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, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	March 31, 2018
	Long Short Credit Strategies

Goldman Sachs Long Short Credit Strategies Fund

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summary	2
Schedule of Investments	10
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	33
Other Information	34

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

What Differentiates Goldman Sachs Long Short Credit Strategies Fund’s Investment Process?

The Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) seeks an absolute return comprised of income and capital appreciation.

The Fund uses a bottom-up, fundamental approach with a focus on high conviction ideas across the corporate credit spectrum. Inefficiencies in the credit markets may provide attractive opportunities for investors. The Fund seeks to capitalize on these through an unconstrained approach, security selection and providing active downside management.

∎ The Fund is not limited by the traditional constraints of a benchmark strategy.

∎ The Fund uses a flexible and dynamic strategy that allows it to invest across the spectrum of corporate credit while seeking what we believe are the most attractive risk-adjusted return opportunities.

∎ The Fund invests across the spectrum of corporate credit including high yield, investment grade, bank loans, convertibles and preferred equity.

∎ The Fund seeks to identify issuers that offer compelling value through bottom-up security selection, with a focus on capital preservation.

∎ The Fund’s investment approach allows for flexibility in security selection, irrespective of industry, ratings and maturity constraints.

∎ The Fund manages long and short exposures to potentially generate absolute returns. A hedged approach allows the Fund to deploy tactical portfolio tilts via high yield index shorts.

∎ Dynamic portfolio management may enhance downside mitigation while providing investors access to security selection expertise.

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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 Asset Management Credit Alternatives 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor and R Shares generated average annual total returns, without sales charges, of 0.86%, 0.12%, 1.32%, 1.12% and 0.61%, respectively. These returns compare to the 1.21% average annual total return of the Fund’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

For the period from their inception on November 30, 2017 through March 31, 2018, the Fund’s R6 Shares generated a cumulative total return, without sales charges, of -0.62%. This return compared to the 0.41% cumulative total return of the Index during the same time 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.

Q What economic and market factors most influenced the corporate credit markets as a whole during the Reporting Period?

A During the Reporting Period, moderate economic growth, low inflation and accommodative central bank policy at home and abroad provided a generally favorable backdrop for U.S. corporate credit and also led to notably muted volatility in both the equity and credit markets until early February 2018.

U.S. credit markets, especially U.S. high yield bonds, rallied, as credit spreads, or yield differentials to U.S. Treasuries, tightened during the Reporting Period. Supporting the markets was steady global economic growth, led by the developed markets. Despite the moderate rate of economic growth and the unemployment levels not seen since early 2001, U.S. inflation remained historically low. The U.S. Federal Reserve (the “Fed”) maintained its accommodative approach to raising the targeted federal funds rate. The Fed raised interest rates three times during the Reporting Period — in June and December 2017 and in March 2018 — bringing the targeted federal funds rate to a range of 1.50% to 1.75% by the end of the Reporting Period. During the fourth quarter of 2017, we also saw the beginning of the Fed’s balance sheet roll-off, wherein it would gradually shrink its balance sheet. The Fed’s balance sheet had expanded dramatically in its quantitative easing strategy designed to help the economy recover from the 2007-2009 financial crisis. On the fiscal front, the U.S. Congress passed the Tax Cuts and Jobs Act in December 2017, which included a reduction in the corporate tax rate from 35% to 21%. This bill was largely viewed by the markets as positive for corporate borrowers and business investment.

During the last two months of the Reporting Period, equity and credit markets were marked by heightened volatility and a sharp rise in rates, stoked by market speculation that robust labor market data would lead to a faster pace of interest rate hikes. Concerns about monetary policy tightening were exacerbated by solid U.S. inflation data and new Fed Chair Powell’s testimony before Congress positing a more optimistic economic outlook. Renewed concerns about the increasingly hostile exchanges between North Korea and the White House and reaction to potentially unfavorable changes in U.S. trade policy further drove heightened volatility. Credit spreads widened as a result.

That said, through the Reporting Period, the U.S. credit markets were supported by generally healthy credit fundamentals, including strong corporate earnings. Despite solid high yield credit fundamentals, investor uncertainty surrounding compressed high yield spreads — as well as broader macro concerns, including renewed geopolitical

2

PORTFOLIO RESULTS

tensions, interest rate hikes and global economic growth — contributed to a cautious consensus view toward the high yield market. Such a view drove outflows from the U.S. high yield market and inflows into U.S. leveraged loans.

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

A 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 positive performance during the Reporting Period was broad-based, attributable to long positioning in capital goods, consumer cyclicals and energy credits. The largest individual contributors during the Reporting Period included long positions in Bombardier, Navistar and The Hertz Corporation.

Within the Fund’s long positioning, there were no sectors that materially detracted from performance. That said, the largest individual detractors during the Reporting Period were the Fund’s positions in PetSmart and Weatherford International. The Fund’s tactical 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 its results during the Reporting Period as spreads tightened. The Fund’s interest rate swaps, which are used to hedge duration, contributed modestly positively to performance.

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.

Q Which segments of the corporate credit sector most significantly affected Fund performance?

A The corporate credit markets, as mentioned earlier, broadly rallied during the Reporting Period, driven largely, in our view, by generally healthy fundamentals. U.S. high yield corporate bonds and bank loans were among the strongest performers during the Reporting Period, as spreads narrowed. Our ability to identify select issuers within the corporate credit sector contributed positively to the Fund’s performance during the Reporting Period.

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

A The Fund does not use duration and yield curve positioning as active management strategies within its investment process. However, 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, albeit modestly, to its performance during the Reporting Period.

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

A 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 modestly positively to Fund performance during the Reporting Period. The Fund used foreign currency exchange forward contracts to hedge the currency risk in non-U.S. dollar-denominated issues to U.S. dollars. Used during the Reporting Period but not held at the end of the Reporting Period, foreign currency exchange forward contracts had a rather neutral impact on the Fund’s performance for the Reporting Period overall.

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

A 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.

We modestly increased the Fund’s allocation to secured indebtedness, including high yield and bank loans, during the Reporting Period. We also found what we considered to be compelling opportunities amongst short duration bonds, especially toward the very short-term end of the yield curve, or spectrum of interest rates based on maturities of varying lengths. We maintained our favor toward short-dated high yield credit securities, which, in our view, offer attractive risk-adjusted yields and some insulation from potential increases in interest rates. We believe these securities are attractive for maintaining yield while limiting overall interest rate exposure, particularly given Fed interest rate hikes thus far and potential additional interest rate increases in 2018.

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PORTFOLIO RESULTS

We took a cautious view in the Fund given the rally in the corporate credit markets seen in the Fund’s prior fiscal year and during much of the Reporting Period. Our view was driven by the potential for volatility related to both geopolitical events and macroeconomic uncertainty, including further interest rate hikes, the reduction of the Fed’s balance sheet and the pace of global economic growth. We expressed this view by increasing the Fund’s short exposure to a high yield credit default swap index. 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.

Q How was the Fund positioned at the end of March 2018?

A At the end of the Reporting Period, the Fund was defensively positioned based on our cautious view of the market at the end of March 2018. The Fund remained focused on higher quality issuers in the capital structure and companies with what we considered to be strong cash flow.

Reflecting our modestly defensive Fund positioning, as of March 31, 2018, approximately 54% of the Fund’s total net assets was invested in unsecured debt obligations, 19% in other secured debt obligations, 16% in bank loans, less than 1% in common stock and other equity securities and 9% in cash and cash equivalents. The Fund’s notional derivative exposure, calculated as a percentage of total net assets, was -43% in a credit default swap high yield index. The Fund had a total of 137 holdings from 113 issuers at March 31, 2018, with the Fund’s top long corporate issuers, as measured by a percentage of total net assets invested, being Bombardier, Cheniere Energy and Weatherford International.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed a sound approach, grounded in fundamentals with a focus on capital preservation, may offer a compelling means to navigate the current and anticipated market environment in the months ahead. We believe heightened volatility, such as that seen toward the end of the Reporting Period, may lead to periods of technical dislocations in the market, which may provide for attractive single-name investing opportunities. While we continued to see value in the credit markets at the end of the Reporting Period, we believe that security selection and a focus on fundamentals will be increasingly important if interest rates continue to rise and should the Fed indeed take a more hawkish, less accommodative approach. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

We intend to remain disciplined in our approach focused on credit selection. Our investment team has been identifying what we view as several investment opportunities in the new issue debt market, as we have seen what we consider to be attractive price entry points. Overall, we believe the Fund’s ability to be flexible across the corporate credit spectrum —high yield, loans, bank loans and investment grade credit —enables the Fund to step in and seek to take advantage of market opportunities when inefficiencies arise as well as to capitalize on changing market conditions.

4

FUND BASICS

Long Short Credit Strategies Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		0.86	%		1.21	%		4.02	%		4.20	%
Class C		0.12			1.21			3.42			3.60
Institutional		1.32			1.21			4.52			4.71
Investor		1.12			1.21			4.43			4.63
Class R		0.61			1.21			3.90			4.12
November 30, 2017– March 31, 2018
Class R6		-0.62	%		0.41	%		4.53	%		4.72	%

¹  The net asset value (“NAV”) represents the net assets of the Fund (ex-dividend) divided by the total number of shares outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

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

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the fiscal year ended 3/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		-2.94	%		N/A			-0.75	%	4/30/14
Class C		-0.88			N/A			-0.53		4/30/14
Institutional5		1.32			1.42	%		4.90		6/15/09
Investor		1.12			N/A			0.47		4/30/14
Class R		0.61			N/A			-0.02		4/30/14
Class R6		N/A			N/A			-0.62		11/30/17

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect the maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

⁵  The average annual total return figures for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the periods shown. Prior to March 24, 2014 (the effective date of the reorganization of the Goldman Sachs Credit Strategies Fund (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 average annual total return figures shown. The Predecessor Fund commenced operations on June 15, 2009.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Effective at the close of business on March 21, 2014, the Goldman Sachs Credit Strategies Fund (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 for the Fund’s Institutional Shares 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.

6

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.61	%
Class C		2.22			2.36
Institutional		1.13			1.27
Investor		1.22			1.36
Class R		1.72			1.86
Class R6		1.12			1.26

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  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.

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FUND BASICS

TOP TEN INDUSTRY ALLOCATIONS8
As of March 31, 2018	Percentage of Net Assets
Oil Field Services		13.3	%
Automotive		8.2
Pipelines		5.3
Media		5.3
Media – Cable		5.1
Telecommunication Services		4.2
Retailing		3.7
Miscellaneous Manufacturing		3.7
Diversified Financial Services		3.0
Packaging		3.0

⁸  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.

8

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on June 15, 2009 (the date on which the Predecessor Fund commenced operations) 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 BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and repurchase cash flows affecting the Fund.

Long Short Credit Strategies Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from June 15, 2009 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Since Inception*
Class A (Commenced April 30, 2014)
Excluding sales charges	0.86%	N/A	0.22%
Including sales charges	-2.94%	N/A	-0.75%
Class C (Commenced April 30, 2014)
Excluding contingent deferred sales charges	0.12%	N/A	-0.53%
Including contingent deferred sales charges	-0.88%	N/A	-0.53%
Institutional (Commenced March 24, 2014)**	1.32%	1.42%	4.90%
Investor (Commenced April 30, 2014)	1.12%	N/A	0.47%
Class R (Commenced April 30, 2014)	0.61%	N/A	-0.02%
Class R6 (Commenced November 30, 2017)	N/A	N/A	-0.62%***

* The since-inception return for Institutional Shares is from the date on which the Predecessor Fund commenced operations, June 15, 2009.

** 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.

*** Total return for periods less than one year represents cumulative total return.

9

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – 34.6%
Bank Loans(a) – 16.0%
Automotive(b) – 1.8%
	Navistar International Corp. (B+/Ba3) (1M LIBOR + 3.500%)
$	3,853,261		5.210	%		11/06/24	$	3,870,909
Building Materials(b) – 0.4%
	Builders FirstSource, Inc. (B+/B3) (3M LIBOR + 3.000%)
	788,014		5.302			02/29/24		790,969
Commercial Services(b) – 0.4%
	Monitronics International, Inc. (B-/B2) (3M LIBOR + 5.500%)
	902,571		7.802			09/30/22		877,190
Communications – Entertainment(b) – 0.5%
	Univision Communications, Inc. (BB-/B2) (1M LIBOR + 2.750%)
	1,048,450		4.627			03/15/24		1,030,543
Communications – Pulbishing & Broadcastng – 0.6%
	Sinclair Television Group, Inc. (BB+/Ba1)
	1,305,000		2.500			12/12/24		1,309,894
Construction Machinery(b) – 0.4%
	Accudyne Industries LLC (B/B3) (1M LIBOR + 3.750%)
	843,640		5.127			08/18/24		847,858
Consumer Cyclical Services(b) – 0.9%
	TKC Holdings, Inc. (B/B2) (2M LIBOR + 4.250%)
	2,023,695		5.600			02/01/23		2,041,402
Consumer Discretionary-Home Improvement(b) – 0.9%
	Apex Tool Group LLC (NR/NR) (1M LIBOR + 3.750%)
	1,987,500		5.627			02/01/22		1,982,889
Diversified Telecommunication(b) – 0.8%
	Telesat Canada (BB-/Ba3) (1M LIBOR + 3.000%)
	1,817,429		5.310			11/17/23		1,822,736
Energy-Pipeline(b) – 0.4%
	Oryx Southern Delaware Holdings LLC (NR/NR) (1M LIBOR + 3.250%)
	967,000		5.127			02/09/25		967,000
Environmental(b) – 0.6%
	Core & Main LP (B+/B2) (3M LIBOR + 3.000%)
	1,246,875		5.006			08/01/24		1,253,109
Food & Beverage(b) – 1.0%
	Dole Food Co., Inc. (B-/B1) (1M LIBOR + 2.750%)
	2,224,779		4.604			04/06/24		2,227,560
Health Care – Services(b) – 0.5%
	Greenway Health LLC (B/B3) (3M LIBOR + 4.250%)
	1,023,142		6.550			02/14/24		1,029,537
Household Products(b) – 0.3%
	AI Aqua Merger Sub, Inc. (B/B2) (1M LIBOR + 3.250%)
	137,000		5.127			12/13/23		137,600
	(1M LIBOR + 3.500%)
	407,978		5.127			12/13/23		408,997
								546,597
Industrials-Manufactured Goods – 0.5%
	Mavis Tire Express Services Corp. (NR/NR)
	646,071		3.250			03/20/25		646,071
	103,429		3.250			03/20/25		103,429
	Tecomet, Inc. (B/B2) (3M LIBOR + 3.750%)
	508,160		5.278			05/01/24		511,336
								1,260,836
Secured Debt Obligations – (continued)
Internet – 0.5%
	Shutterfly, Inc. (NR/NR)
	1,022,000		2.750			08/17/24		1,024,984
Media(b) – 0.5%
	CBS Radio, Inc. (BB-/Ba3) (3M LIBOR + 2.750%)
	1,163,781		4.623			11/17/24		1,168,390
Media – Broadcasting & Radio – 0.4%
	Meredith Corp. (NR/NR)(1M LIBOR + 3.000%)
	858,696		4.877			01/31/25		863,419
Media – Cable(b) – 0.7%
	CSC Holdings LLC (BB-/Ba2) (1M LIBOR + 2.500%)
	1,630,000		4.277			01/25/26		1,629,495
Media-Entertainment – 0.4%
	Lions Gate Entertainment Corp. (NR/NR) (1M LIBOR + 2.250%)
	827,045		2.250			03/19/25		827,731
Packaging(b) – 0.7%
	BWAY Holding Co. (B-/B2) (3M LIBOR + 3.250%)
	1,582,569		4.958			04/03/24		1,589,627
Restaurant(b) – 1.0%
	1011778 B.C. Unlimited Liability Co. (B+/Ba3) (1M LIBOR + 2.250%)
	2,128,135		3.476			02/16/24		2,128,581
Retailers(b) – 0.7%
	JC Penney Corp., Inc. (BB-/Ba3) (3M LIBOR + 4.250%)
	1,612,713		6.234			06/23/23		1,576,685
Technolgy – Software – 1.1%
	Peak 10, Inc. (NR/NR)(b) (3M LIBOR + 3.500%)
	1,030,820		5.802			08/01/24		1,033,232
	SS&C Technologies Holdings Europe S.a.r.l. (NR/NR) (1M LIBOR + 2.250%)
	339,975		2.500			02/28/25		341,498
	SS&C Technologies, Inc. (NR/NR) (1M LIBOR + 2.250%)
	953,025		2.500			02/28/25		957,295
								2,332,025
	TOTAL BANK LOANS						$	34,999,966
Other Secured Debt Obligations – 18.6%
Automotive(d)(e) – 0.4%
	Mclaren Finance PLC (B/B2)
$	809,000		5.750	%		08/01/22	$	815,068
Consumer Cyclical Services(d) – 1.8%
	APX Group, Inc. (B-/B1)
	3,770,000		7.875			12/01/22		3,901,950
Health Care – Services – 0.9%
	HCA, Inc. (BBB-/Ba1)
	1,950,000		5.000			03/15/24		1,969,500
Leisure Time(d)(e) – 0.3%
	VOC Escrow Ltd. (BB-/Ba2)
	677,000		5.000			02/15/28		643,150

10 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)
Media – Cable(d)(e) – 4.3%
	Altice France SA (B+/B1)
$	3,420,000		6.000	%		05/15/22	$	3,338,775
	Altice US Finance I Corp. (BB/Ba3)
	2,587,000		5.500			05/15/26		2,522,325
	Ziggo Secured Finance BV (BB-/B1)
	3,842,000		5.500			01/15/27		3,597,072
								9,458,172
Media – Non Cable(d)(e) – 0.9%
	Univision Communications, Inc. (BB-/B2)
	602,000		5.125			05/15/23		573,405
	1,623,000		5.125			02/15/25		1,509,390
								2,082,795
Oil Field Service(d)(e) – 0.4%
	Transocean Proteus Ltd. (BB-/NR)
	767,700		6.250			12/01/24		783,054
Packaging(d)(e) – 2.1%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/Ba3)
	691,000		4.625			05/15/23		693,591
	BWAY Holding Co. (B-/B2)
	532,000		5.500			04/15/24		534,660
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu (B+/B1)
	3,287,000		5.125			07/15/23		3,315,761
								4,544,012
Pipelines(d) – 2.9%
	Cheniere Corpus Christi Holdings LLC (BB-/Ba3)
	2,388,000		5.125			06/30/27		2,370,090
	Cheniere Energy Partners LP (BB/Ba2)(e)
	4,056,000		5.250			10/01/25		4,000,230
								6,370,320
Retailing(d)(e) – 1.7%
	JC Penney Corp., Inc. (B/B2)
	1,833,000		8.625			03/15/25		1,723,020
	PetSmart, Inc. (CCC+/B1)
	2,763,000		5.875			06/01/25		1,996,267
								3,719,287
Software(d)(e) – 0.8%
	First Data Corp. (BB/Ba3)
	1,761,000		5.000			01/15/24		1,761,000
Telecommunications – Wireless – 1.0%
	Hughes Satellite Systems Corp. (BBB-/Ba2)
	1,710,000		5.250			08/01/26		1,675,800
	Wind Tre SpA (BB-/B1)(d)(e)
	495,000		5.000			01/20/26		419,513
								2,095,313
Secured Debt Obligations – (continued)
Telecommunications-Wirelines(d)(e) – 1.1%
	Frontier Communications Corp. (B+/B3)
	2,533,000		8.500			04/01/26		2,450,678
	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	40,594,299
	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $77,463,509)						$	75,594,265
Unsecured Debt Obligations – 53.9%
Aerospace(d)(e) – 2.7%
	DAE Funding LLC (BB/Ba3)
$	5,235,000		5.000	%		08/01/24	$	4,953,619
	Avolon Holdings Funding Ltd. (BB/Ba3)
	941,000		5.500	%		01/15/23		926,885
								5,880,504
Aerospace & Defense – 4.3%
	Bombardier, Inc. (B-/Caa1)(e)
	1,087,000		8.750			12/01/21		1,191,624
	5,573,000		6.125			01/15/23		5,552,101
	Triumph Group, Inc. (B-/B3)(d)
	1,723,000		4.875			04/01/21		1,679,925
	924,000		7.750			08/15/25		944,790
								9,368,440
Automotive – 6.0%
	Adient Global Holdings Ltd. (BB/Ba3)(d)(e)
	3,388,000		4.875			08/15/26		3,197,425
	Allison Transmission, Inc. (NR/Ba3)(d)(e)
	1,864,000		4.750			10/01/27		1,759,150
	Cooper-Standard Automotive, Inc. (B+/B2)(d)(e)
	2,129,000		5.625			11/15/26		2,123,677
	Dana, Inc. (BB/B1)(d)
	434,000		6.000			09/15/23		448,105
	Delphi Technologies PLC (BB/B1)(e)
	2,871,000		5.000			10/01/25		2,747,372
	Navistar International Corp. (CCC+/Caa1)(d)(e)
	429,000		6.625			11/01/25		429,000
	Tesla, Inc. (B-/Caa1)(d)(e)
	2,178,000		5.300			08/15/25		1,900,305
	ZF North America Capital, Inc. (BBB-/Baa3)(e)
	581,000		4.500			04/29/22		588,263
								13,193,297
Banks(d) – 0.2%
	CIT Group, Inc. (BB+/Ba2)
	440,000		4.125			03/09/21		442,200
Biotechnology(d)(e) – 0.0%
	Concordia International Corp. (D/C)
	955,000		7.000			04/15/23		66,850
Chemicals(d)(e) – 1.5%
	NOVA Chemicals Corp. (BB+/Ba2)
	650,000		5.250			08/01/23		654,875
	779,000		4.875			06/01/24		745,893

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Chemicals(d)(e) – (continued)
	Platform Specialty Products Corp. (B+/Caa1)
$	1,819,000		5.875	%		12/01/25	$	1,773,525
								3,174,293
Commercial Services(d) – 0.5%
	Booz Allen Hamilton, Inc. (B+/B1)(e)
	976,000		5.125			05/01/25		951,600
	The Hertz Corp. (B-/B3)
	125,000		7.375			01/15/21		123,750
								1,075,350
Diversified Financial Services – 3.0%
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (B/B1)(d)(e)
	872,000		7.500			04/15/21		880,720
	1,096,000		6.875			04/15/22		1,085,040
	Navient Corp. (B+/Ba3)
	1,099,000		6.625			07/26/21		1,140,212
	1,572,000		7.250			01/25/22		1,658,460
	Quicken Loans, Inc. (BB/Ba1)(d)(e)
	1,485,000		5.250			01/15/28		1,392,187
	Springleaf Finance Corp. (B/B2)
	486,000		6.875			03/15/25		488,309
								6,644,928
Energy-Alternate Sources(d)(e) – 0.2%
	TerraForm Power Operating LLC (BB-/B2)
	448,000		4.250			01/31/23		431,200
Engineering & Construction(d) – 0.3%
	AECOM (BB-/Ba3)
	669,000		5.125			03/15/27		644,749
Entertainment(d)(e) – 0.2%
	Churchill Downs, Inc. (B+/B2)
	474,000		4.750			01/15/28		443,190
Food & Drug Retailing(d)(e) – 3.0%
	Dean Foods Co. (BB-/B2)
	2,504,000		6.500			03/15/23		2,375,670
	FAGE International SA/FAGE USA Dairy Industry, Inc. (BB-/B1)
	3,046,000		5.625			08/15/26		2,844,203
	JBS USA LUX SA/JBS USA Finance, Inc. (B/B2)
	385,000		6.750			02/15/28		369,600
	Pilgrim’s Pride Corp. (B+/B1)
	781,000		5.750			03/15/25		758,546
	Post Holdings, Inc. (B/B3)
	195,000		5.000			08/15/26		185,250
								6,533,269
Gaming(d)(e) – 1.3%
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)
	3,073,000		5.250			10/15/25		2,942,398
Healthcare Providers & Services(d)(e) – 0.3%
	Charles River Laboratories International, Inc. (BB+/B1)
	680,000		5.500			04/01/26		689,350
Unsecured Debt Obligations – (continued)
Home Builders(d) – 1.1%
	AV Homes, Inc. (B-/B3)
	1,569,000		6.625			05/15/22		1,604,303
	The New Home Co., Inc. (B-/B3)
	703,000		7.250			04/01/22		724,090
								2,328,393
Insurance(d)(e) – 0.5%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	1,042,000		7.000			11/15/25		1,000,320
Machinery – Construction & Mining(d)(e) – 0.5%
	Terex Corp. (BB/B2)
	1,167,000		5.625			02/01/25		1,164,083
Media – 4.8%
	AMC Networks, Inc. (BB/Ba3)(d)
	2,559,000		4.750			08/01/25		2,456,640
	CBS Radio, Inc. (B-/B3)(d)(e)
	887,000		7.250			11/01/24		902,522
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
	821,000		4.000			03/01/23		788,160
	2,816,000		5.000			02/01/28		2,643,520
	CSC Holdings LLC (B-/B2)(d)(e)
	1,552,000		10.875			10/15/25		1,821,660
	CSC Holdings LLC (BB-/Ba2)(d)(e)
	485,000		5.375			02/01/28		458,325
	DISH DBS Corp. (B/Ba3)
	957,000		5.000			03/15/23		860,104
	Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	461,000		5.375			04/15/25		456,390
								10,387,321
Mining(d)(e) – 0.2%
	First Quantum Minerals Ltd. (B/NR)
	396,000		6.500			03/01/24		375,210
Oil Field Services – 12.9%
	Aker BP ASA (BB+/Ba2)(d)(e)
	466,000		5.875			03/31/25		472,388
	Archrock Partners LP/Archrock Partners Finance Corp. (B-/B3)(d)
	374,000		6.000			10/01/22		372,130
	CrownRock LP/CrownRock Finance, Inc. (B+/B3)(d)(e)
	2,381,000		5.625			10/15/25		2,357,190
	Ensco PLC (BB-/B3)
	2,471,000		7.750			02/01/26		2,267,142
	Gulfport Energy Corp. (BB-/B2)(d)
	1,406,000		6.625			05/01/23		1,425,332
	Indigo Natural Resources LLC (B+/B3)(d)(e)
	1,998,000		6.875			02/15/26		1,898,100
	Noble Holding International Ltd. (B+/B2)(d)(e)
	2,915,000		7.875			02/01/26		2,871,275
	Oceaneering International, Inc. (BBB/Ba1)(d)
	950,000		6.000			02/01/28		926,466
	Parkland Fuel Corp. (BB-/B1)(d)(e)
	738,000		6.000			04/01/26		741,690
	Parsley Energy LLC/Parsley Finance Corp. (BB-/B2)(d)(e)
	1,729,000		5.375			01/15/25		1,722,516

12 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)
Oil Field Services – (continued)
	Rowan Cos., Inc. (B+/B2)(d)
$	338,000		4.875	%		06/01/22	$	307,580
	900,000		4.750			01/15/24		749,250
	Transocean, Inc. (B+/B1)(d)(e)
	4,055,000		7.500			01/15/26		3,994,175
	Transocean, Inc. (B/Caa1)(d)
	1,401,000		5.800			10/15/22		1,348,463
	Trinidad Drilling Ltd. (BB-/Caa1)(d)(e)
	224,000		6.625			02/15/25		209,160
	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. (CCC+/Caa2)(d)(e)
	877,000		8.750			04/15/23		824,380
	Weatherford International LLC (B-/Caa1)(d)(e)
	3,668,000		9.875			03/01/25		3,296,615
	Weatherford International Ltd. (B-/Caa1)(d)
	3,075,000		4.500			04/15/22		2,521,500
								28,305,352
Packaging(d)(e) – 0.2%
	Crown Americas LLC/Crown Americas Capital Corp. VI (B+/Ba3)
	476,000		4.750			02/01/26		459,935
Pipelines(d) – 2.0%
	CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)(e)
	928,000		6.500			03/15/26		915,240
	Genesis Energy LP/Genesis Energy Finance Corp. (BB-/B1)
	331,000		6.750			08/01/22		338,447
	248,000		5.625			06/15/24		233,740
	644,000		6.250			05/15/26		611,800
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB+/Ba3)(e)
	2,129,000		5.500			09/15/24		2,171,580
								4,270,807
Real Estate Investment Trust(d) – 1.6%
	Iron Mountain, Inc. (B/B2)
	498,000		5.750			08/15/24		482,437
	Iron Mountain, Inc. (BB-/Ba3)(e)
	698,000		5.250			03/15/28		654,375
	iStar, Inc. (BB-/B1)
	2,432,000		5.250			09/15/22		2,368,160
								3,504,972
Retailing(d)(e) – 2.0%
	Rite Aid Corp. (B-/B3)
	4,424,000		6.125			04/01/23		4,457,180
Software(d) – 0.4%
	Donnelley Financial Solutions, Inc. (B/B3)
	896,000		8.250			10/15/24		943,040
Telecommunication Services(d) – 4.2%
	Inmarsat Finance PLC (BB+/Ba3)(e)
	1,786,000		4.875			05/15/22		1,745,815
	604,000		6.500			10/01/24		613,815
	Intelsat Jackson Holdings SA (CCC+/Caa2)(e)
	488,000		9.750			07/15/25		455,060
	Sprint Corp. (B/B3)
	2,389,000		7.625			03/01/26		2,329,275
Unsecured Debt Obligations – (continued)
Telecommunication Services(d) – (continued)
	ViaSat, Inc. (BB-/B3)(e)
	4,293,000		5.625			09/15/25		4,132,012
								9,275,977
	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $122,624,452)						$	118,002,608

Shares		Description	Value
Common Stock* – 0.2%
Oil, Gas & Consumable Fuels – 0.2%
	1,141,924	Prairie Provident Resources, Inc.	$	382,077
	(Cost $2,946,424)
Units		Expiration Date	Value
Warrant*(c) – 0.0%
	Jack Cooper Enterprises, Inc. (NR/NR)
	1,734	10/17/29	$	17
	(Cost $0)
Shares		Distribution Rate	Value
Investment Company(f) – 8.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	19,288,690	1.609%	$	19,288,690
	(Cost $19,288,690)
	TOTAL INVESTMENTS – 97.5%
	(Cost $222,323,075)		$	213,267,657
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%			5,522,710
	NET ASSETS – 100.0%		$	218,790,367

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 remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on March 31, 2018. 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.

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2018

(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, 2018.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(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. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $118,239,168, which represents approximately 54.0% of net assets as of March 31, 2018. The liquidity determination is unaudited.
(f)	Represents an Affiliated Issuer.

Investment Abbreviations:
BP	—British Pound Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund			Termination Date	Notional Amount (000s)			Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
2.250%(a)		3M LIBOR	(b)	09/19/25	$	22,986	(c)	$	799,913	$	973,284	$	(173,371	)

(a) Payments made Semi-Annually.

(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, 2018.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2018(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 30	(5.000)%		3.605%		06/20/23	$	95,000	$	(5,900,370	)	$	(5,559,135	)	$	(341,235	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

Abbreviation:
CDX.NA.HY	Index 30- CDX North America High Yield Index 30

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Assets and Liabilities

March 31, 2018

Assets:
Investments of unaffiliated issuers, at value (cost $203,034,385)	$	193,978,967
Investments of affiliated issuers, at value (cost $19,288,690)		19,288,690
Cash		1,727,457
Foreign currencies, at value (cost $227,202)		255,048
Receivables:
Investments sold on an extended — settlement basis		4,733,305
Collateral on swap contracts		3,597,462
Dividends and interest		2,633,646
Investments sold		1,616,292
Fund shares sold		35,907
Due from broker — upfront payment		8,614
Other assets		60,455
Total assets		227,935,843
Liabilities:
Variation margin on swap contracts		58,297
Payables:
Investments purchased on an extended — settlement basis		7,211,376
Investments purchased		1,261,044
Fund shares redeemed		344,592
Management fees		184,636
Distribution and Service fees and Transfer Agency fees		11,558
Income distribution		7,979
Accrued expenses		65,994
Total liabilities		9,145,476
Net Assets:
Paid-in capital		246,208,567
Undistributed net investment income		3,081,848
Accumulated net realized loss		(20,957,870	)
Net unrealized loss		(9,542,178	)
NET ASSETS	$	218,790,367
Net Assets:
Class A	$	6,983,781
Class C		1,545,274
Institutional		199,255,908
Investor		7,357,130
Class R		35,811
Class R6		3,612,463
Total Net Assets	$	218,790,367
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		759,754
Class C		168,180
Institutional		21,694,978
Investor		800,549
Class R		3,898
Class R6		393,318
Net asset value, offering and redemption price per share:(a)
Class A		$9.19
Class C		9.19
Institutional		9.18
Investor		9.19
Class R		9.19
Class R6		9.18

(a) Maximum public offering price for Class A shares of the Long Short Credit Strategies Fund is $9.55. 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. 15

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Operations

For the Fiscal Year Ended March 31, 2018

Investment income:
Interest	$	10,223,278
Dividends — affiliated issuers		248,033
Total investment income		10,471,311
Expenses:
Management fees		2,167,564
Custody, accounting and administrative services		146,065
Transfer Agency fees(a)		102,824
Professional fees		74,872
Printing and mailing costs		58,502
Distribution and Service fees(a)		43,135
Trustee fees		18,279
Registration fees		10,487
Other		12,684
Total expenses		2,634,412
Less — expense reductions		(215,176	)
Net expenses		2,419,236
NET INVESTMENT INCOME		8,052,075
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		2,453,308
Swap contracts		(2,664,045	)
Foreign currency transactions		92
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(5,338,543	)
Swap contracts		(121,545	)
Foreign currency translation		33,147
Net realized and unrealized loss		(5,637,586	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,414,489

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

Distribution and Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor(b)		Class R		Class R6(c)
$	21,334	$	21,624	$	177	$	11,094	$	2,811	$	79,306	$	9,410	$	47	$	156

(b) Effective August 15, 2017, Class IR changed its name to Investor.

(c) Commenced operations on November 30, 2017.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statements of Changes in Net Assets

	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	8,052,075		$	7,798,659
Net realized gain (loss)		(210,645	)		(533,503	)
Net change in unrealized loss		(5,426,941	)		(258,494	)
Net increase in net assets resulting from operations		2,414,489			7,006,662
Distributions to shareholders:
From net investment income
Class A Shares		(307,188	)		(420,839	)
Class C Shares		(62,489	)		(67,169	)
Institutional Shares		(8,171,229	)		(6,964,302	)
Investor Shares(a)		(283,503	)		(285,677	)
Class R Shares		(1,206	)		(1,069	)
Class R6 Shares(b)		(13,582	)		—
Total distributions to shareholders		(8,839,197	)		(7,739,056	)
From share transactions:
Proceeds from sales of shares		86,574,352			88,176,783
Reinvestment of distributions		8,321,523			6,291,062
Cost of shares redeemed		(83,856,837	)		(68,548,576	)
Net increase in net assets resulting from share transactions		11,039,038			25,919,269
TOTAL INCREASE		4,614,330			25,186,875
Net assets:
Beginning of year		214,176,037			188,989,162
End of year	$	218,790,367		$	214,176,037
Undistributed net investment income	$	3,081,848		$	2,362,016

(a) Effective August 15, 2017, Class IR changed its name to Investor.

(b) Commenced operations on November 30, 2017.

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.45	$	0.32	$	(0.24	)	$	0.08		$	(0.34	)	$	—		$	(0.34	)
2018 - C		9.45		0.25		(0.24	)		0.01			(0.27	)		—			(0.27	)
2018 - Institutional		9.44		0.35		(0.23	)		0.12			(0.38	)		—			(0.38	)
2018 - Investor(d)		9.45		0.35		(0.24	)		0.11			(0.37	)		—			(0.37	)
2018 - R		9.45		0.30		(0.24	)		0.06			(0.32	)		—			(0.32	)
2018 - R6 (Commenced November 30, 2017)		9.48		0.13		(0.20	)		(0.07	)		(0.23	)		—			(0.23	)
2017 - A		9.47		0.33		(0.03	)		0.30			(0.32	)		—			(0.32	)
2017 - C		9.47		0.26		(0.03	)		0.23			(0.25	)		—			(0.25	)
2017 - Institutional		9.46		0.36		(0.03	)		0.33			(0.35	)		—			(0.35	)
2017 - Investor(d)		9.47		0.35		(0.03	)		0.32			(0.34	)		—			(0.34	)
2017 - R		9.47		0.30		(0.02	)		0.28			(0.30	)		—			(0.30	)
2016 - A		9.79		0.32		(0.30	)		0.02			(0.34	)		—			(0.34	)
2016 - C		9.79		0.25		(0.31	)		(0.06	)		(0.26	)		—			(0.26	)
2016 - Institutional		9.78		0.35		(0.30	)		0.05			(0.37	)		—			(0.37	)
2016 - Investor(d)		9.79		0.35		(0.31	)		0.04			(0.36	)		—			(0.36	)
2016 - R		9.78		0.30		(0.30	)		—			(0.31	)		—			(0.31	)
2015 - A (Commenced April 30, 2014)		10.52		0.31		(0.65	)		(0.34	)		(0.30	)		(0.09	)		(0.39	)
2015 - C (Commenced April 30, 2014)		10.52		0.24		(0.66	)		(0.42	)		(0.22	)		(0.09	)		(0.31	)
2015 - Institutional		10.51		0.37		(0.66	)		(0.29	)		(0.35	)		(0.09	)		(0.44	)
2015 - Investor(d) (Commenced April 30, 2014)		10.52		0.33		(0.65	)		(0.32	)		(0.32	)		(0.09	)		(0.41	)
2015 - R (Commenced April 30, 2014)		10.52		0.28		(0.65	)		(0.37	)		(0.28	)		(0.09	)		(0.37	)
2014 - Institutional		10.80		0.39		0.09			0.48			(0.39	)		(0.38	)		(0.77	)

(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 dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder 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.

(d) Effective August 15, 2017, Class IR changed its name to Investor.

(e) Annualized.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.19		0.86	%	$	6,984		1.43	%		1.54	%		3.40	%		267	%
	9.19		0.12			1,545		2.18			2.29			2.65			267
	9.18		1.32			199,256		1.09			1.19			3.74			267
	9.19		1.12			7,357		1.18			1.28			3.66			267
	9.19		0.61			36		1.68			1.78			3.15			267
	9.18		(0.62	)		3,612		1.11	(e)		1.05	(e)		4.27	(e)		267
	9.45		3.20			12,673		1.45			1.62			3.43			266
	9.45		2.43			2,692		2.20			2.37			2.68			266
	9.44		3.55			189,429		1.11			1.28			3.77			266
	9.45		3.45			9,347		1.20			1.38			3.69			266
	9.45		2.94			35		1.70			1.87			3.18			266
	9.47		0.19			8,358		1.49			1.57			3.34			173
	9.47		(0.55	)		1,773		2.23			2.32			2.61			173
	9.46		0.53			173,758		1.15			1.23			3.68			173
	9.47		0.44			5,067		1.23			1.32			3.61			173
	9.47		0.04			33		1.74			1.83			3.08			173
	9.79		(3.28	)		6,943		1.57	(e)		1.62	(e)		3.35	(e)		164
	9.79		(3.95	)		1,016		2.30	(e)		2.38	(e)		2.61	(e)		164
	9.78		(2.77	)		190,148		1.27			1.35			3.57			164
	9.79		(3.05	)		2,475		1.30	(e)		1.40	(e)		3.60	(e)		164
	9.78		(3.57	)		32		1.84	(e)		1.93	(e)		2.98	(e)		164
	10.51		4.61			335,421		1.49			1.51			3.67			207

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements

March 31, 2018

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. Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) is a diversified fund that currently offers six classes of shares: Class A, Class C, Institutional, Investor, Class R and Class R6 Shares. Class R6 Shares commenced operations on November 30, 2017. 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. Prior to August 15, 2017 the Investor Shares were known as Class IR Shares.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s 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. 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 Fund 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 Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund 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 and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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 annually.

20

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the 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 Statement 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.

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 Fund’s 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 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 assumptions in determining fair value measurement).

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, 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 Fund’s 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:

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

21

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 G8 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 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 the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower’s discretion. The 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.

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 are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, 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.

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

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the

22

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.  Swap Contracts — Bilateral swap contracts are agreements in which the 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 the 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, the 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. The 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 the Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

The maximum potential amount of future payments (undiscounted) that the 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 the Fund bought credit protection.

23

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

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

GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of March 31, 2018:

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—	$	34,999,966		$	—
Other Secured Debt Obligations		—		40,594,299			—
Unsecured Debt Obligations		—		118,002,608			—
Common Stock and/or Other Equity Investments(a)
North America		—		382,077			—
Warrants		—		—			17
Investment Company		19,288,690		—			—
Total	$	19,288,690	$	193,978,950		$	17
Derivative Type
Liabilities
Interest Rate Swap Contracts(b)	$	—	$	(173,371	)	$	—
Credit Default Swap Contracts(b)		—		(341,235	)		—
Total	$	—	$	(514,606	)	$	—

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

(b) Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of March 31, 2018. These instruments were used as part of the Fund’s 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 Fund’s net exposure.

24

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

4. INVESTMENTS IN DERIVATIVES (continued)

Risk	Statement of Assets and Liabilities	Liabilities(a)
Interest rate	Variation Margin on swap contracts	$	(173,371	)
Credit	Variation Margin on swap contracts		(341,235	)
Total		$	(514,606	)

(a) Includes unrealized gain (loss) on centrally cleared swaps described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of March 31, 2018 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2018. 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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from swap contracts /Net change in unrealized gain (loss) on swap contracts	$	326,713		$	(109,071	)		1
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,990,758	)		(12,474	)		1
Total		$	(2,664,045	)	$	(121,545	)		2

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2018.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the 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 the 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 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 the Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized,

25

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The 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.

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.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended March 31, 2018, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate												Effective Net Management Rate^
First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
	1.00%		0.90%		0.86%		0.84%		0.82%		1.00%		0.98%

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

The Fund invests 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 the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended March 31, 2018, GSAM waived $42,794 of the Fund’s management fee.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the 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 Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*
Distribution and Service Plan		0.25	%		0.75	%		0.50	%
Service Plan		—			0.25			—

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and 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.

26

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund 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, 2018, Goldman Sachs advised that it retained $108 in front end sales charges, and it did not retain any contingent deferred sales charges.

D.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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: 0.03% of average daily net assets with respect to Class R6 Shares, to 0.04% of average daily net assets with respect to the Institutional Shares and 0.13% of average daily net assets with respect to the Class A, Class C, Investor and Class R Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (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 the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets of the Fund is 0.094%. The Other Expense limitation will remain in place through at least November 30, 2018, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

Goldman Sachs may voluntarily waive a portion of any payments under the Fund’s Distribution and Service Plan, Transfer Agency Agreement, and/or the Agreement, and these waivers may exceed what is stipulated in any 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, 2018, the expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Transfer Agency Waivers/Credits		Distribution Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	42,794	$	4	$	83	$	172,295	$	215,176

F.  Line of Credit Facility — As of March 31, 2018, the Fund participated in a $1,100,000,000 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 Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2018, the Fund did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

G.  Other Transactions with Affiliates — As of March 31, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 69% of the Class R Shares of the Fund.

The following table provides information about the Fund’s investments in the Underlying Fund as of and for the fiscal year ended March 31, 2018:

Beginning Value as of March 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2018		Shares as of March 31, 2018		Dividend Income
$	22,868,909	$	284,523,046	$	(288,103,265	)	$	19,288,690		19,288,690	$	248,033

27

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

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, 2018, were:

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)
$	418,567	$	496,158,927	$	418,965	$	492,669,811

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

Distribution paid from:
Ordinary income	$	8,839,197

The tax character of distributions paid during the fiscal year ended March 31, 2017 was as follows:

Distribution paid from:
Ordinary income	$	7,739,056

As of March 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:

	Long Short Credit Strategies
Undistributed ordinary income — net	$	2,966,192
Capital loss carryforwards:
Perpetual Short-Term		(19,458,643	)
Perpetual Long-Term		(2,009,361	)
Total capital loss carryforwards	$	(21,468,004	)
Timing differences (Post October Loss Deferral/Distributions Payable)	$	(253,302	)
Unrealized losses — net		(8,663,086	)
Total accumulated losses — net	$	(27,418,200	)

As of March 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Long Short Credit Strategies
Tax Cost	$	221,601,447
Gross unrealized gain		633,478
Gross unrealized loss		(9,296,564	)
Net unrealized losses	$	(8,663,086	)

28

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of underlying fund investments, swap transactions, and material modification of debt securities.

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, foreign currency transactions, underlying fund investments, the recognition of income and gains/losses of certain bonds, and material modification of debt securities.

Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
$	(2,526	)	$	(1,504,428	)	$	1,506,954

GSAM has reviewed the Fund’s 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 Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

Derivatives Risk — The Fund’s 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 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.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. 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, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share 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 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 the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Fund invests in foreign securities, 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 the 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.

29

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

8. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the 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 — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. When the Fund uses leverage, the sum of the 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. The Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause the 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 the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, 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 relatively illiquid, 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 may be relatively illiquid and difficult to value. 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, the 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 the Fund had purchased a direct obligation of the borrower;

30

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

8. OTHER RISKS (continued)

and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the 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, the 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 the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the 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, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

Short Position Risk — The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Fund to the markets and therefore could magnify changes to the Fund’s NAV.

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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended March 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

Subsequent events after the Statement 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.

31

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Long Short Credit Strategies Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		63,885		$	604,562			709,896		$	6,769,325
Reinvestment of distributions		32,744			306,450			44,163			419,468
Shares redeemed		(677,690	)		(6,395,943	)		(295,569	)		(2,819,928	)
		(581,061	)		(5,484,931	)		458,490			4,368,865
Class C Shares
Shares sold		14,372			136,165			176,485			1,688,399
Reinvestment of distributions		6,688			62,443			7,086			67,135
Shares redeemed		(137,852	)		(1,295,980	)		(85,797	)		(818,193	)
		(116,792	)		(1,097,372	)		97,774			937,341
Institutional Shares
Shares sold		8,256,838			78,059,755			7,305,879			69,775,802
Reinvestment of distributions		819,779			7,654,633			583,045			5,534,050
Shares redeemed		(7,440,296	)		(69,967,118	)		(6,189,282	)		(59,029,553	)
		1,636,321			15,747,270			1,699,642			16,280,299
Investor Shares(a)
Shares sold		420,340			3,973,796			1,042,262			9,942,346
Reinvestment of distributions		30,268			283,209			28,396			269,340
Shares redeemed		(639,261	)		(6,047,796	)		(616,556	)		(5,880,902	)
		(188,653	)		(1,790,791	)		454,102			4,330,784
Class R Shares
Shares sold		81			763			94			911
Reinvestment of distributions		129			1,206			114			1,069
		210			1,969			208			1,980
Class R6 Shares(b)
Shares sold		408,070			3,799,311			—			—
Reinvestment of distributions		1,470			13,582			—			—
Shares redeemed		(16,222	)		(150,000	)		—			—
		393,318			3,662,893			—			—
NET INCREASE		1,143,343		$	11,039,038			2,710,216		$	25,919,269

(a) Effective August 15, 2017, Class IR changed its name to Investor.

(b) Commenced operations on November 30, 2017.

32

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the

Goldman Sachs Long Short Credit Strategies Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Goldman Sachs Long Short Credit Strategies Fund (one of the funds constituting the Goldman Sachs Trust, hereafter referred to as the “Fund”) as of March 31, 2018, the related statement of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, 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 the Fund as of March 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2018 and 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 Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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, 2018 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 opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 30, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

33

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Fund Expenses — Six Month Period Ended March 31, 2018  (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R and Class R6 Shares of the 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 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, Investor, Class R and Class R6 Shares of the Fund 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, 2017 through March 31, 2018, which represents a period of 182 days in a 365-day year. The Class R6 example is based on the period from December 1, 2017 through March 31, 2018, which represents a period of 121 out of 365 days. The Class R6 example for hypothetical expenses reflects projected activity for the period from October 1, 2017 through March 31, 2018 for purposes of comparability. 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 Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 Fund 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.

	Long Short Credit Strategies Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	992.30		$	7.00
Hypothetical 5% return		1,000.00		1,017.90	+		7.09
Class C
Actual		1,000.00		988.60			10.66
Hypothetical 5% return		1,000.00		1,014.21	+		10.80
Institutional
Actual		1,000.00		995.00			5.32
Hypothetical 5% return		1,000.00		1,019.60	+		5.39
Investor
Actual		1,000.00		993.50			5.77
Hypothetical 5% return		1,000.00		1,019.15	+		5.84
Class R
Actual		1,000.00		991.10			8.24
Hypothetical 5% return		1,000.00		1,016.65	+		8.35
Class R6
Actual		1,000.00		993.80	^		3.67	^
Hypothetical 5% return		1,000.00		1,012.90	+^		3.70	^

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using the 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, 2018. 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			Investor			Class R			Class R6^
Long Short Credit Strategies+		1.41	%		2.15	%		1.07	%		1.16	%		1.66	%		1.11	%

^ Commenced operations on November 30, 2017.

34

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

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: 69	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a 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.	104	None
Kathryn A. Cassidy Age: 64	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007- 2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	None
Roy W. Templin Age: 57	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). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 66	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.	104	Verizon Communications Inc.

35

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	148	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.

¹  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, 2018.

²  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 (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2018, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 21 portfolios (12 of which offered 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 Fund’s 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.

36

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s 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.

¹  Information is provided as of March 31, 2018.

² 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.

37

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of March 31, 2018, 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 Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund⁵

∎ 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 Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ 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

∎ 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 Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity 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

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 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

∎ Tactical Exposure Fund

¹  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.

²  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.

³  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 December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia 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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer 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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the 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”) website at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs is available on the SEC’s Web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs 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 website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

Fund holdings and allocations shown are as of March 31, 2018 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 portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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 the 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 the 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).

© 2018 Goldman Sachs. All rights reserved. 129286-OTU-760216/FIALTAR-18/1.5K

Goldman Sachs Funds

Annual Report	March 31, 2018
	Multi Sector Fixed Income Funds
	Bond Fund
	Core Fixed Income
	Global Income
	Strategic Income

Goldman Sachs Multi Sector Fixed Income Funds

∎ BOND FUND

∎ CORE FIXED INCOME

∎ GLOBAL INCOME

∎ STRATEGIC INCOME

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	33
Financial Statements	108
Financial Highlights	112
Notes to the Financial Statements	120
Report of Independent Registered Public Accounting Firm	148
Other Information	149

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

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

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

∎ Leverage the vast resources of GSAM in selecting securities for each portfolio

∎ Team approach to decision making

∎ Manage risk by avoiding significant sector and interest rate bets

∎ Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization

∎ Capitalize on GSAM’s industry-renowned credit research capabilities

∎ Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

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

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MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2018 (the “Reporting Period”), the performance of the global fixed income markets was driven primarily by improving economic growth around the world, geopolitical events and shifting investor expectations about central bank monetary policy.

When the Reporting Period began with the second quarter of 2017, spread, or non-government bond, sectors generally recorded positive returns. Political developments led to temporary bouts of volatility early in the quarter, driving weakness in Brazilian, U.S. and U.K. fixed income assets as well as a credit rating downgrade of South Africa’s sovereign debt. Political risks receded in May 2017 on the centrist candidate’s victory in the French presidential election, which was supportive of French and European peripheral bonds broadly. On the economic front, U.S. core inflation weakened for the third consecutive month in May 2017, casting uncertainty over the pace of Federal Reserve (“Fed”) monetary tightening. Nonetheless, comments included in minutes from the Fed’s May and June 2017 policy meetings suggested an announcement about how and when the Fed would begin reducing the size of its balance sheet would be made sooner than the markets had previously anticipated. In Europe, economic data continued to surprise to the upside. At its June 2017 policy meeting, the European Central Bank (“ECB”) provided an optimistic assessment of the risks to growth but revised downward its medium-term inflation forecasts. The ECB, Bank of Japan (“BoJ”) and Bank of England (“BoE”) left their respective monetary policies unchanged during the second calendar quarter, while at its June 2017 policy meeting, the Fed raised interest rates for the second time in 2017 and the fourth time since the 2007-2009 global financial crisis. As the quarter came to an end, a string of comments from global central bankers triggered a hawkish market reaction. (Hawkish suggests higher interest rates; opposite of dovish.) Global interest rates rose as the market anticipated a steeper pace of monetary policy tightening by the BoE, ECB and Bank of Canada (“BoC”). During the second quarter of 2017, the U.S. dollar weakened versus many global currencies.

During the third quarter of 2017, spread sectors broadly advanced. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted a hawkish market reaction, with the U.S. dollar appreciating and yields on U.S. government bonds rising. However, the U.S. Treasury yield curve, or spectrum of maturities, only steepened modestly due to geopolitical uncertainty, mixed U.S. economic data (including weak inflation readings) and because balance sheet normalization had been communicated by policymakers earlier in the calendar year. (A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens.) The central banks of other developed countries also set the stage for less accommodative monetary policy. The BoE noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the BoC surprised the markets with two consecutive rate hikes. The market’s expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, also drove the British pound higher versus the U.S. dollar. (Brexit refers to the U.K.’s efforts to exit the European Union.) Overall, the U.S. dollar continued to weaken relative to many global currencies during the third calendar quarter.

During the fourth calendar quarter, spread sector performance was largely positive, supported by ongoing strength in the global macro environment and contained market, macro and

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MARKET REVIEW

political volatility. Passage of U.S. tax reform legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the ECB announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. In December 2017, the Fed delivered its third short-term interest rate hike of 2017. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three interest rate increases may be on tap for 2018 and potentially two more in 2019. The U.S. dollar weakened further versus many global currencies during the fourth quarter of 2017.

Spread sectors were challenged during the first quarter of 2018, as market volatility surged. Among the catalysts were firmer than consensus expected U.S. wage and price inflation data at the beginning of February, equity market declines and rising concerns about trade tensions in March. The Fed raised short-term interest rates at its March policy meeting and left unchanged its projection for a total of three rate hikes during 2018. Beyond the U.S., monetary policy action was muted in the developed markets during the first calendar quarter, though policymakers in Europe and Japan sounded mildly dovish and those in Norway appeared more hawkish. Economic activity data was strong across the world, with positive growth reported in both emerging markets and developed markets countries, though the pace of above-trend growth moderated somewhat. During the first quarter of 2018, the U.S. dollar weakened slightly versus many global currencies.

For the Reporting Period as a whole, spread sectors outperformed U.S. Treasury securities, led by sovereign emerging markets debt, high yield corporate bonds and investment grade corporate bonds. Commercial mortgage-backed securities, agency securities, asset-backed securities and mortgage-backed securities also outperformed U.S. Treasuries, albeit to a lesser extent. The U.S. Treasury yield curve flattened slightly during the Reporting Period, as yields on shorter- and intermediate-term maturities rose more than yields on most longer-term maturities. The yield on the bellwether 10-year U.S. Treasury rose approximately 35 basis points to end the Reporting Period at 2.74%. Meanwhile, yields on 30-year U.S. Treasury securities edged down approximately five basis points. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows. A basis point is 1/100th of a percentage point.)

Looking Ahead

At the end of the Reporting Period, we expected global economic growth to remain strong, though we believed it would continue at a more moderate pace in the near term than during the Reporting Period. In our view, numerous factors were driving the ongoing global economic expansion, including household consumption, business capital expenditures, industrial production and trade.

Regarding the U.S., the tax reform legislation passed by Congress during December 2017 and the subsequent enactment of a budget agreement that would increase the caps on federal spending during 2018 and 2019 is likely to improve U.S. economic growth, in our opinion. We think the added boost to an already healthy U.S. economy will lower recession risk in the

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MARKET REVIEW

near term. That said, we believe the fiscal expansion will likely limit the potential effectiveness of future fiscal policy, possibly increasing recession risks in the longer term. As for inflation, we think that tightness in the labor market and broader capacity constraints may well lead to firmer wage and price inflation, though we expect a gradual normalization rather than an acceleration in price increases. Upside inflation surprises, we believe, could spark more frequent bouts of financial market volatility. In Europe and Japan, we expect economic growth to benefit from the momentum generated during 2017 as well as from continued accommodative monetary policy from the ECB and BoJ, respectively. In the emerging markets, tail risk from China has declined, in our view, as the country’s financial deleveraging progress continues, while its economic growth continues to shift toward consumption and services. (Tail risk is a form of portfolio risk that arises when the possibility that an

investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution. Tail risks include events that have a small probability of occurring and occur at the ends of a normal distribution curve.) Elsewhere in the emerging markets, we expect economic growth to be supported by countries recovering from oil shock-induced recessions or benefiting from global economic growth and trade.

Regarding central bank policy, we believe the Fed will likely raise short-term interest rates further in 2018. In our opinion, the ECB is likely to conclude its quantitative easing program by calendar year end. We expect the BoJ to remain on hold in the near term, while modest monetary policy tightening is likely in many other developed markets countries during the next 12 months, in our view.

With regard to U.S. trade policy, we considered its impact on the global economy to be limited at the end of the Reporting Period. In our view, strong protectionist rhetoric has been diluted to relatively restrained, well-orchestrated and targeted actions thus far, and so we see limited near-term macro or market impact. The balance of risks around our optimistic economic growth and benign trade outlook would shift if the scope and magnitude of tariffs were to broaden across countries and sectors, or if the U.S. encountered greater retaliation from China and other affected countries. In this scenario, we believe the macro costs would likely include higher inflation and interest rates as well as slower global economic growth.

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FUND RESULTS

Goldman Sachs Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.22%, -0.53%, 0.56%, 0.06%, 0.47%, -0.03% and 0.58%, respectively. These returns compare to the 1.20% 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.

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

A Our country strategy detracted from the Fund’s relative results during the Reporting Period. Long positions in Canadian and European rates versus short positions in U.S. rates drove underperformance most within the country strategy. The Bank of Canada surprised markets during the summer of 2017 with two interest rate hikes, lifting their benchmark rate to 1%, citing stronger than consensus expected economic data. European rates generally moved higher given positive economic growth data and widespread anticipation that the European Central Bank may reduce accommodation and taper its quantitative easing or raise rates sooner than the January 2018 timeline originally expected by the markets. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures. Bottom-up individual issue selection overall detracted from relative performance as well.

Our top-down currency strategy generated mixed but overall positive results during the Reporting Period. Long positions in the Czech koruna, Polish zloty and Norwegian krone boosted returns most. These gains were partially offset by short positions in the euro and Japanese yen, which detracted. The currency strategy is primarily implemented via currency forwards.

Overall, our cross-sector strategy contributed 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 relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/ or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A Implemented via our cross-sector strategy, the Fund’s allocations to non-agency residential mortgage-backed securities, collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) contributed positively to relative results. Exposure to the government/swaps sector further added to relative returns during the Reporting Period. Only partially offsetting these positive contributors were underweights to the corporate credit, agency mortgage-backed securities and emerging markets debt sectors, which detracted, as these sectors outpaced the Bloomberg Barclays Index during the Reporting Period.

Selection of Puerto Rico municipal bonds detracted from relative returns within the municipal bond sector following Governor Ricardo’s initiation of the Commonwealth to enter a Title III restructuring. Market expectations of the negative economic impact from Hurricane Maria added to these bonds’ headwinds. (Title III is an in-court debt restructuring process akin to U.S. bankruptcy protection, since Puerto Rico is barred from using Chapter 9 of the U.S. federal bankruptcy code reserved for insolvent public entities. It should be noted

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FUND RESULTS

that this action was taken on May 3, 2017, well before the devastation caused by Hurricane Maria.) Within emerging markets debt, short exposure to China through the ownership of credit protection detracted from performance. So, too, did selection of U.S. dollar-denominated debt from Brazil and Venezuela detract from relative results. These losses were partially offset by selection of U.S. dollar-denominated debt from Ecuador, which contributed positively.

Within the government/swaps sector, global yield curve steepeners detracted, while individual issue selection of U.S. government debt contributed positively. (A steepening yield curve is one wherein the differential between short-term and long-term yields widens.) The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/ or futures.

Selection of asset-backed securities boosted relative results, while selection of mortgage-backed securities and CLOs within the securitized sector detracted. Tactical credit curve positioning and a bias toward lower quality investment grade corporate bonds added value within the corporate credit sector, though selection of industrial names detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by a short U.S. duration position relative to the Bloomberg Barclays Index. During the Reporting Period, market pricing remained below our expectation for four interest rate hikes in calendar year 2018, and increased U.S. Treasury issuance weighed on short-term U.S. Treasury yields. For the first time in the post-financial crisis era, the Federal Reserve (the “Fed”) projected that core personal consumption expenditures (“PCE”) inflation will exceed its 2% target — in 2019 and 2020. This forecast was not accompanied by a change in the Fed’s expectations for two further interest rate hikes in calendar year 2018, following its March 2018 interest rate increase, suggesting, in our opinion, that the Fed views 2% as a target with symmetrical risks rather than a ceiling for inflation.

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

A As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury futures were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities¹ to implement our views in the Fund. During the Reporting Period, positions in currency forwards, futures, swaptions, credit default swaps and interest rate swaps detracted from relative results.

¹  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.

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FUND RESULTS

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

A There were no notable changes in the Fund’s weightings during the Reporting Period. We moderately increased the Fund’s position in U.S. Treasury obligations. We maintained the Fund’s modest exposure to corporate credit because we believe the U.S. is in the late stage of the credit cycle. Given that corporations overall are carrying significant leverage, we believe their bonds are more vulnerable to market shocks than other fixed income sectors. We further believe valuations seen during much of the Reporting Period within the sector did not compensate investors for these risks. We maintained the Fund’s underweight exposure to agency mortgage-backed securities on our view that valuations within the sector remained unattractive relative to other fixed income sectors. Additionally, the Fed announced and then began implementing an unwinding of its mortgage holdings, which put pressure on the agency mortgage market, potentially increasing volatility and pushing spreads, or yield differentials to U.S. Treasuries, higher.

We maintained the Fund’s overweight to emerging markets debt on a market value basis, but we shifted from a modest underweight to the sector in terms of risk, as measured by contribution to duration, to a more neutral position early in 2018. At the sector level, we were cautious on emerging market valuations but acknowledged the support for the sector from ongoing strength in global economic growth and in China, a gradual pace of monetary tightening in developed markets, and a rise in commodity prices that has buoyed the terms of trade for emerging market countries.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of March 2018, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in asset-backed securities and, to a lesser extent, in emerging markets debt and high yield corporate bonds. The Fund also had modest exposure to municipal bonds, which is a sector not represented in the Bloomberg Barclays Index. The Fund had underweighted exposure relative to the Bloomberg Barclays Index in U.S. government securities, investment grade corporate bonds and residential mortgage-backed securities and, to a lesser extent, in commercial mortgage-backed securities. The Fund held rather neutral positions compared to the Bloomberg Barclays Index in quasi-government 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 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.

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FUND BASICS

Bond Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.22	%		1.20	%		2.20	%		2.16	%
Class C		-0.53			1.20			1.54			1.51
Institutional		0.56			1.20			2.62			2.59
Service		0.06			1.20			2.12			2.10
Investor		0.47			1.20			2.53			2.50
Class R		-0.03			1.20			2.03			2.00
Class R6		0.58			1.20			2.63			2.60

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.58	%		0.94	%		3.63	%		3.66	%	11/30/06
Class C		-1.52			0.95			3.25			3.24		11/30/06
Institutional		0.56			2.05			4.38			4.37		11/30/06
Service		0.06			1.55			3.87			4.06		6/20/07
Investor		0.47			1.96			4.25			4.08		11/30/07
Class R		-0.03			1.43			3.75			3.59		11/30/07
Class R6		0.58			N/A			N/A			1.69		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Investor, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.94	%
Class C		1.54			1.69
Institutional		0.45			0.60
Service		0.95			1.10
Investor		0.54			0.69
Class R		1.04			1.19
Class R6		0.44			0.58

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

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FUND BASICS

FUND COMPOSITIONS⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

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GOLDMAN SACHS BOND FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Bond Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 30, 2006)
Excluding sales charges	0.22%	1.71%	4.03%	4.01%
Including sales charges	-3.58%	0.94%	3.63%	3.66%
Class C (Commenced November 30, 2006)
Excluding contingent deferred sales charges	-0.53%	0.95%	3.25%	3.24%
Including contingent deferred sales charges	-1.52%	0.95%	3.25%	3.24%
Institutional Class (Commenced November 30, 2006)	0.56%	2.05%	4.38%	4.37%
Service Class (Commenced June 20, 2007)	0.06%	1.55%	3.87%	4.06%
Investor Class (Commenced November 30, 2007)	0.47%	1.96%	4.25%	4.08%
Class R (Commenced November 30, 2007)	-0.03%	1.43%	3.75%	3.59%
Class R6 (Commenced July 31, 2015)	0.58%	N/A	N/A	1.69%

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FUND RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.56%, -0.18%, 0.81%, 0.41%, 0.81%, 0.31% and 0.92%, respectively. These returns compare to the 1.20% 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.

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

A Our country strategy detracted from the Fund’s relative results. Long positions in Canadian and European rates versus short positions in U.S. rates drove underperformance most within the country strategy. The Bank of Canada surprised markets during the summer of 2017 with two interest rate hikes, lifting their benchmark rate to 1%, citing stronger than consensus expected economic data. European rates generally moved higher given positive economic growth data and widespread anticipation that the European Central Bank may reduce accommodation and taper its quantitative easing or raise rates sooner than the January 2018 timeline originally expected by the markets. The Fund’s country strategy is primarily implemented via interest rate swaps and/ or futures.

Our top-down currency strategy further detracted from the Fund’s relative results during the Reporting Period.

Short positions in the euro and the Japanese yen detracted most. These losses were partially offset by long positions in the Norwegian krone, which contributed positively. The currency strategy is primarily implemented via currency forwards.

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

Overall, our cross-sector strategy contributed 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. Bottom-up individual issue selection overall added value as well.

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

A Implemented via our cross-sector strategy, the Fund’s allocations to collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) contributed positively to relative results. Exposure to the government/swaps sector and an overweight to agency debentures further added to relative returns during the Reporting Period. Only partially offsetting these positive contributors were underweights to the corporate credit, agency mortgage-backed securities and commercial mortgage-backed securities sectors, which detracted, as these sectors outpaced the Bloomberg Barclays Index during the Reporting Period.

Bottom-up individual issue selection strategies overall added value, driven by selection of investment grade financial names, corporate curve positioning and a bias to lower quality investment grade bonds within the corporate credit sector. Within the government/swaps sector, individual issue selection of U.S. government and agency debt contributed positively. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures.

12

FUND RESULTS

Within the securitized sector, selection of Federal Family Education Loan Program (“FFELP”) student loan ABS proved most beneficial. Selection of U.S. dollar-denominated debt within the emerging markets debt sector slightly detracted from the Fund’s relative results during the Reporting Period.

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by a short U.S. duration position relative to the Bloomberg Barclays Index. During the Reporting Period, market pricing remained below our expectation for four interest rate hikes in calendar year 2018, and increased U.S. Treasury issuance weighed on short-term U.S. Treasury yields. For the first time in the post-financial crisis era, the Federal Reserve (the “Fed”) projected that core personal consumption expenditures (“PCE”) inflation will exceed its 2% target — in 2019 and 2020. This forecast was not accompanied by a change in the Fed’s expectations for two further interest rate hikes in calendar year 2018, following its March 2018 interest rate increase, suggesting, in our opinion, that the Fed views 2% as a target with symmetrical risks rather than a ceiling for inflation.

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

A As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and international government bond futures, Eurodollar futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in swaptions contributed positively to relative results, while positions in currency forwards, futures and interest rate swaps detracted from performance. Positions in credit default swaps had a rather neutral effect on performance during the Reporting Period.

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

A There were no notable changes in the Fund’s weightings during the Reporting Period. We maintained the Fund’s modest exposure to corporate credit because we believe the U.S. is in the late stage of the credit cycle. Given that corporations overall are carrying significant leverage, we believe their bonds are more vulnerable to market shocks than other fixed income sectors. We further believe valuations seen during much of the Reporting Period within the sector did not compensate investors for these risks. We maintained the Fund’s underweight exposure to agency mortgage-backed securities on our view that valuations within the sector remained unattractive relative to other fixed income sectors. Additionally, the Fed announced and then began implementing an unwinding of its mortgage holdings, which put pressure on the agency mortgage market, potentially increasing volatility and pushing spreads, or yield differentials to U.S. Treasuries, higher.

We maintained the Fund’s overweight to emerging markets debt on a market value basis, but we shifted from a modest underweight to the sector in terms of risk, as measured by contribution to duration, to a more neutral position early in 2018. At the sector level, we were cautious on emerging market valuations but acknowledged the support for the sector from ongoing strength in global economic growth and in China, a gradual pace of monetary tightening in developed markets, and a rise in commodity prices that has buoyed the terms of trade for emerging market countries.

13

FUND RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of March 2018, the Fund had its most overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in asset-backed securities. The Fund also had a modestly overweighted exposure at the end of the Reporting Period to quasi-government securities. The Fund had its most underweighted exposures relative to the Bloomberg Barclays Index in residential mortgage-backed securities and U.S. government securities. To a lesser extent, the Fund was also underweight commercial mortgage-backed securities relative to the Bloomberg Barclays Index at the end of the Reporting Period. The Fund maintained rather neutral exposures relative to the Bloomberg Barclays Index to investment grade corporate bonds and emerging markets debt. The Fund had a modest position in high yield corporate bonds and 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 modestly short duration overall compared to that of the Bloomberg Barclays Index at the end of the Reporting Period.

14

FUND BASICS

Core Fixed Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		0.56	%		1.20	%		1.97	%		1.99	%
Class C		-0.18			1.20			1.31			1.32
Institutional		0.81			1.20			2.39			2.40
Service		0.41			1.20			1.89			1.90
Investor		0.81			1.20			2.30			2.31
Class R		0.31			1.20			1.80			1.81
Class R6		0.92			1.20			2.40			2.41

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

15

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.26	%		0.77	%		3.01	%		4.34	%	5/1/97
Class C		-1.18			0.78			2.65			3.63		8/15/97
Institutional		0.81			1.88			3.76			5.05		1/5/94
Service		0.41			1.37			3.24			4.46		3/13/96
Investor		0.81			1.79			3.65			3.25		11/30/07
Class R		0.31			1.28			3.15			2.75		11/30/07
Class R6		0.92			N/A			N/A			1.75		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Investor, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.80	%		0.85	%
Class C		1.55			1.60
Institutional		0.45			0.51
Service		0.95			1.01
Investor		0.54			0.60
Class R		1.04			1.11
Class R6		0.44			0.50

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

16

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

17

GOLDMAN SACHS CORE FIXED INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	0.56%	1.53%	3.40%	4.53%
Including sales charges	-3.26%	0.77%	3.01%	4.34%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	-0.18%	0.78%	2.65%	3.63%
Including contingent deferred sales charges	-1.18%	0.78%	2.65%	3.63%
Institutional Class (Commenced January 5, 1994)	0.81%	1.88%	3.76%	5.05%
Service Class (Commenced March 13, 1996)	0.41%	1.37%	3.24%	4.46%
Investor Class (Commenced November 30, 2007)	0.81%	1.79%	3.65%	3.25%
Class R (Commenced November 30, 2007)	0.31%	1.28%	3.15%	2.75%
Class R6 (Commenced July 31, 2015)	0.92%	N/A	N/A	1.75%

18

FUND RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 1.38%, 0.68%, 1.72%, 1.31%, 1.63% and 1.73%, respectively. These returns compare to the 2.46% 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.

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

A The Fund’s cross-sector strategy detracted most from 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.

Another detractor from the Fund’s performance was our country strategy, attributable primarily to the Fund’s long position in Canadian rates versus short position in U.S. rates. We thought the Bank of Canada would raise its interest rates at a slower pace than the Federal Reserve (the “Fed”). However, early in September 2017, the Bank of Canada took the markets by surprise by hiking its interest rates for the second time that same summer, causing the Fund’s relative value trade to prove a detractor. The Fund’s long position in Australian rates versus short position in U.S. rates also disappointed during the Reporting Period, particularly in June and August 2017. The Fund’s position on the Swedish rates curve dampened relative results as well. These detractors were partially offset by the Fund’s European, U.K. and U.S. curve positions, which contributed positively. The country strategy is primarily implemented via interest rate swaps and/or futures.

The Fund’s currency strategy contributed positively to its relative results during the Reporting Period. Overweights relative to the Bloomberg Barclays Index in the Czech krona and Polish zloty versus the euro added the most value. This trade expressed the confidence we had in the improved health of the Eurozone. Due to ongoing quantitative easing by the European Central Bank, we wished to express this view through currencies such as the Czech krone and Polish zloty both because of their trade linkages to the Eurozone’s economic growth and because of what we viewed as their supportive balance of payments. 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 boosted relative results 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.

Bottom-up individual issue selection generated mixed results. Our government/swaps selection strategy and corporate selection strategy contributed positively, while our emerging markets debt selection strategy detracted. The government/swaps selection strategy identifies local relative value anomalies and opportunities within government bond markets. The corporate selection strategy is primarily implemented via cash rate bonds and credit default swaps (mainly index swaps). The emerging markets debt selection strategy implements directional, relative value and idiosyncratic trade ideas in local and external emerging market rates and corporate bonds. Individual issue selection strategies reflect any active views we take on a particular sector.

19

FUND RESULTS

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

A Our cross-sector strategy detracted due primarily to the Fund’s underweight position in emerging markets debt, as the sector outperformed the Bloomberg Barclays Index during the Reporting Period as a whole and particularly in September 2017. Within our emerging markets debt selection strategy, which detracted, the Fund’s exposure to local Mexican debt hurt most.

Our government/swaps selection strategy contributed positively to relative performance, with several trades boosting results. These included the Fund’s Japanese inflation trades and our U.S. curve steepener trades. (A steepening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities widens.)

Within our corporate selection strategy, selection amongst U.S. investment grade corporate bonds proved most beneficial.

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

A 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. That said, we maintained a short U.S. duration position relative to the Bloomberg Barclays Index throughout the Reporting Period.

We introduced a modest long European rates position and a modest short Swedish rates positions during the Reporting Period.

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

A We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities¹ to implement our views in the Fund.

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

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

A As mentioned earlier, we tactically adjusted the Fund’s U.S. duration position during the Reporting Period as market conditions and central bank policy shifted. Also as

¹  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.

20

FUND RESULTS

mentioned earlier, we introduced a modest long European rates position and a modest short Swedish rates position during the Reporting Period.

From a sector perspective, on a market-value weighted basis, we increased the Fund’s overall credit exposure via our cross-sector strategy.

From a country perspective, on a market-value weighted basis, we increased the Fund’s exposure relative to the Bloomberg Barclays Index to the U.S., to the emerging markets overall and, more modestly so, to Canada, and we decreased its relative weightings in the Eurozone overall. Within the Eurozone, we increased relative exposure to Germany and decreased relative exposures to France, Spain and Italy.

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

A During the Reporting Period, we implemented the following change in an effort to improve the coordination amongst our management strategies. Gilberto Marcheggiano, Vice President, assumed responsibility of the cross-macro team from Jonathan Bayliss. Gilberto has 11 years of industry experience. Gilberto reports to Jonathan Bayliss, head of macro rates. Macro rates includes the duration, country and cross-macro strategies.

Tom Teles, Global Head of Securitized and Government/ Swap selection strategies and Co-Head of the Cross-Sector strategy in Goldman Sachs Asset Management (“GSAM”) Fixed Income decided to retire effective the end of March 2018. Ashish Shah, CIO of Global Credit and Head of Fixed Income at AllianceBernstein is to join GSAM Fixed Income in New York during the summer of 2018 as a partner and head of our global corporate credit team. He will be added to the Fixed Income Strategy Group (“FISG”) when this happens. Ashish will also become deputy CIO of GSAM Fixed Income along with Sam Finkelstein. Whitney Watson, Global Head of Fixed Income Risk Management and Portfolio Construction, Simon Dangoor, Head of the Country Strategy, and Chris Hogan, Co-Head of the global securitized investment team are additional members of the FISG. Phillip Moffitt, Head of Fixed Income in Asia Pacific and CEO of GSAM Australia and New Zealand, has decided to step down from the FISG but will continue to focus on key clients in Asia.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of March 2018, on a market-value weighted basis, the Fund had overweighted allocations relative to the Bloomberg Barclays Index in asset-backed securities and, to a much lesser degree, in quasi-government securities and residential mortgage-backed securities. The Fund had underweighted exposures relative to the Bloomberg Barclays Index in government securities, and, to lesser degrees, in investment grade corporate bonds and covered bonds.

(Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had a rather neutrally weighted position relative to the Bloomberg Barclays Index in emerging markets debt and commercial mortgage-backed securities and had no position in high yield corporate bonds at the end of the Reporting Period. 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 Japan. The Fund was underweight compared to the Bloomberg Barclays Index in the U.K. and the Eurozone overall. Within the Eurozone, the Fund was most underweight Germany and France and rather neutral to the remaining markets at the end of the Reporting Period. The Fund was relatively neutrally weighted at the end of the Reporting Period to Australia, Canada, Denmark, Norway and Sweden and the emerging markets overall. The Fund had a shorter duration than the Bloomberg Barclays Index at the end of the Reporting Period.

21

FUND BASICS

Global Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged)2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		1.38	%		2.46	%		0.78	%		0.73	%
Class C		0.68			2.46			0.14			0.03
Institutional		1.72			2.46			1.15			1.10
Service		1.31			2.46			0.66			0.61
Investor		1.63			2.46			1.06			1.01
Class R6		1.73			2.46			1.16			1.11

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

22

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.45	%		1.54	%		3.42	%		5.01	%	8/2/91
Class C		-0.33			1.56			3.05			3.64		8/15/97
Institutional		1.72			2.66			4.17			5.37		8/1/95
Service		1.31			2.08			3.62			4.33		3/12/97
Investor		1.63			2.56			N/A			3.23		7/30/10
Class R6		1.73			N/A			N/A			2.30		7/31/15

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Investor and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.03	%		1.13	%
Class C		1.79			1.88
Institutional		0.69			0.79
Service		1.19			1.29
Investor		0.78			0.88
Class R6		0.68			0.77

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

23

FUND BASICS

CURRENCY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
U.S. Dollar		51.5	%		51.4	%
Japanese Yen		22.3			22.6
Euro		16.0			19.8
British Pound		4.0			3.5
Canadian Dollar		2.9			1.9
South Korean Won		1.5			0.4
South African Rand		0.8			0.6
Thai Baht		0.5			0.0
Swedish Krona		0.4			0.3
Australian Dollar		0.3			0.3
Mexican Peso		0.3			0.2
Danish Krone		0.1			0.1
Israeli Shekel		0.1			0.0
Czech Koruna		0.1			0.1
Russian Ruble		0.1			0.0

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

24

GOLDMAN SACHS GLOBAL INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Global Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 1991)
Excluding sales charges	1.38%	2.31%	3.81%	5.16%
Including sales charges	-2.45%	1.54%	3.42%	5.01%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	0.68%	1.56%	3.05%	3.64%
Including contingent deferred sales charges	-0.33%	1.56%	3.05%	3.64%
Institutional Class (Commenced August 1, 1995)	1.72%	2.66%	4.17%	5.37%
Service Class (Commenced March 12, 1997)	1.31%	2.08%	3.62%	4.33%
Investor Class (Commenced July 30, 2010)	1.63%	2.56%	N/A	3.23%
Class R6 (Commenced July 31, 2015)	1.73%	N/A	N/A	2.30%

25

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of -0.86%, -1.60%, -0.49%, -0.56%, -1.12% and -0.48%, respectively. These returns compare to the 1.21% average annual total return of the Fund’s benchmark, the ICE BofAML U.S. Dollar 3-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

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

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

A Within our top-down strategies, our 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. One of the primary trades undertaken in this strategy during the Reporting Period was its long Canadian rates versus short U.S. rates position. This trade detracted from results, as there was an abrupt shift to more hawkish rhetoric from the Bank of Canada and two subsequent interest rate hikes during the summer months of 2017, which, in turn, led to a sell-off in Canadian rates. (Hawkish rhetoric tends to suggest higher interest rates; opposite of dovish.)

The Fund’s yield curve positioning was a moderate detractor from results during the Reporting Period. Yield curve indicates the spectrum of maturities within a particular sector.

Conversely, our currency strategy was the best performing top-down strategy during the Reporting Period. Most of the currency strategy’s strong performance can be attributed to the Fund’s exposure to emerging markets in Europe, via long positions in the Polish zloty and Czech koruna. We took these long positions as part of our positive view on the economic growth path of Europe. The Fund’s long position in the South African rand also contributed positively to results.

The Fund’s duration strategy also added value during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Individual issue selection produced mixed results. These strategies reflect any active views we take on particular sectors.

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

A Individual issue selection within the emerging markets debt and municipal bond sectors detracted from the Fund’s results during the Reporting Period. Within emerging markets debt, the Fund’s long exposure to Petróleos de Venezuela (“PDVSA”), the Venezuelan state-owned oil and natural gas company, hurt performance most due to ongoing troubles within Venezuela and missed coupon payments on the company’s bonds. The Fund was also structurally underweight China through the use of credit default swap indices, which hurt performance, as emerging markets overall performed well, outpacing the broad fixed income market, as measured by the Bloomberg Barclays Aggregate Bond Index. (A credit default swap index is a credit derivative used to hedge credit risk or to take a position on a basket of credit entities. Unlike a credit default swap, which is an over the counter credit derivative, a credit default swap index is a completely standardized credit security and may

26

FUND RESULTS

therefore be more liquid.) Within the municipal bond sector, the Fund’s exposure to tax-exempt Puerto Rico municipal bonds detracted most. These bonds performed poorly following Governor Ricardo’s initiation of the Commonwealth to enter a Title III restructuring. Market expectations of the negative economic impact from the significant damage caused by Hurricane Maria added to these bonds’ headwinds. (Title III is an in-court debt restructuring process akin to U.S. bankruptcy protection, since Puerto Rico is barred from using Chapter 9 of the U.S. federal bankruptcy code reserved for insolvent public entities. It should be noted that this action was taken on May 3, 2017, well before the devastation caused by Hurricane Maria.)

Conversely, issue selection within the securitized sector added value during the Reporting Period. Most of the performance derived from the Fund’s positions in asset-backed securities and non-agency mortgage-backed securities. During the Reporting Period, the securitized sector broadly and these securities in particular experienced spread tightening, or a narrowing of the yield differential to U.S. Treasuries, which helped drive their strong performance.

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

A The Fund’s yield curve positioning detracted moderately from the Fund’s performance during the Reporting Period. The Fund was positioned for yield curve steepening in the U.S. and U.K., but there was broad flattening in both of these yield curves during the Reporting Period. (A steepening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities widens. A flattening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities narrows.)

Further, as mentioned earlier, we positioned the Fund to take advantage of relative value positions across global interest rates, which detracted from 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 kept a short U.S. rates position in the Fund during the Reporting Period, which helped as U.S. Treasury yields pushed higher across most of the spectrum of maturities. We maintained the Fund’s underweight U.S. duration position given our expectations that global economic growth was likely to remain strong and that tightness in the labor market and easy financial conditions would likely warrant further monetary tightening in the U.S. We also expected inflation to rebound somewhat. As these expectations were indeed realized, such Fund positioning added value.

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

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

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

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 use of a credit default swap index to gain exposure to emerging markets debt, as already mentioned, detracted as well. The duration strategy, implemented through derivatives

27

FUND RESULTS

as described above, contributed positively to Fund performance during the Reporting Period. The currency strategy, implemented primarily through the use of currency forwards, also contributed positively to the Fund’s performance during the Reporting Period.

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

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

Positioning throughout the Reporting Period remained consistent with themes we have been focusing on for some time now. Most risk was allocated across the Fund’s top-down, or macro, currency and country strategies with the balance allocated across our sector strategies.

In our macro strategies, we positioned the Fund to be short U.S. interest rates, as we believed the U.S. Federal Reserve (the “Fed”) was poised to hike interest rates multiple times in 2018. From a currency perspective, we continued to favor emerging markets over developed markets. At the end of the Reporting Period, the Fund maintained long positions in the Indonesian rupiah, Argentine peso and South African rand, to name a few.

From a sector perspective, we continued to favor the securitized sectors over traditional corporate credit given our view that the U.S. credit cycle is in its late stages. The Fund’s long exposure to credit was mostly in asset-backed securities and collateralized loan obligations at the end of the Reporting Period, with modest exposure to mortgage-backed securities. The Fund owned select individual corporate bonds, however, we expressed an outright short position through credit default swap indices in both investment grade and high yield. Within the emerging markets debt sector, the Fund owned bonds across select countries, but we maintained a short position through China credit default swaps. In municipals, the Fund owned a small position across Puerto Rico.

Q How was the Fund positioned at the end of March 2018?

A At the end of March 2018, the Fund had the majority of its total net assets invested in collateralized loan obligations, followed by emerging markets debt, asset-backed securities and non-agency residential mortgage-backed securities. The Fund also had more modest exposures at the end of the Reporting Period to high yield corporate bonds, investment grade corporate bonds, U.S. inflation-linked securities, corporate bank loans, equities, quasi-government securities and commercial mortgage-backed securities. The Fund had a significant position in cash and had no exposure to municipal bonds at the end of the Reporting Period.

At the end of the Reporting Period, the Fund’s largest duration position was its short duration position in the U.S. The Fund also had a short duration position in the U.K, a rather neutral duration position in Japan, and long duration positions in Europe and Canada.

28

FUND BASICS

Strategic Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			ICE BofAML U.S. Dollar 3-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		-0.86	%		1.21	%		2.97	%		2.97	%
Class C		-1.60			1.21			2.33			2.33
Institutional		-0.49			1.21			3.42			3.42
Investor		-0.56			1.21			3.33			3.33
Class R		-1.12			1.21			2.84			2.83
Class R6		-0.48			1.21			3.43			3.43

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

29

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		-4.60	%		-0.25	%		1.68	%		6/30/10
Class C		-2.59			-0.19			1.45			6/30/10
Institutional		-0.49			0.87			2.53			6/30/10
Investor		-0.56			0.78			2.45			6/30/10
Class R		-1.12			0.29			1.94			6/30/10
Class R6		-0.48			N/A			0.56			7/31/15

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.93	%		0.93	%
Class C		1.68			1.68
Institutional		0.59			0.59
Investor		0.68			0.68
Class R		1.18			1.18
Class R6		0.58			0.58

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus.

30

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

31

GOLDMAN SACHS STRATEGIC INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on June 30, 2010 (commencement of operations) 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Strategic Income Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from June 30, 2010 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Since Inception
Class A (Commenced June 30, 2010)
Excluding sales charges	-0.86%	0.52%	2.19%
Including sales charges	-4.60%	-0.25%	1.68%
Class C (Commenced June 30, 2010)
Excluding contingent deferred sales charges	-1.60%	-0.19%	1.45%
Including contingent deferred sales charges	-2.59%	-0.19%	1.45%
Institutional Class (Commenced June 30, 2010)	-0.49%	0.87%	2.53%
Investor Class (Commenced June 30, 2010)	-0.56%	0.78%	2.45%
Class R (Commenced June 30, 2010)	-1.12%	0.29%	1.94%
Class R6 (Commenced July 31, 2015)	-0.48%	N/A	0.56%

32

GOLDMAN SACHS BOND FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate		Maturity Date			Value
Corporate Obligations – 23.2%
Aerospace & Defense(a) – 0.3%
	Northrop Grumman Corp.
$	1,250,000	2.930%			01/15/25		$	1,198,538
	500,000	3.250			01/15/28			477,267
								1,675,805
Agriculture – 1.0%
	BAT Capital Corp.(a)(b)
	990,000	3.222			08/15/24			954,483
	1,650,000	3.557			08/15/27			1,580,431
	525,000	4.390			08/15/37			521,640
	225,000	4.540			08/15/47			222,580
	Reynolds American, Inc.
	700,000	4.850			09/15/23			738,859
	1,375,000	4.450(a)			06/12/25			1,414,423
								5,432,416
Banks – 7.9%
	Banco Santander SA
	1,000,000	3.125			02/23/23			969,115
	800,000	4.250			04/11/27			796,852
	Bank of America Corp.
	625,000	4.125			01/22/24			643,329
	311,000	4.000			04/01/24			317,798
	1,300,000	3.248(a)			10/21/27			1,225,272
	700,000	4.183(a)			11/25/27			693,941
	100,000	6.110			01/29/37			120,317
	(3M USD LIBOR + 1.040%)
	279,000	3.419(a)(b)(c)			12/20/28			267,253
	(3M USD LIBOR + 1.575%)
	1,250,000	3.824(a)(c)			01/20/28			1,234,933
	Barclays PLC
	575,000	5.200			05/12/26			580,533
	225,000	4.950			01/10/47			230,771
	BNP Paribas SA(b)
	1,525,000	3.500			03/01/23			1,512,906
	550,000	3.375			01/09/25			532,008
	BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	800,000	3.250			03/03/23			793,493
	CIT Group, Inc.(a)
	1,450,000	5.250			03/07/25			1,484,438
	Citigroup, Inc.
	125,000	4.300			11/20/26			125,068
	1,200,000	4.125			07/25/28			1,185,878
	Credit Suisse Group AG(a)(b)
	475,000	4.282			01/09/28			476,116
	(3M USD LIBOR + 1.410%)
	525,000	3.869(c)			01/12/29			508,889
	Credit Suisse Group Funding Guernsey Ltd.
	250,000	3.750			03/26/25			244,164
	Deutsche Bank AG
	225,000	2.500			02/13/19			224,096
	HSBC Holdings PLC
	550,000	6.500			05/02/36			680,836
	(3M USD LIBOR + 1.055%)
	1,150,000	3.262(a)(c)			03/13/23			1,135,047
Corporate Obligations – (continued)
Banks – (continued)
	ING Bank NV(a)(c) (5 year USD ICE Swap + 2.700%)
	700,000		4.125%			11/21/23			703,594
	Intesa Sanpaolo SpA(b)
	1,575,000		3.375			01/12/23			1,537,574
	JPMorgan Chase & Co.(a)
	1,075,000		2.972			01/15/23			1,054,431
	1,200,000		3.625			12/01/27			1,150,656
	(3M USD LIBOR + 0.945%)
	875,000		3.509(c)			01/23/29			849,364
	(3M USD LIBOR + 1.337%)
	350,000		3.782(c)			02/01/28			347,900
	(3M USD LIBOR + 1.360%)
	425,000		3.882(c)			07/24/38			412,950
	(3M USD LIBOR + 3.800%)
	1,075,000		5.300(c)			05/01/49			1,104,025
	Kreditanstalt fuer Wiederaufbau
	12,490,000		1.500			09/09/19			12,336,997
	Mitsubishi UFJ Financial Group, Inc.
	302,000		2.950			03/01/21			300,099
	Morgan Stanley, Inc.
	325,000		3.875			04/29/24			327,829
	1,050,000		3.700			10/23/24			1,044,875
	50,000		4.000			07/23/25			50,466
	(3M USD LIBOR + 1.400%)
	1,550,000		3.141(a)(c)			10/24/23			1,585,169
	Royal Bank of Scotland Group PLC
	826,000		3.875			09/12/23			815,725
	(3M USD LIBOR + 1.480%)
	1,525,000		3.498(a)(c)			05/15/23			1,498,559
	UniCredit SpA(b)
	250,000		3.750			04/12/22			248,179
	Wells Fargo & Co.
	3,375,000		3.000			10/23/26			3,160,536
									44,511,981
Beverages(a) – 0.6%
	Anheuser-Busch InBev Finance, Inc.
	325,000		4.700			02/01/36			343,871
	725,000		4.900			02/01/46			781,921
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.000			04/13/28			2,024,415
	350,000		4.600			04/15/48			362,046
									3,512,253
Chemicals – 0.2%
	CNAC HK Finbridge Co. Ltd.
	200,000		4.125			07/19/27			188,750
	LyondellBasell Industries NV(a)
	300,000		5.000			04/15/19			304,544
	The Sherwin-Williams Co.(a)
	225,000		2.750			06/01/22			219,144
	300,000		4.500			06/01/47			298,626
									1,011,064
Commercial Services – 0.1%
	Rensselaer Polytechnic Institute
	350,000		5.600			09/01/20			369,434

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Computers(a) – 0.2%
	Dell International LLC/EMC Corp.(b)
$	375,000		5.450	%		06/15/23	$	397,509
	Hewlett Packard Enterprise Co.
	525,000		4.900			10/15/25		545,083
								942,592
Diversified Financial Services – 0.4%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,178,914
	850,000		3.300	(a)		01/23/23		826,609
	International Lease Finance Corp.(b)
	575,000		7.125			09/01/18		584,576
								2,590,099
Electrical(a) – 1.0%
	Berkshire Hathaway Energy Co.(b)
	475,000		3.250			04/15/28		458,419
	Consumers Energy Co.
	850,000		3.950			05/15/43		860,107
	Duke Energy Carolinas LLC
	475,000		3.950			03/15/48		479,881
	Duke Energy Corp.
	1,175,000		3.150			08/15/27		1,106,027
	Florida Power & Light Co.
	450,000		3.950			03/01/48		457,830
	Sempra Energy(c) (3M USD LIBOR + 0.500%)
	1,125,000		2.209			01/15/21		1,125,825
	The Southern Co.
	1,050,000		3.250			07/01/26		997,740
								5,485,829
Healthcare Providers & Services – 0.6%
	Becton Dickinson & Co.(a)
	1,525,000		2.894			06/06/22		1,479,647
	300,000		3.363			06/06/24		288,750
	475,000		4.685			12/15/44		478,155
	175,000		4.669			06/06/47		176,867
	CHS/Community Health Systems, Inc.(a)
	100,000		8.000			11/15/19		90,000
	UnitedHealth Group, Inc.
	450,000		4.625			07/15/35		492,159
	500,000		6.875			02/15/38		686,895
								3,692,473
Insurance – 0.8%
	AIA Group Ltd.(a)(b)
	500,000		3.900			04/06/28		503,533
	MetLife, Inc.
	150,000		4.050			03/01/45		143,285
	Prudential Financial, Inc.(a)
	1,050,000		3.878			03/27/28		1,063,099
	Teachers Insurance & Annuity Association of America(b)
	295,000		4.900			09/15/44		325,135
	The Chubb Corp.(a)(c) (3M USD LIBOR + 2.250%)
	500,000		3.972	%		03/29/67		499,850
	The Northwestern Mutual Life Insurance Co.(b)
	800,000		6.063			03/30/40		1,013,329
Corporate Obligations – (continued)
Insurance – (continued)
	XLIT Ltd.
	775,000		4.450			03/31/25		780,022
								4,328,253
Internet(a)(b) – 0.2%
	Amazon.com, Inc.
	400,000		3.875			08/22/37		398,584
	Symantec Corp.
	600,000		5.000			04/15/25		604,077
								1,002,661
Machinery-Diversified(a)(b) – 0.1%
	Nvent Finance S.a.r.l.
	800,000		4.550			04/15/28		803,690
Media – 0.8%
	21st Century Fox America, Inc.
	1,125,000		4.000			10/01/23		1,152,423
	Altice Financing SA(a)(b)
	600,000		6.625			02/15/23		594,000
	Altice France SA(a)(b)
	1,000,000		6.000			05/15/22		976,250
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	275,000		4.464			07/23/22		280,910
	925,000		4.908			07/23/25		945,263
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		463,469
								4,412,315
Mining(b) – 0.2%
	Glencore Finance Canada Ltd.
	650,000		4.250			10/25/22		659,408
	Glencore Funding LLC
	325,000		4.125			05/30/23		327,119
								986,527
Miscellaneous Manufacturing – 0.0%
	General Electric Co.
MXN	2,000,000		8.500			04/06/18		110,003
Oil Field Services – 1.5%
	Anadarko Petroleum Corp.
$	475,000		8.700			03/15/19		499,762
	330,000		3.450	(a)		07/15/24		320,377
	300,000		5.550	(a)		03/15/26		327,494
	250,000		6.450			09/15/36		299,742
	Canadian Natural Resources Ltd.(a)
	775,000		3.850			06/01/27		757,857
	Devon Energy Corp.(a)
	250,000		3.250			05/15/22		246,984
	380,000		5.600			07/15/41		427,799
	Gazprom OAO Via Gaz Capital SA
	240,000		7.288			08/16/37		282,600
	Halliburton Co.(a)
	350,000		3.800			11/15/25		351,584
	250,000		4.850			11/15/35		269,223

34 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)
Oil Field Services – (continued)
	Petrobras Global Finance BV
$	20,000		8.750	%		05/23/26	$	23,436
	440,000		7.375			01/17/27		476,740
	Petroleos de Venezuela SA(d)
	4,440,000		6.000			10/28/22		1,045,620
	1,660,000		5.375			04/12/27		458,990
	Petroleos Mexicanos
EUR	410,000		5.125			03/15/23		575,112
$	300,000		6.500			03/13/27		320,400
	Phillips 66(a)
	925,000		3.900			03/15/28		921,647
	Pioneer Natural Resources Co.(a)
	410,000		3.950			07/15/22		416,754
	Reliance Industries Ltd.(b)
	320,000		3.667			11/30/27		302,400
								8,324,521
Pharmaceuticals(a) – 1.4%
	Allergan Funding SCS
	150,000		4.850			06/15/44		148,519
	CVS Health Corp.
	425,000		3.500			07/20/22		424,087
	1,025,000		3.375			08/12/24		992,767
	1,550,000		3.875			07/20/25		1,536,543
	1,525,000		4.300			03/25/28		1,531,497
	200,000		5.125			07/20/45		212,135
	2,275,000		5.050			03/25/48		2,392,815
	Valeant Pharmaceuticals International, Inc.(b)
	450,000		7.000			03/15/24		468,000
								7,706,363
Pipelines – 1.6%
	Energy Transfer Partners LP(a)
	350,000		4.650			06/01/21		360,450
	Enterprise Products Operating LLC(a)(c) (3M USD LIBOR + 3.708%)
	1,075,000		5.481			08/01/66		1,077,751
	Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500			09/01/23		1,002,401
	300,000		4.250			09/01/24		301,596
	Kinder Morgan, Inc.
	500		7.750			01/15/32		639
	MPLX LP(a)
	425,000		4.500			04/15/38		419,615
	175,000		4.700			04/15/48		170,467
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650			06/01/22		591,812
	925,000		3.850			10/15/23		902,090
	Sabine Pass Liquefaction LLC(a)
	800,000		6.250			03/15/22		868,079
	900,000		5.625			03/01/25		966,375
	Sunoco Logistics Partners Operations LP(a)
	200,000		4.250			04/01/24		198,868
	Western Gas Partners LP(a)
	525,000		3.950			06/01/25		511,734
Corporate Obligations – (continued)
Pipelines – (continued)
	Williams Partners LP(a)
	915,000		3.600			03/15/22		910,859
	600,000		3.900			01/15/25		594,219
								8,876,955
Real Estate Investment Trust – 1.2%
	American Campus Communities Operating Partnership LP(a)
	800,000		3.750			04/15/23		799,819
	American Homes 4 Rent LP(a)
	290,000		4.250			02/15/28		284,181
	American Tower Corp.
	300,000		3.400			02/15/19		301,070
	China Evergrande Group(a)
	480,000		8.750			06/28/25		480,000
	Crown Castle International Corp.
	575,000		5.250			01/15/23		611,024
	1,275,000		3.150	(a)		07/15/23		1,234,932
	150,000		3.650	(a)		09/01/27		142,924
	Kaisa Group Holdings Ltd.(a)
	200,000		9.375			06/30/24		187,000
	National Retail Properties, Inc.(a)
	400,000		4.000			11/15/25		397,497
	Realty Income Corp.(a)
	525,000		3.650			01/15/28		509,585
	Trust F/1401(a)(b)
	300,000		5.250			12/15/24		307,125
	VEREIT Operating Partnership LP(a)
	575,000		3.000			02/06/19		574,897
	750,000		4.125			06/01/21		761,730
								6,591,784
Retailing(a) – 0.0%
	Dollar Tree, Inc.
	150,000		5.750			03/01/23		156,750
Semiconductors(a) – 0.2%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	1,100,000		3.000			01/15/22		1,079,371
Software(a) – 0.2%
	Microsoft Corp.
	800,000		3.125			11/03/25		788,085
	Oracle Corp.
	600,000		4.000			07/15/46		591,272
								1,379,357
Telecommunication Services – 2.7%
	AT&T, Inc.
	1,375,000		3.000	(a)		06/30/22		1,350,307
	400,000		4.450	(a)		04/01/24		412,861
	1,700,000		3.400	(a)		05/15/25		1,638,031
	600,000		4.125	(a)		02/17/26		601,454
	150,000		3.900	(a)		08/14/27		151,033
	375,000		5.150			03/15/42		386,349
	250,000		5.450	(a)		03/01/47		265,351
	Digicel Ltd.(a)(b)
	200,000		6.000			04/15/21		187,750
	800,000		6.750			03/01/23		719,904

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Nokia OYJ
$	579,000		4.375	%		06/12/27	$	545,849
	Sprint Communications, Inc.(b)
	250,000		7.000			03/01/20		262,500
	T-Mobile USA, Inc.(a)
	550,000		4.500			02/01/26		528,000
	Telecom Italia Capital SA
	50,000		7.200			07/18/36		59,000
	Telefonica Emisiones SAU
	150,000		5.462			02/16/21		159,465
	Verizon Communications, Inc.
	2,275,000		5.150			09/15/23		2,454,473
	1,775,000		4.150	(a)		03/15/24		1,821,772
	700,000		2.625			08/15/26		639,267
	300,000		5.250			03/16/37		323,493
	50,000		4.125			08/15/46		44,998
	50,000		4.862			08/21/46		50,459
	1,030,000		5.012			04/15/49		1,060,315
	Wind Tre SpA(a)(b)
	1,600,000		5.000			01/20/26		1,356,000
								15,018,631
	TOTAL CORPORATE OBLIGATIONS
	(Cost $132,290,115)						$	130,001,127
Mortgage-Backed Obligations – 23.8%
Collateralized Mortgage Obligations – 2.6%
Interest Only(e) – 1.2%
	FHLMC REMIC Series 4314, Class SE(c) (-1x1M LIBOR + 6.050%)
$	980,358		4.463	%		03/15/44	$	158,406
	FHLMC REMIC Series 4320, Class SD(c) (-1x1M LIBOR + 6.100%)
	4,612,025		4.513			07/15/39		628,969
	FHLMC REMIC Series 4431, Class ST(c) (-1x1M LIBOR + 6.100%)
	711,478		4.513			01/15/45		112,806
	FHLMC REMIC Series 4583, Class ST(c) (-1x1M LIBOR + 6.000%)
	1,958,348		4.223			05/15/46		335,841
	FHLMC STRIPS Series 304, Class C45
	343,734		3.000			12/15/27		30,384
	FNMA REMIC Series 2010-126, Class LS(c) (-1x1M LIBOR + 5.000%)
	1,076,508		3.425			11/25/40		136,271
	FNMA REMIC Series 2011-124, Class SC(c) (-1x1M LIBOR + 6.550%)
	535,247		4.929			12/25/41		87,506
	FNMA REMIC Series 2012-5, Class SA(c) (-1x1M LIBOR + 5.950%)
	733,742		4.329			02/25/42		106,442
	FNMA REMIC Series 2012-88, Class SB(c) (-1x1M LIBOR + 6.670%)
	493,189		5.049			07/25/42		85,980
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
	FNMA REMIC Series 2013-121, Class SA(c) (-1x1M LIBOR + 6.100%)
	613,537		4.479			12/25/43		84,814
	FNMA REMIC Series 2013-130, Class SN(c) (-1x1M LIBOR + 6.650%)
	1,009,366		5.029			10/25/42		160,480
	FNMA REMIC Series 2014-6, Class SA(c) (-1x1M LIBOR + 6.600%)
	559,102		4.979			02/25/44		96,380
	FNMA REMIC Series 2014-87, Class MS(c) (-1x1M LIBOR + 6.250%)
	957,896		4.629			01/25/45		136,918
	FNMA REMIC Series 2015-28, Class PS(c) (-1x1M LIBOR + 5.600%)
	1,646,593		3.979			08/25/44		225,098
	FNMA REMIC Series 2015-79, Class SA(c) (-1x1M LIBOR + 6.250%)
	502,027		4.629			11/25/45		71,137
	FNMA REMIC Series 2015-86, Class BS(c) (-1x1M LIBOR + 5.700%)
	295,355		4.079			11/25/45		35,706
	FNMA REMIC Series 2016-1, Class SJ(c) (-1x1M LIBOR + 6.150%)
	1,408,801		4.279			02/25/46		250,822
	FNMA REMIC Series 2016-69, Class BS(c) (-1x1M LIBOR + 6.100%)
	3,069,815		4.479			10/25/46		413,309
	GNMA REMIC Series 2010-101, Class S(c) (-1x1M LIBOR + 6.000%)
	531,304		4.178			08/20/40		78,860
	GNMA REMIC Series 2010-20, Class SE(c) (-1x1M LIBOR + 6.250%)
	1,116,962		4.428			02/20/40		173,102
	GNMA REMIC Series 2010-31, Class SA(c) (-1x1M LIBOR + 5.750%)
	417,558		3.928			03/20/40		56,519
	GNMA REMIC Series 2012-149, Class MS(c) (-1x1M LIBOR + 6.250%)
	118,658		4.428			12/20/42		18,031
	GNMA REMIC Series 2013-113, Class SD(c) (-1x1M LIBOR + 6.700%)
	417,050		4.914			08/16/43		63,999
	GNMA REMIC Series 2013-134, Class DS(c) (-1x1M LIBOR + 6.100%)
	152,668		4.278			09/20/43		22,589
	GNMA REMIC Series 2013-152, Class SG(c) (-1x1M LIBOR + 6.150%)
	475,957		4.328			06/20/43		70,364
	GNMA REMIC Series 2013-167, Class SG(c) (-1x1M LIBOR + 6.150%)
	221,663		4.328			11/20/43		32,722
	GNMA REMIC Series 2013-181, Class SA(c) (-1x1M LIBOR + 6.100%)
	633,828		4.278			11/20/43		95,497

36 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(e) – (continued)
	GNMA REMIC Series 2014-132, Class SL(c) (-1x1M LIBOR + 6.100%)
$	779,624		4.278	%		10/20/43	$	105,922
	GNMA REMIC Series 2014-133, Class BS(c) (-1x1M LIBOR + 5.600%)
	383,094		3.778			09/20/44		48,060
	GNMA REMIC Series 2014-162, Class SA(c) (-1x1M LIBOR + 5.600%)
	362,148		3.778			11/20/44		45,589
	GNMA REMIC Series 2014-188, Class IB
	911,347		4.000			12/20/44		151,340
	GNMA REMIC Series 2014-41, Class SA(c) (-1x1M LIBOR + 6.100%)
	172,574		4.278			03/20/44		26,378
	GNMA REMIC Series 2015-110, Class MS(c) (-1x1M LIBOR + 5.710%)
	2,577,547		3.888			08/20/45		339,769
	GNMA REMIC Series 2015-111, Class IM
	1,111,915		4.000			08/20/45		192,166
	GNMA REMIC Series 2015-117, Class KI
	1,726,084		5.000			08/20/45		382,448
	GNMA REMIC Series 2015-119, Class SN(c) (-1x1M LIBOR + 6.250%)
	523,871		4.428			08/20/45		82,000
	GNMA REMIC Series 2015-123, Class SP(c) (-1x1M LIBOR + 6.250%)
	551,491		4.428			09/20/45		84,229
	GNMA REMIC Series 2015-126, Class HS(c) (-1x1M LIBOR + 6.200%)
	241,900		4.378			09/20/45		36,346
	GNMA REMIC Series 2015-14, Class IO
	830,257		5.000			10/20/44		184,614
	GNMA REMIC Series 2015-167, Class AS(c) (-1x1M LIBOR + 6.250%)
	400,198		4.428			11/20/45		60,704
	GNMA REMIC Series 2015-168, Class SD(c) (-1x1M LIBOR + 6.200%)
	257,700		4.378			11/20/45		39,191
	GNMA REMIC Series 2015-57, Class AS(c) (-1x1M LIBOR + 5.600%)
	2,112,071		3.778			04/20/45		270,297
	GNMA REMIC Series 2015-64, Class SG(c) (-1x1M LIBOR + 5.600%)
	1,349,189		3.778			05/20/45		200,298
	GNMA REMIC Series 2016-109, Class IH
	1,577,555		4.000			10/20/45		279,526
	GNMA REMIC Series 2016-27, Class IA
	824,270		4.000			06/20/45		128,606
	GNMA REMIC Series 2016-4, Class SM(c) (-1x1M LIBOR + 5.650%)
	886,333		3.828			01/20/46		113,356
	GNMA REMIC Series 2016-6, Class SB(c) (-1x1M LIBOR + 5.650%)
	725,122		3.828			01/20/46		93,945
								6,633,736
Mortgage-Backed Obligations – (continued)
Regular Floater(c) – 0.0%
	FNMA REMIC Series 2011-63, Class FG(1M LIBOR + 0.450%)
	133,656		2.071			07/25/41		134,486
Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2005-70, Class PA
	70,356		5.500			08/25/35		77,165
	FNMA REMIC Series 2011-52, Class GB
	537,134		5.000			06/25/41		577,364
	FNMA REMIC Series 2012-111, Class B
	49,462		7.000			10/25/42		56,356
	FNMA REMIC Series 2012-153, Class B
	128,960		7.000			07/25/42		147,201
								858,086
Sequential Floating Rate(c) – 1.2%
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3(1M USD LIBOR + 0.250%)
	1,878,696		1.871			11/25/36		1,402,045
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(b)(f) (3M EURIBOR + 2.750%)
EUR	893,291		2.750			04/20/20		1,093,654
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1 (1M LIBOR + 0.140%)
	397,570		1.761			07/25/47		381,227
	DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A(1M USD LIBOR + 0.200%)
	1,682,938		1.790			10/19/36		1,522,925
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 (1M USD LIBOR + 3.300%)
	260,000		4.921			10/25/27		289,706
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	1,000,000		4.871			05/25/25		1,129,147
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B (12M MTA + 1.200%)
	218,522		2.401			12/25/46		216,373
	Station Place Securitization Trust Series 2015-2, Class A(b) (1M USD LIBOR + 1.050%)
	950,000		2.638			05/15/18		950,000
								6,985,077
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	14,611,385
Federal Agencies – 21.2%
Adjustable Rate FHLMC(c) – 0.0%
	FHLMC (12M USD LIBOR + 1.771%)
$	43,974		3.517	%		09/01/35	$	45,902
FHLMC – 0.3%
	119		5.000			05/01/18		120
	164,543		6.000			08/01/27		182,758
	16,719		5.000			08/01/33		18,045
	3,105		5.000			09/01/33		3,351
	4,186		5.000			10/01/33		4,518
	2,601		6.000			12/01/33		2,923
	4,239		5.000			11/01/34		4,575

