			02/15/54		239,108

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	2,888,189


Mortgage-Backed Obligations – (continued)
Federal Agencies – 49.5%
Adjustable Rate FHLMC^(b) – 0.1%
	(1 Year CMT + 2.224%)
	2,816		2.349			11/01/32		2,961
	(1 Year CMT + 2.250%)
	215,168		2.468			09/01/33		225,933

								228,894

Adjustable Rate FNMA^(b) – 0.3%
	(1 Year CMT + 2.196%)
	141,949		2.321			02/01/35		149,082
	(1 Year CMT + 2.227%)
	7,760		2.830			06/01/33		8,158
	(12M USD LIBOR + 1.500%)
	125,717		1.958			09/01/35		131,816
	(12M USD LIBOR + 1.650%)
	267,789		2.150			10/01/33		280,286
	(12M USD LIBOR + 1.670%)
	16,437		2.045			11/01/32		17,176
	(6M USD LIBOR + 1.413%)
	319,313		1.663			05/01/33		329,968

								916,486

Adjustable Rate GNMA^(b) – 0.3%
	(1 Year CMT + 1.500%)
	10,551		2.875			06/20/23		10,666
	4,977		2.250			07/20/23		5,039
	4,865		2.250			08/20/23		4,927
	11,423		2.250			09/20/23		11,531
	4,271		3.000			03/20/24		4,319
	39,393		2.875			04/20/24		39,971
	5,684		2.875			05/20/24		5,783
	46,611		2.875			06/20/24		47,283
	28,046		2.250			07/20/24		28,442
	38,255		2.250			08/20/24		38,768
	11,850		2.250			09/20/24		11,993
	15,363		2.125			11/20/24		15,627
	5,458		2.125			12/20/24		5,553
	12,706		2.500			12/20/24		13,014
	10,368		3.000			01/20/25		10,545
	6,405		3.000			02/20/25		6,516
	24,650		2.875			05/20/25		25,154
	21,933		2.250			07/20/25		22,375
	9,394		3.000			02/20/26		9,543
	476		2.250			07/20/26		484
	24,183		3.000			01/20/27		24,676
	10,502		3.000			02/20/27		10,690
	82,779		2.875			04/20/27		84,454
	8,314		2.875			05/20/27		8,484
	12,710		2.875			06/20/27		12,976
	4,400		2.125			11/20/27		4,486
	13,405		2.125			12/20/27		13,664
	27,883		3.000			01/20/28		28,430
	8,701		3.000			02/20/28		8,873
	9,457		3.000			03/20/28		9,641
	45,711		2.250			07/20/29		46,677
	26,017		2.250			08/20/29		26,557
	5,957		2.250			09/20/29		6,084


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

GOLDMAN SACHS GOVERNMENT INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – (continued)
	(1 Year CMT + 1.500%)
$	25,619		2.125	%		10/20/29		$	26,189
	38,596		2.125			11/20/29			39,457
	7,051		2.125			12/20/29			7,210
	9,925		3.000			01/20/30			10,151
	3,435		3.000			02/20/30			3,510
	26,105		3.000			03/20/30			26,704
	27,931		2.875			04/20/30			28,619
	80,401		2.875			05/20/30			82,835
	8,789		2.875			06/20/30			9,011
	64,566		2.250			07/20/30			66,839
	13,182		2.250			09/20/30			13,651
	22,982		2.125			10/20/30			23,538
	40,734		3.000			03/20/32			41,772

									982,711

FHLMC – 0.9%
	463		6.500			07/01/21			464
	240		6.500			08/01/22			245
	3,941		9.000			10/01/22			3,946
	21,415		4.500			10/01/23			23,252
	15,989		6.500			07/01/28			16,832
	186,278		4.500			03/01/29			204,661
	3,406		8.000			07/01/30			3,705
	9,885		5.000			08/01/33			11,212
	1,554		5.000			09/01/33			1,763
	3,788		5.000			10/01/33			4,296
	2,349		5.000			11/01/34			2,681
	128,333		5.000			12/01/34			146,501
	6,430		5.000			07/01/35			7,340
	454		5.000			11/01/35			515
	13,061		5.000			12/01/35			14,886
	18,008		5.000			02/01/37			20,586
	1,609		5.000			03/01/38			1,839
	70,338		5.000			07/01/39			80,194
	9,441		4.000			06/01/40			10,408
	4,307		5.000			08/01/40			4,964
	1,210		4.500			11/01/40			1,352
	74,251		4.000			02/01/41			81,911
	1,237		5.000			04/01/41			1,425
	3,915		5.000			06/01/41			4,508
	155,637		5.000			07/01/41			176,838
	5,877		4.000			11/01/41			6,495
	8,122		3.000			05/01/42			8,615
	10,159		3.000			08/01/42			10,775
	11,541		3.000			01/01/43			12,249
	47,598		3.000			02/01/43			50,521
	847,291		4.000			03/01/48			913,659
	878,080		4.000			04/01/48			940,509

									2,769,147

FNMA – 0.1%
	3,053		6.500			11/01/28			3,366
	29,949		7.000			07/01/31			34,630
	319,992		5.500			07/01/33			365,428

									403,424


Mortgage-Backed Obligations – (continued)
GNMA – 27.3%
	25,368		7.000			12/15/27			28,044
	7,808		6.500			08/15/28			8,543
	53,065		6.000			01/15/29			59,043
	67,703		7.000			10/15/29			75,300
	29,237		5.500			11/15/32			32,507
	484,866		5.500			12/15/32			546,551
	13,026		5.500			01/15/33			14,399
	33,792		5.500			02/15/33			37,993
	35,802		5.500			03/15/33			40,192
	42,375		5.500			07/15/33			47,809
	16,133		5.500			08/15/33			17,889
	9,279		5.500			09/15/33			10,285
	20,902		5.500			04/15/34			23,113
	8,583		5.500			05/15/34			9,284
	211,013		5.500			06/15/34			237,869
	154,069		5.500			09/15/34			173,852
	155,906		5.500			12/15/34			176,017
	108,548		5.500			01/15/35			122,822
	57,406		5.000			03/15/38			63,502
	4,625		4.000			02/20/41			5,064
	7,224		4.000			11/20/41			7,985
	1,204		4.000			01/20/42			1,330
	3,853		4.000			04/20/42			4,259
	2,389		4.000			10/20/42			2,641
	279,438		4.000			08/20/43			308,773
	3,827		4.000			03/20/44			4,220
	4,657		4.000			05/20/44			5,136
	323,854		4.000			11/20/44			356,536
	1,460,896		4.000			06/20/45			1,605,586
	350,331		4.000			01/20/46			383,934
	2,605,603		3.500			04/20/47			2,771,968
	1,628,990		3.500			12/20/47			1,734,360
	322,163		4.500			02/20/48			352,036
	1,335,744		4.500			05/20/48			1,456,371
	737,803		4.500			08/20/48			801,607
	187,122		5.000			08/20/48			204,462
	6,168,965		4.500			09/20/48			6,696,669
	1,613,363		5.000			10/20/48			1,762,114
	944,143		5.000			11/20/48			1,031,192
	1,424,278		5.000			12/20/48			1,554,705
	1,372,260		4.500			01/20/49			1,484,393
	2,072,355		5.000			01/20/49			2,261,481
	2,229,373		4.000			02/20/49			2,392,872
	854,304		4.000			03/20/49			916,691
	221,850		4.500			03/20/49			239,840
	1,225,923		5.000			03/20/49			1,336,654
	845,518		4.000			05/20/49			906,272
	2,665,818		4.500			10/20/49			2,887,312
	2,999,701		3.500			03/20/50			3,164,273
	17,000,000		2.500			TBA-30yr	^(d)		17,504,765
	11,000,000		3.000			TBA-30yr	^(d)		11,456,512
	15,000,000		2.000			TBA-30yr	^(d)		15,113,375

									82,440,402


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – 9.0%
$	29,546		5.500	%		02/01/23	$	30,384
	63,695		5.500			08/01/23		66,020
	966		4.500			07/01/36		1,086
	1,400		4.500			04/01/39		1,568
	6,175		4.500			05/01/39		6,860
	2,864		4.000			08/01/39		3,156
	12,887		4.500			08/01/39		14,334
	231,065		4.500			12/01/39		256,886
	11,353		4.500			01/01/41		12,676
	96,701		4.500			05/01/41		108,330
	70,598		4.500			08/01/41		79,354
	71,217		4.500			08/01/42		80,250
	11,865		3.000			11/01/42		12,748
	138,743		3.000			12/01/42		149,328
	348,012		3.000			01/01/43		374,558
	64,644		3.000			02/01/43		69,575
	418,968		3.000			03/01/43		450,930
	685,946		3.000			04/01/43		738,494
	456,245		3.000			05/01/43		491,621
	87,351		3.000			06/01/43		94,124
	693,079		3.000			07/01/43		746,818
	1,193,724		4.500			10/01/44		1,332,385
	792,299		4.500			04/01/45		896,257
	92,533		4.500			05/01/45		104,732
	416,101		4.500			06/01/45		464,435
	391,331		4.000			11/01/45		427,898
	109,912		4.000			03/01/46		119,752
	9,636		4.500			05/01/46		10,623
	69,567		4.000			06/01/46		75,544
	19,348		4.000			08/01/46		21,010
	114,312		4.500			08/01/46		125,952
	137,205		4.000			10/01/46		148,993
	43,415		4.500			06/01/47		48,989
	1,218,786		4.500			11/01/47		1,353,184
	365,876		4.000			12/01/47		402,746
	351,738		4.000			01/01/48		386,634
	1,235,421		4.000			02/01/48		1,352,870
	930,792		4.000			03/01/48		1,014,991
	1,090,348		4.000			06/01/48		1,197,499
	893,268		4.500			07/01/48		973,068
	894,333		4.500			07/01/48		971,154
	353,586		4.000			08/01/48		385,130
	606,241		4.500			08/01/48		658,458
	170,840		4.500			10/01/48		185,715
	1,695,549		5.000			11/01/48		1,926,236
	778,776		4.500			03/01/49		848,169
	1,854,364		3.000			09/01/49		1,964,537
	1,844,716		4.500			11/01/49		2,006,054
	1,902,485		3.000			12/01/49		2,006,599
	1,922,623		3.000			12/01/50		2,032,346

								27,231,060

UMBS, 30 Year, Single Family^(d) – 11.5%
	2,000,000		4.500			TBA-30yr		2,177,812
	19,000,000		2.000			TBA-30yr		18,950,196
	6,000,000		2.500			TBA-30yr		6,143,437


Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(d) – (continued)
	7,000,000		3.500			TBA-30yr		7,394,842

								34,666,287

	TOTAL FEDERAL AGENCIES						$	149,638,411

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $152,875,590)						$	154,907,071



Agency Debentures – 25.0%
	FFCB
$	2,180,000		3.430	%		12/06/28	$	2,449,731
	720,000		5.270			05/01/29		899,748
	FHLB
	3,700,000		2.125			06/09/23		3,854,512
	2,100,000		3.375			09/08/23		2,258,298
	300,000		3.375			12/08/23		324,102
	15,150,000		0.500			04/14/25		15,023,649
	FHLMC
	16,670,000		0.375			04/20/23		16,724,178
	FNMA
	1,400,000		1.875			09/24/26		1,461,180
	2,600,000		6.250			05/15/29		3,513,042
	2,000,000		0.875			08/05/30		1,848,800
	4,000,000		6.625			11/15/30		5,700,200
	Israel Government AID Bond^(e)
	500,000		5.500			12/04/23		567,270
	700,000		5.500			04/26/24		806,694
	Tennessee Valley Authority
	20,150,000		0.750			05/15/25		20,112,722

	TOTAL AGENCY DEBENTURES
	(Cost $74,264,869)						$	75,544,126



Asset-Backed Securities – 2.3%
Automotive^(c) – 0.1%
	Ford Credit Auto Owner Trust Series 2016-2, Class A
$	400,000		2.030	%		12/15/27	$	401,363

Collateralized Loan Obligation^(b)(c) – 0.4%
	Towd Point Mortgage Trust Series 2017-4, Class A2
	1,030,153		3.000			06/25/57		1,096,895

Student Loan^(b) – 1.8%
	ECMC Group Student Loan Trust Series 2018-2A, Class A^(c) (1M USD LIBOR + 0.800%)
	1,153,381		0.909			09/25/68		1,155,731
	Higher Education Funding I Series 2014-1, Class A^(c) (3M USD LIBOR + 1.050%)
	930,532		1.238			05/25/34		935,655
	Navient Student Loan Trust Series 2017-4A, Class A2^(c) (1M USD LIBOR + 0.500%)
	558,486		0.609			09/27/66		559,375
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	933,349		1.259			09/25/65		940,157


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

GOLDMAN SACHS GOVERNMENT INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	Scholar Funding Trust Series 2013-A, Class A^(c) (1M USD LIBOR + 0.650%)
$	1,360,359		0.765	%		01/30/45	$	1,354,408
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	644,869		1.918			07/25/23		649,645

								5,594,971

	TOTAL ASSET-BACKED SECURITIES
	(Cost $7,049,520)						$	7,093,229



Municipal Debt Obligations – 1.3%
Alaska^(b) – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.000%)
$	1,237,796		0.609	%		08/25/31	$	1,216,102

New Jersey – 0.9%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,558,325

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,234,145)						$	3,774,427



U.S. Treasury Obligations – 26.1%
	United States Treasury Bond
$	5,080,000		2.750	%		11/15/47	$	5,438,775
	United States Treasury Bonds
	900,000		3.125			11/15/41		1,025,719
	3,500,000		3.750	^(f)		11/15/43		4,381,016
	3,830,000		3.625			02/15/44		4,712,097
	9,390,000		3.375			05/15/44		11,125,683
	3,320,000		3.125			08/15/44		3,780,650
	6,400,000		2.875			11/15/46		7,000,000
	980,000		3.375			11/15/48		1,178,450
	630,000		2.000			02/15/50		576,942
	United States Treasury Notes
	9,230,000		0.375			12/31/25		9,013,672
	6,870,000		0.500			02/28/26		6,734,747
	1,220,000		0.750			01/31/28		1,169,675
	6,660,000		1.125			02/29/28		6,543,450
	6,430,000		1.250			03/31/28		6,362,686
	120,000		0.875			11/15/30		111,000
	United States Treasury Strip Coupon^(g)
	6,400,000		0.000			11/15/35		4,612,919
	1,300,000		0.000	^(f)		05/15/36		923,661
	6,000,000		0.000	^(f)		11/15/37		4,071,139

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $77,290,983)						$	78,762,281


Shares	Dividend Rate	Value

Investment Company^(h) – 18.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
55,603,927	0.036%	$	55,603,927
(Cost $55,603,927)

TOTAL INVESTMENTS – 124.4%
(Cost $370,319,034)		$	375,685,061

LIABILITIES IN EXCESS OF OTHER ASSETS – (24.4)%			(73,725,445	)

NET ASSETS – 100.0%		$	301,959,616



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		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 $78,740,939 which represents approximately 26.1% of the Fund’s net assets as of March 31, 2021.

(e)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,373,964, which represents approximately 0.5% of the Fund’s net assets as of March 31, 2021.

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

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

(h)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(6,000,000	)	$	(6,055,193	)
GNMA		4.000		TBA-30yr		04/21/21		(4,000,000	)		(4,270,288	)
GNMA		4.500		TBA-30yr		04/21/21		(1,000,000	)		(1,081,711	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		05/13/21		(2,000,000	)		(2,083,673	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		04/14/21		(1,000,000	)		(1,073,203	)

TOTAL (Proceeds Receivable: $(14,526,797))										$	(14,564,068	)

(a)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		40			06/21/21	$	5,747,500		$	(201,527	)
2 Year U.S. Treasury Notes		91			06/30/21		20,086,117			(13,282	)
10 Year U.S. Treasury Notes		132			06/21/21		17,283,750			(373,706	)

Total									$	(588,515	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(3	)		06/21/21		(543,656	)		2,934
5 Year U.S. Treasury Notes		(123	)		06/30/21		(15,178,008	)		48,304
20 Year U.S. Treasury Bonds		(194	)		06/21/21		(29,991,187	)		1,181,247

Total									$	1,232,485

TOTAL FUTURES CONTRACTS									$	643,970

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR+0.090%^(a)		3M LIBOR	07/25/24	$	18,560		$	1,707		$	6,240		$	(4,533	)
3M SOFR+0.241^(a)		3M LIBOR	11/10/24		11,010			342			10			332
1.597^(b)		3M LIBOR^(a)	03/11/26		1,370	^(c)		6,325			2,001			4,324
3M LIBOR^(a)		2.209%^(b)	02/25/31		2,730	^(c)		(42,729	)		(19,310	)		(23,419	)
3M LIBOR^(a)		2.377^(b)	03/09/31		1,970	^(c)		(16,088	)		(7,366	)		(8,722	)
2.431^(b)		3M LIBOR^(a)	02/25/36		3,390	^(c)		33,611			15,105			18,506
2.502^(b)		3M LIBOR^(a)	03/10/36		1,540	^(c)		10,879			7,244			3,635

TOTAL							$	(5,953	)	$	3,924		$	(9,877	)

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
3M IRS	Deutsche Bank AG (London)		0.925	%		06/01/2021		7,900,000		$	7,900,000		$	89,012		$	53,496		$	35,516
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		8,320,000			8,320,000			191,909			42,432			149,477

Total purchased option contracts								16,220,000		$	16,220,000		$	280,921		$	95,928		$	184,993
Written option contracts
Puts
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(7,900,000	)		(7,900,000	)		(48,798	)		(33,435	)		(15,363	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(7,900,000	)		(7,900,000	)		(25,023	)		(20,061	)		(4,962	)
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(8,320,000	)		(8,320,000	)		(149,108	)		(25,792	)		(123,316	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(8,320,000	)		(8,320,000	)		(112,181	)		(16,640	)		(95,541	)

Total written option contracts								(32,440,000	)	$	(32,440,000	)	$	(335,110	)	$	(95,928	)	$	(239,182	)

TOTAL								(16,220,000	)	$	(16,220,000	)	$	(54,189	)	$	—		$	(54,189	)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 27.9%
Collateralized Mortgage Obligations – 22.6%
Regular Floater^(a) – 22.2%
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	448,436		0.706	%		09/15/37	$	455,020
	FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	85,289		0.406			04/15/37		85,611
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	92,999		0.956			06/15/39		94,782
	FHLMC REMIC Series 4316, Class FY (1M USD LIBOR + 0.400%)
	229,302		0.506			11/15/39		229,398
	FHLMC REMIC Series 4477, Class FG (1M USD LIBOR + 0.300%)
	1,734,629		0.423			10/15/40		1,727,767
	FHLMC REMIC Series 4508, Class CF (1M USD LIBOR + 0.400%)
	1,768,373		0.506			09/15/45		1,781,059
	FHLMC REMIC Series 4751, Class FA (1M USD LIBOR + 0.250%)
	5,611,347		0.356			03/15/39		5,616,034
	FHLMC REMIC Series 4936, Class FL (1M USD LIBOR + 0.500%)
	1,775,095		0.609			12/25/49		1,785,673
	FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	159,136		0.506			05/15/36		160,297
	FHLMC STRIPS Series 350, Class F2 (1M USD LIBOR + 0.350%)
	6,933,319		0.473			09/15/40		6,971,867
	FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	4,947		0.608			11/17/28		4,960
	FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	136,809		0.609			08/25/36		137,850
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	26,109		0.459			04/25/37		26,206
	FNMA REMIC Series 2007-36, Class F (1M USD LIBOR + 0.230%)
	524,612		0.339			04/25/37		524,936
	FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	253,247		0.949			04/25/48		260,505
	FNMA REMIC Series 2009-66, Class FP (1M USD LIBOR + 0.900%)
	8,191,038		1.009			09/25/39		8,361,451
	FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	382,233		1.259			09/25/39		392,625
	FNMA REMIC Series 2010-123, Class FL (1M USD LIBOR + 0.430%)
	725,663		0.539			11/25/40		730,555


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Regular Floater^(a) – (continued)
	FNMA REMIC Series 2010-8, Class FE (1M USD LIBOR + 0.790%)
	4,229,080		0.899			02/25/40		4,334,742
	FNMA REMIC Series 2011-110, Class FE (1M USD LIBOR + 0.400%)
	943,010		0.509			04/25/41		948,084
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	293,755		0.559			07/25/41		297,132
	FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	75,946		0.509			09/25/43		76,465
	FNMA REMIC Series 2014-19, Class FA (1M USD LIBOR + 0.400%)
	112,891		0.509			11/25/39		112,918
	FNMA REMIC Series 2014-19, Class FJ (1M USD LIBOR + 0.400%)
	133,738		0.509			11/25/39		133,771
	FNMA REMIC Series 2017-45, Class FA (1M USD LIBOR + 0.320%)
	4,641,391		0.443			06/25/47		4,627,908
	FNMA REMIC Series 2018-60, Class FK (1M USD LIBOR + 0.300%)
	4,262,276		0.409			08/25/48		4,268,208
	FNMA REMIC Series 2018-72, Class FB (1M USD LIBOR + 0.350%)
	5,908,904		0.459			10/25/58		5,930,339

								50,076,163

Sequential Fixed Rate – 0.2%
	FHLMC REMIC Series 4248, Class LM
	341,835		6.500			05/15/41		400,598

Sequential Floating Rate^(a) – 0.2%
	FHLMC REMIC Series 3588, Class CW
	567,809		2.545			10/15/37		565,132
	FNMA REMIC Series 1997-20, Class F
	20,443		1.249			03/25/27		20,561

								585,693

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $50,849,268)						$	51,062,454

Commercial Mortgage-Backed Securities^(a) – 3.7%
Regular Floater^(b) – 0.7%
	Commercial Mortgage Pass Through Certificates Series 2021-LBA, Class A (1M USD LIBOR + 0.690%)
	800,000		0.840			03/15/38		798,750
	ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M USD LIBOR + 0.700%)
	919,000		0.806			03/15/36		916,384

								1,715,134

Sequential Floating Rate – 3.0%
	BX Series 2021-MFM1, Class A^(b) (1M USD LIBOR + 0.700%)
	100,000		0.806			01/15/34		99,715


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	KKR Industrial Portfolio Trust Series 2021-KDIP, Class AKKR Industrial Portfolio Trust Series 2021-KDIP, Class A^(b) (1M USD LIBOR + 0.550%)
$	460,000		0.656	%		12/15/37	$	459,497
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
	806,808		0.569			06/25/23		808,412
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	498,647		0.489			04/25/24		499,321
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	1,929,476		0.489			05/25/24		1,933,642
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M USD LIBOR + 0.350%)
	291,524		0.469			08/25/25		291,597
	FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	1,404,120		0.619			01/25/26		1,413,861
	FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	1,230,675		0.609			02/25/26		1,234,248

								6,740,293

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $8,458,913)						$	8,455,427

Federal Agencies – 1.6%
Adjustable Rate FHLMC^(a) – 0.7%
	(3 Year CMT + 2.541%)
	204,742		3.448			08/01/28		206,213
	(6M CMT + 2.268%)
	30,412		2.518			05/01/29		30,971
	(COF + 1.250%)
	4,569		4.029			06/01/29		4,814
	8,350		1.753			04/01/30		8,471
	(COF + 1.248%)
	7,499		4.379			06/01/30		7,947
	(12M MTA + 2.155%)
	4,177		3.376			06/01/31		4,374
	(12M USD LIBOR + 1.860%)
	402,783		2.735			05/01/34		422,660
	(12M USD LIBOR + 1.750%)
	319,364		3.472			05/01/35		336,300
	(3 Year CMT + 2.110%)
	4,782		6.177			05/01/35		5,028
	(1 Year CMT + 2.265%)
	574,758		2.580			01/01/38		605,917

								1,632,695

Adjustable Rate FNMA^(a) – 0.6%
	(1 Year CMT + 2.000%)
	41		6.750			02/01/22		41
	(6M USD LIBOR + 1.750%)
	3,947		2.500			02/01/23		3,971
	(6M USD LIBOR + 1.924%)
	29,307		2.172			01/01/24		29,668


Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(a) – (continued)
	(6M USD LIBOR + 1.925%)
	38,437		2.329			03/01/24		38,926
	(COF + 1.250%)
	3,461		3.281			06/01/27		3,555
	2,968		4.250			12/01/27		3,134
	2,983		4.485			01/01/28		3,168
	1,578		1.773			06/01/29		1,598
	3,375		2.200			06/01/29		3,461
	(1 Year CMT + 2.266%)
	310,151		2.732			07/01/33		324,822
	(1 Year CMT + 2.360%)
	105,280		2.614			11/01/34		110,113
	(COF + 1.253%)
	1,664		4.022			05/01/36		1,747
	(12M USD LIBOR + 2.003%)
	513,769		2.540			03/01/37		540,680
	(12M MTA + 1.400%)
	29,730		1.779			06/01/40		30,350
	(12M MTA + 1.200%)
	3,442		1.579			02/01/41		3,496
	(12M USD LIBOR + 1.550%)
	131,853		2.300			09/01/44		137,695

								1,236,425

Adjustable Rate GNMA^(a) – 0.3%
	(1 Year CMT + 1.500%)
	322,624		2.875			04/20/33		331,917
	77,305		2.875			05/20/33		79,532
	217,389		2.250			08/20/34		223,246

								634,695

FHLMC – 0.0%
	695		7.000			08/01/21		697
	9,638		7.000			05/01/22		9,846
	19,454		7.000			06/01/22		19,778
	296		4.500			05/01/23		304

								30,625

FNMA – 0.0%
	684		4.067			05/20/22		685
	19,125		3.778			06/20/24		19,142

								19,827

GNMA – 0.0%
	9,262		7.000			04/15/26		10,160

UMBS – 0.0%
	567		7.000			07/01/21		567
	2,628		7.000			11/01/21		2,645
	2,756		7.000			12/01/21		2,757
	5,277		7.000			01/01/22		5,282
	756		7.000			02/01/22		764

								12,015

	TOTAL FEDERAL AGENCIES						$	3,576,442

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $62,933,916)						$	63,094,323


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(a) – 36.3%
Automotive – 0.7%
	Chesapeake Funding II LLC Series 2017-3A, Class A2^(b) (1M USD LIBOR + 0.340%)
$	84,306		0.446	%		08/15/29	$	84,307
	Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)
	1,500,000		0.606			09/15/25		1,505,939

								1,590,246

Collateralized Loan Obligations^(b) – 18.4%
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		1.269			01/28/31		3,601,195
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	2,983,185		1.457			09/20/29		2,972,019
	CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		1.463			10/17/29		3,500,693
	Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		1.224			01/20/31		3,000,210
	Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)
	5,950,000		1.193			04/18/31		5,944,716
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		1.473			07/17/29		4,750,565
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		0.991			04/15/29		5,185,300
	Mountain View CLO Series 2013-1A, Class AR (3M USD LIBOR + 1.250%)
	748,326		1.474			10/12/30		748,347
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		1.295			04/26/31		2,599,095
	Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		1.513			01/18/32		6,700,476
	THL Credit Wind River CLO Ltd. Series 2017-3A, Class A (3M USD LIBOR + 1.250%)
	1,000,000		1.491			10/15/30		1,000,031
	Towd Point Mortgage Trust Series 2015-2, Class 1A13
	78,110		2.500			11/25/60		78,236
	Towd Point Mortgage Trust Series 2016-3, Class A1
	86,119		2.250			04/25/56		86,699
	WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	798,101		1.153			04/17/27		798,201
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	475,000		2.774			07/28/30		477,270

								41,443,053


Asset-Backed Securities^(a) – (continued)
Credit Card – 12.8%
	American Express Credit Account Master Trust Series 2017-2, Class A (1M USD LIBOR + 0.450%)
	3,700,000		0.556			09/16/24		3,713,246
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%)
	8,100,000		0.731			04/22/26		8,197,856
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M USD LIBOR + 0.370%)
	4,300,000		0.474			08/08/24		4,316,925
	Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%)
	960,000		0.441			01/20/25		963,594
	Discover Card Execution Note Trust Series 2017-A1, Class A1 (1M USD LIBOR + 0.490%)
	375,000		0.596			07/15/24		376,289
	Golden Credit Card Trust Series 2017-4A, Class A^(b) (1M USD LIBOR + 0.520%)
	11,200,000		0.626			07/15/24		11,258,481

								28,826,391

Student Loan – 4.4%
	Educational Services of America, Inc. Series 2012-1, Class A1^(b) (1M USD LIBOR + 1.150%)
	776,601		1.259			09/25/40		778,877
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	1,018,533		0.809			02/25/39		1,010,957
	Goal Capital Funding Trust Series 2010-1, Class A^(b) (3M USD LIBOR + 0.700%)
	28,235		0.888			08/25/48		28,355
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	1,023,585		1.238			05/25/34		1,029,221
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	805,030		1.118			07/25/45		799,185
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	832,699		1.138			02/25/42		828,294
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	265,654		1.168			04/25/38		268,127
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,247,209		1.111			05/20/30		1,248,421
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
	252,602		0.809			12/26/31		253,783
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,026,369		1.023			07/01/31		1,030,385
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	241,445		1.329			10/25/27		242,203
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	423,072		1.063			11/25/42		423,467


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(a) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
$	401,266		0.968	%		04/25/23	$	400,378
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	210,823		1.918			07/25/23		212,384
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	66,892		1.088			10/01/24		66,935
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,372,207		0.718			02/25/43		1,372,623

								9,993,595

	TOTAL ASSET-BACKED SECURITIES
	(Cost $81,574,038)						$	81,853,285



Municipal Debt Obligations^(a) – 3.0%
Alaska – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.000%)
$	958,856		0.609	%		08/25/31	$	942,051

Rhode Island^(c) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.000%)
	273,471		0.815			10/02/28		273,734

Utah – 2.5%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.000%)
	5,625,828		0.859			12/26/31		5,593,770

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $6,873,084)						$	6,809,555



U.S. Treasury Obligations^(a) – 11.1%
	United States Treasury Floating Rate Note
	(3M Treasury money market yield + 0.055%)
$	12,500,000		0.070	%		07/31/22	$	12,506,365
	(3M Treasury money market yield + 0.055%)^(d)
	12,500,000		0.070			10/31/22		12,506,295

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $24,999,841)						$	25,012,660

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $176,380,879)						$	176,769,823



Short-term Investment – 4.2%
Repurchase Agreements – 4.2%
	Citibank N.A
$	9,500,000		0.010	%		04/01/21	$	9,500,000
	Maturity Value: $9,500,003
	Next Reset Date: 04/01/21
	Collateralized by various mortgage obligations, 2.000% to 2.500%, due 03/01/51 – 04/01/51. The aggregate market value of the collateral, including accrued interest, was $9,785,797
	(Cost $9,500,000)

	TOTAL INVESTMENTS – 82.5%
	(Cost $185,880,879)						$	186,269,823

	OTHER ASSETS IN EXCESS OF LIABILITIES – 17.5%							39,609,663

	NET ASSETS – 100.0%						$	225,879,486



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

(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
MTA		—Monthly Treasury Average
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
UMBS		—Uniform Mortgage Backed Securities


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		15			06/30/21	$	3,310,898		$	(2,810	)
20 Year U.S. Treasury Bonds		2			06/21/21		309,188			(11,677	)

Total									$	(14,487	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(1	)		06/21/21		(181,219	)		7,620
5 Year U.S. Treasury Notes		(74	)		06/30/21		(9,131,484	)		112,861
10 Year U.S. Treasury Notes		(12	)		06/21/21		(1,571,250	)		39,591

Total									$	160,072

TOTAL FUTURES CONTRACTS									$	145,585

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%^(a)		3M LIBOR^(a)	07/25/24	$	19,400		$	1,785		$	6,519		$	(4,734	)
3M SOFR + 0.241^(a)		3M LIBOR^(a)	11/10/24		11,520			358			11			347
3M LIBOR^(a)		2.209%^(b)	02/25/31		950	^(c)		(14,869	)		(2,837	)		(12,032	)
2.431^(b)		3M LIBOR^(a)	02/25/36		1,170	^(c)		11,600			1,412			10,188

TOTAL							$	(1,126	)	$	5,105		$	(6,231	)

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – 98.7%
	United States Treasury Bonds^(a)
$	560,000		3.375	%		11/15/48	$	673,400
	United States Treasury Inflation Indexed Bonds
	14,641,968		2.125	^(a)		02/15/40		21,047,905
	19,201,355		1.375			02/15/44		25,133,980
	18,992,799		0.750			02/15/45		22,042,999
	10,606,200		1.000			02/15/48		13,226,027
	5,022,950		0.125			02/15/51		5,079,633
	United States Treasury Inflation Indexed Notes
	40,523,333		0.125			04/15/22		41,640,051
	13,193,144		0.125	^(a)		07/15/22		13,715,525
	32,746,879		0.125			01/15/23		34,343,364
	29,243,964		0.500			04/15/24		31,712,175
	31,499,769		0.125			10/15/24		34,094,425
	2,208,500		0.250			01/15/25		2,400,072
	30,275,544		0.125			04/15/25		32,790,274
	14,999,440		0.375			07/15/25		16,530,140
	3,907,592		0.625	^(a)		01/15/26		4,347,598
	26,841,798		0.125			07/15/26		29,350,677
	17,432,114		0.375	^(a)		01/15/27		19,236,171
	18,711,000		0.375	^(a)		07/15/27		20,767,478
	13,890,323		0.500			01/15/28		15,477,795
	18,765,520		0.750			07/15/28		21,409,431
	45,576,080		0.875			01/15/29		52,297,610
	8,077,671		0.250	^(a)		07/15/29		8,896,977
	26,216,827		0.125			07/15/30		28,480,612

	United States Treasury Notes
	5,500,000		0.750			03/31/26		5,451,445
	6,950,000		3.125	^(a)		11/15/28		7,772,055

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $479,706,895)						$	507,917,819

	TOTAL INVESTMENTS – 98.7%
	(Cost $479,706,895)						$	507,917,819

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%							6,444,909

	NET ASSETS – 100.0%						$	514,362,728



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

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
LIBOR		—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		25		06/21/21	$	4,530,469		$	(88,223	)
Ultra 10 Year U.S. Treasury Notes		57		06/21/21		8,190,188			(284,769	)
10 Year U.S. Treasury Notes		93		06/21/21		12,177,187			(184,127	)
5 Year U.S. Treasury Notes		18		06/30/21		2,221,172			(26,577	)
2 Year U.S. Treasury Notes		104		06/30/21		22,955,562			(16,088	)

Total								$	(599,784	)
Short position contracts:
20 Year U.S. Treasury Bonds		(102)		06/21/21		(15,768,562	)		619,954

TOTAL FUTURES CONTRACTS								$	20,170


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.251%^(a)		3M LIBOR^(a)	02/20/24	$	13,700		$	(40,407	)	$	69		$	(40,476	)
1M LIBOR+0.090^(b)		3M LIBOR^(b)	07/25/24		51,300			4,720			17,232			(12,512	)
0.000^(b)		3M LIBOR^(b)	11/10/24		30,450			947			29			918
2.104^(a)		3M LIBOR^(a)	12/14/24		10,000			116,097			71			116,026
2.007^(a)		3M LIBOR^(a)	02/07/26		6,300			141,643			59			141,584
1.597^(d)		3M LIBOR^(b)	03/11/26		13,220	^(c)		61,032			26,711			34,321
0.500^(d)		3M LIBOR^(b)	06/16/28		12,740	^(c)		864,276			691,848			172,428
3M LIBOR^(a)		2.103%^(a)	02/07/29		6,300			(173,952	)		75			(174,027	)
3M LIBOR^(b)		2.209^(d)	02/25/31		9,600	^(c)		(150,257	)		(28,671	)		(121,586	)
3M LIBOR^(b)		2.377^(d)	03/09/31		18,980	^(c)		(155,001	)		(89,866	)		(65,135	)
2.431^(d)		3M LIBOR^(b)	02/25/36		11,810	^(c)		117,090			14,256			102,834
2.502^(d)		3M LIBOR^(b)	03/10/36		14,950	^(c)		105,615			76,441			29,174

TOTAL							$	891,803		$	708,254		$	183,549

(a)

Payments made at maturity.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(d)

Payments made semi-annually.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTERINTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
3M IRS	Deutsche Bank AG (London)		0.925	%		06/01/2021		6,300,000		$	6,300,000		$	70,984		$	42,661		$	28,323
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		6,040,000			6,040,000			139,319			30,804			108,515

Total purchased option contracts								12,340,000		$	12,340,000		$	210,303		$	73,465		$	136,838
Written option contracts
Puts
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(6,300,000	)		(6,300,000	)		(38,914	)		(26,663	)		(12,251	)
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(6,300,000	)		(6,300,000	)		(19,955	)		(15,998	)		(3,957	)
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(6,040,000	)		(6,040,000	)		(108,247	)		(18,724	)		(89,523	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(6,040,000	)		(6,040,000	)		(81,439	)		(12,080	)		(69,359	)

Total written option contracts								(24,680,000	)	$	(24,680,000	)	$	(248,555	)	$	(73,465	)	$	(175,090	)

TOTAL								(12,340,000	)	$	(12,340,000	)	$	(38,252	)	$	—		$	(38,252	)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 35.9%
Collateralized Mortgage Obligations – 2.3%
Interest Only^(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	2		1,172.807	%		11/15/21	$	4

Regular Floater^(b) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	224,697		0.459			04/25/37		225,527

Sequential Fixed Rate – 2.3%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A^(c)
	456,592		3.250			04/25/38		452,818
	FHLMC REMIC Series 1980, Class Z
	179,272		7.000			07/15/27		201,438
	FHLMC REMIC Series 2019, Class Z
	137,347		6.500			12/15/27		153,310
	FHLMC REMIC Series 2755, Class ZA
	415,433		5.000			02/15/34		462,751
	FHLMC REMIC Series 3530, Class DB
	925,546		4.000			05/15/24		959,230
	FHLMC REMIC Series 4246, Class PT
	76,285		6.500			02/15/36		88,975
	FHLMC REMIC Series 4273, Class PD
	668,625		6.500			11/15/43		791,984
	FHLMC REMIC Series 4619, Class NA
	2,183,911		3.000			03/15/44		2,316,143
	FHLMC REMIC Series 4663, Class KA
	4,022,524		3.500			11/15/42		4,036,008
	FNMA REMIC Series 2012-111, Class B
	251,556		7.000			10/25/42		301,523
	FNMA REMIC Series 2012-153, Class B
	898,558		7.000			07/25/42		1,099,988
	FNMA REMIC Series 2015-30, Class EA
	4,179,027		3.000			05/25/45		4,417,812
	GNMA REMIC Series 2019-35, Class A
	7,735,409		4.000			12/20/48		8,293,082

								23,575,062

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	23,800,593

Commercial Mortgage-Backed Securities – 2.6%
Sequential Fixed Rate – 2.6%
	FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
	9,354,485		3.130			06/25/21		9,374,408
	FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	17,590,398		2.991			09/25/21		17,715,026

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	27,089,434

Federal Agencies – 31.0%
Adjustable Rate FHLMC^(b) – 0.2%
	(1 Year CMT + 2.250%)
	568,375		2.947			06/01/35		597,469


Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
Adjustable Rate FHLMC^(b) – (continued)
	(12M USD LIBOR + 1.610%)
	1,093,360		2.260			11/01/44		1,143,823
	(12M USD LIBOR + 1.772%)
	105,605		2.844			06/01/42		110,953
	(12M USD LIBOR + 1.840%)
	255,248		2.635			11/01/34		268,828
	(12M USD LIBOR + 2.000%)
	10,257		2.500			11/01/36		10,847
	(12M USD LIBOR + 2.330%)
	45,629		4.129			05/01/36		48,068
	(6M USD LIBOR + 2.055%)
	13,495		2.305			10/01/36		14,205

								2,194,193

Adjustable Rate FNMA^(b) – 0.5%
	(1 Year CMT + 2.081%)
	94,384		2.227			10/01/35		99,629
	(1 Year CMT + 2.220%)
	268,969		2.595			06/01/34		282,596
	(1 Year CMT + 2.287%)
	267,284		2.412			02/01/34		279,913
	(12M MTA + 2.292%)
	538,803		2.642			07/01/36		562,934
	(12M MTA + 2.591%)
	147,988		2.932			06/01/36		155,345
	(12M USD LIBOR + 1.225%)
	7,137		1.725			01/01/33		7,371
	(12M USD LIBOR + 1.325%)
	161,449		3.223			04/01/35		167,791
	(12M USD LIBOR + 1.413%)
	77,551		3.081			05/01/35		80,876
	(12M USD LIBOR + 1.460%)
	34,133		1.835			02/01/35		35,701
	(12M USD LIBOR + 1.506%)
	62,836		1.881			02/01/35		65,633
	(12M USD LIBOR + 1.618%)
	104,476		3.340			03/01/35		109,572
	(12M USD LIBOR + 1.660%)
	111,325		2.160			10/01/34		116,931
	(12M USD LIBOR + 1.664%)
	113,745		2.164	%		10/01/34		119,525
	(12M USD LIBOR + 1.695%)
	133,991		2.570			05/01/34		140,780
	(12M USD LIBOR + 1.720%)
	316,835		3.554			05/01/34		332,124
	(12M USD LIBOR + 1.720%)
	97,763		2.095			03/01/35		102,771
	(12M USD LIBOR + 1.720%)
	53,222		3.595			04/01/35		55,935
	(12M USD LIBOR + 1.721%)
	313,484		2.300			03/01/36		328,844
	(12M USD LIBOR + 1.734%)
	394,807		2.557			07/01/37		416,720
	(12M USD LIBOR + 1.755%)
	27,219		2.380			07/01/32		28,463


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(b) – (continued)
	(12M USD LIBOR + 1.800%)
$	344,807		3.081	%		05/01/33	$	362,097
	(12M USD LIBOR + 1.820%)
	3,790		2.320			12/01/46		4,033
	(12M USD LIBOR + 1.900%)
	332,198		2.774			06/01/36		349,469
	(12M USD LIBOR + 1.935%)
	25,872		2.310			11/01/36		27,407
	(12M USD LIBOR + 1.935%)
	83,782		2.395			11/01/36		88,771
	(12M USD LIBOR + 1.969%)
	602,442		3.719			04/01/36		636,826
	(6M USD LIBOR + 2.250%)
	42,912		2.500			08/01/33		44,866
	(COF + 1.250%)
	375,386		4.597			08/01/33		404,155
	(COF + 1.841%)
	17,671		2.301			08/01/29		17,925

								5,425,003

Adjustable Rate GNMA^(b) – 0.2%
	(1 Year CMT + 1.500%)
	89,062		2.875			05/20/34		91,624
	(1 Year CMT + 1.500%)
	212,224		2.250			07/20/34		217,915
	(1 Year CMT + 1.500%)
	190,336		2.250			08/20/34		195,464
	(1 Year CMT + 1.500%)
	1,264,454		2.250			09/20/34		1,298,520
	(1 Year CMT + 1.500%)
	172,338		2.125			10/20/34		177,127
	(1 Year CMT + 1.500%)
	196,524		2.125			12/20/34		201,669

								2,182,319

FHLMC – 0.5%
	9,278		7.000			04/01/22		9,371
	296		4.500			05/01/23		304
	4,595		7.500			01/01/31		5,434
	22,746		4.500			07/01/33		25,482
	636,243		4.500			08/01/33		712,761
	1,322,985		4.500			09/01/33		1,482,032
	115,003		4.500			10/01/33		128,835
	3,107		4.500			04/01/34		3,480
	3,076		4.500			04/01/35		3,477
	1,295		4.500			07/01/35		1,465
	5,831		4.500			08/01/35		6,594
	27,434		4.500			09/01/35		30,930
	6,691		4.500			10/01/35		7,565
	1,114		4.500			12/01/35		1,247
	862		4.500			05/01/36		974
	78,951		4.500			01/01/38		89,271
	1,400		4.500			04/01/38		1,570
	415		4.500			05/01/38		465
	4,742		4.500			06/01/38		5,361
	128,538		4.500			09/01/38		145,280


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	2,226		4.500			01/01/39		2,495
	71,215		4.500			02/01/39		79,841
	34,264		4.500			03/01/39		38,386
	7,342		4.500			04/01/39		8,225
	185,652		4.500			05/01/39		207,986
	564,894		4.500			06/01/39		632,847
	14,685		4.500			07/01/39		16,452
	25,228		4.500			08/01/39		28,263
	34,621		4.500			09/01/39		38,786
	6,881		4.500			10/01/39		7,709
	12,614		4.500			11/01/39		14,131
	27,353		4.500			12/01/39		30,643
	22,372		4.500			01/01/40		25,063
	5,781		4.500			02/01/40		6,468
	16,090		4.500			04/01/40		17,987
	25,853		4.500			05/01/40		28,883
	33,290		4.500			06/01/40		37,192
	27,731		4.500			07/01/40		30,982
	25,029		4.500			08/01/40		27,962
	15,486		4.500			09/01/40		17,301
	6,296		4.500			10/01/40		7,034
	9,326		4.500			02/01/41		10,427
	21,064		4.500			03/01/41		23,603
	49,911		4.500			04/01/41		55,928
	47,687		4.500			05/01/41		53,434
	100,303		4.500			06/01/41		112,392
	7,041		4.500			07/01/41		7,889
	245,477		4.500			08/01/41		275,047
	263,509		4.500			09/01/41		294,435
	15,006		4.500			12/01/41		16,814
	194,626		4.500			03/01/42		218,085

								5,034,588

FNMA – 0.6%
	5,744,557		4.216			07/01/21		5,767,527
	92,760		7.500			10/01/37		110,309

								5,877,836

GNMA – 16.5%
	1,170		6.500			01/15/32		1,273
	5,789		6.500			02/15/32		6,541
	4,198		6.500			08/15/34		4,869
	9,437		6.500			05/15/35		11,124
	2,643		6.500			06/15/35		3,092
	7,324		6.500			07/15/35		8,638
	2,832		6.500			08/15/35		3,350
	5,852		6.500			09/15/35		6,891
	2,261		6.500			10/15/35		2,671
	9,266		6.500			11/15/35		10,961
	6,130		6.500			12/15/35		7,237
	22,307		6.500			01/15/36		26,303
	24,852		6.500			02/15/36		29,402
	14,386		6.500			03/15/36		16,961
	39,844		6.500			04/15/36		46,428
	65,228		6.500			05/15/36		76,765
	52,058		6.500			06/15/36		61,443


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	172,909		6.500	%		07/15/36		$	202,239
	190,553		6.500			08/15/36			222,596
	363,800		6.500			09/15/36			427,696
	132,556		6.500			10/15/36			155,424
	185,781		6.500			11/15/36			217,765
	80,238		6.500			12/15/36			94,335
	46,157		6.500			01/15/37			54,223
	16,819		6.500			02/15/37			19,894
	9,927		6.500			03/15/37			11,752
	21,152		6.500			04/15/37			24,851
	5,163		6.500			05/15/37			5,825
	11,937		6.500			08/15/37			14,040
	38,866		6.500			09/15/37			45,433
	55,451		6.500			10/15/37			64,796
	17,306		6.500			11/15/37			20,052
	13,811		6.500			05/15/38			16,290
	44,473		6.000			11/15/38			52,123
	2,758		6.500			01/15/39			3,204
	10,737		6.500			02/15/39			12,607
	5,409,044		4.500			08/20/47			5,935,553
	136,228		4.500			02/20/48			148,861
	335,277		4.500			05/20/48			365,555
	1,731,157		4.500			09/20/48			1,879,244
	12,968,743		5.000			09/20/48			14,168,500
	528,596		5.000			10/20/48			577,332
	11,504		5.000			11/20/48			12,565
	4,763,928		4.500			12/20/48			5,156,927
	12,214,289		5.000			12/20/48			13,332,799
	1,011,050		4.500			01/20/49			1,093,666
	6,601,084		5.000			01/20/49			7,203,508
	90,183		5.000			03/20/49			98,329
	41,378		5.000			05/20/49			45,158
	1,604,271		5.000			06/20/49			1,750,805
	2,159,614		3.000			09/20/49			2,268,358
	206,331		5.000			11/20/49			225,177
	2,415,429		5.000			12/20/49			2,637,387
	611,888		5.000			07/20/50			673,244
	28,000,000		2.000			TBA-30yr	^(d)		28,211,632
	62,000,000		2.500			TBA-30yr	^(d)		63,864,229
	19,000,000		4.000			TBA-30yr	^(d)		20,283,870

									171,921,793

UMBS – 7.7%
	110,634		5.500			09/01/23			114,385
	315,128		5.000			10/01/23			347,787
	31,964		5.500			10/01/23			33,073
	326,222		5.000			08/01/24			360,419
	264,417		4.500			11/01/36			296,215
	76,312		4.500			02/01/39			85,557
	92,052		4.500			04/01/39			103,095
	6,370		4.500			08/01/39			7,082
	5,527		4.500			05/01/41			6,192
	282,394		4.500			08/01/41			317,417
	107,332		4.500			10/01/41			120,240
	9,632,380		4.500			05/01/48			10,449,990
	430,229		5.000			05/01/48			476,195


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	6,366,342		4.500	%		07/01/48			6,993,781
	8,547,527		4.500			08/01/48			9,368,918
	8,502,243		4.500			10/01/48			9,374,843
	192,884		5.000			10/01/48			213,522
	1,726,502		4.500			11/01/48			1,873,589
	2,657,398		4.500			12/01/48			2,884,304
	1,624,111		5.000			02/01/49			1,796,355
	889,897		4.500			04/01/49			965,989
	13,624		5.000			04/01/49			15,067
	363,825		5.000			07/01/49			411,650
	420,305		5.000			08/01/49			464,453
	3,411,200		5.000			10/01/49			3,769,508
	27,631,286		4.500			01/01/50			29,993,937

									80,843,563

UMBS, 30 Year, Single Family^(d) – 4.8%
	50,000,000		2.000			TBA-30yr			49,839,537

	TOTAL FEDERAL AGENCIES							$	323,318,832

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $373,558,446)							$	374,208,859



Agency Debentures – 18.7%
	FHLB
$	1,800,000		5.375	%		08/15/24		$	2,091,186
	44,850,000		0.500			04/14/25			44,475,951
	FHLMC
	50,330,000		0.375			04/20/23			50,493,572
	17,820,000		0.375			09/23/25			17,472,866
	FNMA
	5,200,000		6.250			05/15/29			7,026,084
	16,080,000		7.125			01/15/30			23,156,326
	Tennessee Valley Authority
	49,850,000		0.750			05/15/25			49,757,778

	TOTAL AGENCY DEBENTURES
	(Cost $191,988,851)							$	194,473,763



U.S. Treasury Obligations – 59.7%
	United States Treasury Bonds^(e)
$	7,370,000		3.750	%		11/15/43		$	9,225,167
	410,000		3.375			05/15/44			485,786
	10,000		3.000			11/15/45			11,173
	200,000		2.875			11/15/46			218,750
	110,000		3.000			02/15/48			123,441
	1,400,000		3.375			11/15/48			1,683,500
	780,000		2.000			02/15/50			714,309
	United States Treasury Notes
	62,560,000		2.500			01/15/22			63,757,438
	71,350,000		2.500	^(e)		02/15/22			72,860,614
	42,730,000		1.875			02/28/22			43,427,701
	51,710,000		2.375			03/15/22			52,841,156
	28,110,000		0.125			06/30/22			28,115,490
	46,570,000		1.750			09/30/22			47,697,867


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	134,050,000		0.125	%		12/31/22	$	133,992,400
	74,649,000		0.125			02/28/23		74,602,344
	350,000		2.750	^(e)		04/30/23		368,621
	380,000		2.875	^(e)		11/30/23		406,214
	7,100,000		2.625	^(e)		12/31/23		7,553,180
	620,000		3.000			09/30/25		680,644
	11,270,000		0.375	^(e)		12/31/25		11,005,859
	4,500,000		2.625	^(e)		12/31/25		4,869,141
	11,100,000		0.500	^(e)		02/28/26		10,881,469
	11,570,000		0.750			03/31/26		11,467,859
	630,000		1.375	^(e)		08/31/26		640,976
	11,010,000		1.125			02/29/28		10,817,325
	11,340,000		1.250			03/31/28		11,221,284
	United States Treasury Strip Coupon^(e)(f)
	28,900,000		0.000			11/15/35		20,830,211
	2,800,000		0.000			05/15/36		1,989,424

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $616,962,522)						$	622,489,343

	TOTAL INVESTMENTS – 114.3%
	(Cost $1,182,509,819)						$	1,191,171,965

	LIABILITIES IN EXCESS OF OTHER ASSETS – (14.3)%							(148,592,483	)

	NET ASSETS – 100.0%						$	1,042,579,482



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.



(d)		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 $162,199,268 which represents approximately 15.6% of the Fund’s net assets as of March 31, 2021.

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

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FDIC		—Federal Deposit Insurance Corp.
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
MTA		—Monthly Treasury Average
REMIC		—Real Estate Mortgage Investment Conduit

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(10,000,000	)	$	(10,091,989	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		04/14/21		(3,000,000	)		(3,323,114	)

TOTAL (Proceeds Receivable: $(13,383,594))										$	(13,415,103	)

(a)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:

2 Year U.S. Treasury Notes		2,104			06/30/21	$	464,408,686		$	(267,068	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(77	)		06/21/21		(13,953,844	)		320,032
Ultra 10 Year U.S. Treasury Notes		(247	)		06/21/21		(35,490,812	)		892,932
5 Year U.S. Treasury Notes		(1,614	)		06/30/21		(199,165,079	)		2,203,658
10 Year U.S. Treasury Notes		(208	)		06/21/21		(27,235,000	)		488,719
20 Year U.S. Treasury Bonds		(386	)		06/21/21		(59,673,188	)		2,344,510

Total									$	6,249,851

TOTAL FUTURES CONTRACTS									$	5,982,783

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%^(a)		3M LIBOR^(a)	07/25/24	$	15,560		$	1,432		$	5,086		$	(3,654	)
0.241^(a)		3M LIBOR^(a)	11/10/24		9,240			287			9			278
1.598^(c)		3M LIBOR^(a)	03/11/26		11,070	^(b)		51,107			23,470			27,637
3M LIBOR^(a)		2.209%^(c)	02/25/31		8,290	^(b)		(129,753	)		(58,012	)		(71,741	)
3M LIBOR^(a)		2.378^(c)	03/09/31		15,880	^(b)		(129,684	)		(83,864	)		(45,820	)
2.431^(c)		3M LIBOR^(a)	02/25/36		9,040	^(b)		89,627			42,645			46,982
2.503^(c)		3M LIBOR^(a)	03/10/36		12,530	^(b)		88,518			70,346			18,172

TOTAL							$	(28,466	)	$	(320	)	$	(28,146	)

(a)

Payments made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(c)

Payments made semi-annually.


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 65.7%
Advertising^(a)(b) – 0.1%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	1,985,000		6.250	%		06/15/25	$	2,101,619

Aerospace & Defense^(a) – 1.6%
	Howmet Aerospace, Inc.
	1,265,000		6.875			05/01/25		1,465,819
	Teledyne Technologies, Inc.
	9,375,000		1.600			04/01/26		9,300,937
	The Boeing Co.
	5,375,000		1.167			02/04/23		5,397,467
	16,025,000		4.875			05/01/25		17,856,177
	5,400,000		2.600			10/30/25		5,553,360
	TransDigm, Inc.
	1,055,000		6.500			05/15/25		1,077,419

								40,651,179

Agriculture – 0.4%
	Archer-Daniels-Midland Co.^(a)
	1,250,000		2.750			03/27/25		1,329,575
	BAT International Finance PLC^(a)
	8,000,000		1.668			03/25/26		7,917,200
	Cargill, Inc.^(b)
	1,175,000		1.375			07/23/23		1,199,146

								10,445,921

Airlines^(a) – 0.1%
	Delta Air Lines, Inc.
	1,960,000		3.800			04/19/23		2,011,450

Automotive – 1.9%
	American Axle & Manufacturing, Inc.^(a)
	3,490,000		6.250			04/01/25		3,594,700
	Clarios Global LP^(a)(b)
	2,820,000		6.750			05/15/25		2,992,725
	Clarios Global LP/Clarios US Finance Co.^(a)(b)
	120,000		8.500			05/15/27		129,150
	Ford Motor Co.^(a)
	56,000		9.000			04/22/25		67,702
	Ford Motor Credit Co. LLC
	1,500,000		3.813			10/12/21		1,518,770
	1,580,000		2.979	^(a)		08/03/22		1,603,815
	600,000		4.140	^(a)		02/15/23		620,169
	650,000		3.096			05/04/23		661,210
	285,000		4.375			08/06/23		298,155
	250,000		4.687	^(a)		06/09/25		264,888
	General Motors Co.
	6,064,000		5.400			10/02/23		6,721,216
	General Motors Financial Co., Inc.
	5,475,000		3.200	^(a)		07/06/21		5,499,966
	1,450,000		4.200			11/06/21		1,481,262
	6,500,000		3.550			07/08/22		6,732,700
	846,000		3.700	^(a)		05/09/23		891,591
	2,450,000		1.700			08/18/23		2,497,334
	1,100,000		3.950	^(a)		04/13/24		1,185,888
	Navistar International Corp.^(a)(b)
	850,000		9.500			05/01/25		935,000
	The Goodyear Tire & Rubber Co.^(a)
	1,005,000		9.500			05/31/25		1,121,831


Corporate Obligations – (continued)
Automotive – (continued)
	Volkswagen Group of America Finance LLC^(b)
	2,325,000		2.900			05/13/22		2,386,287
	3,775,000		0.750			11/23/22		3,787,873
	ZF North America Capital, Inc.^(b)
	900,000		4.750			04/29/25		958,500

								45,950,732

Banks – 19.7%
	Banco do Brasil SA
	3,350,000		4.750			03/20/24		3,539,141
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,912,878
	2,600,000		2.706			06/27/24		2,745,860
	1,600,000		2.746			05/28/25		1,673,712
	Bank of America Corp.
	4,345,000		4.200			08/26/24		4,789,885
	9,025,000		4.000			01/22/25		9,872,267
	18,800,000		3.950			04/21/25		20,609,500
	(3M USD LIBOR + 0.790%)
	11,000,000		3.004	^(a)(c)		12/20/23		11,446,710
	(3M USD LIBOR + 0.940%)
	1,175,000		3.864	^(a)(c)		07/23/24		1,258,261
	(SOFR + 0.910%)
	15,175,000		0.981	^(a)(c)		09/25/25		15,129,778
	Banque Federative du Credit Mutuel SA^(b)
	2,800,000		3.750			07/20/23		3,000,872
	5,475,000		0.650			02/27/24		5,460,108
	Barclays PLC^(a)(c)
	(3M USD LIBOR + 1.380%)
	2,550,000		1.574			05/16/24		2,587,612
	(3M USD LIBOR + 1.400%)
	2,625,000		4.610			02/15/23		2,711,940
	(3M USD LIBOR + 1.610%)
	1,850,000		3.932			05/07/25		1,997,834
	(3M USD LIBOR + 2.452%)
	3,600,000		2.852			05/07/26		3,765,528
	BNP Paribas SA^(b)
	1,650,000		3.500			03/01/23		1,740,041
	3,775,000		3.800			01/10/24		4,065,448
	10,000,000		4.375			09/28/25		11,053,300
	(SOFR + 2.074%)
	3,275,000		2.219	^(a)(c)		06/09/26		3,357,694
	BPCE SA^(b)
	2,425,000		3.000			05/22/22		2,493,530
	2,921,000		4.000			09/12/23		3,151,408
	850,000		2.375			01/14/25		878,025
	(SOFR + 1.520%)
	3,675,000		1.652	^(a)(c)		10/06/26		3,665,849
	Canadian Imperial Bank of Commerce
	2,625,000		0.950			06/23/23		2,649,412
	CIT Bank NA^(a)(c) (SOFR + 1.715%)
	1,050,000		2.969			09/27/25		1,103,162
	CIT Group, Inc.^(a)
	125,000		4.750			02/16/24		135,625
	(SOFR + 3.827%)
	2,850,000		3.929	^(c)		06/19/24		2,999,625


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Citibank NA^(a)
$	1,425,000		3.650	%		01/23/24	$	1,542,791
	Citigroup, Inc.
	975,000		2.700	^(a)		10/27/22		1,007,117
	5,065,000		3.500			05/15/23		5,361,151
	1,525,000		3.875			03/26/25		1,660,100
	1,375,000		4.400			06/10/25		1,527,405
	1,800,000		4.600			03/09/26		2,028,690
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	^(a)(c)		07/24/23		3,862,275
	(3M USD LIBOR + 1.023%)
	1,045,000		4.044	^(a)(c)		06/01/24		1,120,303
	(SOFR + 0.686%)
	3,700,000		0.776	^(a)(c)		10/30/24		3,696,744
	(SOFR + 2.842%)
	11,250,000		3.106	^(a)(c)		04/08/26		12,015,112
	Citizens Bank NA^(a)
	2,075,000		2.250			04/28/25		2,153,497
	Comerica Bank
	1,450,000		2.500			07/23/24		1,533,506
	Cooperatieve Rabobank UA
	11,550,000		3.950			11/09/22		12,159,262
	3,150,000		4.625			12/01/23		3,452,179
	2,700,000		2.625	^(b)		07/22/24		2,848,743
	Credit Agricole SA
	5,700,000		4.375			03/17/25		6,263,103
	Credit Suisse AG
	9,400,000		6.500	^(b)		08/08/23		10,333,796
	675,000		2.950			04/09/25		714,501
	Credit Suisse Group AG^(a)(b)(c)
	(3M USD LIBOR + 1.240%)
	2,100,000		4.207			06/12/24		2,242,863
	(SOFR + 2.044%)
	9,600,000		2.193			06/05/26		9,739,296
	Credit Suisse Group Funding Guernsey Ltd.
	1,450,000		3.800			09/15/22		1,511,915
	Danske Bank A/S^(a)(b)
	2,625,000		1.226			06/22/24		2,649,517
	Deutsche Bank AG^(a)(c) (SOFR + 2.159%)
	1,525,000		2.222			09/18/24		1,563,278
	Discover Bank
	2,750,000		4.200			08/08/23		2,970,742
	Fifth Third Bancorp^(a)
	1,550,000		1.625			05/05/23		1,584,782
	690,000		2.375			01/28/25		719,629
	First Horizon Corp.^(a)
	2,735,000		3.550			05/26/23		2,887,203
	1,500,000		4.000			05/26/25		1,647,420
	HSBC Holdings PLC^(a)(c)
	(3M USD LIBOR + 1.000%)
	1,300,000		1.189			05/18/24		1,313,806
	(SOFR + 1.538%)
	8,675,000		1.645			04/18/26		8,683,241
	ING Groep NV
	1,525,000		4.100			10/02/23		1,652,887
	5,000,000		4.625	^(b)		01/06/26		5,674,350
	(1 Year CMT + 1.100%)
	4,750,000		1.400	^(a)(b)(c)		07/01/26		4,726,250


Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co.
	6,000,000		3.200			01/25/23		6,305,160
	(3M USD LIBOR + 0.730%)
	7,490,000		3.559	^(a)(c)		04/23/24		7,937,153
	(3M USD LIBOR + 0.890%)
	350,000		3.797	^(a)(c)		07/23/24		374,854
	(3M USD LIBOR + 1.000%)
	2,950,000		4.023	^(a)(c)		12/05/24		3,200,868
	(SOFR + 0.420%)
	5,150,000		0.563	^(a)(c)		02/16/25		5,110,808
	(SOFR + 0.800%)
	9,200,000		1.045	^(a)(c)		11/19/26		8,992,724
	(SOFR + 1.455%)
	4,975,000		1.514	^(a)(c)		06/01/24		5,077,087
	(SOFR + 1.850%)
	6,360,000		2.083	^(a)(c)		04/22/26		6,532,801
	(SOFR + 3.125%)
	3,500,000		4.600	^(a)(c)		02/01/49		3,536,365
	Lloyds Banking Group PLC
	4,400,000		4.050			08/16/23		4,746,852
	1,525,000		4.500			11/04/24		1,691,942
	(1 Year CMT + 1.100%)
	3,275,000		1.326	^(a)(c)		06/15/23		3,306,211
	(3M USD LIBOR + 1.249%)
	1,375,000		2.858	^(a)(c)		03/17/23		1,404,233
	Macquarie Group Ltd.^(a)(b)(c) (SOFR + 1.069%)
	2,100,000		1.340			01/12/27		2,060,184
	Mitsubishi UFJ Financial Group, Inc.
	1,400,000		2.623			07/18/22		1,438,626
	6,950,000		3.407			03/07/24		7,456,099
	3,025,000		1.412			07/17/25		3,016,288
	Mizuho Financial Group, Inc.^(a)(c) (3M USD LIBOR + 0.990%)
	4,000,000		1.241			07/10/24		4,040,960
	Morgan Stanley, Inc.
	4,600,000		4.875			11/01/22		4,906,590
	6,250,000		4.100			05/22/23		6,684,125
	2,150,000		3.875			04/29/24		2,348,531
	5,000,000		5.000			11/24/25		5,746,250
	(3M USD LIBOR + 0.847%)
	5,175,000		3.737	^(a)(c)		04/24/24		5,499,628
	(SOFR + 0.466%)
	4,950,000		0.560	^(a)(c)		11/10/23		4,954,702
	(SOFR + 0.700%)
	4,125,000		0.725	^(a)(c)		01/20/23		4,134,817
	(SOFR + 0.720%)
	4,025,000		0.985	^(a)(c)		12/10/26		3,928,118
	(SOFR + 0.745%)
	2,125,000		0.864	^(a)(c)		10/21/25		2,111,761
	(SOFR + 1.990%)
	16,525,000		2.188	^(a)(c)		04/28/26		17,074,456
	Natwest Group PLC
	3,454,000		6.000			12/19/23		3,901,825
	(1 Year CMT + 2.150%)
	1,325,000		2.359	^(a)(c)		05/22/24		1,365,956
	(3M USD LIBOR + 1.550%)
	2,525,000		4.519	^(a)(c)		06/25/24		2,728,338


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.762%)
$	1,175,000		4.269	%^(a)(c)		03/22/25	$	1,282,148
	NatWest Markets PLC^(b)
	5,000,000		3.625			09/29/22		5,231,050
	2,375,000		2.375			05/21/23		2,462,637
	Regions Financial Corp.^(a)
	2,184,000		3.800			08/14/23		2,343,694
	Santander UK Group Holdings PLC^(a)(c) (SOFR + 0.787%)
	9,700,000		1.089			03/15/25		9,707,178
	Santander UK PLC
	2,897,000		2.100			01/13/23		2,978,087
	Standard Chartered PLC^(a)(b)(c)
	(1 year CMT + 0.780%)
	2,275,000		0.991			01/12/25		2,263,648
	(1 Year CMT + 1.170%)
	3,175,000		1.319			10/14/23		3,200,971
	(3M USD LIBOR + 1.080%)
	4,050,000		3.885			03/15/24		4,276,476
	(3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,310,305
	Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474			07/08/25		1,928,561
	4,275,000		0.948			01/12/26		4,158,848
	Sumitomo Mitsui Trust Bank Ltd.^(b)
	6,925,000		0.800			09/12/23		6,950,138
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		205,688
	380,000		5.250	^(b)		02/05/25		355,894
	530,000		6.500	^(b)		01/08/26		506,150
	UBS AG^(b)
	6,300,000		0.450			02/09/24		6,255,900
	UBS Group AG^(b)
	1,275,000		2.650			02/01/22		1,299,123
	(1 Year CMT + 1.080%)
	4,225,000		1.364	^(a)(c)		01/30/27		4,166,357
	UniCredit SpA^(b)
	1,000,000		6.572			01/14/22		1,042,960
	Wells Fargo & Co.
	6,063,000		4.480			01/16/24		6,680,698
	4,526,000		3.750	^(a)		01/24/24		4,893,919
	(SOFR + 1.600%)
	9,125,000		1.654	^(a)(c)		06/02/24		9,326,936
	(SOFR + 2.000%)
	7,200,000		2.188	^(a)(c)		04/30/26		7,427,592
	Wells Fargo Bank NA^(a)(c) (3M USD LIBOR + 0.650%)
	2,000,000		2.082			09/09/22		2,014,540

								486,526,269

Beverages – 1.4%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
	9,900,000		3.650			02/01/26		10,880,199
	Anheuser-Busch InBev Worldwide, Inc.^(a)
	5,900,000		4.150			01/23/25		6,553,307
	Constellation Brands, Inc.
	3,025,000		2.650	%^(a)		11/07/22		3,122,193


Corporate Obligations – (continued)
Beverages – (continued)
	Constellation Brands, Inc. – (continued)
	800,000		3.200	%^(a)		02/15/23		837,056
	8,181,000		4.250			05/01/23		8,777,395
	Diageo Capital PLC^(a)
	1,975,000		3.500			09/18/23		2,115,798
	Keurig Dr Pepper, Inc.^(a)
	1,961,000		4.057			05/25/23		2,103,584

								34,389,532

Biotechnology – 0.3%
	Gilead Sciences, Inc.^(a)
	950,000		0.750			09/29/23		951,064
	(3M USD LIBOR + 0.520%)
	2,925,000		0.713	^(c)		09/29/23		2,928,335
	Royalty Pharma PLC^(b)
	3,700,000		0.750			09/02/23		3,695,264

								7,574,663

Building Materials^(a) – 0.7%
	Carrier Global Corp.
	15,325,000		2.242			02/15/25		15,880,684
	Fortune Brands Home & Security, Inc.
	1,650,000		4.000			09/21/23		1,781,951
	JELD-WEN, Inc.^(b)
	125,000		4.875			12/15/27		128,750
	Summit Materials LLC/Summit Materials Finance Corp.^(b)
	115,000		6.500			03/15/27		121,325

								17,912,710

Chemicals – 1.3%
	Celanese US Holdings LLC^(a)
	900,000		3.500			05/08/24		965,178
	DuPont de Nemours, Inc.
	2,150,000		2.169			05/01/23		2,160,019
	6,800,000		4.205	^(a)		11/15/23		7,381,876
	Methanex Corp.^(a)
	1,140,000		4.250			12/01/24		1,191,300
	Nutrition & Biosciences, Inc.^(b)
	1,075,000		0.697			09/15/22		1,077,838
	5,225,000		1.230	^(a)		10/01/25		5,138,683
	OCI NV^(a)(b)
	1,290,000		4.625			10/15/25		1,330,313
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		408,000
	Sasol Financing USA LLC^(a)
	450,000		5.875			03/27/24		475,301
	Syngenta Finance NV^(b)
	3,055,000		3.933			04/23/21		3,058,544
	The Chemours Co.^(a)
	4,150,000		7.000			05/15/25		4,269,312
	The Dow Chemical Co.^(a)
	1,125,000		3.150			05/15/24		1,198,305
	The Sherwin-Williams Co.^(a)
	35,000		2.750			06/01/22		35,834
	Tronox Finance PLC^(a)(b)
	925,000		5.750			10/01/25		962,000


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	Tronox, Inc.^(a)(b)
$	1,985,000		6.500	%		05/01/25	$	2,128,913

								31,781,416

Commercial Services – 1.1%
	Global Payments, Inc.^(a)
	3,800,000		3.750			06/01/23		4,031,496
	3,175,000		1.200			03/01/26		3,114,834
	IHS Markit Ltd.^(a)
	4,343,000		5.000	^(b)		11/01/22		4,585,774
	2,475,000		3.625			05/01/24		2,660,105
	PayPal Holdings, Inc.
	2,125,000		1.350			06/01/23		2,164,504
	1,625,000		2.400	^(a)		10/01/24		1,708,021
	1,875,000		1.650	^(a)		06/01/25		1,910,887
	Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
	5,000,000		5.250			04/15/24		5,312,500
	The ADT Security Corp.
	2,050,000		4.125			06/15/23		2,126,875

								27,614,996

Computers^(a) – 1.8%
	Dell International LLC/EMC Corp.^(b)
	10,827,000		5.450			06/15/23		11,832,395
	4,775,000		4.000			07/15/24		5,185,889
	10,665,000		5.850			07/15/25		12,436,563
	Hewlett Packard Enterprise Co.
	800,000		4.400			10/15/22		841,368
	475,000		2.250			04/01/23		489,255
	4,998,000		4.450			10/02/23		5,433,526
	3,100,000		1.450			04/01/24		3,151,336
	700,000		4.650			10/01/24		782,999
	(3M USD LIBOR + 0.720%)
	3,525,000		0.958	^(c)		10/05/21		3,524,013
	NetApp, Inc.
	1,300,000		1.875			06/22/25		1,329,016

								45,006,360

Distribution & Wholesale^(a)(b) – 0.1%
	Performance Food Group, Inc.
	3,020,000		6.875			05/01/25		3,223,850

Diversified Financial Services – 4.4%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	1,500,000		4.125			07/03/23		1,590,960
	640,000		6.500			07/15/25		746,438
	AIG Global Funding^(b)
	1,125,000		0.800			07/07/23		1,131,840
	Air Lease Corp.
	1,975,000		3.500			01/15/22		2,019,675
	5,000,000		2.625	^(a)		07/01/22		5,109,800
	2,375,000		2.250			01/15/23		2,438,246
	3,586,000		2.750	^(a)		01/15/23		3,699,103
	1,500,000		2.300	^(a)		02/01/25		1,531,350
	1,100,000		3.375	^(a)		07/01/25		1,162,414
	(5 year CMT + 4.076%)
	1,620,000		4.650	^(a)(c)		06/15/49		1,604,189


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Ally Financial, Inc.
	1,975,000		4.125			02/13/22		2,034,250
	1,300,000		4.625			05/19/22		1,358,123
	12,175,000		1.450	^(a)		10/02/23		12,355,677
	American Express Co.^(a)
	1,525,000		3.700			08/03/23		1,634,266
	320,000		2.500			07/30/24		338,211
	(3M USD LIBOR + 0.750%)
	1,200,000		0.946	^(c)		08/03/23		1,213,212
	(3M USD LIBOR + 3.285%)
	646,000		3.469	^(c)		06/15/49		641,963
	Aviation Capital Group LLC^(a)(b)
	1,725,000		1.950			01/30/26		1,680,823
	Avolon Holdings Funding Ltd.^(a)(b)
	1,025,000		3.625			05/01/22		1,044,834
	3,925,000		5.500			01/15/23		4,152,375
	1,075,000		3.950			07/01/24		1,123,579
	2,075,000		2.875			02/15/25		2,076,785
	Capital One Bank USA NA^(a)(c) (SOFR + 0.616%)
	3,775,000		2.014			01/27/23		3,819,772
	Capital One Financial Corp.
	1,700,000		2.600	^(a)		05/11/23		1,769,020
	600,000		3.500			06/15/23		638,172
	850,000		3.900	^(a)		01/29/24		919,632
	620,000		3.300	^(a)		10/30/24		668,527
	(3M USD LIBOR + 0.720%)
	1,475,000		0.932	^(a)(c)		01/30/23		1,485,015
	GE Capital Funding LLC^(a)(b)
	3,600,000		3.450			05/15/25		3,891,708
	GE Capital International Funding Co.
	10,000,000		3.373			11/15/25		10,836,600
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		400,306
	Huarong Finance II Co. Ltd.
	270,000		5.500			01/16/25		296,155
	Intercontinental Exchange, Inc.
	1,575,000		0.700			06/15/23		1,579,898
	(3M USD LIBOR + 0.650%)
	6,975,000		0.834	^(a)(c)		06/15/23		6,986,648
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,254,540
	Jefferies Group LLC
	3,325,000		5.125			01/20/23		3,587,409
	LD Holdings Group LLC^(a)(b)
	1,120,000		6.500			11/01/25		1,173,200
	Nasdaq, Inc.^(a)
	4,625,000		0.445			12/21/22		4,625,786
	Navient Corp.
	1,620,000		6.625			07/26/21		1,650,375
	915,000		5.500			01/25/23		951,600
	OneMain Finance Corp.
	1,935,000		5.625			03/15/23		2,046,263
	Park Aerospace Holdings Ltd.^(a)(b)
	900,000		5.250			08/15/22		944,649
	PennyMac Financial Services, Inc.^(a)(b)
	2,160,000		5.375			10/15/25		2,235,600


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Synchrony Financial^(a)
$	5,240,000		2.850	%		07/25/22	$	5,380,851
	The Western Union Co.^(a)
	1,025,000		2.850			01/10/25		1,076,752

								109,906,591

Electrical – 2.5%
	Ameren Corp.^(a)
	1,250,000		2.500			09/15/24		1,315,363
	Avangrid, Inc.^(a)
	1,375,000		3.200			04/15/25		1,473,670
	Berkshire Hathaway Energy Co.^(a)
	1,225,000		4.050			04/15/25		1,356,724
	Dominion Energy, Inc.
	2,125,000		2.715	^(d)		08/15/21		2,142,956
	5,800,000		2.450	^(b)		01/15/23		6,002,072
	525,000		3.071	^(d)		08/15/24		560,201
	8,375,000		1.450	^(a)		04/15/26		8,338,820
	DTE Energy Co.
	650,000		2.600			06/15/22		665,503
	825,000		0.550			11/01/22		825,041
	645,000		2.250			11/01/22		662,189
	3,375,000		1.050	^(a)		06/01/25		3,340,406
	Entergy Corp.^(a)
	2,800,000		0.900			09/15/25		2,736,496
	Entergy Louisiana LLC^(a)
	3,100,000		0.620			11/17/23		3,102,635
	Florida Power & Light Co.^(a)(c) (3M USD LIBOR + 0.380%)
	1,850,000		0.599			07/28/23		1,850,204
	ITC Holdings Corp.^(a)
	4,050,000		2.700			11/15/22		4,181,422
	NextEra Energy Capital Holdings, Inc.^(a)
	2,625,000		3.150			04/01/24		2,799,641
	NRG Energy, Inc.^(a)(b)
	4,525,000		3.750			06/15/24		4,848,356
	Pacific Gas & Electric Co.^(a)
	5,575,000		1.750			06/16/22		5,582,693
	PPL Electric Utilities Corp.^(a)(c) (3M USD LIBOR + 0.250%)
	1,975,000		0.443			09/28/23		1,973,736
	Public Service Enterprise Group, Inc.^(a)
	975,000		2.875			06/15/24		1,035,187
	2,075,000		0.800			08/15/25		2,026,611
	Southern Power Co.^(a)
	1,450,000		0.900			01/15/26		1,408,893
	Vistra Operations Co. LLC^(a)(b)
	3,325,000		3.550			07/15/24		3,482,938

								61,711,757

Electrical Components & Equipment^(a)(b) – 0.1%
	Wesco Distribution, Inc.
	2,845,000		7.125			06/15/25		3,097,494

Energy-Alternate Sources^(a)(b) – 0.0%
	Greenko Dutch B.V.
	200,000		3.850			03/29/26		200,688


Corporate Obligations – (continued)
Entertainment^(a)(b) – 0.2%
	Banijay Entertainment SASU
	930,000		5.375	%		03/01/25		955,575
	Caesars Entertainment, Inc.
	1,895,000		6.250			07/01/25		2,003,962
	Caesars Resort Collection LLC/CRC Finco, Inc.
	1,975,000		5.750			07/01/25		2,076,219

								5,035,756

Environmental^(a) – 0.4%
	GFL Environmental, Inc.^(b)
	3,880,000		3.750			08/01/25		3,938,200
	Republic Services, Inc.
	2,900,000		2.500			08/15/24		3,052,685
	Waste Management, Inc.
	1,975,000		0.750			11/15/25		1,933,604

								8,924,489

Food & Drug Retailing – 0.8%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC^(a)(b)
	3,630,000		3.250			03/15/26		3,602,775
	110,000		7.500			03/15/26		120,863
	B&G Foods, Inc.^(a)
	2,050,000		5.250			04/01/25		2,101,250
	General Mills, Inc.
	1,500,000		3.700	^(a)		10/17/23		1,610,850
	(3M USD LIBOR + 1.010%)
	2,175,000		1.233	^(c)		10/17/23		2,209,147
	Lamb Weston Holdings, Inc.^(a)(b)
	1,930,000		4.625			11/01/24		1,995,138
	Mondelez International, Inc.^(a)
	2,325,000		1.500			05/04/25		2,347,459
	Smithfield Foods, Inc.^(a)(b)
	2,350,000		2.650			10/03/21		2,367,413
	Sysco Corp.^(a)
	1,000,000		5.650			04/01/25		1,163,450
	The JM Smucker Co.
	275,000		3.000			03/15/22		281,991
	Tyson Foods, Inc.^(a)
	875,000		3.900			09/28/23		943,556
	US Foods, Inc.^(a)(b)
	1,055,000		6.250			04/15/25		1,122,256

								19,866,148

Forest Products&Paper^(b) – 0.2%
	Georgia-Pacific LLC
	3,775,000		0.625			05/15/24		3,760,693

Gaming – 0.2%
	Champion Path Holdings Ltd.^(a)
	1,230,000		4.500			01/27/26		1,278,816
	MGM Resorts International
	625,000		7.750			03/15/22		657,813
	2,040,000		6.750	^(a)		05/01/25		2,187,900
	1,181,000		5.750	^(a)		06/15/25		1,284,337

								5,408,866


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Gas^(a) – 0.5%
	NiSource, Inc.
$	11,050,000		0.950	%		08/15/25	$	10,838,061
	The East Ohio Gas Co.^(b)
	575,000		1.300			06/15/25		573,402

								11,411,463

Healthcare Providers & Services – 1.1%
	Aetna, Inc.^(a)
	2,950,000		2.800			06/15/23		3,077,735
	Anthem, Inc.^(a)
	9,525,000		1.500			03/15/26		9,535,954
	Centene Corp.^(a)
	1,900,000		4.250			12/15/27		1,997,109
	DH Europe Finance II S.a.r.l.^(a)
	650,000		2.200			11/15/24		677,814
	HCA, Inc.
	1,089,000		5.875			05/01/23		1,181,565
	1,330,000		5.375			02/01/25		1,479,625
	Hill-Rom Holdings, Inc.^(a)(b)
	2,050,000		5.000			02/15/25		2,103,812
	SSM Health Care Corp.^(a)
	2,335,000		3.688			06/01/23		2,473,294
	Stryker Corp.^(a)
	1,275,000		1.150			06/15/25		1,270,486
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		539,375
	1,952,000		5.125	^(a)		05/01/25		1,973,960

								26,310,729

Home Building & Related^(a) – 0.0%
	Beacon Roofing Supply, Inc.
	1,105,000		4.875			11/01/25		1,127,100

Household Products^(a) – 0.0%
	Spectrum Brands, Inc.
	114,000		5.750			07/15/25		117,420

Insurance – 1.3%
	American International Group, Inc.
	275,000		4.875			06/01/22		288,739
	1,875,000		4.125			02/15/24		2,053,106
	2,000,000		2.500	^(a)		06/30/25		2,093,000
	Athene Global Funding^(b)
	1,715,000		2.800			05/26/23		1,789,791
	5,600,000		1.200			10/13/23		5,650,624
	1,875,000		0.950			01/08/24		1,874,362
	1,725,000		1.450			01/08/26		1,697,107
	Equitable Financial Life Global Funding^(b)
	1,550,000		1.400			07/07/25		1,549,566
	Great-West Lifeco US Finance 2020 LP^(a)(b)
	2,000,000		0.904			08/12/25		1,966,820
	Principal Life Global Funding II^(b)
	3,850,000		0.500			01/08/24		3,846,612
	Protective Life Global Funding^(b)
	1,725,000		1.082			06/09/23		1,747,425
	1,800,000		0.631			10/13/23		1,804,446
	5,450,000		0.473			01/12/24		5,411,087


Corporate Obligations – (continued)
Insurance – (continued)
	Reliance Standard Life Global Funding II^(b)
	1,025,000		2.150			01/21/23		1,052,788

								32,825,473

Internet – 0.5%
	Expedia Group, Inc.^(a)
	5,450,000		3.600	^(b)		12/15/23		5,787,083
	1,675,000		4.500			08/15/24		1,828,782
	1,790,000		5.000			02/15/26		2,017,813
	Netflix, Inc.
	1,100,000		5.875			02/15/25		1,255,375
	Uber Technologies, Inc.^(a)(b)
	2,030,000		7.500			05/15/25		2,182,250

								13,071,303

Iron/Steel^(a) – 0.0%
	Steel Dynamics, Inc.
	345,000		2.400			06/15/25		359,894

Lodging^(a) – 0.1%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,758,042

Machinery – Construction & Mining^(a)(b) – 0.0%
	The Manitowoc Co., Inc.
	125,000		9.000			04/01/26		135,000

Machinery-Diversified^(a) – 0.3%
	Husky III Holding Ltd.^(b)(e) (PIK 13.750%, Cash 13.000%)
	1,104,000		13.000			02/15/25		1,201,980
	Otis Worldwide Corp.
	4,000,000		2.056			04/05/25		4,124,520
	(3M USD LIBOR + 0.450%)
	3,000,000		0.688	^(c)		04/05/23		3,000,060

								8,326,560

Media – 2.9%
	AMC Networks, Inc.^(a)
	4,486,000		4.750			08/01/25		4,598,150
	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)(b)
	4,575,000		4.000			03/01/23		4,615,031
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	1,650,000		4.464			07/23/22		1,720,290
	2,900,000		4.500			02/01/24		3,173,064
	16,800,000		4.908			07/23/25		19,065,816
	(3M USD LIBOR + 1.650%)
	1,275,000		1.855	^(c)		02/01/24		1,309,081
	Comcast Corp.^(a)
	6,950,000		3.100			04/01/25		7,498,424
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,181,625
	4,120,000		5.250			06/01/24		4,444,450
	DISH DBS Corp.
	2,565,000		6.750			06/01/21		2,577,825
	410,000		5.875			07/15/22		427,938
	2,730,000		5.875			11/15/24		2,846,025
	Entercom Media Corp.^(a)(b)
	102,000		7.250			11/01/24		105,774


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
	Fox Corp.^(a)
$	3,150,000		4.030	%		01/25/24	$	3,421,120
	Scripps Escrow, Inc.^(a)(b)
	120,000		5.875			07/15/27		123,600
	The E.W. Scripps Co.^(a)(b)
	2,014,000		5.125			05/15/25		2,051,763
	The Walt Disney Co.
	1,650,000		3.350			03/24/25		1,788,947
	Time Warner Cable LLC^(a)
	1,448,000		4.000			09/01/21		1,455,790
	Time Warner Entertainment Co. LP
	9,179,000		8.375			03/15/23		10,522,438

								72,927,151

Mining^(a)(b) – 0.2%
	Glencore Funding LLC
	625,000		3.000			10/27/22		645,056
	4,200,000		1.625			09/01/25		4,197,018
	Vedanta Resources Finance II PLC
	340,000		8.950			03/11/25		324,870

								5,166,944

Miscellaneous Manufacturing – 0.3%
	General Electric Co.
	1,000,000		2.700			10/09/22		1,034,590
	Hillenbrand, Inc.^(a)
	890,000		5.750			06/15/25		951,187
	Parker-Hannifin Corp.^(a)
	625,000		2.700			06/14/24		662,994
	Siemens Financieringsmaatschappij NV^(b)
	5,725,000		1.200			03/11/26		5,659,506

								8,308,277

Office^(a)(b) – 0.1%
	Xerox Holdings Corp.
	2,065,000		5.000			08/15/25		2,137,275

Oil Field Services – 1.6%
	Canadian Natural Resources Ltd.^(a)
	1,400,000		2.950			01/15/23		1,453,256
	1,875,000		2.050			07/15/25		1,897,725
	Cenovus Energy, Inc.^(a)
	2,185,000		3.000			08/15/22		2,235,058
	Chevron Corp.^(a)
	2,225,000		1.554			05/11/25		2,270,212
	Continental Resources, Inc.^(a)
	2,000,000		3.800			06/01/24		2,045,000
	Exxon Mobil Corp.^(a)
	1,850,000		2.992			03/19/25		1,982,775
	Marathon Petroleum Corp.^(a)
	4,338,000		4.500			05/01/23		4,653,720
	4,200,000		4.750			12/15/23		4,617,732
	Nabors Industries, Inc.
	14,000		4.625			09/15/21		13,720
	Occidental Petroleum Corp.^(a)(c) (3M USD LIBOR + 1.450%)
	2,350,000		1.644			08/15/22		2,317,687
	Ovintiv Exploration, Inc.
	125,000		5.750			01/30/22		129,089


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Petrobras Global Finance B.V.
	5,130,000		6.250			03/17/24		5,679,872
	Petroleos Mexicanos^(a)(b)
	210,000		6.875			10/16/25		226,695
	Phillips 66^(a)
	3,200,000		0.900			02/15/24		3,201,184
	Pioneer Natural Resources Co.^(a)
	2,050,000		0.750			01/15/24		2,045,797
	Suncor Energy, Inc.
	3,375,000		2.800			05/15/23		3,526,402
	Transocean Sentry Ltd.^(a)(b)
	1,825,255		5.375			05/15/23		1,706,614
	USA Compression Partners LP/USA Compression Finance Corp.^(a)
	120,000		6.875			04/01/26		123,000
	WPX Energy, Inc.^(a)
	120,000		5.250			09/15/24		133,050

								40,258,588

Packaging^(a)(b) – 0.4%
	Berry Global, Inc.
	5,500,000		0.950			02/15/24		5,473,215
	3,200,000		1.570			01/15/26		3,150,240
	Silgan Holdings, Inc.
	1,925,000		1.400			04/01/26		1,882,764

								10,506,219

Pharmaceuticals – 3.6%
	AbbVie, Inc.
	3,875,000		3.375			11/14/21		3,945,176
	5,975,000		5.000	^(a)		12/15/21		6,093,843
	5,190,000		2.300			11/21/22		5,338,278
	7,800,000		3.850	^(a)		06/15/24		8,477,898
	23,400,000		2.600	^(a)		11/21/24		24,689,106
	AmerisourceBergen Corp.^(a)
	12,450,000		0.737			03/15/23		12,460,956
	Bausch Health Americas, Inc.^(a)(b)
	110,000		9.250			04/01/26		121,825
	Bausch Health Cos., Inc.^(a)(b)
	1,687,000		7.000			03/15/24		1,724,958
	735,000		6.125			04/15/25		753,375
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		1.194			12/15/23		4,206,025
	Becton Dickinson & Co.^(a)
	3,731,000		2.894			06/06/22		3,828,081
	1,200,000		3.363			06/06/24		1,286,616
	5,800,000		3.734			12/15/24		6,335,862
	Bristol-Myers Squibb Co.^(a)
	814,000		2.900			07/26/24		869,360
	Cigna Corp.^(a)
	586,000		3.750			07/15/23		626,340
	CVS Health Corp.^(a)
	2,065,000		3.700			03/09/23		2,190,345
	365,000		2.625			08/15/24		385,101
	Elanco Animal Health, Inc.
	1,375,000		4.912			08/27/21		1,391,193
	500,000		5.272	^(a)		08/28/23		538,057


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Herbalife Nutrition Ltd./HLF Financing, Inc.^(a)(b)
$	2,175,000		7.875	%		09/01/25	$	2,365,312
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(a)(b)
	120,000		7.250			08/15/26		125,700
	McKesson Corp.^(a)
	675,000		2.700			12/15/22		695,642

								88,449,049

Pipelines^(a) – 2.2%
	Enbridge, Inc.
	2,725,000		2.900			07/15/22		2,801,790
	2,000,000		4.000			10/01/23		2,144,560
	Energy Transfer Operating LP
	10,075,000		3.600			02/01/23		10,494,825
	Energy Transfer Partners LP/Regency Energy Finance Corp.
	150,000		4.500			11/01/23		161,526
	EQM Midstream Partners LP
	1,265,000		4.750			07/15/23		1,309,275
	Kinder Morgan, Inc.^(b)
	4,550,000		5.625			11/15/23		5,055,095
	MPLX LP
	2,050,000		3.500			12/01/22		2,141,656
	2,530,000		4.500			07/15/23		2,724,203
	1,225,000		4.875			12/01/24		1,375,357
	8,300,000		1.750			03/01/26		8,292,862
	(3M USD LIBOR + 1.100%)
	1,600,000		1.285	^(c)		09/09/22		1,600,720
	NGPL PipeCo LLC^(b)
	215,000		4.375			08/15/22		223,073
	410,000		4.875			08/15/27		458,938
	NuStar Logistics LP
	2,130,000		5.750			10/01/25		2,268,450
	Plains All American Pipeline LP/PAA Finance Corp.
	4,125,000		2.850			01/31/23		4,234,807
	Sabine Pass Liquefaction LLC
	4,275,000		6.250			03/15/22		4,438,989
	225,000		5.625			04/15/23		244,076
	The Williams Cos., Inc.
	2,025,000		3.600			03/15/22		2,073,377
	1,425,000		4.500			11/15/23		1,553,008

								53,596,587

Real Estate^(a) – 0.2%
	China SCE Group Holdings Ltd.
	350,000		5.950			09/29/24		346,500
	Easy Tactic Ltd.
	200,000		8.625			03/05/24		185,313
	Fantasia Holdings Group Co. Ltd
	210,000		10.875			03/02/24		195,300
	Kaisa Group Holdings Ltd.
	200,000		10.875			07/23/23		207,625
	200,000		11.250			04/16/25		196,125
	Realogy Group LLC/Realogy Co-Issuer Corp.^(b)
	1,765,000		7.625			06/15/25		1,926,056
	Sunac China Holdings Ltd.
	200,000		6.500			01/10/25		202,687


Corporate Obligations – (continued)
Real Estate^(a) – (continued)
	Yuzhou Group Holdings Co. Ltd.
	200,000		6.000			10/25/23		177,400
	200,000		7.700			02/20/25		172,700

								3,609,706

Real Estate Investment Trust – 1.6%
	American Tower Corp.
	4,000,000		3.000			06/15/23		4,210,800
	1,875,000		0.600			01/15/24		1,870,744
	1,325,000		3.375	^(a)		05/15/24		1,420,625
	1,150,000		2.400	^(a)		03/15/25		1,199,036
	1,400,000		1.300	^(a)		09/15/25		1,394,470
	Crown Castle International Corp.^(a)
	1,750,000		1.350			07/15/25		1,745,363
	8,300,000		4.450			02/15/26		9,351,029
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(a)
	2,510,000		5.625			05/01/24		2,679,425
	National Retail Properties, Inc.^(a)
	435,000		3.900			06/15/24		472,654
	Simon Property Group LP^(a)
	726,000		2.750			06/01/23		757,000
	SL Green Operating Partnership LP^(a)
	2,575,000		3.250			10/15/22		2,665,743
	Ventas Realty LP^(a)
	1,375,000		3.500			04/15/24		1,480,944
	VEREIT Operating Partnership LP^(a)
	4,265,000		4.600			02/06/24		4,667,189
	VICI Properties LP/VICI Note Co., Inc.^(a)(b)
	2,140,000		3.500			02/15/25		2,172,100
	WP Carey, Inc.^(a)
	285,000		4.600			04/01/24		313,571
	230,000		4.000			02/01/25		249,626
	2,961,000		4.250			10/01/26		3,319,666

								39,969,985

Retailing^(a) – 1.2%
	1011778 BC ULC/New Red Finance, Inc.^(b)
	320,000		4.250			05/15/24		323,600
	7-Eleven, Inc.^(b)
	3,300,000		0.625			02/10/23		3,302,442
	3,200,000		0.800			02/10/24		3,190,400
	1,425,000		0.950			02/10/26		1,387,651
	Alimentation Couche-Tard, Inc.^(b)
	425,000		2.700			07/26/22		436,462
	AutoZone, Inc.
	1,700,000		3.125			04/18/24		1,812,234
	Burlington Coat Factory Warehouse Corp.^(b)
	2,345,000		6.250			04/15/25		2,485,700
	Lowe’s Cos, Inc.
	7,825,000		4.000			04/15/25		8,657,971
	Nordstrom, Inc.
	2,650,000		4.000			10/15/21		2,669,875
	3,000,000		2.300	^(b)		04/08/24		3,000,000
	Yum! Brands, Inc.^(b)
	1,875,000		7.750			04/01/25		2,043,750

								29,310,085


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Savings & Loans^(b) – 0.3%
	Nationwide Building Society
$	2,725,000		2.000	%		01/27/23	$	2,800,864
	(3M USD LIBOR + 1.064%)
	3,206,000		3.766	^(a)(c)		03/08/24		3,386,370
	(3M USD LIBOR + 1.181%)
	2,075,000		3.622	^(a)(c)		04/26/23		2,140,196

								8,327,430

Semiconductors – 1.8%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	21,330,000		3.625			01/15/24		22,865,973
	Broadcom, Inc.^(a)
	5,250,000		3.625			10/15/24		5,712,420
	6,625,000		4.700			04/15/25		7,469,422
	Microchip Technology, Inc.
	1,125,000		3.922			06/01/21		1,131,496
	1,800,000		2.670	^(b)		09/01/23		1,876,752
	NXP B.V./NXP Funding LLC^(b)
	1,600,000		3.875			09/01/22		1,670,928
	2,440,000		4.625			06/01/23		2,642,520
	NXP BV / NXP Funding LLC / NXP USA Inc.^(a)(b)
	250,000		2.700			05/01/25		262,268

								43,631,779

Software^(a) – 0.9%
	Fidelity National Information Services, Inc.
	4,025,000		1.150			03/01/26		3,958,386
	Fiserv, Inc.
	1,950,000		3.800			10/01/23		2,098,512
	6,300,000		2.750			07/01/24		6,660,171
	Infor, Inc.^(b)
	1,025,000		1.450			07/15/23		1,040,098
	1,075,000		1.750			07/15/25		1,085,309
	Intuit, Inc.
	1,100,000		0.950			07/15/25		1,095,402
	Oracle Corp.
	2,825,000		2.500			04/01/25		2,963,142
	PTC, Inc.^(b)
	2,085,000		3.625			02/15/25		2,126,700
	Roper Technologies, Inc.
	975,000		2.350			09/15/24		1,019,665
	The Dun & Bradstreet Corp.^(b)
	1,067,000		10.250			02/15/27		1,187,038

								23,234,423

Telecommunication Services – 4.5%
	AT&T, Inc.^(a)
	975,000		3.000			06/30/22		1,001,296
	1,850,000		4.450			04/01/24		2,032,188
	11,320,000		3.950			01/15/25		12,443,963
	5,150,000		3.400			05/15/25		5,586,411
	CommScope Technologies LLC^(a)(b)
	112,000		6.000			06/15/25		114,240
	CommScope, Inc.^(a)
	750,000		5.500			03/01/24		772,500
	1,110,000		5.500	^(b)		03/01/24		1,143,300


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Level 3 Financing, Inc.^(a)
	1,925,000		5.375			05/01/25		1,965,906
	Lumen Technologies, Inc
	1,810,000		6.450			06/15/21		1,825,838
	1,005,000		7.500	^(a)		04/01/24		1,120,575
	Qwest Corp.
	650,000		6.750			12/01/21		671,210
	SoftBank Group Corp.^(a)
	200,000		5.125			09/19/27		213,000
	Sprint Communications, Inc.
	770,000		6.000			11/15/22		823,900
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,025,000
	640,000		7.875			09/15/23		731,200
	T-Mobile USA, Inc.^(a)
	9,750,000		4.000			04/15/22		9,957,187
	1,120,000		6.000			04/15/24		1,125,600
	21,574,000		3.500	^(b)		04/15/25		23,270,579
	10,250,000		1.500	^(b)		02/15/26		10,152,317
	2,614,000		2.250			02/15/26		2,632,010
	Telecom Italia SpA^(b)
	3,330,000		5.303			05/30/24		3,598,598
	Verizon Communications, Inc.^(a)
	9,000,000		0.850			11/20/25		8,803,260
	20,075,000		1.450			03/20/26		20,087,848

								111,097,926

Toys/Games/Hobbies^(a)(b) – 0.0%
	Mattel, Inc.
	125,000		5.875			12/15/27		136,719

Transportation^(a) – 0.5%
	FedEx Corp.
	8,775,000		3.800			05/15/25		9,674,964
	United Parcel Service, Inc.
	1,925,000		3.900			04/01/25		2,131,841

								11,806,805

Trucking & Leasing^(a)(b) – 0.3%
	Penske Truck Leasing Co LP/PTL Finance Corp.
	4,950,000		1.200			11/15/25		4,862,732
	SMBC Aviation Capital Finance DAC
	1,200,000		3.550			04/15/24		1,275,576

								6,138,308

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,608,931,240)						$	1,627,159,419