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	242,649		5.000	%		12/01/34		$	261,897
	6,257		5.000			07/01/35			6,753
	3,272		5.000			11/01/35			3,532
	29,469		6.500			08/01/37			33,189
	104,495		6.500			10/01/37			117,989
	21,230		6.500			09/01/38			23,949
	160,996		6.000			01/01/39			179,432
	159,728		7.000			02/01/39			183,422
	48,998		5.000			03/01/39			52,725
	10,084		5.000			05/01/39			10,851
	30,207		5.000			04/01/40			32,625
	5,256		5.000			08/01/40			5,677
	623,825		5.500			08/01/40			682,641
	68,525		4.000			02/01/41			70,938
	806		5.000			04/01/41			874
	4,878		5.000			06/01/41			5,267
									1,888,051
FNMA – 10.7%
	8,164		6.000			06/01/21			8,498
	26,239		5.000			08/01/23			27,383
	11,307		5.500			09/01/23			11,816
	6,947		5.500			10/01/23			7,265
	49,394		5.000			02/01/24			51,531
	48,235		5.500			05/01/25			49,098
	43,435		6.000			12/01/32			48,613
	821		5.500			03/01/33			900
	83,602		5.500			04/01/33			92,756
	211		6.000			05/01/33			235
	2,334		5.000			08/01/33			2,514
	611		5.500			09/01/33			670
	19,836		5.500			12/01/33			21,773
	105		6.000			12/01/33			118
	737		5.500			02/01/34			808
	9,062		6.000			02/01/34			10,125
	1,241		5.500			03/01/34			1,365
	147		5.500			04/01/34			162
	4,024		5.500			09/01/34			4,422
	1,566		5.500			10/01/34			1,715
	4,796		5.500			12/01/34			5,264
	28,852		5.000			04/01/35			31,191
	153		6.000			04/01/35			171
	3,339		5.500			05/01/35			3,656
	1,516		5.500			07/01/35			1,672
	100,832		6.000			07/01/35			112,680
	911		5.500			09/01/35			1,004
	120,857		6.000			09/01/35			134,138
	3,759		6.000			03/01/36			4,215
	5,210		6.000			04/01/36			5,837
	63		5.500			02/01/37			69
	100		5.500			04/01/37			110
	3,443		5.000			02/01/38			3,688
	9,021		5.500			02/01/38			9,864
	186		5.500			03/01/38			204
	53		5.500			06/01/38			59
	121		5.500			07/01/38			133
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	137		5.500			08/01/38			150
	110		5.500			09/01/38			121
	123,951		6.000			11/01/38			136,531
	44		5.500			12/01/38			49
	47,015		6.000			12/01/38			52,434
	11,475		4.500			02/01/39			12,090
	98,423		7.000			03/01/39			113,071
	10,637		4.500			04/01/39			11,267
	2,568		5.500			06/01/39			2,825
	31,641		5.000			07/01/39			34,075
	11,902		4.500			08/01/39			12,607
	422,897		5.000			10/01/39			455,435
	2,276		5.500			11/01/39			2,504
	163,485		4.500			12/01/39			173,166
	167,461		4.500			06/01/40			177,015
	69,707		4.500			08/01/41			73,694
	140,740		5.000			12/01/41			151,566
	81,288		3.000			12/01/42			80,139
	196,292		3.000			01/01/43			193,516
	55,860		3.000			02/01/43			55,070
	18,892		3.000			03/01/43			18,625
	271,536		3.000			04/01/43			267,781
	43,484		3.000			05/01/43			42,882
	63,579		3.000			06/01/43			62,699
	17,932		3.000			07/01/43			17,684
	61,690		5.000			06/01/44			66,065
	26,626		3.500			03/01/45			26,744
	629,695		3.000			04/01/45			616,658
	2,806,208		4.500			04/01/45			2,975,896
	314,280		4.500			05/01/45			333,284
	1,917,339		4.500			06/01/45			2,020,995
	865,715		4.000			11/01/45			890,558
	104,552		4.000			01/01/46			107,552
	276,575		4.000			03/01/46			284,404
	184,539		4.000			06/01/46			189,701
	46,596		4.000			08/01/46			47,899
	300,407		4.000			10/01/46			308,810
	13,262,308		4.500			04/01/47			13,925,424
	12,961,297		4.500			01/01/48			13,585,059
	21,000,000		4.500			TBA-30yr	(g)		21,987,655
									60,169,422
GNMA – 10.2%
	38,428		5.500			11/15/32			42,107
	20,910		5.500			01/15/33			22,788
	52,488		5.500			02/15/33			57,297
	52,467		5.500			03/15/33			57,273
	53,470		5.500			07/15/33			58,280
	25,065		5.500			08/15/33			27,361
	16,479		5.500			09/15/33			17,989
	35,593		5.500			04/15/34			38,857
	8,675		5.500			05/15/34			9,470
	235,965		5.500			09/15/34			257,609
	226,617		5.500			12/15/34			247,403
	176,214		5.500			01/15/35			192,377
	1,189		5.500			05/15/36			1,298

38 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)
GNMA – (continued)
$	9,709		4.000	%		02/20/41		$	10,073
	14,782		4.000			11/20/41			15,367
	2,445		4.000			01/20/42			2,542
	7,846		4.000			04/20/42			8,157
	4,381		4.000			10/20/42			4,554
	1,371,346		4.000			08/20/43			1,425,182
	1,707,439		4.000			10/20/43			1,772,868
	8,482		4.000			03/20/44			8,788
	10,248		4.000			05/20/44			10,618
	711,093		4.000			11/20/44			736,343
	161,282		4.000			12/20/44			167,009
	47,311		4.000			05/20/45			48,991
	185,864		4.000			07/20/45			192,464
	1,578,925		4.000			08/20/45			1,634,496
	1,190,511		4.000			09/20/45			1,232,040
	2,089,135		4.000			10/20/45			2,162,989
	1,072,210		4.000			01/20/46			1,108,607
	259,673		4.000			02/20/46			268,488
	767,945		4.000			07/20/47			789,933
	7,150,909		4.000			08/20/47			7,355,659
	999,999		4.000			09/20/47			1,028,632
	2,969,086		4.000			12/20/47			3,055,723
	32,000,000		4.000			TBA-30yr	(g)		32,880,938
									56,950,570
	TOTAL FEDERAL AGENCIES							$	119,053,945
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $132,658,568)							$	133,665,330
Agency Debentures – 2.7%
	FHLB
$	2,400,000		4.625	%		09/11/20		$	2,526,218
	400,000		5.375			08/15/24			460,168
	FNMA
	4,000,000		1.875			09/24/26			3,683,880
	800,000		6.250			05/15/29			1,039,432
	Hashemite Kingdom of Jordan Government AID Bond(h)
	1,600,000		2.503			10/30/20			1,599,504
	Israel Government AID Bond(h)
	2,000,000		5.500			09/18/23			2,270,220
	300,000		5.500			12/04/23			342,336
	877,000		5.500			04/26/24			1,007,638
	40,000		5.500			09/18/33			51,870
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19			604,993
	Tennessee Valley Authority
	1,200,000		3.875			02/15/21			1,245,552
	TOTAL AGENCY DEBENTURES
	(Cost $15,026,298)							$	14,831,811
Asset-Backed Securities(c) – 15.9%
Collateralized Loan Obligations(b) – 7.4%
	ACIS CLO Ltd. Series 2013-1A, Class A1 (3M USD LIBOR + 0.870%)
$	1,370,934		2.224	%		04/18/24		$	1,371,284
	ACIS CLO Ltd. Series 2013-1A, Class B (3M USD LIBOR + 1.950%)
	597,200		3.304			04/18/24			597,324
	ACIS CLO Ltd. Series 2013-1A, Class C (3M USD LIBOR + 2.950%)
	377,200		4.304			04/18/24			377,370
	Apidos CLO X Series 2012-10A, Class A (3M USD LIBOR + 1.420%)
	379,114		2.798			10/30/22			379,240
	BlueMountain CLO Ltd. Series 2014-2A, Class AR (3M USD LIBOR + 0.930%)
	3,050,000		2.293			07/20/26			3,050,180
	CBAM Ltd. Series 2017-3A, Class A (3M USD LIBOR + 1.230%)
	3,450,000		2.599			10/17/29			3,471,932
	Crown Point CLO Ltd. Series 2015-3A, Class A1AR (3M USD LIBOR + 0.910%)
	3,200,000		2.269			12/31/27			3,200,362
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	3,000,000		2.609			07/15/26			3,000,561
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A (3M USD LIBOR + 1.390%)
	1,800,000		2.757			07/25/27			1,801,967
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,050,000		2.650			04/15/29			4,041,086
	Neuberger Berman CLO XIX Ltd. Series 2015-19A, Class A1R (3M USD LIBOR + 1.050%)
	3,050,000		2.409			07/15/27			3,058,580
	NewMark Capital Funding CLO Ltd. Series 2013-1A, Class A2 (3M USD LIBOR + 1.120%)
	1,639,352		2.607			06/02/25			1,640,090
	OCP CLO Ltd. Series 2012-2A, Class A1R (3M USD LIBOR + 1.400%)
	1,500,000		2.846			11/22/25			1,507,816
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA (3M USD LIBOR + 0.930%)
	402,681		2.283			04/17/25			402,724
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,350,000		2.283			10/20/27			4,355,324
	Regatta IV Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.020%)
	1,550,000		2.387			07/25/26			1,550,181
	Voya CLO Ltd. Series 2014-4A, Class A1R (3M USD LIBOR + 0.950%)
	4,450,000		2.309			10/14/26			4,450,481
	Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	3,450,000		2.513			07/17/26			3,450,500
									41,707,002

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(c) – (continued)
Home Equity – 0.7%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2 (1M LIBOR + 0.800%)
$	6,614		2.421	%		10/27/32	$	6,449
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1 (1M USD LIBOR + 0.660%)
	2,195		2.281			10/25/32		2,191
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	1,227		2.241			01/25/32		1,128
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	28,491		6.955			09/25/37		28,778
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	30,129		6.805			09/25/37		30,971
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		2.221			11/25/32		246
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,400,000		1.851			04/25/37		1,219,337
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	3,320,328		1.841			04/25/37		1,456,934
	Renaissance Home Equity Loan Trust Series 2003-2, Class A(1M USD LIBOR + 0.880%)
	1,069		2.501			08/25/33		1,046
	Renaissance Home Equity Loan Trust Series 2003-3, Class A (1M USD LIBOR + 0.500%)
	3,055		2.621			12/25/33		3,014
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4 (1M USD LIBOR + 0.170%)
	1,063,540		1.791			01/25/37		1,028,623
								3,778,717
Student Loan – 7.8%
	Academic Loan Funding Trust Series 2012-1A, Class A2(b) (1M USD LIBOR + 1.100%)
	2,722,832		2.721			12/27/44		2,729,366
	Access Group, Inc. Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	2,272,764		1.885			09/26/33		2,237,161
	ECMC Group Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.350%)
	2,010,678		2.911			07/26/66		2,037,168
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(b) (1M USD LIBOR + 0.800%)
	1,209,013		2.421			10/25/56		1,213,598
	EFS Volunteer No. 2 LLC Series 2012-1, Class A2(b) (1M USD LIBOR + 1.350%)
	2,600,000		2.971			03/25/36		2,645,424
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3(b) (1M USD LIBOR + 1.000%)
	1,650,000		2.621			04/25/33		1,673,661
Asset-Backed Securities(c) – (continued)
Student Loan – (continued)
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3(1M USD LIBOR + 1.050%)
	1,500,000		2.640			07/20/43		1,518,895
	Navient Student Loan Trust Series 2016-5A, Class A(b) (1M USD LIBOR + 1.250%)
	4,514,944		2.871			06/25/65		4,626,228
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	2,252,430		2.771			03/25/66		2,287,515
	Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	4,832,320		2.671			12/27/66		4,897,314
	Nelnet Student Loan Trust Series 2006-1, Class A6(b) (3M USD LIBOR + 0.450%)
	2,600,000		1.904			08/23/36		2,551,666
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	2,088,535		2.771			09/25/65		2,119,651
	Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	512,783		2.128			10/28/41		510,084
	SLM Student Loan Trust Series 2003-7A, Class A5A(b) (3M USD LIBOR + 1.200%)
	1,926,599		2.788			12/15/33		1,962,558
	SLM Student Loan Trust Series 2004-8A, Class A6(b) (3M USD LIBOR + 0.630%)
	1,300,000		1.997			01/25/40		1,299,446
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	326,615		1.487			01/25/27		325,474
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,650,000		1.507			10/25/28		1,643,527
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	750,192		1.467			04/25/27		749,190
	SLM Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.110%)
	583,685		1.477			07/25/25		583,694
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	975,166		1.697			01/25/22		958,844
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	268,707		2.117			04/25/23		267,766
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	642,908		3.017			07/25/22		657,634
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	1,975,136		3.067			07/25/23		2,028,161
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	1,363,217		2.467			07/25/23		1,372,837

40 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(c) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
$	850,000		2.867	%		04/25/23	$	866,681
								43,763,543
	TOTAL ASSET-BACKED SECURITIES
	(Cost $87,868,578)						$	89,249,262
Foreign Debt Obligations – 1.6%
Sovereign – 1.6%
	Dominican Republic
DOP	100,000		10.375	%		03/04/22	$	2,100
	300,000		14.500			02/10/23		7,110
$	280,000		6.600	(b)		01/28/24		304,150
	210,000		6.600			01/28/24		228,113
DOP	100,000		11.375			07/06/29		2,133
	Republic of Ecuador
$	360,000		9.625			06/02/27		384,300
	300,000		8.875	(b)		10/23/27		306,150
	260,000		7.875	(b)		01/23/28		249,600
	Perusahaan Penerbit SBSN(b)
	220,000		4.150			03/29/27		217,800
	Republic of Argentina
EUR	470,000		3.375			01/15/23		571,805
	410,000		5.250			01/15/28		491,242
	40,000		2.260	(i)		12/31/38		33,887
$	100,000		2.500	(i)		12/31/38		66,600
EUR	100,000		6.250			11/09/47		113,817
$	1,080,000		6.875			01/11/48		982,800
	260,000		7.125	(b)(j)		06/28/17		238,940
	Republic of Indonesia(b)
EUR	250,000		2.150			07/18/24		317,225
$	1,060,000		4.750			01/08/26		1,106,375
	810,000		3.850			07/18/27		792,787
	Republic of South Africa
	1,650,000		8.000			01/31/30		135,549
	4,340,000		7.000			02/28/31		325,275
ZAR	13,230,000		8.250			03/31/32		1,090,080
	1,520,000		8.875			02/28/35		130,459
	2,890,000		6.250			03/31/36		189,876
	180,000		9.000			01/31/40		15,416
	870,000		6.500			02/28/41		56,770
	4,130,000		8.750			01/31/44		343,945
	Republic of Venezuela(d)
$	140,000		6.000			12/09/20		41,300
	United Mexican States
MXN	3,046,400		6.500			06/10/21		164,041
	1,887,000		8.000			12/07/23		107,500
	1,125,400		7.750			11/23/34		63,212
	48,700		8.000			11/07/47		2,793
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $8,520,918)						$	9,083,150
Structured Notes(b)(k) – 0.9%
	Arab Republic of Egypt (Issuer Citibank NA)
EGP	30,620,000		0.000	%		05/03/18	$	1,701,726
	24,050,000		0.000			05/10/18		1,332,079
	10,000,000		0.000			11/01/18		511,355
	Arab Republic of Egypt (Issuer HSBC Bank PLC)
	8,500,000		0.000			06/07/18		467,027
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
	6,675,000		0.000			05/17/18		368,465
	11,525,000		0.000			02/07/19		571,602
	TOTAL STRUCTURED NOTES
	(Cost $4,927,265)						$	4,952,254
Municipal Debt Obligations – 1.3%
California(a) – 0.4%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	319,763
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		684,356
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,170,009
								2,174,128
Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630			02/01/35		119,614
	730,000		7.350			07/01/35		796,773
	Illinois State GO Bonds Taxable-Pension Series 2003
	965,000		5.100			06/01/33		904,523
								1,820,910
Minnesota(a)(c) – 0.1%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	427,461		1.478			04/28/30		425,354
New York(a) – 0.1%
	Port Authority of New York & New Jersey Consolidated Bonds- 192 Series 2015
	375,000		4.810			10/15/65		441,679
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		324,785
Puerto Rico(d) – 0.3%
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A(a)
	10,000		5.750			07/01/41		4,325
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A(a)
	15,000		5.500			07/01/32		6,712
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B(a)
	10,000		5.750			07/01/38		4,475

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
Puerto Rico(d) – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A(a)
$	860,000		5.750	%		07/01/28	$	371,950
	170,000		5.000			07/01/41		71,825
	Puerto Rico Commonwealth GO Bonds Series 2014 A(a)
	715,000		8.000			07/01/35		303,875
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A(a)
	10,000		5.250			07/01/27		4,475
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007(a)
	55,000		5.250			08/01/57		33,275
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B(a)
	300,000		6.050			08/01/36		180,000
	40,000		6.050			08/01/37		24,000
	15,000		6.050			08/01/39		9,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C(a)
	190,000		6.000			08/01/31		114,000
	35,000		6.000			08/01/32		21,000
	95,000		6.000			08/01/38		57,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A(a)
	10,000		6.130			08/01/28		6,000
	35,000		6.130			08/01/29		21,000
	45,000		6.130			08/01/30		27,000
	40,000		6.130			08/01/37		24,000
	70,000		6.130			08/01/38		42,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C(a)
	25,000		5.750			08/01/57		15,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	20,000		5.000			08/01/21		11,700
	290,000		5.000	(a)		08/01/40		169,650
	195,000		5.250	(a)		08/01/40		114,075
	95,000		5.000	(a)		08/01/46		55,575
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D(a)
	20,000		4.850			08/01/36		11,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A(a)
	105,000		5.250			08/01/27		24,675
	350,000		6.750			08/01/32		82,250
	35,000		5.750			08/01/37		8,225
	15,000		6.375			08/01/39		3,525
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A(a)
	25,000		4.500			08/01/21		5,875
	5,000		5.500			08/01/37		1,175
	30,000		5.375			08/01/39		7,050
	40,000		5.500			08/01/42		9,400
Municipal Debt Obligations – (continued)
Puerto Rico(d) – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C(a)
	15,000		5.375			08/01/38		3,525
	290,000		6.000			08/01/39		68,150
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1(a)
	150,000		5.000			08/01/43		35,250
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A(a)
	15,000		5.500			08/01/28		3,525
								1,955,537
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,521,981)						$	7,142,393
U.S. Treasury Obligations – 29.7%
	United States Treasury Bills(k)
$	10,930,000		0.000	%		05/24/18	$	10,903,739
	17,862,000		0.000			06/07/18		17,807,216
	United States Treasury Bonds
	3,960,000		2.750			11/15/42		3,823,221
	5,990,000		3.625	(l)		02/15/44		6,711,975
	4,120,000		3.125			08/15/44		4,243,806
	2,080,000		3.000			11/15/44		2,094,497
	100,000		2.875			08/15/45		98,227
	6,560,000		3.000	(l)		11/15/45		6,599,491
	13,800,000		2.875	(l)		11/15/46		13,536,834
	United States Treasury Notes
	14,100,000		1.750			05/31/22		13,673,897
	68,060,000		2.125			07/31/24		65,938,572
	1,210,000		2.375			08/15/24		1,189,684
	9,190,000		2.125			11/30/24		8,880,849
	4,560,000		2.250			12/31/24		4,439,160
	3,980,000		2.000			11/15/26		3,754,294
	United States Treasury Strip Coupon(k)
	2,800,000		0.000			02/15/35		1,707,440
	1,800,000		0.000			02/15/36		1,066,284
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $169,532,250)						$	166,469,186
Shares		Distribution Rate					Value
Investment Company(m) – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,604,453		1.609%				$	9,604,453
	(Cost $9,604,453)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $567,950,426)						$	564,998,966

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 4.7%
Commercial Paper – 4.7%
	Dominion Resources, Inc.(k)
$	890,000		0.000	%		06/22/18	$	884,774
	Eastman Chemical Co.(k)
	404,000		0.000			04/27/18		403,262
	Electricite de France SA(k)
	2,443,000		0.000			04/27/18		2,438,541
	HP, Inc.(k)
	1,569,000		0.000			04/27/18		1,566,607
	Marriott International, Inc.(k)
	1,841,000		0.000			05/04/18		1,836,769
	3,000,000		0.000			05/08/18		2,992,300
	Omnicom Capital, Inc.(k)
	816,000		0.000			05/04/18		814,125
	Potash Corp. of Saskatchewan, Inc.
	1,300,000		1.000			05/31/18		1,294,576
	1,409,000		0.000	(k)		06/15/18		1,401,508
	449,000		0.000	(k)		06/18/18		446,507
	Schlumberger Holdings Corp.(k)
	606,000		0.000			05/29/18		603,664
	Sempra Energy Holdings(k)
	1,483,000		0.000			06/20/18		1,474,531
	Southern Co.(k)
	2,750,000		0.000			04/10/18		2,748,099
	1,294,000		0.000			06/21/18		1,286,506
	Suncor Energy, Inc.(k)
	2,500,000		0.000			05/07/18		2,493,752
	VW Credit, Inc.(k)
	3,589,000		0.000			06/22/18		3,567,197
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $26,251,162)						$	26,252,718
	TOTAL INVESTMENTS – 105.5%
	(Cost $594,201,588)						$	591,251,684
	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.5)%							(30,620,820	)
	NET ASSETS – 100.0%						$	560,630,864

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $102,400,983, which represents approximately 18.3% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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 date disclosed is that which is in effect on March 31, 2018.
(d)	Security is currently in default and/or non-income producing.

(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(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 $54,868,593 which represents approximately 9.8% of the Fund’s net assets as of March 31, 2018.
(h)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,271,568, which represents approximately 0.9% of the Fund’s net assets as of March 31, 2018.
(i)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2018.
(j)	Actual maturity date is June 28, 2117.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
ARS	—Argentine Peso
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
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
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

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
EURO	—Euro Offered Rate
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
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, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	7,396,922	USD	365,010	$	366,626		04/04/18	$	1,616
	ARS	47,175,264	USD	2,313,698		2,332,061		04/09/18		18,363
	ARS	31,878,390	USD	1,545,478		1,573,387		04/12/18		27,909
	ARS	19,401,343	USD	947,907		955,558		04/16/18		7,651
	ARS	16,753,016	USD	802,348		823,392		04/20/18		21,045
	ARS	17,897,936	USD	871,105		874,136		05/02/18		3,031
	ARS	25,913,334	USD	1,245,235		1,262,217		05/07/18		16,983
	ARS	8,788,561	USD	422,222		427,168		05/11/18		4,945
	ARS	19,612,770	USD	937,423		951,752		05/14/18		14,328
	ARS	7,715,903	USD	368,389		373,832		05/17/18		5,443
	ARS	5,846,892	USD	279,555		282,226		05/24/18		2,671
	ARS	17,670,809	USD	841,868		850,251		05/31/18		8,383
	AUD	825,211	USD	633,278		633,938		06/20/18		659
	BRL	30,065,868	USD	9,044,914		9,104,564		04/03/18		59,649
	BRL	23,400,334	USD	7,011,043		7,068,935		05/03/18		57,892
	CAD	1,307,888	EUR	816,983		1,016,722		06/20/18		5,363
	CAD	15,728,899	USD	12,185,253		12,227,291		06/20/18		42,038
	CHF	466,571	GBP	348,260		491,440		06/20/18		1,157
	CLP	812,068,410	USD	1,335,772		1,344,906		04/27/18		9,134
	CNH	6,443,907	EUR	819,835		1,023,546		06/20/18		8,656
	CNH	47,700,585	USD	7,495,430		7,576,732		06/20/18		81,303

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	CNY	24,607,777	USD	3,887,014	$	3,921,395		04/16/18	$	34,381
	COP	2,600,145,923	USD	913,355		930,347		04/20/18		16,992
	COP	2,276,150,871	USD	799,292		814,358		04/27/18		15,065
	CZK	31,026,315	EUR	1,218,271		1,509,667		06/20/18		1,544
	EUR	414,785	CAD	658,594		513,472		06/20/18		1,495
	EUR	1,294,693	CHF	1,512,293		1,602,729		06/20/18		9,829
	EUR	416,264	GBP	365,926		515,303		06/20/18		151
	EUR	2,283,720	HUF	711,761,432		2,827,064		06/20/18		8,190
	EUR	2,753,029	NOK	26,350,009		3,408,035		06/20/18		37,841
	EUR	1,507,867	SEK	15,229,822		1,866,620		06/20/18		31,491
	EUR	4,382,629	USD	5,417,850		5,419,794		06/08/18		1,943
	EUR	828,108	USD	1,024,749		1,025,133		06/20/18		384
	GBP	1,473,748	EUR	1,664,152		2,074,746		06/20/18		14,658
	GBP	963,000	USD	1,334,007		1,354,129		05/25/18		20,122
	GBP	5,145,744	USD	7,193,105		7,244,195		06/20/18		51,092
	HKD	29,621,264	USD	3,790,066		3,791,951		09/19/18		1,885
	IDR	7,023,440,348	USD	510,009		511,501		04/09/18		1,492
	IDR	103,250,797,293	USD	7,485,326		7,510,016		04/26/18		24,690
	INR	16,340,628	USD	250,739		250,974		04/06/18		236
	INR	349,416,381	USD	5,354,189		5,364,121		04/13/18		9,931
	INR	35,481,439	USD	540,135		540,285		06/20/18		151
	JPY	54,872,869	EUR	414,993		518,490		06/20/18		4,761
	JPY	101,727,000	USD	951,779		959,025		05/18/18		7,246
	JPY	53,996,215	USD	509,951		510,206		06/20/18		256
	KRW	1,379,397,092	USD	1,284,027		1,297,331		04/05/18		13,305
	KRW	547,148,318	USD	511,070		515,134		04/09/18		4,063
	KRW	5,699,260,450	USD	5,326,164		5,366,183		04/12/18		40,019
	KRW	939,739,018	USD	883,986		884,906		04/16/18		920
	KRW	1,510,300,708	USD	1,405,827		1,422,524		04/26/18		16,698
	KRW	638,006,301	USD	591,840		600,942		04/27/18		9,101
	MXN	47,059,898	USD	2,494,387		2,556,098		06/20/18		61,712
	NOK	9,357,519	EUR	963,243		1,196,837		06/20/18		4,418
	NOK	1,706,859	GBP	154,318		218,309		06/20/18		1,060
	NZD	560,028	USD	402,559		404,626		06/20/18		2,067
	PEN	6,134,513	USD	1,894,722		1,900,919		04/09/18		6,197
	PLN	5,157,471	EUR	1,215,593		1,509,000		06/20/18		4,192
	SEK	12,349,131	EUR	1,201,037		1,488,018		06/20/18		1,229
	SGD	3,293,908	USD	2,512,725		2,516,983		06/20/18		4,259
	THB	34,938,868	USD	1,114,726		1,117,762		04/12/18		3,035
	TRY	2,009,525	USD	494,169		497,292		06/20/18		3,122
	TWD	25,791,512	USD	883,986		887,245		04/16/18		3,259
	TWD	21,285,137	USD	728,432		732,311		04/17/18		3,879
	TWD	137,303,146	USD	4,720,136		4,736,415		05/10/18		16,279
	USD	2,679,579	ARS	53,985,208		2,675,759		04/04/18		3,820
	USD	1,173,736	AUD	1,498,377		1,150,912		05/23/18		22,824
	USD	1,050,030	AUD	1,347,997		1,035,548		06/20/18		14,482
	USD	1,307,703	BRL	4,189,548		1,268,682		04/03/18		39,022
	USD	3,189,877	CAD	4,102,149		3,187,357		05/25/18		2,520
	USD	1,500,908	CAD	1,923,857		1,495,563		06/20/18		5,346
	USD	870,709	CHF	812,618		855,931		06/20/18		14,778
	USD	1,618,497	CLP	958,914,399		1,588,041		04/20/18		30,456
	USD	494,913	CNH	3,099,697		492,354		06/20/18		2,559

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	8,618,217	EUR	6,923,410	$	8,570,635		06/20/18	$	47,583
	USD	2,188,899	GBP	1,541,782		2,170,527		06/20/18		18,371
	USD	2,086,000	HKD	16,158,500		2,061,822		05/11/18		24,178
	USD	2,757,000	HKD	21,389,181		2,738,125		09/19/18		18,875
	USD	2,991,159	IDR	40,009,114,908		2,913,337		04/11/18		77,822
	USD	4,042,792	INR	262,943,186		4,037,352		04/05/18		5,440
	USD	496,050	INR	32,290,828		495,718		04/13/18		333
	USD	1,930,426	INR	125,079,422		1,916,772		04/27/18		13,653
	USD	5,987,713	JPY	628,999,432		5,943,371		06/20/18		44,342
	USD	635,195	NOK	4,891,973		625,689		06/20/18		9,505
	USD	5,487,691	NZD	7,557,897		5,460,656		06/20/18		27,034
	USD	416,073	RUB	23,790,407		412,756		05/17/18		3,317
	USD	869,702	SEK	6,812,993		816,231		04/05/18		53,471
	USD	413,896	SEK	3,368,740		405,918		06/20/18		7,978
	USD	511,836	SGD	669,560		511,633		06/20/18		203
	USD	1,433,158	TRY	5,720,486		1,415,634		06/20/18		17,524
	USD	358,333	TWD	10,366,814		356,668		04/17/18		1,665
	USD	5,441,040	TWD	157,526,554		5,426,162		04/27/18		14,878
	USD	745,111	TWD	21,597,783		745,038		05/10/18		73
	USD	1,822,178	ZAR	21,664,789		1,817,737		05/18/18		4,442
	USD	2,625,195	ZAR	31,002,289		2,590,138		06/20/18		35,057
	ZAR	129,014,483	USD	10,769,736		10,778,736		06/20/18		8,999
TOTAL									$	1,463,409

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	100,573,493	USD	5,078,696	$	4,984,891		04/04/18	$	(93,806	)
	ARS	53,985,207	USD	2,551,889		2,549,318		07/03/18		(2,571	)
	AUD	655,353	GBP	367,932		503,451		06/20/18		(14,525	)
	AUD	1,403,634	USD	1,099,520		1,078,139		05/23/18		(21,381	)
	AUD	12,804,602	USD	9,998,770		9,836,660		06/20/18		(162,111	)
	BRL	25,113,896	USD	7,752,634		7,605,005		04/03/18		(147,633	)
	BRL	2,717,523	USD	834,184		820,928		05/03/18		(13,256	)
	CAD	1,975,253	EUR	1,242,962		1,535,518		06/20/18		(3,172	)
	CAD	3,594,797	USD	2,795,354		2,793,146		05/25/18		(2,208	)
	CAD	4,819,434	USD	3,754,073		3,746,518		06/20/18		(7,554	)
	CHF	3,793,425	EUR	3,242,794		3,995,616		06/20/18		(18,706	)
	CLP	757,806,081	USD	1,257,665		1,254,989		04/20/18		(2,676	)
	EUR	424,086	CZK	10,806,133		524,985		06/20/18		(816	)
	EUR	2,473,381	GBP	2,192,041		3,061,852		06/20/18		(24,112	)
	EUR	411,748	NOK	4,011,364		509,712		06/20/18		(3,346	)
	EUR	569,819	PLN	2,415,775		705,391		06/20/18		(1,429	)
	EUR	8,776,300	USD	10,931,901		10,864,369		06/20/18		(67,534	)
	GBP	2,126,754	USD	3,012,116		2,994,052		06/20/18		(18,065	)
	HKD	8,874,857	USD	1,135,732		1,133,836		06/20/18		(1,896	)
	HUF	1,222,454,421	EUR	3,917,056		4,841,431		06/20/18		(7,576	)
	IDR	90,983,985,542	USD	6,699,283		6,625,167		04/11/18		(74,116	)
	IDR	61,027,557,388	USD	4,540,706		4,442,181		04/16/18		(98,524	)
	IDR	6,801,161,526	USD	494,885		494,687		04/26/18		(198	)

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	INR	296,276,714	USD	4,610,454	$	4,549,171		04/05/18	$	(61,284	)
	INR	65,644,144	USD	1,008,194		1,007,746		04/13/18		(447	)
	INR	72,191,664	USD	1,109,835		1,107,840		04/16/18		(1,994	)
	INR	528,486,633	USD	8,161,735		8,098,764		04/27/18		(62,970	)
	JPY	52,424,150	CAD	638,927		495,352		06/20/18		(1,335	)
	JPY	106,747,755	EUR	816,344		1,008,652		06/20/18		(1,917	)
	JPY	601,699,469	USD	5,721,227		5,685,416		06/20/18		(35,812	)
	NOK	53,727,641	EUR	5,585,133		6,871,823		06/20/18		(42,133	)
	NZD	6,582,157	USD	4,794,372		4,755,675		06/20/18		(38,695	)
	PEN	6,831,064	USD	2,122,965		2,117,071		04/05/18		(5,893	)
	PHP	28,235,441	USD	538,382		537,112		06/06/18		(1,270	)
	PLN	22,907,336	EUR	5,425,485		6,702,350		06/20/18		(13,972	)
	RUB	326,902,517	USD	5,705,503		5,671,649		05/17/18		(33,854	)
	SEK	287,674,748	EUR	28,231,569		34,663,590		06/20/18		(284,867	)
	SEK	12,575,105	NOK	11,911,311		1,515,247		06/20/18		(8,222	)
	SEK	5,103,000	USD	651,416		611,365		04/05/18		(40,050	)
	SEK	4,176,469	USD	509,136		503,247		06/20/18		(5,889	)
	SGD	2,046,006	USD	1,564,885		1,563,421		06/20/18		(1,466	)
	TRY	3,732,900	USD	942,455		923,771		06/20/18		(18,684	)
	TWD	28,923,294	USD	998,733		995,100		04/17/18		(3,633	)
	TWD	77,271,252	USD	2,669,872		2,661,687		04/27/18		(8,186	)
	TWD	42,974,391	USD	1,486,010		1,482,446		05/10/18		(3,564	)
	USD	2,675,184	ARS	53,985,207		2,675,758		04/04/18		(575	)
	USD	515,381	ARS	10,660,634		526,998		04/09/18		(11,617	)
	USD	15,330,924	BRL	50,990,216		15,440,887		04/03/18		(109,960	)
	USD	742,158	BRL	2,475,986		747,963		05/03/18		(5,806	)
	USD	629,753	CAD	810,883		630,362		06/20/18		(609	)
	USD	1,001,489	CLP	608,885,184		1,008,364		04/20/18		(6,875	)
	USD	1,483,300	CNH	9,398,000		1,492,772		06/20/18		(9,474	)
	USD	1,425,503	CNY	9,036,264		1,439,982		04/16/18		(14,479	)
	USD	530,995	COP	1,529,573,462		547,290		04/20/18		(16,295	)
	USD	8,369,142	EUR	6,770,000		8,372,144		06/08/18		(3,002	)
	USD	2,117,817	EUR	1,713,080		2,120,659		06/20/18		(2,841	)
	USD	2,271,188	GBP	1,639,537		2,305,446		05/25/18		(34,258	)
	USD	3,559,073	GBP	2,537,156		3,571,817		06/20/18		(12,743	)
	USD	509,010	INR	33,333,529		511,819		04/05/18		(2,809	)
	USD	249,389	INR	16,340,628		250,974		04/06/18		(1,585	)
	USD	3,998,867	INR	261,130,158		4,008,779		04/13/18		(9,912	)
	USD	2,704,409	INR	176,717,135		2,708,092		04/27/18		(3,683	)
	USD	826,502	JPY	88,337,219		832,794		05/18/18		(6,292	)
	USD	14,389,042	JPY	1,523,570,282		14,396,107		06/20/18		(7,065	)
	USD	1,284,688	KRW	1,379,397,092		1,297,332		04/05/18		(12,644	)
	USD	4,306,598	KRW	4,649,895,209		4,378,145		04/12/18		(71,548	)
	USD	1,006,872	KRW	1,078,158,422		1,015,248		04/16/18		(8,377	)
	USD	496,014	KRW	529,519,276		498,745		04/26/18		(2,731	)
	USD	549,250	MXN	10,246,592		557,216		06/12/18		(7,966	)
	USD	4,633,967	MXN	87,327,533		4,743,269		06/20/18		(109,301	)
	USD	991,972	NZD	1,377,728		995,422		06/20/18		(3,449	)
	USD	2,108,096	PEN	6,831,064		2,117,071		04/05/18		(8,975	)
	USD	1,014,575	SGD	1,329,975		1,016,277		06/20/18		(1,701	)
	USD	540,849	THB	16,995,799		543,728		04/12/18		(2,879	)
	USD	542,220	THB	16,975,272		543,143		04/16/18		(923	)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	306,126	TRY	1,239,261	$	306,677		06/20/18	$	(550	)
	USD	6,969,829	TWD	203,968,939		7,017,509		04/17/18		(47,681	)
	USD	1,157,547	TWD	33,684,728		1,160,305		04/27/18		(2,757	)
	USD	5,283,532	TWD	153,572,269		5,297,636		05/10/18		(14,104	)
	USD	1,718,949	TWD	49,969,841		1,729,569		06/12/18		(10,620	)
	ZAR	12,210,860	USD	1,022,809		1,020,177		06/20/18		(2,634	)
TOTAL									$	(2,032,068	)

FORWARD SALES CONTRACTS — At March 31, 2018, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)		Settlement Date		Principal Amount		Value
FNMA	4.000%		TBA-30yr		04/12/48	$	1,000,000	$	(1,026,094	)
FNMA	4.500		TBA-30yr		05/14/48		2,000,000		(2,090,547	)
TOTAL (Proceeds Receivable: $3,110,625)								$	(3,116,641	)

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

FUTURES CONTRACTS — At March 31, 2018, 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		118		06/29/18	$	25,087,906		$	11,637
10 Year German Euro-Bund		9		06/07/18		1,765,535			1,671
10 Year U.S. Treasury Notes		233		06/20/18		28,225,766			164,645
20 Year U.S. Treasury Bonds		146		06/20/18		21,407,250			458,972
Total								$	636,925
Short position contracts:
Eurodollars		(394	)	12/16/19		(95,756,775	)		(1,598	)
Italian 10 Year Government Bonds		(11	)	06/07/18		(1,878,515	)		(4,571	)
Ultra Long U.S. Treasury Bonds		(4	)	06/20/18		(641,875	)		(1,375	)
Ultra 10 Year U.S. Treasury Notes		(5	)	06/20/18		(649,297	)		(9,349	)
5 Year U.S. Treasury Notes		(477	)	06/29/18		(54,597,867	)		(158,069	)
Total								$	(174,962	)
TOTAL FUTURES CONTRACTS								$	461,963

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund

Payments Received by the Fund(a)

Counterparty

Termination Date

Notional Amount (000s)

Value

Upfront Payments (Received) Paid

Unrealized Appreciation/ (Depreciation)

3M KWCDC

2.000%

BoA Securities LLC

03/21/20

KRW 26,099,520

$

12,038

$

2,632

$

9,406

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

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 STIBOR(a)	0.050%(b)	06/15/18	SEK	136,670		$	28,317		$	15,684		$	12,633
3M STIBOR(a)	0.330(b)	09/15/18		101,290			4,981			994			3,987
0.330%(a)	3M STIBOR(b)	09/15/18		101,290			(19,315	)		(117	)		(19,198	)
6M GBP(b)	0.900(a)	06/20/19	GBP	26,090	(c)		25,610			6,364			19,246
6M CDOR(d)	1.750	06/20/19	CAD	41,040	(c)		(106,497	)		(89,355	)		(17,142	)
3M LIBOR(e)	2.100	06/20/19	$	26,610	(c)		2,046			(10,839	)		12,885
3M STIBOR(b)	0.100(a)	06/29/19		263,500	(c)		64,450			(4,232	)		68,682
3M LIBOR(e)	2.206	09/04/19	$	133,090	(c)		18,728			(8,720	)		27,448
Mexico IB TIIE 28D(f)	7.600	06/17/20	MXN	28,125	(c)		3,096			(1,231	)		4,327
6M CDOR(b)	1.750	06/20/20	CAD	15,850	(c)		(121,882	)		(118,686	)		(3,196	)
0.100(d)	3M STIBOR(a)	06/20/20	SEK	143,910	(c)		(65,428	)		(53,423	)		(12,005	)
2.250(a)	6M AUDOR	06/20/20	AUD	19,610	(c)		(50,650	)		(41,889	)		(8,761	)
3M LIBOR(a)	2.139(b)	11/20/20	$	90,470	(c)		(1,014,061	)		(122,902	)		(891,159	)
0.250(d)	3M STIBOR(a)	06/20/21	SEK	154,110	(c)		(57,140	)		(20,480	)		(36,660	)
6M EURO(d)	0.350(b)	12/16/21	EUR	52,870	(c)		(115,119	)		(401,880	)		286,761
0.500(b)	3M STIBOR(a)	12/16/21	SEK	457,380	(c)		115,284			252,867			(137,583	)
6M EURO(d)	0.750(b)	02/17/22	EUR	19,400	(c)		116,575			25,748			90,827
0.500(b)	3M STIBOR(a)	06/20/22	SEK	161,220	(c)		(100,249	)		(36,360	)		(63,889	)
6M CDOR(d)	2.028	07/18/22		13,820	(c)		(142,954	)		(47,251	)		(95,703	)
6.750(f)	Mexico IB TIIE 28D	12/14/22	MXN	10			14			22			(8	)
2.510(b)	6M WIBOR(d)	12/20/22	PLN	14,930			(42,816	)		(18,474	)		(24,342	)
6M EURO(d)	0.850(b)	02/10/23	EUR	25,860	(c)		176,687			(52,601	)		229,288
2.750(d)	3M LIBOR(a)	02/20/23	$	8,990	(c)		9,739			16,049			(6,310	)
2.550(d)	6M WIBOR(d)	03/21/23	PLN	18,000			(48,784	)		11,465			(60,249	)
6M EURO(d)	0.250(b)	06/20/23	EUR	38,390	(c)		(413,507	)		(969,254	)		555,747
6M CDOR(d)	2.000	06/20/23	CAD	14,910	(c)		(228,054	)		(273,324	)		45,270
0.500(b)	3M STIBOR(a)	06/20/23	SEK	299,690	(c)		127,183			334,915			(207,732	)
2.500(d)	6M AUDOR	06/20/23	AUD	14,340	(c)		21,088			72,780			(51,692	)
2.851(d)	3M LIBOR(a)	09/04/23	$	39,670	(c)		(191,285	)		26,485			(217,770	)
2.275(d)	3M LIBOR(a)	11/20/23		39,430	(c)		895,645			67,252			828,393
6M GBP(d)	1.200	11/21/23	GBP	27,380	(c)		(445,570	)		(184,265	)		(261,305	)
2.882(d)	3M LIBOR(a)	02/28/25	$	6,940	(c)		(57,088	)		(14,270	)		(42,818	)
6M EURO(d)	1.330(b)	01/12/27	EUR	8,340	(c)		(23,731	)		(88,132	)		64,401
6M GBP(d)	1.600	03/16/27	GBP	11,750	(c)		(14,947	)		(673,644	)		658,697
6M EURO(d)	1.600(b)	10/25/27	EUR	2,170	(c)		10,807			(123,488	)		134,295
2.000(b)	3M STIBOR(a)	10/25/27	SEK	20,610	(c)		(13,198	)		(157,588	)		144,390
2.000(b)	3M STIBOR(a)	11/02/27		50,880	(c)		(31,446	)		2,595			(34,041	)
6M EURO(d)	1.500(b)	12/19/27	EUR	9,720	(c)		(23,309	)		37,895			(61,204	)
3M LIBOR(a)	2.750(d)	12/21/27	$	8,280	(c)		(35,599	)		(91,812	)		56,213
3.500(d)	6M AUDOR	12/21/27	AUD	8,500	(c)		(100,128	)		(113,113	)		12,985

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

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)
8.645%(a)		3M JIBAR		01/19/28	ZAR	10,900	(c)	$	(8,854	)	$	14		$	(8,868	)
8.660(a)		3M JIBAR		01/19/28		5,450	(c)		(4,627	)		7			(4,634	)
8.570(a)		3M JIBAR		01/22/28		5,550	(c)		(3,459	)		7			(3,466	)
8.590(a)		3M JIBAR		01/22/28		10,790	(c)		(7,253	)		14			(7,267	)
8.560(a)		3M JIBAR		02/15/28		7,680	(c)		(4,342	)		10			(4,352	)
8.585(a)		3M JIBAR		02/15/28		6,130	(c)		(3,838	)		8			(3,846	)
8.620(a)		3M JIBAR		02/15/28		12,280	(c)		(8,734	)		16			(8,750	)
8.520(a)		3M JIBAR		02/16/28		7,930	(c)		(3,705	)		10			(3,715	)
8.400(a)		3M JIBAR		02/21/28		16,150	(c)		(2,723	)		21			(2,744	)
6M EURO(d)		1.000%(b)		06/20/28	EUR	13,450	(c)		(12,430	)		(245,227	)		232,797
3M LIBOR(a)		2.250(d)		06/20/28	$	200	(c)		(9,598	)		(12,125	)		2,527
6M CDOR(d)		2.250		06/20/28	CAD	20,150	(c)		(396,658	)		(497,482	)		100,824
2.250(d)		3M LIBOR(a)		06/20/28	$	610	(c)		29,274			34,425			(5,151	)
1.500(b)		3M STIBOR(a)		06/20/28	SEK	29,480	(c)		(81,918	)		(31,139	)		(50,779	)
3.000(d)		6M AUDOR		06/20/28	AUD	8,670	(c)		(95,958	)		(10,341	)		(85,617	)
1.000(b)		6M EURO(d)		06/20/28	EUR	310	(c)		287			5,628			(5,341	)
1.250(d)		6M GBP		06/20/28	GBP	2,130	(c)		76,087			108,571			(32,484	)
6M CHFOR(d)		1.000(b)		06/21/28	CHF	1,760	(c)		6,389			8,579			(2,190	)
3M NIBOR(a)		3.000(b)		06/21/28	NOK	27,910	(c)		59,896			34,300			25,596
4.000(d)		3M NZDOR(a)		06/21/28	NZD	3,400	(c)		(40,189	)		(8,577	)		(31,612	)
1.400(d)		6M GBP		11/21/28	GBP	16,550	(c)		335,685			209,431			126,254
1.940(d)		6M GBP		01/11/32		8,150	(c)		(119,989	)		(41,395	)		(78,594	)
1.500(d)		6M GBP		06/20/33		6,590	(c)		93,261			273,521			(180,260	)
1.750(d)		6M GBP		03/17/37		9,610	(c)		(100,508	)		(329,840	)		229,332
3M LIBOR(a)		2.750(d)		06/16/37	$	4,800	(c)		(67,335	)		(109,683	)		42,348
1.750(d)		6M GBP		12/14/37	GBP	4,010	(c)		(45,943	)		(37,938	)		(8,005	)
1.750(d)		6M GBP		06/14/38		3,790	(c)		(47,158	)		(45,005	)		(2,153	)
1.500(b)		6M EURO(d)		06/20/38	EUR	5,150	(c)		(43,854	)		110,828			(154,682	)
3M LIBOR(a)		2.500(d)		06/17/47	$	7,130	(c)		(104,903	)		(155,306	)		50,403
1.750(b)		6M EURO(d)		06/16/48	EUR	2,510	(c)		(35,199	)		(12,995	)		(22,204	)
2.540(d)		6M CDOR		07/18/48		2,320	(c)		30,578			12,028			18,550
TOTAL								$	(2,460,225	)	$	(3,585,850	)	$	1,125,625

(a) Payments made quarterly.

(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, 2018.

(d) Payments made semi-annually.

(e) Payments made at the termination date.

(f) Payments made monthly.

50 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

Reference Obligation/Index	Financing Rate Paid by the Fund(a)			Credit Spread at March 31, 2018(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	)%	0.375%		Barclays Bank PLC		06/20/21		980	$	(19,381	)	$	6913		$	(26,294	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.454		Barclays Bank PLC		12/20/21		1,130		(22,334	)		(2,955	)		(19,379	)
People's Republic of China, 4.250%, 10/28/18		(1.000	)	0.136		Barclays Bank PLC		03/20/19		270		(2,364	)		(203	)		(2,161	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.326		BoA Securities LLC		12/20/20		830		(15,134	)		2,682			(17,816	)
People's Republic of China, 4.250%, 10/28/18		(1.000	)	0.136		BoA Securities LLC		06/20/19		100		(1,089	)		(152	)		(937	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.375		Citibank NA		06/20/21		560		(11,075	)		3,384			(14,459	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.326		Citibank NA		12/20/20		720		(13,129	)		3,310			(16,439	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.513		Citibank NA		06/20/22		280		(5,531	)		(3,571	)		(1,960	)
People's Republic of China, 4.250%, 10/28/18		(1.000	)	0.136		Citibank NA		03/20/19		3,080		(26,964	)		(2,784	)		(24,180	)
People's Republic of China, 4.250%, 10/28/18		(1.000	)	0.136		Citibank NA		06/20/19		4,390		(47,815	)		(4,859	)		(42,956	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.375		Deutsche Bank Securities, Inc.		06/20/21		460		(9,097	)		3,462			(12,559	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.326		JPMorgan Securities, Inc.		12/20/20		230		(4,194	)		1,150			(5,344	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.326		JPMorgan Securities, Inc.		12/20/20		6,180		(112,686	)		26,230			(138,916	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.375		JPMorgan Securities, Inc.		06/20/21		10		(198	)		62			(260	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.513		JPMorgan Securities, Inc.		06/20/22		580		(11,455	)		(7,444	)		(4,011	)
People's Republic of China, 4.250%, 10/28/18		(1.000	)	0.136		JPMorgan Securities, Inc.		03/20/19		270		(2,364	)		(184	)		(2,180	)
People's Republic of China, 4.250%, 10/28/18		(1.000)		0.136		JPMorgan Securities, Inc.		06/20/19		120		(1,307	)		(198	)		(1,109	)
TOTAL											$	(306,117	)	$	24,843		$	(330,960	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2018

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, 2018(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.IG Index 30	(1.000)%		0.655%		06/20/23	$	9,025	$	(152,500	)	$	(157,710	)	$	5,210
iTraxx Europe Series 29	(1.000)		0.598		06/20/23	EUR	1,400		(36,692	)		(37,359	)		667
Protection Sold:
CDX.NA.IG Index 30	1.000		0.655		06/20/23	$	10,525		177,847			190,707			(12,860	)
TOTAL								$	(11,345	)	$	(4,362	)	$	(6,983	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index(a)	Financing Rate Paid by the Fund(b)	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
Egypt Treasury Bill	0.000%	Citibank NA	10/11/18	$	5,250	$	6,813

(a) Payments made semi-annually.

(b) The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), 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).

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		69	$	172,500	$	117,300	$	19,130	$	98,170

52 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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
2Y IRS	Citibank NA		2.250	%		03/30/2020		13,200,000	$	13,200,000	$	457	$	45,692	$	(45,235	)
Puts
1Y IRS	BoA Securities LLC		2.750			03/04/2019		2,500,000		2,500,000		48,050		40,556		7,494
1Y IRS	Citibank NA		2.750			02/13/2019		4,700,000		4,700,000		87,746		82,250		5,496
1Y IRS	Citibank NA		2.750			02/12/2019		2,500,000		2,500,000		46,545		42,500		4,045
1Y IRS	Citibank NA		2.450			01/23/2019		7,200,000		7,200,000		63,632		80,800		(17,168	)
1Y IRS	Citibank NA		2.400			01/25/2019		4,700,000		4,700,000		37,112		48,044		(10,932	)
1Y IRS	JPMorgan Securities, Inc.		2.750			03/06/2019		2,300,000		2,300,000		44,433		38,333		6,100
2Y IRS	Citibank NA		2.450			03/26/2020		9,600,000		9,600,000		44,413		38,506		5,907
Total Over-the-Counter Interest Rate Swaptions								33,500,000	$	33,500,000	$	371,931	$	370,989	$	942
Total Purchased option contracts								46,700,000	$	46,700,000	$	372,388	$	416,681	$	(44,293	)
Total Purchased options contracts								46,700,069	$	46,872,500	$	489,688	$	435,811	$	53,877

Written option contracts
Calls
2Y IRS Citibank NA	2.338%	03/30/2020	(2,900,000	)	$	(2,900,000	)	$	(45,675	)	$	(45,675	)	$	—
Puts
1Y IRS BoA Securities LLC	2.795	03/04/2019	(1,100,000	)		(1,100,000	)		(51,199	)		(40,150	)		(11,049	)
1Y IRS Citibank NA	2.503	01/23/2019	(3,200,000	)		(3,200,000	)		(67,593	)		(80,800	)		13,207
1Y IRS Citibank NA	2.449	01/25/2019	(2,100,000	)		(2,100,000	)		(38,966	)		(48,300	)		9,334
1Y IRS Citibank NA	2.790	02/12/2019	(1,100,000	)		(1,100,000	)		(49,080	)		(42,075	)		(7,005	)
1Y IRS Citibank NA	2.799	02/13/2019	(2,100,000	)		(2,100,000	)		(95,793	)		(82,687	)		(13,106	)
1Y IRS JPMorgan Securities, Inc.	2.793	03/06/2019	(1,000,000	)		(1,000,000	)		(46,518	)		(37,500	)		(9,018	)
2Y IRS Citibank NA	2.530	03/26/2020	(2,100,000	)		(2,100,000	)		(44,179	)		(38,325	)		(5,854	)
			(12,700,000	)	$	(12,700,000	)	$	(393,328	)	$	(369,837	)	$	(23,491	)
Total Written option contracts			(15,600,000	)	$	(15,600,000	)	$	(439,003	)	$	(415,512	)	$	(23,491	)
TOTAL			31,100,000		$	31,100,000		$	(66,615	)	$	1,169		$	(67,784	)

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—2 Year Interest Rate Swaptions
BoA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30
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. 53

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate		Maturity Date			Value
Corporate Obligations – 26.4%
Aerospace & Defense(a) – 0.3%
	Northrop Grumman Corp.
$	1,975,000	2.930%			01/15/25		$	1,893,691
	825,000	3.250			01/15/28			787,490
								2,681,181
Agriculture – 1.3%
	BAT Capital Corp.(a)(b)
	1,960,000	3.222			08/15/24			1,889,683
	1,075,000	3.557			08/15/27			1,029,674
	1,025,000	4.390			08/15/37			1,018,440
	475,000	4.540			08/15/47			469,892
	BAT International Finance PLC(b)
	4,875,000	2.750			06/15/20			4,833,370
	Reynolds American, Inc.(a)
	3,125,000	4.450			06/12/25			3,214,598
								12,455,657
Automotive – 0.5%
	Ford Motor Credit Co. LLC
	3,250,000	5.875			08/02/21			3,467,901
	General Motors Financial Co., Inc.
	1,125,000	3.250			05/15/18			1,125,289
								4,593,190
Banks – 6.1%
	Banco Santander SA
	2,600,000	3.125			02/23/23			2,519,700
	800,000	4.250			04/11/27			796,852
	Bank of America Corp.
	3,050,000	4.125			01/22/24			3,139,443
	1,243,000	4.000			04/01/24			1,270,170
	1,700,000	3.248(a)			10/21/27			1,602,279
	350,000	6.110			01/29/37			421,108
	(3M USD LIBOR + 1.040%)
	1,120,000	3.419(a)(b)(c)			12/20/28			1,072,845
	(3M USD LIBOR + 1.575%)
	100,000	3.824(a)(c)			01/20/28			98,795
	Barclays PLC
	400,000	4.950			01/10/47			410,260
	BNP Paribas SA(b)
	2,500,000	3.500			03/01/23			2,480,173
	900,000	3.375			01/09/25			870,559
	BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	1,375,000	3.250			03/03/23			1,363,816
	Capital One NA(a)
	1,700,000	2.650			08/08/22			1,635,510
	Citigroup, Inc.
	1,300,000	4.600			03/09/26			1,333,472
	1,150,000	4.125			07/25/28			1,136,467
	Credit Agricole SA(b)
	1,050,000	3.250			10/04/24			1,003,213
	Credit Suisse Group AG(a)(b)
	1,000,000	4.282			01/09/28			1,002,350
	(3M USD LIBOR + 1.410%)
	1,425,000	3.869(c)			01/12/29			1,381,271
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group Funding Guernsey Ltd.
$	475,000		3.750%			03/26/25			$	463,911
	Deutsche Bank AG
	425,000		2.500			02/13/19				423,292
	2,500,000		2.700			07/13/20				2,449,847
	HSBC Holdings PLC
	875,000		6.500			05/02/36				1,083,148
	(3M USD LIBOR + 1.055%)
	2,200,000		3.262(a)(c)			03/13/23				2,171,394
	ING Bank NV(a) (c) (5 year USD ICE Swap + 2.700%)
	2,025,000		4.125			11/21/23				2,035,396
	Intesa Sanpaolo SpA(b)
	2,525,000		3.375			01/12/23				2,465,000
	JPMorgan Chase & Co.(a)
	346,000		3.625			12/01/27				331,772
	(3M USD LIBOR + 0.945%)
	650,000		3.509(c)			01/23/29				630,956
	(3M USD LIBOR + 1.337%)
	2,550,000		3.782(c)			02/01/28				2,534,697
	(3M USD LIBOR + 1.360%)
	800,000		3.882(c)			07/24/38				777,317
	(3M USD LIBOR + 3.800%)
	2,250,000		5.300(c)			12/29/49				2,310,750
	Morgan Stanley, Inc.
	4,700,000		3.700			10/23/24				4,677,059
	700,000		4.000			07/23/25				706,518
	175,000		3.625			01/20/27				171,292
	(3M USD LIBOR + 1.400%)
	2,575,000		3.141(a)(c)			10/24/23				2,633,427
	Royal Bank of Scotland Group PLC
	1,336,000		3.875			09/12/23				1,319,381
	(3M USD LIBOR + 1.480%)
	2,475,000		3.498(a)(c)			05/15/23				2,432,087
	Santander Holdings USA, Inc.(a)
	650,000		2.650			04/17/20				642,754
	The Bank of New York Mellon Corp.(a)
	825,000		3.300			08/23/29				775,627
	UBS Group Funding Switzerland AG(b)
	2,550,000		4.125			09/24/25				2,564,160
	UniCredit SpA(b)
	600,000		3.750			04/12/22				595,630
	Wells Fargo & Co.
	2,700,000		3.000			10/23/26				2,528,429
										60,262,127
Beverages(a) – 0.6%
	Anheuser-Busch InBev Finance, Inc.
	850,000		4.700			02/01/36				899,355
	1,175,000		4.900			02/01/46				1,267,250
	Anheuser-Busch InBev Worldwide, Inc.
	3,225,000		4.000			04/13/28				3,264,369
	550,000		4.600			04/15/48				568,930
										5,999,904

54 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)
Chemicals – 0.1%
	CNAC HK Finbridge Co. Ltd.
$	200,000		4.125	%		07/19/27	$	188,750
	The Sherwin-Williams Co.(a)
	400,000		2.750			06/01/22		389,590
	325,000		3.125			06/01/24		314,233
	525,000		4.500			06/01/47		522,594
								1,415,167
Commercial Services – 0.4%
	Ecolab, Inc.
	133,000		5.500			12/08/41		158,225
	1,081,000		3.950	(a)(b)		12/01/47		1,051,009
	Rensselaer Polytechnic Institute
	2,600,000		5.600			09/01/20		2,744,367
								3,953,601
Computers( a) – 0.2%
	Dell International LLC/EMC Corp.(b)
	1,100,000		5.450			06/15/23		1,166,027
	Hewlett Packard Enterprise Co.
	1,025,000		4.900			10/15/25		1,064,209
								2,230,236
Diversified Financial Services – 0.8%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		2,127,171
	1,450,000		3.300	(a)		01/23/23		1,410,097
	American Express Co.(a)
	700,000		3.625			12/05/24		695,305
	Huarong Finance II Co. Ltd.
	210,000		5.000			11/19/25		212,362
	International Lease Finance Corp.(b)
	1,400,000		7.125			09/01/18		1,423,317
	Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
	200,000		4.150			01/23/30		186,078
	TD Ameritrade Holding Corp.(a)
	1,950,000		2.950			04/01/22		1,932,462
								7,986,792
Electrical – 1.9%
	Arizona Public Service Co.(a)
	1,175,000		2.950			09/15/27		1,119,558
	Berkshire Hathaway Energy Co.(a)(b)
	800,000		3.250			04/15/28		772,075
	Duke Energy Carolinas LLC(a)
	800,000		3.950			03/15/48		808,220
	Duke Energy Corp.(a)
	2,100,000		3.150			08/15/27		1,976,729
	Emera US Finance LP(a)
	950,000		2.700			06/15/21		928,416
	Enel Finance International NV(b)
	1,375,000		2.875			05/25/22		1,341,890
	Entergy Corp.(a)
	1,025,000		2.950			09/01/26		954,155
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,114,193
Corporate Obligations – (continued)
Electrical – (continued)
	Florida Power & Light Co.(a)
	1,532,000		4.125			02/01/42		1,592,631
	750,000		3.950			03/01/48		763,051
	Pacific Gas & Electric Co.(a)
	975,000		3.500			06/15/25		951,429
	Ruwais Power Co. PJSC(b)
	740,000		6.000			08/31/36		840,825
	Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	1,900,000		2.209			01/15/21		1,901,393
	Southern California Edison Co.(a)
	1,950,000		4.050			03/15/42		1,963,038
	The Southern Co.(a)
	1,730,000		3.250			07/01/26		1,643,895
								18,671,498
Electrical Components & Equipment(a) – 0.1%
	Hubbell, Inc.
	1,250,000		3.500			02/15/28		1,220,450
Food & Drug Retailing – 0.4%
	Kraft Heinz Foods Co.(a)
	250,000		5.200			07/15/45		254,081
	125,000		4.375			06/01/46		114,623
	Smithfield Foods, Inc.(b)
	1,200,000		2.700			01/31/20		1,183,019
	2,350,000		2.650	(a)		10/03/21		2,250,075
								3,801,798
Healthcare Providers & Services – 0.8%
	Aetna, Inc.(a)
	750,000		2.800			06/15/23		720,635
	Becton Dickinson & Co.(a)
	2,575,000		2.894			06/06/22		2,498,421
	1,275,000		3.363			06/06/24		1,227,186
	825,000		4.685			12/15/44		830,479
	300,000		4.669			06/06/47		303,200
	Stryker Corp.(a)
	575,000		2.625			03/15/21		568,881
	475,000		3.375			11/01/25		469,078
	Thermo Fisher Scientific, Inc.(a)
	450,000		3.000			04/15/23		438,508
	UnitedHealth Group, Inc.
	950,000		4.625			07/15/35		1,039,002
								8,095,390
Household Products – 0.1%
	Kimberly-Clark Corp.
	825,000		3.700			06/01/43		776,616
Insurance – 0.9%
	AIA Group Ltd.(a)(b)
	1,075,000		3.900			04/06/28		1,082,596
	American International Group, Inc.(a)
	500,000		3.750			07/10/25		492,342
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,502,288
	MetLife, Inc.
	250,000		4.050			03/01/45		238,809

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Prudential Financial, Inc.(a)
$	1,825,000		3.878	%		03/27/28	$	1,847,767
	Teachers Insurance & Annuity Association of America(b)
	560,000		4.900			09/15/44		617,205
	The Chubb Corp.(a)(c) (3M USD LIBOR + 2.250%)
	1,125,000		3.972			03/29/67		1,124,663
	The Hartford Financial Services Group, Inc.
	250,000		5.125			04/15/22		266,042
	The Northwestern Mutual Life Insurance Co.(b)
	1,200,000		6.063			03/30/40		1,519,994
								8,691,706
Internet(a) – 0.4%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,563,256
	200,000		4.800			12/05/34		221,556
	700,000		3.875	(b)		08/22/37		697,522
	Expedia Group, Inc.
	850,000		3.800			02/15/28		789,428
								4,271,762
Machinery-Diversified(a)(b) – 0.1%
	Nvent Finance S.a.r.l.
	1,350,000		4.550			04/15/28		1,356,227
Media – 0.6%
	21st Century Fox America, Inc.
	500,000		6.150			03/01/37		619,209
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	475,000		4.464			07/23/22		485,208
	4,075,000		4.908			07/23/25		4,164,267
	200,000		6.484			10/23/45		219,537
	Time Warner Cable LLC(a)
	275,000		5.875			11/15/40		287,219
								5,775,440
Mining(b) – 0.1%
	Glencore Funding LLC
	625,000		4.125			05/30/23		629,075
Oil Field Services – 1.4%
	Anadarko Petroleum Corp.
	950,000		8.700			03/15/19		999,524
	190,000		3.450	(a)		07/15/24		184,460
	475,000		5.550	(a)		03/15/26		518,533
	925,000		6.450			09/15/36		1,109,044
	Canadian Natural Resources Ltd.(a)
	1,225,000		3.850			06/01/27		1,197,903
	Devon Energy Corp.(a)
	400,000		5.600			07/15/41		450,314
	Dolphin Energy Ltd. LLC(b)
	203,232		5.888			06/15/19		207,043
	Halliburton Co.(a)
	1,600,000		3.250			11/15/21		1,607,868
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Petroleos Mexicanos
	628,000		6.375			02/04/21		667,956
EUR	1,250,000		5.125			03/15/23		1,753,391
$	1,020,000		6.500			03/13/27		1,089,360
	10,000		6.625			06/15/35		10,332
	20,000		6.375			01/23/45		19,389
	630,000		6.750			09/21/47		637,484
	201,000		6.350(b)			02/12/48		194,216
	Phillips 66(a)
	1,600,000		3.900			03/15/28		1,594,200
	Pioneer Natural Resources Co.(a)
	295,000		3.950			07/15/22		299,860
	Reliance Industries Ltd.(b)
	450,000		3.667			11/30/27		425,250
	Valero Energy Corp.
	950,000		3.650			03/15/25		945,495
								13,911,622
Pharmaceuticals – 1.4%
	Allergan Funding SCS(a)
	150,000		4.850			06/15/44		148,519
	CVS Health Corp.(a)
	1,100,000		4.125			05/15/21		1,124,437
	2,100,000		3.500			07/20/22		2,095,486
	2,625,000		3.875			07/20/25		2,602,210
	2,625,000		4.300			03/25/28		2,636,184
	350,000		5.125			07/20/45		371,236
	3,875,000		5.050			03/25/48		4,075,674
	Teva Pharmaceutical Finance Netherlands III BV
	920,000		2.800			07/21/23		779,500
								13,833,246
Pipelines – 2.5%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	1,190,000		4.600			11/02/47		1,157,275
	Columbia Pipeline Group, Inc.(a)
	925,000		3.300			06/01/20		923,073
	Enbridge, Inc.(a)
	1,100,000		2.900			07/15/22		1,067,170
	Energy Transfer Partners LP(a)
	1,375,000		4.650			06/01/21		1,416,056
	775,000		5.200			02/01/22		809,438
	Enterprise Products Operating LLC(a)
	215,000		3.350			03/15/23		214,237
	85,000		3.750			02/15/25		85,381
	(3M USD LIBOR + 2.778%)
	1,350,000		4.784(c)			06/01/67		1,344,938
	(3M USD LIBOR + 3.708%)
	2,125,000		5.481(c)			08/01/66		2,130,437
	Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450			02/15/23		4,420,892
	425,000		5.400			09/01/44		429,424
	MPLX LP(a)
	700,000		4.500			04/15/38		691,130
	325,000		4.700			04/15/48		316,582

56 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)
Pipelines – (continued)
	Plains All American Pipeline LP/PAA Finance Corp.(a)
$	525,000		3.650	%		06/01/22	$	517,835
	1,100,000		3.850			10/15/23		1,072,756
	650,000		4.500			12/15/26		644,730
	Sabine Pass Liquefaction LLC(a)
	1,475,000		6.250			03/15/22		1,600,520
	1,650,000		5.625			03/01/25		1,771,687
	Western Gas Partners LP(a)
	1,050,000		3.950			06/01/25		1,023,469
	Williams Partners LP(a)
	785,000		3.600			03/15/22		781,447
	1,400,000		3.900			01/15/25		1,386,511
	800,000		4.000			09/15/25		787,132
								24,592,120
Real Estate Investment Trust – 1.8%
	American Campus Communities Operating Partnership LP(a)
	2,575,000		3.750			04/15/23		2,574,417
	American Homes 4 Rent LP(a)
	505,000		4.250			02/15/28		494,866
	Crown Castle International Corp.(a)
	2,150,000		3.150			07/15/23		2,082,435
	CubeSmart LP(a)
	1,500,000		4.000			11/15/25		1,494,592
	Digital Realty Trust LP(a)
	1,525,000		2.750			02/01/23		1,464,162
	Healthcare Trust of America Holdings LP(a)
	2,275,000		3.700			04/15/23		2,272,013
	Kilroy Realty LP
	2,375,000		6.625			06/01/20		2,535,110
	1,500,000		3.800	(a)		01/15/23		1,506,797
	National Retail Properties, Inc.(a)
	1,150,000		4.000			11/15/25		1,142,803
	Realty Income Corp.(a)
	850,000		3.650			01/15/28		825,042
	Ventas Realty LP(a)
	975,000		3.500			02/01/25		949,361
								17,341,598
Semiconductors – 0.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,200,000		3.000			01/15/22		1,177,496
	775,000		2.650			01/15/23		737,877
	NXP BV/NXP Funding LLC(b)
	725,000		4.125			06/15/20		735,875
	1,975,000		4.125			06/01/21		1,994,750
	225,000		4.625			06/01/23		229,500
								4,875,498
Software(a) – 0.1%
	Oracle Corp.
	1,000,000		4.000			07/15/46		985,454
Telecommunication Services – 2.6%
	AT&T, Inc.
	2,875,000		3.800			03/15/22		2,916,409
	2,400,000		3.000	(a)		06/30/22		2,356,900
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	1,354,000		3.600	(a)		02/17/23		1,362,086
	3,100,000		3.400	(a)		05/15/25		2,986,997
	100,000		4.125	(a)		02/17/26		100,242
	1,975,000		4.250	(a)		03/01/27		1,996,493
	250,000		3.900	(a)		08/14/27		251,721
	625,000		5.150			03/15/42		643,915
	425,000		5.450	(a)		03/01/47		451,096
	Verizon Communications, Inc.
	6,825,000		5.150			09/15/23		7,363,418
	4,025,000		3.500	(a)		11/01/24		3,984,263
	500,000		5.250			03/16/37		539,155
	25,000		4.125			08/15/46		22,499
	50,000		4.862			08/21/46		50,459
	693,000		5.012			04/15/49		713,397
								25,739,050
Transportation(a) – 0.1%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		807,619
Trucking & Leasing(b) – 0.3%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	(a)		02/01/22		1,218,317
	1,425,000		4.250			01/17/23		1,469,886
								2,688,203
	TOTAL CORPORATE OBLIGATIONS
	(Cost $261,179,145)						$	259,642,227
Mortgage-Backed Obligations – 19.8%
Collateralized Mortgage Obligations – 0.6%
Interest Only(c)(d)(e) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
$	115,709		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X
	160,684		0.000			07/25/33		—
Inverse Floaters(c) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M LIBOR + 37.567%)
	51,981		29.230			02/16/32		73,760
Sequential Fixed Rate – 0.6%
	FHLMC REMIC Series 2755, Class ZA
	568,460		5.000			02/15/34		609,866
	FHLMC REMIC Series 4273, Class PD
	1,301,835		6.500			11/15/43		1,481,437
	FNMA REMIC Series 2003-134, Class ME
	6,514		4.500			06/25/33		6,538
	FNMA REMIC Series 2011-52, Class GB
	1,241,375		5.000			06/25/41		1,334,352
	FNMA REMIC Series 2011-99, Class DB
	1,239,617		5.000			10/25/41		1,331,240

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate		Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-111, Class B
$	214,336		7.000 %		10/25/42	$	244,212
	FNMA REMIC Series 2012-153, Class B
	730,772		7.000		07/25/42		834,139
							5,841,784
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS					$	5,915,544
Commercial Mortgage-Backed Securities(c) – 0.5%
Sequential Floating Rate – 0.5%
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
$	874,087		2.051%		12/25/46	$	845,715
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	716,393		6.101		12/10/49		715,662
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	451,082		2.070		01/19/36		372,640
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
	36,480		3.408		02/25/33		37,635
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	228,050		2.341		10/25/34		206,402
	Sequoia Mortgage Trust Series 2003-4, Class 1A2 (6M USD LIBOR + 0.660%)
	606,697		2.586		07/20/33		599,139
	Station Place Securitization Trust Series 2015-2, Class A(b) (1M USD LIBOR + 1.050%)
	1,800,000		2.638		05/15/18		1,800,000
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES					$	4,577,193
Federal Agencies – 18.7%
Adjustable Rate FNMA (c) – 0.4%
	(1 Year CMT + 2.216%)
$	6,184		3.374%		06/01/33	$	6,525
	(12M LIBOR + 1.710%)
	859,341		3.537		07/01/34		897,948
	(12M LIBOR + 1.554%)
	1,452,251		3.322		09/01/34		1,524,108
	(12M LIBOR + 1.739%)
	1,345,698		3.578		05/01/35		1,429,713
	(12M LIBOR + 1.233%)
	169,787		3.108		06/01/35		174,027
							4,032,321
FHLMC – 0.4%
	107		5.000		04/01/18		107
	224		5.000		05/01/18		224
	325		5.000		06/01/18		325
	1,063		5.000		07/01/18		1,064
	131		5.000		08/01/18		132
	2,219		4.500		09/01/18		2,225
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	305		5.000		10/01/18		306
	666		5.000		11/01/18		669
	12,270		5.000		06/01/19		12,417
	51,674		5.000		05/01/23		55,204
	154,485		4.500		10/01/23		161,806
	45,119		5.500		10/01/25		49,023
	3,665		7.000		06/01/26		3,851
	10,829		7.500		12/01/30		11,233
	12,348		7.500		01/01/31		13,160
	289,565		5.500		03/01/33		317,179
	14,356		5.000		10/01/33		15,495
	55,609		6.500		10/01/33		62,642
	520		5.500		12/01/33		578
	20,746		5.500		09/01/34		22,756
	1,296		5.500		12/01/34		1,418
	1,204		5.500		03/01/35		1,317
	2,762		5.000		04/01/35		2,981
	21,453		5.000		07/01/35		23,155
	18,786		5.500		11/01/35		20,593
	117,836		5.000		12/01/35		127,583
	254		5.500		02/01/36		281
	46,069		5.500		06/01/36		50,351
	36,468		5.500		08/01/37		39,923
	229,656		5.000		01/01/38		247,720
	93,825		5.500		03/01/38		103,163
	41,109		5.500		04/01/38		45,200
	66,496		5.500		08/01/38		73,655
	1,694		5.500		09/01/38		1,863
	6,198		6.500		09/01/38		6,991
	7,542		5.500		11/01/38		8,438
	12,527		5.500		12/01/38		13,692
	566,114		5.000		01/01/39		611,300
	665,534		7.000		02/01/39		764,259
	3,218		5.500		03/01/39		3,525
	169,465		5.000		06/01/39		182,356
	4,554		5.500		10/01/39		5,008
	12,105		5.500		03/01/40		13,285
	23,135		4.000		06/01/40		23,979
	24,402		5.500		06/01/40		26,831
	15,618		5.000		08/01/40		16,868
	4,490		4.500		11/01/40		4,745
	237,680		4.000		02/01/41		246,054
	2,394		5.000		04/01/41		2,596
	14,493		5.000		06/01/41		15,649
	15,856		4.000		11/01/41		16,418
							3,431,593
FNMA – 7.9%
	1,496		5.000		06/01/18		1,498
	11,864		4.500		07/01/18		11,889
	1,038		4.500		08/01/18		1,040
	36		6.500		10/01/18		40
	65,183		5.500		09/01/23		68,138
	20,840		5.500		10/01/23		21,795
	197,576		5.000		02/01/24		206,124
	34,061		7.000		08/01/27		37,656

58 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)
FNMA – (continued)
$	1,506		6.500	%		09/01/27		$	1,662
	138,430		7.000			03/01/28			153,591
	2,022		6.500			05/01/28			2,223
	17,309		8.000			02/01/31			19,422
	56,027		7.000			03/01/31			60,804
	633		5.500			05/01/33			698
	22,209		5.000			07/01/33			23,965
	36,512		5.000			08/01/33			39,319
	1,237		5.000			09/01/33			1,332
	7,314		5.500			09/01/33			8,025
	1,513		6.500			09/01/33			1,684
	14,786		5.000			12/01/33			15,940
	436		5.500			12/01/33			478
	763		5.500			01/01/34			837
	9,832		5.500			02/01/34			10,786
	1,765		5.500			04/01/34			1,945
	6,882		5.500			05/01/34			7,566
	1,902		6.000			07/01/34			2,120
	2,400		5.500			08/01/34			2,644
	6,158		5.500			10/01/34			6,746
	4,629		5.500			11/01/34			5,084
	57,440		5.500			12/01/34			63,035
	154,693		5.000			04/01/35			167,234
	6,448		5.500			04/01/35			7,076
	5,295		5.500			07/01/35			5,819
	213		5.500			08/01/35			234
	864,557		5.000			09/01/35			930,826
	14,136		5.500			09/01/35			15,571
	999		5.500			12/01/35			1,101
	204		5.500			02/01/36			223
	95,671		5.500			03/01/36			104,955
	18,798		6.000			03/01/36			21,077
	748		5.500			04/01/36			822
	4,174		6.000			04/01/36			4,669
	85,623		6.000			07/01/36			95,353
	201,565		6.000			09/01/36			225,439
	1,621		5.500			01/01/37			1,784
	2,983		6.000			01/01/37			3,348
	707		5.500			02/01/37			778
	11,570		6.000			02/01/37			13,061
	29,862		6.000			03/01/37			33,343
	1,230		5.500			04/01/37			1,354
	711		5.500			05/01/37			785
	437		5.500			06/01/37			481
	339		5.500			07/01/37			373
	280,461		6.000			07/01/37			312,936
	4,729		6.000			08/01/37			5,283
	91,074		6.000			09/01/37			101,672
	254,872		6.000			10/01/37			284,655
	327,534		6.000			11/01/37			366,655
	417		5.500			12/01/37			459
	798		5.500			02/01/38			884
	4,344		5.500			03/01/38			4,779
	22,418		6.000			03/01/38			25,091
	46,364		5.000			04/01/38			50,096
	167,679		6.000			04/01/38			186,747
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	1,006		5.500			05/01/38			1,108
	354,260		6.000			05/01/38			395,566
	3,399		5.500			06/01/38			3,751
	34,290		6.000			06/01/38			38,299
	3,111		5.500			07/01/38			3,422
	1,729		5.500			08/01/38			1,903
	1,369		5.500			09/01/38			1,506
	173,447		6.000			10/01/38			193,744
	206,948		6.000			11/01/38			230,983
	2,631		5.500			12/01/38			2,880
	44,066		5.000			02/01/39			47,360
	57,545		6.000			02/01/39			64,305
	393,692		7.000			03/01/39			452,282
	28,210		4.500			04/01/39			29,880
	258,191		6.000			04/01/39			288,237
	10,373		4.500			05/01/39			10,987
	9,853		5.500			06/01/39			10,840
	7,290		4.500			07/01/39			7,722
	457,325		5.000			07/01/39			492,512
	49,040		4.500			08/01/39			51,945
	282,077		6.000			09/01/39			315,025
	8,744		5.500			11/01/39			9,619
	269,602		6.000			11/01/39			301,191
	433,559		4.500			12/01/39			459,233
	37,010		6.000			04/01/40			41,349
	390,437		5.000			06/01/40			420,459
	82,161		5.000			07/01/40			88,479
	409,120		6.000			10/01/40			456,930
	233,181		5.000			11/01/40			251,123
	246,596		6.000			04/01/41			275,294
	892,389		4.500			05/01/41			942,819
	182,493		6.000			05/01/41			203,192
	147,160		4.500			08/01/41			155,576
	329,192		5.000			07/01/42			354,505
	30,710		3.000			11/01/42			30,276
	701,907		3.000			12/01/42			691,295
	1,028,500		3.000			01/01/43			1,013,967
	155,519		3.000			02/01/43			153,320
	1,030,338		3.000			03/01/43			1,015,859
	1,755,621		3.000			04/01/43			1,731,344
	1,262,302		3.000			05/01/43			1,244,849
	124,090		3.000			06/01/43			122,374
	1,089,292		3.000			07/01/43			1,074,229
	1,207,877		5.000			05/01/44			1,295,544
	4,209,313		4.500			04/01/45			4,463,845
	471,420		4.500			05/01/45			499,926
	1,917,339		4.500			06/01/45			2,020,995
	104,552		4.000			01/01/46			107,552
	276,575		4.000			03/01/46			284,404
	184,539		4.000			06/01/46			189,701
	46,596		4.000			08/01/46			47,899
	300,407		4.000			10/01/46			308,810
	24,084,567		4.500			01/01/48			25,243,636
	2,000,000		3.500			TBA-30yr	(f)		2,004,219
	23,000,000		4.500			TBA-30yr	(f)		24,081,718
									77,982,837

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – 10.0%
$	9,877		6.000	%		11/15/38		$	11,153
	144,577		5.000			07/15/40			154,354
	159,587		5.000			01/15/41			170,379
	9,709		4.000			02/20/41			10,073
	14,782		4.000			11/20/41			15,367
	2,445		4.000			01/20/42			2,542
	7,846		4.000			04/20/42			8,157
	4,381		4.000			10/20/42			4,553
	81,733		4.000			08/20/43			84,942
	13,955,530		4.000			10/20/43			14,490,310
	8,482		4.000			03/20/44			8,788
	10,248		4.000			05/20/44			10,618
	711,093		4.000			11/20/44			736,343
	47,311		4.000			05/20/45			48,991
	6,932,321		4.000			07/20/45			7,178,472
	1,578,925		4.000			08/20/45			1,634,496
	583,547		4.000			09/20/45			603,903
	2,264,255		4.000			10/20/45			2,344,300
	235,231		4.000			02/20/46			243,216
	1,919,859		4.000			07/20/47			1,974,830
	9,889,080		4.000			08/20/47			10,172,232
	3,958,781		4.000			12/20/47			4,074,297
	53,000,000		4.000			TBA-30yr	(f)		54,457,345
									98,439,661
	TOTAL FEDERAL AGENCIES							$	183,886,412
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $195,455,570)							$	194,379,149
Agency Debentures – 5.9%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	6,594,749
	3,500,000		3.375			09/08/23			3,607,586
	750,000		3.375			12/08/23			774,889
	2,400,000		5.000			09/28/29			2,826,717
	FNMA
	3,700,000		1.875			09/24/26			3,407,589
	4,200,000		6.250			05/15/29			5,457,018
	Hashemite Kingdom of Jordan Government AID Bond(g)
	7,400,000		2.503			10/30/20			7,397,706
	Israel Government AID Bond(g)
	7,827,000		5.500			09/18/23			8,884,506
	1,200,000		5.500			12/04/23			1,369,344
	2,400,000		5.500			04/26/24			2,757,504
	4,700,000		5.500			09/18/33			6,094,725
	NCUA Guaranteed Notes Series A4
	3,500,000		3.000			06/12/19			3,529,123
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21			5,604,984
	TOTAL AGENCY DEBENTURES
	(Cost $57,662,116)							$	58,306,440
Asset-Backed Securities – 14.0%
Collateralized Loan Obligations(b)(c) – 7.6%
	B&M CLO Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
$	3,700,000		2.759	%		04/16/26		$	3,700,462
	B&M CLO Ltd. Series 2014-1A, Class A2 (3M USD LIBOR + 1.950%)
	650,000		3.309			04/16/26			650,154
	BlueMountain CLO Ltd. Series 2014-2A, Class AR (3M USD LIBOR + 0.930%)
	5,150,000		2.293			07/20/26			5,150,304
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	5,000,000		2.363			01/27/28			5,011,570
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	5,000,000		2.609			07/15/26			5,000,935
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	3,400,000		2.484			04/18/26			3,400,500
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A(e) (3M USD LIBOR + 0.750%)
	6,900,000		0.000			04/15/29			6,884,813
	Nassau Ltd. Series 2017-IIA, Class AL (3M USD LIBOR + 1.250%)
	5,100,000		2.875			01/15/30			5,134,150
	Neuberger Berman CLO XIX Ltd. Series 2015-19A, Class A1R (3M USD LIBOR + 1.050%)
	5,150,000		2.409			07/15/27			5,164,487
	Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1 (3M USD LIBOR + 0.740%)
	4,564,028		2.130			10/15/25			4,564,438
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	7,000,000		2.283			10/20/27			7,008,568
	Shackleton CLO Ltd. Series 2014-5A, Class AR (3M USD LIBOR + 1.140%)
	7,800,000		2.532			05/07/26			7,802,691
	Voya CLO Ltd. Series 2014-4A, Class A1R (3M USD LIBOR + 0.950%)
	7,500,000		2.309			10/14/26			7,500,810
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	7,500,000		2.277			05/01/26			7,503,780
									74,477,662
Other – 0.0%
	United States Small Business Administration Series 1998-20F, Class 1
	5,850		6.300			06/01/18			5,878
Student Loan(c) – 6.4%
	Access Group, Inc. Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	3,826,592		1.885			09/26/33			3,766,648
	Access Group, Inc. Series 2015-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,730,710		2.321			07/25/56			1,742,823

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	Chase Education Loan Trust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
$	280,149		1.756	%		12/28/23	$	279,462
	ECMC Group Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.350%)
	3,770,022		2.911			07/26/66		3,819,689
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(b) (1M USD LIBOR + 0.800%)
	2,495,197		2.421			10/25/56		2,504,660
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(b) (1M USD LIBOR + 0.800%)
	8,200,000		2.421			04/26/32		8,053,727
	Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	2,576,303		2.017			04/25/35		2,581,840
	EFS Volunteer No. 3 LLC Series 2012-1, Class A2(b) (1M USD LIBOR + 1.000%)
	1,051,371		2.621			02/25/25		1,053,709
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	4,091,055		2.512			05/25/34		4,120,878
	Navient Student Loan Trust Series 2016-5A, Class A(b) (1M USD LIBOR + 1.250%)
	8,460,436		2.871			06/25/65		8,668,968
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	4,171,166		2.771			03/25/66		4,236,139
	Nelnet Student Loan Trust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	2,217,293		1.564			08/23/27		2,202,254
	Nelnet Student Loan Trust Series 2006-1, Class A6(b) (3M USD LIBOR + 0.450%)
	5,200,000		1.904			08/23/36		5,103,331
	Nelnet Student Loan Trust Series 2013-5A, Class A(b) (1M USD LIBOR + 0.630%)
	573,036		2.251			01/25/37		574,206
	North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	1,958,420		2.267			07/25/41		1,954,016
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	4,102,480		2.771			09/25/65		4,163,599
	Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	1,367,421		2.128			10/28/41		1,360,225
	SLC Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	2,601,934		1.688			09/15/26		2,596,398
	SLM Student Loan Trust Series 2004-8A, Class A6(b) (3M USD LIBOR + 0.630%)
	2,550,000		1.997			01/25/40		2,548,914
	SLM Student Loan Trust Series 2005-3, Class A5 (3M USD LIBOR + 0.090%)
	1,174,420		1.457			10/25/24		1,172,926
								62,504,412
	TOTAL ASSET-BACKED SECURITIES
	(Cost $135,806,986)						$	136,987,952
Foreign Debt Obligations – 1.1%
Sovereign – 1.1%
	Abu Dhabi Government International Bond(b)
$	460,000		2.500	%		10/11/22	$	443,325
	420,000		3.125			10/11/27		396,690
	240,000		4.125			10/11/47		225,000
	Republic of Chile(a)
	241,000		3.240			02/06/28		236,180
	Republic of Colombia(a)
	1,180,000		5.000			06/15/45		1,194,750
	Republic of Indonesia
	790,000		3.700	(b)		01/08/22		791,975
	200,000		5.875			01/15/24		219,540
EUR	280,000		2.150	(b)		07/18/24		355,292
$	420,000		4.125	(b)		01/15/25		422,625
	380,000		4.125			01/15/25		382,375
	1,380,000		4.350	(b)		01/08/27		1,400,700
	510,000		6.750			01/15/44		641,325
	380,000		5.250	(b)		01/08/47		403,275
	Republic of Kuwait
	2,380,000		3.500			03/20/27		2,335,375
	United Mexican States
	230,000		3.750			01/11/28		222,295
	1,080,000		4.600			02/10/48		1,020,600
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $10,662,655)						$	10,691,322
Municipal Debt Obligations – 1.5%
California(a) – 0.6%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,370,280
	1,650,000		7.550			04/01/39		2,512,422
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,801,226
								5,683,928
Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010(a)
	160,000		6.630			02/01/35		166,419
	1,595,000		7.350			07/01/35		1,740,895
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,096,676
								3,003,990
New Hampshire(a)(c) – 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	3,500,000		2.595			10/25/37		3,495,560
Ohio(a) – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,208,538
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $12,559,366)							14,392,016

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 28.0%
	United States Treasury Bills(e)
$	45,490,000		0.000	%		05/24/18	$	45,380,703
	50,116,000		0.000			06/07/18		49,962,290
	United States Treasury Bonds
	3,670,000		2.750			11/15/42		3,543,238
	8,320,000		3.625			02/15/44		9,322,810
	3,830,000		3.125			08/15/44		3,945,091
	31,750,000		3.000	(h)		11/15/44		31,971,295
	5,290,000		3.000			05/15/45		5,325,125
	11,400,000		2.875			11/15/46		11,182,602
	190,000		3.000			05/15/47		190,956
	United States Treasury Notes
	800,000		1.375			03/31/20		785,688
	5,880,000		1.125			06/30/21		5,641,331
	31,570,000		1.750			05/31/22		30,615,954
	52,350,000		2.125			07/31/24		50,718,252
	1,010,000		2.375			08/15/24		993,042
	11,120,000		2.125			09/30/24		10,759,490
	5,590,000		2.125			11/30/24		5,401,952
	2,830,000		2.250			12/31/24		2,755,005
	4,570,000		2.250			02/15/27		4,393,278
	United States Treasury Strip Coupon(e)
	3,200,000		0.000			02/15/36		1,895,616
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $276,184,670)						$	274,783,718

Shares	Distribution Rate			Value
Investment Company(i) – 0.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
52,662		1.609	%	$	52,662
(Cost $52,662)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $949,563,170)				$	949,235,486

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 10.5%
Certificates of Deposit – 4.3%
	Mitsubishi Trust & Banking Corp.
$	7,363,000		2.320	%		06/22/18	$	7,364,430
	Norinchukin Bank NY
	7,363,000		2.300			06/22/18		7,363,860
	Southern Co.(e)
	4,900,000		0.000			04/10/18		4,896,613
	2,269,000		0.000			06/21/18		2,255,859
	Standard Chartered Bank
	9,486,000		2.310			06/25/18		9,486,319
	Sumitomo Mitsui Trust Bank Ltd.(e)
	6,891,000		0.000			06/25/18		6,852,881
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Suncor Energy, Inc.(e)
	4,000,000		0.000			05/07/18		3,990,003
								42,209,965
Commercial Paper – 6.2%
	Dominion Resources, Inc.(e)
	1,560,000		0.000			06/22/18		1,550,840
	Eastman Chemical Co.(e)
	710,000		0.000			04/27/18		708,704
	Electricite de France SA(e)
	4,279,000		0.000			04/27/18		4,271,189
	Gotham Funding Corp.(e)
	4,909,000		0.000			06/25/18		4,880,704
	HP, Inc.(e)
	2,749,000		0.000			04/27/18		2,744,808
	Kells Funding LLC(e)
	4,907,000		0.000			06/29/18		4,878,333
	Liberty Funding LLC(e)
	7,382,000		0.000			06/26/18		7,339,824
	Marriott International, Inc.(e)
	3,226,000		0.000			05/04/18		3,218,587
	6,000,000		0.000			05/08/18		5,984,600
	Omnicom Capital, Inc.(e)
	1,431,000		0.000			05/04/18		1,427,712
	Potash Corp. of Saskatchewan, Inc.
	2,280,000		1.000			05/31/18		2,270,488
	2,470,000		0.000	(e)		06/15/18		2,456,867
	787,000		0.000	(e)		06/18/18		782,630
	Schlumberger Holdings Corp.(e)
	1,062,000		0.000			05/29/18		1,057,906
	Sempra Energy Holdings(e)
	2,598,000		0.000			06/20/18		2,583,163
	United Overseas Bank Ltd.
	4,909,000		1.000			07/27/18		4,871,364
	Versailles Commercial Paper LLC(e)
	5,359,000		0.000			07/09/18		5,322,574
	Victory Receivables(e)
	4,909,000		0.000			06/22/18		4,881,855
								61,232,148
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $103,442,889)						$	103,442,113
	TOTAL INVESTMENTS – 107.2%
	(Cost $1,053,006,059)						$	1,052,677,599
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (7.2)%							(70,700,140	)
	NET ASSETS – 100.0%						$	981,977,459

62 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)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $174,906,640, which represents approximately 17.8% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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 date disclosed is that which is in effect on March 31, 2018.
(d)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $80,543,282 which represents approximately 8.2% of the Fund’s net assets as of March 31, 2018.
(g)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $26,503,785, which represents approximately 2.7% of the Fund’s net assets as of March 31, 2018.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound Offered Rate
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—U.S. Dollar
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
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Barclays Bank PLC	CAD	1,067,052	USD	824,249	$	829,502		06/20/18	$	5,252
	CHF	709,242	GBP	529,396		747,045		06/20/18		1,758
	EUR	387,699	NOK	3,696,445		479,941		06/20/18		7,161
	GBP	1,092,344	EUR	1,233,483		1,537,805		06/20/18		10,850
BoA Securities LLC	CAD	981,000	EUR	610,242		762,607		06/20/18		7,176
	CAD	1,960,868	USD	1,513,308		1,524,335		06/20/18		11,027
	EUR	612,683	CAD	972,815		758,453		06/20/18		2,209
	EUR	214,056	NOK	2,053,983		264,984		06/20/18		2,277
	USD	1,184,839	CHF	1,105,790		1,164,729		06/20/18		20,110
	USD	770,527	EUR	620,292		767,873		06/20/18		2,654
	USD	1,508,951	JPY	158,545,257		1,498,083		06/20/18		10,868
Citibank NA	CAD	396,737	USD	303,256		308,415		06/20/18		5,159
	EUR	239,783	NOK	2,299,022		296,832		06/20/18		2,786
	GBP	281,875	USD	390,855		396,825		06/20/18		5,970
	NZD	836,783	USD	601,470		604,584		06/20/18		3,115
	USD	1,094,743	EUR	880,773		1,090,328		06/20/18		4,415
	USD	454,066	NZD	627,782		453,579		06/20/18		487
	USD	610,038	SEK	4,965,149		598,279		06/20/18		11,759

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
CS International (London)	AUD	784,289	USD	601,322	$	602,501		06/20/18	$	1,179
	CAD	1,990,270	USD	1,543,249		1,547,190		06/20/18		3,942
	EUR	1,223,218	CHF	1,428,419		1,514,248		06/20/18		9,694
	EUR	612,848	NOK	5,856,070		758,658		06/20/18		9,661
	JPY	81,196,945	EUR	613,990		767,224		06/20/18		7,154
	USD	1,527,370	GBP	1,084,372		1,526,582		06/20/18		788
Deutsche Bank AG	USD	3,045,879	EUR	2,448,101		3,030,556		06/20/18		15,324
	USD	6,702,675	NZD	9,229,538		6,668,434		06/20/18		34,242
JPMorgan Securities, Inc.	AUD	470,259	USD	360,844		361,259		06/20/18		415
	CAD	1,943,413	USD	1,506,045		1,510,765		06/20/18		4,720
	GBP	1,084,538	EUR	1,224,645		1,526,816		06/20/18		10,802
	USD	751,934	CAD	963,968		749,367		06/20/18		2,567
	USD	1,520,562	EUR	1,220,045		1,510,320		06/20/18		10,242
	USD	304,851	JPY	32,217,307		304,419		06/20/18		432
	USD	394,500	NZD	542,803		392,181		06/20/18		2,319
MS & Co. Int. PLC	CAD	976,578	EUR	612,725		759,169		06/20/18		664
	CAD	3,887,427	USD	3,013,494		3,021,996		06/20/18		8,504
	EUR	612,725	CHF	715,811		758,505		06/20/18		4,541
	EUR	1,228,247	SEK	12,393,837		1,520,472		06/20/18		27,068
	EUR	611,909	USD	757,069		757,495		06/20/18		426
	GBP	3,819,310	USD	5,355,643		5,376,837		06/20/18		21,196
	JPY	79,829,699	USD	753,927		754,305		06/20/18		378
	NOK	5,593,897	EUR	575,824		715,465		06/20/18		2,641
	USD	1,573,262	AUD	2,020,004		1,551,793		06/20/18		21,468
	USD	1,507,941	CAD	1,933,388		1,502,972		06/20/18		4,970
	USD	2,613,590	EUR	2,098,363		2,597,607		06/20/18		15,983
	USD	2,176,240	GBP	1,533,840		2,159,345		06/20/18		16,896
	USD	807,197	JPY	84,389,924		797,395		06/20/18		9,802
State Street Bank (London)	CAD	9,875,931	USD	7,660,118		7,677,324		06/20/18		17,206
	EUR	1,030,037	NOK	9,887,528		1,275,104		06/20/18		10,479
	GBP	3,430,872	USD	4,785,713		4,829,993		06/20/18		44,280
	USD	2,278,840	EUR	1,827,634		2,262,467		06/20/18		16,373
	USD	1,147,893	GBP	807,557		1,136,880		06/20/18		11,013
	USD	936,276	NOK	7,210,960		922,290		06/20/18		13,987
UBS AG (London)	CAD	970,500	USD	752,805		754,445		06/20/18		1,640
	EUR	92,956	CHF	108,435		115,073		06/20/18		858
	EUR	614,390	GBP	540,092		760,567		06/20/18		223
	EUR	1,004,564	NOK	9,610,206		1,243,571		06/20/18		14,414
	EUR	613,252	USD	759,015		759,157		06/20/18		142
	NOK	2,585,741	GBP	233,778		330,719		06/20/18		1,606
	SEK	18,785,897	EUR	1,827,056		2,263,621		06/20/18		1,870
	USD	760,782	EUR	612,251		757,919		06/20/18		2,863
TOTAL									$	500,005

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Australia & New Zealand Banking Group	NZD	1,107,347	USD	806,941	$	800,070		06/20/18	$	(6,872	)
	USD	756,340	NZD	1,046,878		756,380		06/20/18		(41	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Barclays Bank PLC	AUD	429,906	USD	331,061	$	330,260		06/20/18	$	(801	)
	CAD	969,187	USD	754,713		753,424		06/20/18		(1,289	)
	EUR	1,227,021	USD	1,525,102		1,518,955		06/20/18		(6,146	)
	JPY	79,710,255	EUR	609,120		753,177		06/20/18		(866	)
	JPY	78,978,699	USD	751,641		746,264		06/20/18		(5,377	)
BoA Securities LLC	AUD	1,951,707	USD	1,509,101		1,499,327		06/20/18		(9,775	)
	CAD	976,021	EUR	612,953		758,736		06/20/18		(52	)
	CAD	969,717	USD	755,758		753,836		06/20/18		(1,922	)
	CHF	1,421,981	EUR	1,217,418		1,497,773		06/20/18		(9,294	)
	EUR	1,832,118	GBP	1,619,725		2,268,018		06/20/18		(12,237	)
	NZD	4,170,085	USD	3,026,775		3,012,928		06/20/18		(13,847	)
	SEK	39,436,669	EUR	3,874,126		4,751,952		06/20/18		(43,911	)
	USD	1,519,447	EUR	1,229,336		1,521,821		06/20/18		(2,374	)
Citibank NA	CAD	466,453	USD	362,829		362,610		06/20/18		(219	)
	CHF	1,421,133	EUR	1,217,212		1,496,880		06/20/18		(9,933	)
	EUR	612,559	USD	758,580		758,299		06/20/18		(281	)
	NOK	75,286,182	EUR	7,823,030		9,629,183		06/20/18		(55,113	)
	NZD	2,073,111	USD	1,522,016		1,497,844		06/20/18		(24,172	)
	SEK	170,580,411	EUR	16,694,706		20,554,218		06/20/18		(112,513	)
	SEK	3,764,949	USD	458,258		453,660		06/20/18		(4,598	)
	USD	2,253,034	EUR	1,822,534		2,253,843		06/08/18		(808	)
	USD	2,152,807	EUR	1,742,465		2,157,035		06/20/18		(4,228	)
CS International (London)	EUR	612,412	GBP	545,494		758,118		06/20/18		(9,830	)
	EUR	1,249,034	USD	1,553,829		1,546,206		06/20/18		(7,622	)
	JPY	79,010,767	USD	751,875		746,567		06/20/18		(5,308	)
	NOK	4,227,336	EUR	442,409		540,681		06/20/18		(6,987	)
	SEK	6,267,863	NOK	5,932,320		755,251		06/20/18		(3,499	)
	USD	756,155	JPY	80,137,635		757,215		06/20/18		(1,060	)
Deutsche Bank AG	AUD	8,508,413	USD	6,640,557		6,536,274		06/20/18		(104,283	)
	CAD	971,796	USD	756,028		755,452		06/20/18		(576	)
	CHF	688,763	EUR	589,460		725,474		06/20/18		(4,231	)
	EUR	4,084,408	USD	5,102,923		5,056,176		06/20/18		(46,747	)
	GBP	537,123	USD	760,055		756,164		06/20/18		(3,891	)
	JPY	319,860,354	USD	3,038,484		3,022,338		06/20/18		(16,147	)
JPMorgan Securities, Inc.	EUR	607,824	USD	758,206		752,438		06/20/18		(5,768	)
	NZD	1,454,987	USD	1,061,165		1,051,243		06/20/18		(9,924	)
	USD	1,505,900	JPY	159,518,525		1,507,279		06/20/18		(1,379	)
MS & Co. Int. PLC	AUD	5,790,633	USD	4,534,473		4,448,439		06/20/18		(86,034	)
	CAD	1,945,919	EUR	1,224,991		1,512,713		06/20/18		(3,729	)
	CAD	3,865,467	USD	3,011,328		3,004,926		06/20/18		(6,402	)
	CHF	666,335	EUR	570,185		701,851		06/20/18		(3,992	)
	EUR	1,226,037	GBP	1,087,332		1,517,738		06/20/18		(13,011	)
	EUR	2,981,833	USD	3,712,301		3,691,272		06/20/18		(21,028	)
	GBP	1,592,308	USD	2,254,395		2,241,658		06/20/18		(12,737	)
	JPY	79,052,870	USD	752,250		746,965		06/20/18		(5,285	)
	SEK	6,193,179	EUR	608,708		746,252		06/20/18		(7,281	)
	SEK	6,160,716	NOK	5,834,934		742,340		06/20/18		(3,954	)
	USD	758,330	EUR	612,678		758,447		06/20/18		(117	)
	USD	3,442,279	GBP	2,455,681		3,457,116		06/20/18		(14,836	)
	USD	756,239	JPY	80,428,170		759,960		06/20/18		(3,721	)
	USD	751,055	NZD	1,046,708		756,257		06/20/18		(5,202	)
State Street Bank (London)	AUD	959,165	USD	758,349		736,843		06/20/18		(21,506	)
	SEK	2,500,878	USD	305,563		301,345		06/20/18		(4,217	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
UBS AG (London)	AUD	968,783	GBP	543,900	$	744,232		06/20/18	$	(21,472	)
	AUD	1,939,264	USD	1,515,383		1,489,768		06/20/18		(25,616	)
	CHF	1,448,257	EUR	1,233,127		1,525,450		06/20/18		(1,064	)
	EUR	607,629	NOK	5,919,683		752,196		06/20/18		(4,938	)
	EUR	1,225,009	USD	1,522,638		1,516,465		06/20/18		(6,173	)
	GBP	1,101,704	USD	1,561,795		1,550,982		06/20/18		(10,813	)
	JPY	79,743,778	CAD	971,889		753,493		06/20/18		(2,032	)
	JPY	80,281,838	EUR	614,390		758,577		06/20/18		(1,989	)
	JPY	79,847,126	USD	756,139		754,470		06/20/18		(1,669	)
	NZD	1,033,102	USD	753,161		746,427		06/20/18		(6,734	)
	SEK	170,602,679	EUR	16,788,671		20,556,901		06/20/18		(226,151	)
	SEK	6,146,501	NOK	5,826,581		740,627		06/20/18		(4,598	)
	USD	18,181,759	JPY	1,924,757,318		18,186,895		06/20/18		(5,137	)
TOTAL									$	(1,085,359	)

FORWARD SALES CONTRACTS — At March 31, 2018, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount		Value
FNMA		3.000	%	TBA-30yr		04/12/18	$	4,000,000	$	(3,901,562	)
FNMA		3.500		TBA-30yr		05/14/18		2,000,000		(2,001,172	)
FNMA		4.500		TBA-30yr		05/14/18		3,000,000		(3,135,820	)
TOTAL (Proceeds Receivable: $9,005,156)									$	(9,038,554	)

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

FUTURES CONTRACTS — At March 31, 2018, 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		93			06/20/18	$	12,076,922		$	173,813
10 Year German Euro-Bund		7			06/07/18		1,373,194			1,268
2 Year U.S. Treasury Notes		236			06/29/18		50,175,813			22,404
5 Year U.S. Treasury Notes		318			06/29/18		36,398,578			107,151
10 Year U.S. Treasury Notes		146			06/20/18		17,686,531			104,738
20 Year U.S. Treasury Bonds		284			06/20/18		41,641,500			894,838
Total									$	1,304,212
Short position contracts:
Eurodollars		(245	)		12/16/19		(59,544,188	)		(993	)
Italian 10 Year Government Bonds		(8	)		06/07/18		(1,366,193	)		(3,176	)
Ultra Long U.S. Treasury Bonds		(25	)		06/20/18		(4,011,719	)		(88,364	)
Total									$	(92,533	)
TOTAL FUTURES CONTRACTS									$	1,211,679

66 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, 2018, 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 STIBOR(a)	0.050%	06/15/18		SEK	77,980		$	16,179		$	8,167		$	8,012
3M STIBOR(a)	0.330(b)	09/15/18			104,320			5,130			239			4,891
0.330%(b)	3M STIBOR(a)	09/15/18			104,320			(19,875	)		(121	)		(19,754	)
6M GBP(b)	0.900	06/20/19		GBP	16,150	(c)		15,853			3,940			11,913
6M CDOR(d)	1.750	06/20/19		CAD	27,400	(c)		(71,102	)		(59,657	)		(11,445	)
3M LIBOR(e)	2.100	06/20/19		$	17,820	(c)		1,370			(7,259	)		8,629
3M STIBOR(a)	(0.100)(b)	06/29/19		SEK	170,500	(c)		41,703			(3,050	)		44,753
3M LIBOR(e)	2.206	09/04/19		$	89,960	(c)		12,659			(7,058	)		19,717
6M CDOR(d)	1.750	06/20/20		CAD	9,840	(c)		(75,666	)		(73,682	)		(1,984	)
0.100(b)	3M STIBOR(a)	06/20/20		SEK	89,110	(c)		(40,514	)		(33,080	)		(7,434	)
2.250(a)	6M AUDOR	06/20/20		AUD	13,610	(c)		(35,153	)		(29,072	)		(6,081	)
3M LIBOR(a)	2.139(d)	11/20/20		$	60,500	(c)		(678,132	)		(117,428	)		(560,704	)
0.250(b)	3M STIBOR(a)	06/20/21		SEK	96,000	(c)		(35,595	)		(12,758	)		(22,837	)
6M EURO(d)	0.350(b)	12/16/21		EUR	35,480	(c)		(77,254	)		(98,548	)		21,294
0.500(b)	3M STIBOR(a)	12/16/21		SEK	261,160	(c)		65,826			144,527			(78,701	)
6M EURO(d)	0.750(b)	02/17/22		EUR	14,040	(c)		84,366			18,667			65,699
0.500(b)	3M STIBOR(a)	06/20/22		SEK	102,200	(c)		(63,549	)		(23,049	)		(40,500	)
6M CDOR(d)	2.028	07/18/22		CAD	7,590	(c)		(78,511	)		(38,725	)		(39,786	)
6M EURO(d)	0.850(b)	02/10/23		EUR	16,240	(c)		110,959			(33,044	)		144,003
2.750(d)	3M LIBOR(a)	02/20/23		$	6,510	(c)		7,052			11,700			(4,648	)
6M EURO(d)	0.250(b)	06/20/23		EUR	23,610	(c)		(254,309	)		(603,141	)		348,832
6M CDOR(d)	2.000	06/20/23		CAD	9,430	(c)		(144,235	)		(172,853	)		28,618
0.500(b)	3M STIBOR(a)	06/20/23		SEK	197,380	(c)		83,765			220,496			(136,731	)
2.500(d)	6M AUDOR	06/20/23		AUD	9,270	(c)		13,632			47,516			(33,884	)
2.851(d)	3M LIBOR(a)	09/04/23		$	26,560	(c)		(128,070	)		16,873			(144,943	)
2.275%(d)	3M LIBOR(a)	11/20/23		$	25,070	(c)		569,460			53,195			516,265
6M GBP(d)	1.200%	11/21/23		GBP	17,490	(c)		(284,624	)		(123,019	)		(161,605	)
2.882(d)	3M LIBOR(a)	02/28/25		$	4,250	(c)		(34,960	)		(17,160	)		(17,800	)
6M EURO(d)	1.330(b)	01/12/27		EUR	5,080	(c)		(14,455	)		(56,423	)		41,968
6M GBP(d)	1.600	03/16/27		GBP	8,310	(c)		(10,572	)		(378,713	)		368,141
6M EURO(d)	1.600(b)	10/25/27		EUR	1,310	(c)		6,524			(74,715	)		81,239
2.000(b)	3M STIBOR(a)	10/25/27		SEK	12,390	(c)		(7,934	)		(95,090	)		87,156
2.000(b)	3M STIBOR(a)	11/02/27			31,060	(c)		(19,196	)		1,524			(20,720	)
6M EURO(d)	1.500(b)	12/19/27		EUR	5,890	(c)		(14,125	)		22,964			(37,089	)
3M LIBOR(a)	2.750(d)	12/21/27		$	4,730	(c)		(20,336	)		(56,260	)		35,924
3.500(d)	6M AUDOR	12/21/27		AUD	10,690	(c)		(125,925	)		(93,074	)		(32,851	)
6M EURO(d)	1.000(b)	06/20/28		EUR	8,370	(c)		(7,735	)		(152,606	)		144,871
3M LIBOR(a)	2.250(d)	06/20/28		$	10	(c)		(480	)		(568	)		88
6M CDOR(d)	2.250	06/20/28		CAD	12,630	(c)		(248,624	)		(311,821	)		63,197
1.500(b)	3M STIBOR(a)	06/20/28		SEK	17,850	(c)		(49,601	)		(18,854	)		(30,747	)
3.000(d)	6M AUDOR	06/20/28		AUD	5,210	(c)		(57,663	)		(6,214	)		(51,449	)
1.250(d)	6M GBP	06/20/28		GBP	2,090	(c)		74,658			106,532			(31,874	)
6M CHFOR(d)	1.000(b)	06/21/28		CHF	2,160	(c)		7,841			(10,882	)		18,723
3M NIBOR(d)	3.000(b)	06/21/28		NOK	28,370	(c)		60,883			31,487			29,396
4.000(d)	3M NZDOR(a)	06/21/28		NZD	2,690	(c)		(31,796	)		309			(32,105	)
1.400(d)	6M GBP	11/21/28		GBP	10,560	(c)		214,189			138,299			75,890
1.940(d)	6M GBP	01/11/32			4,400	(c)		(64,779	)		(33,333	)		(31,446	)
1.500(d)	6M GBP	06/20/33			4,860	(c)		68,778			201,716			(132,938	)
1.750(d)	6M GBP	03/17/37			6,790	(c)		(71,014	)		(170,066	)		99,052

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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)		2.750(d)%	06/16/37		$	2,910	(c)	$	(40,822	)	$	(66,016	)	$	25,194
1.750(d)		6M GBP	12/14/37		GBP	3,000	(c)		(34,372	)		(24,590	)		(9,782	)
1.750(d)		6M GBP	06/14/38			2,510	(c)		(31,232	)		(29,800	)		(1,432	)
1.500(b)		6M EURO(d)	06/20/38		EUR	3,230	(c)		(27,504	)		69,510			(97,014	)
3M LIBOR(a)		2.500(d)	06/17/47		$	4,380	(c)		(64,442	)		(95,655	)		31,213
1.750(b)		6M EURO(d)	06/16/48		EUR	1,670	(c)		(23,419	)		(9,318	)		(14,101	)
3M LIBOR(a)		2.500(d)	06/20/48		$	560	(c)		(39,020	)		(57,529	)		18,509
2.540(d)		6M CDOR	07/18/48		CAD	1,120	(c)		14,762			14,880			(118	)
TOTAL								$	(1,551,006	)	$	(2,081,690	)	$	530,684

(a) Payments made quarterly.

(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, 2018.

(d) Payments made semi-annually.