Mortgage-Backed Obligations – 16.2%
Collateralized Mortgage Obligations – 2.7%
Interest Only^(f) – 1.4%
	FHLMC REMIC Series 3852, Class SW^(c) (-1x 1M USD LIBOR + 6.000%)
$	481,389		5.894	%		05/15/41	$	78,734


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(f) – (continued)
	FHLMC REMIC Series 4314, Class SE^(c) (-1x 1M USD LIBOR + 6.050%)
$	398,340		5.944	%		03/15/44	$	67,264
	FHLMC REMIC Series 4320, Class SD^(c) (-1x 1M USD LIBOR + 6.100%)
	110,102		5.994			07/15/39		20,096
	FHLMC REMIC Series 4468, Class SY^(c) (-1x 1M USD LIBOR + 6.100%)
	678,672		5.994			05/15/45		145,239
	FHLMC REMIC Series 4583, Class ST^(c) (-1x 1M USD LIBOR + 6.000%)
	443,769		5.894			05/15/46		82,639
	FHLMC REMIC Series 4792, Class SA^(c) (-1x 1M USD LIBOR + 6.200%)
	450,843		6.094			05/15/48		69,439
	FHLMC REMIC Series 4905, Class SA^(c) (-1x 1M USD LIBOR + 6.100%)
	906,964		5.991			08/25/49		174,624
	FHLMC REMIC Series 4929, Class SC^(c) (-1X 1M USD LIBOR + 6.050%)
	875,945		5.941			10/25/48		151,048
	FHLMC REMIC Series 4936, Class ES^(c) (-1x 1M USD LIBOR + 6.000%)
	212,909		5.891			12/25/49		34,789
	FHLMC REMIC Series 4936, Class PS^(c) (-1x 1M USD LIBOR + 6.000%)
	384,869		5.891			12/25/49		58,308
	FHLMC REMIC Series 4980, Class KI
	14,707,993		4.500			06/25/50		2,568,961
	FHLMC REMIC Series 4991, Class IE
	4,975,062		5.000			07/25/50		820,702
	FHLMC REMIC Series 4998, Class GI
	5,590,441		4.000			08/25/50		980,844
	FHLMC REMIC Series 5009, Class DI
	2,597,603		2.000			09/25/50		308,868
	FHLMC REMIC Series 5012, Class DI
	1,134,273		4.000			09/25/50		199,215
	FHLMC REMIC Series 5020, Class IH
	2,408,234		3.000			08/25/50		355,930
	FHLMC STRIPS Series 304, Class C45
	143,383		3.000			12/15/27		7,952
	FNMA REMIC Series 2010-135, Class AS^(c) (-1x 1M USD LIBOR + 5.950%)
	123,735		5.841			12/25/40		19,303
	FNMA REMIC Series 2015-34, Class LS^(c) (-1x 1M USD LIBOR + 6.100%)
	1,232,307		5.991			06/25/45		261,596
	FNMA REMIC Series 2016-1, Class SJ^(c) (-1x 1M USD LIBOR + 6.150%)
	625,863		6.041			02/25/46		120,724
	FNMA REMIC Series 2017-31, Class SG^(c) (-1x 1M USD LIBOR + 6.100%)
	736,667		5.991			05/25/47		148,072
	FNMA REMIC Series 2017-86, Class SB^(c) (-1x 1M USD LIBOR + 6.150%)
	540,645		6.041			11/25/47		107,062


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(f) – (continued)
	FNMA REMIC Series 2018-17, Class CS^(c) (-1x 1M USD LIBOR + 3.450%)
	3,497,139		2.500			03/25/48		224,728
	FNMA REMIC Series 2020-45, Class AI
	765,196		4.000			07/25/50		125,778
	FNMA REMIC Series 2020-45, Class EI
	774,751		5.000			07/25/50		145,543
	FNMA REMIC Series 2020-49, Class IO
	673,093		4.000			07/25/50		117,242
	FNMA REMIC Series 2020-49, Class KS^(c) (-1x 1M USD LIBOR + 6.100%)
	4,684,379		5.991			07/25/50		958,789
	FNMA REMIC Series 2020-60, Class KI
	2,790,749		2.000			09/25/50		331,834
	FNMA REMIC Series 2020-60, Class NI
	1,053,404		4.000			09/25/50		185,012
	FNMA REMIC Series 2020-62, Class GI
	4,584,142		4.000			06/25/48		850,462
	GNMA REMIC Series 2020-61, Class SW^(c) (-1X 1M USD LIBOR + 6.050%)
	4,959,713		5.939			08/20/49		759,873
	GNMA REMIC Series 2010-101, Class S^(c) (-1x 1M USD LIBOR + 6.000%)
	95,781		5.889			08/20/40		18,078
	GNMA REMIC Series 2010-20, Class SE^{(c )} (-1x 1M USD LIBOR + 6.250%)
	73,629		6.139			02/20/40		14,540
	GNMA REMIC Series 2013-124, Class CS^(c) (-1x 1M USD LIBOR + 6.050%)
	408,190		5.939			08/20/43		83,422
	GNMA REMIC Series 2013-134, Class DS^(c) (-1x 1M USD LIBOR + 6.100%)
	47,028		5.989			09/20/43		9,092
	GNMA REMIC Series 2013-152, Class TS^(c) (-1x 1M USD LIBOR + 6.100%)
	152,037		5.989			06/20/43		29,018
	GNMA REMIC Series 2014-117, Class SJ^(c) (-1x 1M USD LIBOR + 5.600%)
	1,155,760		5.489			08/20/44		207,457
	GNMA REMIC Series 2014-132, Class SL^(c) (-1x 1M USD LIBOR + 6.100%)
	382,382		5.989			10/20/43		51,454
	GNMA REMIC Series 2014-133, Class BS^(c) (-1x 1M USD LIBOR + 5.600%)
	382,986		5.489			09/20/44		65,188
	GNMA REMIC Series 2014-158, Class SA^(c) (-1x 1M USD LIBOR + 5.600%)
	542,665		5.494			10/16/44		97,185
	GNMA REMIC Series 2014-162, Class SA^(c) (-1x 1M USD LIBOR + 5.600%)
	157,296		5.489	%		11/20/44		26,075
	GNMA REMIC Series 2015-110, Class MS^(c) (-1x 1M USD LIBOR + 5.710%)
	3,466,351		5.599			08/20/45		576,083
	GNMA REMIC Series 2015-111, Class IM
	527,570		4.000			08/20/45		68,438


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2015-123, Class SP^(c) (-1x 1M USD LIBOR + 6.250%)
$	278,259		6.139	%		09/20/45	$	53,120
	GNMA REMIC Series 2015-57, Class AS^(c) (-1x 1M USD LIBOR + 5.600%)
	646,591		5.489			04/20/45		103,601
	GNMA REMIC Series 2015-95, Class GI
	318,028		4.500			07/16/45		61,345
	GNMA REMIC Series 2016-109, Class IH
	1,395,455		4.000			10/20/45		180,178
	GNMA REMIC Series 2016-27, Class IA
	208,492		4.000			06/20/45		22,361
	GNMA REMIC Series 2017-112, Class SJ^(c) (-1x 1M USD LIBOR + 5.660%)
	301,856		5.549			07/20/47		46,756
	GNMA REMIC Series 2018-105, Class SC^(c) (-1x 1M USD LIBOR + 6.200%)
	256,086		6.089			08/20/48		41,350
	GNMA REMIC Series 2018-122, Class HS^(c) (-1x 1M USD LIBOR + 6.200%)
	691,410		6.089			09/20/48		123,709
	GNMA REMIC Series 2018-122, Class SE^(c) (-1x 1M USD LIBOR + 6.200%)
	691,416		6.089			09/20/48		110,322
	GNMA REMIC Series 2018-139, Class SQ^(c) (-1x 1M USD LIBOR + 6.150%)
	754,096		6.039			10/20/48		121,097
	GNMA REMIC Series 2018-147, Class SA^(c) (-1x 1M USD LIBOR + 6.200%)
	3,544,158		6.089			10/20/48		600,291
	GNMA REMIC Series 2018-72, Class IB
	236,036		4.000			04/20/46		35,429
	GNMA REMIC Series 2019-1, Class SN^(c) (-1x 1M USD LIBOR + 6.050%)
	720,541		5.939			01/20/49		115,446
	GNMA REMIC Series 2019-110, Class PS^(c)(-1X 1M USD LIBOR + 6.050%)
	6,093,421		5.939			09/20/49		1,158,316
	GNMA REMIC Series 2019-110, Class SD^(c) (-1x 1M USD LIBOR + 6.100%)
	757,635		5.989			09/20/49		118,914
	GNMA REMIC Series 2019-110, Class SE^(c) (-1x 1M USD LIBOR + 6.100%)
	744,862		5.989			09/20/49		114,784
	GNMA REMIC Series 2019-128, Class IO
	1,275,257		4.000			10/20/49		183,687
	GNMA REMIC Series 2019-129, Class AI
	2,539,219		3.500			10/20/49		352,832
	GNMA REMIC Series 2019-151, Class IA
	3,658,875		3.500			12/20/49		473,442
	GNMA REMIC Series 2019-151, Class NI
	3,317,481		3.500			10/20/49		338,921
	GNMA REMIC Series 2019-153, Class EI
	21,342,024		4.000			12/20/49		3,230,056


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2019-153, Class SC^(c)(-1X 1M USD LIBOR + 6.050%)
	574,643		5.939			12/20/49		91,190
	GNMA REMIC Series 2019-20, Class SF^(c) (-1x 1M USD LIBOR + 3.790%)
	1,646,118		3.679			02/20/49		136,641
	GNMA REMIC Series 2019-4, Class SJ^(c) (-1x 1M USD LIBOR + 6.050%)
	643,589		5.939			01/20/49		105,299
	GNMA REMIC Series 2019-52, Class SK^(c) (-1x 1M USD LIBOR + 6.050%)
	1,347,447		5.939			04/20/49		192,008
	GNMA REMIC Series 2019-69, Class S^(c) (-1x 1M USD LIBOR + 3.270%)
	1,958,144		3.159			06/20/49		143,665
	GNMA REMIC Series 2019-78, Class SE^(c) (-1x 1M USD LIBOR + 6.100%)
	350,388		5.989			06/20/49		54,669
	GNMA REMIC Series 2019-97, Class SC^(c) (-1x 1M USD LIBOR + 6.100%)
	593,621		5.989			08/20/49		96,213
	GNMA REMIC Series 2019-98, Class SC^(c) (-1x 1M USD LIBOR + 6.050%)
	1,826,282		5.939			08/20/49		297,687
	GNMA REMIC Series 2020-11, Class SN^(c) (-1x 1M USD LIBOR + 6.050%)
	9,885,507		5.939			01/20/50		1,745,619
	GNMA REMIC Series 2020-146, Class IM
	564,051		2.500			10/20/50		75,809
	GNMA REMIC Series 2020-146, Class KI
	5,920,747		2.500			10/20/50		735,229
	GNMA REMIC Series 2020-151, Class MI
	9,242,030		2.500			10/20/50		1,247,804
	GNMA REMIC Series 2020-173, Class AI
	3,742,748		2.500			11/20/50		388,885
	GNMA REMIC Series 2020-21, Class SA^(c) (-1x 1M USD LIBOR + 6.050%)
	2,429,313		5.939			02/20/50		435,075
	GNMA REMIC Series 2020-36, Class AS^(c) (1M USD LIBOR + 6.050%)
	3,370,447		6.050			03/20/50		619,659
	GNMA REMIC Series 2020-51, Class ID
	1,376,637		3.500			04/20/50		170,379
	GNMA REMIC Series 2020-55, Class AS^(c) (-1x 1M USD LIBOR + 6.050%)
	15,540,356		5.939			04/20/50		2,817,588
	GNMA REMIC Series 2020-55, Class IO
	12,406,100		3.500			04/20/50		1,711,240
	GNMA REMIC Series 2020-61, Class GI
	5,531,704		5.000			05/20/50		703,381
	GNMA REMIC Series 2020-61, Class SF^(c) (-1x 1M USD LIBOR + 6.440%)
	3,835,263		6.329			07/20/43		764,421
	GNMA REMIC Series 2020-78, Class DI
	5,200,468		4.000			06/20/50		742,051


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2020-79, Class AI
$	769,220		4.000	%		06/20/50	$	100,729
	GNMA Series 2019-111, Class AS^(c) (-1X 1M USD LIBOR + 6.150%)
	3,653,654		6.039			01/20/49		567,519
	GNMA Series 2019-78, Class SA^(c) (-1X 1M USD LIBOR + 6.050%)
	6,331,044		5.939			06/20/49		1,080,112
	GNMA Series 2020-26, Class AI
	13,979		2.000			02/20/51		1,644
	GNMA Series 2020-55, Class PI
	1,368,999		3.500			04/20/50		187,665

								34,524,838

Regular Floater^(c) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	13,450		0.459			04/25/37		13,500

Sequential Fixed Rate – 0.4%
	FHLMC REMIC Series 4619, Class NA
	1,219,655		3.000			03/15/44		1,293,503
	FHLMC REMIC Series 4630, Class MC
	897,000		4.000			08/15/54		959,264
	FHLMC REMIC Series 4649, Class ML
	6,098,095		4.000			11/15/54		6,523,977
	FNMA REMIC Series 2012-111, Class B
	16,495		7.000			10/25/42		19,772
	FNMA REMIC Series 2012-153, Class B
	55,811		7.000			07/25/42		68,322

								8,864,838

Sequential Floating Rate^(b)(c) – 0.9%
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1 (1M USD LIBOR + 2.500%)
	1,130,000		2.609			02/25/50		1,095,941
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	2,005,000		1.959			02/25/50		1,995,680
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 (1M USD LIBOR + 5.100%)
	605,000		5.209			06/25/50		622,733
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	2,000,000		3.859			08/25/50		2,014,640
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%)
	2,710,000		4.817			10/25/50		2,814,300
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%)
	1,902,000		2.817			10/25/50		1,914,208
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1 (SOFR30A + 3.000%)
	2,415,000		3.017			12/25/50		2,376,598
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	2,080,000		3.259			09/25/50		2,095,203


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b)(c) – (continued)
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1 (SOFR30A + 3.000%)
	3,530,000		3.017			08/25/33		3,469,241
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1(SOFR30A + 4.000%)
	1,268,000		4.017			11/25/50		1,302,187
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class M2(SOFR30A + 2.600%)
	3,190,000		2.617			11/25/50		3,202,393
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	170,684		3.750			05/28/52		181,025

								23,084,149

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	66,487,325

Commercial Mortgage-Backed Securities – 0.7%
Sequential Fixed Rate^(b) – 0.5%
	BANK Series 2017-BNK9, Class D
	700,000		2.800			11/15/54		592,989
	BANK Series 2018-BK15, Class D
	1,170,000		3.000			11/15/61		1,001,198
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
	1,200,000		2.500			11/15/52		929,577
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000			09/15/50		1,263,737
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E
	884,000		2.500			03/15/53		752,677
	JPMBD Commercial Mortgage Series 2017-C7, Class D
	980,000		3.000			10/15/50		870,192
	Morgan Stanley Capital I Trust Series 2018-L1, Class D
	2,200,000		3.000			10/15/51		1,909,174
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D
	1,000,000		3.000			07/15/50		908,100
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D
	1,748,000		3.401			03/15/50		1,637,607
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250			01/15/60		806,977
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D
	1,100,000		2.500			02/15/53		936,610

								11,608,838

Sequential Floating Rate – 0.2%
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C^(c)
	1,200,000		4.755			02/10/49		1,232,334
	Citigroup Commercial Mortgage Trust Series 2015-P1, Class C^(c)
	1,949,000		4.369			09/15/48		2,040,892
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D^(b)(c)
	1,000,000		3.230			06/10/50		911,284


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D^(b)(c)
$	550,000		4.145	%		07/15/50		$	532,271
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D^(b)
	500,000		3.060			10/15/48			478,267

									5,195,048

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	16,803,886

Federal Agencies – 12.8%
GNMA – 5.8%
	2,987,703		4.500			08/20/47			3,278,521
	511,714		5.000			03/20/48			566,075
	374,244		5.000			08/20/48			408,925
	948,676		4.500			09/20/48			1,029,827
	1,327,116		5.000			11/20/48			1,449,475
	2,672,235		4.500			12/20/48			2,892,680
	6,021,218		5.000			12/20/48			6,572,604
	5,002,227		4.500			01/20/49			5,410,977
	8,251,355		5.000			01/20/49			9,004,385
	2,881,548		4.500			03/20/49			3,115,209
	846,061		5.000			03/20/49			922,481
	76,707		5.000			04/20/49			83,677
	118,238		5.000			08/20/49			129,103
	2,665,818		4.500			10/20/49			2,887,312
	3,071,898		5.000			12/20/49			3,354,181
	181,599		5.000			02/20/50			199,808
	35,000,000		2.000			TBA-30yr	^(g)		35,267,822
	65,000,000		2.500			TBA-30yr	^(g)		66,994,439

									143,567,501

UMBS – 4.1%
	13,067		5.000			12/01/22			13,375
	12,112		5.000			05/01/23			13,367
	13,940		5.000			03/01/25			15,430
	11,677		5.000			11/01/26			13,082
	8,289		5.000			07/01/27			9,244
	972,165		5.000			01/01/48			1,078,335
	561,682		5.000			04/01/48			621,719
	8,437,774		4.500			05/01/48			9,199,469
	10,976		5.000			06/01/48			12,186
	1,022,784		4.500			10/01/48			1,110,558
	918,578		5.000			10/01/48			1,016,765
	12,030,116		4.500			11/01/48			13,047,490
	1,788,787		5.000			11/01/48			1,979,903
	340,747		4.500			12/01/48			369,989
	1,153,281		4.500			01/01/49			1,252,254
	3,928,923		4.500			02/01/49			4,279,012
	17,125,487		4.500			03/01/49			18,639,187
	2,096,581		5.000			03/01/49			2,318,940
	974,980		5.000			04/01/49			1,078,381
	45,062		5.000			04/01/49			49,847
	8,773		5.000			07/01/49			9,712
	378,507		5.000			09/01/49			418,767
	970,097		5.000			10/01/49			1,075,224


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	3,962,113		5.000			10/01/49			4,378,289
	1,643,812		5.000			11/01/49			1,813,908
	32,979,383		4.500			01/01/50			35,799,331
	222,138		5.000			01/01/50			245,627
	64,424		5.000			03/01/50			71,264
	1,787,905		5.000			04/01/50			1,983,280
	13,874		5.000			07/01/50			15,354

									101,929,289

UMBS, 30 Year, Single Family^(g) – 2.9%
	30,000,000		2.000			TBA-30yr			29,900,285
	37,000,000		3.500			TBA-30yr			39,087,018
	3,000,000		5.000			TBA-30yr			3,323,114

									72,310,417

	TOTAL FEDERAL AGENCIES							$	317,807,207

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $396,443,018)							$	401,098,418



Asset-Backed Securities – 7.7%
Automotive – 0.6%
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(b)
$	450,000		2.030	%		12/15/27		$	451,534
	Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,750,000		2.440			09/15/26			3,946,412
	GMF Floorplan Owner Revolving Trust Series 2019-2, Class A^(b)
	2,785,000		2.900			04/15/26			2,966,103
	Tesla Auto Lease Trust Series 2021-A, Class A3^(b)
	2,200,000		0.560			03/20/25			2,198,297
	Tesla Auto Lease Trust Series 2021-A, Class A4^(b)
	5,400,000		0.660			03/20/25			5,394,741

									14,957,087

Collateralized Loan Obligations^(b)(c) – 6.6%
	AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		1.484			07/20/29			3,150,000
	Apex Credit CLO II LLC Series 2020-1A, Class A1N (3M USD LIBOR + 1.570%)
	5,000,000		1.819			10/20/31			5,015,020
	Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	2,250,000		3.924			01/20/32			2,263,608
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	3,968,093		1.156			09/15/35			3,969,302
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	1,825,000		2.762			01/15/32			1,786,850
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	3,500,000		4.472			01/15/32			3,405,552
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		1.415			06/09/30			3,100,471


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(b)(c) – (continued)
	Crown City CLO I Series 2020-1A, Class A1 (3M USD LIBOR + 2.050%)
$	2,500,000		2.274	%		07/20/30	$	2,506,055
	Crown City CLO II Series 2020-2A, Class C (-1x 3M USD LIBOR + 3.820%)
	2,000,000		4.066			01/20/32		1,990,920
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	619,440		1.491			07/15/26		619,470
	Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)
	3,000,000		1.911			04/15/34		2,995,443
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,250,000		2.084			07/20/31		5,279,022
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	17,500,000		1.629			11/30/32		17,569,702
	HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	3,500,000		1.574			01/20/33		3,505,684
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	2,386,728		1.208			06/15/36		2,386,713
	LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%)
	8,400,000		1.294			01/20/31		8,404,578
	LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	5,326,109		1.264			10/20/27		5,326,956
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	16,200,000		0.991			04/15/29		16,154,202
	Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	2,200,000		3.921			01/19/34		2,203,692
	Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)
	6,000,000		1.524			04/20/33		6,007,614
	MidOcean Credit CLO VI Series 2016-6A, Class D1R (3M USD LIBOR + 3.520%)
	3,800,000		4.050			04/20/33		3,742,609
	MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	4,171,053		1.504			07/22/30		4,171,341
	Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)
	3,000,000		1.313			12/21/29		2,997,765
	Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	3,700,000		4.010			07/15/29		3,700,104
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		1.286			06/15/36		1,501,675
	Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	569,038		1.074			07/20/27		569,065


Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(b)(c) – (continued)
	Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class A1A (-1x 3M USD LIBOR + 1.390%)
	11,000,000		1.595			01/20/34		11,007,777
	Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class C (-1x 3M USD LIBOR + 3.800%)
	3,000,000		4.005			01/20/34		3,007,671
	PPM CLO 4 Ltd. Series 2020-4A, Class A1 (3M USD LIBOR + 1.420%)
	7,000,000		1.617			10/18/31		7,015,526
	Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%)
	4,550,000		1.189			04/20/34		4,538,629
	Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	5,150,000		4.341			04/15/32		5,110,350
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR^(h) (3M USD LIBOR + 3.720%)
	3,950,000		0.000			04/18/36		3,910,085
	THL Credit Wind River CLO Ltd. Series 2017-3A, Class A (3M USD LIBOR + 1.250%)
	1,197,000		1.491			10/15/30		1,197,037
	Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
	4,950,000		3.418			04/25/34		4,862,326
	Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	2,500,000		4.374			04/20/32		2,500,800
	Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	59,936		1.383	%		07/17/26		59,952
	Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)
	3,000,000		1.731			07/15/32		3,010,101
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	2,625,000		2.774			07/28/30		2,637,545

								163,181,212

Student Loan^(c) – 0.5%
	Educational Services of America, Inc. Series 2012-1, Class A1^(b) (1M USD LIBOR + 1.150%)
	21,115		1.259			09/25/40		21,177
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	440,161		0.809			02/25/39		436,887
	Educational Services of America, Inc. Series 2015-2, Class A^(b) (1M USD LIBOR + 1.000%)
	330,334		1.109			12/25/56		333,447
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	3,835,032		1.238			05/25/34		3,856,148
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,330,049		1.118			07/25/45		1,320,393
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	935,406		1.111			05/20/30		936,316


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(c) – (continued)
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
$	46,532		0.809	%		12/26/31	$	46,750
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1^(b) (1M USD LIBOR + 0.550%)
	31,344		0.659			05/25/57		31,305
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,111,130		1.259			09/25/65		1,119,234
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	1,515,739		1.329			10/25/27		1,520,499
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	549,908		0.304			06/15/29		546,539
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	698,656		0.358			10/25/28		694,926
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	660,884		0.548			01/25/22		653,984
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	242,912		1.868			07/25/22		246,392
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	96,158		1.088			10/01/24		96,219

								11,860,216

	TOTAL ASSET-BACKED SECURITIES
	(Cost $189,300,612)						$	189,998,515



Foreign Debt Obligations – 3.1%
Sovereign – 3.1%
	Abu Dhabi Government International Bond
$	870,000		2.500	%		10/11/22	$	896,916
	Japan Treasury Discount Bill^(h)
JPY	5,373,500,000		0.000			06/14/21		48,539,363
	Perusahaan Penerbit SBSN Indonesia III
$	3,530,000		2.300	^(b)		06/23/25		3,627,075
	4,310,000		2.300			06/23/25		4,428,525
	Republic of Colombia^(a)
	5,690,000		4.000			02/26/24		6,061,628
	Republic of Egypt
	550,000		4.550	^(b)		11/20/23		562,375
	3,710,000		4.550			11/20/23		3,793,475
	Republic of Indonesia
	200,000		5.875			01/15/24		225,875
EUR	250,000		2.150	^(b)		07/18/24		310,582
	Republic of Qatar
$	870,000		2.375			06/02/21		870,544
	1,840,000		3.375	^(b)		03/14/24		1,975,125
	690,000		3.400	^(b)		04/16/25		749,081
	Republic of Turkey
	200,000		4.250			03/13/25		185,625


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Saudi Government International Bond^(b)
	800,000		2.900			10/22/25		847,750
	Ukraine Government Bond
	1,500,000		7.750			09/01/21		1,527,281
	2,590,000		8.994			02/01/24		2,872,310

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $77,931,248)						$	77,473,530



Municipal Debt Obligations – 0.7%
Arizona^(a) – 0.1%
	Arizona State Pension Fund COPS Bonds Taxable Series B
$	2,885,000		0.459	%		07/01/24	$	2,870,615

California^(a) – 0.1%
	Huntington Beach Pension Fund Taxable Series 2021
	560,000		0.381			06/15/23		559,764
	Los Angeles Municipal Improvement Corp. Taxable (Refunding) Series A
	855,000		0.319			11/01/22		852,315
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
	380,000		3.146			05/01/23		398,842

								1,810,921

Connecticut – 0.1%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,211,911

Maryland – 0.0%
	Maryland State Department of Transportation RB Series A
	1,240,000		0.526			08/01/24		1,226,169

Massachusetts – 0.0%
	Massachusetts State GO Bonds Series B
	230,000		0.275			11/15/22		230,115

New York^(a) – 0.3%
	New York State Dormitory Authority Bonds Taxable (Refunding) Series B
	4,725,000		0.207			03/15/22		4,724,646
	1,755,000		0.307			03/15/23		1,755,144

								6,479,790

Ohio^(a)(c) – 0.1%
	Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.000%)
	1,956,416		1.018			04/25/37		1,951,720

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $17,539,835)						$	17,781,241


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – 3.8%
	United States Treasury Notes
$	100,000		1.875	%⁽ⁱ⁾		02/28/22	$	101,633
	31,240,000		0.500	⁽ⁱ⁾		02/28/26		30,624,963
	32,350,000		0.750			03/31/26		32,064,410
	610,000		0.500	⁽ⁱ⁾		04/30/27		584,313
	30,730,000		1.125	⁽ⁱ⁾		02/29/28		30,192,225
	850,000		2.875	⁽ⁱ⁾		08/15/28		934,867

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $95,435,775)						$	94,502,411


Shares		Description	Value

Exchange Traded Funds^(j) – 2.3%
	754,343	Goldman Sachs Access High Yield Corporate Bond ETF	$	37,754,867
	372,615	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		18,673,601

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $55,337,661)		$	56,428,468


Shares		Dividend Rate	Value

Investment Company^(j) – 1.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	46,586,584	0.036%	$	46,586,584
	(Cost $46,586,584)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $2,487,505,973)		$	2,511,028,586


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 3.4%
Certificates of Deposit – 1.5%
	Bank of Nova Scotia^(c)
$	6,000,000		0.160	%		03/17/22	$	5,999,694
	Credit Suisse AG
	10,678,000		0.590			03/17/23		10,688,401
	Deutsche Bank AG
	8,046,000		0.720			11/08/21		8,050,518
	Natixis SA^(c)
	11,462,000		0.231			11/15/21		11,462,699

								36,201,312

Commercial Paper^(h) – 1.9%
	Bank Of China Ltd.
	11,000,000		0.000			11/19/21		10,975,011


Short-term Investments – (continued)
Commercial Paper^(h) – (continued)
	Barclays Capital, Inc.
	4,000,000		0.000			01/24/22		3,991,262
	BAT International Finance PLC
	2,353,000		0.000			04/22/21		2,352,757
	Enbridge, Inc.
	5,000,000		0.000			04/26/21		4,999,368
	Enel Finance America
	15,000,000		0.000			02/16/22		14,951,700
	Fidelity National Information Services, Inc.
	7,000,000		0.000			05/03/21		6,998,813
	Natwest Markets PLC
	2,750,000		0.000			03/01/22		2,741,274

								47,010,185

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $83,176,200)						$	83,211,497

	TOTAL INVESTMENTS – 104.8%
	(Cost $2,570,682,173)						$	2,594,240,083

	LIABILITIES IN EXCESS OF OTHER ASSETS – (4.8)%							(118,544,230	)

	NET ASSETS – 100.0%						$	2,475,695,853



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

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

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

(e)		Pay-in-kind securities.

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

(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 $174,572,678 which represents approximately 7.1% of the Fund’s net assets as of March 31, 2021.

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

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

(j)		Represents an affiliated issuer.


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
COP		—Colombian Peso
EUR		—Euro
GBP		—British Pound
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PI		—Private Investment
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	BRL	1,701,638	USD	300,792		04/05/21	$	1,430
	BRL	6,661,377	USD	1,149,792		05/04/21		31,213
	CAD	6,567,490	USD	5,195,053		06/16/21		31,457
	CHF	1,896,794	EUR	1,706,962		06/16/21		6,090
	CLP	2,010,412,555	USD	2,761,469		05/17/21		29,930
	CNH	4,933,373	USD	745,932		06/16/21		1,186
	COP	1,170,170,804	USD	312,888		04/27/21		6,564
	EUR	632,188	AUD	976,532		06/16/21		613
	EUR	1,854,331	CHF	2,048,700		06/16/21		5,952
	EUR	3,657,565	JPY	473,980,147		06/16/21		12,450
	GBP	676,750	CHF	867,099		06/16/21		13,824
	GBP	532,584	JPY	81,093,890		06/16/21		1,471
	GBP	1,055,435	USD	1,447,391		05/20/21		7,855
	GBP	516,351	USD	710,546		06/16/21		1,465
	IDR	41,787,461,631	USD	2,867,654		04/05/21		1,589
	IDR	4,789,009,154	USD	326,398		05/10/21		468
	INR	87,398,752	USD	1,185,103		04/27/21		3,542
	KRW	3,657,108,578	USD	3,231,946		04/05/21		7,915
	KRW	4,839,326,893	USD	4,280,493		06/15/21		10,965
	MXN	150,687,673	USD	7,150,258		06/16/21		159,930
	NOK	17,602,761	USD	2,050,407		06/16/21		7,552
	SGD	2,682,596	USD	1,993,221		06/16/21		276
	USD	10,342,943	AUD	13,435,862		06/16/21		134,339
	USD	9,016,136	CHF	8,352,050		06/16/21		160,639
	USD	3,739,374	CNH	24,609,086		06/16/21		12,533


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	1,864,957	COP	6,697,276,861		04/27/21	$	36,624
	USD	2,264,302	EUR	1,865,788		04/09/21		75,884
	USD	12,449,102	EUR	10,428,023		06/16/21		200,085
	USD	2,382,801	GBP	1,714,358		06/16/21		18,824
	USD	2,892,495	IDR	41,787,461,631		04/05/21		23,251
	USD	2,111,779	IDR	31,106,722,500		07/01/21		3,410
	USD	49,397,747	JPY	5,374,929,351		06/14/21		820,309
	USD	8,299,330	JPY	899,840,719		06/16/21		166,593
	USD	2,572,295	KRW	2,811,628,730		04/05/21		81,452
	USD	15,121,019	NOK	128,249,276		06/16/21		127,247
	USD	12,495,121	NZD	17,489,773		06/16/21		282,571
	USD	340,883	RUB	25,404,659		05/19/21		6,726
	USD	30,613,439	SEK	260,246,078		06/16/21		793,231
	USD	298,224	TRY	2,472,275		04/29/21		5,417
	USD	2,934,676	TRY	25,421,320		06/16/21		12,675
	USD	1,385,711	TWD	38,643,979		04/08/21		26,746
	USD	2,248,983	TWD	63,578,754		04/12/21		12,313
	USD	2,237,814	TWD	63,263,016		04/19/21		10,786
	USD	896,169	ZAR	13,358,621		06/17/21		447
	ZAR	30,113,078	USD	1,986,042		06/17/21		33,100

TOTAL							$	3,388,939

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	9,713,326	USD	7,486,459		06/01/21	$	(106,636	)
	AUD	4,077,496	USD	3,139,474		06/16/21		(41,381	)
	BRL	4,959,739	USD	898,541		04/05/21		(17,661	)
	CAD	4,975,056	USD	3,988,725		06/16/21		(29,499	)
	CHF	1,432,917	EUR	1,295,483		06/16/21		(2,415	)
	CHF	4,360,289	USD	4,706,875		06/16/21		(83,758	)
	CNH	40,127,597	USD	6,118,771		06/16/21		(41,782	)
	COP	12,073,202,983	USD	3,356,410		04/27/21		(60,467	)
	EUR	633,210	CAD	939,569		06/16/21		(3,940	)
	EUR	1,133,546	CHF	1,258,712		06/16/21		(3,093	)
	EUR	676,930	GBP	581,514		06/16/21		(6,726	)
	EUR	849,604	NOK	8,718,961		06/16/21		(21,376	)
	EUR	1,215,000	SEK	12,462,134		06/16/21		(800	)
	EUR	2,415,824	USD	2,853,629		04/09/21		(20,064	)
	EUR	25,478,356	USD	30,439,334		06/16/21		(511,816	)
	GBP	889,685	USD	1,232,993		06/16/21		(6,182	)
	IDR	41,787,461,631	USD	2,882,462		04/05/21		(13,218	)
	IDR	18,028,703,014	USD	1,248,136		04/12/21		(12,488	)
	IDR	10,680,739,131	USD	733,215		05/03/21		(3,477	)
	IDR	27,406,084,840	USD	1,899,293		05/10/21		(28,741	)
	ILS	2,789,983	USD	839,721		06/16/21		(4,260	)
	JPY	2,261,223,769	USD	20,789,709		06/16/21		(352,829	)
	MXN	14,391,184	USD	699,849		06/16/21		(1,701	)
	NOK	12,703,909	EUR	1,268,269		06/16/21		(4,513	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	NOK	33,322,730	USD	3,920,399		06/16/21	$	(24,599	)
	NZD	1,653,395	USD	1,172,359		06/16/21		(17,847	)
	RUB	137,409,464	USD	1,848,715		05/19/21		(41,314	)
	SEK	6,490,665	NOK	6,390,652		06/16/21		(3,408	)
	SEK	16,765,132	USD	1,960,582		06/16/21		(39,555	)
	TRY	21,047,632	USD	2,692,607		06/16/21		(273,330	)
	TWD	110,400,442	USD	3,988,716		04/08/21		(106,343	)
	TWD	21,085,076	USD	747,696		04/12/21		(5,933	)
	TWD	144,007,905	USD	5,171,405		04/19/21		(101,939	)
	USD	5,732,888	AUD	7,546,004		06/01/21		(284	)
	USD	1,151,392	BRL	6,661,377		04/05/21		(31,710	)
	USD	722,168	CAD	910,964		06/01/21		(2,771	)
	USD	19,552,322	CAD	24,719,424		06/16/21		(119,780	)
	USD	1,639,311	CLP	1,200,525,216		05/17/21		(27,582	)
	USD	1,132,000	COP	4,188,343,400		04/27/21		(11,403	)
	USD	2,867,654	IDR	41,787,461,631		04/05/21		(1,589	)
	USD	299,219	IDR	4,380,871,675		04/12/21		(1,036	)
	USD	1,353,876	INR	100,241,005		04/27/21		(9,427	)
	USD	745,754	KRW	845,479,848		04/05/21		(3,263	)
	USD	3,232,146	KRW	3,657,108,578		06/15/21		(10,935	)
	USD	7,394,092	MXN	156,647,378		06/16/21		(205,211	)
	USD	1,478,806	NZD	2,120,913		06/16/21		(2,160	)
	USD	511,111	TRY	4,511,833		05/24/21		(15,138	)
	USD	308,127	TRY	2,734,628		06/16/21		(6,199	)
	USD	2,986,544	TWD	85,320,214		04/08/21		(13,850	)
	USD	1,653,122	ZAR	25,170,528		06/17/21		(34,618	)
	ZAR	17,860,401	USD	1,205,207		06/17/21		(7,633	)

TOTAL							$	(2,497,680	)

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA(Proceeds Receivable: $(1,077,188))		4.500	%	TBA-30yr		04/21/21	$	(1,000,000	)	$	(1,081,710	)

(a)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		9			06/21/21	$	1,293,188		$	(44,166	)
2 Year U.S. Treasury Notes		1,710			06/30/21		377,442,421			(206,910	)
5 Year U.S. Treasury Notes		677			06/30/21		83,540,743			(933,588	)
10 Year U.S. Treasury Notes		653			06/21/21		85,502,187			(1,602,150	)

Total									$	(2,786,814	)
Short position contracts:
Australian 10 Year Government Bonds		(31	)		06/15/21		(3,252,048	)		(3,780	)
Ultra Long U.S. Treasury Bonds		(36	)		06/21/21		(6,523,875	)		35,211
20 Year U.S. Treasury Bonds		(44	)		06/21/21		(6,802,125	)		201,183

Total									$	232,614

TOTAL FUTURES CONTRACTS									$	(2,554,200	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M CHFOR^(a)	(0.250)%^(b)	06/16/28	CHF	25,510	^(c)	$	(105,383	)	$	(11,228	)	$	(94,155	)
12M GBP^(b)	0.000^(b)	06/16/26	GBP	24,400	^(c)		(831,741	)		(884,694	)		52,953
6M EURO^(a)	0.050^(b)	05/21/30	EUR	96,180	^(c)		(1,529,619	)		260,754			(1,790,373	)
3M AUDOR^(d)	0.190^(d)	02/22/23	AUD	263,630	^(c)		(75,647	)		(96,376	)		20,729
3M AUDOR^(d)	0.500^(d)	02/24/24		42,750	^(c)		32,837			105,844			(73,007	)
3M AUDOR^(d)	0.500^(d)	01/25/24		129,670	^(c)		(116,026	)		190,660			(306,686	)
3M LIBOR^(d)	0.500^(a)	06/16/26	$	40,450	^(c)		(1,263,325	)		(936,935	)		(326,390	)
3M STIBOR^(d)	0.500^(b)	06/16/26	SEK	451,800	^(c)		360,987			341,093			19,894
6M AUDOR^(a)	0.500^(a)	06/16/26	AUD	35,120	^(c)		(649,873	)		(602,833	)		(47,040	)
6M EURO^(a)	0.500^(b)	02/12/31	EUR	29,500	^(c)		113,242			427,955			(314,713	)
6M CDOR^(a)	0.700^(a)	11/18/23	CAD	46,370	^(c)		(157,695	)		(803,322	)		645,627
6M AUDOR^(a)	0.750^(a)	06/16/28	AUD	15,210	^(c)		(558,206	)		(516,201	)		(42,005	)
6M CDOR^(a)	0.750^(a)	03/01/23	CAD	343,970	^(c)		105,389			(92,205	)		197,594
6M CDOR^(a)	0.750^(a)	06/16/24		21,130	^(c)		(139,602	)		(111,542	)		(28,060	)
6M CDOR^(a)	0.804^(a)	02/28/23		215,490	^(c)		160,101			29,441			130,660
12M GBP^(b)	0.900^(b)	02/17/31	GBP	14,240	^(c)		(245,069	)		(48,660	)		(196,409	)
6M AUDOR^(a)	1.000^(a)	06/16/31	AUD	11,040	^(c)		(713,714	)		(671,187	)		(42,527	)
6M CDOR^(a)	1.000^(a)	06/16/26	CAD	8,320	^(c)		(174,537	)		(141,036	)		(33,501	)
12M GBP^(b)	1.050^(b)	03/24/31	GBP	22,120	^(c)		(173,649	)		(103,764	)		(69,885	)
6M AUDOR^(a)	1.240^(a)	10/28/30	AUD	20,680	^(c)		(1,100,806	)		(1,041,166	)		(59,640	)
3M NZDOR^(d)	1.250^(a)	06/16/26	NZD	16,610	^(c)		27,582			(15,943	)		43,525
6M CDOR^(a)	1.250^(a)	06/16/31	CAD	10,760	^(c)		(712,283	)		(665,510	)		(46,773	)
6M AUDOR^(a)	1.500^(a)	02/02/31	AUD	5,260	^(c)		(241,828	)		(161,330	)		(80,498	)
6M NIBOR^(a)	1.500^(b)	06/16/26	NOK	290,050	^(c)		(26,761	)		(54,995	)		28,234
6M AUDOR^(a)	1.710^(a)	01/21/31	AUD	52,120	^(c)		(2,014,033	)		(1,337,272	)		(676,761	)
6M AUDOR^(a)	1.750^(a)	03/19/30		19,160	^(c)		(594,488	)		(309,146	)		(285,342	)
(0.500)%^(b)	12M EURO^(b)	06/16/28	EUR	19,330	^(c)		355,780			323,823			31,957


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.500)%^(b)		12M EURO^(b)	06/16/26		$	110,890	^(c)	$	468,023		$	333,300		$	134,723
0.250^(b)		12M GBP^(b)	06/16/31		GBP	26,470	^(c)		2,061,526			1,799,115			262,411
1.100^(b)		12M GBP^(b)	03/24/41			14,160	^(c)		184,864			120,804			64,060
1.100^(b)		12M GBP^(b)	02/17/36			16,430	^(c)		178,798			34,847			143,951
3M LIBOR^(d)		2.209%^(a)	02/25/31		$	25,740	^(c)		(408,340	)		(102,971	)		(305,369	)
3M LIBOR^(d)		2.378^(a)	03/09/31			48,520	^(c)		(431,915	)		(230,255	)		(201,660	)
6M AUDOR^(a)		2.500^(a)	02/24/31		AUD	42,610	^(c)		(531,998	)		(301,479	)		(230,519	)
1M LIBOR + 0.090^(d)		3M LIBOR^(d)	07/25/24			28,720			5,357			9,643			(4,286	)
3M SOFR + 0.241^(d)		3M LIBOR^(d)	11/10/24			17,040			675			16			659
0.250^(a)		3M LIBOR^(d)	06/16/24			18,370	^(c)		189,734			140,065			49,669
0.275^(a)		3M LIBOR^(d)	03/03/23			268,490	^(c)		154,956			57,434			97,522
1.500^(a)		3M LIBOR^(d)	02/02/31			4,280	^(c)		204,373			42,328			162,045
1.597^(a)		3M LIBOR^(d)	03/11/26			33,850	^(c)		181,097			68,564			112,533
2.431^(a)		3M LIBOR^(d)	02/25/36			31,720	^(c)		333,068			64,136			268,932
2.503^(a)		3M LIBOR^(d)	03/10/36			38,250	^(c)		304,400			195,964			108,436
1.240^(b)		3M NIBOR^(a)	10/29/30		NOK	172,900	^(c)		929,619			(884,115	)		1,813,734
2.000^(b)		3M NIBOR^(a)	06/16/31			81,840	^(c)		(97,638	)		(131,376	)		33,738
0.750^(b)		3M STIBOR^(d)	06/18/30		SEK	33,310	^(c)		76,143			(53,092	)		129,235
1.550^(a)		6M AUDOR^(a)	02/23/26		AUD	43,600	^(c)		66,056			32,938			33,118
2.750^(a)		6M AUDOR^(a)	02/24/41			13,440	^(c)		200,016			48,219			151,797
1.000^(a)		6M CDOR^(a)	06/16/28		CAD	12,980	^(c)		577,135			452,995			124,140
(0.500)^(b)		6M CHFOR^(a)	06/16/26		CHF	6,410	^(c)		38,699			38,167			532
(0.250)^(b)		6M EURO^(a)	06/16/26		EUR	11,810	^(c)		(28,364	)		(24,484	)		(3,880	)
0.000^(b)		6M EURO^(a)	06/16/51			90	^(c)		15,010			12,321			2,689
0.250^(b)		6M EURO^(a)	06/18/30			25,150	^(c)		129,595			(1,989,587	)		2,119,182
0.260^(b)		6M EURO^(a)	05/21/40			50,320	^(c)		3,548,206			966,717			2,581,489
0.500^(a)		6M GBP^(a)	01/26/31		GBP	32,770	^(c)		2,009,570			1,089,622			919,948
1.000^(a)		6M GBP^(a)	02/10/31			22,160	^(c)		636,292			234,260			402,032
0.000^(a)		6M JYOR^(a)	06/16/31		JPY	3,207,130	^(c)		483,522			473,430			10,092
0.000^(a)		6M JYOR^(a)	06/16/26			2,312,130	^(c)		21,912			19,031			2,881
0.250^(a)		6M JYOR^(a)	03/19/30			826,310	^(c)		(10,114	)		(72,222	)		62,108
0.500^(a)		6M JYOR^(a)	06/16/51			576,650	^(c)		112,228			96,765			15,463

TOTAL								$	1,334,138		$	(4,384,675	)	$	5,718,813

(a)

Payments made semi-annually.

(b)

Payments made annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(d)

Payments made quarterly.


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2021^(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000%		8.204%		MS & Co. Int. PLC		10/17/57	$	3,450	$	(541,699	)	$	(784,869	)	$	243,170
Markit CMBX Series 10		3.000		5.692		MS & Co. Int. PLC		11/17/59		5,700		(713,953	)		(953,032	)		239,079
Markit CMBX Series 11		3.000		4.089		MS & Co. Int. PLC		11/18/54		10,850		(651,982	)		(2,071,236	)		1,419,254

TOTAL											$	(1,907,634	)	$	(3,809,137	)	$	1,901,503

(a)

Payments made monthly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)		Termination Date		Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB		(1.000)%		0.521%		06/20/26		EUR	38,925	$	(1,153,583	)	$	(1,093,262	)	$	(60,321	)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000		0.437		06/20/24		$	3,425		61,059			5,137			55,922
AT&T, Inc., 3.800%, 02/15/27		1.000		0.630		12/20/25			10,000		174,759			101,382			73,377
CDX.NA.EM Index 27		1.000		1.855		06/20/26			38,620		(1,602,124	)		(1,513,792	)		(88,332	)
CDX.NA.IG Index 28		1.000		0.278		06/20/22			21,975		204,036			185,378			18,658
CDX.NA.IG Index 32		1.000		0.437		06/20/24			225		4,171			2,725			1,446
CDX.NA.IG Index 33		1.000		0.491		12/20/24			1,650		31,313			(6,005	)		37,318
CDX.NA.IG Index 34		1.000		0.319		06/20/23			37,100		578,743			352,362			226,381
CDX.NA.IG Index 34		1.000		0.554		06/20/25			105,600		1,974,319			1,414,766			559,553
General Electric Co. 2.700%, 10/09/22		1.000		0.517		06/20/24			2,025		32,776			(22,285	)		55,061
General Electric Co. 2.700%, 10/09/22		1.000		0.613		12/20/24			825		12,294			(9,769	)		22,063
ICE CD ITXEX		5.000		2.525		06/20/26		EUR	11,800		1,661,014			1,512,541			148,473
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.515		06/20/24		$	120		1,938			(176	)		2,114

TOTAL										$	1,980,715		$	929,002		$	1,051,713

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
3M IRS	BofA Securities LLC		0.584	%		06/30/2021		1,460,000		$	1,460,000		$	35,518		$	38,181			(2,663	)
3M IRS	Citibank NA		0.415			06/04/2021		1,410,000			1,410,000			62,025			53,842			8,183
3M IRS	Citibank NA		0.428			06/07/2021		1,400,000			1,400,000			58,840			54,558			4,282
3M IRS	JPMorgan Securities, Inc.		0.390			06/01/2021		1,420,000			1,420,000			69,351			52,336			17,015

3M IRS	JPMorgan Securities, Inc.		0.325			06/01/2021		1,330,000			1,330,000			86,887			58,790			28,097

Total purchased option contracts								7,020,000		$	7,020,000		$	312,621		$	257,707		$	54,914
Written option contracts
Calls
3M IRS	MS & Co. Int. PLC		0.040	%		04/06/2021		(2,440,000	)	$	(2,440,000	)	$	—		$	(82,800	)	$	82,800
Puts
3M IRS	BofA Securities LLC		1.250			06/30/2021		(9,050,000	)		(9,050,000	)		(46,985	)		(38,915	)		(8,070	)
3M IRS	Citibank NA		1.025			06/07/2021		(8,930,000	)		(8,930,000	)		(73,799	)		(52,017	)		(21,782	)
3M IRS	JPMorgan Securities, Inc.		0.980			06/01/2021		(9,260,000	)		(9,260,000	)		(85,252	)		(50,930	)		(34,322	)
3M IRS	MS & Co. Int. PLC		0.912			06/01/2021		(8,590,000	)		(8,590,000	)		(99,970	)		(57,553	)		(42,417	)
3M IRS	MS & Co. Int. PLC		0.963			06/04/2021		(9,040,000	)		(9,040,000	)		(91,192	)		(52,884	)		(38,308	)
								(44,870,000	)	$	(44,870,000	)	$	(397,198	)	$	(252,299	)	$	(144,899	)

Total written option contracts								(47,310,000	)	$	(47,310,000	)	$	(397,198	)	$	(335,099	)	$	(62,099	)

TOTAL								(40,290,000	)	$	(40,290,000	)	$	(84,577	)	$	(77,392	)	$	(7,185	)


Abbreviations:
3M IRS		—3 Months Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.EM Index 27		—CDX North America Emerging Markets Index 27
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
ICE CD ITXEB		—iTraxx Europe Index
ICE CD ITXEX		—iTraxx Europe Crossover Index
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 45.8%
Automotive – 3.2%
	BMW US Capital LLC
$	10,595,000		2.000	%^(a)(b)		04/11/21	$	10,597,755
	11,420,000		2.950	^(a)		04/14/22		11,727,426
	(SOFR + 0.530%)
	38,960,000		0.001	^(c)		04/01/24		39,028,959
	Daimler Finance North America LLC^(a)
	5,000,000		3.350			05/04/21		5,011,900
	(3M USD LIBOR + 0.900%)
	35,000,000		1.094	^(c)		02/15/22		35,209,650
	10,000,000		3.400			02/22/22		10,260,600
	Toyota Motor Credit Corp.^(c) (SOFR + 0.300%)
	32,650,000		0.310			06/13/22		32,679,385
	Volkswagen Group of America Finance LLC^(a)
	15,000,000		2.500			09/24/21		15,147,750
	15,338,000		2.700			09/26/22		15,837,405
	23,407,000		0.750			11/23/22		23,486,818

								198,987,648

Banks – 23.2%
	ABN AMRO Bank NV^(a)(c) (3M USD LIBOR + 0.570%)
	38,650,000		0.760			08/27/21		38,730,005
	ANZ New Zealand Int’l Ltd.^(a)
	2,370,000		1.900			02/13/23		2,432,805
	Bank of America Corp.^(b)(c)
	(3M USD LIBOR + 0.630%)
	27,125,000		3.499			05/17/22		27,222,650
	(3M USD LIBOR + 1.000%)
	14,850,000		1.218			04/24/23		14,976,968
	Bank of China Ltd/Singapore^(c) (3M USD LIBOR + 0.750%)
	9,250,000		0.973			04/17/21		9,248,150
	Bank of Montreal^(c) (SOFR + 0.680%)
	52,000,000		0.690			03/10/23		52,450,840
	Banque Federative du Credit Mutuel SA^(a)
	2,500,000		2.125			11/21/22		2,568,600
	Barclays Bank PLC^(b)
	6,500,000		1.700			05/12/22		6,591,260
	Barclays PLC^(b)
	31,800,000		3.684			01/10/23		32,529,174
	BNP Paribas SA^(a)(c) (3M USD LIBOR + 0.390%)
	7,660,000		0.583			08/07/21		7,668,962
	BNZ International Funding Ltd.^(a)(c) (3M USD LIBOR + 0.980%)
	13,145,000		1.164			09/14/21		13,197,974
	BPCE SA^(a)(c) (3M USD LIBOR + 0.300%)
	26,230,000		0.534			01/14/22		26,258,066
	Canadian Imperial Bank of Commerce^(c) (SOFR + 0.800%)
	38,955,000		0.810			03/17/23		39,289,234
	Capital One NA^(b)(c) (3M USD LIBOR + 1.150%)
	14,357,000		1.362			01/30/23		14,460,227
	Citibank NA^(b)(c) (3M USD LIBOR + 0.600%)
	30,000,000		0.782			05/20/22		30,021,600
	Citigroup, Inc.^(b)(c)
	(SOFR + 0.867%)
	33,290,000		2.312			11/04/22		33,643,540
	(3M USD LIBOR + 0.722%)
	23,650,000		3.142			01/24/23		24,139,555
	Citizens Bank NA^(b)(c) (3M USD LIBOR + 0.720%)
	16,000,000		0.918			02/14/22		16,069,600


Corporate Obligations – (continued)
Banks – (continued)
	Cooperatieve Rabobank UA
	16,805,000		2.750	%		01/10/22		17,127,824
	9,251,000		3.875			02/08/22		9,532,323
	Credit Agricole Corporate & Investment Bank^(b)
	48,000,000		0.400			01/15/23		47,845,440
	Credit Suisse AG^(c) (SOFR + 0.450%)
	50,900,000		0.470			02/04/22		50,893,383
	Fifth Third Bank NA^(c) (3M USD LIBOR + 0.640%)
	20,000,000		0.845			02/01/22		20,094,200
	HSBC Holdings PLC^(c) (3M USD LIBOR + 1.660%)
	9,268,000		1.848			05/25/21		9,288,575
	Industrial & Commercial Bank of China Ltd.
	5,735,000		2.635			05/26/21		5,747,883
	ING Groep NV^(c) (3M USD LIBOR + 1.150%)
	12,960,000		1.343			03/29/22		13,085,323
	JPMorgan Chase & Co.
	7,061,000		4.350			08/15/21		7,165,926
	9,428,000		4.500			01/24/22		9,748,929
	(3M USD LIBOR + 0.900%)
	28,405,000		1.118	^(b)(c)		04/25/23		28,616,333
	(SOFR + 0.580%)
	30,000,000		0.590	^(b)(c)		03/16/24		30,081,000
	KeyBank NA
	5,000,000		3.300			02/01/22		5,125,250
	Lloyds Bank PLC^(c) (3M USD LIBOR + 0.490%)
	8,351,000		0.683			05/07/21		8,354,758
	Mitsubishi UFJ Financial Group, Inc.
	(3M USD LIBOR + 0.700%)
	12,500,000		0.876	^(c)		03/07/22		12,561,625
	6,630,000		3.218			03/07/22		6,804,899
	6,067,000		2.623			07/18/22		6,234,389
	Mizuho Financial Group, Inc.
	20,190,000		2.632	^(a)		04/12/21		20,198,884
	(3M USD LIBOR + 1.140%)
	10,446,000		1.324	^(c)		09/13/21		10,493,843
	(3M USD LIBOR + 0.940%)
	27,975,000		1.130	^(c)		02/28/22		28,168,307
	(3M USD LIBOR + 0.790%)
	6,860,000		0.984	^(c)		03/05/23		6,922,357
	(3M USD LIBOR + 0.840%)
	14,000,000		1.063	^(b)(c)		07/16/23		14,084,560
	Morgan Stanley, Inc.
	(SOFR + 0.830%)
	11,195,000		0.840	^(b)(c)		06/10/22		11,205,971
	(SOFR + 0.700%)
	60,000,000		0.725	^(b)(c)		01/20/23		60,142,800
	19,327,000		3.750			02/25/23		20,501,695
	MUFG Union Bank NA^(b)
	12,590,000		3.150			04/01/22		12,912,556
	(SOFR + 0.710%)
	17,250,000		0.720	^(c)		12/09/22		17,357,123
	National Australia Bank Ltd.^(a)(c) (3M USD LIBOR + 0.710%)
	12,000,000		0.902			11/04/21		12,044,880
	National Bank of Canada
	12,325,000		2.150	^(a)		10/07/22		12,636,083
	28,809,000		2.100			02/01/23		29,614,212


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	NatWest Markets PLC^(a)
$	42,450,000		3.625	%		09/29/22	$	44,411,614
	Royal Bank of Canada^(c) (SOFR + 0.450%)
	20,600,000		0.474			10/26/23		20,660,358
	Santander UK PLC
	(3M USD LIBOR + 0.620%)
	13,350,000		0.811	^(c)		06/01/21		13,362,416
	31,650,000		3.400			06/01/21		31,802,236
	(3M USD LIBOR + 0.660%)
	21,800,000		0.854	^(c)		11/15/21		21,871,940
	3,942,000		2.100			01/13/23		4,052,337
	Skandinaviska Enskilda Banken AB^(a)
	12,000,000		3.250			05/17/21		12,042,960
	5,100,000		3.050			03/25/22		5,237,445
	(3M USD LIBOR + 0.320%)
	25,000,000		0.511	^(c)		09/01/23		25,048,750
	Societe Generale SA^(a)
	4,900,000		2.500			04/08/21		4,900,931
	Standard Chartered PLC^(a)(b)(c) (SOFR + 1.250%)
	46,000,000		1.281			10/14/23		46,463,220
	The Bank of Nova Scotia
	4,734,000		1.950			02/01/23		4,866,410
	(SOFR + 0.550%)
	54,500,000		0.560	^(c)		09/15/23		54,795,390
	The Toronto-Dominion Bank^(c)
	(3M USD LIBOR + 0.300%)
	19,500,000		0.505			07/30/21		19,509,165
	(SOFR + 0.450%)
	13,100,000		0.460			09/28/23		13,154,627
	Truist Bank^(b)(c) (SOFR + 0.730%)
	16,760,000		0.741			03/09/23		16,901,957
	Truist Financial Corp.^(b)(c) (3M USD LIBOR + 0.650%)
	10,000,000		0.888			04/01/22		10,054,300
	UBS AG^(a)
	17,500,000		1.750	^(b)		04/21/22		17,740,625
	(SOFR + 0.360%)
	68,250,000		0.378	^(c)		02/09/24		68,073,915
	US Bank NA^(b)(c) (3M USD LIBOR + 0.440%)
	6,500,000		0.615			05/23/22		6,524,440
	Wells Fargo Bank NA^(b)(c) (3M USD LIBOR + 0.650%)
	33,000,000		2.082			09/09/22		33,239,910
	Westpac Banking Corp.^(c)
	(3M USD LIBOR + 0.850%)
	18,690,000		1.075			01/11/22		18,803,822
	(3M USD LIBOR + 0.390%)
	25,000,000		0.615			01/13/23		25,112,250

								1,454,721,559

Biotechnology^(b)(c) – 0.4%
	Gilead Sciences, Inc. (3M USD LIBOR + 0.520%)
	22,250,000		0.713			09/29/23		22,275,365

Computers^(b) – 0.4%
	Hewlett Packard Enterprise Co.
	(3M USD LIBOR + 0.720%)
	19,233,000		0.958	^(c)		10/05/21		19,227,614
	6,473,000		4.400			10/15/22		6,807,719

								26,035,333


Corporate Obligations – (continued)
Diversified Financial Services – 3.2%
	AIG Global Funding^(a)(c) (SOFR + 0.380%)
	29,248,000		0.390			12/15/23		29,279,880
	Air Lease Corp.
	22,940,000		3.375			06/01/21		23,042,312
	13,140,000		3.750	^(b)		02/01/22		13,412,918
	6,300,000		2.625	^(b)		07/01/22		6,438,348
	American Express Co.^(b)
	13,551,000		3.375			05/17/21		13,563,060
	13,038,000		3.700			11/05/21		13,257,430
	(3M USD LIBOR + 0.620%)
	20,000,000		0.802	^(c)		05/20/22		20,102,400
	Capital One Financial Corp.^(b)(c) (3M USD LIBOR + 0.950%)
	15,000,000		1.135			03/09/22		15,100,950
	ICBCIL Finance Co, Ltd.^(c) (3M USD LIBOR + 0.950%)
	6,000,000		1.144			05/15/21		5,996,340
	Intercontinental Exchange, Inc.^(b)(c) (3M USD LIBOR + 0.650%)
	30,000,000		0.834			06/15/23		30,050,100
	The Charles Schwab Corp.^(b)(c) (SOFR + 0.500%)
	27,900,000		0.510			03/18/24		28,057,914

								198,301,652

Electrical – 2.1%
	American Electric Power Co., Inc.^(b)(c) (3M USD LIBOR + 0.480%)
	19,375,000		0.685			11/01/23		19,396,894
	Dominion Energy, Inc.^(b)(c) (3M USD LIBOR + 0.530%)
	20,500,000		0.714			09/15/23		20,531,160
	Duke Energy Progress LLC^(b)(c) (3M USD LIBOR + 0.180%)
	14,400,000		0.369			02/18/22		14,394,096
	Enel Finance International NV^(a)
	3,640,000		2.875			05/25/22		3,734,931
	Florida Power & Light Co.^(b)(c) (3M USD LIBOR + 0.380%)
	14,075,000		0.599			07/28/23		14,076,548
	NextEra Energy Capital Holdings, Inc.
	(3M USD LIBOR + 0.270%)
	32,270,000		0.452	^(b)(c)		02/22/23		32,271,291
	(SOFR + 0.540%)
	6,860,000		0.550	^(c)		03/01/23		6,876,052
	15,460,000		0.650			03/01/23		15,506,844
	Tucson Electric Power Co.^(b)
	3,379,000		5.150			11/15/21		3,434,247

								130,222,063

Electronics^(b) – 0.4%
	Honeywell International, Inc.
	24,055,000		0.483			08/19/22		24,072,320

Gas^(b) – 1.4%
	Atmos Energy Corp.
	(3M USD LIBOR + 0.380%)
	18,454,000		0.565	^(c)		03/09/23		18,455,845
	10,203,000		0.625			03/09/23		10,208,102
	CenterPoint Energy Resources Corp.
	(3M USD LIBOR + 0.500%)
	33,450,000		0.684	^(c)		03/02/23		33,450,669
	25,590,000		0.700			03/02/23		25,586,929

								87,701,545


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare Providers & Services^(b) – 0.1%
	Aetna, Inc.
$	6,919,000		2.750	%		11/15/22	$	7,126,362

Insurance – 3.6%
	Athene Global Funding^(a)(c) (3M USD LIBOR + 0.730%)
	60,750,000		0.964			01/08/24		60,892,763
	Jackson National Life Global Funding^(a)(c)
	(3M USD LIBOR + 0.480%)
	25,000,000		0.657			06/11/21		25,021,000
	(SOFR + 0.600%)
	50,000,000		0.640			01/06/23		50,242,000
	Metropolitan Life Global Funding I^(a)(c)
	(SOFR + 0.570%)
	41,000,000		0.603			01/13/23		41,234,930
	(SOFR + 0.320%)
	20,000,000		0.358			01/07/24		20,032,800
	Protective Life Global Funding^(a)
	17,255,000		3.397			06/28/21		17,380,616
	4,194,000		1.999			09/14/21		4,226,713
	Reinsurance Group of America, Inc.
	9,125,000		5.000			06/01/21		9,189,970

								228,220,792

Internet^(b) – 0.2%
	Alibaba Group Holding Ltd.
	13,527,000		3.125			11/28/21		13,707,991

Machinery – Construction & Mining – 0.3%
	Caterpillar Financial Services Corp.
	13,030,000		2.750			08/20/21		13,151,961
	8,220,000		0.950			05/13/22		8,282,883

								21,434,844

Mining^(a) – 0.1%
	Glencore Finance Canada Ltd.
	7,166,000		4.250			10/25/22		7,546,013

Miscellaneous Manufacturing^(c) – 1.0%
	General Electric Co. (3M USD LIBOR + 1.000%)
	2,635,000		1.184			03/15/23		2,666,119
	Siemens Financieringsmaatschappij NV^(a) (SOFR + 0.430%)
	57,692,000		0.440			03/11/24		57,825,846

								60,491,965

Packaging^(b) – 0.1%
	Amcor Flexibles North America, Inc.
	6,712,000		4.500			10/15/21		6,781,201

Pharmaceuticals – 2.1%
	AbbVie, Inc.
	(3M USD LIBOR + 0.460%)
	21,142,000		0.641	^(c)		11/19/21		21,173,713
	28,869,000		2.900			11/06/22		29,946,968
	AmerisourceBergen Corp.^(b)
	24,360,000		0.737			03/15/23		24,381,437
	Bayer US Finance II LLC^(a)(b)
	27,750,000		3.500			06/25/21		27,870,713
	Bayer US Finance LLC^(a)
	25,413,000		3.000			10/08/21		25,748,960

								129,121,791


Corporate Obligations – (continued)
Pipelines – 0.9%
	Enbridge, Inc.^(c) (SOFR + 0.400%)
	13,899,000		0.413			02/17/23		13,922,212
	MPLX LP^(b) (3M USD LIBOR + 1.100%)
	33,000,000		1.285	^(c)		09/09/22		33,014,850
	6,530,000		3.500			12/01/22		6,821,956

								53,759,018

Retailing^(a)(b) – 0.7%
	7-Eleven, Inc. (3M USD LIBOR + 0.450%)
	19,737,000		0.645	^(c)		08/10/22		19,755,947
	23,409,000		0.625			02/10/23		23,426,323

								43,182,270

Semiconductors^(b) – 0.0%
	Intel Corp.
	2,000,000		1.700			05/19/21		2,002,340

Software – 0.6%
	Fidelity National Information Services, Inc.
	38,310,000		0.375			03/01/23		38,198,518

Telecommunication Services – 1.8%
	AT&T, Inc.^(b)(c) (SOFR + 0.640%)
	30,900,000		0.650			03/25/24		30,929,355
	NTT Finance Corp.^(a)
	50,011,000		0.373			03/03/23		50,006,999
	Verizon Communications, Inc.^(c) (SOFR + 0.500%)
	32,950,000		0.510			03/22/24		33,039,624

								113,975,978

	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,860,991,560)						$	2,867,866,568



Municipal Debt Obligations – 0.2%
Connecticut^(b) – 0.0%
	Connecticut State GO Taxable Series 2020
$	1,475,000		3.000	%		07/01/21	$	1,484,622

Pennsylvania – 0.2%
	Philadelphia School District Tax & Revenue Anticipation Notes Series 2020
	10,245,000		4.000			06/30/21		10,343,213

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $11,812,754)						$	11,827,835


Shares	Dividend Rate			Value

Investment Company^(d) – 17.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,093,711,993		0.036	%	$	1,093,711,993
(Cost $1,093,711,993)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $3,966,516,307)				$	3,973,406,396


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 37.7%
Certificates of Deposit – 11.5%
	Bank Of America NA
$	30,000,000		0.360	%		01/10/22	$	30,000,838
	Bank of Montreal^(c)(3M USD LIBOR + 0.040%)
	12,900,000		0.278			10/01/21		12,901,912
	Barclays Bank PLC
	20,000,000		0.350			12/31/21		20,011,858
	Canadian Imperial Bank of Commerce^(c) (3M USD LIBOR + 0.160%)
	13,500,000		0.353			08/06/21		13,506,802
	Credit Agricole Corporate & Investment Bank^(c) (3M USD LIBOR + 0.480%)
	30,000,000		0.663			09/10/21		30,062,356
	Credit Suisse AG
	58,000,000		0.590			03/17/23		58,056,493
	Deutsche Bank AG
	24,281,000		0.720			11/08/21		24,294,634
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank^(c) (3M USD LIBOR + 0.200%)
	25,000,000		0.392			02/17/22		25,010,810
	First Abu Dhabi Bank USA NV^(c) (3M USD LIBOR + 0.170%)
	26,370,000		0.354			12/14/21		26,382,799
	HSBC Bank USA NA
	27,000,000		0.370			12/03/21		27,029,550
	Landesbank Baden-Wuerttemberg
	30,200,000		0.270			04/16/21		30,202,240
	Lloyds Bank Corporate Markets PLC^(c)
	(3M USD LIBOR + 0.100%)
	4,200,000		0.284			09/15/21		4,200,938
	(SOFR + 0.650%)
	24,400,000		0.710			08/17/22		24,547,083
	MUFG Bank Ltd.
	25,850,000		0.230			10/28/21		25,856,042
	National Bank Of Kuwait SAKP
	15,325,000		0.320			06/04/21		15,326,990
	35,000,000		0.400			06/14/21		35,009,815
	12,583,000		0.320			06/25/21		12,584,111
	47,000,000		0.390			11/16/21		47,011,336
	Natixis SA^(c)
	27,000,000		0.315			12/09/21		27,016,518
	Nordea Bank AB NY (3M USD LIBOR + 0.320%)
	4,600,000		0.515	^(c)		05/05/21		4,601,320
	45,327,000		0.300			01/27/23		45,454,773
	Norinchukin Bank NY
	30,000,000		0.300			05/20/21		30,007,785
	23,000,000		0.300			05/27/21		23,006,622
	9,863,000		0.250			11/04/21		9,864,367
	19,000,000		0.370			12/03/21		19,018,316
	Sumitomo Mitsui Banking Corp.
	10,000,000		0.230			06/02/21		10,001,696
	(3M USD LIBOR + 0.370%)
	23,250,000		0.565	^(c)		11/05/21		23,294,711
	24,550,000		0.700			07/08/22		24,561,764
	Sumitomo Mitsui Trust Bank Ltd.
	8,100,000		0.230			05/06/21		8,101,004
	Toronto Dominion Bank^(b)(c) (SOFR + 0.120%)
	30,175,000		0.210			02/16/22		30,179,038

								717,104,521


Short-term Investments – (continued)
Commercial Paper – 24.4%
	Agricultural Bank China^(e)
	12,100,000		0.000			04/07/21		12,099,647
	23,053,000		0.000			05/12/21		23,047,406
	30,000,000		0.000			05/24/21		29,990,280
	Albion Capital Corp.^(e)
	16,646,000		0.000			04/27/21		16,644,302
	American Honda Finance Corp.^(e)
	20,750,000		0.000			04/06/21		20,749,589
	12,000,000		0.000			04/09/21		11,999,640
	Antalis S.A^(e)
	30,000,000		0.000			04/05/21		29,999,650
	7,270,000		0.000			04/08/21		7,269,850
	12,142,000		0.000			04/14/21		12,141,495
	15,099,000		0.000			05/06/21		15,097,067
	23,918,000		0.000			07/06/21		23,905,775
	AT&T, Inc.^(e)
	24,965,000		0.000			12/14/21		24,909,894
	Atlantic Asset Securitization Corp.^(e)
	37,830,000		0.000			07/20/21		37,810,987
	Banco Santander SA^(e)
	24,500,000		0.000			08/24/21		24,483,109
	Bank Of China Ltd.^(e)
	15,666,000		0.000			06/02/21		15,660,764
	52,900,000		0.000			11/19/21		52,779,824
	Barclays Capital, Inc.^(e)
	18,000,000		0.000			01/24/22		17,960,682
	BAT International Finance PLC^(e)
	14,533,000		0.000			04/26/21		14,531,163
	Chesham Finance/ Chesh LLC^(e)
	135,000,000		0.000			04/01/21		134,999,726
	19,000,000		0.000			06/09/21		18,994,348
	China Construction Banking Corp.^(e)
	13,091,000		0.000			04/26/21		13,089,431
	17,912,000		0.000			04/12/21		17,911,301
	16,452,000		0.000			06/23/21		16,442,633
	16,541,000		0.000			08/03/21		16,525,493
	CNPC Finance^(e)
	125,000,000		0.000			04/06/21		124,994,500
	Collateralized Commercial Paper V Co. LLC^(e)
	7,923,000		0.000			04/21/21		7,922,445
	Enel Finance America^(e)
	50,000,000		0.000			02/17/22		49,838,500
	First Abu Dhabi Bank PJSC^(e)
	14,984,000		0.000			05/19/21		14,981,695
	20,000,000		0.000			08/27/21		19,986,838
	Gotham Funding Corp.^(e)
	29,653,000		0.000			07/21/21		29,637,870
	HSBC Bank PLC^(e)
	10,603,000		0.000			08/03/21		10,594,312
	Industrial & Commercial Bank of China Ltd.^(e)
	18,145,000		0.000			06/15/21		18,137,262
	11,579,000		0.000			06/22/21		11,573,234
	20,500,000		0.000			05/07/21		20,497,219
	15,000,000		0.000			05/17/21		14,997,102
	Intercontinental Exchange, Inc.^(e)
	7,600,000		0.000			06/24/21		7,594,064


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Commercial Paper – (continued)
	Ionic Capital II Trust^(e)
$	52,700,000		0.000	%		04/23/21	$	52,695,253
	30,000,000		0.000			06/04/21		29,990,142
	KFW International Finance, Inc.^(e)
	20,000,000		0.000			06/04/21		19,995,956
	Landesbank Baden-Wur^(e)
	39,000,000		0.000			05/24/21		38,992,161
	Lime Funding^(e)
	63,250,000		0.000			05/05/21		63,241,821
	Matchpoint Finance PLC^(e)
	70,626,000		0.000			07/26/21		70,588,356
	NatWest Markets PLC^(e)
	4,000,000		0.000			01/18/22		3,990,233
	31,000,000		0.000			01/19/22		30,924,050
	Norinchukin Bank NY
	17,125,000		0.300			06/01/21		17,130,216
	Pure Grove Funding^(e)
	25,000,000		0.000			07/27/21		24,984,840
	Ridgefield Funding Co.^(e)
	49,383,000		0.000			07/08/21		49,361,136
	Royal Bank of Canada^(e)
	10,000,000		0.000			11/30/21		9,990,104
	Shell International Finance B.V.^(e)
	25,000,000		0.000			06/14/21		24,993,490
	Societe Generale SA^(e)
	40,000,000		0.000			06/28/21		39,983,200
	13,485,000		0.000			12/06/21		13,468,331
	15,500,000		0.000			12/13/21		15,470,054
	Sumitomo Mitsui Trust Bank Ltd.^(e)
	40,000,000		0.000			05/28/21		39,992,331
	Svenska Handelsbanken^(e)
	20,147,000		0.000			12/08/21		20,118,512
	Volkswagen Group of America Finance LLC^(e)
	24,830,000		0.000			11/10/21		24,747,807

								1,530,457,090

Repurchase Agreements – 1.8%
	Wells Fargo
	65,000,000		0.220			4/7/2021		65,000,000
	Maturity Value: $65,002,781
	Next Reset Date : 04/01/21
	Collateralized by various mortgage obligations, 0.000% to 6.375%, due 04/23/21 – 10/06/2070. The aggregate market value of the collateral, including accrued interest, was $68,263,792
	50,000,000		0.170			4/1/2021		50,000,000


Short-term Investments – (continued)
Repurchase Agreements – (continued)
	Maturity Value: $50,000,236
	Next Reset Date: 04/01/21
	Collateralized by various mortgage obligations, 0.000% to 3.850%, due 04/23/21 – 10/15/30. The aggregate market value of the collateral, including accrued interest, was $52,500,003

	(Cost $115,000,000)							115,000,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,361,607,916)						$	2,362,561,611

	TOTAL INVESTMENTS – 101.1%
	(Cost $6,328,124,223)						$	6,335,968,007

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%							(71,068,248	)

	NET ASSETS – 100.0%						$	6,264,899,759



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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(d)		Represents an affiliated issuer.

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2021


	Enhanced Income Fund		Government Income Fund		High Quality Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $660,393,934, $314,715,107 and $185,880,879, respectively)	$	664,913,182	$	320,081,134	$	186,269,823
Investments of affiliated issuers, at value (cost $9,089, $55,603,927 and $0, respectively)		9,104		55,603,927		—
Purchased options, at value (premium paid $0, $95,928 and $0, respectively)		—		280,921		—
Cash		7,709,440		4,590,851		36,592,661
Variation margin on futures contracts		155,993		44,129		24,146
Variation margin on swaps contracts		—		7,484		4,437
Receivables:
Interest and dividends		2,452,185		1,018,577		154,992
Fund shares sold		1,608,550		238,382		2,834,207
Reimbursement from investment adviser		23,749		93,423		50,403
Investments sold		—		—		267,420
Investments sold on an extended-settlement basis		—		107,620,466		—
Collateral on certain derivative contracts^(a)		—		335,336		34,015
Other assets		21,168		45,599		36,876
Total assets		676,893,371		489,960,229		226,268,980

Liabilities:
Written option contracts, at value (premium received $0, $95,928 and $0, respectively)		—		335,110		—
Forward sale contracts, at value (proceeds receivable $0, $14,526,797 and $0, respectively)		—		14,564,068		—
Payables:
Investments purchased		2,999,360		1,983		—
Investments purchased on an extended — settlement basis		2,024,109		172,172,285		—
Fund shares redeemed		154,346		377,265		34,740
Management fees		141,841		121,977		57,659
Distribution and Service fees and Transfer Agency fees		23,651		39,609		7,920
Income distributions		5,139		35,582		—
Accrued expenses and other liabilities		323,984		352,734		289,175
Total liabilities		5,672,430		188,000,613		389,494

Net Assets:
Paid-in capital		670,017,801		299,788,583		234,053,885
Total distributable earnings (loss)		1,203,140		2,171,033		(8,174,399	)
NET ASSETS	$	671,220,941	$	301,959,616	$	225,879,486
Net Assets:
Class A	$	15,097,603	$	74,473,257	$	6,791,096
Class C		—		2,419,605		—
Administration		16,333,060		—		—
Institutional		299,843,919		148,149,622		90,108,893
Service		—		32,691,988		50,562
Investor		9,183,530		6,459,053		2,790,366
Class R6		36,558,084		10,019,441		4,582,426
Class R		—		14,021,156		—
Class P		294,204,745		13,725,494		121,556,143
Total Net Assets	$	671,220,941	$	301,959,616	$	225,879,486
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,578,689		4,919,369		780,166
Class C		—		159,821		—
Administration		1,705,873		—		—
Institutional		31,392,521		9,801,228		10,355,852
Service		—		2,165,282		5,788
Investor		962,547		426,823		321,408
Class R6		3,827,371		663,069		526,241
Class R		—		927,246		—
Class P		30,802,828		908,309		13,956,330
Net asset value, offering and redemption price per share:^(b)
Class A		$9.56		$15.14		$8.70
Class C		—		15.14		—
Administration		9.57		—		—
Institutional		9.55		15.12		8.70
Service		—		15.10		8.74
Investor		9.54		15.13		8.68
Class R6		9.55		15.11		8.71
Class R		—		15.12		—
Class P		9.55		15.11		8.71

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Swaps		TBA
Government Income	$	65,336	$	270,000
High Quality Floating Rate		34,015		—

(b)

Maximum public offering price per share for Class A shares of the Government Income Fund is $15.73. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2021


	Inflation Protected Securities Fund		Short Duration Government Fund			Short Duration Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $479,706,895, $1,182,509,819 and $2,468,757,928, respectively)	$	507,917,819	$	1,191,171,965		$	2,491,225,031
Investments of affiliated issuers, at value (cost $0, $0 and $101,924,245, respectively)		—		—			103,015,052
Purchased options, at value (premium paid $73,465, $0 and $257,707, respectively)		210,303		—			312,621
Cash		5,003,701		10,822,073			38,542,177
Foreign currencies, at value (cost $0, $0 and $11,239, respectively)		—		—			47,709
Unrealized gain on swap contracts		—		—			1,901,503
Unrealized gain on forward foreign currency exchange contracts		—		—			3,388,939
Variation margin on futures contracts		—		550,722			—
Variation margin on swaps contracts		34,307		21,299			1,146,039
Receivables:
Collateral on certain derivative contracts^(a)		1,111,232		1,146,324			31,948,993
Fund shares sold		1,102,011		1,678,578			3,917,830
Interest and dividends		523,761		2,393,175			15,696,877
Reimbursement from investment adviser		53,313		72,742			76,033
Investments sold		—		28,933			—
Investments sold on an extended-settlement basis		—		116,996,836			124,000,849
Other assets		41,206		50,076			90,634

Total assets		515,997,653		1,324,932,723			2,815,310,287

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—		—			2,497,680
Variation margin on futures contracts		37,784		—			439,770
Written option contracts, at value (premium received $73,465, $0 and $335,099, respectively)		248,555		—			397,198
Forward sale contracts, at value (proceeds receivable $0, $13,383,594 and $1,077,188, respectively)		—		13,415,103			1,081,710
Payables:
Investments purchased		—		—			7,029,636
Investments purchased on an extended — settlement basis		—		266,594,512			318,312,625
Fund shares redeemed		914,259		1,393,655			4,066,750
Management fees		112,846		386,115			754,219
Distribution and Service fees and Transfer Agency fees		50,950		74,114			92,906
Upfront payments received on swap contracts		—		—			3,809,137
Income distributions		—		64,577			145,481
Due to broker — upfront payment		—		—			425,548
Accrued expenses		270,531		425,165			561,774

Total liabilities		1,634,925		282,353,241			339,614,434

Net Assets:
Paid-in capital		496,770,673		1,067,485,772			2,463,890,456
Total distributable earnings (loss)		17,592,055		(24,906,290	)		11,805,397

NET ASSETS	$	514,362,728	$	1,042,579,482		$	2,475,695,853
Net Assets:
Class A	$	69,090,174	$	105,603,996		$	82,370,490
Class C		2,374,248		13,684,999			2,556,171
Institutional		194,075,580		510,540,759			276,641,363
Service		—		20,016,252			—
Investor		74,650,276		38,957,530			25,578,505
Class R6		107,353,844		16,028,667			7,944,475
Class R		17,051,634		—			183,633
Class P		49,766,972		337,747,279			2,080,421,216

Total Net Assets	$	514,362,728	$	1,042,579,482		$	2,475,695,853
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,086,749		10,559,890			8,116,521
Class C		213,606		1,377,603			251,925
Institutional		16,869,688		51,230,182			27,212,464
Service		—		2,010,714			—
Investor		6,531,114		3,892,408			2,517,006
Class R6		9,338,966		1,608,046			782,037
Class R		1,509,761		—			18,067
Class P		4,327,112		33,899,248			204,740,585
Net asset value, offering and redemption price per share:^(b)
Class A		$11.35		$10.00			$10.15
Class C		11.12		9.93			10.15
Institutional		11.50		9.97			10.17
Service		—		9.95			—
Investor		11.43		10.01			10.16
Class R6		11.50		9.97			10.16
Class R		11.29		—			10.16
Class P		11.50		9.96			10.16

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currency		Futures		Swaps		TBA
Inflation Protected Securities	$	—	$	—	$	1,111,232	$	—
Short Duration Government		—		—		296,324		850,000
Short Duration Income		3,030,000		41,461		27,507,532		1,370,000

(b)

Maximum public offering price per share for Class A Shares of the Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $11.79, $10.15 and $10.30, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Assets and Liabilities (continued)

March 31, 2021


	Short-Term Conservative Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $5,234,412,230)	$	5,242,256,014
Investments of affiliated issuers, at value (cost $1,093,711,993)		1,093,711,993
Cash		6,237,308
Receivables:
Fund shares sold		46,192,748
Interest and dividends		9,028,054
Reimbursement from investment adviser		65,789
Other assets		104,912
Total assets		6,397,596,818

Liabilities:
Payables:
Investments purchased		87,184,849
Investments purchased on an extended — settlement basis		38,960,000
Fund shares redeemed		4,930,612
Management fees		878,133
Distribution and Service fees and Transfer Agency fees		210,902
Income distributions		34,500
Accrued expenses		498,063
Total liabilities		132,697,059

Net Assets:
Paid-in capital		6,263,204,761
Total distributable earnings		1,694,998
NET ASSETS	$	6,264,899,759
Net Assets:
Class A	$	122,561,572
Administration		27,128
Preferred		27,020
Institutional		2,598,106,845
Investor		94,681,816
Class R6		313,236,225
Class P		3,136,259,153
Total Net Assets	$	6,264,899,759
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		12,173,857
Administration		2,694
Preferred		2,684
Institutional		257,900,584
Investor		9,400,195
Class R6		31,084,801
Class P		311,588,038
Net asset value, offering and redemption price per share:
Class A		$10.07
Administration		10.07
Preferred		10.07
Institutional		10.07
Investor		10.07
Class R6		10.08
Class P		10.07


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2021


	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:

Interest	$	8,626,803		$	4,336,464		$	1,899,261

Dividends — unaffiliated issuers		104,993			—			—

Dividends — affiliated issuers		22,527			64,382			—

Total investment income		8,754,323			4,400,846			1,899,261

Expenses:

Management fees		1,381,734			1,847,858			682,101

Transfer Agency fees^(a)		204,355			225,410			83,629

Professional fees		173,945			182,759			183,819

Custody, accounting and administrative services		138,057			96,541			98,611

Registration fees		96,992			132,192			90,881

Printing and mailing costs		39,687			120,968			26,920

Trustee fees		19,843			19,478			19,273

Distribution and Service (12b-1) fees^(a)		17,234			395,057			10,618

Shareholder Administration fees — Service Shares		13,177			90,437			126

Service fees — Class C		—			10,591			—

Other		23,609			14,695			13,389

Total expenses		2,108,633			3,135,986			1,209,367

Less — expense reductions		(203,591	)		(769,360	)		(402,107	)

Net expenses		1,905,042			2,366,626			807,260

NET INVESTMENT INCOME		6,849,281			2,034,220			1,092,001

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		2,604,434			4,831,162			(255,346	)

Investment — affiliated issuers		(1,582	)		—			—

Purchased options		—			78,342			—

Futures contracts		(1,956,219	)		1,298,228			(159,950	)

Written options		—			176,232			—

Swap contracts		—			55,112			31,625

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		10,819,009			(14,528,248	)		8,067,523

Investments — affiliated issuers		1,597			—			—

Purchased options		—			235,946			—

Futures contracts		4,206,731			1,482,203			459,511

Written options		—			(275,833	)		—

Swap contracts		—			1,828			5,995

Net realized and unrealized gain (loss)		15,673,970			(6,645,028	)		8,149,358

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	22,523,251		$	(4,610,808	)	$	9,241,359

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Administration		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Enhanced Income	$	17,234	$	—	$	—	$	—	$	14,042	$	2,108	$	—	$	80,117	$	—	$	9,801	$	13,858	$	—	$	84,429
Government Income		192,916		31,774		90,437		79,930		94,452		—		5,212		71,332		14,470		12,319		3,448		19,612		4,565
High Quality Floating Rate		10,492		—		126		—		8,578		—		—		34,381		20		3,360		428		—		36,862


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2021


	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Investment income:

Interest	$	6,944,608		$	9,116,831		$	32,473,658

Dividends — affiliated issuers		8,866			81,394			1,296,949

Dividends — unaffiliated issuers		—			—			178,871

Total investment income		6,953,474			9,198,225			33,949,478

Expenses:

Management fees		1,157,295			4,375,230			6,434,182

Transfer Agency fees^(a)		277,465			488,563			574,594

Distribution and Service (12b-1) fees^(a)		260,875			416,844			140,310

Professional fees		155,138			190,549			251,017

Registration fees		115,383			133,587			147,598

Custody, accounting and administrative services		107,439			106,250			289,100

Printing and mailing costs		82,378			79,087			62,243

Trustee fees		19,638			20,441			21,739

Service fees — Class C		5,993			38,633			4,475

Shareholder Administration fees — Service Shares		—			48,146			—

Prime Broker Fees		—			—			13,319

Other		24,892			49,656			37,846

Total expenses		2,206,496			5,946,986			7,976,423

Less — expense reductions		(326,164	)		(832,021	)		(897,471	)

Net expenses		1,880,332			5,114,965			7,078,952

NET INVESTMENT INCOME		5,073,142			4,083,260			26,870,526

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		6,528,294			9,405,774			6,434,369

Purchased options		36,738			—			(200,353	)

Futures contracts		1,047,400			8,289,231			(9,755,741	)

Written options		260,393			—			1,475,966

Swap contracts		(566,400	)		137,464			(6,013,697	)

Forward foreign currency exchange contracts		—			—			89,950

Foreign currency transactions		—			—			(109,619	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		10,871,170			(15,924,293	)		40,674,176

Investments — affiliated issuers		—			—			1,090,807

Purchased options		193,064			—			54,914

Futures contracts		(578,595	)		7,694,122			(6,164,773	)

Written options		(220,126	)		—			(87,840	)

Swap contracts		3,103,998			(18,655	)		9,250,787

Forward foreign currency exchange contracts		—			—			1,209,696

Foreign currency translation		—			—			45,317

Net realized and unrealized gain (loss)		20,675,936			9,583,643			37,993,959

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,749,078		$	13,666,903		$	64,864,485

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Inflation Protected Securities	$	158,551	$	17,980	$	—	$	84,344	$	77,483	$	2,934	$	76,096	$	—	$	64,562	$	22,678	$	20,660	$	13,052
Short Duration Government		252,798		115,900		48,146		—		123,656		18,908		175,659		7,703		47,617		4,280		—		110,740
Short Duration Income		120,610		13,426		—		6,274		58,286		2,179		42,737		—		16,333		1,653		1,510		451,896


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Operations (continued)

For the Fiscal Year Ended March 31, 2021


	Short-Term Conservative Income Fund
Investment income:

Interest (net of foreign withholding taxes of $11,359)	$	41,266,835

Dividends — affiliated issuers		631,484

Total investment income		41,898,319

Expenses:

Management fees		12,181,209

Transfer Agency fees^(a)		1,854,673

Registration fees		305,015

Custody, accounting and administrative services		256,992

Distribution and Service (12b-1) fees^(a)		146,499

Professional fees		139,803

Printing and mailing costs		120,345

Trustee fees		26,729

Other		89,088

Total expenses		15,120,353

Less — expense reductions		(4,387,535	)

Net expenses		10,732,818

NET INVESTMENT INCOME		31,165,501

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		476,977

Investment — affiliated issuers		136,057

Net change in unrealized gain on:

Investments — unaffiliated issuers		74,277,338

Investments — affiliated issuers		201,271

Net realized and unrealized gain		75,091,643

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	106,257,144

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Administration		Preferred		Class A		Administration		Preferred		Institutional		Investor		Class R6		Class P
Short-Term Conservative Income	$	145,740	$	748	$	11	$	118,212	$	126	$	11	$	740,666	$	157,341	$	86,677	$	751,640


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Enhanced Income Fund						Government Income Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	6,849,281		$	11,359,455		$	2,034,220		$	4,968,461

Net realized gain (loss)		646,633			(1,192,890	)		6,439,076			6,080,085

Net change in unrealized gain (loss)		15,027,337			(8,974,467	)		(13,084,104	)		15,352,521
Net increase (decrease) in net assets resulting from operations		22,523,251			1,192,098			(4,610,808	)		26,401,067

Distributions to shareholders:

From distributable earnings:

Class A Shares		(120,708	)		(261,881	)		(759,355	)		(1,675,580	)

Class C Shares		—			—			(10,673	)		(46,557	)

Administration Shares		(51,718	)		(70,531	)		—			—

Institutional Shares		(2,509,033	)		(5,541,448	)		(2,311,556	)		(3,158,981	)

Service Shares		—			—			(289,300	)		(658,954	)

Investor Shares		(96,923	)		(186,385	)		(125,555	)		(43,226	)

Class R6 Shares		(624,825	)		(1,172,754	)		(149,544	)		(200,189	)

Class R Shares		—			—			(118,477	)		(346,718	)

Class P Shares		(3,486,187	)		(4,149,291	)		(198,473	)		(265,702	)

Total distributions to shareholders		(6,889,394	)		(11,382,290	)		(3,962,933	)		(6,395,907	)

From share transactions:

Proceeds from sales of shares		720,386,129			140,488,430			205,093,759			157,586,953

Reinvestment of distributions		6,652,987			9,943,703			3,543,509			5,567,628

Cost of shares redeemed		(471,360,497	)		(260,972,104	)		(246,580,940	)		(137,962,450	)

Net increase (decrease) in net assets resulting from share transactions		255,678,619			(110,539,971	)		(37,943,672	)		25,192,131

TOTAL INCREASE (DECREASE)		271,312,476			(120,730,163	)		(46,517,413	)		45,197,291

Net assets:

Beginning of year		399,908,465			520,638,628			348,477,029			303,279,738

End of year	$	671,220,941		$	399,908,465		$	301,959,616		$	348,477,029


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	1,092,001		$	8,324,312		$	5,073,142		$	10,529,529

Net realized gain (loss)		(383,671	)		(1,615,749	)		7,306,425			4,488,882

Net change in unrealized gain (loss)		8,533,029			(7,417,393	)		13,369,511			8,135,678
Net increase (decrease) in net assets resulting from operations		9,241,359			(708,830	)		25,749,078			23,154,089

Distributions to shareholders:

From distributable earnings:

Class A Shares		(32,059	)		(193,737	)		(550,621	)		(1,285,840	)

Class C Shares		—			—			(11,694	)		(56,365	)

Institutional Shares		(559,435	)		(1,702,124	)		(2,157,807	)		(4,276,401	)

Service Shares		(128	)		(1,847	)		—			—

Investor Shares		(16,843	)		(219,902	)		(632,930	)		(530,726	)

Class R6 Shares		(13,847	)		(78,961	)		(961,060	)		(1,214,934	)

Class R Shares		—			—			(97,717	)		(344,350	)

Class P Shares		(847,526	)		(6,313,919	)		(536,625	)		(2,470,173	)

Return of capital:

Class A Shares		(1,481	)		—			—			—

Institutional Shares		(25,845	)		—			—			—

Service Shares		(6	)		—			—			—

Investor Shares		(778	)		—			—			—

Class R6 Shares		(640	)		—			—			—

Class P Shares		(39,154	)		—			—			—

Total distributions to shareholders		(1,537,742	)		(8,510,490	)		(4,948,454	)		(10,178,789	)

From share transactions:

Proceeds from sales of shares		109,788,699			134,041,858			318,346,586			172,739,162

Reinvestment of distributions		1,201,789			7,698,518			3,670,938			7,613,377

Cost of shares redeemed		(132,782,961	)		(363,671,237	)		(177,498,674	)		(254,941,275	)

Net increase (decrease) in net assets resulting from share transactions		(21,792,473	)		(221,930,861	)		144,518,850			(74,588,736	)

TOTAL INCREASE (DECREASE)		(14,088,856	)		(231,150,181	)		165,319,474			(61,613,436	)

Net assets:

Beginning of year		239,968,342			471,118,523			349,043,254			410,656,690

End of year	$	225,879,486		$	239,968,342		$	514,362,728		$	349,043,254


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short Duration Government Fund						Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	4,083,260		$	14,918,119		$	26,870,526		$	19,835,938

Net realized gain (loss)		17,832,469			(797,757	)		(8,079,125	)		11,227,626

Net change in unrealized gain (loss)		(8,248,826	)		24,943,062			46,073,084			(21,301,266	)
Net increase in net assets resulting from operations		13,666,903			39,063,424			64,864,485			9,762,298

Distributions to shareholders:

From distributable earnings:

Class A Shares		(861,776	)		(1,612,658	)		(771,815	)		(204,392	)

Class C Shares		(70,744	)		(218,634	)		(22,664	)		(29,030	)

Institutional Shares		(5,143,717	)		(8,506,675	)		(2,034,569	)		(1,621,428	)

Service Shares		(133,534	)		(345,618	)		—			—

Investor Shares		(435,851	)		(683,357	)		(247,958	)		(427,011	)

Class R6 Shares		(170,252	)		(154,121	)		(104,703	)		(31,178	)

Class R Shares		—			—			(18,206	)		(2,544	)

Class P Shares		(4,446,845	)		(9,818,952	)		(29,351,619	)		(16,907,067	)

Return of capital:

Class A Shares		—			—			(53,926	)		(35,902	)

Class C Shares		—			—			(1,584	)		(5,099	)

Institutional Shares		—			—			(142,152	)		(284,803	)

Investor Shares		—			—			(17,325	)		(75,005	)

Class R6 Shares		—			—			(7,316	)		(5,477	)

Class R Shares		—			—			(1,272	)		(447	)

Class P Shares		—			—			(2,050,761	)		(2,969,733	)

Total distributions to shareholders		(11,262,719	)		(21,340,015	)		(34,825,870	)		(22,599,116	)

From share transactions:

Proceeds from sales of shares		688,933,956			358,156,062			2,601,090,485			500,444,296

Reinvestment of distributions		10,453,449			19,215,179			34,632,499			22,238,452

Cost of shares redeemed		(518,632,326	)		(541,056,490	)		(1,002,962,743	)		(394,786,334	)

Net increase (decrease) in net assets resulting from share transactions		180,755,079			(163,685,249	)		1,632,760,241			127,896,414

TOTAL INCREASE (DECREASE)		183,159,263			(145,961,840	)		1,662,798,856			115,059,596

Net assets:

Beginning of year		859,420,219			1,005,382,059			812,896,997			697,837,401

End of year	$	1,042,579,482		$	859,420,219		$	2,475,695,853		$	812,896,997


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:

Net investment income	$	31,165,501		$	91,923,298

Net realized gain (loss)		613,034			(3,857,420	)

Net change in unrealized gain (loss)		74,478,609			(70,156,429	)
Net increase in net assets resulting from operations		106,257,144			17,909,449

Distributions to shareholders:

From distributable earnings:

Class A Shares		(392,440	)		(1,094,179	)

Administration Shares		(2,070,634	)		(12,940,127	)

Preferred Shares		(185	)		(614	)

Institutional Shares		(12,045,907	)		(32,560,408	)

Investor Shares		(799,501	)		(1,641,339	)

Class R6 Shares		(3,021	)		(16,229	)

Class P Shares		(16,831,959	)		(45,807,958	)

Total distributions to shareholders		(32,143,647	)		(94,060,854	)

From share transactions:

Proceeds from sales of shares		6,532,521,854			5,513,818,310

Reinvestment of distributions		31,334,877			90,530,023

Cost of shares redeemed		(4,188,947,331	)		(5,079,555,959	)

Net increase in net assets resulting from share transactions		2,374,909,400			524,792,374

TOTAL INCREASE		2,449,022,897			448,640,969

Net assets:

Beginning of year		3,815,876,862			3,367,235,893

End of year	$	6,264,899,759		$	3,815,876,862


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.22		$	9.45		$	9.41		$	9.44		$	9.41

Net investment income^(a)		0.10			0.20			0.19			0.11			0.08

Net realized and unrealized gain (loss)		0.34			(0.24	)		0.04			(0.03	)		0.03

Total from investment operations		0.44			(0.04	)		0.23			0.08			0.11

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.19	)		(0.11	)		(0.08	)

Net asset value, end of year	$	9.56		$	9.22		$	9.45		$	9.41		$	9.44

Total return^(b)		4.82	%		(0.41	)%		2.41	%		0.86	%		1.19	%

Net assets, end of year (in 000s)	$	15,098		$	10,456		$	19,396		$	10,590		$	35,560

Ratio of net expenses to average net assets		0.58	%		0.59	%		0.61	%		0.69	%		0.69	%

Ratio of total expenses to average net assets		0.61	%		0.63	%		0.65	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		1.04	%		2.08	%		2.02	%		1.14	%		0.88	%

Portfolio turnover rate^(c)		58	%		53	%		42	%		63	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Administration Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.23		$	9.46		$	9.43		$	9.46		$	9.43

Net investment income^(a)		0.09			0.19			0.19			0.12			0.09

Net realized and unrealized gain (loss)		0.35			(0.23	)		0.03			(0.03	)		0.03

Total from investment operations		0.44			(0.04	)		0.22			0.09			0.12

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.19	)		(0.12	)		(0.09	)

Net asset value, end of year	$	9.57		$	9.23		$	9.46		$	9.43		$	9.46

Total return^(b)		4.79	%		(0.42	)%		2.33	%		0.95	%		1.28	%

Net assets, end of year (in 000s)	$	16,333		$	4,254		$	2,905		$	164		$	162

Ratio of net expenses to average net assets		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%

Ratio of total expenses to average net assets		0.63	%		0.64	%		0.64	%		0.61	%		0.62	%

Ratio of net investment income to average net assets		0.97	%		2.02	%		2.03	%		1.27	%		0.97	%

Portfolio turnover rate^(c)		58	%		53	%		42	%		63	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.21		$	9.43		$	9.39		$	9.43		$	9.40

Net investment income^(a)		0.12			0.22			0.21			0.14			0.11

Net realized and unrealized gain (loss)		0.35			(0.22	)		0.04			(0.04	)		0.03

Total from investment operations		0.47			—			0.25			0.10			0.14

Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)

Net asset value, end of year	$	9.55		$	9.21		$	9.43		$	9.39		$	9.43

Total return^(b)		5.18	%		(0.17	)%		2.70	%		1.09	%		1.53	%

Net assets, end of year (in 000s)	$	299,844		$	180,477		$	252,561		$	451,628		$	435,915

Ratio of net expenses to average net assets		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.38	%		0.39	%		0.37	%		0.36	%		0.37	%

Ratio of net investment income to average net assets		1.25	%		2.30	%		2.18	%		1.52	%		1.22	%

Portfolio turnover rate^(c)		58	%		53	%		42	%		63	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.19		$	9.42		$	9.39		$	9.42		$	9.39

Net investment income^(a)		0.11			0.21			0.21			0.14			0.11

Net realized and unrealized gain (loss)		0.36			(0.23	)		0.02			(0.04	)		0.02

Total from investment operations		0.47			(0.02	)		0.23			0.10			0.13

Distributions to shareholders from net investment income		(0.12	)		(0.21	)		(0.20	)		(0.13	)		(0.10	)

Net asset value, end of year	$	9.54		$	9.19		$	9.42		$	9.39		$	9.42

Total return^(b)		5.10	%		(0.27	)%		2.50	%		1.11	%		1.44	%

Net assets, end of year (in 000s)	$	9,184		$	6,875		$	6,096		$	5,127		$	2,012

Ratio of net expenses to average net assets		0.42	%		0.44	%		0.44	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.46	%		0.48	%		0.48	%		0.45	%		0.45	%

Ratio of net investment income to average net assets		1.20	%		2.21	%		2.19	%		1.45	%		1.14	%

Portfolio turnover rate^(c)		58	%		53	%		42	%		63	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.21		$	9.43		$	9.40		$	9.43		$	9.40

Net investment income^(a)		0.13			0.22			0.23			0.14			0.12

Net realized and unrealized gain (loss)		0.34			(0.22	)		0.01			(0.03	)		0.02

Total from investment operations		0.47			—			0.24			0.11			0.14

Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)

Net asset value, end of year	$	9.55		$	9.21		$	9.43		$	9.40		$	9.43

Total return^(b)		5.19	%		(0.16	)%		2.59	%		1.21	%		1.55	%

Net assets, end of year (in 000s)	$	36,558		$	45,134		$	49,846		$	10		$	10

Ratio of net expenses to average net assets		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%

Ratio of total expenses to average net assets		0.37	%		0.38	%		0.42	%		0.35	%		0.36	%

Ratio of net investment income to average net assets		1.34	%		2.30	%		2.48	%		1.53	%		1.23	%

Portfolio turnover rate^(c)		58	%		53	%		42	%		63	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.21		$	9.43		$	9.41

Net investment income^(b)		0.12			0.22			0.21

Net realized and unrealized gain (loss)		0.35			(0.22	)		0.01

Total from investment operations		0.47			—			0.22

Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.20	)

Net asset value, end of period	$	9.55		$	9.21		$	9.43

Total return^(c)		5.19	%		(0.16	)%		2.36	%

Net assets, end of period (in 000s)	$	294,205		$	152,713		$	189,835

Ratio of net expenses to average net assets		0.33	%		0.34	%		0.34	%^(d)

Ratio of total expenses to average net assets		0.37	%		0.38	%		0.38	%^(d)

Ratio of net investment income to average net assets		1.23	%		2.31	%		2.33	%^(d)

Portfolio turnover rate^(e)		58	%		53	%		42	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03

Net investment income^(a)		0.07			0.23			0.28			0.18			0.16

Net realized and unrealized gain (loss)		(0.35	)		1.06			0.21			(0.18	)		(0.29	)

Total from investment operations		(0.28	)		1.29			0.49			—			(0.13	)

Distributions to shareholders from net investment income		(0.15	)		(0.30	)		(0.30	)		(0.25	)		(0.26	)

Net asset value, end of year	$	15.14		$	15.57		$	14.58		$	14.39		$	14.64

Total return^(b)		(1.73	)%		8.83	%		3.46	%		0.01	%		(0.89	)%

Net assets, end of year (in 000s)	$	74,473		$	75,282		$	93,352		$	108,414		$	134,630

Ratio of net expenses to average net assets		0.83	%		0.89	%		0.91	%		0.91	%		0.91	%

Ratio of total expenses to average net assets		1.07	%		1.09	%		1.10	%		1.05	%		1.06	%

Ratio of net investment income to average net assets		0.43	%		1.54	%		1.94	%		1.25	%		1.08	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03

Net investment income (loss)^(a)		(0.05	)		0.11			0.17			0.07			0.05

Net realized and unrealized gain (loss)		(0.34	)		1.07			0.21			(0.18	)		(0.29	)

Total from investment operations		(0.39	)		1.18			0.38			(0.11	)		(0.24	)

Distributions to shareholders from net investment income		(0.04	)		(0.19	)		(0.19	)		(0.14	)		(0.15	)

Net asset value, end of year	$	15.14		$	15.57		$	14.58		$	14.39		$	14.64

Total return^(b)		(2.53	)%		8.10	%		2.69	%		(0.74	)%		(1.63	)%

Net assets, end of year (in 000s)	$	2,420		$	4,974		$	3,775		$	5,959		$	8,066

Ratio of net expenses to average net assets		1.58	%		1.64	%		1.66	%		1.66	%		1.66	%

Ratio of total expenses to average net assets		1.81	%		1.84	%		1.84	%		1.80	%		1.81	%

Ratio of net investment income (loss) to average net assets		(0.31	)%		0.77	%		1.17	%		0.50	%		0.33	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.54		$	14.55		$	14.37		$	14.62		$	15.01

Net investment income^(a)		0.12			0.27			0.33			0.24			0.21

Net realized and unrealized gain (loss)		(0.34	)		1.06			0.20			(0.19	)		(0.29	)

Total from investment operations		(0.22	)		1.33			0.53			0.05			(0.08	)

Distributions to shareholders from net investment income		(0.20	)		(0.34	)		(0.35	)		(0.30	)		(0.31	)

Net asset value, end of year	$	15.12		$	15.54		$	14.55		$	14.37		$	14.62

Total return^(b)		(1.50	)%		9.26	%		3.74	%		0.35	%		(0.56	)%

Net assets, end of year (in 000s)	$	148,150		$	178,878		$	130,734		$	141,298		$	129,442

Ratio of net expenses to average net assets		0.52	%		0.57	%		0.57	%		0.57	%		0.57	%

Ratio of total expenses to average net assets		0.73	%		0.75	%		0.76	%		0.71	%		0.72	%

Ratio of net investment income to average net assets		0.74	%		1.83	%		2.29	%		1.61	%		1.42	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.52		$	14.54		$	14.35		$	14.60		$	14.99

Net investment income^(a)		0.04			0.20			0.25			0.16			0.14

Net realized and unrealized gain (loss)		(0.34	)		1.05			0.22			(0.18	)		(0.30	)

Total from investment operations		(0.30	)		1.25			0.47			(0.02	)		(0.16	)

Distributions to shareholders from net investment income		(0.12	)		(0.27	)		(0.28	)		(0.23	)		(0.23	)

Net asset value, end of year	$	15.10		$	15.52		$	14.54		$	14.35		$	14.60

Total return^(b)		(1.93	)%		8.66	%		3.30	%		(0.16	)%		(1.06	)%

Net assets, end of year (in 000s)	$	32,692		$	39,122		$	36,126		$	41,463		$	53,711

Ratio of net expenses to average net assets		1.02	%		1.07	%		1.07	%		1.07	%		1.07	%

Ratio of total expenses to average net assets		1.23	%		1.25	%		1.26	%		1.21	%		1.22	%

Ratio of net investment income to average net assets		0.25	%		1.33	%		1.77	%		1.09	%		0.92	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.56		$	14.57		$	14.38		$	14.63		$	15.02

Net investment income^(a)		0.11			0.25			0.31			0.22			0.20

Net realized and unrealized gain (loss)		(0.35	)		1.07			0.21			(0.18	)		(0.29	)

Total from investment operations		(0.24	)		1.32			0.52			0.04			(0.09	)

Distributions to shareholders from net investment income		(0.19	)		(0.33	)		(0.33	)		(0.29	)		(0.30	)

Net asset value, end of year	$	15.13		$	15.56		$	14.57		$	14.38		$	14.63

Total return^(b)		(1.55	)%		9.18	%		3.72	%		0.26	%		(0.64	)%

Net assets, end of year (in 000s)	$	6,459		$	8,383		$	1,458		$	2,846		$	4,558

Ratio of net expenses to average net assets		0.58	%		0.62	%		0.66	%		0.66	%		0.66	%

Ratio of total expenses to average net assets		0.81	%		0.83	%		0.84	%		0.80	%		0.81	%

Ratio of net investment income to average net assets		0.71	%		1.68	%		2.14	%		1.49	%		1.33	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.54		$	14.55		$	14.37		$	14.61		$	15.01

Net investment income^(a)		0.12			0.27			0.33			0.24			0.20

Net realized and unrealized gain (loss)		(0.35	)		1.07			0.20			(0.18	)		(0.29	)

Total from investment operations		(0.23	)		1.34			0.53			0.06			(0.09	)

Distributions to shareholders from net investment income		(0.20	)		(0.35	)		(0.35	)		(0.30	)		(0.31	)

Net asset value, end of year	$	15.11		$	15.54		$	14.55		$	14.37		$	14.61

Total return^(b)		(1.49	)%		9.27	%		3.75	%		0.43	%		(0.60	)%

Net assets, end of year (in 000s)	$	10,019		$	9,187		$	7,661		$	19,012		$	17,614

Ratio of net expenses to average net assets		0.51	%		0.56	%		0.56	%		0.55	%		0.55	%

Ratio of total expenses to average net assets		0.72	%		0.74	%		0.76	%		0.70	%		0.69	%

Ratio of net investment income to average net assets		0.75	%		1.84	%		2.31	%		1.62	%		1.35	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	15.55		$	14.56		$	14.38		$	14.62		$	15.02

Net investment income^(a)		0.03			0.19			0.24			0.15			0.12

Net realized and unrealized gain (loss)		(0.35	)		1.06			0.20			(0.17	)		(0.30	)

Total from investment operations		(0.32	)		1.25			0.44			(0.02	)		(0.18	)

Distributions to shareholders from net investment income		(0.11	)		(0.26	)		(0.26	)		(0.22	)		(0.22	)

Net asset value, end of year	$	15.12		$	15.55		$	14.56		$	14.38		$	14.62

Total return^(b)		(2.05	)%		8.64	%		3.13	%		(0.18	)%		(1.14	)%

Net assets, end of year (in 000s)	$	14,021		$	18,424		$	19,905		$	21,630		$	21,045

Ratio of net expenses to average net assets		1.08	%		1.14	%		1.16	%		1.16	%		1.16	%

Ratio of total expenses to average net assets		1.32	%		1.34	%		1.35	%		1.30	%		1.31	%

Ratio of net investment income to average net assets		0.19	%		1.27	%		1.69	%		1.02	%		0.83	%

Portfolio turnover rate^(c)		820	%		943	%		530	%		380	%		441	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	15.54		$	14.55		$	14.24

Net investment income^(b)		0.12			0.27			0.32

Net realized and unrealized gain (loss)		(0.35	)		1.07			0.32

Total from investment operations		(0.23	)		1.34			0.64

Distributions to shareholders from net investment income		(0.20	)		(0.35	)		(0.33	)

Net asset value, end of period	$	15.11		$	15.54		$	14.55

Total return^(c)		(1.42	)%		9.20	%		4.55	%

Net assets, end of period (in 000s)	$	13,725		$	14,227		$	10,268

Ratio of net expenses to average net assets		0.51	%		0.56	%		0.56	%^(d)

Ratio of total expenses to average net assets		0.72	%		0.74	%		0.77	%^(d)

Ratio of net investment income to average net assets		0.75	%		1.83	%		2.35	%^(d)

Portfolio turnover rate^(e)		820	%		943	%		530	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.41		$	8.70		$	8.73		$	8.72		$	8.63

Net investment income^(a)		0.02			0.17			0.18			0.10			0.07

Net realized and unrealized gain (loss)		0.31			(0.28	)		(0.02	)		0.01			0.08

Total from investment operations		0.33			(0.11	)		0.16			0.11			0.15

Distributions to shareholders from net investment income		(0.04	)		(0.18	)		(0.19	)		(0.10	)		(0.06	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			—

Total distributions		(0.04	)		(0.18	)		(0.19	)		(0.10	)		(0.06	)

Net asset value, end of year	$	8.70		$	8.41		$	8.70		$	8.73		$	8.72

Total return^(c)		3.93	%		(1.32	)%		1.84	%		1.32	%		1.79	%

Net assets, end of year (in 000s)	$	6,791		$	10,954		$	7,968		$	9,368		$	11,303

Ratio of net expenses to average net assets		0.60	%		0.61	%		0.64	%		0.71	%		0.65	%

Ratio of total expenses to average net assets		0.78	%		0.73	%		0.70	%		0.79	%		0.89	%

Ratio of net investment income to average net assets		0.28	%		1.96	%		2.09	%		1.18	%		0.76	%

Portfolio turnover rate^(d)		24	%		8	%		47	%		54	%		59	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.41		$	8.70		$	8.72		$	8.71		$	8.63

Net investment income^(a)		0.04			0.19			0.19			0.13			0.09

Net realized and unrealized gain (loss)		0.31			(0.28	)		—			0.01			0.08

Total from investment operations		0.35			(0.09	)		0.19			0.14			0.17

Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.21	)		(0.13	)		(0.09	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			—

Total distributions		(0.06	)		(0.20	)		(0.21	)		(0.13	)		(0.09	)

Net asset value, end of year	$	8.70		$	8.41		$	8.70		$	8.72		$	8.71

Total return^(c)		4.17	%		(1.09	)%		2.23	%		1.67	%		1.97	%

Net assets, end of year (in 000s)	$	90,109		$	77,817		$	71,263		$	730,204		$	429,019

Ratio of net expenses to average net assets		0.36	%		0.37	%		0.36	%		0.36	%		0.36	%

Ratio of total expenses to average net assets		0.55	%		0.49	%		0.41	%		0.44	%		0.55	%

Ratio of net investment income to average net assets		0.48	%		2.24	%		2.19	%		1.54	%		1.05	%

Portfolio turnover rate^(d)		24	%		8	%		47	%		54	%		59	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.45		$	8.74		$	8.76		$	8.76		$	8.67

Net investment income (loss)^(a)		(0.00	)^(b)		0.15			0.16			0.08			0.05

Net realized and unrealized gain (loss)		0.31			(0.28	)		(0.01	)		0.01			0.09

Total from investment operations		0.31			(0.13	)		0.15			0.09			0.14

Distributions to shareholders from net investment income		(0.02	)		(0.16	)		(0.17	)		(0.09	)		(0.05	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			—

Total distributions		(0.02	)		(0.16	)		(0.17	)		(0.09	)		(0.05	)

Net asset value, end of year	$	8.74		$	8.45		$	8.74		$	8.76		$	8.76

Total return^(c)		3.70	%		(1.56	)%		1.73	%		1.05	%		1.58	%

Net assets, end of year (in 000s)	$	51		$	49		$	92		$	113		$	491

Ratio of net expenses to average net assets		0.87	%		0.86	%		0.86	%		0.87	%		0.86	%

Ratio of total expenses to average net assets		1.04	%		0.98	%		0.93	%		0.97	%		1.05	%

Ratio of net investment income (loss) to average net assets		(0.00	)%		1.77	%		1.86	%		0.95	%		0.55	%

Portfolio turnover rate^(d)		24	%		8	%		47	%		54	%		59	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.38		$	8.68		$	8.70		$	8.69		$	8.61

Net investment income^(a)		0.04			0.19			0.21			0.13			0.08

Net realized and unrealized gain (loss)		0.31			(0.30	)		(0.03	)		0.01			0.08

Total from investment operations		0.35			(0.11	)		0.18			0.14			0.16

Distributions to shareholders from net investment income		(0.05	)		(0.19	)		(0.20	)		(0.13	)		(0.08	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			—

Total distributions		(0.05	)		(0.19	)		(0.20	)		(0.13	)		(0.08	)

Net asset value, end of year	$	8.68		$	8.38		$	8.68		$	8.70		$	8.69

Total return^(c)		4.22	%		(1.30	)%		2.14	%		1.58	%		1.87	%

Net assets, end of year (in 000s)	$	2,790		$	5,123		$	9,474		$	1,292		$	632

Ratio of net expenses to average net assets		0.45	%		0.46	%		0.45	%		0.46	%		0.44	%

Ratio of total expenses to average net assets		0.63	%		0.58	%		0.54	%		0.53	%		0.62	%

Ratio of net investment income to average net assets		0.44	%		2.15	%		2.40	%		1.47	%		0.91	%

Portfolio turnover rate^(d)		24	%		8	%		47	%		54	%		59	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.41		$	8.70		$	8.72		$	8.72		$	8.63

Net investment income^(a)		0.04			0.21			0.24			0.13			0.09

Net realized and unrealized gain (loss)		0.32			(0.30	)		(0.05	)		0.01			0.09

Total from investment operations		0.36			(0.09	)		0.19			0.14			0.18

Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.21	)		(0.14	)		(0.09	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			—

Total distributions		(0.06	)		(0.20	)		(0.21	)		(0.14	)		(0.09	)

Net asset value, end of year	$	8.71		$	8.41		$	8.70		$	8.72		$	8.72

Total return^(c)		4.30	%		(1.08	)%		2.23	%		1.56	%		2.11	%

Net assets, end of year (in 000s)	$	4,582		$	1,613		$	6,565		$	11		$	10

Ratio of net expenses to average net assets		0.35	%		0.36	%		0.35	%		0.36	%		0.36	%

Ratio of total expenses to average net assets		0.54	%		0.47	%		0.49	%		0.43	%		0.53	%

Ratio of net investment income to average net assets		0.50	%		2.41	%		2.73	%		1.54	%		1.05	%

Portfolio turnover rate^(d)		24	%		8	%		47	%		54	%		59	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.41		$	8.70		$	8.73

Net investment income^(b)		0.05			0.20			0.20

Net realized and unrealized gain (loss)		0.31			(0.29	)		(0.03	)

Total from investment operations		0.36			(0.09	)		0.17

Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.20	)

Distributions to shareholders from return of capital		—	^(c)		—			—

Total distributions		(0.06	)		(0.20	)		(0.20	)

Net asset value, end of period	$	8.71		$	8.41		$	8.70

Total return^(d)		4.30	%		(1.08	)%		1.99	%

Net assets, end of period (in 000s)	$	121,556		$	144,412		$	375,756

Ratio of net expenses to average net assets		0.35	%		0.36	%		0.35	%^(e)

Ratio of total expenses to average net assets		0.54	%		0.48	%		0.43	%^(e)

Ratio of net investment income to average net assets		0.52	%		2.32	%		2.48	%^(e)

Portfolio turnover rate^(f)		24	%		8	%		47	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.72		$	10.37		$	10.31		$	10.44		$	10.44

Net investment income^(a)		0.10			0.26			0.16			0.16			0.18

Net realized and unrealized gain (loss)		0.62			0.35			0.06			(0.13	)		(0.04	)

Total from investment operations		0.72			0.61			0.22			0.03			0.14

Distributions to shareholders from net investment income		(0.09	)		(0.26	)		(0.16	)		(0.16	)		(0.14	)

Net asset value, end of year	$	11.35		$	10.72		$	10.37		$	10.31		$	10.44

Total return^(b)		6.72	%		5.90	%		2.21	%		0.31	%		1.32	%

Net assets, end of year (in 000s)	$	69,090		$	52,041		$	53,690		$	74,814		$	78,713

Ratio of net expenses to average net assets		0.67	%		0.69	%		0.68	%		0.68	%		0.68	%

Ratio of total expenses to average net assets		0.75	%		0.76	%		0.76	%		0.77	%		0.84	%

Ratio of net investment income to average net assets		0.86	%		2.41	%		1.61	%		1.59	%		1.69	%

Portfolio turnover rate^(c)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.54		$	10.19		$	10.17		$	10.31		$	10.32

Net investment income^(a)		—	^(b)		0.20			0.10			0.08			0.11

Net realized and unrealized gain (loss)		0.63			0.32			0.04			(0.12	)		(0.05	)

Total from investment operations		0.63			0.52			0.14			(0.04	)		0.06

Distributions to shareholders from net investment income		(0.05	)		(0.17	)		(0.12	)		(0.10	)		(0.07	)

Net asset value, end of year	$	11.12		$	10.54		$	10.19		$	10.17		$	10.31

Total return^(c)		6.01	%		5.13	%		1.38	%		(0.42	)%		0.59	%

Net assets, end of year (in 000s)	$	2,374		$	2,160		$	4,152		$	6,847		$	6,512

Ratio of net expenses to average net assets		1.42	%		1.44	%		1.43	%		1.43	%		1.43	%

Ratio of total expenses to average net assets		1.50	%		1.51	%		1.50	%		1.52	%		1.60	%

Ratio of net investment income to average net assets		0.03	%		1.96	%		0.97	%		0.82	%		1.06	%

Portfolio turnover rate^(d)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.86		$	10.50		$	10.43		$	10.56		$	10.55

Net investment income^(a)		0.14			0.30			0.21			0.20			0.22

Net realized and unrealized gain (loss)		0.63			0.35			0.05			(0.13	)		(0.04	)

Total from investment operations		0.77			0.65			0.26			0.07			0.18

Distributions to shareholders from net investment income		(0.13	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)

Net asset value, end of year	$	11.50		$	10.86		$	10.50		$	10.43		$	10.56

Total return^(b)		7.06	%		6.27	%		2.55	%		0.64	%		1.70	%

Net assets, end of year (in 000s)	$	194,076		$	168,248		$	174,467		$	258,458		$	202,452

Ratio of net expenses to average net assets		0.34	%		0.35	%		0.34	%		0.34	%		0.34	%

Ratio of total expenses to average net assets		0.41	%		0.42	%		0.42	%		0.43	%		0.50	%

Ratio of net investment income to average net assets		1.18	%		2.78	%		2.02	%		1.95	%		2.11	%

Portfolio turnover rate^(c)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.79		$	10.43		$	10.37		$	10.50		$	10.49

Net investment income^(a)		0.14			0.27			0.16			0.19			0.20

Net realized and unrealized gain (loss)		0.62			0.37			0.08			(0.13	)		(0.03	)

Total from investment operations		0.76			0.64			0.24			0.06			0.17

Distributions to shareholders from net investment income		(0.12	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)

Net asset value, end of year	$	11.43		$	10.79		$	10.43		$	10.37		$	10.50

Total return^(b)		7.03	%		6.13	%		2.48	%		0.55	%		1.64	%

Net assets, end of year (in 000s)	$	74,650		$	26,970		$	16,088		$	13,079		$	12,523

Ratio of net expenses to average net assets		0.42	%		0.44	%		0.43	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.49	%		0.51	%		0.51	%		0.52	%		0.59	%

Ratio of net investment income to average net assets		1.21	%		2.52	%		1.53	%		1.80	%		1.87	%

Portfolio turnover rate^(c)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.85		$	10.49		$	10.43		$	10.55		$	10.55

Net investment income^(a)		0.15			0.29			0.08			0.22			0.21

Net realized and unrealized gain (loss)		0.63			0.36			0.17			(0.14	)		(0.04	)

Total from investment operations		0.78			0.65			0.25			0.08			0.17

Distributions to shareholders from net investment income		(0.13	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)

Net asset value, end of year	$	11.50		$	10.85		$	10.49		$	10.43		$	10.55

Total return^(b)		7.17	%		6.29	%		2.47	%		0.75	%		1.62	%

Net assets, end of year (in 000s)	$	107,354		$	50,987		$	39,506		$	7,103		$	723

Ratio of net expenses to average net assets		0.33	%		0.34	%		0.33	%		0.33	%		0.32	%

Ratio of total expenses to average net assets		0.40	%		0.41	%		0.44	%		0.40	%		0.47	%

Ratio of net investment income to average net assets		1.27	%		2.72	%		0.74	%		2.11	%		2.00	%

Portfolio turnover rate^(c)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.67		$	10.32		$	10.28		$	10.41		$	10.41

Net investment income^(a)		0.06			0.22			0.13			0.13			0.15

Net realized and unrealized gain (loss)		0.63			0.37			0.06			(0.12	)		(0.04	)

Total from investment operations		0.69			0.59			0.19			0.01			0.11

Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.15	)		(0.14	)		(0.11	)

Net asset value, end of year	$	11.29		$	10.67		$	10.32		$	10.28		$	10.41

Total return^(b)		6.43	%		5.71	%		1.87	%		0.09	%		1.07	%

Net assets, end of year (in 000s)	$	17,052		$	17,663		$	14,911		$	18,169		$	18,094

Ratio of net expenses to average net assets		0.92	%		0.94	%		0.93	%		0.93	%		0.93	%

Ratio of total expenses to average net assets		1.00	%		1.01	%		1.01	%		1.02	%		1.09	%

Ratio of net investment income to average net assets		0.54	%		2.08	%		1.33	%		1.29	%		1.45	%

Portfolio turnover rate^(c)		51	%		62	%		160	%		203	%		189	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.86		$	10.49		$	10.40

Net investment income^(b)		0.16			0.32			0.09

Net realized and unrealized gain		0.61			0.34			0.19

Total from investment operations		0.77			0.66			0.28

Distributions to shareholders from net investment income		(0.13	)		(0.29	)		(0.19	)

Net asset value, end of period	$	11.50		$	10.86		$	10.49

Total return^(c)		7.07	%		6.38	%		2.77	%

Net assets, end of period (in 000s)	$	49,767		$	30,975		$	107,844

Ratio of net expenses to average net assets		0.33	%		0.34	%		0.33	%^(d)

Ratio of total expenses to average net assets		0.40	%		0.40	%		0.43	%^(d)

Ratio of net investment income to average net assets		1.36	%		3.01	%		0.91	%^(d)

Portfolio turnover rate^(e)		51	%		62	%		160	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.97		$	9.77		$	9.79		$	9.99		$	10.10

Net investment income^(a)		0.01			0.13			0.16			0.11			0.11

Net realized and unrealized gain (loss)		0.11			0.27			0.03			(0.13	)		(0.06	)

Total from investment operations		0.12			0.40			0.19			(0.02	)		0.05

Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.21	)		(0.18	)		(0.16	)

Net asset value, end of year	$	10.00		$	9.97		$	9.77		$	9.79		$	9.99

Total return^(b)		1.17	%		4.16	%		1.97	%		(0.22	)%		0.46	%

Net assets, end of year (in 000s)	$	105,604		$	90,469		$	82,090		$	86,239		$	138,612

Ratio of net expenses to average net assets		0.79	%		0.82	%		0.82	%		0.82	%		0.82	%

Ratio of total expenses to average net assets		0.87	%		0.90	%		0.90	%		0.89	%		0.92	%

Ratio of net investment income to average net assets		0.13	%		1.34	%		1.68	%		1.15	%		1.08	%

Portfolio turnover rate^(c)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.90		$	9.70		$	9.73		$	9.92		$	10.03

Net investment income (loss)^(a)		(0.02	)		0.09			0.12			0.07			0.07

Net realized and unrealized gain (loss)		0.10			0.27			0.02			(0.12	)		(0.06	)

Total from investment operations		0.08			0.36			0.14			(0.05	)		0.01

Distributions to shareholders from net investment income		(0.05	)		(0.16	)		(0.17	)		(0.14	)		(0.12	)

Net asset value, end of year	$	9.93		$	9.90		$	9.70		$	9.73		$	9.92

Total return^(b)		0.77	%		3.76	%		1.46	%		(0.53	)%		0.06	%

Net assets, end of year (in 000s)	$	13,685		$	12,958		$	15,493		$	19,799		$	28,292

Ratio of net expenses to average net assets		1.19	%		1.22	%		1.22	%		1.22	%		1.22	%

Ratio of total expenses to average net assets		1.62	%		1.65	%		1.65	%		1.64	%		1.67	%

Ratio of net investment income (loss) to average net assets		(0.25	)%		0.95	%		1.27	%		0.72	%		0.68	%

Portfolio turnover rate^(c)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.93		$	9.74		$	9.76		$	9.96		$	10.07

Net investment income^(a)		0.04			0.17			0.19			0.14			0.14

Net realized and unrealized gain (loss)		0.12			0.26			0.03			(0.13	)		(0.06	)

Total from investment operations		0.16			0.43			0.22			0.01			0.08

Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)

Net asset value, end of year	$	9.97		$	9.93		$	9.74		$	9.76		$	9.96

Total return^(b)		1.51	%		4.41	%		2.32	%		0.11	%		0.80	%

Net assets, end of year (in 000s)	$	510,541		$	348,655		$	379,887		$	837,920		$	1,045,066

Ratio of net expenses to average net assets		0.46	%		0.48	%		0.48	%		0.48	%		0.47	%

Ratio of total expenses to average net assets		0.54	%		0.56	%		0.56	%		0.55	%		0.58	%

Ratio of net investment income to average net assets		0.44	%		1.69	%		1.95	%		1.46	%		1.42	%

Portfolio turnover rate^(c)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.92		$	9.73		$	9.75		$	9.94		$	10.05

Net investment income^(a)		—	^(b)		0.11			0.15			0.09			0.09

Net realized and unrealized gain (loss)		0.10			0.27			0.02			(0.12	)		(0.06	)

Total from investment operations		0.10			0.38			0.17			(0.03	)		0.03

Distributions to shareholders from net investment income		(0.07	)		(0.19	)		(0.19	)		(0.16	)		(0.14	)

Net asset value, end of year	$	9.95		$	9.92		$	9.73		$	9.75		$	9.94

Total return^(c)		1.00	%		4.00	%		1.70	%		(0.29	)%		0.30	%

Net assets, end of year (in 000s)	$	20,016		$	18,831		$	18,120		$	19,954		$	26,697

Ratio of net expenses to average net assets		0.96	%		0.98	%		0.98	%		0.98	%		0.97	%

Ratio of total expenses to average net assets		1.04	%		1.06	%		1.06	%		1.05	%		1.08	%

Ratio of net investment income (loss) to average net assets		(0.03	)%		1.17	%		1.52	%		0.95	%		0.93	%

Portfolio turnover rate^(d)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.98		$	9.78		$	9.80		$	9.99		$	10.10

Net investment income^(a)		0.04			0.15			0.19			0.13			0.14

Net realized and unrealized gain (loss)		0.10			0.28			0.02			(0.12	)		(0.07	)

Total from investment operations		0.14			0.43			0.21			0.01			0.07

Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.23	)		(0.20	)		(0.18	)

Net asset value, end of year	$	10.01		$	9.98		$	9.78		$	9.80		$	9.99

Total return^(b)		1.53	%		4.31	%		2.23	%		0.13	%		0.72	%

Net assets, end of year (in 000s)	$	38,958		$	38,723		$	29,461		$	24,676		$	24,378

Ratio of net expenses to average net assets		0.54	%		0.57	%		0.57	%		0.57	%		0.56	%

Ratio of total expenses to average net assets		0.62	%		0.65	%		0.65	%		0.64	%		0.67	%

Ratio of net investment income to average net assets		0.40	%		1.57	%		1.94	%		1.35	%		1.36	%

Portfolio turnover rate^(c)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.94		$	9.74		$	9.76		$	9.96		$	10.07

Net investment income^(a)		0.05			0.16			0.20			0.17			0.14

Net realized and unrealized gain (loss)		0.10			0.28			0.02			(0.16	)		(0.06	)

Total from investment operations		0.15			0.44			0.22			0.01			0.08

Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)

Net asset value, end of year	$	9.97		$	9.94		$	9.74		$	9.76		$	9.96

Total return^(b)		1.52	%		4.42	%		2.33	%		0.12	%		0.82	%

Net assets, end of year (in 000s)	$	16,029		$	11,979		$	5,436		$	2,038		$	73,716

Ratio of net expenses to average net assets		0.45	%		0.47	%		0.47	%		0.46	%		0.45	%

Ratio of total expenses to average net assets		0.53	%		0.55	%		0.56	%		0.54	%		0.56	%

Ratio of net investment income to average net assets		0.48	%		1.65	%		2.10	%		1.69	%		1.44	%

Portfolio turnover rate^(c)		566	%		479	%		247	%		87	%		173	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.93		$	9.73		$	9.73

Net investment income^(b)		0.05			0.17			0.20

Net realized and unrealized gain		0.10			0.27			0.03

Total from investment operations		0.15			0.44			0.23

Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.23	)

Net asset value, end of period	$	9.96		$	9.93		$	9.73

Total return^(c)		1.52	%		4.53	%		2.39	%

Net assets, end of period (in 000s)	$	337,747		$	337,805		$	474,894

Ratio of net expenses to average net assets		0.45	%		0.48	%		0.47	%^(d)

Ratio of total expenses to average net assets		0.53	%		0.55	%		0.56	%^(d)

Ratio of net investment income to average net assets		0.49	%		1.72	%		2.15	%^(d)

Portfolio turnover rate^(e)		566	%		479	%		247	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.68		$	9.80		$	9.75		$	9.96		$	9.96

Net investment income^(a)		0.12			0.21			0.23			0.17			0.16

Net realized and unrealized gain (loss)		0.53			(0.08	)		0.06			(0.19	)		0.02

Total from investment operations		0.65			0.13			0.29			(0.02	)		0.18

Distributions to shareholders from net investment income		(0.17	)		(0.21	)		(0.22	)		(0.16	)		(0.18	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.04	)		(0.02	)		(0.03	)		—

Total distributions		(0.18	)		(0.25	)		(0.24	)		(0.19	)		(0.18	)

Net asset value, end of year	$	10.15		$	9.68		$	9.80		$	9.75		$	9.96

Total return^(c)		6.64	%		1.41	%		3.01	%		(0.19	)%		1.86	%

Net assets, end of year (in 000s)	$	82,370		$	14,107		$	11,070		$	5,734		$	9,259

Ratio of net expenses to average net assets		0.75	%		0.79	%		0.79	%		0.79	%		0.79	%

Ratio of total expenses to average net assets		0.80	%		0.86	%		0.93	%		0.87	%		0.90	%

Ratio of net investment income to average net assets		1.21	%		2.13	%		2.35	%		1.75	%		1.56	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.68		$	9.81		$	9.76		$	9.96		$	9.96

Net investment income^(a)		0.09			0.18			0.19			0.14			0.12

Net realized and unrealized gain (loss)		0.52			(0.10	)		0.06			(0.19	)		0.03

Total from investment operations		0.61			0.08			0.25			(0.05	)		0.15

Distributions to shareholders from net investment income		(0.13	)		(0.18	)		(0.18	)		(0.13	)		(0.15	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.03	)		(0.02	)		(0.02	)		—

Total distributions		(0.14	)		(0.21	)		(0.20	)		(0.15	)		(0.15	)

Net asset value, end of year	$	10.15		$	9.68		$	9.81		$	9.76		$	9.96

Total return^(c)		6.22	%		0.91	%		2.61%			(0.48	)%		1.46	%

Net assets, end of year (in 000s)	$	2,556		$	1,283		$	1,689		$	1,077		$	954

Ratio of net expenses to average net assets		1.15	%		1.19	%		1.19	%		1.19	%		1.19	%

Ratio of total expenses to average net assets		1.55	%		1.61	%		1.69	%		1.63	%		1.66	%

Ratio of net investment income to average net assets		0.88	%		1.81	%		1.97	%		1.39	%		1.16	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98

Net investment income^(a)		0.16			0.26			0.25			0.21			0.19

Net realized and unrealized gain (loss)		0.53			(0.09	)		0.07			(0.19	)		0.03

Total from investment operations		0.69			0.17			0.32			0.02			0.22

Distributions to shareholders from net investment income		(0.21	)		(0.25	)		(0.24	)		(0.20	)		(0.22	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.04	)		(0.03	)		(0.03	)		—

Total distributions		(0.22	)		(0.29	)		(0.27	)		(0.23	)		(0.22	)

Net asset value, end of year	$	10.17		$	9.70		$	9.82		$	9.77		$	9.98

Total return^(c)		6.99	%		1.76	%		3.36	%		0.16	%		2.21	%

Net assets, end of year (in 000s)	$	276,641		$	48,689		$	46,680		$	575,452		$	560,818

Ratio of net expenses to average net assets		0.42	%		0.45	%		0.46	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.47	%		0.52	%		0.55	%		0.53	%		0.56	%

Ratio of net investment income to average net assets		1.58	%		2.57	%		2.58	%		2.12	%		1.90	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.97

Net investment income^(a)		0.15			0.24			0.25			0.20			0.18

Net realized and unrealized gain (loss)		0.52			(0.08	)		0.06			(0.19	)		0.04

Total from investment operations		0.67			0.16			0.31			0.01			0.22

Distributions to shareholders from net investment income		(0.20	)		(0.24	)		(0.24	)		(0.19	)		(0.21	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.04	)		(0.02	)		(0.03	)		—

Total distributions		(0.21	)		(0.28	)		(0.26	)		(0.22	)		(0.21	)

Net asset value, end of year	$	10.16		$	9.70		$	9.82		$	9.77		$	9.98

Total return^(c)		6.90	%		1.56	%		3.27	%		0.06	%		2.22	%

Net assets, end of year (in 000s)	$	25,579		$	4,337		$	1,584		$	2,094		$	1,457

Ratio of net expenses to average net assets		0.50	%		0.54	%		0.54	%		0.54	%		0.54	%

Ratio of total expenses to average net assets		0.55	%		0.61	%		0.68	%		0.62	%		0.65	%

Ratio of net investment income to average net assets		1.46	%		2.43	%		2.57	%		2.03	%		1.84	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.69		$	9.82		$	9.77		$	9.98		$	9.97

Net investment income^(a)		0.16			0.26			0.27			0.21			0.19

Net realized and unrealized gain (loss)		0.53			(0.10	)		0.05			(0.20	)		0.04

Total from investment operations		0.69			0.16			0.32			0.01			0.23

Distributions to shareholders from net investment income		(0.21	)		(0.25	)		(0.24	)		(0.19	)		(0.22	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.04	)		(0.03	)		(0.03	)		—

Total distributions		(0.22	)		(0.29	)		(0.27	)		(0.22	)		(0.22	)

Net asset value, end of year	$	10.16		$	9.69		$	9.82		$	9.77		$	9.98

Total return^(c)		7.00	%		1.66	%		3.36	%		0.13	%		2.30	%

Net assets, end of year (in 000s)	$	7,944		$	1,085		$	1,252		$	10		$	10

Ratio of net expenses to average net assets		0.41	%		0.44	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.46	%		0.51	%		0.67	%		0.55	%		0.59	%

Ratio of net investment income to average net assets		1.57	%		2.56	%		2.77	%		2.12	%		1.91	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98

Net investment income^(a)		0.11			0.19			0.20			0.16			0.13

Net realized and unrealized gain (loss)		0.51			(0.08	)		0.06			(0.20	)		0.03

Total from investment operations		0.62			0.11			0.26			(0.04	)		0.16

Distributions to shareholders from net investment income		(0.15	)		(0.20	)		(0.19	)		(0.15	)		(0.16	)

Distributions to shareholders from net realized gains		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.01	)		(0.03	)		(0.02	)		(0.02	)		—

Total distributions		(0.16	)		(0.23	)		(0.21	)		(0.17	)		(0.16	)

Net asset value, end of year	$	10.16		$	9.70		$	9.82		$	9.77		$	9.98

Total return^(c)		6.37	%		1.06	%		2.76	%		(0.43	)%		1.62	%

Net assets, end of year (in 000s)	$	184		$	138		$	122		$	95		$	32

Ratio of net expenses to average net assets		0.99	%		1.04	%		1.04	%		1.04	%		1.04	%

Ratio of total expenses to average net assets		1.05	%		1.11	%		1.18	%		1.12	%		1.14	%

Ratio of net investment income to average net assets		1.03	%		1.94	%		2.08	%		1.57	%		1.32	%

Portfolio turnover rate^(d)		253	%		192	%		99	%		106	%		165	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.70		$	9.82		$	9.74

Net investment income^(b)		0.16			0.25			0.25

Net realized and unrealized gain (loss)		0.52			(0.08	)		0.09

Total from investment operations		0.68			0.17			0.34

Distributions to shareholders from net investment income		(0.21	)		(0.25	)		(0.24	)

Distributions to shareholders from net realized gains		—	^(c)		—			—

Distributions to shareholders from return of capital		(0.01	)		(0.04	)		(0.02	)

Total distributions		(0.22	)		(0.29	)		(0.26	)

Net asset value, end of period	$	10.16		$	9.70		$	9.82

Total return^(d)		7.00	%		1.66	%		3.51	%

Net assets, end of period (in 000s)	$	2,080,421		$	743,258		$	635,440

Ratio of net expenses to average net assets		0.41	%		0.44	%		0.44	%^(e)

Ratio of total expenses to average net assets		0.46	%		0.51	%		0.60	%^(e)

Ratio of net investment income to average net assets		1.61	%		2.53	%		2.72	%^(e)

Portfolio turnover rate^(f)		253	%		192	%		99	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short-Term Conservative Income Fund
	Class A Shares
	Year Ended March 31,												Period Ended March 31, 2017^(a)
	2021			2020			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	9.88		$	10.03		$	10.01		$	10.02		$	10.01

Net investment income^(b)		0.04			0.21			0.25			0.14			0.03

Net realized and unrealized gain (loss)		0.20			(0.14	)		(0.01	)		(0.04	)		0.01

Total from investment operations		0.24			0.07			0.24			0.10			0.04

Distributions to shareholders from net investment income		(0.05	)		(0.21	)		(0.22	)		(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		—			(0.01	)		—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.05	)		(0.22	)		(0.22	)		(0.11	)		(0.03	)

Net asset value, end of period	$	10.07		$	9.88		$	10.03		$	10.01		$	10.02

Total return^(d)		2.42	%		0.66	%		2.41	%		1.04	%		0.42	%

Net assets, end of period (in 000s)	$	122,562		$	43,188		$	50,982		$	817		$	25

Ratio of net expenses to average net assets		0.45	%		0.46	%		0.46	%		0.57	%		0.51	%^(e)

Ratio of total expenses to average net assets		0.54	%		0.56	%		0.61	%		0.63	%		1.33	%^(e)

Ratio of net investment income to average net assets		0.38	%		2.14	%		2.46	%		1.42	%		0.75	%^(e)

Portfolio turnover rate^(f)		79	%		87	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)

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


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short-Term Conservative Income Fund
	Administration Share
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.88		$	10.03		$	10.02		$	10.02		$	10.00

Net investment income^(a)		0.09			0.20			0.22			0.13			0.06

Net realized and unrealized gain (loss)		0.16			(0.13	)		0.01			(0.01	)		0.04

Total from investment operations		0.25			0.07			0.23			0.12			0.10

Distributions to shareholders from net investment income		(0.06	)		(0.21	)		(0.22	)		(0.12	)		(0.08	)

Distributions to shareholders from net realized gains		—			(0.01	)		—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.06	)		(0.22	)		(0.22	)		(0.12	)		(0.08	)

Net asset value, end of year	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02

Total return^(c)		2.55	%		0.55	%		2.46	%		1.24	%		0.97	%

Net assets, end of year (in 000s)	$	27		$	1,045		$	937		$	1,032		$	132

Ratio of net expenses to average net assets		0.47	%		0.47	%		0.45	%		0.43	%		0.41	%

Ratio of total expenses to average net assets		0.55	%		0.57	%		0.57	%		0.59	%		1.49	%

Ratio of net investment income to average net assets		0.95	%		2.01	%		2.20	%		1.25	%		0.60	%

Portfolio turnover rate^(d)		79	%		87	%		89	%		67	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Preferred Shares
	Year Ended March 31,												Period Ended March 31, 2017^(a)
	2021			2020			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	9.88		$	10.03		$	10.02		$	10.02		$	10.01

Net investment income^(b)		0.07			0.23			0.24			0.14			0.04

Net realized and unrealized gain (loss)		0.19			(0.15	)		0.01			—	^(c)		0.01

Total from investment operations		0.26			0.08			0.25			0.14			0.05

Distributions to shareholders from net investment income		(0.07	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)

Distributions to shareholders from net realized gains		—			—	^(d)		—	^(d)		—	^(d)		—	^(d)

Total distributions		(0.07	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)

Net asset value, end of period	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02

Total return^(e)		2.63	%		0.82	%		2.52	%		1.40	%		0.52	%

Net assets, end of period (in 000s)	$	27		$	26		$	26		$	25		$	25

Ratio of net expenses to average net assets		0.26	%		0.32	%		0.30	%		0.28	%		0.27	%^(f)

Ratio of total expenses to average net assets		0.34	%		0.41	%		0.41	%		0.44	%		1.11	%^(f)

Ratio of net investment income to average net assets		0.66	%		2.27	%		2.38	%		1.38	%		0.95	%^(f)

Portfolio turnover rate^(g)		79	%		87	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

Rounds to less than $0.01 per share.

(e)

(f)

Annualized.

(g)


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short-Term Conservative Income Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	9.88		$	10.04		$	10.01		$	10.02		$	10.00

Net investment income^(a)		0.06			0.23			0.25			0.15			0.11

Net realized and unrealized gain (loss)		0.20			(0.15	)		0.03			(0.01	)		0.01

Total from investment operations		0.26			0.08			0.28			0.14			0.12

Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)

Distributions to shareholders from net realized gains		—			—	^(b)		—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.07	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)

Net asset value, end of year	$	10.07		$	9.88		$	10.04		$	10.01		$	10.02

Total return^(c)		2.66	%		0.80	%		2.82	%		1.40	%		1.22	%

Net assets, end of year (in 000s)	$	2,598,107		$	1,466,673		$	840,036		$	1,421,091		$	265,690

Ratio of net expenses to average net assets		0.22	%		0.22	%		0.20	%		0.19	%		0.15	%

Ratio of total expenses to average net assets		0.31	%		0.32	%		0.32	%		0.33	%		1.20	%

Ratio of net investment income to average net assets		0.63	%		2.28	%		2.45	%		1.54	%		1.08	%

Portfolio turnover rate^(d)		79	%		87	%		89	%		67	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Investor Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.88		$	10.04		$	10.03

Net investment income^(b)		0.06			0.21			0.16

Net realized and unrealized gain (loss)		0.19			(0.14	)		0.01

Total from investment operations		0.25			0.07			0.17

Distributions to shareholders from net investment income		(0.06	)		(0.23	)		(0.16	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)

Total distributions		(0.06	)		(0.23	)		(0.16	)

Net asset value, end of period	$	10.07		$	9.88		$	10.04

Total return^(d)		2.57	%		0.71	%		1.68	%

Net assets, end of period (in 000s)	$	94,682		$	90,680		$	6,254

Ratio of net expenses to average net assets		0.30	%		0.31	%		0.30	%^(e)

Ratio of total expenses to average net assets		0.39	%		0.41	%		0.42	%^(e)

Ratio of net investment income to average net assets		0.60	%		2.11	%		2.58	%^(e)

Portfolio turnover rate^(f)		79	%		87	%		89	%

(a)

Commenced operations on August 14, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2018^(a)
	2021			2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.89		$	10.04		$	10.02		$	10.02

Net investment income^(b)		0.07			0.24			0.27			0.05

Net realized and unrealized gain (loss)		0.19			(0.15	)		—			—

Total from investment operations		0.26			0.09			0.27			0.05

Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.25	)		(0.05	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.07	)		(0.24	)		(0.25	)		(0.05	)

Net asset value, end of period	$	10.08		$	9.89		$	10.04		$	10.02

Total return^(d)		2.66	%		0.91	%		2.82	%		0.43	%

Net assets, end of period (in 000s)	$	313,236		$	278,788		$	420,023		$	10

Ratio of net expenses to average net assets		0.21	%		0.21	%		0.20	%		0.24	%^(e)

Ratio of total expenses to average net assets		0.30	%		0.31	%		0.32	%		0.35	%^(e)

Ratio of net investment income to average net assets		0.70	%		2.37	%		2.66	%		1.64	%^(e)

Portfolio turnover rate^(f)		79	%		87	%		89	%		67	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.87		$	10.03		$	10.02

Net investment income^(b)		0.07			0.24			0.25

Net realized and unrealized gain (loss)		0.20			(0.16	)		—

Total from investment operations		0.27			0.08			0.25

Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.24	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)

Total distributions		(0.07	)		(0.24	)		(0.24	)

Net asset value, end of period	$	10.07		$	9.87		$	10.03

Total return^(d)		2.77	%		0.81	%		2.48	%

Net assets, end of period (in 000s)	$	3,136,259		$	1,935,475		$	2,048,977

Ratio of net expenses to average net assets		0.21	%		0.21	%		0.20	%^(e)

Ratio of total expenses to average net assets		0.30	%		0.31	%		0.32	%^(e)

Ratio of net investment income to average net assets		0.65	%		2.34	%		2.62	%^(e)

Portfolio turnover rate^(f)		79	%		87	%		89	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2021

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Enhanced Income	A, Administration, Institutional, Investor, R6 and P	Diversified
Government Income	A, C, Institutional, Service, Investor, R6, R and P	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor, R6 and P	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, R6, R and P	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, R6 and P	Diversified
Short Duration Income	A, C, Institutional, Investor, R6, R and P	Diversified
Short-Term Conservative Income	A, Administration, Institutional, Preferred, Investor, R6 and P	Diversified

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income, High Quality Floating Rate and Short-Term Conservative Income Funds are not subject to a sales charge. Similarly, Administration, Preferred, Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

146

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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


	Investment Income Dividends		Capital Gains Distributions
Fund	Declared	Paid	Declared and Paid
Enhanced Income	Daily	Monthly	Annually
Government Income	Daily	Monthly	Annually
High Quality Floating Rate	Monthly*	Monthly	Annually
Inflation Protected Securities	Quarterly	Quarterly	Annually
Short Duration Government	Daily	Monthly	Annually
Short Duration Income	Daily	Monthly	Annually
Short-Term Conservative Income	Daily	Monthly	Annually

Effective February 1, 2021, the Fund changed from daily distributing to monthly distributing.

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

147

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

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

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

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase

149

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

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

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2021:



ENHANCED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	374,172,509		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,359,106			1,914,478			—

Asset-Backed Securities		—			60,038,238			—

Exchange Traded Fund		30,091,540			—			—

Investment Company		9,104			—			—

Short-term Investments		—			197,337,311			—

Total	$	31,459,750		$	633,462,536		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	1,699,667		$	—		$	—

Liabilities^(a)

Futures Contracts	$	(109,462	)	$	—		$	—

GOVERNMENT INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	154,907,071		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		78,762,281			75,544,126			—

Asset-Backed Securities		—			7,093,229			—

Municipal Debt Obligations		—			3,774,427			—

Investment Company		55,603,927			—			—

Total	$	134,366,208		$	241,318,853		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(14,564,068	)	$	—

Total	$	—		$	(14,564,068	)	$	—

(a)

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

152

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GOVERNMENT INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	1,232,485		$	—		$	—

Interest Rate Swap Contracts^(a)		—			26,797			—

Options Purchased		—			280,921			—

Total	$	1,232,485		$	307,718		$	—

Liabilities

Futures Contracts^(a)	$	(588,515	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(36,674	)		—

Written option contracts		—			(335,110	)		—

Total	$	(588,515	)	$	(371,784	)	$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	63,094,323		$	—

Asset-Backed Securities		—			81,853,285			—

Municipal Debt Obligations		—			6,809,555			—

U.S. Treasury Obligations		25,012,660			—			—

Short-term Investments		—			9,500,000			—

Total	$	25,012,660		$	161,257,163		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	160,072		$	—		$	—

Interest Rate Swap Contracts		—			10,535			—

Total	$	160,072		$	10,535		$	—

Liabilities^(a)

Futures Contracts	$	(14,487	)	$	—		$	—

Interest Rate Swap Contracts		—			(16,766	)		—

Total	$	(14,487	)	$	(16,766	)	$	—

INFLATION PROTECTED SECURITIES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

U.S. Treasury Obligations	$	507,917,819		$	—		$	—

Total	$	507,917,819		$	—		$	—

(a)

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

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INFLATION PROTECTED SECURITIES (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	619,954		$	—		$	—

Interest Rate Swap Contracts^(a)		—			597,285			—

Options Purchased		—			210,303			—

Total	$	619,954		$	807,588		$	—

Liabilities

Futures Contracts^(a)	$	(599,784	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(413,736	)		—

Written option contracts		—			(248,555	)		—

Total	$	(599,784	)	$	(662,291	)	$	—

SHORT DURATION GOVERNMENT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	374,208,859		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		622,489,343			194,473,763			—

Total	$	622,489,343		$	568,682,622		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(13,415,103	)	$	—

Total	$	—		$	(13,415,103	)	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	6,249,851		$	—		$	—

Interest Rate Swap Contracts		—			93,069			—

Total	$	6,249,851		$	93,069		$	—

Liabilities^(a)

Futures Contracts	$	(267,068	)	$	—		$	—

Interest Rate Swap Contracts		—			(121,215	)		—

Total	$	(267,068	)	$	(121,215	)	$	—

(a)

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

154

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT DURATION INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	1,627,159,419		$	—

Mortgage-Backed Obligations		—			401,098,418			—

Asset-Backed Securities		—			189,998,515			—

Foreign Debt Obligations		48,539,363			28,934,167			—

Municipal Debt Obligations		—			17,781,241			—

U.S. Treasury Obligations		94,502,411			—			—

Exchange Traded Funds		56,428,468			—			—

Investment Company		46,586,584			—			—

Short-term Investments		—			83,211,497			—

Total	$	246,056,826		$	2,348,183,257		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(1,081,710	)	$	—

Total	$	—		$	(1,081,710	)	$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	3,388,939		$	—

Futures Contracts^(a)		236,394			—			—

Interest Rate Swap Contracts^(a)		—			10,978,292			—

Credit Default Swap Contracts^(a)		—			3,101,869			—

Options Purchased		—			312,621			—

Total	$	236,394		$	17,781,721		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(2,497,680	)	$	—

Futures Contracts^(a)		(2,790,594	)		—			—

Interest Rate Swap Contracts^(a)		—			(5,259,479	)		—

Credit Default Swap Contracts^(a)		—			(148,653	)		—

Written option contracts		—			(397,198	)		—

Total	$	(2,790,594	)	$	(8,303,010	)	$	—

(a)

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

155

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT-TERM CONSERVATIVE INCOME

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	2,867,866,568	$	—

Municipal Debt Obligations		—		11,827,835		—

Investment Company		1,093,711,993		—		—

Short-term Investments		—		2,362,561,611		—

Total	$	1,093,711,993	$	5,242,256,014	$	—

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

4. INVESTMENTS IN DERIVATIVES

ENHANCED INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on futures contracts

1,699,667

^(a)

Variation margin on futures contracts

(109,462)

^(a)

GOVERNMENT INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on futures contracts; Variation margin on swap contracts; Purchased options at value

1,540,203

^(a)

Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value

(960,299)

^(a)

HIGH QUALITY FLOATING RATE

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on swap contracts; Variation margin on futures contracts

170,607

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(31,253)

^(a)

INFLATION PROTECTED SECURITIES

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value

1,427,542

^(a)

Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value

(1,262,075)

^(a)

(a)

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4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION GOVERNMENT

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on futures contracts; Variation margin on swap contracts

6,342,920

^(a)

Variation margin on futures contracts; Variation margin on swap contracts

(388,283)

^(a)

SHORT DURATION INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest

Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value

11,527,307

^(a)

Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value

(8,447,271)

^(a)

Credit

Variation margin on swap contracts; Receivable for unrealized gain on swap contracts

3,101,869

^(a)

Variation margin on swap contracts

(148,653)

^(a)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts

3,388,939

Payable for unrealized loss on forward foreign currency exchange contracts

(2,497,680)

Total

18,018,115

(11,093,604)

(a)



ENHANCED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(1,956,219	)	$	4,206,731

GOVERNMENT INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options, written options, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	1,607,914		$	1,444,144

157

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Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)



HIGH QUALITY FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) futures contracts and swap contracts	$	(128,325	)	$	465,506

INFLATION PROTECTED SECURITIES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options, written options, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	778,131		$	2,498,341

SHORT DURATION GOVERNMENT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	8,426,695		$	7,675,467

SHORT DURATION INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased option contracts, futures contracts, swap contracts and written option contracts/Net change in unrealized gain (loss) on purchased option contracts, futures contracts, swap contracts and written option contracts	$	(18,118,158	)	$	(1,267,522	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		3,624,333			4,320,610
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		89,950			1,209,696
Total		$	(14,403,875	)	$	4,262,784

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

For the year ended March 31, 2021, the relevant values for each derivative type was as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)
Fund	Futures contracts		Forward contracts		Swap Agreements		Purchased Swaptions		Written Swaptions
Enhanced Income		1,232	$	—	$	—	$	—	$	—
Government Income		615		—		35,172,500		19,878,333		57,030,000
High Quality Floating Rate		125		—		27,192,500		—		—
Inflation Protected Securities		515		—		142,657,500		14,576,667		58,225,152
Short Duration Government		4,666		—		46,115,000		—		—
Short Duration Income		2,410		452,551,564		1,151,493,853		17,269,392		117,800,805

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Funds held such derivatives during the fiscal year ended March 31, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended March 31, 2021, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate#
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.24	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.47	+
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.26			0.26
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.42
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.38			0.36
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.18	*

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

Effective July 1, 2020, the Investment Adviser agreed to waive a portion of its management fee equal to 0.03% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2021.

The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2021.

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Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended March 31, 2021, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Enhanced Income	$	65,161
Government Income		123,910
High Quality Floating Rate		—
Inflation Protected Securities		17,032
Short Duration Government		238,108
Short Duration Income		317,315
Short-Term Conservative Income		1,208,041


	Distribution and/ or Service Plan Rates
Fund	Class A*			Class C			Class R*			Service
Enhanced Income		0.15	%		—	%		—	%		—	%
Government Income		0.25			0.75			0.50			0.25
High Quality Floating Rate		0.15			—			—			0.25
Inflation Protected Securities		0.25			0.75			0.50			—
Short Duration Government		0.25			0.75			—			0.25
Short Duration Income		0.25			0.75			0.50			—
Short-Term Conservative Income		0.15			—			—			—

160

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to 0.35% of the average daily net assets attributable to Class C Shares of the respective Funds. These arrangements will remain in place through at least July 29, 2021, and from year to year thereafter, provided that such continuance is approved annually by a majority vote of the Trustees of the Trust, including a majority of the non-interested Trustees of the Trust who have no direct or indirect financial interest in these arrangements.


	Front End Sales Charge
Fund	Class A
Enhanced Income	$	—
Government Income		3,544
High Quality Floating Rate		—
Inflation Protected Securities		6,721
Short Duration Government		5,439
Short Duration Income		3,123
Short-Term Conservative Income		—

D. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Preferred, Class C or Service Shares of the Funds, as applicable. Effective September 2, 2020, the service fee accrual was shut down for Administration and Preferred Shares of the Short-Term Conservative Income Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Administration, Preferred, Institutional and Service Shares. Prior to July 1, 2020, the fees charged for such transfer agency services was 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Government Income Fund through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2020, such transfer agency fee waiver was 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund.

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Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.014% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Class C Distribution and Service Fees		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	65,161	$	—	$	21	$	138,409	$	203,591
Government Income		192,385		—		24,287		552,688		769,360
High Quality Floating Rate		—		—		20		402,087		402,107
Inflation Protected Securities		17,032		—		113		309,019		326,164
Short Duration Government		238,108		54,087		146		539,680		832,021
Short Duration Income		317,315		6,265		33		573,858		897,471
Short-Term Conservative Income		3,644,283		—		181		743,071		4,387,535

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2021, Goldman Sachs earned $24,825, $18,466, $2,505, $15,034, $86,764 and $108,407 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds, respectively.

As of March 31, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:


Fund	Administration			Preferred			Class R
Short Duration Income		—	%		—	%		6	%
Short-Term Conservative Income		100			100			—

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended March 31, 2021:


Fund	Underlying Fund	Beginning value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Ending value as of March 31, 2021		Shares as of March 31, 2021		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	609,294,846	$	(609,294,846	)	$	—		$	—		$	—		—	$	22,510
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		1,446,103		16		(1,437,030	)		(1,582	)		1,597			9,104		9,096		17
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		59,347,188		300,380,787		(304,124,048	)		—			—			55,603,927		55,603,927		64,382
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,508,731		181,838,608		(185,347,339	)		—			—			—		—		8,866
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		99,415,408		714,047,201		(813,462,609	)		—			—			—		—		81,394
Short Duration Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,637,470		1,854,739,171		(1,811,790,057	)		—			—			46,586,584		46,586,584		80,642
	Goldman Sachs Access High Yield Corporate Bond ETF		—		36,594,195		—			—			1,160,672			37,754,867		754,343		1,113,916
	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		—		18,743,466		—			—			(69,865	)		18,673,601		372,615		102,391
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		62,722,363		6,550,899,900		(5,519,910,270	)		—			—			1,093,711,993		1,093,711,993		292,602
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		198,305,267		329,170		(198,971,765	)		136,057			201,271			—		—		338,882

163

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Notes to Financial Statements (continued)

March 31, 2021

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2021, were:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Enhanced Income	$	8,900,000	$	294,883,926	$	29,230,121	$	214,590,453
Government Income		2,893,504,465		1,500,519		2,897,069,631		15,149,394
High Quality Floating Rate		36,367,803		11,439,109		32,684,176		71,753,337
Inflation Protected Securities		364,655,741		—		217,818,754		—
Short Duration Government		6,262,313,736		—		5,919,906,835		—
Short Duration Income		4,040,365,935		1,668,027,539		3,698,445,069		430,396,062
Short-Term Conservative Income		130,957,967		2,253,500,523		129,940,769		1,697,215,844

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2021 was as follows:


	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income		$6,889,394	$	3,962,933	$	1,469,838	$	4,948,454	$	11,262,719	$	31,719,919	$	32,143,647
Net long-term capital gains		—		—		—		—		—		831,615		—
Total taxable distributions	$	6,889,394	$	3,962,933	$	1,469,838	$	4,948,454	$	11,262,719	$	32,551,534	$	32,143,647
Tax return of capital	$	—	$	—	$	67,904	$	—	$	—	$	2,274,336	$	—

The tax character of distributions paid during the fiscal year ended March 31, 2020 was as follows:


	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income	$	11,382,290	$	6,395,907	$	8,510,490	$	10,178,789	$	21,340,015	$	19,222,650	$	93,762,169
Net long-term capital gains		—		—		—		—		—		—		298,685
Total taxable distributions	$	11,382,290	$	6,395,907	$	8,510,490	$	10,178,789	$	21,340,015	$	19,222,650	$	94,060,854
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	3,376,466	$	—

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7. TAX INFORMATION (continued)

As of March 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:


	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Undistributed ordinary income — net	$	722,729		$	5,254,696		$	—		$	1,198,201		$	1,457,610		$	—		$	20,288
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term		(1,826,017	)		—			(4,561,220	)		—			(12,462,678	)		—			(5,251,310	)
Perpetual Long-Term		(2,090,311	)		—			(3,972,410	)		—			(18,686,979	)		—			—
Total capital loss carryforwards	$	(3,916,328	)	$	—		$	(8,533,630	)	$	—		$	(31,149,657	)	$	—		$	(5,251,310	)
Timing differences (Income Distributions Payable, Qualified Late Year Loss Deferral/ Post October Loss Deferral and Straddle Loss Deferrals)	$	(46,211	)	$	(8,593,078	)	$	—		$	(11,899,160	)		(6,703,849	)		(20,785,799	)	$	(34,500	)
Unrealized gains (losses) — net		4,442,950			5,509,415			359,231			28,293,014			11,489,606			32,591,196			6,960,520
Total accumulated earnings (losses) net	$	1,203,140		$	2,171,033		$	(8,174,399	)	$	17,592,055		$	(24,906,290	)	$	11,805,397		$	1,694,998

(1)

The Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds utilized $2,497,113, $2,097,307, $7,787,826, $9,381,641 and $413,244, respectively, of capital losses in the current fiscal year.

As of March 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Tax Cost	$	662,069,541		$	370,814,207		$	186,049,946		$	479,863,737		$	1,185,605,487		$	2,568,855,186		$	6,329,007,487
Gross unrealized gain		5,198,425			7,268,275			613,148			29,326,319			15,428,452			41,673,697			8,387,930
Gross unrealized loss		(755,475	)		(1,758,860	)		(253,917	)		(1,033,305	)		(3,938,846	)		(9,082,501	)		(1,427,410	)
Net unrealized gains (losses)	$	4,442,950		$	5,509,415		$	359,231		$	28,293,014		$	11,489,606		$	32,591,196		$	6,960,520

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

The Short Duration Income Fund reclassed $93,412 from distributable earnings to paid in capital for the year ending March 31, 2021. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of swap transactions.

165

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Notes to Financial Statements (continued)

March 31, 2021

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls, confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

166

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8. OTHER RISKS (continued)

In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

167

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Notes to Financial Statements (continued)

March 31, 2021

10. OTHER MATTERS (continued)

11. SUBSEQUENT EVENTS

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12. SUMMARY OF SHARE TRANSACTIONS


	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		686,507		$	6,561,245			124,602		$	1,179,827
Reinvestment of distributions		11,232			106,960			24,956			235,946
Shares redeemed		(253,531	)		(2,408,937	)		(1,068,108	)		(10,105,480	)
		444,208			4,259,268			(918,550	)		(8,689,707	)
Administration Shares
Shares sold		1,239,718			11,863,312			169,751			1,604,403
Reinvestment of distributions		5,424			51,718			7,452			70,530
Shares redeemed		(215	)		(2,058	)		(23,389	)		(222,174	)
		1,244,927			11,912,972			153,814			1,452,759
Institutional Shares
Shares sold		28,808,534			275,013,838			6,191,519			58,509,132
Reinvestment of distributions		240,368			2,286,870			437,541			4,130,930
Shares redeemed		(17,262,599	)		(164,495,559	)		(13,792,687	)		(130,078,877	)
		11,786,303			112,805,149			(7,163,627	)		(67,438,815	)
Investor Shares
Shares sold		385,873			3,671,137			878,110			8,284,721
Reinvestment of distributions		10,200			96,912			19,600			184,838
Shares redeemed		(181,193	)		(1,723,073	)		(796,861	)		(7,514,242	)
		214,880			2,044,976			100,849			955,317
Class R6 Shares
Shares sold		2,378,037			22,527,484			1,415,912			13,357,325
Reinvestment of distributions		65,661			624,385			124,180			1,172,168
Shares redeemed		(3,519,367	)		(33,412,474	)		(1,920,278	)		(17,914,146	)
		(1,075,669	)		(10,260,605	)		(380,186	)		(3,384,653	)
Class P Shares
Shares sold		42,079,871			400,749,113			6,090,718			57,553,022
Reinvestment of distributions		366,105			3,486,142			439,490			4,149,291
Shares redeemed		(28,232,627	)		(269,318,396	)		(10,061,170	)		(95,137,185	)
		14,213,349			134,916,859			(3,530,962	)		(33,434,872	)

NET INCREASE (DECREASE)		26,827,998		$	255,678,619			(11,738,662	)	$	(110,539,971	)

169

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Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Government Income Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,719,223		$	26,907,861			1,073,050		$	16,108,856
Reinvestment of distributions		42,889			669,366			97,754			1,463,742
Shares redeemed		(1,679,101	)		(26,160,459	)		(2,738,715	)		(40,966,833	)
		83,011			1,416,768			(1,567,911	)		(23,394,235	)
Class C Shares
Shares sold		123,850			1,940,266			147,197			2,238,519
Reinvestment of distributions		630			9,848			2,386			35,795
Shares redeemed		(284,166	)		(4,431,364	)		(89,061	)		(1,336,974	)
		(159,686	)		(2,481,250	)		60,522			937,340
Institutional Shares
Shares sold		9,109,190			142,361,864			6,620,674			100,445,933
Reinvestment of distributions		128,694			2,006,823			174,533			2,613,161
Shares redeemed		(10,946,632	)		(171,065,536	)		(4,268,184	)		(63,937,918	)
		(1,708,748	)		(26,696,849	)		2,527,023			39,121,176
Service Shares
Shares sold		403,357			6,302,297			645,261			9,649,068
Reinvestment of distributions		18,391			286,290			42,545			635,995
Shares redeemed		(776,572	)		(12,078,129	)		(652,731	)		(9,713,238	)
		(354,824	)		(5,489,542	)		35,075			571,825
Investor Shares
Shares sold		560,270			8,772,425			494,515			7,451,097
Reinvestment of distributions		8,034			125,554			2,871			43,214
Shares redeemed		(680,274	)		(10,646,670	)		(58,640	)		(882,970	)
		(111,970	)		(1,748,691	)		438,746			6,611,341
Class R6 Shares
Shares sold		519,916			8,123,561			441,072			6,601,187
Reinvestment of distributions		8,439			131,506			12,166			182,050
Shares redeemed		(456,570	)		(7,098,872	)		(388,488	)		(5,828,140	)
		71,785			1,156,195			64,750			955,097
Class R Shares
Shares sold		381,050			5,942,078			543,890			8,196,293
Reinvestment of distributions		7,416			115,649			21,918			328,019
Shares redeemed		(646,220	)		(10,074,982	)		(747,959	)		(11,289,399	)
		(257,754	)		(4,017,255	)		(182,151	)		(2,765,087	)
Class P Shares
Shares sold		302,776			4,743,407			459,416			6,896,000
Reinvestment of distributions		12,745			198,473			17,733			265,652
Shares redeemed		(322,904	)		(5,024,928	)		(267,178	)		(4,006,978	)
		(7,383	)		(83,048	)		209,971			3,154,674

NET INCREASE (DECREASE)		(2,445,569	)	$	(37,943,672	)		1,586,025		$	25,192,131

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Quality Floating Rate Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		100,154		$	866,765			824,038		$	7,167,802
Reinvestment of distributions		3,880			33,444			22,253			193,125
Shares redeemed		(626,227	)		(5,329,431	)		(459,834	)		(3,994,571	)
		(522,193	)		(4,429,222	)		386,457			3,366,356
Institutional Shares
Shares sold		5,935,419			51,378,799			5,255,330			45,437,667
Reinvestment of distributions		28,884			249,496			102,648			891,338
Shares redeemed		(4,864,435	)		(42,115,897	)		(4,296,084	)		(37,240,868	)
		1,099,868			9,512,398			1,061,894			9,088,137
Service Shares
Shares sold		27			237			8,377			73,209
Reinvestment of distributions		10			85			146			1,277
Shares redeemed		—			—			(13,335	)		(115,966	)
		37			322			(4,812	)		(41,480	)
Investor Shares
Shares sold		122,401			1,061,551			915,021			7,912,167
Reinvestment of distributions		2,048			17,620			25,379			219,899
Shares redeemed		(414,165	)		(3,534,483	)		(1,421,190	)		(12,237,900	)
		(289,716	)		(2,455,312	)		(480,790	)		(4,105,834	)
Class R6 Shares
Shares sold		426,470			3,716,081			25,082			217,975
Reinvestment of distributions		1,673			14,487			9,082			78,951
Shares redeemed		(93,681	)		(807,407	)		(596,928	)		(5,189,884	)
		334,462			2,923,161			(562,764	)		(4,892,958	)
Class P Shares
Shares sold		6,080,840			52,765,266			8,415,654			73,233,038
Reinvestment of distributions		102,641			886,657			726,432			6,313,928
Shares redeemed		(9,390,448	)		(80,995,743	)		(35,157,694	)		(304,892,048	)
		(3,206,967	)		(27,343,820	)		(26,015,608	)		(225,345,082	)

NET DECREASE		(2,584,509	)	$	(21,792,473	)		(25,615,623	)	$	(221,930,861	)

171

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,431,948		$	38,902,637			1,978,603		$	21,068,912
Reinvestment of distributions		26,720			306,591			54,908			578,540
Shares redeemed		(2,226,196	)		(25,257,369	)		(2,358,860	)		(24,986,706	)
		1,232,472			13,951,859			(325,349	)		(3,339,254	)
Class C Shares
Shares sold		94,008			1,047,418			14,752			155,892
Reinvestment of distributions		1,035			11,672			5,191			53,519
Shares redeemed		(86,335	)		(961,471	)		(222,585	)		(2,313,340	)
		8,708			97,619			(202,642	)		(2,103,929	)
Institutional Shares
Shares sold		8,960,956			103,001,296			6,167,610			66,377,056
Reinvestment of distributions		103,505			1,200,616			244,560			2,612,342
Shares redeemed		(7,684,937	)		(88,404,965	)		(7,541,740	)		(80,898,734	)
		1,379,524			15,796,947			(1,129,570	)		(11,909,336	)
Investor Shares
Shares sold		5,929,589			67,758,203			1,568,160			16,748,401
Reinvestment of distributions		54,886			632,926			49,962			530,726
Shares redeemed		(1,952,146	)		(22,434,755	)		(661,171	)		(7,054,115	)
		4,032,329			45,956,374			956,951			10,225,012
Class R6 Shares
Shares sold		6,428,838			74,013,840			2,717,859			29,280,619
Reinvestment of distributions		76,419			885,772			102,551			1,094,951
Shares redeemed		(1,864,000	)		(21,437,842	)		(1,888,627	)		(20,269,058	)
		4,641,257			53,461,770			931,783			10,106,512
Class R Shares
Shares sold		645,838			7,267,664			904,066			9,542,983
Reinvestment of distributions		8,466			96,736			26,030			273,126
Shares redeemed		(799,727	)		(8,940,114	)		(719,395	)		(7,596,471	)
		(145,423	)		(1,575,714	)		210,701			2,219,638
Class P Shares
Shares sold		2,317,114			26,355,528			2,778,507			29,565,299
Reinvestment of distributions		46,269			536,625			232,024			2,470,173
Shares redeemed		(889,424	)		(10,062,158	)		(10,436,936	)		(111,822,851	)
		1,473,959			16,829,995			(7,426,405	)		(79,787,379	)

NET INCREASE (DECREASE)		12,622,826		$	144,518,850			(6,984,531	)	$	(74,588,736	)

172

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Government Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,692,316		$	57,024,071			5,373,313		$	52,966,227
Reinvestment of distributions		73,743			738,968			139,997			1,377,240
Shares redeemed		(4,281,453	)		(42,901,558	)		(4,840,771	)		(47,660,557	)
		1,484,606			14,861,481			672,539			6,682,910
Class C Shares
Shares sold		853,632			8,491,586			536,956			5,264,744
Reinvestment of distributions		6,503			64,727			19,772			193,191
Shares redeemed		(791,231	)		(7,870,701	)		(844,515	)		(8,245,974	)
		68,904			685,612			(287,787	)		(2,788,039	)
Institutional Shares
Shares sold		38,476,280			384,079,462			18,750,118			184,220,061
Reinvestment of distributions		455,332			4,546,020			695,220			6,817,813
Shares redeemed		(22,795,947	)		(227,457,990	)		(23,367,880	)		(229,164,383	)
		16,135,665			161,167,492			(3,922,542	)		(38,126,509	)
Service Shares
Shares sold		382,348			3,816,553			569,697			5,569,643
Reinvestment of distributions		6,313			62,964			19,873			194,581
Shares redeemed		(275,680	)		(2,748,662	)		(555,079	)		(5,430,434	)
		112,981			1,130,855			34,491			333,790
Investor Shares
Shares sold		2,674,784			26,815,447			3,741,545			36,938,076
Reinvestment of distributions		43,437			435,568			69,398			683,308
Shares redeemed		(2,707,097	)		(27,137,998	)		(2,943,420	)		(29,051,462	)
		11,124			113,017			867,523			8,569,922
Class R6 Shares
Shares sold		1,210,169			12,086,008			841,480			8,298,018
Reinvestment of distributions		15,938			159,159			13,261			130,094
Shares redeemed		(823,772	)		(8,227,718	)		(207,302	)		(2,038,804	)
		402,335			4,017,449			647,439			6,389,308
Class P Shares
Shares sold		19,703,647			196,620,829			6,625,222			64,899,293
Reinvestment of distributions		445,377			4,446,043			1,002,183			9,818,952
Shares redeemed		(20,263,891	)		(202,287,699	)		(22,404,290	)		(219,464,876	)
		(114,867	)		(1,220,827	)		(14,776,885	)		(144,746,631	)

NET INCREASE (DECREASE)		18,100,748		$	180,755,079			(16,765,222	)	$	(163,685,249	)

173

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		7,346,750		$	75,292,102			1,006,723		$	10,044,486
Reinvestment of distributions		80,674			825,741			24,100			239,799
Shares redeemed		(767,493	)		(7,847,234	)		(703,715	)		(6,917,607	)
		6,659,931			68,270,609			327,108			3,366,678
Class C Shares
Shares sold		204,916			2,101,081			70,197			698,273
Reinvestment of distributions		2,370			24,196			3,420			34,044
Shares redeemed		(87,876	)		(894,013	)		(113,366	)		(1,117,650	)
		119,410			1,231,264			(39,749	)		(385,333	)
Institutional Shares
Shares sold		28,121,177			288,700,675			7,550,417			74,999,885
Reinvestment of distributions		193,687			1,984,052			155,185			1,547,838
Shares redeemed		(6,120,044	)		(62,642,885	)		(7,440,031	)		(74,100,461	)
		22,194,820			228,041,842			265,571			2,447,262
Investor Shares
Shares sold		3,048,495			31,257,537			4,618,746			45,998,772
Reinvestment of distributions		25,886			265,221			50,286			501,842
Shares redeemed		(1,004,612	)		(10,291,540	)		(4,383,127	)		(43,501,301	)
		2,069,769			21,231,218			285,905			2,999,313
Class R6 Shares
Shares sold		771,298			7,864,878			32,799			327,375
Reinvestment of distributions		10,925			112,018			3,679			36,655
Shares redeemed		(112,141	)		(1,148,046	)		(52,075	)		(518,233	)
		670,082			6,828,850			(15,597	)		(154,203	)
Class R Shares
Shares sold		270,015			2,775,581			2,408			24,040
Reinvestment of distributions		1,838			18,891			300			2,991
Shares redeemed		(268,040	)		(2,771,192	)		(850	)		(8,515	)
		3,813			23,280			1,858			18,516
Class P Shares
Shares sold		214,563,569			2,193,098,631			36,970,814			368,351,465
Reinvestment of distributions		3,068,323			31,402,380			1,993,763			19,875,283
Shares redeemed		(89,525,895	)		(917,367,833	)		(27,031,299	)		(268,622,567	)
		128,105,997			1,307,133,178			11,933,278			119,604,181

NET INCREASE		159,823,822		$	$1,632,760,241			12,758,374		$	127,896,414

174

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		16,307,415		$	163,831,667			7,715,050		$	77,516,019
Reinvestment of distributions		39,046			392,428			108,966			1,093,936
Shares redeemed		(8,545,439	)		(85,987,966	)		(8,532,146	)		(85,532,994	)
		7,801,022			78,236,129			(708,130	)		(6,923,039	)
Administration Shares
Shares sold		3,807			37,888			102,576			1,030,756
Reinvestment of distributions		286			2,862			1,617			16,229
Shares redeemed		(107,187	)		(1,078,301	)		(91,804	)		(921,717	)
		(103,094	)		(1,037,551	)		12,389			125,268
Preferred Shares
Reinvestment of distributions		18			185			61			614
		18			185			61			614
Institutional Shares
Shares sold		294,511,957			2,966,491,798			200,312,422			2,013,343,633
Reinvestment of distributions		1,118,156			11,241,129			3,026,963			30,390,073
Shares redeemed		(186,168,577	)		(1,873,704,607	)		(138,597,775	)		(1,387,990,290	)
		109,461,536			1,104,028,320			64,741,610			655,743,416
Investor Shares
Shares sold		20,375,798			204,988,191			20,979,266			210,745,806
Reinvestment of distributions		79,503			799,305			163,480			1,640,862
Shares redeemed		(20,232,410	)		(203,757,282	)		(12,588,448	)		(125,824,881	)
		222,891			2,030,214			8,554,298			86,561,787
Class R6 Shares
Shares sold		7,938,481			80,019,849			95,862,431			964,281,503
Reinvestment of distributions		205,664			2,068,084			1,152,079			11,579,195
Shares redeemed		(5,260,764	)		(53,010,522	)		(110,653,008	)		(1,112,841,737	)
		2,883,381			29,077,411			(13,638,498	)		(136,981,039	)
Class P Shares
Shares sold		309,913,065			3,117,152,461			223,664,416			2,246,900,593
Reinvestment of distributions		1,675,142			16,830,884			4,566,634			45,809,114
Shares redeemed		(196,039,752	)		(1,971,408,653	)		(236,490,139	)		(2,366,444,340	)
		115,548,455			1,162,574,692			(8,259,089	)		(73,734,633	)

NET INCREASE		235,814,209		$	2,374,909,400			50,702,641		$	524,792,374

175

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

176

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited)

As a shareholder of Class A, Class C, Administration, Preferred, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Administration, Preferred, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2020 through March 31, 2021, which represents a period of 182 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.


	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*

Class A
Actual	$	1,000.00	$	1,004.90		$	2.85	$	1,000.00	$	968.20		$	4.02	$	1,000.00	$	1,005.30		$	2.95	$	1,000.00	$	997.80		$	3.34
Hypothetical 5% return		1,000.00		1,022.09	+		2.87		1,000.00		1,020.84	+		4.13		1,000.00		1,021.99	+		2.97		1,000.00		1,021.59	+		3.38
Class C
Actual		—		—			—		1,000.00		964.60			7.69		—		—			—		1,000.00		994.50			7.06
Hypothetical 5% return		—		—			—		1,000.00		1,017.10	+		7.90		—		—			—		1,000.00		1,017.85	+		7.14
Administration
Actual		1,000.00		1,004.80			2.95		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,021.99	+		2.97		—		—			—		—		—			—		—		—			—
Institutional
Actual		1,000.00		1,007.10			1.70		1,000.00		969.00			2.50		1,000.00		1,006.40			1.80		1,000.00		999.40			1.69
Hypothetical 5% return		1,000.00		1,023.24	+		1.72		1,000.00		1,022.39	+		2.57		1,000.00		1,023.14	+		1.82		1,000.00		1,023.24	+		1.72
Service
Actual		—		—			—		1,000.00		967.20			4.95		1,000.00		1,004.40			4.40		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.90	+		5.09		1,000.00		1,020.54	+		4.43		—		—			—
Investor
Actual		1,000.00		1,006.70			2.10		1,000.00		968.70			2.80		1,000.00		1,006.10			2.20		1,000.00		999.10			2.09
Hypothetical 5% return		1,000.00		1,022.84	+		2.12		1,000.00		1,022.09	+		2.87		1,000.00		1,022.74	+		2.22		1,000.00		1,022.84	+		2.12
Class R6
Actual		1,000.00		1,007.20			1.65		1,000.00		969.60			2.46		1,000.00		1,007.70			1.75		1,000.00		1,000.30			1.65
Hypothetical 5% return		1,000.00		1,023.29	+		1.66		1,000.00		1,022.44	+		2.52		1,000,00		1,023.19	+		1.77		1,000.00		1,023.29	+		1.66
Class R
Actual		—		—			—		1,000.00		966.90			5.25		—		—			—		1,000.00		996.50			4.58
Hypothetical 5% return		—		—			—		1,000.00		1,019.60	+		5.39		—		—	+		—		1,000.00		1,020.34	+		4.63
Class P
Actual		1,000.00		1,007.20			1.65		1,000.00		969.60			2.46		1,000.00		1,006.50			1.75		1,000.00		999.50			1.65
Hypothetical 5% return		1,000.00		1,023.29	+		1.66		1,000.00		1,022.44	+		2.52		1,000.00		1,023.19	+		1.77		1,000.00		1,023.29	+		1.66

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


Fund	Class A			Class C			Administration			Institutional			Service			Investor			Class R6			Class R			Class P
Enhanced Income		0.57	%		—	%		0.59	%		0.34	%		—	%		0.42	%		0.33	%		—	%		0.33	%
Government Income		0.82			1.57			—			0.51			1.01			0.57			0.50			1.07			0.50
High Quality Floating Rate		0.59			—			—			0.36			0.38			0.44			0.35			—			0.35
Inflation Protected Securities		0.67			1.42			—			0.34			—			0.42			0.33			0.92			0.33

177

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited) (continued)


	Short Duration Government Fund							Short Duration Income Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*

Class A
Actual	$	1,000.00	$	1,001.50		$	3.89	$	1,000.00	$	999.50		$	3.69	$	1,000.00	$	1,000.90		$	2.19
Hypothetical 5% return		1,000.00		1,021.04	+		3.93		1,000.00		1,021.24	+		3.73		1,000.00		1,022.74	+		2.22
Class C
Actual		1,000.00		999.50			5.88		1,000.00		998.50			5.68		—		—			—
Hypothetical 5% return		1,000.00		1,019.05	+		5.94		1,000.00		1,019.25	+		5.74		—		—			—
Administration
Actual		—		—			—		—		—			—		1,000.00		1,001.10			1.15
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,022.59	+		1.16
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,002.10			1.05
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.88	+		1.06
Institutional
Actual		1,000.00		1,003.10			2.25		1,000.00		1,002.10			2.05		1,000.00		1,001.10			1.05
Hypothetical 5% return		1,000.00		1,022.69	+		2.27		1,000.00		1,022.89	+		2.07		1,000.00		1,023.88	+		1.06
Service
Actual		1,000.00		1,000.60			4.74		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.19	+		4.78		—		—			—		—		—			—
Investor
Actual		1,000.00		1,003.70			2.65		1,000.00		1,000.70			2.44		1,000.00		1,000.70			1.45
Hypothetical 5% return		1,000.00		1,022.29	+		2.67		1,000.00		1,022.49	+		2.47		1,000.00		1,023.49	+		1.46
Class R6
Actual		1,000.00		1,003.20			2.20		1,000.00		1,001.20			2.00		1,000.00		1,002.10			1.00
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,022.94	+		2.02		1,000.00		1,023.93	+		1.01
Class R
Actual		—		—			—		1,000.00		998.20			4.93		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,020.00	+		4.99		—		—			—
Class P
Actual		1,000.00		1,003.20			2.20		1,000.00		1,001.20			2.00		1,000.00		1,002.10			1.00
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,022.94	+		2.02		1,000.00		1,023.93	+		1.01

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


Fund	Class A			Class C			Administration			Preferred			Institutional			Service			Investor			Class R6			Class R			Class P
Short Duration Government		0.78	%		1.18	%		—	%		—	%		0.45	%		0.95	%		0.53	%		0.44	%		—	%		0.44	%
Short Duration Income		0.74			1.14			—			—			0.41			—			0.49			0.40			0.99			0.40
Short-Term Conservative		0.44			—			0.23			0.21			0.21			—			0.29			0.20			—			0.20

178

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

179

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 72	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Dwight L. Bush Age: 64	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Kathryn A. Cassidy Age: 67	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Joaquin Delgado Age: 61	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust	105	Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

180

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	161	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2021.

⁴

181

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2021.

Short Duration and Government Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $4,948,454 as interest-related dividends paid during the fiscal year ended March 31, 2021.

Pursuant to Section 871(k) of the Internal Revenue Code, the Short Duration Income Fund designates $2,049,807 as short-term capital gain dividends paid during the fiscal year ended March 31, 2021.

Pursuant to Section 852 of the Internal Revenue Code, the Short Duration Income Fund designates $831,615 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended March 31, 2021.

For the fiscal year ended March 31, 2021, the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds’ designate 98.80%, 100%, 87.03%, 100%, 100%, 100% and 100% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

182

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.20 trillion in assets under supervision as of March 31, 2021, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund

∎

Emerging Markets Equity Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Defensive Equity Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁶

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Strategic Volatility Premium Fund

∎

Target Date Retirement Portfolio

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

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

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

Goldman Sachs Funds

LOGO



Annual Report				March 31, 2021

				Single Sector Fixed Income Funds
				Emerging Markets Debt
				High Yield
				High Yield Floating Rate
				Investment Grade Credit
				Local Emerging Markets Debt
				U.S. Mortgages

LOGO

Goldman Sachs Single Sector Fixed Income Funds

∎

EMERGING MARKETS DEBT

∎

HIGH YIELD

∎

HIGH YIELD FLOATING RATE

∎

INVESTMENT GRADE CREDIT

∎

LOCAL EMERGING MARKETS DEBT

∎

U.S. MORTGAGES


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Analysis			3

Fund Basics			6

Schedules of Investments			35

Financial Statements			115

Financial Highlights			122

Emerging Markets Debt			122

High Yield			128

High Yield Floating Rate			136

Investment Grade Credit			143

Local Emerging Markets Debt			149

U.S. Mortgages			155

Notes to the Financial Statements			161

Report of Independent Registered Public Accounting Firm			197

Other Information			199



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

MARKET REVIEW

Looking Ahead

FUND RESULTS

Goldman Sachs Emerging Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 19.75%, 18.76%, 19.99%, 20.02%, 20.12% and 20.12%, respectively. These returns compare to the 16.00% average annual total return of the Fund’s benchmark, the J.P. Morgan Emerging Market Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

External emerging markets debt broadly recorded gains during the first nine months of the Reporting Period, as sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) tightened. The tightening was driven by the global economic recovery, which emerged as COVID-19 restrictions were eased, fiscal and monetary policy support was sustained, and investors saw progress on the vaccine front. The sector was also helped by improving crude oil and commodity prices. During the last three months of the Reporting Period, external emerging markets debt posted negative returns, with sovereign spreads widening slightly. Although the sector benefited from a favorable macro backdrop, it was hurt by rising global interest rates.

During the Reporting Period overall, external emerging markets debt, as represented by the Index, recorded a return of 16.00%, with the highest quality sectors of the Index significantly outperforming the lower quality sectors. Sovereign spreads tightened by approximately 272 basis points, ending the Reporting Period 354 basis points wider than U.S. Treasury securities. The best performing emerging external debt markets in the Index (in U.S. dollar terms¹) were Angola (+169.96%), Gabon (+66.97%) and Nigeria (+57.83%). The worst performing countries were Lebanon (-37.07%), Belize (-23.97%) and Suriname (-0.81%).

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

During the Reporting Period, the Fund outperformed the Index, driven by its sector positioning within emerging markets corporate bonds and sovereign emerging markets bonds. The Fund was also helped by issue selection among external bonds, local emerging markets debt and emerging markets corporate bonds. In addition, our active currency management (which is primarily accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies) added broadly to relative returns. Conversely, the Fund was hampered by its U.S. duration positioning strategy. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

The Fund benefited during the Reporting Period from its long beta exposure (that is, the Fund’s broad overweight versus the Index) to emerging markets corporate bonds and sovereign emerging markets bonds, as investor risk appetite normalized after March 2020 and sovereign spreads

All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

FUND RESULTS

tightened dramatically on the back of a strong global economic recovery and accommodative global monetary and fiscal policy. An overweight relative to the Index in Ecuadorian external bonds added significantly to performance. Ecuador successfully completed a debt restructuring during the Reporting Period, leading to an agreement with the International Monetary Fund. An overweight in the external bonds of Angola, an oil exporter with improving fundamentals due to rising crude oil prices, further bolstered the Fund’s relative performance. These positive contributors were partially offset by the detracting effects of the Fund’s overweight in Dominican Republic external bonds, as the country suffered from a decline in tourism during the Reporting Period, as well as an overweight position in Egyptian external bonds.

The Fund benefited from its exposure to Mexican, Brazilian and Dominican Republic local interest rates. Conversely, the Fund’s exposure to Chinese local interest rates detracted from relative performance. In terms of individual issue selection, the Fund was helped by its overweight positions compared to the Index in the corporate bonds of Sasol Limited, a South African integrated energy and chemicals company; Samarco Mineração S.A., a Brazilian mining company; and Digicel, a Caribbean mobile phone network and home entertainment provider. Conversely, overweights in the corporate bonds of Mexico City Airport Trust and in the quasi-sovereign bonds of Venezuela’s state-owned oil and natural gas company Petroleos de Venezuela detracted from relative returns.

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

The Fund’s U.S. duration positioning strategy detracted from relative performance during the Reporting Period. During the first nine months of the Reporting Period, the Fund benefited from its long duration position relative to the Index. However, this positioning hurt performance in the last three months of the Reporting Period when long-term interest rates rose substantially. (The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) The Fund’s U.S. yield curve positioning strategy did not have a material impact on relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

During the Reporting Period, the Fund invested in U.S. Treasury futures, swap futures, interest rate swaps, credit default swaps, currency forwards and forward foreign currency exchange contracts. U.S. Treasury futures were used to manage U.S. interest rate duration and hedge the risk of changes in U.S. interest rates. Swap futures and interest rate swaps were used to express our views on the direction of a country’s interest rates. Credit default swaps were utilized to implement specific credit-related investment strategies. Currency forwards and forward foreign currency exchange contracts were employed for hedging purposes or to express a positive view on a given currency. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures had a negative impact on its performance. Collectively, the use of currency forwards and forward foreign currency exchange contracts had a slightly negative impact on returns. The Fund’s use of interest rate swaps and credit default swaps each contributed positively to performance. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

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

Among positions in external bonds, we reduced the Fund’s underweights versus the Index in China and Panama. We increased its overweight in Mexican external debt and decreased its overweight in Ukrainian external debt. We established overweight positions in Colombia and Thailand external bonds. In addition, we eliminated the Fund’s overweights in Israeli, Ghanaian and South African external bonds, shifting to rather neutral positions versus the Index. Regarding local interest rates, we reduced the Fund’s exposure to China, South Africa, Brazil, South Korea and Mexico. We increased the Fund’s exposure to Polish local interest rates during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

Regionally, at the end of the Reporting Period, the Fund held overweight positions compared to the Index in Central and Eastern Europe. It was underweight Latin American and Asian sovereign and quasi-sovereign emerging markets

FUND RESULTS

bonds and overweight Latin American emerging markets corporate bonds. Regarding local interest rates, the Fund had exposure to Mexico and Paraguay and no exposure to Kazakhstan and Chile at the end of the Reporting Period. In terms of its currency exposures, the Fund held positions in what we considered pro-cyclical G10 currencies, such as the Australian dollar and the New Zealand dollar, and in select emerging markets currencies, including the Singapore dollar, Taiwanese dollar and Chinese yuan, that stand to benefit, in our view, from improving global economic growth. (Also known as Group of 10, the G10 are actually 11 industrialized nations that have similar economic interests. Members include Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the U.K. and the U.S.)

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we believed the global fiscal stimulus and the accommodative monetary stances of central banks, along with COVID-19 vaccine-driven economic growth improvements, had created a supportive backdrop for risk assets broadly and for emerging markets debt specifically. Although rising U.S. interest rates could damage investor risk appetite and potentially lead to investment outflows, the susceptibility of emerging markets debt to this dynamic is, in our opinion, a function of how dependent emerging markets countries are on capital inflows relative to their external vulnerabilities. At the end of the Reporting Period, we thought emerging markets debt had a very low level of such vulnerability, as the current account surplus of emerging markets countries collectively was the largest in more than 15 years. Additionally, at the end of the Reporting Period, the deterioration of emerging markets corporate fundamentals, as measured by net leverage, was less than it had been in 2015, largely because of strong company management, in our view. Broadly speaking, we expected emerging markets corporate fundamentals to recover to pre-COVID-19 levels during 2021.

Unlike the response to the global financial crisis, when emerging markets policymakers overstimulated their domestic economies and created financial imbalances, the policy reaction to the COVID-19 pandemic has been largely defensive. Accordingly, at the end of the Reporting Period, we anticipated that strong consumer demand, especially in the U.S., would provide a conducive external demand environment for emerging markets countries, boosting their exports and kick-starting a new capital expenditure cycle. That said, we thought the recovery of tourism-dependent emerging economies was likely to lag the recovery of emerging economies fueled by crude oil or domestic consumption. In addition, we expected COVID-19 vaccine rollouts to vary across emerging markets countries. Finally, despite their positive performance during the Reporting Period, we believed emerging markets sovereign debt and emerging markets corporate bonds continued to offer attractive yields relative to U.S. corporate bonds, which should be appealing for investors seeking yield, in our view.

With all of the above in mind, we were aware at the end of the Reporting Period of persistent, broad uncertainty about the outcome of the COVID-19 pandemic. Consequently, we believed price dislocations within the emerging markets debt sector could provide an opportunity for active management to outperform the Index. Credit selection remained critical, in our opinion, as we thought there was ongoing potential for idiosyncratic events. That said, we thought the global economic growth outlook was virus-dependent and was subject to considerable uncertainty in the near term, though the policy backdrop was accommodative.

Among countries, we had constructive views at the end of the Reporting Period on Mexico and Paraguay. In Mexico, the trade balance and current account had improved due to a sharp decrease in imports. The external sector was leading the country’s recovery, particularly through exports to China. On the other hand, Mexico had been severely affected by the COVID-19 pandemic, with the economic shock larger than in comparable countries, amplified by tight fiscal policy. Although we thought a credit downgrade was likely in the medium term, we did not expect Mexico to lose its investment grade status during 2021. As for Paraguay, we believed its government was fiscally prudent, as evidenced by the reported budget surpluses every year since 2005. Additionally, Paraguay’s debt burden was low. We had less favorable views of Kazakhstan and Chile at the end of the Reporting Period. In Kazakhstan, a low government debt-to-Gross Domestic Product (“GDP”) ratio and a backstop of foreign exchange reserves and sovereign wealth fund assets were supportive, but we were concerned about the country’s use of central bank financing. In Chile, the fiscal deficit had increased considerably, and we expected fiscal consolidation to occur, which was likely to weigh on economic activity going forward, in our view. Furthermore, Chile’s economy experienced a sharper contraction in GDP during the COVID-19 pandemic than it did during the global financial crisis in large part because of a substantial decline in domestic consumption, which we expected to deteriorate further.

FUND BASICS

Emerging Markets Debt Fund

as of March 31, 2021


TOP TEN COUNTRY ALLOCATION¹

	Percentage of Net Assets

	As of 3/31/21			As of 3/31/20

Mexico		6.6	%		5.1	%
Turkey		4.8			5.1
Indonesia		4.0			6.4
Egypt		3.8			3.5
Ukraine		3.3			4.0
Colombia		3.1			0.0
United Arab Emirates		3.1			2.8
Dominican Republic		3.0			4.3
Paraguay		2.8			3.0
Guatemala		2.0			2.6
Other		50.6			50.8

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 5.5% as of 3/31/21 and 6.1% as of 3/31/20 . The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBI^SM Global Diversified Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	19.75%	3.80%	4.81%	—
Including sales charges	14.34%	2.85%	4.33%	—

Class C
Excluding contingent deferred sales charges	18.76%	3.03%	4.03%	—
Including contingent deferred sales charges	17.73%	3.03%	4.03%	—

Institutional	19.99%	4.14%	5.16%	—

Investor	20.02%	4.08%	5.08%	—

Class R6 (Commenced July 31, 2015)	20.12%	4.16%	N/A	4.45%

Class P (Commenced April 20, 2018)	20.12%	N/A	N/A	2.74%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs High Yield Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges of 23.07%, 22.12%, 23.34%, 22.80%, 23.34%, 23.32%, 22.57% and 23.35%, respectively. These returns compare to the 23.65% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (the “Index”), during the same time period.

What economic and market factors most influenced the high yield corporate bond market as a whole during the Reporting Period?

During the second quarter of 2020, when the Reporting Period started, high yield corporate bonds generated positive returns, as the increasing stimulus of global central banks, stabilizing crude oil prices, rising demand for the sector and easing of COVID-19-related lockdowns suggested global economic activity was set to recover. High yield corporate bonds extended their positive momentum at the beginning of the third calendar quarter, benefiting from continued accommodative monetary and fiscal policies around the world, the global search for yield in the low interest rate environment and the improving credit quality of high yield corporate bonds in general. However, in the latter part of that quarter, increasing investor concerns about a second wave of COVID-19 infections, a rise in crude oil price volatility and uncertainty about the then-upcoming U.S. elections tempered risk sentiment. During the fourth quarter of 2020, high yield corporate bonds produced gains, fueled by positive COVID-19 vaccine developments, resolution of the U.S. elections and passage of a new U.S. federal fiscal stimulus package. In addition, the sector benefited from improving global economic conditions, which drove a cyclical rotation into high yield corporate bonds, as well as from strong investor demand for yield and stabilizing crude oil prices. High yield corporate bonds started 2021 on a strong note amid better than market expected corporate earnings releases, continued demand for yield, optimism about COVID-19 vaccines, rallying crude oil prices and the announcement of an additional $1.9 trillion in U.S. fiscal stimulus. However, increased interest rate volatility and the resulting investment outflows from high yield corporate bond mutual funds dampened market sentiment during the second half of the first calendar quarter.