(e) Payments made at the termination date.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2018(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 30		1.000%		0.655%		06/20/23		$14,450	$	244,169	$	261,826	$	(17,657	)
iTraxx Europe Series 29		1.000		0.598		06/20/23		EUR  4,600		118,791		116,289		2,502
TOTAL									$	362,960	$	378,115	$	(15,155	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		40	$	100,000	$	68,000	$	11,090	$	56,910

Abbreviations:
BoA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30.
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date			Value
Foreign Sovereign Debt Obligations – 40.4%
British Pound – 2.0%
	United Kingdom Treasury
GBP	2,000,000		4.500	%		09/07/34		$	3,960,839
	90,000		4.250			03/07/36			177,010
	3,970,000		3.500			01/22/45			7,672,444
	1,270,000		3.500			07/22/68			3,036,830
									14,847,123
Canadian Dollar – 2.3%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21			642,856
	2,600,000		2.850			06/18/25			2,052,655
	2,000,000		4.950			06/18/40			2,058,990
	Government of Canada
	6,160,000		1.750			03/01/23			4,732,779
	1,760,000		2.750			12/01/48			1,523,189
	Ontario Province of Canada
	1,800,000		4.400			06/02/19			1,439,804
	1,700,000		2.600			06/02/25			1,315,836
	2,300,000		4.650			06/02/41			2,264,706
	Quebec Province of Canada
	1,800,000		4.250			12/01/21			1,494,684
									17,525,499
Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19			549,133
Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000		4.500			11/15/39			831,024
Euro – 7.8%
	France Government Bond OAT
EUR	2,660,000		4.750			04/25/35			5,139,160
	Government of France
	1,330,000		4.500			04/25/41			2,668,834
	Italy Buoni Poliennali Del Tesoro
	3,440,000		1.200			04/01/22			4,374,967
	7,790,000		1.450			11/15/24			9,779,879
	5,760,000		2.050			08/01/27			7,309,792
	1,400,000		5.000			09/01/40			2,391,303
	1,370,000		2.800	(a)		03/01/67			1,599,003
	Kingdom of Belgium(a)
	1,800,000		0.800			06/22/27			2,247,434
	910,000		2.150			06/22/66			1,253,123
	Republic of Austria(a)
	450,000		1.500			11/02/86			509,999
	460,000		2.100			09/20/17	(g)		639,446
	Republic of Indonesia(a)
	650,000		2.625			06/14/23			848,780
	240,000		2.150			07/18/24			304,536
	420,000		3.750			06/14/28			583,971
	Republic of Ireland
	860,000		4.500			04/18/20			1,167,127
	510,000		3.400			03/18/24			745,072
	810,000		5.400			03/13/25			1,335,151
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Spain Government Bond(a)
EUR	2,230,000		3.800	%		04/30/24		$	3,296,305
	1,250,000		2.750			10/31/24			1,760,543
	3,195,000		5.900			07/30/26			5,518,662
	2,310,000		1.450			10/31/27			2,937,443
	1,110,000		3.450			07/30/66			1,729,853
									58,140,383
Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27			713,253
Japanese Yen – 22.3%
	Government of Japan
JPY	3,239,500,000		1.300			06/20/20			31,423,196
	436,000,000		2.200			03/20/31			5,164,964
	225,000,000		1.700			09/20/32			2,553,017
	214,000,000		1.400			09/20/34			2,351,798
	2,029,200,000		2.500			09/20/34			25,648,531
	315,000,000		2.200			09/20/39			3,933,555
	454,000,000		1.400			09/20/45			5,020,219
	233,600,000		2.000			03/20/52			2,974,879
	312,700,000		1.400			03/20/55			3,454,467
	Japan Government Five Year Bond
	419,000,000		0.100			09/20/21			3,968,814
	Japan Government Ten Year Bond
	130,900,000		0.100			09/20/27			1,240,552
	Japan Government Two Year Bond
	1,696,800,000		0.100			12/15/18			15,974,366
	Japan Treasury Discount Bill(b)
	4,417,000,000		0.000			04/23/18			41,514,653
	Japanese Government CPI Linked Bond
	965,101,500		0.100			03/10/25			9,547,163
	1,183,585,928		0.100			03/10/26			11,764,113
									166,534,287
Mexican Peso – 0.2%
	United Mexican States
MXN	3,957,000		6.500			06/10/21			213,075
	495,400		6.500			06/09/22			26,532
	2,034,800		8.000			12/07/23			115,920
	2,098,900		7.750			11/23/34			117,892
	13,763,300		10.000			11/20/36			939,897
	2,436,600		8.500			11/18/38			146,434
	94,300		8.000			11/07/47			5,408
									1,565,158
Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28			460,016
South African Rand – 0.8%
	Republic of South Africa
ZAR	47,650,000		7.750	%		02/28/23			4,088,021
	90,000		8.500			01/31/37			7,401
	21,510,000		8.750			01/31/44			1,791,347
									5,886,769

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – (continued)
South Korean Won – 1.6%
	Inflation Linked Korea Treasury Bond
KRW	13,267,150,552		1.000	%		06/10/26	$	11,632,518
Swedish Krona – 0.4%
	Sweden Government Bond
SEK	21,290,000		3.500			06/01/22		2,941,533
Thai Baht – 0.5%
	Thailand Government Bond
THB	126,490,000		1.875			06/17/22		4,067,525
United States Dollar – 2.1%
	Abu Dhabi Government International Bond
$	500,000		2.500	(a)		10/11/22		481,875
	790,000		3.125	(a)		10/11/27		746,155
	600,000		4.125	(a)		10/11/47		562,500
	700,000		4.125			10/11/47		656,250
	Republic of Indonesia
	970,000		5.875			01/15/24		1,064,769
	200,000		4.125	(a)		01/15/25		201,250
	4,340,000		4.125			01/15/25		4,367,125
	790,000		3.850	(a)		07/18/27		773,213
	300,000		4.750	(a)		07/18/47		297,375
	Republic of Korea
	660,000		7.125			04/16/19		689,168
	Republic of Kuwait
	6,250,000		3.500			03/20/27		6,132,812
								15,972,492
	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $280,412,212)						$	301,666,713
Corporate Obligations – 24.0%
Agriculture – 0.5%
	BAT Capital Corp.(a)(c)
$	450,000		3.222	%		08/15/24	$	433,856
	1,100,000		3.557			08/15/27		1,053,620
	BAT International Finance PLC(a)
	800,000		2.750			06/15/20		793,169
	200,000		3.500			06/15/22		199,397
	Reynolds American, Inc.
	108,000		3.250			06/12/20		108,010
	150,000		4.000			06/12/22		152,596
	250,000		5.700	(c)		08/15/35		284,439
	900,000		5.850	(c)		08/15/45		1,052,854
								4,077,941
Banks – 10.0%
	Bank of America Corp.
	1,000,000		5.650			05/01/18		1,002,520
	1,400,000		2.600			01/15/19		1,401,378
	600,000		2.650			04/01/19		599,689
	1,450,000		4.125			01/22/24		1,492,522
	150,000		3.875			08/01/25		151,143
	3,500,000		3.248	(c)		10/21/27		3,298,810
	650,000		4.183	(c)		11/25/27		644,374
	100,000		6.110			01/29/37		120,317
Corporate Obligations – (continued)
Banks – (continued)
	Barclays PLC(c)
	900,000		3.684			01/10/23		892,185
	BNP Paribas SA(a)
	1,450,000		3.375			01/09/25		1,402,567
	200,000		4.375			09/28/25		200,520
	Capital One Financial Corp.(c)
	1,600,000		2.500			05/12/20		1,574,993
	Citigroup, Inc.(c)
	1,300,000		3.200			10/21/26		1,235,787
	Credit Agricole SA(a)
	1,500,000		2.125			04/17/18		1,499,756
	1,200,000		3.375			01/10/22		1,190,270
	Credit Suisse AG
	750,000		6.500			08/08/23		814,875
	Credit Suisse Group AG(a)(c)(d) (3M USD LIBOR + 1.410%)
	2,000,000		3.869			01/12/29		1,938,626
	Deutsche Bank AG
	150,000		2.850			05/10/19		149,467
	3,400,000		2.700			07/13/20		3,331,793
	100,000		3.125			01/13/21		98,387
	Dexia Credit Local SA
	3,500,000		1.875	(a)		03/28/19		3,478,790
GBP	5,900,000		1.125			06/15/22		8,164,465
	HSBC Holdings PLC
$	200,000		4.250			08/18/25		198,449
	450,000		6.800			06/01/38		577,114
	Intesa Sanpaolo SpA
	900,000		3.875			01/15/19		905,863
	Kreditanstalt fuer Wiederaufbau(e)
AUD	3,000,000		6.000			08/20/20		2,498,089
EUR	3,100,000		3.500			07/04/21		4,278,911
	7,300,000		2.500			01/17/22		9,883,116
	Morgan Stanley, Inc.
$	500,000		5.625			09/23/19		519,026
EUR	900,000		2.375			03/31/21		1,175,787
$	50,000		3.875			04/29/24		50,435
	1,700,000		3.700			10/23/24		1,691,702
	300,000		4.000			07/23/25		302,793
	1,400,000		3.625			01/20/27		1,370,338
	350,000		4.300			01/27/45		353,879
	Royal Bank of Scotland Group PLC
	200,000		3.875			09/12/23		197,512
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498(c)(d)			05/15/23		1,179,194
	SpareBank 1 Boligkreditt AS
EUR	10,030,000		0.125			11/12/18		12,379,718
	UBS Group Funding Switzerland AG(a)
$	2,400,000		3.000			04/15/21		2,374,657
								74,619,817
Beverages(c) – 0.2%
	Anheuser-Busch InBev Finance, Inc.
	500,000		4.900			02/01/46		539,256
	Anheuser-Busch InBev Worldwide, Inc.
	700,000		4.600			04/15/48		724,092
								1,263,348

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Biotechnology(c) – 0.1%
	Gilead Sciences, Inc.
$	800,000		4.150	%		03/01/47	$	783,343
Chemicals – 0.1%
	CNAC HK Finbridge Co. Ltd.
	200,000		4.125			07/19/27		188,750
	LyondellBasell Industries NV(c)
	252,000		5.000			04/15/19		255,817
								444,567
Diversified Financial Services – 1.2%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,550,000		3.750			05/15/19		2,565,961
	2,300,000		3.500	(c)		05/26/22		2,265,683
	2,149,000		4.625			07/01/22		2,203,032
	GE Capital International Funding Co.
	1,100,000		3.373			11/15/25		1,063,254
	Huarong Finance II Co. Ltd.
	570,000		5.000			11/19/25		576,412
	Synchrony Financial(c)
	250,000		3.000			08/15/19		249,246
								8,923,588
Electrical – 0.4%
	innogy Finance BV
GBP	900,000		6.250			06/03/30		1,672,586
	Ruwais Power Co. PJSC(a)
$	520,000		6.000			08/31/36		590,850
	Sempra Energy(c)
	700,000		3.400			02/01/28		671,484
								2,934,920
Food & Drug Retailing(c) – 0.1%
	Kraft Heinz Foods Co.
	600,000		2.800			07/02/20		595,845
Healthcare Providers & Services(c) – 0.4%
	Becton Dickinson & Co.
	1,600,000		2.894			06/06/22		1,552,417
	1,600,000		3.363			06/06/24		1,539,998
								3,092,415
Insurance – 0.9%
	Aviva PLC(c)(d)
	(5 year EUR Swap + 5.130%)
EUR	450,000		6.125			07/05/43		670,113
	(5 year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		728,868
	(6M GBP LIBOR + 1.880%)
	300,000		5.902			11/29/49		440,329
	AXA SA(c)(d) (3M USD LIBOR + 1.449%)
$	1,850,000		6.463			12/29/49		1,826,875
	Cloverie PLC for Zurich Insurance Co. Ltd.(c)(d) (3M USD LIBOR + 4.918%)
	1,250,000		5.625			06/24/46		1,293,805
	MetLife, Inc.
	500,000		4.368			09/15/23		520,354
	110,000		3.600			04/10/24		110,173
Corporate Obligations – (continued)
Insurance – (continued)
	NN Group NV(c)(d) (3M Euribor + 3.950%)
EUR	800,000		4.625			04/08/44		1,102,483
								6,693,000
Internet(a)(c) – 0.4%
	Amazon.com, Inc.
$	2,700,000		3.875			08/22/37		2,690,440
Media – 0.4%
	Charter Communications Operating LLC/Charter Communications Operating Capital(c)
	150,000		3.579			07/23/20		150,422
	1,150,000		4.908			07/23/25		1,175,192
	Comcast Corp.
	650,000		6.400			03/01/40		840,524
	Time Warner Cable LLC
	300,000		6.750			07/01/18		302,827
	450,000		5.000			02/01/20		462,184
	100,000		4.125	(c)		02/15/21		101,083
	28,000		7.300			07/01/38		33,569
	100,000		5.500	(c)		09/01/41		99,353
								3,165,154
Mining(a) – 0.3%
	Glencore Funding LLC
	2,100,000		4.125			05/30/23		2,113,692
Miscellaneous Manufacturing – 0.0%
	General Electric Co.
MXN	2,000,000		8.500			04/06/18		110,003
Oil Field Services – 0.9%
	Anadarko Petroleum Corp.
$	50,000		3.450	(c)		07/15/24		48,542
	650,000		6.450			09/15/36		779,328
	BP Capital Markets PLC
	250,000		3.814			02/10/24		255,053
	Devon Energy Corp.(c)
	500,000		3.250			05/15/22		493,968
	200,000		5.600			07/15/41		225,157
	500,000		4.750			05/15/42		511,107
	300,000		5.000			06/15/45		318,849
	Dolphin Energy Ltd.
	163,520		5.888	(a)		06/15/19		166,586
	109,792		5.888			06/15/19		111,851
	Gazprom OAO Via Gaz Capital SA
	440,000		8.625			04/28/34		570,350
	310,000		7.288			08/16/37		365,025
	Petroleos Mexicanos
	32,000		6.375			02/04/21		34,036
EUR	820,000		5.125			03/15/23		1,150,224
$	840,000		6.500			03/13/27		897,120
	30,000		6.375			01/23/45		29,083
	410,000		6.750			09/21/47		414,871
	21,000		6.350	(a)		02/12/48		20,291
	Reliance Industries Ltd.(a)
	510,000		3.667			11/30/27		481,950
								6,873,391

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals – 0.7%
	AbbVie, Inc.(c)
$	750,000		4.450	%		05/14/46	$	745,853
	Allergan Funding SCS
	50,000		2.450			06/15/19		49,619
	250,000		3.000	(c)		03/12/20		248,711
	CVS Health Corp.(c)
	550,000		2.800			07/20/20		546,075
	1,750,000		4.300			03/25/28		1,757,456
	950,000		4.780			03/25/38		962,854
	1,050,000		5.050			03/25/48		1,104,376
								5,414,944
Pipelines – 1.6%
	Abu Dhabi Crude Oil Pipeline LLC(a)
	1,260,000		4.600			11/02/47		1,225,350
	Enterprise Products Operating LLC(c)
	700,000		2.850			04/15/21		691,853
	500,000		3.750			02/15/25		502,240
	Kinder Morgan Energy Partners LP(c)
	470,000		3.950			09/01/22		473,463
	Kinder Morgan, Inc.(c)
	350,000		3.050			12/01/19		349,095
	3,000,000		5.000	(a)		02/15/21		3,114,904
	300,000		4.300			06/01/25		302,077
	MPLX LP(c)
	700,000		4.500			04/15/38		691,130
	600,000		4.700			04/15/48		584,459
	Plains All American Pipeline LP/PAA Finance Corp.(c)
	1,200,000		4.500			12/15/26		1,190,271
	300,000		4.700			06/15/44		267,843
	Sabine Pass Liquefaction LLC(c)
	1,500,000		5.625			03/01/25		1,610,625
	Williams Partners LP(c)
	550,000		3.600			03/15/22		547,511
	450,000		3.900			01/15/25		445,664
								11,996,485
Real Estate Investment Trust(c) – 0.2%
	American Tower Corp.
	450,000		3.300			02/15/21		449,895
	HCP, Inc.
	100,000		2.625			02/01/20		98,960
	273,000		5.375			02/01/21		287,034
	Ventas Realty LP/Ventas Capital Corp.
	200,000		3.250			08/15/22		198,241
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	350,000		2.700			09/17/19		348,330
	400,000		3.750			09/17/24		400,482
								1,782,942
Semiconductors(c) – 0.1%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	500,000		3.000			01/15/22		490,623
	550,000		3.625			01/15/24		541,051
								1,031,674
Corporate Obligations – (continued)
Software(c) – 0.3%
	Oracle Corp.
	700,000		3.250			11/15/27		682,806
	800,000		3.800			11/15/37		791,082
	500,000		4.000			11/15/47		492,854
								1,966,742
Supranational – 4.1%
	European Financial Stability Facility(e)
EUR	3,520,000		0.400			05/31/26		4,267,991
	1,100,000		2.350			07/29/44		1,621,243
	European Stability Mechanism
	19,950,000		1.250			10/15/18		24,779,838
								30,669,072
Telecommunication Services – 1.1%
	America Movil SAB de CV
MXN	5,260,000		6.000			06/09/19		281,006
	AT&T, Inc.
$	2,000,000		2.800	(c)		02/17/21		1,980,402
	1,450,000		3.200	(c)		03/01/22		1,442,298
	250,000		3.000	(c)		06/30/22		245,510
	150,000		3.900	(c)		08/14/27		151,033
	350,000		5.350			09/01/40		367,370
	200,000		4.750	(c)		05/15/46		194,249
	900,000		5.450	(c)		03/01/47		955,263
	Verizon Communications, Inc.
	250,000		3.450			03/15/21		252,516
	1,100,000		3.125			03/16/22		1,090,269
	500,000		5.150			09/15/23		539,444
	650,000		5.012			04/15/49		669,131
								8,168,491
	TOTAL CORPORATE OBLIGATIONS
	(Cost $178,702,646)						$	179,411,814
Asset-Backed Securities(d) – 20.0%
Collateralized Loan Obligations(a) – 11.6%
	AIMCO CLO Series 2014-AA, Class AR (3M USD LIBOR + 1.100%)
$	4,250,000		2.463	%		07/20/26	$	4,251,288
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	8,400,000		2.895			09/20/29		8,456,960
	Atrium X CLO Series 2017-10A, Class AR (3M USD LIBOR + 0.950%)
	3,778,499		2.309			07/16/25		3,778,907
	B&M CLO Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
	1,750,000		2.759			04/16/26		1,750,219
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	3,800,000		2.363			01/27/28		3,808,793
	GoldentTree Loan Management US CLO 1 Ltd. Series 2017-1A, Class A (3M USD LIBOR + 1.220%)
	4,650,000		2.583			04/20/29		4,667,182

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(d) – (continued)
Collateralized Loan Obligations(a) – (continued)
	Halcyon Loan Advisors Funding Ltd. Series 2013-1A, Class A1 (3M USD LIBOR + 1.150%)
$	1,839,781		2.509	%		04/15/25	$	1,839,886
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	5,600,000		2.484			04/18/26		5,600,823
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	3,900,000		2.623			07/20/26		3,901,033
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		2.650			04/15/29		5,288,335
	Oak Hill Credit Partners X Ltd. Series 2014-10A, Class AR (3M USD LIBOR + 1.130%)
	4,650,000		2.493			07/20/26		4,650,870
	OCP CLO Ltd. Series 2016-12A, Class A1 (3M USD LIBOR + 1.570%)
	4,650,000		2.924			10/18/28		4,669,386
	Octagon Investment Partners 24 Ltd. Series 2015-1A, Class A1R (3M USD LIBOR + 0.900%)
	8,450,000		2.341			05/21/27		8,450,769
	OFSI Fund VII Ltd. Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	2,250,000		2.254			10/18/26		2,250,094
	OHA Credit Partners VIII Ltd. Series 2013-8A, Class A (3M USD LIBOR + 1.120%)
	4,573,053		2.483			04/20/25		4,574,526
	Shackleton CLO Ltd. Series 2014-5A, Class AR (3M USD LIBOR + 1.140%)
	3,650,000		2.532			05/07/26		3,651,259
	Sound Point CLO XI Ltd. Series 2016-1A, Class A (3M USD LIBOR + 1.650%)
	8,350,000		3.013			07/20/28		8,384,519
	Sound Point CLO XI Ltd. Series 2016-1A, Class B1 (3M USD LIBOR + 2.400%)
	1,700,000		3.763			07/20/28		1,709,608
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	1,000,000		2.539			07/15/26		1,000,162
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	3,500,000		2.277			05/01/26		3,501,764
								86,186,383
Home Equity – 0.2%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3(a) (1M LIBOR + 1.450%)
	1,366,519		3.322			10/25/37		1,369,102
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	16,836		7.000			09/25/37		17,005
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	65,279		7.000			09/25/37		67,104
								1,453,211
Asset-Backed Securities(d) – (continued)
Student Loans – 8.2%
	Access Group, Inc. Series 2015-1, Class A(a) (1M USD LIBOR + 0.700%)
	1,153,807		2.321			07/25/56		1,161,882
	Chase Education Loan Trust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
	168,089		1.756			12/28/23		167,677
	ECMC Group Student Loan Trust Series 2017-1A, Class A(a)(1M USD LIBOR + 1.200%)
	6,597,353		2.821			12/27/66		6,677,166
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(a) (1M USD LIBOR + 0.800%)
	6,750,000		2.421			04/26/32		6,629,592
	Educational Services of America, Inc. Series 2010-1, Class A1(a) (3M USD LIBOR + 0.850%)
	355,762		2.217			07/25/23		356,409
	Educational Services of America, Inc. Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	1,717,730		2.621			12/25/56		1,733,410
	Higher Education Funding I Series 2014-1, Class A(a) (3M USD LIBOR + 1.050%)
	3,363,757		2.512			05/25/34		3,388,278
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	478,202		2.412			02/25/42		479,624
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	2,450,000		2.640			07/20/43		2,480,861
	Navient Student Loan Trust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	6,940,969		2.671			12/27/66		7,034,324
	Navient Student Loan Trust Series 2017-5A, Class A(a) (1M USD LIBOR + 0.800%)
	7,743,600		2.421			07/26/66		7,792,731
	Nelnet Student Loan Trust Series 2006-1, Class A6(a) (3M USD LIBOR + 0.450%)
	4,300,000		1.904			08/23/36		4,220,063
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	966,360		1.467			01/25/30		964,702
	Nelnet Student Loan Trust Series 2006-2, Class A7(a) (3M Euribor + 0.580%)
	4,050,000		1.947			01/25/37		3,990,899
	Nelnet Student Loan Trust Series 2010-3A, Class A(a) (3M USD LIBOR + 0.780%)
	435,883		2.147			07/27/48		439,312
	Nelnet Student Loan Trust Series 2011-1A, Class A(a) (1M USD LIBOR + 0.850%)
	235,878		2.471			02/25/48		238,256
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	1,620,762		2.267			07/25/41		1,617,117
	PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	3,356,575		2.771	%		09/25/65		3,406,581

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(d) – (continued)
Student Loans – (continued)
	Scholar Funding Trust Series 2010-A, Class A(a) (3M USD LIBOR + 0.750%)
$	811,906		2.128	%		10/28/41	$	807,633
	SLC Student Loan Center Series 2011-1, Class A(a) (1M USD LIBOR + 1.220%)
	523,793		2.841			10/25/27		530,723
	SLC Student Loan Trust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	1,948,069		1.698			03/15/27		1,939,375
	SLM Student Loan Trust Series 2004-8A, Class A6(a) (3M USD LIBOR + 0.630%)
	2,100,000		1.997			01/25/40		2,099,105
	SLM Student Loan Trust Series 2005-3, Class A5 (3M USD LIBOR + 0.090%)
	696,690		1.457			10/25/24		695,804
	SLM Student Loan Trust Series 2006-5, Class A5 (3M USD LIBOR + 0.110%)
	1,765,325		1.477			01/25/27		1,763,099
	Wachovia Student Loan Trust Series 2006-1, Class A5(a) (3M USD LIBOR + 0.120%)
	745,063		1.487			07/26/27		744,755
								61,359,378
	TOTAL ASSET-BACKED SECURITIES
	(Cost $147,542,414)						$	148,998,972
Mortgage-Backed Obligations – 12.8%
Collateralized Mortgage Obligations – 2.1%
Interest Only – 0.9%
$	587,714		4.413	%		05/15/41	$	83,386
	450,165		4.463			03/15/44		72,737
	348,238		4.513			07/15/39		47,491
	1,597,100		4.223			05/15/46		273,890
	412,480		3.000			12/15/27		36,461
	2,072,278		3.425			11/25/40		262,322
	550,989		4.929			12/25/41		90,079
	733,742		4.329			02/25/42		106,442
	739,391		4.479			12/25/43		102,212
	1,521,045		5.029			10/25/42		241,832
	579,433		4.979			02/25/44		99,885
	1,376,288		4.629			01/25/45		196,722
	502,027		4.629			11/25/45		71,137
	310,122		4.079			11/25/45		37,492
	1,408,801		4.279			02/25/46		250,822
	1,131,677		4.178			08/20/40		167,972
	842,360		4.428			02/20/40		130,545
	484,367		3.928			03/20/40		65,562
	634,819		4.428			12/20/42		96,464
	885,316		4.228			08/20/43		140,327
	184,809		4.278			09/20/43		27,344
	332,414		4.328			06/20/43		49,143
	336,429		4.278			06/20/43		49,268
	168,158		4.328			11/20/43		24,823
	1,067,077		4.278			11/20/43		160,773
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
	2,575,960		3.778			08/20/44		347,814
	779,624		4.278			10/20/43		105,922
	383,094		3.778			09/20/44		48,060
	1,208,289		3.814			10/16/44		161,334
	911,347		4.000			12/20/44		151,340
	217,988		4.278			03/20/44		33,320
	2,277,833		3.888			08/20/45		300,261
	1,096,471		4.000			08/20/45		189,497
	3,193,843		5.000			08/20/45		707,659
	551,491		4.428			09/20/45		84,229
	846,649		4.378			09/20/45		127,209
	449,518		4.500			09/16/45		89,878
	1,660,513		5.000			10/20/44		369,229
	400,198		4.428			11/20/45		60,704
	257,700		4.378			11/20/45		39,191
	1,797,716		3.778			04/20/45		230,067
	1,349,189		3.778			05/20/45		200,298
	507,326		4.378			01/20/46		76,776
	1,193,307		4.000			10/20/46		215,789
	702,657		4.000			06/20/45		109,631
	771,967		3.828			01/20/46		98,729
	739,920		3.828			01/20/46		95,862
								6,727,930
Sequential Fixed Rate – 0.2%
	537,134		5.000			06/25/41		577,364
	510,431		5.000			10/25/41		548,158
	65,950		7.000			10/25/42		75,142
	257,919		7.000			07/25/42		294,402
								1,495,066
Sequential Floating Rate(d) – 1.0%
	100,841		2.701			09/25/35		99,767
	584,699		1.800			03/20/46		521,449
	56,540		3.493			04/20/35		56,501
	496,273		3.795			08/19/36		468,184
	(12M MTA + 1.000%)
	729,844		2.201			01/25/46		653,565
	(6M USD LIBOR + 0.660%)
	121,725		2.211			11/20/34		122,935
	(1M USD LIBOR + 1.050%)
	1,400,000		2.638	(a)		05/15/18		1,400,000
	(3M GBP LIBOR + 0.850%)
	GBP 2,700,479		1.376			05/20/45		3,803,763
								7,126,164
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							15,349,160
Federal Agencies — 10.7%
FHLMC – 0.1%
	646		5.000			04/01/18		649
	1,619		5.000			05/01/18		1,626
	773		5.000			06/01/18		775
	1,141		5.000			07/01/18		1,142
	307		5.000			08/01/18		308
	419		5.000			09/01/18		421
	3,960		5.000			10/01/18		3,982
	3,789		5.000			11/01/18		3,813
	3,720		5.000			12/01/18		3,738

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	2,083		5.000	%		01/01/19		$	2,095
	294		5.000			02/01/19			297
	830		5.000			03/01/19			835
	3,392		5.000			01/01/33			3,635
	536		5.000			06/01/33			579
	5,863		5.000			07/01/33			6,328
	7,157		5.000			08/01/33			7,725
	1,213		5.000			10/01/33			1,310
	3,486		5.000			11/01/33			3,762
	1,771		5.000			12/01/33			1,911
	5,300		5.000			02/01/34			5,720
	2,068		5.000			03/01/34			2,232
	2,964		5.000			04/01/34			3,200
	6,387		5.000			05/01/34			6,893
	91,231		5.000			06/01/34			98,473
	1,137		5.000			11/01/34			1,227
	24,063		5.000			04/01/35			25,973
	2,630		5.000			11/01/35			2,839
	7,926		5.000			02/01/37			8,591
	660		5.000			11/01/37			708
	212,971		7.000			02/01/39			244,563
	35,847		5.000			01/01/40			38,727
	17,351		4.000			06/01/40			17,984
	178,260		4.000			02/01/41			184,541
	11,893		4.000			11/01/41			12,314
									698,916
FNMA – 1.3%
	210		5.000			05/01/18			210
	41		5.000			06/01/18			41
	104		5.000			11/01/18			105
	400		5.000			03/01/19			403
	401		5.000			04/01/19			405
	2,334		5.000			08/01/33			2,514
	1,488		5.500			02/01/34			1,632
	3,527		5.500			05/01/34			3,878
	1,469		5.500			10/01/34			1,611
	11,480		5.500			12/01/34			12,607
	3,329		5.500			04/01/35			3,654
	2,669		5.500			07/01/35			2,932
	375,232		4.500			07/01/36			396,456
	40,382		4.500			12/01/36			42,666
	36,360		4.500			05/01/38			38,450
	123,029		7.000			03/01/39			141,338
	27,595		4.500			05/01/39			29,228
	16,267		4.500			06/01/39			17,231
	11,902		4.500			08/01/39			12,607
	19,870		4.500			09/01/39			21,001
	27,501		4.500			10/01/39			29,067
	10,504		4.500			03/01/40			11,102
	151,958		4.500			04/01/40			160,627
	131,301		5.000			06/01/40			141,398
	9,725		4.500			12/01/40			10,279
	167,299		4.500			01/01/41			176,762
	44,193		4.500			04/01/41			46,693
	75,567		4.500			06/01/41			79,838
	63,644		4.500			07/01/41			67,244
	52,177		5.000			07/01/41			56,341
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	96,511		4.500			08/01/41			102,012
	286,558		4.500			09/01/41			302,921
	240,668		4.500			10/01/41			254,281
	192,966		4.500			11/01/41			203,881
	107,252		4.500			12/01/41			113,313
	123,531		4.500			01/01/42			130,514
	27,153		4.500			03/01/42			28,689
	51,804		4.500			04/01/42			54,679
	114,391		3.000			12/01/42			112,775
	292,491		3.000			01/01/43			288,352
	346,921		3.000			04/01/43			342,122
	958,669		4.500			06/01/45			1,010,497
	938,983		4.500			01/01/48			984,172
	4,000,000		4.500			TBA-30yr	(f)		4,188,125
									9,624,653
GNMA – 9.3%
	7,237,357		4.000			10/20/43			7,514,694
	711,093		4.000			11/20/44			736,343
	67,692		4.000			05/20/45			70,096
	3,253,811		4.000			07/20/45			3,369,347
	2,526,281		4.000			08/20/45			2,615,194
	593,283		4.000			09/20/45			613,978
	2,075,152		4.000			10/20/45			2,148,512
	1,238,066		4.000			01/20/46			1,280,093
	317,343		4.000			02/20/46			328,116
	1,919,859		4.000			07/20/47			1,974,830
	7,911,287		4.000			08/20/47			8,137,810
	3,958,781		4.000			12/20/47			4,074,297
	36,000,000		4.000			TBA-30yr	(f)		36,989,688
									69,852,998
	TOTAL FEDERAL AGENCIES							$	80,176,567
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $96,082,888)							$	95,525,727
Agency Debentures – 0.9%
	Canada Housing Trust No. 1(a)(e)
CAD	5,200,000		2.350	%		12/15/18		$	4,057,966
	FHLMC
$	1,800,000		6.750			03/15/31			2,499,570
	TOTAL AGENCY DEBENTURES
	(Cost $6,697,245)							$	6,557,536
Municipal Debt Obligation(c)(d) – 0.4%
Ohio — 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	2,900,000		2.217	%		10/25/37		$	2,896,321
	TOTAL MUNICIPAL DEBT OBLIGATION
	(Cost $2,874,695)							$	2,896,321

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Shares	Distribution Rate			Value
Investment Company(h) – 2.4%
Goldman Sachs Financial Square Government Fund –Institutional Shares
17,800,265		1.609	%	$	17,800,265
TOTAL INVESTMENTS – 100.9% (Cost $730,112,365)				$	752,857,348
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%					(6,900,571	)
NET ASSETS – 100.0%				$	745,956,777

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $196,274,139, which represents approximately 26.3% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(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, 2018.
(e)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $6,557,536, which represents approximately 0.9% of the Fund’s net assets as of March 31, 2018
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $41,177,813. which represents approximately 5.5% of the Fund’s net assets as of March 31, 2018.
(g)	Actual maturity date is September 20, 2117.
(h)	Represents an affiliated issuer.

Currency Abbreviations:
ARS	—Argentine Peso
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
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
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
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
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
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
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
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
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	7,222,832	USD	356,419	$	357,997		04/04/18	$	1,580
	ARS	49,166,678	USD	2,411,701		2,430,505		04/09/18		18,810
	ARS	32,379,078	USD	1,569,378		1,598,099		04/12/18		28,721
	ARS	19,472,219	USD	951,514		959,049		04/16/18		7,536
	ARS	17,159,077	USD	821,795		843,350		04/20/18		21,555
	ARS	18,338,960	USD	892,579		895,675		05/02/18		3,096
	ARS	33,818,686	USD	1,625,117		1,647,280		05/07/18		22,163
	ARS	8,738,720	USD	419,828		424,745		05/11/18		4,917
	ARS	10,064,722	USD	481,059		488,412		05/14/18		7,353
	ARS	7,499,598	USD	358,062		363,352		05/17/18		5,291
	ARS	5,740,585	USD	274,472		277,095		05/24/18		2,623
	ARS	17,336,184	USD	825,926		834,150		05/31/18		8,224
	AUD	838,782	USD	643,695		644,365		06/20/18		670
	BRL	24,176,649	USD	7,273,799		7,321,186		04/03/18		47,389
	BRL	22,428,139	USD	6,719,743		6,775,249		05/03/18		55,506
	CAD	1,306,191	EUR	815,977		1,015,403		06/20/18		5,288
	CAD	15,274,770	USD	11,833,034		11,874,258		06/20/18		41,223
	CHF	474,616	GBP	354,265		499,913		06/20/18		1,178
	CLP	822,806,908	USD	1,353,436		1,362,691		04/27/18		9,255
	CNH	6,435,974	EUR	818,838		1,022,286		06/20/18		8,631
	CNH	44,837,399	USD	7,046,645		7,121,946		06/20/18		75,301
	CNY	26,225,012	USD	4,142,421		4,179,110		04/16/18		36,690
	COP	2,574,314,458	USD	904,282		921,105		04/20/18		16,823
	COP	2,300,062,112	USD	807,690		822,912		04/27/18		15,223
	CZK	20,359,169	EUR	799,418		990,629		06/20/18		1,012
	EUR	407,789	CAD	647,485		504,811		06/20/18		1,471
	EUR	1,286,933	CHF	1,503,234		1,593,121		06/20/18		9,764
	EUR	410,261	GBP	360,648		507,870		06/20/18		149
	EUR	2,253,256	HUF	702,268,371		2,789,354		06/20/18		8,077
	EUR	2,779,485	NOK	26,601,775		3,440,784		06/20/18		38,389
	EUR	818,164	SEK	8,255,829		1,012,823		06/20/18		18,031
	EUR	818,107	USD	1,012,373		1,012,752		06/20/18		379
	GBP	1,450,645	EUR	1,638,075		2,042,222		06/20/18		14,417
	GBP	4,955,797	USD	6,927,871		6,976,787		06/20/18		48,916
	HKD	28,786,568	USD	3,683,266		3,685,098		09/19/18		1,832
	IDR	6,968,354,446	USD	506,009		507,489		04/09/18		1,480
	IDR	87,095,450,111	USD	6,314,326		6,334,946		04/26/18		20,620
	INR	16,244,503	USD	249,264		249,498		04/06/18		234
	INR	345,147,262	USD	5,288,764		5,298,582		04/13/18		9,819
	INR	41,688,309	USD	634,622		634,799		06/20/18		177
	JPY	54,079,526	EUR	408,993		510,994		06/20/18		4,692
	JPY	53,360,966	USD	503,951		504,204		06/20/18		253
	KRW	1,368,660,886	USD	1,274,033		1,287,235		04/05/18		13,200
	KRW	540,723,872	USD	505,070		509,085		04/09/18		4,016
	KRW	5,653,923,520	USD	5,283,508		5,323,495		04/12/18		39,990
	KRW	917,939,003	USD	863,479		864,378		04/16/18		898
	KRW	1,535,016,097	USD	1,428,825		1,445,804		04/26/18		16,979
	KRW	649,606,419	USD	602,601		611,867		04/27/18		9,266
	MXN	47,277,072	USD	2,506,016		2,567,894		06/20/18		61,878

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	NOK	9,819,238	EUR	1,010,771	$	1,255,891		06/20/18	$	4,636
	NOK	1,720,743	GBP	155,573		220,085		06/20/18		1,069
	NZD	556,565	USD	400,051		402,123		06/20/18		2,073
	PEN	6,402,967	USD	1,977,864		1,984,106		04/09/18		6,242
	PLN	5,239,032	EUR	1,234,817		1,532,864		06/20/18		4,258
	SEK	12,585,625	EUR	1,224,037		1,516,515		06/20/18		1,253
	SGD	3,174,958	USD	2,421,986		2,426,089		06/20/18		4,103
	THB	33,969,333	USD	1,083,793		1,086,744		04/12/18		2,951
	TRY	2,050,203	USD	504,173		507,358		06/20/18		3,186
	TWD	25,193,202	USD	863,479		866,663		04/16/18		3,184
	TWD	21,035,214	USD	719,879		723,712		04/17/18		3,834
	TWD	135,218,502	USD	4,648,485		4,664,503		05/10/18		16,019
	USD	2,709,845	ARS	54,594,986		2,705,982		04/04/18		3,863
	USD	2,533,298	AUD	3,233,979		2,484,038		05/23/18		49,261
	USD	1,050,640	AUD	1,349,003		1,036,322		06/20/18		14,318
	USD	535,359	BRL	1,748,510		529,485		04/03/18		5,874
	USD	21,053,514	CAD	27,074,608		21,036,883		05/25/18		16,631
	USD	1,512,917	CAD	1,939,271		1,507,545		06/20/18		5,371
	USD	490,989	CHF	458,231		482,655		06/20/18		8,333
	USD	1,602,219	CLP	949,280,518		1,572,086		04/20/18		30,132
	USD	503,912	CNH	3,156,055		501,306		06/20/18		2,606
	USD	710,698	DKK	4,279,000		709,462		06/01/18		1,237
	USD	9,014,508	EUR	7,241,092		8,963,900		06/20/18		50,607
	USD	2,223,301	GBP	1,566,010		2,204,634		06/20/18		18,666
	USD	2,253,000	HKD	17,452,110		2,226,887		05/11/18		26,113
	USD	2,740,000	HKD	21,257,294		2,721,242		09/19/18		18,758
	USD	2,988,159	IDR	39,968,985,532		2,910,415		04/11/18		77,744
	USD	728,418	ILS	2,509,947		717,965		05/24/18		10,453
	USD	3,470,608	INR	225,728,374		3,465,939		04/05/18		4,670
	USD	506,051	INR	32,941,853		505,712		04/13/18		339
	USD	1,546,987	INR	100,354,028		1,537,870		04/27/18		9,117
	USD	1,299,168	JPY	137,989,843		1,296,999		04/02/18		2,169
	USD	4,621,903	JPY	485,762,719		4,589,938		06/20/18		31,966
	USD	622,120	NOK	4,791,337		612,817		06/20/18		9,303
	USD	4,858,590	NZD	6,691,653		4,834,787		06/20/18		23,803
	USD	423,074	RUB	24,190,726		419,701		05/17/18		3,373
	USD	3,159,331	SEK	24,749,276		2,965,089		04/05/18		194,242
	USD	405,403	SEK	3,299,606		397,589		06/20/18		7,814
	USD	503,838	SGD	659,098		503,639		06/20/18		200
	USD	1,410,155	TRY	5,628,653		1,392,908		06/20/18		17,247
	USD	352,734	TWD	10,204,833		351,095		04/17/18		1,639
	USD	6,393,203	TWD	185,081,574		6,375,323		04/27/18		17,881
	USD	5,003,342	ZAR	59,487,236		4,991,146		05/18/18		12,196
	USD	2,216,340	ZAR	26,197,369		2,188,703		06/20/18		27,637
	ZAR	127,700,607	USD	10,660,062		10,668,966		06/20/18		8,904
TOTAL									$	1,536,260

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	101,967,139	USD	5,149,277	$	5,053,967		04/04/18	$	(95,312	)
	ARS	54,594,985	USD	2,580,713		2,578,113		07/03/18		(2,600	)
	AUD	644,668	GBP	361,933		495,243		06/20/18		(14,288	)
	AUD	12,631,956	USD	9,863,218		9,704,031		06/20/18		(159,186	)
	BRL	24,176,650	USD	7,466,873		7,321,188		04/03/18		(145,685	)
	CAD	1,954,597	EUR	1,229,963		1,519,460		06/20/18		(3,138	)
	CAD	4,838,358	USD	3,768,834		3,761,231		06/20/18		(7,603	)
	CHF	3,781,545	EUR	3,232,534		3,983,105		06/20/18		(18,519	)
	CLP	735,075,757	USD	1,219,942		1,217,346		04/20/18		(2,596	)
	EUR	416,950	CZK	10,624,299		516,151		06/20/18		(802	)
	EUR	2,448,382	GBP	2,169,830		3,030,902		06/20/18		(23,789	)
	EUR	406,751	NOK	3,962,683		503,526		06/20/18		(3,305	)
	EUR	566,726	PLN	2,402,632		701,562		06/20/18		(1,413	)
	EUR	9,331,035	USD	11,621,392		11,551,086		06/20/18		(70,306	)
	GBP	2,163,257	USD	3,063,818		3,045,441		06/20/18		(18,377	)
	HKD	8,748,378	USD	1,119,546		1,117,678		06/20/18		(1,869	)
	HUF	1,204,252,313	EUR	3,858,732		4,769,343		06/20/18		(7,464	)
	IDR	89,582,238,546	USD	6,596,145		6,523,096		04/11/18		(73,050	)
	IDR	68,748,217,535	USD	5,107,210		5,004,167		04/16/18		(103,045	)
	IDR	6,924,818,628	USD	503,883		503,681		04/26/18		(202	)
	INR	258,799,949	USD	4,028,583		3,973,735		04/05/18		(54,848	)
	INR	63,140,648	USD	969,740		969,314		04/13/18		(426	)
	INR	70,597,866	USD	1,085,330		1,083,381		04/16/18		(1,949	)
	INR	512,062,978	USD	7,915,079		7,847,081		04/27/18		(67,998	)
	JPY	53,408,641	CAD	650,926		504,654		06/20/18		(1,361	)
	JPY	107,010,337	EUR	818,342		1,011,133		06/20/18		(1,909	)
	JPY	1,120,538,113	USD	10,637,944		10,563,806		05/18/18		(74,138	)
	JPY	590,410,471	USD	5,613,758		5,578,747		06/20/18		(35,011	)
	NOK	52,881,722	EUR	5,497,203		6,763,628		06/20/18		(41,476	)
	NZD	6,568,385	USD	4,784,182		4,745,722		06/20/18		(38,460	)
	PEN	7,036,566	USD	2,186,831		2,180,760		04/05/18		(6,071	)
	PHP	33,188,579	USD	632,826		631,334		06/06/18		(1,493	)
	PLN	23,514,665	EUR	5,569,587		6,880,045		06/20/18		(14,664	)
	RUB	299,904,944	USD	5,234,309		5,203,250		05/17/18		(31,058	)
	SEK	281,895,940	EUR	27,663,791		33,967,267		06/20/18		(278,326	)
	SEK	12,389,272	NOK	11,735,299		1,492,855		06/20/18		(8,103	)
	SEK	4,172,099	USD	508,590		502,720		06/20/18		(5,870	)
	SGD	2,036,815	USD	1,557,851		1,556,397		06/20/18		(1,454	)
	TRY	4,090,643	USD	1,033,720		1,012,301		06/20/18		(21,419	)
	TWD	28,321,060	USD	977,937		974,380		04/17/18		(3,557	)
	TWD	77,645,449	USD	2,682,800		2,674,576		04/27/18		(8,224	)
	TWD	54,353,532	USD	1,878,721		1,874,982		05/10/18		(3,741	)
	USD	2,705,401	ARS	54,594,985		2,705,982		04/04/18		(581	)
	USD	525,815	ARS	10,874,302		537,560		04/09/18		(11,744	)
	USD	14,011,920	BRL	46,604,789		14,112,889		04/03/18		(100,967	)
	USD	990,688	CLP	602,318,773		997,489		04/20/18		(6,801	)
	USD	1,512,305	CNH	9,581,805		1,521,968		06/20/18		(9,663	)
	USD	1,423,073	CNY	9,020,861		1,437,528		04/16/18		(14,454	)
	USD	509,995	COP	1,469,081,858		525,646		04/20/18		(15,651	)
	USD	120,779,636	EUR	97,701,553		120,822,961		06/08/18		(43,325	)
	USD	3,745,448	EUR	3,030,466		3,751,479		06/20/18		(6,030	)
	USD	29,177,830	GBP	21,051,136		29,601,205		05/25/18		(423,376	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLCV (continued)	USD	3,946,187	GBP	2,815,456	$	3,963,608		06/20/18	$	(17,422	)
	USD	505,010	INR	33,071,575		507,796		04/05/18		(2,787	)
	USD	247,922	INR	16,244,503		249,498		04/06/18		(1,576	)
	USD	3,993,956	INR	260,804,036		4,003,773		04/13/18		(9,817	)
	USD	2,714,086	INR	177,349,489		2,717,783		04/27/18		(3,696	)
	USD	176,017,325	JPY	18,809,827,418		177,328,511		05/18/18		(1,311,186	)
	USD	14,292,620	JPY	1,513,357,717		14,299,610		06/20/18		(6,990	)
	USD	1,274,690	KRW	1,368,660,886		1,287,233		04/05/18		(12,545	)
	USD	4,460,033	KRW	4,816,199,445		4,534,731		04/12/18		(74,699	)
	USD	1,007,872	KRW	1,079,224,352		1,016,252		04/16/18		(8,380	)
	USD	12,117,099	KRW	12,874,418,000		12,125,882		04/25/18		(8,783	)
	USD	506,014	KRW	540,195,075		508,800		04/26/18		(2,786	)
	USD	1,921,012	MXN	35,786,000		1,946,065		06/12/18		(25,054	)
	USD	4,533,486	MXN	85,422,598		4,639,800		06/20/18		(106,316	)
	USD	1,008,532	NZD	1,400,723		1,012,037		06/20/18		(3,505	)
	USD	2,171,938	PEN	7,036,565		2,180,760		04/05/18		(8,822	)
	USD	1,015,435	SGD	1,331,107		1,017,142		06/20/18		(1,708	)
	USD	4,479,829	THB	142,669,925		4,564,285		04/12/18		(84,456	)
	USD	540,219	THB	16,912,632		541,138		04/16/18		(919	)
	USD	302,125	TRY	1,223,061		302,668		06/20/18		(543	)
	USD	7,100,891	TWD	207,823,028		7,150,108		04/17/18		(49,218	)
	USD	1,170,545	TWD	34,062,525		1,173,318		04/27/18		(2,773	)
	USD	4,632,031	TWD	134,608,385		4,643,456		05/10/18		(11,426	)
	USD	2,272,060	TWD	66,048,774		2,286,097		06/12/18		(14,037	)
	ZAR	12,043,774	USD	1,008,812		1,006,218		06/20/18		(2,594	)
TOTAL									$	(3,858,735	)

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		91		06/15/18	$	7,770,220	$	15,982
Australian 10 Year Government Bonds		42		06/15/18		4,181,194		70,903
Euro Buxl 30 Year Bonds		25		06/07/18		5,087,294		123,618
French 10 Year Government Bonds		58		06/07/18		11,032,483		189,737
Japan 10 Year Government Bonds		9		06/13/18		12,752,502		8,425
Ultra 10 Year U.S. Treasury Notes		33		06/20/18		4,285,359		79,502
Ultra Long U.S. Treasury Bonds		146		06/20/18		23,428,437		734,221
2 Year German Euro-Schatz		274		06/07/18		37,751,612		59,489
2 Year U.S. Treasury Notes		69		06/29/18		14,670,047		6,805
5 Year German Euro-Bobl		64		06/07/18		10,335,777		65,230
10 Year German Euro-Bund		10		06/07/18		1,961,706		1,890
10 Year U.K. Long Gilt		32		06/27/18		5,514,130		105,674
10 Year U.S. Treasury Notes		511		06/20/18		61,902,859		446,930
Total							$	1,908,406

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Italian 10 Year Government Bonds		(12	)		06/07/18		(2,049,289	)	$	(4,918	)
Eurodollars		(368	)		12/16/19		(89,437,800	)		(1,492	)
5 Year U.S. Treasury Notes		(710	)		06/29/18		(81,267,266	)		(290,321	)
20 Year U.S. Treasury Bonds		(47	)		06/20/18		(6,891,375	)		(209,187	)
Total									$	(505,918	)
TOTAL FUTURES CONTRACTS									$	1,402,488

SWAP CONTRACTS — At March 31, 2018, 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 STIBOR(a)	0.050%(b)	06/15/18	SEK		129,980		$	26,970		$	13,608		$	13,362
3M STIBOR(a)	0.330(a)	09/15/18			191,800			9,431			1,485			7,946
0.330%(b)	3M STIBOR(a)	09/15/18			191,800			(36,566	)		(222	)		(36,344	)
6M GBP(a)	0.900	06/20/19	GBP		22,140	(c)		21,733			5,400			16,333
6M CDOR(d)	1.750	06/20/19	CAD		43,170	(c)		(112,023	)		(93,992	)		(18,031	)
3M LIBOR(e)	2.100	06/20/19	$		26,100	(c)		2,007			(10,631	)		12,638
0.100(b)	3M STIBOR(a)	06/29/19			238,300	(c)		58,287			(4,761	)		63,048
3M LIBOR(e)	2.206	09/04/19	$		115,400	(c)		16,239			(3,944	)		20,183
Mexico IB TIIE 28D(f)	7.600	06/17/20	MXN		35,250	(c)		3,881			(1,542	)		5,423
6M CDOR(d)	1.750	06/20/20	CAD		16,570	(c)		(127,418	)		(124,077	)		(3,341	)
0.100(b)	3M STIBOR(a)	06/20/20	SEK		137,230	(c)		(62,391	)		(50,943	)		(11,448	)
2.250(b)	6M AUDOR	06/20/20	AUD		20,370	(c)		(52,613	)		(43,512	)		(9,101	)
3M LIBOR(a)	2.139(b)	11/20/20	$		91,180	(c)		(1,022,019	)		(149,929	)		(872,090	)
0.250(b)	3M STIBOR(a)	06/20/21	SEK		155,560	(c)		(57,678	)		(20,673	)		(37,005	)
6M EURO(d)	0.350(a)	12/16/21	EUR		56,200	(c)		(122,370	)		(156,414	)		34,044
0.500(b)	3M STIBOR(a)	12/16/21	SEK		446,420	(c)		112,521			247,918			(135,397	)
6M EURO(d)	0.750(b)	02/17/22	EUR		19,870	(c)		119,400			26,504			92,896
0.500(b)	3M STIBOR(a)	06/20/22	SEK		160,100	(c)		(99,552	)		(36,107	)		(63,445	)
6M CDOR(d)	2.028	07/18/22	CAD		14,470	(c)		(149,677	)		(100,490	)		(49,187	)
2.510(a)	6M WIBOR(d)	12/20/22	PLN		15,780			(45,254	)		(19,251	)		(26,003	)
6M EURO(d)	0.850(a)	02/10/23	EUR		23,940	(c)		163,568			(48,709	)		212,277
2.750(d)	3M LIBOR(a)	02/20/23	$		9,200	(c)		9,967			16,738			(6,771	)
6M EURO(d)	0.250(a)	06/20/23	EUR		55,640	(c)		(599,311	)		(1,245,159	)		645,848
6M GBP(d)	1.000	06/20/23	GBP		3,440	(c)		(90,656	)		(112,734	)		22,078
6M CDOR(d)	2.000%	06/20/23	CAD		14,620	(c)		(223,618	)		(268,010	)		44,392
2.000%(d)	3M LIBOR(a)	06/20/23	$		3,540	(c)		120,480			128,255			(7,775	)
0.500(b)	3M STIBOR(a)	06/20/23	SEK		285,200	(c)		121,034			320,345			(199,311	)
2.500(d)	6M AUDOR	06/20/23	AUD		14,110	(c)		20,750			71,732			(50,982	)
2.851(d)	3M LIBOR(a)	09/04/23	$		38,420	(c)		(185,258	)		25,760			(211,018	)
2.275(d)	3M LIBOR(a)	11/20/23			39,430	(c)		895,644			83,875			811,769
6M GBP(d)	1.200	11/21/23	GBP		26,570	(c)		(432,388	)		(180,072	)		(252,316	)
2.882(d)	3M LIBOR(a)	02/28/25	$		6,200	(c)		(51,001	)		(19,759	)		(31,242	)
6M EURO(d)	0.500(a)	06/20/25	EUR		4,360	(c)		(73,457	)		(126,778	)		53,321
6M EURO(d)	1.330(b)	01/12/27	$		14,700	(c)		(41,827	)		(151,740	)		109,913

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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 GBP(d)		1.600%	03/16/27	GBP		11,570	(c)	$	(14,718	)	$	(654,130	)	$	639,412
6M EURO(d)		1.600(b)	10/25/27	EUR		2,100	(c)		10,458			(119,641	)		130,099
2.000%(b)		3M STIBOR(a)	10/25/27	SEK		19,930	(c)		(12,762	)		(152,508	)		139,746
2.000(b)		3M STIBOR(a)	11/02/27			49,820	(c)		(30,791	)		2,522			(33,313	)
6M EURO(d)		1.500(b)	12/19/27	EUR		9,410	(c)		(22,566	)		36,672			(59,238	)
3M LIBOR(a)		2.750(d)	12/21/27	$		7,600	(c)		(32,676	)		(89,658	)		56,982
3.500(d)		6M AUDOR	12/21/27	AUD		16,590	(c)		(195,426	)		(148,248	)		(47,178	)
6M CHFOR(d)		0.250(b)	06/20/28	CHF		1,380	(c)		(28,961	)		(45,342	)		16,381
6M EURO(d)		1.000(b)	06/20/28	EUR		12,490	(c)		(11,543	)		(227,724	)		216,181
6M GBP(d)		1.250	06/20/28	GBP		1,990	(c)		(71,086	)		(102,195	)		31,109
6M CDOR(d)		2.250	06/20/28	CAD		20,710	(c)		(407,681	)		(511,308	)		103,627
2.250(d)		3M LIBOR(a)	06/20/28			550	(c)		26,394			31,039			(4,645	)
1.500(a)		3M STIBOR(a)	06/20/28	SEK		29,850	(c)		(82,947	)		(31,530	)		(51,417	)
3.000(d)		6M AUDOR	06/20/28	AUD		8,410	(c)		(93,081	)		(10,031	)		(83,050	)
6M CHFOR(d)		1.000(b)	06/21/28	CHF		3,170	(c)		11,507			(15,971	)		27,478
3M NIBOR(d)		3.000(b)	06/21/28	NOK		42,960	(c)		92,193			47,672			44,521
4.000(d)		3M NZDOR(a)	06/21/28	NZD		4,140	(c)		(48,936	)		475			(49,411	)
1.400(d)		6M GBP	11/21/28	GBP		16,050	(c)		325,543			204,232			121,311
1.940(d)		6M GBP	01/11/32			11,960	(c)		(176,081	)		(26,320	)		(149,761	)
1.500(d)		6M GBP	06/20/33			8,090	(c)		114,489			335,779			(221,290	)
1.750(d)		6M GBP	03/17/37			9,460	(c)		(98,939	)		(329,061	)		230,122
3M LIBOR(a)		2.750(d)	06/16/37	$		4,470	(c)		(62,705	)		(100,558	)		37,853
1.750(d)		6M GBP	12/14/37	GBP		4,800	(c)		(54,994	)		(39,313	)		(15,681	)
1.750(d)		6M GBP	06/14/38			3,810	(c)		(47,407	)		(45,237	)		(2,170	)
1.500(b)		6M EURO(d)	06/20/38	EUR		4,770	(c)		(40,619	)		102,650			(143,269	)
3M LIBOR(a)		2.500(d)	06/17/47	$		6,940	(c)		(102,108	)		(150,286	)		48,178
1.750(b)		6M EURO(d)	06/16/48	EUR		2,530	(c)		(35,479	)		(14,086	)		(21,393	)
6M GBP(d)		1.500	06/20/48	GBP		1,220	(c)		(6,032	)		(81,585	)		75,553
3M LIBOR(a)		2.500(d)	06/20/48	$		1,030	(c)		(71,769	)		(97,251	)		25,482
2.540(d)		6M CDOR	07/18/48	CAD		2,440	(c)		32,160			39,776			(7,616	)
TOTAL									(3,019,728	)	$	(4,218,995	)	$	1,199,267

(a) Payments made quarterly.

(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, 2018.

(d) Payments made semi-annually.

(e) Payments made at the termination date.

(f) Payments made monthly.

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate (Paid) by the Fund(a)			Credit Spread at March 31, 2018(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	)%	0.454%		Barclays Bank PLC		12/20/21		460	$	(9,092	)	$	(1,364	)	$	(7,728	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.326		Citibank NA		12/20/20		13,280		(242,148	)		54,807			(296,955	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.375		Deutsche Bank Securities, Inc.		06/20/21		100		(1,977	)		(15	)		(1,962	)
People's Republic of China, 7.500%, 10/28/27		(1.000	)	0.585		JPMorgan Securities, Inc.		12/20/22		9,110		(169,635	)		(197,123	)		27,488
TOTAL											$	(422,852	)	$	(143,695	)	$	(279,157	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2018(b)	Termination Date			Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 29		(1.000)%	0.655%		06/20/23	$		10,875	$	(183,761	)	$	(190,039	)	$	6,278
Protection Sold:
CDX.NA.IG Index 30		1.000	0.598		06/20/23	EUR		3,700		95,549			93,537			2,012
TOTAL									$	(88,212	)	$	(96,502	)	$	8,290

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		68	$	170,000	$	115,600	$	18,853	$	96,747

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
2Y IRS	Citibank NA		2.250	%		03/30/2020		13,200,000		$	13,200,000		$	45,692		$	45,692		$	—
Puts
1Y IRS	Citibank NA		2.450			01/23/2019		7,200,000			7,200,000			63,631			80,800			(17,169	)
1Y IRS	Citibank NA		2.400			01/25/2019		4,500,000			4,500,000			35,533			46,000			(10,467	)
1Y IRS	Citibank NA		2.750			02/12/2019		2,300,000			2,300,000			42,822			39,100			3,722
1Y IRS	Citibank NA		2.750			02/13/2019		4,300,000			4,300,000			80,279			75,250			5,029
1Y IRS	JPMorgan Securities, Inc.		2.750			03/06/2019		4,300,000			4,300,000			83,072			71,667			11,405
2Y IRS	Citibank NA		2.450			03/26/2020		9,600,000			9,600,000			44,412			38,505			5,907
								32,200,000		$	32,200,000		$	349,749		$	351,322		$	(1,573	)
Total Purchased option contracts								45,400,000		$	45,400,000		$	395,441		$	397,014		$	(1,573	)
Written option contracts
Calls
2Y IRS	Citibank NA		2.338	%		03/30/2020		(2,900,000	)	$	(2,900,000	)	$	(45,675	)	$	(45,675	)	$	—
Puts
1Y IRS	Citibank NA		2.503			01/23/2019		(3,200,000	)		(3,200,000	)		(67,593	)		(80,800	)		13,207
1Y IRS	Citibank NA		2.449			01/25/2019		(2,000,000	)		(2,000,000	)		(37,110	)		(46,000	)		8,890
1Y IRS	Citibank NA		2.790			02/12/2019		(1,000,000	)		(1,000,000	)		(44,618	)		(38,250	)		(6,368	)
1Y IRS	Citibank NA		2.799			02/13/2019		(1,900,000	)		(1,900,000	)		(86,670	)		(74,812	)		(11,858	)
1Y IRS	JPMorgan Securities, Inc.		2.793			03/06/2019		(1,900,000	)		(1,900,000	)		(88,385	)		(71,250	)		(17,135	)
2Y IRS	Citibank NA		2.530			03/26/2020		(2,100,000	)		(2,100,000	)		(44,179	)		(38,325	)		(5,854	)
								(12,100,000	)	$	(12,100,000	)	$	(368,555	)	$	(349,437	)	$	(19,118	)
Total Written option contracts								(15,000,000	)	$	(15,000,000	)	$	(414,230	)	$	(395,112	)	$	(19,118	)
TOTAL								30,400,000		$	30,400,000		$	(18,789	)	$	1,902		$	(20,691	)

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—2 Year Interest Rate Swaptions
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 2.0%
Energy – Coal(b) – 0.1%
	Murray Energy Corp. (3M LIBOR + 7.250%)
$	6,539,895		9.552	%		04/16/20	$	5,526,211
Environmental(b) – 0.3%
	EnergySolutions LLC (3M LIBOR + 4.750%)
	13,397,500		6.630			05/29/20		13,564,969
Food & Beverages(b) – 0.3%
	Shearer's Foods, Inc. (3M LIBOR + 6.750%)
	14,295,736		9.052			06/30/22		13,187,817
Media – Broadcasting & Radio(b) – 0.3%
	Getty Images, Inc.(3M LIBOR + 3.500%)
	13,829,954		5.802			10/18/19		13,218,256
Media – Cable – 0.2%
	Charter Communications Operating LLC
	7,888,652		3.880			04/30/25		7,914,921
Noncaptive – Financial(b) – 0.3%
	Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (1M LIBOR + 2.250%)
	14,675,035		4.072			04/03/22		14,679,584
Technology – Software/Services – 0.4%
	MA FinanceCo. LLC(b) (1M LIBOR + 2.750%)
	986,683		4.627			06/21/24		974,972
	Seattle SpinCo, Inc.(b) (1M LIBOR + 2.750%)
	6,663,317		4.627			06/21/24		6,584,223
	SS&C Technologies Holdings Europe S.a.r.l.
	2,486,052		2.500			02/28/25		2,497,189
	SS&C Technologies, Inc.
	6,968,948		2.500			02/28/25		7,000,169
								17,056,553
Telecommunications – Satellites(b) – 0.1%
	Windstream Corp. (1M LIBOR + 4.000%)
	6,417,562		5.810			03/29/21		6,155,533
	TOTAL BANK LOANS
	(Cost $94,239,343)						$	91,303,844
Corporate Obligations – 12.4%
Airlines – 0.3%
	Continental Airlines 2012-3 Class C Pass Through Trust
$	12,550,000		6.125	%		04/29/18	$	12,570,871
Banks(c) – 0.9%
	Banco Bilbao Vizcaya Argentaria SA(b) (5 year USD Swap + 8.262%)
	7,200,000		9.000			05/09/49		7,227,000
	Bank of America Corp.(b) (3M USD LIBOR + 3.640%)
	12,275,000		8.125			05/15/49		12,305,688
	CIT Group, Inc.
	5,950,000		4.125			03/09/21		5,979,750
	Popular, Inc.
	2,455,000		7.000			07/01/19		2,504,520
	SMFG Preferred Capital USD 3 Ltd.(b) (6M USD LIBOR + 5.890%)
	13,157,000		9.500			07/25/49		13,443,138
								41,460,096
Corporate Obligations – (continued)
Chemicals – 0.1%
	CNAC HK Finbridge Co. Ltd.
	3,040,000		4.125	%		07/19/27		2,869,000
Computers(c) – 0.1%
	Western Digital Corp.
	6,475,000		4.750			02/15/26		6,458,813
Diversified Financial Services – 0.3%
	Huarong Finance II Co. Ltd.
	2,090,000		5.500			01/16/25		2,185,077
	1,190,000		5.000			11/19/25		1,203,388
	Nationstar Mortgage LLC/Nationstar Capital Corp.(c)
	6,450,000		6.500			08/01/18		6,482,250
	Navient Corp.
	2,500,000		8.450			06/15/18		2,518,750
								12,389,465
Electrical(c) – 0.2%
	Calpine Corp.(d)
	4,325,000		5.875			01/15/24		4,368,250
	Dynegy, Inc.
	7,108,000		6.750			11/01/19		7,232,390
								11,600,640
Healthcare Providers & Services – 0.2%
	HCA, Inc.
	7,050,000		3.750			03/15/19		7,076,790
	2,975,000		6.500			02/15/20		3,120,031
								10,196,821
Insurance(b)(c) – 0.3%
	The Chubb Corp.(3M USD LIBOR + 2.250%)
	11,894,000		3.972			03/29/67		11,890,432
Iron/Steel – 0.0%
	ABJA Investment Co. Pte Ltd.
	560,000		5.950			07/31/24		566,300
	890,000		5.450			01/24/28		828,813
								1,395,113
Lodging – 0.1%
	MGM Resorts International
	5,000,000		8.625			02/01/19		5,218,750
Media – 0.4%
	Altice Financing SA(c)(d)
	8,500,000		6.625			02/15/23		8,415,000
	Cablevision Systems Corp.
	1,850,000		8.000			04/15/20		1,954,062
	DISH DBS Corp.
	4,400,000		5.875			07/15/22		4,202,000
	Meredith Corp.(c)(d)
	2,000,000		6.875			02/01/26		2,047,500
								16,618,562
Mining(c)(d) – 0.1%
	First Quantum Minerals Ltd.
	5,950,000		7.250			04/01/23		5,890,500

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
MXN	110,000,000		8.500	%		04/06/18	$	6,050,182
Oil Field Services – 2.4%
	Carrizo Oil & Gas, Inc.(c)
$	4,182,000		7.500			09/15/20		4,244,730
	Gazprom OAO Via Gaz Capital SA
	5,270,000		7.288			08/16/37		6,205,425
	Laredo Petroleum, Inc.(c)
	4,050,000		5.625			01/15/22		4,009,500
	Petrobras Global Finance BV
	1,130,000		8.750			05/23/26		1,324,134
	12,920,000		7.375			01/17/27		13,998,820
	Petroleos de Venezuela SA(e)
	223,560,000		6.000			10/28/22		52,648,380
	11,610,000		5.375			04/12/27		3,210,165
	Petroleos Mexicanos
EUR	7,630,000		5.125			03/15/23		10,702,697
	Reliance Industries Ltd.
$	280,000		4.125			01/28/25		278,457
	11,260,000		3.667	(d)		11/30/27		10,640,700
	Whiting Petroleum Corp.
	2,950,000		1.250			04/01/20		2,776,649
								110,039,657
Packaging(c) – 0.2%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(d)
	4,275,000		6.000			02/15/25		4,280,344
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu
	5,087,816		5.750			10/15/20		5,138,693
								9,419,037
Pharmaceuticals(c) – 1.7%
	CVS Health Corp.
	42,350,000		4.100			03/25/25		42,648,563
	27,825,000		4.300			03/25/28		27,943,551
	Valeant Pharmaceuticals International, Inc.(d)
	5,900,000		6.500			03/15/22		6,091,750
	1,675,000		7.000			03/15/24		1,742,000
								78,425,864
Pipelines(c) – 1.2%
	DCP Midstream Operating LP
	6,200,000		2.700			04/01/19		6,122,500
	Enterprise Products Operating LLC(b) (3M USD LIBOR + 3.708%)
	29,675,000		5.481			08/01/66		29,750,933
	Plains All American Pipeline LP/PAA Finance Corp.
	7,725,000		3.600			11/01/24		7,363,103
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	10,850,000		4.125			11/15/19		10,877,125
								54,113,661
Real Estate Investment Trust – 0.6%
	China Evergrande Group(c)
	17,900,000		8.750			06/28/25		17,900,000
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Corporacion Geo SA(f)
	492,130		8.000			04/13/21	$	—
	Kaisa Group Holdings Ltd.(c)
	1,400,000		8.500			06/30/22		1,309,000
	6,930,000		9.375			06/30/24		6,479,550
	Trust F/1401(c)(d)
	4,470,000		5.250			12/15/24		4,576,162
								30,264,712
Semiconductors(d) – 0.1%
	NXP BV/NXP Funding LLC
	3,750,000		4.125			06/01/21		3,787,500
Software(c)(d) – 0.3%
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	7,000,000		5.750			03/01/25		6,912,500
	CURO Financial Technologies Corp.
	6,975,000		12.000			03/01/22		7,724,813
								14,637,313
Telecommunication Services – 2.8%
	America Movil SAB de CV
MXN	256,740,000		6.000			06/09/19		13,715,868
	Frontier Communications Corp.
$	16,107,000		8.125			10/01/18		16,268,070
	2,475,000		8.500	(c)(d)		04/01/26		2,394,563
	Intelsat Jackson Holdings SA(c)
	1,600,000		7.250			10/15/20		1,480,000
	15,000,000		7.500			04/01/21		13,575,000
	2,450,000		9.750	(d)		07/15/25		2,284,625
	Nokia OYJ
	3,500,000		3.375			06/12/22		3,386,250
	Sprint Communications, Inc.
	7,700,000		9.000	(d)		11/15/18		7,959,875
	11,000,000		7.000			08/15/20		11,467,500
	Sprint Corp.
	13,500,000		7.125			06/15/24		13,162,500
	2,550,000		7.625	(c)		03/01/26		2,486,250
	Telecom Italia Capital SA
	5,550,000		6.375			11/15/33		6,042,563
	5,600,000		7.200			07/18/36		6,608,000
	7,450,000		7.721			06/04/38		9,135,562
	Wind Tre SpA(c)(d)
	11,335,000		5.000			01/20/26		9,606,412
	Windstream Services LLC/Windstream Finance Corp.(c)(d)
	13,537,000		8.625			10/31/25		12,454,040
								132,027,078
	TOTAL CORPORATE OBLIGATIONS
	(Cost $607,539,940)						$	577,324,067

86 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 – 12.5%
Collateralized Mortgage Obligations – 10.7%
Interest Only(g) – 3.9%
	FHLMC REMIC Series 3753, Class SK(b) (-1x1M LIBOR + 6.050%)
$	12,043,286		4.463	%		11/15/38	$	861,822
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
	4,657,636		4.413			05/15/41		660,836
	FHLMC REMIC Series 4273, Class PS(b) (-1x1M LIBOR + 6.100%)
	35,990,766		4.323			11/15/43		5,182,127
	FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	11,374,629		4.513			07/15/39		1,551,225
	FHLMC REMIC Series 4431, Class ST(b) (-1x1M LIBOR + 6.100%)
	17,075,469		4.513			01/15/45		2,707,341
	FHLMC REMIC Series 4468, Class SY(b) (-1x1M LIBOR + 6.100%)
	13,177,264		4.513			05/15/45		2,048,754
	FHLMC STRIPS Series 304, Class C45
	27,848,715		3.000			12/15/27		2,461,643
	FNMA REMIC Series 2010-126, Class LS(b) (-1x1M LIBOR + 5.000%)
	6,380,651		3.425			11/25/40		807,703
	FNMA REMIC Series 2011-100, Class S(b) (-1x1M LIBOR + 6.450%)
	11,817,955		4.579			10/25/41		1,766,693
	FNMA REMIC Series 2012-88, Class SB(b) (-1x1M LIBOR + 6.670%)
	9,863,778		5.049			07/25/42		1,719,589
	FNMA REMIC Series 2013-121, Class SA(b) (-1x1M LIBOR + 6.100%)
	19,224,156		4.479			12/25/43		2,657,511
	FNMA REMIC Series 2013-130, Class SN(b) (-1x1M LIBOR + 6.650%)
	22,857,495		5.029			10/25/42		3,634,131
	FNMA REMIC Series 2014-19, Class MS(b) (-1x1M LIBOR + 6.600%)
	19,988,778		4.979			11/25/39		1,519,031
	FNMA REMIC Series 2014-87, Class MS(b) (-1x1M LIBOR + 6.250%)
	14,511,581		4.629			01/25/45		2,074,235
	FNMA REMIC Series 2015-20, Class ES(b) (-1x1M LIBOR + 6.150%)
	44,515,470		4.529			04/25/45		7,211,181
	FNMA REMIC Series 2015-22, Class DS(b) (-1x1M LIBOR + 6.200%)
	10,609,453		4.329			04/25/45		1,742,655
	FNMA REMIC Series 2015-24, Class SG(b) (-1x1M LIBOR + 5.600%)
	18,231,189		3.979			04/25/45		2,572,723
	FNMA REMIC Series 2015-34, Class LS(b) (-1x1M LIBOR + 6.100%)
	28,926,126		4.229			06/25/45		4,583,162
	FNMA REMIC Series 2015-79, Class SA(b) (-1x1M LIBOR + 6.250%)
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
	28,113,485		4.629			11/25/45		3,983,664
	FNMA REMIC Series 2015-79, Class SE(b) (-1x1M LIBOR + 6.250%)
	11,235,197		4.629			11/25/45		1,623,603
	FNMA REMIC Series 2015-86, Class BS(b) (-1x1M LIBOR + 5.700%)
	21,575,659		4.079			11/25/45		2,608,338
	GNMA REMIC Series 2010-1, Class SD(b) (-1x1M LIBOR + 5.790%)
	6,763,650		3.968			01/20/40		936,114
	GNMA REMIC Series 2010-162, Class SE(b) (-1x1M LIBOR + 6.550%)
	12,602,224		4.728			12/20/40		1,039,724
	GNMA REMIC Series 2010-20, Class SC(b) (-1x1M LIBOR + 6.150%)
	9,607,851		4.328			02/20/40		1,458,141
	GNMA REMIC Series 2010-20, Class SD(b) (-1x1M LIBOR + 5.680%)
	8,728,488		3.858			02/20/40		1,150,334
	GNMA REMIC Series 2010-31, Class SA(b) (-1x1M LIBOR + 5.750%)
	317,344		3.928			03/20/40		42,954
	GNMA REMIC Series 2010-35, Class DS(b) (-1x1M LIBOR + 5.680%)
	10,489,692		3.858			03/20/40		1,365,480
	GNMA REMIC Series 2010-37, Class SG(b) (-1x1M LIBOR + 5.700%)
	21,732,686		3.878			03/20/40		2,891,293
	GNMA REMIC Series 2010-58, Class AI(b) (-1x1M LIBOR + 5.770%)
	3,455,012		3.948			05/20/40		461,110
	GNMA REMIC Series 2010-59, Class SA(b) (-1x1M LIBOR + 6.500%)
	6,097,237		4.678			05/20/40		1,010,031
	GNMA REMIC Series 2010-85, Class SN(b) (-1x1M LIBOR + 5.940%)
	12,842,452		4.118			07/20/40		2,034,948
	GNMA REMIC Series 2010-9, Class XD(b) (-1x1M LIBOR + 6.600%)
	21,972,653		4.814			01/16/40		3,635,022
	GNMA REMIC Series 2010-9, Class YD(b) (-1x1M LIBOR + 6.800%)
	29,430,207		5.014			01/16/40		5,122,457
	GNMA REMIC Series 2010-90, Class ES(b) (-1x1M LIBOR + 5.950%)
	20,492,997		4.128			07/20/40		2,894,433
	GNMA REMIC Series 2011-50, Class PS(b) (-1x1M LIBOR + 6.100%)
	24,062,039		4.278			02/20/41		3,387,772
	GNMA REMIC Series 2012-149, Class MS(b) (-1x1M LIBOR + 6.250%)
	5,315,868		4.428			12/20/42		807,773
	GNMA REMIC Series 2013-103, Class DS(b) (-1x1M LIBOR + 6.150%)
	12,946,483		4.328			07/20/43		1,958,888

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
	GNMA REMIC Series 2013-111, Class SA(b) (-1x1M LIBOR + 6.700%)
$	13,842,839		4.878	%		07/20/43	$	2,399,010
	GNMA REMIC Series 2013-113, Class SD(b) (-1x1M LIBOR + 6.700%)
	57,136,250		4.914			08/16/43		8,767,946
	GNMA REMIC Series 2013-117, Class PS(b) (-1x1M LIBOR + 6.150%)
	18,209,719		4.328			04/20/43		2,436,572
	GNMA REMIC Series 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	112,492		4.278			09/20/43		16,644
	GNMA REMIC Series 2013-152, Class SJ(b) (-1x1M LIBOR + 6.150%)
	20,170,325		4.328			05/20/41		3,010,576
	GNMA REMIC Series 2013-152, Class TS(b) (-1x1M LIBOR + 6.100%)
	336,429		4.278			06/20/43		49,268
	GNMA REMIC Series 2013-167, Class SG(b) (-1x1M LIBOR + 6.150%)
	16,548,323		4.328			11/20/43		2,442,852
	GNMA REMIC Series 2013-182, Class PI
	12,376,534		4.500			12/20/43		2,627,825
	GNMA REMIC Series 2014-11, Class NI
	9,876,527		4.500			12/16/42		1,344,317
	GNMA REMIC Series 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	22,859,648		4.278			10/20/43		3,105,778
	GNMA REMIC Series 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
	10,343,533		3.778			09/20/44		1,297,625
	GNMA REMIC Series 2014-180, Class PI
	12,014,075		4.000			08/20/44		2,151,126
	GNMA REMIC Series 2014-3, Class TS(b) (-1x1M LIBOR + 5.550%)
	7,973,675		3.728			01/20/44		1,002,226
	GNMA REMIC Series 2014-41, Class SA(b) (-1x1M LIBOR + 6.100%)
	23,833,353		4.278			03/20/44		3,643,000
	GNMA REMIC Series 2014-5, Class SA(b) (-1x1M LIBOR + 5.550%)
	12,421,616		3.728			01/20/44		1,594,737
	GNMA REMIC Series 2014-56, Class ST(b) (-1x1M LIBOR + 6.100%)
	17,634,947		4.314			12/16/39		2,463,881
	GNMA REMIC Series 2014-76, Class SA(b) (-1x1M LIBOR + 5.600%)
	27,004,181		3.778			01/20/40		3,506,145
	GNMA REMIC Series 2015-110, Class MS(b) (-1x1M LIBOR + 5.710%)
	16,136,646		3.888			08/20/45		2,127,113
	GNMA REMIC Series 2015-111, Class IW
	13,734,284		4.000			06/20/45		2,210,595
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M LIBOR + 6.200%)
$	13,946,449		4.378	%		08/20/45	$	2,097,586
	GNMA REMIC Series 2015-112, Class SB(b) (-1x1M LIBOR + 5.740%)
	26,854,447		3.918			08/20/45		3,534,112
	GNMA REMIC Series 2015-123, Class SE(b) (-1x1M LIBOR + 5.720%)
	16,496,078		3.898			09/20/45		2,144,267
	GNMA REMIC Series 2015-126, Class HS(b) (-1x1M LIBOR + 6.200%)
	29,124,912		4.378			09/20/45		4,376,024
	GNMA REMIC Series 2015-126, Class LS(b) (-1x1M LIBOR + 6.200%)
	9,081,176		4.378			09/20/45		1,365,835
	GNMA REMIC Series 2015-129, Class IC
	4,495,176		4.500			09/16/45		898,781
	GNMA REMIC Series 2015-133, Class SA(b) (-1x1M LIBOR + 5.700%)
	5,127,813		3.878			09/20/45		656,614
	GNMA REMIC Series 2015-133, Class SB(b) (-1x1M LIBOR + 5.700%)
	7,246,343		3.878			09/20/45		946,828
	GNMA REMIC Series 2015-144, Class QS(b) (-1x1M LIBOR + 5.700%)
	14,592,331		3.878			10/20/45		1,618,581
	GNMA REMIC Series 2015-167, Class SA(b) (-1x1M LIBOR + 6.250%)
	16,417,079		4.428			11/20/45		2,562,164
	GNMA REMIC Series 2015-168, Class SD(b) (-1x1M LIBOR + 6.200%)
	25,344,757		4.378			11/20/45		3,854,410
	GNMA REMIC Series 2015-95, Class GI
	40,608,098		4.500			07/16/45		8,894,493
	GNMA REMIC Series 2016-4, Class SM(b) (-1x1M LIBOR + 5.650%)
	73,009,884		3.828			01/20/46		9,337,475
	GNMA REMIC Series 2016-6, Class S(b) (-1x1M LIBOR + 5.650%)
	18,476,403		3.828			01/20/46		2,392,545
	GNMA REMIC Series 2016-6, Class SB(b) (-1x1M LIBOR + 5.650%)
	37,587,945		3.828			01/20/46		4,869,800
								179,921,192
Regular Floater(b) – 0.2%
	FHLMC REMIC Series 3231, Class FB (1M LIBOR + 0.350%)
	474,148		1.938			10/15/36		475,771
	FHLMC REMIC Series 3314, Class FC (1M LIBOR + 0.400%)
	281,786		2.177			12/15/36		283,219
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	393,418		2.188			09/15/37		397,881
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	336,835		2.438			06/15/39		341,215
	FHLMC REMIC Series 3827, Class KF (1M LIBOR + 0.370%)
	732,132		1.958			03/15/41		734,914

88 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)
Regular Floater – (continued)
	FNMA REMIC Series 2006-45, Class TF (1M LIBOR + 0.400%)
$	882,095		2.021	%		06/25/36	$	886,876
	FNMA REMIC Series 2006-76, Class QF (1M LIBOR + 0.400%)
	928,579		2.021			08/25/36		933,573
	FNMA REMIC Series 2006-79, Class PF (1M LIBOR + 0.400%)
	981,994		2.021			08/25/36		985,324
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	1,223,982		1.971			04/25/37		1,227,524
	FNMA REMIC Series 2007-75, Class VF (1M LIBOR + 0.450%)
	345,402		2.071			08/25/37		347,791
	FNMA REMIC Series 2009-84, Class WF (1M LIBOR + 1.100%)
	135,960		2.721			10/25/39		138,567
								6,752,655
Sequential Fixed Rate – 0.3%
	Banc of America Funding Trust Series 2007-8, Class 2A1
	1,501,718		7.000			10/25/37		1,151,697
	BCAP LLC Trust Series 2007-AA2, Class 2A7
	1,447,553		6.000			04/25/37		1,198,373
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	66,175		5.500			05/25/22		65,568
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	1,801,469		6.000			02/25/36		1,476,019
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	1,029,721		6.000			03/25/37		893,078
	Countrywide Home Mortgage Loan Pass-Through Trust Series 2007-10, Class A5
	1,503,167		6.000			07/25/37		1,282,170
	Countrywide Home Mortgage Pass-Through Trust Series 2007-10, Class A22
	2,825,207		6.000			07/25/37		2,409,843
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	300,941		5.000			08/25/35		298,443
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	546,282		5.500			02/25/36		497,863
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	842,983		6.000			06/25/36		769,104
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	1,588,843		6.500			07/25/36		1,401,138
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	1,258,488		6.000			08/25/36		1,157,044
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	4,014,711		6.000			10/25/37		3,360,763
								15,961,103
Sequential Floating Rate(b) – 6.3%
	American Home Mortgage Assets Trust Series 2006-2, Class 2A1 (1M USD LIBOR + 0.190%)
	7,775,906		1.811			09/25/46		7,058,456
	American Home Mortgage Investment Trust Series 2006-3, Class 11A1 (1M USD LIBOR + 0.180%)
	136,948		1.981			12/25/46		129,301
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1 (1M USD LIBOR + 0.230%)
	4,124,765		2.081			03/25/47		2,689,705
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.190%)
	18,173,324		1.780			10/20/36		16,031,149
	Banc of America Funding Trust Series 2007-2, Class 2A1
	56,045		4.687			03/25/37		56,028
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1 (1M USD LIBOR + 0.200%)
	3,395,680		1.821			09/25/47		3,237,864
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1(d) (1M LIBOR + 0.200%)
	4,734,518		1.821			10/25/36		4,538,394
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-1A, Class A1(d) (1M USD LIBOR + 0.150%)
	22,035,572		1.821			12/25/46		21,260,782
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-3A, Class A1(d) (1M USD LIBOR + 0.130%)
	11,972,006		1.751			08/25/47		11,709,310
	Citigroup Mortgage Loan Trust Series 2006-AR6, Class 2A2 (1M USD LIBOR + 0.160%)
	6,207,406		1.781			09/25/36		5,936,990
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	648,570		2.121			07/25/35		550,285
	Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A (1M USD LIBOR + 0.310%)
	5,513,772		1.931			08/25/35		4,838,054
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	869,596		2.421			12/25/35		798,325
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5 (1M USD LIBOR + 0.500%)
	679,545		2.121			05/25/35		609,276
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.170%)
	1,681,615		1.791			11/25/36		1,655,714
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.210%)
	265,379		1.800			03/20/46		236,672
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	4,242,377		2.121			08/25/37		3,507,956
	Countrywide Alternative Loan Trust Series 2007-19, Class 1A11 (1M USD LIBOR + 0.500%)
	9,411,302		2.121			08/25/37		5,848,089
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(d)(f) (3M EURIBOR + 2.750%)
EUR	13,734,348		2.750			04/20/20		16,814,927
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M LIBOR + 0.200%)
	2,814,012		1.821			08/25/47		2,731,023
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B (1M LIBOR + 0.220%)
	3,512,104		1.841			08/25/47		3,416,029

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 (1M USD LIBOR + 3.300%)
$	4,930,000		4.921	%		10/25/27	$	5,493,278
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA2, Class M3 (1M USD LIBOR + 4.650%)
	4,852,000		6.271			10/25/28		5,552,906
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	2,000,000		6.621			12/25/28		2,329,181
	GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1 (1M USD LIBOR + 0.180%)
	1,287,163		1.801			01/25/37		1,189,927
	GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2 (1M USD LIBOR + 0.260%)
	25,552,996		1.881			08/25/46		13,997,479
	HarborView Mortgage Loan Trust Series 2006-11, Class A1A (1M USD LIBOR + 0.170%)
	4,428,931		1.760			12/19/36		3,886,247
	HomeBanc Mortgage Trust Series 2006-1, Class 3A2
	3,051		3.348			04/25/37		2,847
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.260%)
	4,108,721		2.141			06/25/35		3,944,901
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	2,682,988		3.416			11/25/35		2,556,766
	JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	5,475,962		3.673			05/25/36		4,785,948
	Lehman XS Trust Series 2005-7N, Class 1A1A (1M USD LIBOR + 0.270%)
	7,888,201		1.891			12/25/35		7,719,641
	Lehman XS Trust Series 2006-16N, Class A321 (1M USD LIBOR + 0.200%)
	5,243,238		1.821			11/25/46		4,975,403
	Lehman XS Trust Series 2007-16N, Class 2A2 (1M LIBOR + 0.850%)
	9,741,790		2.471			09/25/47		9,633,027
	Lehman XS Trust Series 2007-4N, Class 3A2A (12M MTA + 0.750%)
	4,612,207		2.033			03/25/47		4,505,359
	Lehman XS Trust Series 2007-5H, Class 3A4
	5,113,016		3.298			05/25/37		4,752,337
	Lehman XS Trust Series Series 2006-14N, Class 1A1A (1M USD LIBOR + 0.190%)
	11,334,713		1.811			09/25/46		10,401,589
	Luminent Mortgage Trust Series 2007-2, Class 2A1 (1M USD LIBOR + 0.230%)
	1,253,091		1.851			05/25/37		1,182,411
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%)
	6,883,581		2.001			12/25/46		6,759,326
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
	2,731,521		2.051			12/25/46		2,642,860
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1 (1M USD LIBOR + 0.150%)
	2,892,056		1.771			03/25/47		2,750,537
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M LIBOR + 0.200%)
	1,389,661		2.072			05/25/47		1,268,607
	Master Adjustable Rate Mortgages Trust Series 2007-HF2, Class A1 (1M USD LIBOR + 0.310%)
	3,671,322		1.931			09/25/37		3,604,971
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.240%)
	1,910,244		1.861			12/25/36		1,674,427
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	4,545,361		4.380			12/25/35		4,249,598
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	4,078,001		2.201			01/25/46		3,651,796
	Residential Accredit Loans, Inc. Series 2006-QA2, Class 2A1
	3,630,602		5.057			02/25/36		3,164,685
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.270%)
	2,234,164		1.891			02/25/46		1,660,086
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%)
	4,580,752		2.001			09/25/46		4,118,055
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.205%)
	225,143		1.826			09/25/46		203,957
	Residential Accredit Loans, Inc. Series 2007-QO4, Class A1A (1M USD LIBOR + 0.190%)
	1,553,637		1.811			05/25/47		1,502,993
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	1,931,573		4.080			11/25/35		1,852,070
	Station Place Securitization Trust Series 2015-2, Class A(d) (1M USD LIBOR + 1.050%)
	15,350,000		2.638			05/15/18		15,350,000
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-11, Class 1A1 (1M USD LIBOR + 0.160%)
	3,682,559		1.781			12/25/36		3,610,432
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-9, Class 3A1
	2,627,960		6.111			10/25/36		1,977,145
	Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 21A1 (1M USD LIBOR + 0.200%)
	2,589,297		2.021			02/25/36		2,233,900
	Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A4A (1M USD LIBOR + 0.180%)
	5,327,157		1.801			09/25/47		5,119,524
	Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 3A1
	13,722,934		6.500			05/25/47		11,167,785

90 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 – (continued)
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1 (1M USD LIBOR + 0.680%)
$	6,154,686		2.301	%		01/25/45	$	6,085,514
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1 (1M USD LIBOR + 0.270%)
	373,592		1.891			12/25/45		372,168
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A (1M USD LIBOR + 0.270%)
	231,208		2.161			07/25/45		229,389
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A (1M USD LIBOR + 0.290%)
	839,771		2.201			07/25/45		827,785
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A (1M USD LIBOR + 0.640%)
	2,933,393		2.261			07/25/45		2,929,428
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA6, Class 2A (COF + 1.250%)
	4,232,992		1.947			07/25/47		3,546,022
								293,116,636
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	495,751,586
Commercial Mortgage-Backed Securities – 1.2%
Sequential Fixed Rate – 0.5%
	CSMC Trust Series 2014-USA, Class E(d)
$	9,050,000		4.373	%		09/15/37	$	8,079,376
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	15,230,640		2.779			09/25/22		15,167,172
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,581,372
								25,827,920
Sequential Floating Rate(b)(d) – 0.7%
	CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class E
	12,450,000		3.786			04/10/28		12,389,684
	Citigroup Commercial Mortgage Trust Series 2015-SSHP, Class D (1M LIBOR + 3.050%)
	10,013,500		4.827			09/15/27		10,047,814
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CBM, Class E (1M LIBOR + 3.850%)
	9,600,000		5.627			10/15/29		9,564,166
								32,001,664
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	57,829,584
Federal Agencies – 0.6%
FHLMC – 0.0%
$	20,618		5.000	%		01/01/33	$	22,097
	1,708		5.000			03/01/33		1,844
	9,545		5.000			04/01/33		10,303
	1,599		5.000			05/01/33		1,726
	5,599		5.000			06/01/33		6,043
	35,639		5.000			07/01/33		38,468
	50,051		5.000			08/01/33		54,014
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	6,159		5.000			09/01/33		6,649
	10,592		5.000			10/01/33		11,433
	21,187		5.000			11/01/33		22,869
	12,721		5.000			12/01/33		13,730
	11,923		5.000			01/01/34		12,869
	35,699		5.000			02/01/34		38,532
	14,786		5.000			03/01/34		15,958
	23,100		5.000			04/01/34		24,932
	41,649		5.000			05/01/34		44,955
	554,561		5.000			06/01/34		598,578
	8,674		5.000			11/01/34		9,362
	146,267		5.000			04/01/35		157,878
	15,990		5.000			11/01/35		17,259
								1,109,499
FNMA – 0.6%
	1,801		5.000			04/01/18		1,804
	336		5.000			05/01/18		337
	853		5.000			06/01/18		866
	93		5.500			01/01/19		94
	5,857		5.500			02/01/19		5,898
	8,072		5.500			03/01/19		8,133
	4,707		5.500			04/01/19		4,749
	3,518		5.500			05/01/19		3,557
	16,629		5.500			06/01/19		16,774
	55,852		5.500			07/01/19		56,411
	57,537		5.500			08/01/19		58,099
	53,748		5.500			09/01/19		54,520
	15,663		5.500			10/01/19		15,873
	18,475		5.500			11/01/19		18,740
	29,033		5.500			12/01/19		29,485
	2,983		5.500			01/01/20		3,036
	627		5.500			06/01/20		634
	304,719		5.500			07/01/20		309,560
	1,571,667		3.416			10/01/20		1,593,236
	1,122,083		3.619			12/01/20		1,143,910
	4,332,067		4.381			06/01/21		4,517,913
	2,749		6.000			01/01/24		3,055
	54,570		6.000			04/01/24		60,639
	277,351		5.500			05/01/25		282,315
	3,374		4.500			09/01/29		3,554
	5,977		6.000			12/01/32		6,701
	700		6.000			01/01/33		778
	2,960		6.000			04/01/33		3,307
	135,414		6.000			10/01/33		152,048
	4,500		6.000			02/01/34		5,028
	33,957		6.000			03/01/34		37,916
	86,052		6.000			08/01/34		96,274
	24,544		6.000			11/01/34		27,457
	236,540		6.000			05/01/35		264,599
	43,385		6.000			06/01/35		48,556
	138,745		6.000			10/01/35		154,871
	17,385		6.000			11/01/35		19,433
	24,764		6.000			12/01/35		27,673
	96,967		6.000			02/01/36		108,057
	5,149		6.000			05/01/36		5,779

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	519,343		6.000	%		08/01/36	$	581,199
	25,173		6.000			09/01/36		28,255
	12,457		6.000			10/01/36		13,929
	177,400		6.000			11/01/36		198,874
	314,524		6.000			12/01/36		350,828
	897,078		6.000			01/01/37		999,765
	1,511,957		6.000			02/01/37		1,690,346
	68,419		6.000			04/01/37		76,413
	433,317		6.000			05/01/37		482,943
	809,188		6.000			07/01/37		905,448
	51,922		4.500			08/01/37		54,624
	937,830		6.000			08/01/37		1,046,593
	23,931		6.000			09/01/37		26,753
	381,416		6.000			10/01/37		426,796
	3,574		6.000			11/01/37		4,004
	227,192		6.000			12/01/37		253,890
	739,549		6.000			01/01/38		825,511
	65,688		5.000			03/01/38		71,310
	60,334		6.000			03/01/38		67,457
	161,895		6.000			05/01/38		180,357
	15,000		6.000			07/01/38		16,810
	14,838		6.000			08/01/38		16,578
	431,713		6.000			09/01/38		482,451
	269,334		6.000			10/01/38		300,553
	1,292,466		6.000			11/01/38		1,429,785
	3,770,472		6.000			12/01/38		4,138,307
	1,416		6.000			01/01/39		1,573
	11,831		4.500			04/01/39		12,518
	5,373		6.000			04/01/39		6,013
	82,022		6.000			07/01/39		92,063
	18,568		4.000			08/01/39		19,241
	9,821		4.000			09/01/39		10,177
	62,346		6.000			09/01/39		69,419
	58,362		4.500			10/01/39		61,791
	574,883		6.000			10/01/39		643,747
	179,733		6.000			10/01/40		200,698
	7,801		4.500			05/01/41		8,260
	950,398		6.000			05/01/41		1,059,857
	29,911		4.500			06/01/41		31,613
	97,229		6.000			07/01/41		108,928
	37,015		4.500			08/01/41		39,594
	9,824		4.500			10/01/41		10,401
	301,106		5.000			11/01/41		324,269
	9,026		6.000			01/01/42		10,167
	4,139		4.500			11/01/42		4,368
	47,708		4.500			12/01/43		50,489
								26,586,634
	TOTAL FEDERAL AGENCIES						$	27,696,133
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $526,024,897)						$	581,277,303
Agency Debentures – 0.3%
	FFCB
$	11,000,000		2.850			02/10/31	$	10,544,160
	3,000,000		3.020			04/09/31		2,922,408
	TOTAL AGENCY DEBENTURES
	(Cost $13,252,834)						$	13,466,568
Asset-Backed Securities – 35.6%
Collateralized Loan Obligations – 19.2%
	ACIS CLO Ltd. Series 2013-1A, Class A1(b)(d) (3M USD LIBOR + 0.870%)
$	8,071,376		2.224	%		04/18/24	$	8,073,434
	ACIS CLO Ltd. Series 2013-1A, Class B(b)(d) (3M USD LIBOR + 1.950%)
	3,516,015		3.304			04/18/24		3,516,746
	ACIS CLO Ltd. Series 2013-1A, Class C(b)(d) (3M USD LIBOR + 2.950%)
	2,220,765		4.304			04/18/24		2,221,767
	ACIS CLO Ltd. Series 2014-4A, Class A(b)(d) (3M USD LIBOR + 1.420%)
	109,000,000		2.797			05/01/26		109,028,449
	BlueMountain CLO Ltd. Series 2014-2A, Class AR(b)(d) (3M USD LIBOR + 0.930%)
	28,750,000		2.293			07/20/26		28,751,696
	Catamaran CLO Ltd. Series 2013-1A, Class AR(b)(d) (3M USD LIBOR + 0.850%)
	9,150,000		2.363			01/27/28		9,171,173
	CBAM CLO Management LLC Series 2017-2A, Class A(b)(d) (3M USD LIBOR + 1.240%)
	18,350,000		2.631			10/17/29		18,453,531
	Cedar Funding V CLO Ltd. Series 2016-5A, Class A1(b)(d) (3M USD LIBOR + 1.610%)
	850,000		2.963			07/17/28		852,864
	Crown Point CLO Ltd. Series 2015-3A, Class A1AR(b)(d) (3M USD LIBOR + 0.910%)
	31,350,000		2.269			12/31/27		31,353,543
	Cutwater Ltd. Series 2014-1A, Class A1AR(b)(d) (3M USD LIBOR + 1.250%)
	38,250,000		2.609			07/15/26		38,257,153
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A(b) (d) (3M USD LIBOR + 1.390%)
	62,450,000		2.757			07/25/27		62,518,258
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A(b)(d) (3M USD LIBOR + 0.750%)
	36,000,000		2.650			04/15/29		35,920,764
	MidOcean Credit CLO III Series 2014-3A, Class A(b)(d) (3M USD LIBOR + 1.460%)
	1,300,000		2.823			07/21/26		1,300,282
	Nassau Ltd. Series 2017-IIA, Class AL(b)(d) (3M USD LIBOR + 1.250%)
	10,000,000		2.875			01/15/30		10,066,960
	OCP CLO Ltd. Series 2012-2A, Class A1R(b)(d) (3M USD LIBOR + 1.400%)
	10,850,000		2.846			11/22/25		10,906,539
	OCP CLO Ltd. Series 2014-5A, Class A1R(b)(d) (3M USD LIBOR + 1.080%)
	65,150,000		2.835			04/26/31		65,123,158

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
	OCP CLO Ltd. Series 2014-5A, Class A2R(b)(d) (3M USD LIBOR + 1.400%)
$	2,950,000		3.152	%		04/26/31	$	2,947,029
	OCP CLO Ltd. Series 2014-5A, Class BR(b)(d) (3M USD LIBOR + 1.800%)
	2,200,000		3.552			04/26/31		2,195,580
	OCP CLO Ltd. Series 2015-10A, Class A1R(b)(d) (3M USD LIBOR + 0.820%)
	27,800,000		2.191			10/26/27		27,799,750
	OCP CLO Ltd. Series 2015-8A, Class A1R(b)(d) (3M USD LIBOR + 0.850%)
	30,550,000		2.203			04/17/27		30,552,688
	OCP CLO Ltd. Series 2015-8A, Class A2AR(b)(d) (3M USD LIBOR + 1.450%)
	850,000		2.803			04/17/27		849,991
	Octagon Investment Partners 24 Ltd. Series 2015-1A, Class A1R(b)(d) (3M USD LIBOR + 0.900%)
	74,550,000		2.341			05/21/27		74,556,784
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA(b)(d) (3M USD LIBOR + 0.930%)
	2,916,384		2.283			04/17/25		2,916,694
	OFSI Fund VII Ltd. Series 2014-7A, Class AR(b)(d) (3M USD LIBOR + 0.900%)
	104,050,000		2.254			10/18/26		104,054,370
	Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1(b)(d) (3M USD LIBOR + 0.740%)
	22,954,638		2.130			10/15/25		22,956,704
	Recette CLO Ltd. Series 2015-1A, Class AR(b)(d) (3M USD LIBOR + 0.920%)
	45,100,000		2.283			10/20/27		45,155,202
	TCW CLO Ltd. Series 2017-1A, Class A(b)(d) (3M USD LIBOR + 1.280%)
	19,000,000		2.714			07/29/29		19,121,429
	The Bank of New York Mellon SA(f)
	1,630,000		9.625			05/02/21		—
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R(b)(d)(3M USD LIBOR + 1.180%)
	46,550,000		2.539			07/15/26		46,557,541
	Zais CLO 1 Ltd. Series 2014-1A, Class A1(b)(d) (3M USD LIBOR + 1.400%)
	77,111,170		2.759			04/15/26		77,120,809
								892,300,888
Home Equity – 1.6%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C(b) (1M USD LIBOR + 0.260%)
	9,285,421		1.881			03/25/37		5,637,032
	ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D(b) (1M USD LIBOR + 0.270%)
	16,641,000		1.891			05/25/36		15,140,161
	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R8, Class M2(b) (1M USD LIBOR + 0.490%)
	5,440,000		2.111			10/25/35		5,392,674
Asset-Backed Securities – (continued)
Home Equity – (continued)
	Bayview Financial Mortgage Pass-Through Trust Series 2006-A, Class M3(b) (1M USD LIBOR + 0.650%)
	10,095,000		2.298			02/28/41		10,029,196
	Citigroup Mortgage Loan Trust Series 2007-WFH2, Class A4(b) (1M USD LIBOR + 0.350%)
	200,835		1.971			03/25/37		198,642
	Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2(h)
	14,730		3.794			12/25/35		14,795
	Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3(h)
	9,006,000		3.794			12/25/35		9,131,420
	First Franklin Mortgage Loan Trust Series 2006-FF12, Class A4(b) (1M USD LIBOR + 0.140%)
	1,358,746		1.761			09/25/36		1,344,860
	HSI Asset Securitization Corp. Trust Series 2006-OPT1, Class 2A4(b) (1M USD LIBOR + 0.300%)
	7,002,079		1.921			12/25/35		6,972,926
	JPMorgan Mortgage Acquisition Trust Series 2006-CH1, Class A5(b) (1M USD LIBOR + 0.230%)
	1,434,603		1.851			07/25/36		1,432,403
	Lehman XS Trust Series 2007-3, Class 1BA2(b) (6M USD LIBOR + 0.500%)
	226,010		2.365			03/25/37		205,410
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A(b) (1M USD LIBOR + 0.170%)
	883,655		1.791			11/25/36		337,391
	Morgan Stanley Mortgage Loan Trust Series 2007-1XS, Class 2A1(b) (1M USD LIBOR + 0.080%)
	6,926,468		1.701			09/25/46		2,949,791
	Saxon Asset Securities Trust Series 2007-2, Class A2C(b) (1M USD LIBOR + 0.240%)
	5,655,810		1.861			05/25/47		4,776,101
	Securitized Asset Backed Receivables LLC Trust Series 2004-DO1, Class M1(b) (1M USD LIBOR + 0.975%)
	3,325,548		2.596			07/25/34		3,399,445
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1(b) (1M USD LIBOR + 0.215%)
	4,557,081		1.836			03/25/37		3,561,029
	Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1(b) (1M USD LIBOR + 0.660%)
	2,116,187		2.281			10/25/35		2,128,965
								72,652,241
Other(d) – 0.1%
	Invitation Homes Trust Series 2015-SFR2, Class E(b) (1M LIBOR + 3.150%)
	100,000		4.958			06/17/32		100,105
	Vericrest Opportunity Loan Trust XXV LLC Series 2015-NPL8, Class A1(h)
	3,243,405		3.500			06/26/45		3,244,390
								3,344,495

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(b) – 14.7%
	Academic Loan Funding Trust Series 2012-1A, Class A2(d) (1M USD LIBOR + 1.100%)
$	46,139,625		2.721	%		12/27/44	$	46,250,346
	Access Group, Inc. Series 2015-1, Class A(d) (1M USD LIBOR + 0.700%)
	27,085,617		2.321			07/25/56		27,275,176
	Bank of America Student Loan Trust Series 2010-1A, Class A(d) (3M USD LIBOR + 0.800%)
	103,670		2.167			02/25/43		104,093
	EFS Volunteer No. 2 LLC Series 2012-1, Class A2(d) (1M USD LIBOR + 1.350%)
	40,450,000		2.971			03/25/36		41,156,694
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3(d) (1M USD LIBOR + 1.000%)
	25,300,000		2.621			04/25/33		25,662,799
	GCO Education Loan Funding Trust Series 2006-1, Class A8L (3M USD LIBOR + 0.130%)
	1,371,430		1.592			05/25/25		1,370,366
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	22,700,000		2.640			07/20/43		22,985,940
	Nelnet Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.130%)
	3,122,413		1.788			06/22/26		3,122,055
	Nelnet Student Loan Trust Series 2006-1, Class A6(d) (3M USD LIBOR + 0.450%)
	40,900,000		1.904			08/23/36		40,139,665
	Nelnet Student Loan Trust Series 2006-2, Class A7(d) (3M Euribor + 0.580%)
	28,300,000		1.947			01/25/37		27,887,024
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.950%)
	2,345,471		2.645			07/01/24		2,350,062
	Scholar Funding Trust Series 2010-A, Class A(d) (3M USD LIBOR + 0.750%)
	25,610,656		2.128			10/28/41		25,475,875
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	8,297,745		1.708			06/15/29		8,258,394
	SLM Student Loan Trust Series 2003-14, Class A5 (3M USD LIBOR + 0.230%)
	4,309,269		1.597			01/25/23		4,309,479
	SLM Student Loan Trust Series 2003-7A, Class A5A(d) (3M USD LIBOR + 1.200%)
	30,719,078		2.788			12/15/33		31,292,432
	SLM Student Loan Trust Series 2004-8A, Class A6(d) (3M USD LIBOR + 0.630%)
	20,350,000		1.997			01/25/40		20,341,331
	SLM Student Loan Trust Series 2005-4, Class A3(3M USD LIBOR + 0.120%)
	48,065,870		1.487			01/25/27		47,897,985
	SLM Student Loan Trust Series 2005-5, Class A4(3M USD LIBOR + 0.140%)
	12,900,000		1.507			10/25/28		12,849,392
Asset-Backed Securities – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	234,435		1.467			04/25/27		234,122
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	32,815,048		1.457			01/26/26		32,717,719
	SLM Student Loan Trust Series 2007-2, Class A4 (3M USD LIBOR + 0.060%)
	81,200,000		1.427			07/25/22		79,102,661
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	14,659,453		2.117			04/25/23		14,608,135
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	15,780,044		2.367			10/25/21		15,898,418
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	41,649,826		3.017			07/25/22		42,603,836
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	64,607,394		3.067			07/25/23		66,341,876
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	21,996,477		2.467			07/25/23		22,151,711
	SLM Student Loan Trust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
	13,600,000		2.867			04/25/23		13,866,898
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	4,890,407		1.497			01/26/26		4,888,288
								681,142,772
	TOTAL ASSET-BACKED SECURITIES
	(Cost $1,617,310,974)						$	1,649,440,396
Foreign Debt Obligations – 15.4%
Sovereign – 15.4%
	Brazil Notas do Tesouro Nacional
BRL	73,699,000		10.000	%		01/01/27	$	22,940,061
	14,165,514		6.000			08/15/40		4,794,092
	Dominican Republic
DOP	61,100,000		10.375			03/04/22		1,283,191
	98,700,000		14.500			02/10/23		2,339,230
$	11,750,000		6.600	(d)		01/28/24		12,763,437
	13,550,000		6.600			01/28/24		14,718,687
	1,604,000		8.625			04/20/27		1,890,715
DOP	30,000,000		18.500			02/04/28		874,021
	58,700,000		11.375			07/06/29		1,251,863
	Ecuador Government International Bond
$	15,390,000		9.650			12/13/26		16,451,910
	10,400,000		9.625	(d)		06/02/27		11,102,000
	2,720,000		9.625			06/02/27		2,903,600
	4,100,000		7.875	(d)		01/23/28		3,936,000
	Japanese Government CPI Linked Bond
JPY	16,633,458,772		0.100			03/10/26		165,326,310

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Argentina
ARS	2,459,750,000		27.935	%(b)		06/21/20	$	129,204,658
EUR	20,240,000		3.375			01/15/23		24,624,128
	16,660,000		5.250			01/15/28		19,961,185
	460,000		2.260	(h)		12/31/38		389,696
	3,090,000		6.250			11/09/47		3,516,933
$	50,800,000		6.875			01/11/48		46,228,000
	8,950,000		7.125	(d)(i)		06/28/17		8,225,050
	Republic of Indonesia
	23,015,000		5.875			01/15/24		25,263,565
EUR	11,900,000		2.150	(d)		07/18/24		15,099,925
$	39,150,000		3.850	(d)		07/18/27		38,318,062
	Republic of South Africa
ZAR	68,590,000		8.000			01/31/30		5,634,726
	190,720,000		7.000			02/28/31		14,294,096
	591,375,000		8.250			03/31/32		48,726,083
	70,190,000		8.875			02/28/35		6,024,309
	119,050,000		6.250			03/31/36		7,821,692
	69,910,000		9.000			01/31/40		5,987,318
	39,710,000		6.500			02/28/41		2,591,209
	105,190,000		8.750			01/31/44		8,760,195
	Republic of Venezuela(e)
$	120,000		6.000			12/09/20		35,400
	United Mexican States
MXN	269,823,600		4.750			06/14/18		14,728,185
	352,713,800		6.500			06/10/21		18,992,783
	88,039,300		8.000			12/07/23		5,015,507
	1,546,000		7.750			11/23/34		86,836
	15,377,700		8.500			11/18/38		924,166
	2,663,200		8.000			11/07/47		152,717
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $695,769,989)						$	713,181,541
Structured Notes(d)(j) – 2.2%
	Arab Republic of Egypt (Issuer Citibank NA)
EGP	418,040,000		0.000	%		05/03/18	$	23,232,840
	595,900,000		0.000			05/10/18		33,005,644
	197,000,000		0.000			11/01/18		10,073,692
	Arab Republic of Egypt (Issuer HSBC Bank PLC)
	56,000,000		0.000			06/07/18		3,076,887
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
	212,425,000		0.000			05/17/18		11,726,010
	127,600,000		0.000			07/26/18		6,814,611
	307,625,000		0.000			02/07/19		15,257,188
	TOTAL STRUCTURED NOTES
	(Cost $102,746,735)						$	103,186,872
Municipal Debt Obligations – 1.5%
Illinois – 0.4%
	Illinois State GO Bonds Build America Series 2010(c)
$	4,470,000		7.350	%		07/01/35	$	4,878,871
	Illinois State GO Bonds Taxable-Pension Series 2003
	13,800,000		5.100			06/01/33		12,935,154
								17,814,025
Municipal Debt Obligations – (continued)
Minnesota(b)(c) – 0.2%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	6,994,819		1.478			04/28/30		6,960,333
Puerto Rico(e) – 0.9%
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A(c)
	3,035,000		5.750			07/01/41		1,312,637
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A(c)
	1,495,000		5.500			07/01/32		669,012
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B(c)
	1,160,000		5.875			07/01/36		519,100
	3,340,000		5.750			07/01/38		1,494,650
	2,170,000		6.000			07/01/39		971,075
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A(c)
	1,120,000		6.000			07/01/34		484,400
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E(c)
	1,010,000		5.625			07/01/32		436,825
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A(c)
	515,000		5.500			07/01/26		222,738
	1,975,000		5.500			07/01/39		854,187
	2,115,000		5.000			07/01/41		893,587
	Puerto Rico Commonwealth GO Bonds Series 2014 A(c)
	9,710,000		8.000			07/01/35		4,126,750
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A(c)
	1,960,000		5.125			07/01/31		877,100
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A(c)
	455,000		5.000			07/01/34		203,613
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A(c)
	605,000		5.250			07/01/27		270,738
	Puerto Rico Commonwealth GO Unrefunded Balance Refunding for Public Improvement 2006 B(c)
	670,000		5.000			07/01/35		299,825
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007(c)
	195,000		5.250			08/01/57		117,975
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B(c)
	4,320,000		6.050			08/01/36		2,592,000
	185,000		6.050			08/01/37		111,000
	95,000		6.050			08/01/39		57,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C(c)
	2,905,000		6.000			08/01/31		1,743,000
	210,000		6.000			08/01/32		126,000
	2,285,000		6.000			08/01/38		1,371,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A(c)
	75,000		6.130			08/01/28		45,000

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate				Maturity Date		Value
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
$	1,520,000		6.130	%			08/01/29	$	912,000
	260,000		6.130				08/01/30		156,000
	255,000		6.130				08/01/37		153,000
	465,000		6.130				08/01/38		279,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C(c)
	1,100,000		5.750				08/01/57		660,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	80,000		5.000				08/01/21		46,800
	6,665,000		5.000	(c)			08/01/40		3,899,025
	8,365,000		5.250	(c)			08/01/40		4,893,525
	3,610,000		5.000	(c)			08/01/46		2,111,850
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D(c)
	75,000		4.850				08/01/36		41,250
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A(c)
	1,650,000		5.250				08/01/27		387,750
	12,920,000		6.750				08/01/32		3,036,200
	6,045,000		5.750				08/01/37		1,420,575
	155,000		6.375				08/01/39		36,425
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A(c)
	470,000		5.500				08/01/37		110,450
	4,110,000		5.375				08/01/39		965,850
	3,010,000		5.500				08/01/42		707,350
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C(c)
	5,990,000		5.375				08/01/38		1,407,650
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1(c)
	4,910,000		5.000				08/01/43		1,153,850
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A(c)
	2,325,000		5.500				08/01/28		546,375
									42,724,137
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $92,613,065)							$	67,498,495
U.S. Treasury Obligations – 0.4%
	United States Treasury Bonds
$	10,000		2.750	%			11/15/47	$	9,561
	20,000		3.000	(l)			02/15/48		20,115
	United States Treasury Notes
	15,000,000		2.250	(l)			11/15/24		14,611,200
	2,370,000		2.750	(l)			02/28/25		2,380,144
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $17,177,415)							$	17,021,020
Shares		Description		Value
Common Stocks – 1.4%
Oil, Gas & Consumable Fuels(e)(k)(m) – 1.4%
	7,667,598	Blue Ridge Mountain Resources, Inc.		$	64,216,133
	TOTAL COMMON STOCKS
	(Cost $76,509,670)			$	64,216,133

Units		Expiration Date	Value
Warrant(e) – 0.0%
	True Religion Warrant (NR/NR)
	1,890	10/27/22	$	—
	True Religion Warrant 2 (NR/NR)
	8,897	10/27/22		—
	TOTAL WARRANT
	(Cost $0)		$	—

Shares		Distribution Rate			Value
Investment Company(m) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	133,243		1.609	%	$	133,243
	(Cost $133,243)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $3,843,318,105)				$	3,878,049,482

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 10.1%
Certificates of Deposit – 2.5%
	China Construction Banking Corp.(j)
$	12,000,000		0.000	%		06/22/18	$	11,922,990
	Credit Suisse AG(b) (3M LIBOR + 3.20%)
	18,500,000		2.377			03/08/19		18,516,768
	Mizuho Bank Ltd.
	15,000,000		0.000	(j)		05/23/18		14,954,212
	25,000,000		2.190			06/14/18		25,001,663
	Societe Generale SA(j)
	4,000,000		0.000			07/10/18		3,975,112
	Suncor Energy, Inc.
	25,000,000		0.000	(j)		04/16/18		24,973,425
	13,000,000		0.000	(j)		05/03/18		12,970,993
	The Bank of Tokyo-Mitsubishi UFJ Ltd.
	4,000,000		1.720			04/18/18		3,999,705
								116,314,868
Commercial Paper – 7.6%
	Autozone, Inc.(j)
	3,550,000		0.000			04/10/18		3,547,546
	Barton Capital Corp.(j)
	9,000,000		0.000			06/11/18		8,958,985

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date
Short-term Investments – (continued)
Commercial Paper – (continued)
	Bedford Row Funding Corp.(j)
$	2,000,000		0.000	%		09/04/18	$	1,978,729
	Eastman Chemical Co.(j)
	5,000,000		0.000			04/11/18		4,996,241
	Ei Dupont(j)
	37,200,000		0.000			04/03/18		37,189,331
	Electricite de France SA
	28,000,000		1.000			04/03/18		27,992,176
	20,905,000		0.000	(j)		04/27/18		20,866,840
	8,000,000		0.000	(j)		05/15/18		7,975,654
	Ford Motor Credit Co. LLC(j)
	25,000,000		0.000			02/20/19		24,346,050
	HP, Inc. (j)
	13,398,000		0.000			04/27/18		13,377,569
	Liberty Funding LLC(j)
	30,000,000		0.000			06/06/18		29,877,467
	3,000,000		0.000			06/20/18		2,984,389
	LMA SA LMA Americas(j)
	18,000,000		0.000			07/11/18		17,874,004
	Macquarie Bank Ltd.(j)
	18,550,000		0.000			05/18/18		18,497,338
	Marriott International, Inc.
	26,600,000		0.000	(j)		04/02/18		26,594,077
	6,000,000		0.000	(j)		04/18/18		5,992,857
	15,724,000		0.000	(j)		05/04/18		15,687,866
	10,350,000		1.000			05/08/18		10,323,435
	NRW Bank(j)
	30,000,000		0.000			05/08/18		29,937,667
	Old Line Funding LLC(j)
	1,660,000		0.000			08/20/18		1,643,805
	Omnicom Capital, Inc. (j)
	6,934,000		0.000			05/04/18		6,918,066
	Oversea-Chinese Banking Corp. Ltd.
	15,000,000		2.200			06/14/18		14,999,712
	Potash Corp. of Saskatchewan, Inc.(j)
	12,038,000		0.000			06/15/18		11,973,994
	QUALCOMM, Inc. (j)
	10,000,000		0.000			06/14/18		9,955,105
								354,488,903
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $470,867,275)						$	470,803,771
	TOTAL INVESTMENTS – 93.8%
	(Cost $4,314,185,380)						$	4,348,853,253
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.2%							286,182,559
	NET ASSETS – 100.0%						$	4,635,035,812

	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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on March 31, 2018. 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, 2018.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Market value of Rule 144A securities amounts to $1,584,793,151, which represents approximately 34.2% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(e)	Security is currently in default and/or non-income producing.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2018.
(i)	Actual maturity date is June 28, 2117.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $64,216,133, which represents approximately 1.4% of the Fund’s net assets as of March 31, 2018.

Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc. (Common Stocks)		05/06/16 – 08/18/16	$	76,509,670

(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Currency Abbreviations:
ARS	—Argentine Peso
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
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
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
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
COF	—Cost of Funds
CPI	—Consumer Price Index
EURO	—Euro Offered Rate
FFCB	—Federal Farm Credit Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed 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
OTC	—Over the Counter
PI	—Private Investment
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
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

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	256,946,757	USD	12,699,899	$	12,735,478		04/04/18	$	35,579
	ARS	1,270,283,892	USD	62,325,266		62,795,189		04/09/18		469,924
	ARS	460,043,736	USD	22,422,448		22,705,875		04/12/18		283,428
	ARS	434,117,791	USD	21,225,006		21,381,250		04/16/18		156,245
	ARS	429,733,096	USD	20,581,087		21,120,911		04/20/18		539,824
	ARS	431,345,117	USD	20,994,984		21,066,913		05/02/18		71,929
	ARS	361,417,772	USD	17,367,505		17,604,363		05/07/18		236,858
	ARS	25,858,342	USD	1,242,294		1,256,845		05/11/18		14,551
	ARS	118,861,995	USD	5,683,098		5,737,402		05/24/18		54,304
	ARS	174,977,029	USD	8,336,209		8,419,218		05/31/18		83,009
	AUD	15,884,410	USD	12,189,925		12,202,611		06/20/18		12,686
	BRL	713,312,978	USD	214,581,928		216,005,833		04/03/18		1,423,905
	BRL	494,845,681	USD	148,260,814		149,486,432		05/03/18		1,225,617
	CAD	25,321,942	EUR	15,817,643		19,684,702		06/20/18		103,706
	CAD	305,901,772	USD	236,961,226		237,801,089		06/20/18		839,864
	CHF	9,033,789	GBP	6,743,043		9,515,295		06/20/18		22,416
	CLP	15,654,988,130	USD	25,750,903		25,926,991		04/27/18		176,088
	CNH	123,462,533	EUR	15,707,867		19,610,716		06/20/18		165,614
	CNH	905,440,869	USD	142,283,193		143,819,695		06/20/18		1,536,504
	CNY	493,542,017	USD	77,964,430		78,648,845		04/16/18		684,415
	COP	57,573,044,665	USD	20,219,118		20,599,976		04/20/18		380,858
	COP	43,801,376,236	USD	15,381,269		15,671,179		04/27/18		289,910
	CZK	420,863,687	EUR	16,525,520		20,478,228		06/20/18		20,935
	EUR	8,052,833	CAD	12,786,247		9,968,772		06/20/18		29,034
	EUR	25,030,597	CHF	29,237,515		30,985,908		06/20/18		190,018
	EUR	7,870,001	GBP	6,918,281		9,742,441		06/20/18		2,861
	EUR	43,756,833	HUF	13,637,794,633		54,167,512		06/20/18		156,140
	EUR	56,719,835	NOK	542,827,346		70,214,685		06/20/18		786,490
	EUR	39,967,151	SEK	403,812,063		49,476,184		06/20/18		818,541
	EUR	15,869,140	USD	19,637,444		19,644,745		06/20/18		7,300
	GBP	28,157,371	EUR	31,793,507		39,640,043		06/20/18		282,185
	GBP	933,460	USD	1,293,660		1,312,591		05/25/18		18,931
	GBP	103,199,275	USD	144,249,275		145,284,291		06/20/18		1,035,016
	HKD	468,535,684	USD	59,949,547		59,979,362		09/19/18		29,815
	IDR	137,108,571,493	USD	9,956,182		9,985,299		04/09/18		29,117
	IDR	1,945,887,264,765	USD	141,146,916		141,535,410		04/26/18		388,493
	INR	319,507,288	USD	4,902,674		4,907,282		04/06/18		4,607
	INR	6,776,170,743	USD	103,832,626		104,025,423		04/13/18		192,796
	INR	784,898,968	USD	11,948,531		11,951,866		06/20/18		3,336
	JPY	1,065,459,231	EUR	8,057,865		10,067,449		06/20/18		92,447
	JPY	1,019,681,483	USD	9,630,066		9,634,898		06/20/18		4,832
	KRW	26,921,261,923	USD	25,058,961		25,319,615		04/05/18		260,654
	KRW	10,685,988,685	USD	9,981,374		10,060,736		04/09/18		79,362
	KRW	110,584,847,832	USD	103,345,147		104,122,037		04/12/18		776,892
	KRW	18,157,076,299	USD	17,079,850		17,097,619		04/16/18		17,768
	KRW	29,300,433,501	USD	27,273,632		27,597,544		04/26/18		323,913
	KRW	12,332,968,425	USD	11,440,560		11,616,484		04/27/18		175,923
	MXN	907,677,010	USD	48,110,487		49,301,246		06/20/18		1,190,759
	NOK	306,862,071	EUR	31,587,711		39,247,985		06/20/18		144,887

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)		NOK	32,561,679		GBP	2,943,912	$	4,164,673		06/20/18	$	20,224
		NZD	10,668,108		USD	7,668,093		7,707,815		06/20/18		39,722
		PEN	127,975,235		USD	39,532,646		39,656,047		04/09/18		123,401
		PLN	100,048,389		EUR	23,580,913		29,272,689		06/20/18		81,376
		SEK	238,108,927		EUR	23,157,706		28,691,118		06/20/18		23,701
		SGD	64,614,924		USD	49,290,802		49,374,372		06/20/18		83,569
		THB	772,087,975		USD	24,633,506		24,700,578		04/12/18		67,072
		TRY	38,937,588		USD	9,575,280		9,635,783		06/20/18		60,503
		TWD	498,328,198		USD	17,079,850		17,142,827		04/16/18		62,977
		TWD	413,123,262		USD	14,138,131		14,213,420		04/17/18		75,289
		TWD	2,662,312,621		USD	91,523,781		91,839,246		05/10/18		315,467
		USD	69,586,288		ARS	1,401,948,001		69,487,071		04/04/18		99,217
		USD	20,391,549		AUD	26,177,927		20,110,226		06/20/18		281,324
		USD	40,547,920		BRL	129,504,076		39,216,496		04/03/18		1,331,424
		USD	29,072,207		CAD	37,264,560		28,968,621		06/20/18		103,585
		USD	11,651,406		CHF	10,874,059		11,453,652		06/20/18		197,754
		USD	34,207,705		CLP	20,281,365,432		33,587,607		04/20/18		620,098
		USD	9,563,325		CNH	59,896,158		9,513,871		06/20/18		49,455
		USD	168,169,225		EUR	135,086,533		167,226,484		06/20/18		942,740
		USD	42,382,734		GBP	29,853,259		42,027,519		06/20/18		355,215
		USD	61,843,000		HKD	479,046,082		61,126,207		05/11/18		716,793
		USD	37,562,000		HKD	291,393,334		37,302,572		09/19/18		259,428
		USD	59,431,160		IDR	794,938,711,069		57,884,925		04/11/18		1,546,234
		USD	84,417,773		INR	5,490,531,932		84,304,189		04/05/18		113,583
		USD	9,568,967		INR	622,900,490		9,562,552		04/13/18		6,414
		USD	32,464,758		INR	2,106,375,669		32,279,038		04/27/18		185,718
		USD	115,475,490		JPY	12,131,180,635		114,626,665		06/20/18		848,824
		USD	12,133,464		NOK	93,449,157		11,952,247		06/20/18		181,217
		USD	102,262,493		NZD	140,841,393		101,759,315		06/20/18		503,178
		USD	3,309,349		PHP	173,492,630		3,300,284		06/06/18		9,065
		USD	8,038,403		RUB	459,623,801		7,974,319		05/17/18		64,084
		USD	7,784,017		SEK	63,354,937		7,634,002		06/20/18		150,014
		USD	9,886,823		SGD	12,933,497		9,882,907		06/20/18		3,916
		USD	27,585,108		TRY	110,100,234		27,246,216		06/20/18		338,891
		USD	6,786,624		TWD	196,341,786		6,755,099		04/17/18		31,526
		USD	112,738,499		TWD	3,263,861,574		112,427,023		04/27/18		311,477
		USD	14,355,262		TWD	416,101,625		14,353,859		05/10/18		1,403
		USD	95,481,643		ZAR	1,135,229,000		95,248,903		05/18/18		232,741
		USD	55,560,114		ZAR	655,889,400		54,797,397		06/20/18		762,717
		ZAR	2,563,827,391		USD	214,020,918		214,199,323		06/20/18		178,406
TOTAL											$	27,250,028

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	2,546,949,244		USD	128,524,967	$	126,238,664		04/04/18	$	(2,286,300	)
	AUD	12,674,323		GBP	7,115,689		9,736,580		06/20/18		(280,911	)
	AUD	247,304,341		USD	193,119,520		189,982,427		06/20/18		(3,137,092	)
	BRL	535,386,538		USD	165,550,297		162,126,050		04/03/18		(3,424,250	)
	CAD	38,403,860		EUR	24,166,265		29,854,288		06/20/18		(61,644	)
	CAD	93,251,611		USD	72,637,884		72,491,684		06/20/18		(146,200	)
	CHF	73,808,122		EUR	63,095,096		77,742,134		06/20/18		(364,624	)
	CLP	17,322,196,775		USD	28,748,148		28,686,981		04/20/18		(61,168	)
	EUR	8,023,991		CZK	204,459,308		9,933,068		06/20/18		(15,436	)
	EUR	47,408,336		GBP	42,016,245		58,687,787		06/20/18		(462,827	)
	EUR	8,011,105		NOK	78,046,348		9,917,117		06/20/18		(65,094	)
	EUR	10,846,638		PLN	45,984,420		13,427,283		06/20/18		(27,082	)
	EUR	177,472,384		USD	221,053,566		219,696,830		06/20/18		(1,356,740	)
	GBP	41,145,810		USD	58,275,117		57,925,211		06/20/18		(349,905	)
	HKD	172,378,555		USD	22,059,606		22,022,782		06/20/18		(36,824	)
	HUF	24,190,590,279		EUR	77,512,826		95,804,855		06/20/18		(149,916	)
	IDR	1,633,792,043,485		USD	120,555,932		118,967,573		04/11/18		(1,588,358	)
	IDR	1,484,160,403,502		USD	110,130,933		108,031,683		04/16/18		(2,099,247	)
	IDR	131,461,636,297		USD	9,565,786		9,561,950		04/26/18		(3,836	)
	INR	6,154,321,015		USD	95,807,151		94,496,316		04/05/18		(1,310,833	)
	INR	1,253,509,068		USD	19,252,018		19,243,436		04/13/18		(8,582	)
	INR	1,393,826,293		USD	21,427,939		21,389,400		04/16/18		(38,539	)
	INR	11,232,137,232		USD	173,693,016		172,126,271		04/27/18		(1,566,745	)
	JPY	1,013,451,532		CAD	12,351,588		9,576,032		06/20/18		(25,813	)
	JPY	2,041,432,204		EUR	15,611,528		19,289,348		06/20/18		(36,494	)
	JPY	1,620,925,684		USD	15,399,388		15,281,179		05/18/18		(118,209	)
	JPY	12,519,108,959		USD	119,052,906		118,292,171		06/20/18		(760,735	)
	NOK	1,072,371,034		EUR	111,473,551		137,157,395		06/20/18		(838,079	)
	NZD	126,957,389		USD	92,475,960		91,727,983		06/20/18		(747,976	)
	PEN	154,267,741		USD	47,943,482		47,810,391		04/05/18		(133,090	)
	PHP	1,051,667,454		USD	20,052,769		20,005,468		06/06/18		(47,301	)
	PLN	442,964,733		EUR	104,908,469		129,604,971		06/20/18		(263,450	)
	RUB	5,944,088,934		USD	103,743,524		103,127,953		05/17/18		(615,571	)
	SEK	5,776,236,819		EUR	566,863,136		696,012,090		06/20/18		(5,719,815	)
	SEK	237,664,932		NOK	225,119,451		28,637,618		06/20/18		(155,399	)
	SEK	80,561,609		USD	9,820,986		9,707,333		06/20/18		(113,653	)
	SGD	39,164,200		USD	29,954,684		29,926,644		06/20/18		(28,041	)
	TRY	105,460,188		USD	26,728,054		26,097,956		06/20/18		(630,097	)
	TWD	586,164,548		USD	20,240,489		20,166,870		04/17/18		(73,618	)
	TWD	1,520,640,179		USD	52,541,156		52,379,993		04/27/18		(161,162	)
	TWD	832,332,789		USD	28,781,203		28,712,187		05/10/18		(69,016	)
	USD	68,556,998		ARS	1,401,948,000		69,487,071		04/04/18		(930,074	)
	USD	26,156,599		ARS	539,331,859		26,661,321		04/09/18		(504,721	)
	USD	2,600,574		ARS	54,273,972		2,629,549		05/17/18		(28,976	)
	USD	4,666,457		ARS	98,928,892		4,671,672		07/03/18		(5,215	)
	USD	336,508,585		BRL	1,119,195,440		338,915,387		04/03/18		(2,406,799	)
	USD	26,666,033		BRL	88,963,221		26,874,630		05/03/18		(208,596	)
	USD	19,620,345		CLP	11,928,777,073		19,755,035		04/20/18		(134,690	)
	USD	28,717,807		CNH	181,953,000		28,901,308		06/20/18		(183,501	)
	USD	28,292,736		CNY	179,347,654		28,580,111		04/16/18		(287,375	)
	USD	10,204,903		COP	29,396,039,743		10,518,077		04/20/18		(313,174	)
	USD	93,669,042		EUR	75,820,637		93,763,851		06/08/18		(94,809	)
	USD	51,844,831		EUR	41,942,306		51,921,270		06/20/18		(76,439	)
	USD	16,026,282		GBP	11,564,000		16,260,801		05/25/18		(234,520	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased			Currency Sold			Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)		USD	75,369,156		GBP	53,761,157	$	75,685,140		06/20/18	$	(315,982	)
		USD	10,136,196		INR	663,789,084		10,192,127		04/05/18		(55,931	)
		USD	4,876,289		INR	319,507,288		4,907,281		04/06/18		(30,993	)
		USD	84,611,144		INR	5,524,261,738		84,806,549		04/13/18		(195,404	)
		USD	59,270,959		INR	3,873,011,876		59,351,758		04/27/18		(80,800	)
		USD	181,315,278		JPY	19,375,985,232		182,665,929		05/18/18		(1,350,651	)
		USD	286,116,354		JPY	30,295,010,426		286,255,403		06/20/18		(139,050	)
		USD	25,072,895		KRW	26,921,261,923		25,319,615		04/05/18		(246,720	)
		USD	81,549,800		KRW	88,041,792,110		82,896,446		04/12/18		(1,346,644	)
		USD	19,277,551		KRW	20,642,318,286		19,437,848		04/16/18		(160,297	)
		USD	9,571,262		KRW	10,217,800,481		9,623,960		04/26/18		(52,699	)
		USD	57,099,630		MXN	1,065,227,856		57,927,764		06/12/18		(828,134	)
		USD	87,298,931		MXN	1,644,995,351		89,349,315		06/20/18		(2,050,383	)
		USD	19,259,964		NZD	26,749,716		19,326,938		06/20/18		(66,973	)
		USD	47,591,954		PEN	154,267,742		47,810,392		04/05/18		(218,437	)
		USD	19,630,002		SGD	25,732,347		19,662,926		06/20/18		(32,924	)
		USD	10,485,071		THB	329,486,023		10,540,891		04/12/18		(55,820	)
		USD	10,531,267		THB	329,702,370		10,549,192		04/16/18		(17,925	)
		USD	5,781,386		TRY	23,404,207		5,791,778		06/20/18		(10,392	)
		USD	133,613,685		TWD	3,909,833,238		134,517,005		04/17/18		(903,320	)
		USD	22,741,505		TWD	661,801,899		22,796,438		04/27/18		(54,933	)
		USD	91,363,446		TWD	2,655,054,468		91,588,870		05/10/18		(225,422	)
		USD	34,364,104		TWD	998,964,505		34,576,415		06/12/18		(212,311	)
		ZAR	236,518,700		USD	19,811,301		19,760,358		06/20/18		(50,944	)
TOTAL											$	(43,491,650	)

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		339		06/15/18	$	28,946,204		$	59,536
Ultra Long U.S. Treasury Bonds		106		06/20/18		17,009,687			374,264
10 Year German Euro-Bund		218		06/07/18		42,765,189			39,846
10 Year U.S. Treasury Notes		13,473		06/20/18		1,632,127,641			12,913,134
Total								$	13,386,780
Short position contracts:
Eurodollars		(927	)	12/17/18		(225,967,837	)		1,354,393
Eurodollars		(7,136	)	12/16/19		(1,734,315,600	)		(28,936	)
Italian 10 Year Government Bonds		(255	)	06/07/18		(43,547,399	)		(103,686	)
Japan 10 Year Government Bonds		(71	)	06/13/18		(100,603,073	)		(67,457	)
Ultra 10 Year U.S. Treasury Notes		(154	)	06/20/18		(19,998,344	)		(287,944	)
2 Year U.S. Treasury Notes		(1,793	)	06/29/18		(381,208,611	)		(200,255	)
5 Year U.S. Treasury Notes		(29,130	)	06/29/18		(3,334,247,124	)		(11,800,966	)
20 Year U.S. Treasury Bonds		(2,948	)	06/20/18		(432,250,500	)		(10,264,598	)
Total								$	(21,399,449	)
TOTAL FUTURES CONTRACTS								$	(8,012,669	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund

Payments Received by the Fund

Counterparty

Termination Date

Notional Amount (000s)

Value

Upfront Payments (Received) Paid

Unrealized Appreciation/ (Depreciation)

3 month KWCDC

2.000%

MS & Co. Int. PLC

03/21/20

KRW 583,560,210

$

269,156

$

56,217

$

212,939

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 STIBOR(a)	0.050%(b)		06/15/18	SEK		4,927,610		$	1,020,209		$	573,507		$	446,702
3M STIBOR(a)	0.330(b)		09/15/18			5,993,640			(849,338	)		217,356			(1,066,694	)
6 month WIBOR(c)	3.048(b)		06/17/19	PLN		285,790			2,830,779			545,010			2,285,769
3.045%(b)	6 month WIBOR(c)		06/17/19			285,790			(2,826,921	)		177			(2,827,098	)
6 month GBP(b)	0.900		06/20/19	GBP		473,720	(d)		465,008			115,549			349,459
6 month CDOR(c)	1.750		06/20/19	CAD		805,550	(d)		(2,090,359	)		(1,753,892	)		(336,467	)
3 month LIBOR(e)	2.100		06/20/19	$		506,260	(d)		38,926			(206,217	)		245,143
3M STIBOR(a)	0.100(b)		06/29/19			5,303,860			1,297,285			(9,852,081	)		11,149,366
3 month LIBOR(e)	2.206		09/04/19	$		3,532,040	(d)		497,029			(218,817	)		715,846
Mexico Interbank TIIE 28 Days(f)	7.600		06/17/20	MXN		335,850	(d)		36,976			(14,694	)		51,670
6 month CDOR(c)	1.750		06/20/20	CAD		432,910	(d)		(3,328,940	)		(3,241,653	)		(87,287	)
0.100(b)	3 month STIBOR(a)		06/20/20	SEK		2,770,310	(d)		(1,259,509	)		(1,028,400	)		(231,109	)
2.250(c)	6 month AUDOR		06/20/20	AUD		465,720	(d)		(1,202,896	)		(994,823	)		(208,073	)
3M LIBOR(c)	2.139(c)		11/20/20	$		2,448,190	(d)		(27,441,272	)		(2,318,682	)		(25,122,590	)
0.250(b)	3 month STIBOR(a)		06/20/21	SEK		2,934,810	(d)		(1,088,155	)		(390,017	)		(698,138	)
6M EURO(c)	0.350(b)		12/16/21	EUR		992,680	(d)		(2,161,465	)		(7,222,205	)		5,060,740
0.500(b)	3 month STIBOR(a)		12/16/21	SEK		7,997,860	(d)		2,015,892			2,110,290			(94,398	)
6 month EURO(c)	0.750(b)		02/17/22	EUR		465,020	(d)		2,794,316			618,506			2,175,810
0.500(b)	3 month STIBOR(a)		06/20/22	SEK		2,848,070	(d)		(1,770,963	)		(642,318	)		(1,128,645	)
2.028%(c)	6M CDOR		07/18/22			535,390	(d)		(5,538,077	)		(10,130,947	)		4,592,870
2.510(b)	6M WIBOR(c)		12/20/22	PLN		437,750			(1,255,378	)		(517,467	)		(737,911	)
6 month EURO(c)	0.850(b)		02/10/23	EUR		677,750	(d)		4,630,687			(1,378,706	)		6,009,393
2.750(c)	3 month LIBOR(a)		02/20/23	$		215,430	(d)		233,375			387,847			(154,472	)
2.550(b)	6 month WIBOR(c)		03/21/23	PLN		736,050			(1,994,847	)		460,640			(2,455,487	)
6 month EURO(c)	0.250(b)		06/20/23	EUR		753,610	(d)		(8,117,309	)		(18,999,708	)		10,882,399
3 month LIBOR(a)	2.000(c)		06/20/23	$		18,200	(d)		(619,413	)		(662,364	)		42,951
6 month CDOR(c)	2.000		06/20/23	CAD		284,960	(d)		(4,358,571	)		(5,224,523	)		865,952
2.000(c)	3 month NIBOR(b)		06/20/23	NOK		421,710	(d)		(118,452	)		139,650			(258,102	)
0.500(b)	3 month STIBOR(a)		06/20/23	SEK		5,477,300	(d)		2,324,465			5,808,230			(3,483,765	)
2.500(c)	6 month AUDOR		06/20/23	AUD		268,790	(d)		395,278			1,360,745			(965,467	)
0.250(b)	6 month EURO(c)		06/20/23	EUR		20,920	(d)		225,334			386,297			(160,963	)
2.851(c)	3 month LIBOR(a)		09/04/23	$		1,103,100	(d)		(5,319,038	)		698,126			(6,017,164	)
2.275(c)	3M LIBOR(a)		11/20/23			1,089,280	(d)		24,742,778			1,372,995			23,369,783
6M GBP(c)	1.200		11/21/23	GBP		722,080	(d)		(11,750,802	)		(5,101,705	)		(6,649,097	)
2.882%(c)	3 month LIBOR(a)		02/28/25	$		189,980	(d)		(1,562,756	)		(498,811	)		(1,063,945	)
0.500(b)	6 month EURO(c)		06/20/25	EUR		11,000	(d)		185,328			320,289			(134,961	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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(c)	1.330%(b)		01/12/27			176,350		$	(501,789	)	$	(2,141,806	)	$	1,640,017
6M GBP(c)	1.600		03/16/27	GBP		319,730			(406,729	)		(32,143,446	)		31,736,717
6M EURO(c)	1.600(b)		10/25/27	EUR		39,430	(d)		196,356			(2,125,152	)		2,321,508
2.000(b)	3 month STIBOR(a)		10/25/27	SEK		271,410	(d)		(173,798	)		(2,298,749	)		2,124,951
2.000(b)	3 month STIBOR(a)		11/02/27			991,670	(d)		(612,891	)		41,164			(654,055	)
6M EURO(c)	1.500(b)		12/19/27	EUR		179,910	(d)		(431,428	)		691,894			(1,123,322	)
3M LIBOR(a)	2.750(c)		12/21/27	$		155,980	(d)		(670,621	)		(1,746,954	)		1,076,333
3.500(c)	6M AUDOR		12/21/27	AUD		163,090			(1,921,156	)		(2,188,769	)		267,613
8.645(a)	3 month JIBAR		01/19/28	ZAR		217,180	(d)		(176,418	)		271			(176,689	)
8.660(a)	3 month JIBAR		01/19/28			108,590	(d)		(92,194	)		135			(92,329	)
8.570(a)	3 month JIBAR		01/22/28			110,640	(d)		(68,962	)		140			(69,102	)
8.590(a)	3 month JIBAR		01/22/28			215,130	(d)		(144,612	)		271			(144,883	)
8.560(a)	3 month JIBAR		02/15/28			147,320	(d)		(83,294	)		193			(83,487	)
8.585(a)	3 month JIBAR		02/15/28			117,850	(d)		(73,795	)		154			(73,949	)
8.620(a)	3 month JIBAR		02/15/28			235,700	(d)		(167,643	)		308			(167,951	)
8.520(a)	3 month JIBAR		02/16/28			152,220	(d)		(71,116	)		199			(71,315	)
8.400(a)	3 month JIBAR		02/21/28			296,890	(d)		(50,065	)		387			(50,452	)
6 month EURO(c)	1.000(b)		06/20/28	EUR		240,180	(d)		(221,972	)		(4,379,083	)		4,157,111
3 month LIBOR(a)	2.250(c)		06/20/28	$		1,440	(d)		(69,104	)		(81,722	)		12,618
6 month CDOR(c)	2.250		06/20/28	CAD		401,750	(d)		(7,908,551	)		(9,918,786	)		2,010,235
2.250(c)	3 month LIBOR(a)		06/20/28	$		21,100	(d)		1,012,573			1,276,057			(263,484	)
1.500(b)	3 month STIBOR(a)		06/20/28	SEK		595,000	(d)		(1,653,371	)		(628,483	)		(1,024,888	)
3.000(c)	6 month AUDOR		06/20/28	AUD		170,510	(d)		(1,887,175	)		(203,373	)		(1,683,802	)
1.000(b)	6 month EURO(c)		06/20/28	EUR		12,630	(d)		11,672			229,281			(217,609	)
1.250(c)	6 month GBP		06/20/28	GBP		43,130	(d)		1,540,669			2,198,430			(657,761	)
6 month CHFOR(c)	1.000(b)		06/21/28	CHF		34,040	(d)		123,569			165,925			(42,356	)
4.000(c)	3 month NZDOR(a)		06/21/28	NZD		65,210	(d)		(770,800	)		(174,942	)		(595,858	)
3 month NIBOR(c)	3.000(b)		06/21/28	NOK		560,420	(d)		1,202,678			689,699			512,979
1.400(c)	6M GBP		11/21/28	GBP		436,300	(d)		8,849,491			5,748,566			3,100,925
1.940(c)	6M GBP		01/11/32			168,990			(2,487,960	)		(1,486,640	)		(1,001,320	)
1.500(c)	6 month GBP		06/20/33			128,970	(d)		1,825,174			5,352,958			(3,527,784	)
1.750(c)	6M GBP		03/17/37			261,280			(2,732,641	)		(20,475,395	)		17,742,754
3 month LIBOR(a)	2.750(c)		06/16/37	$		91,870	(d)		(1,288,761	)		(2,087,298	)		798,537
1.750(c)	6M GBP		12/14/37	GBP		78,960	(d)		(904,660	)		(774,907	)		(129,753	)
1.750(c)	6M GBP		06/14/38			72,220	(d)		(898,618	)		(857,872	)		(40,746	)
1.500(b)	6 month EURO(c)		06/20/38	EUR		134,910	(d)		(1,148,803	)		2,903,262			(4,052,065	)
3 month LIBOR(a)	2.500(c)		06/17/47	$		138,140	(d)		(2,032,440	)		(3,004,009	)		971,569
1.750(b)	6 month EURO(c)		06/16/48	EUR		49,260	(d)		(690,795	)		(262,819	)		(427,976	)
2.500(c)	3 month LIBOR(a)		06/20/48	$		3,900	(d)		271,745			372,462			(100,717	)
6M CDOR(c)	2.540		07/18/48			80,830	(d)		1,065,355			(1,554,022	)		2,619,377
TOTAL								$	(55,163,676	)	$	(124,145,287	)	$	68,981,611

(a) Payments made at the termination date.

(b) Payments made annually.

(c) Payments made quarterly.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(e) Payments made semi-annually.

(f) Payments made monthly.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)			Credit Spread at March 31, 2018(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	)%		0.375	%	Barclays Bank PLC		06/20/21	$   10,330	$	(204,289	)	$	30,160		$	(234,449	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		Barclays Bank PLC		03/20/19	98,670		(863,810	)		(64,020	)		(799,790	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		BoA Securities LLC		03/20/19	13,180		(115,384	)		(4,822	)		(110,562	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		Citibank NA		03/20/19	518,290		(4,537,386	)		(497,622	)		(4,039,764	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		Citibank NA		06/20/19	1,072,530		(11,681,926	)		(1,403,920	)		(10,278,006	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		0.375		Citibank NA		06/20/21	2,060		(40,739	)		12,917			(53,656	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		0.375		Deutsche Bank AG		06/20/21	11,160		(220,703	)		27,275			(247,978	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		JPMorgan Securities, Inc.		06/20/19	24,020		(261,625	)		(34,368	)		(227,257	)
People’s Republic of China, 4.250%, 10/28/18		(1.000	)		0.136		JPMorgan Securities, Inc.		03/20/19	66,660		(583,577	)		(60,723	)		(522,854	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		0.375		JPMorgan Securities, Inc.		06/20/21	3,640		(71,986	)		12,191			(84,177	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)		0.375		UBS AG (London)		06/20/21	5,910		(116,877	)		19,203			(136,080	)
TOTAL											$	(18,698,302	)	$	(1,963,729	)	$	(16,734,573	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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, 2018(b)			Termination Date			Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.EM Index 29		(1.000)%		1.370	%		06/20/23	$		796,537	$	13,719,216		$	16,072,309		$	(2,353,093	)
CDX.NA.IG Index 30		(1.000)		0.655			06/20/23			242,850		(4,105,911	)		(4,244,926	)		139,015
CDX.NA.IG Index 30		(1.000)		1.083			06/20/28			70,650		458,982			312,375			146,607
Markit iTraxx Europe Index 29		(1.000)		0.598			06/20/23	EUR		39,550		(1,034,632	)		(1,054,220	)		19,588
CDX.NA.HY Index 30		(5.000)		3.606			06/20/23	$		337,000		(20,927,202	)		(20,697,648	)		(229,554	)
TOTAL											$	(11,889,547	)	$	(9,612,110	)	$	(2,277,437	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund#	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	1M LIBOR		CS International (London)		01/12/38		16,021	$	182,368		$	24,066	$	158,302
Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10	1M LIBOR		JPMorgan Securities, Inc.		01/12/41		16,189		(34,621	)		45,175		(79,796	)
TOTAL								$	147,747		$	69,241	$	78,506

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), 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).

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Rate	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		1,591	$	3,977,500	$	2,704,700	$	441,105	$	2,263,595

106 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

Description		Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
2Y IRS	BoA Securities LLC		2.350	%		03/30/2020		102,400,000		$	102,400,000		$	414,822		$	427,604		$	(12,782	)
2Y IRS	Citibank NA		2.250			03/30/2020		121,900,000			121,900,000			421,962			421,962			—
								224,300,000		$	224,300,000		$	836,784		$	849,566		$	(12,782	)
Puts
1Y IRS	Citibank NA		2.450			01/23/2019		126,200,000			126,200,000			1,115,318			1,416,245			(300,927	)
1Y IRS	Citibank NA		2.400			01/25/2019		126,500,000			126,500,000			998,882			1,293,111			(294,229	)
1Y IRS	Citibank NA		2.750			02/12/2019		63,800,000			63,800,000			1,187,835			1,084,600			103,235
1Y IRS	Citibank NA		2.750			02/13/2019		121,500,000			121,500,000			2,268,320			2,126,250			142,070
1Y IRS	BoA Securities LLC		2.750			03/04/2019		64,800,000			64,800,000			1,245,449			1,051,200			194,249
	JPMorgan
1Y IRS	Securities, Inc.		2.750			03/06/2019		54,900,000			54,900,000			1,060,613			915,000			145,613
OTC – 2Y IRS	Citibank NA		2.450			03/23/2020		132,400,000			132,400,000			608,987			501,956			107,031
2Y IRS	Citibank NA		2.450			03/26/2020		113,300,000			113,300,000			524,160			454,445			69,715
1Y IRS	Citibank NA		2.500			01/22/2019		70,000,000			70,000,000			697,529			793,333			(95,804	)
Total Over-the-Counter Interest Rate Swaptions								873,400,000		$	873,400,000		$	9,707,093		$	9,636,140		$	70,953
Total Purchased option contracts								1,097,700,000		$	1,097,700,000		$	10,543,877		$	10,485,706		$	58,171
Total Purchased options contracts								1,097,701,591		$	1,101,677,500		$	13,248,577		$	13,190,406		$	2,321,766
Written option contracts
Calls
2Y IRS	Citibank NA		2.338%			03/30/2020		(26,800,000	)		(26,800,000	)		(422,100	)		(422,100	)		—
2Y IRS	BoA Securities LLC		2.453			03/30/2020		(22,500,000	)		(22,500,000	)		(424,717	)		(427,500	)		2,783
								(49,300,000	)	$	(49,300,000	)	$	(846,817	)	$	(849,600	)	$	2,783
Puts
1Y IRS	BoA Securities LLC		2.795			03/04/2019		(28,800,000	)		(28,800,000	)		(1,340,484	)		(1,051,200	)		(289,284	)
1Y IRS	JPMorgan Securities, Inc.		2.793			03/06/2019		(24,400,000	)		(24,400,000	)		(1,135,039	)		(915,000	)		(220,039	)
2Y IRS	Citibank NA		2.528			03/23/2020		(29,100,000	)		(29,100,000	)		(607,928	)		(501,975	)		(105,953	)
2Y IRS	Citibank NA		2.530			03/26/2020		(24,900,000	)		(24,900,000	)		(523,834	)		(454,425	)		(69,409	)
1Y IRS	Citibank NA		2.545			01/22/2019		(31,100,000	)		(31,100,000	)		(731,217	)		(793,050	)		61,833
1Y IRS	Citibank NA		2.503			01/23/2019		(56,100,000	)		(56,100,000	)		(1,184,983	)		(1,416,525	)		231,542
1Y IRS	Citibank NA		2.449			01/25/2019		(56,200,000	)		(56,200,000	)		(1,042,797	)		(1,292,600	)		249,803
1Y IRS	Citibank NA		2.790			02/12/2019		(28,400,000	)		(28,400,000	)		(1,267,163	)		(1,086,300	)		(180,863	)
1Y IRS	Citibank NA		2.799			02/13/2019		(54,000,000	)		(54,000,000	)		(2,463,275	)		(2,126,250	)		(337,025	)
								(333,000,000	)	$	(333,000,000	)	$	(10,296,720	)	$	(9,637,325	)	$	(659,395	)
Total Written option contracts								(382,300,000	)	$	(382,300,000	)	$	(11,143,537	)	$	(10,486,925	)	$	(656,612	)
TOTAL								715,400,000		$	715,400,000		$	(599,660	)	$	(1,219	)	$	(598,441	)

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—2 Year Interest Rate Swaptions
BoA Securities LLC	—Bank of America Securities LLC
CDX.EM Index 29	—CDX Emerging Markets Index 29
CDX.NA.HY Index 30	—CDX North America High Yield Index 30
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2018

	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $584,597,135, $1,052,953,397, $712,312,100 and $4,237,542,467)	$	581,647,231		$	1,052,624,937		$	735,057,083		$	4,284,503,877
Investments of affiliated issuers, at value (cost $9,604,453, $52,662, $17,800,265 and $76,642,913)		9,604,453			52,662			17,800,265			64,349,376
Purchased options (cost $435,811, $ 11,090, $415,867, $10,926,811)		489,688			68,000			511,041			13,248,577
Cash		8,498,955			5,006,391			14,416,864			20,070,182
Foreign currencies, at value (cost $130,053, $166,941, $822,519 and $3,644,117, respectively)		123,959			163,444			856,922			3,489,428
Unrealized gain on swap contracts		16,219			—			27,488			371,241
Unrealized gain on forward foreign currency exchange contracts		1,463,409			500,005			1,536,260			27,250,028
Variation margin on futures contracts		213			—			—			—
Variation margin on swaps contracts		88,823			82,606			110,830			—
Receivables:
Investments sold on an extended-settlement basis		39,080,063			64,123,822			13,473,312			27,423,257
Investments sold		11,394,486			7,436,131			12,211,811			214,893,798
Collateral on certain derivative contracts(a)		11,589,522			2,725,904			21,625,619			282,014,125
Interest		2,792,962			5,049,431			3,908,936			35,736,670
Fund shares sold		446,335			260,032			1,007,753			1,220,943
Upfront payments made on swap contracts		49,825			—			54,807			227,204
Reimbursement from Investment Adviser		12,525			—			27,458			—
Due from broker		—			294,409			—			—
Other assets		40,474			51,358			37,030			83,085
Total assets		667,339,142			1,138,439,132			822,663,479			4,974,881,791
Liabilities:
Unrealized loss on swap contracts		330,960			—			306,645			16,814,369
Unrealized loss on forward foreign currency exchange contracts		2,032,068			1,085,359			3,858,735			43,491,650
Variation margin on futures contracts		—			31,674			6,865			1,599,936
Variation margin on swaps contracts		—			—			—			19,329
Written option contracts, at value (premium received $415,512, $0, $395,112 and $10,486,925, respectively)		439,003			—			414,230			11,143,537
Forward sale contracts, at value (proceeds received $3,110,625, $9,005,156, $0 and $0, respectively)		3,116,641			9,038,554			—			—
Payables:
Investments purchased on an extended — settlement basis		93,929,943			135,850,064			59,880,434			49,539,625
Investments purchased		4,474,400			8,345,458			10,347,533			204,113,627
Fund shares redeemed		1,670,835			1,399,495			852,150			7,981,315
Management fees		194,377			327,040			405,449			2,153,457
Distribution and Service fees and Transfer Agency fees		93,060			66,231			62,872			511,878
Due to broker — upfront payment		88,872			67,998			91,951			71,091
Income distribution		60,562			34,733			31,388			—
Upfront payments received on swap contracts		22,350			—			198,502			2,065,475
Interest Payable Short Position		13,065			—			—			—
Accrued expenses		242,142			215,067			249,948			340,690
Total liabilities		106,708,278			156,461,673			76,706,702			339,845,979
Net Assets:
Paid-in capital		577,100,559			992,632,821			750,483,468			6,702,202,944
Undistributed (distributions in excess of) net investment income		(1,319,272	)		5,130,882			(17,034,231	)		(148,951,984	)
Accumulated net realized loss		(12,917,621	)		(16,620,055	)		(10,402,826	)		(1,980,483,722	)
Net unrealized gain (loss)		(2,232,802	)		833,811			22,910,366			62,268,574
NET ASSETS	$	560,630,864		$	981,977,459		$	745,956,777		$	4,635,035,812
Net Assets:
Class A	$	101,230,681		$	62,399,388		$	78,752,093		$	311,145,638
Class C		14,476,132			9,817,223			12,984,418			252,929,100
Institutional		314,927,537			850,477,370			321,020,863			3,849,087,545
Service		410,340			1,035,220			1,798,736			—
Investor		36,266,768			45,129,345			62,987,755			189,884,494
Class R		22,969,852			4,637,003			—			7,360,628
Class R6		70,349,554			8,481,910			268,412,912			24,628,407
Total Net Assets	$	560,630,864		$	981,977,459		$	745,956,777		$	4,635,035,812
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		10,170,517			6,097,302			6,469,386			32,606,197
Class C		1,455,435			954,499			1,075,408			26,575,141
Institutional		31,652,945			82,779,430			26,414,729			403,015,644
Service		41,241			100,720			148,821			—
Investor		3,656,113			4,406,734			5,192,296			19,890,033
Class R		2,310,540			452,875			—			772,575
Class R6		7,071,412			824,713			22,081,932			2,579,600
Net asset value, offering and redemption price per share:(b)
Class A		$9.95			$10.23			$12.17			$9.54
Class C		9.95			10.29			12.07			9.52
Institutional		9.95			10.27			12.15			9.55
Service		9.95			10.28			12.09			—
Investor		9.92			10.24			12.13			9.55
Class R		9.94			10.24			—			9.53
Class R6		9.95			10.28			12.16			9.55

(a) Segregated for initial Margin and/or collateral as follows:

Fund	Forward Foreign Currencies		Futures		Swaps
Bond	$	8,390,000	$	300,000	$	2,899,522
Core Fixed Income	$	—	$	31,865	$	2,694,039
Global Income	$	17,540,000	$	1,249,564	$	2,836,055
Strategic Income	$	162,360,000	$	1,653,203	$	118,000,922

(b) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income, Global Income and Strategic Income Funds is $10.34, $10.63, $12.64 and $9.91, 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.

108 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, 2018

	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $48, $21,153, $0)	$	16,913,179		$	26,448,159		$	14,346,802		$	172,322,018
Dividends — unaffiliated issuers		22,620			—			—			—
Dividends — affiliated issuers		236,761			260,615			186,071			1,706,771
Total investment income		17,172,560			26,708,774			14,532,873			174,028,789
Expenses:
Management fees		2,575,956			4,031,812			5,284,903			33,986,184
Distribution and Service fees(a)		591,988			358,702			460,620			4,659,413
Custody, accounting and administrative services		445,058			342,530			454,250			938,576
Transfer Agency fees(a)		419,732			539,100			521,434			3,556,088
Professional fees		148,942			133,052			132,623			183,903
Printing and mailing costs		80,981			65,261			173,475			578,610
Registration fees		44,074			40,113			31,317			38,689
Trustee fees		18,989			19,695			19,333			28,908
Service Share fees — Service Plan		2,766			3,189			5,888			—
Service Share fees — Shareholder Administration Plan		2,766			3,189			5,888			—
Prime Broker Fees		23,285			—			51,396			849,334
Other		22,065			41,005			36,883			289,252
Total expenses		4,376,602			5,577,648			7,178,010			45,108,957
Less — expense reductions		(850,671	)		(540,878	)		(872,030	)		(301,038	)
Net expenses		3,525,931			5,036,770			6,305,980			44,807,919
NET INVESTMENT INCOME		13,646,629			21,672,004			8,226,893			129,220,870
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,437,545	)		(2,309,513	)		9,701,320			(99,842,111	)
Purchased options		(333,678	)		41,608			(248,949	)		(1,637,877	)
Futures contracts		(609,078	)		(3,148,812	)		1,089,971			38,841,020
Swap contracts		(4,568,683	)		(1,728,984	)		(4,819,948	)		(245,543,392	)
Forward foreign currency exchange contracts		(1,218,637	)		(3,077,795	)		(38,793,530	)		(39,677,221	)
Foreign currency transactions		(23,574	)		33,617			7,891,340			(6,845,997	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(5,191,407	)		(5,414,677	)		26,568,393			107,613,646
Investments — affiliated issuers		—			—			—			(21,660,964	)
Purchased options		53,877			56,910			95,174			2,321,766
Futures contracts		41,379			1,149,715			294,146			(20,851,350	)
Written options		(23,491	)		—			(19,117	)		(656,612	)
Swap contracts		834,016			316,335			918,028			70,322,602
Forward foreign currency exchange contracts		972,085			554,266			3,271,665			40,243,705
Foreign currency translation		(5,754	)		(2,764	)		60,631			3,275
Net realized and unrealized gain (loss)		(11,510,490	)		(13,530,094	)		6,009,124			(177,369,510	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,136,139		$	8,141,910		$	14,236,017		$	(48,148,640	)

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

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor(b)		Class R		Class R6
Bond		295,500		168,214		128,274		153,660		21,868		136,141		443		57,110		33,351		17,159
Core Fixed Income		228,775		109,586		20,341		118,963		14,246		342,198		510		57,400		5,289		494
Global Income		298,165		162,455		—		155,046		21,119		217,863		942		113,730		—		12,734
Strategic Income		1,173,489		3,444,094		41,830		610,228		447,741		2,130,687		—		345,265		10,876		11,291

(b) Effective August 15, 2017, Class IR changed its name to Investor.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

		Bond Fund
		For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
	From operations:
	Net investment income	$	13,646,629		$	11,214,192
	Net realized gain (loss)		(8,191,195	)		(225,352	)
	Net change in unrealized gain (loss)		(3,319,295	)		(4,644,188	)
	Net increase (decrease) in net assets resulting from operations		2,136,139			6,344,652
	Distributions to shareholders:
	From net investment income
	Class A Shares		(2,124,616	)		(3,146,864	)
	Class C Shares		(197,434	)		(351,987	)
	Institutional Shares		(7,096,797	)		(8,719,337	)
	Service Shares		(18,743	)		(28,126	)
	Investor Shares(a)		(882,919	)		(1,269,574	)
	Class R Shares		(407,217	)		(449,301	)
	Class R6 Shares		(1,316,945	)		(426,872	)
	From net realized gains
	Class A Shares		—			(62,744	)
	Class C Shares		—			(11,019	)
	Institutional Shares		—			(155,743	)
	Service Shares		—			(677	)
	Investor Shares(a)		—			(17,345	)
	Class R Shares		—			(11,656	)
	Class R6 Shares		—			(5,519	)
	Return of capital
	Class A Shares		(374,264	)		—
	Class C Shares		(34,779	)		—
	Institutional Shares		(1,250,145	)		—
Service Shares			(3,302	)		—
	Investor Shares(a)		(155,532	)		—
	Class R Shares		(71,734	)		—
	Class R6 Shares		(231,988	)		—
	Total distributions to shareholders		(14,166,415	)		(14,656,764	)
	From share transactions:
	Proceeds from sales of shares		206,702,307			353,168,598
	Reinvestment of distributions		13,261,166			13,507,260
	Proceeds received in connection with in-kind transactions		—			—
	Cost of shares redeemed		(235,157,954	)		(246,857,968	)
	Net increase (decrease) in net assets resulting from share transactions		(15,194,481	)		119,817,890
	TOTAL INCREASE (DECREASE)		(27,224,757	)		111,505,778
	Net assets:
	Beginning of year		587,855,621			476,349,843
	End of year	$	560,630,864		$	587,855,621
	Undistributed (distributions in excess of) net investment income	$	(1,319,272	)	$	(1,018,923	)

(a) Effective August 15, 2017, Class IR changed its name to Investor.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Core Fixed Income Fund						Global Income Fund						Strategic Income Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	21,672,004		$	21,213,225		$	8,226,893		$	8,133,052		$	129,220,870		$	223,740,390
	(10,189,879	)		2,654,857			(25,179,796	)		20,120,534			(354,705,578	)		(174,490,813	)
	(3,340,215	)		(11,592,077	)		31,188,920			(17,551,664	)		177,336,068			469,370,381
	8,141,910			12,276,005			14,236,017			10,701,922			(48,148,640	)		518,619,958
	(2,020,569	)		(3,118,825	)		(1,950,180	)		(1,507,438	)		(3,166,962	)		(13,196,212	)
	(159,796	)		(263,457	)		(147,542	)		(42,019	)		(1,018,077	)		(4,462,360	)
	(21,767,196	)		(19,801,900	)		(11,500,248	)		(7,839,989	)		(43,609,266	)		(125,582,619	)
	(26,080	)		(31,897	)		(33,170	)		(25,907	)		—			—
	(1,082,715	)		(753,238	)		(1,700,313	)		(705,723	)		(2,069,449	)		(3,569,204	)
	(79,323	)		(168,039	)		—			—			(39,300	)		(99,932	)
	(47,399	)		(1,485,696	)		(558,140	)		(30,091	)		(378,424	)		(288,381	)
	—			—			—			(764,512	)		—			—
	—			—			—			(98,370	)		—			—
	—			—			—			(2,652,614	)		—			—
	—			—			—			(13,159	)		—			—
	—			—			—			(279,622	)		—			—
	—			—			—			—			—			—
	—			—			—			(14,207	)		—			—
	—			—			—			—			(1,327,576	)		(5,369,204	)
	—			—			—			—			(426,774	)		(1,815,621	)
	—			—			—			—			(18,280,809	)		(51,096,385	)
	—			—			—			—			—			—
	—			—			—			—			(867,505	)		(1,452,219	)
	—			—			—			—			(16,474	)		(40,660	)
	—			—			—			—			(158,632	)		(117,335	)
	(25,183,078	)		(25,623,052	)		(15,889,593	)		(13,973,651	)		(71,359,248	)		(207,090,132	)
	358,885,599			429,504,518			532,282,325			644,842,488			1,358,352,013			1,926,962,561
	24,752,893			25,065,156			15,128,643			13,434,206			61,641,867			173,577,259
	—			—			—			—			—			101,387,609
	(422,219,246	)		(334,556,752	)		(689,751,785	)		(563,821,836	)		(4,617,932,601	)		(8,279,090,939	)
	(38,580,754	)		120,012,922			(142,340,817	)		94,454,858			(3,197,938,721	)		(6,077,163,510	)
	(55,621,922	)		106,665,875			(143,994,393	)		91,183,129			(3,317,446,609	)		(5,765,633,684	)
	1,037,599,381			930,933,506			889,951,170			798,768,041			7,952,482,421			13,718,116,105
$	981,977,459		$	1,037,599,381		$	745,956,777		$	889,951,170		$	4,635,035,812		$	7,952,482,421
$	5,130,882		$	8,830,171		$	(17,034,231	)	$	10,113,567		$	(148,951,984	)	$	(99,542,210	)

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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.14	$	0.21	$	(0.19	)	$	0.02		$	(0.18	)	$	—		$	(0.03	)	$	(0.21	)
2018 - C		10.14		0.13		(0.18	)		(0.05	)		(0.12	)		—			(0.02	)		(0.14	)
2018 - Institutional		10.14		0.24		(0.18	)		0.06			(0.21	)		—			(0.04	)		(0.25	)
2018 - Service		10.14		0.19		(0.18	)		0.01			(0.17	)		—			(0.03	)		(0.20	)
2018 - Investor(d)		10.11		0.23		(0.18	)		0.05			(0.20	)		—			(0.04	)		(0.24	)
2018 - R		10.13		0.18		(0.18	)		—			(0.16	)		—			(0.03	)		(0.19	)
2018 - R6		10.14		0.24		(0.18	)		0.06			(0.22	)		—			(0.03	)		(0.25	)
2017 - A		10.28		0.19		(0.07	)		0.12			(0.25	)		(0.01	)		—			(0.26	)
2017 - C		10.27		0.11		(0.05	)		0.06			(0.18	)		(0.01	)		—			(0.19	)
2017 - Institutional		10.28		0.23		(0.07	)		0.16			(0.29	)		(0.01	)		—			(0.30	)
2017 - Service		10.28		0.17		(0.06	)		0.11			(0.24	)		(0.01	)		—			(0.25	)
2017 - Investor(d)		10.25		0.22		(0.07	)		0.15			(0.28	)		(0.01	)		—			(0.29	)
2017 - R		10.27		0.16		(0.06	)		0.10			(0.23	)		(0.01	)		—			(0.24	)
2017 - R6		10.28		0.23		(0.07	)		0.16			(0.29	)		(0.01	)		—			(0.30	)
2016 - A		10.44		0.21		(0.03	)		0.18			(0.34	)		—	(e)		—			(0.34	)
2016 - C		10.44		0.13		(0.03	)		0.10			(0.27	)		—	(e)		—			(0.27	)
2016 - Institutional		10.44		0.24		(0.02	)		0.22			(0.38	)		—	(e)		—			(0.38	)
2016 - Service		10.44		0.18		(0.01	)		0.17			(0.33	)		—	(e)		—			(0.33	)
2016 - Investor(d)		10.40		0.23		(0.01	)		0.22			(0.37	)		—	(e)		—			(0.37	)
2016 - R		10.43		0.18		(0.02	)		0.16			(0.32	)		—	(e)		—			(0.32	)
2016 - R6 (Commenced July 31, 2015)		10.33		0.16		0.08			0.24			(0.29	)		—	(e)		—			(0.29	)
2015 - A		10.42		0.17		0.25			0.42			(0.24	)		(0.16	)		—			(0.40	)
2015 - C		10.41		0.10		0.25			0.35			(0.16	)		(0.16	)		—			(0.32	)
2015 - Institutional		10.42		0.22		0.24			0.46			(0.28	)		(0.16	)		—			(0.44	)
2015 - Service		10.42		0.17		0.24			0.41			(0.23	)		(0.16	)		—			(0.39	)
2015 - Investor(d)		10.38		0.19		0.26			0.45			(0.27	)		(0.16	)		—			(0.43	)
2015 - R		10.41		0.15		0.25			0.40			(0.22	)		(0.16	)		—			(0.38	)
2014 - A		10.57		0.22		(0.09	)		0.13			(0.28	)		—			—			(0.28	)
2014 - C		10.57		0.15		(0.11	)		0.04			(0.20	)		—			—			(0.20	)
2014 - Institutional		10.57		0.26		(0.09	)		0.17			(0.32	)		—			—			(0.32	)
2014 - Service		10.57		0.21		(0.10	)		0.11			(0.26	)		—			—			(0.26	)
2014 - Investor(d)		10.54		0.25		(0.11	)		0.14			(0.30	)		—			—			(0.30	)
2014 - R		10.57		0.19		(0.10	)		0.09			(0.25	)		—			—			(0.25	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor.

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

(f) Annualized.

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

GOLDMAN SACHS BOND FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.95		0.22	%	$	101,231		0.79	%		0.93	%		2.03	%		372	%
	9.95		(0.53	)		14,476		1.54			1.68			1.29			372
	9.95		0.56			314,928		0.45			0.59			2.37			372
	9.95		0.06			410		0.95			1.09			1.87			372
	9.92		0.47			36,267		0.54			0.68			2.27			372
	9.94		(0.03	)		22,970		1.04			1.18			1.78			372
	9.95		0.58			70,350		0.44			0.58			2.37			372
	10.14		1.15			117,249		0.78			0.97			1.87			517
	10.14		0.50			19,081		1.53			1.72			1.10			517
	10.14		1.50			329,358		0.44			0.63			2.19			517
	10.14		0.99			1,293		0.94			1.13			1.69			517
	10.11		1.40			44,207		0.53			0.72			2.12			517
	10.13		0.90			25,639		1.03			1.22			1.58			517
	10.14		1.51			51,028		0.43			0.60			2.24			517
	10.28		1.83			129,351		0.78			1.00			2.00			588
	10.27		0.98			17,254		1.53			1.75			1.25			588
	10.28		2.18			279,435		0.44			0.66			2.33			588
	10.28		1.68			1,119		0.94			1.17			1.74			588
	10.25		2.18			39,939		0.53			0.75			2.23			588
	10.27		1.58			9,241		1.03			1.26			1.77			588
	10.28		2.42			10		0.47	(f)		0.69	(f)		2.37	(f)		588
	10.44		4.09			106,694		0.80			1.06			1.64			454
	10.44		3.41			11,813		1.56			1.82			0.97			454
	10.44		4.45			302,035		0.47			0.73			2.06			454
	10.44		3.94			15		0.96			1.23			1.61			454
	10.40		4.36			24,680		0.54			0.80			1.80			454
	10.43		3.84			363		1.06			1.33			1.47			454
	10.42		1.27			34,403		0.84			1.06			2.15			580
	10.41		0.42			7,298		1.59			1.81			1.40			580
	10.42		1.62			207,604		0.50			0.71			2.46			580
	10.42		1.12			14		1.00			1.22			2.01			580
	10.38		1.42			3,808		0.59			0.81			2.41			580
	10.41		0.92			133		1.09			1.29			1.83			580

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From Investment Operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.40	$	0.19	$	(0.13	)	$	0.06		$	(0.23	)
2018 - C		10.46		0.11		(0.13	)		(0.02	)		(0.15	)
2018 - Institutional		10.45		0.23		(0.14	)		0.09			(0.27	)
2018 - Service		10.45		0.18		(0.14	)		0.04			(0.21	)
2018 - Investor(d)		10.41		0.22		(0.13	)		0.09			(0.26	)
2018 - R		10.41		0.17		(0.14	)		0.03			(0.20	)
2018 - R6		10.45		0.26		(0.16	)		0.10			(0.27	)
2017 - A		10.53		0.19		(0.09	)		0.10			(0.23	)
2017 - C		10.59		0.11		(0.09	)		0.02			(0.15	)
2017 - Institutional		10.57		0.22		(0.07	)		0.15			(0.27	)
2017 - Service		10.58		0.17		(0.09	)		0.08			(0.21	)
2017 - Investor(d)		10.54		0.21		(0.08	)		0.13			(0.26	)
2017 - R		10.54		0.16		(0.09	)		0.07			(0.20	)
2017 - R6		10.57		0.23		(0.08	)		0.15			(0.27	)
2016 - A		10.64		0.21		(0.07	)		0.14			(0.25	)
2016 - C		10.69		0.13		(0.06	)		0.07			(0.17	)
2016 - Institutional		10.68		0.24		(0.06	)		0.18			(0.29	)
2016 - Service		10.69		0.19		(0.07	)		0.12			(0.23	)
2016 - Investor(d)		10.65		0.23		(0.06	)		0.17			(0.28	)
2016 - R		10.65		0.19		(0.08	)		0.11			(0.22	)
2016 - R6 (Commenced July 31, 2015)		10.52		0.16		0.08			0.24			(0.19	)
2015 - A		10.38		0.20		0.29			0.49			(0.23	)
2015 - C		10.43		0.12		0.29			0.41			(0.15	)
2015 - Institutional		10.42		0.23		0.30			0.53			(0.27	)
2015 - Service		10.43		0.18		0.30			0.48			(0.22	)
2015 - Investor(d)		10.39		0.22		0.30			0.52			(0.26	)
2015 - R		10.39		0.17		0.30			0.47			(0.21	)
2014 - A		10.61		0.19		(0.18	)		0.01			(0.24	)
2014 - C		10.67		0.11		(0.19	)		(0.08	)		(0.16	)
2014 - Institutional		10.65		0.22		(0.17	)		0.05			(0.28	)
2014 - Service		10.66		0.15		(0.16	)		(0.01	)		(0.22	)
2014 - Investor(d)		10.62		0.21		(0.17	)		0.04			(0.27	)
2014 - R		10.62		0.16		(0.18	)		(0.02	)		(0.21	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor.

(e) Annualized.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.23		0.56	%	$	62,399		0.79	%		0.84	%		1.82	%		273	%
	10.29		(0.18	)		9,817		1.54			1.59			1.09			273
	10.27		0.81			850,477		0.45			0.50			2.20			273
	10.28		0.41			1,035		0.95			1.00			1.68			273
	10.24		0.81			45,129		0.54			0.59			2.11			273
	10.24		0.31			4,637		1.04			1.09			1.63			273
	10.28		0.92			8,482		0.43			0.47			2.50			273
	10.40		0.94			148,548		0.79			0.84			1.77			363
	10.46		0.20			15,714		1.54			1.59			1.02			363
	10.45		1.38			776,135		0.44			0.50			2.11			363
	10.45		0.79			1,522		0.94			1.00			1.61			363
	10.41		1.19			38,620		0.53			0.59			2.01			363
	10.41		0.69			944		1.03			1.10			1.50			363
	10.45		1.40			56,117		0.42			0.48			2.13			363
	10.53		1.35			142,299		0.78			0.85			1.98			450
	10.59		0.69			18,124		1.53			1.60			1.23			450
	10.57		1.69			697,260		0.44			0.51			2.31			450
	10.58		1.19			1,578		0.94			1.01			1.82			450
	10.54		1.60			5,058		0.53			0.60			2.23			450
	10.54		1.09			9,524		1.03			1.11			1.79			450
	10.57		2.34			57,091		0.43	(e)		0.49	(e)		2.36	(e)		450
	10.64		4.77			150,677		0.83			0.85			1.86			388
	10.69		3.98			19,477		1.58			1.60			1.12			388
	10.68		5.11			758,542		0.49			0.51			2.21			388
	10.69		4.59			1,882		0.99			1.01			1.71			388
	10.65		5.03			5,054		0.56			0.60			2.10			388
	10.65		4.51			1,126		1.07			1.10			1.60			388
	10.38		0.12			134,288		0.83			0.83			1.80			516
	10.43		(0.71	)		20,262		1.58			1.58			1.05			516
	10.42		0.47			895,504		0.49			0.49			2.13			516
	10.43		(0.03	)		1,837		0.98			0.98			1.40			516
	10.39		0.37			1,374		0.58			0.58			2.03			516
	10.39		(0.13	)		557		1.08			1.08			1.54			516

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From Investment Operations							Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	12.21	$	0.09		$	0.08	$	0.17	$	(0.21	)	$	—		$	(0.21	)
2018 - C		12.11		0.01			0.07		0.08		(0.12	)		—			(0.12	)
2018 - Institutional		12.19		0.13			0.08		0.21		(0.25	)		—			(0.25	)
2018 - Service		12.12		0.07			0.09		0.16		(0.19	)		—			(0.19	)
2018 - Investor(d)		12.17		0.12			0.08		0.20		(0.24	)		—			(0.24	)
2018 - R6		12.19		0.15			0.07		0.22		(0.25	)		—			(0.25	)
2017 - A		12.24		0.09			0.05		0.14		(0.12	)		(0.05	)		(0.17	)
2017 - C		12.14		—	(e)		0.05		0.05		(0.03	)		(0.05	)		(0.08	)
2017 - Institutional		12.22		0.13			0.05		0.18		(0.16	)		(0.05	)		(0.21	)
2017 - Service		12.16		0.07			0.04		0.11		(0.10	)		(0.05	)		(0.15	)
2017 - Investor(d)		12.20		0.11			0.06		0.17		(0.15	)		(0.05	)		(0.20	)
2017 - R6		12.22		0.11			0.07		0.18		(0.16	)		(0.05	)		(0.21	)
2016 - A		12.76		0.13			0.07		0.20		(0.71	)		(0.01	)		(0.72	)
2016 - C		12.67		0.04			0.05		0.09		(0.61	)		(0.01	)		(0.62	)
2016 - Institutional		12.74		0.17			0.07		0.24		(0.75	)		(0.01	)		(0.76	)
2016 - Service		12.71		0.09			0.05		0.14		(0.68	)		(0.01	)		(0.69	)
2016 - Investor(d)		12.72		0.16			0.07		0.23		(0.74	)		(0.01	)		(0.75	)
2016 - R6 (Commenced July 31, 2015)		12.55		0.09			0.26		0.35		(0.67	)		(0.01	)		(0.68	)
2015 - A		12.70		0.16			0.50		0.66		(0.31	)		(0.29	)		(0.60	)
2015 - C		12.61		0.06			0.51		0.57		(0.22	)		(0.29	)		(0.51	)
2015 - Institutional		12.68		0.20			0.50		0.70		(0.35	)		(0.29	)		(0.64	)
2015 - Service		12.66		0.14			0.49		0.63		(0.29	)		(0.29	)		(0.58	)
2015 - Investor(d)		12.66		0.15			0.54		0.69		(0.34	)		(0.29	)		(0.63	)
2014 - A		13.20		0.24			0.03		0.27		(0.58	)		(0.19	)		(0.77	)
2014 - C		13.11		0.14			0.03		0.17		(0.48	)		(0.19	)		(0.67	)
2014 - Institutional		13.18		0.28			0.03		0.31		(0.62	)		(0.19	)		(0.81	)
2014 - Service		13.16		0.22			0.03		0.25		(0.56	)		(0.19	)		(0.75	)
2014 - Investor(d)		13.17		0.27			0.02		0.29		(0.61	)		(0.19	)		(0.80	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor.

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	12.17		1.38	%	$	78,752		1.03	%		1.14	%		0.76	%		172	%
	12.07		0.68			12,984		1.74			1.89			0.05			172
	12.15		1.72			321,021		0.69			0.80			1.08			172
	12.09		1.31			1,799		1.19			1.30			0.60			172
	12.13		1.63			62,988		0.78			0.89			1.00			172
	12.16		1.73			268,413		0.68			0.78			1.25			172
	12.21		1.14			136,317		1.03			1.13			0.71			289
	12.11		0.42			20,808		1.74			1.88			(0.03	)		289
	12.19		1.48			627,253		0.69			0.79			1.05			289
	12.12		0.90			2,772		1.19			1.29			0.56			289
	12.17		1.39			97,332		0.78			0.88			0.90			289
	12.19		1.50			5,468		0.67			0.77			0.92			289
	12.24		1.67			111,852		1.03			1.15			1.06			261
	12.14		0.83			12,653		1.77			1.90			0.31			261
	12.22		2.00			639,915		0.69			0.81			1.41			261
	12.16		1.23			2,280		1.18			1.29			0.75			261
	12.20		1.95			31,548		0.78			0.90			1.26			261
	12.22		2.92			520		0.68	(f)		0.79	(f)		1.10	(f)		261
	12.76		5.27			64,939		1.03			1.18			1.26			226
	12.67		4.53			6,592		1.77			1.93			0.50			226
	12.74		5.63			437,007		0.70			0.84			1.60			226
	12.71		5.03			358		1.20			1.34			1.12			226
	12.72		5.54			10,261		0.77			0.90			1.20			226
	12.70		2.16			61,198		1.04			1.20			1.83			288
	12.61		1.40			4,688		1.79			1.95			1.08			288
	12.68		2.51			426,746		0.70			0.86			2.19			288
	12.66		1.98			239		1.20			1.35			1.70			288
	12.66		2.34			757		0.79			0.95			2.09			288

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.70	$	0.17	$	(0.25	)	$	(0.08	)	$	(0.05	)	$	(0.03	)	$	(0.08	)
2018 - C		9.71		0.10		(0.26	)		(0.16	)		(0.02	)		(0.01	)		(0.03	)
2018 - Institutional		9.70		0.20		(0.25	)		(0.05	)		(0.07	)		(0.03	)		(0.10	)
2018 - Investor(d)		9.70		0.19		(0.24	)		(0.05	)		(0.07	)		(0.03	)		(0.10	)
2018 - R		9.70		0.14		(0.25	)		(0.11	)		(0.04	)		(0.02	)		(0.06	)
2018 - R6		9.70		0.21		(0.26	)		(0.05	)		(0.06	)		(0.04	)		(0.10	)
2017 - A		9.41		0.19		0.26			0.45			(0.11	)		(0.05	)		(0.16	)
2017 - C		9.41		0.12		0.28			0.40			(0.07	)		(0.03	)		(0.10	)
2017 - Institutional		9.41		0.22		0.26			0.48			(0.13	)		(0.06	)		(0.19	)
2017 - Investor(d)		9.41		0.21		0.26			0.47			(0.13	)		(0.05	)		(0.18	)
2017 - R		9.40		0.16		0.28			0.44			(0.10	)		(0.04	)		(0.14	)
2017 - R6		9.41		0.21		0.27			0.48			(0.13	)		(0.06	)		(0.19	)
2016 - A		10.06		0.28		(0.52	)		(0.24	)		(0.41	)		—			(0.41	)
2016 - C		10.06		0.21		(0.52	)		(0.31	)		(0.34	)		—			(0.34	)
2016 - Institutional		10.06		0.31		(0.52	)		(0.21	)		(0.44	)		—			(0.44	)
2016 - Investor(d)		10.06		0.31		(0.53	)		(0.22	)		(0.43	)		—			(0.43	)
2016 - R		10.05		0.25		(0.52	)		(0.27	)		(0.38	)		—			(0.38	)
2016 - R6 (Commenced July 31, 2015)		10.04		0.20		(0.50	)		(0.30	)		(0.33	)		—			(0.33	)
2015 - A		10.64		0.22		(0.51	)		(0.29	)		(0.29	)		—	(f)		(0.29	)
2015 - C		10.64		0.14		(0.51	)		(0.37	)		(0.21	)		—	(f)		(0.21	)
2015 - Institutional		10.64		0.25		(0.50	)		(0.25	)		(0.33	)		—	(f)		(0.33	)
2015 - Investor(d)		10.63		0.24		(0.49	)		(0.25	)		(0.32	)		—	(f)		(0.32	)
2015 - R		10.63		0.19		(0.51	)		(0.32	)		(0.26	)		—	(f)		(0.26	)
2014 - A		10.46		0.22		0.21			0.43			(0.25	)		—			(0.25	)
2014 - C		10.46		0.14		0.21			0.35			(0.17	)		—			(0.17	)
2014 - Institutional		10.46		0.26		0.21			0.47			(0.29	)		—			(0.29	)
2014 - Investor(d)		10.46		0.25		0.20			0.45			(0.28	)		—			(0.28	)
2014 - R		10.45		0.21		0.19			0.40			(0.22	)		—			(0.22	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor.

(e) Annualized.

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

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.54		(0.86	)%	$	311,146		0.95	%		0.95	%		1.81	%		128	%
	9.52		(1.60	)		252,929		1.70			1.70			1.01			128
	9.55		(0.49	)		3,849,088		0.61			0.61			2.08			128
	9.55		(0.56	)		189,884		0.70			0.70			2.01			128
	9.53		(1.12	)		7,361		1.20			1.20			1.46			128
	9.55		(0.48	)		24,628		0.60			0.60			2.14			128
	9.70		4.84			646,435		0.92			0.93			1.96			184
	9.71		4.25			448,657		1.60			1.68			1.26			184
	9.70		5.19			6,435,385		0.58			0.59			2.31			184
	9.70		5.10			345,997		0.67			0.68			2.23			184
	9.70		4.71			9,577		1.14			1.18			1.66			184
	9.70		5.21			66,431		0.56			0.57			2.18			184
	9.41		(2.49	)		1,383,885		0.90			0.91			2.83			212
	9.41		(3.21	)		710,230		1.65			1.66			2.08			212
	9.41		(2.16	)		11,261,977		0.56			0.57			3.17			212
	9.41		(2.24	)		332,917		0.65			0.66			3.09			212
	9.40		(2.73	)		9,399		1.15			1.16			2.58			212
	9.41		(3.05	)		19,708		0.53	(e)		0.55	(e)		3.19	(e)		212
	10.06		(2.78	)		2,648,848		0.91			0.91			2.10			188
	10.06		(3.51	)		1,096,577		1.66			1.66			1.34			188
	10.06		(2.45	)		18,685,774		0.57			0.57			2.43			188
	10.06		(2.44	)		684,204		0.66			0.66			2.34			188
	10.05		(3.03	)		9,418		1.16			1.16			1.85			188
	10.64		4.16			3,694,217		0.91			0.91			2.08			302
	10.64		3.37			1,017,213		1.66			1.66			1.31			302
	10.64		4.51			15,469,529		0.57			0.57			2.44			302
	10.63		4.32			71,823		0.66			0.66			2.32			302
	10.63		3.90			5,454		1.16			1.16			1.96			302

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2018

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, R and R6	Diversified
Global Income	A, C, Institutional, Service, Investor and R6	Non-diversified
Strategic Income	A, C, Institutional, Investor, R and R6	Diversified

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 R, and Class R6 Shares are not subject to a sales charge. Prior to August 15, 2017, the Investor Shares were known as Class IR Shares.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, 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. 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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, 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 interest rate swaps 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.

120

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, 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 Income	Daily/Monthly	Annually
Strategic Income*	Monthly/Monthly	Annually

* Prior to May 1, 2017, the Fund’s distributions from net investment income were declared daily and paid monthly.

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 net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency 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.

F.  In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Funds’ Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

121

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

The Board of Trustees (“Trustees”) has 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 Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issue challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued using available market quotations as provided by a third party pricing vendor or broker. With the exception of treasury securities of G8 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”). 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.  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

122

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

iii.  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

iv.  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.

v.  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

vi.  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.

vii.  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.

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

Equity Securities — Equity securities 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 and GSAMI to not represent fair value, equity securities are valued at the last bid price for long positions and

123

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, 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.

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

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

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

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures

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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. 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 derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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

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 price (including interest), under the terms of an 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 a 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 and GSAMI believe that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM and GSAMI did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

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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, 2018:

BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	130,001,127		$	—
Mortgage-Backed Obligations		—			132,571,676			1,093,654
U.S. Treasury Obligations and/or Other U.S. Government Agencies		167,074,179			14,226,818			—
Asset-Backed Securities		—			89,249,262			—
Foreign Debt Obligations		—			9,083,150			—
Structured Notes		—			4,952,254			—
Municipal Debt Obligations		—			7,142,393			—
Investment Company		9,604,453			—			—
Short-term Investments		—			26,252,718			—
Total	$	176,678,632		$	413,479,398		$	1,093,654
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(3,116,641	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	1,463,409		$	—
Futures Contracts(b)		636,925			—			—
Interest Rate Swap Contracts(b)		—			4,094,512			—
Credit Default Swap Contracts(b)		—			5,877			—
Total Return Swap Contracts(b)		—			6,813			—
Options Purchased		117,300			372,388			—
Total	$	754,225		$	5,942,999		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(2,032,068	)	$	—
Futures Contracts(b)		(174,962	)		—			—
Interest Rate Swap Contracts(b)		—			(2,959,481	)		—
Credit Default Swap Contracts(b)		—			(343,820	)		—
Options Written		—			(439,003	)		—
Total	$	(174,962	)	$	(5,774,372	)	$	—

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March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	259,642,227		$	—
Mortgage-Backed Obligations		—			194,379,149			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		278,312,841			54,777,317			—
Asset-Backed Securities		—			136,987,952			—
Foreign Debt Obligations		—			10,691,322			—
Municipal Debt Obligations		—			14,392,016			—
Investment Company		52,662			—			—
Short-term Investments		—			103,442,113			—
Total	$	278,365,503		$	774,312,096		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,038,554	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	500,005		$	—
Futures Contracts(b)		1,304,212			—			—
Interest Rate Swap Contracts(b)		—			2,343,187			—
Credit Default Swap Contracts(b)		—			2,502			—
Options Purchased		68,000			—			—
Total	$	1,372,212		$	2,845,694		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,085,359	)	$	—
Futures Contracts		(92,533	)		—			—
Interest Rate Swap Contracts		—			(1,812,503	)		—
Credit Default Swap Contracts		—			(17,657	)		—
Total	$	(92,533	)	$	(2,915,519	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GLOBAL INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	232,169,847		$	69,496,866		$	—
Corporate Obligations		—			179,411,814			—
Asset-Backed Securities		—			148,998,972			—
Mortgage-Backed Obligations		—			95,525,727			—
U.S. Government Agencies		—			6,557,536			—
Municipal Debt Obligation		—			2,896,321			—
Investment Company		17,800,265			—			—
Total	$	249,970,112		$	502,887,236		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	1,536,260		$	—
Futures Contracts(b)		1,908,406			—			—
Interest Rate Swap Contracts(b)		—			4,109,506			—
Credit Default Swap Contracts(b)		—			35,778			—
Options Purchased		115,600			395,441			—
Total	$	2,024,006		$	6,076,985		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(3,858,735	)	$	—
Futures Contracts(b)		(505,918	)		—			—
Interest Rate Swap Contracts(b)		—			(2,910,239	)		—
Credit Default Swap Contracts(b)		—			(306,645	)		—
Options Written		—			(414,230	)		—
Total	$	(505,918	)	$	(7,489,849	)	$	—

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March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	91,303,844		$	—
Corporate Obligations		—			577,324,067			—
Mortgage-Backed Obligations		—			564,462,376			16,814,927
U.S. Treasury Obligations and/or Other U.S. Government Agencies		17,021,020			13,466,568			—
Asset-Backed Securities		—			1,649,440,396			—
Foreign Debt Obligations		165,326,310			547,855,231			—
Structured Notes		—			103,186,872			—
Municipal Debt Obligations		—			67,498,495			—
Common Stock and/or Other Equity Investments(a)
North America		64,216,133			—			—
Investment Company		133,243			—			—
Short-term Investments		—			470,803,771			—
Total	$	246,696,706		$	4,085,341,620		$	16,814,927
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	27,250,028		$	—
Futures Contracts(b)		14,741,173			—			—
Interest Rate Swap Contracts(b)		—			139,550,036			—
Credit Default Swap Contracts(b)		—			305,210			—
Total Return Swap Contracts(b)		—			158,302			—
Options Purchased		2,704,700			10,543,877			—
Total	$	17,445,873		$	177,807,453		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(43,491,650	)	$	—
Futures Contracts(b)		(22,753,842	)		—			—
Interest Rate Swap Contracts(b)		—			(70,355,486	)		—
Credit Default Swap Contracts(b)		—			(19,317,220	)		—
Total Return Swap Contracts(b)		—			(79,796	)		—
Options Written		—			(11,143,537	)		—
Total	$	(22,753,842	)	$	(144,387,689	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following is a reconciliation of Level 3 investments for the period ended March 31, 2018:

	Bank Loans			Collateralized Mortgage Obligations			Corporate Bonds			Other Asset Backed
Beginning Balance as of March 31, 2017	$	57,319,558		$	52,441,925		$	—		$	34,550,000
Realized gain (loss)		(17,948,414	)		5,364,475			(79,235	)		—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		64,485,132			2,629,924			343,582			—
Purchases		480,674			—			—			—
Sales		(91,397,043	)		(43,621,396	)		(62,394	)		(34,550,000	)
Amortization		926,957			—			(201,953	)		—
Transfers out of Level 3		(13,866,864	)		—			—			—
Ending Balance as of March 31, 2018	$	—		$	16,814,928		$	—		$	—

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

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

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.

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, 2018. 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	Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	5,227,938	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(3,573,446)	(a)(b)
Credit	Variation margin on swap contracts		5,877		Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(343,820)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,463,409		Payable for unrealized loss on forward foreign currency exchange contracts.		(2,032,068)
Total		$	6,697,224			$	(5,949,334)

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Notes to Financial Statements (continued)

March 31, 2018

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 swap contracts; Variation margin on futures contracts; Purchased options, at value	$	3,715,399	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(1,905,036)	(a)
Credit	Variation margin on swap contracts		2,502	(a)	Variation margin on swap contracts		(17,657)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		500,005		Payable for unrealized loss on forward foreign currency exchange contracts		(1,085,359)
Total		$	4,217,906			$	(3,008,052)
GLOBAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on Futures contracts; Purchased options, at value	$	6,528,953	(a)	Variation margin on swap contracts; Variation margin on Futures contracts; Written options, at value	$	(3,830,387)	(a)(b)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		35,778		Payable for unrealized loss on swap contracts		(306,645)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,536,260		Payable for unrealized loss on forward foreign currency exchange contracts		(3,858,735)
Total		$	8,100,991			$	(7,995,767)
STRATEGIC INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	167,698,088		Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(104,332,661)
Credit	Variation margin on swap contracts		305,210		Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(19,317,220)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		27,250,028		Payable for unrealized loss on forward foreign currency exchange contracts		(43,491,650)
Total		$	195,253,326			$	167,141,531

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b) Aggregate of amounts include $330,960, $306,645, $16,814,369 for the Bond, Global Income and Strategic Income Funds respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

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4. INVESTMENTS IN DERIVATIVES (continued)

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, 2018. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

BOND
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) on purchased options, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	(4,377,000)	$	891,390		1,246
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,134,439)		14,391		58
Currency	Net realized gain (loss) on forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(1,218,637)		972,085		946
Total		$	(6,730,076)	$	1,877,866		2,250
CORE FIXED INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options, futures contracts and swap contracts	$	(4,885,795)	$	1,558,045		1,393
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		49,607		(35,085)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3,077,795)		554,266		504
Total		$	(7,913,983)	$	2,077,226		1,898
GLOBAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures and swap contracts/Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	(3,006,289)	$	1,168,286		2,447
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(972,637)		119,945		5
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(38,793,530)		3,271,665		943
Total		$	(42,772,456)	$	4,559,896		3,395

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

STRATEGIC INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) on purchased options, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	(94,248,974)	$	40,614,238		66,251
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(114,091,275)		10,522,168		55
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(39,677,221)		40,243,705		963
Total		$	(248,017,470)	$	91,380,111		67,269

(a) Average number of contracts is based on the average of month end balances for the period ended March 31, 2018.

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 termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due 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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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, 2018:

Strategic Income Fund
	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)
Bank of America Securities LLC	$	1,660,271	$	—	$	—	$	1,660,271	$	(110,562	)	$	—		$	(1,765,201	)	$	(1,875,763	)	$	(215,492	)	$	—	$	(215,492	)
Barclays Bank PLC		—		—		—		—		(1,034,239	)		—			—			(1,034,239	)		(1,034,239	)		1,034,239		—
Citibank NA		7,822,993		—		—		7,822,993		(14,371,426	)		—			(8,243,297	)		(22,614,723	)		(14,791,730	)		14,791,730		—
Credit Suisse International (London)		—		158,302		—		158,302		—			—			—			—			158,302			—		158,302
Deutsche Bank AG		—		—		—		—		(247,978	)		—			—			(247,978	)		(247,978	)		220,000		(27,978	)
JPMorgan Securities, Inc.		1,060,613		—		—		1,060,613		(914,084	)		—			(1,135,039	)		(2,049,123	)		(988,510	)		988,510		—
MS & Co. Int. PLC		—		212,939		27,250,028		27,462,967		—			(43,491,650	)		—			(43,491,650	)		(16,028,683	)		16,028,683		—
UBS AG (London)		—		—		—		—		(136,080	)		—			—			(136,080	)		(136,080	)		—		(136,080	)
Total	$	10,543,877	$	371,241	$	27,250,028	$	38,165,146	$	(16,814,369	)	$	(43,491,650	)	$	(11,143,537	)	$	(71,449,556	)	$	(33,284,410	)	$	33,063,162	$	(221,248	)

(1) Gross amounts available for offset but not netted in the Statements 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.

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 Fund’s average daily net assets.

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Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2018, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate*
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.42	%		0.40	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40
Global Income		0.65			0.59			0.56			0.55			0.54			0.65			0.65
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.53			0.52

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

Prior to July 28, 2017, the contractual management fee rate for the Bond Fund were as stated below:

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Bond		0.45	%		0.41	%		0.39	%		0.38	%		0.37	%

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. 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 Fund in which the Funds invest. For the fiscal year ended March 31, 2018, GSAM waived $37,265, $42,048 and $300,751 of the Fund’s management fee for the Bond, Core Fixed Income and Strategic Income Funds, respectively. For the fiscal year ended March 31, 2018, GSAMI waived $27,778 of the Fund’s management fee for the Global 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.

	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 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, 2018, Goldman Sachs waived a portion of the distribution and service fees equal to 0.01%, 0.04% and 0.01% of the average daily net asset attributable to Class A, Class C and Service Shares of the Global Income Fund, respectively.

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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, 2018 , Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	2,296	$	108
Core Fixed Income		3,330		566
Global Income		2,337		—
Strategic Income		9,199		—

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plan 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% 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: 0.13% 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 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 28, 2017, the transfer agency fee rate was 0.02% for Class R6 Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, 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 Income and Strategic Income Funds are 0.004%, 0.014%, 0.004% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 28, 2018, 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.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, Transfer Agency Agreement, and/or Management Agreement and these waivers may exceed what is stipulated in any 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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Distribution and Service Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Bond	$	114,924	$	64	$	—	$	735,683	$	850,671
Core Fixed Income		42,048		41		—		498,789		540,878
Global Income		27,778		57		34,714		809,481		872,030
Strategic Income		300,751		287		—		—		301,038

G.  Line of Credit Facility — As of March 31, 2018, the Funds participated in a $1,100,000,000 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 and GSAMI or their 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, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2018, Goldman Sachs earned $43,741, $40,463 and $1,595,946 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.

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, 2018, the purchases at cost with an affiliated fund in compliance with Rule 17a-7 under the Act for the Strategic Income Fund were $65,246,171.

As of March 31, 2018, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		23	%		13	%

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended March 31, 2018:

Fund	Beginning Value as of March 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2018		Shares as of March 31, 2018		Dividend Income
Bond	$	6,270	$	421,051,090	$	(411,452,907	)	$	9,604,453		9,604,453	$	236,761
Core Fixed Income		2,365,955		565,405,403		(567,718,696	)		52,662		52,662		260,615
Global Income		15,139		548,710,104		(530,924,978	)		17,800,265		17,800,265		186,071
Strategic Income		339,445,835		6,359,748,291		(6,699,060,883	)		133,243		133,243		1,706,771

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the investment in the shares of an issuer deemed to be an affiliate by the Strategic Income Fund for the fiscal year ended March 31, 2018:

Name of Affiliated Issuer	Beginning Value as of March 31, 2017		Purchases at Cost		Proceeds from Sales			Net Change in Unrealized Gain (loss)			Ending Value as of March 31, 2018
Blue Ridge Mountain Resource, Inc.— Common Stock	$	85,877,097	$	480,674	$	(12,150,131	)	$	(9,991,507	)	$	64,216,133

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, 2018, 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)
Bond	$	1,983,558,578	$	211,170,198	$	1,995,706,752	$	210,569,170
Core Fixed Income		2,300,239,521		337,376,694		2,387,560,614		407,145,331
Global Income	$	966,509,167	$	341,565,180	$	1,049,472,425	$	492,554,498
Strategic Income		3,849,473,883		2,217,621,669		4,283,945,650		3,075,482,709

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2018:

Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Bond	$	82,134		(0.233	)%		73
Strategic Income		1,012,704		(0.101	)		73

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	12,044,671	$	25,183,078	$	15,889,593	$	50,281,478
Total taxable distributions	$	12,044,671	$	25,183,078	$	15,889,593	$	50,281,478
Tax return of capital	$	2,121,744	$	—	$	—	$	21,077,770

The tax character of distributions paid during the fiscal year ended March 31, 2017 was as follows:

	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	14,656,764	$	25,623,052	$	13,843,311	$	147,198,708
Net long-term capital gains		—		—		130,340		—
Total taxable distributions	$	14,656,764	$	25,623,052	$	13,973,651	$	147,198,708
Tax return of capital	$	—	$	—	$	—	$	59,891,424

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

7. TAX INFORMATION (continued)

As of March 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Undistributed ordinary income — net	$	—		$	6,674,175		$	3,534,909		$	—
Total undistributed earnings	$	—		$	6,674,175		$	3,534,909		$	—
Capital loss carryforwards(1)(2):
Perpetual Short-Term		(2,257,799	)		(3,801,370	)		(1,774,522	)		(1,174,949,035	)
Perpetual Long-Term		(2,272,917	)		(2,153,767	)		(4,069,869	)		(677,867,817	)
Total capital loss carryforwards	$	(4,530,716	)	$	(5,955,137	)	$	(5,844,391	)	$	(1,852,816,852	)
Timing differences (Straddle Loss Deferral/Post October Loss Deferral/Distributions Payable/ Qualified Late Year Loss Deferral)	$	(9,057,795	)	$	(11,468,413	)	$	(25,575,076	)	$	(223,170,613	)
Unrealized gains (losses) — net		(2,881,184	)		94,013			23,357,867			8,820,333
Total accumulated earnings (losses) net	$	(16,469,695	)	$	(10,655,362	)	$	(4,526,691	)	$	(2,067,167,132	)

(1) Expiration occurs on March 31 of the year indicated.

(2) The Core Fixed Income Fund had capital loss carryforwards of $ 22,548,038 which expired in the current fiscal year.

As of March 31, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Tax Cost	$	594,883,696		$	1,053,764,077		$	730,127,018		$	4,380,970,326
Gross unrealized gain		6,270,260			10,539,843			29,611,886			176,276,174
Gross unrealized loss		(9,151,444	)		(10,445,830	)		(6,254,019	)		(167,455,841	)
Net unrealized gains (losses)	$	(2,881,184	)	$	94,013		$	23,357,867		$	8,820,333

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 options contracts, foreign currency contracts, and differences in the tax treatment of swap transactions and bank loans.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from difference in the tax treatment of swaps, return of capital, paydown gains and losses, inflation protected securities, foreign currency transactions, dividend redesignation, expired capital loss carryforwards, consent fee and bank loans.

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
Bond	$	—		$	1,902,307	$	(1,902,307	)
Core Fixed Income		(22,548,038	)		22,736,253		(188,215	)
Global Income		—			19,485,098		(19,485,098	)
Strategic Income		—			128,349,166		(128,349,166	)

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION (continued)

GSAM and GSAMI have 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.

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 United States. 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 (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share 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.

Foreign Custody Risk — If a Fund invests in foreign securities, 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.

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.

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 than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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 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.

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Notes to Financial Statements (continued)

March 31, 2018

8. OTHER RISKS (continued)

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause 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 and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, 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 relatively illiquid, 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 may be relatively illiquid and difficult to value. 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 the 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 the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Funds, 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, the 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

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8. OTHER RISKS (continued)

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). 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.

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

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.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to the Fund’s NAV.

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

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended March 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

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.

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Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Bond Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,918,449		$	29,628,226			4,573,734		$	46,885,886
Reinvestment of distributions		229,301			2,327,958			287,760			2,949,665
Shares redeemed		(4,537,779	)		(45,655,473	)		(5,884,460	)		(60,427,619	)
		(1,390,029	)		(13,699,289	)		(1,022,966	)		(10,592,068	)
Class C Shares
Shares sold		286,036			2,901,363			912,536			9,446,551
Reinvestment of distributions		19,364			196,593			27,421			280,216
Shares redeemed		(732,653	)		(7,426,739	)		(737,013	)		(7,547,043	)
		(427,253	)		(4,328,783	)		202,944			2,179,724
Institutional Shares
Shares sold		11,658,102			118,381,633			16,403,447			168,499,823
Reinvestment of distributions		785,928			7,974,545			821,744			8,423,275
Shares redeemed		(13,278,502	)		(134,149,405	)		(11,929,123	)		(122,040,738	)
		(834,472	)		(7,793,227	)		5,296,068			54,882,360
Service Shares
Shares sold		38,859			396,093			52,116			538,515
Reinvestment of distributions		2,036			20,734			2,814			28,779
Shares redeemed		(127,177	)		(1,292,623	)		(36,305	)		(371,966	)
		(86,282	)		(875,796	)		18,625			195,328
Investor Shares(a)
Shares sold		1,895,986			19,251,067			4,741,570			48,584,216
Reinvestment of distributions		102,387			1,036,071			125,369			1,284,093
Shares redeemed		(2,715,839	)		(27,344,051	)		(4,391,214	)		(44,665,033	)
		(717,466	)		(7,056,913	)		475,725			5,203,276
Class R Shares
Shares sold		603,605			6,121,355			2,162,978			22,269,256
Reinvestment of distributions		15,418			156,332			10,674			108,888
Shares redeemed		(839,547	)		(8,479,340	)		(542,633	)		(5,572,224	)
		(220,524	)		(2,201,653	)		1,631,019			16,805,920
Class R6 Shares
Shares sold		2,951,844			30,022,570			5,606,585			56,944,351
Reinvestment of distributions		152,783			1,548,933			42,711			432,344
Shares redeemed		(1,067,075	)		(10,810,323	)		(616,432	)		(6,233,345	)
		2,037,552			20,761,180			5,032,864			51,143,350
NET INCREASE (DECREASE)		(1,638,474	)	$	(15,194,481	)		11,634,279		$	119,817,890

(a) Effective August 15, 2017, Class IR changed its name to Investor.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Core Fixed Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,774,786		$	18,565,470			5,353,486		$	56,015,730
Reinvestment of distributions		185,675			1,939,189			288,507			3,037,820
Shares redeemed		(10,144,175	)		(106,377,446	)		(4,875,469	)		(51,249,968	)
		(8,183,714	)		(85,872,787	)		766,524			7,803,582
Class C Shares
Shares sold		199,266			2,086,521			482,737			5,142,702
Reinvestment of distributions		14,198			148,833			23,122			244,819
Shares redeemed		(761,660	)		(8,007,940	)		(715,295	)		(7,553,396	)
		(548,196	)		(5,772,586	)		(209,436	)		(2,165,875	)
Institutional Shares
Shares sold		29,813,621			313,417,436			30,126,882			317,175,538
Reinvestment of distributions		2,048,893			21,447,845			1,832,234			19,370,742
Shares redeemed		(23,386,298	)		(244,728,381	)		(23,597,706	)		(247,401,131	)
		8,476,216			90,136,900			8,361,410			89,145,149
Service Shares
Shares sold		3,762			39,556			46,424			491,295
Reinvestment of distributions		1,041			10,919			1,315			13,913
Shares redeemed		(49,740	)		(522,963	)		(51,239	)		(542,945	)
		(44,937	)		(472,488	)		(3,500	)		(37,737	)
Investor Shares(a)
Shares sold		1,148,107			12,010,587			3,679,391			38,606,126
Reinvestment of distributions		103,733			1,082,541			71,462			752,538
Shares redeemed		(554,244	)		(5,745,542	)		(521,690	)		(5,488,071	)
		697,596			7,347,586			3,229,163			33,870,593
Class R Shares
Shares sold		407,639			4,273,475			328,713			3,464,601
Reinvestment of distributions		7,294			76,043			15,139			159,713
Shares redeemed		(52,720	)		(547,680	)		(1,156,890	)		(12,022,751	)
		362,213			3,801,838			(813,038	)		(8,398,437	)
Class R6 Shares
Shares sold		824,067			8,492,554			813,776			8,608,526
Reinvestment of distributions		4,592			47,523			140,450			1,485,611
Shares redeemed		(5,375,967	)		(56,289,294	)		(981,123	)		(10,298,490	)
		(4,547,308	)		(47,749,217	)		(26,897	)		(204,353	)
NET INCREASE (DECREASE)		(3,788,130	)	$	(38,580,754	)		11,304,226		$	120,012,922

(a) Effective August 15, 2017, Class IR changed its name to Investor.

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Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Global Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,995,652		$	24,522,175			10,314,055		$	127,172,006
Reinvestment of distributions		152,102			1,863,802			180,137			2,206,762
Shares redeemed		(6,845,470	)		(83,867,526	)		(8,466,815	)		(103,561,696	)
		(4,697,716	)		(57,481,549	)		2,027,377			25,817,072
Class C Shares
Shares sold		188,183			2,289,435			1,130,610			13,879,638
Reinvestment of distributions		11,222			136,207			10,517			126,954
Shares redeemed		(842,601	)		(10,268,266	)		(464,762	)		(5,641,966	)
		(643,196	)		(7,842,624	)		676,365			8,364,626
Institutional Shares
Shares sold		16,957,855			207,721,581			32,510,045			398,441,316
Reinvestment of distributions		885,843			10,838,416			819,240			10,032,505
Shares redeemed		(42,898,982	)		(522,185,661	)		(34,231,372	)		(419,887,389	)
		(25,055,284	)		(303,625,664	)		(902,087	)		(11,413,568	)
Service Shares
Shares sold		65,757			802,057			289,358			3,532,058
Reinvestment of distributions		2,641			32,122			3,150			38,342
Shares redeemed		(148,319	)		(1,809,824	)		(251,304	)		(3,054,236	)
		(79,921	)		(975,645	)		41,204			516,164
Investor Shares(a)
Shares sold		2,112,928			25,841,984			7,806,270			95,481,085
Reinvestment of distributions		139,207			1,699,991			80,695			985,345
Shares redeemed		(5,060,157	)		(61,753,018	)		(2,472,118	)		(30,261,447	)
		(2,808,022	)		(34,211,043	)		5,414,847			66,204,983
Class R6 Shares
Shares sold		22,402,182			271,105,093			518,135			6,336,385
Reinvestment of distributions		45,940			558,105			3,635			44,298
Shares redeemed		(814,933	)		(9,867,490	)		(115,606	)		(1,415,102	)
		21,633,189			261,795,708			406,164			4,965,581
NET INCREASE (DECREASE)		(11,650,950	)	$	(142,340,817	)		7,663,870		$	94,454,858

(a) Effective August 15, 2017, Class IR changed its name to Investor.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Strategic Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		8,967,025		$	86,286,695			16,582,799		$	158,475,200
Reinvestment of distributions		438,497			4,218,311			1,847,651			17,587,116
Shares redeemed		(43,408,662	)		(416,606,844	)		(98,896,828	)		(945,007,615	)
		(34,003,140	)		(326,101,838	)		(80,466,378	)		(768,945,299	)
Class C Shares
Shares sold		681,947			6,544,243			2,159,739			20,652,979
Reinvestment of distributions		126,490			1,218,412			535,471			5,096,202
Shares redeemed		(20,446,200	)		(196,075,794	)		(31,938,967	)		(304,876,701	)
		(19,637,763	)		(188,313,139	)		(29,243,757	)		(279,127,520	)
Institutional Shares
Shares sold		125,331,448			1,203,595,796			147,320,824			1,409,295,141
Reinvestment of distributions		5,484,503			52,703,012			15,268,305			145,392,821
Shares redeemed in connection with in-kind		—			—			10,674,967			101,387,609
Shares redeemed		(390,945,597	)		(3,745,552,543	)		(706,992,416	)		(6,736,638,058	)
		(260,129,646	)		(2,489,253,735	)		(533,728,320	)		(5,080,562,487	)
Investor Shares(a)
Shares sold		4,914,674			47,167,841			29,140,003			280,732,780
Reinvestment of distributions		305,093			2,932,452			525,915			5,008,127
Shares redeemed		(20,990,361	)		(201,417,714	)		(29,399,265	)		(280,250,146	)
		(15,770,594	)		(151,317,421	)		266,653			5,490,761
Class R Shares
Shares sold		206,080			1,972,892			307,026			2,930,731
Reinvestment of distributions		3,849			37,003			9,166			87,277
Shares redeemed		(425,003	)		(4,079,220	)		(328,210	)		(3,138,818	)
		(215,074	)		(2,069,325	)		(12,018	)		(120,810	)
Class R6 Shares
Shares sold		1,327,461			12,784,546			5,668,464			54,875,730
Reinvestment of distributions		55,445			532,677			42,531			405,716
Shares redeemed		(5,650,947	)		(54,200,486	)		(957,824	)		(9,179,601	)
		(4,268,041	)		(40,883,263	)		4,753,171			46,101,845
NET DECREASE		(334,024,258	)	$	(3,197,938,721	)		(638,430,649	)	$	(6,077,163,510	)

(a) Effective August 15, 2017, Class IR changed its name to Investor.

147

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Bond Fund, the Goldman Sachs Core Fixed Income Fund, the Goldman Sachs Global Income Fund, and the Goldman Sachs Strategic Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Goldman Sachs Bond Fund, the Goldman Sachs Core Fixed Income Fund, the Goldman Sachs Global Income Fund, and the Goldman Sachs Strategic Income Fund (four of the funds constituting the Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, 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 the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended March 31, 2018 and 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 Opinion

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, 2018 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 opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 30, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R or Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R); 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, Investor, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2017 through March 31, 2018, which represents a period of 182 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	985.10		$	3.91	$	1,000.00	$	985.10		$	3.91	$	1,000.00	$	1,002.10		$	5.14	$	1,000.00	$	995.60		$	4.68
Hypothetical 5% return		1,000.00		1,020.99	+		3.98		1,000.00		1,020.99	+		3.98		1,000.00		1,019.80	+		5.19		1,000.00		1,020.24	+		4.73
Class C
Actual		1,000.00		981.40			7.61		1,000.00		982.50			7.61		1,000.00		998.70			8.62		1,000.00		992.70			8.40
Hypothetical 5% return		1,000.00		1,017.25	+		7.75		1,000.00		1,017.25	+		7.75		1,000.00		1,016.31	+		8.70		1,000.00		1,016.51	+		8.50
Institutional
Actual		1,000.00		986.70			2.23		1,000.00		986.90			2.23		1,000.00		1,003.80			3.50		1,000.00		997.50			2.99
Hypothetical 5% return		1,000.00		1,022.69	+		2.27		1,000.00		1,022.69	+		2.27		1,000.00		1,021.44	+		3.53		1,000.00		1,021.94	+		3.02
Service
Actual		1,000.00		984.30			4.65		1,000.00		985.40			4.70		1,000.00		1,002.20			5.94		—		—			—
Hypothetical 5% return		1,000.00		1,020.24	+		4.73		1,000.00		1,020.20	+		4.78		1,000.00		1,019.00	+		5.99		—		—			—
Investor(a)
Actual		1,000.00		986.20			2.67		1,000.00		986.40			2.67		1,000.00		1,003.30			3.95		1,000.00		997.30			3.44
Hypothetical 5% return		1,000.00		1,022.24	+		2.72		1,000.00		1,022.24	+		2.72		1,000.00		1,020.99	+		3.98		1,000.00		1,021.49	+		3.48
Class R
Actual		1,000.00		983.80			5.14		1,000.00		984.90			5.15		—		—			—		1,000.00		995.20			5.92
Hypothetical 5% return		1,000.00		1,019.75	+		5.24		1,000.00		1,019.75	+		5.24		—		—			—		1,000.00		1,019.00	+		5.99
Class R6
Actual		1,000.00		986.80			2.18		1,000.00		987.00			2.16		1,000.00		1,003.80			3.40		1,000.00		997.60			2.94
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,022.76	+		2.20		1,000.00		1,021.54	+		3.43		1,000.00		1,021.99	+		2.97

+ 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 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, 2018. 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(a)			Class R			Class R6
Bond		0.79	%		1.54	%		0.45	%		0.94	%		0.54	%		1.04	%		0.44	%
Core Fixed Income		0.79			1.54			0.45			0.95			0.54			1.04			0.44
Global Income		1.03			1.73			0.70			1.19			0.79			—			0.68
Strategic Income		0.94			1.69			0.60			—			0.69			1.19			0.59

(a) Effective August 15, 2017, Class IR changed its name to Investor.

149

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: 69	Chair of the Board of Trustees	2018 (Trustee since 2007)	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a 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.	104	None
Kathryn A. Cassidy Age: 64	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007- 2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	None
Roy W. Templin Age: 57	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). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 66	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.	104	Verizon Communications Inc.

150

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	148	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.

¹  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, 2018.

²  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 (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2018, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 21 portfolios (12 of which offered 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.

151

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* 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.

¹  Information is provided as of March 31, 2018.

² 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 designates $101,607 as short-term capital gain dividends paid during the fiscal year ended March 31, 2018.

152

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of March 31, 2018, 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 Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund⁵

∎ 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 Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ 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 Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity 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

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 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

∎ Tactical Exposure Fund

¹  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.

²  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.

³  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 December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia 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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer 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 file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect our judgment as of the date of this 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.

Fund holdings and allocations shown are as of March 31, 2018 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.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

© 2018 Goldman Sachs. All rights reserved. 129372-OTU-760218 MSFIAR-18/60k

Goldman Sachs Funds

Annual Report	March 31, 2018
	Municipal Fixed Income Funds
	Dynamic Municipal Income
	High Yield Municipal
	Short Duration Tax-Free

Goldman Sachs Municipal Fixed Income Funds

∎ DYNAMIC MUNICIPAL INCOME

∎ HIGH YIELD MUNICIPAL

∎ SHORT DURATION TAX-FREE

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	23
Financial Statements	102
Financial Highlights	106
Notes to the Financial Statements	112
Report of Independent Registered Public Accounting Firm	129
Other Information	130

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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

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

∎ Assess relative value among securities and sectors

∎ Leverage the vast resources of GSAM in selecting securities for each portfolio

∎ Team approach to decision making

∎ Manage risk by avoiding significant sector and interest rate bets

∎ Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:

∎ Include domestic investment options, tax-free income opportunities, and access to areas of specialization

∎ Capitalize on GSAM’s industry-renowned credit research capabilities

∎ Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

1

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market generated positive returns during the 12 months ended March 31, 2018 (the “Reporting Period”), driven by a flattening municipal bond yield curve and supportive supply and demand dynamics. (Yield curve indicates a spectrum of maturities. A flattening yield curve means the differential in yields between longer-term and shorter-term maturities decreased.)

In the first half of the Reporting Period, municipal securities posted gains amid robust market technicals, or supply/demand factors, as the number of bonds that matured, were called or paid coupon income reached record levels. A decrease in new supply also helped the asset class generate positive returns. Performance softened in the fourth quarter of 2017, as states and municipalities rushed new issues to market on concerns that tax reform efforts in Congress would curtail their ability to issue tax-exempt debt and end the tax exemption for advance refunding. (In an advance refunding, a bond issuance is used to pay off another outstanding bond. The new bond will often be issued at a lower interest rate than the older outstanding bond.) Municipal bonds recorded negative returns in the first quarter of 2018, as the Federal Reserve (“Fed”) raised the federal funds target rate, which pushed up municipal bond yields and drove down their prices.

Shorter-term municipal yields (as represented by two-year maturities) rose during the Reporting Period overall, while longer-term municipal yields fell. As a result, the municipal yield curve flattened. The yield on a two-year AAA-rated municipal security increased 43 basis points to 1.65%; the yield on a 10-year AAA-rated municipal security increased eight basis points to 2.42%; and the yield on a 30-year AAA-rated municipal security decreased 10 basis points to 2.96%. (A basis point is 1/100th of a percentage point.) By comparison, the yield on a two-year U.S. Treasury security rose 101 basis points to 2.27%; the yield on a 10-year U.S. Treasury rose 35 basis points to 2.74%; and the yield on a 30-year U.S. Treasury security fell four basis points to 2.97%. (Source: GSAM, MMD and Bloomberg.)

For the Reporting Period overall, supply and demand factors had a positive impact on the municipal bond market in general. Primary market issuance was heavy, with approximately $407 billion of new supply, and demand strengthened. Municipal bond mutual funds saw average investment inflows of $481 million per week during the Reporting Period. (Source: Lipper.)

Proposed U.S. tax reform was a key driver of municipal bond market activity during the Reporting Period. Tax reform legislation, which was passed by Congress and signed into law in December 2017, took effect on January 1, 2018. The tax reform law preserved the tax-exempt benefits of municipal bonds but eliminated the tax exemption for advance refunding bonds. The highest marginal tax rate for individuals was lowered to 37% from 39.6%, while the state and local tax (“SALT”) deduction was capped at $10,000. Corporate tax rates were cut substantially from 35% to 21%.

High Yield Municipals

During the Reporting Period, the high yield municipal bond market outperformed the investment grade municipal bond market. The main drivers of outperformance among high yield municipal bonds were the general obligation and water and sewer sectors, which returned 19.4% and 11.8%, respectively, as measured by the Bloomberg Barclays Municipal High Yield Bond Index. Because of continued government negotiations with bondholders as

2

MARKET REVIEW

well as natural disasters, Puerto Rico’s municipal bonds significantly trailed the Bloomberg Barclays High Yield Municipal Index for the Reporting Period as a whole.