For the Reporting Period overall, the high yield corporate bond market posted double-digit gains, with C-rated and D-rated credits significantly outperforming higher quality B-rated credits. Option adjusted spreads tightened approximately 571 basis points, ending the Reporting Period at 311 basis points. (The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. A basis point is 1/100^th of a percentage point.)

In terms of issuance, approximately $535.6 billion of new high yield corporate bonds were priced during the Reporting Period, with refinancing the primary use of the proceeds. As for demand, high yield corporate bond mutual funds received approximately $66.3 billion of investment inflows during the first nine months of the Reporting Period. Investment flows were negative during the final three months of the Reporting Period, with $10.3 billion withdrawn from high yield corporate bond mutual funds in the first quarter of 2021.¹

Source: J.P. Morgan, Bloomberg Finance, L.P., Lipper FMI.

FUND RESULTS

The default rate for high yield corporate bonds rose during the Reporting Period. The 12-month par-weighted default high yield corporate bond rate through March 31, 2021 was 4.80%, as compared to 3.35% on March 31, 2020.²

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

During the Reporting Period, the Fund recorded strong double-digit positive absolute returns but slightly underperformed the Index due in part to sector positioning. Individual issue selection added to relative returns. The Fund also benefited from its credit quality positioning.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

Within its sector positioning, the Fund was hurt by underweights compared to the Index in energy and in retail and apparel. Overweight positions in technology and building materials also detracted from relative returns. Conversely, the Fund was aided by underweights in cellular and non-cellular telecommunications and in health care. Additionally, an overweight in gas distribution utilities added to the Fund’s relative performance during the Reporting Period.

Regarding individual issue selection, the Fund was helped by overweight positions in Summit Midstream Partners, LP, an energy master limited partnership focused on natural gas and crude oil production, and Scientific Games, which provides gambling products and services to lottery, gambling, social and digital organizations worldwide. An underweight in managed care provider Centene contributed positively. On the negative side, the Fund was hampered by an underweight in Western Midstream Operating, L.P., which owns, acquires and develops midstream³ energy assets. Overweight positions in movie theater chain AMC Entertainment and vehicle maker Ford Motor Company also detracted from relative performance.

In addition, the Fund’s long market beta positioning (that is, the Fund’s broad overweight relative to the Index in riskier securities) bolstered performance. An overweight in CCC-rated high yield corporate bonds was also advantageous. These results were partially offset by the Fund’s modest cash position and its overweight in B-rated high yield corporate bonds, which detracted from relative results during the Reporting Period.

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

During the Reporting Period, the Fund’s duration and yield curve positioning strategies did not have a material impact on performance. (The duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

To manage the beta of the Fund on an active basis, the Fund employed total return swaps as well as a specialized index of credit default swaps (“CDX”) during the Reporting Period. CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. We utilize CDX contracts as a way to gain credit exposure by being short credit protection when the Fund experiences significant cash inflows. In addition, the Fund employed U.S. Treasury futures to facilitate specific duration and yield curve strategies. Swap futures were used to express our views on the direction of interest rates. Finally, to hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed currency forwards. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the use of total return swaps and CDX each had a positive impact on the Fund’s performance, while the use of U.S. Treasury futures and currency forwards each had a negative impact. The use of swap futures had a neutral impact on the Fund’s performance during the Reporting Period.

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

We increased the Fund’s exposures to autos and gaming during the second quarter of 2020, as we thought these

Source: J.P. Morgan, Moody’s Investors Service.

The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

FUND RESULTS

market segments might benefit from pent-up consumer demand. In the third calendar quarter, we added to the Fund’s positions in BB-rated high yield corporate bonds, taking advantage of then-recent underperformance as well as new issue supply. In addition, we reduced the size of the Fund’s underweight relative to the Index in energy by adding exposure to “fallen angels” (or investment grade corporate bonds downgraded to high yield status) that we believed had the flexibility to navigate a lower crude oil price environment. During the fourth quarter of 2020, we added further to the Fund’s holdings of BB-rated high yield corporate bonds. We also increased exposure to certain higher quality, pro-cyclical COVID-19-exposed issuers within autos, airlines, gaming and leisure that, in our opinion, could benefit from renewed consumer demand and were trading at what we saw as attractive valuations. In the first quarter of 2021, we sought to take advantage of cyclical opportunities within chemicals to increase the Fund’s exposure to that market segment, with a focus on specialty chemical providers rather than commodity producers due to upward trends in feedstock costs. Finally, we increased the Fund’s exposure to market segments, such as energy and gas distribution utilities, that we believed stood to benefit from improving crude oil prices.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 29, 2021, Lori Pomerantz and Ashish Shah became portfolio managers for the Fund. Robert Magnuson continued to serve as a portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund maintained its long market beta positioning. Its largest overweight positions relative to the Index were banks and mortgage servicers. The Fund was also overweight in building materials and technology. In addition, we continued to favor market segments, including energy and gas distribution utilities, that may benefit from higher crude oil prices. Overall, at the end of the Reporting Period, the Fund remained underweight market segments facing secular declines, such as health care and retail and apparel.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we maintained a positive outlook for high yield corporate bonds, as we believed the sector would benefit from investors’ continued search for yield, recovering crude oil prices, tailwinds for corporate fundamentals from renewed economic growth, accommodative central bank policies and strong capital market access for companies. While we recognized that option adjusted spreads had compressed considerably during the Reporting Period, we believed the sector still provided attractive return opportunities compared to other risk assets. We were mindful of the potential for increased volatility in the near term due to hawkish monetary policy expectations or an escalation in COVID-19 infections globally. (Hawkish tends to suggest higher interest rates; opposite of dovish.) That said, we believed the market volatility seen during the Reporting Period had created attractive opportunities in secondary markets, particularly in high yield corporate bonds that were trading at discounts to par due to the increase in U.S. Treasury yields.

Overall, the Fund’s positioning at the end of the Reporting Period reflected our focus on issuers with diversified product profiles, resilient balance sheets and an ability to absorb a short-term rise in interest rates. More broadly, we had a preference for higher quality, high coupon bonds that offered good convexity. (Convexity is a measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes.) In our experience, bonds with these characteristics have been more resilient in volatile interest rate environments. Additionally, at the end of the Reporting Period, we were focusing on identifying potential “rising star” candidates. (A rising star is a bond rated as high yield but that could become investment grade because of improvements in the issuing company’s credit quality.) We also maintained our positive view on longer maturity fallen angels because of their greater convexity and call protection and on the intermediate maturity debt of legacy high yield issuers. (Call protection is a provision of some bonds that prohibits the issuer from buying it back for a specified period of time.)

In terms of sector positioning at the end of the Reporting Period, the Fund remained overweight relative to the Index in banks and mortgage servicers because of their strong cash flow business models and the tailwind of robust mortgage origination volumes. We maintained the Fund’s exposure to

FUND RESULTS

specialty chemical providers. The Fund was overweight in building materials where we have seen strong earnings due to cost controls and increasing revenues. The Fund was overweight in technology; the Index includes more high growth issuers than it did in the past. We continued to favor market segments that could benefit from higher crude oil prices, such as energy and gas distribution utilities. In addition, we found attractive opportunities among exploration and production issuers, as we believed recent consolidation had led to potential synergies and benefits from building scale. The Fund remained underweight market segments, such as health care and retail and apparel, that face secular declines. Health care, in particular, has a number of idiosyncratic challenges, including litigation, pricing legislation and heightened regulatory scrutiny, in our view. Retail and apparel companies must deal with the transition from brick and mortar stores to e-commerce. Finally, at the end of the Reporting Period, we were cautious about home construction despite recent solid demand, as that market segment was trading at tight spreads, generally has a higher correlation to interest rates than other market segments and was experiencing rising input costs.

FUND BASICS

High Yield Fund

as of March 31, 2021


TOP TEN ISSUERS AS OF 3/31/21¹

Company	% of Net Assets			Line of Business

Kraft Heinz Foods Co. (BB+/Baa3)		0.7	%	Food & Drug Retailing
Bausch Health Americas, Inc. (B/B3)		0.7		Pharmaceuticals
Occidental Petroleum Corp. (BB-/Ba2)		0.7		Oil Field Services
CSC Holdings LLC (B/B3)		0.6		Media
Sprint Corp. (BB/B1)		0.6		Telecommunication Services
iShares Broad USD High Yield Corporate Bond ETF (NR/NR)		0.5		Exchange-Traded Fund
Beacon Roofing Supply, Inc. (B-/Caa1)		0.5		Retailing
Intelsat Jackson Holdings SA (NR/WR)		0.5		Telecommunication Services
TransDigm, Inc. (B-/B3)		0.4		Aerospace & Defense
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)		0.4		Insurance

The top 10 holdings may not be representative of the Fund’s future investments.


TOP TEN INDUSTRY ALLOCATION²

	Percentage of Net Assets

	as of 3/31/21			as of 3/31/20

Oil Field Services		7.2	%		3.6	%
Telecommunication Services		6.4			7.7
Media		6.4			9.7
Pipelines		4.7			3.7
Automotive		4.7			3.1
Food & Drug Retailing		4.5			4.7
Retailing		4.0			4.4
Healthcare Providers & Services		3.6			3.9
Diversified Financial Services		3.6			4.5
Chemicals		3.3			0.0
Others		44.3			47.4

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies, and securities lending reinvestment vehicle of 6.0% as of 3/31/21 and investments in exchange-traded funds and other investment companies of 3.7% as of 3/31/20. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS HIGH YIELD FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (with distributions reinvested) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	23.07%	6.67%	5.17%	—
Including sales charges	17.48%	5.71%	4.69%	—

Class C
Excluding contingent deferred sales charges	22.12%	5.88%	4.39%	—
Including contingent deferred sales charges	21.07%	5.88%	4.39%	—

Institutional	23.34%	6.99%	5.51%	—

Service	22.80%	6.46%	4.99%	—

Investor	23.34%	6.94%	5.44%	—

Class R6 (Commenced July 31, 2015)	23.32%	7.00%	N/A	5.14%

Class R	22.57%	6.38%	4.89%	—

Class P (Commenced April 20, 2018)	23.35%	N/A	N/A	5.75%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs High Yield Floating Rate Fund

Investment Objective

The Fund seeks a high level of current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

High yield loans generated positive returns during the second quarter of 2020, as governments eased COVID-19-related restrictions, supporting investor expectations that global economic activity should gradually recover from its pandemic-induced decline. Nevertheless, investment outflows from high yield loan mutual funds were persistent, albeit at a slower pace than they had been earlier in the calendar year. During the third quarter of 2020, high yield loans posted gains as COVID-19 containment measures were relaxed and policy support helped the global economy sprint forward. Investment outflows decelerated. High yield loans continued to produce positive returns during the fourth calendar quarter amid investor optimism about fiscal stimulus measures and development of COVID-19 vaccines. Following negative investment flows during October and November 2020, high yield loan mutual funds saw a month of positive flows during December, the first month of inflows since September 2018. High yield loans added to their gains during the first quarter of 2021, bolstered by rising interest rates and strong momentum in global economic growth. Investment flows were positive throughout the quarter.

For the Reporting Period overall, high yield loans recorded strongly positive returns. High yield loan spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) narrowed by 525 basis points, ending the Reporting Period at 449 basis points.¹ (A basis point is 1/100^th of a percentage point.)

In terms of issuance, approximately $410 billion in new high yield loans were brought to market during the Reporting Period. Gross new loan volume rose during each quarter, with the first quarter of 2021 notable for the second highest quarterly volume on record at nearly $109 billion. As for demand, high yield loan mutual funds experienced investment outflows of approximately $2.3 billion for the Reporting Period overall.²

The default rate for high yield loans increased during the Reporting Period. The 12-month par-weighted high yield loan default rate through March 31, 2021 was 3.34%, as compared to 1.87% through March 31, 2020.²

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

The Fund outperformed the Index during the Reporting Period, with both sector positioning and individual issue selection contributing positively to relative returns.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

In terms of sector positioning, the Fund benefited during the Reporting Period from an overweight compared to the Index

Source: Credit Suisse.

Source: J.P. Morgan.

FUND RESULTS

in natural gas and an underweight in cable and satellite TV media. Its underweight in energy and overweight in non-cable media detracted modestly from relative returns. That said, issue selection within non-cable media more than offset the negative performance from the Fund’s allocation to that sector.

As for individual issue selection, the Fund was helped by its overweight positions in broadcasting company NEP Group and natural gas gathering and processing system operator BCP Raptor, LLC. In addition, exposure to Swissport, a Switzerland-headquartered provider of group and cargo handling services to airlines, contributed positively. Conversely, the Fund was hurt by its avoidance of exploration and production company Chesapeake Energy and crafts and fabrics retailer Jo-Ann Stores. Exposure to sock and legwear retailer Renfro also detracted from the Fund’s relative returns.

In addition, the Fund’s long beta exposure (that is, the Fund’s broad overweight versus the Index) in high yield loans added to relative results. An allocation to high yield corporate bonds also bolstered returns. The Fund’s cash position detracted from performance, as high yield loans generated positive returns during the Reporting Period. From a ratings perspective, the Fund’s overweight versus the Index in B-rated high yield loans and its underweight in BB-rated high yield loans added to relative performance. On the other hand, an underweight in CCC-rated high yield loans hurt results. The Fund’s exposure to European (ex-U.K.) high yield loans enhanced relative returns during the Reporting Period.

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

The Fund does not use duration or yield curve positioning as active management strategies within its investment process.

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

To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign currency exchange contracts during the Reporting Period. The Fund also used U.S. Treasury futures as cost-efficient instruments to provide us with greater precision and versatility in the management of duration. Total return swaps and a specialized index of credit default swaps (“CDX”) were employed to manage the beta of the Fund on an active basis. CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. We utilized CDX contracts to gain credit exposure by being short credit protection when the Fund experienced significant cash inflows. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures, total return swaps and CDX had a positive impact on performance. The use of forward foreign currency exchange contracts had a negative impact on returns during the Reporting Period.

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

During the Reporting Period, the Fund saw an increase in investment inflows, leading to a larger than usual cash position. We put some of the cash to work by investing the Fund in segments of the high yield loan market that had previously sold off and also by increasing its exposure to what we viewed as select, attractively valued high yield loan deals from the new issue calendar. In addition, we increased the Fund’s overweight relative to the Index in high yield corporate bonds, which we consider part of the Fund’s “liquidity bucket.” (Assets held in a liquidity bucket have the potential to be quickly converted to cash.) Finally, we reduced the size of the Fund’s underweight in loan-only names during the Reporting Period, as they appeared inexpensive, in our opinion, and we saw an increasing number of loan-only deals coming to market at what we felt were attractive valuations, such as B-rated technology high yield loans.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 29, 2021, Lori Pomerantz and Ashish Shah became portfolio managers for the Fund. Peter Campo continued to serve as a portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight versus the Index in the technology and non-cable media market segments. Within technology, we were focused on potential opportunities in business enterprise software companies, rather than on hardware companies, as we

FUND RESULTS

believed they could benefit from lower capital expenditures and higher customer retention rates partly because of higher switching costs. The Fund was also overweight packaging at the end of the Reporting Period, as we considered it a rather defensive market segment. Additionally, the Fund was overweight compared to the Index in the chemicals and building materials market segments. At the end of the Reporting Period, the Fund maintained underweight positions in consumer services, health care, media (cable & satellite TV), and retail and apparel. It was also underweight the travel and gaming and energy market segments, as we believed they would continue to experience volatility.

From a ratings perspective, relative to the Index, the Fund was slightly overweight in B-rated high yield loans and slightly underweight in BB-rated and CCC-rated high yield loans at the end of the Reporting Period, with a preference for the intermediate portion of the credit curve. Additionally, the Fund was overweight deal structures that included both high yield loans and high yield bonds, as we believed these kinds of deals have historically experienced higher recovery rates. Finally, the Fund was broadly overweight compared to the Index in high yield corporate bonds at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we expected what we considered to be attractive returns of between 4.5%-5.5% for high yield loans during 2021. Although valuations had rebounded from their March 2020 lows, we thought some upside return potential remained, along with attractive yields relative to other fixed income market sectors. Generally, we believed there were still opportunities in higher quality, cyclical and moderately COVID-19-exposed market segments.

Looking ahead, we expected high yield loans to benefit from a number of factors. First, we believed the sector would be supported in 2021 by improving fundamentals as COVID-19 vaccine distribution becomes more widespread, allowing pent-up consumer demand to be released. Second, we anticipated a drop in the high yield loan default rate, potentially to 3% by the end of 2021, putting it back in line with the long-term average. Third, risk assets were likely to remain in favor, in our view, with high yield loans helped by their advantageous capital structure positioning. Fourth, we expected high yield loans to benefit from continued investor demand for yield and incremental foreign investment due to low or negative global yields. In turn, cash into the sector may well continue to support strong new issuance trends, allowing corporations to continue to build liquidity cushions and refinance maturities. Fifth, we thought high yield loans, given their floating interest rates and lower sensitivity to broader rate movements compared to other fixed income market sectors, should provide substantial protection to investors if inflation increases and/or if short-term interest rates remain low for some time. And finally, high yield loans seemed likely to benefit from supportive supply/demand dynamics, in our opinion, should issuance pick up amid strong demand by investors and overall price stability.

FUND BASICS

High Yield Floating Rate Fund

as of March 31, 2021


TOP TEN INDUSTRY ALLOCATION¹

	Percentage of Net Assets

	as of 3/31/21			as of 3/31/20
Technology – Software/Services		13.1	%		12.8	%
Chemicals		5.2			5.4
Health Care – Services		4.8			4.9
Telecommunication Services		4.2			3.0
Diversified Financial Services		4.1			3.2
Commercial Services		3.5			1.8
Packaging		3.5			3.8
Building Materials		3.2			4.2
Media – Non Cable		2.9			3.2
Automotive – Parts		2.8			3.6
Other		46.5			47.7

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies and securities lending reinvestment vehicle of 14.6% as of 3/31/21 and 7.6% as of 3/31/20 Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Credit Suisse Leveraged Loan Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Floating Rate Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	22.96%	4.00%	3.22%	—
Including sales charges	20.22%	3.53%	2.99%	—

Class C
Excluding contingent deferred sales charges	22.18%	3.25%	2.47%	—
Including contingent deferred sales charges	21.15%	3.25%	2.47%	—

Institutional	23.34%	4.35%	3.59%	—

Investor	23.35%	4.29%	3.51%	—

Class R6 (Commenced November 30, 2017)	23.35%	N/A	N/A	3.70%

Class R	22.69%	3.76%	2.98%	—

Class P (Commenced April 20, 2018)	23.49%	N/A	N/A	3.65%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 2.25% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

In April 2020, the Board of Trustees of the Goldman Sachs Trust approved a change to the investment objective of the Fund. Until July 29, 2020, the Fund’s investment objective was to seek a high level of total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Credit Index. Effective July 29, 2020, the Fund’s investment objective is to seek a high level of total return consisting of capital appreciation and income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 11.23%, 11.47%, 11.60%, 11.38%, 11.48% and 11.61%, respectively. These returns compare to the 7.88% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index (the “Index”), during the same time period.

What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

During the second quarter of 2020, when the Reporting Period began, global investment grade credit spreads, or the difference in yields between global corporate bonds and duration-equivalent government securities, tightened. Decisive monetary and fiscal policy from major central banks, particularly corporate bond purchases by the U.S. Federal Reserve (“Fed”), helped ease liquidity challenges and compress spreads. Given that they most directly benefited from the Fed’s action, U.S. investment grade corporate bonds outperformed all other developed markets investment grade corporate bonds during the second calendar quarter.

In the third quarter of 2020, global investment grade credit spreads tightened further. Supportive monetary and fiscal policies from major central banks continued to act as a liquidity tailwind for corporate markets. Additionally, encouraging signs of balance sheet liquidity and capital conservation in second quarter 2020 corporate earnings releases were beneficial for corporate fundamentals. However, market sentiment in the latter part of the third calendar quarter was tempered by investors’ concerns around the macroeconomic outlook, which remained sensitive to COVID-19 developments. European investment grade corporate bonds outperformed U.S. investment grade bonds during the third quarter of 2020.

Global investment grade credit spreads compressed during the fourth quarter of 2020. Despite rising numbers of COVID-19 infections, investor risk sentiment was boosted by encouraging vaccine developments, clarity around U.S. election results, a post-Brexit trade deal and another U.S. federal stimulus package. (Brexit refers to the U.K.’s exit from the European Union.) Better than consensus expected third calendar quarter corporate earnings and accommodative central bank policy also aided investment grade credit. During the fourth calendar quarter, U.S. and U.K. investment grade corporate bonds outperformed European investment grade corporate bonds.

In the first quarter of 2021, global investment grade credit spreads continued to narrow. Although interest rate volatility increased, corporate bond movements were relatively orderly, which we believe was due to several factors. First, positive COVID-19 vaccine rollout news boded well for companies that would benefit from the easing of pandemic restrictions. Second, supply and demand dynamics were supportive, driven by investors searching for yield and low supply during earnings blackout periods. (An earnings blackout period is a period of time before public earnings announcements when many companies refrain from issuing bonds.) Third, fourth quarter 2020 earnings releases continued to show corporate sector resilience to the

FUND RESULTS

COVID-19 shock. U.S. investment grade corporate bonds slightly outperformed European and U.K. investment grade corporate bonds during the first calendar quarter.

For the Reporting Period overall, investment grade credit, as represented by the Index, generated positive returns. Global investment grade credit spreads, which began the Reporting Period at 266 basis points, narrowed by 178 basis points to finish the Reporting Period at 88 basis points. (A basis point is 1/100^th of a percentage point.)

New issuance increased during the Reporting Period overall. U.S. new issuance was approximately $834 billion, $460 billion and $267 billion in the second, third and fourth quarters of 2020, respectively. In the first quarter of 2021, U.S. new issuance was approximately $525 billion. As for European new issuance, it was approximately €250 billion, €108 billion and €94 billion in the second, third and fourth quarters of 2020, respectively. European new issuance was €177 billion during the first quarter of 2021. U.K. new issuance was approximately £21 billion, £8 billion and £10 billion in the second, third and fourth quarters of 2020, respectively. During the first quarter of 2021, U.K. new issuance was approximately £14 billion.

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

During the Reporting Period, the Fund outperformed the Index due largely to our cross-sector strategy. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. Our duration positioning detracted from relative returns during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

Within our cross-sector strategy, the Fund’s overweight compared to the Index in corporate credit added broadly to relative performance, as global investment grade credit spreads tightened on optimism about COVID-19 vaccines and investor expectations for further U.S. fiscal stimulus. The Fund also benefited from its down-in-quality bias. Individual issue selection did not have a meaningful impact on the Fund’s relative returns during the Reporting Period.

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

During the Reporting Period, the Fund’s duration positioning had a negative impact on its relative performance. Specifically, the Fund was hurt by a long duration position compared to the Index (implemented as part of our credit-interest rate paired strategy, which we used to hedge the Fund’s overweight in corporate credit). This long duration positioning detracted from the Fund’s returns, as interest rates rose during the Reporting Period. (The Fund’s duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.) The Fund’s U.S. yield curve positioning strategy did not have a material impact on relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

During the Reporting Period, the Fund invested in U.S. Treasury futures, swap futures, Fed funds futures, Secured Overnight Financing Rate (“SOFR”) futures, interest rate swaps and swaptions (options on interest rate swap contracts), basis swaps, credit default swaps and currency forwards. As market conditions warranted, the Fund used U.S. Treasury futures to hedge interest rate exposure and facilitate specific duration and yield curve strategies. Swap futures were used to express our views on the direction of interest rates. Fed funds futures and SOFR futures were used to gauge the market’s expectations for an interest rate change by the Fed. Interest rate swaps (fixed rate and floating rate) were used to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Swaptions (options on interest rate swap contracts) were employed to express our interest rate views and to hedge volatility and yield curve risks in the Fund. Basis swaps were used to swap variable interest rate payments based on different reference interest rates with the goal of hedging the Fund’s interest rate risk. The Fund employed single-name credit default swaps and a specialized index of credit default swaps (“CDX”) to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point

FUND RESULTS

change in its spread over the London Interbank Offered Rate (“LIBOR”)). Currency forwards were used to hedge the Fund’s currency exposure. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of CDX and single-name credit default swaps had a positive impact on performance. The Fund’s use of Treasury futures, floating rate interest rate swaps and currency forwards had a negative impact on performance. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

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

During the first quarter of 2021, we decreased the size of the Fund’s overweight relative to the Index in corporate credit and increased its exposure to emerging markets debt.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

Compared to the Index, the Fund was overweight at the end of the Reporting Period in financial companies, especially banks. Among industrial companies, it was overweight communications and underweight capital goods and consumer non-cyclical. The Fund was underweight utilities at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, the Fund was overweight relative to the Index in investment grade corporate bonds, as we believed they were supported by favorable seasonal trends, investors’ continued search for yield, accommodative central bank monetary policy and governmental fiscal stimulus. The Fund’s positioning was focused on shorter and intermediate maturity bonds that exhibited what we saw as attractive carry and roll-down potential. (Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. Roll-down opportunities arise when the value of a bond converges to par as maturity is approached.) In addition, at the end of the Reporting Period, the Fund was underweight long maturity corporate bonds. We planned to maintain the Fund’s down-in-quality bias, given that we saw security selection opportunities in BBB-rated bonds, a portion of the investment grade corporate bond market that had seen an improvement in credit quality due to a wave of “fallen angels” (investment grade corporate bonds downgraded to high yield status). Regionally, the Fund was overweight euro-denominated bonds given supportive policy by the European Central Bank and favorable supply relative to demand. The Fund was also overweight U.S. dollar-denominated issues, accomplished through CDX, because they offered attractive carry versus cash bonds. Furthermore, at the end of the Reporting Period, the Fund had select exposure to issuers within COVID-19-sensitive market segments based on what we considered to be their attractive risk premiums. Among sectors, the Fund was primarily overweight banks, as we believed they were generally well capitalized and because we saw attractive potential opportunities in subordinated debt.

Going forward, we planned to be mindful of shifting investor risk sentiment, which could influence conditions in the investment grade corporate bond market, as well as supply and demand dynamics. We also intended to monitor the continued economic impact of COVID-19 given its potential effects on corporate fundamentals. Although economic activity had rebounded somewhat at the end of the Reporting Period, a full growth recovery still lay ahead. In our view, the factors potentially supporting economic growth included accelerated COVID-19 vaccine timelines, pent-up consumer demand, easy macro policies and minimal evidence of economic scarring. As for potential growth limiting factors, we believed they included COVID-19 vaccine rollout delays, renewed COVID-19 case growth, subdued consumer demand as households and businesses sought to shrink debt accumulated in 2020, and bankruptcies as forbearance (or the temporary postponement of mortgage payments) draws to a close. Further risks included more modest U.S. fiscal stimulus or a premature pivot away from monetary policy support, in our opinion.

FUND BASICS

Investment Grade Credit Fund

as of March 31, 2021

FUND COMPOSITION¹

Percentage of Net Assets

LOGO


TOP TEN INDUSTRY ALLOCATION²

	Percentage of Net Assets

	as of 3/31/21			as of 3/31/20
Banks		23.6	%		20.9	%
Telecommunication Services		8.7			6.3
Pharmaceuticals		4.5			7.6
Pipelines		4.5			6.0
Oil Field Services		4.4			3.9
Diversified Financial Services		4.1			2.3
Electrical		3.8			4.9
Beverages		3.8			5.2
Semiconductors		3.3			3.0
Real Estate Investment Trusts		3.3			2.6
Other		33.3			35.0

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.0% as of 3/31/21 and 5.1% as of 3/31/20. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021 of a $1,000,000 investment made on April 1, 2011 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Investment Grade Credit Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	11.23%	4.63%	4.77%	—
Including sales charges	7.05%	3.84%	4.37%	—

Institutional	11.47%	4.99%	5.12%	—

Separate Account Institutional	11.60%	4.99%	5.14%	—

Investor (Commenced July 29, 2011)	11.38%	4.87%	N/A	4.66%

Class R6 (Commenced July 31, 2015)	11.48%	5.00%	N/A	4.81%

Class P (Commenced April 20, 2018)	11.61%	N/A	N/A	6.78%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares. Because Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs Local Emerging Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 15.65%, 15.02%, 16.26%, 15.97%, 16.27% and 16.27%, respectively. These returns compare to the 13.03% average annual total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index–Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

During the first nine months of the Reporting Period, local emerging markets debt recorded strong gains, supported by weakness in the U.S. dollar, rising crude oil prices and a global economic recovery, which emerged as COVID-19 restrictions were eased and supportive fiscal and monetary policy was sustained. Progress on the COVID-19 vaccine front also bolstered investor sentiment. The Index generated a return of 21.12% during the first nine months of the Reporting Period, with approximately 9.52% due to local interest rates and approximately 10.58% from currency appreciation versus the U.S. dollar.¹

Local emerging markets debt recorded negative returns during the final three months of the Reporting Period. Rising global interest rates, sparked by an increase in U.S. interest rates, challenged the sector. Local currencies also weakened versus the U.S. dollar. The Index recorded a return of -6.68% during the last three months of the Reporting Period, with approximately -3.61% driven by currency depreciation versus the U.S. dollar and approximately -3.19% due to local interest rates.¹

During the Reporting Period overall, local emerging markets debt, as represented by the Index, posted a return of 13.03%, with approximately 6.59% due to currency depreciation versus the U.S. dollar and approximately 6.03% from local interest rates.¹ On a total return basis, the best performing countries in the Index (in U.S. dollar terms²) were South Africa (+41.42%), Indonesia (+29.43%) and Uruguay (+28.25%). The worst performing countries during the Reporting Period were Turkey (-23.04%), Brazil (-6.88%) and Peru (-2.82%).

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

The Fund outperformed the Index during the Reporting Period, with our active currency positioning adding broadly to relative returns. Through our active currency positioning, the Fund takes positions in local currencies (accomplished primarily through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, the Fund benefited from its positioning within sovereign emerging markets debt and emerging markets corporate bonds. Issue selection among local emerging markets bonds and emerging markets corporate bonds further bolstered relative performance, though this was partially offset by our issue selection among sovereign emerging markets debt, which detracted from results during the Reporting Period.

Because of the effects of compounding, the combined impact of local interest rates and currency appreciation does not equal the Index’s total return.

All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

FUND RESULTS

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

The Fund’s exposure to sovereign emerging markets bonds and emerging markets corporate bonds contributed positively to relative performance, as investor risk appetite normalized after March 2020 on the back of a strong global economic recovery and accommodative global monetary and fiscal policy. As for its exposure to local interest rates, the Fund was helped by overweight positions relative to the Index in Mexico, Brazil, the Dominican Republic, India and Israel. An underweight in Czech Republic local interest rates was also advantageous. On the other hand, the Fund was hurt by underweight positions in Colombian and Romanian local interest rates and an overweight position in Chinese local interest rates. In addition, the Fund’s exposure to Malaysian local interest rates (accomplished through an asset swap wherein the Fund had a long position in an interest rate swap and a short position in Malaysian local bonds) detracted from relative returns.

As for individual issue selection, the Fund was aided by its holdings in emerging markets corporate bonds, especially its positions in Petrobras International Finance Company, a subsidiary of Brazilian oil and gas company Petróleo Brasileiro S.A.–Petrobras; Banco de Crédito del Perú, the largest bank and largest supplier of integrated financial services in Peru; and Sasol Limited, a South African energy producer. Conversely, issue selection within sovereign emerging markets debt detracted from relative performance, including the Fund’s investments in Peruvian, Mexican and Argentinian external bonds, though these results were partly offset by our selection of Dominican Republic sovereign external bonds, which contributed positively during the Reporting Period.

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

The Fund’s U.S. duration and yield curve positioning strategies did not have a material impact on results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

During the Reporting Period, the Fund invested in U.S. Treasury futures, swap futures, interest rate swaps, total return swaps, credit default swaps, currency forwards and forward foreign currency exchange contracts. U.S. Treasury futures were used to manage U.S. interest rate duration. Swap futures and interest rate swaps were used to express our views on the direction of a country’s interest rates. Total returns swaps were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Credit default swaps were used to implement specific credit-related investment strategies. Currency forwards and forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of currency forwards and forward foreign currency exchange contracts, collectively, had a positive impact on performance. The Fund’s use of interest rate swaps and credit default swaps each had a positive impact on performance. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

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

During the Reporting Period, we shifted the Fund from underweight positions relative to the Index in Colombian and Polish local interest rates to overweight positions. We moved from overweight positions to underweight positions in Israeli, Indian, Mexican, Brazilian, Hungarian and South Korean local interest rates in the Fund. We increased the Fund’s underweight in Chilean local interest rates and eliminated its underweight position in Romanian local interest rates. In addition, we decreased the Fund’s overweights in Peruvian, Russian, Chinese, Thai and South African local interest rates. Regarding the Fund’s positions in external emerging markets bonds, we increased its exposure to China. We eliminated its investments in Indonesian and Brazilian external bonds, and we reduced its exposures to Mexican and Colombian external bonds. Finally, the Fund established a position in the external bonds of Thailand during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

FUND RESULTS

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund maintained overweight positions compared to the Index in Russian, Colombian, Chinese, Thai and South African local interest rates. The Fund was underweight Mexican, Indian, Brazilian, Hungarian, Chilean, Israeli and South Korean local interest rates. Within currencies, the Fund held long positions in the Singapore dollar and Chinese yuan at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

With all of the above in mind, we were aware at the end of the Reporting Period of persistent, broad uncertainty about the outcome of the COVID-19 pandemic. Consequently, we believed price dislocations within emerging markets debt could provide an opportunity for active management to outperform the Index. Credit selection remained critical, in our opinion, as we thought there was ongoing potential for idiosyncratic events. That said, we thought the global economic growth outlook was virus-dependent and was subject to considerable uncertainty in the near term, though the policy backdrop was accommodative.

At the end of the Reporting Period, while we had a positive outlook for emerging markets debt overall in the near term, we had the Fund positioned with a broad underweight relative to the Index in local interest rates, as we thought global economic activity and inflation may well pick up, which was likely, in our view, to push up interest rates.

Going forward, we planned to continue monitoring economic developments that could lead to less accommodative policies in emerging countries, including the policies of developed markets central banks, looser domestic fiscal policies, high credit generation and higher inflation outcomes. Regarding countries, the Fund was underweight Israel at the end of the Reporting Period, as we believed the country’s high COVID-19 vaccination rate was a precursor to increased economic activity. We also maintained the Fund’s underweight exposure to India due to improvements in its economic activity, the central bank’s announcement that it intended to normalize its liquidity management operations in a phased manner and the country’s Ministry of Finance announcing large supply of bonds for the next two years.

In term of currencies, at the end of the Reporting Period, the Fund had modest exposure to what we considered pro-cyclical G10 countries and select emerging markets countries that could benefit from improving global economic growth. (Also known as Group of 10, the G10 are actually 11 industrialized nations that have similar economic interests. Members include Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the U.K. and the U.S.)

FUND BASICS

Local Emerging Markets Debt Fund

as of March 31, 2021


TOP TEN COUNTRY ALLOCATIONS⁴

	Percentage of Net Assets

	as of 3/31/21			as of 3/31/20

China		13.3	%		0.1	%
Thailand		8.8			11.9
South Africa		8.3			7.4
Poland		6.6			6.5
United Kingdom		5.4			5.9
Russia		5.4			6.5
Mexico		5.4			4.8
Colombia		4.4			2.2
Brazil		4.4			2.4
United States		3.9			4.3
Other		18.8			31.9

⁴

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 7.8% as of 3/31/21 and 8.3% as of 3/31/20. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan GBI-EM^SM Global Diversified Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Local Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

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Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	15.65%	2.04%	-0.54%	—
Including sales charges	10.55%	1.11%	-0.99%	—

Class C
Excluding contingent deferred sales charges	15.02%	1.25%	-1.30%	—
Including contingent deferred sales charges	13.99%	1.25%	-1.30%	—

Institutional	16.26%	2.31%	-0.24%	—

Investor	15.97%	2.29%	-0.31%	—

Class R6 (Commenced November 30, 2017)	16.27%	N/A	N/A	-0.10%

Class P (Commenced April 20, 2018)	16.27%	N/A	N/A	-2.20%

FUND RESULTS

Goldman Sachs U.S. Mortgages Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 2.54%, 2.88%, 2.99%, 2.79%, 2.89% and 2.89%, respectively. These returns compare to the 0.30% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index (the “Index”), during the same time period.

What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

During the first nine months of the Reporting Period, agency mortgage-backed securities generated positive returns, outperforming duration-equivalent U.S. Treasury securities. The U.S. Federal Reserve’s (“Fed”) continued purchases of mortgage-backed securities and a pickup in demand from U.S. banks and, to some extent, from overseas investors supported the sector. Spreads on agency mortgage-backed securities (yield differentials versus equivalent-duration U.S. Treasury securities) tightened significantly, recovering from dramatically wide levels reached in March 2020 just before the Reporting Period started. In the last three months of the Reporting Period, agency mortgage-backed securities recorded negative returns but outperformed duration-equivalent U.S. Treasury securities. Primary mortgage interest rates rose meaningfully amid an increase in U.S. Treasury yields. Supply was heavy, but demand weakened. Spreads on agency mortgage-backed securities continued to narrow, and in March 2021, they reached their tightest levels since March 2020 when the Fed had announced a new round of open-ended quantitative easing measures that included purchases of agency mortgage-backed securities.

For the Reporting Period overall, agency mortgage-backed securities produced a modest gain, outperforming duration-equivalent U.S. Treasury securities.

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

The Fund outperformed the Index during the Reporting Period, benefiting from our cross-sector strategy. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. Individual issue selection also added to relative returns. Our duration and yield curve positioning strategies contributed positively as well. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

Within our cross-sector strategy, the Fund was helped by its overweight positions compared to the Index in commercial mortgage-backed securities (“CMBS”), asset backed securities (“ABS”) and collateralized loan obligations (“CLOs”). An overweight in pass-through mortgage securities also added to relative returns. (Pass-through mortgage securities consist of a pool of residential mortgage loans wherein homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.)

In terms of individual issue selection, the Fund benefited from its holdings of specific pools of agency mortgage-backed securities. In addition, our decision to focus the Fund’s investments on production coupon mortgage-backed securities contributed positively to relative performance.

FUND RESULTS

(Production coupon mortgage-backed securities bear a coupon rate close to prevailing interest rates for similar investments at the time of issue.) On the other hand, the Fund was hampered by our selection of ABS, specifically Federal Family Education Loan Program (“FFELP”) student loan ABS. Selection of CMBS also dampened relative returns.

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

The Fund’s duration positioning strategy, wherein the Fund generally held a long duration position on the U.S. Treasury yield curve throughout the Reporting Period, bolstered relative performance, attributable primarily to April 2020. (The duration positioning strategy is implemented via bonds as well as interest rate swaps and/or futures.) Our yield curve positioning strategy also contributed positively to relative performance during the Reporting Period overall.

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

During the Reporting Period, the Fund invested in U.S. Treasury futures, swap futures, Fed funds futures, Secured Overnight Financing Rate (“SOFR”) futures, interest rate swaps and swaptions (options on interest rate swap contracts), basis swaps and credit default swaps. The Fund employed U.S. Treasury futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. Swap futures were used to express our views on the direction of interest rates. Fed funds futures and SOFR futures were used to gauge the market’s expectations for an interest rate change by the Fed. Interest rate swaps were used to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Swaptions (options on interest rate swap contracts) were employed to express our interest rate views and to hedge volatility and yield curve risks in the Fund. Basis swaps were used to swap variable interest rate payments based on different reference interest rates with the goal of hedging the Fund’s interest rate risk. The Fund employed a specialized index of credit default swaps (“CDX”) to manage the beta of the Fund on an active basis. (In this context, beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.) Derivatives may be used in combination with cash securities to implement our views in the Fund.

The Fund’s use of CDX had a positive impact on performance during the Reporting Period. The use of U.S. Treasury futures, swaptions and interest rate swaps also added to the Fund’s returns. The other derivatives used by the Fund did not have a meaningful impact overall on performance during the Reporting Period.

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

There were no notable changes in the Fund’s weightings for the first nine months of the Reporting Period. However, during that time, spreads on agency mortgage-backed securities tightened rapidly as the financial markets stabilized and in response to accommodative fiscal and monetary policy, reaching historically tight levels by the end of the fourth quarter of 2020. As a result, in early 2021, we began to shift the Fund from an overweight position versus the Index in agency mortgage-backed securities toward a more neutral position. By the middle of the first calendar quarter, the Fund had adopted a rather neutral position in agency mortgage-backed securities given that valuations were less attractive and extension risk had increased, in our view. (Extension risk, which is mainly the result of rising interest rates, is the risk an issuer could exercise its right to pay principal later than expected.)

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective March 31, 2021, Christopher J. Creed no longer served as a portfolio manager for the Fund. Christopher J. Hogan and Matthew T. Kaiser continued to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had a rather neutral position relative to the Index in agency pass-through mortgage securities. The Fund was overweight CLOs and CMBS. Additionally, the Fund was slightly overweight compared to the Index in ABS at the end of the Reporting Period. More specifically, it held positions in FFELP student loan ABS, which are not represented in the Index.

FUND RESULTS

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we believed heightened interest rate volatility could be a headwind for the mortgage market in the near term. Historically, agency mortgage-backed securities tend to outperform U.S. Treasury securities during periods when interest rates remain steady and underperform during periods of sharply rising or falling interest rates. That said, at the end of the Reporting Period, we thought the substantial investment needs of banks, along with the Fed’s continued purchases, should continue to elevate demand for agency mortgage-backed securities in the near term.

Going forward, we planned to focus within the Fund on agency mortgage-backed securities at the lower end of the coupon stack, which were likely, in our view, to benefit from Fed purchases. At the same time, we intended to purchase agency mortgage-backed securities at the higher end of the coupon stack because we thought they could benefit from “burnout.” (Burnout is a period of time during which prepayment rates slow despite falling interest rates. When the cost of borrowing drops, mortgage holders may have an incentive to refinance. If they fail to take advantage, it is attributed to burnout.) At the end of the Reporting Period, the Fund remained underweight intermediate coupon agency mortgage-backed securities, as we thought the market was overpricing the likelihood of a slowdown in prepayment rates. In addition, we favored Ginnie Mae mortgage-backed securities based both on what we considered to be positive market developments and on our expectation that bank and overseas demand would pick up during the second quarter of 2021. Within other securitized sectors, we continued to favor AAA-rated CLOs. At the end of the Reporting Period, we planned to invest in select CMBS from the new issue calendar.

FUND BASICS

U.S. Mortgages Fund

as of March 31, 2021

PORTFOLIO COMPOSITION¹

Percentage of Net Assets

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GOLDMAN SACHS U.S. MORTGAGES FUND

Performance Summary

March 31, 2021

The following graph shows the value, as of March 31, 2021, of a $1,000,000 investment made on April 1, 2011 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.


U.S. Mortgages Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2011 through March 31, 2021.

LOGO


Average Annual Total Return through March 31, 2021*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	2.54%	2.29%	2.88%	—
Including sales charges	-1.30%	1.50%	2.48%	—

Institutional	2.88%	2.64%	3.24%	—

Separate Account Institutional	2.99%	2.64%	3.24%	—

Investor (Commenced July 29, 2011)	2.79%	2.54%	N/A	2.97%

Class R6 (Commenced July 31, 2015)	2.89%	2.65%	N/A	2.73%

Class P (Commenced April 20, 2018)	2.89%	N/A	N/A	4.48%

FUND BASICS

Index Definitions

The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Credit Suisse Leveraged Loan Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

CDX is an index based on a basket of North American single-name high yield credit default swaps. It is not possible to invest directly in an unmanaged index.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 61.4%
Angola – 1.0%
	Republic of Angola (NR/Caa1)^(a)
$	9,610,000		8.250	%		05/09/28	$	9,195,569
	Republic of Angola (CCC+/Caa1)
	2,670,000		9.125	^(a)		11/26/49		2,480,597
	2,010,000		9.125			11/26/49		1,867,415

								13,543,581

Argentina^(b) – 1.3%
	Republic of Argentina (CCC+/NR)
EUR	120,088		0.500			07/09/29		48,515
$	1,479,348		1.000			07/09/29		529,792
	19,634,677		0.125	^(c)		07/09/30		6,522,394
EUR	3,559,900		0.125			07/09/30		1,341,476
$	28,450,015		0.125	^(c)		07/09/35		8,392,754
	1,434,455		0.125	^(c)		07/09/41		492,197

								17,327,128

Armenia^(a) – 0.3%
	Republic of Armenia (NR/Ba3)
	2,150,000		3.600			02/02/31		1,964,563
	Republic of Armenia (NR/Ba3)
	2,100,000		3.950			09/26/29		1,981,087

								3,945,650

Azerbaijan – 0.9%
	Republic of Azerbaijan (NR/Ba2u)
	3,534,000		4.750			03/18/24		3,806,781
	7,600,000		3.500			09/01/32		7,493,125

								11,299,906

Bahrain – 1.6%
	Kingdom of Bahrain (B+/NR)^(a)
	3,040,000		5.250			01/25/33		2,888,000
	1,950,000		4.250			01/25/28		1,934,234
	Kingdom of Bahrain (B+/B2u)
	680,000		5.450			09/16/32		655,137
	3,440,000		7.375	^(a)		05/14/30		3,817,325
	1,380,000		7.375			05/14/30		1,531,369
	340,000		5.625			09/30/31		335,538
	4,410,000		5.625	^(a)		09/30/31		4,352,119
	4,770,000		5.450	^(a)		09/16/32		4,595,597

								20,109,319

Belarus^(a) – 0.4%
	Republic of Belarus Ministry of Finance (B/NR)
	1,400,000		5.875			02/24/26		1,341,462
	3,890,000		6.378			02/24/31		3,595,002

								4,936,464

Belize^(a)(d) – 0.1%
	Republic of Belize (CC/Caa3)
	2,533,842		4.938			02/20/34		968,311

Benin^(a) – 0.4%
	Benin Government International Bond (B+/NR)
EUR	4,510,000		4.875			01/19/32		5,024,433


Sovereign Debt Obligations – (continued)
Bermuda^(a)(b) – 0.3%
	Bermuda Government Bond (A+/A2)
$	1,900,000		2.375			08/20/30		1,848,805
	1,890,000		3.375			08/20/50		1,827,984

								3,676,789

Bolivia – 0.0%
	Republic of Bolivian (B+/B2)
	200,000		4.500			03/20/28		174,000

Brazil – 0.4%
	Republic of Brazil (BB-/Ba2)
	4,470,000		3.875			06/12/30		4,333,106
	1,530,000		4.750	^(b)		01/14/50		1,384,172

								5,717,278

Chile^(b) – 0.0%
	Republic of Chile (A/A1)
	390,000		3.500			01/25/50		397,191

Colombia^(b) – 2.2%
	Republic of Colombia (BBB-/Baa2)
	3,040,000		3.875			02/15/61		2,717,000
	Republic of Colombia (BBB-/Baa2)
	2,460,000		3.000			01/30/30		2,403,881
	12,560,000		3.125			04/15/31		12,293,100
	330,000		5.000			06/15/45		351,759
	640,000		5.200			05/15/49		704,000
	10,370,000		4.125			05/15/51		9,864,463

								28,334,203

Costa Rica^(a) – 0.1%
	Republic of Costa Rica (B/B2)
	1,080,000		6.125			02/19/31		1,085,738

Dominican Republic – 2.8%
	Dominican Republic (NR/NR)
DOP	8,900,000		18.500	^(a)		02/04/28		237,723
	152,600,000		10.750			08/11/28		3,002,981
	Dominican Republic (BB-/Ba3)
$	450,000		6.875			01/29/26		520,875
	1,500,000		8.625			04/20/27		1,818,750
	4,750,000		4.500	^(a)		01/30/30		4,772,266
	3,130,000		4.875	^(a)		09/23/32		3,161,300
	3,370,000		6.850	^(a)		01/27/45		3,721,744
	6,599,000		6.850			01/27/45		7,287,770
	8,760,000		6.500	^(a)		02/15/48		9,280,125
	360,000		6.400	^(a)		06/05/49		376,987
	1,760,000		5.875			01/30/60		1,678,050

								35,858,571

Ecuador – 1.4%
	Republic of Ecuador (B-/NR)
	3,532,360		0.000	^(a)(e)		07/31/30		1,430,606
	630,000		0.000	^(e)		07/31/30		255,150
	993,040		0.500	^(a)(c)		07/31/30		580,928
	14,798,455		0.500	^(a)(c)		07/31/35		6,770,293
	9,100,000		0.500	^(c)		07/31/35		4,163,250


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Ecuador – (continued)
	Republic of Ecuador (B-/NR) – (continued)
$	12,551,936		0.500	% ^(a)(c)		07/31/40	$	5,491,472
	140,000		0.500	^(c)		07/31/40		61,250

								18,752,949

Egypt – 3.8%
	Republic of Egypt (B/B2u)^(a)
	3,340,000		5.875			02/16/31		3,122,900
	4,750,000		8.875			05/29/50		4,847,969
	3,990,000		7.500			02/16/61		3,595,987
	6,270,000		7.625	^(a)		05/29/32		6,399,319
	2,850,000		8.700	^(a)		03/01/49		2,844,656
	990,000		8.700			03/01/49		988,144
	Republic of Egypt (NR/B2)
	2,050,000		7.500			01/31/27		2,222,328
	Republic of Egypt (B/NR)
EUR	120,000		4.750			04/11/25		145,913
	1,770,000		6.375	^(a)		04/11/31		2,130,166
	1,059,000		6.375			04/11/31		1,274,489
	Republic of Egypt (B/B2)
	8,360,000		4.750	^(a)		04/16/26		10,100,949
	2,260,000		5.625	^(a)		04/16/30		2,632,081
	7,200,000		5.625			04/16/30		8,385,391

								48,690,292

El Salvador – 0.8%
	Republic of El Salvador (B-/B3)
	580,000		6.375			01/18/27		569,850
	370,000		8.250			04/10/32		381,100
	290,000		7.625			02/01/41		279,141
	610,000		7.125	^(b)		01/20/50		547,475
	5,670,000		9.500	^(a)(b)		07/15/52		6,010,200
	2,120,000		9.500	^(b)		07/15/52		2,247,200

								10,034,966

Ethiopia – 0.1%
	Ethiopia International Bond (B-/B2)
$	950,000		6.625			12/11/24		872,219

Gabon – 0.4%
	Republic of Gabon (NR/Caa1)
	2,760,000		6.625			02/06/31		2,659,950
	Republic of Gabon (NR/NR)
	1,854,118		6.375			12/12/24		1,923,068

								4,583,018

Ghana – 1.1%
	Republic of Ghana (NR/NR)^(a)
	2,660,000		8.625			04/07/34		2,600,150
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,449,572
	Republic of Ghana (B-/B3)^(a)
	2,370,000		6.375			02/11/27		2,299,640
	800,000		7.750			04/07/29		794,000
	1,410,000		8.875			05/07/42		1,350,075
	210,000		8.627	^(a)		06/16/49		193,791
	379,000		8.627			06/16/49		349,746


Sovereign Debt Obligations – (continued)
Ghana – (continued)
	Republic of Ghana (B-/B3u)^(a)
	4,640,000		8.125			03/26/32		4,471,800

								14,508,774

Guatemala – 2.0%
	Republic of Guatemala (BB-/Ba1)
	4,220,000		4.500	^(a)		05/03/26		4,543,094
	5,430,000		4.500			05/03/26		5,845,734
	7,400,000		4.375	^(a)		06/05/27		7,906,438
	350,000		4.375			06/05/27		373,953
	6,120,000		6.125	^(a)(b)		06/01/50		7,080,075

								25,749,294

Honduras – 0.3%
	Republic of Honduras (BB-/B1)
	1,310,000		7.500	^(a)		03/15/24		1,416,028
	1,120,000		7.500			03/15/24		1,210,650
	1,170,000		5.625	^(a)(b)		06/24/30		1,221,188

								3,847,866

Hungary – 0.3%
	Hungary Government International Bond (BBB/Baa3)
EUR	3,250,000		1.750			06/05/35		4,070,918

Indonesia – 3.7%
	Perusahaan Penerbit SBSN (BBB/Baa2)^(a)
$	25,540,000		4.400			03/01/28		28,604,800
	2,530,000		3.800			06/23/50		2,556,091
	Republic of Indonesia (BBB/Baa2)
EUR	1,950,000		1.100			03/12/33		2,219,305
$	2,960,000		3.050			03/12/51		2,926,700
	2,040,000		3.350			03/12/71		1,930,789
	Republic of Indonesia (NR/Baa2)
	550,000		4.350			01/11/48		597,438
EUR	1,550,000		0.900			02/14/27		1,822,797
$	2,380,000		3.850			10/15/30		2,609,819
	350,000		4.625			04/15/43		387,078
	4,070,000		4.450			04/15/70		4,442,659

								48,097,476

Iraq – 0.2%
	Republic of Iraq (NR/NR)^(b)
	218,750		5.800			01/15/28		205,693
	Republic of Iraq (B-/Caa1u)
	1,790,000		6.752			03/09/23		1,779,372

								1,985,065

Ivory Coast – 1.1%
	Republic of Ivory Coast (NR/Ba3)
EUR	2,100,000		5.250			03/22/30		2,537,320
	3,380,000		4.875	^(a)		01/30/32		3,854,724
$	570,000		6.125			06/15/33		579,797
EUR	4,460,000		6.625	^(a)		03/22/48		5,279,275
	1,500,000		6.625			03/22/48		1,775,541

								14,026,657


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Jamaica – 0.7%
	Jamaica Government International Bond (B+/B2)
$	6,290,000		7.875	%		07/28/45	$	8,473,919

Jordan^(a) – 0.2%
	Kingdom of Jordan (B+/B1)
	3,000,000		5.850			07/07/30		3,052,500

Kenya – 1.0%
	Republic of Kenya (B/B2u)
	610,000		7.000			05/22/27		647,553
	3,900,000		7.000	^(a)		05/22/27		4,140,094
	550,000		7.250			02/28/28		578,703
	750,000		7.250	^(a)		02/28/28		789,141
	6,380,000		8.000	^(a)		05/22/32		6,768,781

								12,924,272

Lebanon^(f) – 0.3%
	Republic of Lebanon (NR/NR)
	3,663,000		6.750			11/29/27		415,439
	Republic of Lebanon (D/NR)
	3,990,000		6.200			02/26/25		455,109
	2,020,000		6.650			04/22/24		225,356
	130,000		6.600			11/27/26		14,869
	710,000		6.850			03/23/27		78,998
	750,000		6.650			11/03/28		85,547
	7,704,000		6.850			05/25/29		876,138
	9,584,000		6.650			02/26/30		1,069,215
	1,520,000		7.050			11/02/35		169,260

								3,389,931

Macedonia^(a) – 0.9%
	Republic of North Macedonia (BB-/NR)^(b)
EUR	2,700,000		1.625			03/10/28		3,087,133
	Republic of North Macedonia (BB-/NR)
EUR	6,840,000		2.750			01/18/25		8,372,198

								11,459,331

Mexico – 2.0%
	Mexico Government International Bond (BBB/Baa1)^(b)
$	850,000		1.350			09/18/27		1,027,945
	820,000		4.500			04/22/29		906,612
	3,300,000		4.750	^(b)		04/27/32		3,657,844
	6,970,000		2.659	^(b)		05/24/31		6,610,609
	520,000		4.600			01/23/46		530,075
	1,220,000		4.350			01/15/47		1,207,037
	200,000		4.600			02/10/48		203,688
	383,000		4.500	^(b)		01/31/50		386,950
	12,809,000		3.771	^(b)		05/24/61		11,283,928
	570,000		3.750	^(b)		04/19/71		494,297

								26,308,985

Mongolia – 0.5%
	Republic of Mongolia (B/B3)
	781,000		5.125			12/05/22		806,383
	200,000		5.125			04/07/26		213,500
	1,940,000		5.125	^(a)		04/07/26		2,070,950


Sovereign Debt Obligations – (continued)
Mongolia – (continued)
	Republic of Mongolia (B/B3u)
	3,490,000		5.625			05/01/23		3,651,412

								6,742,245

Morocco^(a) – 1.2%
	Morocco Government International Bond (BBB-/Ba1u)
	2,620,000		2.375			12/15/27		2,530,756
EUR	2,560,000		1.500			11/27/31		2,824,800
$	6,260,000		3.000			12/15/32		5,860,925
	4,640,000		4.000			12/15/50		4,106,400

								15,322,881

Mozambique^(c) – 0.1%
	Republic of Mozambique (NR/Caa2u)
	2,060,000		5.000			09/15/31		1,678,900

Nigeria – 2.0%
	Republic of Nigeria (B-/B2)
	3,140,000		6.500			11/28/27		3,228,312
	3,180,000		7.143			02/23/30		3,237,637
	9,430,000		7.875			02/16/32		9,695,219
	9,620,000		7.696	^(a)		02/23/38		9,424,594

								25,585,762

Oman – 1.9%
	Republic of Oman (NR/Ba3)
	2,680,000		6.750	^(a)		10/28/27		2,964,750
	1,820,000		5.625			01/17/28		1,880,856
	4,820,000		6.250	^(a)		01/25/31		5,041,419
	4,660,000		7.375	^(a)		10/28/32		5,171,144
	2,660,000		6.750			01/17/48		2,554,431
	4,250,000		6.750	^(a)		01/17/48		4,081,328
	Republic of Oman (B+/Ba3)
	1,430,000		4.750			06/15/26		1,465,303
	1,280,000		6.500			03/08/47		1,206,400

								24,365,631

Pakistan – 0.2%
	Republic of Pakistan (NR/B3)
	1,360,000		7.375	^(a)		04/08/31		1,388,475
	620,000		8.875	^(a)		04/08/51		641,506
	580,000		8.250			09/30/25		641,263

								2,671,244

Panama – 1.1%
	Panama Notas del Tesoro (BBB/Baa2)
	2,740,000		3.750			04/17/26		2,994,306
	Republic of Panama (BBB/Baa2)^(b)
	6,500,000		4.500			04/01/56		7,131,719
	3,680,000		3.870			07/23/60		3,648,950

								13,774,975

Papua New Guinea^(a) – 0.1%
	Papua New Guinea Government International Bond (B-/B2)
	1,450,000		8.375			10/04/28		1,498,031


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Paraguay – 2.8%
	Republic of Paraguay (BB/NR)^(a)
$	4,590,000		5.600	%		03/13/48	$	5,202,478
	Republic of Paraguay (BB/Ba1)
	1,010,000		5.000	^(a)		04/15/26		1,134,041
	685,000		5.000			04/15/26		769,127
	2,770,000		4.700	^(a)		03/27/27		3,086,819
	2,760,000		4.950	^(a)(b)		04/28/31		3,105,862
	400,000		4.950	^(b)		04/28/31		450,125
	13,049,000		2.739	^(a)(b)		01/29/33		12,465,873
	5,650,000		6.100			08/11/44		6,764,109
	3,250,000		5.400	^(a)(b)		03/30/50		3,635,937

								36,614,371

Peru^(b) – 0.6%
	Republic of Peru (BBB+/A3)
EUR	580,000		1.250			03/11/33		671,324
$	3,600,000		2.780			12/01/60		2,966,625
	5,190,000		3.230	^(g)		07/28/21		4,186,059

								7,824,008

Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
	1,320,000		1.648			06/10/31		1,243,813
	550,000		2.950			05/05/45		513,219
	2,940,000		2.650			12/10/45		2,632,020

								4,389,052

Qatar – 1.6%
	Republic of Qatar (AA-/Aa3)
	10,470,000		5.103	^(a)		04/23/48		13,234,735
	240,000		4.817			03/14/49		293,850
	2,950,000		4.817	^(a)		03/14/49		3,611,906
	2,770,000		4.400	^(a)		04/16/50		3,213,200

								20,353,691

Romania – 1.9%
	Republic of Romania (BBB-/Baa3)
EUR	3,330,000		2.375	^(a)		04/19/27		4,217,498
	7,360,000		2.875			05/26/28		9,542,729
	2,600,000		3.624	^(a)		05/26/30		3,504,849
$	2,070,000		3.000	^(a)		02/14/31		2,071,941
EUR	2,320,000		2.124	^(a)		07/16/31		2,780,179
	1,730,000		2.124			07/16/31		2,073,150

								24,190,346

Russia – 1.8%
	Russian Federation Bond (NR/NR)
$	4,500,000		1.850			11/20/32		5,166,330
	4,000,000		4.750			05/27/26		4,477,500
	3,200,000		4.375	^(a)		03/21/29		3,499,200
	4,600,000		5.100			03/28/35		5,307,250
	4,200,000		5.100	^(a)		03/28/35		4,845,750

								23,296,030


Sovereign Debt Obligations – (continued)
Saudi Arabia – 1.5%
	Saudi Government International Bond (NR/A1)
	1,770,000		2.750	^(a)		02/03/32		1,767,788
	920,000		4.500			10/26/46		1,012,000
	3,600,000		4.625			10/04/47		4,032,000
	1,380,000		5.000			04/17/49		1,635,300
	410,000		3.750			01/21/55		402,056
	1,770,000		3.750	^(a)		01/21/55		1,735,706
	8,270,000		4.500	^(a)		04/22/60		9,215,881

								19,800,731

Senegal^(a) – 0.4%
	Republic of Senegal (B+/Ba3)
EUR	4,580,000		4.750			03/13/28		5,449,852

Serbia – 0.3%
	Republic of Serbia (NR/Ba2)
	2,740,000		3.125	^(a)		05/15/27		3,546,567
	440,000		3.125			05/15/27		569,522

								4,116,089

South Africa – 1.6%
	Republic of South Africa (NR/Ba2)
$	810,000		4.850			09/27/27		836,831
	3,350,000		5.650			09/27/47		3,078,860
	Republic of South Africa (BB-/Ba2)
	2,670,000		4.300			10/12/28		2,630,784
	7,690,000		4.850			09/30/29		7,721,241
	1,180,000		6.250			03/08/41		1,193,275
	6,120,000		5.750			09/30/49		5,634,225

								21,095,216

Sri Lanka – 1.2%
	Republic of Sri Lanka (CCC+/Caa1)
	200,000		5.750	^(a)		04/18/23		136,062
	4,380,000		6.850	^(a)		03/14/24		2,790,881
	910,000		6.350	^(a)		06/28/24		580,978
	3,960,000		6.125			06/03/25		2,494,800
	6,010,000		6.850	^(a)		11/03/25		3,750,616
	2,490,000		6.850			11/03/25		1,553,916
	230,000		6.750			04/18/28		139,869
	1,690,000		6.750	^(a)		04/18/28		1,027,731
	4,240,000		7.550	^(a)		03/28/30		2,586,400

								15,061,253

Tajikistan – 0.0%
	Republic of Tajikistan (B-/B3)
	710,000		7.125			09/14/27		593,911

Trinidad and Tobago^(a)(b) – 0.1%
	Republic of Trinidad & Tobago (BBB-/Ba1)
	1,560,000		4.500			06/26/30		1,579,988

Tunisia^(a) – 0.1%
	Banque Centrale de Tunisie International Bond (NR/B3)
EUR	850,000		6.750			10/31/23		908,952
	760,000		6.375			07/15/26		782,074

								1,691,026


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Turkey – 3.3%
	Republic of Turkey (NR/B2)
$	7,140,000		5.950	%		01/15/31	$	6,461,700
	5,380,000		4.250			03/13/25		4,993,313
EUR	5,290,000		3.250			06/14/25		5,905,036
	2,870,000		5.200			02/16/26		3,365,649
$	1,200,000		4.875			10/09/26		1,107,000
	4,780,000		6.000			03/25/27		4,569,381
	6,210,000		5.250			03/13/30		5,515,256
	7,640,000		5.750			05/11/47		6,197,950
	999,000		7.375			02/05/25		1,029,282
	3,640,000		6.000			01/14/41		3,059,875

								42,204,442

Ukraine – 3.3%
	Ukraine Government Bond (B/NR)
EUR	2,890,000		6.750			06/20/26		3,626,340
	970,000		4.375			01/27/30		1,041,185
	600,000		8.994			02/01/24		665,400
EUR	2,210,000		4.375	^(a)		01/27/30		2,372,185
	Ukraine Government Bond (B/B3u)
$	1,580,000		7.750			09/01/23		1,703,536
	873,000		7.253	^(a)		03/15/33		868,089
	3,098,000		0.000	^(e)(h)		05/31/40		3,177,262
	1,050,000		7.750			09/01/21		1,069,097
	5,890,000		7.750			09/01/23		6,350,525
	9,860,000		7.750			09/01/24		10,621,069
	2,630,000		7.750			09/01/25		2,850,920
	8,280,000		7.750			09/01/26		8,991,563

								43,337,171

United Arab Emirates^(a) – 0.6%
	Finance Department Government of Sharjah (BBB-/Baa3)
	2,700,000		3.625			03/10/33		2,655,281
	6,310,000		4.000			07/28/50		5,537,025

								8,192,306

Uruguay^(b) – 0.0%
	Republic of Uruguay (BBB/Baa2)
	350,000		4.375			01/23/31		405,344

Uzbekistan^(a) – 0.2%
	Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375			02/20/29		1,596,784
	1,160,000		3.700			11/25/30		1,125,200

								2,721,984

Vietnam^(b)(i) – 0.3%
	Debt and Asset Trading Corp. (NR/NR)
	4,680,000		1.000			10/10/25		4,049,663

Zambia^(f) – 0.3%
	Republic of Zambia (D/NR)
	5,834,000		5.375			09/20/22		3,248,809

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $823,117,984)						$	795,081,946


Corporate Obligations – 25.0%
Azerbaijan – 0.1%
	State Oil Co. of the Azerbaijan Republic (BB-/Ba2)
	400,000		4.750	%		03/13/23		420,750
	State Oil Co. of the Azerbaijan Republic (BB-/NR)
	1,040,000		6.950			03/18/30		1,282,710

								1,703,460

Bahrain^(a) – 0.2%
	CBB International Sukuk Programme Co. SPC (B+/B2u)
	2,670,000		3.950			09/16/27		2,696,700

Brazil – 1.3%
	Banco do Brasil SA (CCC+/NR)^(b)(h)(10 Year CMT + 4.398%)
	5,210,000		6.250			04/15/49		5,106,060
	Banco do Brasil SA (CCC+/B2)^(b)(h)(10 Year CMT + 6.362%)
	1,560,000		9.000			06/18/49		1,704,300
	BRF SA (NR/Ba2)^(b)
	2,580,000		4.875			01/24/30		2,629,084
	1,090,000		5.750	^(a)		09/21/50		1,069,454
	200,000		5.750			09/21/50		196,230
	Embraer Overseas Ltd. (BB/Ba2)
	13,000		5.696			09/16/23		13,646
	Itau Unibanco Holding SA/Cayman Island (NR/B1)^(b)(h)(5 year CMT + 3.446%)
	720,000		3.875			04/15/31		698,760
	Samarco Mineracao SA (NR/WR)
	3,185,000		4.125			11/01/22		2,481,314
	2,080,000		5.750			10/24/23		1,725,750
	800,000		5.375			09/26/24		663,750

								16,288,348

British Virgin Islands – 1.2%
	Easy Tactic Ltd. (NR/NR)^(b)
	490,000		8.625			02/27/24		454,475
	Fortune Star BVI Ltd. (BB/NR)^(b)
	260,000		6.750			07/02/23		272,431
	Huarong Finance 2017 Co. Ltd. (NR/Baa1)
	3,770,000		4.750			04/27/27		4,106,944
	(-1x5 Year CMT + 6.983%)
	3,530,000		4.000	^(b)(h)		11/07/49		3,576,331
	Huarong Finance 2019 Co. Ltd. (NR/Baa1)^(b)
	1,690,000		3.875			11/13/29		1,709,013
	3,400,000		3.375			02/24/30		3,299,062
	Huarong Finance 2019 Co. Ltd. (NR/Baa1)^(b)
	280,000		3.625			09/30/30		276,500
	Sino-Ocean Land Treasure IV Ltd. (NR/Baa3)^(b)
	320,000		4.750			01/14/30		322,500
	Studio City Finance Ltd. (BB-/B1)^(a)(b)
	430,000		6.000			07/15/25		452,861
	350,000		6.500			01/15/28		375,703
	Sunny Express Enterprises Corp. (NR/A3)^(b)(h)(-1x3 Year CMT + 4.762%)
	870,000		3.350			10/23/49		881,419

								15,727,239


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Burundi – 1.1%
	The Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	8,747,000		5.375	%		03/14/22	$	8,942,233
	4,530,000		4.875			05/23/24		4,724,881

								13,667,114

Chile – 0.6%
	Embotelladora Andina SA (BBB/NR)^(a)
	506,000		5.000			10/01/23		552,299
	Empresa de los Ferrocarriles del Estado (A/NR)^(a)(b)
	600,000		3.068			08/18/50		522,188
	Empresa de Transporte de Pasajeros Metro SA (A/NR)^(a)(b)
	830,000		3.650			05/07/30		898,475
	GNL Quintero SA (BBB/Baa2)
	1,060,000		4.634			07/31/29		1,154,870
	Inversiones CMPC SA (BBB-/NR)^(a)(b)
	660,000		4.375			05/15/23		694,237
	Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)^(a)(b)
	3,291,000		4.375			01/28/25		3,569,707

								7,391,776

China – 0.7%
	Agile Group Holdings Ltd. (NR/Ba3)^(b)(h)(-1x5 Year CMT + 11.294%)
	200,000		7.875			07/31/49		206,750
	Central China Real Estate Ltd. (NR/B1)^(b)
	360,000		7.250			08/13/24		311,062
	China SCE Group Holdings Ltd. (NR/NR)^(b)
	660,000		5.950			09/29/24		653,400
	China SCE Group Holdings Ltd. (NR/B2)^(b)
	200,000		7.000			05/02/25		202,500
	510,000		6.000			02/04/26		484,341
	Country Garden Holdings Co. Ltd. (NR/Baa3)^(b)
	1,150,000		3.300			01/12/31		1,086,750
	Fantasia Holdings Group Co. Ltd (NR/NR)^(b)
	220,000		10.875			03/02/24		204,600
	200,000		9.250			07/28/23		184,375
	450,000		9.875	^(b)		10/19/23		415,687
	iQIYI, Inc. (NR/NR)
	550,000		2.000	^(j)		04/01/25		507,650
	70,000		4.000			12/15/26		72,333
	Kaisa Group Holdings Ltd. (NR/NR)^(b)
	200,000		8.500			06/30/22		203,813
	Kaisa Group Holdings Ltd. (NR/B2)^(b)
	750,000		10.875			07/23/23		778,594
	260,000		11.950			11/12/23		273,081
	200,000		11.250			04/16/25		196,125
	NIO, Inc. (NR/NR)^(a)(j)
	250,000		0.500			02/01/27		211,125
	Redsun Properties Group Ltd. (NR/B3)^(b)
	220,000		9.700			04/16/23		227,562
	Sunac China Holdings Ltd. (BB-/B1)^(b)
	880,000		8.350			04/19/23		916,300
	Yuzhou Group Holdings Co. Ltd. (NR/B2)^(b)
	400,000		6.000			10/25/23		354,800
	630,000		7.700			02/20/25		544,005
	(-1x5 Year CMT + 8.527%)
	410,000		5.375	^(h)		09/29/49		344,400


Corporate Obligations – (continued)
China – (continued)
	Zhenro Properties Group Ltd. (NR/B2)^(b)(h)(-1x3 Year CMT + 13.414%)
	790,000		10.250			01/25/49		808,516

								9,187,769

Colombia – 0.9%
	Banco de Bogota SA (NR/Ba2)
	6,870,000		6.250	^(a)		05/12/26		7,696,461
	1,980,000		6.250			05/12/26		2,218,194
	Grupo Aval Ltd. (NR/Ba2)
	590,000		4.750			09/26/22		615,075
	1,530,000		4.375	^(a)(b)		02/04/30		1,539,084

								12,068,814

Cyprus – 0.2%
	MHP SE (B/NR)
	1,910,000		7.750			05/10/24		2,041,909

Dominican Republic^(a)(b) – 0.3%
	Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	3,220,000		6.750			03/30/29		3,337,731

India – 0.0%
	Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	200,000		3.949			02/12/30		201,313

Indonesia – 0.2%
	Indonesia Asahan Aluminium Persero PT (NR/Baa2)^(a)(b)
	1,060,000		5.800			05/15/50		1,208,400
	Perusahaan Gas Negara Tbk PT (NR/Baa2)
	1,730,000		5.125			05/16/24		1,896,512

								3,104,912

Ireland – 0.3%
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)^(b)(h)(5 Year USD Swap + 5.416%)
	310,000		7.500			10/05/27		312,228
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/NR)^(a)
	430,000		4.700			01/29/25		432,688
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)^(a)
	3,010,000		5.550			02/14/23		3,118,172

								3,863,088

Israel^(a)(b) – 0.3%
	Leviathan Bond Ltd. (BB-/Ba3)
	3,350,000		5.750			06/30/23		3,508,078

Ivory Coast^(a)(i) – 0.2%
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)
	2,450,000		5.333			02/15/28		2,655,953

Japan^(b)(h) – 0.1%
	SoftBank Group Corp. (B+/B2u)(5 Year USD ICE Swap + 4.226%)
	1,310,000		6.000			07/19/49		1,311,638

Kazakhstan – 0.8%
	KazMunayGas National Co. JSC (NR/Baa3)^(a)(b)
	2,100,000		3.500			04/14/33		2,149,350


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Kazakhstan – (continued)
	KazMunayGas National Co. JSC (BB/Baa3)
$	6,002,000		4.750	%		04/19/27	$	6,834,777
	Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2)^(a)(b)
	1,690,000		2.625			08/15/25		1,703,837

								10,687,964

Luxembourg – 0.2%
	Gazprom PJSC Via Gaz Capital SA (BBB-/Baa2)^(j)
	410,000		8.625			04/28/34		576,691
	MHP Lux SA (B/NR)
	380,000		6.950			04/03/26		396,720
	Millicom International Cellular SA (NR/Ba2)^(a)(b)
	280,000		4.500			04/27/31		291,200
	Rede D’or Finance S.a.r.l. (BB/NR)^(b)
	820,000		4.500			01/22/30		800,796
	980,000		4.500	^(a)		01/22/30		957,048

								3,022,455

Macau^(b) – 0.1%
	MGM China Holdings Ltd. (B+/Ba3)^(a)
	440,000		4.750			02/01/27		446,050
	Wynn Macau Ltd. (BB-/B1)
	200,000		5.625			08/26/28		207,560

								653,610

Malaysia^(b) – 0.6%
	Axiata Spv5 Labuan Ltd. (BBB+/Baa2)
	360,000		3.064			08/19/50		325,800
	Petronas Capital Ltd. (A-/A2)^(a)
	4,410,000		4.550			04/21/50		5,172,224
	1,890,000		4.800			04/21/60		2,375,910

								7,873,934

Mauritius – 0.5%
	Cliffton Ltd. (NR/Ba3)^(a)(b)
	250,000		6.250			10/25/25		249,063
	India Green Power Holdings (NR/(P)Ba3)^(a)(b)
	670,000		4.000			02/22/27		669,791
	MTN Mauritius Investments Ltd. (BB-/Ba2)
	3,390,000		5.373			02/13/22		3,463,097
	1,790,000		4.755			11/11/24		1,868,312
	550,000		6.500	^(a)		10/13/26		612,906

								6,863,169

Mexico – 4.6%
	Banco Mercantil del Norte SA (BB-/Ba2)^(a)(b)(h)(5 Year CMT + 4.967%)
	3,820,000		6.750			09/27/49		3,959,621
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)^(a)(b)(h)(5 Year CMT + 2.995%)
	1,090,000		5.950			10/01/28		1,172,404
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa1)
	330,000		4.125			11/09/22		344,520


Corporate Obligations – (continued)
Mexico – (continued)
	BBVA Bancomer SA (BB/NR)^(b)(h)
	(5 Year CMT + 2.650%)
	3,080,000		5.125	^(a)		01/18/33		3,165,662
	(5 Year CMT + 2.650%)
	200,000		5.125			01/18/33		205,563
	Cemex SAB de CV (BB/NR)^(a)(b)
	400,000		7.375			06/05/27		451,500
	1,820,000		5.200			09/17/30		1,961,050
	Industrias Penoles SAB de CV (BBB/NR)^(a)(b)
	400,000		4.750			08/06/50		410,500
	Mexico City Airport Trust (BBB/Baa3)
	1,180,000		4.250	^(a)(b)		10/31/26		1,245,269
	1,409,000		4.250	^(b)		10/31/26		1,486,935
	4,830,000		3.875	^(a)(b)		04/30/28		4,894,903
	1,630,000		5.500	^(a)(b)		10/31/46		1,604,002
	722,000		5.500			10/31/46		710,484
	6,099,000		5.500	^(b)		07/31/47		6,009,345
	Petroleos Mexicanos (BBB/Ba2)
EUR	13,560,000		5.125			03/15/23		16,696,903
$	760,000		5.350			02/12/28		736,326
	1,030,000		6.375			01/23/45		854,900
	2,480,000		5.625			01/23/46		1,971,228
	705,000		6.750			09/21/47		599,391
	5,231,000		6.350			02/12/48		4,309,036
	3,343,000		7.690	^(b)		01/23/50		3,088,932
	3,043,000		6.950	^(b)		01/28/60		2,597,961
	Unifin Financiera SAB de CV (BB-/NR)^(b)
	690,000		7.375			02/12/26		667,359
	200,000		8.375			01/27/28		194,500

								59,338,294

Netherlands – 1.6%
	Bharti Airtel International Netherlands B.V. (BBB-/Ba1)
	550,000		5.125			03/11/23		587,469
	Greenko Dutch B.V. (NR/Ba1)^(b)
	690,000		4.875			07/24/22		695,822
	670,000		3.850	^(a)		03/29/26		672,303
	IHS Netherlands Holdco B.V. (B-/B2)^(a)(b)
	490,000		7.125			03/18/25		510,825
	400,000		8.000			09/18/27		430,375
	Lukoil International Finance B.V. (BBB/NR)
	1,800,000		4.750			11/02/26		1,982,812
	Lukoil Securities B.V. (BBB/NR)^(a)
	1,740,000		3.875			05/06/30		1,795,019
	Metinvest B.V. (B/NR)^(b)
	200,000		7.750			04/23/23		212,875
	301,000		7.750	^(a)		04/23/23		320,377
	500,000		8.500			04/23/26		557,625
	MV24 Capital B.V. (BB/NR)^(a)
	1,457,333		6.748			06/01/34		1,521,091
	NE Property B.V. (BBB/NR)^(b)
EUR	980,000		1.750			11/23/24		1,169,717
	2,440,000		3.375			07/14/27		3,106,931
	PPF Telecom Group B.V. (BB+/Ba1)^(b)
	1,648,000		2.125			01/31/25		1,964,722
	Prosus NV (BBB-/Baa3)^(b)
$	460,000		5.500			07/21/25		522,100
	480,000		3.680			01/21/30		496,200


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Netherlands – (continued)
	Prosus NV (BBB-/Baa3)^(b)– (continued)
$	3,220,000		3.680	%^(a)		01/21/30	$	3,328,675
	1,500,000		4.027	^(a)		08/03/50		1,365,000

								21,239,938

Pakistan – 0.6%
	The Third Pakistan International Sukuk Co. Ltd. (NR/B3)
	2,130,000		5.500			10/13/21		2,145,975
	The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	5,200,000		5.625			12/05/22		5,313,750

								7,459,725

Panama – 0.6%
	Aeropuerto Internacional de Tocumen SA (BB+/NR)^(b)
	2,490,000		5.625			05/18/36		2,611,387
	198,205		6.000			11/18/48		209,914
	Autoridad del Canal de Panama (A-/A2)^(a)
	380,000		4.950			07/29/35		471,319
	Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)^(a)(b)
	2,830,000		2.375			09/14/25		2,877,204
	Banco Nacional de Panama (BBB/Baa2)^(a)(b)
	1,990,000		2.500			08/11/30		1,846,720

								8,016,544

Peru – 0.7%
	ABY Transmision Sur SA (BBB/NR)^(a)
	5,000,556		6.875			04/30/43		6,680,430
	Corp. Lindley SA (BBB/NR)
	815,000		6.750	^(a)		11/23/21		827,734
	1,780,000		6.750			11/23/21		1,807,813
	120,000		4.625	^(a)		04/12/23		123,788

								9,439,765

Philippines^(b)(h) – 0.1%
	SMC Global Power Holdings Corp. (NR/NR)
	(-1x 5 year CMT + 9.199%)
	960,000		7.000			10/21/49		1,018,037
	(-1x5 Year CMT + 6.608%)
	210,000		6.500			04/25/49		217,022

								1,235,059

Singapore^(b) – 0.0%
	Innovate Capital Pte Ltd. (NR/NR)^(d)
	660,325		6.000			12/11/24		167,848
	Trafigura Group Pte Ltd. (NR/NR)^(h)(5 Year USD Swap + 6.647%)
	470,000		6.875			12/22/49		472,938

								640,786

South Africa – 0.2%
	Eskom Holdings SOC Ltd. (CCC+/Caa2)
	520,000		6.750			08/06/23		535,600
	2,170,000		7.125			02/11/25		2,240,525

								2,776,125


Corporate Obligations – (continued)
Thailand^(a)(b) – 0.6%
	GC Treasury Center Co. Ltd. (BBB/Baa2)
	1,740,000		2.980	%		03/18/31	$	1,720,269
	1,870,000		4.300			03/18/51		1,899,677
	PTT Treasury Center Co. Ltd. (BBB+/Baa1)
	2,850,000		3.700			07/16/70		2,628,234
	PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	1,040,000		2.993			01/15/30		1,048,450

								7,296,630

Turkey – 1.6%
	Akbank T.A.S. (NR/B2)
	570,000		6.800			02/06/26		567,506
	Akbank T.A.S. (NR/Caa2)^(b)(h)(5 Year USD Swap + 4.029%)
	564,000		6.797			04/27/28		519,409
	TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125			05/03/22		497,344
	770,000		5.125	^(a)		09/29/23		752,194
	Turkiye Vakiflar Bankasi TAO (NR/B2)
	1,090,000		8.125	^(a)		03/28/24		1,120,997
	860,000		8.125			03/28/24		884,456
	900,000		5.250			02/05/25		842,906
	1,080,000		5.250	^(a)		02/05/25		1,011,488
	750,000		6.500	^(a)		01/08/26		716,250
	Yapi ve Kredi Bankasi A/S (NR/B2)
	1,820,000		6.100			03/16/23		1,818,862
	200,000		5.850			06/21/24		196,500
	4,610,000		8.250	^(a)		10/15/24		4,794,400
	Yapi ve Kredi Bankasi A/S (NR/Caa2)^(a)(b)(h)(5 year CMT + 7.415%)
	2,090,000		7.875			01/22/31		2,016,850
	Yapi ve Kredi Bankasi A/S (NR/Caa3u)^(b)(h)(5 Year USD Swap + 11.245%)
	3,930,000		13.875			01/15/49		4,342,650

								20,081,812

United Arab Emirates – 2.4%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)^(a)
	7,490,000		4.600			11/02/47		8,454,337
	DP World Crescent Ltd. (NR/Baa3)
	840,000		4.848			09/26/28		936,600
	1,390,000		3.875			07/18/29		1,456,025
	1,500,000		3.750	^(b)		01/30/30		1,556,250
	DP World PLC (NR/Baa3)
	1,070,000		5.625			09/25/48		1,253,572
	290,000		6.850	^(a)		07/02/37		376,547
	DP World Salaam (NR/Ba2)^(b)(h)(5 Year CMT + 5.750%)
	6,350,000		6.000			10/01/49		6,834,187
	Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)^(a)
	510,000		2.160			03/31/34		494,726
	Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)^(a)
	580,000		2.625			03/31/36		553,900
	500,000		2.940			09/30/40		483,250
	NBK Tier 1 Financing 2 Ltd. (NR/Baa3)^(a)(b)(h)(6 Year USD Swap + 2.832%)
	2,480,000		4.500			08/27/49		2,570,675


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
United Arab Emirates – (continued)
	Sharjah Sukuk Program Ltd. (BBB-/Baa3)
$	1,370,000		4.226	%		03/14/28	$	1,482,169
	4,900,000		3.234			10/23/29		4,956,656

								31,408,894

United Kingdom – 0.7%
	Gazprom PJSC via Gaz Finance PLC (BB/NR)^(a)(b)(h)(5 Year CMT + 4.264%)
	6,010,000		4.599			10/26/49		6,049,441
	Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)^(a)
	1,780,000		3.250			02/25/30		1,703,237
	Vedanta Resources Finance II PLC (B-/NR)^(a)(b)
	770,000		8.950			03/11/25		735,735
	Vedanta Resources Finance II PLC (B-/Caa1)^(b)
	260,000		9.250			04/23/26		218,717
	Vedanta Resources Ltd. (B-/Caa1)^(b)
	620,000		6.125			08/09/24		498,325

								9,205,455

United States – 0.8%
	Brazil Loan Trust 1 (BB-/NR)^(a)(i)
	4,045,679		5.477			07/24/23		4,216,357
	MercadoLibre, Inc. (BB+/Ba1)^(b)
	830,000		2.375			01/14/26		819,791
	Sasol Financing USA LLC (BB/Ba2)^(b)
	4,800,000		5.875			03/27/24		5,069,880

								10,106,028

Uzbekistan – 0.0%
	National Bank of Uzbekistan (BB-/NR)
	400,000		4.850			10/21/25		409,625

Venezuela^(f) – 0.6%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		4,837,350
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500			04/12/37		95,375
	Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000			05/16/24		1,823,937
	3,387,934		6.000			11/15/26		148,222
	19,170,000		5.375			04/12/27		838,688

								7,743,572

	TOTAL CORPORATE OBLIGATIONS
	(Cost $372,266,048)						$	324,255,226



Structured Notes^(a)(e) – 0.7%
United Kingdom – 0.3%
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)
EGP	74,375,000		0.000	%		12/23/21	$	4,308,190

United States – 0.4%
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
	78,475,000		0.000			09/02/21		4,727,597

	TOTAL STRUCTURED NOTES
	(Cost $9,087,342)						$	9,035,787


Shares		Dividend Rate	Value

Investment Company^(k) – 5.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	70,788,766	0.036%	$	70,788,766
	(Cost $70,788,766)

	TOTAL INVESTMENTS – 92.6%
	(Cost $1,275,260,140)		$	1,199,161,725

	OTHER ASSETS IN EXCESS OF LIABILITIES – 7.4%			96,201,239

	NET ASSETS – 100.0%		$	1,295,362,964



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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(c)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

(d)		Pay-in-kind securities.

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

(f)		Security is currently in default and/or non-income producing.

(g)		Actual maturity date is June 28, 2121.

(h)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(i)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,921,973, which represents approximately 0.8% of the Fund’s net assets as of March 31, 2021.

(j)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(k)		Represents an affiliated issuer.


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021



Security ratings disclosed, if any, are obtained from by S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
DOP		—Dominican Peso
EGP		—Egyptian Pound
EUR		—Euro
GBP		—British Pound
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone



NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
KWCDC		—South Korean Won Certificate of Deposit
LLC		—Limited Liability Company
MTN		—Medium Term Note
NR		—Not Rated
PLC		—Public Limited Company
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	AUD	2,148,808	USD	1,632,104		06/16/21	$	567
	BRL	3,136,686	USD	554,459		04/05/21		2,636
	BRL	12,277,357	USD	2,119,142		05/04/21		57,527
	CAD	8,478,688	USD	6,699,405		06/16/21		48,067
	CHF	3,555,977	EUR	3,200,100		06/16/21		11,406
	CLP	3,444,415,860	USD	4,720,379		05/17/21		62,090
	CNH	8,661,547	USD	1,309,637		06/16/21		2,082
	COP	23,524,632,233	USD	6,322,840		04/05/21		101,232
	COP	2,050,091,145	USD	548,079		04/27/21		11,588
	EUR	1,109,331	AUD	1,713,566		06/16/21		1,076
	EUR	3,361,518	CHF	3,713,826		06/16/21		10,836
	EUR	2,131,968	SEK	21,710,115		04/06/21		14,466
	EUR	1,187,545	USD	1,392,495		04/30/21		1,006
	GBP	1,274,868	CHF	1,633,450		06/16/21		26,041
	GBP	931,531	JPY	141,839,497		06/16/21		2,573
	GBP	951,425	USD	1,311,547		06/16/21		401
	IDR	185,579,705,575	USD	12,735,363		04/05/21		7,058
	IDR	8,382,899,884	USD	571,470		05/10/21		689
	ILS	11,861,049	USD	3,546,196		04/16/21		2,107
	INR	279,733,632	USD	3,789,476		04/27/21		14,972
	KRW	15,543,071,488	USD	13,726,557		04/05/21		43,170
	KRW	12,042,743,027	USD	10,651,471		06/15/21		27,891


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	MXN	457,078,804	USD	21,565,168		06/16/21	$	608,713
	NOK	32,554,107	USD	3,791,950		06/16/21		13,987
	RUB	142,259,870	USD	1,871,725		04/02/21		9,363
	SGD	7,377,252	USD	5,474,200		04/06/21		9,756
	SGD	6,804,729	USD	5,056,045		06/16/21		701
	USD	4,433,259	AUD	5,821,745		04/16/21		10,914
	USD	1,438,479	AUD	1,890,769		06/16/21		1,867
	USD	14,534,790	CHF	13,462,898		06/16/21		260,372
	USD	1,048,280	CNH	6,798,094		05/20/21		16,718
	USD	6,813,502	CNH	44,839,294		06/16/21		22,966
	USD	3,810,464	COP	13,807,869,177		04/05/21		39,830
	USD	3,533,314	COP	12,682,339,399		04/27/21		71,080
	USD	19,376,759	EUR	16,119,738		04/01/21		472,749
	USD	238,285,841	EUR	196,433,994		04/09/21		7,884,739
	USD	24,528,188	EUR	20,805,042		04/30/21		114,926
	USD	9,210,529	EUR	7,702,646		06/16/21		162,805
	USD	4,377,665	GBP	3,149,629		06/16/21		34,549
	USD	8,433,007	IDR	121,252,113,008		04/05/21		107,498
	USD	5,090,098	IDR	74,709,357,623		07/01/21		26,404
	USD	3,748,500	ILS	12,391,791		04/16/21		41,423
	USD	4,445,657	ILS	14,684,929		04/22/21		52,310
	USD	12,713,141	INR	928,092,481		04/05/21		44,235
	USD	11,399,495	JPY	1,242,334,053		06/10/21		172,026
	USD	11,478,990	JPY	1,247,103,255		06/16/21		207,705
	USD	16,255,391	KRW	18,023,779,292		04/05/21		287,987
	USD	5,975,695	NOK	50,810,143		06/16/21		35,422
	USD	4,274,217	NZD	6,059,182		06/16/21		43,283
	USD	13,903,173	PLN	53,689,621		06/02/21		313,518
	USD	8,990,251	RUB	663,185,907		04/02/21		221,007
	USD	2,379,393	RUB	175,551,601		04/15/21		61,344
	USD	621,342	RUB	46,306,153		05/19/21		12,259
	USD	10,103,482	SEK	86,250,704		06/16/21		220,473
	USD	11,629,992	SGD	15,614,224		04/06/21		22,999
	USD	7,761,527	SGD	10,435,373		05/05/21		5,451
	USD	8,973,629	TRY	65,994,844		04/08/21		1,029,148
	USD	4,046,892	TRY	31,238,479		04/19/21		318,452
	USD	550,567	TRY	4,552,859		04/29/21		11,344
	USD	538,024	TRY	4,054,008		05/03/21		59,128
	USD	4,918,781	TRY	38,898,363		05/25/21		384,496
	USD	668,808	TRY	5,629,359		06/16/21		21,753
	USD	2,610,693	TWD	72,789,809		04/08/21		50,945
	USD	4,130,806	TWD	116,777,881		04/12/21		22,616
	USD	4,157,513	TWD	117,532,898		04/19/21		20,038
	USD	1,627,068	ZAR	24,253,548		06/17/21		818
	ZAR	96,614,196	USD	6,336,105		05/25/21		160,180
	ZAR	55,081,847	USD	3,632,678		06/17/21		60,672

TOTAL							$	14,200,450


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	5,308,934	USD	4,134,094		06/16/21	$	(100,351	)
	BRL	9,140,671	USD	1,655,997		04/05/21		(32,557	)
	CAD	8,315,938	USD	6,668,566		06/16/21		(50,615	)
	CHF	2,628,053	EUR	2,376,008		06/16/21		(4,452	)
	CHF	7,827,184	USD	8,448,661		06/16/21		(149,667	)
	CLP	538,473,282	USD	748,711		05/17/21		(1,057	)
	CNH	80,093,601	USD	12,208,535		06/16/21		(79,029	)
	COP	4,091,106,121	USD	1,133,690		04/05/21		(16,496	)
	COP	23,426,155,230	USD	6,507,760		04/27/21		(112,501	)
	EUR	1,110,368	CAD	1,647,586		06/16/21		(6,909	)
	EUR	2,131,660	CHF	2,367,037		06/16/21		(5,817	)
	EUR	1,252,050	GBP	1,075,567		06/16/21		(12,442	)
	EUR	1,579,859	NOK	16,213,429		06/16/21		(39,788	)
	EUR	2,117,027	SEK	21,710,115		06/16/21		(932	)
	EUR	16,119,739	USD	19,204,235		04/01/21		(300,225	)
	EUR	30,755,718	USD	36,571,959		04/09/21		(498,003	)
	EUR	2,371,880	USD	2,791,406		04/30/21		(8,171	)
	EUR	47,014,486	USD	56,698,322		06/16/21		(1,473,920	)
	GBP	942,859	USD	1,303,088		06/16/21		(2,952	)
	IDR	185,579,705,575	USD	12,853,822		04/05/21		(111,401	)
	IDR	33,340,757,353	USD	2,307,253		04/12/21		(22,150	)
	IDR	51,862,795,219	USD	3,560,293		05/03/21		(16,882	)
	IDR	28,310,590,862	USD	1,989,888		05/10/21		(57,600	)
	ILS	3,971,257	USD	1,195,257		06/16/21		(6,064	)
	INR	1,166,657,677	USD	16,001,355		04/05/21		(75,917	)
	JPY	1,242,332,689	USD	11,396,658		06/10/21		(169,201	)
	JPY	1,158,709,561	USD	10,638,513		06/16/21		(166,127	)
	KRW	4,136,171,888	USD	3,678,116		04/05/21		(13,849	)
	MXN	25,953,035	USD	1,261,818		06/16/21		(2,780	)
	NOK	22,215,038	EUR	2,216,471		06/16/21		(6,337	)
	NOK	61,432,265	USD	7,227,477		06/16/21		(45,360	)
	NZD	2,033,969	USD	1,458,307		06/10/21		(38,027	)
	NZD	5,089,004	USD	3,632,761		06/16/21		(79,272	)
	PLN	54,535,631	USD	14,188,342		06/16/21		(383,114	)
	RUB	520,926,038	USD	7,037,499		04/02/21		(149,344	)
	RUB	11,389,679	USD	150,520		04/15/21		(126	)
	RUB	268,815,830	USD	3,616,665		05/19/21		(80,824	)
	RUB	113,003,990	USD	1,463,782		10/01/21		(3,827	)
	SEK	11,399,034	NOK	11,223,388		06/16/21		(5,985	)
	SEK	23,538,301	USD	2,751,219		06/16/21		(54,091	)
	SGD	8,236,972	USD	6,130,530		04/06/21		(7,493	)
	SGD	1,479,579	USD	1,100,529		05/05/21		(834	)
	TRY	65,994,845	USD	8,931,038		04/08/21		(986,557	)
	TRY	16,615,219	USD	2,236,414		04/19/21		(253,321	)
	TRY	13,362,650	USD	1,742,163		05/25/21		(184,511	)
	TRY	45,634,681	USD	5,823,116		06/16/21		(577,730	)
	TWD	223,254,752	USD	8,067,347		04/08/21		(216,307	)
	TWD	38,480,511	USD	1,363,445		04/12/21		(9,719	)
	TWD	277,727,020	USD	9,974,824		04/19/21		(198,083	)
	USD	2,122,091	BRL	12,277,357		04/05/21		(58,443	)
	USD	7,118,358	CAD	8,979,072		06/16/21		(27,327	)
	USD	2,959,954	CLP	2,168,114,892		05/17/21		(50,410	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	3,694,996	COP	13,807,869,177		04/05/21	$	(75,636	)
	USD	2,044,417	COP	7,570,250,975		04/27/21		(22,235	)
	USD	17,146,801	IDR	249,907,298,142		04/05/21		(12,533	)
	USD	549,566	IDR	8,045,651,364		04/12/21		(1,865	)
	USD	3,240,734	INR	238,565,196		04/05/21		(15,796	)
	USD	2,781,801	INR	205,964,519		04/27/21		(19,369	)
	USD	1,375,391	KRW	1,559,088,551		04/05/21		(5,817	)
	USD	8,100,241	KRW	9,165,260,635		06/15/21		(27,404	)
	USD	9,470,878	MXN	197,851,345		05/19/21		(156,039	)
	USD	11,042,951	MXN	233,198,717		06/16/21		(270,026	)
	USD	2,726,075	NZD	3,909,753		06/16/21		(3,981	)
	USD	2,301,988	TRY	19,546,837		04/19/21		(31,006	)
	USD	7,291,317	TRY	61,929,649		04/26/21		(60,348	)
	USD	945,299	TRY	8,344,628		05/24/21		(27,998	)
	USD	5,292,851	TRY	47,072,152		06/16/21		(117,762	)
	USD	5,377,355	TWD	153,623,768		04/08/21		(25,022	)
	USD	2,391,265	TWD	68,055,389		05/03/21		(7,692	)
	USD	2,621,700	TWD	74,351,399		05/07/21		(270	)
	USD	1,692,303	ZAR	25,696,515		05/25/21		(35,517	)
	USD	7,875,739	ZAR	121,265,146		06/17/21		(255,335	)
	ZAR	33,093,207	USD	2,233,105		06/17/21		(14,137	)

TOTAL							$	(8,140,685	)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		87		06/21/21	$	12,500,812	$	(164,645	)
Ultra Long U.S. Treasury Bonds		212		06/21/21		38,418,375		(1,139,690	)
2 Year U.S. Treasury Notes		368		06/30/21		81,227,375		(51,772	)
5 Year U.S. Treasury Notes		1,011		06/30/21		124,755,821		(1,180,725	)
10 Year U.S. Treasury Notes		832		06/21/21		108,940,000		(1,445,351	)
20 Year U.S. Treasury Bonds		181		06/21/21		27,981,469		(1,016,579	)

TOTAL FUTURES CONTRACTS							$	(4,998,762	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)^(a)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO^(b)		(0.500)%^(c)	06/16/23		EUR	35,750	$	(10,901	)	$	(33,554	)	$	22,653
6M WIBOR^(b)		0.345^(c)	06/16/23		PLN	16,745		(21,141	)		(18,360	)		(2,781	)
6M WIBOR^(b)		0.750^(c)	12/16/25			48,880		(247,864	)		(9,748	)		(238,116	)
5.800^(d)		1M BID Average^(d)	01/02/23		BRL	130,700		154,261			135,485			18,776
6.320^(d)		1M BID Average^(d)	01/02/25			150,928		1,045,339			(487,240	)		1,532,579
1M BID Average^(d)		3.390^(d)	01/03/22			173,620		(220,535	)		—			(220,535	)
1.000^(e)		3M KWCDC^(e)	06/16/23		KRW	133,013,300		335,609			444,304			(108,695	)
1M BID Average^(d)		4.120%^(d)	01/03/22		BRL	72,125		178,486			250,313			(71,827	)
1M BID Average^(d)		4.230^(d)	01/02/23			50,105		(204,849	)		(488,357	)		283,508
Mexico IB TIIE 28D^(d)		4.700^(d)	06/14/23		MXN	56,855		(1,271	)		(79,384	)		78,113
1M BID Average^(d)		4.930^(d)	01/02/24		BRL	34,105		(220,755	)		(7,052	)		(213,703	)
3M JIBAR^(e)		6.250^(e)	06/17/26		ZAR	146,265		21,894			(3,426	)		25,320
2.750%^(e)		6M CNY^(e)	06/16/23		CNY	43,080		(16,468	)		(2,180	)		(14,288	)
(0.250)^(c)		6M EURO^(b)	06/16/28		EUR	24,590		246,595			214,141			32,454
(0.250)^(c)		6M EURO^(b)	06/16/26			48,600		(116,722	)		(100,754	)		(15,968	)
(0.500)^(c)		6M EURO^(b)	06/16/24			21,460		49,648			67,190			(17,542	)
0.000^(c)		6M EURO^(b)	06/16/31			22,460		235,511			139,812			95,699
0.000^(c)		6M EURO^(b)	06/16/51			810		135,092			110,889			24,203
0.000^(c)		6M EURO^(b)	06/16/36			830		53,203			43,335			9,868
0.250^(c)		6M EURO^(b)	06/16/41			3,230		171,084			109,027			62,057
0.250^(f)		6M WIBOR^(e)	12/16/21		PLN	243,090		(44,228	)		(8,639	)		(35,589	)
6.400^(d)		Mexico IB TIIE 28D^(d)	06/04/31		MXN	448,355		862,366			63,211			799,155

TOTAL							$	2,384,354		$	339,013		$	2,045,341

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(b)

Payments made semi-annually.