Looking Ahead

At the end of the Reporting Period, municipal bond market technicals were supportive, in our view, with supply running well below prior calendar year levels and demand remaining stable. However, we believe Fed monetary policy and potential interest rate hikes could weigh on the municipal bond market in the near term. Regarding tax reform, we expect to see headlines from high tax jurisdictions about how the cap on SALT is affecting their residents and what potential tax policy changes might be employed to lower the tax burden. Meanwhile, we plan to remain watchful for tax reform’s impact overall on housing values and state population migration patterns. States may experience a temporary increase in revenues, we believe, given that some individuals pre-paid a portion of their 2018 taxes in 2017. We anticipate ongoing headlines about state budgets and pension liabilities, Congressional midterm elections and interest rate volatility.

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 Fixed Income Funds invested in the most tax-efficient manner.

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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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and Investor Shares generated average annual total returns, without sales charges, of 3.81%, 3.03%, 4.17%, 3.58% and 4.01%, respectively. These returns compare to the 1.19% 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.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 1.27% compared to the -0.07% cumulative total return of the Index.

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

A During the Reporting Period, the Fund benefited overall from its sector positioning and bottom-up issue selection. In addition, the Fund’s duration and yield curve positioning contributed positively to results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.)

Q Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period?

A The Fund’s overweight position relative to the Index in Chicago school district general obligation bonds added to its performance. An overweight position in the tobacco sector also proved advantageous. Conversely, the Fund’s overweight compared to the Index in Puerto Rico credits detracted modestly, as the commonwealth’s municipal bonds performed poorly during the Reporting Period.

Q How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund’s duration and yield curve positioning bolstered its relative results. The Fund’s long duration positioning versus that of the Index contributed positively to performance, as the municipal yield curve flattened during the Reporting Period. (A flattening yield curve means the differential in yields between longer-term and shorter-term maturities decreased.) The Fund was also aided by its yield curve positioning relative to the Index, especially its exposure to the longer-maturity segment of the municipal yield curve, as long-term yields fell.

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

A During the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve. The municipal yield curve flattened during the Reporting Period overall, as yields on shorter-term maturity municipal bonds rose more than those on longer-term maturity municipal bonds. Municipal inverse variable rate securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. In addition, the Fund used municipal credit default swaps as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The Fund also employed U.S. Treasury futures to manage U.S. interest rate duration. To manage against potential changes in interest rates, the Fund used interest rate swap contracts during the Reporting Period overall. Derivatives had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period.

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PORTFOLIO RESULTS

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A During the Reporting Period, we increased the Fund’s exposures to general obligation bonds and university bonds. We decreased the Fund’s allocations to pre-refunded, appropriations, tobacco and water and sewer bonds. (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 U.S. 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.) In addition, during the Reporting Period, we increased the Fund’s exposure to AAA-rated issues. We decreased its exposures to B-rated issues and other lower credit quality rated municipal bonds.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund held a longer duration position compared to that of the Index. It 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. Relative to the Index, the Fund was overweight in Florida and Illinois municipal bonds and underweight in New York and California municipal bonds at the end of the Reporting Period.

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FUND BASICS

Dynamic Municipal Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Municipal Bond 1-10 Yr Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		3.81	%		1.19	%		2.56	%		2.52	%		4.52	%
Class C		3.03			1.19			1.91			1.87			3.37
Institutional		4.17			1.19			2.99			2.96			5.28
Service		3.58			1.19			2.50			2.46			4.42
Investor		4.01			1.19			2.91			2.87			5.14
November 30, 2017– March 31, 2018
Class R6		1.27	%		-0.07	%		3.01	%		2.97	%		5.32	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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 figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2017 federal income tax rate of 43.4%.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.07	%		1.88	%		4.09	%		4.49	%	7/20/93
Class C		2.01			1.90			3.72			3.60		8/15/97
Institutional		4.17			3.00			4.85			4.75		8/15/97
Service		3.58			2.48			4.31			4.25		8/15/97
Investor		4.01			2.91			N/A			4.34		7/30/10
Class R6		N/A			N/A			N/A			1.27		11/30/17

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares, Investor Shares, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.75	%		0.83	%
Class C		1.50			1.58
Institutional		0.41			0.49
Service		0.91			0.99
Investor		0.50			0.58
Class R6		0.40			0.48

⁶ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

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FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷ 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.

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GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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 capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Dynamic Municipal Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced July 20, 1993)
Excluding sales charges	3.81%	2.66%	4.49%	4.65%
Including sales charges	-0.07%	1.88%	4.09%	4.49%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	3.03%	1.90%	3.72%	3.60%
Including contingent deferred sales charges	2.01%	1.90%	3.72%	3.60%
Institutional Shares (Commenced August 15, 1997)	4.17%	3.00%	4.85%	4.75%
Service Shares (Commenced August 15, 1997)	3.58%	2.48%	4.31%	4.25%
Investor* (Commenced July 30, 2010)	4.01%	2.91%	N/A	4.34%
Class R6 (Commenced November 30, 2017)	N/A	N/A	N/A	1.27%+

* Effective August 15, 2017, Class IR changed its name to Investor Shares.

+ Represents cumulative total returns.

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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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and Investor Shares generated average annual total returns, without sales charges, of 6.10%, 5.30%, 6.29% and 6.26%, respectively. These returns compare to the 4.67% average annual total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite”), during the same time period.

The High Yield Municipal Composite 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 6.03% and 2.66%, respectively, during the Reporting Period.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 2.33% compared to the 1.10% cumulative total return of the Index. The components of the High Yield Municipal Composite, the Bloomberg Barclays Municipal High Yield Bond Index and the Bloomberg Barclays Municipal Bond Index, generated cumulative total returns of 1.89% and -0.08%, respectively, during the same time period.

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

A The Fund benefited overall from its sector positioning and bottom-up issue selection. In addition, the Fund’s duration and yield curve positioning contributed positively to results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.)

Holdings of longer-maturity securities enhanced the Fund’s returns, as the municipal yield curve flattened during the Reporting Period, meaning the differential between longer-term and shorter-term yields decreased.

Q Which municipal bond market sectors most significantly affected Fund performance?

A During the Reporting Period, the Fund was helped by an overweight position relative to the High Yield Municipal Composite in Chicago school district general obligation bonds. Individual issue selection within the tobacco sector also added to returns as did the Fund’s overweight in the water and sewer sector. Conversely, the Fund’s overweight compared to the High Yield Municipal Composite in Puerto Rico COFINA bonds detracted from performance, as the commonwealth’s municipal bonds performed poorly during the Reporting Period. (COFINA, or Corporación del Fondo de Interés Apremiante, is a Puerto Rico government- owned corporation that issues government bonds and uses other financing mechanisms to pay and refinance the commonwealth’s public debt.)

Q How did duration and yield curve positioning decisions affect the Fund’s performance?

A The tactical management of the Fund’s duration and yield curve positioning contributed positively to relative performance during the Reporting Period. As municipal yields rose, the Fund’s short duration position versus that of the High Yield Municipal Composite added to performance, especially during the first three months of the Reporting Period. In addition, the Fund was helped by its yield curve positioning relative to the High Yield Municipal Composite, especially its exposure to the longer-maturity segment of the municipal yield curve, as the yield curve flattened.

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PORTFOLIO RESULTS

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

A The Fund took 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. In addition, the Fund employed interest rate swaps, tied to LIBOR (London interbank offered rates, which are floating interest rates widely used as reference rates in bank, corporate and government lending agreements), to manage the Fund’s duration position during the Reporting Period. Also during the Reporting Period, the Fund used municipal inverse variable rate securities to take positions on the municipal yield curve. The municipal yield curve flattened during the Reporting Period overall as yields on shorter-term maturity municipal bonds rose more than those on longer- term maturity municipal bonds. Municipal inverse variable rate securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A During the Reporting Period, we decreased the Fund’s exposure to pre-refunded bonds and to the tobacco sector. (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 U.S. 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.) In addition, we increased the Fund’s allocation to special assessment and hospital credits.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was underweight relative to the High Yield Municipal Composite in the tobacco sector. Compared to the High Yield Municipal Composite, the Fund was overweight A-rated and BBB-rated issues and underweight below investment grade credits. In addition, we increased the Fund’s allocation to special assessment bonds and decreased its allocation to water and sewer credits.

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FUND BASICS

High Yield Municipal Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Goldman Sachs High Yield Municipal Fund Composite Index2			Bloomberg Barclays Municipal High Yield Bond Index3			Bloomberg Barclays Municipal Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5			30-Day Taxable Equivalent Yield6
Class A		6.10	%		4.67	%		6.03	%		2.66	%		3.01	%		2.97	%		5.32	%
Class C		5.30			4.67			6.03			2.66			2.40			2.36			4.24
Institutional		6.29			4.67			6.03			2.66			3.44			3.45			6.08
Investor		6.26			4.67			6.03			2.66			3.39			3.35			5.99
November 30, 2017– March 31, 2018
Class R6		2.33	%		1.10	%		1.89	%		-0.08	%		3.43	%		3.43	%		6.06	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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).

³  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.

⁴  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.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁶  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2017 federal income tax rate of 43.4%.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

STANDARDIZED TOTAL RETURNS7
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.33	%		3.66	%		4.27	%		4.58	%	4/3/00
Class C		4.27			3.84			3.97			4.07		4/3/00
Institutional		6.29			4.90			5.07			5.21		4/3/00
Investor		6.26			4.90			N/A			6.47		7/30/10
Class R6		N/A			N/A			N/A			2.33		11/30/17

⁷ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% 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 and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS8
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.85	%		0.92	%
Class C		1.60			1.67
Institutional		0.56			0.58
Investor		0.60			0.67
Class R6		0.55			0.57

⁸  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

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FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Market Value

⁹  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.

14

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Performance Summary

March 31, 2018

The following graph shows the value as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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 capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

High Yield Municipal Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 3, 2000)
Excluding sales charges	6.10%	4.62%	4.75%	4.85%
Including sales charges	1.33%	3.66%	4.27%	4.58%
Class C (Commenced April 3, 2000)
Excluding contingent deferred sales charges	5.30%	3.84%	3.97%	4.07%
Including contingent deferred sales charges	4.27%	3.84%	3.97%	4.07%
Institutional Shares (Commenced April 3, 2000)	6.29%	4.90%	5.07%	5.21%
Investor* (Commenced July 30, 2010)	6.26%	4.90%	N/A	6.47%
Class R6 (Commenced November 30, 2017)	N/A	N/A	N/A	2.33%+

* Effective August 15, 2017, Class IR changed its name to Investor Shares.

+ Represents cumulative total returns.

15

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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and Investor Shares generated average annual total returns, without sales charges, of 0.74%, 0.34%, 1.15%, 0.65% and 1.01%, respectively. These returns compare to the 0.49% 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.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 0.61% compared to the 0.38% cumulative total return of the Index.

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

A Sector positioning and bottom-up issue selection enhanced the Fund’s relative returns during the Reporting Period. In addition, holdings of longer maturity securities contributed positively, as the municipal yield curve flattened during the Reporting Period, meaning the differential between longer-term and shorter-term yields decreased. Conversely, the Fund’s duration and yield curve positioning detracted from results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities).

Q Which municipal bond market sectors most significantly affected Fund performance?

A During the Reporting Period, the Fund’s overweight positions relative to the Index in the electric utilities and water and sewer sectors bolstered its performance. Additionally, the Fund’s bias towards BBB-rated bonds added to relative returns, as BBB-rated credits outperformed higher quality credits during the Reporting Period. Meanwhile, the Fund’s investments in Puerto Rico credits detracted from returns, as the commonwealth’s municipal bonds performed poorly during the Reporting Period.

Q How did duration and yield curve positioning decisions affect the Fund’s performance?

A During the Reporting Period, the Fund’s duration and yield curve positioning overall hurt relative returns. More specifically, the Fund’s slightly longer duration position relative to that of the Index detracted from performance in the rising interest rate environment. The Fund’s yield curve positioning compared to the Index did not have a meaningful impact on performance.

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

A During the Reporting Period, the Fund took 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 their intrinsic value. Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A We reduced the Fund’s exposures to special tax and state appropriation credits during the Reporting Period. We increased its exposures to pre-refunded and electric utilities bonds. (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

16

PORTFOLIO RESULTS

bond. The escrow collateral is typically in U.S. 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.) In addition, we increased the Fund’s allocation to Texas credits and decreased its exposure to California credits.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in BBB-rated issues and lower credit quality rated municipal bonds. In addition, the Fund was overweight Illinois credits and underweight AAA-rated issues, AA-rated issues, A-rated issues and California credits at the end of the Reporting Period.

17

FUND BASICS

Short Duration Tax-Free Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Municipal Bond 1-3 Year Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		0.74	%		0.49	%		1.56	%		1.50	%		2.76	%
Class C		0.34			0.49			1.18			0.78			2.08
Institutional		1.15			0.49			1.88			1.86			3.32
Service		0.65			0.49			1.38			1.36			2.44
Investor		1.01			0.49			1.83			1.77			3.23
November 30, 2017– March 31, 2018
Class R6		0.61	%		0.38	%		1.90	%		1.89	%		3.36	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2017 federal income tax rate of 43.4%.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

18

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.77	%		0.25	%		1.50	%		2.47	%	5/1/97
Class C		-0.31			0.15			1.16			1.84		8/15/97
Institutional		1.15			0.88			1.99			3.13		10/1/92
Service		0.65			0.40			1.49			2.59		9/20/94
Investor		1.01			0.81			N/A			1.29		7/30/10
Class R6		N/A			N/A			N/A			0.61		11/30/17

⁵ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional, Service, Investor and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

19

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.69	%		0.75	%
Class C		1.09			1.50
Institutional		0.39			0.41
Service		0.89			0.91
Investor		0.44			0.50
Class R6		0.38			0.40

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

20

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷  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.

21

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Performance Summary

March 31, 2018

The following graph shows the value as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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 capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Short Duration Tax-Free Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	0.74%	0.55%	1.66%	2.55%
Including sales charges	-0.77%	0.25%	1.50%	2.47%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	0.34%	0.15%	1.16%	1.84%
Including contingent deferred sales charges	-0.31%	0.15%	1.16%	1.84%
Institutional Shares (Commenced October 1, 1992)	1.15%	0.88%	1.99%	3.13%
Service Shares (Commenced September 20, 1994)	0.65%	0.40%	1.49%	2.59%
Investor* (Commenced July 30, 2010)	1.01%	0.81%	N/A	1.29%
Class R6 (Commenced November 30, 2017)	N/A	N/A	N/A	0.61%+

* Effective August 15, 2017, Class IR changed its name to Investor Shares.

+ Represents cumulative total returns.

22

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – 97.2%
Alabama – 1.9%
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)(a)
$	2,500,000		5.750%		10/01/2020	$	2,741,750
	Black Belt Energy Gas District RB Series 2016 A (NR/A1)(b)(c)
	5,000,000		4.000		06/01/2021		5,260,750
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000		5.000		11/15/2021		100,277
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
	150,000		5.000		10/01/2024		168,241
	150,000		5.000		10/01/2025		167,231
	725,000		5.000		10/01/2030		800,262
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	700,000		5.000		10/01/2044		766,962
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		5.000		10/01/2021		1,075,510
	13,500,000		6.000		10/01/2042		15,634,755
	6,900,000		6.500		10/01/2053		8,161,527
							34,877,265
Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(d)
	37,350,000		0.000		06/01/2046		3,563,190
Arizona – 2.2%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(e)
	14,575,000		(3 Mo. LIBOR + 0.81%), 2.359		01/01/2037		13,445,875
	Arizona State University System RB Refunding Series 2015 B (AA/Aa2)
	3,000,000		5.000		07/01/2019		3,123,960
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000		07/01/2030		8,210,860
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	9,288,000		4.000		07/01/2037		9,337,505
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	2,200,000		7.250		02/01/2040		2,293,896
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	4,360,000		4.000		01/01/2041		4,502,092
							40,914,188
Arkansas – 1.0%
	Arkansas State Development Finance Authority Hospital RB Refunding for Washington Regional Medical Center Series 2015 B (NR/A3)
	1,845,000		3.000		02/01/2019		1,862,011
Municipal Bonds – (continued)
Arkansas – (continued)
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (AA+/NR)
	305,000		5.500		07/01/2023		305,577
	City of Little Rock Sewer RB Refunding Series 2015 (NR/Aa3)
	1,000,000		4.000		04/01/2021		1,056,060
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000		02/01/2023		5,531,655
	5,185,000		3.000		02/01/2024		5,305,603
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000		02/01/2023		3,382,924
							17,443,830
California – 12.3%
	Adelanto Public Utility Authority RB Refunding for Utility System Project Series 2009 A (NR/NR)(a)
	7,725,000		6.750		07/01/2019		8,210,980
	Alameda County Oakland Unified School District GO Refunding Bonds Series 2015 (AA-/NR)
	1,500,000		5.000		08/01/2019		1,567,920
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series B (AGM) (AA/Aa2)(d)
	1,000,000		0.000		08/01/2037		489,540
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
	875,000		4.000		09/01/2024		939,400
	745,000		4.000		09/01/2025		799,281
	535,000		4.000		09/01/2026		574,087
	590,000		4.000		09/01/2027		628,137
	575,000		4.000		09/01/2028		607,804
	465,000		4.000		09/01/2029		486,985
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	785,000		5.000		05/01/2040		889,586
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(d)
	31,220,000		0.000		06/01/2055		2,350,242
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (AA-/Aa2)(a)
	5,000,000		5.000		11/01/2019		5,266,950
	California Educational Facilities Authority RB for Stanford University Series 2007 T-1 (AAA/Aaa)
	5,750,000		5.000		03/15/2039		7,300,717
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250		04/01/2040		6,572,100
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A+/A1)
	500,000		5.000		02/01/2042		563,390
	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		448,665
	350,000		5.000		11/15/2029		416,791

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
$	565,000		5.000	%		11/15/2030	$	669,666
	1,000,000		5.000			11/15/2042		1,151,530
	12,000,000		5.000			11/15/2056		13,594,800
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA-/Aa3)(a)
	1,000,000		6.500			10/01/2018		1,024,490
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
	1,300,000		5.000			02/01/2034		1,457,417
	1,150,000		5.000			02/01/2035		1,283,676
	450,000		5.000			02/01/2042		494,402
	1,450,000		5.000			02/01/2047		1,585,067
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		435,580
	California State Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	5,000,000		5.250			10/01/2025		5,269,950
	5,000,000		6.500			04/01/2033		5,241,750
	2,750,000		6.000			04/01/2038		2,867,232
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa3)
	1,250,000		6.000			03/01/2033		1,350,387
	1,500,000		5.500			03/01/2040		1,602,600
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa3)
	1,500,000		5.000			08/01/2046		1,714,800
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	345,000		5.000			09/01/2030		385,917
	375,000		5.000			09/01/2037		412,200
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (AA-/NR)(a)
	1,435,000		5.750			08/15/2018		1,457,773
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)
	2,000,000		6.000			08/15/2042		2,182,500
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		172,602
	70,000		5.000			04/01/2031		80,252
	385,000		4.000			04/01/2032		401,255
	455,000		4.000			04/01/2034		470,647
	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		1,880,371
	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		1,092,312
	1,000,000		5.000			05/15/2047		1,116,170
	800,000		5.000			05/15/2050		889,632
Municipal Bonds – (continued)
California – (continued)
	California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/A2)
	10,000		5.250			10/01/2019		10,025
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(d)
	22,000,000		0.000			06/01/2046		2,913,020
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)(d)
	3,500,000		0.000			06/01/2034		1,972,530
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(f)
	625,000		4.000			09/01/2028		633,925
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		266,203
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (BBB-/Baa3)
	1,300,000		3.950			01/15/2053		1,295,060
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Subseries B-3 (BBB-/Baa3)(b)(c)
	675,000		5.500			01/15/2023		761,137
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A-/NR)
	500,000		5.000			09/01/2032		546,855
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(d)
	18,000,000		0.000			06/01/2047		2,508,840
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(d)
	19,500,000		0.000			06/01/2047		2,416,635
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	10,000,000		5.000			06/01/2045		11,218,200
	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		4,027,948
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		746,967
	650,000		5.000			09/01/2026		753,324
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		551,606
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		498,353
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000			09/01/2025		195,997

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)
$	175,000		4.000	%			09/01/2026		$	190,774
	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			2,949,930
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aa1)(a)
	5,000,000		5.250				08/01/2020			5,414,050
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/A1)
	7,000,000		5.250				05/15/2048			8,165,710
	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			957,040
	4,500,000		0.000				08/01/2038			2,060,415
	4,500,000		0.000				08/01/2039			1,970,325
	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			935,743
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000		6.500				11/01/2039			2,457,595
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,500,000		6.125				11/01/2029			4,334,365
	2,000,000		6.500				11/01/2039			2,808,680
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)(g)
	5,000,000		0.000				08/01/2035			4,706,600
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	4,335,000		5.000				11/01/2047			4,867,685
	Palomar Pomerado Health COPS Series 2009 (NR/WR)(a)
	2,500,000		6.750				11/01/2019			2,697,325
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(d)
	2,150,000		0.000	(d)			08/01/2031			1,346,889
	4,150,000		0.000	(d)			08/01/2032			2,489,045
	3,500,000		0.000	(d)			08/01/2033			2,004,380
	6,450,000		0.000	(g)			08/01/2038			7,894,993
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000		5.000				05/01/2031			4,365,840
	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			637,937
	320,000		4.000				09/01/2024			347,082
	400,000		4.000				09/01/2025			433,032
	490,000		4.000				09/01/2026			527,686
	305,000		4.000				09/01/2027			324,715
	500,000		4.000				09/01/2028			527,770
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,980,000		5.000				09/01/2027			5,192,347
	1,000,000		5.375				09/01/2031			1,070,590
	485,000		5.250				09/01/2034			512,786
Municipal Bonds – (continued)
California – (continued)
	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			864,045
	1,000,000	5.000			09/01/2027			1,164,690
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Series 2017 (NR/NR)
	1,075,000	5.000			09/01/2026			1,248,494
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)(e)
	5,000,000	(3 Mo. LIBOR + 0.53%), 1.874			12/01/2035			4,786,200
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA/Aa2)(a)
	830,000	5.000			05/01/2018			832,332
	San Diego County Water Authority COPS Series 2008 A (AGM) (AAA/Aa2)(a)
	4,170,000	5.000			05/01/2018			4,181,718
	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			2,247,300
	San Francisco City & County Airport Commission San Francisco International Airport RB Refunding Second Series 2013 A (AMT) (A+/A1)
	2,000,000	5.500			05/01/2028			2,281,340
	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			1,151,150
	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			1,243,089
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB/NR)
	1,000,000	5.000			01/15/2029			1,121,880
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A2)
	2,735,000	5.000			08/01/2025			3,218,165
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B-/B3)
	1,650,000	5.375			06/01/2038			1,652,508
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(e)
	5,000,000	(3 Mo. LIBOR + 0.74%), 1.972			05/15/2043			4,300,500
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (NR/Baa2)
	725,000	5.250			09/01/2019			725,399
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (AA-/Baa2)(d)
	1,175,000	0.000			08/01/2025			942,609
								223,866,926

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate		Maturity Date			Value
Municipal Bonds – (continued)
Colorado – 3.6%
	Adams County School District No. 1 GO Bonds for Mapleton Public Schools Series 2017 (ST AID WITHHLDG) (NR/Aa2)
$	7,235,000	5.250 %			12/01/2040		$	8,444,186
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	1,295,000	4.500			12/01/2029			1,309,802
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000	5.000			12/01/2037			539,763
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(f)
	4,000,000	5.000			12/01/2029			4,325,320
	500,000	5.000			12/01/2047			512,435
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	2,455,000	6.000			12/15/2029			3,161,598
	7,565,000	6.000			12/15/2030			9,704,912
	Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Project Series 2016 (NR/NR)
	200,000	4.000			01/01/2019			202,728
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	625,000	4.000			12/01/2019			645,931
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	1,150,000	5.000			06/01/2047			1,247,531
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	500,000	3.500			12/01/2021			508,275
	500,000	4.500			12/01/2027			518,675
	Denver City & County Airport COPS Refunding Series 2008 A-2 (AA+/Aa1)(b)(c)
	2,000,000	1.550			04/02/2018			2,000,000
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000	5.500			11/15/2029			5,660,850
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	4,995,000	5.000			12/01/2025			5,601,393
	2,490,000	5.000			12/01/2026			2,792,560
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(e)
	5,000,000	(3 Mo. LIBOR + 1.10%), 2.444			12/01/2033			4,630,350
	Dominion Water & Sanitation District Tap Fee RB Series 2016 (NR/NR)
	925,000	5.750			12/01/2036			970,380
	2,500,000	6.000			12/01/2046			2,615,475
	E-470 Public Highway Authority RB Series 2010 A (A-/A3)(d)
	6,000,000	0.000			09/01/2040			2,530,320
	E-470 Public Highway Authority Senior RB Series 2017 B (A-/A3)(b)
	2,000,000	(1 Mo. LIBOR + 1.05%), 2.307			09/01/2021			2,018,840
Municipal Bonds – (continued)
Colorado – (continued)
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	500,000		4.375			12/01/2031			488,655
	500,000		5.000			12/01/2046			504,195
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	565,000		4.500			12/01/2028			566,328
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	275,000		3.000			12/01/2022			274,401
	1,000,000		5.000			12/01/2037			1,076,100
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
	115,000		3.000			12/01/2022			114,749
	100,000		3.500			12/01/2027			99,267
	115,000		5.000			12/01/2037			123,657
	325,000		5.000			12/01/2047			346,252
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037			1,002,490
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	350,000		5.000			12/01/2032			391,790
	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			1,027,270
									65,956,478
Connecticut – 1.9%
	Connecticut State GO Bonds Series 2016 D (A+/A1)
	2,490,000		5.000			08/15/2020			2,652,821
	Connecticut State GO Refunding Bonds Series 2017 B (A+/A1)
	5,000,000		5.000			04/15/2028			5,688,900
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)(b)(c)
	3,000,000		5.000			02/01/2028			3,638,190
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(b)(c)
	8,260,000		5.000			02/01/2023			9,354,037
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000			11/01/2026			6,537,588
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(f)
	3,760,000		7.000			02/01/2045			3,977,967
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000			11/01/2025			348,471
	325,000		5.000			11/01/2026			349,125
	325,000		5.000			11/01/2027			349,567
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000			11/01/2024			689,267
	240,000		5.000			11/01/2026			257,815
									33,843,748
Delaware – 0.4%
	New Castle County Delaware GO Bonds Series 2015 (AAA/Aaa)
	5,000,000		5.000			10/01/2026			5,913,150

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)
Delaware – (continued)
	University of Delaware RB Series 2015 (AA+/Aa1)
$	1,805,000		5.000	%		11/01/2033	$	2,068,295
								7,981,445
District of Columbia – 1.6%
	District of Columbia GO Bonds Series 2007 A (NATL-RE) (AA/Aa1)
	10,080,000		3.000			06/01/2030		9,948,053
	District of Columbia GO Refunding Bonds Series 2017 A (AA/Aa1)
	10,000,000		5.000			06/01/2035		11,661,000
	1,300,000		4.000			06/01/2037		1,370,343
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	885,000		6.500			05/15/2033		1,001,369
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AAA/Aa1)(a)
	5,000,000		6.000			10/01/2018		5,110,150
								29,090,915
Florida – 9.9%
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	360,000		2.500			05/01/2024		349,866
	370,000		3.000			05/01/2025		365,571
	380,000		3.000			05/01/2026		371,439
	395,000		3.125			05/01/2027		385,966
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	395,000		4.250			05/01/2027		378,311
	410,000		4.750			05/01/2036		383,510
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A/NR)
	440,000		5.000			05/01/2019		449,319
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	1,000,000		4.125			05/01/2023		1,000,690
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	210,000		5.000			05/01/2028		211,067
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	605,000		5.375			05/01/2028		601,025
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	175,000		2.250			05/01/2022		174,321
	175,000		2.500			05/01/2023		174,501
	180,000		2.500			05/01/2024		176,504
	185,000		3.000			05/01/2025		184,062
	195,000		3.000			05/01/2026		192,514
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	100,000		4.500			11/01/2025		104,032
Municipal Bonds – (continued)
Florida – (continued)
	185,000		5.000			11/01/2036		198,020
	320,000		5.000			11/01/2048		338,951
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	495,000		4.250			05/01/2029		523,071
	490,000		4.500			05/01/2035		509,429
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500			05/01/2023		134,615
	140,000		2.750			05/01/2024		139,222
	90,000		3.000			05/01/2025		89,544
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	315,000		3.500			05/01/2023		327,789
	325,000		3.500			05/01/2024		337,074
	340,000		3.500			05/01/2025		350,543
	350,000		3.500			05/01/2026		358,418
	365,000		3.500			05/01/2027		370,106
	Bellagio Community Development District Special Assessment Bond Series 2016 (BBB-/NR)
	160,000		2.500			11/01/2022		157,746
	160,000		2.750			11/01/2023		157,715
	170,000		3.000			11/01/2025		166,267
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		232,011
	245,000		2.500			05/01/2024		237,439
	250,000		3.000			05/01/2025		245,452
	255,000		3.000			05/01/2026		248,021
	535,000		4.250			05/01/2037		550,237
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)
	1,250,000		5.500			10/01/2036		1,218,862
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,038,060
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		17,262,000
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	790,000		5.375			05/01/2036		790,118
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	880,000		2.375			05/01/2023		858,326
	900,000		2.500			05/01/2024		872,712
	925,000		2.750			05/01/2025		898,813
	920,000		3.000			05/01/2026		900,551
	985,000		3.200			05/01/2027		969,703
	1,015,000		3.250			05/01/2028		993,583
	1,500,000		3.750			05/01/2046		1,432,170

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)
$	400,000		3.750	%		11/01/2023	$	399,988
	700,000		4.500			11/01/2028		698,229
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		130,394
	133,000		3.250			05/01/2024		134,390
	138,000		3.500			05/01/2025		139,813
	143,000		3.625			05/01/2026		145,354
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	195,000		2.875			05/01/2021		199,187
	200,000		3.000			05/01/2022		204,398
	205,000		3.250			05/01/2023		210,806
	210,000		3.375			05/01/2024		215,046
	220,000		3.500			05/01/2025		225,973
	215,000		4.125			05/01/2035		222,871
	County of Broward Airport System RB Series 2017 (AMT) (A+/A1)
	1,550,000		5.000			10/01/2047		1,728,482
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	2,025,000		4.000			05/01/2024		2,118,130
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	300,000		3.750			11/01/2023		300,396
	730,000		4.500			11/01/2028		732,037
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	700,000		3.750			05/01/2034		699,979
	965,000		4.000			05/01/2037		974,505
	East Central Regional Wastewater Treatment Facilities Operation Board RB Refunding for Wastewater Treatment Facilities Series 2017 (AA+/NR)
	3,535,000		5.000			10/01/2044		4,074,335
	Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (BB-/NR)(b)(c)(f)
	2,800,000		5.625			01/01/2028		2,881,144
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)(a)
	1,000,000		6.250			10/01/2019		1,067,630
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		198,632
	500,000		5.000			11/01/2038		528,170
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	845,000		4.250			05/01/2026		861,494
Municipal Bonds – (continued)
Florida – (continued)
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	920,000		5.000			11/15/2036		962,145
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	2,050,000		5.000			10/01/2021		2,250,018
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	370,000		3.375			05/01/2021		367,913
	550,000		3.875			05/01/2026		543,945
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)(f)
	265,000		4.000			05/01/2024		281,891
	265,000		4.000			05/01/2025		280,394
	140,000		4.000			05/01/2026		148,119
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024		223,944
	225,000		4.000			05/01/2025		234,144
	235,000		4.000			05/01/2026		244,207
	240,000		4.000			05/01/2027		250,018
	250,000		4.000			05/01/2028		259,842
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/2023		604,457
	605,000		3.500			05/01/2024		623,041
	630,000		3.625			05/01/2025		647,231
	650,000		3.750			05/01/2026		665,834
	1,000,000		4.200			05/01/2031		1,051,860
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,225,000		4.250			05/01/2031		1,296,932
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	275,000		4.250			11/01/2022		277,951
	440,000		4.875			11/01/2027		454,612
	1,015,000		5.375			11/01/2037		1,057,772
	925,000		5.500			11/01/2047		961,963
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
	85,000		4.875			11/01/2027		87,823
	370,000		5.500			11/01/2047		384,785
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		784,596
	700,000		4.500			11/01/2038		689,815
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)
	1,175,000		4.500			05/01/2038		1,162,710
	1,855,000		4.625			05/01/2048		1,829,716
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(f)
	630,000		3.650			05/01/2022		632,318

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)
Florida – (continued)
$	520,000		4.300	%		05/01/2027	$	523,162
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,840,000		4.250			05/01/2025		1,863,773
	1,705,000		4.875			05/01/2035		1,739,185
	975,000		4.875			05/01/2045		981,055
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	500,000		4.000			05/01/2022		502,760
	940,000		4.625			05/01/2027		972,712
	1,000,000		5.250			05/01/2037		1,061,480
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	450,000		4.000			05/01/2021		455,008
	230,000		4.250			05/01/2026		234,363
	5,160,000		5.000			05/01/2036		5,379,094
	5,160,000		5.125			05/01/2046		5,351,436
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	250,000		3.625			11/01/2023		249,370
	560,000		4.125			11/01/2028		556,192
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
	330,000		3.500			05/01/2025		340,444
	340,000		3.500			05/01/2026		348,422
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	930,000		5.375			05/01/2030		930,828
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A-/NR)
	750,000		4.450			05/01/2030		798,555
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	250,000		3.500			05/01/2023		249,650
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)(a)
	2,700,000		6.000			02/01/2021		3,007,233
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(f)
	9,500,000		5.000			03/01/2030		10,484,675
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000		4.000			11/01/2023		255,772
	250,000		4.750			11/01/2027		261,058
	850,000		5.125			11/01/2039		890,265
	2,350,000		5.250			11/01/2049		2,486,159
	Miami-Dade County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2008 (A-/NR)(b)(c)
	4,000,000		1.450			08/01/2018		3,992,000
	Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)
	570,000		3.500			05/01/2020		572,143
Municipal Bonds – (continued)
Florida – (continued)
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375			10/01/2040		1,346,138
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,548,227
	3,500,000		6.000			11/01/2047		3,708,950
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	520,000		2.500			05/01/2022		518,794
	530,000		2.750			05/01/2023		529,496
	350,000		3.750			05/01/2031		350,235
	1,045,000		4.000			05/01/2036		1,050,831
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	500,000		3.500			05/01/2021		500,160
	300,000		4.000			05/01/2027		298,878
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,350,748
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	715,000		4.250			11/01/2025		720,548
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	890,000		4.000			05/01/2035		892,065
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	425,000		3.000			05/01/2023		425,790
	435,000		3.250			05/01/2024		438,341
	450,000		3.450			05/01/2025		454,505
	465,000		3.625			05/01/2026		470,357
	1,000,000		4.125			05/01/2036		1,002,600
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	475,000		4.000			05/01/2024		475,883
	590,000		4.625			05/01/2029		582,183
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	350,000		2.500			11/01/2023		344,253
	355,000		2.750			11/01/2024		349,526
	370,000		3.000			11/01/2025		365,293
	585,000		4.250			11/01/2037		600,485
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (NR/Aa3)(a)
	2,000,000		6.500			11/15/2019		2,147,060
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		258,855
	270,000		2.500			05/01/2024		261,036
	280,000		3.000			05/01/2025		279,641
	290,000		3.000			05/01/2026		287,938
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		189,459

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR) – (continued)
$	190,000		2.500	%		05/01/2024	$	186,310
	200,000		3.000			05/01/2025		198,986
	205,000		3.000			05/01/2026		202,386
	1,135,000		3.500			05/01/2031		1,144,534
	1,370,000		4.000			05/01/2036		1,405,182
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (A/Baa2)
	305,000		4.500			05/01/2018		305,653
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	220,000		3.625			05/01/2021		222,862
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (BBB+/NR)
	205,000		3.000			05/01/2027		199,420
	215,000		3.125			05/01/2028		210,526
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	350,000		3.500			05/01/2032		343,875
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(f)
	585,000		5.200			05/01/2028		585,889
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		298,914
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	505,000		4.250			06/15/2028		506,722
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	265,000		3.625			11/01/2020		265,421
	530,000		4.375			11/01/2025		531,421
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,049,870
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	360,000		2.125			05/01/2022		353,283
	370,000		2.250			05/01/2023		361,283
	375,000		2.500			05/01/2024		366,896
	385,000		2.625			05/01/2025		375,367
	400,000		3.000			05/01/2026		396,588
	410,000		3.125			05/01/2027		408,229
	425,000		3.250			05/01/2028		424,269
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)
	500,000		4.000			05/01/2024		499,720
	1,000,000		4.625			05/01/2029		988,450
	1,000,000		5.000			05/01/2038		983,780
Municipal Bonds – (continued)
Florida – (continued)
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,570,000		3.750			05/01/2026		1,542,038
	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		348,605
	360,000		3.500			05/01/2025		364,731
	370,000		3.625			05/01/2026		376,090
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	680,000		4.750			11/01/2025		693,743
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A+/NR)
	500,000		4.250			05/01/2030		527,585
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)
	1,000,000		3.250			05/01/2023		1,001,890
	1,000,000		3.800			05/01/2028		1,003,480
	2,000,000		4.000			05/01/2033		2,008,260
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	355,000		4.000			05/01/2026		372,232
	350,000		4.000			05/01/2027		365,442
	360,000		4.000			05/01/2028		372,751
	375,000		4.000			05/01/2029		387,105
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,980,000		3.500			05/01/2032		1,962,556
	2,365,000		4.000			05/01/2037		2,386,474
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		215,318
	225,000		3.000			11/01/2025		220,651
	230,000		3.200			11/01/2026		226,263
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	795,000		5.500			05/01/2034		850,785
	925,000		5.750			05/01/2044		994,495
	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		2,204,804
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,420,000		5.500			11/01/2045		2,562,006
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		138,668
	250,000		5.000			05/01/2047		256,305
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,465,000		4.500			05/01/2036		1,507,324
								180,701,151

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)
Georgia – 1.3%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (AA-/Aa3)
$	1,250,000	5.000 %			01/01/2027		$	1,363,800
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/A3)(b)(c)
	3,500,000	1.650			06/18/2021			3,372,040
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)(b)(c)
	9,475,000	3.000			02/01/2023			9,357,131
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	700,000	5.000			03/01/2027			760,767
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/Aa2)(a)
	4,075,000	5.250			07/01/2019			4,256,419
	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%), 2.199			10/01/2033			4,753,320
								23,863,477
Guam – 1.3%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (A/NR)
	3,000,000	5.000			11/15/2022			3,254,820
	Guam Government Business Privilege Tax RB Series 2012 B-1 (A/NR)
	2,980,000	5.000			01/01/2029			3,075,181
	Guam Government Limited Obligation RB Section 30 Series 2009 A (BBB+/NR)(a)
	850,000	5.625			12/01/2019			905,258
	750,000	5.750			12/01/2019			800,288
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	2,755,000	5.000			12/01/2025			2,968,981
	2,255,000	5.000			12/01/2026			2,435,716
	2,000,000	5.000			12/01/2027			2,147,620
	Guam Power Authority RB 2014 Series A (AGM) (AA/A2)
	325,000	5.000			10/01/2039			352,287
	250,000	5.000			10/01/2044			270,085
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000	5.000			10/01/2024			1,635,765
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000	5.000			01/01/2046			1,094,622
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000	5.000			07/01/2025			389,077
	525,000	5.000			07/01/2026			582,813
	350,000	5.000			07/01/2027			390,558
	370,000	5.000			07/01/2028			411,022
	525,000	5.000			07/01/2029			581,023
Municipal Bonds – (continued)
Guam – (continued)
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2) – (continued)
	700,000		5.000			07/01/2030			771,799
	700,000		5.000			07/01/2031			768,908
	700,000		5.000			07/01/2032			766,038
									23,601,861
Hawaii – 0.3%
	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			5,027,513
Idaho – 0.2%
	Idaho Health Facilities Authority RB for St. Luke’s Health System Project Series 2008 (A-/A3)
	1,000,000		6.750			11/01/2037			1,027,480
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BB+/Ba1)
	2,000,000		2.750			10/01/2024			1,970,700
									2,998,180
Illinois – 9.5%
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000			04/01/2046			4,156,517
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	760,000		5.000			04/01/2034			826,515
	575,000		5.000			04/01/2035			623,501
	525,000		5.000			04/01/2036			568,045
	490,000		5.000			04/01/2037			529,014
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE FGIC) (B/Baa2)(d)
	1,895,000		0.000			12/01/2026			1,298,757
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B/Baa2)(d)
	2,880,000		0.000			12/01/2029			1,694,621
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)(d)
	510,000		0.000			01/01/2031			275,191
	Chicago Illinois Board of Education GO Bonds Series 2015 C (B/NR)
	2,500,000		6.000			12/01/2035			2,655,950
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (B/Baa2)(d)
	3,395,000		0.000			12/01/2023			2,689,146
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (B/B3)
	4,235,000		5.000			12/01/2042			4,100,581
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B/B3)
	2,300,000		6.038			12/01/2029			2,207,747
	2,500,000		6.138			12/01/2039			2,345,225
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B/NR)
	5,160,000		7.000			12/01/2044			5,955,208

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B/NR)
$	7,125,000		6.500	%		12/01/2046	$	8,098,916
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(d)
	750,000		0.000			01/01/2032		382,477
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	300,000		5.500			01/01/2037		316,905
	2,720,000		5.500			01/01/2040		2,874,904
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,562,445
	630,000		5.000			01/01/2034		646,708
	490,000		5.000			01/01/2036		501,250
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	3,375,000		6.000			01/01/2038		3,786,649
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	640,000		5.000			01/01/2040		645,664
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	150,000		5.000			01/01/2034		152,341
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,391,240
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,405,000		5.000			01/01/2030		4,410,815
	Chicago Illinois GO Refunding Bonds for Taxable Project Series 2014 B (BBB+/Ba1)
	3,000,000		6.314			01/01/2044		3,017,820
	Chicago Illinois GO Refunding Bonds Series 2009 C (BBB+/Ba1)
	675,000		5.000			01/01/2040		679,117
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,545,000		5.000			01/01/2024		2,731,014
	4,435,000		5.000			01/01/2025		4,781,595
	1,200,000		5.000			01/01/2038		1,234,836
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)
	2,500,000		5.500			01/01/2029		2,787,225
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	1,270,000		5.000			01/01/2023		1,412,367
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	3,000,000		5.250			01/01/2035		3,488,070
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)(a)
	1,000,000		5.000			01/01/2025		1,165,040
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A/NR)
	1,135,000		5.000			06/01/2020		1,202,918
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		536,745
	1,330,000		4.000			01/01/2052		1,338,725
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	600,000		5.000			11/01/2029		672,786
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,500,000		5.000			11/01/2026		1,720,485
	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		897,859
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,478,010
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,392,635
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,531,488
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		1,942,817
	Illinois State GO Bonds Pension Funding Series 2003 (BBB+/Baa3)
	4,165,000		5.100			06/01/2033		3,903,979
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,505,000		5.000			03/01/2021		1,566,073
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,368,450
	5,500,000		5.250			07/01/2028		5,685,240
	5,120,000		5.500			07/01/2038		5,264,896
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	26,130,000		5.000			11/01/2029		27,013,194
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	2,995,000		5.000			11/01/2027		3,115,100
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,950,000		4.000			02/01/2030		4,104,801
	1,185,000		4.000			02/01/2031		1,225,977
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/Baa2)(d)
	2,610,000		0.000			12/15/2031		1,394,132
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/NR)
	1,540,000		5.700			06/15/2024		1,719,687
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)(a)
	460,000		5.700			06/15/2022		531,245
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BB+/NR)
	1,000,000		5.000			12/15/2028		1,034,340
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BB+/NR)
	2,000,000		5.000			12/15/2028		2,189,680
	300,000		5.000			12/15/2032		324,408

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)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BB+/NR) – (continued)
$	600,000	5.000 %			12/15/2033		$	646,314
	500,000	5.000			12/15/2034			536,930
	1,260,000	0.000(g)			12/15/2037			683,613
	3,500,000	0.000(g)			12/15/2042			1,862,805
	3,850,000	0.000(g)			12/15/2047			2,022,829
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)
	1,125,000	6.000			06/01/2021			1,265,468
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)(d)
	6,000,000	0.000			12/01/2025			4,510,380
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000	3.500			03/01/2030			4,029,280
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	635,000	6.630			02/01/2035			660,476
								173,367,181
Indiana – 0.2%
	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 C (NATL-RE) (BBB+/Baa1)
	650,000	5.850			04/01/2019			674,440
	Whiting City Environmental Facilities RB for BP Products North America Inc. Project Series 2015 (AMT) (A-/A1)(b)(c)
	3,000,000	5.000			11/01/2022			3,369,420
								4,043,860
Iowa – 0.2%
	Board of Regents Academic Building RB Refunding for Iowa State University of Science & Technology Series 2017 A (AA/Aa2)
	1,480,000	3.000			07/01/2028			1,491,884
	1,500,000	3.000			07/01/2029			1,492,860
	Coralville Iowa COPS Series 2016 E (BBB/NR)
	300,000	4.000			06/01/2019			307,371
	460,000	4.000			06/01/2020			478,856
	500,000	4.000			06/01/2021			526,075
								4,297,046
Kentucky – 1.6%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A/A1)(e)
	6,440,000	(3 Mo. LIBOR + 0.53%, 15.00% Cap), 1.718			11/01/2027			6,286,728
	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			1,216,512
	400,000	4.000			06/01/2045			401,204
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)(b)(c)
	8,500,000	4.000			04/01/2024			9,049,610
Municipal Bonds – (continued)
Kentucky – (continued)
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	3,175,000		4.000			10/01/2034			3,227,641
	4,600,000		4.000			10/01/2036			4,642,918
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000			04/01/2026			3,558,877
									28,383,490
Louisiana – 1.8%
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA/A2)(a)
	1,230,000		5.250			08/01/2019			1,287,392
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa3)
	9,515,000		3.500			11/01/2032			9,386,357
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Southeastern Louisiana Student Series 2004 B (NATL-RE) (NR/A3)(c)
	2,925,000		2.765			08/01/2034			2,685,062
	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			916,128
	670,000		5.000			10/01/2023			759,170
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	2,125,000		3.375			09/01/2028			2,144,656
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500			06/01/2030			1,640,958
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	3,695,000		4.000			05/15/2042			3,723,008
	3,000,000		5.000			05/15/2046			3,277,500
	New Orleans Aviation Board GARBs Series 2015 B (AMT) (A-/A3)
	3,750,000		5.000			01/01/2034			4,127,700
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	1,000,000		5.000			01/01/2048			1,102,600
	New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AA/A3)(a)
	1,350,000		6.000			01/01/2019			1,394,253
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (A-/A3)
	500,000		5.000			04/01/2030			542,680
									32,987,464
Maine – 0.1%
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,565,000		5.000			07/01/2026			1,818,217

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Maryland – 1.0%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
$	2,000,000		5.000	%		09/01/2046	$	2,206,660
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		440,665
	650,000		4.500			09/01/2033		676,813
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000			08/01/2027		1,928,395
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	120,000		5.600			07/01/2020		120,331
	555,000		5.700			07/01/2029		556,571
	Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)
	10,000,000		5.000			03/15/2025		11,746,000
								17,675,435
Massachusetts – 2.8%
	Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series 2018 A (AA/Aa1)
	10,000,000		5.000			01/01/2048		11,550,600
	Massachusetts Bay Transportation Authority Sales Tax RB Refunding for Capital Appreciation Senior Series 2016 A (AA/Aa2)(d)
	2,000,000		0.000			07/01/2021		1,874,940
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)(a)
	5,000,000		5.250			02/01/2021		5,473,400
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000		5.000			07/15/2036		6,358,450
	16,500,000		5.000			07/15/2040		21,391,590
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AA/A1)
	725,000		6.350			01/01/2030		730,379
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (BBB/Baa2)(a)
	2,575,000		5.750			07/01/2018		2,601,317
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (NR/NR)(a)
	315,000		5.750			07/01/2018		318,260
								50,298,936
Michigan – 1.9%
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
	2,700,000		5.000			05/01/2023		3,041,928
	City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)(c)
	2,525,000		4.000			04/01/2034		2,013,182
	City of Detroit Financial Recovery Series 2014 C (NR/NR)
	5,717,578		5.000			12/10/2026		5,717,235
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	1,000,000		3.875			10/01/2023		1,028,680
Municipal Bonds – (continued)
Michigan – (continued)
	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 (A-/A3)
	1,000,000		5.000			07/01/2034		1,101,100
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Department Sewage Disposal System Second Lien Local Project Series 2015 C (BBB+/Baa1)
	1,945,000		5.000			07/01/2033		2,149,809
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (AGM) (AA/A2)
	400,000		5.000			07/01/2035		444,028
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE FGIC) (BBB+/Baa1)
	650,000		5.000			07/01/2036		710,710
	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-1 (A-/A3)
	1,000,000		5.000			07/01/2044		1,088,260
	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/A2)
	325,000		5.000			07/01/2032		362,141
	250,000		5.000			07/01/2033		277,817
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A-/A3)
	1,000,000		5.000			07/01/2029		1,125,850
	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		1,075,295
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)(d)
	9,500,000		0.000			06/01/2052		565,820
	Roseville Community School District GO Refunding Bonds (Q-SBLF) (AA-/NR)
	1,000,000		5.000			05/01/2020		1,063,480
	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		1,316,796
	1,215,000		5.000			05/01/2026		1,409,874
	3,705,000		5.000			05/01/2027		4,213,029
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA-/NR)
	1,860,000		5.000			05/01/2022		2,048,288
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2)
	400,000		5.000			12/01/2033		453,012
	1,065,000		5.000			12/01/2034		1,201,469
	650,000		5.000			12/01/2035		731,010

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)
Michigan – (continued)
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2) – (continued)
$	800,000		5.000	%		12/01/2036	$	897,616
	880,000		5.000			12/01/2037		984,315
								35,020,744
Minnesota – 0.2%
	Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A+/A2)(a)
	1,500,000		6.750			11/15/2018		1,547,460
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000			05/01/2047		543,685
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AA+/Aa1)
	1,680,000		3.000			10/01/2029		1,700,832
								3,791,977
Mississippi – 0.1%
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (AA/Aa2)(a)
	1,095,000		5.375			10/01/2019		1,154,962
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,059,650
								2,214,612
Missouri – 0.4%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	250,000		3.000			11/01/2018		251,627
	400,000		3.000			11/01/2019		404,060
	400,000		3.000			11/01/2020		403,960
	350,000		3.000			11/01/2021		351,768
	350,000		4.000			11/01/2022		363,643
	Kirkwood Industrial Development Authority Retirement Community RB Refunding for Aberdeen Heights Series 2017 A (BB/NR)
	1,230,000		5.000			05/15/2018		1,234,551
	Missouri Health & Educational Facilities Authority RB Series 2000 B (AA+/Aa1)(b)(c)
	2,000,000		1.500			04/02/2018		2,000,000
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,405,000		4.375			11/15/2035		1,437,877
								6,447,486
Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000			07/01/2029		679,949
Nevada – 0.3%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	50,000		2.000			06/01/2018		50,025
	50,000		3.000			06/01/2019		50,587
	100,000		3.000			06/01/2020		101,635
	135,000		3.000			06/01/2021		137,202
Municipal Bonds – (continued)
Nevada – (continued)
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) – (continued)
	245,000		3.000			06/01/2022		248,063
	Clark County School District Limited Tax GO Refunding Bonds Series 2015 B (AA-/A1)
	1,000,000		5.000			06/15/2018		1,006,730
	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		1,343,686
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)(b)(c)
	1,800,000		3.000			06/01/2022		1,836,036
								4,773,964
New Hampshire – 0.8%
	New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A1)(c)
	11,150,000		3.046			05/01/2021		11,150,000
	New Hampshire Health & Education Facilities Authority RB Refunding for Dartmouth College Issue Series 2017 (AA+/Aa1)
	2,170,000		5.000			06/01/2028		2,654,062
								13,804,062
New Jersey – 5.6%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000		5.000			03/01/2024		334,161
	250,000		5.000			03/01/2026		283,842
	New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2032		546,200
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA+/A3)(a)
	1,000,000		6.000			12/15/2018		1,030,626
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 AA (BBB+/Baa1)
	1,315,000		5.500			12/15/2029		1,364,155
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (BBB+/Baa1)(a)
	360,000		5.000			09/01/2019		376,027
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000		5.500			06/15/2033		4,518,480
	New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Ba1)
	4,325,000		5.000			10/01/2047		4,642,671
	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		1,441,973

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Bonds Series 2009 AA (NR/Baa1)(a)
$	2,685,000	5.500 %		06/15/2019	$	2,803,650
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. - 2017 Project Series 2017 (A/NR)
	785,000	3.000		06/01/2032		727,389
	1,545,000	5.000		06/01/2032		1,796,804
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000	5.000		07/01/2033		3,189,750
	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		1,098,412
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (NR/Baa3)(a)
	2,500,000	6.625		07/01/2018		2,529,925
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AA/Aaa)
	1,460,000	6.125		06/01/2030		1,466,979
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)(b)
	5,000,000	(1 Mo. LIBOR + 0.46%, 8.00% Cap), 1.778		01/01/2021		5,015,600
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(d)
	19,675,000	0.000		12/15/2035		8,720,944
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(d)
	5,900,000	0.000		12/15/2038		2,205,774
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(d)
	5,485,000	0.000		12/15/2026		3,804,341
	7,390,000	0.000		12/15/2028		4,633,826
	3,085,000	0.000		12/15/2029		1,841,282
	1,155,000	0.000		12/15/2031		622,753
	1,475,000	0.000		12/15/2037		580,516
	New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-2 (A+/Baa1)
	10,000,000	5.000		06/15/2029		10,057,100
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000	5.000		06/15/2046		795,506
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(d)
	4,675,000	0.000		12/15/2027		3,129,726
	5,000,000	0.000		12/15/2031		2,750,650
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,325,000	5.250		12/15/2022		1,469,438
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (BBB+/Baa1)
	1,000,000	5.000		06/15/2042		1,038,530
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	2,535,000	5.000		06/15/2020		2,667,530
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(d)
	12,000,000	0.000		12/15/2037		4,722,840
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(d)
	15,000,000	0.000		12/15/2038		5,607,900
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	6,515,000	5.500		06/15/2041		6,873,520
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	6,000,000	5.000		06/15/2031		6,034,260
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000	2.000		07/15/2022		1,531,224
						102,254,304
New Mexico – 0.3%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)(b)(c)
	1,200,000	5.200		06/01/2020		1,272,660
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	2,500,000	5.900		06/01/2040		2,683,100
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AA+/Aa3)(a)
	1,000,000	5.250		06/01/2018		1,006,030
						4,961,790
New York – 6.6%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	1,075,000	5.000		07/15/2042		1,193,400
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
	200,000	5.875		04/01/2042		207,932
	City of New Rochelle Corp. for Local Development RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000	5.000		07/01/2025		363,659
	335,000	5.000		07/01/2026		373,471
	425,000	5.000		07/01/2027		472,354
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (ST AID WITHHLDG) (AA/Aa2)(a)
	9,000,000	5.750		05/01/2018		9,029,430
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 (AAA/Aaa)(e)(f)
	7,348,394	(1 Mo. LIBOR + 0.50%), 2.372		01/25/2033		7,377,567

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)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A+/A1)(b)
$	5,000,000	(1 Mo. LIBOR + 0.70%, 9.00% Cap), 1.962%			02/01/2020		$	5,030,050
	Metropolitan Transportation Authority RB Refunding Series 2016 C-2B (A+/A1)(b)(c)
	3,250,000	5.000			02/15/2020			3,427,710
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A+/A1)(b)
	7,635,000	(1 Mo. LIBOR + 0.55%, 9.00% Cap), 1.812			11/01/2022			7,576,821
	Metropolitan Transportation Authority RB Series 2011 B (A+/A1)(b)
	7,510,000	(1 Mo. LIBOR + 0.55%, 9.00% Cap), 1.812			11/01/2022			7,452,774
	New York City GO Bonds Fiscal 2006 Series H Subseries H1 (AA/Aa2)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa2)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa2)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2011 Subseries DD-2 (AA+/Aa1)(b)(c)
	2,025,000	1.580			04/02/2018			2,025,000
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)(b)(c)
	4,000,000	1.580			04/02/2018			4,000,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2015 Subseries E-3 (AAA/Aa1)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 Subseries E-4 (AAA/Aa1)(b)(c)
	2,000,000	1.580			04/02/2018			2,000,000
	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			4,840,484
	New York Liberty Development Corporation RB for 3 World Trade Center Project Series 2014 (NR/NR)(f)
	515,000	5.150			11/15/2034			563,997
	2,825,000	5.000			11/15/2044			2,994,415
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AAA/Aa1)
	1,400,000	5.000			02/15/2027			1,660,400
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AAA/Aa1)
	6,190,000	5.000			02/15/2027			7,341,340
Municipal Bonds – (continued)
New York – (continued)
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1985 B (AMBAC) (A/Aa3)(c)
	1,190,000		4.692	%		12/01/2025			1,190,000
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B (AMBAC) (A/Aa3)(c)
	1,300,000		4.175			07/01/2027			1,300,000
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B-2 (AMBAC) (A/Aa3)(c)
	1,630,000		4.466			07/01/2027			1,630,000
	New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1986 A (AMT) (AMBAC) (NR/Aa3)(c)
	2,890,000		4.175			12/01/2026			2,890,000
	New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1987 A (AMBAC) (A/Aa3)(c)
	550,000		3.900			03/01/2027			550,000
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)(c)
	5,400,000		2.244			07/01/2034			5,184,108
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	1,000,000		5.000			05/01/2019			1,035,410
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AAA/Aa1)
	5,000,000		5.000			03/15/2031			5,642,800
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	3,975,000		4.000			07/01/2035			4,110,269
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (BB-/NR)
	2,200,000		5.000			08/01/2020			2,324,564
	2,405,000		5.000			08/01/2021			2,590,161
	2,250,000		5.000			08/01/2031			2,370,960
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	700,000		5.000			07/01/2041			760,445
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/A2)
	700,000		5.000			07/01/2046			757,995
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/Baa3)
	3,250,000		5.250			01/01/2050			3,556,833
	Suffolk County New York GO Bonds for Public Improvement Series 2016 A (AGM) (AA/NR)
	4,080,000		2.000			06/15/2019			4,093,464
	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			1,113,950

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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) – (continued)
$	1,000,000		5.000	%		11/01/2024	$	1,124,910
								120,156,673
North Carolina – 0.2%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000			07/01/2038		2,136,460
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ETM) (ASSURED GTY) (AA/A3)(a)
	100,000		6.000			01/01/2019		103,240
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Pennybyrn at Maryfield Series 2015 (NR/NR)
	885,000		5.000			10/01/2018		897,470
	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		633,826
								3,770,996
Ohio – 3.0%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(d)
	53,450,000		0.000			06/01/2047		3,548,545
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(d)
	132,000,000		0.000			06/01/2052		3,895,320
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	1,000,000		6.500			06/01/2047		1,006,250
	2,400,000		5.875			06/01/2047		2,363,208
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	23,685,000		5.125			06/01/2024		23,181,931
	1,650,000		5.875			06/01/2030		1,637,839
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa1)
	1,700,000		6.250			06/01/2037		1,706,596
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000		5.000			11/01/2020		290,078
	285,000		5.000			11/01/2021		303,896
	400,000		5.000			11/01/2022		430,248
	420,000		5.000			11/01/2023		454,982
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2017 A (AAA/Aaa)
	11,470,000		4.000			04/01/2033		12,368,330
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,122,707
								54,309,930
Municipal Bonds – (continued)
Oklahoma – 0.7%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project 2018 B (AGM) (AA/A2)(h)
	3,670,000		4.000			08/15/2048		3,657,045
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project 2018 B (BB+/Baa3)(h)
	5,000,000		5.250			08/15/2048		5,525,750
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,449,070
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(b)(c)
	1,500,000		5.000			06/01/2025		1,614,780
								12,246,645
Oregon – 1.3%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A2)(a)
	1,500,000		8.250			01/01/2019		1,571,385
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500			03/01/2029		1,376,275
	1,540,000		3.750			03/01/2032		1,504,010
	Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)
	3,140,000		5.000			11/15/2025		3,665,919
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,000,000		5.000			06/15/2026		2,266,320
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000		4.000			04/01/2029		7,754,120
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000		5.000			06/15/2029		4,966,139
								23,104,168
Pennsylvania – 3.2%
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba1)(f)
	2,420,000		5.000			05/01/2027		2,704,156
	1,600,000		5.000			05/01/2032		1,752,112
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000		5.000			08/01/2025		1,155,550
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	8,675,000		4.000			06/01/2039		8,746,829
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	855,000		3.000			07/01/2019		864,174
	1,155,000		5.000			07/01/2020		1,223,838
	900,000		5.000			07/01/2022		985,095
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)
	2,500,000		4.000			10/01/2023		2,631,075

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)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
$	750,000	5.000 %		06/30/2042	$	806,535
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)(b)(c)
	1,000,000	1.500		05/01/2018		999,710
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)(e)
	1,685,000	(3 Mo. LIBOR + 0.60%), 2.149		07/01/2027		1,613,741
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	4,000,000	5.000		09/15/2019		4,185,880
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,619,960
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,497,293
	Pennsylvania Turnpike Commission RB Series 2013 C (A/A1)(a)
	1,720,000	5.500		12/01/2023		2,022,514
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,027,415
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	5,000,000	5.250		06/01/2047		5,609,650
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	2,500,000	5.000		07/01/2028		2,779,250
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(b)
	2,500,000	(1 Mo. LIBOR + 0.64%, 12.00% Cap), 1.820		12/01/2020		2,502,100
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	300,000	5.000		11/15/2021		310,098
	450,000	5.000		11/15/2028		457,322
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,232,286
						58,726,583
Puerto Rico – 2.6%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CC/Ca)
	3,275,000	6.125		07/01/2024		2,656,844
	2,000,000	6.000		07/01/2038		1,617,500
	2,500,000	6.000		07/01/2044		2,021,875
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	1,060,000	5.750		07/01/2037		838,725
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(i)
	5,175,000	8.000		07/01/2035		2,199,375
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2009 B (D/Ca)(i)
	3,000,000	6.500		07/01/2037		1,342,500
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)(i)
	3,955,000	5.000		07/01/2041		1,670,988
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,000,000	6.000		07/01/2027		2,004,300
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	215,000	5.250		07/01/2041		229,712
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	1,120,000	5.250		07/01/2038		1,085,974
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	2,050,000	5.250		07/01/2033		2,180,626
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 1998 A (AMBAC) (NR/C)(d)
	265,000	0.000		07/01/2018		262,371
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(e)
	16,375,000	(3 Mo. LIBOR + 0.52%), 2.069		07/01/2029		14,328,125
	Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)(i)
	3,000,000	6.750		07/01/2036		1,155,000
	Puerto Rico Electric Power Authority RB Series 2016 E-1 (NR/NR)(i)
	590,915	10.000		01/01/2021		230,457
	Puerto Rico Electric Power Authority RB Series 2016 E-2 (NR/NR)(i)
	590,915	10.000		07/01/2021		230,457
	Puerto Rico Electric Power Authority RB Series 2016 E-3 (NR/NR)(i)
	196,972	10.000		01/01/2022		76,573
	Puerto Rico Electric Power Authority RB Series 2016 E-4 (NR/NR)(i)
	196,972	10.000		07/01/2022		76,573
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000	5.250		07/01/2039		192,177
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM) (AGC) (AA/A2)
	120,000	5.250		07/01/2034		127,703
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	490,000	5.250		07/01/2030		488,652
	730,000	5.250		07/01/2031		723,766
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	165,000	5.250		07/01/2034		175,591
	165,000	5.250		07/01/2036		175,814

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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 (AMBAC) (COMWLTH GTD) (NR/Ca)(c)
$	3,240,000		10.000	%		07/01/2035	$	3,390,628
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (D/Ca)(i)
	2,500,000		6.000			08/01/2042		587,500
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (D/Ca)(i)
	100,000		5.375			08/01/2039		23,500
	975,000		5.500			08/01/2042		229,125
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (D/Ca)(i)
	180,000		5.250			08/01/2041		42,300
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (D/Ca)(i)
	13,000,000		6.750			08/01/2032		3,055,000
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)(d)(i)
	7,000,000		0.000			08/01/2035		497,350
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2009 A (D/Ca)(d)(i)
	6,500,000		0.000			08/01/2034		466,180
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2010 C (D/Ca)(d)(i)
	1,400,000		0.000			08/01/2037		89,362
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)(i)
	5,805,000		5.000			08/01/2024		1,364,175
	3,950,000		6.500			08/01/2044		928,250
								46,765,048
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		562,625
South Carolina – 0.6%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000		4.000			05/01/2025		1,524,650
	1,570,000		4.000			05/01/2026		1,700,671
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,520,000		5.000			03/01/2031		5,342,323
	1,590,000		4.000			03/01/2032		1,708,344
								10,275,988
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		713,047
	540,000		5.000			01/01/2025		617,522
	365,000		5.000			01/01/2026		420,819
Municipal Bonds – (continued)
South Dakota – (continued)
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (AA-/A1)(a)
	300,000		5.250	%		07/01/2018		302,739
	500,000		5.500			07/01/2018		504,870
								2,558,997
Tennessee – 0.2%
	Bristol Industrial Development Board RB for The Pinnacle Project Series 2016 A (NR/NR)(f)
	1,250,000		5.000			12/01/2035		1,226,912
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)(b)(c)
	985,000		4.850			06/01/2025		987,128
	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		443,532
	700,000		5.000			07/01/2046		773,542
								3,431,114
Texas – 7.4%
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (BBB+/Baa2)
	250,000		5.000			01/01/2040		275,590
	435,000		5.000			01/01/2046		476,125
	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		241,125
	575,000		4.800			09/01/2037		551,822
	650,000		5.250			09/01/2046		619,573
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000			02/15/2024		9,479,524
	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		420,903
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	200,000		3.250			09/01/2022		199,344
	570,000		4.500			09/01/2027		582,517
	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		453,445
	440,000		4.000			09/01/2025		468,134
	460,000		4.000			09/01/2026		486,593
	480,000		4.000			09/01/2027		503,414
	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		1,488,778

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)
Texas – (continued)
	City of Round Rock Utility Revenue System RB Refunding Series 2017 (AAA/NR)
$	1,000,000	5.000%			08/01/2024		$	1,154,940
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000	5.250			11/01/2030			2,805,975
	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			405,728
	225,000	5.000			09/01/2032			224,305
	330,000	5.125			09/01/2037			324,212
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(g)
	2,500,000	0.000			10/01/2046			2,306,975
	3,450,000	0.000			10/01/2047			3,183,936
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)(b)(c)
	2,000,000	1.530			04/02/2018			2,000,000
	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%, 18.00% Cap), 2.530			06/01/2023			6,780,087
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(e)
	3,150,000	(3 Mo. LIBOR + 0.67%), 1.902			08/15/2035			2,915,860
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000	3.000			09/01/2024			95,274
	100,000	3.500			09/01/2025			102,428
	100,000	3.500			09/01/2026			101,383
	105,000	3.500			09/01/2027			105,081
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB-/NR)
	2,495,000	5.000			07/15/2028			2,806,576
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB-/NR)
	2,500,000	5.000			07/15/2020			2,641,775
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
	10,000,000	5.500			07/01/2034			10,092,700
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	350,000	5.000			07/01/2031			412,685
	325,000	5.000			07/01/2032			381,323
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A+/A1)(c)
	3,650,000	3.766			07/01/2032			3,519,148
	Houston Airport System RB Tranche II Series 2000 P-2 (AMT) (AGM) (AA/A1)(c)
	950,000	3.541			07/01/2030			919,476
Municipal Bonds – (continued)
Texas – (continued)
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000		4.000	%		02/15/2042			3,589,092
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,550,000		5.000			12/01/2018			1,567,019
	1,545,000		5.000			12/01/2019			1,586,298
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)(h)
	1,315,000		5.000			09/01/2038			1,317,051
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	455,000		3.000			09/01/2023			459,077
	280,000		3.000			09/01/2024			281,134
	505,000		3.000			09/01/2025			500,021
	530,000		4.000			09/01/2026			560,236
	560,000		4.000			09/01/2027			588,151
	490,000		4.000			09/01/2028			512,800
	Lamar Consolidated Independent School District Unlimited Tax Schoolhouse Bonds RMKT 08/15/16 Series 2014 A (PSF-GTD) (AAA/Aaa)(b)(c)
	1,500,000		1.050			08/15/2018			1,496,820
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	1,300,000		6.300			11/01/2029			1,394,354
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
	765,000		5.000			04/01/2027			864,228
	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 (BBB-/NR)
	1,000,000		5.000			04/01/2039			1,034,660
	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 (BBB-/Ba2)
	645,000		4.000			04/01/2022			672,070
	320,000		4.000			04/01/2023			334,285
	275,000		4.000			04/01/2024			288,291
	365,000		4.000			04/01/2025			382,702
	375,000		4.000			04/01/2026			392,239
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	250,000		5.000			04/01/2030			276,975
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA+/NR)(a)(g)
	1,000,000		0.000			09/01/2031			1,095,600
	North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	205,000		6.250			01/01/2039			211,041

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB First Tier Series 2009 A (A/NR)
$	470,000		6.250%			01/01/2024	$	485,134
	North Texas Tollway Authority RB First Tier Series 2009 A (NR/NR)(a)
	2,925,000		6.250			01/01/2019		3,022,929
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	2,000,000		5.000			01/01/2032		2,297,280
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA+/NR)(a)
	1,000,000		5.500			09/01/2021		1,117,290
	1,000,000		6.000			09/01/2021		1,133,720
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A/A1)
	1,500,000		5.000			01/01/2022		1,655,235
	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		7,269,180
	Port of Houston Authority Harris County Unlimited Tax GO Refunding Bonds Series 2008 A (AMT) (AAA/Aaa)
	3,000,000		6.125			10/01/2033		3,067,500
	Round Rock Texas Independent School District Unlimited Tax GO Bonds for School Building Series 2009 (AA/Aaa)
	2,730,000		5.250			08/01/2034		2,761,914
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,000,000		4.000			05/15/2018		2,004,020
	2,375,000		4.000			05/15/2019		2,414,212
	2,475,000		5.000			05/15/2020		2,591,795
	2,100,000		5.000			05/15/2021		2,231,733
	2,730,000		5.000			05/15/2022		2,932,211
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A3)
	4,950,000		6.250			12/15/2026		5,796,153
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A3)(e)
	3,495,000		(SIFMA Municipal Swap Index Yield + 0.55%), 2.130			09/15/2027		3,451,068
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	8,505,000		6.875			12/31/2039		9,187,526
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	1,380,000		5.000			08/15/2042		1,497,162
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)
	425,000		4.500			09/01/2027		419,216
								134,266,176
Municipal Bonds – (continued)
Utah – 0.3%
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	2,650,000		5.000	%		07/01/2047		2,948,204
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AAA/Aa2)
	3,065,000		4.000			06/15/2034		3,235,598
								6,183,802
Vermont – 0.1%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	745,000		5.000			05/01/2025		813,525
	585,000		5.000			05/01/2026		639,376
								1,452,901
Virgin Islands – 0.5%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	1,000,000		5.000			10/01/2020		782,500
	1,410,000		5.000			10/01/2029		1,046,925
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000		5.000			10/01/2032		519,750
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	1,450,000		5.000			10/01/2039		935,250
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM) (AA/A2)(f)
	5,000,000		5.000			10/01/2034		5,285,650
								8,570,075
Virginia – 1.4%
	Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(b)(c)
	2,500,000		2.125			04/01/2020		2,514,375
	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		1,269,825
	Newport News Economic Development Authority Residential Care Facilities RB Refunding For Lifespire of Virginia Series 2016 (NR/NR)
	450,000		2.000			12/01/2018		449,730
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)(d)
	94,865,000		0.000			06/01/2047		8,543,542
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)(a)
	2,750,000		5.000			07/01/2025		3,200,890
	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		2,806,653
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	950,000		5.000			07/01/2034		1,018,865

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)
Virginia – (continued)
$	3,325,000		5.000	%		01/01/2040	$	3,545,348
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB/NR)
	750,000		5.500			01/01/2042		819,473
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	1,000,000		7.750			07/01/2038		1,040,780
								25,209,481
Washington – 3.3%
	Seattle City RB Refunding for Municipal Light & Power Improvement Series 2017 C (AA/Aa2)
	8,465,000		4.000			09/01/2037		8,954,869
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/2029		2,788,550
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)(a)
	250,000		6.000			08/15/2019		264,525
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)(a)
	250,000		6.000			08/15/2019		264,350
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aa1)(d)
	6,855,000		0.000			06/01/2028		5,065,297
	Washington State Various Purpose GO Bonds Series 2018 C (AA+/Aa1)
	32,785,000		5.000			02/01/2043		38,026,010
	Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aa1)
	2,475,000		5.000			01/01/2023		2,611,670
	2,595,000		5.000			01/01/2024		2,736,453
								60,711,724
West Virginia – 0.1%
	West Virginia Hospital Finance Authority Hospital RB Refunding and Improvement for West Virginia United Health System Obligated Group Series 2009 C (A/A2)(a)
	1,000,000		5.500			06/01/2019		1,043,360
Wisconsin – 0.7%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	1,000,000		4.300			11/01/2030		1,025,370
	Public Finance Authority Pass-Through RB for Natgasoline LLC Series 2016 (NR/NR)(f)
	4,630,500		10.000			06/30/2021		4,635,408
	Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
	1,000,000		5.000			09/30/2037		1,106,630
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		509,090
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB/NR)
	2,000,000		5.250			07/01/2028		2,169,680
	Public Finance Authority Senior Living RB Refunding for Mary’s Woods at Marylhurst Project Series 2017 B-3 (BB/NR)(f)
	1,900,000		3.000			11/15/2022		1,903,667
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)(h)
	275,000		4.000			09/15/2021		288,096
	225,000		4.000			09/15/2022		236,070
	250,000		4.000			09/15/2023		261,793
	365,000		4.000			09/15/2024		378,698
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)
	375,000		4.000			05/01/2018		375,465
	285,000		4.000			05/01/2019		289,634
	410,000		5.000			05/01/2020		431,045
								13,610,646
	TOTAL MUNICIPAL BONDS
	(Cost $1,762,665,759)						$	1,767,507,616
Corporate Bond – 0.2%
Health Care Equipment & Services – 0.2%
	Prime Healthcare Foundation, Inc. Series B
$	4,450,000		7.000	%		12/01/2027	$	4,595,023
	(Cost $4,328,014)
	TOTAL INVESTMENTS – 97.4%
	(Cost $1,766,993,773)						$	1,772,102,639
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.6%							47,086,463
	NET ASSETS – 100.0%						$	1,819,189,102

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Pre-refunded security. Maturity date disclosed is pre-refunding 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, 2018.
(c)	Variable Rate Demand Instruments - rate shown is that which is in effect on March 31, 2018. 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, 2018.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2018

(f)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $81,905,187, which represents approximately 4.5% of net assets as of March 31, 2018. The liquidity determination is unaudited.
(g)	Zero coupon bond until next reset date.
(h)	When-issued security.
(i)	Security is currently in default.

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-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
CAL MTG INS	—Insured by California Mortgage Insurance
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FNMA	—Federal National Mortgage Association
GARB	—General Airport Revenue Bond
GNMA	—Government National Mortgage Association
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 FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
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
SCSDE	—South Carolina State Department of Education
SIFMA	—The Securities Industry and Financial Markets Association
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
U.S.	—United States
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

44 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, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury Ultra Bond		(49	)	06/20/2018	$	(7,862,969	)	$	(254,666	)

SWAP CONTRACTS — At March 31, 2018, 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, 2018(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%		0.391	%		Bank of America NA		03/20/2023		USD 1,000	$	28,242	$	(24,659	)	$	52,901
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023		1.000		0.391			JPMorgan Chase Bank NA		03/20/2023		1,000		28,241		(24,660	)		52,901
TOTAL												$	56,483	$	(49,319	)	$	105,802

^(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.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date		Notional Amount (000’s)			Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%		3 Month LIBOR		06/20/2028	USD	24,750	(b)	$	1,187,734	$	1,496,833		$	(309,099	)
2.250		3 Month LIBOR		12/21/2041		19,600			1,987,568		(1,228,664	)		3,216,232
2.500		3 Month LIBOR		06/20/2048		117,230	(b)		8,168,385		11,831,245			(3,662,860	)
TOTAL								$	11,343,687	$	12,099,414		$	(755,727	)

^(a)  Payments made semi-annually.

^(b)  Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 97.4%
Alabama – 2.6%
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
$	850,000	5.000%		10/01/2024	$	953,368
	850,000	5.000		10/01/2025		947,640
	4,125,000	5.000		10/01/2030		4,553,216
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(a)
	5,750,000	0.000		10/01/2038		4,989,562
	6,000,000	0.000		10/01/2042		5,184,060
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	8,300,000	6.000		10/01/2042		9,612,479
	19,850,000	7.000		10/01/2051		24,138,196
	78,270,000	6.500		10/01/2053		92,580,104
						142,958,625
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)
	4,865,000	5.000		06/01/2046		4,843,059
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(b)
	6,780,000	0.000		06/01/2046		646,812
						5,489,871
Arizona – 2.0%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,836,735
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)
	59,530,000	(3 Mo. LIBOR + 0.81%), 2.359		01/01/2037		54,918,211
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000	6.250		12/01/2042		1,326,888
	1,325,000	6.250		12/01/2046		1,404,659
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	8,800,000	7.250		02/01/2040		9,175,584
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB+/Baa2)
	5,000,000	6.250		01/01/2038		5,384,550
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	16,075,000	4.000		01/01/2041		16,598,884
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000	4.500		06/01/2030		5,774,629
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000	4.000		09/01/2029		3,567,433
Municipal Bonds – (continued)
Arizona – (continued)
	University Medical Center Corp. RB Series 2009 (NR/WR)(d)
	500,000	6.250		07/01/2019		527,435
	1,360,000	6.500		07/01/2019		1,437,914
	University Medical Center Corp. RB Series 2011 (NR/WR)(d)
	3,500,000	6.000		07/01/2021		3,941,070
						108,893,992
California – 13.3%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (A+/Aa3)(b)
	1,600,000	0.000		08/01/2026		1,254,768
	Alameda Corridor Transportation Authority RB Refunding Second Subordinate Lien Series 2016 B (BBB+/Baa2)
	5,825,000	5.000		10/01/2036		6,507,632
	4,850,000	5.000		10/01/2037		5,406,974
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (AA-/Aa3)
	3,000,000	5.000		08/01/2040		3,364,680
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series B (AGM) (AA/Aa2)(b)
	4,995,000	0.000		08/01/2037		2,445,252
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(b)
	1,210,000	0.000		08/01/2036		572,403
	Atascadero Unified School District GO Bonds for 2014 Election Series 2014 B (NATL-RE) (NR/Aa3)
	3,000,000	4.000		08/01/2042		3,115,950
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000	5.000		05/01/2040		526,952
	1,000,000	5.000		05/01/2043		1,130,720
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)(b)
	1,055,000	0.000		08/01/2025		859,276
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(b)
	130,120,000	0.000		06/01/2055		9,795,434
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A+/A1)
	1,500,000	5.000		02/01/2042		1,690,170
	4,000,000	5.000		02/01/2047		4,490,840
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
	1,800,000	5.000		02/01/2042		1,977,606
	17,675,000	5.000		02/01/2047		19,321,426
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	2,000,000	5.000		09/01/2030		2,237,200
	2,125,000	5.000		09/01/2037		2,335,800
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000	5.875		11/01/2043		2,088,769

46 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 RB Refunding for California Baptist University Series 2017 A (NR/NR)(e)
$	2,000,000		3.000	%		11/01/2022	$	1,994,880
	935,000		5.000			11/01/2032		1,028,285
	1,875,000		5.000			11/01/2041		2,029,125
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CAL MTG INS) (AA-/NR)
	2,850,000		5.000			08/15/2038		3,225,345
	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		1,333,956
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB/NR)
	6,235,000		5.500			12/01/2054		6,773,018
	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		4,201,200
	3,850,000		5.000			05/15/2047		4,297,254
	3,075,000		5.000			05/15/2050		3,419,523
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(b)
	35,000,000		0.000			06/01/2046		4,634,350
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)(b)
	7,000,000		0.000			09/01/2033		3,825,150
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/2026		865,102
	2,830,000		7.000			12/01/2036		3,319,364
	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		3,279,150
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/2031		672,472
	5,000,000		8.000			06/01/2044		5,019,450
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (BBB/NR)
	600,000		5.000			09/02/2030		653,394
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(e)
	280,000		5.000			09/01/2032		300,406
	700,000		5.000			09/01/2037		740,348
	1,745,000		5.000			09/01/2047		1,837,276
	Coachella Valley Unified School District GO Bonds Capital Appreciation Series 2012 D (AGM) (AA/WR)(b)
	2,500,000		0.000			08/01/2043		901,050
Municipal Bonds – (continued)
California – (continued)
	Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (A+/NR)
	175,000		5.000			09/01/2020		175,450
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (BBB/Baa2)(b)
	1,305,000		0.000			08/01/2027		932,135
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	640,000		5.000			09/01/2027		712,621
	2,285,000		5.000			09/01/2037		2,546,107
	6,680,000		5.000			09/01/2047		7,342,322
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)(b)
	5,400,000		0.000			08/01/2032		3,175,578
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)(b)
	4,180,000		0.000			04/01/2029		2,942,051
	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)(b)
	3,360,000		0.000			10/01/2032		2,023,325
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)(b)
	12,000,000		0.000			01/15/2035		6,092,400
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (BBB-/Baa3)
	16,080,000		3.950			01/15/2053		16,018,896
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (BBB-/Baa3)
	13,535,000		6.000			01/15/2053		15,808,474
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Subseries B-3 (BBB-/Baa3)(f)(g)
	4,425,000		5.500			01/15/2023		4,989,674
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/2027		202,704
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(b)
	127,260,000		0.000			06/01/2047		17,737,499
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(b)
	307,000,000		0.000			06/01/2047		38,046,510
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	7,975,000		5.000			06/01/2040		8,979,212
	28,010,000		5.000			06/01/2045		31,422,178

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	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	$	28,581,453
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(b)
	101,195,000		0.000			06/01/2036		30,979,837
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)(b)
	71,235,000		0.000			06/01/2047		10,278,498
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)(b)
	260,660,000		0.000			06/01/2057		14,748,143
	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		1,824,621
	1,925,000		5.000			03/01/2057		2,111,070
	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		3,179,935
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,572
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)(b)
	49,925,000		0.000			08/01/2050		12,740,361
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
	1,625,000		6.750			09/01/2026		1,873,024
	1,500,000		7.000			09/01/2031		1,743,375
	875,000		7.250			09/01/2038		1,024,144
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(b)
	3,750,000		0.000			08/01/2035		1,990,087
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	8,250,000		6.500			11/01/2039		11,585,805
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		2,808,680
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	10,000,000		6.125			11/01/2029		12,383,900
	21,765,000		6.500			11/01/2039		30,565,460
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)(a)
	7,000,000		0.000			08/01/2030		6,591,830
	Natomas Unified School District GO Bonds Election of 2014 Series 2013 (BAM) (AA/A1)
	14,535,000		4.000			08/01/2042		15,044,888
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)(b)
	860,000		0.000			08/01/2025		707,066
	1,105,000		0.000			08/01/2026		872,994
	5,550,000		0.000			08/01/2030		3,684,867
	7,830,000		0.000			08/01/2032		4,735,976
	7,000,000		0.000			08/01/2034		3,847,060
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)
	3,000,000		5.250			08/15/2045		3,334,080
	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		288,130
	200,000		5.000			08/15/2028		231,542
	2,900,000		5.000			08/15/2047		3,214,128
	Palomar Pomerado Health COPS Series 2009 (NR/WR)(d)
	16,000,000		6.750			11/01/2019		17,262,880
	Palomar Pomerado Health COPS Series 2010 (BBB-/Ba1)(d)
	6,500,000		6.000			11/01/2020		7,179,315
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(a)
	10,750,000		0.000			08/01/2038		13,158,323
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)(b)
	1,805,000		0.000			08/01/2025		1,499,125
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	500,000		4.000			09/01/2029		524,760
	500,000		4.000			09/01/2030		521,775
	650,000		4.000			09/01/2031		674,927
	900,000		3.000			09/01/2032		835,830
	820,000		3.000			09/01/2033		752,112
	750,000		3.000			09/01/2034		680,648
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/A1)(b)
	6,170,000		0.000			08/01/2036		2,884,537
	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		5,176,303
	880,000		5.250			09/01/2034		930,415
	6,815,000		5.500			09/01/2045		7,284,417
	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		24,049,800
	Riverside County Public Financing Authority Tax Allocation RB Refunding Series 2017 A (BAM) (AA/NR)
	4,245,000		4.000			10/01/2040		4,370,185
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)(b)
	2,220,000		0.000			10/01/2033		1,222,088
	2,220,000		0.000			10/01/2035		1,108,402
	1,840,000		0.000			10/01/2037		835,673
	5,100,000		0.000			10/01/2038		2,211,003
	8,425,000		0.000			10/01/2039		3,491,825
	13,395,000		0.000			10/01/2040		5,305,358
	7,275,000		0.000			10/01/2041		2,758,825
	6,360,000		0.000			10/01/2042		2,308,743

48 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)
	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	$	1,405,687
	1,950,000	6.750		10/01/2030		2,256,833
	Riverside County Redevelopment Successor Agency Tax Allocation Refunding for Mid-County Redevelopment Project Area Series 2017 C (BAM) (AA/NR)
	3,355,000	4.000		10/01/2040		3,492,253
	Riverside County Redevelopment Successor Agency Tax Allocation Refunding Series 2017 A (BAM) (AA/NR)
	8,585,000	4.000		10/01/2039		8,950,378
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB-/NR)
	2,000,000	5.750		06/01/2048		2,223,660
	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		881,843
	1,865,000	5.000		09/01/2033		2,086,021
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)(c)
	2,625,000	(3 Mo. LIBOR + 0.53%), 1.874		12/01/2035		2,512,755
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(c)
	3,920,000	(3 Mo. LIBOR + 0.55%), 1.894		06/01/2034		3,752,969
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A2)(b)
	1,420,000	0.000		08/01/2025		1,139,976
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(b)
	10,000,000	0.000		07/01/2030		6,673,900
	3,000,000	0.000		07/01/2031		1,924,560
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)(d)
	500,000	6.750		02/01/2021		568,665
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB+/NR)(d)
	750,000	6.250		08/01/2019		795,307
	555,000	6.375		08/01/2019		589,438
	305,000	6.500		08/01/2019		324,215
	1,000,000	6.625		08/01/2019		1,064,630
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)(d)
	435,000	6.625		02/01/2021		493,247
	2,500,000	7.000		02/01/2021		2,860,500
Municipal Bonds – (continued)
California – (continued)
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB/NR)
	3,000,000	5.000		01/15/2029		3,365,640
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)(b)
	1,580,000	0.000		08/01/2024		1,349,304
	1,595,000	0.000		08/01/2025		1,316,114
	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		2,132,540
	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		2,183,480
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000	5.000		07/01/2032		2,182,240
	2,000,000	5.000		07/01/2042		2,173,700
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)(d)
	3,000,000	7.000		02/01/2021		3,428,100
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(b)
	88,700,000	0.000		06/01/2056		5,884,358
	Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)
	2,000,000	6.250		10/01/2040		2,350,240
	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		4,198,960
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (BBB+/NR)(d)
	1,000,000	6.750		08/01/2021		1,156,700
	2,100,000	7.000		08/01/2021		2,445,933
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (BB+/B2)
	2,235,000	5.000		06/01/2037		2,240,096
	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		825,945
	1,000,000	5.000		09/01/2045		1,097,140
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)(d)
	1,500,000	6.875		12/01/2021		1,764,420
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(c)
	12,000,000	(3 Mo. LIBOR + 0.74%), 1.972		05/15/2043		10,321,200

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	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	$	1,176,240
	5,000,000	7.500		09/01/2042		5,900,450
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)(b)
	8,360,000	0.000		08/01/2034		4,646,321
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)(a)
	19,135,000	0.000		08/01/2042		13,834,222
						720,803,061
Colorado – 4.5%
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000	5.000		12/01/2037		747,157
	1,065,000	5.125		12/01/2047		1,059,292
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000	5.125		12/01/2046		2,418,415
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000	7.000		12/15/2047		659,025
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)(h)
	1,000,000	6.375		12/15/2047		999,580
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000	6.000		12/01/2037		1,766,940
	4,000,000	6.125		12/01/2047		4,039,720
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000	6.125		12/01/2047		1,995,720
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(e)
	6,500,000	5.000		12/01/2047		6,661,655
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000	7.375		12/15/2047		502,745
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	790,000	4.375		12/01/2032		799,456
	1,000,000	5.000		12/01/2047		1,013,270
	Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000	7.500		12/01/2047		7,385,492
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB+/NR)
	3,500,000	4.500		12/01/2033		3,545,115
	3,500,000	5.000		12/01/2033		3,740,905
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (BBB+/NR)
	3,000,000	5.750		12/01/2036		3,436,560
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (BBB/Baa2)
	3,000,000	5.625		06/01/2043		3,358,590
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	4,410,000	5.000		06/01/2047		4,784,012
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000	5.000		12/31/2047		1,050,026
	965,000	5.000		12/31/2051		1,047,015
	1,925,000	5.000		12/31/2056		2,085,006
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB+/Baa3)
	12,860,000	6.000		01/15/2041		13,822,571
	Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding (NR/NR)
	500,000	5.250		12/01/2030		526,180
	2,000,000	5.750		12/01/2045		2,100,140
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000	5.000		12/01/2037		492,585
	700,000	5.125		12/01/2047		687,379
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000	7.625		12/15/2047		498,714
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000	5.125		12/01/2037		1,036,130
	2,100,000	5.250		12/01/2047		2,172,093
	Cross Creek Metropolitan District No. 2 GO Refunding Bonds Limited Tax Series 2006 (NR/NR)(g)
	4,500,000	6.125		12/01/2037		4,481,730
	Denver City & County Airport COPS Refunding Series 2008 A-3 (AA+/Aa1)(f)(g)
	1,680,000	1.550		04/02/2018		1,680,000
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB-/NR)
	5,750,000	5.000		10/01/2032		6,216,497
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(e)
	2,655,000	5.000		12/01/2026		2,977,609
	5,285,000	5.000		12/01/2027		5,948,320
	5,555,000	5.000		12/01/2028		6,271,706
	7,200,000	5.000		12/01/2034		7,966,512
	4,800,000	4.000		12/01/2035		4,628,640
	4,800,000	4.000		12/01/2036		4,592,496
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(c)
	16,520,000	(3 Mo. LIBOR + 1.10%), 2.444		12/01/2033		15,298,676

50 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)
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
$	2,470,000		5.375	%		08/01/2047	$	2,473,656
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,269,000		8.000			08/01/2047		1,263,886
	Dominion Water & Sanitation District Tap Fee RB Series 2016 (NR/NR)
	9,000,000		5.750			12/01/2036		9,441,540
	10,345,000		6.000			12/01/2046		10,822,836
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A-/A3)(b)
	3,000,000		0.000			09/01/2039		1,145,250
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A-/A3)(b)
	15,000,000		0.000			09/01/2028		10,603,050
	4,100,000		0.000			09/01/2034		2,231,958
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A-/A3)(b)
	1,715,000		0.000			09/01/2028		1,031,590
	E-470 Public Highway Authority RB Series 2010 A (A-/A3)(b)
	20,000,000		0.000			09/01/2040		8,434,400
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	2,400,000		4.000			12/01/2047		2,407,536
	Lakes at Centerra Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,695,000		5.125			12/01/2037		1,712,001
	3,445,000		5.250			12/01/2047		3,475,764
	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		1,272,587
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,292,955
	5,380,000		5.750			12/01/2047		5,419,274
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,135,000		4.375			12/01/2031		2,086,557
	1,825,000		5.000			12/01/2046		1,840,312
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(e)
	1,000,000		5.000			12/01/2040		1,033,920
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)(e)
	3,000,000		5.000			12/15/2041		3,069,840
	Public Authority for Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A3)
	4,000,000		6.500			11/15/2038		5,555,200
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		559,389
	1,000,000		5.125			12/01/2043		1,009,320
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		636,264
Municipal Bonds – (continued)
Colorado – (continued)
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500			12/01/2031		737,933
	1,500,000		5.500			12/01/2046		1,535,970
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,557,803
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	650,000		5.000			12/01/2039		707,610
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	2,000,000		5.000			12/01/2038		2,029,280
	3,500,000		5.000			12/01/2047		3,533,285
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,008,000
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		882,367
	2,400,000		5.375			12/01/2047		2,406,408
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)(d)(g)
	1,725,000		9.500			12/01/2021		2,206,568
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000			12/01/2047		867,935
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,490,000		7.375			12/15/2047		1,481,224
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,011,350
	2,500,000		5.000			12/01/2047		2,512,475
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,628,235
								241,419,202
Connecticut – 0.4%
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(e)
	20,265,000		7.000			02/01/2045		21,439,762
	Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		557,610
								21,997,372
Delaware – 0.2%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	5,126,000		5.450			07/01/2035		5,125,590
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (BBB+/Baa1)
	3,000,000		5.400			02/01/2031		3,206,700

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Delaware – (continued)
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
$	2,050,000		5.375	%		10/01/2045	$	2,132,820
								10,465,110
District of Columbia – 1.4%
	Metropolitan Washington DC 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		31,754,750
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (BBB+/Baa1)(a)
	37,100,000		0.000			10/01/2044		46,575,711
								78,330,461
Florida – 11.9%
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,650,000		6.300			05/01/2035		3,652,628
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	1,725,000		3.500			05/01/2031		1,694,726
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	4,000,000		3.500			05/01/2032		3,925,680
	6,755,000		3.700			05/01/2036		6,641,043
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	755,000		4.625			05/01/2028		756,231
	2,000,000		5.000			05/01/2036		2,001,480
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	8,250,000		6.900			05/01/2025		9,390,232
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,965,000		6.900			05/01/2036		4,445,796
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	1,015,000		6.900			05/01/2036		1,125,594
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750			05/01/2048		763,080
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,850,000		6.000			05/01/2048		1,856,549
Municipal Bonds – (continued)
Florida – (continued)
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-2 (NR/NR)
	1,595,000		6.000			05/01/2029		1,592,352
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	1,070,000		3.625			05/01/2031		1,088,372
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	2,380,000		5.250			11/01/2046		2,409,560
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	375,000		4.500			11/01/2025		390,120
	1,000,000		5.000			11/01/2036		1,070,380
	1,100,000		5.000			11/01/2048		1,165,142
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	1,970,000		4.250			05/01/2029		2,081,719
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	1,000,000		5.000			05/01/2035		1,044,380
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	985,000		3.750			05/01/2031		1,013,270
	1,140,000		4.000			05/01/2037		1,135,451
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	1,610,000		4.250			05/01/2031		1,676,445
	2,810,000		4.250			05/01/2037		2,893,176
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB-/NR)
	710,000		6.000			11/01/2027		793,269
	490,000		3.750			11/01/2031		484,845
	3,000,000		6.500			11/01/2043		3,592,830
	1,500,000		4.125			11/01/2046		1,470,900
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125			11/01/2033		888,220
	1,000,000		6.500			11/01/2043		1,148,030
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	390,000		3.500			05/01/2021		391,338
	500,000		4.100			05/01/2026		505,345
	1,755,000		4.700			05/01/2036		1,790,749
	3,200,000		4.875			05/01/2047		3,265,216
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A/A2)(d)
	4,750,000		7.000			04/01/2019		4,995,765
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,830,000		5.750			05/01/2035		8,437,999

52 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)
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(e)
$	600,000		3.875	%		11/01/2023	$	601,092
	755,000		4.625			11/01/2028		760,595
	1,500,000		5.125			11/01/2038		1,517,820
	2,600,000		5.250			11/01/2048		2,630,888
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)(h)
	355,000		4.000			05/01/2024		355,121
	440,000		4.750			05/01/2029		440,299
	500,000		5.125			05/01/2038		500,375
	1,000,000		5.250			05/01/2049		1,000,740
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		370,699
	500,000		4.500			12/15/2032		507,725
	975,000		4.700			12/15/2037		990,083
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500			11/01/2020		208,010
	210,000		3.750			11/01/2021		221,508
	215,000		3.875			11/01/2022		226,305
	25,000		4.000			11/01/2023		26,466
	1,705,000		4.500			11/01/2031		1,805,032
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(e)
	500,000		5.500			10/01/2036		487,545
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,816,605
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,516,197
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	2,995,000		3.500			05/01/2032		2,920,035
	1,500,000		3.625			05/01/2035		1,458,015
	1,750,000		3.750			05/01/2046		1,670,865
	Concorde Estates Community Development District Capital Improvement Series 2017 B (NR/NR)
	2,871,819		5.000			11/01/2027		2,526,914
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(i)
	3,305,000		5.850			05/01/2035		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)(i)
	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)
	3,565,000		5.850			05/01/2035		3,566,069
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,290,000		5.850			05/01/2035		2,047,626
Municipal Bonds – (continued)
Florida – (continued)
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)(b)(i)
	2,939,931		0.000			05/01/2017		1,558,163
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(e)
	1,900,000		5.000			11/01/2038		1,892,362
	4,300,000		5.125			11/01/2050		4,282,929
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		802,223
	1,407,000		4.250			05/01/2038		1,445,017
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	960,000		3.750			05/01/2029		969,034
	County of Broward Airport System RB Series 2017 (AMT) (A+/A1)
	4,250,000		5.000			10/01/2047		4,739,387
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	1,980,000		5.000			11/01/2038		1,964,833
	3,170,000		5.125			11/01/2048		3,152,882
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,110,000		3.750			05/01/2034		3,109,907
	4,300,000		4.000			05/01/2037		4,342,355
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (A-/A3)
	27,000,000		6.000			08/15/2036		29,118,690
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,095,000		6.375			11/01/2026		1,230,955
	3,245,000		7.000			11/01/2045		3,897,602
	Estancia at Wiregrass Community Development District Capital Improvements RB Series 2015 (NR/NR)
	1,000,000		5.250			11/01/2035		1,044,410
	1,500,000		5.375			11/01/2046		1,566,630
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/2034		1,517,548
	Florida Development Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(e)(f)(g)
	1,850,000		5.000			08/01/2022		1,922,002
	Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (BB-/NR)(e)(f)(g)
	18,800,000		5.625			01/01/2028		19,344,824
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)
	600,000		5.000			04/01/2032		651,684
	5,820,000		5.250			04/01/2042		6,373,773

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
$	725,000		5.000	%		11/01/2047	$	762,707
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		718,060
	1,000,000		4.125			05/01/2038		1,009,080
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	3,165,000		5.000			11/15/2026		3,355,090
	5,000,000		5.000			11/15/2036		5,229,050
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,525,000		4.500			05/01/2036		1,526,632
	2,305,000		4.625			05/01/2046		2,307,489
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)(e)
	1,725,000		4.000			05/01/2031		1,797,536
	1,335,000		4.250			05/01/2035		1,385,837
	1,810,000		4.250			05/01/2039		1,867,431
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,000,000		5.000			05/01/2034		1,076,680
	2,170,000		5.125			05/01/2045		2,386,327
	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		541,805
	500,000		5.150			05/01/2034		539,995
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	1,540,000		3.400			05/01/2037		1,460,936
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,125,000		5.700			05/01/2036		2,127,720
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,319,351
	2,000,000		4.350			05/01/2036		2,065,140
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,000,000		4.250			05/01/2031		1,058,720
	2,150,000		4.250			05/01/2036		2,217,230
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,387,029
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,541,750
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	1,000,000		5.000			11/01/2047		1,021,340
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,240,000		6.700			05/01/2033		2,449,686
	4,770,000		7.000			05/01/2043		5,276,288
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,325,000		5.600			05/01/2044		6,885,205
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(e)
	1,000,000		5.000			05/01/2037		1,044,470
	2,380,000		5.125			05/01/2047		2,486,148
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,385,000		8.000			05/01/2040		22,480,203
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	800,000		4.000			05/01/2022		804,416
	1,125,000		4.625			05/01/2027		1,164,150
	2,500,000		5.250			05/01/2037		2,653,700
	5,825,000		5.375			05/01/2047		6,170,015
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	2,310,000		4.000			05/01/2021		2,335,710
	1,335,000		4.250			05/01/2026		1,360,325
	3,755,000		5.000			05/01/2036		3,914,437
	14,885,000		5.125			05/01/2046		15,437,234
	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		2,954,510
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
	1,435,000		4.000			05/01/2031		1,473,487
	1,860,000		4.000			05/01/2036		1,888,290
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	4,230,000		5.400			05/01/2030		3,793,845
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	2,075,000		5.375			05/01/2030		2,076,847
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/2032		1,974,629
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)(i)
	880,000		5.250			05/01/2015		44,000
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)(i)
	1,380,000		6.150			11/01/2014		69,000
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	410,000		6.000			05/01/2036		404,108
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	795,000		6.250			05/01/2038		830,099
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
	460,000		6.810			05/01/2020		461,812

54 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)
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
$	630,000		7.250	%		05/01/2035	$	695,841
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 B (NR/NR)
	410,000		7.250			05/01/2022		443,944
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)(i)
	1,075,000		5.250			05/01/2015		53,750
	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		1,010,560
	1,700,000		5.000			05/01/2048		1,717,986
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (BBB+/Baa1)
	1,500,000		5.000			11/15/2039		1,597,155
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(e)
	11,760,000		5.000			03/01/2030		12,978,924
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	600,000		4.000			11/01/2023		613,854
	600,000		4.750			11/01/2027		626,538
	4,000,000		5.125			11/01/2039		4,189,480
	4,135,000		5.250			11/01/2049		4,374,582
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,455,000		5.000			05/01/2029		3,652,902
	3,265,000		5.000			05/01/2037		3,435,368
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,990,000		5.000			05/01/2028		3,163,599
	1,810,000		5.000			05/01/2035		1,886,002
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,784,055
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	745,000		5.250			11/01/2035		785,133
	1,245,000		5.625			11/01/2045		1,324,020
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	1,880,000		5.750			05/01/2038		1,881,015
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	40,000		5.000			05/01/2019		40,052
	New River Community Development District Special Assessment Series 2006 B (NR/NR)(i)
	3,260,000		5.000			05/01/2013		33
	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		1,834,039
Municipal Bonds – (continued)
Florida – (continued)
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR) – (continued)
	1,765,000		5.000			04/01/2025		1,917,743
	1,005,000		5.000			04/01/2026		1,087,219
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
	945,000		6.125			05/01/2035		946,191
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)
	1,310,000		6.125			05/01/2035		1,311,651
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(i)
	1,200,000		5.125			05/01/2009		102,000
	210,000		6.125			05/01/2035		17,850
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	3,155,000		3.750			05/01/2031		3,157,114
	2,040,000		4.000			05/01/2036		2,051,383
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		697,382
	2,380,000		5.000			05/01/2039		2,425,077
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		543,568
	Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)(b)
	14,740,000		0.000			05/01/2036		5,699,663
	Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)
	1,930,000		5.400			05/01/2036		1,933,841
	Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)(i)
	6,355,000		5.400			05/01/2036		64
	Paseo Community Development District RB for Capital Improvement Series 2005 B (NR/NR)(i)
	3,670,000		4.875			05/01/2010		37
	Paseo Community Development District RB for Capital Improvement Series 2006 (NR/NR)(i)
	2,600,000		5.000			02/01/2011		26
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB-/NR)
	2,805,000		4.750			05/01/2033		2,921,660
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	3,125,000		6.600			05/01/2033		3,197,344
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	855,000		6.600			05/01/2036		874,793
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,560,000		6.600			05/01/2033		2,619,264
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/2025		3,242,994
	6,840,000		5.000			05/01/2033		7,146,227

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)(i)
$	2,170,000		7.200	%		05/01/2022	$	22
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	2,395,000		4.000			05/01/2031		2,456,791
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,780,000		5.450			05/01/2036		4,779,761
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,260,000		5.500			05/01/2020		1,257,014
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625			07/01/2039		1,563,615
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,297,660
	2,505,000		5.375			05/01/2049		2,514,544
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	1,345,000		4.250			11/01/2037		1,380,602
	330,000		4.125			11/01/2040		329,749
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	805,000		3.500			05/01/2032		797,320
	505,000		3.625			05/01/2035		497,082
	1,715,000		3.750			05/01/2038		1,691,127
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	645,000		4.350			05/01/2026		650,811
	500,000		4.875			05/01/2035		507,150
	95,000		5.000			05/01/2038		96,320
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,015,000		5.250			05/01/2034		2,196,551
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,990,000		5.800			05/01/2035		3,989,880
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,980,000		5.800			05/01/2035		2,740,617
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(e)
	1,250,000		5.125			11/01/2037		1,299,713
	1,790,000		5.250			11/01/2047		1,878,587
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,290,000		4.800			05/01/2035		1,266,367
Municipal Bonds – (continued)
Florida – (continued)
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)(i)
	418,112		5.500			11/01/2010		267,592
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000			05/01/2034		2,311,546
	Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,500,000		5.125			11/01/2034		1,621,845
	3,500,000		5.500			11/01/2044		4,010,580
	Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,440,000		6.500			05/01/2039		2,758,371
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	670,000		3.250			05/01/2021		664,948
	975,000		3.750			05/01/2026		960,278
	1,600,000		4.000			05/01/2033		1,567,984
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,405,195
	2,365,000		6.000			11/01/2044		2,553,893
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		401,634
	1,110,000		4.800			05/01/2036		1,154,022
	1,715,000		5.000			05/01/2046		1,787,819
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (BBB+/NR)
	700,000		3.375			05/01/2032		674,450
	1,345,000		3.600			05/01/2037		1,305,148
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,650,000		3.500			05/01/2032		1,621,125
	1,800,000		3.750			05/01/2040		1,773,342
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(e)
	410,000		5.625			05/01/2040		408,696
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		299,796
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	415,000		5.750			11/01/2027		456,160
	1,975,000		6.250			11/01/2044		2,254,719
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	1,560,000		4.625			06/15/2038		1,558,877
	2,445,000		4.750			06/15/2048		2,444,829

56 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)
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
$	1,680,000		5.250	%		11/01/2027	$	1,743,219
	2,745,000		6.125			11/01/2046		2,914,531
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	745,000		3.500			11/01/2021		747,205
	1,340,000		4.000			11/01/2027		1,340,670
	3,160,000		4.625			11/01/2037		3,163,192
	2,790,000		4.750			11/01/2047		2,792,846
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	325,000		4.250			11/01/2021		330,011
	2,430,000		5.625			11/01/2045		2,594,657
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	2,270,000		4.375			05/01/2035		2,376,123
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	1,750,000		3.500			05/01/2032		1,753,640
	2,620,000		3.625			05/01/2037		2,622,672
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	625,000		4.750			05/01/2037		625,675
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(e)
	1,880,000		3.250			12/15/2022		1,872,630
	2,000,000		4.000			12/15/2028		1,998,180
	1,000,000		5.000			12/15/2032		1,056,630
	1,705,000		5.000			12/15/2037		1,773,456
	3,800,000		5.000			12/15/2047		3,911,606
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)(e)
	1,400,000		5.500			11/01/2047		1,437,212
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/2034		517,290
	750,000		6.125			05/01/2042		783,555
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	545,000		6.000			11/01/2027		616,924
	2,050,000		6.500			11/01/2043		2,680,928
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	780,000		6.375			11/01/2027		846,940
	2,300,000		7.125			11/01/2044		2,701,833
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(e)
	335,000		4.000			05/01/2024		334,813
	725,000		4.625			05/01/2029		716,626
	1,000,000		5.000			05/01/2038		983,780
	4,500,000		5.125			05/01/2049		4,414,050
Municipal Bonds – (continued)
Florida – (continued)
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,425,000		3.375			05/01/2021		1,424,359
	2,460,000		3.750			05/01/2026		2,416,187
	4,360,000		4.000			05/01/2031		4,264,211
	1,750,000		4.125			05/01/2034		1,710,695
	1,000,000		4.250			05/01/2037		976,950
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(e)
	1,985,000		4.000			05/01/2031		2,036,332
	2,940,000		4.000			05/01/2037		2,949,673
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	750,000		5.125			11/01/2035		790,800
	1,000,000		5.250			11/01/2046		1,064,180
	Village Community Development District No. 08 Special Assessment RB Series 2008 (NR/NR)
	7,135,000		6.375			05/01/2038		7,171,531
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,640,000		7.000			05/01/2041		5,332,056
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,600,000		5.000			05/01/2032		2,869,568
	6,190,000		5.125			05/01/2043		6,861,739
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,700,000		6.000			05/01/2044		5,462,716
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(e)
	13,800,000		4.375			05/01/2050		13,855,890
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,620,000		4.000			05/01/2033		1,652,854
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,270,000		4.000			05/01/2034		1,295,756
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	7,705,000		6.125			05/01/2039		8,296,205
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,915,000		5.500			05/01/2042		2,071,417
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	1,000,000		3.750			11/01/2031		1,002,160
	1,000,000		4.000			11/01/2036		992,200
	1,300,000		4.125			11/01/2046		1,271,114
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	3,150,000		5.500			05/01/2034		3,371,036
	3,825,000		5.750			05/01/2044		4,112,372
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/2039		13,705

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
$	450,000	6.600 %		05/01/2039	$	451,400
	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		3,310,861
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,240,000	5.125		11/01/2035		1,303,835
	2,000,000	5.500		11/01/2045		2,117,360
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(e)
	550,000	5.000		05/01/2038		547,976
	600,000	5.200		05/01/2048		602,310
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	205,000	4.000		11/01/2020		206,705
	400,000	4.375		11/01/2025		411,820
	1,770,000	5.000		11/01/2045		1,823,171
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	470,000	5.375		05/01/2035		497,006
	3,050,000	5.625		05/01/2045		3,244,041
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000	4.875		05/01/2036		801,193
	1,445,000	5.000		05/01/2047		1,481,443
						646,965,149
Georgia – 1.3%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/Aa3)
	1,500,000	5.250		07/01/2040		1,720,320
	5,500,000	5.250		07/01/2044		6,292,440
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)
	1,000,000	4.000		07/01/2040		1,018,870
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB+/Baa3)
	11,700,000	8.750		06/01/2029		13,199,355
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,800,000	5.250		11/01/2028		1,744,560
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	900,000	5.000		03/01/2047		933,345
	900,000	5.125		03/01/2052		938,196
	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)
	49,820,000	(3 Mo. LIBOR + 0.65%), 2.199		10/01/2033		45,540,462
						71,387,548
Municipal Bonds – (continued)
Guam – 1.4%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000	5.750		10/01/2043		1,698,090
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B+/NR)
	2,500,000	6.625		12/01/2030		2,579,675
	3,355,000	6.875		12/01/2040		3,469,875
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	500,000	5.000		12/01/2031		529,880
	3,410,000	5.000		12/01/2046		3,534,363
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000	6.125		10/01/2043		8,381,495
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB/Baa2)
	2,000,000	6.375		10/01/2043		2,286,080
	Guam Power Authority RB Series 2010 A (BBB/Baa2)(d)
	10,000,000	5.500		10/01/2020		10,888,300
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (A-/Baa2)(d)
	10,365,000	5.625		07/01/2020		11,240,117
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	13,705,000	5.500		07/01/2043		14,952,292
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	4,880,000	5.000		01/01/2046		5,186,171
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,150,000	5.000		07/01/2033		1,253,788
	960,000	5.000		07/01/2035		1,040,400
	1,920,000	5.000		07/01/2036		2,075,520
	1,440,000	5.000		07/01/2037		1,553,616
	4,800,000	5.000		07/01/2040		5,155,584
						75,825,246
Idaho – 0.0%
	Idaho Health Facilities Authority RB Refunding for Madison Memorial Hospital Project Series 2016 (BB+/NR)
	1,000,000	5.000		09/01/2037		1,064,180
Illinois – 14.7%
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000	6.000		04/01/2046		18,733,600
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	1,700,000	5.000		04/01/2042		1,826,038
	1,625,000	5.000		04/01/2046		1,740,407
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B/Baa2)(b)
	3,490,000	0.000		12/01/2027		2,276,876
	350,000	0.000		12/01/2028		217,329
	8,925,000	0.000		12/01/2029		5,251,559
	405,000	0.000		12/01/2030		225,747

58 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 GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (B/Baa2)(b)
$	125,000		0.000	%		12/01/2029	$	73,551
	150,000		0.000			12/01/2030		83,610
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Refunding for School Reform Series 1999 A (NATL-RE) (B/Baa2)(b)
	15,550,000		0.000			12/01/2031		8,232,481
	Chicago Illinois Board of Education GO Bonds Series 2017 A (B/NR)(e)
	5,500,000		7.000			12/01/2046		6,515,135
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (B/Baa2)
	9,535,000		5.500			12/01/2026		10,487,165
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (B/B3)
	8,965,000		5.500			12/01/2029		10,047,882
	Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (B/B3)
	1,060,000		5.000			12/01/2031		1,064,134
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (B/NR)
	19,705,000		5.250			12/01/2035		19,968,653
	10,235,000		5.250			12/01/2039		10,314,321
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (B/B3)
	315,000		5.500			12/01/2039		318,298
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (B/B3)
	2,300,000		5.500			12/01/2030		2,569,560
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B/B3)
	9,750,000		6.038			12/01/2029		9,358,927
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B/NR)
	54,475,000		7.000			12/01/2044		62,870,142
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B/NR)
	61,135,000		6.500			12/01/2046		69,491,543
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(b)
	11,415,000		0.000			01/01/2032		5,821,308
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,700,000		5.500			01/01/2037		1,795,795
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		8,723,651
	6,295,000		5.000			01/01/2034		6,461,944
	10,500,000		5.000			01/01/2036		10,741,080
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	6,100,000		6.000			01/01/2038		6,844,017
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,170,000		5.250			01/01/2035		6,298,953
	3,000,000		5.000			01/01/2040		3,026,550
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,000,000		5.000			01/01/2033		18,311,940
	3,850,000		5.000			01/01/2034		3,910,098
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,405,595
	Chicago Illinois GO Refunding & Project Bonds Series 2009 C (BBB+/Ba1)
	1,170,000		5.000			01/01/2034		1,178,506
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		3,967,563
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,627,525
	Chicago Illinois GO Refunding Bonds Series 2009 C (BBB+/Ba1)
	3,825,000		5.000			01/01/2040		3,848,332
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	4,230,000		5.000			01/01/2035		4,333,593
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	13,300,000		5.000			01/01/2038		13,686,099
	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		1,608,885
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,203,480
	5,460,000		4.000			01/01/2052		5,495,818
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,500,000		5.000			11/01/2028		1,687,920
	1,050,000		5.000			11/01/2029		1,177,376
	1,000,000		5.000			11/01/2030		1,114,220
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	2,033,000		5.800			03/01/2037		2,034,179
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,349,000		5.625			03/01/2036		1,351,765
	Illinois Finance Authority Multifamily Housing RB for Better Housing Foundation Ernst Portfolio Project Series 2018 A (A-/NR)
	1,500,000		5.100			12/01/2043		1,503,570
	2,150,000		5.250			12/01/2053		2,155,074
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2007 A (BBB-/NR)
	2,780,000		5.750			05/15/2031		2,786,811
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125			05/15/2027		855,844

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)(d)
$	445,000		6.125	%		05/15/2020	$	484,881
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)(e)
	32,960,000		6.750			10/01/2046		32,963,296
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,706,194
	2,825,000		5.000			05/15/2037		3,042,638
	1,055,000		5.000			05/15/2047		1,122,225
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/2047		4,747,095
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	490,000		5.000			09/01/2036		530,876
	3,470,000		5.000			09/01/2046		3,725,913
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A2)
	4,955,000		6.000			05/15/2039		5,196,457
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (B+/B2)(g)
	15,650,000		6.750			10/15/2040		16,680,553
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		507,960
	750,000		5.000			03/01/2037		756,593
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,192,915
	Illinois State GO Bonds Series 2014 (AGM) (AA/A2)
	20,000,000		5.000			02/01/2039		21,256,400
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,500,000		5.000			05/01/2029		2,547,100
	10,000,000		5.000			05/01/2030		10,151,400
	2,000,000		5.000			04/01/2031		2,027,900
	5,000,000		5.000			05/01/2031		5,062,500
	5,000,000		5.000			05/01/2039		5,025,800
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000			11/01/2021		4,632,748
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	90,940,000		5.000			11/01/2029		94,013,772
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	12,810,000		5.000			11/01/2027		13,323,681
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,300,000		5.000			08/01/2021		7,636,165
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		20,965,658
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,013,000		6.250			03/01/2034		2,016,664
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)(b)(d)
	530,000		0.000			06/15/2030		372,118
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BB+/NR)(b)
	9,370,000		0.000			06/15/2030		5,418,577
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)(b)
	3,200,000		0.000			06/15/2044		969,504
	Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2010 B2 (ST APPROP) (BB+/Ba1)
	50,000,000		5.000			06/15/2050		50,389,500
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BB+/NR)(b)
	66,700,000		0.000			12/15/2056		9,141,235
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)(b)
	18,400,000		0.000			12/15/2056		3,013,736
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BB+/NR)(b)
	64,400,000		0.000			12/15/2054		9,849,980
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)(i)
	4,555,000		6.000			03/01/2036		2,915,200
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/2029		899,354
	1,010,000		4.750			10/01/2032		1,059,672
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000		4.000			06/01/2046		7,902,688
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(d)
	19,200,000		7.125			11/01/2023		24,057,408
	5,000,000		7.625			11/01/2023		6,395,200
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (B/B2)
	12,505,000		5.750			08/01/2042		12,622,797
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	13,625,000		4.000			03/01/2040		13,863,574
	State of Illinois GO Bonds Series 2010 (BBB-/Baa3)
	7,500,000		5.250			02/01/2028		7,546,500
	State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,500,000		4.000			01/01/2021		3,545,255
								796,904,131
Indiana – 0.5%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000		5.000			02/01/2029		1,447,576
	1,250,000		5.250			02/01/2034		1,390,462
	1,500,000		5.000			02/01/2039		1,629,570

60 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)
Indiana – (continued)
	Indiana Finance Authority Environmental Improvement RB for United States Steel Corp. Project Series 2012 (AMT) (B/B2)
$	795,000		5.750	%		08/01/2042	$	802,489
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA/Aa2)
	2,000,000		5.125			03/01/2038		2,146,480
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Ba1)
	6,825,000		5.000			06/01/2039		6,911,405
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (AMT) (BBB+/NR)
	6,250,000		5.000			07/01/2048		6,670,625
	Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)
	7,750,000		5.000			01/01/2042		8,777,495
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)(i)
	7,520,823		6.500			11/15/2031		75
								29,776,177
Iowa – 0.0%
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
	1,355,000		5.750			05/15/2031		1,358,320
Kentucky – 1.2%
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BB+/Baa3)(d)
	8,000,000		6.375			06/01/2020		8,756,000
	8,250,000		6.500			06/01/2020		9,042,165
	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		914,409
	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		3,345,408
	3,000,000		4.000			06/01/2045		3,009,030
	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		1,013,760
	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		5,635,050
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	17,575,000		4.000			10/01/2034		17,866,393
	15,205,000		4.000			10/01/2036		15,346,863
								64,929,078
Louisiana – 2.9%
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB/Baa3)
	5,000,000		6.500			11/01/2035		5,531,850
Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (A/A2)(d)
	19,265,000		6.000			10/01/2020		21,220,012
	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		2,939,664
	4,850,000		4.000			10/01/2041		5,000,883
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	14,475,000		3.375			09/01/2028		14,608,894
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	13,950,000		3.500			06/01/2030		14,086,989
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	12,725,000		4.000			05/15/2042		12,821,456
	4,825,000		5.000			05/15/2042		5,290,806
	21,250,000		5.000			05/15/2046		23,215,625
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A3)
	32,395,000		5.000			01/01/2045		35,229,239
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	4,850,000		5.000			01/01/2048		5,347,610
	New Orleans Aviation Board Gulf Opportunity Zone RB for Consolidated Rental Car Project Series 2009 A (A-/Baa1)
	7,470,000		6.500			01/01/2040		7,700,449
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,254,760
								155,248,237
Maryland – 1.0%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	2,000,000		5.000			09/01/2039		2,228,540
	1,725,000		5.000			09/01/2042		1,910,472
	9,980,000		5.000			09/01/2046		11,011,233
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,071,687
	1,500,000		5.000			09/01/2038		1,606,905
	Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	2,980,000		7.250			07/01/2043		3,128,732
	Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)(e)
	8,850,000		7.125			07/01/2043		9,559,151
	Maryland Stadium Authority RB for Baltimore City Public Schools Construction & Revitalization Program Series 2016 (AA-/Aa3)
	10,000,000		5.000			05/01/2046		11,219,200

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate		Maturity Date			Value
Municipal Bonds – (continued)
Maryland – (continued)
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (NR/Baa3)(d)
$	9,500,000	5.750 %			07/01/2020		$	10,321,560
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000	5.000			07/01/2031			2,243,640
								56,301,120
Massachusetts – 0.5%
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000	5.000			10/01/2036			2,148,101
	Massachusetts Development Finance Agency RB for Suffolk University Issue Series 2009 A (BBB/Baa2)
	4,215,000	5.750			07/01/2039			4,373,189
	Massachusetts Development Finance Agency RB for Suffolk University Issue Series 2009 A (NR/NR)(d)
	8,285,000	5.750			07/01/2019			8,699,333
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)(d)(e)
	2,250,000	6.500			11/15/2023			2,749,162
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE FGIC) (AA/Aa1)(c)
	4,970,000	(3 Mo. LIBOR + 0.57%), 1.758			05/01/2037			4,781,140
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)(c)
	2,950,000	(3 Mo. LIBOR + 0.57%), 1.758			05/01/2037			2,852,266
								25,603,191
Michigan – 1.6%
	City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)(g)
	9,975,000	4.000			04/01/2034			7,953,067
	City of Detroit Financial Recovery Series 2014 C (NR/NR)
	22,488,798	5.000			12/10/2026			22,487,449
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC-Q-SBLF) (AA-/Aa1)
	3,500,000	6.000			05/01/2020			3,767,855
	3,000,000	6.000			05/01/2021			3,315,690
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)(c)
	4,675,000	(3 Mo. LIBOR + 0.60%, 15.00% Cap), 2.149			07/01/2032			4,339,101
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (A-/A3)
	2,000,000	5.250			07/01/2039			2,154,000
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)(h)
	1,425,000	5.000			11/01/2045			1,575,394
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Department Sewage Disposal System Second Lien Local Project Series 2015 C (BBB+/Baa1)
	355,000		5.000			07/01/2033			392,382
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (AGM) (AA/A2)
	2,600,000		5.000			07/01/2035			2,886,182
	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/A2)
	2,175,000		5.000			07/01/2032			2,423,559
	1,750,000		5.000			07/01/2033			1,944,723
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A-/A3)
	1,250,000		5.000			07/01/2034			1,387,575
	750,000		5.000			07/01/2035			830,505
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-2 (BBB+/Baa1)
	2,100,000		5.000			07/01/2034			2,306,976
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)(b)
	238,600,000		0.000			06/01/2052			15,993,358
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)(b)
	180,100,000		0.000			06/01/2052			10,726,756
									84,484,572
Minnesota – 0.2%
	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			2,736,200
	3,750,000		6.000			06/15/2039			4,157,813
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000			05/01/2047			2,609,688
									9,503,701
Mississippi – 0.0%
	Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(e)(f)(g)
	2,000,000		5.000			08/01/2022			2,077,840
Missouri – 0.2%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A (NR/NR)(i)
	1,535,000		6.000			07/01/2037			82,890
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT) (NR/NR)(i)
	7,750,000		6.000			07/01/2025			418,500

62 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)
Missouri – (continued)
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
$	1,925,000		5.000	%		03/01/2036	$	2,075,516
	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)(e)
	1,000,000		5.000			04/01/2036		1,033,940
	1,150,000		5.000			04/01/2046		1,168,940
	Missouri Health & Educational Facilities Authority RB Series 1996 D (AA+/Aa1)(f)(g)
	1,300,000		1.610			04/02/2018		1,300,000
	Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)(f)(g)
	2,500,000		1.650			04/02/2018		2,500,000
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,947,177
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)(i)
	1,250,000		5.750			04/01/2027		306,250
								10,833,213
Nevada – 0.3%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	630,000		4.000			06/01/2018		631,165
	690,000		4.000			06/01/2019		699,218
	585,000		4.000			06/01/2020		598,865
	750,000		4.000			06/01/2021		772,890
	410,000		5.000			06/01/2022		439,680
	360,000		5.000			06/01/2023		388,278
	200,000		4.250			06/01/2024		205,892
	240,000		5.000			06/01/2024		257,585
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	325,000		4.250			06/01/2037		318,718
	475,000		4.375			06/01/2042		467,656
	550,000		4.500			06/01/2047		547,316
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,860,000		5.000			03/01/2020		1,840,433
	1,860,000		5.100			03/01/2021		1,832,063
	970,000		5.100			03/01/2022		947,981
	2,615,000		5.125			03/01/2025		2,509,380
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		2,148,630
								14,605,750
New Jersey – 6.3%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	725,000		5.000			03/01/2032		817,075
	965,000		5.000			03/01/2037		1,072,617
	1,205,000		5.000			03/01/2042		1,331,621
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000			06/15/2026		2,695,825
	1,000,000		5.000			06/15/2028		1,074,650
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa3)
	1,000,000		4.750			06/15/2032		1,037,290
	1,000,000		5.000			06/15/2037		1,037,470
	1,000,000		5.125			06/15/2043		1,039,900
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	6,000,000		4.000			07/01/2032		5,929,080
	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		1,097,840
	New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C.  - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2037		538,470
	1,150,000		5.000			07/01/2047		1,227,959
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (BBB+/Baa1)(d)
	1,640,000		5.000			09/01/2019		1,713,013
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000			06/15/2041		4,790,205
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB-/Ba3)
	7,500,000		5.500			04/01/2028		7,522,500
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (BB-/Ba3)
	8,500,000		5.250			09/15/2029		9,273,330
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB-/Ba3)
	5,000,000		5.625			11/15/2030		5,630,150
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB-/Ba3)
	5,000,000		5.625			11/15/2030		5,630,150
	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		1,127,940
	1,000,000		5.000			07/01/2029		1,122,550
	900,000		5.000			07/01/2030		1,005,471
	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		10,021,749
	5,600,000		5.000			07/01/2046		6,170,752

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(b)
$	119,365,000		0.000	%		12/15/2035	$	52,908,536
	62,370,000		0.000			12/15/2036		26,259,017
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(b)
	41,545,000		0.000			12/15/2035		18,161,812
	22,020,000		0.000			12/15/2038		8,232,397
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(b)
	8,805,000		0.000			12/15/2028		5,521,087
	9,000,000		0.000			12/15/2029		5,371,650
	1,900,000		0.000			12/15/2034		876,052
	4,875,000		0.000			12/15/2036		2,022,686
	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		3,663,798
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,070,000		5.000			06/15/2038		27,414,430
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,500,000		5.250			06/15/2041		2,677,525
	5,075,000		5.000			06/15/2045		5,350,522
	1,750,000		5.000			06/15/2046		1,843,887
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(b)
	11,150,000		0.000			12/15/2033		5,832,677
	25,400,000		0.000			12/15/2034		12,666,726
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(b)
	25,900,000		0.000			12/15/2027		17,339,014
	10,055,000		0.000			12/15/2030		5,814,203
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (BBB+/Baa1)
	12,875,000		5.000			06/15/2042		13,371,074
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(b)
	25,500,000		0.000			12/15/2037		10,036,035
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(b)
	2,550,000		0.000			12/15/2033		1,239,121
	25,000,000		0.000			12/15/2038		9,346,500
	740,000		0.000			12/15/2039		262,693
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	4,350,000		5.500			06/15/2041		4,589,381
	Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY) (NR/A3)(d)
	2,000,000		6.750			12/01/2019		2,162,260
Municipal Bonds – (continued)
New Jersey – (continued)
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	18,025,000		5.000			01/01/2048		19,361,193
	Tobacco Settlement Financing Corp. RB Senior Asset-Backed Bonds for Capital Appreciation Series 2007 1-A (BB-/B3)
	3,950,000		4.750			06/01/2034		3,948,894
								339,180,777
New Mexico – 0.3%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	14,000,000		5.900			06/01/2040		15,025,360
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 F (AMT) (BBB+/Baa2)
	1,500,000		6.250			06/01/2040		1,622,835
								16,648,195
New York – 3.1%
	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		1,152,295
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	7,725,000		5.000			07/15/2042		8,575,831
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
	2,650,000		5.875			04/01/2042		2,755,099
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		727,882
	865,000		5.000			07/01/2033		965,228
	815,000		5.000			07/01/2035		905,359
	640,000		5.000			07/01/2036		709,894
	455,000		5.000			07/01/2038		502,807
	New York City Capital Resource Corp. RB for YMCA of Greater New York Project Series 2015 (A-/Baa1)
	1,000,000		5.000			08/01/2040		1,090,770
	New York City GO Bonds Fiscal 2006 Series H Subseries H1 (AA/Aa2)(f)(g)
	1,800,000		1.580			04/02/2018		1,800,000
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa2)(f)(g)
	8,600,000		1.580			04/02/2018		8,600,000
	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		2,074,080
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/A3)
	1,000,000		6.125			01/01/2029		1,033,320
	3,000,000		6.375			01/01/2039		3,098,880
	5,000,000		6.500			01/01/2046		5,171,700

64 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)
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)(f)(g)
$	6,025,000		1.580	%		04/02/2018	$	6,025,000
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2015 Subseries BB4 (AA+/Aa1)(f)(g)
	1,245,000		1.600			04/02/2018		1,245,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2015 Subseries E-3 (AAA/Aa1)(f)(g)
	3,065,000		1.580			04/02/2018		3,065,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 Subseries E-4 (AAA/Aa1)(f)(g)
	3,560,000		1.580			04/02/2018		3,560,000
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1987 B (AMBAC) (A/Aa3)(g)
	14,480,000		4.175			07/01/2027		14,480,000
	New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1986 A (AMT) (AMBAC) (NR/Aa3)(g)
	10,330,000		4.175			12/01/2026		10,330,000
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,000,000		4.000			07/01/2035		5,170,150
	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		9,786,394
	5,000,000		5.000			07/01/2034		5,484,750
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	12,600,000		4.000			01/01/2051		12,843,684
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	4,540,000		5.000			07/01/2041		4,932,029
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (NR/Baa3)
	33,450,000		5.250			01/01/2050		36,608,014
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,714,145
	Onondaga Civic Development Corp. RB for St. Joseph’s Hospital Health Center Project Series 2014 A (NR/WR)(d)
	1,750,000		5.125			07/01/2019		1,824,340
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	5,000,000		5.125			09/01/2040		5,252,350
	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		4,652,550
								166,136,551
Municipal Bonds – (continued)
North Carolina – 0.2%
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)
	1,000,000		5.700			05/01/2034		1,078,110
	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		3,976,358
	1,000,000		5.000			03/01/2037		1,053,610
	1,000,000		5.000			03/01/2042		1,049,500
	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		1,033,490
	2,000,000		5.000			09/01/2037		2,137,700
								10,328,768
Ohio – 5.0%
	Bowling Green City Student Housing RB for CFP I LLC - Bowling Green State University Project Series 2010 (BBB-/NR)(d)
	7,000,000		6.000			06/01/2020		7,621,810
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(b)
	216,100,000		0.000			06/01/2047		14,346,879
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(b)
	651,550,000		0.000			06/01/2052		19,227,241
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	65,300,000		5.125			06/01/2024		63,913,028
	61,565,000		5.875			06/01/2030		61,111,266
	5,800,000		5.750			06/01/2034		5,680,810
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa1)
	23,905,000		6.250			06/01/2037		23,997,751
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,565,696
	2,700,000		5.250			11/01/2047		2,847,447
	2,320,000		5.250			11/01/2050		2,437,508
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB-/Ba3)
	22,320,000		5.375			09/15/2027		22,384,505
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		6,702,750
	7,500,000		5.000			02/15/2042		7,997,175
	7,500,000		4.750			02/15/2047		7,679,550
	1,500,000		5.000			02/15/2057		1,567,650
	1,000,000		5.500			02/15/2057		1,089,950
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,104,960
	1,610,000		5.000			01/01/2046		1,691,627

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
$	8,000,000	5.000 %		02/15/2048	$	8,357,440
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(e)
	2,400,000	3.750		01/15/2028		2,397,936
	2,880,000	4.250		01/15/2038		2,886,710
	3,360,000	4.500		01/15/2048		3,421,085
						272,030,774
Oklahoma – 1.6%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project 2018 B (AGM) (AA/A2)(h)
	3,900,000	4.000		08/15/2052		3,856,710
	2,500,000	4.125		08/15/2057		2,507,225
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project 2018 B (BB+/Baa3)(h)
	10,000,000	5.500		08/15/2052		11,145,100
	9,500,000	5.500		08/15/2057		10,520,205
	Oklahoma Development Finance Authority RB Provident Oklahoma Education Resources Inc., Cross Village Student Housing Project Series 2017 A (BBB-/NR)
	6,220,000	5.000		08/01/2047		6,664,232
	14,075,000	5.000		08/01/2052		14,969,326
	3,875,000	5.250		08/01/2057		4,164,424
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000	5.500		12/01/2035		2,881,161
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000	5.500		12/01/2035		26,123,472
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(f)(g)
	3,500,000	5.000		06/01/2025		3,767,820
						86,599,675
Oregon – 0.2%
	University of Oregon RB Series 2015 A (AA-/Aa2)
	7,345,000	5.000		04/01/2045		8,305,212
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		1,580,520
	1,000,000	5.000		09/01/2035		1,043,330
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba1)(e)
	2,000,000	5.000		05/01/2027		2,234,840
	1,400,000	5.000		05/01/2032		1,533,098
	6,950,000	5.000		05/01/2042		7,371,239
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000	5.000		05/01/2042		18,704,880
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)
	500,000	5.000		08/01/2035		532,140
	1,000,000	5.000		08/01/2045		1,048,970
Municipal Bonds – (continued)
Pennsylvania – (continued)
	City of Philadelphia GO Bonds Series 2011 (A/A2)(d)
	4,000,000	6.000		08/01/2020		4,385,040
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,067,500
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,112,629
	1,900,000	5.000		06/01/2035		2,105,827
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,049,680
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/A1)(c)
	915,000	(3 Mo. LIBOR + 0.55%), 1.738		11/01/2026		896,974
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000	5.000		01/01/2038		1,625,610
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)(c)
	49,750,000	(3 Mo. LIBOR + 0.77%), 1.958		05/01/2037		44,217,303
	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		1,456,980
	1,500,000	5.000		04/01/2033		1,540,935
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
	8,500,000	5.000		06/30/2042		9,140,730
	Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)
	7,400,000	6.250		01/01/2032		7,815,732
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (BB-/B1)
	2,460,000	8.000		05/01/2029		2,695,176
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)(c)
	13,095,000	(3 Mo. LIBOR + 0.60%), 2.149		07/01/2027		12,541,212
	10,750,000	(3 Mo. LIBOR + 0.65%), 2.199		07/01/2039		9,094,178
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000	5.000		05/01/2042		4,167,400

66 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)
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
$	400,000	5.000 %		07/01/2035	$	426,964
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,347,479
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	2,000,000	5.000		07/01/2029		2,215,100
	3,000,000	5.000		07/01/2030		3,310,230
	1,500,000	5.000		07/01/2031		1,648,950
	1,000,000	5.000		07/01/2032		1,094,380
	500,000	5.000		07/01/2033		545,560
	500,000	5.000		07/01/2034		543,125
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,700,000	5.000		11/15/2021		1,757,222
	2,450,000	5.000		11/15/2028		2,489,862
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,400,000	5.000		06/01/2031		2,693,544
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,232,286
	2,325,000	5.000		01/01/2038		2,588,376
	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		1,046,080
	1,000,000	5.000		07/01/2035		1,026,320
						171,927,401
Puerto Rico – 4.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CC/Ca)
	56,440,000	6.000		07/01/2038		45,645,850
	25,995,000	6.000		07/01/2044		21,023,456
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	115,000	4.500		07/01/2027		90,994
	370,000	5.000		07/01/2030		292,762
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)(i)
	115,000	5.250		07/01/2030		51,462
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(i)
	30,460,000	8.000		07/01/2035		12,945,500
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)(i)
	5,185,000	5.500		07/01/2039		2,242,512
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000	5.250		07/01/2041		384,635
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	27,545,000	5.250		07/01/2038		26,708,183
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	300,000	5.250		07/01/2033		319,116
	680,000	5.250		07/01/2034		723,649
	1,025,000	5.250		07/01/2036		1,092,240
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)(i)
	215,000	5.000		07/01/2028		9,514
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,500,000	5.500		07/01/2023		1,548,045
	1,000,000	5.500		07/01/2027		1,029,880
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (D/Ca)(i)
	4,000,000	5.250		07/01/2032		1,790,000
	4,000,000	5.250		07/01/2037		1,790,000
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2009 B (D/Ca)(i)
	645,000	5.875		07/01/2036		288,637
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 A (D/Ca)(i)
	1,260,000	5.750		07/01/2041		544,950
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (D/Ca)(i)
	155,000	6.000		07/01/2035		67,038
	205,000	6.500		07/01/2040		88,662
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(c)
	48,822,000	(3 Mo. LIBOR + 0.52%), 2.069		07/01/2029		42,719,250
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/Ca)(i)
	9,700,000	5.250		07/01/2026		3,734,500
	Puerto Rico Electric Power Authority RB Refunding Series 2012 A (D/Ca)(i)
	19,720,000	5.000		07/01/2042		7,592,200
	Puerto Rico Electric Power Authority RB Series 2008 WW (D/Ca)(i)
	2,000,000	5.500		07/01/2020		770,000
	3,275,000	5.000		07/01/2028		1,260,875
	825,000	5.250		07/01/2033		317,625
	Puerto Rico Electric Power Authority RB Series 2010 XX (D/Ca)(i)
	7,590,000	5.250		07/01/2040		2,922,150
	Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)(i)
	5,210,000	7.000		07/01/2033		2,005,850
	5,205,000	6.750		07/01/2036		2,003,925
	5,440,000	7.000		07/01/2040		2,094,400
	Puerto Rico Electric Power Authority RB Series 2016 A-4 (NR/NR)(i)
	747,236	10.000		07/01/2019		291,422

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2016 B-4 (NR/NR)(i)
$	747,235		10.000	%		07/01/2019	$	291,422
	Puerto Rico Electric Power Authority RB Series 2016 E-1 (NR/NR)(i)
	5,036,850		10.000			01/01/2021		1,964,372
	Puerto Rico Electric Power Authority RB Series 2016 E-2 (NR/NR)(i)
	5,036,850		10.000			07/01/2021		1,964,372
	Puerto Rico Electric Power Authority RB Series 2016 E-3 (NR/NR)(i)
	1,678,950		10.000			01/01/2022		652,692
	Puerto Rico Electric Power Authority RB Series 2016 E-4 (NR/NR)(i)
	1,678,950		10.000			07/01/2022		652,692
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,395,000		5.250			07/01/2031		3,366,007
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	265,000		5.250			07/01/2034		282,010
	960,000		5.250			07/01/2036		1,022,919
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(b)
	4,750,000		0.000			07/01/2034		1,861,667
	3,750,000		0.000			07/01/2035		1,387,425
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)(i)
	1,000,000		6.125			07/01/2023		440,000
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (D/Ca)(i)
	2,000,000		6.375			08/01/2039		470,000
	17,520,000		6.000			08/01/2042		4,117,200
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (D/Ca)(i)
	550,000		5.000			08/01/2026		129,250
	4,925,000		5.375			08/01/2039		1,157,375
	8,470,000		5.500			08/01/2042		1,990,450
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (D/Ca)(i)
	53,355,000		5.250			08/01/2041		12,538,425
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (D/Ca)(b)(i)
	25,000,000		0.000			08/01/2039		1,400,750
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1 (D/Ca)(i)
	1,500,000		5.000			08/01/2043		352,500
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (D/Ca)(i)
	23,300,000		6.750			08/01/2032		5,475,500
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)(a)(i)
	10,130,000		0.000			08/01/2033		1,801,418
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (D/Ca)(b)(i)
	10,000,000		0.000			08/01/2033		815,600
	35,085,000		0.000			08/01/2035		2,492,789
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2009 A (D/Ca)(b)(i)
	35,100,000		0.000			08/01/2034		2,517,372
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Subseries 2010 C (D/Ca)(b)(i)
	8,400,000		0.000			08/01/2037		536,172
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)(i)
	32,290,000		6.500			08/01/2044		7,588,150
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding First Subseries 2010 C (D/Ca)(i)
	9,580,000		5.500			08/01/2040		2,251,300
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 A-1 (D/Ca)(i)
	500,000		5.250			08/01/2043		117,500
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 C (D/Ca)(i)
	500,000		5.000			08/01/2040		292,500
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Subseries A (D/Ca)(i)
	485,000		5.750			08/01/2037		113,975
								244,433,086
Rhode Island – 0.3%
	Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BB-/NR)(d)
	2,500,000		6.000			09/01/2023		2,980,675
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)(b)
	124,220,000		0.000			06/01/2052		10,869,250
								13,849,925
South Carolina – 0.3%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,383,000		6.875			11/01/2035		3,392,845
	South Carolina Jobs - Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA/A2)
	4,000,000		6.500			08/01/2039		4,524,080
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A+/A1)
	7,750,000		5.250			12/01/2055		8,485,087
								16,402,012
Tennessee – 0.4%
	Bristol Industrial Development Board RB for The Pinnacle Project Series 2016 A (NR/NR)(e)
	7,150,000		5.000			12/01/2035		7,017,940
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (BBB+/Baa1)
	1,500,000		5.000			08/15/2042		1,580,370

68 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)
Tennessee – (continued)
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (BBB+/Baa1)
$	5,500,000	6.500 %		07/01/2038	$	5,929,440
	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		2,772,075
	4,200,000	5.000		07/01/2046		4,641,252
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
	2,000,000	5.375		12/01/2047		2,075,280
						24,016,357
Texas – 5.7%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(e)
	850,000	4.250		09/01/2023		849,158
	550,000	4.625		09/01/2028		547,734
	2,285,000	5.125		09/01/2038		2,270,605
	2,680,000	5.250		09/01/2047		2,660,007
	Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)(d)
	3,250,000	6.200		07/01/2020		3,555,532
	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		2,080,201
	2,435,000	5.000		12/01/2040		2,484,528
	1,950,000	5.000		12/01/2045		1,980,869
	Brazos River Authority Bonds Series 2003 (NR/NR)(i)(j)
	9,275,000	6.750		10/01/2038		—
	Brazos River Authority Bonds Series 2006 (NR/NR)(i)(j)
	4,740,000	5.000		03/01/2041		—
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (BBB+/Baa2)
	3,900,000	5.000		01/01/2045		4,276,506
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (BBB+/Baa2)
	1,600,000	5.000		01/01/2040		1,763,776
	2,465,000	5.000		01/01/2046		2,698,041
	Central Texas Regional Mobility Authority RB Refunding Subordinate Lien Series 2016 (BBB/Baa3)
	6,750,000	4.000		01/01/2041		6,739,672
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,920,000	7.500		09/01/2045		4,257,002
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,845,000	6.250		09/01/2045		1,906,734
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	2,000,000	5.000		09/01/2047		2,037,500
Municipal Bonds – (continued)
Texas – (continued)
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	1,390,000	4.500		09/01/2037		1,372,236
	1,175,000	5.000		09/01/2044		1,199,722
	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		2,367,571
	4,715,000	4.500		09/01/2038		4,914,692
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	500,000	4.500		09/01/2023		499,505
	780,000	5.000		09/01/2028		776,833
	1,935,000	5.600		09/01/2038		1,923,255
	2,550,000	5.700		09/01/2047		2,531,869
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Series 2015 (NR/NR)(e)
	3,250,000	5.000		04/01/2032		3,366,025
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa3)
	1,545,000	4.750		05/01/2038		1,585,834
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa3)
	5,685,000	4.750		11/01/2042		5,823,316
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(e)
	1,575,000	5.000		09/01/2027		1,617,777
	895,000	5.000		09/01/2032		892,234
	1,315,000	5.125		09/01/2037		1,291,935
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(a)
	10,370,000	0.000		10/01/2046		9,569,332
	11,100,000	0.000		10/01/2047		10,243,968
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,850,000	5.500		04/01/2053		13,365,971
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)(f)(g)
	7,200,000	1.530		04/02/2018		7,200,000
	Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BB+/NR)(d)
	3,030,000	7.000		01/01/2023		3,674,087
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(c)
	10,500,000	(3 Mo. LIBOR + 0.67%), 1.902		08/15/2035		9,719,535
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		593,013
	510,000	3.875		09/01/2037		507,572
	955,000	4.000		09/01/2047		948,430

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB-/NR)
$	15,935,000	5.000 %		07/15/2028	$	17,924,963
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB-/Ba3)
	9,000,000	6.625		07/15/2038		9,929,250
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB-/Ba3)
	9,250,000	5.000		07/01/2029		10,069,365
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB-/NR)
	7,500,000	5.000		07/15/2035		8,072,475
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(e)(h)
	510,000	4.500		09/01/2023		510,357
	785,000	5.000		09/01/2028		786,068
	1,930,000	5.125		09/01/2047		1,932,991
	1,500,000	5.500		09/01/2047		1,502,280
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(e)(h)
	1,170,000	5.375		09/01/2038		1,171,790
	Kaufman County Fresh Water Supply District No. 1-C Refunding for Road Series 2016 C (AGM) (AA/NR)
	525,000	4.000		09/01/2029		546,305
	1,100,000	3.000		09/01/2032		1,007,622
	1,400,000	4.000		09/01/2035		1,419,964
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	5,200,000	6.300		11/01/2029		5,577,416
	Mission Economic Development Corp. RB for Natgasoline Project Senior Lien Series 2016 A (AMT) (BB-/NR)(e)
	14,000,000	5.750		10/01/2031		14,562,380
	Mission Economic Development Corp. RB for Natgasoline Project Senior Lien Series 2016 B (AMT) (BB-/NR)(e)
	9,500,000	5.750		10/01/2031		9,881,615
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
	1,150,000	5.000		04/01/2037		1,255,214
	1,900,000	5.000		04/01/2042		2,069,309
	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 (BBB-/Ba2)
	335,000	5.000		04/01/2031		350,953
	300,000	5.000		04/01/2036		309,774
	1,250,000	5.000		04/01/2048		1,275,587
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	1,000,000	5.000		04/01/2047		1,077,430
Municipal Bonds – (continued)
Texas – (continued)
	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		1,432,409
	North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	4,790,000	6.250		01/01/2039		4,931,161
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	8,500,000	5.000		01/01/2048		9,507,250
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A/A1)
	3,000,000	5.000		01/01/2039		3,372,060
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750		09/15/2036		168,640
	460,000	6.000		09/15/2046		440,073
	Sabine River Authority Tax Bonds Series 2005 (NR/NR)(i)(j)
	5,950,000	5.200		05/01/2028		—
	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		7,585,795
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A3)(c)
	7,825,000	(3 Mo. LIBOR + 0.70%), 2.123		12/15/2026		7,760,366
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A3)
	18,785,000	6.250		12/15/2026		21,996,108
	Texas Private Activity Bond 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		4,222,101
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (NR/Baa3)
	3,900,000	5.000		12/31/2055		4,213,911
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,500,000	6.875		12/31/2039		8,101,875
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000	6.750		06/30/2043		5,799,900
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	7,850,000	5.000		08/15/2042		8,516,465
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(e)
	1,400,000	5.000		09/01/2047		1,374,548

70 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)
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
$	245,000		4.000	%		12/01/2021	$	253,340
	500,000		4.000			12/01/2027		491,325
	1,547,000		4.750			12/01/2035		1,548,655
								309,041,667
Utah – 0.5%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	15,515,000		7.100			08/15/2023		16,891,801
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	11,000,000		5.000			07/01/2047		12,237,830
								29,129,631
Vermont – 0.1%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	1,000,000		5.000			05/01/2047		1,048,290
	Vermont Educational & Health Buildings Financing Agency RB for St. Michael’s College Project Series 2012 (BBB/Baa1)
	2,250,000		5.000			10/01/2042		2,353,973
								3,402,263
Virgin Islands – 0.5%
	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		8,108,187
	7,910,000		5.000			10/01/2029		5,873,175
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		4,514,400
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	8,350,000		5.000			10/01/2039		5,385,750
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM) (AA/A2)
	3,515,000		5.000			10/01/2039		3,745,233
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	2,000,000		6.000			10/01/2039		1,275,000
								28,901,745
Virginia – 1.1%
	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		2,963,088
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	2,535,000		6.250			03/01/2021		2,751,869
	2,000,000		6.625			03/01/2026		2,179,000
	7,000,000		6.875			03/01/2036		7,654,290
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)(b)
	150,475,000		0.000			06/01/2047		13,551,778
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	9,600,000		5.000			12/31/2056		10,381,248
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	3,900,000		5.000			07/01/2034		4,182,711
	13,650,000		5.000			01/01/2040		14,554,586
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	4,000,000		7.750			07/01/2038		4,163,120
								62,381,690
Washington – 1.0%
	Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax RB Series 2016 S-1 (AAA/Aa1)
	10,000,000		5.000			11/01/2046		12,999,700
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	4,000,000		5.750			12/01/2035		4,241,200
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/WR)(d)
	3,000,000		5.000			12/01/2021		3,319,470
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)(d)
	750,000		6.000			08/15/2019		793,575
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)(d)
	1,750,000		6.000			08/15/2019		1,850,450
	Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aa1)
	14,015,000		5.000			01/01/2023		14,788,908
	14,700,000		5.000			01/01/2024		15,501,297
								53,494,600
West Virginia – 0.1%
	Monongalia County Commission Special District Excise Tax RB Refunding and Improvement for University Town Center Economic Opportunity Development District Series 2017 A (NR/NR)(e)
	900,000		5.750			06/01/2043		938,304
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2010 A (A-/Baa1)
	4,000,000		5.375			12/01/2038		4,304,880
								5,243,184
Wisconsin – 0.8%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	5,900,000		4.300			11/01/2030		6,049,683
	Public Finance Authority Pass-Through RB for Natgasoline LLC Series 2016 (NR/NR)(e)
	24,310,125		10.000			06/30/2021		24,335,894

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
$	4,000,000		5.000	%		09/30/2037	$	4,426,520
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	1,600,000		5.200			12/01/2037		1,629,088
	1,525,000		5.350			12/01/2045		1,558,352
	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		3,452,702
								41,452,239
	TOTAL MUNICIPAL BONDS
	(Cost $5,148,261,152)						$	5,280,130,899
Corporate Bond – 0.3%
Health Care Equipment & Services – 0.3%
	Prime Healthcare Foundation, Inc. Series B
$	15,050,000		7.000	%		12/01/2027	$	15,540,471
	(Cost $14,637,441)
	TOTAL INVESTMENTS – 97.7%
	(Cost $5,162,898,593)						$	5,295,671,370
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%							126,210,962
	NET ASSETS – 100.0%						$	5,421,882,332

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Zero coupon bond until next reset date.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(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, 2018.
(d)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $332,142,778, which represents approximately 6.1% of net assets as of March 31, 2018. The liquidity determination is unaudited.
(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, 2018.
(g)	Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2018. 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)	When-issued security.
(i)	Security is currently in default.
(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-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
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
CAL 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 FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
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
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2018, 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, 2018(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%	0.391%		Bank of America NA		03/20/2023		USD 4,000	$	112,968		$	(98,637	)	$	211,605
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023	1.700	0.261		JPMorgan Chase Bank NA		06/20/2021		10,000		449,825			—			449,825
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023	1.000	0.391		JPMorgan Chase Bank NA		03/20/2023		9,000		254,178			(221,933	)		476,111
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023	1.000	0.435		JPMorgan Chase Bank NA		09/20/2023		15,000		427,334			(382,195	)		809,529
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.830	1.326		JPMorgan Chase Bank NA		06/20/2021		10,000		152,105			—			152,105
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023	1.000	0.460		Morgan Stanley Co., Inc.		12/20/2023		10,000		283,021			(162,182	)		445,203
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.000	1.824		Morgan Stanley Co., Inc.		12/20/2023		10,000		(374,596	)		(438,994	)		64,398
TOTAL									$	1,304,835		$	(1,303,941	)	$	2,608,776

(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.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)			Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%	3 Month LIBOR	12/21/2041		USD 169,400		$	17,178,264	$	(10,629,571	)	$	27,807,835
2.500	3 Month LIBOR	06/20/2048		172,100	(b)		11,991,632		16,859,148			(4,867,516	)
TOTAL						$	29,169,896	$	6,229,577		$	22,940,319

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 99.4%
Alabama – 1.6%
	Alabama 21st Century Authority Tobacco Settlement RB Series 2012 A (A/NR)
$	1,675,000	5.000%		06/01/2018	$	1,685,050
	Auburn University General Fee RB Series 2011 A (AA-/Aa2)(a)
	35,345,000	5.000		06/01/2021		38,793,258
	Black Belt Energy Gas District RB Series 2016 A (NR/A1)(b)(c)
	20,000,000	4.000		06/01/2021		21,043,000
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB/NR)
	210,000	3.000		10/01/2018		210,697
	160,000	3.000		10/01/2019		161,237
	75,000	4.000		10/01/2020		77,796
	85,000	4.000		10/01/2021		89,154
	85,000	4.000		10/01/2022		89,721
	Industrial Development Board PCRB for Alabama Power Company Barry Plant Project RMKT 03/20/17 Series 2007 A (A-/A1)(b)(c)
	6,000,000	1.850		03/24/2020		5,966,520
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	1,275,000	5.000		09/15/2019		1,335,932
	3,000,000	5.000		09/15/2021		3,297,510
	1,200,000	5.000		09/15/2022		1,341,144
	2,000,000	5.000		09/15/2023		2,266,320
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,875,000	5.000		10/01/2018		1,898,625
	1,300,000	5.000		10/01/2021		1,398,163
	1,745,000	5.000		10/01/2022		1,902,207
						81,556,334
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/Ba2)
	3,240,000	4.625		06/01/2023		3,312,414
Arizona – 3.1%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)
	59,270,000	(3 Mo. LIBOR + 0.81%), 2.359		01/01/2037		54,678,353
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (A-/NR)(b)
	5,000,000	(SIFMA Municipal Swap Index Yield + 1.85%, 12.00% Cap), 3.430		02/05/2020		5,082,950
	Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa3)
	8,000,000	5.000		09/01/2020		8,599,280
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2014 (AA+/Aa1)
	4,150,000	5.000		07/01/2019		4,322,557
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000	5.000		07/01/2021		6,394,550
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	365,000	4.000		07/01/2018		367,172
Municipal Bonds – (continued)
Arizona – (continued)
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1) – (continued)
	1,600,000	4.000		07/01/2019		1,645,696
	3,000,000	4.000		07/01/2020		3,141,780
	3,400,000	4.000		07/01/2021		3,618,008
	1,665,000	5.000		07/01/2022		1,860,038
	Maricopa County Arizona COPS Series 2015 (AA+/Aa1)
	9,000,000	3.000		07/01/2018		9,032,220
	Maricopa County Arizona Paradise Valley Unified School District No. 69 GO Refunding Bonds for School Improvement Project of 2011 Series 2015 E (AAA/Aa2)
	12,115,000	3.000		07/01/2019		12,309,446
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project RMKT 05/30/13 Series 2009 C (A-/A2)(b)(c)
	6,500,000	1.750		05/30/2018		6,499,480
	Maricopa County Arizona School Improvement Refunding for Peoria Unified School District No. 11 Series 2015 (AGM) (AA/A2)
	3,000,000	4.000		07/01/2019		3,086,430
	Maricopa County Community College District GO Bonds Series 2013 (AAA/Aaa)
	10,010,000	3.000		07/01/2019		10,181,872
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	16,400,000	5.000		07/01/2023		18,723,388
	Maricopa County Phoenix High School District No. 210 School Improvement GO Refunding Bonds Series 2014 (AA/Aa2)
	1,000,000	3.000		07/01/2019		1,016,050
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(b)(c)
	5,000,000	2.125		06/01/2018		5,000,400
						155,559,670
Arkansas – 0.6%
	Arkansas State Federal Highway GO Bonds Series 2014 (AA/Aa1)
	2,000,000	5.000		10/01/2020		2,156,440
	Arkansas State GO Bonds for Four-Lane Highway Construction & Improvement Series 2013 (AA/Aa1)
	17,775,000	3.250		06/15/2022		18,471,247
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,240,000	3.000		04/01/2020		1,265,098
	1,075,000	3.000		10/01/2020		1,101,294
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,000,000	3.000		02/01/2021		6,150,720
	Springdale Arkansas Sales and Use Tax RB Series 2012 (AA-/NR)
	1,465,000	2.000		11/01/2018		1,468,267
	720,000	2.000		11/01/2019		723,009
						31,336,075
California – 6.9%
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)(e)
	745,000	0.000		10/01/2019		716,467
	255,000	0.000		10/01/2020		238,088

74 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)
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (AAA/Aaa)(a)(e)
$	9,420,000	0.000 %		10/01/2019	$	9,188,739
	12,300,000	0.000		10/01/2020		11,779,710
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	220,000	5.000		05/01/2020		234,478
	500,000	5.000		05/01/2021		546,115
	325,000	5.000		05/01/2022		361,777
	300,000	5.000		05/01/2023		339,681
	265,000	5.000		05/01/2024		304,228
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(b)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 2.480		05/01/2023		10,221,600
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)(b)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 2.480		05/01/2023		7,155,120
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 12/20/12 Series 2007 E-3 (AA/Aa3)(b)
	1,225,000	(SIFMA Municipal Swap Index Yield + 0.70%, 12.00% Cap), 2.280		10/01/2019		1,231,725
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)(b)
	15,000,000	(SIFMA Municipal Swap Index Yield + 1.25%, 12.00% Cap), 2.830		04/01/2027		15,783,150
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 E (AA/Aa3)(b)(c)
	14,430,000	1.375		04/01/2020		14,321,631
	Benicia Unified School District GO Refunding Bonds Series 1997 A (NATL-RE FGIC) (A+/Aa3)(e)
	1,510,000	0.000		08/01/2018		1,501,876
	California Municipal Finance Authority RB for Anaheim Electric System Distribution Facilities 2nd Lien Qualified Obligations Series 2015 (A+/NR)(b)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.35%), 1.930		12/01/2020		10,000,200
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/Baa1)
	1,000,000	5.000		02/01/2019		1,023,900
	1,100,000	5.000		02/01/2020		1,158,300
Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB Refunding for NorthBay Healthcare Group Series 2016 A (BBB-/NR)
	750,000	2.000		11/01/2018		748,882
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000	3.000		06/01/2020		152,230
	100,000	4.000		06/01/2022		105,687
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Series 1998 A (AMT) (A-/NR)
	1,900,000	1.500		06/01/2018		1,901,197
	California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa3)(b)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.38%, 8.00% Cap), 1.960		12/01/2022		15,014,250
	California State Various Purpose GO Bonds Series 2011 (AA-/Aa3)
	5,070,000	5.000		10/01/2019		5,330,497
	California State Various Purpose GO Bonds Series 2016 (AA-/Aa3)(b)(c)
	52,000,000	4.000		12/01/2021		55,399,760
	California State Various Purpose GO Refunding Bonds Series 2012 (AA-/Aa3)
	2,055,000	5.000		09/01/2019		2,155,037
	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)
	1,545,000	5.000		05/15/2021		1,679,940
	1,750,000	5.000		05/15/2022		1,936,707
	1,470,000	5.000		05/15/2023		1,647,694
	City of Upland COPS for San Antonio Regional Hospital Project Series 2017 (BBB+/Baa2)
	425,000	5.000		01/01/2022		461,945
	450,000	5.000		01/01/2023		494,100
	Corona-Norco Unified School District Public Financing Authority Special Tax Refunding Senior Lien Series 2013 A (A-/NR)
	275,000	4.000		09/01/2018		277,599
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)
	6,000,000	5.000		06/01/2020		6,409,020
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (BBB+/NR)
	5,000,000	5.000		06/01/2021		5,452,300
	6,000,000	5.000		06/01/2022		6,649,200
	6,000,000	5.000		06/01/2023		6,724,980
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 12-1 Series 2012 Act 1915 (BBB+/NR)
	1,250,000	4.000		09/02/2018		1,263,188
	1,895,000	4.000		09/02/2019		1,955,621
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 15-2 Series 2015 (NR/NR)
	500,000	4.000		09/02/2018		504,925
	1,000,000	4.000		09/02/2019		1,029,290

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 15-2 Series 2015 (NR/NR) – (continued)
$	725,000	4.000 %		09/02/2020	$	758,647
	775,000	5.000		09/02/2021		848,656
	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		1,966,916
	1,135,000	5.000		09/01/2023		1,280,201
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		651,930
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		565,833
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000	3.000		09/01/2022		262,987
	415,000	4.000		09/01/2023		449,814
	Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities District No. 88-3 Series 2015 B (AGM) (AA/NR)
	1,235,000	5.000		09/01/2020		1,327,514
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	1,495,000	4.000		09/01/2018		1,508,440
	1,000,000	4.000		09/01/2019		1,027,540
	840,000	5.000		09/01/2021		915,424
	Los Angeles County Public Works Financing Authority Lease RB for Multiple Capital Projects II Series 2012 (AA/Aa2)
	1,500,000	5.000		08/01/2018		1,517,715
	Miramar Ranch North California Special Tax Refunding for Community Facilities District No.1 Series 2012 (A/NR)
	3,075,000	4.000		09/01/2019		3,173,154
	Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
	350,000	5.000		08/01/2018		353,899
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (BBB-/NR)
	1,965,000	5.000		09/01/2018		1,991,901
	1,000,000	5.000		09/01/2019		1,041,950
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	410,000	3.000		09/01/2018		412,456
	730,000	4.000		09/01/2020		769,843
	650,000	4.000		09/01/2021		697,099
	Orange County Sanitation District COPS RB Refunding Certificate Anticipation Notes Series 2016 B (AAA/NR)
	21,065,000	2.000		12/15/2018		21,131,987
	Palo Alto Limited Obligation Refunding & Improvement for University Avenue Area Off-Street Parking Assessment District Series 2012 (BBB/NR)
	385,000	3.000		09/02/2018		387,129
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	450,000	3.000		09/01/2018		452,398
	650,000	4.000		09/01/2020		680,128
	380,000	4.000		09/01/2022		407,276
Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	175,000	2.000		09/01/2018		175,378
	725,000	3.000		09/01/2019		735,636
	1,000,000	4.000		09/01/2020		1,043,710
	675,000	5.000		09/01/2021		736,769
	800,000	5.000		09/01/2022		888,680
	1,835,000	5.000		09/01/2023		2,070,742
	Sacramento County Regional Transit District Farebox RB Series 2012 (ETM) (A-/A3)(a)
	730,000	5.000		03/01/2019		752,893
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)(d)
	43,220,000	(3 Mo. LIBOR + 0.53%), 1.874		12/01/2035		41,371,913
	Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA/NR)
	1,310,000	3.000		09/01/2018		1,318,541
	San Bernardino City Unified School District GO Refunding Bonds Series 2013 A (A+/A2)
	800,000	5.000		08/01/2018		809,048
	San Bernardino City Unified School District GO Refunding Bonds Series 2013 A (AGM) (AA/A2)
	150,000	5.000		08/01/2019		156,690
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA+/Aaa)
	2,750,000	4.000		06/15/2019		2,832,088
	San Francisco City & County Public Utilities Commission Water RB Refunding Series 2009 A (AA-/Aa3)(a)
	19,915,000	5.125		11/01/2019		21,017,096
	San Juan Unified School District Election of 2012 GO Bonds Series 2014 B (NR/Aa2)
	2,000,000	3.000		08/01/2019		2,039,260
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	1,000,000	4.000		09/01/2019		1,031,210
	San Ramon Valley Unified School District GO Bonds Series 1998 A (NATL-RE FGIC) (AA/Aa1)(e)
	2,000,000	0.000		07/01/2018		1,992,400
	Simi Valley Community Development Agency Tax Allocation Refunding for Tapo Canyon and West End Project Series 2003 (NATL-RE FGIC) (AA-/Baa2)
	600,000	5.250		09/01/2018		601,626
	Stockton Public Financing Authority RB Refunding Series 2016 A (A-/NR)
	710,000	2.000		09/02/2018		710,895
	410,000	2.000		09/02/2019		411,078
	Stockton Unified School District GO Refunding Bonds Series 2012 (AGM) (AA/A2)
	1,090,000	5.000		07/01/2019		1,134,080

76 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)
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BB+/Baa3)
$	1,120,000	4.750 %		06/01/2023	$	1,120,202
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(d)
	3,500,000	(3 Mo. LIBOR + 0.61%), 1.842		05/15/2030		3,349,430
	15,000,000	(3 Mo. LIBOR + 0.74%), 1.972		05/15/2043		12,901,500
	Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/A1)(e)
	1,775,000	0.000		08/01/2020		1,696,598
						348,879,134
Colorado – 1.4%
	City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000	5.000		12/01/2020		1,083,850
	Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (A-/A3)
	1,000,000	5.000		09/01/2020		1,072,210
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	500,000	4.000		12/01/2018		507,550
	1,000,000	5.000		12/01/2020		1,075,720
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	500,000	5.000		06/01/2018		502,380
	500,000	5.000		06/01/2019		515,775
	400,000	5.000		06/01/2020		422,976
	700,000	5.000		06/01/2021		755,062
	500,000	5.000		06/01/2022		549,300
	Denver City & County Airport COPS Refunding Series 2008 A-3 (AA+/Aa1)(b)(c)
	1,300,000	1.550		04/02/2018		1,300,000
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa2)(a)
	4,045,000	5.000		12/01/2021		4,490,921
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	2,000,000	5.000		12/01/2018		2,038,360
	2,000,000	5.000		12/01/2019		2,089,800
	2,415,000	5.000		12/01/2020		2,581,659
	4,110,000	5.000		12/01/2021		4,467,200
	4,315,000	5.000		12/01/2022		4,744,774
	4,530,000	5.000		12/01/2023		5,015,707
	4,760,000	5.000		12/01/2024		5,306,400
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(d)
	16,355,000	(3 Mo. LIBOR + 1.10%), 2.444		12/01/2033		15,145,875
Municipal Bonds – (continued)
Colorado – (continued)
	E-470 Public Highway Authority Senior RB Series 2017 A (A-/A3)(b)
	5,250,000	(1 Mo. LIBOR + 0.90%), 2.162		09/01/2019		5,261,235
	University of Colorado Hospital Authority RB Series 2017 C-1 (AA-/Aa3)(b)(c)
	6,360,000	4.000		03/01/2020		6,542,341
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA-/Aa3)(b)(c)
	7,215,000	5.000		03/01/2022		7,942,705
						73,411,800
Connecticut – 2.7%
	Connecticut State GO Bonds Series 2013 A (A+/A1)
	5,195,000	5.000		10/15/2023		5,765,775
	Connecticut State GO Bonds Series 2013 C (A+/A1)
	7,555,000	5.000		07/15/2019		7,846,396
	Connecticut State GO Bonds Series 2015 C (A+/A1)(d)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.80%, 10.00% Cap), 2.380		06/15/2020		10,067,400
	Connecticut State GO Bonds Series 2015 F (A+/A1)
	4,435,000	5.000		11/15/2023		4,928,970
	Connecticut State GO Bonds Series 2016 D (A+/A1)
	10,000,000	5.000		08/15/2020		10,653,900
	Connecticut State GO Bonds Series 2017 A (A+/A1)
	1,705,000	5.000		04/15/2022		1,860,718
	Connecticut State GO Refunding Bonds Series 2017 B (A+/A1)
	18,110,000	3.000		04/15/2022		18,385,634
	Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (ETM) (AGM) (AA/A2)(a)
	1,260,000	4.000		07/01/2018		1,267,686
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)(b)(c)
	11,250,000	1.800		02/09/2021		11,253,037
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(b)(c)
	30,000,000	5.000		02/01/2023		33,973,500
	Hartford County Metropolitan District GO Refunding Bonds Series 2017 B (SP-1+/NR)
	12,000,000	3.000		08/01/2018		12,032,640
	New Haven GO Refunding Bonds Series 2015 B (BAM) (AA/Baa1)
	6,115,000	5.000		08/15/2021		6,593,193
	Town of Hamden GO Refunding Bonds Series 2013 (A+/Baa2)
	1,685,000	5.000		08/15/2018		1,703,687
	2,000,000	5.000		08/15/2019		2,078,780
	University of Connecticut RB Refunding Series 2010 A (AA-/A1)
	2,775,000	5.000		02/15/2021		2,927,237
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	220,000	3.000		11/01/2018		220,246
	300,000	3.000		11/01/2019		300,042
	400,000	4.000		11/01/2020		408,048
	400,000	4.000		11/01/2021		408,148

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Connecticut – (continued)
	West Haven GO Bonds Series 2017 A (BBB/Baa3) – (continued)
$	415,000		5.000	%		11/01/2022	$	439,846
	400,000		5.000			11/01/2023		425,772
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	200,000		3.000			11/01/2019		200,028
	390,000		4.000			11/01/2020		397,847
	790,000		5.000			11/01/2022		837,297
	West Haven GO Refunding Bonds Series 2012 (AGM) (AA/A2)
	2,100,000		4.000			08/01/2018		2,113,440
								137,089,267
Delaware – 0.2%
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,250,000		5.000			02/01/2021		3,538,210
	3,500,000		5.000			02/01/2022		3,897,285
	1,750,000		5.000			02/01/2023		1,986,093
	Delaware Transportation Authority Transportation System Senior RB Refunding Series 2010 A (AA+/Aa2)
	1,900,000		5.000			07/01/2019		1,979,477
								11,401,065
Florida – 4.4%
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB/NR)
	315,000		2.000			05/01/2018		315,022
	320,000		2.000			05/01/2019		319,523
	325,000		2.000			05/01/2020		322,507
	335,000		2.250			05/01/2021		332,236
	340,000		2.250			05/01/2022		333,996
	350,000		2.500			05/01/2023		344,733
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,065,000		2.000			05/01/2019		1,063,978
	1,085,000		2.000			05/01/2020		1,078,642
	1,110,000		2.125			05/01/2021		1,099,355
	1,135,000		2.250			05/01/2022		1,117,986
	1,160,000		2.500			05/01/2023		1,142,542
	Atlantic Beach Health Care Facilities RB Refunding for Fleet Landing Project Series 2013 A (BBB/NR)
	970,000		4.000			11/15/2018		982,115
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (BBB+/NR)
	160,000		2.000			05/01/2018		160,058
	165,000		2.000			05/01/2019		165,403
	170,000		2.000			05/01/2020		169,964
	170,000		2.000			05/01/2021		169,143
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB+/NR)
	570,000		2.000			05/01/2018		570,205
	580,000		2.300			05/01/2019		583,265
	600,000		2.600			05/01/2020		607,164
	615,000		3.000			05/01/2021		630,111
	500,000		3.125			05/01/2022		514,980
	500,000		3.250			05/01/2023		516,325
Municipal Bonds – (continued)
Florida – (continued)
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	125,000		2.000			05/01/2018		125,045
	105,000		2.000			05/01/2019		105,256
	130,000		2.250			05/01/2020		130,631
	130,000		2.250			05/01/2021		130,307
	135,000		2.250			05/01/2022		134,476
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	265,000		3.500			05/01/2018		265,363
	275,000		3.500			05/01/2019		279,197
	285,000		3.500			05/01/2020		292,481
	295,000		3.500			05/01/2021		305,012
	305,000		3.500			05/01/2022		316,389
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (BBB-/NR)
	170,000		2.000			05/01/2018		170,012
	175,000		2.000			05/01/2019		174,981
	180,000		2.000			05/01/2020		179,525
	185,000		2.100			05/01/2021		184,014
	185,000		2.375			05/01/2022		183,538
	190,000		2.500			05/01/2023		187,494
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,015,000		5.000			07/01/2023		2,287,609
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	990,000		1.900			09/01/2020		979,496
	1,240,000		2.125			09/01/2022		1,203,743
	1,095,000		2.250			09/01/2023		1,058,164
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	210,000		2.000			05/01/2018		210,040
	215,000		2.000			05/01/2019		215,021
	220,000		2.000			05/01/2020		218,977
	225,000		2.250			05/01/2021		224,136
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	190,000		3.000			11/01/2018		191,731
	195,000		3.250			11/01/2019		199,807
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	1,375,000		5.000			05/01/2018		1,378,754
	1,890,000		5.000			05/01/2019		1,956,093
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	795,000		2.000			05/01/2018		795,024
	810,000		2.000			05/01/2019		808,704
	830,000		2.000			05/01/2020		824,140
	845,000		2.000			05/01/2021		831,320
	860,000		2.125			05/01/2022		839,394
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	114,000		2.125			05/01/2018		114,033
	117,000		2.125			05/01/2019		117,167
	119,000		2.375			05/01/2020		119,347

78 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) – (continued)
$	122,000		2.625	%		05/01/2021	$	122,881
	126,000		2.750			05/01/2022		126,920
	Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (A-/NR)
	180,000		2.250			05/01/2018		180,115
	180,000		2.500			05/01/2019		181,607
	185,000		2.750			05/01/2020		188,188
	County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A/A2)(b)(c)
	14,400,000		1.800			11/19/2020		14,348,448
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	250,000		2.400			05/01/2018		250,190
	250,000		2.700			05/01/2019		252,765
	250,000		3.000			05/01/2020		255,575
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,415,000		2.000			05/01/2018		1,415,226
	1,445,000		2.000			05/01/2019		1,446,532
	1,475,000		2.000			05/01/2020		1,466,947
	1,505,000		2.125			05/01/2021		1,491,891
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (A-/Baa1)
	500,000		5.000			04/01/2018		500,000
	500,000		5.000			04/01/2019		514,445
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2008 C (AAA/Aa1)
	2,990,000		5.000			06/01/2020		3,106,431
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aa1)
	5,810,000		5.000			06/01/2021		6,217,571
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-1 (AMBAC) (A/A2)(b)(c)
	1,700,000		2.765			10/01/2021		1,700,000
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-2 (AMBAC) (A/A2)(c)
	5,550,000		2.424			10/01/2021		5,550,000
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-3 (AMBAC) (A/A2)(c)
	54,175,000		2.590			10/01/2021		54,175,000
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	215,000		2.000			05/01/2018		215,077
	220,000		2.000			05/01/2019		220,537
	225,000		2.000			05/01/2020		224,953
	230,000		2.000			05/01/2021		228,841
	235,000		2.500			05/01/2022		236,360
	245,000		2.500			05/01/2023		244,302
	245,000		2.500			05/01/2024		240,242
	255,000		2.750			05/01/2025		249,681
	260,000		3.000			05/01/2026		256,685
Municipal Bonds – (continued)
Florida – (continued)
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)(f)
	215,000		3.500			05/01/2019		219,020
	225,000		3.500			05/01/2020		231,926
	235,000		3.500			05/01/2021		244,254
	245,000		3.500			05/01/2022		255,893
	250,000		3.500			05/01/2023		261,120
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	170,000		4.000			05/01/2018		170,289
	175,000		4.000			05/01/2019		178,901
	185,000		4.000			05/01/2020		190,657
	190,000		4.000			05/01/2021		197,245
	200,000		4.000			05/01/2022		208,322
	205,000		4.000			05/01/2023		213,505
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	415,000		2.000			05/01/2018		415,079
	425,000		2.250			05/01/2019		426,168
	535,000		2.500			05/01/2020		538,344
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	275,000		2.000			05/01/2018		275,019
	280,000		2.000			05/01/2019		279,583
	285,000		2.250			05/01/2020		284,250
	290,000		2.250			05/01/2021		287,607
	295,000		2.250			05/01/2022		289,790
	305,000		2.500			05/01/2023		300,410
	315,000		2.750			05/01/2024		310,477
	320,000		3.000			05/01/2025		316,170
	Hillsborough County School Board COPS Refunding for Florida Master Lease Program Series 2017 C (AA-/Aa2)
	1,350,000		5.000			07/01/2019		1,404,256
	10,000,000		5.000			07/01/2020		10,691,400
	Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	6,250,000		5.000			11/15/2018		6,376,625
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (BBB+/NR)
	260,000		3.500			05/01/2018		260,369
	270,000		3.500			05/01/2019		274,150
	275,000		3.500			05/01/2020		282,277
	290,000		3.500			05/01/2021		299,930
	300,000		3.500			05/01/2022		311,322
	305,000		3.500			05/01/2023		317,532
	320,000		3.500			05/01/2024		332,070
	Mediterra South Community Development District Capital Improvement RB Refunding Series 2012 (A-/NR)
	285,000		3.800			05/01/2018		285,524
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Series 2012 (BBB+/Baa1)
	2,220,000		4.000			11/15/2018		2,244,575
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(f)
	2,390,000		5.000			03/01/2019		2,463,182
	2,510,000		5.000			03/01/2020		2,664,566

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(f) – (continued)
$	2,635,000		5.000	%		03/01/2021	$	2,824,931
	2,770,000		5.000			03/01/2022		3,017,804
	Miami-Dade County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2006 (A-/NR)
	6,000,000		1.500			10/01/2018		5,997,960
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	750,000		5.000			01/01/2019		765,675
	1,000,000		5.000			01/01/2020		1,047,450
	1,000,000		5.000			01/01/2021		1,070,270
	1,000,000		5.000			01/01/2022		1,088,800
	Orlando Florida Capital Improvement Special RB Refunding Series 2016 B (AA+/Aa2)
	1,525,000		5.000			10/01/2021		1,680,840
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,245,000		5.000			04/01/2018		1,245,000
	1,305,000		5.000			04/01/2019		1,346,890
	1,375,000		5.000			04/01/2020		1,457,473
	Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)(b)(c)
	7,340,000		3.000			10/01/2020		7,481,735
	Palm Beach County Health Facilities Authority Hospital RB Refunding for Jupiter Medical Center, Inc. Project Series 2013 A (BBB+/Baa2)
	630,000		4.000			11/01/2018		635,380
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	475,000		2.000			05/01/2018		475,090
	485,000		2.000			05/01/2019		485,049
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A/NR)
	135,000		2.250			05/01/2018		135,101
	140,000		2.875			05/01/2019		141,885
	Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB-/NR)
	225,000		2.625			05/01/2018		225,124
	230,000		3.000			05/01/2019		232,093
	Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,930,000		4.000			05/01/2020		1,960,706
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	355,000		2.000			05/01/2018		355,128
	360,000		2.000			05/01/2019		360,879
	365,000		2.000			05/01/2020		364,923
	375,000		2.000			05/01/2021		373,110
	385,000		2.500			05/01/2022		387,229
	395,000		2.500			05/01/2023		393,874
	405,000		2.500			05/01/2024		397,135
	415,000		2.750			05/01/2025		406,343
	425,000		3.000			05/01/2026		419,581
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	95,000		2.500			05/01/2018		95,080
Municipal Bonds – (continued)
Florida – (continued)
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR) – (continued)
	90,000		2.750			05/01/2019		91,043
	100,000		3.000			05/01/2020		102,230
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	215,000		2.000			05/01/2018		214,942
	380,000		2.125			05/01/2019		379,856
	390,000		2.250			05/01/2020		388,740
	400,000		2.625			05/01/2021		400,760
	405,000		2.875			05/01/2022		406,778
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB-/NR)
	320,000		2.000			11/01/2018		320,198
	325,000		2.000			11/01/2019		324,295
	330,000		2.250			11/01/2020		328,931
	330,000		2.250			11/01/2021		326,855
	335,000		2.250			11/01/2022		328,404
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (BBB/NR)
	295,000		2.000			05/01/2018		295,056
	300,000		2.000			05/01/2019		300,030
	310,000		2.000			05/01/2020		308,559
	100,000		2.000			05/01/2021		98,878
	100,000		2.125			05/01/2022		98,325
	100,000		2.375			05/01/2023		98,140
	100,000		2.500			05/01/2024		97,294
	100,000		2.750			05/01/2025		97,665
	100,000		3.000			05/01/2026		98,445
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	330,000		4.000			05/01/2018		330,531
	345,000		4.125			05/01/2019		352,252
	375,000		4.375			05/01/2021		395,355
	390,000		4.500			05/01/2022		416,770
	Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB+/NR)
	110,000		2.500			05/01/2018		110,083
	115,000		2.875			05/01/2019		116,350
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	240,000		2.000			05/01/2018		240,026
	245,000		2.000			05/01/2019		245,103
	250,000		2.000			05/01/2020		246,578
	255,000		2.250			05/01/2021		251,522
	260,000		2.250			05/01/2022		253,266
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	170,000		2.000			05/01/2018		170,061
	175,000		2.000			05/01/2019		175,427
	175,000		2.000			05/01/2020		174,963
	180,000		2.250			05/01/2021		180,425
	185,000		2.250			05/01/2022		184,282

80 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)
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
$	960,000		2.000	%		05/01/2019	$	959,079
	980,000		2.000			05/01/2020		974,453
	1,000,000		2.125			05/01/2021		990,710
	1,020,000		2.250			05/01/2022		1,004,710
	1,045,000		2.500			05/01/2023		1,029,273
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	110,000		3.000			05/01/2018		110,134
	110,000		3.250			05/01/2019		111,860
	115,000		3.500			05/01/2020		118,731
	115,000		3.750			05/01/2021		120,450
	125,000		3.875			05/01/2022		131,970
	125,000		4.000			05/01/2023		131,480
	135,000		4.125			05/01/2024		142,937
	140,000		4.150			05/01/2025		147,588
	145,000		4.250			05/01/2026		153,182
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	400,000		2.300			05/01/2019		401,312
	125,000		2.600			05/01/2020		125,932
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (BBB/NR)
	165,000		2.000			05/01/2018		165,031
	165,000		2.000			05/01/2019		165,192
	165,000		2.000			05/01/2020		164,564
	355,000		2.250			05/01/2021		353,637
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
	230,000		2.500			05/01/2018		230,163
	235,000		2.875			05/01/2019		237,860
	240,000		3.000			05/01/2020		242,266
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)
	295,000		2.000			05/01/2018		295,056
	300,000		2.250			05/01/2019		300,825
	305,000		2.500			05/01/2020		306,659
	315,000		2.750			05/01/2021		318,437
	325,000		3.000			05/01/2022		330,499
	335,000		3.100			05/01/2023		340,199
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	960,000		4.500			05/01/2023		1,024,752
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	250,000		4.000			05/01/2018		250,352
	250,000		4.000			05/01/2019		254,443
	350,000		4.000			05/01/2020		360,777
	360,000		4.000			05/01/2021		374,591
	375,000		4.000			05/01/2022		392,370
	395,000		4.000			05/01/2023		413,849
	415,000		4.000			05/01/2024		435,771
	320,000		4.000			05/01/2025		335,059
Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 7 Special Assessment RB Refunding Series 2015 (A/NR)
	1,425,000		3.000			05/01/2019		1,444,537
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	195,000		2.000			11/01/2018		195,010
	195,000		2.000			11/01/2019		194,276
	200,000		2.250			11/01/2020		198,856
	205,000		2.250			11/01/2021		202,355
	210,000		2.250			11/01/2022		204,979
	215,000		2.500			11/01/2023		210,380
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	375,000		2.500			05/01/2018		375,281
	385,000		2.000			05/01/2019		385,940
	390,000		2.375			05/01/2020		392,878
	400,000		2.625			05/01/2021		405,388
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	95,000		2.250			05/01/2018		95,061
	95,000		2.875			05/01/2019		96,227
								224,349,168
Georgia – 4.4%
	Atlanta Water & Wastewater RB Refunding Series 2009 A (AA-/Aa2)(a)
	5,645,000		6.000			11/01/2019		6,020,279
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/A3)(b)(c)
	6,500,000		1.850			08/22/2019		6,478,745
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)(b)(c)
	29,150,000		3.000			02/01/2023		28,787,374
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000		5.000			12/01/2021		629,194
	500,000		5.000			12/01/2022		554,195
	500,000		5.000			12/01/2023		560,535
	City of Augusta GO Bonds Series 2016 (NR/Aa2)
	12,810,000		5.000			10/01/2019		13,440,893
	12,135,000		5.000			10/01/2020		13,074,977
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	34,820,000		4.000			10/01/2020		36,715,252
	31,115,000		4.000			10/01/2021		33,346,879
	18,845,000		4.000			10/01/2022		20,440,418
	Fulton County Development Authority RB Refunding for Spelman College Series 2012 (NR/A1)
	1,010,000		4.000			06/01/2018		1,013,848
	Georgia State GO Bonds Series 2017 A-1 (AAA/Aaa)
	20,000,000		5.000			02/01/2021		21,779,400
	Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000		5.000			09/01/2021		10,238,288

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	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)
$	12,800,000	(3 Mo. LIBOR + 0.60%), 2.149%		10/01/2024	$	12,705,536
	Public Gas Partners Inc., Gas Project RB for Gas Supply Pool No. 1 Series 2009 A (A+/WR)
	5,950,000	5.000		10/01/2019		6,228,579
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)(a)(e)
	10,130,000	0.000		12/01/2021		9,404,591
						221,418,983
Guam – 0.4%
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BBB+/NR)
	1,000,000	5.000		12/01/2018		1,016,990
	1,500,000	5.000		12/01/2019		1,559,580
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (A/NR)
	265,000	4.000		11/15/2018		267,592
	3,775,000	5.000		11/15/2021		4,056,086
	Guam Power Authority RB Series 2010 A (BBB/Baa2)(a)
	7,495,000	5.500		10/01/2020		8,160,781
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000	5.000		07/01/2021		331,793
	500,000	5.000		07/01/2022		541,420
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	100,000	5.000		07/01/2019		103,178
	400,000	5.000		07/01/2021		428,120
	400,000	5.000		07/01/2022		433,136
	500,000	5.000		07/01/2023		547,175
	400,000	5.000		07/01/2024		441,588
						17,887,439
Hawaii – 0.5%
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)
	7,545,000	3.000		10/01/2021		7,824,316
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,000,000	5.000		11/01/2022		3,379,170
	Honolulu City & County GO Bonds Series 2015 C (AA+/Aa1)
	6,720,000	4.000		10/01/2019		6,953,184
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000	5.000		09/01/2021		4,821,421
						22,978,091
Illinois – 8.8%
	Chicago Illinois Board of Education Dedicated Revenues Series 2007 D (AGM) (AA/A2)
	5,000,000	5.000		12/01/2021		5,046,300
	Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL-RE-IBC FGIC) (B/Baa2)
	1,600,000	5.250		12/01/2020		1,690,512
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE FGIC) (B/Baa2)(e)
	6,595,000	0.000		12/01/2019		6,266,437
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series C (BBB+/Ba1)(e)
	4,645,000	0.000		01/01/2023		3,790,692
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,020,000	5.500		01/01/2023		10,802,662
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,980,000	5.000		01/01/2023		5,276,858
	Chicago Illinois GO Bonds Project and Refunding Series 2009 A (BBB+/Ba1)
	5,400,000	5.000		01/01/2022		5,546,718
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,075,000	5.000		01/01/2022		2,184,726
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,400,000	5.000		01/01/2030		4,405,808
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,445,000	5.000		01/01/2022		15,208,852
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	1,495,000	5.000		01/01/2020		1,546,413
	2,000,000	5.000		01/01/2021		2,097,540
	16,000,000	5.000		01/01/2022		16,920,960
	13,395,000	5.000		01/01/2023		14,271,703
	Chicago Illinois Midway Airport Second Lien RB Refunding Series 2014 B (A/A3)
	400,000	5.000		01/01/2019		409,984
	Chicago Illinois Modern Schools Across Chicago Program GO Bonds Series 2010 A (BBB+/Ba1)
	1,080,000	5.000		12/01/2019		1,117,195
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
	4,000,000	5.000		01/01/2021		4,315,440
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)(a)
	1,250,000	5.000		01/01/2021		1,353,812
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000	5.000		01/01/2021		1,067,520
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000	5.000		01/01/2021		2,188,416
	1,450,000	5.000		01/01/2022		1,575,512
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000	5.000		01/01/2021		640,512
	1,660,000	5.000		01/01/2022		1,803,690
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,500,000	5.000		11/01/2020		2,669,250

82 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 Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
$	2,500,000		5.000	%		11/01/2019	$	2,613,875
	1,400,000		5.000			11/01/2020		1,494,780
	1,000,000		5.000			11/01/2021		1,087,180
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA-/A2)
	1,500,000		5.000			11/15/2019		1,569,495
	1,000,000		4.000			11/15/2020		1,050,460
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	690,000		4.000			12/01/2019		713,108
	675,000		4.000			12/01/2020		706,044
	710,000		4.000			12/01/2021		751,620
	800,000		4.000			12/01/2022		849,568
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-1 (AA-/Aa2)(b)(c)
	7,625,000		1.800			02/13/2020		7,594,424
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA-/Aa2)(b)(c)
	6,000,000		1.550			02/13/2020		5,948,700
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	300,000		3.000			06/01/2018		300,528
	125,000		3.000			12/01/2018		125,790
	200,000		3.000			12/01/2019		202,298
	400,000		4.000			12/01/2020		415,344
	425,000		4.000			12/01/2021		442,918
	300,000		5.000			12/01/2022		324,414
	450,000		5.000			12/01/2023		489,424
	Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)(b)(c)
	6,825,000		1.750			05/06/2020		6,768,011
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)(a)
	6,960,000		5.000			12/01/2021		7,701,170
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	2,070,000		3.250			05/15/2022		2,105,770
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	255,000		4.000			09/01/2020		265,718
	500,000		4.000			09/01/2021		525,710
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)(b)(c)
	3,365,000		5.000			12/15/2022		3,817,222
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA/NR)
	300,000		5.000			01/01/2020		315,345
	500,000		5.000			01/01/2021		537,765
	1,000,000		5.000			01/01/2022		1,096,300
	1,500,000		5.000			01/01/2023		1,671,000
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	14,360,000		4.000			01/01/2019		14,498,287
	2,445,000		5.000			03/01/2019		2,495,220
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	3,645,000		5.000			07/01/2019		3,744,508
	3,990,000		5.500			07/01/2024		4,284,023
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	3,730,000		5.000			02/01/2019		3,799,937
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000			12/01/2020		8,982,528
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	25,000,000		5.000			11/01/2019		25,795,500
	4,750,000		5.000			12/01/2020		4,961,280
	9,000,000		5.000			12/01/2021		9,450,270
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	31,335,000		5.000			11/01/2022		32,752,909
	44,500,000		5.000			11/01/2024		46,474,020
	Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)
	16,000,000		4.000			09/01/2020		16,042,720
	Illinois State GO Refunding Bonds Series 2010 (BBB-/Baa3)
	16,490,000		5.000			01/01/2020		16,943,640
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,295,000		5.000			08/01/2019		7,506,336
	10,925,000		5.000			08/01/2020		11,352,277
	1,000,000		5.000			08/01/2021		1,046,050
	Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)
	20,000,000		5.000			02/01/2020		20,575,800
	5,000,000		5.000			02/01/2022		5,193,550
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (AA-/NR)
	1,475,000		5.000			06/15/2022		1,624,816
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (AA-/NR)
	675,000		4.000			06/15/2021		711,254
	2,875,000		5.000			06/15/2022		3,167,014
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (AA-/NR)
	3,185,000		4.000			06/15/2021		3,356,066
	Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2017 (ETM) (NATL-RE) (NR/NR)(a)(e)
	2,430,000		0.000			06/15/2018		2,422,005
	Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2017 (NATL-RE) (BB+/NR)(e)
	75,000		0.000			06/15/2018		74,573
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,000,000		5.000			06/01/2022		5,497,150
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	2,000,000		5.000			03/01/2021		2,156,440
	State of Illinois Build Illinois Sales Tax RB Refunding Bonds Series 2010 (AA-/NR)
	1,170,000		5.000			06/15/2018		1,177,488
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,245,000		5.000			02/01/2023		3,391,804
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,000,000		5.000			02/01/2019		2,037,500
	2,360,000		5.000			02/01/2023		2,466,766

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	University of Illinois Board Trustees COP RB Refunding Series 2016 A (A-/A1)
$	5,250,000		5.000	%		08/15/2020	$	5,531,033
	5,000,000		5.000			08/15/2021		5,357,550
	Will & Kendall Counties Community Consolidated School District No. 202 GO Refunding Bonds Series 2017 (NR/Aa2)
	9,650,000		2.000			01/01/2019		9,663,414
								448,215,221
Indiana – 0.7%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A-/A1)(b)(c)
	15,000,000		1.850			10/01/2019		14,951,700
	Delaware County Indiana Hospital Authority RB Refunding for Ball Memorial Hospital, Inc. Obligated Group Series 2009 A (ETM) (NR/WR)(a)
	4,585,000		5.625			08/01/2018		4,645,109
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	855,000		5.000			05/01/2020		907,830
	Indiana Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (A+/NR)
	500,000		5.000			03/01/2019		514,845
	650,000		5.000			03/01/2020		688,766
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB RMKT 08/01/17 Series 2005 A-5 (AA/Aa3)(b)(c)
	5,535,000		1.350			08/04/2020		5,446,994
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/Aa3)(b)(c)
	4,505,000		1.375			05/01/2020		4,445,219
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/NR)(a)(b)(c)
	95,000		1.375			05/01/2020		94,295
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	375,000		5.000			07/15/2020		398,505
	465,000		3.000			01/15/2021		474,095
	250,000		5.000			07/15/2021		271,303
	405,000		3.000			01/15/2022		413,582
	200,000		5.000			07/15/2022		220,696
	300,000		5.000			01/15/2023		333,174
	375,000		3.000			07/15/2023		381,236
								34,187,349
Iowa – 0.0%
	Iowa Finance Authority State Revolving Fund RB Series 2013 (AAA/Aaa)
	1,000,000		5.000			08/01/2018		1,011,510
Kansas – 0.5%
	Johnson County Public Building Commission RB Refunding for Kansas Lease Purchase Series 2015 B (AAA/Aaa)
	2,735,000		2.000			09/01/2019		2,747,526
	3,810,000		2.000			09/01/2020		3,834,156
	Johnson County Unified School District No. 229 GO Bonds for Kansas Blue Valley Series 2015 B (AA+/Aaa)
	4,725,000		5.000			10/01/2019		4,954,115
Municipal Bonds – (continued)
Kansas – (continued)
	Johnson County Unified School District No. 229 GO Bonds for Kansas Blue Valley Series 2017 A (AA+/Aaa)
	5,955,000		5.000			10/01/2020		6,426,874
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,455,000		4.000			10/01/2020		3,637,873
	3,000,000		4.000			10/01/2021		3,206,760
								24,807,304
Kentucky – 0.7%
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	200,000		5.000			06/01/2018		200,778
	350,000		5.000			06/01/2019		359,089
	500,000		5.000			06/01/2020		523,000
	1,100,000		5.000			06/01/2021		1,169,256
	2,450,000		5.000			06/01/2022		2,635,269
	1,000,000		5.000			06/01/2023		1,085,960
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	655,000		4.000			04/01/2019		668,814
	785,000		4.000			04/01/2020		815,544
	775,000		4.000			04/01/2021		816,137
	1,210,000		4.000			04/01/2022		1,285,226
	Kentucky State Property and Buildings Commission for Project 117 RB Refunding Series 2017 D (A+/A1)
	4,000,000		5.000			05/01/2021		4,338,920
	Kentucky State Property and Buildings Commission for Project 99 RB Refunding Series 2010 A (A/A1)
	4,480,000		5.000			11/01/2018		4,563,552
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A (AA-/Aa3)
	950,000		2.000			07/01/2020		952,480
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	550,000		5.000			10/01/2020		589,534
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Company Project RMKT 06/01/17 Series 2017 A (A/A1)(b)(c)
	4,000,000		1.250			06/03/2019		3,962,360
	Louisville & Jefferson County Metropolitan Sewer District RB for Sewer & Drainage System Series 2009 B (AA/Aa3)
	2,000,000		5.000			05/15/2019		2,072,880
	Louisville & Jefferson County PCRB for Louisville Gas & Electric Company Project RMKT 04/03/17 Series 2003 A (A/A1)(b)(c)
	6,000,000		1.500			04/01/2019		5,976,480
	University of Louisville General Receipts RB Refunding Series 2016 C (A+/A1)
	4,680,000		3.000			09/01/2021		4,814,784
								36,830,063

84 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)
Louisiana – 0.5%
	City of Shreveport Louisiana Water and Sewer RB Refunding Series 2014 A (BAM) (AA/A3)
$	3,000,000		5.000	%		12/01/2019	$	3,161,400
	Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (AA+/A1)
	680,000		2.000			07/15/2018		680,714
	1,040,000		4.000			07/15/2018		1,046,937
	1,000,000		5.000			07/15/2019		1,040,130
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Southeastern Louisiana Student Series 2004 B (NATL-RE) (NR/A3)(c)
	10,675,000		2.765			08/01/2034		9,799,330
	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)
	735,000		2.250			10/01/2021		740,424
	815,000		5.000			10/01/2021		896,255
	800,000		2.500			10/01/2022		810,904
	950,000		5.000			10/01/2022		1,064,105
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	2,750,000		5.000	(a)		08/01/2022		3,092,760
	5,000,000		5.000			08/01/2022		5,590,150
								27,923,109
Maine – 0.1%
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	685,000		5.000			10/01/2019		718,421
	1,985,000		4.000			10/01/2020		2,089,073
	1,345,000		4.000			10/01/2021		1,436,299
	Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)
	1,430,000		5.000			07/01/2020		1,532,145
								5,775,938
Maryland – 3.8%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	200,000		3.000			09/01/2018		201,090
	350,000		4.000			09/01/2019		360,528
	500,000		5.000			09/01/2020		535,005
	500,000		5.000			09/01/2021		545,930
	500,000		5.000			09/01/2022		554,535
	Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AAA/Aa1)
	3,055,000		4.000			11/01/2018		3,098,748
	City of Baltimore RB for Water Projects Series 2002 Subseries B (NATL-RE FGIC) (AA/Aa3)(c)
	11,350,000		2.612			07/01/2037		9,640,463
	City of Baltimore RB for Water Projects Series 2002 Subseries C (AA-/A1)(c)
	7,025,000		2.612			04/04/2018		5,949,121
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000			08/01/2022		2,247,500
Municipal Bonds – (continued)
Maryland – (continued)
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,205,358
	County of Baltimore GO Bonds Series 2018 (SP-1+/MIG1)
	25,000,000		4.000			03/18/2019		25,565,000
	Howard County GO Bonds Consolidated Public Improvement Project & Refunding Series 2014 A (AAA/Aaa)
	2,590,000		5.000			02/15/2022		2,882,774
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	600,000		4.000			06/01/2020		627,066
	660,000		4.000			06/01/2021		700,227
	Maryland State GO Bonds for State & Local Facilities Loan First Series 2018 A (AAA/Aaa)
	10,470,000		5.000			03/15/2022		11,674,050
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)(a)
	17,850,000		4.000			08/01/2020		18,778,557
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 B (AAA/Aaa)(a)
	19,845,000		5.000			08/01/2022		22,318,481
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 C (AAA/Aaa)
	46,585,000		5.000			08/01/2021		51,298,470
	Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)(a)
	5,140,000		5.000			03/01/2021		5,604,399
	Montgomery County GO Consolidated Public Improvement Refunding Bonds Series 2017 D (AAA/Aaa)
	8,200,000		3.000			11/01/2022		8,545,958
	Prince George’s County GO Refunding Bonds for Consolidated Public Improvement Series 2016 B (AAA/Aaa)
	5,000,000		4.000			07/15/2021		5,342,450
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,560,000		5.000			04/01/2020		1,661,478
	1,595,000		5.000			04/01/2022		1,780,419
	1,075,000		5.000			04/01/2023		1,221,533
	University of Maryland RB Refunding Revolving Loan Series 2003 A (AA+/Aa1)(b)(c)
	2,010,000		1.250			06/01/2018		2,007,688
	Washington Suburban Sanitary District GO Refunding Bonds Consolidated Public Improvement Second Series 2016 (AAA/Aaa)
	5,555,000		5.000			06/01/2019		5,771,978
								192,118,806
Massachusetts – 4.4%
	City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
	4,105,000		5.000			01/15/2021		4,456,429
	Massachusetts Bay Transportation Authority RB Series 2017 (AA/Aa3)
	50,000,000		4.000			12/01/2021		53,714,000

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Bay Transportation Authority Sales Tax RB Refunding for Capital Appreciation Senior Series 2016 A (AA/Aa2)(e)
$	7,000,000	0.000 %		07/01/2021	$	6,562,290
	Massachusetts Commonwealth GO Refunding Bonds Series 2017 A (AA/Aa1)(d)
	40,000,000	(SIFMA Municipal Swap Index Yield + 0.47%), 2.050		02/01/2019		40,051,600
	Massachusetts Commonwealth Transportation Fund RB for Accelerated Bridge Program Series 2012 A (AAA/Aa1)(a)
	10,000,000	5.000		06/01/2021		10,975,600
	Massachusetts Commonwealth Transportation Fund RB for Rail Enhancement Program Series 2015 A (AAA/Aa1)
	11,155,000	5.000		06/01/2021		12,246,851
	Massachusetts Development Finance Agency RB for Harvard University Series 2009 A (NR/NR)(a)
	28,790,000	5.500		11/15/2018		29,490,173
	Massachusetts School Building Authority RB Refunding Senior Dedicated Sales Tax Series 2012 B (AA+/Aa2)
	3,000,000	5.000		08/15/2020		3,226,470
	Massachusetts State Development Finance Agency RB Refunding for Boston University Issue Series Z-1 (A+/Aa3)
	10,000,000	1.500		08/01/2019		9,985,500
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE FGIC) (AA/Aa1)(d)
	15,145,000	(3 Mo. LIBOR + 0.57%), 1.758		05/01/2037		14,569,490
	Massachusetts State GO Bonds Consolidated Loan Series 2009 A (AA/Aa1)(a)
	5,210,000	5.000		03/01/2019		5,370,937
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)(d)
	26,075,000	(3 Mo. LIBOR + 0.57%), 1.758		05/01/2037		25,211,135
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)(d)
	8,000,000	(3 Mo. LIBOR + 0.55%), 1.738		11/01/2025		8,003,520
						223,863,995
Michigan – 2.8%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
	3,635,000	5.000		05/01/2021		3,962,295
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA-/NR)
	2,500,000	5.000		05/01/2022		2,778,775
	1,275,000	5.000		11/01/2022		1,428,459
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	3,015,000	5.250		07/01/2020		3,238,562
Municipal Bonds – (continued)
Michigan – (continued)
	Detroit Michigan Sewage Disposal System RB Senior Lien RMKT 06/17/09 Series 2003 B (AGM) (AA/NR)(a)
	1,800,000	7.500		07/01/2019		1,926,324
	Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA-/NR)
	1,250,000	5.000		05/01/2020		1,326,975
	Macomb County Michigan Roseville Community Schools Unlimited Tax GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	365,000	5.000		05/01/2018		365,931
	900,000	5.000		05/01/2019		929,808
	Michigan Finance Authority Hospital Project RB Refunding Ascension Senior Credit Series 2016 E-1 (AA+/Aa2)(b)(c)
	3,000,000	1.100		08/15/2019		2,970,570
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A/A1)
	2,300,000	4.000		08/01/2020		2,409,434
	3,635,000	5.000		08/01/2021		3,978,144
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A3)
	200,000	5.000		11/15/2019		209,722
	200,000	5.000		11/15/2020		214,794
	500,000	5.000		11/15/2021		548,220
	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 (MUN GOVT GTD) (A-/Aa2)
	3,500,000	5.000		04/01/2020		3,674,790
	1,510,000	5.000		04/01/2021		1,619,158
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	500,000	3.400		10/01/2020		508,510
	500,000	3.600		10/01/2021		512,725
	500,000	3.800		10/01/2022		515,000
	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/A2)
	5,125,000	5.000		07/01/2021		5,580,202
	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-5 (NATL-RE FGIC) (A-/A3)
	1,500,000	5.000		07/01/2018		1,511,895
	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/A2)
	3,165,000	5.000		07/01/2020		3,369,395
	10,000,000	5.000		07/01/2021		10,888,200
	9,225,000	5.000		07/01/2022		10,226,374
	5,000,000	5.000		07/01/2023		5,628,950

86 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)
	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-3 (NATL-RE FGIC) (A-/A3)
$	7,410,000	5.000 %		07/01/2018	$	7,468,761
	5,000,000	5.000		07/01/2019		5,192,750
	1,390,000	5.000		07/01/2020		1,478,196
	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 (A-/A3)
	700,000	5.000		07/01/2019		726,985
	375,000	5.000		07/01/2020		398,794
	750,000	5.000		07/01/2021		815,385
	Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (A-/NR)
	1,400,000	4.000		07/01/2018		1,408,442
	1,125,000	5.000		07/01/2019		1,169,921
	1,200,000	5.000		07/01/2020		1,268,820
	Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)
	1,135,000	5.000		10/01/2018		1,153,591
	825,000	5.000		10/01/2019		862,257
	1,140,000	5.000		10/01/2020		1,188,211
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	4,085,000	5.000		01/01/2020		4,252,240
	Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)
	1,040,000	4.000		05/01/2019		1,064,523
	500,000	4.000		05/01/2020		521,495
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Credit Group Series 2010 F-1 (AA+/Aa2)(b)(c)
	3,050,000	2.000		05/30/2018		3,052,257
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)(b)(c)
	2,600,000	1.900		04/01/2021		2,584,244
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)(b)(c)
	4,400,000	2.400		03/15/2023		4,389,792
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)(b)(c)
	2,000,000	1.450		09/01/2021		1,928,780
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(b)(c)
	4,000,000	1.450		09/01/2021		3,857,560
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	1,000,000	5.000		05/01/2018		1,002,440
	2,475,000	5.000		05/01/2020		2,630,554
Municipal Bonds – (continued)
Michigan – (continued)
	Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA-/NR)
	875,000	4.000		05/01/2018		876,733
	700,000	4.000		05/01/2019		717,647
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2014 D (A/A1)
	1,500,000	5.000		09/01/2019		1,566,135
	St. Clair County Michigan East China School District 2015 School Bus GO Refunding Bonds Series I (Q-SBLF) (AA-/NR)
	3,170,000	3.000		05/01/2019		3,211,083
	University of Michigan General RB Series 2012 E (AAA/Aaa)(b)
	4,000,000	(SIFMA Municipal Swap Index Yield + 0.27%, 12.00% Cap), 1.360		04/01/2022		4,000,000
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds Series 2016 B (BAM) (AA/NR)
	1,625,000	4.000		05/01/2018		1,627,811
	1,790,000	5.000		05/01/2019		1,849,679
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 A (Q-SBLF) (AA-/NR)
	1,420,000	4.000		05/01/2019		1,449,806
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA-/NR)
	1,260,000	4.000		05/01/2020		1,307,880
	1,000,000	5.000		05/01/2021		1,081,630
	1,000,000	5.000		05/01/2022		1,101,230
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,270,000	5.000		12/01/2018		1,298,346
	1,385,000	5.000		12/01/2019		1,459,278
	Western Township Utilities Authority Sewage Disposal System Limited Tax RB for Series 2012 (MUN GOVT GTD) (AA/NR)
	1,000,000	4.000		01/01/2019		1,016,700
						141,303,168
Minnesota – 0.9%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AA+/NR)(e)
	675,000	0.000		02/01/2021		633,191
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corporation Series 2017 (NR/Baa1)
	500,000	4.000		05/01/2021		527,550
	500,000	4.000		05/01/2022		532,695
	500,000	5.000		05/01/2023		560,010
	Minneapolis Minnesota Various Purpose GO Improvement Bonds Series 2016 (AAA/Aa1)
	10,000,000	2.000		12/01/2020		10,051,600
	Minnesota Higher Education Facilities Authority RB for University of St. Thomas Series 2013 7-U (NR/A2)
	500,000	5.000		04/01/2018		500,000
	Minnesota State Trunk Highway GO Bonds Series 2017 B (AA+/Aa1)
	5,700,000	5.000		10/01/2021		6,302,832
	5,700,000	5.000		10/01/2022		6,428,916

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Minnesota – (continued)
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AA+/Aa1)
$	9,800,000	5.000 %		08/01/2021	$	10,794,896
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AA+/Aa1)
	6,295,000	5.000		08/01/2021		6,934,068
	University of Minnesota GO Bonds Series 2017 (AA/Aa1)
	1,700,000	4.000		09/01/2019		1,756,440
						45,022,198
Mississippi – 0.1%
	Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)(b)
	7,000,000	(1 Mo. LIBOR + 0.33%, 11.00% Cap), 1.592		09/01/2020		6,983,130
Missouri – 0.8%
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	300,000	5.000		03/01/2019		307,284
	325,000	5.000		03/01/2020		340,685
	400,000	5.000		03/01/2021		426,044
	Missouri Health & Educational Facilities Authority RB Refunding Series 1996 C (AA+/Aa1)(b)(c)
	1,000,000	1.610		04/02/2018		1,000,000
	Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)(b)(c)
	7,000,000	1.650		04/02/2018		7,000,000
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	1,180,000	4.000		06/01/2018		1,184,389
	960,000	4.000		06/01/2019		983,693
	1,000,000	4.000		06/01/2020		1,034,540
	Missouri State Highways and Transportation Commission Second Lien GO Refunding State Road Bonds Series 2014 B (AAA/Aa1)
	24,275,000	5.000		05/01/2019		25,158,367
	St. Louis Airport RB Refunding for Lambert St. Louis International Airport Series 2013 (A-/A3)
	765,000	5.000		07/01/2018		771,166
	St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000	5.000		02/01/2021		4,345,801
						42,551,969
Montana – 0.3%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	275,000	4.000		07/01/2019		282,923
	240,000	4.000		07/01/2020		251,611
	210,000	4.000		07/01/2021		223,465
	310,000	5.000		07/01/2022		346,983
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A2)
	8,750,000	2.000		08/01/2023		8,453,112
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	345,000	4.000		12/01/2019		357,820
	400,000	4.000		06/01/2020		419,172
Municipal Bonds – (continued)
Montana – (continued)
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2) – (continued)
	500,000	4.000		12/01/2020		528,580
	645,000	4.000		06/01/2021		686,557
	510,000	4.000		12/01/2021		546,761
	260,000	5.000		06/01/2022		290,545
	445,000	5.000		12/01/2022		502,005
	Montana State Department of Transportation Refunding Grant Anticipation Notes for Highway 93 Advance Construction Project-Garvees Series 2012 (AA/A2)
	1,750,000	3.000		06/01/2018		1,754,113
	800,000	4.000		06/01/2018		803,160
						15,446,807
Nebraska – 0.5%
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000	5.000		09/01/2021		2,880,579
	Gas Supply RB Refunding for Central Plains Energy Project Series 2014 (NR/A1)(b)(c)
	20,000,000	5.000		12/01/2019		20,958,200
	Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A-/NR)
	750,000	4.000		11/01/2019		774,480
	690,000	4.000		11/01/2020		719,539
						25,332,798
Nevada – 1.1%
	Clark County Pollution Control RB Refunding for Nevada Power Company Project Series 2017 (A+/A2)(b)(c)
	1,850,000	1.600		05/21/2020		1,828,873
	Clark County School District Limited Tax GO Refunding Bonds Series 2015 B (AA-/A1)
	11,900,000	5.000		06/15/2018		11,980,087
	10,300,000	5.000		06/15/2019		10,678,010
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)
	9,010,000	5.000		06/01/2021		9,865,680
	Nevada State Limited Tax GO Refunding Bonds for Capital Improvement Series 2015 D (AA/Aa2)
	18,085,000	5.000		04/01/2021		19,726,033
						54,078,683
New Hampshire – 1.0%
	New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A1)(c)
	50,475,000	3.046		05/01/2021		50,475,000
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Series 2003 (AMT) (A-/NR)(b)(c)
	1,200,000	2.125		06/01/2018		1,200,096
						51,675,096
New Jersey – 6.5%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	220,000	5.000		03/01/2020		231,293
	500,000	5.000		03/01/2023		549,890

88 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)
	Burlington County New Jersey GO Bonds Series 2015 A (AA/Aa2)
$	1,080,000	2.000 %		05/01/2018	$	1,080,421
	1,275,000	2.000		05/01/2019		1,280,419
	East Brunswick Township Board of Education Refunding Bonds Series 2012 (SCH BD RES FD) (NR/Aa2)
	1,130,000	4.000		11/01/2018		1,145,718
	1,300,000	5.000		11/01/2019		1,366,287
	Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	700,000	4.000		02/15/2019		713,475
	725,000	4.000		02/15/2020		753,319
	1,025,000	4.000		02/15/2021		1,082,410
	Mercer County New Jersey GO Bonds Series 2015 (AA+/NR)
	2,355,000	0.050		02/01/2019		2,321,912
	Mercer County New Jersey GO Bonds Series 2016 (AA+/NR)
	2,000,000	1.500		07/15/2021		1,969,600
	Middlesex County New Jersey GO Bonds for General Improvements Series 2016 (AAA/NR)
	4,675,000	3.000		01/15/2020		4,785,377
	Morris County Improvement Authority RB Refunding for Governmental Loan Series 2015 (CNTY GTD) (AAA/Aaa)
	4,000,000	3.000		05/01/2019		4,061,280
	New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)
	180,000	4.000		07/01/2021		188,588
	220,000	4.000		01/01/2022		230,514
	225,000	4.000		07/01/2022		236,464
	270,000	4.000		01/01/2023		283,556
	275,000	4.000		07/01/2023		289,198
	320,000	4.000		01/01/2024		334,691
	325,000	4.000		07/01/2024		339,973
	New Jersey Economic Development Authority RB for School Facilities Construction Bonds Series 2011 GG (ETM) (ST APPROP) (NR/Baa1)(a)
	4,485,000	5.000		09/01/2019		4,684,672
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)
	500,000	5.000		06/15/2019		516,355
	600,000	5.000		06/15/2020		631,368
	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		1,937,595
	1,000,000	4.000		06/01/2022		1,063,380
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)(d)
	13,315,000	(SIFMA Municipal Swap Index Yield + 1.25%), 2.830		09/01/2025		12,990,247
	New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB-/Baa2)
	1,265,000	4.000		07/01/2018		1,269,693
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Educational Facilities Authority RB Refunding for New Jersey City University Series 2016 D (AGM) (AA/A2)
	2,150,000	3.000		07/01/2020		2,202,159
	2,210,000	3.000		07/01/2021		2,274,134
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (A-/NR)
	630,000	4.000		07/01/2018		633,408
	315,000	5.000		07/01/2019		327,181
	315,000	5.000		07/01/2020		336,061
	485,000	5.000		07/01/2021		528,873
	440,000	5.000		07/01/2022		488,330
	New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (BBB/Baa2)
	750,000	5.000		07/01/2021		813,180
	New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Series 2012 A (A+/A1)
	400,000	5.000		07/01/2018		403,272
	New Jersey Health Care Facilities Financing Authority RB Refunding for Robert Wood Johnson University Hospital Series 2010 (NR/WR)(a)
	5,000,000	5.000		01/01/2020		5,267,250
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	4,300,000	5.000		07/01/2018		4,328,982
	1,530,000	5.000		07/01/2019		1,580,536
	1,000,000	5.000		07/01/2020		1,059,600
	1,000,000	5.000		07/01/2021		1,082,280
	1,240,000	5.000		07/01/2022		1,365,104
	New Jersey State GO Refunding Bonds Series 2016 T (A-/A3)
	7,515,000	5.000		06/01/2018		7,555,581
	New Jersey State Transit Corp. Refunding Grant Anticipation Notes Series 2014 A (A/A3)
	7,500,000	5.000		09/15/2018		7,592,700
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)
	22,000,000	5.000		01/01/2020		23,210,880
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)(d)
	1,290,000	(1 Mo. LIBOR + 0.34%, 8.00% Cap), 1.658		01/01/2021		1,291,793
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)(d)
	5,000,000	(1 Mo. LIBOR + 0.48%, 8.00% Cap), 1.798		01/01/2022		5,011,350
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)(d)
	15,565,000	(1 Mo. LIBOR + 0.60%, 8.00% Cap), 1.918		01/01/2023		15,568,113
	New Jersey State Turnpike Authority RB Series 2012 B (A+/A2)
	10,000,000	5.000		01/01/2019		10,245,800
	New Jersey State Turnpike Authority RB Series 2013 A (NR/NR)(a)
	5,930,000	5.000		07/01/2022		6,645,158

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(e)
$	5,000,000	0.000 %		12/15/2028	$	3,135,200
	New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-2 (A+/Baa1)
	20,000,000	5.000		06/15/2029		20,114,200
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (ST APPROP) (BBB+/Baa1)
	2,945,000	5.000		06/15/2019		3,041,331
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000	5.000		06/15/2021		10,681,200
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	1,000,000	5.000		06/15/2021		1,068,120
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,550,000	5.250		12/15/2020		16,617,197
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(e)
	10,000,000	0.000		12/15/2025		7,321,600
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(e)
	15,000,000	0.000		12/15/2027		10,041,900
	14,390,000	0.000		12/15/2030		8,320,874
	5,000,000	0.000		12/15/2031		2,750,650
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,015,000	5.000		12/15/2023		3,298,862
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	2,010,000	4.000		06/15/2018		2,017,758
	1,485,000	5.000		06/15/2020		1,562,636
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	5,115,000	5.000		06/15/2023		5,461,797
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (BBB+/Baa1)
	6,235,000	5.000		12/15/2019		6,516,011
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	26,545,000	5.250		12/15/2023		29,387,704
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000	5.000		06/15/2023		12,302,663
	8,560,000	5.000		06/15/2030		8,608,878
	23,985,000	5.000		06/15/2031		24,121,954
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000	2.000		08/01/2022		998,340
	Township of Old Bridge GO Bonds Series 2017 (NR/Aa1)
	2,600,000	2.000		04/01/2019		2,610,998
Municipal Bonds – (continued)
New Jersey – (continued)
	Union County New Jersey GO Bonds Series B (AA+/Aaa)
	1,240,000	3.000		03/01/2019		1,256,194
	Union County New Jersey GO Refunding Bonds Series B (ETM) (NR/NR)(a)
	25,000	3.000		03/01/2019		25,299
						327,410,786
New Mexico – 1.3%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)(g)
	6,480,000	5.000		07/01/2019		6,739,006
	6,480,000	5.000		07/01/2020		6,942,737
	6,480,000	5.000		07/01/2021		7,119,770
	5,480,000	5.000		07/01/2022		6,144,669
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)(b)(c)
	4,000,000	1.875		10/01/2021		3,926,040
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB+/Baa2)(b)(c)
	11,000,000	1.875		10/01/2021		10,796,610
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB+/Baa2)(b)(c)
	3,750,000	2.125		06/01/2022		3,688,875
	New Mexico Finance Authority Senior Lien Public Project Revolving Fund RB Series 2017 E (AAA/Aa1)
	2,550,000	5.000		06/01/2020		2,726,078
	2,885,000	5.000		06/01/2021		3,163,662
	New Mexico Severance Tax RB Series 2017 A (AA-/Aa2)
	1,830,000	5.000		07/01/2019		1,905,615
	New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa1)
	9,485,000	5.000		03/01/2021		10,333,433
						63,486,495
New York – 11.5%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	1,250,000	5.000		07/15/2021		1,361,487
	500,000	5.000		07/15/2022		554,535
	500,000	5.000		07/15/2023		562,805
	City of Yonkers New York School GO Refunding Bonds Series 2014 A (AGM) (AA/A2)
	2,890,000	5.000		09/01/2018		2,928,235
	3,135,000	5.000		09/01/2019		3,270,965
	City of Yonkers New York School GO Refunding Bonds Series 2017 C (BAM) (AA/A2)
	2,275,000	5.000		10/01/2024		2,619,890
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A+/A1)(b)
	20,000,000	(1 Mo. LIBOR + 0.70%, 9.00% Cap), 1.962		02/01/2020		20,120,200
	Metropolitan Transportation Authority RB Refunding Series 2008 B-4 (A+/A1)(b)(c)
	20,725,000	5.000		11/15/2019		21,766,431

90 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)
	Metropolitan Transportation Authority RB Refunding Series 2016 C-2B (A+/A1)(b)(c)
$	13,675,000	5.000 %		02/15/2020	$	14,422,749
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A+/A1)(b)
	27,065,000	(1 Mo. LIBOR + 0.55%, 9.00% Cap), 1.812		11/01/2022		26,858,765
	Metropolitan Transportation Authority RB Series 2011 B (A+/A1)(b)
	26,625,000	(1 Mo. LIBOR + 0.55%, 9.00% Cap), 1.812		11/01/2022		26,422,117
	Metropolitan Transportation Authority RB Series 2018 A-1 (SP-1+/MIG1)
	54,235,000	4.000		08/15/2019		55,937,979
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (A+/A1)(b)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%, 9.00% Cap), 2.030		11/15/2022		14,975,700
	New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa2)(b)(c)
	2,500,000	1.580		04/02/2018		2,500,000
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa2)(b)(c)
	1,850,000	1.580		04/02/2018		1,850,000
	New York City GO Bonds Series 2014 J (AA/Aa2)
	52,045,000	5.000		08/01/2018		52,626,343
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2011 Subseries DD-2 (AA+/Aa1)(b)(c)
	3,480,000	1.580		04/02/2018		3,480,000
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2015 Subseries BB4 (AA+/Aa1)(b)(c)
	4,935,000	1.600		04/02/2018		4,935,000
	New York City Transitional Finance Authority RB for New York City Recovery Project 2002 Subseries 1-C (AAA/Aa1)(b)(c)
	430,000	1.580		04/02/2018		430,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)(b)(c)
	3,000,000	1.580		04/02/2018		3,000,000
	New York City Transitional Finance Authority RB Refunding for Future Tax Fiscal 2013 Series 2012 E (AAA/Aa1)
	3,775,000	5.000		11/01/2022		4,257,407
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)(b)(c)
	4,870,000	2.000		12/31/2021		4,857,728
	New York State Dormitory Authority General Purpose Personal Income Tax RB Refunding Series 2016 D (AAA/Aa1)
	7,790,000	5.000		02/15/2022		8,661,389
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AAA/Aa1)
	1,880,000	4.000		02/15/2020		1,958,377
	1,885,000	4.000		02/15/2021		1,999,250
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority Personal Income Tax RB Series 2017 A (NR/NR)(a)
	14,225,000	5.000		02/15/2019		14,626,856
	New York State Dormitory Authority RB Refunding for Long Island University Series 2012 A (BBB/Baa2)
	3,665,000	5.000		09/01/2018		3,713,818
	New York State Dormitory Authority Sales Tax RB Series 2017 A (AAA/Aa1)
	1,185,000	5.000		03/15/2023		1,345,153
	New York State Dormitory Authority State Sales Tax RB Series 2015 B (AAA/Aa1)
	30,000,000	5.000		03/15/2021		32,736,900
	New York State Energy Research & Development Authority Facilities RB Refunding for Consolidated Edison Co. Subseries 1999 A-2 (AMT) (AMBAC) (A-/A2)(c)
	70,250,000	2.423		05/01/2034		67,437,190
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 1985 B (AMBAC) (A/Aa3)(c)
	140,000	4.692		12/01/2025		140,000
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. RMKT 05/01/03 Series 2003 C (AMBAC) (A/Aa3)(c)
	565,000	4.692		12/01/2025		565,000
	New York State Energy Research & Development Authority PCRB for Mohawk Power Corp. Series 2004 A (XLCA) (A/Aa3)(c)
	20,000	4.708		07/01/2029		20,000
	New York State Energy Research & Development Authority PCRB RMKT 05/01/03 Series 1987 A (AMBAC) (A/Aa3)(c)
	2,250,000	3.900		03/01/2027		2,250,000
	New York State Energy Research & Development Authority Pollution Control RB for Rochester Gas & Electric Corp. Series (NATL-RE) (A-/A3)(b)(c)
	6,550,000	2.534		08/01/2032		6,124,512
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)(c)
	27,750,000	2.244		07/01/2034		26,640,555
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	29,525,000	5.000		05/01/2019		30,570,480
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (AAA/Aa1)
	20,000,000	5.000		03/15/2020		21,248,600
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2015 A (AAA/Aa1)
	28,510,000	5.000		03/15/2021		31,093,576
	New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (A-/Baa1)
	4,800,000	5.000		01/01/2020		5,052,288
	2,000,000	5.000		01/01/2021		2,149,400
	Niagara Frontier Transportation Authority RB Refunding for Buffalo International Airport Series 2014 B (BBB+/Baa1)
	670,000	4.000		04/01/2018		670,000
	300,000	5.000		04/01/2019		309,903