(c)

Payments made annually.

(d)

Payments made at monthly.

(e)

Payments made quarterly.

(f)

Payments made at termination date.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%	0.063%		Barclays Bank PLC		06/20/21	$	7,030	$	(17,154	)	$	1,677	$	(18,831	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.063		BofA Securities LLC		06/20/21		8,370		(20,425	)		4,302		(24,727	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.063		Citibank NA		06/20/21		48,730		(118,919	)		15,402		(134,321	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.063		Deutsche Bank AG (London)		06/20/21		28,030		(68,183	)		4,777		(72,960	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.071		Deutsche Bank AG (London)		12/20/21		15,570		(111,168	)		8,353		(119,521	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


Reference Obligation/ Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
People’s Republic of China, 7.500%, 10/28/27		(1.000) %	0.063%		JPMorgan Securities, Inc.		06/20/21	$	19,180	$	(46,807	)	$	3,275		$	(50,082	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.083		JPMorgan Securities, Inc.		06/20/22		2,820		(32,876	)		(7,528	)		(25,348	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.063		UBS AG (London)		06/20/21		18,520		(45,195	)		3,746			(48,941	)
Protection Sold:
Ukraine Government, 7.375%, 09/25/32		5.000	4.192		Barclays Bank PLC		06/20/25		520	$	16,971		$	(20,004	)	$	36,975
Republic of Colombia, 10.375%, 01/28/33		1.000	0.501		Citibank NA		12/20/22		3,940		30,599			—			30,599
Ukraine Government, 7.375%, 09/25/32		5.000	3.846		Deutsche Bank AG (London)		12/20/23		3,820		119,683			(182,700	)		302,383
Republic of Colombia, 10.375%, 01/28/33		1.000	0.501		JPMorgan Securities, Inc.		12/20/22		3,600		27,957			572			27,385

TOTAL										$	(265,517	)	$	(168,128	)	$	(97,389	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Argentine Republic, 1.000%, 07/09/29	5.000%	17.523%		12/20/25	$	560	$	(213,728	)	$	(111,696	)	$	(102,032	)
ICE CD CXPEM	1.000	1.855		06/20/26		28,520		(1,183,132	)		(950,533	)		(232,599	)
Federative Republic of Brazil, 4.250%, 01/07/25	1.000	1.781		12/20/24		13,220		(375,754	)		(98,888	)		(276,866	)
ICE CD ITXEB	1.000	0.642		06/20/26		30,890		569,310			548,578			20,732
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.380		06/20/24		17,110		352,484			54,135			298,349
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.633		12/20/25		2,310		40,105			83			40,022
Republic of Abu Dhabi, 3.125%, 08/03/26	1.000	0.350		12/20/24		4,140		103,593			84,439			19,154
Republic of Chile, 3.875%, 08/05/20	1.000	0.317		06/20/24		2,020		45,672			39,837			5,835
Republic of Chile, 3.875%, 08/05/20	1.000	0.391		12/20/24		12,630		291,780			237,040			54,740
Republic of Colombia, 10.375%, 01/28/33	1.000	0.748		12/20/23		29,500		203,406			(252,598	)		456,004
Republic of Colombia, 10.375%, 01/28/33	1.000	0.832		06/20/24		2,730		14,530			(1,051	)		15,581
Republic of Indonesia, 5.875%, 03/13/20	1.000	0.803		12/20/25		22,960		215,947			113,992			101,955


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Republic of Panama, 8.875%, 09/30/27		1.000%	0.748%		12/20/25	$	1,000	$	12,195		$	3,722		$	8,473
Republic of Peru, 8.750%, 11/21/33		1.000	0.509		06/20/24		16,310		269,079			192,791			76,288
Republic of Peru, 8.750%, 11/21/33		1.000	0.597		12/20/24		11,830		183,469			123,362			60,107
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.232		12/20/23		9,460		204,968			7,309			197,659
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.319		12/20/24		2,270		58,782			(15,755	)		74,537
Republic of Turkey, 11.875%, 01/15/30		1.000	4.742		06/20/26		7,030		(1,156,886	)		(1,189,111	)		32,225
Russian Federation, 7.500%, 03/31/30		1.000	0.841		12/20/24		26,630		163,542			(553,592	)		717,134
Russian Federation, 7.500%, 03/31/30		1.000	0.907		06/20/25		630		2,488			(2,453	)		4,941
State of Qatar, 9.750%, 06/15/30		1.000	0.294		06/20/24		5,830		138,015			79,821			58,194
State of Qatar, 9.750%, 06/15/30		1.000	0.345		12/20/24		13,450		337,050			(159,012	)		496,062

TOTAL								$	276,915		$	(1,849,580	)	$	2,126,495

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put RUB	JPMorgan Securities, Inc.		79.100	%		04/01/2021		11,117,000	$	11,117,000	$	11	$	17,398	$	(17,387	)
Call AUD/Put USD	UBS AG (London)		0.770			04/14/2021		20,521,000		20,521,000		35,070		51,514		(16,444	)
Call EUR/Put USD	HSBC Bank PLC		1.190			04/28/2021		46,846,000		46,846,000		98,007		187,303		(89,296	)

								78,484,000	$	78,484,000	$	133,088	$	256,215	$	(123,127	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
Put USD/Call SGD	Deutsche Bank AG (London)		1.334	%		04/01/2021		27,690,000		$	27,690,000		$	28		$	32,425		$	(32,397	)
Put USD/Call SGD	UBS AG (London)		1.335			04/01/2021		11,032,000			11,032,000			11			17,728			(17,717	)
Put USD/Call RUB	Deutsche Bank AG (London)		71.700			04/01/2021		27,485,000			27,485,000			27			148,886			(148,859	)
Put USD/Call KRW	HSBC Bank PLC		1,110.000			04/01/2021		11,117,000			11,117,000			11			52,728			(52,717	)
Put USD/Call TRY	JPMorgan Securities, Inc.		6.950			04/07/2021		22,230,000			22,230,000			23			183,798			(183,775	)
Put USD/Call RUB	JPMorgan Securities, Inc.		72.250			04/14/2021		5,478,000			5,478,000			2,416			42,698			(40,282	)
Put USD/Call TWD	BNP Paribas SA		28.200			04/28/2021		5,224,000			5,224,000			14,245			12,939			1,306
Put USD/Call SGD	Deutsche Bank AG (London)		1.335			05/03/2021		25,991,000			25,991,000			59,650			67,395			(7,745	)
Put USD/Call TWD	Citibank NA		28.150			05/05/2021		5,198,000			5,198,000			16,134			17,616			(1,482	)
Put USD/Call TRY	MS & Co. Int. PLC		7.100			05/24/2021		5,567,000			5,567,000			1,781			69,114			(67,333	)

								147,012,000		$	147,012,000		$	94,326		$	645,327		$	(551,001	)

Total purchased option contracts								225,496,000		$	225,496,000		$	227,414		$	901,542		$	(674,128	)
Calls
Call USD/Put ILS	BNP Paribas SA		3.370	%		04/20/2021		(5,538,000	)	$	(5,538,000	)	$	(19,428	)	$	(10,301	)	$	(9,127	)
Call USD/Put TWD	BNP Paribas SA		28.800			04/28/2021		(5,224,000	)		(5,224,000	)		(9,659	)		(12,391	)		2,732
Call USD/Put TWD	Citibank NA		28.700			05/05/2021		(5,198,000	)		(5,198,000	)		(13,847	)		(13,400	)		(447	)
Call USD/Put TRY	Credit Suisse International (London)		8.000			04/16/2021		(5,591,000	)		(5,591,000	)		(287,176	)		(27,759	)		(259,417	)
Call USD/Put RUB	Deutsche Bank AG (London)		79.100			04/01/2021		(11,117,000	)		(11,117,000	)		(11	)		(43,201	)		43,190
Call USD/Put KRW	HSBC Bank PLC		1,150.000			04/01/2021		(11,117,000	)		(11,117,000	)		(11	)		(27,003	)		26,992
Call USD/Put RUB	JPMorgan Securities, Inc.		77.900			04/14/2021		(5,478,000	)		(5,478,000	)		(21,047	)		(22,183	)		1,136
Call USD/Put CNH	JPMorgan Securities, Inc.		6.620			05/17/2021		(5,591,000	)		(5,591,000	)		(27,368	)		(24,444	)		(2,924	)
Call USD/Put TRY	MS & Co. Int. PLC		8.320			04/30/2021		(5,584,000	)		(5,584,000	)		(232,668	)		(43,376	)		(189,292	)
Call USD/Put TRY	MS & Co. Int. PLC		7.900			05/24/2021		(5,567,000	)		(5,567,000	)		(497,128	)		(77,159	)		(419,969	)

								(66,005,000	)	$	(66,005,000	)	$	(1,108,343	)	$	(301,217	)	$	(807,126	)
Puts – 0.0%
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350			09/30/2021		(5,198,000	)		(5,198,000	)		(67,891	)		(72,018	)		4,127

Total written option contracts								(71,203,000	)	$	(71,203,000	)	$	(1,176,234	)	$	(373,235	)	$	(802,999	)



Abbreviations:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
1M BID Avg		—1 month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a)(b) – 1.3%

Chemicals^(c) – 0.1%
	Polar US Borrower LLC (B-/B2) (1M LIBOR + 4.750%)
$	3,233,461		4.857	%		10/15/25	$	3,209,210

Commercial Services – 0.1%
	Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (3M LIBOR + 5.000%)
	2,132,206		1.500			02/28/25		2,168,624

Consumer Cyclical Services – 0.1%
	Prime Security Services Borrower LLC (BB-/Ba3) (3M LIBOR + 2.750%)
	1,713,211		3.500			09/23/26		1,705,176

Healthcare Providers & Services – 0.1%
	RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M LIBOR + 3.750%)
	1,653,293		3.859			11/16/25		1,648,564

Machinery-Diversified – 0.2%
	Titan Acquisition Ltd. (B-/B2)(6M LIBOR + 3.000%)
	3,386,442		3.267			03/28/25		3,313,058

Packaging – 0.1%
	Charter NEX US, Inc. (B/B2) (1M LIBOR + 4.250%)
	1,920,963		5.000			12/01/27		1,923,364

Software – 0.4%
	CentralSquare Technologies LLC (CCC+/Caa1) (3M LIBOR + 3.750%)
	2,060,793		3.949			08/29/25		1,965,852
	Mitchell International, Inc. (B-/B2)
	(1M LIBOR + 3.250%)
	2,071,013		3.359			11/29/24		2,035,930
	(1M LIBOR + 4.250%)
	1,791,000		4.750			11/29/24		1,792,343
	The Dun & Bradstreet Corp. (B+/B1) (1M LIBOR + 3.250%)
	2,903,099		3.359			02/06/26		2,884,955

								8,679,080

Technology – 0.1%
	Banff Merger Sub, Inc. (B-/B2) (1M LIBOR + 2.750%)
	1,632,570		3.859			10/02/25		1,624,407

Telecommunication Services – 0.1%
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	1,955,445		3.794			01/31/26		1,935,480
	Intelsat Jackson Holdings SA (NR/NR) (3M LIBOR + 5.500%)
	39,912		6.500			07/13/22		40,331

								1,975,811

	TOTAL BANK LOANS
	(Cost $25,465,175)							26,247,294


Corporate Obligations – 91.0%
Advertising^(d) – 0.4%
	Lamar Media Corp. (BB-/B1)
	1,439,000		3.625			01/15/31		1,385,038
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/ B2)
	1,073,000		6.250			06/15/25		1,136,039
	1,609,000		4.250			01/15/29		1,546,651
	2,829,000		4.625			03/15/30		2,722,912
	Terrier Media Buyer, Inc. (CCC+/Caa1)
	888,000		8.875			12/15/27		954,600

								7,745,240

Aerospace & Defense – 2.0%
	BWX Technologies, Inc. (BB/Ba3)
	2,260,000		4.125			04/15/29		2,291,075
	Howmet Aerospace, Inc. (BB+/Ba3)
	1,257,000		6.875			05/01/25		1,456,549
	Moog, Inc. (BB/Ba3)^(d)
	3,004,000		4.250			12/15/27		3,064,080
	Spirit AeroSystems, Inc. (B/B2)^(d)
	2,754,000		7.500			04/15/25		2,960,550
	Spirit AeroSystems, Inc. (BB-/Ba2)^(d)
	1,014,000		5.500			01/15/25		1,068,502
	TransDigm UK Holdings PLC (B-/B3)
	220,000		6.875			05/15/26		231,275
	TransDigm, Inc. (B+/Ba3)^(d)
	1,290,000		8.000			12/15/25		1,402,875
	TransDigm, Inc. (B-/B3)
	6,716,000		6.500			05/15/25		6,858,715
	3,492,000		6.375			06/15/26		3,609,855
	1,200,000		7.500			03/15/27		1,282,500
	8,988,000		5.500			11/15/27		9,291,345
	3,570,000		4.625	^(d)		01/15/29		3,507,525
	Triumph Group, Inc. (B-/B2)^(d)
	870,000		8.875			06/01/24		973,313
	Triumph Group, Inc. (CCC-/Ca)
	219,000		7.750			08/15/25		220,916
	Triumph Group, Inc. (CCC-/Caa2)^(d)
	3,511,000		6.250			09/15/24		3,563,665

								41,782,740

Airlines – 0.8%
	American Airlines Inc/AAdvantage Loyalty IP Ltd. (NR/Ba2)^(d)
	730,000		5.500			04/20/26		758,288
	968,000		5.750			04/20/29		1,030,920
	Delta Air Lines, Inc. (B+/Baa3)
	3,511,000		2.900			10/28/24		3,502,222
	3,731,000		7.375			01/15/26		4,374,597
	Delta Air Lines, Inc. (BB+/Baa2)^(d)
	1,812,000		7.000			05/01/25		2,086,065
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)^(d)
	2,487,223		5.750			01/20/26		2,633,347
	United Airlines Holdings, Inc. (B/Ba3)
	1,853,000		4.250			10/01/22		1,885,428

								16,270,867


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Apparel^(d) – 0.0%
	Levi Strauss & Co. (BB+/Ba2)
$	619,000		3.500	%		03/01/31	$	597,335

Automotive – 4.7%
	Adient Global Holdings Ltd. (B/B3)^(d)
	2,951,000		4.875			08/15/26		3,039,530
	Adient US LLC (B+/Ba3)^(d)
	31,000		7.000			05/15/26		33,131
	Allison Transmission, Inc. (NR/Ba3)^(d)
	1,709,000		3.750			01/30/31		1,653,458
	American Axle & Manufacturing, Inc. (B/B2)
	7,618,000		6.250			04/01/25		7,846,540
	224,000		6.250			03/15/26		229,320
	224,000		6.500	^(e)		04/01/27		231,840
	1,731,000		6.875	^(e)		07/01/28		1,817,550
	Clarios Global LP/Clarios US Finance Co. (B/B1)
EUR	836,000		4.375			05/15/26		1,014,690
	Clarios Global LP/Clarios US Finance Co. (CCC+/Caa1)^(d)
$	7,998,000		8.500			05/15/27		8,607,848
	Dana Financing Luxembourg S.a.r.l. (BB/B2)^(d)
	2,380,000		5.750			04/15/25		2,454,375
	Dana, Inc. (BB/B2)
	4,243,000		5.375			11/15/27		4,444,543
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)^(d)
	4,509,000		8.000			02/01/28		4,756,995
	Ford Motor Co. (BB+/Ba2)
	4,704,000		9.000			04/22/25		5,686,981
	3,115,000		0.000	^(f)		03/15/26		3,146,150
	7,341,000		4.750			01/15/43		7,373,645
	Ford Motor Credit Co. LLC (BB+/Ba2)
	2,332,000		3.813			10/12/21		2,361,180
	4,000,000		4.140			02/15/23		4,134,460
	3,091,000		4.375			08/06/23		3,233,674
	1,837,000		3.810			01/09/24		1,898,609
	1,350,000		4.687			06/09/25		1,430,395
	4,681,000		5.125			06/16/25		5,049,446
	3,020,000		3.375			11/13/25		3,070,051
	2,350,000		4.125			08/17/27		2,406,738
	2,010,000		2.900			02/16/28		1,928,187
	2,380,000		4.000			11/13/30		2,351,266
	IHO Verwaltungs GmbH (BB-/Ba2)^(d)(g)
	(PIK 5.500%, Cash 4.750%)
	2,695,000		4.750			09/15/26		2,656,940
	(PIK 6.750%, Cash 6.000%)
	900,000		6.000			05/15/27		942,750
	(PIK 7.125%, Cash 6.375%)
	2,985,000		6.375			05/15/29		3,249,919
	Real Hero Merger Sub 2, Inc. (CCC/Caa2)^(d)
	961,000		6.250			02/01/29		989,830
	Tenneco, Inc. (B/Ba3)^(d)
	3,755,000		5.125			04/15/29		3,698,675
	Tesla, Inc. (BB/B1)^(d)
	2,507,000		5.300			08/15/25		2,597,879
	The Goodyear Tire & Rubber Co. (B+/B2)
	1,907,000		9.500			05/31/25		2,128,689

								96,465,284


Corporate Obligations – (continued)
Banks – 2.5%
	Barclays PLC (B+/Ba2)^(b)(5 Year CMT + 5.672%)
	6,125,000		8.000			12/31/99		6,814,062
	Citigroup, Inc. (BB+/Ba1)^(b)
	(3M USD LIBOR + 3.423%)
	5,974,000		6.300			12/29/49		6,324,973
	(5 Year CMT + 3.597%)
	931,000		4.000			12/31/99		939,146
	Credit Suisse Group AG (BB/NR)^(b)(5 Year USD Swap + 3.455%)
	1,129,000		6.250			12/29/49		1,205,208
	Credit Suisse Group AG (BB-/Ba1u)^(b)(d)
	(5 Year CMT + 3.554%)
	900,000		4.500			12/31/99		837,340
	(5 Year CMT + 4.889%)
	1,075,000		5.250			12/31/99		1,085,750
	Deutsche Bank AG (BB+/Ba2)^(b)
	(5 Year USD ICE Swap + 2.553%)
	3,935,000		4.875			12/01/32		4,190,775
	(SOFR + 2.757%)
	2,225,000		3.729			01/14/32		2,145,888
	Deutsche Bank AG (BB-/B1)^(b)(5 Year CMT + 4.524%)
	1,800,000		6.000			12/31/99		1,818,000
	Freedom Mortgage Corp. (B/B2)^(d)
	4,706,000		7.625			05/01/26		4,929,535
	HSBC Holdings PLC (NR/Baa3)^(b)(5 Year CMT + 3.649%)
	2,110,000		4.600			12/31/99		2,086,220
	Intesa Sanpaolo SpA (BB+/Ba1)^(d)
	2,350,000		5.017			06/26/24		2,555,625
	3,120,000		5.710			01/15/26		3,490,500
	Natwest Group PLC (BB-/Ba2)^(b) (3M USD LIBOR + 2.320%)
	2,200,000		2.574			12/31/99		2,180,750
	Standard Chartered PLC (BB-/Ba1)^(b) (d)(5 Year CMT + 3.805%)
	2,610,000		4.750			12/31/99		2,606,740
	The Bank of New York Mellon Corp. (BBB/Baa1)^(b)(5 Year CMT + 4.358%)
	1,190,000		4.700			12/31/99		1,289,865
	UBS Group AG (BB/Ba1u)^(b) (d)(5 Year USD Swap + 4.344%)
	4,000,000		7.000			12/31/99		4,385,000
	UniCredit SpA (BB+/Baa3)^(b) (d)(5 Year CMT + 4.750%)
	3,415,000		5.459			06/30/35		3,621,631

								52,507,008

Building Materials^(d) – 1.7%
	Builders FirstSource, Inc. (BB+/Ba2)
	6,133,000		6.750			06/01/27		6,592,975
	Cornerstone Building Brands, Inc. (B-/B3)
	328,000		6.125			01/15/29		346,450
	CP Atlas Buyer, Inc. (CCC/Caa2)
	2,302,000		7.000			12/01/28		2,405,590
	JELD-WEN, Inc. (BB-/B2)
	3,638,000		4.625			12/15/25		3,683,475
	4,116,000		4.875			12/15/27		4,239,480
	Masonite International Corp. (BB+/Ba3)
	2,609,000		5.375			02/01/28		2,759,018
	SRM Escrow Issuer LLC (B+/B1)
	3,704,000		6.000			11/01/28		3,861,420


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Building Materials^(d) – (continued)
	Standard Industries, Inc. (BBB-/Ba2)
$	2,946,000		4.375	%		07/15/30	$	2,967,417
	4,105,000		5.000			02/15/27		4,266,901
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B2)
	2,166,000		6.500			03/15/27		2,285,130
	1,419,000		5.250			01/15/29		1,477,534

								34,885,390

Chemicals – 3.2%
	Ashland Services B.V. (BB+/Ba1)^(d)
EUR	825,000		2.000			01/30/28		959,787
	Axalta Coating Systems LLC (BB-/B1)^(d)
$	4,775,000		3.375			02/15/29		4,655,625
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)^(d)
	860,000		4.750			06/15/27		890,100
	Hexion, Inc. (CCC+/B3)^(d)
	1,656,000		7.875			07/15/27		1,776,060
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)^(d)
	1,060,000		9.000			07/01/28		1,187,200
	Ingevity Corp. (NR/Ba3)^(d)
	4,223,000		4.500			02/01/26		4,281,066
	551,000		3.875			11/01/28		533,093
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B2)^(d)
	1,244,000		4.250			12/15/25		1,247,110
	Methanex Corp. (BB/Ba1)
	4,316,000		5.125			10/15/27		4,413,110
	2,560,000		5.250			12/15/29		2,640,000
	Minerals Technologies, Inc. (BB-/Ba3)^(d)
	3,421,000		5.000			07/01/28		3,510,801
	Nouryon Holding B.V. (B-/Caa1)^(d)
	3,150,000		8.000			10/01/26		3,335,063
	OCI NV (BB/Ba3)^(d)
	1,500,000		5.250			11/01/24		1,552,500
	3,025,000		4.625			10/15/25		3,119,531
	PQ Corp. (B/B3)^(d)
	5,340,000		5.750			12/15/25		5,486,850
	SPCM SA (BB+/Ba1)^(d)
	3,180,000		4.875			09/15/25		3,263,475
	The Chemours Co. (B/B1)
	263,000		5.375	^(e)		05/15/27		277,136
	2,565,000		5.750	^(d)		11/15/28		2,693,250
	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2)^(d)
	3,325,000		5.125			04/01/29		3,408,125
	Tronox, Inc. (B/B3)^(d)
	5,072,000		4.625			03/15/29		5,072,000
	Tronox, Inc. (B+/Ba3)^(d)
	2,048,000		6.500			05/01/25		2,196,480
	Valvoline, Inc. (BB-/Ba3)^(d)
	1,946,000		3.625			06/15/31		1,882,755
	WR Grace & Co-Conn (BB-/B1)^(d)
	6,718,000		5.625			10/01/24		7,389,800
	993,000		4.875			06/15/27		1,027,755

								66,798,672


Corporate Obligations – (continued)
Commercial Services – 2.7%
	Alarm.com Holdings, Inc. (NR/NR)^(d)(f)
	2,221,000		0.000			01/15/26		2,055,491
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)^(d)
	1,584,000		6.625			07/15/26		1,673,100
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC/Caa2)^(d)
	6,520,000		9.750			07/15/27		7,155,700
	APX Group, Inc. (B-/B3)^(d)
	3,048,000		6.750			02/15/27		3,268,980
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (B/B3)^(d)
	1,209,000		5.375			03/01/29		1,251,315
	Graham Holdings Co. (BB/Ba1)^(d)
	3,268,000		5.750			06/01/26		3,415,060
	Modulaire Global Finance PLC (B-/B2)^(d)
	2,375,000		8.000			02/15/23		2,419,531
	MPH Acquisition Holdings LLC (B-/B3)^(d)(e)
	7,276,000		5.750			11/01/28		7,094,100
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B- /B3)^(d)
	7,327,000		6.250			01/15/28		7,583,445
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)^(d)
	1,853,000		5.250			04/15/24		1,968,813
	6,803,000		3.375			08/31/27		6,598,910
	Team Health Holdings, Inc. (CCC/Ca)^(d)(e)
	1,565,000		6.375			02/01/25		1,377,200
	The ADT Security Corp. (BB-/Ba3)^(d)
	571,000		4.875			07/15/32		578,851
	The Nielsen Co. Luxembourg S.a.r.l. (BB-/B2)^(d)(e)
	1,292,000		5.000			02/01/25		1,321,070
	TriNet Group, Inc. (BB/Ba3)^(d)
	3,191,000		3.500			03/01/29		3,091,281
	United Rentals North America, Inc. (BB/Ba3)
	1,336,000		3.875			02/15/31		1,342,680
	Verisure Holding AB (B/B1)^(d)
EUR	650,000		3.250			02/15/27		769,169
	Verisure Midholding AB (CCC+/Caa1)^(d)
	725,000		5.250			02/15/29		879,863
	Verscend Escrow Corp. (CCC+/Caa2)^(d)
$	2,092,000		9.750			08/15/26		2,235,825

								56,080,384

Computers – 1.3%
	Banff Merger Sub, Inc. (CCC+/Caa2)^(d)
	6,301,000		9.750			09/01/26		6,694,812
	Crowdstrike Holdings, Inc. (BB/Ba3)
	4,771,000		3.000			02/15/29		4,663,653
	Dell International LLC/EMC Corp. (BB/Ba2)^(d)
	6,808,000		7.125			06/15/24		7,003,730
	Presidio Holdings, Inc. (CCC+/Caa1)^(d)
	1,302,000		8.250			02/01/28		1,419,180
	Science Applications International Corp. (BB-/B1)^(d)
	4,439,000		4.875			04/01/28		4,583,268


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Computers – (continued)
	Seagate HDD Cayman (BB+/Ba1)^(d)
$	3,348,000		3.375	%		07/15/31	$	3,184,785

								27,549,428

Distribution & Wholesale^(d) – 0.8%
	American Builders & Contractors Supply Co., Inc. (B+/B1)
	2,955,000		5.875			05/15/26		3,051,037
	Avient Corp. (BB-/Ba3)
	2,139,000		5.750			05/15/25		2,270,014
	Core & Main Holdings LP (CCC+/Caa2)^(g)(PIK 9.375%, Cash 8.625%)
	4,877,000		8.625			09/15/24		4,974,540
	Core & Main LP (CCC+/Caa2)
	2,658,000		6.125			08/15/25		2,727,772
	Performance Food Group, Inc. (B/B2)
	923,000		5.500			06/01/24		925,308
	Wolverine Escrow LLC (CCC+/Caa3)
	3,376,000		8.500			11/15/24		3,367,560
	293,000		9.000			11/15/26		292,268

								17,608,499

Diversified Financial Services – 3.6%
	AerCap Holdings NV (BB+/Ba2)^(b)(5 Year CMT + 4.535%)
	3,115,000		5.875			10/10/79		3,177,300
	Global Aircraft Leasing Co. Ltd. (NR/B1)^(d) (g)(PIK 7.250%, Cash 6.500%)
	5,215,498		6.500			09/15/24		4,987,320
	LD Holdings Group LLC (B+/B2)^(d)
	2,799,000		6.500			11/01/25		2,931,953
	2,120,000		6.125			04/01/28		2,146,500
	Lincoln Financing S.a.r.l. (BB+/B1)^(d)
EUR	3,125,000		3.625			04/01/24		3,701,334
	(3M Euribor + 3.875%)
	1,350,000		3.875			04/01/24		1,579,963
	LPL Holdings, Inc. (BB/Ba2)^(d)
$	3,979,000		4.000			03/15/29		3,998,895
	Nationstar Mortgage Holdings, Inc. (B/B2)^(d)
	2,731,000		6.000			01/15/27		2,836,826
	2,968,000		5.500			08/15/28		2,982,582
	540,000		5.125			12/15/30		531,900
	Navient Corp. (B+/Ba3)
	1,063,000		7.250			01/25/22		1,101,534
	3,107,000		5.500			01/25/23		3,231,280
	2,723,000		5.875			10/25/24		2,865,958
	2,000,000		6.750			06/15/26		2,167,500
	5,413,000		5.000			03/15/27		5,426,532
	3,153,000		4.875			03/15/28		3,085,999
	OneMain Finance Corp. (BB-/Ba3)
	5,062,000		7.125			03/15/26		5,821,300
	3,697,000		5.625			03/15/23		3,909,577
	1,929,000		8.875			06/01/25		2,133,956
	3,038,000		6.625			01/15/28		3,432,940
	PennyMac Financial Services, Inc. (BB-/B1)^(d)
	1,690,000		5.375			10/15/25		1,749,150
	2,106,000		4.250			02/15/29		2,013,863


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	The Charles Schwab Corp. (BBB/Baa2)^(b)
	(10 Year CMT + 3.079%)
	2,180,000		4.000			12/31/99		2,142,787
	(5 Year CMT + 4.971%)
	1,658,000		5.375			12/31/99		1,832,985
	United Wholesale Mortgage LLC (NR/Ba3)^(d)
	4,194,000		5.500			11/15/25		4,372,245

								74,162,179

Electrical – 2.6%
	Calpine Corp. (B+/B2)^(d)
	2,907,000		5.125			03/15/28		2,921,535
	Calpine Corp. (BB+/Ba2)^(d)
	2,063,000		5.250			06/01/26		2,122,311
	7,349,000		4.500			02/15/28		7,413,304
	4,614,000		3.750			03/01/31		4,394,835
	Clearway Energy Operating LLC (BB/Ba2)^(d)
	1,312,000		3.750			02/15/31		1,259,520
	Edison International (BB+/Ba2)^(b)(5 Year CMT + 4.698%)
	2,175,000		5.375			12/31/99		2,207,625
	FirstEnergy Corp. (BB/Ba1)
	1,439,000		2.650			03/01/30		1,393,828
	575,000		7.375			11/15/31		766,987
	2,624,000		5.350			07/15/47		2,947,983
	FirstEnergy Transmission LLC (BB/Baa2)^(d)
	1,439,000		5.450			07/15/44		1,658,262
	NRG Energy, Inc. (BB+/Ba2)
	2,916,000		5.750			01/15/28		3,090,960
	1,560,000		3.375	^(d)		02/15/29		1,521,000
	883,000		5.250	^(d)		06/15/29		940,395
	Pattern Energy Operations LP/Pattern Energy Operations, Inc. (BB-/Ba3)^(d)
	1,663,000		4.500			08/15/28		1,687,945
	PG&E Corp. (BB-/B1)
	1,068,000		5.250			07/01/30		1,129,410
	Pike Corp. (CCC+/B3)^(d)
	2,833,000		5.500			09/01/28		2,882,578
	Talen Energy Supply LLC (BB-/Ba3)^(d)
	1,751,000		7.250			05/15/27		1,777,265
	Talen Energy Supply LLC (CCC+/B3)
	5,906,000		6.500			06/01/25		4,724,800
	4,316,000		10.500	^(d)		01/15/26		3,798,080
	Vistra Operations Co. LLC (BB+/Ba2)^(d)
	4,686,000		5.000			07/31/27		4,809,007

								53,447,630

Electrical Components & Equipment^(d) – 0.4%
	Energizer Holdings, Inc. (B+/B2)
	307,000		4.750			06/15/28		316,594
	1,605,000		4.375			03/31/29		1,600,987
	Wesco Distribution, Inc. (BB-/B2)
	5,681,000		7.125			06/15/25		6,185,189

								8,102,770


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electronics^(d) – 0.4%
	Sensata Technologies B.V. (BB+/NR)
$	1,135,000		4.000	%		04/15/29	$	1,154,862
	Sensata Technologies B.V. (BB+/Ba3)
	1,014,000		5.000			10/01/25		1,119,203
	3,389,000		4.375			02/15/30		3,549,977
	1,519,000		3.750			02/15/31		1,498,114
	TTM Technologies, Inc. (BB-/Ba3)
	676,000		4.000			03/01/29		665,860

								7,988,016

Engineering & Construction – 0.2%
	Arcosa, Inc. (BB/Ba2)
	1,336,000		4.375			04/15/29		1,336,000
	Dycom Industries, Inc. (BB/Ba3)^(d)
	1,563,000		4.500			04/15/29		1,566,908
	KBR, Inc. (B+/B1)^(d)
	1,665,000		4.750			09/30/28		1,683,731

								4,586,639

Entertainment^(d) – 2.2%
	Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)
	2,399,000		10.500			02/15/28		2,530,945
	Banijay Group SAS (CCC+/Caa1)
EUR	1,275,000		6.500			03/01/26		1,521,942
	Caesars Entertainment, Inc. (B/B1)
$	1,846,000		6.250			07/01/25		1,952,145
	Caesars Entertainment, Inc. (CCC+/Caa1)
	3,413,000		8.125			07/01/27		3,754,300
	Caesars Resort Collection LLC/CRC Finco, Inc. (B+/B1)
	1,815,000		5.750			07/01/25		1,908,019
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	5,179,000		5.250			10/15/25		5,179,000
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op (B/Ba2)
	1,799,000		5.500			05/01/25		1,886,701
	International Game Technology PLC (BB/Ba3)
	1,541,000		4.125			04/15/26		1,594,935
	2,556,000		5.250			01/15/29		2,658,240
	Lions Gate Capital Holdings LLC (CCC+/B3)
	3,735,000		5.500			04/15/29		3,735,000
	Motion Bondco DAC (CCC-/Caa2)
	2,235,000		6.625			11/15/27		2,279,700
	Pinewood Finance Co. Ltd. (BB/NR)
GBP	2,125,000		3.250			09/30/25		2,989,754
	Scientific Games International, Inc. (B-/Caa2)
$	2,891,000		8.250			03/15/26		3,100,597
	SeaWorld Parks & Entertainment, Inc. (CCC/Caa2)
	4,829,000		9.500			08/01/25		5,239,465
	Six Flags Theme Parks, Inc. (B/Ba2)
	1,669,000		7.000			07/01/25		1,802,520
	WMG Acquisition Corp. (BB/Ba3)
	1,200,000		3.875			07/15/30		1,209,000
	2,922,000		3.000			02/15/31		2,753,985

								46,096,248


Corporate Obligations – (continued)
Environmental^(d) – 0.5%
	GFL Environmental, Inc. (B-/B3)
	4,012,000		8.500			05/01/27		4,408,185
	GFL Environmental, Inc. (BB-/Ba3)
	683,000		4.250			06/01/25		700,075
	2,360,000		3.750			08/01/25		2,395,400
	3,460,000		3.500			09/01/28		3,351,875

								10,855,535

Finance Bonds – 0.3%
	United Wholesale Mortgage LLC (NR/Ba3)
	5,850,000		5.500			04/15/29		5,850,000

Food & Drug Retailing – 4.5%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB-/B1)
	770,000		5.750			03/15/25		791,175
	497,000		7.500	^(d)		03/15/26		546,079
	5,252,000		4.625	^(d)		01/15/27		5,422,690
	3,926,000		5.875	^(d)		02/15/28		4,161,560
	3,744,000		3.500	^(d)		03/15/29		3,561,480
	B&G Foods, Inc. (B/B2)
	3,331,000		5.250			04/01/25		3,414,275
	229,000		5.250			09/15/27		236,443
	Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)^(d)
	3,079,000		7.500			04/15/25		3,194,462
	H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)^(d)
	3,096,000		8.500			06/01/26		3,157,920
	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB+/Ba1)^(d)
	3,121,000		5.500			01/15/30		3,409,692
	Kraft Heinz Foods Co. (BB+/Baa3)
	14,501,000		3.000			06/01/26		15,258,547
	1,709,000		4.625			01/30/29		1,909,531
	751,000		4.250			03/01/31		824,385
	4,726,000		4.625			10/01/39		5,108,092
	Kraft Heinz Foods Co. (BB+/Baa3)
	5,883,000		4.375			06/01/46		6,152,841
	6,579,000		4.875			10/01/49		7,366,217
	Lamb Weston Holdings, Inc. (BB+/Ba2)^(d)
	688,000		4.875			05/15/28		739,600
	New Albertsons LP (B/WR)
	3,100,000		7.450			08/01/29		3,627,000
	Post Holdings, Inc. (B+/B2)^(d)
	4,823,000		5.750			03/01/27		5,064,150
	6,028,000		5.625			01/15/28		6,352,005
	3,980,000		4.625			04/15/30		3,989,950
	581,000		4.500			09/15/31		572,285
	Sigma Holdco B.V. (B-/Caa1)^(d)(e)
	2,350,000		7.875			05/15/26		2,350,000
	United Natural Foods, Inc. (CCC+/B3)^(d)
	2,328,000		6.750			10/15/28		2,485,140
	US Foods, Inc. (B+/Caa1)^(d)
	2,135,000		4.750			02/15/29		2,129,663
	US Foods, Inc. (BB-/B3)^(d)
	1,931,000		6.250			04/15/25		2,054,101

								93,879,283


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food Service^(d) – 0.0%
	Aramark Services, Inc. (B+/B1)
$	568,000		6.375	%		05/01/25	$	602,080

Forest Products&Paper – 0.2%
	Mercer International, Inc. (B+/Ba3)
	2,248,000		5.500			01/15/26		2,304,200
	2,253,000		5.125	^(d)		02/01/29		2,329,039

								4,633,239

Gaming – 1.2%
	Boyd Gaming Corp. (B/Caa1)^(d)
	678,000		8.625			06/01/25		754,275
	Genting New York LLC/GENNY Capital, Inc. (BBB-/NR)^(d)
	830,000		3.300			02/15/26		826,954
	Melco Resorts Finance Ltd. (BB/Ba2)^(d)
	1,350,000		5.375			12/04/29		1,422,563
	MGM China Holdings Ltd. (B+/Ba3)^(d)
	910,000		5.250			06/18/25		944,978
	MGM Resorts International (B+/Ba3)
	2,506,000		7.750			03/15/22		2,637,565
	3,546,000		6.000			03/15/23		3,785,355
	5,509,000		5.500			04/15/27		5,922,175
	1,446,000		4.750			10/15/28		1,485,765
	Sands China Ltd. (BBB-/NR)
	630,000		4.375			06/18/30		667,195
	Studio City Finance Ltd. (BB-/B1)^(d)
	1,815,000		5.000			01/15/29		1,821,715
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB-/B1)^(d)
	2,292,000		5.500			03/01/25		2,420,925
	Wynn Macau Ltd. (BB-/B1)^(d)
	1,510,000		5.625			08/26/28		1,567,078

								24,256,543

Gas – 0.4%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	536,000		5.875			08/20/26		589,600
	7,393,000		5.750			05/20/27		8,058,370

								8,647,970

Healthcare Providers & Services – 3.5%
	Catalent Pharma Solutions, Inc. (BB-/B1)^(d)
	600,000		3.125			02/15/29		577,500
	Centene Corp. (BBB-/Ba1)
	1,712,000		4.625			12/15/29		1,853,394
	6,925,000		3.375			02/15/30		6,992,311
	4,574,000		2.500			03/01/31		4,365,151
	Charles River Laboratories International, Inc. (BB/Ba2)^(d)
	615,000		3.750			03/15/29		615,000
	675,000		4.000			03/15/31		684,281
	CHS/Community Health Systems, Inc. (B-/Caa1)^(d)
	3,843,000		8.000			03/15/26		4,131,225
	4,019,000		5.625			03/15/27		4,199,855
	5,160,000		4.750			02/15/31		5,031,000
	CHS/Community Health Systems, Inc. (CCC-/Caa3)^(d)
	2,146,000		8.125			06/30/24		2,242,570


Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	DaVita, Inc. (B+/Ba3)^(d)
	3,056,000		4.625			06/01/30		3,101,840
	3,521,000		3.750			02/15/31		3,353,752
	Global Medical Response, Inc. (B/B2)^(d)
	3,404,000		6.500			10/01/25		3,540,160
	HCA, Inc. (BB-/Ba2)
	717,000		5.875			05/01/23		777,945
	5,969,000		5.375			02/01/25		6,640,512
	575,000		5.875			02/01/29		665,563
	6,628,000		3.500			09/01/30		6,661,140
	Hill-Rom Holdings, Inc. (BB/Ba3)^(d)
	980,000		5.000			02/15/25		1,005,725
	Laboratoire Eimer Selas (CCC/Caa1)^(d)
EUR	600,000		5.000			02/01/29		713,333
	Lifepoint Health, Inc. (CCC+/Caa1)^(d)
$	2,151,000		5.375			01/15/29		2,118,735
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)^(d)
	2,936,000		9.750			12/01/26		3,178,220
	Tenet Healthcare Corp. (BB-/B1)
	2,414,000		4.625			07/15/24		2,453,228
	2,634,000		7.500	^(d)		04/01/25		2,831,550
	4,097,000		4.625	^(d)		06/15/28		4,178,940
	Tenet Healthcare Corp. (CCC+/B1)^(d)
	585,000		6.250			02/01/27		612,788

								72,525,718

Home Builders – 0.5%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)^(d)
	5,267,000		6.375			05/15/25		5,378,924
	1,031,000		4.875			02/15/30		1,031,000
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	678,000		5.875			06/15/24		749,190
	1,863,000		5.250			06/01/27		1,993,410
	1,436,000		5.700			06/15/28		1,584,985

								10,737,509

Home Furnishings^(d) – 0.3%
	Tempur Sealy International, Inc. (NR/B1)
	5,282,000		4.000			04/15/29		5,282,000

								5,282,000

Household Products – 0.3%
	Central Garden & Pet Co. (BB/B1)
	2,307,000		4.125			10/15/30		2,327,186
	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (CCC/Caa2)^(d)
	2,397,000		7.000			12/31/27		2,295,128
	Spectrum Brands, Inc. (B/B2)
	149,000		5.750			07/15/25		153,470
	1,554,000		3.875	^(d)		03/15/31		1,511,265

								6,287,049


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Housewares – 0.6%
	CD&R Smokey Buyer, Inc. (B/B2)^(d)
$	927,000		6.750	%		07/15/25	$	987,255
	Newell Brands, Inc. (BB+/Ba1)
	1,017,000		4.875			06/01/25		1,118,700
	4,453,000		4.700			04/01/26		4,914,999
	2,524,000		6.000			04/01/46		3,132,915
	The Scotts Miracle-Gro Co. (B+/Ba3)^(d)
	2,536,000		4.000			04/01/31		2,523,320

								12,677,189

Insurance^(d) – 1.3%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	7,023,000		4.250			02/15/29		6,908,876
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	1,390,000		7.000			11/15/25		1,435,175
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	8,438,000		6.750			10/15/27		9,028,660
	AssuredPartners, Inc. (CCC+/Caa2)
	678,000		5.625			01/15/29		687,323
	GTCR AP Finance, Inc. (CCC+/Caa2)
	3,463,000		8.000			05/15/27		3,714,067
	HUB International Ltd. (CCC+/Caa2)
	2,516,000		7.000			05/01/26		2,607,205
	USI, Inc. (CCC+/Caa2)
	2,448,000		6.875			05/01/25		2,490,840

								26,872,146

Internet – 2.2%
	Adevinta ASA (NR/Ba3)^(d)
EUR	475,000		2.625			11/15/25		573,298
	Adevinta ASA (BB-/Ba3)^(d)
	375,000		3.000			11/15/27		454,670
	ANGI Group LLC (BB-/Ba3)^(d)
$	3,624,000		3.875			08/15/28		3,610,410
	Cars.com, Inc. (B/B3)^(d)
	3,260,000		6.375			11/01/28		3,406,700
	Endure Digital, Inc. (CCC+/Caa2)^(d)
	4,281,000		6.000			02/15/29		4,173,975
	Expedia Group, Inc. (BBB-/Baa3)^(d)
	777,000		4.625			08/01/27		863,729
	Getty Images, Inc. (CCC+/Caa2)^(d)
	3,068,000		9.750			03/01/27		3,267,420
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)^(d)
	4,030,000		3.500			03/01/29		3,969,550
	GrubHub Holdings, Inc. (BB-/B1)^(d)
	4,741,000		5.500			07/01/27		4,924,714
	Match Group Holdings II LLC (BB/Ba3)^(d)
	4,123,000		4.625			06/01/28		4,184,845
	Netflix, Inc. (BB+/Ba3)
	1,643,000		3.625	^(d)		06/15/25		1,739,526
	2,031,000		4.875			04/15/28		2,295,030
	571,000		5.875			11/15/28		688,055
	Twitter, Inc. (BB+/Ba2)^(d)
	2,881,000		3.875			12/15/27		3,010,645


Corporate Obligations – (continued)
Internet – (continued)
	Uber Technologies, Inc. (B-/B3)^(d)
	6,408,000		7.500			05/15/25		6,888,600
	219,000		8.000			11/01/26		237,068
	712,000		6.250			01/15/28		766,290

								45,054,525

Investment Companies – 0.3%
	Compass Group Diversified Holdings LLC^(d)
	1,078,000		5.250			04/15/29		1,121,120
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.
	4,594,000		4.750			09/15/24		4,743,305

								5,864,425

Iron/Steel – 0.4%
	Cleveland-Cliffs, Inc. (NR/B3)^(d)
	478,000		4.875			03/01/31		475,610
	Cleveland-Cliffs, Inc. (B/B2)^(d)
	3,024,000		6.750			03/15/26		3,258,360
	Cleveland-Cliffs, Inc. (CCC/B3)^(e)
	4,247,000		5.750			03/01/25		4,358,484
	Commercial Metals Co. (BB+/Ba2)
	907,000		3.875			02/15/31		888,860

								8,981,314

Leisure Time – 1.0%
	Carnival Corp. (B+/B2)^(d)
	1,034,000		7.625			03/01/26		1,108,965
	5,106,000		5.750			03/01/27		5,220,885
	Carnival Corp. (BB-/B1)
EUR	1,000,000		10.125			02/01/26		1,357,787
$	1,327,000		9.875	^(d)		08/01/27		1,555,907
	NCL Corp. Ltd. (B+/B1)^(d)
	2,773,000		10.250			02/01/26		3,240,944
	NCL Corp. Ltd. (B-/Caa1)^(d)
	2,097,000		5.875			03/15/26		2,117,970
	Peloton Interactive, Inc. (NR/NR)^(d)(f)
	2,000,000		0.000			02/15/26		1,891,250
	Royal Caribbean Cruises Ltd. (NR/NR)^(d)
	95,000		4.250			06/15/23		135,288
	Royal Caribbean Cruises Ltd. (B+/B2)^(d)
	1,575,000		9.125			06/15/23		1,728,562
	Royal Caribbean Cruises Ltd. (BB-/Ba2)^(d)
	1,222,000		10.875			06/01/23		1,400,718

								19,758,276

Lodging – 0.7%
	Hilton Domestic Operating Co., Inc. (BB/Ba2)
	1,205,000		5.375	^(d)		05/01/25		1,268,263
	1,560,000		5.750	^(d)		05/01/28		1,677,000
	1,922,000		4.875			01/15/30		2,039,722
	1,460,000		4.000	^(d)		05/01/31		1,456,350
	2,295,000		3.625			02/15/32		2,226,150
	Marriott International, Inc. (BBB-/Baa3)
	973,000		4.625			06/15/30		1,087,366
	Travel + Leisure Co. (BB-/Ba3)^(d)
	1,440,000		6.625			07/31/26		1,634,400


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Lodging – (continued)
	Travel + Leisure Co. (BB-/Ba3)^(d) – (continued)
$	3,287,000		4.625	%		03/01/30	$	3,402,045

								14,791,296

Machinery – Construction & Mining^(d) – 0.2%
	The Manitowoc Co., Inc. (B/B3)
	4,355,000		9.000			04/01/26		4,703,400

Machinery-Diversified^(d) – 0.4%
	Clark Equipment Co. (BB+/Ba3)
	1,738,000		5.875			06/01/25		1,824,900
	GrafTech Finance, Inc. (BB/Ba3)
	1,380,000		4.625			12/15/28		1,390,350
	Husky III Holding Ltd. (CCC/Caa2)^(g)(PIK 13.750%, Cash 13.000%)
	2,548,000		13.000			02/15/25		2,774,135
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	2,414,000		7.750			04/15/26		2,495,472
	Vertical Holdco Gmbh Co. (CCC/Caa1)
	545,000		7.625			07/15/28		585,194
	Vertical US New Co., Inc. (B/B1)
	275,000		5.250			07/15/27		287,719

								9,357,770

Media – 6.4%
	Altice Financing SA (B/B2)^(d)
	3,050,000		7.500			05/15/26		3,179,625
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)
	5,684,000		5.750			02/15/26		5,861,625
	1,639,000		5.500			05/01/26		1,690,219
	2,731,000		4.750			03/01/30		2,819,757
	1,756,000		4.500			08/15/30		1,786,730
	6,477,000		4.250			02/01/31		6,468,904
	CSC Holdings LLC (B/B3)
	10,000		5.250			06/01/24		10,788
	1,142,000		5.750	^(d)		01/15/30		1,199,100
	12,264,000		4.625	^(d)		12/01/30		12,034,050
	CSC Holdings LLC (BB/Ba3)^(d)
	4,639,000		5.500			05/15/26		4,772,371
	4,070,000		5.500			04/15/27		4,258,237
	4,119,000		3.375			02/15/31		3,871,860
	Cumulus Media New Holdings, Inc. (B/B2)^(d)
	4,009,000		6.750			07/01/26		4,079,157
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/B2)^(d)
	1,707,000		5.375			08/15/26		1,229,040
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/ Caa2)^(d)(e)
	9,017,000		6.625			08/15/27		4,779,010
	DISH DBS Corp. (B-/B2)
	6,135,000		5.875			07/15/22		6,403,406
	5,735,000		5.000			03/15/23		5,928,556
	224,000		5.875			11/15/24		233,520
	3,794,000		7.750			07/01/26		4,173,400
	1,926,000		7.375			07/01/28		2,010,263
	Entercom Media Corp. (B-/B3)^(d)(e)
	2,000,000		6.500			05/01/27		2,072,500


Corporate Obligations – (continued)
Media – (continued)
	Gray Television, Inc. (B+/B3)^(d)
	2,108,000		7.000			05/15/27		2,289,815
	iHeartCommunications, Inc. (B+/B1)^(d)
	3,794,000		5.250			08/15/27		3,874,622
	1,024,000		4.750			01/15/28		1,029,120
	Meredith Corp. (BB-/Ba3)^(d)
	1,010,000		6.500			07/01/25		1,083,225
	Meredith Corp. (CCC+/Caa1)
	1,332,000		6.875			02/01/26		1,365,300
	Sinclair Television Group, Inc. (B-/B2)^(d)
	224,000		5.500			03/01/30		217,840
	Sinclair Television Group, Inc. (BB-/Ba2)^(d)
	3,102,000		4.125			12/01/30		2,985,675
	Sirius XM Radio, Inc. (BB/Ba3)^(d)
	5,399,000		5.000			08/01/27		5,641,955
	2,784,000		4.125			07/01/30		2,777,040
	TEGNA, Inc. (BB-/Ba3)
	742,000		4.750	^(d)		03/15/26		786,520
	3,365,000		4.625			03/15/28		3,419,681
	The E.W. Scripps Co. (CCC+/Caa1)^(d)
	5,145,000		5.125			05/15/25		5,241,469
	Univision Communications, Inc. (B/B2)^(d)
	234,000		5.125			02/15/25		236,633
	2,341,000		6.625			06/01/27		2,493,165
	Urban One, Inc. (B-/B3)^(d)
	1,019,000		7.375			02/01/28		1,048,296
	Virgin Media Finance PLC (B/B2)^(d)
	3,950,000		5.000			07/15/30		3,920,375
	Virgin Media Secured Finance PLC (BB-/Ba3)^(d)
	3,605,000		5.500			08/15/26		3,740,187
	2,150,000		5.500			05/15/29		2,281,688
	Virgin Media Vendor Financing Notes IV DAC (B/B2)^(d)
	1,850,000		5.000			07/15/28		1,882,375
	Ziggo B.V. (B+/B1)^(d)
	2,122,000		4.875			01/15/30		2,164,440
	Ziggo Bond Co. B.V. (B-/B3)
EUR	2,175,000		3.375	^(d)		02/28/30		2,509,889
	1,725,000		3.375			02/28/30		1,990,602
$	1,725,000		5.125	^(d)		02/28/30		1,755,188

								133,597,218

Mining – 1.5%
	Alcoa Nederland Holding B.V. (BB+/Ba1)^(d)
	3,250,000		7.000			09/30/26		3,428,750
	2,790,000		5.500			12/15/27		2,988,787
	2,545,000		4.125			03/31/29		2,557,725
	Constellium SE (B/B2)^(d)
	1,600,000		5.875			02/15/26		1,648,000
	950,000		5.625			06/15/28		1,001,063
	2,200,000		3.750			04/15/29		2,095,500
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)^(d)
	3,230,000		4.375			04/01/31		3,294,600
	Freeport-McMoRan, Inc. (BB/Ba1)
	2,916,000		4.375			08/01/28		3,072,735
	2,360,000		4.625			08/01/30		2,557,650
	288,000		5.400			11/14/34		342,720


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mining – (continued)
	Hudbay Minerals, Inc. (B/B3)^(d)
$	3,775,000		6.125	%		04/01/29	$	4,010,937
	Novelis Corp. (BB-/B1)^(d)
	2,351,000		5.875			09/30/26		2,450,918
	2,268,000		4.750			01/30/30		2,324,700

								31,774,085

Miscellaneous Manufacturing – 0.3%
	Bombardier, Inc. (CCC/Caa3)^(d)
	3,355,000		6.125			01/15/23		3,472,425
	Hillenbrand, Inc. (BB+/Ba1)
	649,000		5.750			06/15/25		693,619
	1,141,000		3.750			03/01/31		1,111,049

								5,277,093

Office^(d) – 0.3%
	Xerox Holdings Corp. (BB/Ba1)
	5,072,000		5.000			08/15/25		5,249,520

Oil Field Services – 7.2%
	Apache Corp. (BB+/Ba1)
	878,000		4.625			11/15/25		902,145
	2,043,000		4.375			10/15/28		2,037,893
	2,195,000		4.250			01/15/30		2,134,637
	Berry Petroleum Co. LLC (B/B3)^(d)
	2,916,000		7.000			02/15/26		2,813,940
	California Resources Corp. (B+/B2)^(d)
	2,565,000		7.125			02/01/26		2,609,887
	Cenovus Energy, Inc. (BBB-/Baa3)
	2,002,000		3.800			09/15/23		2,115,593
	2,146,000		5.375			07/15/25		2,414,937
	1,434,000		5.250			06/15/37		1,550,326
	2,039,000		6.750			11/15/39		2,544,672
	Chesapeake Energy Corp. (BB-/B1)^(d)
	117,000		5.500			02/01/26		121,534
	Continental Resources, Inc. (BB+/Ba1u)
	1,731,000		3.800			06/01/24		1,769,948
	4,536,000		5.750	^(d)		01/15/31		5,103,000
	2,595,000		4.900			06/01/44		2,588,512
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)^(d)
	3,248,000		5.625			10/15/25		3,308,900
	EQT Corp. (BB/Ba2)
	2,048,000		3.000			10/01/22		2,078,720
	2,341,000		7.625			02/01/25		2,686,297
	Exterran Energy Solutions LP/EES Finance Corp. (B/B3)
	1,912,000		8.125			05/01/25		1,759,040
	Indigo Natural Resources LLC (BB-/B3)^(d)
	3,258,000		5.375			02/01/29		3,209,130
	Laredo Petroleum, Inc. (B/Caa1)
	3,870,000		9.500			01/15/25		3,715,200
	MEG Energy Corp. (B-/B3)^(d)
	3,838,000		7.125			02/01/27		4,001,115
	961,000		5.875			02/01/29		963,403
	Nabors Industries Ltd. (CCC-/Caa1)^(d)
	2,590,000		7.250			01/15/26		2,175,600
	Nabors Industries, Inc. (B-/B3)^(d)(e)
	2,848,000		9.000			02/01/25		2,904,960


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Noble Finance Co. (NR/NR)^(g)
	(PIK 15.000%, Cash 11.000%)
	55,098		11.000	%^(d)		02/15/28		57,715
	(PIK 15.000%, Cash 11.000%)
	1,002,440		11.000			02/15/28		1,050,056
	Occidental Petroleum Corp. (BB-/Ba2)
	7,764,000		8.000			07/15/25		8,909,190
	2,926,000		5.875			09/01/25		3,112,532
	775,000		5.500			12/01/25		815,688
	7,327,000		6.450			09/15/36		8,068,859
	16,164,000		4.400			04/15/46		13,800,015
	4,040,000		4.200			03/15/48		3,272,400
	3,235,000		4.400			08/15/49		2,697,181
	Ovintiv Exploration, Inc. (BBB-/Ba1)
	5,228,000		5.625			07/01/24		5,744,265
	Range Resources Corp. (B+/B2)
	4,397,000		5.000			03/15/23		4,462,955
	5,000		4.875			05/15/25		4,938
	SM Energy Co. (B+/B2)^(d)
	1,256,000		10.000			01/15/25		1,409,860
	Southwestern Energy Co. (BB-/Ba3)
	2,643,000		7.750			10/01/27		2,820,081
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)
	902,000		5.500			02/15/26		929,060
	317,000		6.000			04/15/27		332,058
	1,458,000		4.500	^(d)		05/15/29		1,450,710
	TechnipFMC PLC (BB+/Ba1)^(d)
	4,111,000		6.500			02/01/26		4,290,856
	Transocean Phoenix 2 Ltd. (CCC+/NR)^(d)
	2,539,200		7.750			10/15/24		2,463,024
	Transocean Poseidon Ltd. (CCC+/Caa1)^(d)
	3,105,000		6.875			02/01/27		2,856,600
	Transocean, Inc. (CCC/Ca)^(d)
	4,931,000		7.500			01/15/26		3,131,185
	Transocean, Inc. (CCC/Caa3)^(d)
	10,413,000		11.500			01/30/27		8,955,180
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)
	7,569,000		6.875			04/01/26		7,758,225
	Valaris PLC (NR/WR)^(h)
	4,550,000		5.400			12/01/42		602,875
	3,100,000		5.750			10/01/44		325,500
	WPX Energy, Inc. (BBB-/B1)
	2,131,000		5.250			09/15/24		2,362,746
	2,048,000		5.875			06/15/28		2,257,920
	649,000		4.500			01/15/30		697,675

								150,148,738

Packaging – 3.1%
	ARD Finance SA (B-/Caa3)^(g)
	(PIK 5.750%, Cash 5.000%)
EUR	3,125,000		5.000			06/30/27		3,744,468
	(PIK 7.250%, Cash 6.500%)
$	3,425,000		6.500	^(d)		06/30/27		3,587,687


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Packaging – (continued)
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (B+/B3)^(d)
$	6,043,000		4.000	%		09/01/29	$	6,012,785
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (BB/Ba2)^(d)
	5,005,000		3.250			09/01/28		4,929,925
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/ Caa1)^(d)
	8,105,000		5.250			08/15/27		8,237,662
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB-/B1)^(d)
	2,910,000		5.250			04/30/25		3,055,500
	Berry Global, Inc. (BB/B2)
	71,000		5.125			07/15/23		71,710
	3,950,000		5.625	^(d)		07/15/27		4,172,187
	CANPACK SA/Eastern PA Land Investment Holding LLC (BB/Ba2)^(d)
	605,000		3.125			11/01/25		614,831
	Flex Acquisition Co., Inc. (CCC+/Caa2)^(d)
	2,360,000		6.875			01/15/25		2,404,250
	229,000		7.875			07/15/26		239,878
	Kleopatra Holdings 2 SCA (CCC+/Caa2)^(d)
EUR	2,825,000		6.500			09/01/26		3,188,247
	LABL Escrow Issuer LLC (B/B2)^(d)
$	3,624,000		6.750			07/15/26		3,877,680
	LABL Escrow Issuer LLC (B-/Caa2)^(d)
	2,955,000		10.500			07/15/27		3,272,663
	Mauser Packaging Solutions Holding Co. (CCC/Caa3)^(d)
	5,877,000		7.250			04/15/25		5,869,654
	Pactiv LLC (B-/Caa1)^(e)
	1,965,000		8.375			04/15/27		2,240,100
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)^(d)
	3,542,000		4.000			10/15/27		3,462,305
	Trident TPI Holdings, Inc. (CCC+/Caa2)^(d)
	2,146,000		6.625			11/01/25		2,183,555
	TriMas Corp. (BB-/Ba3)^(d)
	2,865,000		4.125			04/15/29		2,861,419

								64,026,506

Pharmaceuticals^(d) – 2.9%
	AdaptHealth LLC (B+/B1)
	961,000		6.125			08/01/28		1,015,056
	Bausch Health Americas, Inc. (B/B3)
	13,714,000		9.250			04/01/26		15,188,255
	2,521,000		8.500			01/31/27		2,798,310
	Bausch Health Cos., Inc. (B/B3)
	5,950,000		6.125			04/15/25		6,098,750
	2,531,000		5.000			01/30/28		2,565,801
	5,343,000		6.250			02/15/29		5,670,259
	2,531,000		5.250			01/30/30		2,540,491
	2,873,000		5.250			02/15/31		2,858,635
	Bausch Health Cos., Inc. (BB/Ba2)
	454,000		5.500			11/01/25		465,918
	Cheplapharm Arzneimittel GmbH (B/B2)
	1,694,000		5.500			01/15/28		1,759,642


Corporate Obligations – (continued)
Pharmaceuticals^(d) – (continued)
	Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc. (B+/NR)
	310,000		6.125			04/01/29		311,938
	Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)
	1,373,000		7.875			09/01/25		1,493,137
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	5,291,000		7.250			08/15/26		5,542,322
	Owens & Minor, Inc. (B-/B2)
	1,389,000		4.500			03/31/29		1,399,418
	Par Pharmaceutical, Inc. (B+/B2)
	6,483,000		7.500			04/01/27		6,839,565
	Prestige Brands, Inc. (B+/B2)
	1,512,000		5.125			01/15/28		1,580,040
	2,014,000		3.750			04/01/31		1,918,335

								60,045,872

Pipelines – 4.7%
	Buckeye Partners LP (BB/B1)
	600,000		4.350			10/15/24		617,250
	6,042,000		3.950			12/01/26		5,966,475
	839,000		4.125			12/01/27		827,464
	1,534,000		4.500	^(d)		03/01/28		1,534,000
	Cheniere Energy Partners LP (BB/Ba2)
	2,755,000		4.500			10/01/29		2,861,756
	4,394,000		4.000	^(d)		03/01/31		4,476,387
	Cheniere Energy, Inc. (BB/Ba3)^(d)
	3,194,000		4.625			10/15/28		3,313,775
	DCP Midstream Operating LP (BB+/Ba2)
	4,965,000		5.375			07/15/25		5,349,787
	497,000		5.625			07/15/27		538,003
	EnLink Midstream LLC (BB+/Ba2)
	2,063,000		5.625	^(d)		01/15/28		1,993,374
	2,429,000		5.375			06/01/29		2,271,115
	EnLink Midstream Partners LP (BB+/Ba2)
	2,268,000		4.400			04/01/24		2,287,845
	3,155,000		5.450			06/01/47		2,543,719
	EQM Midstream Partners LP (BB-/Ba3)
	1,980,000		4.000			08/01/24		2,004,750
	2,731,000		6.500	^(d)		07/01/27		2,963,135
	1,972,000		5.500			07/15/28		2,065,670
	762,000		4.750	^(d)		01/15/31		739,140
	Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)
	3,496,000		5.625			06/15/24		3,417,340
	2,234,000		8.000			01/15/27		2,256,340
	Global Partners LP/GLP Finance Corp. (B+/B2)
	2,897,000		7.000			08/01/27		3,052,714
	1,736,000		6.875			01/15/29		1,861,860
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/ B1)^(d)
	3,326,000		7.500			02/01/26		3,409,150
	NuStar Logistics LP (BB-/Ba3)
	2,721,000		5.750			10/01/25		2,897,865
	3,336,000		5.625			04/28/27		3,436,080
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (CCC+/Caa2)
	590,000		5.500			08/15/22		569,350
	7,726,000		5.750			04/15/25		6,354,635


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – (continued)
	Summit Midstream Partners LP (C/Caa3)^(b)(h) (3M USD LIBOR + 7.430%)
$	5,200,000		9.500	%		12/31/99	$	3,198,000
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)^(d)
	1,249,000		5.500			09/15/24		1,261,490
	2,500,000		7.500			10/01/25		2,675,000
	3,063,000		6.000			12/31/30		3,017,055
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)
	1,819,000		5.875			04/15/26		1,896,308
	4,414,000		5.375			02/01/27		4,585,042
	1,765,000		6.500			07/15/27		1,917,231
	1,931,000		5.000			01/15/28		2,008,240
	4,487,000		4.000	^(d)		01/15/32		4,228,997
	Western Midstream Operating LP (BB/Ba2)
	2,175,000		5.300			02/01/30		2,354,438

								96,750,780

Real Estate – 0.7%
	Kennedy-Wilson, Inc. (BB/B1)
	3,634,000		5.000			03/01/31		3,665,797
	Realogy Group LLC/Realogy Co-Issuer Corp. (B+/B2)^(d)
	754,000		7.625			06/15/25		822,803
	Realogy Group LLC/Realogy Co-Issuer Corp. (B-/Caa1)^(d)
	3,424,000		4.875			06/01/23		3,526,720
	1,872,000		9.375			04/01/27		2,068,560
	Redfin Corp. (NR/NR)^(d)(e)
	2,115,000		0.500			04/01/27		2,154,656
	The Howard Hughes Corp. (BB-/Ba3)^(d)
	588,000		5.375			08/01/28		617,400
	980,000		4.125			02/01/29		957,950
	980,000		4.375			02/01/31		957,950

								14,771,836

Real Estate Investment Trust – 1.9%
	ESH Hospitality, Inc. (BB-/Ba3)^(d)
	2,048,000		4.625			10/01/27		2,152,960
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)^(d)
	3,043,000		4.625			06/15/25		3,187,543
	3,255,000		3.875			02/15/29		3,234,656
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
GBP	2,225,000		3.692			06/05/28		3,195,232
$	1,644,000		4.625			08/01/29		1,730,589
	4,565,000		3.500			03/15/31		4,476,804
	SBA Communications Corp. (BB-/B1)^(d)
	3,142,000		3.125			02/01/29		3,016,320
	Service Properties Trust (BB/Ba1)
	1,493,000		7.500			09/15/25		1,699,224
	Service Properties Trust (BB-/Ba2)
	2,829,000		4.350			10/01/24		2,802,591
	3,253,000		4.500			03/15/25		3,207,943
	Starwood Property Trust, Inc. (B+/Ba3)
	7,642,000		4.750			03/15/25		7,947,680


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)^(d)
	2,101,000		3.500			02/15/25		2,132,515

								38,784,057

Retailing – 4.0%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)^(d)
	3,348,000		4.000			10/15/30		3,230,820
	Asbury Automotive Group, Inc. (BB/B1)
	288,000		4.500			03/01/28		293,040
	185,000		4.750			03/01/30		190,550
	Beacon Roofing Supply, Inc. (B-/Caa1)^(d)
	10,354,000		4.875			11/01/25		10,561,080
	Carvana Co. (CCC+/Caa2)^(d)
	4,106,000		5.625			10/01/25		4,208,650
	1,605,000		5.500			04/15/27		1,612,544
	eG Global Finance PLC (B-/B3)^(d)
	2,560,000		6.750			02/07/25		2,633,600
	2,210,000		8.500			10/30/25		2,345,362
	Group 1 Automotive, Inc. (BB+/Ba2)^(d)
	1,348,000		4.000			08/15/28		1,337,890
	IRB Holding Corp. (B/B2)^(d)
	1,142,000		7.000			06/15/25		1,233,360
	IRB Holding Corp. (CCC+/Caa1)^(d)
	8,652,000		6.750			02/15/26		8,933,190
	Ken Garff Automotive LLC (B/B1)^(d)
	1,951,000		4.875			09/15/28		1,943,684
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba2)^(d)
	2,074,000		5.250			06/01/26		2,136,220
	Kirk Beauty One GmbH (CCC-/Caa3)
EUR	775,000		8.750			07/15/23		908,843
	L Brands, Inc. (BB-/B2)
$	2,708,000		5.250			02/01/28		2,900,945
	LBM Acquisition LLC (CCC+/Caa2)^(d)
	1,166,000		6.250			01/15/29		1,200,980
	Lithia Motors, Inc. (BB/Ba2)^(d)
	853,000		4.375			01/15/31		882,855
	Macy’s, Inc. (BB-/Ba1)^(d)
	1,873,000		8.375			06/15/25		2,072,006
	Murphy Oil USA, Inc. (BB+/Ba2)^(d)
	1,156,000		3.750			02/15/31		1,134,325
	Park River Holdings, Inc. (CCC+/Caa1)^(d)
	4,345,000		5.625			02/01/29		4,214,650
	Penske Automotive Group, Inc. (B+/Ba3)
	3,097,000		3.500			09/01/25		3,143,455
	QVC, Inc. (BB+/Ba2)
	1,429,000		5.950			03/15/43		1,411,138
	Rite Aid Corp. (CCC-/Caa1)^(d)
	3,048,000		8.000			11/15/26		3,200,400
	Staples, Inc. (B/B1)^(d)
	4,735,000		7.500			04/15/26		4,977,669
	Staples, Inc. (CCC+/B3)^(d)
	3,019,000		10.750			04/15/27		2,973,715
	Stonegate Pub Co Financing 2019 PLC (NR/B3)^(d)
GBP	1,750,000		8.250			07/31/25		2,543,936


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Retailing – (continued)
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)
$	2,121,000		5.875	%		03/01/27	$	2,200,537
	Superior Plus LP/Superior General Partner, Inc. (BB-/Ba3)^(d)
	2,317,000		4.500			03/15/29		2,334,377
	Yum! Brands, Inc. (BB-/Ba3)
	182,000		7.750	^(d)		04/01/25		198,380
	2,341,000		4.750	^(d)		01/15/30		2,475,607
	4,248,000		3.625			03/15/31		4,078,080

								83,511,888

Semiconductors^(d) – 0.8%
	Amkor Technology, Inc. (BB/B1)
	3,403,000		6.625			09/15/27		3,666,732
	Broadcom, Inc. (BBB-/Baa3)
	1,998,000		2.450			02/15/31		1,887,451
	MACOM Technology Solutions Holdings, Inc. (NR/NR)
	2,115,000		0.250			03/15/26		2,138,243
	ON Semiconductor Corp. (BB/Ba2)
	2,117,000		3.875			09/01/28		2,180,510
	Qorvo, Inc. (BB+/Ba1)
	3,238,000		3.375			04/01/31		3,148,955
	Synaptics, Inc. (BB-/Ba3)
	3,114,000		4.000			06/15/29		3,098,430

								16,120,321

Software – 1.8%
	Black Knight InfoServ LLC (B+/Ba3)^(d)
	1,517,000		3.625			09/01/28		1,480,971
	Brunello Bidco SpA (B-/B3)^(d)
EUR	1,075,000		3.500			02/15/28		1,255,484
	Camelot Finance SA (B/B2)^(d)
$	3,365,000		4.500			11/01/26		3,470,156
	Dropbox, Inc. (NR/NR)^(d)(f)
	2,180,000		0.000			03/01/28		2,249,488
	J2 Global, Inc. (BB/Ba3)^(d)
	4,653,000		4.625			10/15/30		4,699,530
	Open Text Corp. (BB/Ba2)^(d)
	4,614,000		3.875			02/15/28		4,637,070
	Playtika Holding Corp. (B/B2)^(d)
	1,667,000		4.250			03/15/29		1,637,828
	Solera LLC/Solera Finance, Inc. (CCC+/Caa1)^(d)
	6,340,000		10.500			03/01/24		6,546,050
	SS&C Technologies, Inc. (B+/B2)^(d)
	4,965,000		5.500			09/30/27		5,262,900
	The Dun & Bradstreet Corp. (B-/Caa1)^(d)
	1,920,000		10.250			02/15/27		2,136,000
	Twilio, Inc. (BB/Ba3)
	1,217,000		3.625			03/15/29		1,230,691
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B-/B3)^(d)
	2,170,000		3.875			02/01/29		2,121,175

								36,727,343

Storage/Warehousing^(d) – 0.3%
	Modulaire Global Finance 2 PLC (CCC/Caa1)
	6,125,000		10.000			08/15/23		6,247,500


Corporate Obligations – (continued)
Telecommunication Services – 6.3%
	Altice France Holding SA (CCC+/WR)^(d)
	4,555,000		10.500			05/15/27		5,124,375
	Altice France SA (B/B2)^(d)
	7,090,000		7.375			05/01/26		7,373,600
	4,710,000		8.125			02/01/27		5,151,563
	225,000		5.500			01/15/28		229,500
	664,000		5.125			01/15/29		670,640
	CommScope, Inc. (CCC+/B3)^(d)
	4,374,000		7.125			07/01/28		4,636,440
	Digicel Group 0.5 Ltd. (NR/Ca)^(d) (g)(PIK 3.000%, Cash 5.000%)
	2,594,498		8.000			04/01/25		2,114,516
	Intelsat Jackson Holdings SA (NR/WR)^(d)(h)
	8,485,000		8.500			10/15/24		5,303,125
	15,490,000		9.750			07/15/25		9,603,800
	Intelsat Luxembourg SA (NR/WR)^(h)
	13,875,000		8.125			06/01/23		693,750
	Intelsat SA (NR/NR)^(h)
	7,179,000		4.500			06/15/25		3,733,080
	Level 3 Financing, Inc. (BB/Ba3)
	5,155,000		5.250			03/15/26		5,303,206
	6,751,000		4.625	^(d)		09/15/27		6,911,336
	5,804,000		4.250	^(d)		07/01/28		5,862,040
	2,024,000		3.625	^(d)		01/15/29		1,948,100
	LogMeIn, Inc. (B-/B2)^(d)
	3,097,000		5.500			09/01/27		3,236,365
	Lumen Technologies, Inc (BB-/B2)
	2,414,000		6.875			01/15/28		2,685,575
	1,658,000		7.600			09/15/39		1,898,410
	Lumen Technologies, Inc. (BB-/B2)^(d)
	961,000		4.500			01/15/29		935,774
	Nokia of America Corp. (NR/WR)
	5,200,000		6.450			03/15/29		5,694,000
	Nokia Oyj (BB+/Ba2)
	288,000		6.625			05/15/39		352,440
	Sprint Communications, Inc. (BB/B1)
	1,173,000		11.500			11/15/21		1,243,380
	5,413,000		6.000			11/15/22		5,791,910
	Sprint Corp. (BB/B1)
	10,247,000		7.875			09/15/23		11,707,197
	4,762,000		7.625			02/15/25		5,642,970
	4,611,000		7.625			03/01/26		5,648,475
	T-Mobile USA, Inc. (BB/NR)
	6,791,000		3.375			04/15/29		6,841,933
	T-Mobile USA, Inc. (BB/Ba3)
	1,327,000		6.000			04/15/24		1,333,635
	1,208,000		2.250			02/15/26		1,216,323
	1,313,000		2.625			04/15/26		1,337,619
	1,214,000		2.875			02/15/31		1,171,295
	Telecom Italia Capital SA (BB+/Ba2)
	6,696,000		7.200			07/18/36		8,436,960
	1,419,000		7.721			06/04/38		1,878,401

								131,711,733

Toys/Games/Hobbies – 0.4%
	Mattel, Inc. (B+/B1)
	2,278,000		3.150			03/15/23		2,312,170


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Toys/Games/Hobbies – (continued)
	Mattel, Inc. (BB/Ba2)^(d)
$	363,000		6.750	%		12/31/25	$	381,604
	1,439,000		3.375			04/01/26		1,467,780
	1,515,000		5.875			12/15/27		1,657,031
	2,034,000		3.750			04/01/29		2,046,713

								7,865,298

Water^(d) – 0.1%
	Solaris Midstream Holdings LLC (B/B3)
	1,184,000		7.625			04/01/26		1,210,640

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,827,669,363)						$	1,888,112,024


Shares		Description	Value

Common Stocks – 0.3%
Auto Components – 0.0%
	1,229	Lear Corp.	$	222,756

Energy Equipment & Services – 0.2%
	11,439	Nabors Industries Ltd.^(h)		1,068,975
	160,208	Noble Corp.^(h) (Energy Equipment & Services)		2,715,525

				3,784,500

Oil, Gas & Consumable Fuels^(h) – 0.1%
	51,044	Whiting Petroleum Corp.		1,809,510

	TOTAL COMMON STOCKS
	(Cost $4,065,486)		$	5,816,766


Shares	Dividend Rate	Value

Preferred Stocks – 0.1%
Banks – 0.1%
Bank of America Corp.
64,000	4.375%	$	1,600,000
(Cost $ 1,600,000)


Units	Expiration Date	Value

Warrant^(h) – 0.0%
Noble Corp. (NR/NR)
4,596	02/05/28	$	24,455
(Cost $11,490)


Shares	Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 3.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
72,950,280	0.036%	$	72,950,280
(Cost $72,950,280)


Shares		Description	Value

Exchange Traded Funds – 0.8%
	268,548	iShares Broad USD High Yield Corporate Bond ETF (NR/NR)	$	11,061,492
	72,079	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)^(e)		6,283,847

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $17,090,381)		$	17,345,339

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $1,948,852,175)		$	2,012,096,158


Shares	Dividend Rate		Value

Securities Lending Reinvestment Vehicle⁽ⁱ⁾ – 1.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
33,937,193		0.036%	$	33,937,193
(Cost $33,937,193)

TOTAL INVESTMENTS – 98.7%
(Cost $1,982,789,368)			$	2,046,033,351

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%				27,885,012

NET ASSETS – 100.0%			$	2,073,918,363



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.


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

GOLDMAN SACHS HIGH YIELD FUND



(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

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

(g)		Pay-in-kind securities.

(h)		Security is currently in default and/or non-income producing.

(i)		Represents an affiliated issuer.



Currency Abbreviations:
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
SOFR		—Secured Overnight Funding Rate
WR		—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	GBP	1,649,205	USD	2,261,671		05/20/21	$	12,274
MS & Co. Int. PLC	USD	1,295,708	EUR	1,075,719		04/09/21		33,977
State Street Bank (London)	USD	2,003,009	EUR	1,680,078		04/09/21		32,414
	USD	7,578,797	GBP	5,445,774		05/20/21		70,095
UBS AG (London)	USD	22,328,254	EUR	18,390,282		04/09/21		757,948
	USD	3,301,332	GBP	2,371,928		05/20/21		30,888

TOTAL							$	937,596

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Loss

HSBC Bank PLC

EUR

1,144,646

USD

1,380,877

04/09/21

(38,300

)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		449		06/30/21	$	99,106,226	$	(26,986	)
10 Year U.S. Treasury Notes		1,214		06/21/21		158,958,125		(2,830,416	)
20 Year U.S. Treasury Bonds		143		06/21/21		22,106,906		(803,153	)

Total							$	(3,660,555	)


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(38	)		06/21/21	$	(6,886,313	)	$	37,166
Ultra 10 Year U.S. Treasury Notes		(121	)		06/21/21		(17,386,188	)		596,583
5 Year German Euro-Bobl		(79	)		06/08/21		(12,514,257	)		(9,392	)
5 Year U.S. Treasury Notes		(82	)		06/30/21		(10,118,672	)		6,158

Total									$	630,515

TOTAL FUTURES CONTRACTS									$	(3,030,040	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund ^(a)			Credit Spread at March 31, 2021 ^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean,Inc. 8.000%, 02/01/27		(1.000	)%	14.970		12/20/22	$	1,075	$	230,592		$	152,045		$	78,547
Protection Sold:
CDX.NA.HY Index 36		5.000		3.076		06/20/26		43,800		3,974,517			3,690,172			284,345
CDX.NA.EM Index 35		1.000		1.855		06/20/26		44,700		(1,851,543	)		(1,423,055	)		(428,488	)
CDX.NA.HY Index 34		5.000		2.653		06/20/25		49,243		4,591,332			2,702,331			1,889,001

TOTAL									$	6,944,898		$	5,121,493		$	1,823,405

(a)

Payments made quarterly.

(b)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index

Financing
Rate Paid
by the Fund^(a)

Counterparty

Termination
Date^(b)

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

IBOXHY Index

0.196%

JPMorgan Securities, Inc.

06/20/21

304,318

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

(a)

Payments made quarterly.

(b)

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



Abbreviation:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 85.9%
Advertising^(b) – 0.8%
	Advantage Sales & Marketing, Inc. (B/B2) (3M LIBOR + 5.250%)
$	3,491,250		6.000	%		10/28/27	$	3,481,893
	Clear Channel Outdoor Holdings, Inc. (B/B1) (3M LIBOR + 3.500%)
	4,152,135		3.712			08/21/26		3,982,603
	Red Ventures LLC (B+/B1) (1M LIBOR + 3.500%)
	2,817,938		4.250			11/08/24		2,814,415
	Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
	5,732,633		3.609			12/17/26		5,676,109

								15,955,020

Aerospace & Defense – 1.0%
	ADS Tactical, Inc. (NR/NR)^(c) (3M LIBOR + 5.750%)
	7,250,000		0.000			02/09/28		7,177,500
	Dynasty Acquisition Co., Inc. (B-/Caa1)^(b)
	(3M LIBOR + 3.500%)
	3,839,443		3.703			04/06/26		3,714,853
	(3M LIBOR + 3.500%)
	2,064,217		3.703			04/06/26		1,997,233
	TransDigm, Inc. (B+/Ba3)^(b)
	(1M LIBOR + 2.250%)
	3,997,409		2.359			08/22/24		3,919,380
	(1M LIBOR + 2.250%)
	2,992,424		2.359			12/09/25		2,927,578

								19,736,544

Airlines^(b) – 1.4%
	Allegiant Travel Co. (B+/Ba3) (3M LIBOR + 3.000%)
	5,520,164		3.198			02/05/24		5,466,673
	American Airlines, Inc. (B-/Ba3) (1M LIBOR + 1.750%)
	6,351,000		1.859			01/29/27		5,783,729
	Atlantic Aviation FBO, Inc. (BB/B2) (1M LIBOR + 3.750%)
	4,471,816		3.860			12/06/25		4,464,348
	JetBlue Airways Corp. (B+/Ba2) (3M LIBOR + 5.250%)
	4,269,551		6.250			06/17/24		4,365,616
	Kestrel Bidco, Inc. (B-/B2)(6M LIBOR + 3.000%)
	2,034,698		4.000			12/11/26		1,971,744
	SkyMiles IP Ltd. (NR/Baa1) (3M LIBOR + 3.750%)
	3,500,000		4.750			10/20/27		3,671,500

								25,723,610

Automotive – Distributors^(b) – 1.4%
	American Axle & Manufacturing, Inc. (BB/Ba2) (1M LIBOR + 2.250%)
	3,114,133		3.000			04/06/24		3,095,168
	Bombardier Recreational Products, Inc. (BB-/Ba3) (1M LIBOR + 2.000%)
	1,321,662		2.109			05/24/27		1,305,353
	Drive Chassis Holding Co. LLC (NR/NR) (3M LIBOR + 8.250%)
	2,525,000		8.484			04/10/26		2,556,891
	Highline Aftermarket Acquisition LLC (B/B2) (3M LIBOR + 4.500%)
	3,250,000		5.250			11/09/27		3,250,000
	Thor Industries, Inc. (BB+/NR) (3M LIBOR + 3.000%)
	2,974,809		3.201			02/01/26		2,975,285


Bank Loans^(a) – (continued)
Automotive – Distributors^(b) – (continued)
	Truck Hero, Inc. (B-/B2) (1M LIBOR + 3.750%)
	7,850,000		4.500			01/31/28		7,824,958
	Wand NewCo 3, Inc. (B-/B1) (1M LIBOR + 3.000%)
	6,045,483		3.109			02/05/26		5,966,166

								26,973,821

Automotive – Parts – 2.8%
	Adient US LLC (BB-/Ba3)^(b) (1M LIBOR + 4.250%)
	4,540,976		4.359			05/06/24		4,535,299
	Belron Finance US LLC (BB+/Ba3)^(b) (3M LIBOR + 2.250%)
	1,293,451		2.462			10/30/26		1,283,750
	Clarios Global LP (B/B1)^(b)
	(1M EURIBOR + 3.250%)
EUR	1,111,765		3.250			04/30/26		1,293,519
	(1M LIBOR + 3.250%)
$	5,078,771		3.359			04/30/26		5,021,635
	CS Intermediate Holdco 2 LLC (B-/B1)^(b) (1M LIBOR + 2.000%)
	2,932,178		2.750			11/02/23		2,823,131
	Dana, Inc. (BBB-/Baa3)^(b) (1M LIBOR + 2.250%)
	2,100,000		2.359			02/27/26		2,091,600
	First Brands (NR/NR)^(c)
	1,500,000		0.000			03/22/28		1,485,000
	(3M LIBOR + 5.000%)
	3,834,891		0.000			03/30/27		3,830,097
	Garrett LX I S.a.r.l. (NR/NR)^(c)
	5,950,000		0.000			03/05/28		5,905,375
	Garrett LX III S.a r.l. (NR/WR)^(b) (3M LIBOR + 2.500%)
	4,761,107		5.750			09/27/25		4,761,107
	Mavis Tire Express Services Corp. (B-/B2)^(b)
	(1M LIBOR + 3.250%)
	2,618,906		3.359			03/20/25		2,606,755
	(1M LIBOR + 4.000%)
	1,446,375		5.000			03/20/25		1,443,670
	Navistar International Corp. (BB-/Ba2)^(b) (1M LIBOR + 3.500%)
	4,973,702		3.620			11/06/24		4,972,459
	Tenneco, Inc. (B/Ba3)^(b) (1M LIBOR + 3.000%)
	6,058,140		3.109			10/01/25		5,893,056
	Wheel Pros LLC (B-/B3)^(b)
	5,545,226		6.250			11/06/27		5,520,994

								53,467,447

Building & Construction Material^(b) – 0.2%
	RS Ivy Holdco, Inc. (B/B2) (3M LIBOR + 5.500%)
	3,591,000		6.500			12/23/27		3,591,000

Building Materials – 3.2%
	ACProducts, Inc. (B/B2)^(b) (3M LIBOR + 6.500%)
	4,826,250		7.500			08/18/25		4,919,155
	American Builders & Contractors Supply Co., Inc. (BB+/Ba2)^(b) (1M LIBOR + 2.000%)
	4,161,219		2.109			01/15/27		4,124,808
	Beacon Roofing Supply, Inc. (BB/B2)^(b) (1M LIBOR + 2.250%)
	1,092,245		2.359			01/02/25		1,085,418
	Cornerstone Building Brands, Inc. (NR/B1)^(c)
	3,100,000		0.000			04/12/28		3,084,500


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Building Materials – (continued)
	Cornerstone Building Brands, Inc. (B+/B1)^(b) (1M LIBOR + 3.750%)
$	5,317,708		3.856	%		04/12/25	$	5,308,402
	CP Atlas Buyer, Inc. (B-/B2)^(b) (3M LIBOR + 3.750%)
	4,850,000		4.250			11/23/27		4,814,401
	CPG International, Inc. (BB-/B2)^(b) (3M LIBOR + 2.500%)
	4,297,400		3.250			05/05/24		4,292,029
	Gyp Holdings III Corp. (BB-/B1)^(b) (1M LIBOR + 2.750%)
	3,221,060		2.859			06/01/25		3,202,539
	Hayward Industries, Inc. (B+/B3)^(b)
	(1M LIBOR + 3.500%)
	4,115,380		3.609			08/05/24		4,107,684
	(1M LIBOR + 3.750%)
	641,937		4.500			08/04/26		641,135
	Ingersoll-Rand Services Co. (BB+/Ba2)^(b) (1M LIBOR + 1.750%)
	1,732,500		1.865			03/01/27		1,708,678
	Jeld-Wen, Inc. (BB+/Ba2)^(b) (1M LIBOR + 2.000%)
	2,015,813		2.109			12/14/24		2,003,214
	LBM Acquisition LLC (B/B2)
	1,324,148		0.000	^(c)		12/17/27		1,317,766
	5,958,666		4.500	^(b)		12/17/27		5,929,945
	MI Windows and Doors LLC (B+/B2)^(b) (1M LIBOR + 3.750%)
	4,613,438		4.500			12/18/27		4,627,878
	Potters Industries LLC (B/B2)^(b) (3M LIBOR + 4.000%)
	2,450,000		4.203			12/14/27		2,450,000
	Quikrete Holdings, Inc. (BB-/Ba3)^(b) (1M LIBOR + 2.500%)
	4,837,486		2.609			02/01/27		4,799,463
	Winterfell Financing S.a.r.l. (NR/NR)^(c)
EUR	3,000,000		0.000			02/18/28		3,489,955

								61,906,970

Capital Goods^(b) – 0.1%
	Gates Global LLC (B+/B1) (1M LIBOR + 2.750%)
$	2,085,471		3.500			03/31/27		2,078,527

Chemicals – 4.9%
	Ascend Performance Materials Operations LLC (BB-/B1)^(b) (3M LIBOR + 4.750%)
	2,843,995		5.500			08/27/26		2,878,948
	ASP Unifrax Holdings, Inc. (CCC/Caa3)^(b) (3M LIBOR + 8.500%)
	1,975,000		8.684			12/14/26		1,797,250
	ASP Unifrax Holdings, Inc. (CCC+/Caa1)^(b) (3M LIBOR + 3.750%)
	2,829,797		3.953			12/12/25		2,682,082
	Berry Global, Inc. (BBB-/Ba2)^(b) (1M LIBOR + 1.750%)
	3,233,668		1.898			07/01/26		3,204,856
	Consolidated Energy Finance SA (B+/B1)^(b) (1M LIBOR + 2.500%)
	3,899,873		2.609			05/07/25		3,802,376
	Cyanco Intermediate Corp. (B/B2)^(b) (1M LIBOR + 3.500%)
	3,859,249		3.609			03/16/25		3,833,199
	Element Solutions, Inc. (BB/Ba2)^(b) (1M LIBOR + 2.000%)
	3,161,104		2.109			01/31/26		3,142,138
	Emerald Performance Materials LLC (B/B2)^(b) (1M LIBOR + 4.000%)
	5,097,883		5.000			08/12/25		5,097,883


Bank Loans^(a) – (continued)
Chemicals – (continued)
	GrafTech Finance, Inc. (BB/Ba3)^(b) (1M LIBOR + 3.000%)
	2,880,605		3.500			02/12/25		2,877,004
	Hexion, Inc. (B+/Ba3)^(b) (3M LIBOR + 3.500%)
	4,564,297		3.740			07/01/26		4,561,467
	Illuminate Buyer LLC (B+/B1)^(b) (1M LIBOR + 3.500%)
	5,093,500		3.609			06/30/27		5,065,893
	INEOS Enterprises Holdings US Finco LLC (BB/B1)^(b) (3M LIBOR + 3.500%)
	4,455,747		4.500			08/28/26		4,456,861
	INEOS Styrolution US Holding LLC (NR/NR)^(b) (3M LIBOR + 2.750%)
	2,625,000		3.250			01/29/26		2,615,156
	Innophos, Inc. (B+/B1)^(b) (1M LIBOR + 3.500%)
	1,890,452		3.609			02/07/27		1,883,363
	Momentive Performance Materials, Inc. (B/B2)^(b) (1M LIBOR + 3.250%)
	6,803,881		3.360			05/15/24		6,684,813
	NIC Acquisition Corp. (B/B3)^(b)(6M LIBOR + 3.750%)
	3,325,000		4.500			12/29/27		3,322,240
	Plaze, Inc. (B/B3)^(b) (1M LIBOR + 3.750%)
	1,622,563		4.500			08/03/26		1,613,103
	Polar US Borrower LLC (B-/B2)^(b) (1M LIBOR + 4.750%)
	4,586,637		4.857			10/15/25		4,552,237
	PQ Corp. (BB-/B1)^(b)
	(3M LIBOR + 2.250%)
	3,106,586		2.462			02/07/27		3,080,708
	(3M LIBOR + 3.000%)
	3,700,000		4.000			02/07/27		3,698,446
	Starfruit Finco B.V. (B+/B1)^(b) (1M LIBOR + 2.750%)
	11,126,207		2.860			10/01/25		10,947,743
	The Chemours Co. (BB/Ba1)^(b) (1M LIBOR + 1.750%)
	3,417,545		1.860			04/03/25		3,312,182
	Trinseo Materials Operating S.C.A. (NR/NR)^(c)
	4,000,000		0.000			03/18/28		3,955,000
	Tronox Finance LLC (BB-/Ba3)^(b) (3M LIBOR + 2.500%)
	1,856,380		2.678			03/10/28		1,845,167
	Univar, Inc. (BB+/Ba3)^(b) (1M LIBOR + 2.250%)
	3,115,414		2.359			07/01/24		3,102,765

								94,012,880

Coal^(b) – 0.2%
	Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	4,424,217		5.000			10/13/25		4,422,005

Commercial Services – 3.3%
	AlixPartners LLP (B+/B1)^(b) (1M LIBOR + 2.750%)
	4,200,000		3.250			02/04/28		4,181,898
	Allied Universal Holding Co. LLC (B-/B3)^(b) (1M LIBOR + 4.250%)
	4,368,636		4.359			07/10/26		4,353,345
	Amentum Government Services Holdings LLC (B/B1)^(b)
	(1M LIBOR + 3.500%)
	853,550		3.609			01/29/27		844,306
	(3M LIBOR + 4.750%)
	4,100,000		5.500			01/29/27		4,105,125


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Commercial Services – (continued)
	Ankura Consulting Group LLC (NR/NR)^(b) (1M LIBOR + 4.500%)
$	2,000,000		5.250	%		03/17/28	$	1,982,500
	Ankura Consulting Group LLC (CCC/Caa2)^(b) (1M LIBOR + 8.000%)
	600,000		8.750			03/12/29		600,000
	APX Group, Inc. (B-/B3)^(b) (1M LIBOR + 5.000%)
	4,173,795		5.109			12/31/25		4,168,578
	AQ Carver Buyer, Inc. (B/B2)^(b)(6M LIBOR + 5.000%)
	2,172,500		6.000			09/23/25		2,156,206
	Avis Budget Car Rental LLC (BB-/Ba2)^(b) (1M LIBOR + 2.250%)
	2,003,836		2.360			08/06/27		1,951,556
	Conservice Midco LLC (B/B2)^(b) (3M LIBOR + 4.250%)
	2,492,475		4.453			05/13/27		2,488,736
	Da Vinci Purchaser Corp. (B/B2)^(b) (3M LIBOR + 4.000%)
	3,970,000		5.000			01/08/27		3,968,769
	Fleet U.S. Bidco, Inc. (B+/B2)^(b) (1M LIBOR + 3.000%)
	2,570,950		3.109			10/07/26		2,545,240
	Fly Funding II S.a.r.l. (BB+/Ba3)^(b) (3M LIBOR + 6.000%)
	1,456,563		7.000			10/08/25		1,460,204
	Garda World Security Corp. (NR/NR)^(c) (1M LIBOR + 4.250%)
	2,100,000		0.000			10/30/26		2,099,118
	GlobalLogic Holdings, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	2,089,500		4.500			09/14/27		2,084,276
	IRB Holding Corp. (B/B2)^(b)
	(3M LIBOR + 3.250%)
	2,094,750		4.250			12/15/27		2,084,926
	(6M LIBOR + 2.750%)
	5,638,456		3.750			02/05/25		5,587,823
	Northstar Group Services, Inc. (NR/NR)^(b) (3M LIBOR + 5.500%)
	2,683,125		6.500			11/09/26		2,689,833
	Packers Holdings LLC (B-/B2)^(b) (3M LIBOR + 3.250%)
	6,200,000		4.000			03/09/28		6,125,104
	Trans Union LLC (BBB-/Ba2)^(b) (1M LIBOR + 1.750%)
	2,341,827		1.859			11/16/26		2,324,264
	Verisure Holding AB (NR/NR)^(c)
EUR	5,000,000		0.000			01/15/28		5,836,294

								63,638,101

Computers^(b) – 0.1%
	Redstone Buyer LLC (B/B1) (3M LIBOR + 5.000%)
$	2,593,500		6.000			09/01/27		2,599,984

Construction Machinery^(b) – 0.1%
	Welbilt, Inc. (CCC+/B3) (1M LIBOR + 2.500%)
	2,147,500		2.607			10/23/25		2,050,863

Consumer Cyclical Services^(b) – 0.2%
	KAR Auction Services, Inc. (B/Ba3) (1M LIBOR + 2.250%)
	3,461,228		2.375			09/19/26		3,387,677

Consumer Cyclical Services – Business – 1.6%
	Colorado Buyer, Inc. (CC/Caa2)^(b) (3M LIBOR + 7.250%)
	2,875,000		8.250			05/01/25		2,846,250
	GT Polaris, Inc. (NR/NR)
	1,575,000		0.000	^(c)		09/24/27		1,573,031


Bank Loans^(a) – (continued)
Consumer Cyclical Services – Business – (continued)
	GT Polaris, Inc. (NR/NR) – (continued)
	(3M LIBOR + 3.750%)
	1,271,813		4.500	^(b)		09/24/27		1,270,223
	Guidehouse LLP (B-/B2)^(b) (1M LIBOR + 4.000%)
	5,327,847		4.109			05/01/25		5,322,146
	Sabre GLBL, Inc. (B/Ba3)^(b)
	(1M LIBOR + 2.000%)
	3,353,076		2.109			02/22/24		3,306,301
	(1M LIBOR + 4.000%)
	1,496,250		4.750			12/17/27		1,510,285
	Science Applications International Corp. (BB+/Ba1)^(b) (1M LIBOR + 1.875%)
	1,625,000		1.984			03/12/27		1,622,969
	Stats Intermediate Holdings LLC (B-/B2)^(b) (3M LIBOR + 5.250%)
	1,825,537		5.448			07/10/26		1,817,559
	Tempo Acquisition LLC (B/B1)^(b) (1M LIBOR + 3.250%)
	2,462,316		3.750			11/02/26		2,460,273
	The House of HR (NR/NR)^(b)(6M EURIBOR + 3.750%)
EUR	2,475,000		3.750			07/27/26		2,893,377
	USS Ultimate Holdings, Inc. (B-/B1)^(b) (1M LIBOR + 3.750%)
$	4,499,205		4.750			08/25/24		4,498,845
	USS Ultimate Holdings, Inc. (CCC/Caa1)^(b) (1M LIBOR + 7.750%)
	2,225,000		8.750			08/25/25		2,217,769

								31,339,028

Consumer Products – 0.5%
	Coty, Inc. (B/B3)^(b) (3M LIBOR + 2.250%)
	3,567,136		2.354			04/07/25		3,422,809
	Kronos Acquisition Holdings, Inc. (B-/B2)^(b) (3M LIBOR + 3.750%)
	2,618,438		4.250			12/22/26		2,578,218
	Proampac PG Borrower LLC (B-/B2)^(c)
	2,625,000		0.000			11/03/25		2,621,299

								8,622,326

Consumer Products & Services^(b) – 0.1%
	Rent-A-Center, Inc. (NR/NR) (1M LIBOR + 4.000%)
	1,100,000		4.750			02/17/28		1,104,587