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa3)(g)
$	9,385,000	4.000 %		02/15/2021	$	9,787,335
	Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	2,250,000	5.000		03/01/2019		2,316,803
	3,000,000	5.000		03/01/2020		3,164,400
	Rockland County New York GO Refunding Bonds Series 2014 (BAM) (AA/A2)
	1,500,000	3.000		02/15/2019		1,515,525
	635,000	3.000		02/15/2020		647,744
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	3,545,000	2.000		10/15/2019		3,557,797
	5,105,000	2.000		10/15/2020		5,102,499
	5,200,000	2.000		10/15/2021		5,180,604
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000	4.000		02/01/2023		7,551,721
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000	4.000		10/15/2023		6,874,015
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	490,000	4.000		06/01/2018		492,176
	575,000	5.000		06/01/2019		598,748
	620,000	5.000		06/01/2020		665,272
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	2,000,000	5.000		06/01/2020		2,123,180
	1,000,000	5.000		06/01/2021		1,085,020
	TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (BBB+/NR)
	1,000,000	5.000		06/01/2020		1,061,150
	Utility Debt Securitization Authority Restructuring RB Series 2017 (AAA/Aaa)
	2,325,000	5.000		12/15/2025		2,666,519
						583,442,091
North Carolina – 0.8%
	County of Mecklenburg GO Refunding Bonds Series 2011 C (AAA/Aaa)
	7,980,000	5.000		12/01/2019		8,416,107
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (ETM) (AAA/WR)(a)
	4,900,000	5.000		01/01/2019		5,022,696
	North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (ETM) (AAA/WR)(a)
	2,000,000	3.000		01/01/2019		2,020,600
	1,000,000	5.000		01/01/2019		1,025,040
	North Carolina Medical Care Commission Health Care Facilities RB Refunding for Wake Forest Baptist Obligated Group Series 2012 B (A/A2)
	1,375,000	5.000		12/01/2018		1,404,398
	North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)(a)
	10,745,000	5.000		05/01/2020		11,468,031
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)(a) – (continued)
	10,000,000	5.250		05/01/2020		10,723,700
						40,080,572
Ohio – 1.1%
	American Municipal Power, Inc., RB for Hydroelectric Projects Series 2009 C (A/A2)(a)
	4,000,000	5.000		02/15/2020		4,239,160
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	13,740,000	5.125		06/01/2024		13,448,163
	3,415,000	5.375		06/01/2024		3,373,405
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000	5.000		12/01/2020		1,573,044
	County of Franklin Hospital Facilities RB Refunding Series 2011 B (AA+/Aa2)(b)(c)
	11,490,000	4.000		11/01/2018		11,633,855
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000	5.000		02/15/2023		1,897,420
	3,000,000	5.000		02/15/2024		3,281,610
	1,500,000	5.000		02/15/2025		1,651,605
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	415,000	4.000		01/01/2019		420,723
	435,000	4.000		01/01/2020		447,637
	New Albany Community Authority RB Refunding Series 2012 C (NR/Aa3)
	800,000	4.000		10/01/2018		809,576
	Northmont City School District School Improvement GO Bonds Series 2012 A (SD CRED PROG) (NR/Aa2)(a)
	3,500,000	5.000		11/01/2021		3,879,925
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)(a)
	1,685,000	5.000		05/01/2022		1,884,790
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)(a)
	7,400,000	4.000		05/01/2021		7,882,924
	University of Akron General Receipts Bonds Series 2015 A (AA-/A1)
	1,100,000	4.000		01/01/2019		1,118,777
	University of Toledo General Receipts RB Series 2011 B (A/A1)(a)
	355,000	5.000		06/01/2021		389,634
						57,932,248
Oklahoma – 0.8%
	Edmond Public Works Authority Sales Tax and Utility System RB Series 2017 (AA-/NR)
	1,000,000	3.000		07/01/2020		1,025,370
	2,000,000	3.000		07/01/2021		2,063,120
	1,295,000	3.000		07/01/2022		1,338,331
	Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)
	3,585,000	2.000		01/01/2019		3,593,425
	2,900,000	2.000		01/01/2021		2,897,651

92 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)
Oklahoma – (continued)
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2017 (AA+/NR)
$	4,250,000	2.000 %		08/01/2019	$	4,271,080
	4,800,000	2.000		08/01/2020		4,816,272
	4,900,000	2.000		08/01/2022		4,871,727
	Oklahoma County Independent School District No. 89 GO Bonds Series 2015 (AA/Aa3)
	6,200,000	3.000		07/01/2019		6,299,510
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project 2018 B (BB+/Baa3)(g)
	500,000	5.000		08/15/2022		547,675
	500,000	5.000		08/15/2023		553,890
	500,000	5.000		08/15/2024		558,445
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,745,000	4.000		01/01/2023		2,967,674
	Tulsa County Independent School District No. 3 GO Bonds Series 2017 (AA/NR)
	5,800,000	2.000		04/01/2020		5,807,888
						41,612,058
Oregon – 1.3%
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	300,000	4.000		03/01/2019		306,372
	995,000	4.000		03/01/2021		1,045,506
	385,000	5.000		03/01/2023		424,532
	200,000	5.000		03/01/2024		221,972
	200,000	5.000		03/01/2025		222,944
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)(e)
	3,740,000	0.000		06/15/2020		3,589,166
	3,780,000	0.000		06/15/2021		3,547,908
	Oregon Coast Community College District GO Refunding Bonds Series 2012 (SCH BD GTY) (NR/Aa1)
	1,165,000	2.000		06/15/2018		1,166,305
	1,445,000	3.000		06/15/2019		1,469,623
	Oregon State GO Refunding Bonds for Oregon University System Series 2012 B (AA+/Aa1)
	1,120,000	3.000		08/01/2018		1,125,600
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)(g)
	3,500,000	4.000		06/15/2019		3,600,835
	10,240,000	4.000		06/15/2020		10,750,157
	12,520,000	4.000		06/15/2021		13,359,716
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	1,500,000	5.000		06/15/2020		1,607,085
	1,900,000	5.000		06/15/2021		2,086,314
	2,300,000	5.000		06/15/2022		2,579,519
	Portland Oregon Sewer System RB Refunding Second Lien Series 2016 B (AA-/Aa2)
	6,960,000	5.000		06/15/2022		7,799,933
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	10,845,000	5.000		04/01/2019		11,216,116
Municipal Bonds – (continued)
Oregon – (continued)
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa) – (continued)
	2,130,000	5.000		04/01/2022		2,380,232
						68,499,835
Pennsylvania – 4.7%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000	5.000		10/01/2021		1,513,064
	1,950,000	5.000		10/01/2022		2,185,092
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	750,000	5.000		09/01/2018		758,932
	Allentown School District GO Refunding Series 2016 (AGM) (ST AID WITHHLDG) (AA/NR)
	500,000	2.000		02/15/2019		501,625
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)(b)(g)
	6,000,000	(1 Mo. LIBOR + 0.48%, 10.00% Cap), 0.000		11/01/2021		5,975,400
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A-/Baa1)
	1,265,000	3.000		07/01/2018		1,267,631
	310,000	3.000		07/01/2019		312,830
	265,000	4.000		07/01/2020		275,089
	1,000,000	4.000		07/01/2021		1,050,580
	Chester County Downingtown Area School District GO Bonds Series 2010 (ST AID WITHHLDG) (NR/Aaa)(b)
	5,000,000	(SIFMA Municipal Swap Index Yield + 0.70%, 12.00% Cap), 2.280		05/01/2019		5,010,250
	Chester County IDA RB for University Student Housing, LLC Project at West Chester University Series 2013 A (NR/Baa3)
	530,000	3.000		08/01/2018		530,684
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	1,000,000	5.000		09/01/2019		1,043,520
	4,000,000	5.000		09/01/2020		4,276,160
	4,000,000	5.000		09/01/2021		4,357,800
	City of Philadelphia GO Bonds Series 2017 (A/A2)
	4,500,000	5.000		08/01/2019		4,689,810
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	325,000	4.000		08/01/2020		338,949
	1,270,000	5.000		08/01/2021		1,383,043
	1,125,000	5.000		08/01/2022		1,246,477
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	950,000	5.000		06/01/2020		1,005,812
	2,250,000	5.000		06/01/2023		2,479,433
	Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	535,000	4.000		01/01/2019		542,057
	1,000,000	4.000		01/01/2020		1,028,880

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)(b)(c)
$	9,000,000	1.800 %		08/15/2022	$	8,657,280
	Montgomery County Higher Education and Health Authority RB Refunding for Holy Redeemer Health System Series 2014 A (BBB/Baa3)
	1,000,000	4.000		10/01/2018		1,008,510
	1,000,000	4.000		10/01/2019		1,024,090
	Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B (BBB/Baa2)(b)(c)
	30,425,000	2.500		04/01/2020		30,484,024
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)(b)(c)
	1,750,000	1.500		05/01/2018		1,749,493
	Pennsylvania Economic Development Financing Authority Unemployment Compensation RB Series 2012 B (AA+/Aaa)
	16,335,000	5.000		07/01/2020		17,005,878
	Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (BBB-/NR)
	415,000	5.000		05/01/2018		415,942
	360,000	5.000		05/01/2019		371,063
	Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (ETM) (NR/NR)(a)
	750,000	5.000		05/01/2018		752,017
	640,000	5.000		05/01/2019		661,754
	Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)
	2,175,000	5.000		08/15/2020		2,324,531
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)
	8,115,000	5.000		08/15/2020		8,672,906
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	14,000,000	5.000		09/15/2019		14,650,580
	13,670,000	5.000		09/15/2020		14,638,793
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,455,000	5.000		01/01/2023		37,189,582
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2010 A (A+/Aa3)(a)
	7,520,000	5.000		05/01/2020		8,026,021
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,500,000	5.000		01/15/2022		4,937,670
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM) (AA/Aa3)
	5,000,000	5.000		08/15/2022		5,557,700
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A/A1)(d)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.88%, 12.00% Cap), 2.460		12/01/2020		7,082,180
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Subordinate Series 2009 B (A-/A3)(a)
$	10,000,000	5.750%		06/01/2019	$	10,468,200
	Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A-/A3)(a)
	1,400,000	5.000		12/01/2020		1,516,242
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	500,000	5.000		07/01/2019		515,205
	1,000,000	5.000		07/01/2020		1,051,290
	1,250,000	5.000		07/01/2021		1,335,875
	2,000,000	5.000		07/01/2022		2,163,180
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A-/NR)
	530,000	4.000		12/15/2019		548,518
	365,000	4.000		12/15/2020		383,495
	600,000	4.000		12/15/2021		637,722
	280,000	5.000		12/15/2022		312,032
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(b)
	10,000,000	(1 Mo. LIBOR + 0.64%, 12.00% Cap), 1.820		12/01/2020		10,008,400
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	350,000	4.000		06/01/2018		350,956
	500,000	5.000		06/01/2019		514,780
	645,000	5.000		06/01/2020		677,308
	680,000	5.000		06/01/2021		725,784
						238,192,119
Puerto Rico – 1.4%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CC/Ca)
	7,285,000	5.000		07/01/2019		5,764,256
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (D/WR)(h)
	772,500	5.500		07/01/2017		596,756
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(d)
	46,695,000	(3 Mo. LIBOR + 0.52%), 2.069		07/01/2029		40,858,125
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (D/Ca)(d)(h)
	25,850,000	(3 Mo. LIBOR + 0.70%), 2.249		07/01/2031		9,661,438
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)
	654,385	5.500		07/01/2016		287,930
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (COMWLTH GTD) (NR/Ca)(c)
	1,000,000	10.000		07/01/2035		1,046,490

94 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)(b)(h)
$	10,835,000		10.000	%		07/01/2034	$	4,767,400
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (D/Ca)(h)
	5,000,000		5.500			08/01/2028		1,175,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (D/Ca)(h)
	8,000,000		5.500			08/01/2021		1,880,000
	10,000,000		5.500			08/01/2022		2,350,000
	19,315,000		5.500			08/01/2023		4,539,025
								72,926,420
Rhode Island – 0.4%
	Providence GO Bonds Series 2013 A (A-/Baa1)
	1,545,000		5.000			01/15/2019		1,583,980
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB-/Baa2)
	150,000		3.000			09/15/2018		150,573
	250,000		4.000			09/15/2019		256,167
	200,000		5.000			09/15/2020		213,136
	1,210,000		5.000			09/15/2021		1,315,234
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,770,000		5.000			09/01/2021		5,256,111
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for University of Rhode Island Auxiliary Enterprise Series 2013 C (A+/A1)
	500,000		4.000			09/15/2018		505,240
	Rhode Island Health and Educational Building Corp. RB for Newport Public School Financing Program Series 2013 C (AA+/NR)
	280,000		4.000			05/15/2018		280,784
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	815,000		4.000			05/15/2020		844,136
	820,000		5.000			05/15/2021		882,607
	1,415,000		5.000			05/15/2022		1,547,883
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	7,280,000		2.250			06/01/2041		7,277,962
								20,113,813
South Carolina – 0.8%
	Berkeley County School District GO Bonds Series 2014 A (SCSDE) (AA/Aa1)
	1,380,000		5.000			03/01/2019		1,422,628
	City of Florence Waterworks & Sewerage System RB Refunding Series 2016 (AA-/Aa2)
	900,000		2.000			09/01/2019		904,869
	1,560,000		2.000			09/01/2020		1,561,451
	1,000,000		2.000			09/01/2021		997,040
	Clemson University RB Refunding Series 2012 (AA/Aa2)
	5,000,000		2.000			05/01/2018		5,002,100
Municipal Bonds – (continued)
South Carolina – (continued)
	Colleton County South Carolina GO Bonds for Capital Project Sales Series 2015 (AA-/Aa3)
	725,000		1.500			07/01/2018		725,007
	2,985,000		2.000			07/01/2019		2,998,880
	Richland County South Carolina School District No. 1 GO Refunding Bonds Series 2014 B (SCSDE) (AA/Aa1)
	2,920,000		5.000			03/01/2019		3,010,199
	3,165,000		5.000			03/01/2020		3,360,534
	Richland County South Carolina School District No. 2 GO Bonds Series 2017 A (SCSDE) (AA/Aa1)
	1,765,000		5.000			03/01/2019		1,819,521
	South Carolina Public Service Authority RB Tax-Exempt Series 2010 C (A+/A1)
	9,645,000		5.000			12/01/2019		10,128,118
	South Carolina Public Service Authority RB Tax-Exempt Series 2014 A (A+/A1)(a)(c)
	1,000,000		2.500			06/01/2019		1,011,230
	York County School District No. 3 Rock Hill GO Bonds Series 2017 B (SCSDE) (AA/Aa1)
	4,690,000		5.000			03/01/2020		4,979,748
	2,880,000		5.000			03/01/2021		3,137,616
								41,058,941
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)
	1,000,000		4.000			01/01/2020		1,037,420
	1,055,000		5.000			01/01/2021		1,135,560
	570,000		5.000			01/01/2022		625,752
								2,798,732
Tennessee – 0.9%
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)(g)
	2,720,000		5.000			06/01/2021		2,984,656
	2,400,000		5.000			06/01/2022		2,689,848
	County of Rutherford GO School Bonds Series 2017 (AA+/Aa1)
	2,425,000		5.000			04/01/2019		2,507,232
	2,785,000		5.000			04/01/2020		2,964,465
	2,420,000		5.000			04/01/2021		2,643,293
	3,070,000		5.000			04/01/2022		3,425,629
	County of Williamson District GO Public Improvement & School Bonds Series 2017 (NR/Aaa)
	1,700,000		5.000			04/01/2022		1,901,093
	County of Williamson District School GO Bonds Series 2017 (NR/Aaa)
	1,450,000		5.000			04/01/2022		1,621,521
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	6,185,000		5.000			04/01/2020		6,584,860
	7,860,000		5.000			04/01/2022		8,783,393
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	800,000		3.000			04/01/2018		800,000
	335,000		4.000			04/01/2019		340,832
	350,000		5.000			04/01/2020		368,669
	750,000		4.000			04/01/2021		784,470
	750,000		5.000			04/01/2022		818,468

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Tennessee – (continued)
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Series 2009 B (AA+/Aa2)(a)
$	4,000,000	5.500 %		10/01/2019	$	4,226,400
	Tennessee State School Bond Authority RB Higher Educational Facilities Second Program Series 2017 A (AA+/Aa1)
	300,000	5.000		11/01/2019		315,681
						43,760,510
Texas – 9.7%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,400,000	3.000		08/15/2022		6,647,168
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)
	600,000	5.000		01/01/2019		612,000
	500,000	5.000		01/01/2020		526,725
	500,000	5.000		01/01/2021		539,430
	465,000	5.000		01/01/2022		511,360
	750,000	5.000		01/01/2023		836,925
	Austin Texas Water and Wastewater System RB Refunding Series 2014 (AA/Aa2)
	1,675,000	5.000		11/15/2019		1,763,842
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (BBB+/Baa2)(b)(c)
	7,500,000	5.000		01/07/2021		7,957,200
	City of Arlington for Permanent Improvement Bonds Series 2015 A (AAA/Aa1)
	1,075,000	2.500		08/15/2018		1,078,902
	725,000	3.000		08/15/2019		738,463
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(e)
	80,000	0.000		09/01/2018		78,795
	70,000	0.000		09/01/2019		66,397
	70,000	0.000		09/01/2020		63,806
	70,000	0.000		09/01/2021		61,216
	70,000	0.000		09/01/2022		58,525
	70,000	0.000		09/01/2023		55,931
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB/NR)
	200,000	0.000(e)		09/01/2018		198,224
	685,000	0.000(e)		09/01/2019		662,690
	685,000	0.000(e)		09/01/2020		644,098
	685,000	0.000(e)		09/01/2021		623,644
	685,000	0.000(e)		09/01/2022		600,684
	405,000	4.000		09/01/2023		431,122
	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)
	250,000	3.000		09/01/2018		251,200
	375,000	3.000		09/01/2019		380,501
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)(b)(c)
	6,475,000	2.000		11/01/2022		6,388,235
Municipal Bonds – (continued)
Texas – (continued)
	Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)(a)
	2,000,000	5.000		01/01/2021		2,171,700
	Corpus Christi Independent School District GO Bonds for School Building Series 2017 A (PSF-GTD) (AAA/Aaa)(b)(c)
	5,500,000	2.000		08/15/2019		5,512,540
	Dallas Area Rapid Transit Senior Lien RB Series 2009 A (AA+/Aa2)(a)
	7,660,000	5.000		06/01/2019		7,957,361
	Dallas County Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,425,000	5.000		02/15/2019		6,613,252
	2,355,000	5.000		02/15/2021		2,559,061
	Dallas County Highland Park Independent School District Unlimited Tax GO Refunding Bonds Series 2015 (NR/Aaa)
	2,070,000	4.000		02/15/2020		2,159,031
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	1,750,000	5.000		11/01/2018		1,784,370
	Fort Bend Independent School District GO Bonds for School Building RMKT 08/01/17 Series 2015 B (PSF-GTD) (AAA/NR)(b)(c)
	7,145,000	1.350		08/01/2019		7,100,129
	Fort Worth Texas GO Refunding and Improvement Bonds Series 2012 (AA+/Aa3)
	2,000,000	4.000		03/01/2019		2,043,040
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2015 A (PSF-GTD) (AAA/Aaa)
	4,710,000	3.000		02/15/2019		4,766,897
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(d)
	5,685,000	(SIFMA Municipal Swap Index Yield + 1.05%, 18.00% Cap), 2.630		06/01/2024		5,690,401
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(d)
	9,550,000	(3 Mo. LIBOR + 0.67%), 1.902		08/15/2035		8,840,148
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	80,000	3.000		09/01/2018		80,397
	85,000	3.000		09/01/2019		86,165
	85,000	3.000		09/01/2020		86,547
	90,000	3.000		09/01/2021		91,698
	90,000	3.000		09/01/2022		91,415
	95,000	3.000		09/01/2023		96,042
	Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A+/A1)(c)
	15,750,000	3.774		07/01/2032		15,185,205
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A+/A1)(c)
	18,550,000	3.766		07/01/2032		17,884,982

96 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 Independent School District Limited Tax GO Refunding Bonds RMKT 01/06/17 Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)
$	10,420,000	1.450 %		06/01/2020	$	10,336,432
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2014 B (PSF-GTD) (AAA/Aaa)
	12,000,000	5.000		02/15/2019		12,350,640
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	22,990,000	3.000		02/15/2021		23,698,552
	24,000,000	3.000		02/15/2022		24,834,000
	Houston Independent School District Limited Tax Schoolhouse GO Bonds RMKT 06/01/17 Series 2017 A-2 (PSF-GTD) (AAA/Aaa)(b)(c)
	17,750,000	3.000		06/01/2019		17,997,435
	Houston Independent School District Limited Tax Schoolhouse GO Bonds RMKT 06/01/17 Series 2017 B (PSF-GTD) (AAA/Aaa)(b)(c)
	15,000,000	1.450		06/01/2020		14,879,700
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	370,000	3.000		09/01/2019		375,428
	390,000	3.000		09/01/2020		395,538
	310,000	3.000		09/01/2021		314,424
	330,000	3.000		09/01/2022		335,187
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)(e)
	2,000,000	0.000		08/15/2019		1,952,400
	1,500,000	0.000		08/15/2020		1,436,025
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(e)
	2,500,000	0.000		08/16/2020		2,381,875
	5,000,000	0.000		08/16/2021		4,639,050
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)(b)(c)
	8,250,000	2.500		08/01/2021		8,360,715
	Midway Independent School District Unlimited Tax GO Refunding Bonds Series 2015 (PSF-GTD) (AAA/NR)
	4,905,000	5.000		08/01/2021		5,394,617
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 06/01/15 Series 2006 (A-/NR)
	5,000,000	1.800		12/01/2018		5,003,550
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BBB-/Baa3)
	400,000	4.000		04/01/2019		408,516
	770,000	4.000		04/01/2020		798,428
	810,000	4.000		04/01/2021		851,545
	855,000	4.000		04/01/2022		906,813
	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/A2)
	170,000	4.000		04/01/2020		175,501
	400,000	4.000		04/01/2021		416,620
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 (BBB-/Ba2)
	145,000	4.000		04/01/2019		147,123
	300,000	4.000		04/01/2020		307,995
	620,000	4.000		04/01/2021		642,493
	North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)
	5,000,000	2.375		08/01/2022		5,033,800
	North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A/A1)(b)(c)
	18,000,000	1.950		01/01/2019		17,985,420
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A/A1)
	3,250,000	5.000		01/01/2021		3,513,543
	4,525,000	5.000		01/01/2022		4,993,292
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A-/A2)
	3,630,000	5.000		01/01/2023		4,062,805
	1,000,000	5.000		01/01/2024		1,123,060
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA+/NR)(a)
	16,800,000	5.500		09/01/2021		18,770,472
	North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A/A1)
	3,000,000	5.000		01/01/2019		3,075,570
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A/A1)
	2,000,000	5.000		01/01/2020		2,112,920
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 C (A/A1)(b)
	5,000,000	(SIFMA Municipal Swap Index Yield + 0.67%, 9.00% Cap), 2.250		01/01/2020		5,008,050
	North Texas Tollway Authority System RB Refunding for Second Tier Series 2015 A (A-/A2)
	1,000,000	5.000		01/01/2019		1,025,110
	Northside Texas Independent School District Unlimited Tax School Building GO Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)
	15,000,000	1.450		06/01/2020		14,848,200
	Plano Independent School District Unlimited Tax Refunding Bonds Series 2016 B (PSF-GTD) (AAA/Aaa)
	10,580,000	5.000		02/15/2020		11,258,919
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)(b)(c)
	19,575,000	1.500		08/01/2021		19,131,235
	Round Rock Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (AAA/Aaa)
	4,595,000	4.000		08/01/2019		4,731,242
	1,900,000	5.000		08/01/2020		2,039,308

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
$	2,315,000	5.000 %		10/01/2019	$	2,412,554
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 A (AA-/NR)(b)(c)
	5,000,000	2.000		12/01/2018		5,008,800
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2015 B (AA-/Aa2)(b)(c)
	8,000,000	2.000		12/01/2021		7,999,920
	San Antonio Independent School District Unlimited Tax Refunding Bonds Series 2014 B (PSF-GTD) (AAA/Aaa)(b)(c)
	9,530,000	2.000		08/01/2018		9,541,341
	Spring Branch Independent School District Schoolhouse GO Bonds RMKT 06/15/17 Series 2013 (PSF-GTD) (AAA/Aaa)(b)(c)
	22,095,000	3.000		06/18/2019		22,415,378
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A3)(d)
	11,955,000	(SIFMA Municipal Swap Index Yield + 0.55%), 2.130		09/15/2027		11,804,726
	Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
	4,500,000	5.000		12/15/2018		4,598,325
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,800,000	6.875		12/31/2039		8,425,950
	Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A-/A3)(b)(c)
	5,000,000	5.000		04/01/2020		5,281,750
	Texas Transportation Commission Highway Improvement GO Bonds Series 2014 (AAA/Aaa)
	2,500,000	5.000		04/01/2021		2,729,900
	Texas Transportation Commission State Highway Fund First Tier RB Series 2016 A (AAA/Aaa)
	15,250,000	3.000		10/01/2021		15,798,848
	Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000	5.000		03/15/2020		1,914,516
	1,800,000	5.000		03/15/2021		1,959,336
	Texas Water Development Board State Water Implementation Fund RB Series 2015 A (AAA/NR)
	1,305,000	4.000		04/15/2020		1,363,934
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000	5.000		02/15/2022		7,058,371
	Victoria Independent School District Unlimited Tax Refunding Bonds Series 2016 (PSF-GTD) (AAA/Aaa)
	2,940,000	3.000		02/15/2020		3,009,884
	2,175,000	3.000		02/15/2021		2,240,185
						494,194,730
Municipal Bonds – (continued)
Utah – 0.4%
	Board of Education of Alpine School District GO Refunding Bonds for Utah SCH BD GTY Program Series 2017 (SCH BD GTY) (AAA/Aaa)
	7,800,000	5.000		03/15/2021		8,518,614
	8,000,000	5.000		03/15/2022		8,932,880
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A/NR)
	500,000	5.000		09/01/2018		506,720
	500,000	5.000		09/01/2019		522,045
	Washington County School District GO Refunding Bonds for Utah School Bond Guaranty Program Series 2016 (SCH BD GTY) (AAA/Aaa)
	3,470,000	5.000		03/01/2019		3,575,592
						22,055,851
Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A2)
	450,000	4.000		12/01/2019		465,971
	400,000	4.000		12/01/2020		421,048
	350,000	5.000		12/01/2021		385,707
						1,272,726
Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)(f)
	250,000	5.000		09/01/2018		252,460
	645,000	5.000		09/01/2019		664,666
	825,000	5.000		09/01/2020		864,848
	2,015,000	5.000		09/01/2021		2,139,305
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	2,085,000	4.000		10/01/2022		1,438,650
						5,359,929
Virginia – 2.0%
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000	5.000		07/01/2022		398,892
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,255,000	4.000		10/01/2021		11,004,948
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (AAA/Aaa)(a)
	8,450,000	5.000		10/01/2021		9,334,630
	Louisa IDA Pollution Control RB Refunding for Virginia Electric & Power Company Project RMKT 12/01/16 Series 2008 C (BBB+/A2)(b)(c)
	8,000,000	1.850		05/16/2019		7,977,040
	Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/NR)(b)(c)
	2,750,000	1.550		10/01/2019		2,741,530

98 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)
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (ST APPROP) (AA+/Aa1)(a)
$	4,055,000		5.250 %		05/15/2021	$	4,475,787
	Virginia Commonwealth Transportation Board RB Refunding for Northern Virginia Transportation District Program Series 2014 A (AA+/Aa1)
	8,375,000		5.000		05/15/2019		8,689,733
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	20,650,000		5.000		05/15/2019		21,426,027
	11,680,000		5.000		05/15/2020		12,462,677
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,285,000		5.000		05/15/2023		2,597,702
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (BBB+/A2)(b)(c)
	6,000,000		2.150		09/01/2020		5,977,560
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 11/02/15 Series 2010 A (BBB+/A2)(b)(c)
	4,500,000		1.875		06/01/2020		4,465,485
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)(a)
	5,375,000		5.000		08/01/2021		5,924,379
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (BBB+/A2)(b)(c)
	2,000,000		1.875		05/16/2019		1,994,800
							99,471,190
Washington – 0.9%
	County of King GO Bonds Series 2017 B (AAA/Aaa)
	1,750,000		5.000		06/01/2019		1,818,355
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)(a)
	5,000,000		5.000		06/01/2021		5,487,800
	Port of Seattle Intermediate Lien RB Series 2017 D (AMT) (A+/A1)
	2,000,000		5.000		05/01/2019		2,068,640
	Seattle City RB Refunding for Municipal Light & Power Improvement Series 2016 C (AA/Aa2)
	10,660,000		5.000		10/01/2022		11,998,789
	Washington State COPS for State and Local Agency Real and Personal Property Series 2014 B (NR/Aa2)
	3,020,000		5.000		07/01/2019		3,142,129
	Washington State COPS for State and Local Agency Real and Personal Property Series 2015 B (NR/Aa2)
	5,745,000		5.000		01/01/2020		6,064,250
	Washington State COPS Refunding for State and Local Agency Real and Personal Property Series 2016 A (NR/Aa2)
	6,420,000		5.000		07/01/2020		6,871,197
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 R-D (AA+/Aa1)
	1,700,000		5.000		07/01/2019		1,770,040
Municipal Bonds – (continued)
Washington – (continued)
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 R-F (AA+/Aa1)
	6,770,000		5.000		07/01/2019		7,048,924
							46,270,124
West Virginia – 0.2%
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (A-/Baa1)(b)(c)
	3,000,000		1.625		10/01/2018		2,993,160
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	1,445,000		5.000		05/01/2018		1,447,702
	1,565,000		5.000		05/01/2019		1,604,297
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2011 A (AMT) (A-/Baa1)(b)(c)
	2,375,000		1.700		09/01/2020		2,330,920
							8,376,079
Wisconsin – 1.2%
	Wisconsin State GO Bonds Series 2006 A (AA/Aa1)(a)
	11,030,000		5.000		05/01/2021		12,078,512
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000		5.000		05/01/2021		17,599,403
	16,555,000		5.000		05/01/2022		18,497,232
	9,495,000		5.000		05/01/2023		10,799,803
							58,974,950
	TOTAL INVESTMENTS – 99.4%
	(Cost $5,091,796,234)					$	5,043,596,783
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%						32,231,611
	NET ASSETS – 100.0%					$	5,075,828,394

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Pre-refunded security. Maturity date disclosed is pre-refunding 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, 2018.
(c)	Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2018. 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)	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, 2018.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2018

	amounts to $44,239,550, which represents approximately 0.9% of net assets as of March 31, 2018. The liquidity determination is unaudited.
(g)	When-issued security.
(h)	Security is currently in default.

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:
AGM	—Insured by Assured Guaranty Municipal Corp.
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
CNTY GTD	—County Guaranteed
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 FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
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
U.S.	—United States
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

100 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, 2018, 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, 2018(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%, 11/01/23		1.000%		0.391	%		Bank of America NA		03/20/2023		USD  5,000	$	141,210	$	(123,296	)	$	264,506
California State Various Purpose GO Bonds, Series 2003, 5.250%, 11/01/2023		1.000		0.391			JPMorgan Chase Bank NA		03/20/2023		10,000		282,420		(246,593	)		529,013
TOTAL												$	423,630	$	(369,889	)	$	793,519

(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. 101

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2018

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,766,993,773, $5,162,898,593 and $5,091,796,234)	$	1,772,102,639		$	5,295,671,370		$	5,043,596,783
Cash		12,815,148			38,824,493			52,502,138
Receivables:
Interest		20,327,694			69,977,966			45,414,273
Collateral on certain derivative contracts(a)		18,757,596			40,983,565			—
Fund shares sold		10,880,953			21,312,062			9,785,703
Investments sold		3,103,269			18,160,582			12,412,311
Reimbursement from investment adviser		34,108			—			31,092
Variation margin on swaps		116,946			279,635			—
Unrealized gain on swap contracts		105,802			2,608,776			793,519
Other assets		87,564			123,114			121,739
Total assets		1,838,331,719			5,487,941,563			5,164,657,558
Liabilities:
Variation margin on futures		22,965			—			—
Payables:
Investments purchased on an extended-settlement basis		11,550,790			38,239,054			77,835,522
Investments purchased		3,119,832			13,343,921			—
Fund shares redeemed		3,022,405			8,776,609			7,909,055
Management fees		551,582			2,379,883			1,442,999
Income distribution		497,621			475,314			609,423
Distribution and Service fees and Transfer Agency fees		206,460			297,499			213,022
Upfront payments received on swap contracts		49,319			1,303,941			369,889
Collateral on certain derivative contracts(a)		—			1,020,000			250,000
Accrued expenses		121,643			223,010			199,254
Total liabilities		19,142,617			66,059,231			88,829,164
Net Assets:
Paid-in capital		1,805,940,965			5,342,694,640			5,113,943,880
Undistributed net investment income		10,086,262			131,936,423			21,969,572
Accumulated net realized loss		(1,042,400	)		(211,070,603	)		(12,679,126	)
Net unrealized gain (loss)		4,204,275			158,321,872			(47,405,932	)
NET ASSETS	$	1,819,189,102		$	5,421,882,332		$	5,075,828,394
Net Assets:
Class A	$	315,142,062		$	250,436,064		$	97,703,303
Class C		47,378,904			59,380,620			19,813,177
Institutional		1,296,146,205			5,026,846,251			4,936,409,516
Service		36,401			—			286,941
Investor		160,475,405			85,209,159			21,605,394
Class R6		10,125			10,238			10,063
Total Net Assets	$	1,819,189,102		$	5,421,882,332		$	5,075,828,394
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		20,214,506			26,217,142			9,320,690
Class C		3,037,896			6,216,330			1,892,287
Institutional		83,161,449			526,140,322			471,614,968
Service		2,324			—			27,414
Investor		10,305,363			8,910,499			2,063,813
Class R6		650			1,072			962
Net asset value, offering and redemption price per share:(b)
Class A		$15.59			$9.55			$10.48
Class C		15.60			9.55			10.47
Institutional		15.59			9.55			10.47
Service		15.66			—			10.47
Investor		15.57			9.56			10.47
Class R6		15.59			9.55			10.46

(a) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Futures		Swaps
Dynamic Municipal Income	$	177,870	$	18,579,726
High Yield Municipal		—		39,963,565
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 $16.20, $10.00 and $10.64, 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.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2018

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	52,885,041		$	248,462,037		$	93,445,226
Expenses:
Management fees		6,062,429			26,581,819			17,205,697
Distribution and Service fees(a)		1,113,006			1,225,886			480,401
Transfer Agency fees(a)		946,250			2,367,904			2,098,235
Custody, accounting and administrative services		162,944			580,600			552,462
Professional fees		141,180			202,655			156,724
Registration fees		88,047			134,621			152,998
Printing and mailing costs		70,630			106,593			74,383
Trustee fees		20,401			26,615			26,376
Service share fees — Service and Shareholder Administration Plan		182			—			1,284
Other		41,553			125,910			89,152
Total expenses		8,646,622			31,352,603			20,837,712
Less — expense reductions		(1,221,528	)		(1,169,967	)		(1,615,257	)
Net expenses		7,425,094			30,182,636			19,222,455
NET INVESTMENT INCOME		45,459,947			218,279,401			74,222,771
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		962,612			32,048,161			(6,228,628	)
Futures contracts		59,228			—			—
Swap contracts		10,943,148			21,617,748			225,502
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,540,181	)		34,759,527			(19,329,615	)
Futures contracts		(233,735	)		—			—
Swap contracts		(2,662,649	)		2,778,707			88,044
Net realized and unrealized gain (loss)		5,528,423			91,204,143			(25,244,697	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,988,370		$	309,483,544		$	48,978,074

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

	Distribution and Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Investor(b)		Class R6(c)
Dynamic Municipal Income	$	665,778	$	447,228	$	346,201	$	58,139	$	397,480	$	15	$	144,414	$	1
High Yield Municipal		603,120		622,766		313,620		80,958		1,907,731		—		65,594		1
Short Duration Tax-Free		264,026		216,375		137,292		28,129		1,913,299		102		19,412		1

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(c) Commenced operations on November 30, 2017.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Dynamic Municipal Income Fund
	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	45,459,947		$	31,743,256
Net realized gain (loss)		11,964,988			1,026,212
Net change in unrealized gain (loss)		(6,436,565	)		(18,142,958	)
Net increase in net assets resulting from operations		50,988,370			14,626,510
Distributions to shareholders:
From net investment income
Class A Shares		(7,704,855	)		(6,721,546	)
Class C Shares		(961,029	)		(938,714	)
Institutional Shares		(32,129,746	)		(21,877,860	)
Service Shares		(995	)		(1,093	)
Investor Shares(a)		(3,483,080	)		(830,278	)
Class R6 Shares(b)		(107	)		—
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Investor Shares(a)		—			—
Total distributions to shareholders		(44,279,812	)		(30,369,491	)
From share transactions:
Proceeds from sales of shares		1,012,922,763			687,374,981
Reinvestment of distributions		39,394,133			26,910,582
Cost of shares redeemed		(341,006,695	)		(301,678,135	)
Net increase in net assets resulting from share transactions		711,310,201			412,607,428
TOTAL INCREASE		718,018,759			396,864,447
Net assets:
Beginning of year		1,101,170,343			704,305,896
End of year	$	1,819,189,102		$	1,101,170,343
Undistributed net investment income	$	10,086,262		$	9,140,820

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on November 30, 2017.

(c) Net of $118,078 of redemption fees.

(d) Net of $213,148 of redemption fees.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

High Yield Municipal Fund						Short Duration Tax-Free Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	218,279,401		$	230,710,172		$	74,222,771		$	63,839,360
	53,665,909			24,714,784			(6,003,126	)		(6,978,394	)
	37,538,234			(59,638,875	)		(19,241,571	)		(20,135,274	)
	309,483,544			195,786,081			48,978,074			36,725,692
	(9,188,853	)		(11,510,859	)		(1,179,905	)		(1,390,674	)
	(1,904,292	)		(2,727,881	)		(156,088	)		(171,895	)
	(195,235,929	)		(194,879,728	)		(68,136,786	)		(57,690,133	)
	—			—			(2,408	)		(2,014	)
	(2,051,059	)		(1,264,428	)		(207,448	)		(59,098	)
	(140	)		—			(51	)		—
	—			—			—			(9,194	)
	—			—			—			(1,890	)
	—			—			—			(301,050	)
	—			—			—			(18	)
	—			—			—			(253	)
	(208,380,273	)		(210,382,896	)		(69,682,686	)		(59,626,219	)
	1,391,515,234			1,590,375,609			2,588,999,299			2,398,940,664
	203,308,409			205,521,625			66,379,827			56,995,237
	(902,221,212	)(c)		(1,263,566,782	)(d)		(2,165,225,257	)		(2,329,028,148	)
	692,602,431			532,330,452			490,153,869			126,907,753
	793,705,702			517,733,637			469,449,257			104,007,226
	4,628,176,630			4,110,442,993			4,606,379,137			4,502,371,911
$	5,421,882,332		$	4,628,176,630		$	5,075,828,394		$	4,606,379,137
$	131,936,423		$	120,935,573		$	21,969,572		$	18,092,847

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	15.46	$	0.47	$	0.11		$	0.58		$	(0.45	)
2018 - C		15.47		0.35		0.12			0.47			(0.34	)
2018 - Institutional		15.46		0.52		0.12			0.64			(0.51	)
2018 - Service		15.54		0.44		0.11			0.55			(0.43	)
2018 - Investor(d)		15.45		0.50		0.11			0.61			(0.49	)
2018 - R6 (Commenced November 30, 2017)		15.56		0.17		0.03			0.20			(0.17	)
2017 - A		15.69		0.52		(0.25	)		0.27			(0.50	)
2017 - C		15.69		0.41		(0.25	)		0.16			(0.38	)
2017 - Institutional		15.68		0.58		(0.25	)		0.33			(0.55	)
2017 - Service		15.77		0.50		(0.25	)		0.25			(0.48	)
2017 - Investor(d)		15.67		0.56		(0.24	)		0.32			(0.54	)
2016 - A		15.81		0.56		(0.14	)		0.42			(0.54	)
2016 - C		15.82		0.45		(0.16	)		0.29			(0.42	)
2016 - Institutional		15.81		0.62		(0.16	)		0.46			(0.59	)
2016 - Service		15.89		0.54		(0.15	)		0.39			(0.51	)
2016 - Investor(d)		15.79		0.60		(0.15	)		0.45			(0.57	)
2015 - A		15.45		0.60		0.32			0.92			(0.56	)
2015 - C		15.46		0.48		0.32			0.80			(0.44	)
2015 - Institutional		15.45		0.65		0.32			0.97			(0.61	)
2015 - Service		15.53		0.58		0.32			0.90			(0.54	)
2015 - Investor(d)		15.43		0.63		0.33			0.96			(0.60	)
2014 - A		16.16		0.61		(0.76	)		(0.15	)		(0.56	)
2014 - C		16.16		0.50		(0.75	)		(0.25	)		(0.45	)
2014 - Institutional		16.16		0.67		(0.76	)		(0.09	)		(0.62	)
2014 - Service		16.24		0.59		(0.76	)		(0.17	)		(0.54	)
2014 - Investor(d)		16.14		0.65		(0.76	)		(0.11	)		(0.60	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Annualized.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	15.59		3.81	%	$	315,142		0.76	%		0.85	%		2.98	%		12	%
	15.60		3.03			47,379		1.51			1.60			2.23			12
	15.59		4.17			1,296,146		0.42			0.51			3.32			12
	15.66		3.58			36		0.92			1.01			2.83			12
	15.57		4.01			160,475		0.51			0.59			3.22			12
	15.59		1.27			10		0.40	(e)		0.43	(e)		3.28	(e)		12
	15.46		1.73			218,699		0.78			0.98			3.34			28
	15.47		1.04			42,353		1.53			1.73			2.59			28
	15.46		2.13			774,777		0.44			0.64			3.67			28
	15.54		1.57			36		0.94			1.14			3.19			28
	15.45		2.03			65,306		0.53			0.73			3.57			28
	15.69		2.70			177,985		0.78			0.99			3.62			15
	15.69		1.86			30,116		1.54			1.75			2.87			15
	15.68		2.98			486,485		0.44			0.65			3.96			15
	15.77		2.53			36		0.94			1.16			3.46			15
	15.67		2.95			9,684		0.53			0.74			3.87			15
	15.81		6.00			172,221		0.78			1.01			3.79			14
	15.82		5.21			22,182		1.53			1.76			3.04			14
	15.81		6.36			393,120		0.44			0.67			4.12			14
	15.89		5.79			39		0.94			1.16			3.62			14
	15.79		6.27			5,728		0.53			0.76			4.00			14
	15.45		(0.83	)		160,259		0.79			1.00			3.99			15
	15.46		(1.50	)		20,131		1.54			1.75			3.24			15
	15.45		(0.49	)		305,706		0.45			0.66			4.33			15
	15.53		(0.98	)		37		0.94			1.16			3.83			15
	15.43		(0.58	)		2,357		0.54			0.75			4.23			15

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.35	$	0.38	$	0.18		$	0.56		$	(0.36	)
2018 - C		9.35		0.31		0.18			0.49			(0.29	)
2018 - Institutional		9.36		0.41		0.17			0.58			(0.39	)
2018 - Investor(d)		9.37		0.41		0.17			0.58			(0.39	)
2018 - R6 (Commenced November 30, 2017)		9.46		0.14		0.08			0.22			(0.13	)
2017 - A		9.36		0.47		(0.06	)		0.41			(0.42	)
2017 - C		9.36		0.40		(0.06	)		0.34			(0.35	)
2017 - Institutional		9.36		0.49		(0.04	)		0.45			(0.45	)
2017 - Investor(d)		9.37		0.50		(0.05	)		0.45			(0.45	)
2016 - A		9.34		0.46		(0.02	)		0.44			(0.42	)
2016 - C		9.34		0.39		(0.02	)		0.37			(0.35	)
2016 - Institutional		9.34		0.48		(0.01	)		0.47			(0.45	)
2016 - Investor(d)		9.35		0.48		(0.01	)		0.47			(0.45	)
2015 - A		8.93		0.45		0.38			0.83			(0.42	)
2015 - C		8.93		0.38		0.39			0.77			(0.36	)
2015 - Institutional		8.93		0.48		0.38			0.86			(0.45	)
2015 - Investor(d)		8.93		0.48		0.39			0.87			(0.45	)
2014 - A		9.51		0.44		(0.60	)		(0.16	)		(0.42	)
2014 - C		9.51		0.37		(0.59	)		(0.22	)		(0.36	)
2014 - Institutional		9.52		0.47		(0.61	)		(0.14	)		(0.45	)
2014 - Investor(d)		9.51		0.47		(0.61	)		(0.14	)		(0.44	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Annualized.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.55		6.10	%	$	250,436		0.85	%		0.92	%		4.00	%		16	%
	9.55		5.30			59,381		1.60			1.67			3.25			16
	9.55		6.29			5,026,846		0.56			0.58			4.29			16
	9.56		6.26			85,209		0.60			0.67			4.26			16
	9.55		2.33			10		0.57	(e)		0.60	(e)		4.36	(e)		16
	9.35		4.48			234,550		0.85			0.92			4.93			31
	9.35		3.70			66,772		1.60			1.67			4.18			31
	9.36		4.88			4,284,703		0.56			0.58			5.23			31
	9.37		4.81			42,152		0.60			0.67			5.25			31
	9.36		4.89			262,193		0.86			0.93			4.98			11
	9.36		4.11			73,498		1.62			1.68			4.24			11
	9.36		5.19			3,754,010		0.57			0.59			5.25			11
	9.37		5.15			20,741		0.61			0.68			5.22			11
	9.34		9.47			257,803		0.86			0.93			4.89			14
	9.34		8.66			81,018		1.61			1.68			4.14			14
	9.34		9.79			3,005,752		0.57			0.59			5.18			14
	9.35		9.86			17,265		0.61			0.68			5.13			14
	8.93		(1.52	)		255,002		0.87			0.93			4.94			25
	8.93		(2.25	)		75,433		1.62			1.68			4.19			25
	8.93		(1.34	)		2,584,691		0.58			0.59			5.23			25
	8.93		(1.28	)		12,703		0.62			0.69			5.31			25

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.52	$	0.12	$	(0.04	)	$	0.08		$	(0.12	)	$	—		$	(0.12	)
2018 - C		10.51		0.09		(0.05	)		0.04			(0.08	)		—			(0.08	)
2018 - Institutional		10.50		0.16		(0.04	)		0.12			(0.15	)		—			(0.15	)
2018 - Service		10.50		0.11		(0.04	)		0.07			(0.10	)		—			(0.10	)
2018 - Investor(d)		10.51		0.16		(0.05	)		0.11			(0.15	)		—			(0.15	)
2018 - R6 (Commenced November 30, 2017)		10.45		0.06		—	(e)		0.06			(0.05	)		—			(0.05	)
2017 - A		10.56		0.12		(0.05	)		0.07			(0.11	)		—	(e)		(0.11	)
2017 - C		10.55		0.07		(0.05	)		0.02			(0.06	)		—	(e)		(0.06	)
2017 - Institutional		10.54		0.15		(0.05	)		0.10			(0.14	)		—	(e)		(0.14	)
2017 - Service		10.54		0.10		(0.05	)		0.05			(0.09	)		—	(e)		(0.09	)
2017 - Investor(d)		10.55		0.14		(0.05	)		0.09			(0.13	)		—	(e)		(0.13	)
2016 - A		10.59		0.10		(0.04	)		0.06			(0.09	)		—	(e)		(0.09	)
2016 - C		10.58		0.06		(0.04	)		0.02			(0.05	)		—	(e)		(0.05	)
2016 - Institutional		10.58		0.14		(0.05	)		0.09			(0.13	)		—	(e)		(0.13	)
2016 - Service		10.58		0.09		(0.05	)		0.04			(0.08	)		—	(e)		(0.08	)
2016 - Investor(d)		10.58		0.13		(0.04	)		0.09			(0.12	)		—	(e)		(0.12	)
2015 - A		10.57		0.10		0.01			0.11			(0.09	)		—	(e)		(0.09	)
2015 - C		10.55		0.05		0.02			0.07			(0.04	)		—	(e)		(0.04	)
2015 - Institutional		10.55		0.13		0.02			0.15			(0.12	)		—	(e)		(0.12	)
2015 - Service		10.55		0.08		0.02			0.10			(0.07	)		—	(e)		(0.07	)
2015 - Investor(d)		10.55		0.12		0.02			0.14			(0.11	)		—	(e)		(0.11	)
2014 - A		10.69		0.10		(0.12	)		(0.02	)		(0.09	)		(0.01	)		(0.10	)
2014 - C		10.68		0.06		(0.13	)		(0.07	)		(0.05	)		(0.01	)		(0.06	)
2014 - Institutional		10.68		0.13		(0.13	)		—	(e)		(0.12	)		(0.01	)		(0.13	)
2014 - Service		10.67		0.08		(0.12	)		(0.04	)		(0.07	)		(0.01	)		(0.08	)
2014 - Investor(d)		10.68		0.13		(0.14	)		(0.01	)		(0.11	)		(0.01	)		(0.12	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.48		0.74	%	$	97,703		0.68	%		0.75	%		1.18	%		35	%
	10.47		0.34			19,813		1.08			1.50			0.81			35
	10.47		1.15			4,936,410		0.38			0.41			1.52			35
	10.47		0.65			287		0.88			0.91			1.03			35
	10.47		1.01			21,605		0.43			0.50			1.48			35
	10.46		0.61			10		0.36	(f)		0.38	(f)		1.64	(f)		35
	10.52		0.63			124,586		0.70			0.76			1.09			40
	10.51		0.23			23,220		1.10			1.51			0.69			40
	10.50		0.94			4,448,309		0.39			0.42			1.41			40
	10.50		0.44			263		0.89			0.92			0.91			40
	10.51		0.88			10,002		0.45			0.51			1.37			40
	10.56		0.62			147,949		0.73			0.76			0.98			24
	10.55		0.22			33,787		1.13			1.51			0.58			24
	10.54		0.86			4,316,949		0.39			0.42			1.32			24
	10.54		0.36			161		0.89			0.92			0.82			24
	10.55		0.87			3,526		0.48			0.51			1.23			24
	10.59		1.01			189,890		0.73			0.76			0.90			24
	10.58		0.71			35,443		1.13			1.51			0.50			24
	10.58		1.45			4,100,431		0.39			0.41			1.23			24
	10.58		0.96			60		0.89			0.92			0.76			24
	10.58		1.36			3,661		0.48			0.51			1.16			24
	10.57		(0.24	)		231,329		0.73			0.76			0.93			17
	10.55		(0.73	)		43,189		1.13			1.51			0.53			17
	10.55		0.01			3,745,916		0.39			0.42			1.27			17
	10.55		(0.40	)		306		0.89			0.92			0.79			17
	10.55		(0.08	)		9,554		0.48			0.51			1.19			17

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2018

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
Dynamic Municipal Income, Short Duration Tax-Free	A, C, Institutional, Service,  Investor(a) and R6(b)	Diversified
High Yield Municipal	A, C, Institutional, Investor(a) and R6(b)	Diversified

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on November 30, 2017.

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 and Class R6 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 (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, 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. 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.

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 interest rate swaps 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.

112

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Redemption Fees — A 2% redemption fee is 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 uses a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to the Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of the Fund on a pro-rata basis.

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 (mutual funds) 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 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 net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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 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 assumptions in determining fair value measurement).

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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.

113

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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:

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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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.

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

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

114

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in 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.

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.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in United States (“U.S.”) or foreign markets; market dislocations;

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2018:

DYNAMIC MUNICIPAL INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—		$	1,767,507,616		$	—
Corporate Bond		—			4,595,023			—
Total	$	—		$	1,772,102,639		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	105,802		$	—
Interest Rate Swap Contracts		—			3,216,232			—
Total	$	—		$	3,322,034		$	—
Liabilities(a)
Futures Contracts	$	(254,666	)	$	—		$	—
Interest Rate Swap Contracts		—			(3,971,959	)		—
Total	$	(254,666	)	$	(3,971,959	)	$	—
HIGH YIELD MUNICIPAL
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—		$	5,280,130,899		$	—
Corporate Bond		—			15,540,471			—
Total	$	—		$	5,295,671,370		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	2,608,776		$	—
Interest Rate Swap Contracts		—			27,807,835			—
Total	$	—		$	30,416,611		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	—		$	(4,867,516	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION TAX-FREE
Investment Type	Level 1		Level 2		Level 3
Assets
Municipal Debt Obligations	$	—	$	5,043,596,783	$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	793,519	$	—

(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

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, 2018. 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.

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	105,802		—	$	—
Interest Rate	Variation margin on swaps contracts		3,216,232	(a)	Variation margin on futures and swaps contracts		(4,226,625)	(a)
Total		$	3,322,034			$	(4,226,625)
HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	2,608,776		—	$	—
Interest Rate	Variation margin on swaps contracts		27,807,835	(a)	Variation margin on swaps contracts		(4,867,516)	(a)
Total		$	30,416,611			$	(4,867,516)

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

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	$	793,519	—	$	—

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of March 31, 2018 is reported within the Statements of Assets and Liabilities.

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, 2018. 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:

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	30,201	$	11,739			2
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contract and swap contracts		10,972,175		(2,908,123	)		52
Total		$	11,002,376	$	(2,896,384	)		54
HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,078,623	$	1,726,259			7
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		20,539,125		1,052,448			2
Total		$	21,617,748	$	2,778,707			9
SHORT DURATION TAX-FREE
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	225,502	$	88,044			2

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2018.

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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.

As of March 31, 2018, contractual management fees with GSAM were at the following rates. The effective contractual management rates and effective net management rates represent the rates for the six month period ended March 31, 2018.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Dynamic Municipal Income		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%		0.43	%		0.38	%(1)
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.52			0.52
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.35			0.34

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

(1) GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least November 30, 2018, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

Prior to July 28, 2017, the contractual management fee rates for the Dynamic Municipal Income Fund and Short Duration Tax-Free Fund were as stated below and GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate as set forth in the Funds’ prospectus dated July 29, 2016.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Dynamic Municipal Income		0.55	%		0.50	%		0.48	%		0.47	%		0.46	%
Short Duration Tax-Free		0.40			0.36			0.34			0.33			0.32

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each 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.

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.

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Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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			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, 2018, Goldman Sachs agreed to waive a portion of the distribution and 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 November 30, 2018. 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, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	25,262	$	6
High Yield Municipal		28,439		—
Short Duration Tax-Free		3,009		—

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% of the average daily net assets attributable to Class C or 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: 0.13% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% 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 and Short Duration Tax-Free Funds, respectively. This arrangement will remain in effect through at least November 30, 2018, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Funds is 0.004%. These Other Expense limitations will remain in place through at least November 30, 2018, 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, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Fee Waivers
Fund	Management Fee		Class C Distribution and Service Fee		Transfer Agency Waivers/Credits			Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	745,385	$	—	$	—		$	468,122	$	8,021	$	1,221,528
High Yield Municipal		—		—		176,996	(a)		972,050		20,921		1,169,967
Short Duration Tax-Free		600,023		75,731		56,873	(a)		855,072		27,558		1,615,257

(a) Applicable to Class A, C and Investor Shares.

G.  Line of Credit Facility — As of March 31, 2018, the Funds participated in a $1,100,000,000 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, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — As of March 31, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Service			Class R6
Dynamic Municipal Income		10	%		100	%
High Yield Municipal		—			100
Short Duration Tax-Free		—			100

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, 2018, 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	$	16,081,874	$	10,231,504	$	(228,018	)
High Yield Municipal		4,473,756		4,497,744		(259,876	)
Short Duration Tax-Free		41,282,924		72,997,042		(661,110	)

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Notes to Financial Statements (continued)

March 31, 2018

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, 2018, 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	$	—	$	840,731,721	$	—	$	160,622,532
High Yield Municipal		—		1,521,818,181		—		807,991,570
Short Duration Tax-Free		49,916,263		2,246,665,290		50,065,846		1,681,386,560

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2018, was as follows:

	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	418,899	$	12,110,778	$	1,563,530
Tax-exempt income		43,860,913		196,269,495		68,119,156
Total distributions	$	44,279,812	$	208,380,273	$	69,682,686

The tax character of distributions paid during the fiscal year ended March 31, 2017, was as follows:

	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	217,847	$	12,588,441	$	475,426
Tax-exempt income		30,151,644		197,794,455		59,150,793
Total distributions	$	30,369,491	$	210,382,896	$	59,626,219

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7. TAX INFORMATION (continued)

As of March 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Undistributed tax-exempt income — net	$	8,493,750		$	94,212,078		$	3,750,006
Capital loss carryforwards:(1)
Expiring 2019		(704,599	)		(11,866,582	)		—
Perpetual Short-term		—			(79,907,999	)		(3,903,968	)
Perpetual Long-term		—			(111,361,947	)		—
Total capital loss carryforwards	$	(704,599	)	$	(203,136,528	)	$	(3,903,968	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)		(903,444	)		(1,188,073	)		(9,200,860	)
Unrealized gains (losses) — net		6,362,430			189,300,215			(28,760,664	)
Total accumulated earnings (losses) — net	$	13,248,137		$	79,187,692		$	(38,115,486	)

(1) With the exception of perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated. The Dynamic Municipal Income and High Yield Municipal Funds had capital loss carryforwards of $2,511,505 and $431,157,569, respectively, which expired in the current fiscal year. The Dynamic Municipal Income and High Yield Municipal Fund utilized $12,558,394 and $48,651,411, respectively, of capital loss carryforward in the current fiscal year.

As of March 31, 2018, 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			Short Duration Tax-Free
Tax cost	$	1,764,945,433		$	5,132,851,022		$	5,073,146,799
Gross unrealized gain		56,339,223			451,875,465			58,244,276
Gross unrealized loss		(49,976,793	)		(262,575,250	)		(87,004,940	)
Net unrealized gain (loss)	$	6,362,430		$	189,300,215		$	(28,760,664	)

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.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds and result primarily from expired capital loss carryforwards, differences in the tax treatment of swap transactions, and the recognition of income and gains/losses of certain bonds.

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
Dynamic Municipal Income	$	(2,511,505	)	$	2,746,198	$	(234,693	)
High Yield Municipal		(431,157,569	)		430,055,847		1,101,722
Short-Duration Tax Free		—			663,360		(663,360	)

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.

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Notes to Financial Statements (continued)

March 31, 2018

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.

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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause 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 and is required to maintain 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

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.

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8. OTHER RISKS (continued)

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

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended March 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

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.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Municipal Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		10,734,144		$	167,761,694			6,872,998		$	107,860,167
Reinvestment of distributions		439,746			6,868,419			385,810			6,051,521
Shares redeemed		(5,101,311	)		(79,711,112	)		(4,461,562	)		(69,311,835	)
		6,072,579			94,919,001			2,797,246			44,599,853
Class C Shares
Shares sold		1,121,035			17,532,074			1,310,890			20,660,621
Reinvestment of distributions		52,420			819,194			50,080			785,361
Shares redeemed		(873,201	)		(13,643,468	)		(542,263	)		(8,472,434	)
		300,254			4,707,800			818,707			12,973,548
Institutional Shares
Shares sold		45,480,096			710,967,186			31,710,596			495,175,716
Reinvestment of distributions		1,807,256			28,223,818			1,228,194			19,243,175
Shares redeemed		(14,236,798	)		(222,390,486	)		(13,844,781	)		(215,197,001	)
		33,050,554			516,800,518			19,094,009			299,221,890
Service Shares
Reinvestment of distributions		28			442			30			478
Shares redeemed		—			—			—			(6	)
		28			442			30			472
Investor Shares(a)
Shares sold		7,472,872			116,651,809			4,116,665			63,678,477
Reinvestment of distributions		223,188			3,482,154			53,340			830,047
Shares redeemed		(1,618,208	)		(25,261,629	)		(560,587	)		(8,696,859	)
		6,077,852			94,872,334			3,609,418			55,811,665
Class R6 Shares(b)
Shares sold		643			10,000			—			—
Reinvestment of distributions		7			106			—			—
		650			10,106			—			—
NET INCREASE		45,501,917		$	711,310,201			26,319,410		$	412,607,428

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on November 30, 2017.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Municipal Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,383,813		$	51,256,769			3,763,874		$	35,397,906
Reinvestment of distributions		865,264			8,228,670			1,092,481			10,321,390
Shares redeemed		(5,107,308	)		(48,593,567	)		(7,789,348	)		(72,782,918	)
		1,141,769			10,891,872			(2,932,993	)		(27,063,622	)
Class C Shares
Shares sold		717,129			6,819,077			903,874			8,619,231
Reinvestment of distributions		165,429			1,573,159			224,431			2,119,997
Shares redeemed		(1,804,886	)		(17,159,151	)		(1,841,287	)		(17,267,725	)
		(922,328	)		(8,766,915	)		(712,982	)		(6,528,497	)
Institutional Shares
Shares sold		134,291,182			1,277,122,046			162,400,568			1,522,008,228
Reinvestment of distributions		20,133,215			191,492,416			20,301,816			191,816,554
Shares redeemed		(86,241,071	)		(820,212,574	)		(125,700,317	)		(1,169,120,154	)
		68,183,326			648,401,888			57,002,067			544,704,628
Investor Shares(a)
Shares sold		5,908,786			56,307,342			2,618,781			24,350,244
Reinvestment of distributions		211,516			2,014,024			134,000			1,263,684
Shares redeemed		(1,710,631	)		(16,255,920	)		(465,898	)		(4,395,985	)
		4,409,671			42,065,446			2,286,883			21,217,943
Class R6 Shares(b)
Shares sold		1,057			10,000			—			—
Reinvestment of distributions		15			140			—			—
		1,072			10,140			—			—
NET INCREASE		72,813,510		$	692,602,431			55,642,975		$	532,330,452

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on November 30, 2017.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Short Duration Tax-Free Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,979,445		$	20,854,473			3,104,726		$	32,784,249
Reinvestment of distributions		86,167			907,168			107,739			1,136,819
Shares redeemed		(4,591,090	)		(48,398,632	)		(5,378,469	)		(56,633,882	)
		(2,525,478	)		(26,636,991	)		(2,166,004	)		(22,712,814	)
Class C Shares
Shares sold		308,383			3,245,834			303,581			3,198,288
Reinvestment of distributions		11,011			115,778			11,574			121,984
Shares redeemed		(637,313	)		(6,703,232	)		(1,308,227	)		(13,757,315	)
		(317,919	)		(3,341,620	)		(993,072	)		(10,437,043	)
Institutional Shares
Shares sold		241,724,046			2,543,353,202			223,462,919			2,354,031,726
Reinvestment of distributions		6,197,354			65,148,128			5,285,410			55,676,089
Shares redeemed		(199,845,080	)		(2,100,099,622	)		(214,618,744	)		(2,256,247,980	)
		48,076,320			508,401,708			14,129,585			153,459,835
Service Shares
Shares sold		12,299			130,001			10,621			112,155
Reinvestment of distributions		143			1,507			115			1,211
Shares redeemed		(10,049	)		(105,790	)		(1,001	)		(10,490	)
		2,393			25,718			9,735			102,876
Investor Shares(a)
Shares sold		2,036,029			21,405,789			838,460			8,814,246
Reinvestment of distributions		19,718			207,195			5,614			59,134
Shares redeemed		(943,852	)		(9,917,981	)		(226,457	)		(2,378,481	)
		1,111,895			11,695,003			617,617			6,494,899
Class R6 Shares(b)
Shares sold		957			10,000			—			—
Reinvestment of distributions		5			51			—			—
		962			10,051			—			—
NET INCREASE		46,348,173		$	490,153,869			11,597,861		$	126,907,753

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on November 30, 2017.

128

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Dynamic Municipal Income Fund, the Goldman Sachs High Yield Municipal Fund, and the Goldman Sachs Short Duration Tax-Free Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Goldman Sachs Dynamic Municipal Income Fund, the Goldman Sachs High Yield Municipal Fund, and the Goldman Sachs Short Duration Tax-Free Fund (three of the funds constituting the Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, 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 the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended March 31, 2018 and 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 Opinion

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, 2018 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 opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 30, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) 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, Service, Investor and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2017 through March 31, 2018, which represents a period of 182 days of a 365 day year. The Class R6 example is based on the period from December 1, 2017 through March 31, 2018, which represents a period of 121 out of 365 days. The Class R6 example for hypothetical expenses reflects projected activity for the period from October 1, 2017 through March 31, 2018 for purposes of comparability. 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 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.

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.

	Dynamic Municipal Income Fund							High Yield Municipal Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 10/01/17		Ending Account Value 3/31/18			Expenses Paid for the 6 Months Ended 3/31/18*		Beginning Account Value 10/01/17		Ending Account Value 3/31/18			Expenses Paid for the 6 Months Ended 3/31/18*		Beginning Account Value 10/01/17		Ending Account Value 3/31/18			Expenses Paid for the 6 Months Ended 3/31/18*
Class A
Actual	$	1,000	$	1,007.20		$	3.75	$	1,000	$	1,016.80		$	4.27	$	1,000	$	997.20		$	3.39
Hypothetical 5% return		1,000		1,021.19	+		3.78		1,000		1,020.69	+		4.28		1,000		1,021.54	+		3.43
Class C
Actual		1,000		1,003.40			7.49		1,000		1,013.00			8.03		1,000		995.20			5.37
Hypothetical 5% return		1,000		1,017.45	+		7.54		1,000		1,016.95	+		8.05		1,000		1,019.55	+		5.44
Institutional
Actual		1,000		1,008.90			2.05		1,000		1,018.30			2.82		1,000		998.70			1.89
Hypothetical 5% return		1,000		1,022.89	+		2.07		1,000		1,022.14	+		2.82		1,000		1,023.04	+		1.92
Service
Actual		1,000		1,005.70			4.55		N/A		N/A			N/A		1,000		996.30			4.38
Hypothetical 5% return		1,000		1,020.39	+		4.58		N/A		N/A			N/A		1,000		1,020.54	+		4.43
Investor
Actual		1,000		1,007.80			2.50		1,000		1,018.20			3.02		1,000		998.50			2.14
Hypothetical 5% return		1,000		1,022.44	+		2.52		1,000		1,021.94	+		3.02		1,000		1,022.79	+		2.17
Class R6(a)
Actual		1,000		1,012.70			1.33		1,000		1,023.30			1.91		1,000		1,006.10			1.20
Hypothetical 5% return		1,000		1,022.94	+		2.02		1,000		1,022.09	+		2.87		1,000		1,023.14	+		1.82

+ 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, 2018. 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(a)
Dynamic Municipal Income		0.75	%		1.50	%		0.41	%		0.91	%		0.50	%		0.40	%
High Yield Municipal		0.85			1.60			0.56			N/A			0.60			0.57
Short Duration Tax-Free		0.68			1.08			0.38			0.88			0.43			0.36

(a) Commenced operations on November 30, 2017.

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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: 69	Chair of the Board of Trustees	2018 (Trustee since 2007)	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a 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.	104	None
Kathryn A. Cassidy Age: 64	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	None
Roy W. Templin Age: 57	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). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 66	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.	104	Verizon Communications Inc.

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GOLDMAN SACHS MUNICIPAL 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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	148	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.

¹  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, 2018.

²  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 (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2018, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 21 portfolios (12 of which offered 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.

132

GOLDMAN SACHS MUNICIPAL 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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* 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.

¹  Information is provided as of March 31, 2018.

² 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.

133

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Goldman Sachs Municipal Fixed Income Funds - Tax Information (Unaudited)

During the period ended March 31, 2018, 99.05%, 94.19%, and 97.76% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, the High Yield Municipal Fund, and the Short Duration Tax-Free Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

134

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of March 31, 2018, 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 Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund⁵

∎ 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 Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ 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 Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity 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

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 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

∎ Tactical Exposure Fund

¹  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.

²  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.

³  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 December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia 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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer 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.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs 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.

Fund holdings and allocations shown are as of March 31, 2018 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.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

© 2018 Goldman Sachs. All rights reserved. 130037-TMPL-05/2018-760215 TFFIAR-18/18.4K

Goldman Sachs Funds

Annual Report	March 31, 2018
	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

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
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	48
Financial Statements	102
Financial Highlights	110
Notes to Financial Statements	124
Report of Independent Registered Public Accounting Firm	152
Other Information	153

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

What Differentiates Goldman Sachs Asset Management’s Fixed Income Investment Process?

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

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

∎ Assess relative value among securities and sectors

∎ Leverage the vast resources of GSAM in selecting securities for each portfolio

∎ Team approach to decision making

∎ Manage risk by avoiding significant sector and interest rate bets

∎ Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

∎ Capitalize on GSAM’s industry-renowned credit research capabilities

∎ Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

1

MARKET REVIEW

Goldman Sachs Short Duration and Government Fixed Income Funds

Market Review

During the 12 months ended March 31, 2018 (the “Reporting Period”), the performance of the global fixed income markets was driven primarily by improving economic growth around the world, geopolitical events and shifting investor expectations about central bank monetary policy.

When the Reporting Period began with the second quarter of 2017, spread, or non-government bond, sectors generally recorded positive returns. Political developments led to temporary bouts of volatility early in the quarter, driving weakness in Brazilian, U.S. and U.K. fixed income assets as well as a credit rating downgrade of South Africa’s sovereign debt. Political risks receded in May 2017 on the centrist candidate’s victory in the French presidential election, which was supportive of French and European peripheral bonds broadly. On the economic front, U.S. core inflation weakened for the third consecutive month in May 2017, casting uncertainty over the pace of Federal Reserve (“Fed”) monetary tightening. Nonetheless, comments included in minutes from the Fed’s May and June 2017 policy meetings suggested an announcement about how and when the Fed would begin reducing the size of its balance sheet would be made sooner than the markets had previously anticipated. In Europe, economic data continued to surprise to the upside. At its June 2017 policy meeting, the European Central Bank (“ECB”) provided an optimistic assessment of the risks to growth but revised downward its medium-term inflation forecasts. The ECB, Bank of Japan (“BoJ”) and Bank of England (“BoE”) left their respective monetary policies unchanged during the second calendar quarter, while at its June 2017 policy meeting, the Fed raised interest rates for the second time in 2017 and the fourth time since the 2007-2009 global financial crisis. As the quarter came to an end, a string of comments from global central bankers triggered a hawkish market reaction. (Hawkish suggests higher interest rates; opposite of dovish.) Global interest rates rose as the market anticipated a steeper pace of monetary policy tightening by the BoE, ECB and Bank of Canada (“BoC”). During the second quarter of 2017, the U.S. dollar weakened versus many global currencies.

During the third quarter of 2017, spread sectors broadly advanced. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted a hawkish market reaction, with the U.S. dollar appreciating and yields on U.S. government bonds rising. However, the U.S. Treasury yield curve, or spectrum of maturities, only steepened modestly due to geopolitical uncertainty, mixed U.S. economic data (including weak inflation readings) and because balance sheet normalization had been communicated by policymakers earlier in the calendar year. (A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens.) The central banks of other developed countries also set the stage for less accommodative monetary policy. The BoE noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the BoC surprised the markets with two consecutive rate hikes. The market’s expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, also drove the British pound higher versus the U.S. dollar. (Brexit refers to the U.K.’s efforts to exit the European Union.) Overall, the U.S. dollar continued to weaken relative to many global currencies during the third calendar quarter.

During the fourth calendar quarter, spread sector performance was largely positive, supported by ongoing strength in the global macro environment and contained market, macro and

2

MARKET REVIEW

political volatility. Passage of U.S. tax reform legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the ECB announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. In December 2017, the Fed delivered its third short-term interest rate hike of 2017. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three interest rate increases may be on tap for 2018 and potentially two more in 2019. The U.S. dollar weakened further versus many global currencies during the fourth quarter of 2017.

Spread sectors were challenged during the first quarter of 2018, as market volatility surged. Among the catalysts were firmer than consensus expected U.S. wage and price inflation data at the beginning of February, equity market declines and rising concerns about trade tensions in March. The Fed raised short-term interest rates at its March policy meeting and left unchanged its projection for a total of three rate hikes during 2018. Beyond the U.S., monetary policy action was muted in the developed markets during the first calendar quarter, though policymakers in Europe and Japan sounded mildly dovish and those in Norway appeared more hawkish. Economic activity data was strong across the world, with positive growth reported in both emerging markets and developed markets countries, though the pace of above-trend growth moderated somewhat. During the first quarter of 2018, the U.S. dollar weakened slightly versus many global currencies.

For the Reporting Period as a whole, spread sectors outperformed U.S. Treasury securities, led by sovereign emerging markets debt, high yield corporate bonds and investment grade corporate bonds. Commercial mortgage-backed securities, agency securities, asset-backed securities and mortgage-backed securities also outperformed U.S. Treasuries, albeit to a lesser extent. The U.S. Treasury yield curve flattened slightly during the Reporting Period, as yields on shorter- and intermediate-term maturities rose more than yields on most longer-term maturities (A basis point is 1/100th of a percentage point). The yield on the bellwether 10-year U.S. Treasury rose approximately 35 basis points to end the Reporting Period at 2.74%. Meanwhile, yields on 30-year U.S. Treasury securities edged down approximately five basis points. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.)

Looking Ahead

At the end of the Reporting Period, we expected global economic growth to remain strong, though we believed it would continue at a more moderate pace in the near term than during the Reporting Period. In our view, numerous factors were driving the ongoing global economic expansion, including household consumption, business capital expenditures, industrial production and trade.

Regarding the U.S., the tax reform legislation passed by Congress during December 2017 and the subsequent enactment of a budget agreement that would increase the caps on federal spending during 2018 and 2019 is likely to improve U.S. economic growth, in our opinion. We think the added boost to an already healthy U.S. economy will lower recession risk in the

3

MARKET REVIEW

near term. That said, we believe the fiscal expansion will likely limit the potential effectiveness of future fiscal policy, possibly increasing recession risks in the longer term. As for inflation, we think that tightness in the labor market and broader capacity constraints may well lead to firmer wage and price inflation, though we expect a gradual normalization rather than an acceleration in price increases. Upside inflation surprises, we believe, could spark more frequent bouts of financial market volatility. In Europe and Japan, we expect economic growth to benefit from the momentum generated during 2017 as well as from continued accommodative monetary policy from the ECB and BoJ, respectively. In the emerging markets, tail risk from China has declined, in our view, as the country’s financial deleveraging progress continues, while its economic growth continues to shift toward consumption and services. (Tail risk is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution. Tail risks include events that have a small probability of occurring and occur at the ends of a normal distribution curve.) Elsewhere in the emerging markets, we expect economic growth to be supported by countries recovering from oil shock-induced recessions or benefiting from global economic growth and trade.

Regarding central bank policy, we believe the Fed will likely raise short-term interest rates further in 2018. In our opinion, the ECB is likely to conclude its quantitative easing program by calendar year end. We expect the BoJ to remain on hold in the near term, while modest monetary policy tightening is likely in many other developed markets countries during the next 12 months, in our view.

With regard to U.S. trade policy, we considered its impact on the global economy to be limited at the end of the Reporting Period. In our view, strong protectionist rhetoric has been diluted to relatively restrained, well-orchestrated and targeted actions thus far, and so we see limited near-term macro or market impact. The balance of risks around our optimistic economic growth and benign trade outlook would shift if the scope and magnitude of tariffs were to broaden across countries and sectors, or if the U.S. encountered greater retaliation from China and other affected countries. In this scenario, we believe the macro costs would likely include higher inflation and interest rates as well as slower global economic growth.

4

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 0.86%, 1.09%, 0.95%, 1.11% and 1.21%, respectively. These returns compare to the 0.90% 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 (“BofA ML Six-Month U.S. Treasury Bill Index”) and 50% of the ICE BofAML One-Year U.S. Treasury Note Index (“BofA ML One-Year U.S. Treasury Note Index”), which generated average annual total returns of 1.15% and 0.66%, respectively, over the same time period.

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

A Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection was the primary driver of positive returns, with selection amongst U.S. Treasuries, short-dated corporate bonds and securitized bonds boosting results, while selection amongst high quality corporate securities and Treasury inflation protected securities (“TIPS”) detracting from performance.

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 also boosted the Fund’s results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

The 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.

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

A Our individual security selection strategies overall contributed most positively to the Fund’s relative results during the Reporting Period. Within the government/swaps sector, our selection of short-dated U.S. Treasury swaps proved effective, while selection of TIPS detracted. Within the corporate bond sector, individual selection of short-dated corporate bonds and investment grade financial corporate bonds helped most, with these gains slightly offset by our bias to higher quality corporate bonds, which detracted. Within the securitized sector, selection amongst asset-backed securities added the most value.

Overall, our cross-sector strategy also contributed positively to the Fund’s results during the Reporting Period due mostly to the Fund’s exposure to corporate bonds and asset-backed securities. Investment grade corporate bonds strengthened during the Reporting Period with spreads, or yield differentials to U.S. Treasuries, tightening on improving U.S. economic data and rising consumer confidence. These gains were slightly offset by the Fund’s exposure to U.S. Treasury swaps, which detracted.

5

FUND RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to Fund performance during the Reporting Period, largely due to tactical U.S. duration positioning. Overall, we maintained the Fund’s underweight U.S. duration position relative to that of the Enhanced Income Composite given our belief that global economic growth is likely to remain strong and that tightness in the labor market and easy financial conditions may warrant further monetary tightening in the U.S.

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

A The Fund used Treasury futures and Eurodollar futures during the Reporting Period 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 derivatives did not have a material impact on the Fund’s performance during the Reporting Period.

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

A We decreased the Fund’s exposures to industrials-related corporate bonds, asset-backed securities, U.S. Treasuries and agency debentures and increased its position in cash during the Reporting Period. Additionally, while the Fund’s overall duration positioning remained the same through the Reporting Period, we did make adjustments in weightings along the U.S. Treasury yield curve as market conditions changed. More specifically, we decreased the Fund’s underweight along the one-year and five-year segments of the U.S. Treasury yield curve; reduced its overweight to the three-month segment of the U.S. Treasury yield curve; and moved from an underweight to an overweight position along the two-year and three-year segments of the U.S. Treasury yield curve.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A While the Fund is benchmarked to U.S. Treasuries, it 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, asset-backed securities and quasi-government 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. Further, the Fund maintained a shorter duration position than that of the Enhanced Income Composite at the end of the Reporting Period, as we expect the Fed to further tighten monetary policy in 2018 should economic growth continue to improve.

6

FUND BASICS

Enhanced Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Enhanced Income Composite2			BofA ML Six-Month U.S. Treasury Bill Index3			BofA ML One-Year U.S. Treasury Note Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		0.86	%		0.90	%		1.15	%		0.66	%		1.70	%		1.74	%
Institutional		1.09			0.90			1.15			0.66			2.06			2.10
Administration		0.95			0.90			1.15			0.66			1.81			1.86
Investor		1.11			0.90			1.15			0.66			1.97			2.02
Class R6		1.21			0.90			1.15			0.66			2.04			2.11

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Enhanced Income Composite is an equal weight blend of the BofA ML Six-Month U.S. Treasury Bill Index and the BofA ML One-Year U.S. Treasury Note Index.

³  The BofA ML Six-Month U.S. Treasury Bill Index measures the performance of Treasury Bills with time to maturity of less than 6 months. The BofA ML 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 BofA ML Six-Month U.S. Treasury Bill Index and BofA ML 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.

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

7

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.62	%		0.10	%		0.62	%		1.84	%	8/2/00
Institutional		1.09			0.71			1.10			2.28		8/2/00
Administration		0.95			0.48			0.87			2.04		8/2/00
Investor		1.11			0.62			N/A			0.62		7/30/10
Class R6		1.21			N/A			N/A			1.25		7/31/15

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Administration Shares, Investor Shares, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.69	%		0.70	%
Institutional		0.35			0.36
Administration		0.60			0.61
Investor		0.44			0.45
Class R6		0.34			0.35

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

8

FUND BASICS

FUND COMPOSITION⁷

Percentage of Net Assets

⁷ 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 deposits and commercial papers. 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.

9

GOLDMAN SACHS ENHANCED INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Administration, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Enhanced Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 2000)
Excluding sales charges	0.86%	0.39%	0.77%	1.92%
Including sales charges	-0.62%	0.10%	0.62%	1.84%
Institutional (Commenced August 2, 2000)	1.09%	0.71%	1.10%	2.28%
Administration (Commenced August 2, 2000)	0.95%	0.48%	0.87%	2.04%
Investor (Commenced July 30, 2010)	1.11%	0.62%	N/A	0.62%
Class R6 (Commenced July 31, 2015)	1.21%	N/A	N/A	1.25%

10

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.01%, -0.74%, 0.35%, -0.16%, 0.26%, -0.18% and 0.43%, respectively. These returns compare to the 0.58% 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.

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

A 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 positively to the Fund’s results during the Reporting Period, though positioning within the mortgage-backed securities sector detracted. 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 contributed positively to 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 also contributed positively, although selection amongst mortgage-backed securities detracted.

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

A Within our cross-sector strategy, the Fund’s underweight exposure to agency mortgage-backed securities relative to the Bloomberg Barclays Index detracted from performance during the Reporting Period. A low volatility environment, coupled with strong demand from banks and overseas investors, boosted the sector’s positive performance, and thus the Fund’s underweight position hurt. This trend began to reverse in the early months of 2018 when heightened market volatility and reduced demand from banks and from the Federal Reserve (the “Fed”) led to underperformance of mortgage-backed securities relative to duration-neutral U.S. Treasuries. Fund results were also dampened modestly by having an exposure to Treasury inflation protected securities (“TIPS”), especially in April 2017 when markets were surprised by three consecutive unexpectedly weak core inflation data releases, which caused breakeven rates to tighten. (Breakeven inflation is the difference between the nominal yield on a fixed rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality.) On the positive side, overweights to asset-backed securities and U.S. Treasury securities added value as did a tactical allocation to agency debentures.

Individual issue selection among agency mortgage-backed securities detracted most from the Fund’s relative results. An emphasis on higher coupon agency mortgage-backed securities hurt amid an environment of lower mortgage rates, a flatter yield curve and subdued interest rate volatility. (A flatter yield curve is one in which the yield differential between shorter-term and longer-term maturities narrows.) It is worth noting, however, that this positioning proved

11

FUND RESULTS

beneficial in the early months of 2018 when volatility heightened and interest rates further increased. Partially offsetting this detractor was individual issue selection of Federal Family Education Loan Program (“FFELP”) asset-backed securities, which contributed positively.

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

A The Fund’s duration positioning contributed positively to the Fund’s relative results during the Reporting Period. The Fund maintained a shorter duration than that of the Bloomberg Barclays Index throughout the Reporting Period due to strong economic data, especially labor market and inflation data, coupled with our anticipation of tightening action from the Fed. We even shifted to a more significantly shorter duration relative to that of the Bloomberg Barclays Index toward the end of the Reporting Period in anticipation of further interest rate increases by the Fed as 2018 progresses.

The Fund’s yield curve positioning also contributed positively to the Fund’s relative results during the Reporting Period. The U.S. Treasury yield curve flattened during the Reporting Period, as yields at the short-term end of the curve, or spectrum of maturities, rose in response to Fed policy tightening. While yields on 10-year U.S. Treasuries also rose, they were kept somewhat anchored overall by low yields on government bonds in developed markets outside of the U.S., by geopolitical tensions and by demand from pension funds.

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

A 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.) The Fund used forward contracts to help manage duration. Derivatives generally dampened relative performance during the Reporting Period.

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

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

A During the Reporting Period, we moved to a greater underweight in the Fund’s allocation to agency mortgage-backed securities, as we expected spreads, or yield differentials to duration-equivalent U.S. Treasuries, to widen in response to the tapering of agency mortgage-backed securities reinvestments by the Fed, increased interest rate volatility and seasonal spikes in supply of mortgage-backed securities. Conversely, we gradually increased the Fund’s overweight relative to the Bloomberg Barclays Index in asset-backed securities, particularly FFELP asset-backed securities, as we favored what we saw as their strong credit protection and attractive spreads. Additionally, as mentioned earlier, we modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of March 2018, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in asset-backed securities and in quasi-government securities such as agency debentures. The Fund was underweight relative to the Bloomberg Barclays Index in U.S. Treasury securities and in residential mortgage-backed securities, specifically pass-through mortgage-backed securities. The Fund had modest exposures to commercial mortgage-backed securities and to TIPS, which are not components of the Bloomberg Barclays Index. The Fund had a shorter duration than that of the Bloomberg Barclays Index at the end of the Reporting Period.

12

FUND BASICS

Government Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017–March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.01	%		0.58	%		1.63	%		1.69	%
Class C		-0.74			0.58			0.96			1.01
Institutional		0.35			0.58			2.03			2.09
Service		-0.16			0.58			1.54			1.60
Investor		0.26			0.58			1.95			2.00
Class R		-0.18			0.58			1.45			1.51
Class R6		0.43			0.58			2.04			2.11

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg Barclays Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

13

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.74	%		-0.03	%		2.12	%		4.44	%	2/10/93
Class C		-1.73			-0.01			1.75			3.34		8/15/97
Institutional		0.35			1.09			2.87			4.49		8/15/97
Service		-0.16			0.57			2.35			3.96		8/15/97
Investor		0.26			0.99			2.76			2.85		11/30/07
Class R		-0.18			0.50			2.27			2.36		11/30/07
Class R6		0.43			N/A			N/A			0.87		7/31/15

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares, Investor Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.92	%		1.06	%
Class C		1.67			1.81
Institutional		0.58			0.72
Service		1.08			1.22
Investor		0.67			0.81
Class R		1.17			1.31
Class R6		0.56			0.70

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

14

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by full faith and credit of the United States or the government of a foreign country.

15

GOLDMAN SACHS GOVERNMENT INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Government Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 10, 1993)
Excluding sales charges	0.01%	0.74%	2.52%	4.59%
Including sales charges	-3.74%	-0.03%	2.12%	4.44%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	-0.74%	-0.01%	1.75%	3.34%
Including contingent deferred sales charges	-1.73%	-0.01%	1.75%	3.34%
Institutional (Commenced August 15, 1997)	0.35%	1.09%	2.87%	4.49%
Service (Commenced August 15, 1997)	-0.16%	0.57%	2.35%	3.96%
Investor (Commenced November 30, 2007)	0.26%	0.99%	2.76%	2.85%
Class R (Commenced November 30, 2007)	-0.18%	0.50%	2.27%	2.36%
Class R6 (Commenced July 31, 2015)	0.43%	N/A	N/A	0.87%

16

FUND RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

The Fund seeks 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 1.32%, 1.67%, 1.05%, 1.58% and 1.56%, respectively. These returns compare to the 1.11% average annual total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (“BofA ML Three-Month U.S. Treasury Bill Index”).

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

A Bottom-up individual issue selection overall added value. 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 contributed positively, albeit modestly, to Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

The 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.

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

A Cross-sector positioning was the primary positive contributor to the Fund’s results during the Reporting Period, especially exposure to agency mortgage-backed securities. Agency mortgage-backed securities significantly outperformed duration-neutral U.S. Treasuries, especially during the third quarter of 2017, due to multi-decade low volatility coupled with 10-year U.S. Treasury yields selling off substantially. Strong demand, specifically from mortgage real estate investment trusts (“REITs”), also helped the mortgage- backed securities sector, as spreads, or yield differentials to U.S. Treasuries, tightened. The Fund’s exposure to collateralized loan obligations (“CLOs”) and asset-backed securities also proved beneficial to relative results during the Reporting Period. These gains were slightly offset by the Fund’s exposure to U.S. Treasury swaps, which detracted.

Overall, individual security selection contributed positively to the Fund’s relative results. Individual issue selection of U.S. Treasuries within the government/swaps sector was additive to relative results during the Reporting Period, while selection of Treasury inflation protected securities (“TIPS”) detracted. Within the securitized sector, selection of asset-backed securities added value, while selection of CLOs detracted.

17

FUND RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively, albeit modestly, to Fund performance during the Reporting Period, largely due to tactical U.S. duration positioning. Overall, we maintained the Fund’s underweight U.S. duration position relative to that of the BofA ML Three-Month U.S. Treasury Bill Index given our belief that global economic growth is likely to remain strong and that tightness in the labor market and easy financial conditions may warrant further monetary tightening in the U.S.

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

A The Fund used Treasury futures during the Reporting Period 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.) Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

A We decreased the Fund’s exposure to U.S. Treasuries and modestly reduced exposure to agency collateralized mortgage obligations during the Reporting Period. We increased the Fund’s exposure to asset-backed securities. Additionally, while the Fund’s overall duration positioning remained the same through the Reporting Period, we did make adjustments in weightings along the U.S. Treasury yield curve as market conditions changed.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A While the Fund is benchmarked to U.S. Treasuries, it held a significant portion of its assets in non-Treasury sectors not represented in the ICE BofA ML Three-Month U.S. Treasury Bill 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 agency mortgage-backed securities and asset-backed 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 BofA ML Three- Month U.S. Treasury Bill Index at the end of the Reporting Period, as we expect the Fed to further tighten monetary policy in 2018 should economic growth continue to improve.

18

FUND BASICS

High Quality Floating Rate Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017–March 31, 2018	Fund Total Return (based on NAV)1			ICE BofA ML Three-Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.32	%		1.11	%		1.46	%		1.48	%
Institutional		1.67			1.11			1.82			1.85
Service		1.05			1.11			1.33			1.35
Investor		1.58			1.11			1.73			1.76
Class R6		1.56			1.11			1.85			1.85

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The ICE BofA ML 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 unmanaged index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

19

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.16	%		0.09	%		0.33	%		2.50	%	5/15/95
Institutional		1.67			0.68			0.80			3.18		7/17/91
Service		1.05			0.20			0.32			2.11		3/27/97
Investor		1.58			0.57			0.69			0.68		11/30/07
Class R6		1.56			N/A			N/A			1.25		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional Shares, Service Shares, Investor Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.71	%		0.81	%
Institutional		0.37			0.47
Service		0.87			0.97
Investor		0.45			0.55
Class R6		0.35			0.44

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

20

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by full faith and credit of the United States or the government of a foreign country.

21

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Service, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 15, 1995)
Excluding sales charges	1.32%	0.38%	0.48%	2.57%
Including sales charges	-0.16%	0.09%	0.33%	2.50%
Institutional (Commenced July 17, 1991)	1.67%	0.68%	0.80%	3.18%
Service (Commenced March 27, 1997)	1.05%	0.20%	0.32%	2.11%
Investor (Commenced November 30, 2007)	1.58%	0.57%	0.69%	0.68%
Class R6 (Commenced July 31, 2015)	1.56%	N/A	N/A	1.25%

22

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.31%, -0.42%, 0.64%, 0.55%, 0.09% and 0.75%, respectively. These returns compare to the 0.92% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (“Bloomberg Barclays U.S. TIPS Index”), during the same time period.

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

A The Fund’s duration strategy detracted most from 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 the spectrum of maturities within a particular sector, also detracted from Fund performance during the Reporting Period.

Bottom-up individual issue selection of various maturity U.S. Treasury inflation protected securities (“TIPS”) was the key positive contributor to the Fund’s performance during the Reporting Period.

The Fund’s cross-sector strategy also 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.

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

A Individual issue selection of various maturity TIPS contributed most positively to Fund performance during the Reporting Period. Particularly beneficial to relative results was selection of TIPS with a maturity of greater than seven years, especially in the second and fourth quarters of 2017. Selection of specific-issue TIPS and inflation swaps also aided Fund results during the Reporting Period. These gains were partially offset by selection of TIPS with a maturity of less than seven years, which detracted, especially in the second quarter of 2017.

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

A The Fund’s duration strategy modestly detracted from its relative results during the Reporting Period. The Fund’s shorter duration than that of the Bloomberg Barclays U.S. TIPS Index hurt, as longer-term U.S. rates rallied, mainly in April 2017, on the back of receding inflation expectations in spite of positive economic data. However, the Fund’s shorter duration stance modestly aided performance in the third calendar quarter, specifically in September 2017 when longer-term U.S. rates moved higher. The Fund’s shorter duration stance then detracted again when U.S. Treasury yields rallied toward the end of March 2018 on elevated market volatility and concerns around tariffs and potential trade wars. We maintained the Fund’s duration position at the end of the Reporting Period, as we expected further interest rate hikes by the Federal Reserve (the “Fed”) as 2018 progresses.

23

FUND RESULTS

Yield curve positioning detracted as well during the Reporting Period. Such results were primarily a result of yield curve steepeners in the Fund, held via interest rate swaps and swap options. (A steepening yield curve is one in which the differential in yields between shorter-term and longer-term maturities widens; opposite of flattening.) This positioning hurt as the yield curve flattened during the Reporting Period, as short-term yields rose in conjunction with the Fed raising interest rates and long-term yields were anchored by still-low global interest rates, such as those seen in Europe and Japan.

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

A 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.

The use of derivatives to manage interest rate risk and to express views on the yield curve detracted from performance. The use of inflation-linked swaps — from a bottom-up security selection perspective — contributed positively to performance during the Reporting Period.

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

A We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. More specifically, we reduced the Fund’s overweight position in TIPS with a maturity of less than seven years, while concurrently increasing the Fund’s position — by reducing its underweight — in TIPS with a maturity of greater than seven years. By the end of the Reporting Period, we had reduced the Fund’s overall exposure to TIPS given the widening in breakeven inflation rates during much of the Reporting Period. For the Reporting Period overall, 10-year breakeven inflation rates were wider given positive inflation data, strong economic outlook, rallying oil prices and retail demand for TIPS assets. The passage of the U.S. tax reform bill by Congress in late December 2017 also drove inflation breakeven rates wider. (Breakeven inflation is the difference between the nominal yield on a fixed rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality.)

We modestly shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. We shortened the Fund’s already shorter duration stance relative to the Bloomberg Barclays U.S. TIPS Index during the second quarter of 2017, though we moderated this positioning slightly as longer U.S. Treasury rates rallied mainly in April 2017 on the back of receding inflation expectations in spite of positive economic data. We again shortened the Fund’s relative duration in early 2018, as we expected the Fed to raise interest rates several times as the calendar year progresses amid strong labor market data and improving inflationary data.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of March 2018, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. Within the Fund’s TIPS allocation, we maintained an underweight to the short, i.e. seven years and less, end of the TIPS rate curve and an overweight to TIPS with a maturity of greater than seven years, as measured on a market value basis. The Fund had a shorter duration than that of the Bloomberg Barclays U.S. TIPS Index at the end of the Reporting Period with our belief for further tightening action from the Fed in 2018.

At the end of the Reporting Period, we expected global economic growth to remain strong as the synchronized global expansion continued. That said, recent data leads us to think the pace of above-trend growth may moderate. In our view, U.S. fiscal expansion is likely to further elongate the current economic and credit cycles but may pose risks over the medium- to long-term. In turn, we believe a gradual normalization in inflation is likely given labor market tightness and capacity constraints, with unemployment rates moving below estimates of the non-accelerating inflation rate of unemployment and output gaps moving close to zero or further into positive territory. (The non-accelerating inflation rate of unemployment is the specific level of unemployment that is evident in an economy that does not cause inflation to increase. It often represents equilibrium between the state of the economy and the labor market. The output gap is an economic measure of the difference between the actual output, or growth, of an economy and its potential growth or output.) In the U.S., we think inflation will be in excess of

24

FUND RESULTS

2% year-over-year in 2018, given the weakness experienced in 2017. We also expect firmer inflation in other developed markets, including Sweden. In contrast, we think inflation may remain muted in Europe and Japan given, among other factors, economic slack still present in those regions. We believe potential headwinds may come from execution risk on the part of the current Administration regarding trade policy and the potentially consequential effects of such on monetary policies.

Going forward, we intend to continue to closely monitor macro developments both domestically and abroad for the potential impact on inflation expectations as we position the Fund’s portfolio.

25

FUND BASICS

Inflation Protected Securities Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017–March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Barclays U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.31	%		0.92	%		5.12	%		5.13	%
Class C		-0.42			0.92			4.56			4.58
Institutional		0.64			0.92			5.67			5.68
Investor		0.55			0.92			5.58			5.59
Class R		0.09			0.92			5.07			5.08
Class R6		0.75			0.92			5.68			5.70

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays U.S. 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical. The Fund invests in US TIPS bonds and similar inflation protected securities, and the 30-Day Standardized Yield of the Fund, as quoted above, includes the positive or negative income effect on those bonds of changes in the rate of inflation. When inflation factors increase, we expect the Fund’s 30-Day Standardized Yield to be higher than if the effects of inflation were excluded, and when the inflation factors decrease, we expect the Fund’s 30-Day Standardized Yield to be lower than if the effects of inflation were excluded. Relatively small changes in the rate of inflation can have significant positive or negative impacts on the 30-Day Standardized Yield of the Fund. To the extent the Yield shown above includes the positive effect of a rise in inflation, it may not be repeated.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

26

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.48	%		-1.17	%		2.11	%		3.09	%	8/31/07
Class C		-1.42			-1.15			1.74			2.74		8/31/07
Institutional		0.64			-0.07			2.85			3.85		8/31/07
Investor		0.55			-0.17			2.73			3.22		11/30/07
Class R		0.09			-0.66			2.25			2.73		11/30/07
Class R6		0.75			N/A			N/A			1.78		7/31/15

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 4.50%, which is not reflected in the figures shown. Because Institutional Shares, Investor Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.68	%		0.77	%
Class C		1.43			1.53
Institutional		0.34			0.43
Investor		0.43			0.52
Class R		0.93			1.02
Class R6		0.33			0.41

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

27

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

⁷  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 7.74 and 8.7 years, respectively, at March 31, 2018 and March 31, 2017.

28

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Inflation Protected Securities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 31, 2007)
Excluding sales charges	0.31%	-0.41%	2.50%	3.47%
Including sales charges	-3.48%	-1.17%	2.11%	3.09%
Class C (Commenced August 31, 2007)
Excluding contingent deferred sales charges	-0.42%	-1.15%	1.74%	2.74%
Including contingent deferred sales charges	-1.42%	-1.15%	1.74%	2.74%
Institutional (Commenced August 31, 2007)	0.64%	-0.07%	2.85%	3.85%
Investor (Commenced November 30, 2007)	0.55%	-0.17%	2.73%	3.22%
Class R (Commenced November 30, 2007)	0.09%	-0.66%	2.25%	2.73%
Class R6 (Commenced July 31, 2015)	0.75%	N/A	N/A	1.78%

29

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of -0.22%, -0.53%, 0.11%, -0.29%, 0.13% and 0.12%, respectively. These returns compare to the -0.18% average annual total return of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index (“BofA ML Two-Year U.S. Treasury Note Index”), during the same time period.

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

A Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection was the primary positive contributor to the Fund’s relative results.

Within our top-down strategies, our cross-sector strategy was the primary positive contributor 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 from relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

The 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.

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

A Individual issue selection as a whole was additive to the Fund’s relative results. Within the government/swaps sector, selection of U.S. Treasuries proved beneficial, while our selection of Treasury inflation protected securities (“TIPS”) detracted. Within the securitized sector, selection of mortgage pass-through securities added most to relative returns.

Sector positioning contributed positively to the Fund’s results during the Reporting Period. The majority of outperformance came from exposure to agency mortgage- backed securities. Agency mortgage-backed securities significantly outperformed duration-neutral U.S. Treasuries, especially during the third calendar quarter, due to multi- decade low volatility coupled with 10-year U.S. Treasury yields selling off substantially. Strong demand, specifically from mortgage real estate investment trusts (“REITs”), also helped the mortgage-backed securities sector, as spreads, or yield differentials to U.S. Treasuries, tightened. These gains were slightly offset by the Fund’s exposure to U.S. Treasury swaps, which detracted from Fund performance.

30

FUND RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period. We maintained the Fund’s underweight U.S. duration position relative to that of the BofA ML Two-Year U.S. Treasury Note Index given our belief that global economic growth is likely to remain strong and that tightness in the labor market and easy financial conditions may warrant further monetary tightening in the U.S.

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

A The Fund used Treasury futures as well as interest rate swaps during the Reporting Period 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 used forward sales contracts and futures contracts to help manage duration. Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

A We decreased the Fund’s exposure to U.S. Treasury securities during the Reporting Period and modestly reduced its position in cash. Additionally, while the Fund’s overall duration positioning remained the same through the Reporting Period, we did make adjustments in weightings along the U.S. Treasury yield curve as market conditions changed. More specifically, we reduced the Fund’s overweight to the seven-year segment of the U.S. Treasury yield curve; increased its underweight to the five-year segment of the U.S. Treasury yield curve; and moved from an underweight to an overweight in the six-month segment of the U.S. Treasury yield curve.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A While the Fund is benchmarked to U.S. Treasuries, it 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 agency mortgage-backed securities and mortgage pass-through 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 BofA ML Two-Year U.S. Treasury Note Index at the end of the Reporting Period, as we expect the Fed to further tighten monetary policy in 2018 should economic growth continue to improve.

31

FUND BASICS

Short Duration Government Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017–March 31, 2018	Fund Total Return (based on NAV)1			ICE BofA ML Two-Year U.S. Treasury Note Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.22	%		-0.18	%		1.55	%		1.56	%
Class C		-0.53			-0.18			1.17			0.84
Institutional		0.11			-0.18			1.91			1.92
Service		-0.29			-0.18			1.41			1.42
Investor		0.13			-0.18			1.82			1.83
Class R6		0.12			-0.18			1.92			1.93

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The BofA ML 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 BofA ML 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 BofA ML 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 unmanaged index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

32

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.70	%		-0.09	%		1.13	%		3.09	%	5/1/97
Class C		-1.18			-0.15			0.82			2.45		8/15/97
Institutional		0.11			0.56			1.62			4.58		8/15/88
Service		-0.29			0.06			1.13			3.18		4/10/96
Investor		0.13			0.47			1.54			1.84		11/30/07
Class R6		0.12			N/A			N/A			0.51		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares, Investor Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.81	%		0.87	%
Class C		1.21			1.62
Institutional		0.47			0.53
Service		0.97			1.03
Investor		0.56			0.62
Class R6		0.46			0.52

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

33

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

⁹  “Government Guarantee Obligations” are guaranteed by a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country.

34

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Government Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	-0.22%	0.22%	1.28%	3.16%
Including sales charges	-1.70%	-0.09%	1.13%	3.09%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	-0.53%	-0.15%	0.82%	2.45%
Including contingent deferred sales charges	-1.18%	-0.15%	0.82%	2.45%
Institutional (Commenced August 15, 1988)	0.11%	0.56%	1.62%	4.58%
Service (Commenced April 10, 1996)	-0.29%	0.06%	1.13%	3.18%
Investor (Commenced November 30, 2007)	0.13%	0.47%	1.54%	1.84%
Class R6 (Commenced July 31, 2015)	0.12%	N/A	N/A	0.51%

35

FUND 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of -0.19%, -0.48%, 0.16%, 0.06%, -0.43% and 0.13%, respectively. These returns compare to the 0.35% 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 0.80% and -0.09%, respectively, over the same time period.

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

A 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 country strategy detracted most from the Fund’s relative results, with performance driven by an overweight position in Canadian rates versus U.S. rates, attributable primarily to the third quarter of 2017 when the Bank of Canada took the markets by surprise with two consecutive interest rate hikes. This detractor was partially offset by an overweight position in European rates versus U.K. rates, which contributed positively. We established this positioning based on our view that inflation in the Eurozone may well disappoint, as the Bank of England is widely expected to tighten its monetary policy later in 2018.

Conversely, our currency strategy contributed positively overall, with the Fund’s overweight positions in Central Eastern European and Scandinavian currencies, such as the Czech koruna, Polish zloty, Hungarian forint and Swedish

krona, versus the euro performing well. These gains were partially offset by the Fund’s exposure to European currency forwards, which detracted. Our cross-sector strategy also 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 also added value to Fund performance during the Reporting Period. Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Bottom-up individual issue selection overall was a positive contributor to the Fund’s relative results during the Reporting Period as well.

The duration, country, currency 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.

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

A Sector positioning contributed most positively to the Fund’s results during the Reporting Period, with exposure to collateralized loan obligations (“CLOs”), asset-backed securities, high yield corporate bonds and investment grade corporate bonds performing best. Exposure to emerging markets debt detracted from the Fund’s relative results during the Reporting Period.

Overall, security selection contributed positively to relative results as well. Within the government/swaps sector, selection of U.S. Treasuries proved effective, while selection of Treasury inflation protected securities (“TIPS”) detracted. Within the securitized sector, selection of mortgage

36

FUND RESULTS

pass-through securities and asset-backed securities contributed positively, while selection of CLOs dampened relative results. Selection of tax-exempt Puerto Rico municipal bonds detracted from returns following Governor Ricardo’s initiation of the Commonwealth to enter a Title III restructuring. Market expectations of the negative economic impact from Hurricane Maria added to these bonds’ headwinds. (Title III is an in-court debt restructuring process akin to U.S. bankruptcy protection, since Puerto Rico is barred from using Chapter 9 of the U.S. federal bankruptcy code reserved for insolvent public entities. It should be noted that this action was taken on May 3, 2017, well before the devastation caused by Hurricane Maria.)

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to Fund performance during the Reporting Period, largely due to tactical U.S. duration positioning. Overall, we maintained the Fund’s underweight U.S. duration position relative to that of the Short Duration Income Composite given our belief that global economic growth is likely to remain strong and that tightness in the labor market and easy financial conditions may warrant further monetary tightening in the U.S.

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

A The Fund used Treasury futures, Eurodollar futures as well as interest rate swaps and options during the Reporting Period 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. Derivatives had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

A We decreased the Fund’s exposure to U.S. Treasuries and increased its exposures to emerging markets debt, industrials-related investment grade corporate bonds and mortgage-backed securities during the Reporting Period. Additionally, we shifted the Fund’s duration from shorter than the Short Duration Income Composite to a stance longer than that of the Short Duration Income Composite from mid-June 2017 to mid-September 2017 before returning to an overall shorter duration position. We also made adjustments in weightings along the U.S. Treasury yield curve as market conditions changed. More specifically, we reduced the Fund’s overweight to the two-year segment of the U.S. Treasury yield curve; reduced its underweights to the five-year and 20-year segments of the U.S. Treasury yield curve; and moved from an underweight to an overweight in the one-year segment of the U.S. Treasury yield curve.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A 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 asset-backed securities, mortgage pass-through securities and agency mortgage-backed securities. The Fund also had exposure to high yield corporate bonds, quasi-government bonds and emerging markets debt at the end of the Reporting Period. Further, the Fund maintained a shorter U.S. duration position than that of the Short Duration Income Composite at the end of the Reporting Period, as we expected the Federal Reserve (the “Fed”) to further tighten monetary policy in 2018 should economic growth continue to improve.

37

FUND BASICS

Short Duration Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Goldman Sachs Short Duration Income Fund Composite Index2			Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index3			Bloomberg Barclays U.S. 1-5 Year Government Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		-0.19	%		0.35	%		0.80	%		-0.09	%		2.27	%		2.27	%
Class C		-0.48			0.35			0.80			-0.09			1.90			1.56
Institutional		0.16			0.35			0.80			-0.09			2.64			2.65
Investor		0.06			0.35			0.80			-0.09			2.55			2.56
Class R		-0.43			0.35			0.80			-0.09			2.05			2.06
Class R6		0.13			0.35			0.80			-0.09			2.72			2.66

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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%).

³  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.

⁴  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.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

38

FUND BASICS

STANDARDIZED TOTAL RETURNS6
For the period ended 3/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		-1.67	%		0.54	%		0.98	%	2/29/12
Class C		-1.13			0.45			0.84		2/29/12
Institutional		0.16			1.20			1.61		2/29/12
Investor		0.06			1.10			1.51		2/29/12
Class R		-0.43			0.61			1.01		2/29/12
Class R6		0.13			N/A			1.15		7/31/15

⁶  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% 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 Shares, Investor Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS7
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.90	%
Class C		1.19			1.65
Institutional		0.45			0.56
Investor		0.54			0.65
Class R		1.04			1.15
Class R6		0.45			0.55

⁷  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

39

FUND BASICS

FUND COMPOSITION⁸

Percentage of Net Assets

⁸  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 deposits and commercial papers. 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.

⁹  “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.

¹⁰  “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.

40

GOLDMAN SACHS SHORT DURATION INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, 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. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 29, 2012 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Since Inception
Class A (Commenced February 29, 2012)
Excluding sales charges	-0.19%	0.83%	1.23%
Including sales charges	-1.67%	0.54%	0.98%
Class C (Commenced February 29, 2012)
Excluding contingent deferred sales charges	-0.48%	0.45%	0.84%
Including contingent deferred sales charges	-1.13%	0.45%	0.84%
Institutional (Commenced February 29, 2012)	0.16%	1.20%	1.61%
Investor (Commenced February 29, 2012)	0.06%	1.10%	1.51%
Class R (Commenced February 29, 2012)	-0.43%	0.61%	1.01%
Class R6 (Commenced July 31, 2015)	0.13%	N/A	1.15%

41

FUND RESULTS

Goldman Sachs Short-Term Conservative Income Fund

Investment Objective

The Fund seeks to generate current income and secondarily maintain 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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration and Preferred Shares generated average annual total returns, without sales charges, of 1.04%, 1.40%, 1.24% and 1.40%, respectively. These returns compare to the 0.55% 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 1.08% during the same time period.

For the period from its inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 0.43%. This return compares to the 0.41% cumulative total return of the 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 a cumulative total return of 0.44% during the same time period.

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

A Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection was the main driver of performance during the Reporting Period, contributing positively.

Within our top-down strategies, our cross-sector strategy contributed 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. Our duration and yield curve positioning strategy also boosted the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

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

A Our individual security selection strategies overall were the primary positive contributors to the Fund’s relative results during the Reporting Period. Within the government/swaps sector, selection of short-dated U.S. Treasuries proved most effective. In addition, selection of short-dated corporate bonds, especially within the financials sector, contributed positively. These gains were partially offset by selection amongst high quality corporate bonds, which detracted from Fund performance.

Cross-sector positioning was positive, driven by the Fund’s exposure to the corporate bond sector, as spreads, or yield differentials to U.S. Treasuries, tightened during the Reporting Period. During the first quarter of 2018, however, these gains were slightly reversed, as one- to three-year corporate spreads widened substantially. In addition, the Fund’s exposure to U.S. Treasury swaps detracted from Fund performance.

42

FUND RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively to Fund performance during the Reporting Period, largely due to tactical U.S. duration positioning. Overall, we maintained the Fund’s underweight U.S. duration position relative to that of the Bloomberg Barclays Index given our belief that global economic growth is likely to remain strong and that tightness in the labor market and easy financial conditions may warrant further monetary tightening in the U.S.

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

A The Fund does not use derivatives.

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

A We increased the Fund’s exposure to commercial paper and certificates of deposit and reduced its exposure to industrials-related investment grade corporate bonds during the Reporting Period. Additionally, while the Fund’s overall duration positioning remained the same through the Reporting Period, we did make adjustments in weightings along the U.S. Treasury yield curve as market conditions changed. More specifically, we increased the Fund’s overweight to the three-month segment of the U.S. Treasury yield curve and reduced its underweight to the one-year segment of the U.S. Treasury yield curve.

Q How was the Fund positioned relative to its benchmark index at the end of March 2018?

A At the end of the Reporting Period, the Fund had an emphasis on financials-related investment grade corporate bonds and cash and cash equivalents. Further, the Fund maintained a shorter U.S. duration position than that of the Bloomberg Barclays Index at the end of the Reporting Period, as we expected the Federal Reserve (the “Fed”) to further tighten monetary policy in 2018 should economic growth continue to improve.

43

FUND BASICS

Short-Term Conservative Income

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays Short-Term Government/ Corporate Index2			ICE BofAML 3-6 Month US Treasury Bill Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		1.04	%		0.55	%		1.08	%		1.54	%		1.51	%
Institutional		1.40			0.55			1.08			1.94			1.87
Administration		1.24			0.55			1.08			1.69			1.62
Preferred		1.40			0.55			1.08			1.78			1.78
November 30, 2017– March 31, 2018
Class R6		0.43	%		0.41	%		0.44	%		1.87	%		1.83	%

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays 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.

³  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 Bank of America Merrill Lynch 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.