Consumer Products – Household & Leisure^(b) – 0.5%
	Diamond (BC) B.V. (B/Ba3) (1M LIBOR + 3.000%)
	3,049,894		3.109			09/06/24		3,032,418
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 3.000%)
	3,989,151		3.750			10/19/27		3,981,891
	Prestige Brands, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	1,766,878		2.109			01/26/24		1,765,040

								8,779,349

Consumer Products – Industrial^(c) – 0.1%
	The Hillman Group, Inc. (NR/NR)
	1,122,152		0.000			02/23/28		1,115,609
	227,848		0.000			02/23/28		226,520

								1,342,129


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Consumer Products – Non Durable^(b) – 0.5%
	Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
$	3,523,020		3.609	%		09/26/24	$	3,492,758
	Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	2,575,000		7.865			09/26/25		2,576,390
	HLF Financing S.a.r.l. (BB+/Ba1) (1M LIBOR + 2.500%)
	3,506,568		2.609			08/18/25		3,489,035

								9,558,183

Distributor^(b) – 0.1%
	UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
	2,608,822		3.859			08/13/26		2,599,039

Diversified Financial Services – 3.4%
	Advisor Group, Inc. (B-/B2)^(b) (1M LIBOR + 4.500%)
	1,960,113		4.615			07/31/26		1,957,663
	Bellis Acquisition Company 1 PLC (NR/NR)^(c)
EUR	1,400,000		0.000			02/10/26		1,638,020
	Blackstone CQP Holdco LP (B+/B1)^(b) (3M LIBOR + 3.500%)
$	6,315,020		3.687			09/30/24		6,295,317
	Citadel Securities LP (BBB-/Ba1)^(b) (1M LIBOR + 2.500%)
	3,900,000		2.609			02/29/28		3,854,487
	DLG Acquisitions Ltd. (NR/NR)^(b)(6M EURIBOR + 3.500%)
EUR	1,825,000		3.500			05/15/26		2,132,152
	DRW Holdings LLC (BB-/B1)^(b) (1M LIBOR + 3.750%)
$	2,175,000		3.859			03/01/28		2,169,563
	Edelman Financial Center LLC (B/B2)^(b) (1M LIBOR + 3.000%)
	3,600,279		3.109			07/21/25		3,576,661
	FinCo I LLC (BB/Baa3)^(b) (1M LIBOR + 2.500%)
	3,228,999		2.609			06/27/25		3,205,783
	First Eagle Holdings, Inc. (BB/Ba2)^(b) (3M LIBOR + 2.500%)
	4,035,191		2.703			02/01/27		3,978,012
	Fiserv Investment Solutions, Inc. (B/B2)^(b) (3M LIBOR + 4.000%)
	2,534,233		4.189			02/18/27		2,530,001
	Franklin Square Holdings LP (BB/Ba1)^(b) (1M LIBOR + 2.250%)
	1,276,658		2.375			08/01/25		1,267,083
	GBT Group Services B.V. (B/NR)^(b) (1M LIBOR + 2.500%)
	3,544,629		2.611			08/13/25		3,401,355
	Jefferies Finance LLC (BB-/Ba3)^(b) (1M LIBOR + 3.000%)
	3,946,086		3.125			06/03/26		3,907,612
	KREF Holdings X LLC (BB-/Ba2)^(b) (3M LIBOR + 4.750%)
	1,271,813		5.750			08/05/27		1,274,992
	MHI Holdings LLC (B/B2)^(b) (1M LIBOR + 5.000%)
	3,052,662		5.109			09/21/26		3,058,706
	NFP Corp. (B/B1)^(b) (1M LIBOR + 3.250%)
	3,241,814		3.359			02/15/27		3,190,139
	Nielsen Finance LLC (BBB-/Ba1)^(b) (1M EURIBOR + 3.750%)
EUR	501,907		3.750			06/04/25		589,934
	Radar Bidco S.a.r.l. (NR/NR)^(b) (3M EURIBOR + 8.000%)
	1,149,826		8.000			12/16/24		1,417,088
	Syncapay, Inc. (B/B2)^(b) (3M LIBOR + 6.500%)
$	4,620,938		7.500			12/10/27		4,615,161
	Vertical Midco GmbH (NR/NR)^(c)(6M LIBOR + 4.250%)
	5,428,395		0.000			07/30/27		5,436,538
	VFH Parent LLC (B+/Ba3)^(b) (1M LIBOR + 3.000%)
	1,721,820		3.110			03/01/26		1,715,742


Bank Loans^(a) – (continued)
Diversified Financial Services – (continued)
	Victory Capital Holdings, Inc. (NR/Ba3)^(b)(1 Week LIBOR + 2.250%)
	3,917,519		2.439			07/01/26		3,876,699

								65,088,708

Diversified Manufacturing – 1.9%
	AI Aqua Merger Sub, Inc. (B/B2)^(b)
	(1M LIBOR + 3.250%)
	963,792		4.250			12/13/23		961,989
	(1M LIBOR + 3.250%)
	1,601,514		4.250			12/13/23		1,593,506
	Apex Tool Group LLC (CCC+/B3)^(b) (1M LIBOR + 5.250%)
	4,569,501		6.500			08/01/24		4,562,373
	Atkore International, Inc. (BB-/Ba3)^(b) (3M LIBOR + 2.750%)
	3,732,485		3.750			12/22/23		3,737,151
	Core & Main LP (B/B2)^(b) (3M LIBOR + 2.750%)
	4,030,286		3.750			08/01/24		4,010,941
	Dynacast International LLC (NR/NR)^(b) (3M LIBOR + 4.750%)
	3,049,457		5.750			07/19/25		3,030,398
	Gardner Denver, Inc. (BB+/Ba2)^(b) (1M LIBOR + 1.750%)
	1,491,897		1.857			03/01/27		1,471,384
	KP Germany Erste GmbH (B/B2)^(c)
EUR	1,550,000		0.000			02/04/26		1,787,293
	Robertshaw US Holding Corp. (CCC-/Caa3)^(b) (1M LIBOR + 8.000%)
$	4,650,000		9.000			02/28/26		3,983,515
	Rohm Holding GmbH (B-/B3)^(b)(6M LIBOR + 5.000%)
	2,687,046		5.228			07/31/26		2,674,444
	Titan Acquisition Ltd. (B-/B2)^(b)(6M LIBOR + 3.000%)
	8,177,759		3.267			03/28/25		8,000,547

								35,813,541

Electrical^(b) – 0.1%
	Talen Energy Supply LLC (BB-/Ba3) (1M LIBOR + 3.750%)
	1,948,676		3.859			07/08/26		1,890,216

Electrical Equipment^(b) – 0.3%
	Brookfield WEC Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	6,476,686		3.250			08/01/25		6,416,777

Electrical Utilities^(b) – 0.6%
	Energizer Holdings, Inc. (NR/NR) (1M LIBOR + 2.250%)
	2,825,000		2.750			12/22/27		2,809,688
	Pacific Gas & Electric Co. (BB-/B1) (3M LIBOR + 3.000%)
	8,016,807		3.500			06/23/25		7,999,250

								10,808,938

Energy^(b) – 0.2%
	Granite Acquisition, Inc. (B+/B1) (3M LIBOR + 2.750%)
	2,825,000		3.250			03/31/28		2,814,406

Engineering & Construction – 0.2%
	DG Investment Intermediate Holdings 2, Inc. (NR/NR)^(c)
	1,633,009		0.000			03/17/28		1,623,831
	341,991		0.000			03/17/28		340,069
	600,000		0.000			03/18/29		600,000
	Rockwood Service Corp. (B/B2)^(b) (1M LIBOR + 4.000%)
	1,485,000		4.359			01/23/27		1,486,233

								4,050,133


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Entertainment – 2.4%
	Allen Media LLC (BB-/Ba3)^(b) (3M LIBOR + 5.500%)
$	4,568,142		5.703	%		02/10/27	$	4,554,438
	Alterra Mountain Co. (B/B2)^(b)
	(1M LIBOR + 2.750%)
	3,473,883		2.859			07/31/24		3,410,936
	(1M LIBOR + 4.500%)
	2,737,662		5.500			08/01/26		2,744,506
	AMC Entertainment Holdings, Inc. (CCC/Caa2)^(b) (3M LIBOR + 3.000%)
	1,951,924		3.195			04/22/26		1,681,700
	Amer Sports Oyj (NR/NR)^(b) (1M EURIBOR + 4.500%)
EUR	3,225,000		4.500			03/30/26		3,734,683
	Banijay Entertainment S.A.S (B/B1)^(b) (1M LIBOR + 3.750%)
$	5,127,991		3.854			03/01/25		5,068,147
	Carnival Corp. (BB-/Ba2)^(b) (1M LIBOR + 7.500%)
	2,166,410		8.500			06/30/25		2,231,403
	CityCenter Holdings LLC (B+/B2)^(b) (1M LIBOR + 2.250%)
	3,529,727		3.000			04/18/24		3,481,688
	Crown Finance US, Inc. (B-/B3)^(b) (3M LIBOR + 7.000%)
	465,028		7.203			05/23/24		586,516
	Crown Finance US, Inc. (CCC/Caa2)^(b)
	(6M LIBOR + 2.500%)
	3,077,208		3.500			02/28/25		2,623,381
	(6M LIBOR + 2.750%)
	1,086,229		3.750			09/30/26		916,843
	Motion Finco S.a.r.l. (CCC+/B2)^(c)
	3,129,782		0.000			11/12/26		3,019,676
	411,343		0.000			11/12/26		396,872
	PCI Gaming Authority (BB+/Ba3)^(b) (1M LIBOR + 2.500%)
	4,918,308		2.609			05/29/26		4,879,601
	SeaWorld Parks & Entertainment, Inc. (B-/B2)^(b) (1M LIBOR + 3.000%)
	3,815,065		3.750			03/31/24		3,746,508
	Vue International Bidco PLC (CCC+/Caa1)^(b)(6M EURIBOR + 4.750%)
EUR	2,286,096		4.750			07/03/26		2,375,577
	WMG Acquisition Corp. (BB/Ba3)^(b) (1M LIBOR + 2.125%)
$	1,136,053		2.234			01/20/28		1,130,725

								46,583,200

Environmental^(b) – 0.6%
	EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	4,466,002		4.750			05/09/25		4,438,089
	GFL Environmental, Inc. (BB-/Ba3) (3M LIBOR + 3.000%)
	4,566,720		3.500			05/30/25		4,566,720
	Innovative Water Care Global Corp. (CCC+/Caa1) (3M LIBOR + 5.000%)
	2,219,800		6.000			02/27/26		2,079,952

								11,084,761

Food & Beverages – 1.4%
	CHG PPC Parent LLC (B/B2)^(b) (1M LIBOR + 2.750%)
	2,580,647		2.857			03/31/25		2,541,938
	Chobani LLC (B-/B1)^(b) (1M LIBOR + 3.500%)
	3,184,000		4.500			10/20/27		3,179,224
	City Brewing Co. LLC (NR/NR)^(c)
	2,425,000		0.000			03/31/28		2,412,875


Bank Loans^(a) – (continued)
Food & Beverages – (continued)
	Froneri International Ltd. (B+/B1)^(b)
	(1M LIBOR + 2.250%)
	5,161,000		2.359			01/29/27		5,086,423
	(6M EURIBOR + 2.625%)
EUR	1,100,000		2.625			01/29/27		1,274,168
	Froneri International Ltd. (B-/B3)^(b) (1M LIBOR + 5.750%)
$	750,000		5.859			01/31/28		758,910
	Post Holdings, Inc. (NR/B2)^(b) (1M LIBOR + 4.000%)
	1,157,322		4.750			10/21/24		1,162,622
	Shearer’s Foods, Inc. (NR/B2)^(b) (3M LIBOR + 3.500%)
	1,268,633		4.250			09/23/27		1,265,258
	Sigma Bidco B.V. (NR/NR)^(b)(6M LIBOR + 3.000%)
	4,463,431		3.260			07/02/25		4,397,596
	Sunshine Investments B.V. (B+/B1)^(b)
	(3M EURIBOR + 3.250%)
EUR	525,000		3.250			03/28/25		614,239
	(3M LIBOR + 3.250%)
$	3,137,728		3.448			03/28/25		3,116,800

								25,810,053

Food & Drug Retailing – 0.4%
	B&G Foods, Inc. (BB/Ba2)^(b) (1M LIBOR + 2.500%)
	1,350,000		2.609			10/10/26		1,347,300
	United Natural Foods, Inc. (B/B2)^(c)
	3,366,744		0.000			10/22/25		3,362,132
	US Foods, Inc. (BB-/B3)^(b)
	(1M LIBOR + 1.750%)
	1,914,948		1.859			06/27/23		1,887,813
	(1M LIBOR + 2.000%)
	1,496,203		2.109			09/13/26		1,464,842

								8,062,087

Gaming – 1.3%
	Caesars Resort Collection LLC (B+/B1)^(b) (1M LIBOR + 2.750%)
	6,918,415		2.859			12/23/24		6,811,733
	Penn National Gaming, Inc. (BB-/B1)^(c)
	1,670,231		0.000			10/15/25		1,661,095
	Scientific Games International, Inc. (B+/B1)^(b) (1M LIBOR + 2.750%)
	9,684,477		2.859			08/14/24		9,490,109
	The Stars Group Holdings B.V. (BBB-/Ba1)^(b) (3M LIBOR + 3.500%)
	3,978,609		3.703			07/10/25		3,980,837
	UFC Holdings LLC (B/B2)^(b)(6M LIBOR + 3.000%)
	2,544,850		3.750			04/29/26		2,532,915

								24,476,689

Health Care – Pharmaceuticals^(b) – 1.0%
	Amedes Holding AG (B/B2) (3M EURIBOR + 3.000%)
EUR	3,010,720		3.000			06/08/26		3,508,605
	Bausch Health Cos., Inc. (BB/Ba2)
	(1M LIBOR + 2.750%)
$	2,172,111		2.859			11/27/25		2,158,275
	(1M LIBOR + 3.000%)
	8,463,722		3.109			06/02/25		8,431,644


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Health Care – Pharmaceuticals^(b) – (continued)
	Grifols Worldwide Operations USA, Inc. (BB+/Ba2)(1 Week LIBOR + 2.000%)
$	4,887,026		2.081	%		11/15/27	$	4,829,848

								18,928,372

Health Care – Services – 4.8%
	Air Methods Corp. (B/B3)^(b) (3M LIBOR + 3.500%)
	2,046,060		4.500			04/22/24		1,977,783
	Biogroup-LCD (NR/NR)^(c)
EUR	2,000,000		0.000			01/28/28		2,329,897
	Change Healthcare Holdings LLC (B+/B1)^(b) (3M LIBOR + 2.500%)
$	2,612,479		3.500			03/01/24		2,608,325
	DaVita, Inc. (BBB-/Ba1)^(c)
	1,620,896		0.000			08/12/26		1,610,425
	Envision Healthcare Corp. (CCC/Caa1)^(b) (1M LIBOR + 3.750%)
	6,713,041		3.859			10/10/25		5,776,035
	ExamWorks Group, Inc. (B/B1)^(b) (3M LIBOR + 3.250%)
	2,573,127		4.250			07/27/23		2,569,911
	Gentiva Health Services, Inc. (B/B1)^(b) (1M LIBOR + 2.750%)
	3,597,180		2.875			07/02/25		3,571,712
	Global Medical Response, Inc. (B/B2)^(b)
	(3M LIBOR + 4.250%)
	3,011,097		5.250			03/14/25		2,990,140
	(3M LIBOR + 4.750%)
	3,316,687		5.750			10/02/25		3,303,421
	Help At Home, Inc. (B-/B1)^(b) (3M LIBOR + 5.000%)
	1,864,655		6.000			10/29/27		1,869,317
	IQVIA, Inc. (BBB-/Ba1)^(b) (1M LIBOR + 1.750%)
	1,620,801		1.859			01/17/25		1,610,671
	Matrix Medical Network of Arizona LLC (B/B2)^(b) (1M LIBOR + 4.500%)
	1,430,000		5.500			02/17/25		1,432,388
	MPH Acquisition Holdings LLC (B+/Ba3)^(b) (3M LIBOR + 2.750%)
	6,515,057		3.750			06/07/23		6,475,836
	Onex TSG Intermediate Corp. (B/B2)^(b) (3M LIBOR + 4.750%)
	3,350,000		5.500			02/28/28		3,311,107
	Parexel International Corp. (B-/B2)^(b) (1M LIBOR + 2.750%)
	3,380,275		2.859			09/27/24		3,338,562
	Pluto Acquisition I, Inc. (B-/B2)^(b) (1M LIBOR + 5.000%)
	1,246,875		5.500			06/22/26		1,246,875
	PPD, Inc. (BB-/Ba2)^(b) (1M LIBOR + 2.250%)
	6,450,000		2.750			01/13/28		6,412,009
	RegionalCare Hospital Partners Holdings, Inc. (B/B1)^(b) (1M LIBOR + 3.750%)
	7,349,810		3.859			11/16/25		7,328,789
	Rodenstock GmbH (NR/NR)^(b)(6M EURIBOR + 5.250%)
EUR	2,725,000		5.250			06/15/26		3,201,200
	Sotera Health Holdings LLC (B+/B1)^(b) (3M LIBOR + 4.500%)
$	6,200,000		3.250			12/11/26		6,176,750
	Team Health Holdings, Inc. (B-/Caa1)^(b) (1M LIBOR + 2.750%)
	7,056,625		3.750			02/06/24		6,545,443
	U.S. Renal Care, Inc. (B-/B2)^(b) (1M LIBOR + 5.000%)
	6,018,833		5.125			06/26/26		5,979,350
	Verscend Holding Corp. (B+/B2)^(b) (1M LIBOR + 4.500%)
	5,918,251		4.607			08/27/25		5,911,564


Bank Loans^(a) – (continued)
Health Care – Services – (continued)
	Vizient, Inc. (BB-/Ba2)^(b) (1M LIBOR + 2.000%)
	1,972,405		2.109			05/06/26		1,950,215
	WP CityMD Bidco LLC (B-/B2)^(b) (3M LIBOR + 3.750%)
	1,435,500		4.500			08/13/26		1,432,715

								90,960,440

Home Construction^(b) – 0.5%
	Foundation Building Materials Holding Co. LLC (B/B2)
	(1M LIBOR + 3.250%)
	2,225,954		3.750			02/03/28		2,203,138
	(1M LIBOR + 3.250%)
	3,849,046		3.750			02/03/28		3,809,593
	Park River Holdings, Inc. (NR/NR) (3M LIBOR + 3.250%)
	3,900,000		4.000			12/28/27		3,873,207

								9,885,938

Home Furnishings^(b) – 0.0%
	AI Aqua Merger Sub, Inc. (B/B2) (1M LIBOR + 5.250%)
	498,744		6.250			12/13/23		498,953

Household Products^(b) – 0.0%
	Spectrum Brands, Inc. (BB-/Ba1) (3M LIBOR + 2.000%)
	675,000		2.500			03/03/28		672,894

Industrial Services^(c) – 0.1%
	Fluid-Flow Products, Inc. (NR/NR)
	276,000		0.000			03/16/28		274,275
	1,449,000		0.000			03/16/28		1,439,944

								1,714,219

Insurance – 2.0%
	Acrisure LLC (B/B2)^(b) (3M LIBOR + 3.500%)
	6,432,506		3.703			02/15/27		6,346,761
	Alliant Holdings Intermediate LLC (B/B2)^(b)
	(1M LIBOR + 3.250%)
	4,778,502		3.359			05/09/25		4,711,699
	(1M LIBOR + 3.250%)
	1,620,833		3.359			05/09/25		1,599,617
	AssuredPartners Capital, Inc. (B/B1)^(c)
	997,481		0.000			02/12/27		997,232
	AssuredPartners, Inc. (B/B1)^(b) (1M LIBOR + 3.500%)
	1,836,564		3.609			02/12/27		1,814,378
	HUB International Ltd. (B/B2)^(b) (3M LIBOR + 3.000%)
	6,137,276		3.215			04/25/25		6,046,628
	OneDigital Borrower LLC (B/B3)^(b) (3M LIBOR + 4.500%)
	1,752,051		5.250			11/16/27		1,750,596
	Ryan Specialty Group LLC (B/B1)^(b) (1M LIBOR + 3.000%)
	1,471,303		3.750			09/01/27		1,468,846
	Sedgwick Claims Management Services, Inc. (B/B2)^(b)
	(1M LIBOR + 3.250%)
	6,095,552		3.359			12/31/25		6,008,324
	(1M LIBOR + 4.250%)
	545,875		5.250			09/03/26		546,328
	USI, Inc. (B/B2)^(b) (3M LIBOR + 3.000%)
	6,092,696		3.203			05/16/24		6,019,828

								37,310,237


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Lodging^(b) – 0.1%
	Four Seasons Hotels Ltd. (BB+/Ba3) (1M LIBOR + 2.000%)
$	1,939,870		2.109	%		11/30/23	$	1,933,507

Machinery^(b) – 0.4%
	Clark Equipment Co. (BB+/Ba3) (3M LIBOR + 1.750%)
	2,437,199		1.953			05/18/24		2,414,558
	Shape Technologies Group, Inc. (CCC+/Caa2) (1M LIBOR + 3.000%)
	2,862,006		3.109			04/21/25		2,592,490
	Star US Bidco LLC (B-/B3) (1M LIBOR + 4.250%)
	1,986,244		5.250			03/17/27		1,965,150

								6,972,198

Media^(c) – 0.1%
	Adevinta ASA (NR/NR)
EUR	1,250,000		0.000			11/05/27		1,467,092
$	950,000		0.000			11/05/27		949,411

								2,416,503

Media – Broadcasting & Radio^(b) – 1.3%
	Ascend Learning LLC (B-/B1) (1M LIBOR + 3.000%)
	2,456,415		4.000			07/12/24		2,443,519
	Cumulus Media New Holdings, Inc. (B/B2) (3M LIBOR + 3.750%)
	5,213,735		4.750			03/31/26		5,139,856
	Diamond Sports Group LLC (CCC+/B2) (1M LIBOR + 3.250%)
	2,735,083		3.360			08/24/26		1,866,694
	Digital Room Holdings, Inc. (B-/B2)(6M LIBOR + 5.000%)
	2,977,025		5.203			05/21/26		2,912,512
	Nexstar Broadcasting, Inc. (BB/Ba3)
	(1M LIBOR + 2.250%)
	1,880,698		2.360			01/17/24		1,867,815
	(1M LIBOR + 2.500%)
	2,221,570		2.615			09/18/26		2,202,976
	Renaissance Holding Corp. (B-/B2) (1M LIBOR + 3.250%)
	4,305,581		3.359			05/30/25		4,194,368
	Renaissance Holding Corp. (CCC/Caa2) (1M LIBOR + 7.000%)
	3,200,000		7.109			05/29/26		3,187,200
	The E.W. Scripps Co. (BB-/Ba3) (1M LIBOR + 3.000%)
	1,346,625		3.750			01/07/28		1,340,525

								25,155,465

Media – Cable^(b) – 1.7%
	Altice Financing SA (B/B2)
	(1M LIBOR + 2.750%)
	1,959,288		2.856			07/15/25		1,917,378
	(3M LIBOR + 2.750%)
	4,018,290		2.953			01/31/26		3,934,147
	Charter Communications Operating LLC (BBB-/Ba1) (1M LIBOR + 1.750%)
	1,293,434		1.860			02/01/27		1,286,320
	Cogeco Communications, Inc. (BB/B1) (1M LIBOR + 2.000%)
	3,246,002		2.109			01/03/25		3,208,478
	CSC Holdings LLC (BB/Ba3)
	(1M LIBOR + 2.250%)
	3,902,317		2.356			07/17/25		3,844,602
	(1M LIBOR + 2.500%)
	3,905,081		2.606			04/15/27		3,853,495


Bank Loans^(a) – (continued)
Media – Cable^(b) – (continued)
	iHeartCommunications, Inc. (B+/B1) (1M LIBOR + 4.000%)
	1,761,688		4.750			05/01/26		1,762,234
	Midcontinent Communications (BB+/Ba3) (1M LIBOR + 1.750%)
	1,620,886		1.859			08/15/26		1,612,782
	Univision Communications, Inc. (B/B2) (1M LIBOR + 3.750%)
	1,897,829		4.750			03/15/26		1,894,603
	Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	4,858,080		2.606			01/31/28		4,810,616
	Ziggo Financing Partnership B.V. (B+/B1) (1M LIBOR + 2.500%)
	4,500,000		2.606			04/30/28		4,450,905

								32,575,560

Media – Non Cable – 2.9%
	Cambium Learning Group, Inc. (B-/B3)^(b) (3M LIBOR + 4.500%)
	7,151,102		4.703			12/18/25		7,149,171
	Entercom Media Corp. (BB-/Ba3)^(b) (1M LIBOR + 2.500%)
	2,505,377		2.609			11/18/24		2,447,127
	Getty Images, Inc. (B-/B2)^(b)(1 Week LIBOR + 4.500%)
	7,309,559		4.625			02/19/26		7,226,961
	Gray Television, Inc. (BB/Ba2)^(c)
	4,650,000		0.000			01/02/26		4,615,869
	Hubbard Radio LLC (B/B2)^(b) (3M LIBOR + 4.250%)
	3,516,231		5.250			03/28/25		3,481,068
	iHeartCommunications, Inc. (B+/B1)^(b) (1M LIBOR + 3.000%)
	2,768,663		3.109			05/01/26		2,732,754
	Lions Gate Capital Holdings LLC (B+/Ba2)^(b) (1M LIBOR + 2.250%)
	3,214,376		2.359			03/24/25		3,160,793
	McGraw-Hill Global Education Holdings LLC (B/B2)^(b) (3M LIBOR + 4.750%)
	5,835,801		5.750			11/01/24		5,823,662
	Meredith Corp. (BB-/Ba3)^(b)
	(1M LIBOR + 2.500%)
	1,893,413		2.609			01/31/25		1,870,464
	(3M LIBOR + 4.250%)
	4,094,063		5.250			01/31/25		4,151,216
	Metro-Goldwyn-Mayer, Inc. (BB-/Ba3)^(b) (1M LIBOR + 2.500%)
	2,204,774		2.610			07/03/25		2,188,238
	Metro-Goldwyn-Mayer, Inc. (CCC+/B3)^(b) (1M LIBOR + 4.500%)
	1,050,000		5.500			07/03/26		1,044,425
	NEP/NCP Holdco, Inc. (B/Caa1)^(b) (1M LIBOR + 3.250%)
	2,812,408		3.359			10/20/25		2,722,945
	NEP/NCP Holdco, Inc. (CCC/Caa3)^(b) (1M LIBOR + 7.000%)
	3,200,000		7.109			10/19/26		2,930,656
	Nielsen Finance LLC (NR/NR)^(b) (1M LIBOR + 3.750%)
	2,002,644		4.750			06/04/25		2,006,088
	Prometric Holdings, Inc. (B-/B2)^(b) (1M LIBOR + 3.000%)
	1,392,892		4.000			01/29/25		1,366,385

								54,917,822

Metals & Mining^(b) – 0.5%
	AMG Advanced Metallurgical Group NV (BB-/B1) (1M LIBOR + 3.000%)
	1,645,747		3.109			02/01/25		1,629,290


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Metals & Mining^(b) – (continued)
	Anvil International LLC (B-/B3) (1M LIBOR + 5.000%)
$	3,940,000		5.110	%		05/28/26	$	3,844,455
	Crosby US Acquisition Corp. (B-/B2) (1M LIBOR + 4.750%)
	3,327,103		4.861			06/26/26		3,294,531
	U.S. Silica Co. (B-/B3) (1M LIBOR + 4.000%)
	1,534,491		5.000			05/01/25		1,478,865

								10,247,141

Oil & Gas Services^(c) – 0.2%
	EG Group Ltd. (NR/NR)
	3,475,000		0.000			03/10/26		3,435,906

Oil Field Services^(b) – 0.5%
	Apergy Corp. (BBB-/Ba2)
	(1M LIBOR + 2.500%)
	423,082		2.625			05/09/25		419,909
	(3M LIBOR + 5.000%)
	2,769,066		6.000			06/03/27		2,817,525
	Delek US Holdings, Inc. (BB+/B1) (1M LIBOR + 2.250%)
	5,501,580		2.359			03/31/25		5,333,781

								8,571,215

Packaging – 3.4%
	Altium Packaging LLC (B+/B2)^(b) (3M LIBOR + 2.750%)
	6,525,000		3.250			02/03/28		6,448,331
	Berlin Packaging LLC (B-/B3)^(b) (1M LIBOR + 3.000%)
	7,041,213		3.120			11/07/25		6,906,656
	BWAY Holding Co. (B-/B3)^(b) (3M LIBOR + 3.250%)
	5,496,066		3.443			04/03/24		5,372,405
	Canister International Group, Inc. (B/B2)^(b) (1M LIBOR + 4.750%)
	3,378,953		4.859			12/21/26		3,383,177
	Charter NEX US, Inc. (B/B2)^(b) (1M LIBOR + 4.250%)
	8,110,717		5.000			12/01/27		8,120,855
	Flex Acquisition Co., Inc. (B/B2)^(b)
	(1M LIBOR + 3.500%)
	1,114,243		4.000			02/23/28		1,099,101
	(3M LIBOR + 3.250%)
	3,208,111		3.488			06/29/25		3,151,969
	Kleopatra Finco S.a.r.l. (NR/NR)^(c)
	2,750,000		0.000			02/04/26		2,739,687
	LABL, Inc. (B/B2)^(b)
	(1M EURIBOR + 4.250%)
EUR	3,050,000		4.250			07/01/26		3,574,947
	(1M LIBOR + 4.000%)
$	1,102,252		4.109			07/01/26		1,098,394
	Pro Mach Group, Inc. (B-/B2)^(b) (1M LIBOR + 2.750%)
	4,710,620		2.859			03/07/25		4,615,936
	Reynolds Consumer Products, Inc. (BBB-/Ba1)^(b) (1M LIBOR + 1.750%)
	2,606,364		1.859			02/04/27		2,592,028
	Reynolds Group Holdings, Inc. (B+/B1)^(b) (1M LIBOR + 3.250%)
	2,468,813		3.359			02/05/26		2,439,187
	Tosca Services LLC (B/B2)^(b) (1M LIBOR + 3.500%)
	3,192,750		4.250			08/18/27		3,192,750


Bank Loans^(a) – (continued)
Packaging – (continued)
	TricorBraun Holdings, Inc. (NR/NR)^(b)
	(3M LIBOR + 3.250%)
	43,611		0.500			03/03/28		42,113
	(3M LIBOR + 3.250%)
	5,816,660		3.750			03/03/28		5,756,051
	Trident TPI Holdings, Inc. (B-/B2)^(b) (3M LIBOR + 3.000%)
	4,708,182		4.000			10/17/24		4,655,968

								65,189,555

Paper^(b) – 0.4%
	Clearwater Paper Corp. (BB+/Ba1) (3M LIBOR + 3.000%)
	3,406,643		3.250			07/26/26		3,398,126
	Pregis TopCo Corp. (B-/B2)
	(1M LIBOR + 3.750%)
	3,627,516		3.859			07/31/26		3,595,013
	(1M LIBOR + 4.250%)
	1,500,000		5.000			08/01/26		1,500,000

								8,493,139

Pharmaceuticals^(b) – 0.5%
	Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	5,236,875		4.750			10/01/27		5,210,691
	Horizon Therapeutics USA, Inc. (BB+/Ba1) (3M LIBOR + 2.000%)
	3,350,000		2.500			02/26/28		3,338,275

								8,548,966

Pipelines^(b) – 1.8%
	BCP Raptor LLC (B-/B3)
	(1M LIBOR + 4.250%)
	1,523,142		5.250			06/24/24		1,463,069
	(1M LIBOR + 4.750%)
	2,174,275		4.859			11/03/25		2,068,279
	Buckeye Partners LP (BBB-/Ba1) (3M LIBOR + 2.250%)
	5,419,261		2.359			11/01/26		5,391,027
	Centurion Pipeline Co. LLC (BB/B1)
	(1M LIBOR + 3.250%)
	1,244,030		3.359			09/29/25		1,235,011
	(1M LIBOR + 4.000%)
	1,556,100		4.109			09/28/25		1,540,539
	Navitas Midstream Midland Basin LLC (B/B3) (1M LIBOR + 4.500%)
	3,241,624		5.500			12/13/24		3,237,572
	NorthRiver Midstream Finance LP (BB/Ba3) (3M LIBOR + 3.250%)
	4,562,326		3.488			10/01/25		4,494,621
	Oryx Midstream Holdings LLC (B-/B2) (1M LIBOR + 4.000%)
	4,493,267		4.109			05/22/26		4,377,835
	Prairie ECI Acquiror LP (B-/B3) (1M LIBOR + 4.750%)
	3,079,942		4.859			03/11/26		2,981,784
	Traverse Midstream Partners LLC (B/B3) (1M LIBOR + 5.500%)
	2,696,183		6.500			09/27/24		2,670,569
	Waterbridge Midstream Operating LLC (B-/B3)(6M LIBOR + 5.750%)
	4,130,565		6.750			06/22/26		3,908,548

								33,368,854


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Real Estate Investment Trust^(b) – 0.5%
	Brookfield Property REIT, Inc. (BB+/B1) (1M LIBOR + 2.500%)
$	4,823,566		2.609	%		08/27/25	$	4,601,345
	Forest City Enterprises LP (B+/B2) (1M LIBOR + 3.500%)
	3,520,253		3.609			12/08/25		3,438,865
	Realogy Group LLC (BB/Ba2) (1M LIBOR + 2.250%)
	1,122,156		3.000			02/08/25		1,107,927

								9,148,137

Restaurants^(b) – 0.3%
	1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	4,824,947		1.859			11/19/26		4,732,983

Retailers^(b) – 1.8%
	Academy, Ltd. (B/B2) (1M LIBOR + 5.000%)
	1,521,188		5.750			10/28/27		1,521,826
	Dealer Tire LLC (B-/B1) (1M LIBOR + 4.250%)
	3,331,476		4.359			12/12/25		3,332,775
	EG America LLC (B-/B3) (3M LIBOR + 4.000%)
	3,970,642		4.203			02/07/25		3,901,871
	EG Group Ltd. (B-/B3) (3M LIBOR + 4.000%)
	547,179		4.203			02/07/25		537,702
	Great Outdoors Group LLC (B+/B1)(6M LIBOR + 4.250%)
	4,972,436		5.000			03/06/28		4,974,922
	Murphy USA, Inc. (BBB-/Baa3) (1M LIBOR + 1.750%)
	600,000		2.250			01/31/28		602,250
	OEConnection LLC (B-/B2) (1M LIBOR + 4.000%)
	3,192,965		4.109			09/25/26		3,173,009
	Resideo Funding, Inc. (BBB-/Ba2) (3M LIBOR + 2.250%)
	3,738,810		2.750			02/08/28		3,724,790
	Staples, Inc. (B/B1) (3M LIBOR + 5.000%)
	7,450,116		5.205			04/16/26		7,257,679
	TruGreen LP (B/B1) (1M LIBOR + 4.000%)
	2,892,750		4.750			11/02/27		2,887,341
	TruGreen LP (CCC+/Caa1) (3M LIBOR + 8.500%)
	2,200,000		9.250			11/02/28		2,266,000

								34,180,165

Semiconductors^(b)(d) – 0.0%
	Allegro Microsystems, Inc. (BB/B1) (3M LIBOR + 3.750%)
	150,000		4.250			09/30/27		149,625

Services Cyclical – Business Services^(b) – 0.4%
	EVO Payments International LLC (B/B2) (1M LIBOR + 3.250%)
	2,500,236		3.360			12/22/23		2,492,436
	Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (3M LIBOR + 5.000%)
	2,828,178		6.500			02/28/25		2,876,484
	Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M LIBOR + 5.000%)
	1,965,938		5.203			05/29/26		1,593,943

								6,962,863

Services Cyclical – Consumer Services – 1.4%
	Asurion LLC (B/B3)^(c)
	4,825,000		0.000			01/31/28		4,909,438


Bank Loans^(a) – (continued)
Services Cyclical – Consumer Services – (continued)
	Asurion LLC (B+/Ba3)^(b)
	(1M LIBOR + 3.000%)
	2,488,481		3.109			11/03/23		2,480,195
	(1M LIBOR + 3.000%)
	2,661,317		3.109			11/03/24		2,649,261
	(1M LIBOR + 3.250%)
	3,491,250		3.359			12/23/26		3,466,951
	KUEHG Corp. (CCC+/B3)^(b) (3M LIBOR + 3.750%)
	3,675,757		4.750			02/21/25		3,588,972
	Prime Security Services Borrower LLC (BB-/Ba3)^(b) (3M LIBOR + 2.750%)
	3,118,399		3.500			09/23/26		3,103,774
	USIC Holdings, Inc. (B-/B2)^(b) (1M LIBOR + 3.000%)
	2,743,544		4.000			12/08/23		2,726,397
	Weight Watchers International, Inc. (BB/Ba2)^(b) (1M LIBOR + 4.750%)
	4,234,870		5.500			11/29/24		4,224,283

								27,149,271

Technology – Hardware^(b) – 0.6%
	CommScope, Inc. (B/Ba3) (1M LIBOR + 3.250%)
	4,463,306		3.359			04/06/26		4,430,054
	ON Semiconductor Corp. (BB+/Baa3) (1M LIBOR + 2.000%)
	2,634,875		2.109			09/19/26		2,627,656
	Tech Data Corp. (BBB-/Ba1) (1M LIBOR + 3.500%)
	1,471,303		3.609			06/30/25		1,474,187
	Tech Data Corp. (BBB-/Ba2) (1M LIBOR + 5.500%)
	1,293,500		5.609			06/30/25		1,296,734
	Xperi Corp. (BB-/Ba3) (1M LIBOR + 4.000%)
	2,354,450		4.109			06/02/25		2,355,439

								12,184,070

Technology – Software – 2.0%
	Banff Merger Sub, Inc. (B-/B2)^(b) (1M LIBOR + 3.750%)
	3,347,544		3.859			10/02/25		3,330,806
	Castle US Holding Corp. (B-/B2)^(b) (3M LIBOR + 3.750%)
	3,788,665		3.953			01/29/27		3,741,306
	Cornerstone OnDemand, Inc. (NR/NR)^(c)
	200,000		0.000			04/22/27		200,032
	Cornerstone OnDemand, Inc. (B+/Ba3)^(b) (1M LIBOR + 4.250%)
	3,400,998		4.361			04/22/27		3,401,542
	Flexera Software LLC (B-/B1)^(c)
	1,271,813		0.000			01/26/28		1,272,499
	Go Daddy Operating Co. LLC (BB/Ba1)^(b) (3M LIBOR + 2.000%)
	1,262,701		2.109			08/10/27		1,254,544
	Idera, Inc. (B-/B2)^(b) (3M LIBOR + 3.750%)
	3,375,000		4.500			02/04/28		3,348,844
	Idera, Inc. (CCC/Caa2)^(b) (3M LIBOR + 6.750%)
	415,000		7.500			03/02/29		412,581
	Informatica LLC (B-/B1)^(b) (1M LIBOR + 3.250%)
	2,405,700		3.359			02/25/27		2,385,252
	Ivanti Software, Inc. (B-/B2)^(b) (3M LIBOR + 4.750%)
	1,925,000		5.750			12/01/27		1,930,621
	Tibco Software, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	4,215,785		3.860			06/30/26		4,156,511


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Technology – Software – (continued)
	Uber Technologies, Inc. (B+/B1)^(b) (1M LIBOR + 3.500%)
$	6,152,564		3.609	%		04/04/25	$	6,119,217
	VS Buyer LLC (B/B1)^(b) (1M LIBOR + 3.000%)
	3,772,100		3.109			02/28/27		3,754,823
	Zelis Healthcare Corp. (B/B2)^(b) (1M LIBOR + 3.500%)
	2,673,000		3.615			09/30/26		2,660,758

								37,969,336

Technology – Software/Services – 13.1%
	Ahead Data Blue LLC (B/B1)^(b) (3M LIBOR + 5.000%)
	1,975,000		6.000			10/13/27		1,977,469
	AppLovin Corp. (B+/B1)^(b) (1M LIBOR + 3.500%)
	7,590,685		3.609			08/15/25		7,577,326
	Aston Finance Co. S.a.r.l. (B-/B2)^(b) (3M LIBOR + 4.250%)
	618,626		4.360			10/09/26		613,603
	Athenahealth, Inc. (B/B2)^(b) (3M LIBOR + 4.250%)
	9,306,566		4.453			02/11/26		9,314,291
	Bracket Intermediate Holding Corp. (B-/B2)^(b) (3M LIBOR + 4.250%)
	2,999,984		4.488			09/05/25		2,973,734
	BY Crown Parent LLC (B-/B1)^(b) (1M LIBOR + 3.000%)
	4,608,504		4.000			02/02/26		4,604,172
	Camelot U.S. Acquisition 1 Co. (B/B2)^(b)
	(1M LIBOR + 3.000%)
	3,721,406		3.109			10/30/26		3,689,997
	(1M LIBOR + 3.000%)
	2,817,938		4.000			10/30/26		2,815,120
	Cardtronics USA, Inc. (BB+/Ba2)^(b) (1M LIBOR + 4.000%)
	2,559,978		5.000			06/29/27		2,553,578
	CentralSquare Technologies LLC (CCC+/Caa1)^(b) (3M LIBOR + 3.750%)
	7,735,038		3.949			08/29/25		7,378,684
	Ceridian HCM Holding, Inc. (B+/B1)^(b)(1 Week LIBOR + 2.500%)
	5,792,584		2.581			04/30/25		5,701,350
	Cloudera, Inc. (NR/NR)^(c)
	2,634,572		0.000			12/22/27		2,627,985
	ConvergeOne Holdings, Inc. (B-/B2)^(b) (1M LIBOR + 5.000%)
	2,373,614		5.109			01/04/26		2,287,571
	DCert Buyer, Inc. (NR/NR)^(b) (1M LIBOR + 7.000%)
	1,700,000		7.109			02/16/29		1,707,446
	DCert Buyer, Inc. (B-/B2)^(b) (1M LIBOR + 4.000%)
	5,362,271		4.109			10/16/26		5,348,115
	Dell International LLC (BBB-/Baa3)^(c)
	1,725,473		0.000			09/19/25		1,723,161
	Dynatrace LLC (BB+/Ba3)^(b) (1M LIBOR + 2.250%)
	2,906,268		2.359			08/22/25		2,885,691
	Electronics for Imaging, Inc. (CCC+/B3)^(b) (1M LIBOR + 5.000%)
	1,851,563		5.109			07/23/26		1,737,488
	Emerald TopCo, Inc. (B/B2)^(b) (3M LIBOR + 3.500%)
	3,467,546		3.712			07/24/26		3,434,605
	Endure Digital, Inc. (NR/NR)^(b) (3M LIBOR + 3.500%)
	7,625,000		4.250			02/10/28		7,535,406
	Epicor Software Corp. (B-/B2)^(b) (1M LIBOR + 3.250%)
	2,437,750		4.000			07/30/27		2,428,828


Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	Epicor Software Corp. (CCC/Caa2)^(b) (1M LIBOR + 7.750%)
	200,000		8.750			07/31/28		206,250
	Eta Australia Holdings III Pty Ltd. (B-/B3)^(b) (1M LIBOR + 4.000%)
	5,059,875		4.109			05/06/26		5,021,926
	Finastra USA, Inc. (CCC+/B2)^(b) (3M LIBOR + 3.500%)
	2,367,323		4.500			06/13/24		2,317,704
	Finastra USA, Inc. (CCC-/Caa2)^(b)(6M LIBOR + 7.250%)
	1,625,000		8.250			06/13/25		1,631,094
	First Advantage Holdings LLC (B/B2)^(b) (1M LIBOR + 3.000%)
	4,305,028		3.109			01/31/27		4,270,243
	Genuine Financial Holdings LLC (B-/B3)^(b) (1M LIBOR + 3.750%)
	4,106,434		3.859			07/11/25		4,039,704
	Genuine Financial Holdings LLC (CCC/Caa3)^(b) (1M LIBOR + 7.250%)
	4,300,000		7.359			07/10/26		3,781,334
	Grab Holdings, Inc. (B-/B3)^(b)(6M LIBOR + 4.500%)
	1,675,000		5.500			01/29/26		1,700,125
	Greeneden U.S. Holdings II LLC (B-/B3)^(b) (1M LIBOR + 4.000%)
	2,000,000		4.750			12/01/27		1,998,500
	Huskies Parent, Inc. (B-/B2)^(b) (1M LIBOR + 4.000%)
	2,863,750		4.109			07/31/26		2,861,974
	Hyland Software, Inc. (NR/NR)^(c)
	300,000		0.000			07/07/25		300,000
	Hyland Software, Inc. (B-/B1)^(b) (1M LIBOR + 3.500%)
	3,524,234		4.250			07/01/24		3,518,736
	Hyland Software, Inc. (CCC/Caa1)^(b) (1M LIBOR + 7.000%)
	1,716,000		7.750			07/07/25		1,716,000
	ION Trading Finance Ltd. (NR/NR)^(c)
	2,725,000		0.000			03/26/28		2,721,594
	ION Trading Technologies S.a.r.l. (NR/NR)^(c)
EUR	1,000,000		0.000			03/26/28		1,170,355
	Ion Trading Technologies S.a.r.l. (B/B3)^(b) (1M LIBOR + 4.000%)
$	4,257,368		5.000			11/21/24		4,254,388
	MA FinanceCo. LLC (BB-/B1)^(b) (1M LIBOR + 2.750%)
	401,432		2.859			06/21/24		397,084
	Marcel LUX IV S.a.r.l. (B/B2)^(b) (1M LIBOR + 3.250%)
	6,431,990		3.359			03/15/26		6,367,670
	McAfee LLC (BB-/B1)^(b) (1M LIBOR + 3.750%)
	3,997,016		3.859			09/30/24		3,996,017
	MedAssets Software Intermediate Holdings, Inc. (B-/B2)^(b)(6M LIBOR + 3.750%)
	3,400,000		4.500			01/28/28		3,380,892
	MH Sub I LLC (B/B2)^(b) (1M LIBOR + 3.500%)
	3,571,554		3.609			09/13/24		3,528,695
	Mitchell International, Inc. (NR/NR)^(b) (1M LIBOR + 7.250%)
	1,615,092		7.359			12/01/25		1,608,454
	Mitchell International, Inc. (B-/B2)^(b)
	(1M LIBOR + 3.250%)
	4,088,551		3.359			11/29/24		4,019,291
	(1M LIBOR + 4.250%)
	2,763,681		4.750			11/29/24		2,765,754


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	Omnitracs, Inc. (B-/B2)^(b)
	(1M LIBOR + 2.750%)
$	4,141,709		2.857	%		03/21/25	$	4,027,812
	(1M LIBOR + 4.250%)
	1,097,250		4.358			03/23/25		1,087,188
	Omnitracs, Inc. (CCC/Caa2)^(b) (1M LIBOR + 8.000%)
	1,600,000		8.109			09/29/28		1,602,000
	Panther Commercial Holdings LP (B-/B3)^(b) (3M LIBOR + 4.500%)
	4,300,000		4.712			01/07/28		4,286,584
	Park Place Technologies LLC (B-/B2)^(b) (1M LIBOR + 5.000%)
	1,600,000		6.000			11/10/27		1,592,000
	Peraton Holding Corp. (NR/NR)^(c)
	8,034,628		0.000			02/01/28		8,027,960
	Peraton Holding Corp. (B/B1)^(c)
	4,565,372		0.000			02/01/28		4,561,582
	Presidio, Inc. (B/B1)^(b) (3M LIBOR + 3.500%)
	1,985,000		3.720			01/22/27		1,977,556
	Project Boost Purchaser LLC (B-/B2)
	1,820,426		0.000	^(c)		06/01/26		1,818,151
	(1M LIBOR + 3.500%)
	3,753,944		3.609	^(b)		06/01/26		3,699,400
	QBS Parent, Inc. (B/B3)^(b) (3M LIBOR + 4.250%)
	4,192,803		4.453			09/22/25		4,025,091
	Quest Software US Holdings, Inc. (B+/B2)^(b) (3M LIBOR + 4.250%)
	2,972,223		4.462			05/16/25		2,964,792
	Rocket Software, Inc. (B/B2)^(b) (1M LIBOR + 4.250%)
	1,942,357		4.359			11/28/25		1,936,045
	Seattle SpinCo, Inc. (BB-/B1)^(b) (1M LIBOR + 2.750%)
	2,710,967		2.859			06/21/24		2,681,607
	Severin Acquisition LLC (B-/B2)^(b) (1M LIBOR + 3.250%)
	6,817,088		3.356			08/01/25		6,725,058
	Sirius Computer Solutions, Inc. (B/Ba3)^(b) (1M LIBOR + 3.500%)
	2,705,374		3.609			07/01/26		2,695,364
	SS&C Holdings Europe S.a.r.l. (BB+/Ba2)^(b) (1M LIBOR + 1.750%)
	1,384,315		1.859			04/16/25		1,368,298
	SS&C Technologies, Inc. (BB+/Ba2)^(b) (1M LIBOR + 1.750%)
	1,854,027		1.859			04/16/25		1,832,576
	Syncsort Inc. (NR/NR)^(c)
	4,700,000		0.000			03/04/28		4,660,849
	team.blue Finco SARL (NR/NR)^(c)
EUR	109,459		0.000			03/08/28		127,818
	1,915,541		0.000			03/18/28		2,236,807
	The Dun & Bradstreet Corp. (B+/B1)^(b) (1M LIBOR + 3.250%)
$	6,422,169		3.359			02/06/26		6,382,031
	The Ultimate Software Group, Inc. (B-/B1)^(b)
	(1M LIBOR + 3.750%)
	4,875,750		3.859			05/04/26		4,867,461
	(3M LIBOR + 3.250%)
	4,584,697		4.000			05/04/26		4,584,697
	The Ultimate Software Group, Inc. (CCC/Caa1)^(b) (3M LIBOR + 6.750%)
	50,000		7.500			05/03/27		51,125


Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	TTM Technologies, Inc. (BB+/Ba1)^(b) (1M LIBOR + 2.500%)
	2,556,321		2.615			09/28/24		2,543,540
	Ultra Clean Holdings, Inc. (B+/B1)
	2,525,000		0.000	^(c)		08/27/25		2,528,156
	(1M LIBOR + 4.500%)
	2,738,885		4.609	^(b)		08/27/25		2,742,309
	Upland Software, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	4,358,625		3.859			08/06/26		4,335,742
	Vero Parent, Inc. (B-/B2)^(b) (3M LIBOR + 4.750%)
	4,388,330		5.500			08/16/24		4,375,516
	Virtusa Corp. (B+/B2)^(c)
	3,230,000		0.000			02/11/28		3,232,035
	WEX, Inc. (NR/NR)^(c)
	2,350,000		0.000			03/18/28		2,341,187

								250,407,741

Telecommunication Services – 3.9%
	Altice France SA (B/B2)^(b) (1M LIBOR + 3.688%)
	4,423,903		3.794			01/31/26		4,378,735
	Buzz Merger Sub Ltd. (B/B1)^(b)
	(1M LIBOR + 2.750%)
	2,598,750		2.859			01/29/27		2,579,259
	(1M LIBOR + 3.250%)
	995,000		3.750			01/29/27		992,513
	CCI Buyer, Inc. (B-/B1)^(b) (3M LIBOR + 4.000%)
	3,875,000		4.750			12/17/27		3,878,642
	CenturyLink, Inc. (BBB-/Ba3)^(b) (1M LIBOR + 2.250%)
	5,100,174		2.359			03/15/27		5,040,553
	Cincinnati Bell, Inc. (B+/Ba3)^(b) (1M LIBOR + 3.250%)
	1,397,430		4.250			10/02/24		1,395,027
	CNT Holdings I Corp. (NR/NR)^(b) (3M LIBOR + 6.750%)
	525,000		7.500			10/16/28		530,250
	CNT Holdings I Corp. (B/B2)^(b)(6M LIBOR + 3.750%)
	5,500,000		4.500			11/08/27		5,484,545
	Connect Finco Sarl (B+/B1)^(b) (1M LIBOR + 3.500%)
	4,306,501		4.500			12/11/26		4,288,543
	Consolidated Communications, Inc. (B+/B2)^(c)
	1,163,166		0.000			10/02/27		1,162,561
	Delta TopCo, Inc. (B-/B2)^(b) (3M LIBOR + 3.750%)
	1,475,000		4.500			12/01/27		1,471,844
	Delta TopCo, Inc. (CCC/Caa2)^(b) (3M LIBOR + 7.250%)
	575,000		8.000			12/01/28		587,219
	Hoya Midco LLC (B-/B3)^(b) (1M LIBOR + 3.500%)
	6,692,188		4.500			06/30/24		6,552,053
	Imperva, Inc. (B-/B2)^(b) (3M LIBOR + 4.000%)
	5,616,090		5.000			01/12/26		5,606,430
	Intelsat Jackson Holdings SA (NR/NR)^(b) (3M LIBOR + 5.500%)
	641,443		6.500			07/13/22		648,178
	Intelsat Jackson Holdings SA (NR/WR)^(b) (1M LIBOR + 8.625%)
	3,375,000		8.625			01/02/24		3,439,327
	Iridium Satellite LLC (BB-/Ba3)^(c)
	3,042,317		0.000			11/04/26		3,047,763
	LogMeIn, Inc. (B-/B2)^(b) (1M LIBOR + 4.750%)
	4,837,875		4.854			08/31/27		4,821,233
	MH Sub I LLC (B/B2)^(b) (1M LIBOR + 3.750%)
	2,263,418		4.750			09/13/24		2,260,996


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Telecommunication Services – (continued)
	MH Sub I LLC (CCC+/Caa2)^(b) (1M LIBOR + 6.250%)
$	600,000		6.359	%		02/12/29	$	603,000
	MLN US Holding Co. LLC (B-/B3)^(b) (1M LIBOR + 4.500%)
	3,314,044		4.603			11/30/25		2,903,235
	Nielsen Consumer, Inc. (B/B1)
EUR	1,350,000		0.000	^(c)		03/06/28		1,579,187
	(3M LIBOR + 4.000%)
$	1,075,000		4.103	^(b)		03/06/28		1,070,163
	Project Alpha Intermediate Holding, Inc. (B/B3)^(b) (1M LIBOR + 4.000%)
	5,080,211		4.110			04/26/24		5,061,160
	PUG LLC (B-/B3)^(b) (1M LIBOR + 3.500%)
	3,910,001		3.609			02/12/27		3,768,263
	Shutterfly, Inc. (B-/B2)^(b) (3M LIBOR + 6.000%)
	2,122,565		7.000			09/25/26		2,125,515

								75,276,194

Textiles^(b) – 0.6%
	Canada Goose, Inc. (BB/B2) (3M LIBOR + 4.250%)
	1,645,875		5.000			10/07/27		1,645,184
	CBI Buyer, Inc. (B/B1) (1M LIBOR + 3.250%)
	3,625,000		3.750			01/06/28		3,602,344
	CBI Buyer, Inc. (CCC+/Caa1) (1M LIBOR + 7.250%)
	1,100,000		7.750			01/06/29		1,089,000
	Kontoor Brands, Inc. (B+/Ba2) (1M LIBOR + 4.250%)
	1,211,333		4.360			05/15/26		1,202,248
	Renfro Corp. (NR/NR)^(d)
	(3M LIBOR + 9.000%)
	1,461,403		10.000			06/14/21		1,359,105
	(3M LIBOR + 9.000%)
	739,089		10.250			06/14/21		739,089
	Renfro Corp. (CC/WR)^(d) (3M LIBOR + 5.500%)
	5,993,220		6.750			03/31/21		2,112,610

								11,749,580

Transportation – 0.7%
	Genesee & Wyoming, Inc. (BB+/Ba2)^(b) (3M LIBOR + 2.000%)
	2,562,060		2.203			12/30/26		2,551,658
	IXS Holdings, Inc. (B/B2)^(b) (3M LIBOR + 4.250%)
	1,496,126		5.250			03/05/27		1,493,881
	Kenan Advantage Group, Inc. (NR/NR)^(c)
	3,000,000		0.000			03/23/26		2,978,430
	Superior Industries International, Inc. (B/B1)^(b) (1M LIBOR + 4.000%)
	2,600,000		4.109			05/22/24		2,585,388
	XPO Logistics, Inc. (BBB-/Baa3)^(b) (1M LIBOR + 1.750%)
	4,550,000		1.859			02/24/25		4,517,923

								14,127,280

Utilities – Electric^(b) – 0.6%
	Calpine Corp. (BB+/Ba2)
	(1M LIBOR + 2.000%)
	1,231,250		2.109			08/12/26		1,216,734
	(1M LIBOR + 2.500%)
	2,354,427		2.610			12/16/27		2,338,040
	LMBE-MC Holdco II LLC (BB-/Ba3) (3M LIBOR + 4.000%)
	5,020,047		5.000			12/03/25		4,994,946


Bank Loans^(a) – (continued)
Utilities – Electric^(b) – (continued)
	Lonestar II Generation Holdings LLC (B/B1)
	(1M LIBOR + 5.000%)
	404,463		5.109			04/20/26		394,982
	(1M LIBOR + 5.000%)
	3,310,123		5.109			04/20/26		3,232,534

								12,177,236

Wireless Telecommunications^(b) – 1.1%
	Digicel International Finance Ltd. (NR/Caa1)(6M LIBOR + 3.250%)
	3,711,950		3.510			05/28/24		3,520,153
	Numericable Group SA (B/B2) (1M LIBOR + 2.750%)
	4,688,805		2.859			07/31/25		4,592,497
	Radiate Holdco LLC (B/B1) (1M LIBOR + 3.500%)
	1,920,188		4.250			09/25/26		1,918,229
	SBA Senior Finance II LLC (BB+/Ba3) (1M LIBOR + 1.750%)
	1,620,833		1.860			04/11/25		1,600,508
	Sorenson Communications LLC (B+/B2) (3M LIBOR + 4.500%)
	1,900,000		5.690			03/12/26		1,900,000
	Telesat Canada (BB-/Ba3) (1M LIBOR + 2.750%)
	3,229,677		2.860			12/07/26		3,101,135
	UPC Broadband Holding B.V. (BB-/B1)
	(1M LIBOR + 3.500%)
	2,225,000		3.606			01/31/29		2,217,858
	(1M LIBOR + 3.500%)
	2,225,000		3.606			01/31/29		2,217,858

								21,068,238

Wirelines Telecommunications^(b) – 0.8%
	Frontier Communications Corp. (B+/B3) (1M LIBOR + 4.750%)
	2,000,000		5.750			10/08/21		1,991,660
	GTT Communications, Inc. (CCC+/NR) (1M LIBOR + 5.000%)
	225,438		6.000			12/31/21		228,537
	GTT Communications, Inc. (CCC-/WR) (3M LIBOR + 2.750%)
	2,795,935		2.953			05/31/25		2,344,504
	Level 3 Financing, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
	3,823,623		1.859			03/01/27		3,771,048
	Zacapa LLC (B-/B2)(6M LIBOR + 4.500%)
	3,668,115		4.757			07/02/25		3,671,929
	Zayo Group Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	3,440,382		3.109			03/09/27		3,410,210

								15,417,888

	TOTAL BANK LOANS
	(Cost $1,652,044,109)						$	1,640,286,090



Corporate Obligations – 6.1%
Advertising^(e)(f) – 0.0%
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
$	450,000		4.250	%		01/15/29	$	432,563

Aerospace & Defense^(e)(f) – 0.1%
	TransDigm, Inc. (B+/Ba3)
	319,000		8.000			12/15/25		346,913


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Aerospace & Defense^(e)(f) – (continued)
	TransDigm, Inc. (B-/B3)
$	1,405,000		4.625	%		01/15/29	$	1,380,412
	Triumph Group, Inc. (B-/B2)
	544,000		8.875			06/01/24		608,600

								2,335,925

Airlines^(f) – 0.3%
	American Airlines Inc/AAdvantage Loyalty IP Ltd. (NR/Ba2)
	1,225,000		5.500			04/20/26		1,272,469
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)^(e)
	1,770,000		5.750			01/20/26		1,873,987
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)^(e)
	1,585,000		6.500			06/20/27		1,733,594

								4,880,050

Automotive – 0.6%
	Dana, Inc. (BB/B2)^(e)
	945,000		5.625			06/15/28		1,002,881
	Ford Motor Co. (BB+/Ba2)
	2,019,000		9.000	^(e)		04/22/25		2,440,904
	1,331,000		0.000	^(f)(g)		03/15/26		1,344,310
	Ford Motor Credit Co. LLC (BB+/Ba2)^(e)
	2,650,000		4.140			02/15/23		2,739,080
	650,000		4.687			06/09/25		688,709
	Tenneco, Inc. (B/Ba3)^(e)(f)
	3,510,000		5.125			04/15/29		3,457,350
	The Goodyear Tire & Rubber Co. (B+/B2)^(e)
	710,000		5.125			11/15/23		711,775

								12,385,009

Chemicals^(e)(f) – 0.3%
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)
	553,000		9.000			07/01/28		619,360
	INEOS Quattro Finance 2 PLC (BB/Ba3)
	835,000		3.375			01/15/26		835,000
	Rayonier AM Products, Inc. (B-/B1)
	253,000		7.625			01/15/26		268,180
	The Chemours Co. (B/B1)
	1,445,000		5.750			11/15/28		1,517,250
	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2)
	2,795,000		5.125			04/01/29		2,864,875

								6,104,665

Commercial Services^(e)(f) – 0.2%
	NESCO Holdings II, Inc. (B/B3)
	669,000		5.500			04/15/29		685,725
	Sabre GLBL, Inc. (B/Ba3)
	416,000		9.250			04/15/25		496,080
	Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	505,000		4.625			11/01/26		524,569
	Verisure Holding AB (B/B1)
EUR	975,000		3.250			02/15/27		1,153,753
	Verisure Midholding AB (CCC+/Caa1)
	1,075,000		5.250			02/15/29		1,304,624

								4,164,751


Corporate Obligations – (continued)
Distribution & Wholesale^(e)(f) – 0.1%
	Wolverine Escrow LLC (CCC+/Caa3)
$	2,639,000		8.500			11/15/24		2,632,402
	215,000		9.000			11/15/26		214,463

								2,846,865

Diversified Financial Services^(e)(f) – 0.5%
	LD Holdings Group LLC (B+/B2)
	1,050,000		6.500			11/01/25		1,099,875
	1,205,000		6.125			04/01/28		1,220,062
	LPL Holdings, Inc. (BB/Ba2)
	2,489,000		4.000			03/15/29		2,501,445
	PennyMac Financial Services, Inc. (BB-/B1)
	1,215,000		5.375			10/15/25		1,257,525
	United Wholesale Mortgage LLC (NR/Ba3)
	1,580,000		5.500			04/15/29		1,580,000
	United Wholesale Mortgage LLC (NR/Ba3)
	1,550,000		5.500			11/15/25		1,615,875

								9,274,782

Diversified Manufacturing^(e)(f) – 0.1%
	BWX Technologies, Inc. (BB/Ba3)
	1,379,000		4.125			04/15/29		1,397,961

Electronics^(e)(f) – 0.1%
	Sensata Technologies B.V. (NR/NR)
	1,382,000		4.000			04/15/29		1,406,185

Engineering & Construction^(e)(f) – 0.0%
	Brundage-Bone Concrete Pumping Holdings, Inc. (B/B3)
	343,000		6.000			02/01/26		357,578

Entertainment^(e)(f) – 0.3%
	Caesars Entertainment, Inc. (B/B1)
	1,785,000		6.250			07/01/25		1,887,637
	International Game Technology PLC (BB/Ba3)
	1,317,000		4.125			04/15/26		1,363,095
	Lions Gate Capital Holdings LLC (CCC+/B3)
	2,015,000		5.500			04/15/29		2,015,000

								5,265,732

Food & Drug Retailing^(e)(f) – 0.1%
	US Foods, Inc. (BB-/B3)
	1,019,000		6.250			04/15/25		1,083,961

Food Service^(e)(f) – 0.0%
	Aramark Services, Inc. (B+/B1)
	400,000		6.375			05/01/25		424,000

Gaming^(e) – 0.1%
	MGM Resorts International (B+/Ba3)
	2,281,000		4.750			10/15/28		2,343,728

Healthcare Providers & Services^(e)(f) – 0.1%
	Catalent Pharma Solutions, Inc. (BB-/B1)
	785,000		3.125			02/15/29		755,563
	DaVita, Inc. (B+/Ba3)
	1,420,000		3.750			02/15/31		1,352,550

								2,108,113


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Insurance^(e)(f) – 0.1%
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2)
$	2,500,000		4.250	%		10/15/27	$	2,512,500

Internet^(e)(f) – 0.4%
	ANGI Group LLC (BB-/Ba3)
	1,055,000		3.875			08/15/28		1,051,044
	Cablevision Lightpath LLC (B+/B1)
	2,469,000		3.875			09/15/27		2,438,137
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	1,942,000		3.500			03/01/29		1,912,870
	Uber Technologies, Inc. (B-/B3)
	1,780,000		7.500			05/15/25		1,913,500

								7,315,551

Investment Companies^(e)(f) – 0.0%
	Compass Group Diversified Holdings LLC
	873,000		5.250			04/15/29		907,920

Leisure Time^(e)(f) – 0.2%
	Carnival Corp. (B+/B2)
	960,000		5.750			03/01/27		981,600
	Royal Caribbean Cruises Ltd. (B/B2)
	1,860,000		5.500			04/01/28		1,869,300

								2,850,900

Machinery-Diversified^(e)(f) – 0.1%
	Clark Equipment Co. (BB+/Ba3)
	899,000		5.875			06/01/25		943,950
	GrafTech Finance, Inc. (BB/Ba3)
	1,040,000		4.625			12/15/28		1,047,800
	Vertical US New Co., Inc. (B/B1)
	700,000		5.250			07/15/27		732,375

								2,724,125

Media^(e) – 0.7%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/B2)^(f)
	4,850,000		5.375			08/15/26		3,492,000
	iHeartCommunications, Inc. (B+/B1)
	1,393,436		6.375			05/01/26		1,478,784
	iHeartCommunications, Inc. (CCC+/Caa1)
	1		8.375			05/01/27		1
	Nexstar Broadcasting, Inc. (B/B3)^(f)
	1,894,000		4.750			11/01/28		1,908,205
	Radiate Holdco LLC/Radiate Finance, Inc. (B/B1)^(f)
	797,000		4.500			09/15/26		801,981
	Scripps Escrow II, Inc. (BB-/Ba3)^(f)
	1,750,000		3.875			01/15/29		1,719,375
	Scripps Escrow II, Inc. (CCC+/Caa1)^(f)
	450,000		5.375			01/15/31		446,625
	Townsquare Media, Inc. (B/B2)^(f)
	957,000		6.875			02/01/26		1,019,205
	Univision Communications, Inc. (B/B2)^(f)
	1,500,000		6.625			06/01/27		1,597,500

								12,463,676


Corporate Obligations – (continued)
Mining^(e)(f) – 0.1%
	Alcoa Nederland Holding B.V. (BB+/Ba1)
	1,000,000		4.125			03/31/29		1,005,000

Miscellaneous Manufacturing^(e) – 0.0%
	Hillenbrand, Inc. (BB+/Ba1)
	922,000		3.750			03/01/31		897,798

Oil Field Services^(e) – 0.3%
	CNX Resources Corp. (BB-/B1)^(f)
	525,000		6.000			01/15/29		543,375
	Exterran Energy Solutions LP/EES Finance Corp. (B/B3)
	1,280,000		8.125			05/01/25		1,177,600
	Noble Finance Co. (NR/NR)^(h)
	(PIK 15.000%, Cash 11.000%)
	76,081		11.000	^(f)		02/15/28		79,695
	(PIK 15.000%, Cash 11.000%)
	36,307		11.000			02/15/28		38,032
	TechnipFMC PLC (BB+/Ba1)^(f)
	1,130,000		6.500			02/01/26		1,179,437
	Transocean, Inc. (CCC/Caa3)^(f)
	2,145,000		11.500			01/30/27		1,844,700

								4,862,839

Packaging^(e)(f) – 0.1%
	Kleopatra Finco Sarl (B/B2)
EUR	1,075,000		4.250			03/01/26		1,257,110

Pharmaceuticals^(e)(f) – 0.1%
	Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)
$	2,017,000		7.875			09/01/25		2,193,488

Pipeline^(e)(f) – 0.1%
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/ B1)
	1,840,000		7.500			02/01/26		1,886,000

Real Estate^(e)(f) – 0.0%
	Realogy Group LLC/Realogy Co-Issuer Corp. (B+/B2)
	717,000		7.625			06/15/25		782,426

Real Estate Investment Trust^(e) – 0.1%
	SBA Communications Corp. (BB-/B1)^(f)
	605,000		3.125			02/01/29		580,800
	Service Properties Trust (BB/Ba1)
	455,000		7.500			09/15/25		517,848

								1,098,648

Retailing^(e)(f) – 0.2%
	Carvana Co. (CCC+/Caa2)
	585,000		5.500			04/15/27		587,749
	Rite Aid Corp. (CCC-/Caa1)
	1,350,000		8.000			11/15/26		1,417,500
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	855,000		6.375			09/30/26		884,925
	Staples, Inc. (B/B1)
	1,375,000		7.500			04/15/26		1,445,469

								4,335,643


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors^(e) (f) – 0.0%
	Synaptics, Inc. (BB-/Ba3)
$	433,000		4.000	%		06/15/29	$	430,835

Software^(e) – 0.4%
	Playtika Holding Corp. (B/B2)^(f)
	2,317,000		4.250			03/15/29		2,276,452
	Rackspace Technology Global, Inc. (B+/B1)^(f)
	3,380,000		3.500			02/15/28		3,236,350
	Twilio, Inc. (BB/Ba3)
	1,172,000		3.625			03/15/29		1,185,185
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B-/B3)^(f)
	420,000		3.875			02/01/29		410,550

								7,108,537

Telecommunication Services^(e) – 0.3%
	Level 3 Financing, Inc. (BB/Ba3)^(f)
	1,247,000		3.750			07/15/29		1,203,355
	T-Mobile USA, Inc. (BB/Ba3)
	4,232,000		2.625			04/15/26		4,311,350

								5,514,705

	TOTAL CORPORATE OBLIGATIONS
	(Cost $114,541,386)						$	116,959,569



Asset-Backed Securities^(b)(f) – 1.3%
Collateralized Loan Obligations – 1.3%
	Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/ NR) (3M USD LIBOR + 3.800%)
$	5,400,000		4.023	%		04/17/33	$	5,384,108
	ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000		3.723			01/16/33		2,101,819
	MidOcean Credit CLO VI Series 2016-6A, Class D1R (NR/NR) (3M USD LIBOR + 3.520%)
	3,700,000		4.050			04/20/33		3,644,119
	Octagon Investment Partners XIV Ltd. Series 2012-1A,
	Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%)
	2,600,000		4.010			07/15/29		2,600,073
	Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/ NR) (3M USD LIBOR + 3.500%)
	3,235,000		3.682			02/20/30		3,235,475
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (NR/NR)^(g) (3M USD LIBOR + 3.720%)
	4,000,000		0.000			04/18/36		3,959,580
	Tralee CLO VII Ltd. Series 2021-7A, Class D (BBB-/NR) (3M USD LIBOR + 3.180%)
	3,550,000		3.418			04/25/34		3,487,122

	TOTAL ASSET-BACKED SECURITIES
	(Cost $24,408,372)						$	24,412,296


Shares		Description	Value

Common Stocks – 0.5%
Aerospace & Defense⁽ⁱ⁾ – 0.3%
	314,360	Swissport	$	4,976,775


Common Stocks – (continued)
Energy Equipment & Services⁽ⁱ⁾ – 0.1%
	58,419	FTS International, Inc. Class A		1,445,286

Media – 0.1%
	162,749	Bright Pattern Holding Co.		204,250
	579,399	Clear Channel Outdoor Holdings, Inc.⁽ⁱ⁾		1,042,918

				1,247,168

Oil, Gas & Consumable Fuels⁽ⁱ⁾ – 0.0%
	8,977	Noble Corp. (Oil, Gas & Consumable Fuels)		152,160

Specialty Retail⁽ⁱ⁾ – 0.0%
	9,541	Neiman Marcus Group, Inc.		672,641

	TOTAL COMMON STOCKS
	(Cost $12,559,943)		$	8,494,030


Units		Expiration Date	Value

Warrant⁽ⁱ⁾ – 0.0%
	Aspect Software, Inc. Class B (NR/NR)^(d)
	162,749		$	40,687
	Cineworld Group PLC (NR/NR)
	174,646			144,219
	Noble Corp. (NR/NR)
	6,346	02/05/28		33,767

	TOTAL WARRANT
	(Cost $15,865)		$	218,673


Shares		Description	Value

Exchange Traded Funds – 3.0%
	186,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)	$	2,565,229
	938,000	Invesco Senior Loan ETF (NR/NR)		20,757,940
	349,789	Nuveen Floating Rate Income Fund (NR/NR)		3,378,962
	348,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		3,327,514
	612,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)		27,992,880

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $57,518,308)		$	58,022,525


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2021


Shares		Dividend Rate	Value

Investment Company^(j) – 11.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	220,574,301	0.036%	$	220,574,301
	(Cost $220,574,301)

	TOTAL INVESTMENTS – 108.4%
	(Cost $2,081,662,284)		$	2,068,967,484

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.4)%			(160,246,620	)

	NET ASSETS – 100.0%		$	1,908,720,864



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.



(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(d)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

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

(f)		Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(h)		Pay-in-kind securities.

(i)		Security is currently in default and/or non-income producing.

(j)		Represents an affiliated issuer.



Currency Abbreviations:
EUR		—Euro
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Help At Home, Inc. (B-/B1), due 10/29/27	$	235,345	$	235,933	$	3,915
OEConnection LLC (B-/B2), due 09/25/26		11,607		11,534		(28	)
OneDigital Borrower LLC (B/B3), due 11/16/27		172,949		172,806		(1,000	)
TricorBraun Holdings, Inc. (NR/NR), due 03/03/28		1,264,728		1,252,594		(13,189	)

TOTAL	$	1,684,629	$	1,672,867	$	(10,302	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

USD

41,166,417

EUR

33,907,347

04/09/21

1,395,855


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Loss

MS & Co. Int. PLC

EUR

1,075,773

USD

1,304,759

04/09/21

(42,965

)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(43	)		06/21/21	$	(6,178,563	)	$	216,175
2 Year U.S. Treasury Notes		(69	)		06/30/21		(15,230,133	)		11,927
5 Year U.S. Treasury Notes		(135	)		06/30/21		(16,658,789	)		205,586
10 Year U.S. Treasury Notes		(339	)		06/21/21		(44,387,813	)		594,229
20 Year U.S. Treasury Bonds		(10	)		06/21/21		(1,545,938	)		61,892

TOTAL FUTURES CONTRACTS									$	1,089,809

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:

CDX.NA.HY Index 36	5.000%	3.076%		06/20/26	$	20,350	$	1,846,608	$	1,714,498	$	132,110

(a)

Payments made quarterly.

(b)



Abbreviations:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
CDX.NA.HY Index 36		—CDX North America High Yield Index 36


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 91.3%
Aerospace & Defense – 2.6%
	Lockheed Martin Corp.
$	850,000		4.070	%		12/15/42	$	992,859
	125,000		4.700	^(a)		05/15/46		157,206
	Northrop Grumman Corp.
	925,000		4.750			06/01/43		1,117,067
	Raytheon Technologies Corp.
	2,200,000		4.125	^(a)		11/16/28		2,476,760
	370,000		5.700			04/15/40		490,909
	550,000		4.050	^(a)		05/04/47		611,347
	500,000		4.625	^(a)		11/16/48		604,945
	The Boeing Co.^(a)
	1,950,000		3.450			11/01/28		2,017,353
	1,350,000		3.250			02/01/35		1,305,666
	500,000		3.550			03/01/38		482,970
	450,000		3.375			06/15/46		406,040
	575,000		3.625			03/01/48		529,949
	150,000		3.850			11/01/48		144,978
	900,000		5.805			05/01/50		1,138,455

								12,476,504

Agriculture^(a) – 0.9%
	Altria Group, Inc.
	571,000		4.400			02/14/26		642,329
	BAT Capital Corp.
	620,000		3.222			08/15/24		660,728
	675,000		2.789			09/06/24		712,172
	200,000		3.557			08/15/27		212,852
	1,500,000		2.259			03/25/28		1,475,265
	700,000		4.390			08/15/37		734,846

								4,438,192

Automotive – 1.8%
	Ford Motor Credit Co. LLC
	1,475,000		5.875			08/02/21		1,495,268
	General Motors Co.
	2,425,000		5.400			10/02/23		2,687,821
	625,000		6.600	^(a)		04/01/36		810,231
	75,000		5.200			04/01/45		86,366
	125,000		5.950	^(a)		04/01/49		158,775
	General Motors Financial Co., Inc.^(a)
	2,125,000		5.650			01/17/29		2,532,533
	650,000		2.350			01/08/31		620,926

								8,391,920

Banks – 23.6%
	ABN AMRO Bank NV^(a)(b) (-1x 5 Year EUR Swap + 4.674%)
EUR	600,000		4.375			09/22/49		749,672
	AIB Group PLC^(c)
$	1,675,000		4.750			10/12/23		1,830,339
	Banco Santander SA
	1,000,000		2.746			05/28/25		1,046,070
	1,000,000		4.250			04/11/27		1,114,260
	600,000		3.306			06/27/29		635,220
	1,000,000		2.749			12/03/30		950,710
	Bank of America Corp.
	4,600,000		4.200			08/26/24		5,070,994
	4,100,000		3.950			04/21/25		4,494,625


Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 0.990%)
	275,000		2.496	^(a)(b)		02/13/31		273,103
	(3M USD LIBOR + 1.040%)
	3,188,000		3.419	^(a)(b)		12/20/28		3,417,982
	(3M USD LIBOR + 1.070%)
	2,300,000		3.970	^(a)(b)		03/05/29		2,543,938
	(3M USD LIBOR + 1.210%)
	400,000		3.974	^(a)(b)		02/07/30		442,688
	(3M USD LIBOR + 1.310%)
	1,125,000		4.271	^(a)(b)		07/23/29		1,268,280
	(SOFR + 1.010%)
	100,000		1.197	^(a)(b)		10/24/26		98,639
	(SOFR + 1.370%)
	450,000		1.922	^(a)(b)		10/24/31		423,311
	Barclays PLC^(a)(b) (3M USD LIBOR + 1.400%)
	1,925,000		4.610			02/15/23		1,988,756
	BNP Paribas SA^(c)
	775,000		3.375			01/09/25		831,862
	950,000		2.824			01/26/41		856,406
	(5 Year USD Swap + 4.149%)
	2,250,000		6.625	^(a)(b)		03/25/49		2,453,602
	(SOFR + 1.004%)
	1,425,000		1.323	^(a)(b)		01/13/27		1,394,947
	BPCE SA^(c)
	2,225,000		5.700			10/22/23		2,485,169
	1,350,000		4.625			09/12/28		1,560,357
	(SOFR + 1.312%)
	1,050,000		2.277	^(a)(b)		01/20/32		1,012,777
	CIT Bank NA^(a)(b) (SOFR + 1.715%)
	650,000		2.969			09/27/25		682,910
	CIT Group, Inc.^(a)
	1,250,000		4.750			02/16/24		1,356,250
	Citigroup, Inc.
	3,150,000		3.875			03/26/25		3,429,058
	575,000		3.400			05/01/26		624,617
	800,000		4.450			09/29/27		899,760
	1,900,000		4.125			07/25/28		2,097,049
	925,000		4.750			05/18/46		1,096,116
	(SOFR + 3.914%)
	275,000		4.412	^(a)(b)		03/31/31		312,623
	Cooperatieve Rabobank UA^(a)(b)(c) (1 year CMT + 0.550%)
	900,000		1.106			02/24/27		879,588
	Credit Agricole SA
	1,950,000		4.375			03/17/25		2,142,640
	(5 Year USD Swap + 4.319%)
	1,900,000		6.875	^(a)(b)(c)		09/23/49		2,110,748
	(SOFR + 1.676%)
	700,000		1.907	^(a)(b)(c)		06/16/26		710,038
	Credit Suisse AG^(c)
	3,300,000		6.500			08/08/23		3,627,822
	Credit Suisse Group AG
	884,000		4.550			04/17/26		989,620
	1,895,000		4.282	^(a)(c)		01/09/28		2,084,841
	(SOFR + 3.730%)
	1,300,000		4.194	^(a)(b)(c)		04/01/31		1,413,802
	Deutsche Bank AG^(a)(b) (SOFR + 1.870%)
	1,300,000		2.129			11/24/26		1,302,509


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 2.159%)
$	975,000		2.222	%		09/18/24	$	999,472
	Erste Group Bank AG^(a)(b) (5 Year EUR Swap + 6.204%)
EUR	600,000		6.500			04/15/49		789,546
	First Horizon Corp.^(a)
$	825,000		3.550			05/26/23		870,911
	1,475,000		4.000			05/26/25		1,619,963
	HSBC Bank USA NA
	300,000		7.000			01/15/39		441,393
	HSBC Holdings PLC
	350,000		4.950			03/31/30		408,153
	(3M USD LIBOR + 1.211%)
	1,275,000		3.803	^(a)(b)		03/11/25		1,374,718
	(SOFR + 1.538%)
	1,425,000		1.645	^(a)(b)		04/18/26		1,426,354
	ING Groep NV^(a)(b)(c) (1 Year CMT + 1.100%)
	2,050,000		1.400			07/01/26		2,039,750
	JPMorgan Chase & Co.^(a)
	2,003,000		3.625			12/01/27		2,175,639
	(3M USD LIBOR + 1.245%)
	1,025,000		3.960	^(b)		01/29/27		1,133,189
	(3M USD LIBOR + 1.360%)
	600,000		3.882	^(b)		07/24/38		663,300
	(3M USD LIBOR + 3.800%)
	1,675,000		4.005	^(b)		02/01/49		1,676,055
	(SOFR + 0.420%)
	700,000		0.563	^(b)		02/16/25		694,673
	(SOFR + 2.515%)
	525,000		2.956	^(b)		05/13/31		534,345
	(SOFR + 3.125%)
	2,325,000		4.600	^(b)		02/01/49		2,349,157
	Macquarie Bank Ltd.^(a)(b)(c) (5 year CMT + 1.700%)
	975,000		3.052			03/03/36		933,397
	Macquarie Group Ltd.^(a)(b)(c)
	(3M USD LIBOR + 1.372%)
	1,075,000		3.763			11/28/28		1,175,115
	(SOFR + 1.069%)
	625,000		1.340			01/12/27		613,150
	Mitsubishi UFJ Financial Group, Inc.
	1,025,000		3.751			07/18/39		1,109,573
	Morgan Stanley, Inc.
	3,225,000		3.950			04/23/27		3,559,239
	500,000		4.300			01/27/45		586,870
	(3M USD LIBOR + 1.455%)
	770,000		3.971	^(a)(b)		07/22/38		860,236
	(3M USD LIBOR + 1.628%)
	2,175,000		4.431	^(a)(b)		01/23/30		2,490,505
	Natwest Group PLC
	700,000		6.100			06/10/23		773,084
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519	^(a)(b)		06/25/24		1,593,782
	(3M USD LIBOR + 1.762%)
	700,000		4.269	^(a)(b)		03/22/25		763,833
	(5 Year CMT + 2.100%)
	925,000		3.754	^(a)(b)		11/01/29		982,812
	Santander Holdings USA, Inc.^(a)
	1,275,000		4.500			07/17/25		1,409,908


Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co.
	2,350,000		4.100			06/03/26		2,614,962
	2,175,000		4.300			07/22/27		2,459,077
	850,000		3.900			05/01/45		934,396
	(3M USD LIBOR + 1.170%)
	2,625,000		3.196	^(a)(b)		06/17/27		2,813,422
	(SOFR + 2.000%)
	2,250,000		2.188	^(a)(b)		04/30/26		2,321,122
	Wells Fargo Bank NA
	424,000		5.950			08/26/36		555,894
	Westpac Banking Corp.^(a)(b)
	(5 Year CMT + 2.000%)
	325,000		4.110			07/24/34		347,276
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		689,488

								111,487,457

Beverages – 3.8%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
	2,550,000		4.700			02/01/36		2,990,308
	2,875,000		4.900			02/01/46		3,416,851
	Anheuser-Busch InBev Worldwide, Inc.
	2,050,000		4.750	^(a)		01/23/29		2,395,384
	175,000		5.450	^(a)		01/23/39		218,573
	325,000		4.950			01/15/42		389,675
	250,000		4.600	^(a)		04/15/48		286,623
	750,000		5.550	^(a)		01/23/49		967,208
	50,000		4.600	^(a)		06/01/60		56,653
	Bacardi Ltd.^(a)(c)
	700,000		5.300			05/15/48		860,041
	Constellation Brands, Inc.^(a)
	1,475,000		3.700			12/06/26		1,619,904
	600,000		4.500			05/09/47		683,616
	Keurig Dr Pepper, Inc.^(a)
	2,875,000		4.597			05/25/28		3,322,321
	500,000		4.500			11/15/45		578,770
	175,000		5.085			05/25/48		219,403

								18,005,330

Biotechnology^(a) – 0.4%
	Amgen, Inc.
	800,000		4.400			05/01/45		926,624
	Royalty Pharma PLC^(c)
	550,000		1.200			09/02/25		539,985
	475,000		1.750			09/02/27		464,127

								1,930,736

Building Materials^(a) – 0.2%
	Carrier Global Corp.
	75,000		2.493			02/15/27		77,615
	525,000		3.377			04/05/40		524,864
	Masco Corp.
	400,000		1.500			02/15/28		384,760

								987,239


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – 1.6%
	Celanese US Holdings LLC^(a)
$	600,000		3.500	%		05/08/24	$	643,452
	DuPont de Nemours, Inc.^(a)
	625,000		4.725			11/15/28		725,975
	125,000		5.319			11/15/38		156,876
	Huntsman International LLC^(a)
	1,050,000		4.500			05/01/29		1,158,818
	LYB International Finance B.V.^(a)
	725,000		4.875			03/15/44		847,888
	Nutrition & Biosciences, Inc.^(a)(c)
	1,075,000		3.268			11/15/40		1,057,305
	Syngenta Finance NV^(c)
	970,000		3.933			04/23/21		971,125
	The Sherwin-Williams Co.^(a)
	475,000		3.450			06/01/27		517,817
	925,000		2.950			08/15/29		963,267
	475,000		4.000			12/15/42		513,176

								7,555,699

Commercial Services – 1.4%
	CoStar Group, Inc.^(a)(c)
	1,575,000		2.800			07/15/30		1,533,409
	DP World PLC
	360,000		5.625			09/25/48		421,762
	Global Payments, Inc.^(a)
	1,575,000		2.650			02/15/25		1,654,632
	IHS Markit Ltd.^(a)
	900,000		3.625			05/01/24		967,311
	1,625,000		4.000	^(c)		03/01/26		1,790,620

								6,367,734

Computers – 3.2%
	Amdocs Ltd.^(a)
	1,025,000		2.538			06/15/30		1,005,289
	Apple, Inc.
	1,652,000		3.850			05/04/43		1,883,842
	Dell International LLC/EMC Corp.^(a)(c)
	75,000		5.450			06/15/23		81,965
	3,355,000		6.020			06/15/26		3,969,871
	375,000		4.900			10/01/26		426,292
	724,000		5.300			10/01/29		846,580
	225,000		6.200			07/15/30		280,170
	525,000		8.100			07/15/36		769,414
	75,000		8.350			07/15/46		114,161
	Hewlett Packard Enterprise Co.^(a)
	4,424,000		4.900			10/15/25		5,042,829
	605,000		6.350			10/15/45		789,737

								15,210,150

Diversified Financial Services – 4.1%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	1,875,000		4.875			01/16/24		2,039,531
	2,035,000		6.500			07/15/25		2,373,441
	Air Lease Corp.
	850,000		2.250			01/15/23		872,635
	2,150,000		3.375	^(a)		07/01/25		2,271,991
	1,450,000		2.875	^(a)		01/15/26		1,500,735
	1,475,000		3.750	^(a)		06/01/26		1,575,374


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	American Express Co.^(a)(b) (3M USD LIBOR + 3.285%)
	527,000		3.469			03/15/49		523,706
	Aviation Capital Group LLC^(a)(c)
	500,000		1.950			01/30/26		487,195
	Avolon Holdings Funding Ltd.^(a)(c)
	750,000		3.950			07/01/24		783,893
	900,000		4.250			04/15/26		941,526
	300,000		3.250			02/15/27		298,356
	GE Capital International Funding Co.
	1,750,000		3.373			11/15/25		1,896,405
	600,000		4.418			11/15/35		686,616
	Huarong Finance 2019 Co. Ltd.
	200,000		3.750			05/29/24		210,688
	200,000		3.875	^(a)		11/13/29		202,250
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		219,374
	200,000		5.000			11/19/25		219,750
	Intercontinental Exchange, Inc.^(a)
	1,600,000		2.650			09/15/40		1,480,128
	JAB Holdings B.V.^(a)(c)
	700,000		2.200			11/23/30		657,734
	Nasdaq, Inc.^(a)
	175,000		3.250			04/28/50		164,540

								19,405,868

Electrical – 3.8%
	American Electric Power Co., Inc.^(a)
	350,000		2.300			03/01/30		341,159
	Arizona Public Service Co.^(a)
	275,000		3.750			05/15/46		290,092
	Berkshire Hathaway Energy Co.
	767,000		6.125			04/01/36		1,040,090
	CMS Energy Corp.^(a)
	500,000		4.875			03/01/44		598,770
	Dominion Energy, Inc.^(a)
	900,000		3.900			10/01/25		990,027
	Duke Energy Corp.^(a)
	400,000		4.800			12/15/45		461,948
	Duquesne Light Holdings, Inc.^(a)(c)
	1,075,000		2.532			10/01/30		1,033,269
	FirstEnergy Corp.^(a)
	525,000		2.050			03/01/25		527,352
	475,000		2.650			03/01/30		460,089
	NRG Energy, Inc.^(a)(c)
	1,260,000		4.450			06/15/29		1,371,712
	Pacific Gas & Electric Co.^(a)
	675,000		2.100			08/01/27		660,764
	975,000		2.500			02/01/31		919,542
	375,000		3.300			08/01/40		338,119
	825,000		3.500			08/01/50		717,989
	Progress Energy, Inc.
	825,000		7.000			10/30/31		1,113,832
	Public Service Electric & Gas Co.^(a)
	975,000		3.950			05/01/42		1,089,172
	Sempra Energy^(a)
	570,000		3.400			02/01/28		612,494
	1,125,000		3.800			02/01/38		1,208,216


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electrical – (continued)
	Southern California Edison Co.^(a)
$	500,000		4.200	%		03/01/29	$	557,115
	275,000		4.050			03/15/42		288,195
	905,000		4.125			03/01/48		948,187
	The Southern Co.^(a)
	1,450,000		3.250			07/01/26		1,552,515
	Vistra Operations Co. LLC^(a)(c)
	975,000		4.300			07/15/29		1,030,653

								18,151,301

Engineering & Construction^(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	^(c)		04/30/28		243,225
	200,000		5.500			07/31/47		197,060
	220,000		5.500	^(c)		07/31/47		216,766

								657,051

Food & Drug Retailing^(a) – 0.5%
	Grupo Bimbo SAB de CV
	1,070,000		4.700			11/10/47		1,179,006
	Sysco Corp.
	150,000		6.600			04/01/40		210,077
	600,000		6.600			04/01/50		868,818

								2,257,901

Gas^(a) – 0.1%
	NiSource, Inc.
	225,000		3.600			05/01/30		243,918

Healthcare Providers & Services – 0.9%
	Centene Corp.^(a)
	1,250,000		4.250			12/15/27		1,313,887
	CommonSpirit Health
	150,000		4.350			11/01/42		165,546
	DENTSPLY SIRONA, Inc.^(a)
	450,000		3.250			06/01/30		470,084
	PerkinElmer, Inc.^(a)
	1,200,000		3.300			09/15/29		1,269,372
	STERIS Irish FinCo UnLtd Co.^(a)
	250,000		2.700			03/15/31		247,960
	UnitedHealth Group, Inc.^(a)
	825,000		2.750			05/15/40		806,355

								4,273,204

Home Furnishings^(a) – 0.1%
	Whirlpool Corp.
	550,000		4.600			05/15/50		633,418

Insurance – 2.4%
	American International Group, Inc.
	1,200,000		3.900	^(a)		04/01/26		1,324,620
	325,000		4.200	^(a)		04/01/28		365,378
	700,000		6.250			05/01/36		940,282
	598,000		4.500	^(a)		07/16/44		680,697
	375,000		4.800	^(a)		07/10/45		445,249
	Arch Capital Finance LLC^(a)
	400,000		4.011			12/15/26		451,488
	323,000		5.031			12/15/46		395,443


Corporate Obligations – (continued)
Insurance – (continued)
	Arch Capital Group Ltd.
	595,000		7.350			05/01/34		853,545
	Great-West Lifeco Finance 2018 LP^(a)(c)
	425,000		4.047			05/17/28		478,142
	Marsh & McLennan Cos., Inc.^(a)
	1,500,000		4.375			03/15/29		1,721,310
	MetLife, Inc.
	475,000		4.721			12/15/44		584,792
	Principal Financial Group, Inc.
	150,000		6.050			10/15/36		199,650
	Teachers Insurance & Annuity Association of America^(c)
	990,000		4.900			09/15/44		1,210,582
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		270,436
	Willis North America, Inc.^(a)
	400,000		2.950			09/15/29		415,164
	XLIT Ltd.
	998,000		4.450			03/31/25		1,112,650

								11,449,428

Internet^(a) – 1.9%
	Amazon.com, Inc.
	900,000		4.950			12/05/44		1,173,762
	Booking Holdings, Inc.
	375,000		4.100			04/13/25		418,500
	Expedia Group, Inc.
	2,125,000		3.600	^(c)		12/15/23		2,256,431
	2,325,000		4.500			08/15/24		2,538,458
	775,000		4.625	^(c)		08/01/27		861,506
	400,000		3.250			02/15/30		404,784
	725,000		2.950	^(c)		03/15/31		714,560
	Prosus NV
	200,000		3.680	^(c)		01/21/30		206,750
	200,000		3.680			01/21/30		206,750

								8,781,501

Iron/Steel^(a) – 0.2%
	Steel Dynamics, Inc.
	1,000,000		1.650			10/15/27		980,410

Machinery-Diversified^(a) – 0.1%
	Otis Worldwide Corp.
	325,000		3.112			02/15/40		321,457

Media – 2.9%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	3,150,000		4.908			07/23/25		3,574,840
	1,175,000		3.750			02/15/28		1,273,300
	625,000		6.384			10/23/35		809,856
	300,000		6.484			10/23/45		393,237
	375,000		5.750			04/01/48		454,905
	Comcast Corp.
	150,000		3.250	^(a)		11/01/39		154,676
	250,000		6.400			03/01/40		360,862
	475,000		3.750	^(a)		04/01/40		521,574
	75,000		4.750			03/01/44		92,359
	525,000		3.400	^(a)		07/15/46		540,367


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
$	700,000		4.700	% ^(a)		10/15/48	$	864,934
	263,000		3.999	^(a)		11/01/49		293,124
	Discovery Communications LLC^(a)
	150,000		5.200			09/20/47		176,247
	75,000		5.300			05/15/49		89,743
	Fox Corp.^(a)
	225,000		5.476			01/25/39		280,931
	The Walt Disney Co.^(a)
	1,100,000		4.625			03/23/40		1,334,696
	50,000		4.950			10/15/45		63,343
	1,000,000		4.700			03/23/50		1,253,890
	Time Warner Cable LLC^(a)
	500,000		5.875			11/15/40		621,175
	ViacomCBS, Inc.^(a)
	450,000		5.850			09/01/43		575,293

								13,729,352

Mining – 0.5%
	Glencore Funding LLC^(c)
	781,000		4.625			04/29/24		861,201
	Newcrest Finance Pty Ltd.^(a)(c)
	375,000		3.250			05/13/30		393,263
	Teck Resources Ltd.^(a)
	950,000		3.900			07/15/30		992,227

								2,246,691

Miscellaneous Manufacturing – 0.6%
	General Electric Co.
	325,000		3.450	^(a)		05/01/27		352,953
	600,000		6.750			03/15/32		803,460
	625,000		6.150			08/07/37		823,250
	769,000		5.875			01/14/38		995,002

								2,974,665

Oil Field Services – 4.4%
	BP Capital Markets America, Inc.^(a)
	450,000		3.410			02/11/26		490,275
	675,000		3.119			05/04/26		726,091
	175,000		4.234			11/06/28		198,520
	Continental Resources, Inc.^(a)
	216,000		4.500			04/15/23		222,750
	Devon Energy Corp.^(a)
	2,142,000		5.850			12/15/25		2,498,107
	Diamondback Energy, Inc.^(a)
	1,525,000		4.750			05/31/25		1,704,584
	Gazprom PJSC Via Gaz Capital SA
	200,000		5.150	^(c)		02/11/26		219,063
	70,000		8.625	^(d)		04/28/34		98,459
	110,000		7.288			08/16/37		143,859
	Gazprom PJSC Via Gaz Finance PLC^(c)
	450,000		3.250			02/25/30		430,594
	KazMunayGas National Co. JSC
	280,000		6.375			10/24/48		355,628
	Lukoil International Finance B.V.
	1,030,000		4.563			04/24/23		1,089,225


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Marathon Petroleum Corp.^(a)
	700,000		3.625			09/15/24		756,609
	1,620,000		3.800			04/01/28		1,754,784
	Occidental Petroleum Corp.^(a)
	1,100,000		2.900			08/15/24		1,084,875
	Ovintiv Exploration, Inc.
	1,750,000		5.625			07/01/24		1,922,812
	Ovintiv, Inc.^(a)
	2,025,000		3.900			11/15/21		2,045,837
	Pertamina Persero PT^(a)
	370,000		4.175			01/21/50		358,669
	Phillips 66^(a)
	200,000		3.850			04/09/25		219,044
	875,000		1.300			02/15/26		866,206
	Pioneer Natural Resources Co.^(a)
	1,150,000		1.125			01/15/26		1,130,680
	Shell International Finance B.V.
	225,000		6.375			12/15/38		323,897
	Suncor Energy, Inc.^(a)
	850,000		3.100			05/15/25		907,690
	Valero Energy Corp.
	650,000		2.700			04/15/23		674,902
	650,000		2.850	^(a)		04/15/25		679,224

								20,902,384

Packaging^(a) – 0.2%
	Berry Global, Inc.^(c)
	450,000		1.570			01/15/26		443,003
	Packaging Corp. of America
	375,000		4.050			12/15/49		417,971

								860,974

Pharmaceuticals^(a) – 4.5%
	AbbVie, Inc.
	2,825,000		3.200			11/21/29		2,999,189
	2,750,000		4.050			11/21/39		3,065,590
	75,000		4.875			11/14/48		91,697
	2,325,000		4.250			11/21/49		2,631,807
	Becton Dickinson & Co.
	3,389,000		3.700			06/06/27		3,735,356
	500,000		4.685			12/15/44		595,510
	175,000		4.669			06/06/47		209,136
	Bristol-Myers Squibb Co.
	375,000		4.550			02/20/48		457,942
	675,000		4.250			10/26/49		795,116
	Cigna Corp.
	650,000		4.900			12/15/48		796,406
	CVS Health Corp.
	3,300,000		3.875			07/20/25		3,647,226
	325,000		4.780			03/25/38		383,770
	720,000		5.125			07/20/45		884,959
	875,000		4.250			04/01/50		983,999
	Zoetis, Inc.
	75,000		4.450			08/20/48		89,813

								21,367,516


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – 4.5%
	Abu Dhabi Crude Oil Pipeline LLC^(c)
$	490,000		4.600	%		11/02/47	$	553,088
	Energy Transfer Operating LP^(a)
	1,240,000		5.200			02/01/22		1,272,190
	1,325,000		2.900			05/15/25		1,380,809
	525,000		4.200			04/15/27		572,838
	300,000		5.500			06/01/27		346,059
	456,000		5.150			03/15/45		470,806
	550,000		5.300			04/15/47		576,147
	450,000		6.250			04/15/49		530,775
	Enterprise Products Operating LLC^(a)
	575,000		4.800			02/01/49		662,866
	EQM Midstream Partners LP^(a)
	384,000		4.750			07/15/23		397,440
	Galaxy Pipeline Assets Bidco Ltd.^(c)
	200,000		2.625			03/31/36		191,000
	Kinder Morgan Energy Partners LP
	650,000		6.550			09/15/40		849,479
	MPLX LP^(a)
	600,000		2.650			08/15/30		588,390
	400,000		4.500			04/15/38		436,940
	400,000		4.700			04/15/48		432,364
	520,000		5.500			02/15/49		619,720
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	400,000		3.650			06/01/22		409,572
	1,500,000		3.850			10/15/23		1,588,545
	1,419,000		4.650			10/15/25		1,557,622
	Sabine Pass Liquefaction LLC^(a)
	4,050,000		5.625			03/01/25		4,633,969
	475,000		5.000			03/15/27		541,495
	Sunoco Logistics Partners Operations LP^(a)
	550,000		5.950			12/01/25		640,514
	100,000		5.400			10/01/47		106,993
	The Williams Cos., Inc.
	150,000		6.300			04/15/40		193,428
	Western Midstream Operating LP^(a)
	725,000		4.350			02/01/25		748,563
	1,000,000		5.450			04/01/44		1,025,000

								21,326,612

Real Estate^(a) – 0.0%
	Country Garden Holdings Co. Ltd.
	200,000		3.300			01/12/31		189,000

Real Estate Investment Trust – 3.3%
	Alexandria Real Estate Equities, Inc.^(a)
	500,000		3.800			04/15/26		552,465
	American Tower Corp.
	975,000		5.000			02/15/24		1,087,905
	1,300,000		4.000	^(a)		06/01/25		1,432,314
	50,000		2.100	^(a)		06/15/30		47,774
	Camden Property Trust^(a)
	700,000		3.150			07/01/29		739,102
	Crown Castle International Corp.^(a)
	625,000		3.650			09/01/27		683,256
	975,000		2.900			04/01/41		896,669


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Essex Portfolio LP^(a)
	925,000		3.000			01/15/30		947,209
	Healthcare Realty Trust, Inc.^(a)
	450,000		2.050			03/15/31		422,888
	Kimco Realty Corp.^(a)
	550,000		3.800			04/01/27		604,714
	MPT Operating Partnership LP/MPT Finance Corp.^(a)
	950,000		4.625			08/01/29		1,000,037
	National Retail Properties, Inc.^(a)
	700,000		3.600			12/15/26		758,940
	Spirit Realty LP^(a)
	1,675,000		4.000			07/15/29		1,813,857
	VEREIT Operating Partnership LP^(a)
	1,350,000		3.400			01/15/28		1,426,774
	700,000		3.100			12/15/29		715,792
	550,000		2.850			12/15/32		533,110
	WP Carey, Inc.^(a)
	700,000		3.850			07/15/29		754,558
	975,000		2.400			02/01/31		935,639

								15,353,003

Retailing – 1.8%
	7-Eleven, Inc.^(a)(c)
	750,000		2.500			02/10/41		680,663
	AutoNation, Inc.^(a)
	1,425,000		4.750			06/01/30		1,642,227
	Dollar Tree, Inc.^(a)
	1,575,000		4.000			05/15/25		1,738,926
	McDonald’s Corp.^(a)
	825,000		4.450			09/01/48		961,438
	Starbucks Corp.^(a)
	875,000		3.500			11/15/50		877,135
	The Home Depot, Inc.
	400,000		5.875			12/16/36		553,316
	500,000		4.875	^(a)		02/15/44		636,815
	200,000		4.400	^(a)		03/15/45		240,212
	400,000		4.250	^(a)		04/01/46		470,712
	Walgreens Boots Alliance, Inc.^(a)
	625,000		4.100			04/15/50		636,094

								8,437,538

Savings & Loans^(a)(b)(c) – 0.3%
	Nationwide Building Society(3M USD LIBOR + 1.855%)
	1,250,000		3.960			07/18/30		1,367,587

Semiconductors – 3.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	3,476,000		3.875			01/15/27		3,771,390
	64,000		3.500			01/15/28		67,949
	Broadcom, Inc.
	1,875,000		3.419			04/15/33		1,880,370
	5,699,000		3.469			04/15/34		5,718,486
	950,000		3.500	^(a)(c)		02/15/41		910,110
	Microchip Technology, Inc.^(c)
	1,350,000		2.670			09/01/23		1,407,564


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors – (continued)
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(a)(c)
$	550,000		3.875	%		06/18/26	$	605,011
	1,125,000		3.400			05/01/30		1,186,560

								15,547,440

Software^(a) – 1.9%
	Citrix Systems, Inc.
	1,650,000		3.300			03/01/30		1,696,513
	Fiserv, Inc.
	2,100,000		3.200			07/01/26		2,264,619
	775,000		4.400			07/01/49		895,078
	Oracle Corp.
	2,250,000		2.875			03/25/31		2,290,545
	750,000		3.600			04/01/40		754,103
	700,000		4.000			11/15/47		723,583
	425,000		3.600			04/01/50		412,454

								9,036,895

Telecommunication Services – 8.7%
	AT&T, Inc.
	4,675,000		2.300	^(a)		06/01/27		4,766,256
	250,000		1.650	^(a)		02/01/28		242,015
	1,825,000		2.750	^(a)		06/01/31		1,818,101
	486,000		2.550	^(a)(c)		12/01/33		461,306
	550,000		6.150			09/15/34		705,892
	175,000		4.900	^(a)		08/15/37		206,098
	925,000		4.850	^(a)		03/01/39		1,074,905
	300,000		6.000	^(a)		08/15/40		392,991
	925,000		3.500	^(a)		06/01/41		914,224
	125,000		4.300	^(a)		12/15/42		136,659
	275,000		4.850	^(a)		07/15/45		315,997
	250,000		4.750	^(a)		05/15/46		286,668
	625,000		5.150	^(a)		11/15/46		758,956
	575,000		3.650	^(a)		06/01/51		555,962
	British Telecommunications PLC^(a)(c)
	685,000		4.250			11/08/49		734,299
	Deutsche Telekom International Finance B.V.^(a)(c)
	575,000		4.375			06/21/28		659,128
	NTT Finance Corp.^(a)(c)
	600,000		2.065			04/03/31		592,158
	T-Mobile USA, Inc.^(a)(c)
	1,975,000		3.500			04/15/25		2,130,314
	775,000		1.500			02/15/26		767,614
	4,800,000		3.750			04/15/27		5,243,328
	1,950,000		2.050			02/15/28		1,912,755
	2,825,000		3.875			04/15/30		3,065,407
	850,000		3.000			02/15/41		791,019
	Verizon Communications, Inc.
	1,200,000		2.100	^(a)		03/22/28		1,203,888
	2,931,000		4.329			09/21/28		3,355,966
	750,000		3.875	^(a)		02/08/29		837,668
	1,876,000		4.016	^(a)		12/03/29		2,097,762
	475,000		3.150	^(a)		03/22/30		500,498
	2,025,000		2.550	^(a)		03/21/31		2,022,347
	375,000		5.250			03/16/37		473,366
	1,100,000		2.650	^(a)		11/20/40		1,005,411


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	295,000		4.125			08/15/46		324,512
	400,000		4.862			08/21/46		481,932
	83,000		5.012			04/15/49		102,511

								40,937,913

Transportation – 0.7%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		591,120
	575,000		5.750	^(a)		05/01/40		775,795
	FedEx Corp.^(a)
	850,000		4.050			02/15/48		922,301
	Union Pacific Corp.^(a)
	450,000		3.950			09/10/28		505,863
	275,000		3.550			08/15/39		292,424
								3,087,503

	TOTAL CORPORATE OBLIGATIONS
	(Cost $410,561,706)						$	431,371,491



Foreign Debt Obligations – 4.8%
Sovereign – 4.8%
	Abu Dhabi Government International Bond
$	1,680,000		4.125	%		10/11/47	$	1,892,100
	Mexico Government International Bond^(a)
EUR	130,000		1.350			09/18/27		157,215
$	2,540,000		3.250			04/16/30		2,560,637
	Perusahaan Penerbit SBSN
	1,580,000		4.550			03/29/26		1,775,525
	Republic of Chile^(a)
	200,000		3.500			01/25/50		203,688
	Republic of Colombia^(a)
	201,000		4.000			02/26/24		214,128
	350,000		4.500			03/15/29		382,266
	690,000		3.000			01/30/30		674,259
	1,073,000		3.125			04/15/31		1,050,199
	200,000		4.125			05/15/51		190,250
	Republic of Indonesia
	200,000		3.700	^(c)		01/08/22		204,875
	387,000		5.875			01/15/24		437,068
	350,000		4.350	^(c)		01/08/27		391,453
	1,610,000		4.350			01/08/27		1,800,684
	470,000		6.750			01/15/44		664,756
	Republic of Panama^(a)
	380,000		2.252			09/29/32		359,931
	200,000		3.870			07/23/60		198,313
	Republic of Peru^(a)
EUR	100,000		1.250			03/11/33		115,745
	Republic of Peru^(a)
$	610,000		2.783			01/23/31		610,572
	220,000		2.780			12/01/60		181,294
	220,000		3.230	^(e)		07/28/21		177,444
	Republic of Philippines
EUR	340,000		0.000			02/03/23		397,223
$	450,000		0.700			02/03/29		527,550
	210,000		2.650			12/10/45		188,001


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Qatar^(c)
$	1,800,000		5.103	%		04/23/48	$	2,275,312
	Republic of Romania^(c)
EUR	90,000		2.124			07/16/31		107,852
	70,000		2.000			01/28/32		82,269
	80,000		4.625			04/03/49		115,570
	State of Israel^(f)
	200,000		4.500			04/03/20		238,500
	United Mexican States
$	740,000		3.750			01/11/28		792,262
	960,000		2.659	^(a)		05/24/31		910,500
EUR	1,920,000		1.450	^(a)		10/25/33		2,113,674
$	709,000		3.771	^(a)		05/24/61		624,585

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $21,625,307)						$	22,615,700



Municipal Debt Obligations – 1.0%
California^(a) – 0.2%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	693,685

Illinois – 0.7%
	Illinois State GO Bonds Build America Series 2010^(a)
	1,625,000		6.630			02/01/35		1,945,732
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100			06/01/33		1,531,174

								3,476,906

New Jersey^(a) – 0.1%
	New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414			01/01/40		549,900

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,797,165)						$	4,720,491



U.S. Treasury Obligation^(g) – 0.2%
	United States Treasury Bonds
$	700,000		3.375	%		11/15/48	$	841,750
	(Cost $855,704)

	TOTAL INVESTMENTS – 97.3%
	(Cost $436,839,882)						$	459,549,432

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7%							12,984,171

	NET ASSETS – 100.0%						$	472,533,603



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

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



(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(e)		Actual maturity date is July 28, 2121.

(f)		Actual maturity date is April 03, 2120.

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



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
EUR		—Euro
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
USD		—U.S. Dollar


Investment Abbreviations:
BP		—British Pound Offered Rate
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
BofA Securities LLC	USD	2,813,273	NOK	23,848,820		06/16/21	$	25,080
Citibank NA	USD	3,327,931	NZD	4,644,349		06/16/21		84,931
JPMorgan Securities, Inc.	USD	2,724,277	AUD	3,537,067		06/16/21		36,804
State Street Bank (London)	USD	3,096,405	SEK	26,292,345		06/16/21		83,705
UBS AG (London)	USD	5,168,834	EUR	4,254,052		04/09/21		179,176

TOTAL							$	409,696

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	EUR	4,738,716	USD	5,646,649		06/16/21	$	(80,434	)
Citibank NA	USD	3,016,096	CAD	3,815,195		06/16/21		(20,096	)
HSBC Bank PLC	JPY	356,580,459	USD	3,281,043		06/16/21		(58,278	)

TOTAL							$	(158,808	)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		174			06/21/21	$	31,532,062		$	(1,220,304	)
2 Year U.S. Treasury Notes		198			06/30/21		43,703,859			(33,618	)
10 Year U.S. Treasury Notes		42			06/21/21		5,499,375			(46,450	)
20 Year U.S. Treasury Bonds		14			06/21/21		2,164,313			(34,589	)

Total									$	(1,334,961	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(2	)		06/21/21		(287,375	)		1,437
5 Year U.S. Treasury Notes		(339	)		06/30/21		(41,832,070	)		311,490

Total									$	312,927

TOTAL FUTURES CONTRACTS									$	(1,022,034	)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%^(a)	3M LIBOR^(a)	07/25/24	$	17,380		$	1,599		$	5,837		$	(4,238	)
0.000^(a)	3M LIBOR^(a)	11/10/24		10,290	^(b)		320			10			310
1.598^(c)	3M LIBOR^(a)	03/11/26		1,310	^(b)		6,048			1,913			4,135
3M LIBOR^(a)	0.500^(c)	06/16/26		660	^(b)		(20,296	)		(14,937	)		(5,359	)
3M LIBOR^(a)	2.209^(c)	02/25/31		1,840	^(b)		(28,799	)		(5,495	)		(23,304	)
3M LIBOR^(a)	2.378^(c)	03/09/31		1,870	^(b)		(15,272	)		(6,992	)		(8,280	)
0.000^(d)	6M EURO^(c)	06/16/31	EUR	1,540	^(b)		17,129			9,586			7,543
2.431^(c)	3M LIBOR^(a)	02/25/36	$	2,270	^(b)		22,506			2,740			19,766
2.503^(c)	3M LIBOR^(a)	03/10/36		1,470	^(b)		10,384			6,915			3,469

TOTAL						$	(6,381	)	$	(423	)	$	(5,958	)

(a)

Payments made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(c)

Payments made semi-annually.

(d)

Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000%		0.457%		06/20/24	$	2,325	$	41,362	$	3,487		$	37,875
CDX.NA.IG Index 28		1.000		0.278		06/20/22		28,500		263,080		240,453			22,627
CDX.NA.IG Index 34		1.000		0.319		06/20/23		17,200		266,252		163,359			102,893
CDX.NA.IG Index 34		1.000		0.554		06/20/25		66,325		1,246,106		445,976			800,130
General Electric Co. 2.700%, 10/09/22		1.000		0.517		06/20/24		1,175		18,639		(12,931	)		31,570
General Electric Co. 2.700%, 10/09/22		1.000		0.613		12/20/24		550		8,034		(6,518	)		14,552
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.347		06/20/24		1,150		24,598		11,063			13,535
Republic of Colombia, 10.375%, 01/28/33		1.000		0.832		06/20/24		1,830		10,462		(6,610	)		17,072
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.515		06/20/24		70		1,116		(102	)		1,218
Republic of Peru, 8.750%, 11/21/33		1.000		0.509		06/20/24		550		8,894		5,739			3,155
The Boeing Co., 8.750%, 08/15/21		1.000		0.770		06/20/24		1,750		13,408		24,461			(11,053	)
United Mexican States, 4.150%, 03/28/27		1.000		0.658		06/20/24		640		7,251		(6,105	)		13,356

TOTAL									$	1,909,202	$	862,272		$	1,046,930

(a)

Payments made quarterly.

(b)



Abbreviations:
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 72.0%
Argentina^(a) – 0.1%
	Republic of Argentina (CCC+/NR)
$	12,578		1.000	%		07/09/29	$	4,505
	65,075		0.125	^(b)		07/09/30		21,617
	108,322		0.125	^(b)		07/09/35		31,955

								58,077

Brazil – 4.4%
	Brazil Letras do Tesouro Nacional (NR/NR)^(c)
BRL	13,552,000		0.000			04/01/21		2,407,682
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
	5,203,000		10.000			01/01/25		975,289

								3,382,971

Chile – 1.1%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	580,000,000		5.000			03/01/35		873,911

China – 13.3%
	Agricultural Development Bank of China (NR/NR)
CNY	17,110,000		2.960			04/17/30		2,468,999
	China Development Bank (NR/NR)
	17,580,000		3.340			07/14/25		2,675,217
	17,780,000		3.090			06/18/30		2,594,399
	China Government Bond (NR/NR)
	13,900,000		2.850			06/04/27		2,078,771
	2,800,000		3.280			12/03/27		429,228

								10,246,614

Colombia – 4.1%
	Republic of Colombia (NR/NR)
COP	1,292,478,195		3.300			03/17/27		370,815
	2,538,700,000		5.750			11/03/27		674,017
	2,058,100,000		7.250			10/18/34		548,144
	Republic of Colombia (NR/Baa2)^(a)
	1,851,000,000		4.375			03/21/23		512,356
	Republic of Colombia (BBB/Baa2)
	3,598,400,000		7.500			08/26/26		1,061,625

								3,166,957

Czech Republic – 3.5%
	Czech Republic Government Bond (NR/NR)
CZK	22,270,000		1.000			06/26/26		970,135
	27,080,000		0.250			02/10/27		1,121,157
	Czech Republic Government Bond (NR/Aa3)
	11,320,000		4.200			12/04/36		645,469

								2,736,761

Dominican Republic – 0.1%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		51,765

Ecuador^(b) – 0.1%
	Republic of Ecuador (B-/NR)
$	140,000		0.500			07/31/35		64,050

Egypt^(d) – 0.3%
	Republic of Egypt (B/B2u)
	200,000		8.875			05/29/50		204,125


Sovereign Debt Obligations – (continued)
Hungary – 3.6%
	Hungary Government Bond (NR/NR)
HUF	179,680,000		2.750			12/22/26		605,298
	Hungary Government Bond (NR/Baa3)
	124,250,000		3.000			08/21/30		420,644
	Hungary Government Bond (BBB/NR)
	194,960,000		5.500			06/24/25		730,182
	292,160,000		3.000			10/27/27		996,469

								2,752,593

Indonesia – 2.0%
	Indonesia Treasury Bond (NR/NR)
IDR	15,358,000,000		7.500			06/15/35		1,081,308
	Indonesia Treasury Bond (NR/Baa2)
	6,000,000,000		7.000			05/15/27		430,430

								1,511,738

Mexico – 5.0%
	United Mexican States (NR/Baa1)
MXN	9,697,500		8.000			09/05/24		509,588
	4,741,100		5.750			03/05/26		230,218
	1,907,500		8.000			11/07/47		95,657
	United Mexican States (BBB+/Baa1)
	15,330,000		8.500			05/31/29		842,130
	5,456,000		7.750			05/29/31		284,452
	8,836,600		10.000			11/20/36		539,871
	24,561,200		8.500			11/18/38		1,318,815

								3,820,731

Peru – 2.2%
	Republic of Peru (A-/A3)
PEN	836,000		6.350			08/12/28		260,660
	980,000		6.950			08/12/31		303,219
	1,640,000		6.150			08/12/32		474,609
	1,665,000		5.400			08/12/34		434,071
	246,000		6.900			08/12/37		70,802
	510,000		5.350			08/12/40		123,948

								1,667,309

Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
PHP	10,000,000		6.250			01/14/36		254,639

Poland – 6.6%
	Republic of Poland (NR/NR)
PLN	9,170,000		0.750			04/25/25		2,335,045
	Republic of Poland (A/A2)
	5,120,000		2.500			07/25/27		1,407,660
	4,700,000		2.750			04/25/28		1,310,491

								5,053,196

Romania – 1.9%
	Republic of Romania (NR/NR)
RON	2,110,000		3.650			07/28/25		525,596
	700,000		4.150			01/26/28		180,603
	2,600,000		3.650			09/24/31		635,017
	Republic of Romania (BBB-/Baa3)^(d)
EUR	100,000		3.624			05/26/30		134,802

								1,476,018


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Russia – 5.4%
	Russian Federation Bond (NR/NR)
RUB	43,640,000		6.000	%		10/06/27	$	553,422
	60,150,000		5.900			03/12/31		735,759
	45,560,000		7.700			03/23/33		634,707
	23,220,000		7.250			05/10/34		311,939
	136,470,000		7.700			03/16/39		1,915,706

								4,151,533

South Africa – 7.8%
	Republic of South Africa (BB/Ba2)
ZAR	30,950,000		10.500			12/21/26		2,385,956
	6,930,000		7.000			02/28/31		383,284
	26,650,000		8.875			02/28/35		1,531,985
	2,425,000		8.500			01/31/37		130,949
	25,784,300		8.750			01/31/44		1,368,666
	4,620,000		8.750			02/28/48		244,860

								6,045,700

Thailand – 8.5%
	Thailand Government Bond (NR/NR)
THB	16,360,000		3.300			06/17/38		574,779
	1,220,000		3.600			06/17/67		43,818
	Thailand Government Bond (NR/Baa1)
	53,100,912		1.250			03/12/28		1,632,959
	65,970,000		3.775			06/25/32		2,457,383
	Thailand Government Bond (A-/Baa1)
	49,960,000		3.850			12/12/25		1,803,619

								6,512,558

Turkey – 1.3%
	Republic of Turkey (NR/B2)
$	200,000		5.875			06/26/31		180,750
	Republic of Turkey (NR/NR)
TRY	4,460,000		10.600			02/11/26		408,069
	805,000		11.000			02/24/27		71,411
	4,250,000		11.700			11/13/30		366,981

								1,027,211

Ukraine^(d) – 0.1%
	Ukraine Government Bond (B/NR)
EUR	100,000		4.375			01/27/30		107,339

Uruguay – 0.3%
	Republic of Uruguay (BBB/NR)
UYU	4,431,359		3.875			07/02/40		115,987
	Republic of Uruguay (BBB/Baa2)
	4,608,257		4.375			12/15/28		124,417

								240,404

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $56,435,113)						$	55,406,200



Corporate Obligations – 3.6%
British Virgin Islands^(a) – 0.2%
	Huarong Finance 2019 Co. Ltd. (NR/Baa1)
$	200,000		3.375	%		02/24/30	$	194,063


Corporate Obligations – (continued)
China^(e) – 0.0%
	iQIYI, Inc. (NR/NR)
	10,000		2.000			04/01/25		9,230

Colombia – 0.3%
	Banco de Bogota SA (NR/Ba2)
	200,000		6.250			05/12/26		224,060

Israel^(a)(d) – 0.1%
	Leviathan Bond Ltd. (BB-/Ba3)
	50,000		5.750			06/30/23		52,359

Mexico^(a) – 0.4%
	Mexico City Airport Trust (BBB/Baa3)
	270,000		3.875			04/30/28		273,628

Peru^(a) – 0.9%
	Banco de Credito del Peru (BBB+/NR)
PEN	2,430,000		4.650			09/17/24		684,665

South Africa – 0.5%
	The Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	390,000		4.875			05/23/24		406,778

Thailand^(a)(d) —0.3%
	GC Treasury Center Co. Ltd. (BBB/Baa2)
	200,000		2.980			03/18/31		197,732

Turkey^(a)(d)(f) – 0.2%
	Yapi ve Kredi Bankasi A/S (NR/Caa2)(5 year CMT + 7.415%)
	200,000		7.875			01/22/31		193,000

United Kingdom^(a)(d)(f) – 0.3%
	Gazprom PJSC via Gaz Finance PLC (BB/NR)(5 Year CMT + 4.264%)
	200,000		4.599			10/26/49		201,312

Venezuela^(g) – 0.4%
	Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000			10/28/22		324,800

	TOTAL CORPORATE OBLIGATIONS
	(Cost $5,591,367)						$	2,761,627



Structured Notes – 8.9%
United Kingdom^(d) – 5.1%
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)^(c)
EGP	7,800,000		0.000	%		12/23/21	$	451,817
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	33,591,000,000		8.750			05/19/31		2,624,839
	12,570,000,000		7.500			08/19/32		891,799

								3,968,455

United States – 3.8%
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000			07/25/24		1,348,957
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)^(d)
EGP	10,375,000		0.000	^(c)		09/02/21		625,025


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Structured Notes – (continued)
United States – (continued)
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)^(d) – (continued)
IDR	5,558,000,000		7.000	%		05/17/27	$	398,722
	7,753,000,000		6.500			02/15/31		524,175

								2,896,879

	TOTAL STRUCTURED NOTES
	(Cost $8,047,848)						$	6,865,334



U.S. Treasury Obligations^(h) – 0.1%
United States Treasury Notes
$	28,000		2.875	%		10/15/21	$	28,426
	72,000		1.750			09/30/22		73,744

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $100,274)						$	102,170


Shares		Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 7.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,991,605	0.036%	$	5,991,605
	(Cost $5,991,605)

	TOTAL INVESTMENTS – 92.4%
	(Cost $76,166,207)		$	71,126,936

	OTHER ASSETS IN EXCESS OF LIABILITIES – 7.6%			5,818,970

	NET ASSETS – 100.0%		$	76,945,906



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

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

(b)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

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

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(e)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2021.

(f)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(g)		Security is currently in default and/or non-income producing.

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

(i)		Represents an affiliated issuer.

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



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
CZK		—Czech Koruna
DOP		—Dominican Peso
EGP		—Egyptian Pound
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PEN		—Peruvian Nuevo Sol
PHP		—Philippine Peso
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
UYU		—Uruguayan Peso
ZAR		—South African Rand

Investment Abbreviations:
BUBOR		—Budapest Interbank Offered Rate
CLICP		—Sinacofi Chile Interbank Rate
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
NR		—Not Rated
PLC		—Public Limited Company
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	AUD	262,751	USD	199,570		06/16/21	$	69
	BRL	374,360	USD	66,174		04/05/21		315
	BRL	19,982,830	USD	3,449,151		05/04/21		93,632
	CAD	1,090,485	USD	861,639		06/16/21		6,184
	CHF	464,941	EUR	418,407		06/16/21		1,495
	CLP	1,341,028,393	USD	1,832,649		05/17/21		29,329
	CNH	1,092,626	USD	165,207		06/16/21		263
	COP	3,085,227,843	USD	829,256		04/05/21		13,254
	COP	259,206,925	USD	69,297		04/27/21		1,465
	EUR	140,042	AUD	216,320		06/16/21		135
	EUR	407,845	CHF	450,593		06/16/21		1,312
	EUR	279,783	SEK	2,849,072		04/06/21		1,899
	EUR	141,858	USD	166,341		04/30/21		120
	GBP	164,998	CHF	211,407		06/16/21		3,370
	GBP	115,950	JPY	17,655,126		06/16/21		320
	GBP	115,701	USD	159,495		06/16/21		49
	IDR	49,835,474,266	USD	3,419,948		04/05/21		1,895
	IDR	1,047,862,559	USD	71,434		05/10/21		86
	ILS	1,619,932	USD	484,324		04/16/21		288
	INR	35,464,876	USD	480,424		04/27/21		1,908
	KRW	2,019,774,354	USD	1,783,704		04/05/21		5,630
	KRW	1,578,595,662	USD	1,396,215		06/15/21		3,665
	MXN	119,322,138	USD	5,608,417		06/16/21		180,157
	NOK	3,970,091	USD	462,437		06/16/21		1,712
	RUB	19,120,826	USD	251,584		04/02/21		1,249
	RUB	64,564,197	USD	841,710		05/19/21		7,529
	SGD	897,259	USD	665,800		04/06/21		1,187
	SGD	1,177,425	USD	874,849		06/16/21		121
	TRY	1,088,967	USD	106,919		02/23/22		97
	USD	552,186	AUD	725,129		04/16/21		1,359
	USD	172,268	AUD	226,433		06/16/21		224
	USD	1,826,250	CHF	1,691,650		06/16/21		32,629
	USD	141,746	CNH	919,220		05/20/21		2,261
	USD	2,886,597	CNH	18,985,853		06/16/21		11,347
	USD	497,455	COP	1,802,950,963		04/05/21		5,107
	USD	2,119,489	COP	7,651,378,368		04/27/21		30,690
	USD	2,606,439	EUR	2,168,302		04/01/21		63,618
	USD	3,043,963	EUR	2,581,865		04/30/21		14,325
	USD	1,236,632	EUR	1,034,447		06/16/21		21,545
	USD	533,894	GBP	384,128		06/16/21		4,209
	USD	210,961	HUF	65,108,374		06/16/21		376
	USD	2,845,803	IDR	41,138,218,810		04/05/21		21,138
	USD	685,328	IDR	10,058,828,635		07/01/21		3,555
	USD	506,862	ILS	1,675,585		04/16/21		5,601
	USD	559,687	ILS	1,848,471		04/22/21		6,674
	USD	1,715,281	INR	125,219,721		04/05/21		5,970
	USD	3,449,982	JPY	374,745,500		06/16/21		63,043
	USD	2,155,609	KRW	2,391,263,166		04/05/21		37,170
	USD	2,914,918	MYR	11,720,886		04/12/21		84,012


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	892,972	NOK	7,599,753		06/16/21	$	4,476
	USD	525,158	NZD	744,518		06/16/21		5,286
	USD	5,541,628	PEN	19,674,353		07/12/21		288,504
	USD	126,573	PHP	6,070,964		04/08/21		1,607
	USD	220,216	PLN	847,542		06/16/21		5,668
	USD	1,235,530	RUB	91,275,947		04/02/21		28,596
	USD	291,017	RUB	21,471,262		04/15/21		7,503
	USD	76,385	RUB	5,692,683		05/19/21		1,507
	USD	342,425	RUB	25,515,992		06/16/21		7,966
	USD	1,253,661	SEK	10,702,769		06/16/21		27,288
	USD	1,416,463	SGD	1,901,721		04/06/21		2,798
	USD	966,943	SGD	1,300,055		05/05/21		679
	USD	471,695	THB	14,445,282		06/16/21		9,577
	USD	1,222,788	TRY	8,991,821		04/08/21		140,348
	USD	433,549	TRY	3,277,767		04/19/21		42,334
	USD	65,829	TRY	544,364		04/29/21		1,356
	USD	71,011	TRY	535,065		05/03/21		7,804
	USD	675,107	TRY	5,345,598		05/25/21		51,984
	USD	82,240	TRY	692,218		06/16/21		2,675
	USD	622,274	TRY	5,342,155		08/04/21		28,258
	USD	334,504	TWD	9,322,361		04/08/21		6,671
	USD	504,220	TWD	14,254,311		04/12/21		2,761
	USD	607,729	TWD	17,122,094		04/19/21		4,984
	USD	200,258	ZAR	2,985,101		06/17/21		100
	ZAR	11,989,792	USD	782,964		06/17/21		20,975

TOTAL							$	1,475,293

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	549,034	USD	427,535		06/16/21	$	(10,378	)
	BRL	21,554,966	USD	3,905,717		04/05/21		(77,423	)
	CAD	1,012,862	USD	812,217		06/16/21		(6,166	)
	CHF	319,148	EUR	288,538		06/16/21		(539	)
	CHF	967,936	USD	1,044,851		06/16/21		(18,571	)
	CLP	66,333,664	USD	92,233		05/17/21		(130	)
	CNH	4,315,596	USD	659,148		06/16/21		(5,587	)
	COP	520,674,082	USD	144,211		04/05/21		(2,025	)
	COP	5,886,669,274	USD	1,642,835		04/27/21		(35,794	)
	CZK	11,308,298	USD	512,454		06/16/21		(4,303	)
	EUR	139,046	CAD	206,319		06/16/21		(865	)
	EUR	276,429	CHF	306,953		06/16/21		(754	)
	EUR	153,799	GBP	132,120		06/16/21		(1,528	)
	EUR	202,336	NOK	2,077,050		06/16/21		(5,163	)
	EUR	277,823	SEK	2,849,072		06/16/21		(122	)
	EUR	2,168,302	USD	2,582,984		04/01/21		(40,164	)
	EUR	283,488	USD	333,631		04/30/21		(977	)
	EUR	1,537,588	USD	1,848,834		06/16/21		(42,745	)
	GBP	249,354	USD	347,042		06/16/21		(3,201	)
	HUF	183,239,034	USD	592,920		06/16/21		(257	)
	IDR	49,835,474,267	USD	3,456,934		04/05/21		(35,095	)
	IDR	4,040,267,731	USD	279,594		04/12/21		(2,683	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	IDR	32,037,776,855	USD	2,199,339		05/03/21	$	(10,428	)
	IDR	5,973,854,479	USD	420,489		05/10/21		(12,754	)
	ILS	644,311	USD	193,923		06/16/21		(984	)
	INR	157,185,463	USD	2,155,890		04/05/21		(10,234	)
	JPY	322,956,450	USD	2,964,052		06/16/21		(45,180	)
	KRW	550,117,875	USD	489,201		04/05/21		(1,849	)
	MXN	3,204,378	USD	155,793		06/16/21		(342	)
	MYR	35,110,909	USD	8,683,965		04/12/21		(203,746	)
	NOK	2,766,855	EUR	276,059		06/16/21		(790	)
	NOK	7,509,972	USD	883,556		06/16/21		(5,556	)
	NZD	678,496	USD	484,808		06/16/21		(11,037	)
	PEN	17,690,895	USD	4,875,314		07/12/21		(151,781	)
	PEN	555,104	USD	153,790		07/15/21		(5,578	)
	PLN	6,533,447	USD	1,700,341		06/16/21		(46,455	)
	RON	5,766,032	USD	1,394,783		06/16/21		(25,825	)
	RUB	72,155,123	USD	974,931		04/02/21		(20,832	)
	RUB	6,393,869	USD	84,498		04/15/21		(71	)
	RUB	98,311,331	USD	1,313,643		05/19/21		(20,515	)
	RUB	14,087,454	USD	182,480		10/01/21		(477	)
	SEK	1,436,051	NOK	1,413,923		06/16/21		(754	)
	SEK	2,832,984	USD	331,145		06/16/21		(6,528	)
	SGD	1,004,462	USD	747,594		04/06/21		(917	)
	SGD	183,550	USD	136,527		05/05/21		(104	)
	THB	24,856,642	USD	806,213		06/16/21		(11,025	)
	TRY	8,991,823	USD	1,215,618		04/08/21		(133,179	)
	TRY	2,285,285	USD	307,798		04/19/21		(35,041	)
	TRY	1,190,161	USD	153,982		05/25/21		(15,247	)
	TRY	7,251,396	USD	922,244		06/16/21		(88,748	)
	TRY	5,852,333	USD	689,321		08/04/21		(38,577	)
	TWD	30,795,489	USD	1,112,897		04/08/21		(29,934	)
	TWD	4,683,112	USD	165,932		04/12/21		(1,183	)
	TWD	35,858,392	USD	1,288,195		04/19/21		(25,882	)
	USD	3,794,950	BRL	21,929,326		04/05/21		(99,833	)
	USD	936,607	CAD	1,181,362		06/16/21		(3,538	)
	USD	366,622	CLP	268,581,500		05/17/21		(6,295	)
	USD	482,471	COP	1,802,950,962		04/05/21		(9,877	)
	USD	559,521	COP	2,065,332,039		04/27/21		(4,307	)
	USD	4,016,386	IDR	58,532,729,723		04/05/21		(2,635	)
	USD	66,826	IDR	978,327,809		04/12/21		(227	)
	USD	335,213	IDR	4,915,900,845		05/10/21		(313	)
	USD	434,213	INR	31,965,742		04/05/21		(2,135	)
	USD	379,245	INR	28,079,335		04/27/21		(2,641	)
	USD	169,171	KRW	191,765,626		04/05/21		(716	)
	USD	1,040,747	KRW	1,177,584,349		06/15/21		(3,521	)
	USD	1,645,693	MXN	34,814,906		06/16/21		(43,254	)
	USD	326,633	NZD	468,459		06/16/21		(477	)
	USD	830,278	TRY	7,059,373		04/26/21		(7,740	)
	USD	116,239	TRY	1,026,103		05/24/21		(3,443	)
	USD	649,257	TRY	5,774,144		06/16/21		(14,440	)
	USD	660,678	TWD	18,874,375		04/08/21		(3,062	)
	USD	300,281	TWD	8,546,006		05/03/21		(965	)
	USD	326,830	TWD	9,268,893		05/07/21		(33	)
	USD	561,663	ZAR	8,554,687		06/17/21		(11,941	)
	ZAR	4,017,423	USD	271,093		06/17/21		(1,714	)

TOTAL							$	(1,479,130	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		7			06/21/21	$	1,268,531		$	(38,763	)
Ultra 10 Year U.S. Treasury Notes		50			06/21/21		7,184,375			(253,775	)
2 Year U.S. Treasury Notes		5			06/30/21		1,103,633			(190	)
5 Year U.S. Treasury Notes		5			06/30/21		616,992			(2,547	)

Total									$	(295,275	)
Short position contracts:
10 Year U.S. Treasury Notes		(46	)		06/21/21		(6,023,125	)		49,513
20 Year U.S. Treasury Bonds		(39	)		06/21/21		(6,029,156	)		233,631

Total									$	283,144

TOTAL FUTURES CONTRACTS									$	(12,131	)

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund^(a)		Counterparty	Termination Date		Notional Amount (000s)			Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR		3.650%	Citibank NA		02/27/24	MYR	3,020		$	25,788		$	—		$	25,788
3M KLIBOR		2.131	Citibank NA		02/02/26		2,240			(14,331	)		—			(14,331	)
3M LIBOR		2.000	MS & Co. Int. PLC		06/16/26		1,030	^(b)		(9,277	)		(8,919	)		(358	)
3M KLIBOR		3.693	MS & Co. Int. PLC		03/01/24		5,490			48,201			—			48,201
3M KLIBOR		3.605	MS & Co. Int. PLC		03/06/24		25,010			203,693			—			203,693
3M KLIBOR		3.330	MS & Co. Int. PLC		05/31/24		2,610			16,871			—			16,871
3M KLIBOR		3.250	MS & Co. Int. PLC		12/18/24		2,000			11,824			402			11,422
3M KLIBOR		2.000	MS & Co. Int. PLC		06/16/26		3,270	^(b)		(29,451	)		(4,493	)		(24,958	)

TOTAL									$	253,318		$	(13,010	)	$	266,328

(a)

Payments made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)^(a)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250^(b)		3M WIBOR^(c)	12/16/21		PLN	30,110	$	(5,478	)	$	(1,070	)	$	(4,408	)
0.505^(d)		6M CLICP^(d)	12/16/21		CLP	7,500,000		14,514			—			14,514
1M BID Average^(c)		3.390^(c)	01/03/22		BRL	22,230		(28,237	)		—			(28,237	)
1M BID Average^(e)		4.120^(e)	01/03/22			25,550		63,228			1,485			61,743
5.800^(f)		1M BID Average^(d)	01/02/23			8,000		9,442			4,420			5,022
1M BID Average^(e)		4.230^(e)	01/02/23			13,430		(54,908	)		(47,550	)		(7,358	)
Mexico IB TIIE 28D^(c)		4.700^(d)	06/14/23		MXN	1,890		(42	)		(2,639	)		2,597
6M EURO^(d)		(0.500)^(d)	06/16/23		EUR	5,400		(1,646	)		(5,068	)		3,422
6M WIBOR^(d)		0.345^(f)	06/16/23		PLN	619		(781	)		(27	)		(754	)
Colombia IBR Overnight IB^(d)		3.300^(f)	06/16/23		COP	3,164,970		444			166			278
2.750^(c)		3M CNY^(c)	06/16/23		CNY	3,890		(1,487	)		(197	)		(1,290	)
1.000^(c)		3M KWCDC^(c)	06/16/23		KRW	10,774,260		27,185			35,992			(8,807	)
1.500^(d)		6M BUBOR^(d)	06/16/23		HUF	1,410,380		10,545			(4,122	)		14,667
1.400^(f)		6M CLICP^(d)	06/16/23		CLP	1,924,810		17,832			4,948			12,884
4.750^(d)		6M LIBOR^(c)	06/16/23		INR	39,130		(2,974	)		(759	)		(2,215	)
1M BID Average^(e)		4.930^(e)	01/02/24		BRL	19,310		(124,990	)		(98,792	)		(26,198	)
6.320^(e)		1M BID Average^(e)	01/02/25			8,275		57,313			(6,783	)		64,096
6M THBFIX^(d)		0.750^(d)	12/16/25		THB	73,680		(30,191	)		(988	)		(29,203	)
6M WIBOR^(d)		0.750^(f)	12/16/25		PLN	6,030		(30,577	)		(3,615	)		(26,962	)
6M THBFIX^(d)		0.750^(d)	03/17/26		THB	9,550		(5,396	)		(1,950	)		(3,446	)
4.750^(d)		6M LIBOR^(d)	03/17/26		INR	368,560		102,437			(1,951	)		104,388
Mexico IB TIIE 28D^(d)		5.550^(f)	06/10/26		MXN	26,290		(35,418	)		12			(35,430	)
6M CLICP^(d)		2.500^(d)	06/16/26		CLP	473,810		(7,624	)		168			(7,792	)
(0.250)^(c)		6M EURO^(c)	06/16/26		EUR	2,400		(5,764	)		(4,976	)		(788	)
3M JIBAR^(d)		6.250^(f)	06/17/26		ZAR	9,560		1,431			655			776
Mexico IB TIIE 28D^(d)		6.050^(f)	06/07/28		MXN	21,210		(30,845	)		11			(30,856	)
(0.250)^(f)		6M EURO^(d)	06/16/28		EUR	70		702			610			92
6.400^(d)		Mexico IB TIIE 28D^(c)	06/04/31		MXN	48,445		93,179			6,155			87,024
6M CLICP^(e)		3.500^(e)	06/16/31		CLP	70,190		(241	)		1,337			(1,578	)
0.750^(e)		3M LIBOR^(e)	06/16/31		$	1,090		110,523			86,937			23,586
1.100^(c)		3M TELBOR^(c)	06/16/31		ILS	4,230		30,607			(3,035	)		33,642
2.250^(e)		6M BUBOR^(e)	06/16/31		HUF	98,800		13,900			1,961			11,939
0.000^(d)		6M EURO^(d)	06/16/31		EUR	210		2,201			1,307			894

TOTAL							$	188,884		$	(37,358	)	$	226,242

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.

(b)

Payments made at maturity.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.

(e)

Payments made monthly.

(f)

Payments made annually.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.063%		BofA Securities LLC		06/20/21	$	70	$	(171	)	$	36	$	(207	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.063		Citibank NA		06/20/21		2,190		(5,344	)		1,021		(6,365	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.063		JPMorgan Securities, Inc.		06/20/21		250		(610	)		112		(722	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.063		UBS AG (London)		06/20/21		280		(683	)		54		(737	)

TOTAL										$	(6,808	)	$	1,223	$	(8,031	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27		1.000	0.151		MS & Co. Int. PLC		12/20/23		6,780		160,126			90,609		69,517

TOTAL										$	153,318		$	91,832	$	61,486

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000%	0.832%		06/20/24	$	650	$	3,460	$	2,579		$	881
Republic of Peru, 8.750%, 11/21/33		1.000	0.597		12/20/24		1,000		15,515		15,662			(147	)
People’s Republic of China, 7.500%, 10/28/27		1.000	0.083		06/20/22		1,210		14,146		10,677			3,469
State of Qatar, 9.750%, 06/15/30		1.000	0.345		12/20/24		950		23,806		20,073			3,733
Russian Federation, 7.500%, 03/31/30		1.000	0.907		06/20/25		200		790		(777	)		1,567

TOTAL								$	57,717	$	48,214		$	9,503

(a)

Payments made quarterly.

(b)

NON-DELIVERABLE BOND FORWARD CONTRACTS^(a)

Counterparty

Notional
Amount
(000s)

Reference
Obligation

Settlement
Date

Unrealized
Appreciation/
(Depreciation)*

Deutsche Bank AG

COP 3,642,899,013

Colombia Domestic Bond, 7.5%, 05/06/21

05/06/21

(23,755

)

There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

(a)

Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Rate			Expiration Date		Number of contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put RUB	JPMorgan Securities, Inc.		79.100	%		04/01/2021		1,468,000		$	1,468,000		$	2		$	2,298		$	(2,296	)
Call AUD/Put USD	UBS AG (London)		0.770			04/14/2021		2,556,000			2,556,000			4,368			6,416			(2,048	)
Call EUR/Put USD	HSBC Bank PLC		1.190			04/28/2021		5,596,000			5,596,000			11,707			22,374			(10,667	)
								9,620,000		$	9,620,000		$	16,077		$	31,088		$	(15,011	)
Puts
Put USD/Call SGD	Deutsche Bank AG (London)		1.334			04/01/2021		3,359,000		$	3,359,000		$	4		$	3,934		$	(3,930	)
Put USD/Call SGD	UBS AG (London)		1.335			04/01/2021		1,346,000			1,346,000			1			2,163			(2,162	)
Put USD/Call RUB	Deutsche Bank AG (London)		71.700			04/01/2021		3,376,000			3,376,000			4			18,288			(18,284	)
Put USD/Call KRW	HSBC Bank PLC		1,110.000			04/01/2021		1,468,000			1,468,000			2			6,963			(6,961	)
Put USD/Call TRY	JPMorgan Securities, Inc.		6.950			04/07/2021		3,042,000			3,042,000			3			25,151			(25,148	)
Put USD/Call RUB	JPMorgan Securities, Inc.		72.250			04/14/2021		670,000			670,000			295			5,222			(4,927	)
Put USD/Call TWD	BNP Paribas SA		28.200			04/28/2021		656,000			656,000			1,789			1,625			164
Put USD/Call SGD	Deutsche Bank AG (London)		1.335			05/03/2021		3,238,000			3,238,000			7,431			8,396			(965	)
Put USD/Call TWD	Citibank NA		28.150			05/05/2021		648,000			648,000			2,011			2,196			(185	)
Put USD/Call TRY	MS & Co. Int. PLC		7.100			05/24/2021		750,000			750,000			240			9,311			(9,071	)
								18,553,000		$	18,553,000		$	11,780		$	83,249		$	(71,469	)

Total purchased option contracts								28,173,000		$	28,173,000		$	27,857		$	114,337		$	(86,480	)
Written option contracts
Calls
Call USD/Put ILS	BNP Paribas SA		3.370	%		04/20/2021		(672,000	)	$	(672,000	)	$	(2,357	)	$	(1,250	)	$	(1,107	)
Call USD/Put TWD	BNP Paribas SA		28.800			04/28/2021		(656,000	)		(656,000	)		(1,213	)		(1,556	)		343
Call USD/Put TWD	Citibank NA		28.700			05/05/2021		(648,000	)		(648,000	)		(1,726	)		(1,670	)		(56	)
Call USD/Put RUB	Deutsche Bank AG (London)		79.100			04/01/2021		(1,468,000	)		(1,468,000	)		(2	)		(5,705	)		5,703
Call USD/Put KRW	HSBC Bank PLC		1,150.000			04/01/2021		(1,468,000	)		(1,468,000	)		(2	)		(3,566	)		3,564
Call USD/Put RUB	JPMorgan Securities, Inc.		77.900			04/14/2021		(670,000	)		(670,000	)		(2,574	)		(2,713	)		139
Call USD/Put CNH	JPMorgan Securities, Inc.		6.620			05/17/2021		(756,000	)		(756,000	)		(3,700	)		(3,305	)		(395	)
Call USD/Put TRY	MS & Co. Int. PLC		8.320			04/30/2021		(737,000	)		(737,000	)		(30,709	)		(5,725	)		(24,984	)
Call USD/Put TRY	MS & Co. Int. PLC		7.900			05/24/2021		(750,000	)		(750,000	)		(66,974	)		(10,395	)		(56,579	)
Call USD/Put TRY	UBS AG (London)		8.000			04/16/2021		(756,000	)		(756,000	)		(38,831	)		(3,700	)		(35,131	)
								(8,581,000	)	$	(8,581,000	)	$	(148,088	)	$	(39,585	)	$	(108,503	)
Puts
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350			09/30/2021		(648,000	)		(648,000	)		(8,464	)		(8,978	)		514

Total written option contracts								(9,229,000	)	$	(9,229,000	)	$	(156,552	)	$	(48,563	)	$	(107,989	)

TOTAL								18,944,000		$	18,944,000		$	(128,695	)	$	65,774		$	(194,469	)



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 119.7%
Collateralized Mortgage Obligations – 6.6%
Interest Only^(a) – 3.0%
	Fannie Mae REMIC Series 2020-38, Class TI
$	841,949		4.000	%		06/25/50	$	138,595
	FHLMC REMIC Series 3852, Class SW^(b) (-1x 1M USD LIBOR + 6.000%)
	240,694		5.894			05/15/41		39,367
	FHLMC REMIC Series 4286, Class SN^(b) (-1x1M USD LIBOR + 6.000%)
	2,116,406		5.894			12/15/43		361,991
	FHLMC REMIC Series 4314, Class SE^(b) (-1x 1M USD LIBOR + 6.050%)
	199,170		5.944			03/15/44		33,632
	FHLMC REMIC Series 4320, Class SD^(b) (-1x 1M USD LIBOR + 6.100%)
	119,277		5.994			07/15/39		21,771
	FHLMC REMIC Series 4456, Class IO
	118,047		4.500			10/15/44		21,100
	FHLMC REMIC Series 4468, Class SY^(b) (-1x 1M USD LIBOR + 6.100%)
	203,602		5.994			05/15/45		43,572
	FHLMC REMIC Series 4583, Class ST^(b) (-1x 1M USD LIBOR + 6.000%)
	859,802		5.894			05/15/46		160,112
	FHLMC REMIC Series 4929, Class SC^(b) (-1X 1M USD LIBOR + 6.050%)
	437,973		5.941			10/25/48		75,524
	FHLMC REMIC Series 4936, Class ES^(b) (-1x 1M USD LIBOR + 6.000%)
	257,848		5.891			12/25/49		42,132
	FHLMC REMIC Series 4936, Class PS^(b) (-1x 1M USD LIBOR + 6.000%)
	219,925		5.891			12/25/49		33,319
	FHLMC REMIC Series 4998, Class GI
	798,634		4.000			08/25/50		140,121
	FHLMC REMIC Series 5009, Class DI
	1,397,267		2.000			09/25/50		166,142
	FHLMC REMIC Series 5012, Class DI
	300,995		4.000			09/25/50		52,865
	FHLMC STRIPS Series 304, Class C45
	143,383		3.000			12/15/27		7,952
	FNMA REMIC Series 2007-36, Class SN^(b) (-1x1M USD LIBOR + 6.770%)
	286,037		6.661			04/25/37		58,698
	FNMA REMIC Series 2008-17, Class SI^(b) (-1x1M USD LIBOR + 6.300%)
	367,396		6.191			03/25/38		68,677
	FNMA REMIC Series 2011-124, Class SC^(b) (-1x 1M USD LIBOR + 6.550%)
	175,738		6.441			12/25/41		33,451
	FNMA REMIC Series 2012-88, Class SB^(b) (-1x 1M USD LIBOR + 6.670%)
	241,000		6.561			07/25/42		41,549
	FNMA REMIC Series 2015-34, Class LS^(b) (-1x 1M USD LIBOR + 6.100%)
	1,465,447		5.991			06/25/45		311,087


Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	FNMA REMIC Series 2017-104, Class SB^(b) (-1x1M USD LIBOR + 6.150%)
	628,911		6.041			01/25/48		119,631
	FNMA REMIC Series 2017-69, Class SG^(b) (-1x1M USD LIBOR + 6.150%)
	871,753		6.041			09/25/47		171,371
	FNMA REMIC Series 2017-86, Class SB^(b) (-1x 1M USD LIBOR + 6.150%)
	756,903		6.041			11/25/47		149,887
	FNMA REMIC Series 2018-8, Class SA^(b) (-1x 1M USD LIBOR + 6.150%)
	569,021		6.041			02/25/48		92,827
	FNMA REMIC Series 2019-81, Class SD^(b) (-1x1M USD LIBOR + 6.000%)
	382,326		5.891			01/25/50		62,429
	FNMA REMIC Series 2020-45, Class AI
	812,848		4.000			07/25/50		133,611
	FNMA REMIC Series 2020-60, Class KI
	1,428,109		2.000			09/25/50		169,809
	FNMA REMIC Series 2020-60, Class NI
	279,536		4.000			09/25/50		49,096
	GNMA REMIC Series 2010-101, Class S^(b) (-1x 1M USD LIBOR + 6.000%)
	550,743		5.889			08/20/40		103,951
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x 1M USD LIBOR + 6.250%)
	242,975		6.139			02/20/40		47,983
	GNMA REMIC Series 2010-85, Class SN^(b) (-1x1M USD LIBOR + 5.940%)
	26,020		5.829			07/20/40		5,294
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x 1M USD LIBOR + 6.050%)
	1,022,536		5.939			08/20/43		208,976
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x 1M USD LIBOR + 6.100%)
	54,866		5.989			09/20/43		10,607
	GNMA REMIC Series 2014-11, Class KI
	105,323		4.500			12/20/42		8,476
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x 1M USD LIBOR + 5.600%)
	2,412,279		5.489			08/20/44		433,000
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x 1M USD LIBOR + 6.100%)
	358,483		5.989			10/20/43		48,238
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x 1M USD LIBOR + 5.600%)
	191,493		5.489			09/20/44		32,594
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x 1M USD LIBOR + 5.600%)
	1,132,292		5.494			10/16/44		202,780
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x 1M USD LIBOR + 5.710%)
	722,844		5.599			08/20/45		120,132
	GNMA REMIC Series 2015-111, Class IM
	616,641		4.000			08/20/45		79,992


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M USD LIBOR + 6.200%)
$	227,256		6.089	%		08/20/45	$	41,667
	GNMA REMIC Series 2015-112, Class SB^(b) (-1x 1M USD LIBOR + 5.740%)
	214,176		5.629			08/20/45		35,774
	GNMA REMIC Series 2015-119, Class SN^(b) (-1x 1M USD LIBOR + 6.250%)
	462,190		6.139			08/20/45		85,343
	GNMA REMIC Series 2015-129, Class IC
	426,571		4.500			09/16/45		76,623
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x 1M USD LIBOR + 6.200%)
	127,274		6.089			11/20/45		25,071
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x 1M USD LIBOR + 5.600%)
	1,362,460		5.489			04/20/45		218,303
	GNMA REMIC Series 2015-72, Class JI
	29,344		3.500			05/20/45		3,831
	GNMA REMIC Series 2015-83, Class PI
	61,294		3.500			06/20/45		8,504
	GNMA REMIC Series 2015-90, Class PI
	36,857		3.500			04/20/45		3,525
	GNMA REMIC Series 2016-1, Class ST^(b) (-1x 1M USD LIBOR + 6.200%)
	220,977		6.089			01/20/46		39,115
	GNMA REMIC Series 2016-138, Class DI
	140,828		4.000			10/20/46		21,223
	GNMA REMIC Series 2016-27, Class IA
	437,834		4.000			06/20/45		46,959
	GNMA REMIC Series 2016-4, Class SM^(b) (-1x 1M USD LIBOR + 5.650%)
	381,546		5.539			01/20/46		65,976
	GNMA REMIC Series 2017-112, Class SJ^(b) (-1x 1M USD LIBOR + 5.660%)
	704,331		5.549			07/20/47		109,096
	GNMA REMIC Series 2018-105, Class SC^(b) (-1x 1M USD LIBOR + 6.200%)
	409,737		6.089			08/20/48		66,161
	GNMA REMIC Series 2018-124, Class SN^(b) (-1x 1M USD LIBOR + 6.200%)
	1,206,222		6.089			09/20/48		210,573
	GNMA REMIC Series 2018-139, Class SQ^(b) (-1x 1M USD LIBOR + 6.150%)
	692,903		6.039			10/20/48		111,270
	GNMA REMIC Series 2018-67, Class PS^(b) (-1x 1M USD LIBOR + 6.200%)
	1,066,329		6.089			05/20/48		177,652
	GNMA REMIC Series 2018-72, Class IB
	1,628,556		4.000			04/20/46		244,449
	GNMA REMIC Series 2019-1, Class SN^(b) (-1x 1M USD LIBOR + 6.050%)
	552,803		5.939			01/20/49		88,571
	GNMA REMIC Series 2019-110, Class SD^(b) (-1x 1M USD LIBOR + 6.100%)
	1,033,138		5.989			09/20/49		162,155


Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA REMIC Series 2019-110, Class SE^(b) (-1x 1M USD LIBOR + 6.100%)
	1,055,222		5.989			09/20/49		162,611
	GNMA REMIC Series 2019-128, Class IO
	921,019		4.000			10/20/49		132,663
	GNMA REMIC Series 2019-129, Class AI
	1,438,891		3.500			10/20/49		199,938
	GNMA REMIC Series 2019-151, Class IA
	3,631,572		3.500			12/20/49		469,909
	GNMA REMIC Series 2019-151, Class NI
	3,441,442		3.500			10/20/49		351,586
	GNMA REMIC Series 2019-20, Class SF^(b) (-1x 1M USD LIBOR + 3.790%)
	1,040,467		3.679			02/20/49		86,367
	GNMA REMIC Series 2019-4, Class SJ^(b) (-1x 1M USD LIBOR + 6.050%)
	1,035,953		5.939			01/20/49		169,494
	GNMA REMIC Series 2019-6, Class SA^(b) (-1x 1M USD LIBOR + 6.050%)
	342,168		5.939			01/20/49		57,444
	GNMA REMIC Series 2019-78, Class SE^(b) (-1x 1M USD LIBOR + 6.100%)
	387,443		5.989			06/20/49		60,450
	GNMA REMIC Series 2019-97, Class SC^(b) (-1x 1M USD LIBOR + 6.100%)
	804,708		5.989			08/20/49		130,426
	GNMA REMIC Series 2019-98, Class SC^(b) (-1x 1M USD LIBOR + 6.050%)
	1,278,397		5.939			08/20/49		208,381
	GNMA REMIC Series 2020-11, Class SA^(b) (-1x 1M USD LIBOR + 6.050%)
	1,230,962		5.939			02/20/50		220,458
	GNMA REMIC Series 2020-11, Class SN^(b) (-1x 1M USD LIBOR + 6.050%)
	773,515		5.939			01/20/50		136,590
	GNMA REMIC Series 2020-146, Class IM
	1,642,673		2.500			10/20/50		220,778
	GNMA REMIC Series 2020-146, Class KI
	2,389,073		2.500			10/20/50		296,672
	GNMA REMIC Series 2020-173, Class AI
	1,575,894		2.500			11/20/50		163,741
	GNMA REMIC Series 2020-51, Class ID
	565,206		3.500			04/20/50		69,952
	GNMA REMIC Series 2020-55, Class AS^(b) (-1x 1M USD LIBOR + 6.050%)
	514,576		5.939			04/20/50		93,297
	GNMA REMIC Series 2020-55, Class IO
	570,858		3.500			04/20/50		78,741
	GNMA REMIC Series 2020-78, Class DI
	2,363,849		4.000			06/20/50		337,296
	GNMA Series 2018-7, Class DS^(b) (-1x1M USD LIBOR + 5.700%)
	808,963		5.589			01/20/48		131,387
	GNMA Series 2019-153, Class EI
	4,155,901		4.000			12/20/49		628,984


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA Series 2019-153, Class SC^(b) (-1X 1M USD LIBOR + 6.050%)
$	333,435		5.939	%		12/20/49	$	52,913
	GNMA Series 2019-78, Class SA^(b) (-1X 1M USD LIBOR + 6.050%)
	744,217		5.939			06/20/49		126,968

								10,531,228

Regular Floater^(b) – 1.3%
	FHLMC REMIC Series 2020-DNA3, Class M2^(c) (1M USD LIBOR + 3.000%)
	436,630		3.109			06/25/50		438,098
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	71,940		0.559			07/25/41		72,767
	FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	1,697,012		0.509			12/25/57		1,711,350
	GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	2,384,393		0.406			12/16/47		2,399,554

								4,621,769

Sequential Fixed Rate – 1.6%
	FHLMC REMIC Series 2042, Class N
	25,211		6.500			03/15/28		28,253
	FHLMC REMIC Series 3748, Class D
	129,056		4.000			11/15/39		130,893
	FHLMC REMIC Series 4577, Class HM^(d)
	476,999		4.000			12/15/50		532,141
	FNMA REMIC Series 2000-16, Class ZG
	97,076		8.500			06/25/30		116,167
	FNMA REMIC Series 2005-59, Class KZ
	588,318		5.500			07/25/35		669,736
	FNMA REMIC Series 2011-52, Class GB
	304,648		5.000			06/25/41		343,023
	FNMA REMIC Series 2011-99, Class DB
	332,312		5.000			10/25/41		373,564
	FNMA REMIC Series 2012-111, Class B
	49,486		7.000			10/25/42		59,316
	FNMA REMIC Series 2012-153, Class B
	189,758		7.000			07/25/42		232,295
	FNMA REMIC Series 2017-87, Class EA
	3,198,581		3.000			04/25/44		3,380,966

								5,866,354

Sequential Floating Rate^(b) – 0.7%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	32,350		2.719			04/25/35		32,330
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	152,088		3.065			07/25/35		151,377
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	55,978		1.759			09/25/35		52,264
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2^(c) (SOFR30A + 2.800%)
	201,000		2.817			10/25/50		202,290


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	649,574		3.359			05/25/25		659,934
	FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA3, Class M2 (1M USD LIBOR + 2.500%)
	680,000		2.609			03/25/30		692,408
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	23,424		5.409			10/25/28		24,625
	FNMA Connecticut Avenue Securities Series 2016-C06, Class 1M2 (1M USD LIBOR + 4.250%)
	227,141		4.359			04/25/29		236,007
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	43,355		0.590			01/19/36		41,913
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	21,272		0.829			10/25/34		20,674
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	199,522		2.613			10/25/34		201,418
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1^(c)
	151,719		3.750			05/28/52		160,911
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1^(c)
	128,874		3.500			07/25/49		130,705

								2,606,856

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $23,262,642)						$	23,626,207

Commercial Mortgage-Backed Securities – 4.4%
Sequential Fixed Rate – 3.9%
	BBCMS Mortgage Trust Series 2018-C2, Class A4
$	2,650,000		4.047	%		12/15/51	$	2,971,138
	Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	3,800,000		4.139			10/15/51		4,216,142
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006			01/15/53		1,991,677
	Bank Series 2018-BK15, Class D^(c)
	800,000		3.000			11/15/61		684,580
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D^(c)
	1,000,000		3.000			09/15/50		842,491
	JPMBD Commercial Mortgage Series 2017-C7, Class D^(c)
	670,000		3.000			10/15/50		594,927
	Morgan Stanley Capital I Trust Series 2018-L1, Class D^(c)
	900,000		3.000			10/15/51		781,026
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D^(c)
	300,000		3.401			03/15/50		281,054


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D^(c)
$	300,000		3.000	%		07/15/50	$	272,430
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D^(c)
	500,000		2.500			02/15/53		425,732
	BANK Series 2018-BNK14, Class D^(c)
	200,000		3.000			09/15/60		180,019
	BANK Series 2019-BNK19, Class D^(c)
	100,000		3.000			08/15/61		91,704
	Benchmark Mortgage Trust Series 2019-B13, Class D^(c)
	300,000		2.500			08/15/57		261,500
	Citigroup Commercial Mortgage Trust Series 2017-P7, Class D^(c)
	125,000		3.250			04/14/50		106,148
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D^(c)
	150,000		3.060			10/15/48		143,480

								13,844,048

Sequential Floating Rate^(b) – 0.5%
	BANK 2018-BNK15 Series 2018-BN15, Class A4
	900,000		4.407			11/15/61		1,032,949
	Benchmark Mortgage Trust Series 2018-B6, Class D^(c)
	220,000		3.118			10/10/51		208,355
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.755			02/10/49		410,778
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D^(c)
	150,000		4.145			07/15/50		145,165

								1,797,247

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $14,523,235)						$	15,641,295

Federal Agencies – 108.7%
Adjustable Rate FHLMC^(b) – 0.0%
	(1 Year CMT + 2.107%)
$	6,252		2.253	%		10/01/34	$	6,600
	(1 Year CMT + 2.194%)
	8,856		2.420			09/01/33		9,323
	(1 Year CMT + 2.250%)
	18,893		3.426			04/01/33		19,768
	9,441		2.375			11/01/34		9,936
	8,080		2.375			02/01/35		8,480
	28,601		2.947			06/01/35		30,065

								84,172

Adjustable Rate FNMA^(b) – 0.1%
	(1 Year CMT + 2.196%)
	8,770		2.322			02/01/35		9,211
	(1 Year CMT + 2.197%)
	2,476		2.659			07/01/33		2,579


Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(b) – (continued)
	(1 Year CMT + 2.278%)
	59,613		2.678			06/01/33		62,580
	(1 Year CMT + 2.305%)
	753		2.788			04/01/34		784
	(12M USD LIBOR + 1.621%)
	18,726		1.996			03/01/35		19,637
	(12M USD LIBOR + 1.646%)
	20,297		2.037			12/01/33		21,245
	(12M USD LIBOR + 1.670%)
	8,973		2.175			11/01/34		9,431
	(12M USD LIBOR + 1.810%)
	10,857		3.609			04/01/35		11,421
	(12M USD LIBOR + 2.005%)
	26,063		3.101			05/01/35		27,356
	(6M USD LIBOR + 1.412%)
	3,756		1.811			06/01/33		3,867
	(COF + 1.250%)
	308		1.753			07/01/22		308
	5,891		1.710			07/01/27		5,953
	6,888		1.710			11/01/27		6,958
	3,899		1.710			01/01/31		3,959
	5,774		1.710			06/01/32		5,871
	5,870		1.753			08/01/32		5,968
	8,009		1.753			05/01/33		8,148
	61,820		1.716			08/01/33		62,735
	2,559		1.710			11/01/35		2,601
	(COF + 1.250%)
	13,102		1.710			12/01/37		13,240
	6,856		1.710			01/01/38		6,931
	6,457		1.710			11/01/40		6,556

								297,339

Adjustable Rate GNMA^(b) – 0.1%
	(1 Year CMT + 1.500%)
	4,556		2.875			06/20/23		4,606
	2,212		2.250			07/20/23		2,239
	2,162		2.250			08/20/23		2,190
	5,077		2.250			09/20/23		5,125
	1,844		3.000			03/20/24		1,865
	17,011		2.875			04/20/24		17,260
	2,454		2.875			05/20/24		2,497
	20,128		2.875			06/20/24		20,417
	12,465		2.250			07/20/24		12,641
	17,002		2.250			08/20/24		17,230
	5,267		2.250			09/20/24		5,330
	6,634		2.125			11/20/24		6,748
	2,357		2.125			12/20/24		2,398
	5,487		2.500			12/20/24		5,619
	4,477		3.000			01/20/25		4,554
	2,766		3.000			02/20/25		2,814
	10,644		2.875			05/20/25		10,862
	9,748		2.250			07/20/25		9,944
	4,056		3.000			02/20/26		4,121
	212		2.250			07/20/26		215
	10,443		3.000			01/20/27		10,656
	4,535		3.000			02/20/27		4,616


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – (continued)
$	35,745		2.875	%		04/20/27	$	36,469
	3,590		2.875			05/20/27		3,664
	5,489		2.875			06/20/27		5,603
	1,879		2.125			11/20/27		1,915
	5,789		2.125			12/20/27		5,901
	12,040		3.000			01/20/28		12,277
	3,867		3.000			02/20/28		3,944
	4,084		3.000			03/20/28		4,163
	20,316		2.250			07/20/29		20,745
	11,563		2.250			08/20/29		11,803
	2,648		2.250			09/20/29		2,704
	11,063		2.125			10/20/29		11,309
	16,666		2.125			11/20/29		17,039
	3,045		2.125			12/20/29		3,113
	4,411		3.000			01/20/30		4,512
	1,527		3.000			02/20/30		1,560
	11,602		3.000			03/20/30		11,869
	12,061		2.875			04/20/30		12,358
	34,719		2.875			05/20/30		35,770
	3,795		2.875			06/20/30		3,891
	28,696		2.250			07/20/30		29,706
	5,859		2.250			09/20/30		6,067
	9,924		2.125			10/20/30		10,164

								410,493

FHLMC – 10.6%
	46,572		5.000			10/01/33		52,825
	2,288		5.000			07/01/35		2,612
	1,406		4.500			08/01/35		1,590
	4,195		4.500			09/01/35		4,743
	1,446		4.500			10/01/35		1,635
	55,509		5.000			12/01/35		63,266
	1,904		5.000			02/01/37		2,176
	20,804		4.500			01/01/38		23,523
	881		4.500			06/01/38		996
	35,070		4.500			09/01/38		39,638
	104		4.500			01/01/39		117
	18,706		4.500			02/01/39		20,972
	6,707		4.500			03/01/39		7,514
	1,737		4.500			04/01/39		1,947
	50,158		4.500			05/01/39		56,191
	133,940		5.000			05/01/39		152,700
	153,691		4.500			06/01/39		172,179
	2,705		4.500			07/01/39		3,030
	249,713		5.000			07/01/39		284,703
	3,699		4.500			08/01/39		4,144
	7,445		4.500			09/01/39		8,340
	1,877		4.500			10/01/39		2,103
	1,220		4.500			11/01/39		1,366
	5,246		4.500			12/01/39		5,876
	5,416		4.500			01/01/40		6,067
	3,433		4.500			04/01/40		3,835
	5,755		4.500			05/01/40		6,429
	12,588		4.000			06/01/40		13,878
	8,580		4.500			06/01/40		9,586
	5,330		4.500			07/01/40		5,954


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	1,423		4.500			08/01/40		1,590
	6,268		5.000			08/01/40		7,119
	11,758		5.000			10/01/40		13,550
	99,002		4.000			02/01/41		109,215
	30,547		4.500			02/01/41		34,215
	5,747		4.500			03/01/41		6,440
	11,573		4.500			04/01/41		12,969
	12,146		4.500			05/01/41		13,610
	26,062		4.500			06/01/41		29,204
	1,604		5.000			06/01/41		1,847
	65,605		4.500			08/01/41		73,513
	68,715		4.500			09/01/41		76,769
	51,567		4.000			10/01/41		57,270
	7,837		4.000			11/01/41		8,660
	4,094		4.500			12/01/41		4,588
	445,879		4.000			03/01/42		490,759
	53,103		4.500			03/01/42		59,503
	23,641		3.000			05/01/42		25,074
	289,963		3.500			06/01/42		316,424
	588,314		4.500			06/01/42		661,881
	87,414		3.000			08/01/42		93,232
	74,694		3.500			08/01/42		81,630
	36,660		3.000			10/01/42		39,079
	202,139		3.500			10/01/42		220,911
	515,119		3.000			11/01/42		551,846
	132,666		3.500			11/01/42		144,987
	907,245		3.000			12/01/42		972,071
	1,568,743		3.000			01/01/43		1,680,497
	138,538		3.000			02/01/43		147,047
	1,677,837		3.500			08/01/43		1,813,269
	783,527		4.000			08/01/43		864,926
	434,786		4.000			01/01/44		479,938
	501,659		3.500			02/01/44		545,911
	433,409		3.500			06/01/44		470,815
	12,921		4.000			11/01/44		14,411
	58,011		3.500			02/01/45		63,164
	91,834		3.500			03/01/45		99,936
	13,761		3.500			08/01/45		14,803
	13,631		3.500			09/01/45		14,671
	35,723		3.500			11/01/45		38,393
	2,626,593		3.500			03/01/46		2,842,808
	429,711		3.500			05/01/46		462,843
	526,264		3.500			06/01/46		565,434
	222,265		3.500			07/01/46		238,808
	27,203		3.500			10/01/46		29,211
	51,778		3.500			12/01/46		55,584
	10,327,925		3.000			05/01/47		10,962,614
	339,846		3.500			12/01/47		367,478
	3,861,488		3.000			01/01/48		4,113,158
	1,981,469		4.000			06/01/48		2,142,421
	1,725,871		4.000			07/01/48		1,866,062
	2,725,445		3.500			12/01/48		2,884,774

								37,846,867


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
FNMA – 6.4%
$	2,277		7.000	%		08/01/31		$	2,596
	94,828		3.500			07/01/42			103,590
	82,548		3.500			08/01/42			90,176
	64,657		3.500			09/01/42			70,632
	8,556		3.500			10/01/42			9,346
	15,847		3.500			11/01/42			17,311
	8,866		3.500			01/01/43			9,685
	189,840		3.500			02/01/43			207,383
	21,271		3.500			05/01/43			23,237
	843,529		3.500			07/01/43			921,477
	419,916		3.500			01/01/44			458,720
	20,253		3.500			12/01/44			22,030
	386,685		4.000			03/01/45			425,652
	176,716		4.000			04/01/45			194,524
	1,845,801		4.500			06/01/51			2,093,756
	3,527,425		4.000			05/01/56			3,938,006
	4,013,667		4.000			07/01/56			4,480,844
	2,240,011		3.500			08/01/56			2,442,104
	3,835,192		3.500			10/01/56			4,218,355
	2,863,919		4.000			02/01/57			3,197,269

									22,926,693

GNMA – 43.9%
	3,159		6.000			04/15/26			3,344
	173		6.500			01/15/32			188
	858		6.500			02/15/32			970
	233,613		5.500			04/15/33			262,952
	4,410		5.000			11/15/33			4,966
	653		6.500			08/15/34			757
	562		6.500			02/15/36			665
	1,479		6.500			03/15/36			1,745
	2,186		6.500			04/15/36			2,499
	9,044		6.500			05/15/36			10,646
	4,259		6.500			06/15/36			5,030
	22,486		6.500			07/15/36			26,271
	25,854		6.500			08/15/36			30,176
	47,406		6.500			09/15/36			55,693
	19,843		6.500			10/15/36			23,261
	29,899		6.500			11/15/36			35,045
	12,907		6.500			12/15/36			15,176
	7,419		6.500			01/15/37			8,716
	1,590		6.500			03/15/37			1,882
	3,404		6.500			04/15/37			4,000
	832		6.500			05/15/37			938
	1,923		6.500			08/15/37			2,262
	6,259		6.500			09/15/37			7,316
	8,933		6.500			10/15/37			10,439
	2,784		6.500			11/15/37			3,225
	2,212		6.500			05/15/38			2,609
	1,720		6.500			02/15/39			2,019
	224,875		5.000			01/20/40			256,905
	189,431		4.500			05/15/40			212,018
	100,610		5.000			07/15/40			107,481
	150,763		3.500			09/15/42			162,450
	190,433		3.500			02/15/45			202,488
	52,908		4.000			05/20/45			58,148


Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	40,731		4.000			07/20/45			44,714
	73,850		4.000			10/20/45			81,072
	227,176		4.000			01/20/46			248,966
	885,926		4.500			03/20/46			984,203
	2,121,107		3.000			06/20/46			2,237,344
	1,433,865		3.500			09/20/46			1,530,863
	609,905		3.500			10/20/46			651,164
	625,939		3.500			12/20/46			668,283
	622,843		3.500			01/20/47			664,977
	675,217		3.500			02/20/47			720,894
	3,870,381		4.500			02/20/47			4,295,734
	13,204		3.500			03/20/47			14,058
	430,529		4.500			03/20/47			473,176
	3,294,023		3.500			04/20/47			3,504,343
	22,563		3.500			05/20/47			24,022
	2,402,807		4.500			05/20/47			2,640,072
	3,508,884		4.000			06/20/47			3,791,990
	413,005		4.500			06/20/47			453,561
	127,710		4.500			07/20/47			140,221
	32,511		3.500			08/20/47			34,614
	1,211,755		4.500			08/20/47			1,329,705
	7,805		3.500			09/20/47			8,310
	12,851		3.500			10/20/47			13,682
	851,252		3.500			11/20/47			906,315
	1,641,050		3.500			12/20/47			1,747,200
	2,308,840		3.500			01/20/48			2,458,186
	1,592,963		4.500			09/20/48			1,729,228
	937,721		5.000			09/20/48			1,024,471
	4,413,606		5.000			11/20/48			4,820,535
	1,921,854		4.500			12/20/48			2,080,397
	1,762,159		5.000			12/20/48			1,923,527
	68,099		3.500			01/20/49			72,504
	2,784,971		4.500			01/20/49			3,012,541
	3,510,858		5.000			01/20/49			3,831,264
	2,229,373		4.000			02/20/49			2,392,872
	1,430,259		4.500			03/20/49			1,546,237
	2,204,602		5.000			03/20/49			2,403,730
	2,673,819		4.000			04/20/49			2,868,452
	1,691,036		4.000			05/20/49			1,812,544
	333,047		5.000			06/20/49			363,467
	4,690,440		3.000			07/20/49			4,937,836
	3,208,896		4.500			10/20/49			3,475,513
	6,724,502		3.000			08/20/50			7,031,424
	28,000,000		2.000			TBA-30yr	^(e)		28,211,632
	35,000,000		2.500			TBA-30yr	^(e)		36,040,980
	15,000,000		3.000			TBA-30yr	^(e)		15,623,070

									156,392,173

Sequential Fixed Rate – 0.3%
	939,475		4.500			02/20/49			1,015,949

UMBS – 21.0%
	179		7.000			09/01/21			180
	3,663		7.000			06/01/22			3,739
	2,072		7.000			07/01/22			2,119
	282		4.500			04/01/23			290


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	1,975		5.000	%		01/01/33	$	2,239
	195,958		4.500			07/01/36		219,524
	16,563		4.500			12/01/36		18,555
	149,935		4.500			02/01/39		167,922
	3,789		4.500			03/01/39		4,214
	4,484		4.500			05/01/39		4,988
	2,782		4.500			07/01/39		3,094
	3,006		4.000			08/01/39		3,314
	8,443		4.500			09/01/39		9,456
	10,315		4.500			10/01/39		11,552
	26,792		4.500			02/01/40		30,132
	4,319		4.500			03/01/40		4,838
	61,521		4.500			04/01/40		68,692
	22,788		4.500			06/01/40		25,628
	4,358		4.500			09/01/40		4,901
	5,531		4.500			12/01/40		6,175
	55,834		4.500			01/01/41		62,342
	17,548		4.500			04/01/41		19,659
	34,824		4.500			06/01/41		39,012
	22,822		4.500			07/01/41		25,567
	100,552		4.500			08/01/41		112,973
	120,629		4.500			09/01/41		135,136
	96,979		3.500			10/01/41		105,426
	83,621		4.500			10/01/41		93,677
	29,644		3.500			11/01/41		32,225
	80,303		4.500			11/01/41		89,960
	51,365		4.500			12/01/41		57,542
	101,895		3.500			01/01/42		110,769
	53,440		4.500			01/01/42		59,868
	15,254		3.500			02/01/42		16,563
	398,615		4.000			03/01/42		438,637
	6,538		4.500			03/01/42		7,341
	81,213		4.000			04/01/42		89,367
	16,461		4.500			04/01/42		18,482
	6,816		3.500			05/01/42		7,368
	39,277		3.500			06/01/42		42,637
	76,111		3.000			09/01/42		80,776
	25,162		3.500			09/01/42		27,314
	172,342		3.500			10/01/42		187,081
	408,307		3.000			12/01/42		433,874
	72,632		3.500			12/01/42		78,845
	91,461		3.000			01/01/43		98,438
	34,828		3.000			02/01/43		37,485
	250,515		3.500			02/01/43		271,437
	904,210		3.000			03/01/43		973,190
	884,420		3.500			03/01/43		957,666
	973,782		3.000			04/01/43		1,048,165
	925,642		3.500			04/01/43		1,000,083
	372,441		2.500			05/01/43		385,950
	1,193,412		3.000			05/01/43		1,285,948
	165,383		3.500			05/01/43		178,666
	44,801		3.000			06/01/43		48,275
	707,609		3.500			06/01/43		766,024
	355,470		3.000			07/01/43		383,033
	2,281,090		3.500			07/01/43		2,466,746
	1,134,081		3.500			08/01/43		1,225,450


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	37,084		3.500			09/01/43		40,221
	79,254		3.500			01/01/44		85,983
	29,560		3.500			08/01/44		31,713
	62,959		3.500			09/01/44		67,933
	104,095		3.500			10/01/44		114,267
	43,029		5.000			12/01/44		48,677
	27,518		3.500			01/01/45		29,949
	345,646		4.000			02/01/45		381,557
	119,854		3.500			03/01/45		130,135
	63,257		3.500			04/01/45		68,074
	736,471		3.500			05/01/45		808,439
	1,664,404		4.500			06/01/45		1,857,740
	95,369		3.500			07/01/45		102,602
	15,374		3.500			11/01/45		16,516
	391,331		4.000			11/01/45		427,898
	298,264		3.500			01/01/46		320,886
	642,691		3.500			03/01/46		704,412
	219,825		4.000			03/01/46		239,505
	90,155		3.500			04/01/46		98,824
	530,133		3.500			05/01/46		571,169
	139,135		4.000			06/01/46		151,088
	365,775		4.500			06/01/46		403,252
	377,557		3.000			07/01/46		396,969
	420,300		4.000			07/01/46		456,408
	212,040		3.000			08/01/46		222,941
	526,811		4.000			08/01/46		572,071
	868,885		3.000			09/01/46		913,556
	279,234		3.000			10/01/46		293,589
	274,408		4.000			10/01/46		297,984
	1,042,398		3.000			11/01/46		1,098,505
	456,584		3.000			12/01/46		480,058
	1,876,396		3.000			01/01/47		1,972,866
	83,988		3.000			02/01/47		88,306
	1,494,029		4.000			02/01/47		1,622,626
	1,111,393		4.500			02/01/47		1,240,491
	283,447		3.000			04/01/47		298,154
	827,148		3.500			06/01/47		877,173
	1,408,353		3.000			09/01/47		1,480,760
	289,987		4.500			11/01/47		321,602
	2,574,336		4.000			02/01/48		2,810,425
	1,721,602		3.500			03/01/48		1,822,586
	576,499		4.500			05/01/48		643,313
	892,494		3.500			06/01/48		946,352
	2,371,662		4.500			06/01/48		2,578,901
	2,084,418		3.500			11/01/48		2,210,202
	2,692,726		5.000			11/01/48		3,059,084
	2,942,309		4.000			01/01/49		3,203,871
	555,788		4.500			TBA-30yr		604,497
	7,787,758		4.500			03/01/49		8,481,692
	2,669,958		4.500			04/01/49		2,898,257
	1,291,170		3.500			07/01/49		1,393,325
	844,792		3.500			08/01/49		912,297
	2,781,546		3.000			09/01/49		2,946,806
	228,094		4.500			12/01/49		248,114
	6,264,053		4.500			01/01/50		6,799,670

								74,984,840


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(e) – 26.3%
$	62,000,000		2.000	%		TBA-30yr	$	61,806,182
	6,000,000		2.500			TBA-30yr		6,156,328
	25,000,000		2.500			TBA - 30yr		25,597,655

								93,560,165

	TOTAL FEDERAL AGENCIES						$	387,518,691

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $417,209,952)						$	426,786,193



Asset-Backed Securities^(b) – 7.4%
Collateralized Loan Obligations^(c) – 4.7%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		1.256	%		06/15/28	$	1,300,398
	Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		1.262			05/17/31		798,865
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	600,000		3.254			07/20/30		599,370
	Crown City CLO I Series 2020-1A, Class C (3M USD LIBOR + 4.620%)
	2,500,000		4.844			07/20/30		2,503,522
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	284,333		1.491			07/15/26		284,347
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	1,500,000		1.481			04/15/33		1,505,973
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	1,850,000		2.084			07/20/31		1,860,227
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,465,377		1.023			01/18/28		1,463,788
	Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		1.751			04/15/31		998,960
	Pikes Peak CLO 6 Series 2020-6A, Class C (3M USD LIBOR + 4.040%)
	800,000		4.229			08/18/30		800,842
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		1.624			01/21/31		846,478
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		2.024			01/21/31		543,916
	Towd Point Mortgage Trust Series 2016-4, Class M1
	100,000		3.250			07/25/56		105,528
	York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		1.342			10/22/29		2,100,059
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	925,000		2.774			07/28/30		929,421

								16,641,694


Asset-Backed Securities^(b) – (continued)
Student Loan – 2.7%
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	252,273		0.809			12/26/35		250,726
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(c) (1M USD LIBOR + 1.200%)
	1,488,857		1.309			12/27/66		1,508,511
	Goal Capital Funding Trust Series 2010-1, Class A^(c) (3M USD LIBOR + 0.700%)
	974,110		0.888			08/25/48		978,240
	Higher Education Funding I Series 2014-1, Class A^(c) (3M USD LIBOR + 1.050%)
	992,567		1.238			05/25/34		998,032
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	700,026		1.118			07/25/45		694,944
	PHEAA Student Loan Trust Series 2011-1A, Class A1^(c) (3M USD LIBOR + 1.100%)
	1,319,314		1.301			06/25/38		1,331,232
	PHEAA Student Loan Trust Series 2014-3A, Class A^(c) (1M USD LIBOR + 0.590%)
	3,040,086		0.699			08/25/40		3,045,879
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	711,123		1.259			09/25/65		716,310

								9,523,874

	TOTAL ASSET-BACKED SECURITIES
	(Cost $25,978,440)						$	26,165,568



U.S. Treasury Obligations – 12.9%
	United States Treasury Bills^(f)
$	15,000,000		0.000	%		09/16/21	$	14,998,075
	12,000,000		0.000			09/23/21		11,998,323
	United States Treasury Notes
	3,790,000		0.375	^(g)		12/31/25		3,701,172
	3,890,000		0.500	^(g)		02/28/26		3,813,416
	4,040,000		0.750			03/31/26		4,004,334
	3,710,000		1.125	^(g)		02/29/28		3,645,075
	3,910,000		1.250			03/31/28		3,869,067

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $46,258,804)						$	46,029,462


Shares		Dividend Rate	Value

Investment Company^(h) – 6.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,061,017	0.036%	$	23,061,017
	(Cost $23,061,017)

	TOTAL INVESTMENTS – 146.5%
	(Cost $512,508,213)		$	522,042,240

	LIABILITIES IN EXCESS OF OTHER ASSETS – (46.5)%			(165,580,854	)

	NET ASSETS – 100.0%		$	356,461,386


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2021



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

(a)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2021.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2021.

(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $173,435,847 which represents approximately 48.7% of the Fund’s net assets as of March 31, 2021.

(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(g)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(h)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
MTA		—Monthly Treasury Average
PI		—Private Investment
PLC		—Public Limited Company
REMIC		—Real Estate Mortgage Investment Conduit
STRIPS		—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2021, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		04/21/21	$	(8,000,000	)	$	(8,073,591	)
GNMA		4.500		TBA-30yr		04/21/21		(3,000,000	)		(3,245,131	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		04/14/21		(3,000,000	)		(3,124,924	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		05/13/21		(3,000,000	)		(3,125,509	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		04/14/21		(1,000,000	)		(1,056,406	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		05/13/21		(7,000,000	)		(7,402,497	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		04/14/21		(9,000,000	)		(9,658,827	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		04/14/21		(1,000,000	)		(1,088,906	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		04/14/21		(1,000,000	)		(1,107,705	)

TOTAL (Proceeds Receivable: $(37,954,082))										$	(37,883,496	)

(a)


112		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		14			06/21/21	$	2,011,625		$	(7,901	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(11	)		06/21/21		(1,993,406	)		12,339
2 Year U.S. Treasury Notes		(142	)		06/30/21		(31,343,172	)		9,557
5 Year U.S. Treasury Notes		(168	)		06/30/21		(20,730,938	)		59,454
10 Year U.S. Treasury Notes		(5	)		06/21/21		(654,687	)		533
20 Year U.S. Treasury Bonds		(3	)		06/21/21		(463,781	)		8,901

Total									$	90,784

TOTAL FUTURES CONTRACTS									$	82,883

SWAP CONTRACTS — At March 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.000^(a)		3M LIBOR^(a)	07/25/24	$	16,200		$	1,491		$	5,437		$	(3,946	)
0.000^(a)		3M LIBOR^(a)	11/10/24		9,600			298			9			289
3M LIBOR^(a)		0.500^(b)	06/16/26		20	^(c)		(615	)		(512	)		(103	)
3M LIBOR^(a)		2.209^(b)	02/25/31		2,020	^(c)		(31,617	)		(6,033	)		(25,584	)
2.431^(b)		3M LIBOR^(a)	02/25/36		2,490	^(c)		24,687			3,006			21,681

TOTAL							$	(5,756	)	$	1,907		$	(7,663	)

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2021.


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2021

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2021^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 11		3.000%	4.089%		Citibank NA		11/18/54	$	1,500	$	(90,163	)	$	(216,975	)	$	126,812
Markit CMBX Series 8		3.000	8.204		Citibank NA		10/17/57		2,200		(345,442	)		(505,978	)		160,536
Markit CMBX Series 10		3.000	5.692		JPMorgan Securities, Inc.		11/17/59		2,450		(307,143	)		(7,209	)		(299,934	)
Markit CMBX Series 11		2.000	2.237		JPMorgan Securities, Inc.		11/18/54		2,500		(34,322	)		(387,514	)		353,192
Markit CMBX Series 11		3.000	4.089		JPMorgan Securities, Inc.		11/18/54		2,400		(144,417	)		(32,128	)		(112,289	)
Markit CMBX Series 9		3.000	5.833		JPMorgan Securities, Inc.		09/17/58		1,200		(132,625	)		(5,433	)		(127,192	)
Markit CMBX Series 10		3.000	5.692		MS & Co. Int. PLC		11/17/59		400		(50,179	)		(63,608	)		13,429

TOTAL										$	(1,104,291	)	$	(1,218,845	)	$	114,554

(a)

Payments made monthly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
3M IRS	Deutsche Bank AG (London)		0.925	%		06/01/2021		4,400,000		$	4,400,000		$	49,575		$	29,795		$	19,780
3M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		4,580,000			4,580,000			105,643			23,358			82,285

Total purchased option contracts								8,980,000		$	8,980,000		$	155,218		$	53,153		$	102,065
Written option contracts
Puts
3M IRS	Deutsche Bank AG (London)		1.265			06/01/2021		(4,400,000	)		(4,400,000	)		(13,937	)		(11,173	)		(2,764	)
3M IRS	Deutsche Bank AG (London)		1.095			06/01/2021		(4,400,000	)		(4,400,000	)		(27,178	)		(18,622	)		(8,556	)
3M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(4,580,000	)		(4,580,000	)		(82,081	)		(14,198	)		(67,883	)
3M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(4,580,000	)		(4,580,000	)		(61,754	)		(9,160	)		(52,594	)

Total written option contracts								(17,960,000	)	$	(17,960,000	)	$	(184,950	)	$	(53,153	)	$	(131,797	)

TOTAL								(8,980,000	)	$	(8,980,000	)	$	(29,732	)	$	—		$	(29,732	)



Abbreviation:
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC


114		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2021


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund

Assets:

Investments, at value (cost $1,204,471,374, $1,875,901,895 and $1,861,087,983, respectively)^(a)	$	1,128,372,959		$	1,939,145,878		$	1,848,393,183
Investments of affiliated issuers, at value (cost $70,788,766, $72,950,280 and $220,574,301, respectively)		70,788,766			72,950,280			220,574,301
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0, $33,937,193 and $0, respectively)		—			33,937,193			—
Purchased options, at value (premium paid $901,542, $0 and $0, respectively)		227,414			—			—
Cash		22,432,711			31,281,415			38,389,731
Foreign currencies, at value (cost $683,914, $2,313,181 and $3,613,096 respectively)		630,829			2,312,049			3,582,049
Unrealized gain on swap contracts		397,342			304,318			—
Unrealized gain on forward foreign currency exchange contracts		14,200,450			937,596			1,395,855
Variation margin on futures contracts		—			865,552			131,613
Variation margin on swaps contracts		89,542			591,362			111,691
Receivables:
Collateral on certain derivative contracts^(b)		55,579,093			16,762,203			2,777,695
Interest and dividends		14,418,972			26,467,363			6,163,878
Investments sold on an extended-settlement basis		9,810,657			5,274,287			—
Investments sold		3,479,065			3,622,004			30,384,696
Fund shares sold		2,376,265			1,846,208			11,992,418
Due from broker		289,921			—			—
Reimbursement from investment adviser		61,541			43,422			—
Upfront payments made on swap contracts		42,104			—			—
Securities lending income		—			26,106			—
Other assets		36,920			806,432			68,534

Total assets		1,323,234,551			2,137,173,668			2,163,965,644


Liabilities:
Unrealized loss on forward foreign currency exchange contracts		8,140,685			38,300			42,965
Written option contracts, at value (premium received $373,235, $0 and $0, respectively)		1,176,234			—			—
Unrealized loss on swap contracts		494,731			—			—
Variation margin on futures contracts		809,544			—			—
Payables:
Investments purchased on an extended — settlement basis		6,987,673			17,672,053			—
Fund shares redeemed		6,234,562			4,418,882			4,283,002
Investments purchased		1,715,538			4,489,096			248,561,263
Management fees		920,465			1,248,156			859,126
Income distributions		224,408			189,785			—
Upfront payments received on swap contracts		210,232			—			—
Distribution and Service fees and Transfer Agency fees		68,994			97,293			48,964
Due to broker		27,738			403,409			—
Due to broker — upfront payment		17,558			—			—
Collateral on certain derivative contracts^(c)		—			290,000			410,000
Payable upon return of securities loaned		—			33,937,193			—
Payable for Unfunded Loan Commitments		—			—			10,302
Accrued expenses		843,225			471,138			1,029,158

Total liabilities		27,871,587			63,255,305			255,244,780


Net Assets:

Paid-in capital		1,501,902,566			2,506,159,867			2,321,036,080
Total distributable earnings (loss)		(206,539,602	)		(432,241,504	)		(412,315,216	)

NET ASSETS	$	1,295,362,964		$	2,073,918,363		$	1,908,720,864

Net Assets:
Class A	$	43,340,072		$	126,459,381		$	3,582,653
Class C		10,191,533			6,447,666			578,314
Institutional		916,157,134			295,208,848			75,148,690
Service		—			8,331,189			—
Investor		75,616,649			14,216,826			3,824,556
Class R6		214,558,077			41,824,654			143,998,671
Class R		—			6,089,482			13,411
Class P		35,499,499			1,575,340,317			1,681,574,569

Total Net Assets	$	1,295,362,964		$	2,073,918,363		$	1,908,720,864

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,618,483			19,782,904			382,954
Class C		851,376			1,007,961			61,811
Institutional		76,398,510			46,080,176			8,029,027
Service		—			1,304,499			—
Investor		6,303,749			2,220,123			407,765
Class R6		17,892,212			6,517,036			15,378,444
Class R		—			953,761			1,434
Class P		2,961,700			245,865,142			179,422,008

Net asset value, offering and redemption price per share:^(d)
Class A		$11.98			$6.39			$9.36
Class C		11.97			6.40			9.36
Institutional		11.99			6.41			9.36
Service		—			6.39			—
Investor		12.00			6.40			9.38
Class R6		11.99			6.42			9.36
Class R		—			6.38			9.35
Class P		11.99			6.41			9.37

(a)

Includes loaned securities having a market value of $0,$33,259,217 and $0, respectively.

(b)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps
Emerging Markets Debt	$	6,462,963	$	49,116,130
High Yield		2,279,962		14,482,241

High Yield Floating Rate		827,310		1,950,385

(c)

Segregated for initial margin and/or collateral as follows:


Fund	Swaps		Forwards Currency Contracts
High Yield	$	290,000	$	—

High Yield Floating Rate		—		410,000

(d)

Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield and High Yield Floating Rate Funds is $12.54, $6.69 and $9.58, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2021


	Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund

Assets:
Investments, at value (cost $436,839,882, $70,174,602 and $489,447,196, respectively)	$	459,549,432	$	65,135,331		$	498,981,223
Investments of affiliated issuers, at value (Cost $0, $5,991,605 and $23,061,017, respectively)		—		5,991,605			23,061,017
Purchased options, at value (premium paid $0, $114,337 and $53,153, respectively)		—		27,857			155,218
Cash		1,816,363		1,121,037			5,526,384
Foreign currencies, at value (cost $6,294, $1,642,442 and $2,021, respectively)		6,323		1,448,895			2,032
Unrealized gain on swap contracts		—		375,492			653,969
Unrealized gain on forward foreign currency exchange contracts		409,696		1,475,293			—
Variation margin on futures contracts		—		—			39,733
Variation margin on swaps contracts		128,559		25,594			4,148
Receivables:
Collateral on certain derivative contracts^(a)		6,588,968		2,713,678			1,266,877
Interest and dividends		4,388,274		1,164,791			942,455
Investments sold on an extended-settlement basis		224,402		261,011			275,565,282
Investments sold		400,516		493,656			1,581
Fund shares sold		524,059		4,769			1,927,954
Reimbursement from investment adviser		30,120		28,485			—
Due from broker		—		38,042			—
Upfront payments made on swap contracts		—		92,234			—
Due from broker — upfront payment		—		9,234			—
Other assets		38,206		34,769			42,011
Total assets		474,104,918		80,441,773			808,169,884


Liabilities:
Unrealized loss on forward foreign currency exchange contracts		158,808		1,479,130			—
Forward sale contracts, at value (proceeds received $0, $0 and $37,954,082, respectively)		—		—			37,883,496
Written option contracts, at value (premium received $0, $48,563 and $53,153, respectively)		—		156,552			184,950
Unrealized loss on non-deliverable bond forward contracts, at value		—		23,755			—
Unrealized loss on swap contracts		—		47,678			539,415
Variation margin on futures contracts		172,020		1,254			—
Payables:
Investments purchased on an extended — settlement basis		474,567		443,057			411,089,785
Fund shares redeemed		251,906		264,041			247,243
Management fees		146,371		53,726			101,408
Income distributions		69,137		4,614			94,097
Distribution and Service fees and Transfer Agency fees		17,287		6,309			25,305
Investments purchased		—		10,256			979
Upfront payments received on swap contracts		—		13,412			1,218,845
Collateral on certain derivative contracts^(b)		—		510,000			30,000
Accrued expenses		281,219		482,083			292,975
Total liabilities		1,571,315		3,495,867			451,708,498


Net Assets:

Paid-in capital		446,539,453		232,745,713			358,270,935
Total distributable earnings (loss)		25,994,150		(155,799,807	)		(1,809,549	)

NET ASSETS	$	472,533,603	$	76,945,906		$	356,461,386
Net Assets:
Class A	$	9,743,295	$	4,795,017		$	38,326,765
Class C		—		2,054,874			—
Institutional		123,553,196		11,320,359			89,597,824
Separate Account Institutional		176,606,399		—			150,886,791
Investor		5,364,317		4,781,356			57,023,136
Class R6		1,227,852		24,800,018			8,244,931
Class P		156,038,544		29,194,282			12,381,939

Total Net Assets	$	472,533,603	$	76,945,906		$	356,461,386

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,015,926		861,738			3,630,927
Class C		—		369,921			—
Institutional		12,879,157		2,041,584			8,466,302
Separate Account Institutional		18,404,476		—			14,293,199
Investor		559,137		861,544			5,390,124
Class R6		127,993		4,470,623			779,344
Class P		16,271,792		5,263,296			1,170,339

Net asset value, offering and redemption price per share:^(c)
Class A		$9.59		$5.56			$10.56
Class C		—		5.55			—
Institutional		9.59		5.54			10.58
Separate Account Institutional		9.60		—			10.56
Investor		9.59		5.55			10.58
Class R6		9.59		5.55			10.58
Class P		9.59		5.55			10.58

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		TBA
Investment Grade Credit	$	1,666,400	$	4,922,568	$	—
Local Emerging Markets Debt		13,340		2,700,338		—

U.S. Mortgages		—		616,877		650,000

(b)

Segregated for initial margin and/or collateral as follows:


Fund	Swaps		TBA
Local Emerging Markets Debt	$	510,000	$	—

U.S. Mortgages		—		30,000

(c)

Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $9.96, $5.82 and $10.97, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


116		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2021


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:

Interest (net of foreign withholding taxes of $ 19,831, $ 4,647 and $85, respectively)	$	62,121,538		$	120,887,191		$	61,218,163

Dividends — affiliated issuers		31,916			22,376			35,487

Dividends — unaffiliated issuers		—			3,957,470			1,465,060

Securities lending income — unaffiliated issuers		—			57,744			49,496

Total investment income		62,153,454			124,924,781			62,768,206

Expenses:

Management fees		10,409,723			14,378,040			7,902,545

Transfer Agency fees^(a)		602,492			797,447			421,479

Professional fees		255,650			192,399			403,691

Printing and mailing costs		239,843			161,637			64,045

Custody, accounting and administrative services		222,691			169,597			527,559

Distribution and Service (12b-1) fees^(a)		199,676			442,226			12,739

Registration fees		109,389			149,793			110,318

Prime Broker Fees		34,665			—			791

Service fees — Class C		32,414			23,044			1,611

Trustee fees		20,862			22,031			20,630

Shareholder Administration fees — Service Class		—			18,037			—

Interest expense		—			—			706,319

Other		137,423			106,719			68,081

Total expenses		12,264,828			16,460,970			10,239,808

Less — expense reductions		(763,549	)		(573,912	)		(573,363	)

Net expenses		11,501,279			15,887,058			9,666,445

NET INVESTMENT INCOME		50,652,175			109,037,723			53,101,761


Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(43,096,471	)		(15,199,605	)		(33,366,682	)

Purchased options		(2,100,628	)		—			—

Futures contracts		2,885,881			334,166			276,458

Written options		1,805,631			—			—

Swap contracts		3,233,790			15,267,183			3,194,738

Forward foreign currency exchange contracts		(9,521,282	)		(2,501,894	)		(3,466,305	)

Foreign currency transactions		(256,710	)		234,822			(75,938	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		222,176,935			316,447,967			240,430,084

Purchased options		(674,128	)		—			—

Futures contracts		(21,633,718	)		(12,705,013	)		1,383,384

Unfunded Loan Commitment		—			—			48,187

Written options		(802,999	)		—			—

Swap contracts		10,687,254			5,211,308			781,781

Forward foreign currency exchange contracts		8,717,618			1,213,987			2,198,365

Foreign currency translation		31,442			(6,263	)		341,709

Net realized and unrealized gain		171,452,615			308,296,658			211,745,781

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	222,104,790		$	417,334,381		$	264,847,542

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Debt	$	102,435	$	97,241	$	—	$	—	$	50,312	$	15,909	$	379,505	$	—	$	89,022	$	59,563	$	—	$	8,181
High Yield		316,494		69,133		18,037		38,562		155,030		11,309		126,300		2,886		17,669		15,715		9,509		459,029
High Yield Floating Rate		7,840		4,833		—		66		3,837		791		45,418		—		1,223		17,090		16		353,104


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2021


	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund


Interest (net of foreign withholding taxes of $0, $24,388 and $0, respectively)	$	18,874,604		$	3,976,660		$	7,218,157

Dividends — affiliated issuers		7,237			4,662			9,622

Total investment income		18,881,841			3,981,322			7,227,779



Management fees		2,067,720			667,334			1,292,895

Transfer Agency fees^(a)		207,948			38,084			206,594

Professional fees		168,936			233,802			111,653

Custody, accounting and administrative services		109,709			164,157			42,589

Registration fees		95,936			85,008			113,777

Printing and mailing costs		52,785			41,687			68,442

Distribution and Service (12b-1) fees^(a)		28,554			34,705			90,484

Trustee fees		19,899			19,080			19,506

Service fees — Class C		—			7,411			—

Prime Broker Fees		—			5,877			—

Other		20,468			5,249			29,253

Total expenses		2,771,955			1,302,394			1,975,193

Less — expense reductions		(451,201	)		(498,392	)		(123,083	)

Net expenses		2,320,754			804,002			1,852,110

NET INVESTMENT INCOME		16,561,087			3,177,320			5,375,669




Net realized gain (loss) from:

Investments — unaffiliated issuers		17,059,175			(3,189,396	)		6,674,323

Purchased options		(38,851	)		(279,103	)		35,587

Futures contracts		(7,259,482	)		130,930			(423,875	)

Written options		104,865			241,719			114,698

Swap contracts		975,430			476,140			107,690

Non-deliverable bond forward contracts		—			(5,958	)		—

Forward foreign currency exchange contracts		(1,940,847	)		(1,592,060	)		—

Foreign currency transactions		(3,147	)		(20,664	)		(366	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		30,051,018			10,624,008			(2,681,764	)

Purchased options		—			(86,480	)		102,065

Futures contracts		(1,392,542	)		(70,693	)		568,256

Non-deliverable bond forward contracts		—			(23,755	)		—

Written options		—			(107,989	)		(152,308	)

Swap contracts		3,629,540			(19,118	)		2,036,276

Forward foreign currency exchange contracts		340,495			2,799,832			—

Foreign currency translation		(314	)		(31,659	)		11

Net realized and unrealized gain		41,525,340			8,845,754			6,380,593

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,086,427		$	12,023,074		$	11,756,262

(a)

Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:


	Distribution and/or Service (12b-1) Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Separate Account Institutional		Investor		Class R6		Class P
Investment Grade Credit	$	28,554	$	—	$	13,988	$	—	$	35,686	$	74,246	$	7,983	$	332	$	75,713
Local Emerging Markets Debt		12,471		22,234		6,113		3,622		5,115		—		5,865		8,041		9,328
U.S. Mortgages		90,484		—		44,276		—		17,576		64,773		72,196		4,849		2,924


118		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Emerging Markets Debt Fund						High Yield Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	50,652,175		$	67,030,400		$	109,037,723		$	124,373,577
Net realized gain (loss)		(47,049,789	)		12,572,617			(1,865,328	)		(91,952,837	)
Net change in unrealized gain (loss)		218,502,404			(232,256,236	)		310,161,986			(215,607,472	)
Net increase (decrease) in net assets resulting from operations		222,104,790			(152,653,219	)		417,334,381			(183,186,732	)

Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,450,163	)		(1,263,789	)		(6,632,343	)		(8,334,031	)
Class C Shares		(358,018	)		(333,826	)		(416,388	)		(640,558	)
Institutional Shares		(36,065,805	)		(25,045,372	)		(17,333,461	)		(18,978,268	)
Service Shares		—			—			(360,273	)		(417,320	)
Investor Shares		(2,730,744	)		(2,211,575	)		(791,841	)		(982,424	)
Class R6 Shares		(7,564,464	)		(5,941,679	)		(2,900,025	)		(3,954,079	)
Class R Shares		—			—			(390,449	)		(640,003	)
Class P Shares		(1,024,298	)		(365,229	)		(84,260,269	)		(94,416,365	)
Return of capital:		—			—			—			—
Class A Shares		—			(1,111,999	)		—			(102,002	)
Class C Shares		—			(293,731	)		—			(7,841	)
Institutional Shares		—			(22,037,261	)		—			(232,276	)
Service Shares		—			—			—			(5,107	)
Investor Shares		—			(1,945,950	)		—			(12,024	)
Class R6 Shares		—			(5,228,046	)		—			(48,394	)
Class R Shares		—			—			—			(7,833	)
Class P Shares		—			(321,363	)		—			(1,155,570	)
Total distributions to shareholders		(49,193,492	)		(66,099,820	)		(113,085,049	)		(129,934,095	)

From share transactions:
Proceeds from sales of shares		502,460,176			418,273,440			584,185,101			515,826,133
Reinvestment of distributions		46,316,791			61,592,841			110,746,040			125,559,176
Cost of shares redeemed		(580,939,557	)		(727,835,920	)^(a)		(716,120,544	)		(783,479,661	)^(b)
Net decrease in net assets resulting from share transactions		(32,162,590	)		(247,969,639	)		(21,189,403	)		(142,094,352	)
TOTAL INCREASE (DECREASE)		140,748,708			(466,722,678	)		283,059,929			(455,215,179	)

Net assets:
Beginning of year		1,154,614,256			1,621,336,934			1,790,858,434			2,246,073,613
End of year	$	1,295,362,964		$	1,154,614,256		$	2,073,918,363		$	1,790,858,434

(a)

Net of $45,883 of redemption fees for Emerging Markets Debt Fund for the fiscal year ended March 31, 2020.

(b)

Net of $54,742 of redemption fees for the High Yield Fund for the fiscal year ended March 31, 2020.


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Yield Floating Rate Fund						Investment Grade Credit Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	53,101,761		$	108,069,115		$	16,561,087		$	16,247,204
Net realized gain (loss)		(33,437,729	)		(99,986,357	)		8,897,143			14,853,954
Net change in unrealized gain (loss)		245,183,510			(180,857,630	)		32,628,197			(19,764,308	)
Net increase (decrease) in net assets resulting from operations		264,847,542			(172,774,872	)		58,086,427			11,336,850

Distributions to shareholders:
From distributable earnings:
Class A Shares		(115,889	)		(169,688	)		(437,571	)		(420,113	)
Class C Shares		(19,371	)		(41,208	)		—			–
Institutional Shares		(4,610,290	)		(5,716,419	)		(4,358,306	)		(2,343,388	)
Separate Account Institutional		—			—			(10,414,007	)		(11,315,432	)
Investor Shares		(38,449	)		(72,087	)		(264,006	)		(181,765	)
Class R6 Shares		(2,104,745	)		(1,774,242	)		(46,742	)		(44,221	)
Class R Shares		(459	)		(936	)		—			—
Class P Shares		(47,256,740	)		(100,901,335	)		(10,358,321	)		(9,369,285	)
Total distributions to shareholders		(54,145,943	)		(108,675,915	)		(25,878,953	)		(23,674,204	)

From share transactions:
Proceeds from sales of shares		1,035,547,752			362,853,216			378,934,787			161,915,703
Reinvestment of distributions		54,002,452			107,988,395			25,428,575			22,621,942
Cost of shares redeemed		(632,776,903	)		(1,285,710,520	)		(448,024,686	)		(165,854,670	)
Net increase (decrease) in net assets resulting from share transactions		456,773,301			(814,868,909	)		(43,661,324	)		18,682,975
TOTAL INCREASE (DECREASE)		667,474,900			(1,096,319,696	)		(11,453,850	)		6,345,621

Net assets:
Beginning of year		1,241,245,964			2,337,565,660			483,987,453			477,641,832
End of year	$	1,908,720,864		$	1,241,245,964		$	472,533,603		$	483,987,453


120		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Local Emerging Markets Debt Fund						U.S. Mortgages Fund
	For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2021			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	3,177,320		$	6,153,473		$	5,375,669		$	9,698,914
Net realized gain (loss)		(4,238,392	)		(9,071,336	)		6,508,057			9,356,173
Net change in unrealized gain (loss)		13,084,146			(4,657,519	)		(127,464	)		6,327,978
Net increase (decrease) in net assets resulting from operations		12,023,074			(7,575,382	)		11,756,262			25,383,065

Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(35	)		(904,307	)		(802,424	)
Class C Shares		—			(16	)		—			—
Institutional Shares		—			(177	)		(1,240,753	)		(1,014,305	)
Separate Account Institutional		—			—			(6,160,623	)		(6,829,488	)
Investor Shares		—			(48	)		(1,649,090	)		(4,596,122	)
Class R6 Shares		—			(362	)		(469,584	)		(498,184	)
Class P Shares		—			(291	)		(272,640	)		(265,754	)
Return of capital:
Class A Shares		(175,721	)		(221,272	)		—			(21,716	)
Class C Shares		(83,705	)		(107,814	)		—			—
Institutional Shares		(488,572	)		(1,101,239	)		—			(27,448	)
Separate Account Institutional		—			—			—			(184,820	)
Investor Shares		(178,869	)		(299,433	)		—			(124,380	)
Class R6 Shares		(1,038,072	)		(2,268,381	)		—			(13,482	)
Class P Shares		(1,193,174	)		(1,826,494	)		—			(7,191	)
Total distributions to shareholders		(3,158,113	)		(5,825,562	)		(10,696,997	)		(14,385,314	)

From share transactions:
Proceeds from sales of shares		11,295,087			18,687,145			206,857,063			190,191,461
Reinvestment of distributions		3,097,663			5,707,127			10,060,392			13,518,689
Cost of shares redeemed		(37,153,004	)		(113,751,122	)^(a)		(291,960,911	)		(241,007,411	)
Net decrease in net assets resulting from share transactions		(22,760,254	)		(89,356,850	)		(75,043,456	)		(37,297,261	)
TOTAL DECREASE		(13,895,293	)		(102,757,794	)		(73,984,191	)		(26,299,510	)

Net assets:
Beginning of year		90,841,199			193,598,993			430,445,577			456,745,087
End of year	$	76,945,906		$	90,841,199		$	356,461,386		$	430,445,577

(a)

Net of $30,109 of redemption fees for the Local Emerging Markets Debt Fund for the fiscal year ended March 31, 2020.


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.36		$	12.20		$	12.67		$	12.73		$	12.25

Net investment income^(a)		0.43			0.51			0.58			0.56			0.60

Net realized and unrealized gain (loss)		1.61			(1.85	)		(0.51	)		(0.08	)		0.46

Total from investment operations		2.04			(1.34	)		0.07			0.48			1.06

Distributions to shareholders from net investment income		(0.42	)		(0.26	)		(0.50	)		(0.54	)		(0.58	)

Distributions to shareholders from return of capital		—			(0.24	)		(0.04	)		—			—

Total distributions		(0.42	)		(0.50	)		(0.54	)		(0.54	)		(0.58	)

Net asset value, end of year	$	11.98		$	10.36		$	12.20		$	12.67		$	12.73

Total return^(b)		19.75	%		(11.48	)%		0.77	%		3.75	%		8.79	%

Net assets, end of year (in 000s)	$	43,340		$	46,179		$	61,408		$	105,098		$	103,548

Ratio of net expenses to average net assets		1.17	%		1.19	%		1.20	%		1.20	%		1.23	%

Ratio of total expenses to average net assets		1.25	%		1.26	%		1.24	%		1.23	%		1.24	%

Ratio of net investment income to average net assets		3.60	%		4.17	%		4.84	%		4.32	%		4.73	%

Portfolio turnover rate^(c)		79	%		87	%		80	%		70	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


122		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.35		$	12.19		$	12.67		$	12.72		$	12.24

Net investment income^(a)		0.34			0.42			0.48			0.46			0.50

Net realized and unrealized gain (loss)		1.61			(1.85	)		(0.51	)		(0.07	)		0.47

Total from investment operations		1.95			(1.43	)		(0.03	)		0.39			0.97

Distributions to shareholders from net investment income		(0.33	)		(0.22	)		(0.41	)		(0.44	)		(0.49	)

Distributions to shareholders from return of capital		—			(0.19	)		(0.04	)		—			—

Total distributions		(0.33	)		(0.41	)		(0.45	)		(0.44	)		(0.49	)

Net asset value, end of year	$	11.97		$	10.35		$	12.19		$	12.67		$	12.72

Total return^(b)		18.76	%		(12.07	)%		(0.06	)%		3.07	%		7.98	%

Net assets, end of year (in 000s)	$	10,192		$	13,742		$	21,871		$	34,848		$	32,597

Ratio of net expenses to average net assets		1.92	%		1.94	%		1.95	%		1.95	%		1.98	%

Ratio of total expenses to average net assets		2.00	%		2.01	%		1.99	%		1.98	%		1.99	%

Ratio of net investment income to average net assets		2.86	%		3.42	%		4.08	%		3.60	%		3.94	%

Portfolio turnover rate^(c)		79	%		87	%		80	%		70	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26

Net investment income^(a)		0.47			0.55			0.62			0.60			0.63

Net realized and unrealized gain (loss)		1.61			(1.85	)		(0.52	)		(0.07	)		0.47

Total from investment operations		2.08			(1.30	)		0.10			0.53			1.10

Distributions to shareholders from net investment income		(0.46	)		(0.29	)		(0.53	)		(0.58	)		(0.62	)

Distributions to shareholders from return of capital		—			(0.25	)		(0.05	)		—			—

Total distributions		(0.46	)		(0.54	)		(0.58	)		(0.58	)		(0.62	)

Net asset value, end of year	$	11.99		$	10.37		$	12.21		$	12.69		$	12.74

Total return^(b)		19.99	%		(11.10	)%		1.04	%		4.18	%		9.15	%

Net assets, end of year (in 000s)	$	916,157		$	825,481		$	1,087,407		$	1,984,662		$	1,656,148

Ratio of net expenses to average net assets		0.86	%		0.87	%		0.86	%		0.86	%		0.89	%

Ratio of total expenses to average net assets		0.92	%		0.92	%		0.90	%		0.89	%		0.90	%

Ratio of net investment income to average net assets		3.92	%		4.48	%		5.18	%		4.65	%		4.95	%

Portfolio turnover rate^(c)		79	%		87	%		80	%		70	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


124		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.38		$	12.21		$	12.69		$	12.74		$	12.26

Net investment income^(a)		0.46			0.54			0.61			0.58			0.61

Net realized and unrealized gain (loss)		1.61			(1.83	)		(0.52	)		(0.06	)		0.48

Total from investment operations		2.07			(1.29	)		0.09			0.52			1.09

Distributions to shareholders from net investment income		(0.45	)		(0.29	)		(0.52	)		(0.57	)		(0.61	)

Distributions to shareholders from return of capital		—			(0.25	)		(0.05	)		—			—

Total distributions		(0.45	)		(0.54	)		(0.57	)		(0.57	)		(0.61	)

Net asset value, end of year	$	12.00		$	10.38		$	12.21		$	12.69		$	12.74

Total return^(b)		20.02	%		(11.16	)%		0.95	%		4.09	%		9.05	%

Net assets, end of year (in 000s)	$	75,617		$	70,616		$	103,473		$	175,664		$	85,556

Ratio of net expenses to average net assets		0.92	%		0.94	%		0.95	%		0.95	%		0.98	%

Ratio of total expenses to average net assets		1.00	%		1.01	%		0.99	%		0.98	%		0.99	%

Ratio of net investment income to average net assets		3.85	%		4.42	%		5.09	%		4.51	%		4.79	%

Portfolio turnover rate^(c)		79	%		87	%		80	%		70	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26

Net investment income^(a)		0.47			0.55			0.60			0.60			0.60

Net realized and unrealized gain (loss)		1.61			(1.85	)		(0.50	)		(0.07	)		0.51

Total from investment operations		2.08			(1.30	)		0.10			0.53			1.11

Distributions to shareholders from net investment income		(0.46	)		(0.28	)		(0.53	)		(0.58	)		(0.63	)

Distributions to shareholders from return of capital		—			(0.26	)		(0.05	)		—			—

Total distributions		(0.46	)		(0.54	)		(0.58	)		(0.58	)		(0.63	)

Net asset value, end of year	$	11.99		$	10.37		$	12.21		$	12.69		$	12.74

Total return^(b)		20.12	%		(11.17	)%		1.05	%		4.20	%		9.17	%

Net assets, end of year (in 000s)	$	214,558		$	184,389		$	332,270		$	294,599		$	28,593

Ratio of net expenses to average net assets		0.85	%		0.86	%		0.85	%		0.84	%		0.87	%

Ratio of total expenses to average net assets		0.91	%		0.91	%		0.90	%		0.89	%		0.88	%

Ratio of net investment income to average net assets		3.92	%		4.50	%		5.10	%		4.67	%		4.76	%

Portfolio turnover rate^(c)		79	%		87	%		80	%		70	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


126		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.37		$	12.20		$	12.59

Net investment income^(b)		0.48			0.55			0.55

Net realized and unrealized gain (loss)		1.60			(1.84	)		(0.40	)

Total from investment operations		2.08			(1.29	)		0.15

Distributions to shareholders from net investment income		(0.46	)		(0.29	)		(0.50	)

Distributions to shareholders from return of capital		—			(0.25	)		(0.04	)

Total distributions		(0.46	)		(0.54	)		(0.54	)

Net asset value, end of period	$	11.99		$	10.37		$	12.20

Total return^(c)		20.12	%		(11.10	)%		1.46	%

Net assets, end of period (in 000s)	$	35,499		$	14,207		$	14,908

Ratio of net expenses to average net assets		0.85	%		0.86	%		0.85	%^(d)

Ratio of total expenses to average net assets		0.90	%		0.91	%		0.91	%^(d)

Ratio of net investment income to average net assets		3.96	%		4.49	%		5.00	%^(d)

Portfolio turnover rate^(e)		79	%		87	%		80	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.47		$	6.32		$	6.34		$	6.57		$	6.02

Net investment income^(a)		0.31			0.33			0.33			0.33			0.34

Net realized and unrealized gain (loss)		0.93			(0.83	)		(0.01	)		(0.24	)		0.55

Total from investment operations		1.24			(0.50	)		0.32			0.09			0.89

Distributions to shareholders from net investment income		(0.32	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.32	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)

Net asset value, end of year	$	6.39		$	5.47		$	6.32		$	6.34		$	6.57

Total return^(c)		23.07	%		(8.50	)%		5.20	%		1.37	%		15.06	%

Net assets, end of year (in 000s)	$	126,459		$	120,003		$	163,355		$	179,807		$	232,572

Ratio of net expenses to average net assets		1.03	%		1.03	%		1.04	%		1.05	%		1.07	%

Ratio of total expenses to average net assets		1.11	%		1.11	%		1.11	%		1.08	%		1.07	%

Ratio of net investment income to average net assets		5.04	%		5.26	%		5.31	%		5.00	%		5.34	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


128		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.47		$	6.32		$	6.34		$	6.57		$	6.03

Net investment income^(a)		0.26			0.29			0.29			0.28			0.29

Net realized and unrealized gain (loss)		0.95			(0.84	)		(0.02	)		(0.23	)		0.54

Total from investment operations		1.21			(0.55	)		0.27			0.05			0.83

Distributions to shareholders from net investment income		(0.28	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.28	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)

Net asset value, end of year	$	6.40		$	5.47		$	6.32		$	6.34		$	6.57

Total return^(c)		22.12	%		(9.02	)%		4.41	%		0.64	%		14.02	%

Net assets, end of year (in 000s)	$	6,448		$	9,942		$	15,532		$	33,221		$	46,396

Ratio of net expenses to average net assets		1.78	%		1.78	%		1.79	%		1.80	%		1.82	%

Ratio of total expenses to average net assets		1.86	%		1.86	%		1.85	%		1.83	%		1.82	%

Ratio of net investment income to average net assets		4.27	%		4.52	%		4.53	%		4.26	%		4.59	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.48		$	6.33		$	6.35		$	6.58		$	6.04

Net investment income^(a)		0.33			0.35			0.35			0.35			0.36

Net realized and unrealized gain (loss)		0.94			(0.83	)		(0.01	)		(0.23	)		0.54

Total from investment operations		1.27			(0.48	)		0.34			0.12			0.90

Distributions to shareholders from net investment income		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)

Net asset value, end of year	$	6.41		$	5.48		$	6.33		$	6.35		$	6.58

Total return^(c)		23.34	%		(8.05	)%		5.50	%		1.72	%		15.24	%

Net assets, end of year (in 000s)	$	295,209		$	250,926		$	338,503		$	2,488,697		$	3,410,302

Ratio of net expenses to average net assets		0.75	%		0.75	%		0.75	%		0.73	%		0.73	%

Ratio of total expenses to average net assets		0.78	%		0.77	%		0.75	%		0.74	%		0.73	%

Ratio of net investment income to average net assets		5.29	%		5.55	%		5.52	%		5.32	%		5.67	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


130		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Service Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.46		$	6.31		$	6.33		$	6.56		$	6.02

Net investment income^(a)		0.30			0.32			0.32			0.31			0.33

Net realized and unrealized gain (loss)		0.94			(0.84	)		(0.02	)		(0.23	)		0.54

Total from investment operations		1.24			(0.52	)		0.30			0.08			0.87

Distributions to shareholders from net investment income		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)

Net asset value, end of year	$	6.39		$	5.46		$	6.31		$	6.33		$	6.56

Total return^(c)		22.80	%		(8.56	)%		4.97	%		1.20	%		14.70	%

Net assets, end of year (in 000s)	$	8,331		$	5,563		$	10,858		$	11,172		$	12,089

Ratio of net expenses to average net assets		1.25	%		1.25	%		1.25	%		1.23	%		1.23	%

Ratio of total expenses to average net assets		1.28	%		1.27	%		1.27	%		1.24	%		1.23	%

Ratio of net investment income to average net assets		4.80	%		5.05	%		5.10	%		4.81	%		5.17	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.48		$	6.33		$	6.35		$	6.58		$	6.03

Net investment income^(a)		0.33			0.35			0.35			0.34			0.36

Net realized and unrealized gain (loss)		0.93			(0.83	)		(0.02	)		(0.23	)		0.55

Total from investment operations		1.26			(0.48	)		0.33			0.11			0.91

Distributions to shareholders from net investment income		(0.34	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.34	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)

Net asset value, end of year	$	6.40		$	5.48		$	6.33		$	6.35		$	6.58

Total return^(c)		23.34	%		(8.25	)%		5.46	%		1.65	%		15.33	%

Net assets, end of year (in 000s)	$	14,217		$	13,268		$	18,830		$	25,259		$	33,482

Ratio of net expenses to average net assets		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%

Ratio of total expenses to average net assets		0.86	%		0.86	%		0.86	%		0.83	%		0.82	%

Ratio of net investment income to average net assets		5.29	%		5.52	%		5.56	%		5.25	%		5.64	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


132		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.49		$	6.34		$	6.36		$	6.59		$	6.05

Net investment income^(a)		0.33			0.35			0.35			0.35			0.36

Net realized and unrealized gain (loss)		0.94			(0.83	)		(0.01	)		(0.23	)		0.54

Total from investment operations		1.27			(0.48	)		0.34			0.12			0.90

Distributions to shareholders from net investment income		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)

Net asset value, end of year	$	6.42		$	5.49		$	6.34		$	6.36		$	6.59

Total return^(c)		23.32	%		(8.02	)%		5.51	%		1.74	%		15.25	%

Net assets, end of year (in 000s)	$	41,825		$	49,791		$	81,751		$	244,099		$	202,273

Ratio of net expenses to average net assets		0.74	%		0.74	%		0.74	%		0.71	%		0.71	%

Ratio of total expenses to average net assets		0.77	%		0.76	%		0.75	%		0.71	%		0.71	%

Ratio of net investment income to average net assets		5.31	%		5.55	%		5.58	%		5.33	%		5.69	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	5.47		$	6.31		$	6.33		$	6.56		$	6.02

Net investment income^(a)		0.30			0.32			0.32			0.31			0.32

Net realized and unrealized gain (loss)		0.92			(0.83	)		(0.02	)		(0.23	)		0.54

Total from investment operations		1.22			(0.51	)		0.30			0.08			0.86

Distributions to shareholders from net investment income		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)

Distributions to shareholders from return of capital		—			—	^(b)		—			—			—

Total distributions		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)

Net asset value, end of year	$	6.38		$	5.47		$	6.31		$	6.33		$	6.56

Total return^(c)		22.57	%		(8.58	)%		4.93	%		1.13	%		14.60	%

Net assets, end of year (in 000s)	$	6,089		$	9,899		$	12,560		$	14,068		$	14,817

Ratio of net expenses to average net assets		1.28	%		1.28	%		1.29	%		1.30	%		1.32	%

Ratio of total expenses to average net assets		1.36	%		1.36	%		1.36	%		1.33	%		1.32	%

Ratio of net investment income to average net assets		4.84	%		5.01	%		5.06	%		4.74	%		5.08	%

Portfolio turnover rate^(d)		71	%		80	%		59	%		69	%		93	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


134		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	5.48		$	6.33		$	6.42

Net investment income^(b)		0.33			0.35			0.33

Net realized and unrealized gain (loss)		0.94			(0.83	)		(0.08	)

Total from investment operations		1.27			(0.48	)		0.25

Distributions to shareholders from net investment income		(0.34	)		(0.37	)		(0.34	)

Distributions to shareholders from return of capital		—			—	^(c)		—

Total distributions		(0.34	)		(0.37	)		(0.34	)

Net asset value, end of period	$	6.41		$	5.48		$	6.33

Total return^(d)		23.35	%		(8.04	)%		4.00	%

Net assets, end of period (in 000s)	$	1,575,340		$	1,331,465		$	1,604,685

Ratio of net expenses to average net assets		0.74	%		0.74	%		0.74	%^(e)

Ratio of total expenses to average net assets		0.77	%		0.76	%		0.77	%^(e)

Ratio of net investment income to average net assets		5.31	%		5.55	%		5.67	%^(e)

Portfolio turnover rate^(f)		71	%		80	%		59	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.005 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46

Net investment income^(a)		0.32			0.45			0.44			0.37			0.37

Net realized and unrealized gain (loss)		1.48			(1.47	)		(0.29	)		(0.07	)		0.26

Total from investment operations		1.80			(1.02	)		0.15			0.30			0.63

Distributions to shareholders from net investment income		(0.33	)		(0.45	)		(0.44	)		(0.37	)		(0.36	)

Distributions to shareholders from return of capital		—			—			—			—	^(b)		(0.01	)

Total distributions		(0.33	)		(0.45	)		(0.44	)		(0.37	)		(0.37	)

Net asset value, end of year	$	9.36		$	7.89		$	9.36		$	9.65		$	9.72

Total return^(c)		22.96	%		(11.44	)%		1.57	%		3.00	%		6.87	%

Net assets, end of year (in 000s)	$	3,583		$	2,788		$	3,802		$	4,259		$	7,030

Ratio of net expenses to average net assets		1.06	%		1.04	%		0.97	%		0.94	%		0.95	%

Ratio of total expenses to average net assets		1.11	%		1.04	%		0.97	%		0.96	%		0.96	%

Ratio of net investment income to average net assets		3.62	%		4.86	%		4.57	%		3.83	%		3.83	%

Portfolio turnover rate^(d)		53	%		39	%		69	%		44	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


136		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46

Net investment income^(a)		0.26			0.38			0.36			0.30			0.30

Net realized and unrealized gain (loss)		1.47			(1.47	)		(0.28	)		(0.08	)		0.26

Total from investment operations		1.73			(1.09	)		0.08			0.22			0.56

Distributions to shareholders from net investment income		(0.26	)		(0.38	)		(0.37	)		(0.29	)		(0.29	)

Distributions to shareholders from return of capital		—			—			—			—	^(b)		(0.01	)

Total distributions		(0.26	)		(0.38	)		(0.37	)		(0.29	)		(0.30	)

Net asset value, end of year	$	9.36		$	7.89		$	9.36		$	9.65		$	9.72

Total return^(c)		22.18	%		(12.10	)%		0.81	%		2.23	%		6.07	%

Net assets, end of year (in 000s)	$	578		$	673		$	1,126		$	2,443		$	2,610

Ratio of net expenses to average net assets		1.81	%		1.79	%		1.71	%		1.69	%		1.70	%

Ratio of total expenses to average net assets		1.87	%		1.79	%		1.72	%		1.71	%		1.71	%

Ratio of net investment income to average net assets		2.93	%		4.12	%		3.74	%		3.06	%		3.06	%

Portfolio turnover rate^(d)		53	%		39	%		69	%		44	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.90		$	9.36		$	9.66		$	9.73		$	9.47

Net investment income^(a)		0.36			0.48			0.43			0.40			0.40

Net realized and unrealized gain (loss)		1.46			(1.45	)		(0.26	)		(0.07	)		0.27

Total from investment operations		1.82			(0.97	)		0.17			0.33			0.67

Distributions to shareholders from net investment income		(0.36	)		(0.49	)		(0.47	)		(0.39	)		(0.40	)

Distributions to shareholders from return of capital		—			—			—			(0.01	)		(0.01	)

Total distributions		(0.36	)		(0.49	)		(0.47	)		(0.40	)		(0.41	)

Net asset value, end of year	$	9.36		$	7.90		$	9.36		$	9.66		$	9.73

Total return^(b)		23.34	%		(11.03	)%		1.81	%		3.45	%		7.12	%

Net assets, end of year (in 000s)	$	75,149		$	79,977		$	89,465		$	3,906,449		$	3,896,724

Ratio of net expenses to average net assets		0.72	%		0.70	%		0.61	%		0.60	%		0.61	%

Ratio of total expenses to average net assets		0.76	%		0.70	%		0.62	%		0.62	%		0.62	%

Ratio of net investment income to average net assets		3.99	%		5.16	%		4.51	%		4.16	%		4.16	%

Portfolio turnover rate^(c)		53	%		39	%		69	%		44	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


138		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.91		$	9.38		$	9.67		$	9.73		$	9.48

Net investment income^(a)		0.34			0.48			0.45			0.40			0.39

Net realized and unrealized gain (loss)		1.48			(1.47	)		(0.28	)		(0.07	)		0.26

Total from investment operations		1.82			(0.99	)		0.17			0.33			0.65

Distributions to shareholders from net investment income		(0.35	)		(0.48	)		(0.46	)		(0.39	)		(0.39	)

Distributions to shareholders from return of capital		—			—			—			—	^(b)		(0.01	)

Total distributions		(0.35	)		(0.48	)		(0.46	)		(0.39	)		(0.40	)

Net asset value, end of year	$	9.38		$	7.91		$	9.38		$	9.67		$	9.73

Total return^(c)		23.35	%		(11.18	)%		1.83	%		3.36	%		7.02	%

Net assets, end of year (in 000s)	$	3,825		$	705		$	1,431		$	5,599		$	4,125

Ratio of net expenses to average net assets		0.80	%		0.78	%		0.71	%		0.69	%		0.70	%

Ratio of total expenses to average net assets		0.84	%		0.78	%		0.72	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		3.74	%		5.14	%		4.69	%		4.07	%		4.00	%

Portfolio turnover rate^(d)		53	%		39	%		69	%		44	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2018^(a)
	2021			2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	7.90		$	9.37		$	9.67		$	9.69

Net investment income^(b)		0.33			0.49			0.45			0.13

Net realized and unrealized gain (loss)		1.49			(1.47	)		(0.28	)		(0.02	)

Total from investment operations		1.82			(0.98	)		0.17			0.11

Distributions to shareholders from net investment income		(0.36	)		(0.49	)		(0.47	)		(0.13	)

Distributions to shareholders from return of capital		—			—			—			—	^(c)

Total distributions		(0.36	)		(0.49	)		(0.47	)		(0.13	)

Net asset value, end of period	$	9.36		$	7.90		$	9.37		$	9.67

Total return^(d)		23.35	%		(11.11	)%		1.82	%		1.17	%

Net assets, end of period (in 000s)	$	143,999		$	24,486		$	26,552		$	210,985

Ratio of net expenses to average net assets		0.70	%		0.69	%		0.60	%		0.58	%^(e)

Ratio of total expenses to average net assets		0.75	%		0.69	%		0.61	%		0.59	%^(e)

Ratio of net investment income to average net assets		3.59	%		5.20	%		4.69	%		4.12	%^(e)

Portfolio turnover rate^(f)		53	%		39	%		69	%		44	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


140		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	7.89		$	9.36		$	9.65		$	9.73		$	9.46

Net investment income^(a)		0.30			0.44			0.42			0.34			0.35

Net realized and unrealized gain (loss)		1.47			(1.48	)		(0.30	)		(0.08	)		0.27

Total from investment operations		1.77			(1.04	)		0.12			0.26			0.62

Distributions to shareholders from net investment income		(0.31	)		(0.43	)		(0.41	)		(0.34	)		(0.34	)

Distributions to shareholders from return of capital		—			—			—			—	^(b)		(0.01	)

Total distributions		(0.31	)		(0.43	)		(0.41	)		(0.34	)		(0.35	)

Net asset value, end of year	$	9.35		$	7.89		$	9.36		$	9.65		$	9.73

Total return^(c)		22.69	%		(11.64	)%		1.31	%		2.74	%		6.61	%

Net assets, end of year (in 000s)	$	13		$	11		$	100		$	79		$	12

Ratio of net expenses to average net assets		1.29	%		1.27	%		1.22	%		1.19	%		1.19	%

Ratio of total expenses to average net assets		1.34	%		1.27	%		1.23	%		1.21	%		1.20	%

Ratio of net investment income to average net assets		3.38	%		4.75	%		4.40	%		3.54	%		3.59	%

Portfolio turnover rate^(d)		53	%		39	%		69	%		44	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	7.91		$	9.37		$	9.69

Net investment income^(b)		0.35			0.49			0.45

Net realized and unrealized gain (loss)		1.47			(1.46	)		(0.33	)

Total from investment operations		1.82			(0.97	)		0.12

Distributions to shareholders from net investment income		(0.36	)		(0.49	)		(0.44	)

Net asset value, end of period	$	9.37		$	7.91		$	9.37

Total return^(c)		23.49	%		(11.11	)%		1.32	%

Net assets, end of period (in 000s)	$	1,681,575		$	1,132,605		$	2,215,089

Ratio of net expenses to average net assets		0.71	%		0.69	%		0.62	%^(d)

Ratio of total expenses to average net assets		0.76	%		0.69	%		0.63	%^(d)

Ratio of net investment income to average net assets		3.94	%		5.22	%		5.04	%^(d)

Portfolio turnover rate^(e)		53	%		39	%		69	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


142		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.96		$	9.16		$	9.01		$	9.06		$	9.08

Net investment income^(a)		0.24			0.27			0.28			0.26			0.27

Net realized and unrealized gain (loss)		0.77			(0.06	)		0.16			(0.05	)		(0.02	)

Total from investment operations		1.01			0.21			0.44			0.21			0.25

Distributions to shareholders from net investment income		(0.25	)		(0.29	)		(0.29	)		(0.26	)		(0.27	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—			—			—

Total distributions		(0.38	)		(0.41	)		(0.29	)		(0.26	)		(0.27	)

Net asset value, end of year	$	9.59		$	8.96		$	9.16		$	9.01		$	9.06

Total return^(b)		11.23	%		1.98	%		5.14	%		2.34	%		2.75	%

Net assets, end of year (in 000s)	$	9,743		$	9,832		$	7,895		$	10,198		$	32,514

Ratio of net expenses to average net assets		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%

Ratio of total expenses to average net assets		0.79	%		0.81	%		0.84	%		0.84	%		0.87	%

Ratio of net investment income to average net assets		2.40	%		2.86	%		3.19	%		2.85	%		2.93	%

Portfolio turnover rate^(c)		69	%		76	%		82	%		82	%		63	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.96		$	9.17		$	9.01		$	9.06		$	9.08

Net investment income^(a)		0.27			0.30			0.31			0.29			0.30

Net realized and unrealized gain (loss)		0.78			(0.07	)		0.17			(0.04	)		(0.02	)

Total from investment operations		1.05			0.23			0.48			0.25			0.28

Distributions to shareholders from net investment income		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—			—			—

Total distributions		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)

Net asset value, end of year	$	9.59		$	8.96		$	9.17		$	9.01		$	9.06

Total return^(b)		11.47	%		2.44	%		5.50	%		2.69	%		3.10	%

Net assets, end of year (in 000s)	$	123,553		$	51,976		$	40,548		$	163,229		$	142,218

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.45	%		0.47	%		0.48	%		0.48	%		0.53	%

Ratio of net investment income to average net assets		2.69	%		3.19	%		3.49	%		3.18	%		3.28	%

Portfolio turnover rate^(c)		69	%		76	%		82	%		82	%		63	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


144		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.97		$	9.17		$	9.02		$	9.07		$	9.09

Net investment income^(a)		0.27			0.31			0.31			0.29			0.30

Net realized and unrealized gain (loss)		0.78			(0.07	)		0.16			(0.04	)		(0.02	)

Total from investment operations		1.05			0.24			0.47			0.25			0.28

Distributions to shareholders from net investment income		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—			—			—

Total distributions		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)

Net asset value, end of year	$	9.60		$	8.97		$	9.17		$	9.02		$	9.07

Total return^(b)		11.60	%		2.45	%		5.39	%		2.69	%		3.10	%

Net assets, end of year (in 000s)	$	176,606		$	226,962		$	228,692		$	233,908		$	249,971

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.37	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.45	%		0.46	%		0.49	%		0.48	%		0.53	%

Ratio of net investment income to average net assets		2.75	%		3.21	%		3.55	%		3.19	%		3.28	%

Portfolio turnover rate^(c)		69	%		76	%		82	%		82	%		63	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.96		$	9.17		$	9.02		$	9.07		$	9.09

Net investment income^(a)		0.26			0.30			0.31			0.28			0.29

Net realized and unrealized gain (loss)		0.78			(0.07	)		0.15			(0.04	)		(0.02	)

Total from investment operations		1.04			0.23			0.46			0.24			0.27

Distributions to shareholders from net investment income		(0.28	)		(0.32	)		(0.31	)		(0.29	)		(0.29	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—			—			—

Total distributions		(0.41	)		(0.44	)		(0.31	)		(0.29	)		(0.29	)

Net asset value, end of year	$	9.59		$	8.96		$	9.17		$	9.02		$	9.07

Total return^(b)		11.38	%		2.35	%		5.28	%		2.60	%		3.01	%

Net assets, end of year (in 000s)	$	5,364		$	4,628		$	3,164		$	4,600		$	4,062

Ratio of net expenses to average net assets		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%

Ratio of total expenses to average net assets		0.54	%		0.56	%		0.58	%		0.57	%		0.61	%

Ratio of net investment income to average net assets		2.63	%		3.10	%		3.45	%		3.10	%		3.18	%

Portfolio turnover rate^(c)		69	%		76	%		82	%		82	%		63	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


146		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	8.96		$	9.17		$	9.02		$	9.07		$	9.08

Net investment income^(a)		0.27			0.31			0.33			0.29			0.30

Net realized and unrealized gain (loss)		0.78			(0.08	)		0.14			(0.04	)		(0.01	)

Total from investment operations		1.05			0.23			0.47			0.25			0.29

Distributions to shareholders from net investment income		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—			—			—

Total distributions		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)

Net asset value, end of year	$	9.59		$	8.96		$	9.17		$	9.02		$	9.07

Total return^(b)		11.48	%		2.45	%		5.39	%		2.70	%		3.23	%

Net assets, end of year (in 000s)	$	1,228		$	978		$	675		$	17		$	12

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.37	%		0.37	%		0.38	%

Ratio of total expenses to average net assets		0.45	%		0.46	%		0.54	%		0.46	%		0.51	%

Ratio of net investment income to average net assets		2.74	%		3.20	%		3.63	%		3.20	%		3.28	%

Portfolio turnover rate^(c)		69	%		76	%		82	%		82	%		63	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		147

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.96		$	9.16		$	8.93

Net investment income^(b)		0.27			0.31			0.30

Net realized and unrealized gain (loss)		0.78			(0.07	)		0.23

Total from investment operations		1.05			0.24			0.53

Distributions to shareholders from net investment income		(0.29	)		(0.32	)		(0.30	)

Distributions to shareholders from net realized gains		(0.13	)		(0.12	)		—

Total distributions		(0.42	)		(0.44	)		(0.30	)

Net asset value, end of period	$	9.59		$	8.96		$	9.16

Total return^(c)		11.61	%		2.45	%		6.12	%

Net assets, end of period (in 000s)	$	156,039		$	189,611		$	196,668

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.37	%^(d)

Ratio of total expenses to average net assets		0.45	%		0.46	%		0.51	%^(d)

Ratio of net investment income to average net assets		2.73	%		3.22	%		3.57	%^(d)

Portfolio turnover rate^(e)		69	%		76	%		82	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


148		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	4.98		$	5.76		$	6.89		$	6.38		$	6.36

Net investment income^(a)		0.20			0.24			0.34			0.36			0.33

Net realized and unrealized gain (loss)		0.58			(0.79	)		(1.17	)		0.52			0.04

Total from investment operations		0.78			(0.55	)		(0.83	)		0.88			0.37

Distributions to shareholders from net investment income		—			—	^(b)		—			—			—

Distributions to shareholders from return of capital		(0.20	)		(0.23	)		(0.30	)		(0.37	)		(0.35	)

Total distributions		(0.20	)		(0.23	)		(0.30	)		(0.37	)		(0.35	)

Net asset value, end of year	$	5.56		$	4.98		$	5.76		$	6.89		$	6.38

Total return^(c)		15.65	%		(10.05	)%		(12.08	)%		13.93	%		6.21	%

Net assets, end of year (in 000s)	$	4,795		$	4,808		$	5,465		$	8,880		$	11,295

Ratio of net expenses to average net assets		1.21	%		1.23	%		1.21	%		1.22	%		1.24	%

Ratio of total expenses to average net assets		1.84	%		1.63	%		1.53	%		1.44	%		1.48	%

Ratio of net investment income to average net assets		3.56	%		4.13	%		5.75	%		5.47	%		5.17	%

Portfolio turnover rate^(d)		111	%		84	%		117	%		112	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		149

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	4.98		$	5.75		$	6.88		$	6.38		$	6.37

Net investment income^(a)		0.16			0.20			0.29			0.32			0.27

Net realized and unrealized gain (loss)		0.57			(0.78	)		(1.17	)		0.50			0.04

Total from investment operations		0.73			(0.58	)		(0.88	)		0.82			0.31

Distributions to shareholders from net investment income		—			—	^(b)		—			—			—

Distributions to shareholders from return of capital		(0.16	)		(0.19	)		(0.25	)		(0.32	)		(0.30	)

Total distributions		(0.16	)		(0.19	)		(0.25	)		(0.32	)		(0.30	)

Net asset value, end of year	$	5.55		$	4.98		$	5.75		$	6.88		$	6.38

Total return^(c)		15.02	%		(10.74	)%		(12.76	)%		13.10	%		5.08	%

Net assets, end of year (in 000s)	$	2,055		$	2,526		$	4,457		$	7,115		$	6,202

Ratio of net expenses to average net assets		1.96	%		1.98	%		1.96	%		1.96	%		1.98	%

Ratio of total expenses to average net assets		2.58	%		2.38	%		2.27	%		2.18	%		2.21	%

Ratio of net investment income to average net assets		2.82	%		3.44	%		4.99	%		4.77	%		4.27	%

Portfolio turnover rate^(d)		111	%		84	%		117	%		112	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


150		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	4.97		$	5.74		$	6.87		$	6.37		$	6.36

Net investment income^(a)		0.22			0.26			0.38			0.38			0.34

Net realized and unrealized gain (loss)		0.57			(0.78	)		(1.20	)		0.50			0.04

Total from investment operations		0.79			(0.52	)		(0.82	)		0.88			0.38

Distributions to shareholders from net investment income		—			—	^(b)		—			—			—

Distributions to shareholders from return of capital		(0.22	)		(0.25	)		(0.31	)		(0.38	)		(0.37	)

Total distributions		(0.22	)		(0.25	)		(0.31	)		(0.38	)		(0.37	)

Net asset value, end of year	$	5.54		$	4.97		$	5.74		$	6.87		$	6.37

Total return^(c)		16.26	%		(9.82	)%		(11.86	)%		14.29	%		6.20	%

Net assets, end of year (in 000s)	$	11,320		$	16,667		$	32,419		$	245,127		$	332,212

Ratio of net expenses to average net assets		0.91	%		0.93	%		0.91	%		0.92	%		0.91	%

Ratio of total expenses to average net assets		1.51	%		1.29	%		1.10	%		1.10	%		1.12	%

Ratio of net investment income to average net assets		3.86	%		4.48	%		6.33	%		5.80	%		5.35	%

Portfolio turnover rate^(d)		111	%		84	%		117	%		112	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		151

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	4.97		$	5.74		$	6.87		$	6.37		$	6.35

Net investment income^(a)		0.21			0.26			0.35			0.38			0.33

Net realized and unrealized gain (loss)		0.58			(0.79	)		(1.17	)		0.50			0.06

Total from investment operations		0.79			(0.53	)		(0.82	)		0.88			0.39

Distributions to shareholders from net investment income		—			—	^(b)		—			—			—

Distributions to shareholders from return of capital		(0.21	)		(0.24	)		(0.31	)		(0.38	)		(0.37	)

Total distributions		(0.21	)		(0.24	)		(0.31	)		(0.38	)		(0.37	)

Net asset value, end of year	$	5.55		$	4.97		$	5.74		$	6.87		$	6.37

Total return^(c)		15.97	%		(9.69	)%		(11.91	)%		14.24	%		6.30	%

Net assets, end of year (in 000s)	$	4,781		$	5,557		$	6,057		$	10,263		$	5,489

Ratio of net expenses to average net assets		0.96	%		0.98	%		0.96	%		0.97	%		0.98	%

Ratio of total expenses to average net assets		1.60	%		1.38	%		1.25	%		1.16	%		1.21	%

Ratio of net investment income to average net assets		3.80	%		4.35	%		6.03	%		5.78	%		5.28	%

Portfolio turnover rate^(d)		111	%		84	%		117	%		112	%		111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


152		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2018^(a)
	2021			2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	4.97		$	5.74		$	6.87		$	6.48

Net investment income^(b)		0.22			0.27			0.34			0.14

Net realized and unrealized gain (loss)		0.58			(0.79	)		(1.16	)		0.37

Total from investment operations		0.80			(0.52	)		(0.82	)		0.51

Distributions to shareholders from net investment income		—			—	^(c)		—			—

Distributions to shareholders from return of capital		(0.22	)		(0.25	)		(0.31	)		(0.12	)

Total distributions		(0.22	)		(0.25	)		(0.31	)		(0.12	)

Net asset value, end of period	$	5.55		$	4.97		$	5.74		$	6.87

Total return^(d)		16.27	%		(9.82	)%		(11.86	)%		7.88	%

Net assets, end of period (in 000s)	$	24,800		$	30,325		$	92,937		$	56,354

Ratio of net expenses to average net assets		0.90	%		0.91	%		0.90	%		0.90	%^(e)

Ratio of total expenses to average net assets		1.48	%		1.28	%		1.18	%		0.87	%^(e)

Ratio of net investment income to average net assets		3.87	%		4.60	%		5.91	%		6.04	%^(e)

Portfolio turnover rate^(f)		111	%		84	%		117	%		112	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.005 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		153

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019^(a)
	2021			2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	4.97		$	5.74		$	6.75

Net investment income^(b)		0.22			0.26			0.31

Net realized and unrealized gain (loss)		0.58			(0.78	)		(1.03	)

Total from investment operations		0.80			(0.52	)		(0.72	)

Distributions to shareholders from net investment income		—			—	^(c)		—

Distributions to shareholders from return of capital		(0.22	)		(0.25	)		(0.29	)

Total distributions		(0.22	)		(0.25	)		(0.29	)

Net asset value, end of period	$	5.55		$	4.97		$	5.74

Total return^(d)		16.27	%		(9.82	)%		(10.66	)%

Net assets, end of period (in 000s)	$	29,194		$	30,957		$	52,263

Ratio of net expenses to average net assets		0.90	%		0.92	%		0.90	%^(e)

Ratio of total expenses to average net assets		1.50	%		1.28	%		1.24	%^(e)

Ratio of net investment income to average net assets		3.87	%		4.48	%		5.75	%^(e)

Portfolio turnover rate^(f)		111	%		84	%		117	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.005 per share.

(d)

(e)

Annualized.

(f)


154		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Class A Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.55		$	10.29		$	10.21		$	10.45		$	10.68

Net investment income^(a)		0.12			0.19			0.24			0.15			0.12

Net realized and unrealized gain (loss)		0.16			0.36			0.12			(0.16	)		(0.11	)

Total from investment operations		0.28			0.55			0.36			(0.01	)		0.01

Distributions to shareholders from net investment income		(0.27	)		(0.28	)		(0.28	)		(0.23	)		(0.24	)

Distributions to shareholders from return of capital		—			(0.01	)		—			—	^(b)		—

Total distributions		(0.27	)		(0.29	)		(0.28	)		(0.23	)		(0.24	)

Net asset value, end of year	$	10.56		$	10.55		$	10.29		$	10.21		$	10.45

Total return^(c)		2.54	%		5.41	%		3.60	%		(0.10	)%		0.10	%

Net assets, end of year (in 000s)	$	38,327		$	30,384		$	31,394		$	24,967		$	47,235

Ratio of net expenses to average net assets		0.78	%		0.79	%		0.78	%		0.77	%		0.77	%

Ratio of total expenses to average net assets		0.81	%		0.85	%		0.86	%		0.87	%		0.93	%

Ratio of net investment income to average net assets		1.08	%		1.82	%		2.37	%		1.40	%		1.10	%

Portfolio turnover rate^(d)		1,027	%		1,233	%		963	%		1,149	%		863	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		155

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71

Net investment income^(a)		0.16			0.21			0.27			0.19			0.15

Net realized and unrealized gain (loss)		0.14			0.38			0.14			(0.16	)		(0.11	)

Total from investment operations		0.30			0.59			0.41			0.03			0.04

Distributions to shareholders from net investment income		(0.30	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)

Distributions to shareholders from return of capital		—			(0.01	)		—			—	^(b)		—

Total distributions		(0.30	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)

Net asset value, end of year	$	10.58		$	10.58		$	10.32		$	10.23		$	10.47

Total return^(c)		2.88	%		5.75	%		4.05	%		0.24	%		0.35	%

Net assets, end of year (in 000s)	$	89,598		$	52,878		$	34,027		$	80,298		$	63,035

Ratio of net expenses to average net assets		0.45	%		0.45	%		0.44	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.48	%		0.51	%		0.51	%		0.52	%		0.59	%

Ratio of net investment income to average net assets		1.48	%		1.98	%		2.68	%		1.78	%		1.45	%

Portfolio turnover rate^(d)		1,027	%		1,233	%		963	%		1,149	%		863	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


156		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.55		$	10.30		$	10.21		$	10.45		$	10.69

Net investment income^(a)		0.15			0.22			0.28			0.18			0.15

Net realized and unrealized gain (loss)		0.17			0.36			0.13			(0.15	)		(0.11	)

Total from investment operations		0.32			0.58			0.41			0.03			0.04

Distributions to shareholders from net investment income		(0.31	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)

Distributions to shareholders from return of capital		—			(0.01	)		—			—	^(b)		—

Total distributions		(0.31	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)

Net asset value, end of year	$	10.56		$	10.55		$	10.30		$	10.21		$	10.45

Total return^(c)		2.99	%		5.67	%		4.07	%		0.24	%		0.35	%

Net assets, end of year (in 000s)	$	150,887		$	207,621		$	215,647		$	221,303		$	217,648

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.47	%		0.49	%		0.51	%		0.52	%		0.59	%

Ratio of net investment income to average net assets		1.44	%		2.13	%		2.77	%		1.77	%		1.45	%

Portfolio turnover rate^(d)		1,027	%		1,233	%		963	%		1,149	%		863	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		157

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Investor Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71

Net investment income^(a)		0.16			0.22			0.27			0.18			0.13

Net realized and unrealized gain (loss)		0.14			0.36			0.13			(0.16	)		(0.10	)

Total from investment operations		0.30			0.58			0.40			0.02			0.03

Distributions to shareholders from net investment income		(0.30	)		(0.31	)		(0.31	)		(0.26	)		(0.27	)

Distributions to shareholders from return of capital		—			(0.01	)		—			—	^(b)		—

Total distributions		(0.30	)		(0.32	)		(0.31	)		(0.26	)		(0.27	)

Net asset value, end of year	$	10.58		$	10.58		$	10.32		$	10.23		$	10.47

Total return^(c)		2.79	%		5.66	%		3.96	%		0.15	%		0.25	%

Net assets, end of year (in 000s)	$	57,023		$	114,242		$	152,715		$	154,957		$	143,018

Ratio of net expenses to average net assets		0.53	%		0.54	%		0.54	%		0.52	%		0.50	%

Ratio of total expenses to average net assets		0.57	%		0.59	%		0.61	%		0.61	%		0.62	%

Ratio of net investment income to average net assets		1.47	%		2.09	%		2.67	%		1.68	%		1.26	%

Portfolio turnover rate^(d)		1,027	%		1,233	%		963	%		1,149	%		863	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


158		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Class R6 Shares
	Year Ended March 31,
	2021			2020			2019			2018			2017
Per Share Data

Net asset value, beginning of year	$	10.58		$	10.32		$	10.23		$	10.48		$	10.71

Net investment income^(a)		0.17			0.22			0.29			0.19			0.19

Net realized and unrealized gain (loss)		0.14			0.37			0.12			(0.17	)		(0.14	)

Total from investment operations		0.31			0.59			0.41			0.02			0.05

Distributions to shareholders from net investment income		(0.31	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)

Distributions to shareholders from return of capital		—			(0.01	)		—			—	^(b)		—

Total distributions		(0.31	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)

Net asset value, end of year	$	10.58		$	10.58		$	10.32		$	10.23		$	10.48

Total return^(c)		2.89	%		5.77	%		4.06	%		0.16	%		0.46	%

Net assets, end of year (in 000s)	$	8,245		$	20,349		$	14,387		$	5,104		$	2,606

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%		0.42	%		0.41	%

Ratio of total expenses to average net assets		0.49	%		0.50	%		0.52	%		0.51	%		0.53	%

Ratio of net investment income to average net assets		1.55	%		2.11	%		2.88	%		1.80	%		1.79	%

Portfolio turnover rate^(d)		1,027	%		1,233	%		963	%		1,149	%		863	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		159

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Class P Shares
	Year Ended March 31,						Period Ended March 31, 2019(a)
	2021			2020			Period Ended March 31, 2019(a)
Per Share Data

Net asset value, beginning of period	$	10.58		$	10.32		$	10.16

Net investment income^(b)		0.14			0.23			0.28

Net realized and unrealized gain		0.17			0.36			0.18

Total from investment operations		0.31			0.59			0.46

Distributions to shareholders from net investment income		(0.31	)		(0.32	)		(0.30	)

Distributions to shareholders from return of capital		—			(0.01	)		—

Total distributions		(0.31	)		(0.33	)		(0.30	)

Net asset value, end of period	$	10.58		$	10.58		$	10.32

Total return^(c)		2.89	%		5.77	%		4.57	%

Net assets, end of period (in 000s)	$	12,382		$	4,971		$	8,575

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.46	%		0.49	%		0.52	%^(d)

Ratio of net investment income to average net assets		1.30	%		2.17	%		2.89	%^(d)

Portfolio turnover rate^(e)		1,027	%		1,233	%		963	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


160		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2021

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Local Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Non-diversified
High Yield	A, C, Institutional, Service, Investor, R6, R and P	Diversified
High Yield Floating Rate	A, C, Institutional, Investor, R6, R and P	Diversified
Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Separate Account Institutional, Investor, R6 and P	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

161

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D. Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed for the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds used a first-in first-out method so that shares held longest would be treated as being redeemed first and shares held shortest would be treated as being redeemed last. Redemption fees were reimbursed to a Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and were allocated to each share class of a Fund on a pro-rata basis. Effective March 16, 2020 such redemption fees are no longer imposed.


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Emerging Markets Debt	Daily/Monthly	Annually
High Yield	Daily/Monthly	Annually
High Yield Floating Rate	Daily/Monthly	Annually
Investment Grade Credit	Daily/Monthly	Annually
Local Emerging Markets Debt	Daily/Monthly	Annually
U.S. Mortgages	Daily/Monthly	Annually

F. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

162

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

163

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Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The High Yield Floating Rate Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

164

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

vi. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

vii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A non-deliverable bond forward is a short term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by a Fund on a daily basis, and realized gains or losses are recorded on the termination date or sale of a contract.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

166

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and net price (including interest), under the terms of a Master Repurchase Agreement (“MRA”). The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV.

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2021:



EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	795,081,946		$	—

Corporate Obligations		—			324,255,226			—

Structured Notes		—			9,035,787			—

Investment Company		70,788,766			—			—

Total	$	70,788,766		$	1,128,372,959		$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	14,200,450		$	—

Interest Rate Swap Contracts^(a)		—			2,984,385			—

Credit Default Swap Contracts^(a)		—			3,135,334			—

Options Purchased		—			227,414			—

Total	$	—		$	20,547,583		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(8,140,685	)	$	—

Futures Contracts^(a)		(4,998,762	)		—			—

Interest Rate Swap Contracts^(a)		—			(939,044	)		—

Credit Default Swap Contracts^(a)		—			(1,106,228	)		—

Written option contracts		—			(1,176,234	)		—

Total	$	(4,998,762	)	$	(11,362,191	)	$	—

HIGH YIELD

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	26,247,294		$	—

Corporate Obligations		—			1,888,112,024			—

Common Stock and/or Other Equity Investments

North America		3,101,241			4,315,525			—

Warrants		—			24,455			—

Investment Company		72,950,280			—			—

Exchange Traded Funds		17,345,339			—			—

Securities Lending Reinvestment Vehicle		33,937,193			—			—

Total	$	127,334,053		$	1,918,699,298		$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



HIGH YIELD (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	937,596		$	—

Futures Contracts		639,907			—			—

Credit Default Swap Contracts		—			2,251,893			—

Total Return Swap Contracts		—			304,318			—

Total	$	639,907		$	3,493,807		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(38,300	)	$	—

Futures Contracts		(3,669,947	)		—			—

Credit Default Swap Contracts		—			(428,488	)

Total	$	(3,669,947	)	$	(466,788	)	$	—

HIGH YIELD FLOATING RATE

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	1,635,925,661		$	4,360,429

Corporate Obligations		—			116,959,569			—

Asset-Backed Securities		—			24,412,296			—

Common Stock and/or Other Equity Investments

Europe		—			4,976,775			—

North America		2,488,204			1,029,051			—

Warrants		—			177,986			40,687

Exchange Traded Funds		58,022,525			—			—

Investment Company		220,574,301			—			—

Total	$	281,085,030		$	1,783,481,338		$	4,401,116

Liabilities

Unfunded Loan Commitment^(a)	$	—		$	(10,302	)	$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	1,395,855		$	—

Futures Contracts		1,089,809			—			—

Credit Default Swap Contracts		—			132,110			—

Total	$	1,089,809		$	1,527,965		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(42,965	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2021:



	Bank Loans			Warrant

Beginning Balance as of April 1, 2020	$	96,748,223		$	40,687

Realized gain (loss)		(145,376	)		—

Net change in unrealized gain (loss) relating to instruments still held at reporting date		3,830,768			—

Purchases		4,001,990			—

Sales		(32,909,022	)		—

Amortization		132,718			—

Transfers out of Level 3		(67,298,872	)		—

Ending Balance as of March 31, 2021	$	4,360,429		$	40,687

Transfers of the above instruments into or out of Level 3 can be attributable to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those instruments.



INVESTMENT GRADE CREDIT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	431,371,491		$	—

Foreign Debt Obligations		—			22,615,700			—

Municipal Debt Obligations		—			4,720,491			—

U.S. Treasury Obligations		841,750			—			—

Total	$	841,750		$	458,707,682		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	409,696		$	—

Futures Contracts		312,927			—			—

Interest Rate Swap Contracts		—			35,223			—

Credit Default Swap Contracts		—			1,057,983			—

Total	$	312,927		$	1,502,902		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(158,808	)	$	—

Futures Contracts		(1,334,961	)		—			—

Interest Rate Swap Contracts		—			(41,181	)		—

Credit Default Swap Contracts		—			(11,053	)		—

Total	$	(1,334,961	)	$	(211,042	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LOCAL EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	55,406,200		$	—

Corporate Obligations		—			2,761,627			—

Structured Notes		—			6,865,334			—

U.S. Treasury Obligations		102,170			—			—

Investment Company		5,991,605			—			—

Total	$	6,093,775		$	65,033,161		$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,475,293		$	—

Futures Contracts^(a)		283,144			—			—

Interest Rate Swap Contracts^(a)		—			747,539			—

Credit Default Swap Contracts^(a)		—			79,167			—

Options Purchased		—			27,857			—

Total	$	283,144		$	2,329,856		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,479,130	)	$	—

Futures Contracts^(a)		(295,275	)		—			—

Interest Rate Swap Contracts^(a)		—			(254,969	)		—

Credit Default Swap Contracts^(a)		—			(8,178	)		—

Written option contracts		—			(156,552	)		—

Non-Deliverable Bond Forward Contracts^(a)		—			(23,755	)		—

Total	$	(295,275	)	$	(1,922,584	)	$	—

U.S. MORTGAGES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	426,786,193		$	—

Asset-Backed Securities		—			26,165,568			—

U.S. Treasury Obligations		46,029,462			—			—

Investment Company		23,061,017			—			—

Total	$	69,090,479		$	452,951,761		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(37,883,496	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. MORTGAGES (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	90,784		$	—		$	—

Interest Rate Swap Contracts^(a)		—			21,970			—

Credit Default Swap Contracts^(a)		—			653,969			—

Options Purchased		—			155,218			—

Total	$	90,784		$	831,157		$	—

Liabilities

Futures Contracts^(a)	$	(7,901	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(29,633	)		—

Credit Default Swap Contracts^(a)		—			(539,415	)		—

Written option contracts		—			(184,950	)		—

Total	$	(7,901	)	$	(753,998	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

EMERGING MARKETS DEBT

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets

and Liabilities

Liabilities

Interest

Variation margin on swap contracts

2,984,385

^(a)

Variation margin on futures contracts; Variation margin on swap contracts

(5,937,806)

^(a)

Credit

Variation margin on swap contracts; Receivable for unrealized gain on swap contracts

3,135,334

^(a)

Variation margin on swap contracts; Payable for unrealized loss on swap contracts

(1,106,228)

^(a)(b)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts; Purchased options, at value

14,427,864

Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value

(9,316,919)

Total

20,547,583

(16,360,953)

(a)

(b)

Aggregate of amounts include $494,731 for the Emerging Markets Debt Fund which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

172

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



HIGH YIELD
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	639,907	^(a)	Variation margin on futures contracts	$	(3,669,947)	^(a)
Credit	Variation margin on swap contracts		2,251,893	^(a)	Variation margin on swap contracts		(428,488)	^(a)
Equity	Receivable for unrealized gain on swap contracts		304,318	^(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		937,596		Payable for unrealized loss on forward foreign currency exchange contracts		(38,300)
Total		$	4,133,714			$	(4,136,735)

HIGH YIELD FLOATING RATE
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts	$	1,089,809	^(a)	—	$	—
Credit	Variation margin on swap contracts		132,110	^(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,395,855		Payable for unrealized loss on forward foreign currency exchange contracts		(42,965)
Total		$	2,617,774			$	(42,965)

INVESTMENT GRADE CREDIT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts; Variation margin on swap contracts	$	348,150	^(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(1,376,142)	^(a)
Credit	Variation margin on swap contracts		1,057,983	^(a)	Variation margin on swap contracts		(11,053)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		409,696		Payable for unrealized loss on forward foreign currency exchange contracts.		(158,808)
Total		$	1,815,829			$	(1,546,003)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

173

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Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts;

1,030,683

^(a)

Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures Contracts: Payable for unrealized loss on non-deliverable bond forward

contracts:

(573,999)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap contracts

79,167

^(a)

Payable for unrealized loss on swap

Contracts; Variation margin on swap contracts

(8,178)

^(a)(b)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts: Purchased options, at value

1,503,150

Payable for unrealized loss on forward

foreign currency exchange contracts; Written options, at value

(1,635,682)

Total

2,613,000

(2,217,859)

U.S. MORTGAGES

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets

and Liabilities

Liabilities

Interest

Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, value

267,972

^(a)

Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value

(222,484)

^(a)

Credit

Receivable for unrealized gain on swap contracts

653,969

^(a)

Payable for unrealized loss on swap contracts

(539,415)

^(a)(b)

Total

921,941

(761,899)

(a)

(b)

Aggregate of amounts include $47,678 and 539,415 for the Local Emerging Markets Debt and U.S. Mortgages Funds, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

174

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



EMERGING MARKETS DEBT
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	6,838,218	$	(21,486,071)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(718,547)		10,539,607
Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options contracts		(9,816,279)		7,240,491
Total		$	(3,696,608)	$	(3,705,973)

HIGH YIELD
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts	$	317,021	$	(12,705,013)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		15,282,990		4,906,990
Commodity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,338		304,318
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(2,501,894)		1,213,987
Total		$	13,099,455	$	(6,279,718)

HIGH YIELD FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts,	$	276,458	$	1,383,384
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		3,194,738		781,781
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/ Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3,466,305)		2,198,365
Total		$	4,891	$	4,363,530

175

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)



INVESTMENT GRADE CREDIT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options contracts, written options contracts, futures contracts and swap contracts /Net change in unrealized gain (loss) on written options contracts, futures contracts and swap contracts	$	(7,081,558	)	$	(1,381,051	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		543,439			3,618,049
Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		320,081			—
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,940,847	)		340,495
Total		$	(8,158,885	)	$	2,577,493

LOCAL EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) on futures contracts, non-deliverable bond forward contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts, non-deliverable bond forward contracts and swap contracts	$	738,932		$	(470,641	)
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(175,204	)		357,075
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(1,592,060	)		2,605,363
Total		$	(1,028,332	)	$	2,491,797

U.S. MORTGAGES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased option contracts and written option contracts	$	(188,190	)	$	520,578
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		22,290			2,033,711
Total		$	(165,900	)	$	2,554,289

176

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

For the year ended March 31, 2021, the relevant values for each derivative type was as follows:


	Average Number of Contracts, Notional Amounts, or Shares/Units^(a)
Fund	Futures contracts		Forward contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Emerging Markets Debt		2,844	$	1,223,663,836	$	839,425,938		215,631,199	$	—		155,957,132	$	—
High Yield		2,175		26,187,213		162,911,724		—		—		—		—
High Yield Floating Rate		354		39,288,962		26,603,208		—		—		—		—
Investment Grade Credit		1,174		19,303,740		215,586,421		—		—		—		17,428,571
Local Emerging Markets Debt		159		195,725,742		97,521,890		28,317,548		—		20,984,903		—
U.S. Mortgages		386		—		46,996,083		—		13,647,500		—		31,679,242

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2021.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

177

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2021:



Emerging Markets Debt
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	36,975	$	—	$	36,975	$	(18,831	)	$	—		$	—		$	(18,831	)	$	18,144		$	—	$	18,144
BNP Paribas SA		14,245		—		—		14,245		—			—			(29,087	)		(29,087	)		(14,842	)		—		(14,842	)
BofA Securities LLC		—		—		—		—		(24,727	)		—			—			(24,727	)		(24,727	)		20,000		(4,727	)
Citibank NA		16,134		30,599		—		46,733		(134,321	)		—			(13,847	)		(148,168	)		(101,435	)		101,435		—
Credit Suisse International (London)		—		—		—		—		—			—			(287,176	)		(287,176	)		(287,176	)		—		(287,176	)
Deutsche Bank AG (London)		59,705		302,383		—		362,088		(192,481	)		—			(11	)		(192,492	)		169,596			—		169,596
HSBC Bank PLC		98,018		—		—		98,018		—			—			(11	)		(11	)		98,007			—		98,007
JPMorgan Securities, Inc.		2,450		27,385		14,200,450		14,230,285		(75,430	)		(8,140,685	)		(116,306	)		(8,332,421	)		5,897,864			—		5,897,864
MS & Co. Int. PLC		1,781		—		—		1,781		—			—			(729,796	)		(729,796	)		(728,015	)		—		(728,015	)
UBS AG (London)		35,081		—		—		35,081		(48,941	)		—			—			(48,941	)		(13,860	)		13,860		—

Total	$	227,414	$	397,342	$	14,200,450	$	14,825,206	$	(494,731	)	$	(8,140,685	)	$	(1,176,234	)	$	(9,811,650	)	$	5,013,556		$	135,295	$	5,148,851

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

178

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Local Emerging Markets Debt
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
BNP Paribas SA	$	1,789	$	—	$	—	$	1,789	$	—		$	—		$	(3,570	)	$	(3,570	)	$	(1,781	)	$	—		$	(1,781	)
BofA Securities LLC		—		—		—		—		(207	)		—			—			(207	)		(207	)		—			(207	)
Citibank NA		2,011		25,788		—		27,799		(20,696	)		—			(1,726	)		(22,422	)		5,377			—			5,377
Deutsche Bank AG		—		—		—		—		—			(23,755	)*		—			(23,755	)		(23,755	)		—			(23,755	)
Deutsche Bank AG (London)		7,439		—		—		7,439		—			—			(2	)		(2	)		7,437			—			7,437
HSBC Bank PLC		11,709		—		—		11,709		—			—			(2	)		(2	)		11,707			—			11,707
JPMorgan Securities, Inc.		300		—		1,475,293		1,475,593		(722	)		(1,479,130	)		(14,738	)		(1,494,590	)		(18,997	)		18,997			—
MS & Co. Int. PLC		240		349,704		—		349,944		(25,316	)		—			(97,683	)		(122,999	)		226,945			(226,945	)		—
UBS AG (London)		4,369		—		—		4,369		(737	)		—			(38,831	)		(39,568	)		(35,199	)		—			(35,199	)

Total	$	27,857	$	375,492	$	1,475,293	$	1,878,642	$	(47,678	)	$	(1,502,885	)	$	(156,552	)	$	(1,707,115	)	$	171,527		$	(207,948	)	$	(36,421	)

Includes Non-Deliverable Bond Forward Contracts assets of $0 and liabilities of $23,755.

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended March 31, 2021, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.80	%
High Yield		0.70			0.70			0.63			0.60			0.59			0.70			0.70
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.58			0.58
Investment Grade Credit		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.79
U.S. Mortgages		0.34			0.31			0.29			0.28			0.28			0.34			0.34

The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

179

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2021, the management fee waived by GSAM for each Fund was as follows:


Fund Name	Management Fee Waived
Emerging Markets Debt	$	61,217
High Yield		39,802
High Yield Floating Rate		103,095
Investment Grade Credit		7,777
Local Emerging Markets Debt		6,979
U.S. Mortgages		19,095

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.


	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%		0.50	%

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

180

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. For the fiscal year ended March 31, 2021, Goldman Sachs retained the following amounts:


	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt	$	604
High Yield		9,472
High Yield Floating Rate		46
Investment Grade Credit		1,692
Local Emerging Markets Debt		125
U.S. Mortgages		838

During the fiscal year ended March 31, 2021, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares, and 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares, and 0.03% of the average daily net assets with respect to the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares. Prior to July 1, 2020 the fees charged for such transfer agency services was 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to July 29, 2020 the waiver of fees charged for such transfer agency services was 0.03% of the average daily net assets of Class A, Class C and Investor Shares of Emerging Markets Debt Fund, 0.04% of the average daily net assets of Class A, Class C and Investor Shares of Local Emerging Markets Debt Fund, and 0.06% of the average daily net assets of Class A, Class C, Investor and Class R Shares of High Yield Fund.

181

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.014%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. Prior to July 29, 2020 the Other Expense limitations as an annual percentage rate of average daily net assets for High Yield was 0.024%. These Other Expense limitations will remain in place through at least July 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund Name	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt	$	61,217	$	28,764	$	673,568	$	763,549
High Yield		39,802		83,139		450,971		573,912
High Yield Floating Rate		103,095		5		470,263		573,363
Investment Grade Credit		7,777		17		443,407		451,201
Local Emerging Markets Debt		6,979		4,159		487,254		498,392
U.S. Mortgages		19,095		163		103,825		123,083

management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2021, the Funds did not have any borrowings under the facility. The facility was increased to $1,000,000,000 effective April 26, 2021.

In addition, the High Yield Floating Rate Fund also participated in a $150,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the “Credit Facility”). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the Credit Facility, the Fund had an average outstanding balance and weighted average annual interest rate for the fiscal year ended March 31, 2021 of $67,142,857 and 1.382%, respectively. As of March 31, 2021, there were no outstanding borrowings under the Credit Facility.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2021 , Goldman Sachs earned $104,499, $38,272, $4,719, and $15,056, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds, respectively.

182

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases at Cost		Proceeds from sales		Net realized gain (loss)
High Yield Floating Rate	$	807,000	$	—	$	—

As of March 31, 2021, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:

Goldman Sachs Balanced

Strategy Portfolio

Goldman Sachs

Growth and Income Portfolio

Goldman Sachs

Growth Strategy
Portfolio

12%

11%

As of March 31, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R Shares of the High Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended March 31, 2021:


Fund	Underlying Fund	Beginning Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2021		Shares as of March 31, 2021		Dividend Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	70,293,308	$	629,783,385	$	(629,287,927	)	$	70,788,766		70,788,766	$	31,916
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		65,794,418		661,256,853		(654,100,991	)		72,950,280		72,950,280		22,376
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		84,002,150		909,652,548		(773,080,397	)		220,574,301		220,574,301		35,487
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		24,456,240		312,939,207		(337,395,447	)		—		—		7,237
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		7,510,991		64,746,678		(66,266,064	)		5,991,605		5,991,605		4,662
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		16,960,588		334,243,601		(328,143,172	)		23,061,017		23,061,017		9,622

183

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2021, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Emerging Markets Debt	$	226,367,540	$	681,413,369	$	226,555,238	$	751,388,554
High Yield		—		1,384,249,989		—		1,409,260,890
High Yield Floating Rate		—		1,169,532,479		—		700,695,305
Investment Grade Credit		—		397,699,807		—		430,301,220
Local Emerging Markets Debt		26,359,538		51,930,216		26,420,976		71,378,693
U.S. Mortgages		5,062,843,398		14,328,459		5,206,270,896		36,122,464

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2021:


Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
High Yield	$	3,466,621		0.008	%		21

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities

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7. SECURITIES LENDING (continued)

loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended March 31, 2021, are reported under Investment Income on the Statements of Operations.


	For the Fiscal Year Ended March 31, 2021				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of March 31, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
High Yield Fund	$	6,419	$	24,638	$	8,801,758
High Yield Floating Rate		5,509		16,657		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended March 31, 2021.


Fund	Beginning Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2021		Shares as of March 31, 2021
High Yield	$	—	$	118,776,014	$	(84,838,821	)	$	33,937,193		33,937,193
High Yield Floating Rate		281,175		78,496,006		(78,777,181	)		—		—

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2021 was as follows:


	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
Distribution paid from:
Ordinary income	$	49,193,492	$	113,085,049	$	54,145,943	$	18,801,262	$	—	$	10,696,997
Net long-term capital gains		—		—		—		7,077,691		—		—
Total taxable distributions	$	49,193,492	$	113,085,049	$	54,145,943	$	25,878,953	$	—	$	10,696,997
Tax return of capital		—		—		—		—	$	3,158,113		—

185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

8. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2020 was as follows:


	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
Distribution paid from:
Ordinary income	$	35,161,470	$	128,363,048	$	108,675,915	$	18,751,072	$	929	$	14,006,277
Net long-term capital gains		—		—		—		4,923,132		—		—
Total taxable distribution	$	35,161,470	$	128,363,048	$	108,675,915	$	23,674,204	$	929	$	14,006,277
Tax return of capital	$	30,938,350	$	1,571,047	$	—	$	—	$	5,824,633	$	379,037

As of March 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Undistributed ordinary income — net	$	2,764,569		$	3,545,949		$	904,838		$	2,814,523		$	—		$	108,561
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term		(31,906,171	)		(156,998,353	)		(134,878,329	)		—		$	(105,769,823	)		(2,854,636	)
Perpetual Long-Term		(87,294,973	)		(334,983,217	)		(263,852,331	)		—		$	(42,686,961	)		(4,688,005	)
Total capital loss carryforwards	$	(119,201,144	)	$	(491,981,570	)	$	(398,730,660	)	$	—		$	(148,456,784	)	$	(7,542,641	)
Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable/Straddle Loss Deferral/Defaulted Bonds)	$	(11,264,924	)	$	(7,263,912	)	$	(253,187	)	$	(1,391,153	)	$	(2,098,384	)	$	(4,350,692	)
Unrealized gains (losses) — net	$	(78,838,103	)	$	63,458,029		$	(14,236,207	)	$	24,570,780		$	(5,244,639	)	$	9,975,223
Total accumulated earnings (losses) net	$	(206,539,602	)	$	(432,241,504	)	$	(412,315,216	)	$	25,994,150		$	(155,799,807	)	$	(1,809,549	)

(1)

The U.S. mortgages Fund utilized $5,467,992 of capital losses in the current fiscal year.

As of March 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	1,282,428,321		$	1,982,417,879		$	2,086,269,639		$	435,211,091		$	76,571,018		$	512,345,405
Gross unrealized gain		47,076,502			99,208,154			13,686,980			27,985,977			2,072,701			11,237,013
Gross unrealized loss		(125,914,605	)		(35,750,125	)		(27,923,187	)		(3,415,197	)		(7,317,340	)		(1,261,790	)
Net unrealized gains (losses)	$	(78,838,103)		$	63,458,029		$	(14,236,207)		$	24,570,780		$	(5,244,639)		$	9,975,223

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, market discount accretion and premium amortization, and material modification of debt securities.

The Local Emerging Markets debt Fund reclassed $5,302,588 from paid in capital to distributable earnings for the year ending March 31, 2021. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U. S or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk

187

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

9. OTHER RISKS (continued)

than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including exchange-traded funds (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

188

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS (continued)

particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

189

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

11. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the end of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/ media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

190

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Debt Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,577,571		$	19,289,970			1,799,062		$	22,111,392
Reinvestment of distributions		97,922			1,163,291			169,839			2,071,741
Shares redeemed		(2,514,930	)		(29,731,166	)		(2,546,388	)		(31,032,397	)
		(839,437	)		(9,277,905	)		(577,487	)		(6,849,264	)
Class C Shares
Shares sold		65,963			796,914			158,428			1,957,781
Reinvestment of distributions		28,197			336,098			46,146			562,918
Shares redeemed		(570,093	)		(6,856,166	)		(671,612	)		(8,207,244	)
		(475,933	)		(5,723,154	)		(467,038	)		(5,686,545	)
Institutional Shares
Shares sold		31,319,012			373,674,249			27,059,839			331,489,144
Reinvestment of distributions		2,807,403			33,691,543			3,544,599			43,280,086
Shares redeemed		(37,316,114	)		(444,330,356	)		(40,072,790	)		(476,866,219	)
		(3,189,699	)		(36,964,564	)		(9,468,352	)		(102,096,989	)
Investor Shares
Shares sold		2,259,167			27,580,731			2,455,938			30,277,018
Reinvestment of distributions		227,851			2,729,603			339,925			4,156,004
Shares redeemed		(2,989,524	)		(35,423,274	)		(4,461,512	)		(54,474,763	)
		(502,506	)		(5,112,940	)		(1,665,649	)		(20,041,741	)
Class R6 Shares
Shares sold		4,951,282			60,327,909			2,273,598			27,652,682
Reinvestment of distributions		613,573			7,371,959			886,709			10,835,500
Shares redeemed		(5,450,965	)		(62,418,277	)		(12,594,757	)		(153,866,293	)
		113,890			5,281,591			(9,434,450	)		(115,378,111	)
Class P Shares
Shares sold		1,683,232			20,790,403			381,972			4,785,423
Reinvestment of distributions		84,542			1,024,297			56,398			686,592
Shares redeemed		(176,557	)		(2,180,318	)		(289,463	)		(3,389,004	)
		1,591,217			19,634,382			148,907			2,083,011

NET DECREASE		(3,302,468	)	$	(32,162,590	)		(21,464,069	)	$	(247,969,639	)

191

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,762,272		$	17,213,547			2,253,663		$	14,179,863
Reinvestment of distributions		1,012,012			6,238,156			1,271,994			8,010,299
Shares redeemed		(5,925,812	)		(36,625,168	)		(7,449,519	)		(46,849,415	)
		(2,151,528	)		(13,173,465	)		(3,923,862	)		(24,659,253	)
Class C Shares
Shares sold		251,572			1,534,568			373,255			2,379,542
Reinvestment of distributions		64,075			394,707			89,909			566,531
Shares redeemed		(1,123,624	)		(6,962,928	)		(1,104,011	)		(6,923,942	)
		(807,977	)		(5,033,653	)		(640,847	)		(3,977,869	)
Institutional Shares
Shares sold		36,041,088			218,887,903			15,763,009			99,829,525
Reinvestment of distributions		2,505,906			15,534,431			2,473,141			15,607,017
Shares redeemed		(38,219,382	)		(236,237,070	)		(25,934,086	)		(162,127,701	)
		327,612			(1,814,736	)		(7,697,936	)		(46,691,159	)
Service Shares
Shares sold		637,672			3,913,368			196,451			1,224,931
Reinvestment of distributions		55,650			343,803			63,976			402,810
Shares redeemed		(406,817	)		(2,523,132	)		(963,127	)		(6,092,977	)
		286,505			1,734,039			(702,700	)		(4,465,236	)
Investor Shares
Shares sold		348,826			2,139,082			586,339			3,659,920
Reinvestment of distributions		128,127			791,817			157,589			994,360
Shares redeemed		(677,797	)		(4,192,072	)		(1,298,245	)		(8,156,242	)
		(200,844	)		(1,261,173	)		(554,317	)		(3,501,962	)
Class R6 Shares
Shares sold		708,485			4,418,432			2,698,562			17,320,517
Reinvestment of distributions		450,241			2,792,852			593,593			3,759,198
Shares redeemed		(3,705,714	)		(23,438,442	)		(7,116,411	)		(43,936,039	)
		(2,546,988	)		(16,227,158	)		(3,824,256	)		(22,856,324	)
Class R Shares
Shares sold		251,926			1,552,847			271,986			1,682,799
Reinvestment of distributions		63,838			390,005			102,892			647,026
Shares redeemed		(1,172,868	)		(7,201,318	)		(553,591	)		(3,396,212	)
		(857,104	)		(5,258,466	)		(178,713	)		(1,066,387	)
Class P Shares
Shares sold		54,429,200			334,525,354			59,389,030			375,549,036
Reinvestment of distributions		13,600,160			84,260,269			15,157,165			95,571,935
Shares redeemed		(64,959,168	)		(398,940,414	)		(85,156,082	)		(505,997,133	)
		3,070,192			19,845,209			(10,609,887	)		(34,876,162	)

NET DECREASE		(2,880,132	)	$	(21,189,403	)		(28,132,518	)	$	(142,094,352	)

192

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Floating Rate Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		155,164		$	1,409,146			51,166		$	457,770
Reinvestment of distributions		12,467			111,751			17,481			161,777
Shares redeemed		(137,968	)		(1,231,391	)		(121,747	)		(1,130,379	)
		29,663			289,506			(53,100	)		(510,832	)
Class C Shares
Shares sold		7,144			66,693			9,691			91,062
Reinvestment of distributions		2,163			19,302			4,426			41,033
Shares redeemed		(32,828	)		(297,167	)		(49,153	)		(458,046	)
		(23,521	)		(211,172	)		(35,036	)		(325,951	)
Institutional Shares
Shares sold		9,105,531			79,634,770			6,446,570			60,606,786
Reinvestment of distributions		498,978			4,473,043			544,456			5,036,346
Shares redeemed		(11,702,846	)		(106,926,015	)		(6,418,477	)		(57,796,663	)
		(2,098,337	)		(22,818,202	)		572,549			7,846,469
Investor Shares
Shares sold		353,943			3,302,487			57,643			545,434
Reinvestment of distributions		4,256			38,428			7,735			72,087
Shares redeemed		(39,567	)		(355,473	)		(128,868	)		(1,207,359	)
		318,632			2,985,442			(63,490	)		(589,838	)
Class R6 Shares
Shares sold		13,649,385			126,351,697			1,604,244			15,190,000
Reinvestment of distributions		228,677			2,104,744			191,287			1,774,242
Shares redeemed		(1,597,797	)		(13,745,000	)		(1,531,103	)		(14,500,000	)
		12,280,265			114,711,441			264,428			2,464,242
Class R Shares
Shares sold		129			1,130			9			79
Reinvestment of distributions		51			457			100			936
Shares redeemed		(131	)		(1,224	)		(9,424	)		(89,458	)
		49			363			(9,315	)		(88,443	)
Class P Shares
Shares sold		88,767,524			824,781,829			30,402,056			285,962,085
Reinvestment of distributions		5,257,253			47,254,727			10,864,245			100,901,974
Shares redeemed		(57,870,076	)		(510,220,633	)		(134,328,648	)		(1,210,528,615	)
		36,154,701			361,815,923			(93,062,347	)		(823,664,556	)

NET INCREASE (DECREASE)		46,661,452		$	456,773,301			(92,386,311	)	$	(814,868,909	)

193

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Investment Grade Credit Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		554,738		$	5,470,265			1,064,510		$	9,946,383
Reinvestment of distributions		43,807			437,271			42,969			411,597
Shares redeemed		(679,903	)		(6,795,864	)		(871,709	)		(8,317,736	)
		(81,358	)		(888,328	)		235,770			2,040,244
Institutional Shares
Shares sold		11,584,166			116,836,264			4,578,984			43,280,105
Reinvestment of distributions		430,734			4,306,577			244,123			2,341,768
Shares redeemed		(4,934,175	)		(47,845,158	)		(3,447,206	)		(32,887,235	)
		7,080,725			73,297,683			1,375,901			12,734,638
Separate Account Institutional
Shares sold		3,846,066			38,058,765			6,474,618			61,456,189
Reinvestment of distributions		1,002,689			10,015,676			1,071,922			10,273,344
Shares redeemed		(11,756,012	)		(115,369,545	)		(7,171,721	)		(67,368,294	)
		(6,907,257	)		(67,295,104	)		374,819			4,361,239
Investor Shares
Shares sold		1,198,314			12,000,633			498,818			4,707,948
Reinvestment of distributions		26,427			263,988			18,959			181,746
Shares redeemed		(1,181,834	)		(11,856,564	)		(346,582	)		(3,077,750	)
		42,907			408,057			171,195			1,811,944
Class R6 Shares
Shares sold		48,039			475,722			58,732			561,082
Reinvestment of distributions		4,687			46,742			4,607			44,191
Shares redeemed		(33,828	)		(331,939	)		(27,851	)		(262,263	)
		18,898			190,525			35,488			343,010
Class P Shares
Shares sold		20,628,865			206,093,138			4,388,719			41,963,996
Reinvestment of distributions		1,036,773			10,358,321			978,941			9,369,296
Shares redeemed		(26,555,742	)		(265,825,616	)		(5,666,203	)		(53,941,392	)
		(4,890,104	)		(49,374,157	)		(298,543	)		(2,608,100	)

NET INCREASE (DECREASE)		(4,736,189	)	$	(43,661,324	)		1,894,630		$	18,682,975

194

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Local Emerging Markets Debt Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		167,535		$	979,119			241,187		$	1,386,001
Reinvestment of distributions		30,616			172,554			37,563			218,756
Shares redeemed		(301,085	)		(1,703,158	)		(263,342	)		(1,556,407	)
		(102,934	)		(551,485	)		15,408			48,350
Class C Shares
Shares sold		130,722			734,833			66,354			397,000
Reinvestment of distributions		14,699			83,114			17,920			104,147
Shares redeemed		(283,125	)		(1,575,040	)		(351,821	)		(2,049,161	)
		(137,704	)		(757,093	)		(267,547	)		(1,548,014	)
Institutional Shares
Shares sold		206,205			1,172,614			1,044,068			6,074,568
Reinvestment of distributions		76,894			431,907			174,316			1,013,809
Shares redeemed		(1,597,311	)		(8,544,195	)		(3,513,890	)		(20,526,021	)
		(1,314,212	)		(6,939,674	)		(2,295,506	)		(13,437,644	)
Investor Shares
Shares sold		279,017			1,585,381			1,102,704			6,501,600
Reinvestment of distributions		31,871			178,843			51,571			299,481
Shares redeemed		(567,265	)		(3,092,431	)		(1,091,038	)		(6,204,575	)
		(256,377	)		(1,328,207	)		63,237			596,506
Class R6 Shares
Shares sold		1,014,764			6,000,002			304,283			1,745,000
Reinvestment of distributions		183,957			1,038,072			385,858			2,244,149
Shares redeemed		(2,832,218	)		(15,000,000	)		(10,781,107	)		(62,918,018	)
		(1,633,497	)		(7,961,926	)		(10,090,966	)		(58,928,869	)
Class P Shares
Shares sold		145,165			823,138			424,960			2,582,976
Reinvestment of distributions		212,156			1,193,173			314,691			1,826,785
Shares redeemed		(1,324,420	)		(7,238,180	)		(3,612,634	)		(20,496,940	)
		(967,099	)		(5,221,869	)		(2,872,983	)		(16,087,179	)

NET DECREASE		(4,411,823	)	$	(22,760,254	)		(15,448,357	)	$	(89,356,850	)

195

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2021

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Mortgages Fund

	For the Fiscal Year Ended March 31, 2021						For the Fiscal Year Ended March 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,662,761		$	17,763,080			1,147,097		$	12,015,501
Reinvestment of distributions		60,359			646,215			72,641			759,762
Shares redeemed		(971,612	)		(10,386,166	)		(1,390,147	)		(14,531,261	)
		751,508			8,023,129			(170,409	)		(1,755,998	)
Institutional Shares
Shares sold		6,597,363			70,461,484			3,783,136			39,828,543
Reinvestment of distributions		113,271			1,214,657			97,793			1,027,136
Shares redeemed		(3,243,765	)		(34,731,937	)		(2,179,366	)		(22,734,868	)
		3,466,869			36,944,204			1,701,563			18,120,811
Separate Account Institutional
Shares sold		4,184,857			44,844,994			5,621,328			58,813,402
Reinvestment of distributions		542,125			5,808,441			594,845			6,226,978
Shares redeemed		(10,106,606	)		(107,862,252	)		(7,488,684	)		(78,227,152	)
		(5,379,624	)		(57,208,817	)		(1,272,511	)		(13,186,772	)
Investor Shares
Shares sold		5,429,425			58,236,413			6,470,677			67,746,968
Reinvestment of distributions		153,683			1,648,857			450,005			4,720,326
Shares redeemed		(10,994,616	)		(117,899,131	)		(10,917,083	)		(114,719,394	)
		(5,411,508	)		(58,013,861	)		(3,996,401	)		(42,252,100	)
Class R6 Shares
Shares sold		458,336			4,918,336			1,010,406			10,585,447
Reinvestment of distributions		43,711			469,584			48,738			511,536
Shares redeemed		(1,646,018	)		(17,738,898	)		(529,758	)		(5,551,845	)
		(1,143,971	)		(12,350,978	)		529,386			5,545,138
Class P Shares
Shares sold		986,714			10,632,756			114,565			1,201,600
Reinvestment of distributions		25,409			272,638			26,030			272,951
Shares redeemed		(311,767	)		(3,342,527	)		(501,913	)		(5,242,891	)
		700,356			7,562,867			(361,318	)		(3,768,340	)

NET DECREASE		(7,016,370	)	$	(75,043,456	)		(3,569,690	)	$	(37,297,261	)

196

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2021

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

197

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

At a meeting of the Board of Trustees on February 9-10, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

198

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses.

This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R Shares or Class P of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2020 through March 31, 2021, which represents a period of 182 out of 365 days.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by 1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.


	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*
Class A
Actual	$	1,000.00	$	1,012.20		$	5.87	$	1,000.00	$	1,066.70		$	5.31	$	1,000.00	$	1,056.50		$	5.38
Hypothetical 5% return		1,000.00		1,019.80	+		5.89		1,000.00		1,019.80	+		5.19		1,000.00		1,019.80	+		5.29
Class C
Actual		1,000.00		1,007.50			9.61		1,000.00		1,062.60			9.15		1,000.00		1,053.70			9.22
Hypothetical 5% return		1,000.00		1,015.36	+		9.65		1,000.00		1,016.06	+		8.95		1,000.00		1,015.96	+		9.05
Institutional
Actual		1,000.00		1,012.90			4.32		1,000.00		1,068.00			3.87		1,000.00		1,059.40			3.70
Hypothetical 5% return		1,000.00		1,020.64	+		4.33		1,000.00		1,021.19	+		3.78		1,000.00		1,021.34	+		3.63
Service
Actual		—		—			—		1,000.00		1,065.50			3.97		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,021.09	+		3.88		—		—			—
Investor
Actual		1,000.00		1,013.40			4.62		1,000.00		1,067.90			4.02		1,000.00		1,058.90			4.00
Hypothetical 5% return		1,000.00		1,020.34	+		4.63		1,000.00		1,021.04	+		3.93		1,000.00		1,021.04	+		3.93
Class R6
Actual		1,000.00		1,012.90			4.27		1,000.00		1,068.00			3.82		1,000.00		1,058.30			3.59
Hypothetical 5% return		1,000.00		1,020.69	+		4.28		1,000.00		1,021.24	+		3.73		1,000.00		1,021.44	+		3.53
Class R
Actual		—		—			—		1,000.00		1,063.70			6.53		1,000.00		1,055.30			6.51
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.39		1,000.00		1,018.60	+		6.39
Class P
Actual		1,000.00		1,013.80			4.27		1,000.00		1,068.10			3.82		1,000.00		1,059.40			3.59
Hypothetical 5% return		1,000.00		1,021.24	+		4.28		1,000.00		1,021.24	+		3.73		1,000.00		1,021.24	+		3.53

199

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2021 (Unaudited) (continued)


Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Debt+		1.17	%		1.92	%		0.86	%		—	%		0.92	%		0.85	%		—	%		0.85	%
High Yield+		1.03			1.78			0.75			0.77			0.78			0.74			1.27			0.74
High Yield Floating Rate+		1.05			1.80			0.72			—			0.78			0.70			1.27			0.70

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*		Beginning Account Value 10/1/20		Ending Account Value 3/31/21			Expenses Paid for the 6 months ended 3/31/21*
Class A
Actual	$	1,000.00	$	982.40		$	3.51	$	1,000.00	$	1,032.40		$	6.18	$	1,000.00	$	995.80		$	3.88
Hypothetical 5% return		1,000.00		1,021.39	+		3.58		1,000.00		1,021.39	+		6.14		1,000.00		1,021.39	+		3.93
Class C
Actual		—		—			—		1,000.00		1,030.40			9.97		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.11	+		9.90		—		—			—
Institutional
Actual		1,000.00		984.00			1.88		1,000.00		1,035.80			4.62		1,000.00		997.50			2.24
Hypothetical 5% return		1,000.00		1,023.04	+		1.92		1,000.00		1,020.39	+		4.58		1,000.00		1,022.69	+		2.27
Separate Account Institutional
Actual	$	1,000.00	$	985.10		$	1.83		—		—			—	$	1,000.00	$	998.40		$	2.19
Hypothetical 5% return		1,000.00		1,023.09	+		1.87		—		—			—		1,000.00		1,022.74	+		2.22
Investor
Actual		1,000.00		983.60			2.27		1,000.00		1,035.60			4.87		1,000.00		997.10			2.64
Hypothetical 5% return		1,000.00		1,022.64	+		2.32		1,000.00		1,020.14	+		4.84		1,000.00		1,022.29	+		2.67
Class R6
Actual		1,000.00		984.10			1.83		1,000.00		1,035.90			4.57		1,000.00		997.50			2.19
Hypothetical 5% return		1,000.00		1,023.09	+		1.87		1,000.00		1,020.44	+		4.53		1,000.00		1,022.74	+		2.22
Class P
Actual		1,000.00		985.10			1.83		1,000.00		1,035.90			4.57		1,000.00		997.50			2.19
Hypothetical 5% return		1,000.00		1,023.09	+		1.87		1,000.00		1,023.09	+		4.53		1,000.00		1,023.09	+		2.22


Fund	Class A			Class C			Institutional			Separate Account Institutional			Investor			Class R6			Class P
Investment Grade Credit+		0.71	%		—	%		0.38	%		0.37	%		0.46	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.22			1.97			0.91			—			0.96			0.90			0.90
U.S. Mortgages+		0.78			—			0.45			0.44			0.53			0.44			0.44

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

200

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 72	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Dwight L. Bush Age: 64	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Kathryn A. Cassidy Age: 67	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Diana M. Daniels Age: 71	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	None

Joaquin Delgado Age: 61	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust	105	Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)

Roy W. Templin Age: 60	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 69	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	105	Verizon Communications Inc.

201

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 58	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	161	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2021.

⁴

202

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2021.

Single Sector Fixed Income Funds Tax Information (Unaudited)

For the fiscal year ended March 31, 2021, 3.05% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the dividends received deduction available to corporations. Pursuant to Section 871(k) of the Internal Revenue Code, the Investment Grade Credit Fund designates $2,833,629 as short-term capital gain dividends paid during the fiscal year ended March 31, 2021. Pursuant to Section 852 of the Internal Revenue Code, the Investment Grade Credit Fund designates $7,077,691 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended March 31, 2021.

For the fiscal year ended March 31, 2021, the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds, designate 100%, 95.39%, 95.56%, 88.83%, 62.18%, and 99.89% respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

203

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund

∎

Emerging Markets Equity Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Defensive Equity Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁶

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Strategic Volatility Premium Fund

∎

Target Date Retirement Portfolio

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Fund holdings and allocations shown are as of March 31, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

A summary prospectus, if available, or a Prospectus for the Funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2021		2020		Description of Services Rendered
Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)	$	3,233,044	$	3,688,525	Financial Statement audits.

Audit-Related Fees:

• PwC	$	145,990	$	211,276	Other attest services.

Tax Fees:

• PwC	$	—	$	713,523	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns and certain other tax-related services.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2021		2020		Description of Services Rendered
Audit-Related Fees:

• PwC	$	2,006,448	$	2,000,617	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2021 and March 31, 2020 were approximately $145,990 and $924,799, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2020 and December 31, 2019 were approximately $14.5 and $14.7 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2020 and 2019 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs Trust

By:		/s/ James A. McNamara
		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		June 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James A. McNamara
		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		June 4, 2021

By:		/s/ Joseph F. DiMaria
		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust

Date:		June 4, 2021