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

44

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/18	One Year			Since Inception			Inception Date
Class A		-0.46	%		-0.03	%	10/31/16
Institutional		1.40			0.88		2/28/14
Administration		1.24			0.65		2/28/14
Preferred		1.40			1.36		10/31/16
Class R6		N/A			0.43		11/30/17

⁵ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional, Administration, Preferred and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.57	%		1.54	%
Institutional		0.20			1.20
Administration		0.45			1.45
Preferred		0.30			1.30
Class R6		0.20			1.19

⁶ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

45

FUND BASICS

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  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 deposits, commercial papers, and 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.

46

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, 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, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Administration, Preferred and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

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, 2018.

Average Annual Total Return through March 31, 2018	One Year	Since Inception
Class A (Commenced October 31, 2016)
Excluding sales charges	1.04%	1.03%
Including sales charges	-0.46%	-0.03%
Institutional (Commenced February 28, 2014)	1.40%	0.88%
Administration (Commenced February 28, 2014)	1.24%	0.65%
Preferred (Commenced October 31, 2016)	1.40%	1.36%
Class R6 (Commenced November 30, 2017)	N/A	0.43%*

* Total return for periods of less than one year represents cumulative total return.

47

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 42.8%
Aerospace & Defense – 0.2%
	Northrop Grumman Corp.
$	1,188,000		3.500	%		03/15/21	$	1,201,944
Agriculture – 1.7%
	BAT Capital Corp.(a)
	7,625,000		2.297			08/14/20		7,475,932
	Philip Morris International, Inc.
	575,000		1.375			02/25/19		568,034
								8,043,966
Automotive – 0.8%
	BMW US Capital LLC(a)
	1,050,000		1.500			04/11/19		1,037,824
	Daimler Finance North America LLC(a)
	1,400,000		1.650			05/18/18		1,398,493
	Ford Motor Credit Co. LLC
	1,350,000		2.425			06/12/20		1,325,022
								3,761,339
Banks – 16.3%
	ABN AMRO Bank NV(a)
	2,100,000		2.650			01/19/21		2,066,488
	Bank of America Corp.
	1,150,000		2.625			10/19/20		1,142,059
	3,050,000		2.151	(b)		11/09/20		2,989,855
	(3M USD LIBOR + 0.660%)
	1,375,000		2.369	(b)(c)		07/21/21		1,349,272
	Banque Federative du Credit Mutuel SA(a)
	1,150,000		2.000			04/12/19		1,140,274
	700,000		2.200			07/20/20		685,210
	BNP Paribas SA
	900,000		2.375			05/21/20		889,463
	BPCE SA
	1,725,000		2.650			02/03/21		1,695,916
	Capital One Financial Corp.(b)(c) (3M USD LIBOR + 0.720%)
	1,300,000		2.487			01/30/23		1,290,585
	Capital One NA(b)
	625,000		1.850			09/13/19		614,404
	Citibank NA(b)
	5,050,000		2.125			10/20/20		4,938,498
	Citigroup, Inc.
	875,000		2.400			02/18/20		865,474
	Citizens Bank NA/Providence RI(b)(c) (3M USD LIBOR + 0.540%)
	1,175,000		2.557			03/02/20		1,176,129
	Deutsche Bank AG
	2,225,000		2.700			07/13/20		2,180,364
	Discover Bank(b)
	1,600,000		2.600			11/13/18		1,599,492
	ING Bank NV(a)
	1,725,000		2.750			03/22/21		1,704,132
	JPMorgan Chase & Co.
	1,275,000		2.200			10/22/19		1,262,607
	1,775,000		2.750	(b)		06/23/20		1,765,088
	(3M USD LIBOR + 0.630%)
	3,925,000		2.390	(c)		01/28/19		3,937,207
	Kreditanstalt fuer Wiederaufbau(d)
	17,200,000		1.500			02/06/19		17,090,264
Corporate Obligations – (continued)
Banks – (continued)
	Macquarie Bank Ltd.(a)(c) (3M USD LIBOR + 0.350%)
	3,000,000		2.475			03/15/19		3,001,926
	Morgan Stanley, Inc.
	1,425,000		2.500			04/21/21		1,396,263
	(3M USD LIBOR + 1.180%)
	4,575,000		2.925	(b)(c)		01/20/22		4,630,250
	MUFG Union Bank NA(b)
	2,250,000		2.625			09/26/18		2,248,663
	Nordea Bank AB(a)
	1,900,000		2.500			09/17/20		1,870,976
	Santander UK PLC
	1,825,000		2.125			11/03/20		1,782,594
	775,000		2.500			01/05/21		762,389
	Sumitomo Mitsui Trust Bank Ltd.(a)
	1,175,000		2.050			03/06/19		1,166,042
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	1,625,000		2.300			03/05/20		1,600,520
	The Huntington National Bank(c) (3M USD LIBOR + 0.510%)
	1,175,000		2.581			03/10/20		1,178,651
	UBS AG(a)(b)
	2,600,000		2.200			06/08/20		2,547,971
	US Bank NA(b)
	1,175,000		1.400			04/26/19		1,160,473
	Westpac Banking Corp.
	2,425,000		2.300			05/26/20		2,390,049
								76,119,548
Beverages – 1.7%
	Anheuser-Busch InBev Finance, Inc.(b)
	3,975,000		3.300			02/01/23		3,977,922
	Constellation Brands, Inc.
	1,550,000		2.250			11/06/20		1,516,638
	Molson Coors Brewing Co.
	975,000		1.900			03/15/19		965,336
	1,375,000		1.450			07/15/19		1,349,615
								7,809,511
Chemicals – 0.7%
	E.I. du Pont de Nemours & Co.(c) (3M USD LIBOR + 0.530%)
	825,000		2.303			05/01/20		830,285
	The Sherwin-Williams Co.
	1,175,000		2.250			05/15/20		1,155,498
	1,300,000		2.750	(b)		06/01/22		1,266,167
								3,251,950
Computers – 1.2%
	Dell International LLC/EMC Corp.(a)
	2,600,000		3.480			06/01/19		2,611,760
	DXC Technology Co.
	550,000		2.875			03/27/20		546,936
	Hewlett Packard Enterprise Co.(b)
	2,550,000		3.600			10/15/20		2,573,591
								5,732,287
Diversified Financial Services – 1.9%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,900,000		3.750			05/15/19		1,911,893

48 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)
Diversified Financial Services – (continued)
	AIG Global Funding(a)
$	1,950,000		1.950	%		10/18/19	$	1,925,841
	675,000		2.150			07/02/20		662,119
	American Express Credit Corp.(b)
	3,675,000		2.375			05/26/20		3,627,332
	International Lease Finance Corp.
	600,000		6.250			05/15/19		620,594
								8,747,779
Electrical – 2.6%
	American Electric Power Co., Inc.
	1,475,000		2.150			11/13/20		1,442,993
	CMS Energy Corp.
	754,000		8.750			06/15/19		802,129
	Commonwealth Edison Co.(b)
	525,000		2.150			01/15/19		522,628
	Dominion Energy, Inc.
	1,150,000		1.900			06/15/18		1,148,632
	300,000		1.600			08/15/19		294,836
	Emera US Finance LP
	1,375,000		2.150			06/15/19		1,358,420
	Pinnacle West Capital Corp.
	575,000		2.250			11/30/20		561,313
	Public Service Enterprise Group, Inc.
	1,950,000		1.600			11/15/19		1,905,203
	Sempra Energy(b)(c) (3M USD LIBOR + 0.500%)
	1,700,000		2.209			01/15/21		1,701,246
	Southern Power Co.(b)
	1,150,000		2.500			12/15/21		1,119,256
	The Southern Co.
	1,300,000		1.850			07/01/19		1,282,529
								12,139,185
Electronics(b) – 0.3%
	Honeywell International, Inc.
	1,400,000		1.850			11/01/21		1,348,913
Food & Drug Retailing(b) – 0.1%
	Sysco Corp.
	625,000		2.600			10/01/20		619,795
Gas(b) – 0.1%
	NiSource Corp.
	525,000		2.650			11/17/22		508,070
Healthcare Providers & Services – 1.8%
	Abbott Laboratories(b)
	1,275,000		2.900			11/30/21		1,261,509
	Becton Dickinson & Co.
	1,250,000		2.133			06/06/19		1,235,848
	675,000		2.404			06/05/20		661,934
	(3M USD LIBOR + 0.875%)
	1,275,000		2.944	(b)(c)		12/29/20		1,276,350
	Danaher Corp.
	850,000		1.650			09/15/18		846,486
	Humana, Inc.
	1,550,000		2.500			12/15/20		1,520,296
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	UnitedHealth Group, Inc.
	1,500,000		1.950			10/15/20		1,465,382
								8,267,805
Insurance – 0.7%
	Chubb INA Holdings, Inc.(b)
	875,000		2.300			11/03/20		861,776
	MetLife, Inc.
	1,150,000		7.717			02/15/19		1,198,276
	Reliance Standard Life Global Funding II(a)
	1,375,000		2.500			04/24/19		1,369,089
								3,429,141
Internet(a) – 0.4%
	Amazon.com, Inc.
	1,825,000		1.900			08/21/20		1,786,884
Mining(a)(b) – 0.1%
	Glencore Funding LLC
	575,000		3.000			10/27/22		554,616
Miscellaneous Manufacturing(a) – 0.6%
	Siemens Financieringsmaatschappij NV
	2,750,000		1.300			09/13/19		2,690,092
Oil Field Services – 0.8%
	EOG Resources, Inc.
	1,125,000		5.625			06/01/19		1,158,313
	Phillips 66(a)(b)(c) (3M USD LIBOR + 0.750%)
	750,000		2.472			04/15/20		750,802
	Schlumberger Finance Canada Ltd.(a)
	850,000		2.200			11/20/20		838,555
	Valero Energy Corp.
	868,000		6.125			02/01/20		914,753
								3,662,423
Pharmaceuticals – 1.3%
	CVS Health Corp.
	275,000		1.900			07/20/18		274,423
	925,000		3.125			03/09/20		925,933
	1,325,000		2.800	(b)		07/20/20		1,315,544
	475,000		3.350			03/09/21		477,585
	2,200,000		2.125	(b)		06/01/21		2,125,429
	(3M USD LIBOR + 0.630%)
	525,000		2.687	(c)		03/09/20		526,969
	(3M USD LIBOR + 0.720%)
	375,000		2.777	(c)		03/09/21		377,818
								6,023,701
Pipelines – 2.4%
	Columbia Pipeline Group, Inc.
	825,000		2.450			06/01/18		824,473
	Enbridge Energy Partners LP
	846,000		5.200			03/15/20		873,274
	Enterprise Products Operating LLC
	1,450,000		5.250			01/31/20		1,504,810
	Kinder Morgan Energy Partners LP
	2,325,000		6.850			02/15/20		2,469,902

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Kinder Morgan, Inc.(b)
$	625,000		3.050	%		12/01/19	$	623,384
	Magellan Midstream Partners LP
	1,075,000		6.400			07/15/18		1,085,304
	1,225,000		6.550			07/15/19		1,278,096
	Sabine Pass Liquefaction LLC(b)
	2,300,000		6.250			03/15/22		2,495,726
								11,154,969
Real Estate Investment Trust(b) – 0.5%
	American Tower Corp.
	1,125,000		3.300			02/15/21		1,124,738
	Digital Realty Trust LP
	1,125,000		3.400			10/01/20		1,131,755
								2,256,493
Retailing(a) – 0.4%
	Alimentation Couche-Tard, Inc.
	1,800,000		2.350			12/13/19		1,778,919
Software(b) – 0.2%
	Fiserv, Inc.
	1,025,000		2.700			06/01/20		1,018,489
Supranational – 4.0%
	African Development Bank
	7,250,000		2.625			03/22/21		7,245,142
	European Investment Bank
	11,440,000		2.375			05/13/21		11,351,226
								18,596,368
Telecommunication Services – 1.7%
	AT&T, Inc.
	825,000		2.800	(b)		02/17/21		816,916
	425,000		3.875			08/15/21		432,496
	1,625,000		3.000			02/15/22		1,604,930
	Verizon Communications, Inc.
	676,000		2.625			02/21/20		672,815
	4,050,000		1.750			08/15/21		3,865,331
	425,000		3.000	(b)		11/01/21		421,707
								7,814,195
Trucking & Leasing(a) – 0.3%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,625,000		2.875			07/17/18		1,625,642
	TOTAL CORPORATE OBLIGATIONS
	(Cost $202,364,718)						$	199,944,024
Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations(a)(c) – 0.2%
Collateralized Mortgage Obligations – 0.2%
Sequential Floating Rate – 0.2%
	Station Place Securitization Trust Series 2015-2, Class A (1M USD LIBOR + 1.050%)
$	950,000		2.638	%		05/15/18	$	950,000
	(Cost $950,000)
Asset-Backed Securities – 22.6%
Automotive – 6.6%
	Ally Master Owner Trust Series 2015-2, Class A2
	4,000,000		1.830			01/15/21		3,976,253
	Ally Master Owner Trust Series 2017-3, Class A2
	3,750,000		2.040			06/15/22		3,683,162
	Ally Master Owner Trust Series 2018-1, Class A2
	5,900,000		2.700			01/17/23		5,864,186
	Chesapeake Funding II LLC Series 2016-2A, Class A1(a)
	2,228,697		1.880			06/15/28		2,216,331
	Ford Credit Auto Owner Trust Series 2016-2, Class A(a)
	500,000		2.030			12/15/27		485,575
	Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1
	5,200,000		2.160			09/15/22		5,120,516
	GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1(a)
	1,550,000		1.960			05/17/21		1,537,264
	NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1(a)(c) (1M USD LIBOR + 0.640%)
	1,750,000		3.090			02/15/23		1,749,917
	Nissan Master Owner Receivables Trust Series 2016-A, Class A2
	1,200,000		1.540			06/15/21		1,183,956
	Nissan Master Owner Trust Receivables Series 2017-C, Class A(c) (1M LIBOR + 0.320%)
	3,100,000		2.097			10/17/22		3,102,323
	Tesla Auto Lease Trust Series 2018-A, Class A(a)
	1,653,217		2.320			12/20/19		1,650,242
								30,569,725
Credit Card – 7.7%
	Bank of America Credit Card Trust Series 2014-A1, Class A(c) (1M LIBOR + 0.380%)
	7,000,000		2.157			06/15/21		7,016,096
	Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200			12/15/22		3,412,829
	Barclays Dryrock Issuance Trust Series 2016-1, Class A
	1,600,000		1.520			05/16/22		1,577,621
	Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,017,611
	CARDS II Trust Series 2016-1A, Class A(a)(c) (1M LIBOR + 0.700%)
	2,150,000		2.477			07/15/21		2,153,327
	Chase Issuance Trust Series 2016-A2, Class A
	2,900,000		1.370			06/15/21		2,858,109
	Chase Issuance Trust Series 2016-A5, Class A5
	3,950,000		1.270			07/15/21		3,884,539
	Evergreen Credit Card Trust Series 2016-1, Class A(a)(c) (1M LIBOR + 0.720%)
	3,350,000		2.497			04/15/20		3,350,784
	Golden Credit Card Trust Series 2016-5A, Class A(a)
	2,800,000		1.600			09/15/21		2,755,379
	Golden Credit Card Trust Series 2017-2A, Class A(a)
	800,000		1.980			04/15/22		786,768
	Master Credit Card Trust II Series 2017-1A, Class A(a)
	2,600,000		2.260			07/21/21		2,574,049

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Credit Card – (continued)
	Trillium Credit Card Trust II Series 2016-1A, Class A(a)(c) (1M LIBOR + 0.720%)
$	3,650,000		2.592	%		05/26/21	$	3,650,245
								36,037,357
Home Equity(c) – 0.0%
	Amresco Residential Securities Mortgage Loan Trust Series 1998-2, Class M1F
	1,057		6.745			06/25/28		1,917
	Centex Home Equity Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	64,595		3.121			09/25/34		66,111
	Morgan Stanley ABS Capital I Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
	26,537		3.871	%		05/25/34		26,612
								94,640
Manufactured Housing – 0.0%
	Lehman ABS Manufactured Housing Contract Series 2001-B, Class A3
	6,126		4.350			04/15/40		6,154
Student Loan(c) – 8.3%
	ECMC Group Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.350%)
	2,010,678		2.911			07/26/66		2,037,168
	ECMC Group Student Loan Trust Series 2017-1A, Class A(a) (1M USD LIBOR + 1.200%)
	3,360,916		2.821			12/27/66		3,401,575
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(a) (1M USD LIBOR + 0.800%)
	1,526,566		2.421			06/25/26		1,527,260
	Educational Services of America, Inc. Series 2010-1, Class A1(a) (3M USD LIBOR + 0.850%)
	857,782		2.217			07/25/23		859,342
	Educational Services of America, Inc. Series 2014-1, Class A(a) (1M USD LIBOR + 0.700%)
	1,809,053		2.321			02/25/39		1,785,508
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(a) (3M LIBOR + 0.110%)
	1,990,677		2.054			11/25/26		1,978,273
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,450,000		2.267			07/25/45		1,452,457
	Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	3,092,250		2.525			06/25/36		3,110,505
	Navient Student Loan Trust Series 2016-5A, Class A(a) (1M USD LIBOR + 1.250%)
	4,433,594		2.871			06/25/65		4,542,873
	Navient Student Loan Trust Series 2016-7A, Class A(a) (1M USD LIBOR + 1.150%)
	2,210,718		2.771			03/25/66		2,245,154
	Navient Student Loan Trust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	3,602,275		2.671			12/27/66		3,650,725
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	Nelnet Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.130%)
	73,618		1.788			06/22/26		73,609
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	1,656,618		1.467			01/25/30		1,653,774
	Northstar Education Finance, Inc. Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
	1,421,055		2.321			12/26/31		1,430,057
	SLC Student Loan Center Series 2011-1, Class A(a) (1M USD LIBOR + 1.220%)
	5,979,972		2.841			10/25/27		6,059,086
	SLM Student Loan Trust Series 2003-14, Class A5 (3M USD LIBOR + 0.230%)
	99,212		1.597			01/25/23		99,217
	SLM Student Loan Trust Series 2004-1, Class A3 (3M USD LIBOR + 0.210%)
	412,802		1.577			04/25/23		412,887
	SLM Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.110%)
	663,279		1.477			07/25/25		663,289
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	755,183		2.185			10/01/24		758,840
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		2.227			05/01/35		1,089,847
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	132,173		1.497			01/26/26		132,116
								38,963,562
	TOTAL ASSET-BACKED SECURITIES
	(Cost $105,922,017)						$	105,671,438
Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligation(b)(c) – 0.1%
Utah – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2
$	668,546		2.227	%		05/01/29	$	667,770
	(Cost $669,772)
Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(e) – 0.5%
	United States Treasury Note
$	2,240,000		1.375	%		04/30/21	$	2,171,725
	(Cost $2,231,838)

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Shares		Distribution Rate	Value
Investment Company(f) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,689,869	1.609 %	$	5,689,869
	(Cost $5,689,869)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $317,828,214)		$	315,094,826

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 31.7%
Certificates of Deposit – 7.3%
	Credit Suisse New York(c) (1M USD LIBOR + 0.320%)
$	3,000,000		2.192	%		09/20/18	$	2,999,251
	Mizuho Bank Ltd.(c) (3M USD LIBOR + 0.500%)
	1,500,000		2.786			09/24/18		1,501,071
	National Bank of Canada(c) (1M USD LIBOR + 0.230%)
	2,500,000		2.071			09/21/18		2,498,341
	Natixis NY(c) (3M USD LIBOR + 0.200%)
	3,000,000		2.033			11/14/18		3,003,749
	Nordea Bank AB NY(c) (3M USD LIBOR + 0.400%)
	3,200,000		2.702			03/27/20		3,200,000
	Sanofi(g)
	5,000,000		0.000			04/12/18		4,996,568
	Standard Chartered Bank(c) (3M USD LIBOR + 0.200%)
	3,000,000		1.922			10/31/18		3,003,555
	Sumitomo Mitsui Trust Bank Ltd.(c) (3M USD LIBOR + 0.370%)
	5,000,000		2.101			01/17/19		4,996,874
	Suncor Energy, Inc.(g)
	4,000,000		0.000			05/02/18		3,991,341
	The Toronto Dominion Bank
	4,000,000		1.981			02/08/19		3,994,567
								34,185,317
Commercial Paper(g) – 24.4%
	Albion Capital Corp.
	2,500,000		0.000			04/23/18		2,496,724
	Alpine Securitization Ltd.
	1,000,000		0.000			07/25/18		992,012
	Atlantic Asset Securitization Corp.
	5,500,000		0.000			05/22/18		5,483,285
	3,000,000		0.000			06/21/18		2,984,026
	Barton Capital Corp.
	5,000,000		0.000			05/16/18		4,986,027
	Bayerische Landesbank
	3,750,000		0.000			04/16/18		3,746,513
	2,500,000		0.000			08/23/18		2,493,742
	BPCE SA(g)
	3,800,000		0.000			05/10/18		3,791,608
	Canadian Imperial Bank of Commerce
	1,000,000		0.000			07/16/18		999,895
	Dominion Resources, Inc.
	763,000		0.000			06/22/18		758,520
	E.I. Dupont(g)
	3,000,000		0.000			04/16/18		2,996,757
Short-term Investments – (continued)
Commercial Paper(g) – (continued)
	Electricite de France SA
	3,000,000		0.000			04/10/18		2,997,926
	2,081,000		0.000			04/27/18		2,077,201
	Ford Motor Credit Co. LLC
	2,500,000		0.000			07/10/18		2,482,619
	3,000,000		0.000			02/20/19		2,921,526
	Gotham Funding Corp.
	5,500,000		0.000			04/03/18		5,498,726
	HP, Inc.
	1,347,000		0.000			04/27/18		1,344,946
	ING Funding LLC(c)
	2,000,000		0.000			05/11/18		2,000,475
	Liberty Funding LLC
	5,000,000		0.000			05/15/18		4,986,958
	Macquarie Bank Ltd.
	5,000,000		0.000			05/21/18		4,984,866
	2,000,000		0.000			11/07/18		1,970,477
	Marriott International, Inc.
	3,500,000		0.000			04/12/18		3,497,154
	1,581,000		0.000			05/04/18		1,577,367
	Matchpoint Finance PLC
	5,000,000		0.000			05/21/18		4,984,527
	Nederlandse Wtrschbnk
	5,500,000		0.000			04/09/18		5,496,874
	Nieuw Amsterdam Receivables Corp.
	5,500,000		0.000			05/31/18		5,479,210
	Old Line Funding LLC
	5,000,000		0.000			05/29/18		4,982,547
	Omnicom Capital, Inc.
	692,000		0.000			05/04/18		690,410
	Potash Corp. of Saskatchewan, Inc.
	1,165,000		0.000			05/31/18		1,160,140
	1,210,000		0.000			06/15/18		1,203,566
	Schlumberger Holding
	3,000,000		0.000			05/01/18		2,993,980
	Sempra Energy Holding
	1,272,000		0.000			06/20/18		1,264,736
	Societe Generale SA
	5,000,000		0.000			05/31/18		4,982,596
	Southern Co.
	1,111,000		0.000			06/21/18		1,104,566
	UBS AG London(a)(c)
	2,000,000		0.000			06/15/18		2,000,728
	VW Credit, Inc.
	1,532,000		0.000			04/09/18		1,531,033
	1,500,000		0.000			04/25/18		1,497,483
	2,947,000		0.000			06/27/18		2,927,992

52 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)
	Whirlpool Corp.
$	3,450,000		0.000	%		05/21/18	$	3,438,069
								113,807,807
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $148,036,047)						$	147,993,124
	TOTAL INVESTMENTS – 99.1%
	(Cost $465,864,261)						$	463,087,950
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%							4,431,665
	NET ASSETS – 100.0%						$	467,519,615

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

(a)

Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $97,667,737, which represents approximately 20.9% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.

(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, 2018.
(d)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $17,090,264, which represents approximately 3.7% of the Fund’s net assets as of March 31, 2018.
(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:
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(76	)	06/18/18	$	(18,563,000	)	$	133,775
Eurodollars		(76	)	09/17/18		(18,548,750	)		129,974
Eurodollars		(76	)	12/17/18		(18,525,950	)		132,824
Eurodollars		(157	)	03/18/19		(38,233,425	)		434,412
Eurodollars		(173	)	06/17/19		(42,093,063	)		510,467
Eurodollars		(124	)	09/16/19		(30,155,250	)		389,307
Eurodollars		(124	)	12/16/19		(30,136,650	)		392,139
Eurodollars		(132	)	03/16/20		(32,077,650	)		383,746
Eurodollars		(79	)	06/15/20		(19,197,000	)		225,171
Eurodollars		(51	)	09/14/20		(12,391,725	)		83,395
Eurodollars		(51	)	12/14/20		(12,388,537	)		79,232
Eurodollars		(27	)	03/15/21		(6,558,975	)		20,188
2 Year U.S. Treasury Notes		(35	)	06/29/18		(7,441,328	)		288
5 Year U.S. Treasury Notes		(258	)	06/29/18		(29,530,922	)		(115,487	)
TOTAL FUTURES CONTRACTS								$	2,799,431

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 32.1%
Collateralized Mortgage Obligations – 2.3%
Interest Only(a) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(b)
$	10,062		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X(b)
	13,973		0.000			07/25/33		—
	FNMA STRIPS Series 151, Class 2
	515		9.500			07/25/22		50
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(b)
	15,016		0.123			08/25/33		75
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(b)
	2,833		0.320			07/25/33		48
								173
Inverse Floaters(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-5x1M LIBOR + 37.567%)
	31,115		29.230			02/16/32		44,151
Principal Only(c) – 0.0%
	FNMA REMIC Series G-35, Class N
	1,384		0.000			10/25/21		1,349
Regular Floater(b) – 0.8%
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,069,001		2.333			10/07/20		1,072,383
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,699,727		2.348			11/05/20		1,706,832
								2,779,215
Sequential Fixed Rate – 1.4%
	FHLMC REMIC Series 2329, Class ZA
	453,959		6.500			06/15/31		502,448
	FHLMC REMIC Series 4273, Class PD
	725,735		6.500			11/15/43		825,859
	FNMA REMIC Series 2011-52, Class GB
	716,178		5.000			06/25/41		769,818
	FNMA REMIC Series 2011-99, Class DB
	714,603		5.000			10/25/41		767,421
	FNMA REMIC Series 2012-111, Class B
	98,924		7.000			10/25/42		112,713
	FNMA REMIC Series 2012-153, Class B
	408,373		7.000			07/25/42		466,136
	GNMA REMIC Series 2002-42, Class KZ
	1,192,122		6.000			06/16/32		1,290,415
								4,734,810
Sequential Floating Rate(b) – 0.1%
	FHLMC REMIC Series 1760, Class ZB (10Y CMT – 0.600%)
	66,726		1.990			05/15/24		65,812
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	242,077		2.211			11/25/29		243,429
								309,241
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	7,868,939
Commercial Mortgage-Backed Securities(b) – 0.1%
Sequential Floating Rate – 0.1%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
$	367,227		6.101	%		12/10/49		366,852
Federal Agencies – 29.7%
Adjustable Rate FHLMC(b) – 0.2%
	(1 year CMT + 2.224%)
	87,981		3.474			11/01/32		92,212
	(1 year CMT + 2.250%)
	499,600		3.425			09/01/33		525,149
								617,361
Adjustable Rate FNMA(b) – 0.7%
	(12M USD LIBOR + 1.670%)
	19,686		3.420			11/01/32		20,421
	(12M USD LIBOR + 1.591%)
	36,652		3.466			12/01/32		37,921
	(12M USD LIBOR + 1.143%)
	643,421		2.913			05/01/33		656,300
	(12M USD LIBOR + 1.663%)
	18,551		3.374			06/01/33		19,575
	(1 year CMT + 2.216%)
	540,161		3.413			10/01/33		561,358
	(1 year CMT + 2.196%)
	560,651		3.610			02/01/35		589,136
	(12M USD LIBOR + 1.489%)
	470,125		3.239			09/01/35		486,580
								2,371,291
Adjustable Rate GNMA(b) – 0.6% (1 year CMT + 1.500%)
	33,896		2.625			06/20/23		34,281
	16,746		2.750			07/20/23		16,912
	15,798		2.750			08/20/23		15,957
	40,278		2.750			09/20/23		40,692
	14,165		2.375			03/20/24		14,353
	122,284		2.625			04/20/24		124,378
	13,907		2.625			05/20/24		14,256
	118,286		2.625			06/20/24		119,885
	71,614		2.750			07/20/24		72,489
	97,630		2.750			08/20/24		98,820
	29,248		2.750			09/20/24		29,608
	40,547		3.125			11/20/24		41,090
	42,895		3.125			12/20/24		43,477
	27,937		2.375			01/20/25		28,354
	14,942		2.375			02/20/25		15,168
	55,016		2.625			05/20/25		55,860
	45,727		2.750			07/20/25		46,366

54 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)
$	19,529		2.375	%		02/20/26	$	19,860
	1,049		2.750			07/20/26		1,066
	53,643		2.375			01/20/27		54,635
	20,596		2.375			02/20/27		20,992
	155,500		2.625			04/20/27		158,405
	14,646		2.625			05/20/27		14,922
	20,796		2.625			06/20/27		21,190
	8,168		3.125			11/20/27		8,319
	25,429		3.125			12/20/27		25,921
	54,835		2.375			01/20/28		55,932
	19,011		2.375			02/20/28		19,394
	20,699		2.375			03/20/28		21,104
	83,579		2.750			07/20/29		85,263
	54,719		2.750			08/20/29		55,873
	10,514		2.750			09/20/29		10,737
	46,741		3.125			10/20/29		47,729
	61,607		3.125			11/20/29		62,916
	13,163		3.125			12/20/29		13,444
	18,037		2.375			01/20/30		18,446
	7,764		2.375			02/20/30		7,941
	47,489		2.375			03/20/30		48,574
	56,872		2.625			04/20/30		58,168
	146,064		2.625			05/20/30		149,419
	14,866		2.625			06/20/30		15,221
	139,114		2.750			07/20/30		142,086
	20,818		2.750			09/20/30		21,266
	45,699		3.125			10/20/30		46,763
	80,342		2.375			03/20/32		82,353
								2,099,885
FHLMC – 1.1%
	2,728		5.500			06/01/18		2,731
	554		4.500			09/01/18		556
	12,270		5.000			06/01/19		12,418
	21		10.000			07/01/20		21
	16,026		6.500			07/01/21		16,872
	1,400		6.500			08/01/22		1,468
	26,719		9.000			10/01/22		28,813
	77,243		4.500			10/01/23		80,903
	389,750		5.000			08/01/24		408,298
	34,679		6.500			07/01/28		36,259
	403,943		4.500			03/01/29		423,084
	4,075		8.000			07/01/30		4,804
	3,475		7.500			12/01/30		3,481
	29,418		7.000			04/01/31		31,934
	16,742		5.000			08/01/33		18,071
	3,109		5.000			09/01/33		3,356
	6,924		5.000			10/01/33		7,474
	13,579		5.500			09/01/34		14,894
	1,613		6.000			10/01/34		1,622
	4,245		5.000			11/01/34		4,582
	242,986		5.000			12/01/34		262,261
	786		5.500			03/01/35		860
	11,943		5.000			07/01/35		12,890
	1,691		5.500			07/01/35		1,852
	3,277		5.000			11/01/35		3,537
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	2,883		5.500			11/01/35		3,195
	23,567		5.000			12/01/35		25,517
	48,589		5.500			01/01/36		53,841
	169		5.500			02/01/36		187
	1,552		6.000			06/01/36		1,691
	31,013		5.000			02/01/37		33,256
	3,071		5.000			03/01/38		3,313
	68,207		5.500			03/01/38		74,996
	29,885		5.500			04/01/38		32,859
	5,483		5.500			11/01/38		6,134
	8,199		5.500			12/01/38		8,961
	346,078		7.000			02/01/39		397,415
	2,106		5.500			03/01/39		2,307
	153,250		5.000			07/01/39		165,612
	3,311		5.500			10/01/39		3,640
	7,923		5.500			03/01/40		8,695
	17,351		4.000			06/01/40		17,984
	17,739		5.500			06/01/40		19,505
	8,694		5.000			08/01/40		9,390
	623,825		5.500			08/01/40		682,641
	2,496		4.500			11/01/40		2,637
	178,260		4.000			02/01/41		184,541
	1,333		5.000			04/01/41		1,445
	8,068		5.000			06/01/41		8,712
	339,921		5.000			07/01/41		365,746
	11,893		4.000			11/01/41		12,314
	19,131		3.000			05/01/42		18,837
	18,763		3.000			08/01/42		18,474
	21,944		3.000			01/01/43		21,582
	75,433		3.000			02/01/43		74,190
								3,642,658
FNMA – 16.0%
	770		4.500			08/01/18		772
	5,942		5.000			09/01/18		5,951
	55,044		5.000			10/01/18		55,278
	9,139		6.500			08/01/19		10,199
	5,240		9.500			10/01/20		5,264
	138,562		5.500			02/01/23		150,420
	243,532		5.500			08/01/23		264,373
	73,927		6.000			11/01/28		82,673
	4,915		6.500			11/01/28		5,172
	47,908		7.000			07/01/31		52,188
	821		5.500			03/01/33		900
	3,772		6.000			03/01/33		4,239
	2,828,855		5.500			04/01/33		3,112,843
	1,822		6.000			05/01/33		2,030
	5,069		5.000			07/01/33		5,470
	550,391		5.500			07/01/33		586,166
	21,547		5.000			08/01/33		23,204
	4,266		5.500			09/01/33		4,681
	19,836		5.500			12/01/33		21,773
	908		6.000			12/01/33		1,019
	5,146		5.500			02/01/34		5,646
	1,241		5.500			03/01/34		1,365
	1,030		5.500			04/01/34		1,135

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	6,909		5.500	%		05/01/34		$	7,596
	51		5.500			06/01/34			56
	7,192		5.500			08/01/34			7,925
	4,024		5.500			09/01/34			4,422
	3,509		5.500			10/01/34			3,845
	2,442		5.500			11/01/34			2,682
	33,506		5.500			12/01/34			36,771
	6,474		5.500			04/01/35			7,104
	162,796		6.000			04/01/35			182,370
	4,546		5.000			05/01/35			4,936
	3,339		5.500			05/01/35			3,655
	6,653		5.000			07/01/35			7,177
	7,085		5.500			07/01/35			7,794
	2,096		5.000			08/01/35			2,265
	638		5.500			08/01/35			703
	6,365		5.500			09/01/35			7,016
	70,693		6.000			10/01/35			79,198
	36,288		6.000			11/01/35			40,483
	2,995		5.500			12/01/35			3,301
	119		5.500			02/01/36			130
	37,597		6.000			03/01/36			42,157
	54,045		6.000			04/01/36			60,549
	2,404		4.500			07/01/36			2,540
	410		5.500			02/01/37			451
	13,847		5.500			04/01/37			15,270
	195		5.500			06/01/37			215
	716,131		5.500			08/01/37			783,094
	194,530		6.000			10/01/37			217,647
	242		5.500			12/01/37			266
	9,483		5.500			02/01/38			10,376
	3,485		5.500			03/01/38			3,836
	6,835		6.000			03/01/38			7,650
	17,412		5.500			04/01/38			19,204
	5,049		5.500			05/01/38			5,567
	535		5.500			06/01/38			589
	1,109		5.500			07/01/38			1,219
	1,007		5.500			08/01/38			1,108
	1,037		5.500			09/01/38			1,142
	325		5.500			12/01/38			358
	6,334		5.500			02/01/39			6,988
	221,452		7.000			03/01/39			254,409
	2,864		4.500			04/01/39			3,027
	10,373		4.500			05/01/39			10,987
	5,201		5.500			06/01/39			5,722
	5,623		4.000			08/01/39			5,827
	23,804		4.500			08/01/39			25,213
	49,723		5.000			09/01/39			53,548
	4,616		5.500			11/01/39			5,078
	433,558		4.500			12/01/39			459,233
	232,051		5.000			07/01/40			253,470
	319,299		5.000			03/01/41			343,862
	76,333		5.000			04/01/41			82,425
	165,395		4.500			05/01/41			174,741
	12,713		5.000			06/01/41			13,915
	120,838		5.000			07/01/41			130,134
	147,160		4.500			08/01/41			155,576
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	150,590		5.000			10/01/41			162,175
	244,563		5.000			04/01/42			263,377
	155,997		4.500			08/01/42			165,211
	17,154		3.000			11/01/42			16,911
	207,451		3.000			12/01/42			204,518
	547,385		3.000			01/01/43			539,650
	103,680		3.000			02/01/43			102,214
	627,367		3.000			03/01/43			618,550
	1,025,268		3.000			04/01/43			1,011,090
	704,435		3.000			05/01/43			694,695
	124,090		3.000			06/01/43			122,374
	1,089,291		3.000			07/01/43			1,074,229
	2,957,854		4.500			10/01/44			3,113,141
	1,403,105		4.500			04/01/45			1,487,949
	157,140		4.500			05/01/45			166,642
	958,669		4.500			06/01/45			1,010,497
	865,715		4.000			11/01/45			890,558
	104,552		4.000			01/01/46			107,552
	276,575		4.000			03/01/46			284,404
	184,539		4.000			06/01/46			189,701
	46,596		4.000			08/01/46			47,899
	300,407		4.000			10/01/46			308,810
	18,478,979		4.500			01/01/48			19,368,280
	1,000,000		3.500			TBA-30yr	(d)		1,002,109
	13,000,000		4.500			TBA-30yr	(d)		13,611,406
									54,533,525
GNMA – 11.1%
	68,665		7.000			12/15/27			74,384
	13,401		6.500			08/15/28			14,990
	86,860		6.000			01/15/29			96,899
	152,480		7.000			10/15/29			172,847
	43,231		5.500			11/15/32			47,370
	746,874		5.500			12/15/32			822,639
	23,524		5.500			01/15/33			25,636
	59,049		5.500			02/15/33			64,459
	59,025		5.500			03/15/33			64,432
	60,153		5.500			07/15/33			65,565
	28,198		5.500			08/15/33			30,781
	18,539		5.500			09/15/33			20,238
	40,042		5.500			04/15/34			43,714
	9,759		5.500			05/15/34			10,654
	383,257		5.500			06/15/34			418,411
	265,461		5.500			09/15/34			289,811
	254,944		5.500			12/15/34			278,328
	198,241		5.500			01/15/35			216,425
	162,238		5.000			03/15/38			174,136
	1,575		5.000			11/15/38			1,699
	9,709		4.000			02/20/41			10,073
	14,782		4.000			11/20/41			15,367
	2,445		4.000			01/20/42			2,542
	7,846		4.000			04/20/42			8,157
	4,381		4.000			10/20/42			4,553
	589,429		4.000			08/20/43			612,568
	5,952,523		4.000			10/20/43			6,180,626
	8,482		4.000			03/20/44			8,788

56 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)
GNMA – (continued)
$	10,248		4.000	%		05/20/44		$	10,618
	711,093		4.000			11/20/44			736,343
	3,216,269		4.000			06/20/45			3,330,472
	2,310,375		4.000			07/20/45			2,392,411
	533,710		4.000			09/20/45			552,327
	1,690,324		4.000			10/20/45			1,750,079
	826,361		4.000			01/20/46			854,412
	373,421		4.000			02/20/46			386,096
	796,563		4.000			04/20/47			821,114
	1,919,859		4.000			07/20/47			1,974,830
	3,911,086		4.000			08/20/47			4,023,072
	140,656		4.000			10/20/47			144,705
	842,147		4.000			12/20/47			866,720
	10,000,000		4.000			TBA-30yr	(d)		10,275,001
									37,894,292
	TOTAL FEDERAL AGENCIES							$	101,159,012
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $109,411,445)							$	109,394,803
Principal Amount		Interest Rate			Maturity Date			Value
Agency Debentures – 11.0%
	FHLB
$	2,200,000		1.875	%		03/13/20		$	2,179,672
	3,700,000		2.125			06/09/23			3,588,319
	2,100,000		3.375			09/08/23			2,164,552
	300,000		3.375			12/08/23			309,956
	FNMA
	1,400,000		1.875			09/24/26			1,289,358
	2,600,000		6.250			05/15/29			3,378,154
	4,000,000		6.625			11/15/30			5,473,560
	Hashemite Kingdom of Jordan Government AID Bond(e)
	4,600,000		2.503			10/30/20			4,598,574
	Israel Government AID Bond(e)
	1,400,000		5.500			09/18/23			1,589,154
	500,000		5.500			12/04/23			570,560
	700,000		5.500			04/26/24			804,272
	NCUA Guaranteed Notes Series A4
	3,400,000		3.000			06/12/19			3,428,291
	New Valley Generation V
	1,408,789		4.929			01/15/21			1,472,998
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21			6,746,740
	TOTAL AGENCY DEBENTURES
	(Cost $37,956,942)							$	37,594,160
Principal Amount		Interest Rate			Maturity Date			Value
Asset-Backed Securities – 11.8%
Automotive – 4.0%
	Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%		01/17/23		$	4,075,113
Asset-Backed Securities – (continued)
Automotive – (continued)
	Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A(f)
	2,150,000		2.630			12/20/21			2,129,919
	Chesapeake Funding II LLC Series 2017-2A, Class A1(f)
	1,786,791		1.990			05/15/29			1,768,737
	Ford Credit Auto Owner Trust Series 2016-2, Class A(f)
	400,000		2.030			12/15/27			388,460
	GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1(f)
	2,000,000		1.650			05/15/20			1,997,992
	GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1(f)
	1,250,000		1.960			05/17/21			1,239,729
	Mercedes-Benz Master Owner Trust Series 2017-BA, Class A(b)(f) (1M LIBOR + 0.420%)
	1,850,000		2.197			05/16/22			1,855,857
									13,455,807
Other – 0.0%
	Small Business Administration
	2,335		6.300			05/01/18			2,341
	2,340		6.300			06/01/18			2,351
									4,692
Student Loan(b) – 7.8%
	Access Group, Inc. Series 2005-2, Class A3 (3M USD LIBOR + 0.180%)
	405,319		1.626			11/22/24			405,316
	Access Group, Inc. Series 2015-1, Class A(f) (1M USD LIBOR + 0.700%)
	576,903		2.321			07/25/56			580,941
	ECMC Group Student Loan Trust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.350%)
	1,472,104		2.911			07/26/66			1,491,498
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A(f) (1M USD LIBOR + 0.800%)
	1,209,013		2.421			10/25/56			1,213,598
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(f) (1M USD LIBOR + 0.800%)
	2,750,000		2.421			04/26/32			2,700,945
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(f) (3M LIBOR + 0.110%)
	1,416,443		2.054			11/25/26			1,407,617
	Higher Education Funding I Series 2014-1, Class A(f) (3M USD LIBOR + 1.050%)
	1,363,685		2.512			05/25/34			1,373,626
	Navient Student Loan Trust Series 2016-5A, Class A(f) (1M USD LIBOR + 1.250%)
	3,335,364		2.871			06/25/65			3,417,574
	Navient Student Loan Trust Series 2016-7A, Class A(f) (1M USD LIBOR + 1.150%)
	1,543,332		2.771			03/25/66			1,567,371
	Navient Student Loan Trust Series 2017-4A, Class A2(f) (1M USD LIBOR + 0.500%)
	850,000		2.121			09/27/66			854,281
	Navient Student Loan Trust Series 2017-5A, Class A(f) (1M USD LIBOR + 0.800%)
	3,305,195		2.421			07/26/66			3,326,166

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
	Nelnet Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.130%)
$	60,925		1.788	%		06/22/26	$	60,918
	Nelnet Student Loan Trust Series 2013-5A, Class A(f) (1M USD LIBOR + 0.630%)
	308,558		2.251			01/25/37		309,188
	North Carolina State Education Assistance Authority Series 2010-1, Class A1(3M USD LIBOR + 0.900%)
	652,807		2.267			07/25/41		651,339
	PHEAA Student Loan Trust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.150%)
	1,566,402		2.771			09/25/65		1,589,738
	Scholar Funding Trust Series 2013-A, Class A(f) (1M USD LIBOR + 0.650%)
	1,862,716		2.298			01/30/45		1,847,035
	SLM Student Loan Trust Series 2003-14, Class A5 (3M USD LIBOR + 0.230%)
	81,958		1.597			01/25/23		81,962
	SLM Student Loan Trust Series 2004-8A, Class A6(f) (3M USD LIBOR + 0.630%)
	850,000		1.997			01/25/40		849,638
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	1,834,055		3.067			07/25/23		1,883,293
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	800,000		2.227			05/01/35		792,616
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	118,956		1.497			01/26/26		118,904
								26,523,564
	TOTAL ASSET-BACKED SECURITIES
	(Cost $39,810,976)						$	39,984,063
Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – 2.0%
Alaska(b)(g) – 0.7%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	2,310,886		2.121	%		08/25/31	$	2,313,435
New Hampshire(b)(g) – 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(3M USD LIBOR + 0.850%)
	1,200,000		2.217			10/25/37		1,198,478
New Jersey – 0.7%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,473,160
Texas(b)(g) – 0.2%
	Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12(3M USD LIBOR + 0.160%)
	727,481		1.835			03/27/23		724,341
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $6,210,543)						$	6,709,414
U.S. Treasury Obligations – 39.4%
	United States Treasury Bonds
$	3,830,000		3.625	(h)		02/15/44	$	4,291,630
	3,320,000		3.125			08/15/44		3,419,766
	3,200,000		3.000			11/15/44		3,222,304
	1,570,000		2.875			08/15/45		1,542,164
	16,190,000		2.875			11/15/46		15,881,257
	60,000		3.000			05/15/47		60,302
	United States Treasury Notes
	9,050,000		1.250			11/30/18		9,003,302
	13,700,000		1.250			12/31/18		13,617,115
	3,180,000		1.625			03/15/20		3,139,868
	5,030,000		1.375			03/31/20		4,940,013
	3,570,000		1.375			04/30/21		3,461,186
	7,640,000		1.125			06/30/21		7,329,892
	7,090,000		1.125			07/31/21		6,792,007
	820,000		1.875			01/31/22		801,468
	5,920,000		1.875			04/30/22		5,773,421
	140,000		1.750			05/31/22		135,769
	500,000		2.000	(h)		07/31/22		489,370
	1,810,000		1.875			10/31/22		1,758,524
	19,300,000		2.125			07/31/24		18,698,420
	5,670,000		2.125			09/30/24		5,486,179
	3,600,000		2.125			11/30/24		3,478,896
	1,850,000		2.250			12/31/24		1,800,975
	500,000		2.125			05/15/25		481,565
	400,000		2.000			08/15/25		381,224
	9,180,000		1.625			05/15/26		8,444,865
	70,000		2.250			02/15/27		67,293
	United States Treasury Strip Coupon(c)
	6,400,000		0.000			11/15/35		3,813,504
	3,200,000		0.000			02/15/36		1,895,616
	1,300,000		0.000			05/15/36		763,139
	6,000,000		0.000			11/15/37		3,363,540
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $136,566,943)						$	134,334,574
Shares		Distribution Rate					Value
Investment Company(i) – 1.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,126,717		1.609%				$	5,126,717
	(Cost $5,126,717)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $335,083,566)						$	333,143,731
Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 4.3%
Commercial Paper(c) – 4.3%
	Dominion Resources, Inc.
$	542,000		0.000	%		06/22/18	$	538,817

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(c) – (continued)
	Eastman Chemical Co.
$	250,000		0.000	%		04/27/18	$	249,544
	Gotham Funding Corp.
	1,709,000		0.000			06/25/18		1,699,149
	HP, Inc.
	957,000		0.000			04/27/18		955,541
	Kells Funding LLC
	1,708,000		0.000			06/29/18		1,698,022
	Liberty Funding LLC
	2,567,000		0.000			06/26/18		2,552,334
	Marriott International, Inc.
	1,123,000		0.000			05/04/18		1,120,419
	Omnicom Capital, Inc.
	497,000		0.000			05/04/18		495,858
	Sempra Energy Holdings
	903,000		0.000			06/27/18		897,334
	The Southern Co.
	787,000		0.000			06/21/18		782,442
	Versailles Commercial Paper LLC
	1,866,000		0.000			07/09/18		1,853,316
	Victory Receivables
	1,709,000		0.000			06/22/18		1,699,550
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $14,543,414)						$	14,542,326
	TOTAL INVESTMENTS – 102.1%
	(Cost $349,626,980)						$	347,686,057
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.1)%							(7,064,614	)
	NET ASSETS – 100.0%						$	340,621,443

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 that which is in effect on March 31, 2018.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(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 $24,888,516 which represents approximately 7.3% of the Fund’s net assets as of March 31, 2018.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,562,560, which represents approximately 2.2% of the Fund’s net assets as of March 31, 2018.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $31,909,910, which represents approximately 9.4% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(g)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
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
NCUA	—National Credit Union Administration
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, 2018, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
FNMA		3.000	%		TBA-30yr		04/12/48	$	2,000,000	$	(1,950,781	)
FNMA		4.000			TBA-30yr		04/12/48		1,000,000		(1,026,094	)
FNMA		4.500			TBA-30yr		05/14/48		2,000,000		(2,090,547	)
TOTAL (Proceeds Receivable: $5,054,297)										$	(5,067,422	)

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2018, 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		39		06/20/18	$	5,064,516		$	72,889
U.S. Long Bonds		45		06/20/18		6,598,125			158,392
2 Year U.S. Treasury Notes		62		06/29/18		13,181,781			6,115
10 Year U.S. Treasury Notes		244		06/20/18		29,558,313			245,090
Total								$	482,486
Short position contracts:
Eurodollars		(2	)	12/17/18		(487,525	)		2,922
Eurodollars		(160	)	12/16/19		(38,886,000	)		(649	)
Ultra Long U.S. Treasury Bonds		(70	)	06/20/18		(11,232,813	)		(320,803	)
5 Year U.S. Treasury Notes		(123	)	06/29/18		(14,078,695	)		(36,832	)
Total								$	(355,362	)
TOTAL FUTURES CONTRACTS								$	127,124

SWAP CONTRACTS — At March 31, 2018, 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)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR(b)		2.206%		09/04/19		$48,600	$	6,839		$	(2,347	)	$	9,186
3M LIBOR(c)		2.139(d)		11/20/20		33,680		(377,512	)		(51,340	)		(326,172	)
2.851(d)		3M LIBOR(c)		09/04/23		15,920		(76,765	)		10,261			(87,026	)
2.275(d)		3M LIBOR(c)		11/20/23		14,350		325,957			24,086			301,871
2.882(d)		3M LIBOR(c)		02/28/25		3,910		(32,163	)		(5,248	)		(26,915	)
TOTAL							$	(153,644	)	$	(24,588	)	$	(129,056	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(b) Payments made at the termination date.

(c) Payments made quarterly.

(d) Payments made semi-annually.

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE-TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date	Number of Contracts	Notional Amount		Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00	06/15/18	28		$70,000	$	47,600	$	7,763	$	39,837

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 43.9%
Collateralized Mortgage Obligations – 30.3%
Interest Only(a) – 0.0%
	FNMA REMIC Series 1990-145, Class B
$	32		1,004.961	%		12/25/20	$	98
Regular Floater(b) – 29.6%
	FHLMC REMIC Series 1826, Class F (1M LIBOR + 0.400%)
	11,812		1.988			09/15/21		11,835
	FHLMC REMIC Series 3049, Class FP (1M LIBOR + 0.350%)
	3,424,098		1.938			10/15/35		3,433,001
	FHLMC REMIC Series 3208, Class FB (1M LIBOR + 0.400%)
	449,463		1.988			08/15/36		450,600
	FHLMC REMIC Series 3208, Class FD (1M LIBOR + 0.400%)
	1,096,493		1.988			08/15/36		1,102,986
	FHLMC REMIC Series 3208, Class FG (1M LIBOR + 0.400%)
	1,066,858		1.988			08/15/36		1,073,176
	FHLMC REMIC Series 3307, Class FA (1M LIBOR + 0.430%)
	7,967,747		2.018			07/15/34		7,975,712
	FHLMC REMIC Series 3312, Class HF (1M LIBOR + 0.300%)
	3,674,530		1.888			08/15/33		3,666,127
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	728,490		2.188			09/15/37		736,754
	FHLMC REMIC Series 3374, Class FT (1M LIBOR + 0.300%)
	134,550		1.888			04/15/37		134,550
	FHLMC REMIC Series 3471, Class FB (1M LIBOR + 1.000%)
	1,575,103		2.588			08/15/35		1,611,798
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	259,909		2.438			06/15/39		263,289
	FHLMC REMIC Series 4039, Class FA (1M LIBOR + 0.500%)
	2,500,295		2.088			05/15/42		2,524,002
	FHLMC REMIC Series 4272, Class FD (1M LIBOR + 0.350%)
	4,510,694		1.938			11/15/43		4,522,994
	FHLMC REMIC Series 4316, Class FY (1M LIBOR + 0.400%)
	1,499,015		1.988			11/15/39		1,503,684
	FHLMC REMIC Series 4477, Class FG (1M LIBOR + 0.300%)
	4,820,913		1.875			10/15/40		4,808,118
	FHLMC REMIC Series 4508, Class CF (1M LIBOR + 0.400%)
	11,009,576		1.988			09/15/45		11,010,298
	FHLMC REMIC Series 4614, Class FK (1M LIBOR + 0.500%)
	8,330,079		2.088			09/15/46		8,418,173
	FHLMC REMIC Series 4751, Class EF (1M LIBOR + 0.250%)
	13,205,848		2.027			05/15/41		13,193,638
	FHLMC REMIC Series 4751, Class FA (1M LIBOR + 0.250%)
	10,440,629		2.027			03/15/39		10,436,215
	FHLMC STRIPS Series 237, Class F23 (1M LIBOR + 0.400%)
	296,923		2.177			05/15/36		296,478
	FHLMC STRIPS Series 350, Class F2 (1M LIBOR + 0.350%)
	16,640,385		2.014			09/15/40		16,580,498
	FNMA REMIC Series 1998-66, Class FC (1M LIBOR + 0.500%)
	37,913		2.090			11/17/28		38,024
	FNMA REMIC Series 2006-42, Class CF (1M LIBOR + 0.450%)
	7,228,426		2.071			06/25/36		7,248,146
	FNMA REMIC Series 2006-72, Class XF (1M LIBOR + 0.500%)
	332,109		2.121			08/25/36		334,003
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	47,352		1.971			04/25/37		47,489
	FNMA REMIC Series 2007-36, Class F (1M LIBOR + 0.230%)
	951,855		1.851			04/25/37		950,279
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
	FNMA REMIC Series 2007-92, Class OF (1M LIBOR + 0.570%)
	353,272		2.191			09/25/37		356,898
	FNMA REMIC Series 2008-22, Class FD (1M LIBOR + 0.840%)
	453,270		2.712			04/25/48		461,900
	FNMA REMIC Series 2009-75, Class MF (1M LIBOR + 1.150%)
	713,594		2.771			09/25/39		733,020
	FNMA REMIC Series 2010-123, Class FL (1M LIBOR + 0.430%)
	1,499,924		2.051			11/25/40		1,507,295
	FNMA REMIC Series 2010-8, Class FE (1M LIBOR + 0.790%)
	7,950,952		2.411			02/25/40		8,042,489
	FNMA REMIC Series 2011-110, Class FE (1M LIBOR + 0.400%)
	2,446,508		2.021			04/25/41		2,456,620
	FNMA REMIC Series 2011-53, Class FT (1M LIBOR + 0.580%)
	562,246		2.452			06/25/41		568,531
	FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
	545,763		2.071			07/25/41		549,149
	FNMA REMIC Series 2012-110, Class MF (1M LIBOR + 0.460%)
	5,141,308		2.081			10/25/42		5,182,993
	FNMA REMIC Series 2012-56, Class FG (1M LIBOR + 0.500%)
	1,787,558		2.372			03/25/39		1,796,063
	FNMA REMIC Series 2013-96, Class FW (1M LIBOR + 0.400%)
	140,885		2.021			09/25/43		141,045
	FNMA REMIC Series 2014-19, Class FA (1M LIBOR + 0.400%)
	1,362,634		2.021			11/25/39		1,366,739
	FNMA REMIC Series 2014-19, Class FJ (1M LIBOR + 0.400%)
	1,558,512		2.021			11/25/39		1,563,314
	FNMA REMIC Series 2016-1, Class FT (1M LIBOR + 0.350%)
	5,697,103		2.222			02/25/46		5,712,777
	FNMA REMIC Series 2016-23, Class FT (1M LIBOR + 0.500%)
	1,138,393		2.121			11/25/45		1,149,758
	FNMA REMIC Series 2016-33, Class PF (1M LIBOR + 0.500%)
	2,408,523		2.121			06/25/46		2,433,825
	FNMA REMIC Series 2017-16, Class FG (1M LIBOR + 0.450%)
	17,750,751		2.322			03/25/47		17,809,303
	FNMA REMIC Series 2017-45, Class FA (1M LIBOR + 0.320%)
	10,621,299		1.895			06/25/47		10,619,526
	FNMA REMIC Series 2017-57, Class FA (1M LIBOR + 0.400%)
	18,141,299		2.021			08/25/57		18,143,721
	FNMA REMIC Series 2017-96, Class FC (1M LIBOR + 0.250%)
	14,473,623		2.272			12/25/57		14,469,609
	GNMA REMIC Series 2008-51, Class FG (1M LIBOR + 0.770%)
	1,784,952		2.556			06/16/38		1,811,867
	GNMA REMIC Series 2010-53, Class FC (1M LIBOR + 0.820%)
	756,453		2.642			04/20/40		768,525
	GNMA REMIC Series 2011-101, Class EF (1M LIBOR + 0.860%)
	6,432,286		2.646			10/16/39		6,530,305
	GNMA REMIC Series 2011-117, Class FJ (1M LIBOR + 0.870%)
	4,368,760		2.692			08/20/41		4,444,352

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
	GNMA REMIC Series 2012-12, Class HF (1M LIBOR + 0.400%)
$	1,005,296		2.222	%		01/20/42	$	1,002,737
	NCUA Guaranteed Notes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	365,735		2.333			01/08/20		366,406
	NCUA Guaranteed Notes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	1,196,214		2.111			02/06/20		1,197,896
	NCUA Guaranteed Notes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	962,499		2.150			03/11/20		963,853
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,516,390		2.333			10/07/20		1,521,188
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	3,355,992		2.181			11/05/20		3,370,019
								219,413,590
Sequential Fixed Rate – 0.1%
	FHLMC REMIC Series 4248, Class LM
	637,241		6.500			05/15/41		724,089
Sequential Floating Rate(b) – 0.6%
	FHLMC REMIC Series 3588, Class CW (1M USD LIBOR + 0.000%)
	1,338,082		3.645			10/15/37		1,408,366
	FNMA REMIC Series 1990-145, Class A (1 year CMT + 0.000%)
	13,065		2.141			12/25/20		13,083
	FNMA REMIC Series 1997-20, Class F (1 year CMT + 0.000%)
	101,963		1.660			03/25/27		101,898
	Holmes Master Issuer PLC Series 2018-1A, Class A2(c) (3M USD LIBOR + 0.360%)
	3,200,000		2.146			10/15/54		3,198,195
								4,721,542
	TOTAL COLLATERALIZED
	MORTGAGE OBLIGATIONS						$	224,859,319
Commercial Mortgage-Backed Securities(b) – 10.3%
Sequential Floating Rate – 10.3%
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M LIBOR + 0.350%)
$	10,499,385		2.020	%		08/25/25	$	10,480,790
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M LIBOR + 0.340%)
	2,710,146		2.010			01/25/21		2,710,519
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M LIBOR + 0.450%)
	5,214,852		2.120			06/25/23		5,220,984
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M LIBOR + 0.370%)
	6,896,818		2.040			04/25/24		6,906,540
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M LIBOR + 0.370%)
	12,754,257		2.040			05/25/24		12,785,265
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series KF42, Class A (1M LIBOR + 0.250%)
	4,099,847		1.920			12/25/24		4,087,214
	FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A (1M LIBOR + 0.380%)
	5,334,880		2.050			08/25/23		5,337,601
	FNMA ACES Series 2017-M13, Class FA (1M LIBOR + 0.400%)
	9,732,224		1.988			10/25/24		9,771,726
	FNMA ACES Series 2017-M5, Class FA (1M LIBOR + 0.490%)
	18,861,371		2.078			04/25/24		18,841,763
	TOTAL COMMERCIAL
	MORTGAGE-BACKED SECURITIES						$	76,142,402
Federal Agencies – 3.3%
Adjustable Rate FHLMC(b) – 0.7%
	FHLMC (1 year CMT + 2.135%)
$	30,362		6.881	%		11/01/19	$	30,722
	FHLMC (1 year CMT + 2.280%)
	2,077,629		3.458			01/01/38		2,194,944
	FHLMC (12M MTA + 2.155%)
	6,398		3.073			06/01/31		6,661
	FHLMC (12M USD LIBOR + 1.750%)
	861,813		3.533			05/01/35		911,771
	FHLMC (12M USD LIBOR + 1.860%)
	1,041,259		3.705			05/01/34		1,104,470
	FHLMC (3 year CMT + 2.276%)
	38,603		4.563			05/01/35		39,575
	FHLMC (3 year CMT + 2.553%)
	368,293		3.910			08/01/28		376,954
	FHLMC (6M CMT + 2.235%)
	116,897		3.643			05/01/29		120,141
	FHLMC (6M USD LIBOR + 2.171%)
	101,071		3.671			12/01/30		104,985
	FHLMC (COF + 1.095%)
	2,320		2.078			06/01/19		2,318
	FHLMC (COF + 1.198%)
	5,744		2.448			02/01/31		5,783
	FHLMC (COF + 1.249%)
	15,546		4.408			06/01/30		16,480
	FHLMC (COF + 1.250%)
	1,546		1.987			03/01/19		1,544
	FHLMC (COF + 1.250%)
	2,850		3.712			01/01/20		2,856
	FHLMC (COF + 1.250%)
	5,968		1.987			05/01/21		5,968
	FHLMC (COF + 1.250%)
	1,595		1.987			10/01/26		1,601
	FHLMC (COF + 1.250%)
	7,811		4.089			06/01/29		8,280
	FHLMC (COF + 1.250%)
	20,448		1.982			04/01/30		20,549
	FHLMC (COF + 1.625%)
	415		2.250			02/01/19		415
	FHLMC (COF + 1.645%)
	563		2.395			07/01/19		563

62 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)
Adjustable Rate FHLMC(b) – (continued)
	FHLMC (COF + 1.903%)
$	33,515		2.548	%		11/01/19	$	33,542
	FHLMC (COF + 1.931%)
	1,832		2.582			08/01/18		1,833
	FHLMC (COF + 2.000%)
	1,076		2.750			11/01/18		1,078
								4,993,033
Adjustable Rate FNMA(b) – 1.0%
	FNMA
	13,485		3.115			05/20/22		13,452
	FNMA
	79,742		2.688			06/20/24		79,465
	FNMA (1 year CMT + 2.000%)
	1,993		6.809			02/01/22		2,056
	FNMA (1 year CMT + 2.275%)
	983,173		3.274			07/01/33		1,039,060
	FNMA (1 year CMT + 2.360%)
	251,832		3.551			11/01/34		266,503
	FNMA (1 year CMT + 3.088%)
	9,275		7.021			05/01/20		9,498
	FNMA (12M MTA + 1.200%)
	4,611		2.401			02/01/41		4,643
	(12M MTA + 1.400%)
	55,451		2.601			06/01/40		56,087
	FNMA (12M USD LIBOR + 1.550%)
	2,465,683		2.606			09/01/44		2,500,808
	FNMA (12M USD LIBOR + 1.580%)
	1,108,032		2.501			04/01/44		1,136,572
	FNMA (12M USD LIBOR + 1.825%)
	185,648		3.575			09/01/37		195,119
	FNMA (12M USD LIBOR + 1.939%)
	1,309,029		3.716			03/01/37		1,390,417
	FNMA (3 year CMT + 1.850%)
	188		2.975			08/01/24		188
	FNMA (6M CMT + 1.865%)
	40,405		5.115			01/01/25		42,119
	FNMA (6M H15 + 2.031%)
	1,437		6.098			07/01/19		1,442
	FNMA (6M USD LIBOR + 1.823%)
	62,284		3.323			02/01/23		63,324
	FNMA (6M USD LIBOR + 1.869%)
	138,732		3.439			01/01/24		141,434
	FNMA (6M USD LIBOR + 1.925%)
	128,270		3.577			03/01/24		130,908
	FNMA (COF + 1.250%)
	1,233		2.002			10/01/18		1,232
	FNMA (COF + 1.250%)
	191		2.500			10/01/18		191
	FNMA (COF + 1.250%)
	1,626		2.758			10/01/18		1,624
	FNMA (COF + 1.250%)
	5,905		1.967			01/01/19		5,904
	FNMA (COF + 1.250%)
	1,881		6.054			04/01/19		1,895
	FNMA (COF + 1.250%)
	56,228		1.910			05/01/19		56,259
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	FNMA (COF + 1.250%)
	24,561		1.970			06/01/20		24,573
	FNMA (COF + 1.250%)
	6,506		3.348			06/01/27		6,601
	FNMA (COF + 1.250%)
	4,672		4.250			12/01/27		4,952
	FNMA (COF + 1.250%)
	5,208		4.484			01/01/28		5,521
	FNMA (COF + 1.250%)
	4,743		1.962			06/01/29		4,784
	FNMA (COF + 1.250%)
	6,297		2.141			06/01/29		6,353
	FNMA (COF + 1.254%)
	3,471		3.943			05/01/36		3,542
	FNMA (COF + 1.650%)
	10,154		3.953			04/01/19		10,198
	FNMA (COF + 1.650%)
	7,480		4.275			08/01/19		7,523
								7,214,247
Adjustable Rate GNMA(b) – 0.2%
	GNMA (1 year CMT + 1.500%)
	776,122		2.625			04/20/33		796,304
	GNMA (1 year CMT + 1.500%)
	162,972		2.625			05/20/33		169,212
	GNMA (1 year CMT + 1.500%)
	327,221		2.750			08/20/34		335,454
								1,300,970
FHLMC – 0.0%
	20,685		5.500			01/01/20		21,039
	29,627		7.000			04/01/21		30,410
	17,191		7.000			08/01/21		17,769
	57,830		7.000			05/01/22		60,256
	164,644		7.000			06/01/22		170,975
	1,363		4.500			05/01/23		1,416
								301,865
FNMA – 1.4%
	625		5.000			09/01/19		636
	68		5.000			11/01/19		68
	1,844		5.000			01/01/20		1,873
	18,945		7.000			07/01/21		19,572
	47,136		7.000			11/01/21		48,966
	29,465		7.000			12/01/21		29,667
	71,717		7.000			01/01/22		73,104
	10,525		7.000			02/01/22		10,924
	44,556		7.000			01/01/28		47,859
	19,208		6.500			04/01/33		21,810
	20,520		6.000			05/01/38		22,912
	25,605		6.000			11/01/38		28,600
	57,751		6.000			09/01/39		64,499
	21,263		6.000			10/01/39		23,704
	14,914		6.000			10/01/40		16,654
	21,219		6.000			05/01/41		23,688
	8,831,151		4.000			10/01/42		9,138,807
	702,401		3.500			05/01/46		704,773
								10,278,116

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
GNMA – 0.0%
$	22,553		7.000	%		04/15/26	$	24,241
	TOTAL FEDERAL AGENCIES						$	24,112,472
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $325,419,102)						$	325,114,193
Principal Amount		Interest Rate			Maturity Date		Value
Agency Debenture(d) – 0.5%
	Hashemite Kingdom of Jordan Government AID Bond
$	4,000,000		2.503	%		10/30/20	$	3,998,760
	(Cost $4,000,000)
Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – 43.0%
Automotive – 4.4%
	Ally Master Owner Trust Series 2017-3, Class A1 (1M LIBOR + 0.430%)
$	11,500,000		2.207	%		06/15/22	$	11,542,098
	Chesapeake Funding II LLC Series 2016-2A, Class A2(c) (1M USD LIBOR + 1.000%)
	1,878,473		2.588			06/15/28		1,884,468
	Chesapeake Funding II LLC Series 2017-3A, Class A2(c) (1M USD LIBOR + 0.340%)
	5,250,000		1.928			08/15/29		5,253,016
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(c) (1M LIBOR + 0.430%)
	9,650,000		2.207			07/15/22		9,679,407
	Nissan Master Owner Trust Receivables Series 2017-C, Class A (1M LIBOR + 0.320%)
	4,100,000		2.097			10/17/22		4,103,072
								32,462,061
Collateralized Loan Obligations(c) – 14.3%
	ACIS CLO Ltd. Series 2013-1A, Class A1 (3M USD LIBOR + 0.870%)
	521,078		2.224			04/18/24		521,211
	AIMCO CLO Series 2014-AA, Class AR (3M USD LIBOR + 1.100%)
	2,650,000		2.463			07/20/26		2,650,803
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		2.810			01/28/31		3,612,874
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	3,000,000		2.895			09/20/29		3,020,343
	Atrium X CLO Series 2017-10A, Class AR (3M USD LIBOR + 0.950%)
	2,367,252		2.309			07/16/25		2,367,508
	B&M CLO Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
	750,000		2.759			04/16/26		750,094
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	Benefit Street Partners CLO II Ltd. Series 2013-IIA, Class A1R (3M USD LIBOR + 1.250%)
	6,000,000		2.609			07/15/29		6,040,764
	CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		2.631			10/17/29		3,519,747
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	1,700,000		2.766			06/09/30		1,711,115
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	2,500,000		2.609			07/15/26		2,500,468
	Dryden XXVI Senior Loan Fund Series 2013-26A, Class A (3M USD LIBOR + 1.100%)
	1,476,046		2.459			07/15/25		1,476,241
	ICG US CLO Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.220%)
	4,000,000		2.588			01/20/30		4,032,036
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		2.720			07/17/29		4,773,189
	LCM XVI LP Series 2017-16A, Class AR (3M USD LIBOR + 1.030%)
	3,650,000		2.389			07/15/26		3,650,354
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		2.650			04/15/29		5,188,555
	OCP CLO Ltd. Series 2012-2A, Class A1R (3M USD LIBOR + 1.400%)
	650,000		2.846			11/22/25		653,387
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	10,000,000		2.835			04/26/31		9,995,880
	OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	3,650,000		2.203			04/17/27		3,650,321
	OCP CLO Ltd. Series 2017-13A, Class A1A (3M USD LIBOR + 1.260%)
	3,150,000		2.591			07/15/30		3,178,265
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA (3M USD LIBOR + 0.930%)
	315,738		2.283			04/17/25		315,772
	OFSI Fund VII Ltd. Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	3,550,000		2.254			10/18/26		3,550,149
	Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1 (3M USD LIBOR + 0.740%)
	3,317,663		2.130			10/15/25		3,317,961
	Regatta III Funding Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.050%)
	4,900,000		2.409			04/15/26		4,900,524
	Shackleton CLO Ltd. Series 2014-5A, Class AR (3M USD LIBOR + 1.140%)
	5,200,000		2.532			05/07/26		5,201,794
	Sound Point CLO VI Ltd. Series 2014-2A, Class A2R (3M USD LIBOR + 1.140%)
	2,250,000		2.503			10/20/26		2,250,392

64 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(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	TRESTLES CLO Ltd. Series 2017-1A, Class A1A (3M USD LIBOR + 1.290%)
$	6,350,000		2.620	%		07/25/29	$	6,391,294
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	6,250,000		2.539			07/15/26		6,251,012
	Voya CLO Ltd. Series 2017-3A, Class A1A (3M USD LIBOR + 1.230%)
	8,750,000		2.548			07/20/30		8,826,352
	Zais CLO 1 Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
	1,700,000		2.759			04/15/26		1,700,213
								105,998,618
Credit Card – 7.8%
	Bank of America Credit Card Trust Series 2014-A1, Class A (1M LIBOR + 0.380%)
	5,650,000		2.157			06/15/21		5,662,992
	CARDS II Trust Series 2016-1A, Class A(c) (1M LIBOR + 0.700%)
	1,500,000		2.477			07/15/21		1,502,321
	CARDS II Trust Series 2017-1A, Class A(c) (1M LIBOR + 0.370%)
	2,500,000		2.147			04/18/22		2,501,498
	CARDS II Trust Series 2017-2A, Class A(c) (1M LIBOR + 0.260%)
	3,600,000		2.037			10/17/22		3,599,887
	Chase Issuance Trust Series 2013-A9, Class A (1M LIBOR + 0.420%)
	10,000,000		2.197			11/16/20		10,018,757
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	10,100,000		2.474			04/22/26		10,236,054
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	7,650,000		2.081			08/08/24		7,675,732
	Evergreen Credit Card Trust Series 2016-1, Class A(c) (1M LIBOR + 0.720%)
	2,550,000		2.497			04/15/20		2,550,597
	Golden Credit Card Trust Series 2017-4A, Class A(c) (1M LIBOR + 0.520%)
	11,200,000		2.297			07/15/24		11,221,910
	Trillium Credit Card Trust II Series 2016-1A, Class A(c) (1M LIBOR + 0.720%)
	2,800,000		2.592			05/26/21		2,800,188
								57,769,936
Other(c) – 0.1%
	Mill City Mortgage Loan Trust Series 2016-1, Class A1
	827,574		2.500			04/25/57		815,429
Student Loan – 16.4%
	Academic Loan Funding Trust Series 2013-1, Class A(c) (1M USD LIBOR + 0.800%)
	2,528,659		2.421			12/26/44		2,521,652
	Access Group, Inc. Series 2005-2, Class A3 (3M USD LIBOR + 0.180%)
	471,863		1.626			11/22/24		471,860
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	Access Group, Inc. Series 2013-1, Class A(c) (1M USD LIBOR + 0.500%)
	1,106,399		2.121			02/25/36		1,095,170
	Access Group, Inc. Series 2015-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,240,343		2.321			07/25/56		1,249,023
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	2,085,982		2.421			02/25/41		2,087,205
	ALG Student Loan Trust I Series 2006-1A, Class A3(c) (3M USD LIBOR + 0.150%)
	6,578,000		1.464			10/28/23		6,554,155
	Bank of America Student Loan Trust Series 2010-1A, Class A(c) (3M USD LIBOR + 0.800%)
	1,196,187		2.167			02/25/43		1,201,077
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.800%)
	7,646,065		2.262			02/25/30		7,712,132
	ECMC Group Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	1,400,294		2.911			07/26/66		1,418,742
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	1,793,714		2.421			06/25/26		1,794,531
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(c) (1M USD LIBOR + 0.800%)
	3,000,000		2.421			04/26/32		2,946,485
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	2,022,938		2.671			03/25/36		2,031,832
	Educational Services of America, Inc. Series 2010-1, Class A1(c) (3M USD LIBOR + 0.850%)
	1,087,051		2.217			07/25/23		1,089,028
	Educational Services of America, Inc. Series 2012-1, Class A1(c) (1M USD LIBOR + 1.150%)
	2,170,396		2.771			09/25/40		2,207,427
	Educational Services of America, Inc. Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	2,023,026		2.321			02/25/39		1,996,697
	EFS Volunteer No. 2 LLC Series 2012-1, Class A2(c) (1M USD LIBOR + 1.350%)
	1,950,000		2.971			03/25/36		1,984,068
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3(c) (1M USD LIBOR + 1.000%)
	1,200,000		2.621			04/25/33		1,217,208
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(c) (3M LIBOR + 0.110%)
	1,569,572		2.054			11/25/26		1,559,792
	GCO Education Loan Funding Trust Series 2006-1, Class A8L (3M USD LIBOR + 0.130%)
	4,778,906		1.592			05/25/25		4,775,199
	Goal Capital Funding Trust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	52,839		2.162			08/25/48		52,781
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,500,054		2.512			05/25/34		1,510,989

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
$	1,150,000		2.267	%		07/25/45	$	1,151,949
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	4,264,829		2.325			12/01/31		4,262,568
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	1,571,236		2.412			02/25/42		1,575,906
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	513,243		2.317			04/25/38		515,441
	Missouri Higher Education Loan Authority Series 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	2,680,015		2.312			08/27/29		2,724,694
	Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	4,285,199		2.525			06/25/36		4,310,497
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	2,976,898		2.590			05/20/30		3,012,207
	Navient Student Loan Trust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,050,638		2.871			06/25/65		3,125,830
	Navient Student Loan Trust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
	1,501,620		2.771			03/25/66		1,525,010
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
	202,934		1.929			12/07/20		203,202
	Nelnet Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.130%)
	71,079		1.788			06/22/26		71,071
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	1,558,010		1.467			01/25/30		1,555,335
	Nelnet Student Loan Trust Series 2013-5A, Class A(c) (1M USD LIBOR + 0.630%)
	617,116		2.251			01/25/37		618,375
	Nelnet Student Loan Trust Series 2014-4A, Class A1(c) (1M USD LIBOR + 0.540%)
	9,613,651		2.161			11/27/39		9,651,015
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	720,338		2.267			07/25/41		718,719
	Northstar Education Finance, Inc. Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	620,691		2.321			12/26/31		624,623
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,985,252		2.475			07/01/31		1,998,819
	Scholar Funding Trust Series 2010-A, Class A(c) (3M USD LIBOR + 0.750%)
	940,102		2.128			10/28/41		935,154
	Scholar Funding Trust Series 2013-A, Class A(c) (1M USD LIBOR + 0.650%)
	2,483,108		2.298			01/30/45		2,462,205
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	SLC Student Loan Center Series 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	1,047,586		2.841			10/25/27		1,061,446
	SLC Student Loan Trust Series 2005-1, Class A3 (3M USD LIBOR + 0.100%)
	5,937,674		1.516			02/15/25		5,930,520
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	759,408		2.337			11/25/42		768,639
	SLM Student Loan Trust Series 2003-14, Class A5 (3M USD LIBOR + 0.230%)
	94,899		1.597			01/25/23		94,903
	SLM Student Loan Trust Series 2004-1, Class A3 (3M USD LIBOR + 0.210%)
	440,020		1.577			04/25/23		440,110
	SLM Student Loan Trust Series 2004-8A, Class A5(c) (3M USD LIBOR + 0.500%)
	869,741		1.867			04/25/24		871,630
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	11,250,000		1.507			10/25/28		11,205,865
	SLM Student Loan Trust Series 2005-9, Class A6 (3M USD LIBOR + 0.550%)
	1,212,223		1.917			10/26/26		1,214,181
	SLM Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.110%)
	311,741		1.477			07/25/25		311,746
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	597,126		2.117			04/25/23		595,036
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	599,595		3.067			07/25/23		615,692
	SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	1,064,278		2.271			12/27/38		1,069,888
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	575,378		2.185			10/01/24		578,164
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	900,000		2.227			05/01/35		891,693
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	2,440,888		2.221			02/25/43		2,433,229
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	4,644,948		2.371			09/25/56		4,648,586
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	132,173		1.497			01/26/26		132,116
								121,383,117
	TOTAL ASSET-BACKED SECURITIES
	(Cost $317,413,971)						$	318,429,161

66 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
Municipal Debt Obligations(b) – 2.2%
Alaska(e) – 0.2%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,790,123		2.121	%		08/25/31	$	1,792,098
New Hampshire(e) – 0.5%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,300,000		2.217			10/25/37		1,298,351
	New Hampshire State Higher Education Loan Corp. (Taxable- Student Loan) Series 2012-1 (1M USD LIBOR + 0.500%)
	2,563,498		2.120			10/25/28		2,563,498
								3,861,849
New York(c) – 0.1%
	FHLMC Multifamily ML Certificates Trust RB (Pass – Through) Series 2017-ML01 (1M LIBOR + 0.500%)
	884,747		2.375			01/25/33		885,601
Rhode Island(e) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.700%)
	518,897		2.275			10/02/28		515,348
Utah(e) – 1.3%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.750%)
	8,739,761		2.371			12/26/31		8,795,782
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
	525,286		2.227			05/01/29		524,677
								9,320,459
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $16,330,927)						$	16,375,355
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $663,164,000)						$	663,917,469
Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(f) – 11.7%
Certificate of Deposit – 0.2%
	Omnicom Capital, Inc.
$	1,079,000		0.000	%		05/11/18	$	1,076,011
Commercial Paper – 5.4%
	Dominion Resources, Inc.
	1,183,000		0.000			06/22/18		1,176,053
	Eastman Chemical Co.
	538,000		0.000			04/27/18		537,018
	Electricite de France SA
	3,238,000		0.000			04/27/18		3,232,089
	Gotham Funding Corp.
	3,719,000		0.000			06/25/18		3,697,564
	HP, Inc.
	2,079,000		0.000			04/27/18		2,075,830
	Liberty Funding LLC
	5,567,000		0.000			06/26/18		5,535,194
Short-term Investments – (continued)
Commercial Paper – (continued)
	Marriott International, Inc.
	2,440,000		0.000			05/09/18		2,433,572
	Potash Corp. of Saskatchewan, Inc.
	1,728,000		0.000			05/31/18		1,720,791
	1,868,000		0.000			06/11/18		1,858,650
	597,000		0.000			06/18/18		593,685
	Schlumberger Holdings Corp.
	803,000		0.000			05/29/18		799,905
	Sempra Energy Holdings
	1,971,000		0.000			06/27/18		1,958,632
	Southern Co.
	1,876,000		0.000			06/21/18		1,865,135
	VW Credit, Inc.
	4,744,000		0.000			06/22/18		4,715,180
	Versailles Commercial Paper LLC
	4,341,000		0.000			07/09/18		4,311,494
	Victory Receivables
	3,719,000		0.000			06/22/18		3,698,435
								40,209,227
Repurchase Agreements(g) – 6.1%
	Joint Repurchase Agreement Account II
	45,200,000		1.812			04/02/18		45,200,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $86,485,580)						$	86,485,238
	TOTAL INVESTMENTS – 101.3% (Cost $749,649,580)						$	750,402,707
	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%							(9,416,414	)
	NET ASSETS – 100.0%						$	740,986,293

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, 2018.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $203,165,248, which represents approximately 27.4% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $3,998,760, which represents approximately 0.5% of the Fund’s net assets as of March 31, 2018.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Joint repurchase agreement was entered into on March 30, 2018. Additional information appears on page 101.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds
FFELP	—Federal Family Education Loan Program
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
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2018, 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		98		06/20/18	$	11,871,781		$	90,459
20 Year U.S. Treasury Bonds		23		06/20/18		3,372,375			81,252
Total								$	171,711
Short position contracts:
Ultra Long U.S. Treasury Bonds		(46	)	06/20/18		(7,381,562	)		(239,074	)
Ultra 10 Year U.S. Treasury Notes		(24	)	06/20/18		(3,116,625	)		(44,875	)
2 Year U.S. Treasury Notes		(14	)	06/29/18		(2,976,531	)		(379	)
5 Year U.S. Treasury Notes		(291	)	06/29/18		(33,308,133	)		(148,674	)
Total								$	(433,002	)
TOTAL FUTURES CONTRACTS								$	(261,291	)

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, 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)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.882%(b)		3M LIBOR(c)	02/28/25	$	4,050	$	(33,314	)	$	2,872		$	(36,186	)
3M LIBOR(c)		2.500%(b)	06/20/48		670		(46,685	)		(68,829	)		22,144
TOTAL						$	(79,999	)	$	(65,957	)	$	(14,042	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(b) Payments made semi-annually.

(c) Payments made quarterly.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

March 31, 2018

Principal Amount			Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 87.1%
	United States Treasury Inflation Indexed Bonds
$	29,613,640			0.125	%		04/15/19	$	29,597,352
	37,250,752			0.125			04/15/20		37,114,787
	2,159,084			1.250			07/15/20		2,217,142
	22,870,848			0.625			07/15/21		23,151,473
	50,951,500			0.125			04/15/22		50,239,707
	18,349,857			0.375			07/15/25		18,119,934
	14,028,081			0.625			01/15/26		14,028,782
	36,703,095			0.125			07/15/26		35,283,052
	6,258,173			0.375			01/15/27		6,100,530
	22,896,060			0.375			07/15/27		22,345,181
	37,687,242	(a)		2.500			01/15/29		44,667,296
	30,528,779			1.375			02/15/44		33,975,478
	10,369,064			0.875			02/15/47		10,300,732
	2,311,454			1.000			02/15/48		2,372,939
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $330,363,980)							$	329,514,385

Shares		Distribution Rate	Value
Investment Company(b) – 10.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	38,073,204	1.609%	$	38,073,204
	(Cost $38,073,204)
	TOTAL INVESTMENTS – 97.1%
	(Cost $368,437,184)		$	367,587,589
	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%			10,882,227
	NET ASSETS – 100.0%		$	378,469,816

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.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
LIBOR	– London Interbank Offered Rate
PLC	– Public Limited Company

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2018, 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		3			06/20/18	$	481,406		$	9,838
2 Year U.S. Treasury Notes		81			06/29/18		17,221,359			8,360
10 Year U.S. Treasury Notes		926			06/20/18		112,176,219			896,752
Total									$	914,950
Short position contracts:
Eurodollars		(58	)		09/16/19		(14,104,875	)		25,240
Eurodollars		(14	)		12/17/18		(3,412,675	)		143
Eurodollars		(14	)		06/18/18		(3,419,500	)		1,193
Eurodollars		(14	)		09/17/18		(3,416,875	)		318
Eurodollars		(141	)		12/16/19		(34,268,287	)		24,179
Ultra 10 Year U.S. Treasury Notes		(109	)		06/20/18		(14,154,672	)		(203,811	)
5 Year U.S. Treasury Notes		(175	)		06/29/18		(20,030,664	)		(72,937	)
20 Year U.S. Treasury Bonds		(148	)		06/20/18		(21,700,500	)		(505,469	)
Total									$	(731,144	)
TOTAL FUTURES CONTRACTS									$	183,806

SWAP CONTRACTS — At March 31, 2018, 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)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR(a)		2.206%	09/04/19	$	110,670	(b)	$	15,573		$	(5,303	)	$	20,876
3M LIBOR(c)		2.139(d)	11/20/20		74,360	(b)		(833,486	)		(108,274	)		(725,212	)
2.851%(d)		3M LIBOR(c)	09/04/23		34,780	(b)		(167,705	)		24,096			(191,801	)
3M LIBOR(d)		2.275(c)	11/20/23		32,720	(b)		743,228			65,951			677,277
2.251(a)		12M LIBOR	02/20/24		17,900			(194	)		183			(377	)
2.057(e)		12M LIBOR	04/21/24		6,500	(b)		63,938			75			63,863
2.120(a)		12M LIBOR	05/02/24		13,200			77,479			154			77,325
2.102(a)		12M LIBOR	12/14/24		10,000			112,913			128			112,785
2.103(a)		12M LIBOR	12/14/24		10,000			112,237			128			112,109
2.882(d)		3M LIBOR(c)	02/28/25		5,290	(b)		(43,514	)		(18,328	)		(25,186	)
2.000(d)		3M LIBOR(c)	06/20/25		11,620	(b)		558,244			652,746			(94,502	)
12M LIBOR(a)		2.222	12/14/29		10,000			(112,353	)		196			(112,549	)
12M LIBOR(a)		2.223	12/14/29		10,000			(110,914	)		196			(111,110	)
3M LIBOR(c)		2.500(d)	06/20/48		250	(b)		(17,421	)		(25,683	)		8,262
TOTAL							$	398,025		$	586,265		$	(188,240	)

(a) Payments made at the termination date.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made annually.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$	98.00	06/15/18		14	$	35,000	$	23,800	$	3,882	$	19,918

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 39.4%
Collateralized Mortgage Obligations – 4.4%
Interest Only(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	70		1,172.807	%		11/15/21	$	866
	FHLMC REMIC Series 4273, Class PS(b) (-1x1M LIBOR + 6.100%)
	1,518,807		4.323			11/15/43		218,685
								219,551
Inverse Floaters(b) – 0.0%
	FNMA REMIC Series 1990-134, Class SC (-1x1M LIBOR + 21.600%)
	3,902		19.169			11/25/20		4,446
Regular Floater(b) – 1.9%
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	407,516		1.971			04/25/37		408,695
	NCUA Guaranteed Notes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	2,142,162		2.333			01/08/20		2,146,095
	NCUA Guaranteed Notes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	8,014,631		2.111			02/06/20		8,025,901
	NCUA Guaranteed Notes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	6,523,605		2.150			03/11/20		6,532,779
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,849,781		2.333			10/07/20		1,855,634
								18,969,104
Sequential Fixed Rate – 0.5%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	2,985,118		3.250			04/25/38		2,956,314
	FHLMC REMIC Series 108, Class G
	3,428		8.500			12/15/20		3,532
	FHLMC REMIC Series 1980, Class Z
	353,003		7.000			07/15/27		392,926
	FHLMC REMIC Series 2019, Class Z
	282,414		6.500			12/15/27		305,509
	FHLMC REMIC Series 2755, Class ZA
	710,575		5.000			02/15/34		762,333
								4,420,614
Sequential Fixed Rate – 2.0%
	FHLMC REMIC Series 3530, Class DB
	3,678,059		4.000			05/15/24		3,774,753
	FHLMC REMIC Series 4273, Class PD
	1,167,162		6.500			11/15/43		1,328,185
	FHLMC REMIC Series 4619, Class NA
	4,604,997		3.000			03/15/44		4,588,746
	FNMA REMIC Series 1989-66, Class J
	16,463		7.000			09/25/19		16,617
	FNMA REMIC Series 1990-16, Class E
	28,009		9.000			03/25/20		29,162
	FNMA REMIC Series 2012-111, Class B
	502,866		7.000			10/25/42		572,958
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-153, Class B
	1,730,210		7.000			07/25/42		1,974,946
	FNMA REMIC Series 2015-30, Class EA
	7,544,932		3.000			05/25/45		7,521,511
								19,806,878
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	43,420,593
Commercial Mortgage-Backed Securities – 7.4%
Sequential Fixed Rate – 3.5%
	FHLMC Multifamily Structured Pass-Through Certificates Series K716, Class A2
$	16,100,000		3.130	%		06/25/21	$	16,212,816
	FHLMC Multifamily Structured Pass-Through Certificates Series K717, Class A2
	18,600,000		2.991			09/25/21		18,653,006
								34,865,822
Sequential Floating Rate(b) – 3.9%
	FHLMC Multifamily Structured Pass-Through Certificates Series KP02, Class A2
	20,176,722		2.355			04/25/21		20,074,319
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M LIBOR + 0.340%)
	2,067,857		2.010			01/25/21		2,068,142
	FNMA ACES Series 2014-M1, Class ASQ2
	16,753,324		2.323			11/25/18		16,702,624
								38,845,085
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	73,710,907
Federal Agencies – 27.6%
Adjustable Rate FHLMC(b) – 1.0%
	FHLMC (1 year CMT + 2.250%)
$	1,266,478		3.206	%		06/01/35	$	1,338,551
	FHLMC (12M USD LIBOR + 1.611%)
	7,131,077		2.550			11/01/44		7,218,335
	FHLMC (12M USD LIBOR + 1.739%)
	755,519		2.531			06/01/42		774,550
	FHLMC (12M USD LIBOR + 1.840%)
	359,654		3.628			11/01/34		378,946
	FHLMC (12M USD LIBOR + 2.000%)
	38,190		3.750			11/01/36		40,166
	FHLMC (12M USD LIBOR + 2.295%)
	110,107		4.057			05/01/36		114,790
	FHLMC (3 year CMT + 2.221%)
	1,256		3.114			10/01/25		1,251
	FHLMC (6M USD LIBOR + 1.867%)
	32,229		3.386			10/01/36		33,469
								9,900,058
Adjustable Rate FNMA(b) – 1.4%
	FNMA (1 year CMT + 2.037%)
	7,879		3.910			02/01/27		7,914
	FNMA (1 year CMT + 2.055%)
	320,303		3.278			10/01/35		335,707

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	FNMA (1 year CMT + 2.220%)
$	492,912		3.226	%		06/01/34	$	519,985
	FNMA (1 year CMT + 2.255%)
	44,259		3.380			07/01/32		46,581
	FNMA (1 year CMT + 2.288%)
	572,389		3.786			02/01/34		599,841
	FNMA (1 year CMT + 3.088%)
	4,600		7.021			05/01/20		4,711
	FNMA (12M MTA + 2.332%)
	583,856		3.551			06/01/36		609,937
	FNMA (12M MTA + 2.343%)
	366,843		3.560			04/01/36		383,253
	FNMA (12M MTA + 2.343%)
	1,182,945		3.554			07/01/36		1,236,120
	FNMA (12M USD LIBOR + 1.225%)
	22,504		2.975			01/01/33		22,938
	FNMA (12M USD LIBOR + 1.325%)
	820,932		3.177			04/01/35		843,468
	FNMA (12M USD LIBOR + 1.427%)
	213,301		3.204			05/01/35		223,082
	FNMA (12M USD LIBOR + 1.506%)
	380,131		3.416			02/01/35		388,061
	FNMA (12M USD LIBOR + 1.525%)
	42,961		3.400			05/01/35		44,639
	FNMA (12M USD LIBOR + 1.556%)
	83,063		3.388			02/01/35		85,965
	FNMA (12M USD LIBOR + 1.648%)
	230,661		3.468			03/01/35		239,787
	FNMA (12M USD LIBOR + 1.667%)
	363,150		3.417			10/01/34		377,989
	FNMA (12M USD LIBOR + 1.695%)
	267,492		3.570			05/01/34		275,587
	FNMA (12M USD LIBOR + 1.705%)
	255,183		3.455			10/01/34		264,536
	FNMA (12M USD LIBOR + 1.715%)
	744,296		3.670			03/01/36		789,736
	FNMA (12M USD LIBOR + 1.720%)
	470,017		3.489			05/01/34		488,226
	FNMA (12M USD LIBOR + 1.720%)
	570,611		3.674			03/01/35		594,449
	FNMA (12M USD LIBOR + 1.720%)
	323,757		3.470			04/01/35		338,208
	FNMA (12M USD LIBOR + 1.755%)
	32,464		3.505			07/01/32		33,855
	FNMA (12M USD LIBOR + 1.774%)
	977,157		3.588			07/01/37		1,034,061
	FNMA (12M USD LIBOR + 1.800%)
	916,999		3.634			05/01/33		971,191
	FNMA (12M USD LIBOR + 1.820%)
	38,896		3.636			12/01/46		40,183
	FNMA (12M USD LIBOR + 1.900%)
	979,335		3.650			06/01/36		1,043,586
	(12M USD LIBOR + 1.935%)
	188,039		3.685			11/01/36		196,611
	FNMA (12M USD LIBOR + 1.945%)
	999,620		3.695			04/01/36		1,064,515
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	FNMA (6M USD LIBOR + 2.250%)
	140,388		4.125			08/01/33		147,269
	FNMA (COF + 1.250%)
	784,942		4.613			08/01/33		832,118
	FNMA (COF + 1.795%)
	40,516		2.547			08/01/29		41,196
								14,125,305
Adjustable Rate GNMA(b) – 0.4%
	GNMA (1 year CMT + 1.500%)
	192,887		2.625			05/20/34		198,032
	GNMA (1 year CMT + 1.500%)
	410,728		2.750			07/20/34		421,020
	GNMA (1 year CMT + 1.500%)
	286,500		2.750			08/20/34		293,709
	(1 year CMT + 1.500%)
	2,205,906		2.750			09/20/34		2,260,476
	GNMA (1 year CMT + 1.500%)
	269,322		3.125			10/20/34		276,305
	GNMA (1 year CMT + 1.500%)
	387,727		3.125			12/20/34		398,337
								3,847,879
FHLMC – 1.2%
	102,390		5.500			01/01/20		104,141
	82,111		7.000			04/01/22		85,021
	1,363		4.500			05/01/23		1,416
	12,348		7.500			01/01/31		13,160
	45,481		4.500			07/01/33		48,057
	1,282,023		4.500			08/01/33		1,354,622
	2,613,435		4.500			09/01/33		2,761,431
	259,110		4.500			10/01/33		273,784
	8,469		4.500			04/01/34		8,898
	6,248		4.500			04/01/35		6,570
	3,034		4.500			07/01/35		3,187
	12,026		4.500			08/01/35		12,639
	52,847		4.500			09/01/35		55,539
	22,027		4.500			10/01/35		23,117
	2,452		4.500			12/01/35		2,570
	1,632		4.500			05/01/36		1,716
	1,552		6.000			06/01/36		1,691
	149,209		4.500			01/01/38		156,902
	2,308		4.500			04/01/38		2,421
	647		4.500			05/01/38		677
	8,722		4.500			06/01/38		9,149
	227,944		4.500			09/01/38		241,309
	5,459		4.500			01/01/39		5,743
	133,917		4.500			02/01/39		141,256
	1,570,660		7.000			02/01/39		1,803,651
	63,257		4.500			03/01/39		66,848
	13,430		4.500			04/01/39		14,193
	405,350		4.500			05/01/39		428,361
	1,094,296		4.500			06/01/39		1,156,418
	27,914		4.500			07/01/39		29,499
	59,500		4.500			08/01/39		62,876
	72,269		4.500			09/01/39		76,373

74 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)
FHLMC – (continued)
$	14,338		4.500	%		10/01/39	$	15,152
	27,433		4.500			11/01/39		28,991
	52,622		4.500			12/01/39		55,608
	43,702		4.500			01/01/40		46,183
	11,112		4.500			02/01/40		11,743
	34,683		4.500			04/01/40		36,654
	53,264		4.500			05/01/40		56,293
	62,154		4.500			06/01/40		65,687
	57,637		4.500			07/01/40		60,913
	52,418		4.500			08/01/40		55,398
	32,416		4.500			09/01/40		34,259
	12,699		4.500			10/01/40		13,420
	22,662		4.500			02/01/41		23,947
	42,212		4.500			03/01/41		44,589
	116,649		4.500			04/01/41		123,220
	103,678		4.500			05/01/41		109,517
	199,563		4.500			06/01/41		210,801
	14,545		4.500			07/01/41		15,365
	501,226		4.500			08/01/41		529,458
	524,639		4.500			09/01/41		554,456
	30,624		4.500			12/01/41		32,349
	378,136		4.500			03/01/42		399,431
								11,476,669
FNMA – 22.1%
	9,748,086		3.725			06/01/18		9,730,039
	6,558		5.500			07/01/18		6,578
	5,784		5.500			09/01/18		5,810
	15,800,000		2.960			11/01/18		15,742,607
	2,119		5.500			12/01/18		2,134
	2,103		5.500			01/01/19		2,123
	1,704		5.500			03/01/19		1,722
	224		5.500			08/01/19		224
	1,047		5.000			09/01/19		1,066
	2,934		7.000			11/01/19		2,944
	36,034,872		4.313			07/01/21		37,495,909
	716,065		5.500			09/01/23		748,525
	187,559		5.500			10/01/23		196,156
	1,356,268		6.000			02/01/24		1,507,091
	2,135		7.000			12/01/24		2,321
	620,099		6.000			08/01/26		689,356
	103,292		6.000			10/01/26		114,750
	784		7.000			08/01/27		877
	204,606		6.000			11/01/27		227,305
	1,480,976		6.000			02/01/28		1,646,327
	652,269		6.000			07/01/28		724,805
	173,363		6.000			08/01/28		192,642
	268,164		6.000			09/01/28		297,985
	946		7.000			10/01/28		1,005
	15,390		6.000			01/01/29		17,101
	768		7.000			01/01/29		852
	49,756		6.000			03/01/29		55,276
	634,367		4.500			09/01/29		668,261
	351		7.000			11/01/29		352
	542		7.000			04/01/31		583
	24,590		6.000			12/01/31		27,315
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	5,657		7.000			05/01/32		6,187
	5,231		7.000			06/01/32		5,612
	1,049		7.000			08/01/32		1,218
	82,089		6.000			09/01/32		91,838
	43,550		6.000			10/01/32		48,904
	40,919		6.000			11/01/32		45,715
	15,576		6.000			02/01/33		17,435
	27,020		6.000			03/01/33		30,376
	4,238		6.000			04/01/33		4,743
	1,064,005		6.500			04/01/33		1,203,493
	3,217		6.000			11/01/33		3,603
	1,004		7.000			04/01/34		1,163
	29,015,409		6.000			05/01/34		32,405,752
	64,000		6.000			07/01/34		71,707
	4,832		6.000			10/01/34		5,404
	119,206		6.000			01/01/35		133,235
	90,143		6.000			03/01/35		100,219
	1,750,054		6.000			04/01/35		1,960,476
	182,029		6.000			05/01/35		203,026
	250,659		6.000			06/01/35		280,282
	34,652		6.000			08/01/35		38,822
	94,826		6.000			09/01/35		105,949
	726,298		6.000			11/01/35		811,792
	850,669		6.000			12/01/35		949,740
	1,568,855		6.000			01/01/36		1,760,247
	591,104		6.000			02/01/36		661,263
	312,078		6.000			03/01/36		349,044
	2,476,420		6.000			04/01/36		2,767,549
	394,618		6.000			05/01/36		441,653
	411,680		6.000			06/01/36		460,517
	907,544		6.000			07/01/36		1,014,864
	4,290,692		6.000			08/01/36		4,789,404
	1,058,962		6.000			09/01/36		1,175,619
	1,927,274		6.000			10/01/36		2,149,653
	661,487		4.500			11/01/36		698,868
	3,039,297		6.000			11/01/36		3,395,102
	572,019		6.000			12/01/36		638,216
	7,579		6.000			01/01/37		8,464
	219,786		6.000			02/01/37		245,013
	532,723		6.000			03/01/37		595,006
	303,700		6.000			04/01/37		338,861
	8,438,376		6.000			05/01/37		9,404,658
	517,311		6.000			07/01/37		577,579
	794,317		6.000			08/01/37		888,384
	655,839		6.000			09/01/37		735,010
	213,215		6.000			10/01/37		238,511
	236,841		7.500			10/01/37		260,719
	429,209		6.000			11/01/37		480,913
	3,410,964		6.000			12/01/37		3,809,204
	3,834,980		6.000			01/01/38		4,283,083
	2,557,179		6.000			02/01/38		2,854,201
	413,833		6.000			03/01/38		465,163
	6,372		6.000			04/01/38		7,096
	8,273,489		6.000			05/01/38		9,235,890
	85,477		6.000			06/01/38		95,599
	9,503,659		6.000			07/01/38		10,613,444

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	181,126		6.000	%		08/01/38	$	201,691
	834,090		6.000			09/01/38		928,612
	124,217		6.000			10/01/38		138,688
	1,078,602		6.000			11/01/38		1,194,479
	922,807		6.000			12/01/38		1,014,988
	132,244		6.000			01/01/39		147,844
	151,365		4.500			02/01/39		159,996
	885,808		7.000			03/01/39		1,017,635
	147,253		4.500			04/01/39		155,639
	262,022		6.000			04/01/39		292,808
	11,447		4.500			08/01/39		12,125
	574,417		6.000			08/01/39		640,058
	4,210,455		6.000			09/01/39		4,699,769
	1,011,790		6.000			10/01/39		1,130,080
	38,135		6.000			11/01/39		42,604
	943,595		6.000			01/01/40		1,053,489
	2,240		6.000			02/01/40		2,503
	102,372		6.000			03/01/40		113,985
	15,192		6.000			04/01/40		16,973
	1,036,762		6.000			06/01/40		1,154,172
	470,851		6.000			07/01/40		525,782
	102,120		6.000			09/01/40		113,751
	748,230		6.000			10/01/40		835,527
	599,070		6.000			11/01/40		670,348
	29,247		6.000			04/01/41		32,623
	10,929		4.500			05/01/41		11,546
	23,068,643		6.000			05/01/41		25,651,412
	1,436,299		6.000			07/01/41		1,601,961
	588,640		4.500			08/01/41		622,303
	134,782		4.500			10/01/41		142,398
	124,731		5.000			02/01/42		134,647
								218,535,965
GNMA – 1.5%
	48,492		5.500			07/15/20		49,365
	1,366		6.500			01/15/32		1,529
	7,255		6.500			02/15/32		8,116
	7,457		6.500			08/15/34		8,342
	13,385		6.500			05/15/35		15,259
	4,022		6.500			06/15/35		4,551
	11,919		6.500			07/15/35		13,599
	3,154		6.500			08/15/35		3,604
	6,762		6.500			09/15/35		7,694
	4,644		6.500			10/15/35		5,303
	22,287		6.500			11/15/35		25,455
	14,369		6.500			12/15/35		16,261
	27,866		6.500			01/15/36		31,764
	39,554		6.500			02/15/36		45,148
	29,690		6.500			03/15/36		33,893
	67,364		6.500			04/15/36		76,614
	120,131		6.500			05/15/36		137,103
	93,474		6.500			06/15/36		106,675
	356,252		6.500			07/15/36		406,344
	321,899		6.500			08/15/36		365,189
	616,587		6.500			09/15/36		701,750
	237,956		6.500			10/15/36		271,735
	314,491		6.500			11/15/36		355,515
	148,656		6.500			12/15/36		169,458
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	66,887		6.500			01/15/37		76,526
	25,456		6.500			02/15/37		29,075
	14,140		6.500			03/15/37		16,163
	35,095		6.500			04/15/37		40,194
	17,765		6.500			05/15/37		19,871
	17,563		6.500			08/15/37		20,087
	76,218		6.500			09/15/37		87,011
	84,532		6.500			10/15/37		98,025
	54,510		6.500			11/15/37		61,925
	20,536		6.500			05/15/38		23,472
	73,053		6.000			11/15/38		82,490
	14,154		6.500			11/15/38		16,253
	10,666		6.500			01/15/39		12,002
	18,751		6.500			02/15/39		21,399
	10,867,419		4.000			10/20/43		11,283,862
	574,589		4.000			10/20/45		594,902
								15,343,523
	TOTAL FEDERAL AGENCIES						$	273,229,399
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $398,455,635)						$	390,360,899
Principal Amount		Interest Rate			Maturity Date		Value
Agency Debentures – 6.9%
	FHLB
$	7,000,000		1.875	%		03/13/20	$	6,935,320
	1,800,000		5.375			08/15/24		2,070,756
	FNMA
	5,200,000		6.250			05/15/29		6,756,308
	16,080,000		7.125			01/15/30		22,484,342
	Hashemite Kingdom of Jordan Government AID Bond(d)
	19,300,000		2.503			10/30/20		19,294,017
	NCUA Guaranteed Notes Series A4
	11,000,000		3.000			06/12/19		11,091,529
	TOTAL AGENCY DEBENTURES
	(Cost $68,768,325)						$	68,632,272
Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – 0.1%
Other – 0.0%
	Small Business Administration
$	4,669		6.300	%		05/01/18	$	4,682
	5,850		6.300			06/01/18		5,878
								10,560
Student Loan(b) – 0.1%
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
	1,251,427		1.929			12/07/20		1,253,079
	TOTAL ASSET-BACKED SECURITIES
	(Cost $1,262,022)						$	1,263,639

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 51.4%
	United States Treasury Bills(e)
$	5,700,000		0.000	%		05/17/18	$	5,688,128
	5,700,000		0.000			09/20/18		5,649,155
	60,025,000		0.000			09/27/18		59,467,777
	United States Treasury Bonds(f)
	210,000		3.000			11/15/45		211,264
	920,000		3.000			05/15/47		924,628
	10,000		3.000			02/15/48		10,058
	United States Treasury Notes
	55,700,000		1.000			11/30/18		55,321,796
	1,000,000		1.375	(f)		04/30/21		969,520
	128,000,000		1.875			02/28/22		125,021,436
	130,900,000		1.875	(f)		03/31/22		127,781,957
	103,400,000		1.875	(f)		04/30/22		100,839,818
	5,470,000		2.125			11/30/24		5,285,989
	2,590,000		2.250			12/31/24		2,521,365
	110,000		2.250			02/15/27		105,746
	United States Treasury Strip Coupon(e)
	28,900,000		0.000			11/15/35		17,220,354
	2,800,000		0.000			05/15/36		1,643,684
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $514,808,640)						$	508,662,675

Shares		Distribution Rate			Value
Investment Company(g) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,771		1.609	%	$	50,771
	(Cost $50,771)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $983,345,393)				$	968,970,256

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 1.5%
Commercial Paper(e) – 1.5%
	Dominion Resources, Inc.
$	1,580,000		0.000	%		06/22/18	$	1,570,722
	Eastman Chemical Co.
	719,000		0.000			04/27/18		717,687
	HP, Inc.
	2,780,000		0.000			04/27/18		2,775,761
	Marriott International, Inc.
	3,263,000		0.000			05/04/18		3,255,502
	Omnicom Capital, Inc.
	1,440,000		0.000			05/04/18		1,436,691
	Sempra Energy Holdings
	2,632,000		0.000			06/20/18		2,616,969
Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(e) – (continued)
	The Southern Co.
$	2,299,000		0.000	%		06/21/18	$	2,285,686
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $14,656,030)						$	14,659,018
	TOTAL INVESTMENTS – 99.3% (Cost $998,001,423)						$	983,629,274
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%							6,996,774
	NET ASSETS – 100.0%						$	990,626,048

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, 2018.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,956,314, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,294,017, which represents approximately 2.0% of the Fund’s net assets as of March 31, 2018.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds
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
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2018, 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		6		06/20/18	$	962,813		$	23,692
2 Year U.S. Treasury Notes		2,928		06/29/18		622,520,253			29,967
10 Year U.S. Treasury Notes		192		06/20/18		23,259,000			168,724
Total								$	222,383
Short position contracts:
Eurodollars		(181	)	03/18/19		(44,078,025	)		432,733
Eurodollars		(200	)	06/18/18		(48,850,000	)		29,536
Eurodollars		(346	)	09/17/18		(84,445,625	)		490,068
Eurodollars		(387	)	12/17/18		(94,336,087	)		34,113
Eurodollars		(443	)	09/16/19		(107,732,063	)		1,035,677
Eurodollars		(574	)	03/16/20		(139,489,175	)		1,309,177
Eurodollars		(636	)	06/15/20		(154,548,000	)		1,319,471
Eurodollars		(505	)	09/14/20		(122,702,375	)		599,471
Eurodollars		(505	)	12/14/20		(122,670,813	)		559,046
Eurodollars		(454	)	03/15/21		(110,287,950	)		296,299
Eurodollars		(431	)	12/13/21		(104,668,350	)		236,027
Eurodollars		(431	)	06/14/21		(104,695,287	)		261,627
Eurodollars		(431	)	09/13/21		(104,689,900	)		247,577
Ultra 10 Year U.S. Treasury Notes		(191	)	06/20/18		(24,803,141	)		(357,126	)
3 Month Euribor Interest Rate		(146	)	06/17/19		(35,523,625	)		267,888
3 Month Euribor Interest Rate		(548	)	12/16/19		(133,184,550	)		819,706
5 Year U.S. Treasury Notes		(322	)	06/29/18		(36,856,422	)		(107,137	)
20 Year U.S. Treasury Bonds		(410	)	06/20/18		(60,116,250	)		(1,427,406	)
Total								$	6,046,747
TOTAL FUTURES CONTRACTS								$	6,269,130

SWAP CONTRACTS — At March 31, 2018, 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)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR(b)		2.206%(c)	09/04/19	$	131,930	$	18,565		$	(8,456	)	$	27,021
3M LIBOR(d)		2.139(c)	11/20/20		86,710		(971,915	)		(129,329	)		(842,586	)
2.851%(c)		3M LIBOR(d)	09/04/23		38,620		(186,221	)		27,018			(213,239	)
2.275(c)		3M LIBOR(d)	11/20/23		37,060		841,809			63,074			778,735
2.882(c)		3M LIBOR(d)	02/28/25		5,630		(46,312	)		(16,699	)		(29,613	)
TOTAL						$	(344,074	)	$	(64,392	)	$	(279,682	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(b) Payments made at the termination date.

(c) Payments made semi-annually.

(d) Payments made quarterly.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 49.5%
Aerospace & Defense – 0.6%
	Northrop Grumman Corp.
$	3,900,000		2.080	%		10/15/20	$	3,816,351
Agriculture – 2.1%
	BAT Capital Corp.(a)
	5,325,000		2.297			08/14/20		5,220,897
	4,925,000		2.764	(b)		08/15/22		4,763,680
	Cargill, Inc.(a)
	1,275,000		3.250			03/01/23		1,277,269
	Reynolds American, Inc.
	975,000		3.250			06/12/20		975,094
								12,236,940
Automotive – 1.3%
	Daimler Finance North America LLC(a)
	1,500,000		2.450			05/18/20		1,478,721
	Ford Motor Credit Co. LLC
	5,575,000		8.125			01/15/20		6,035,530
								7,514,251
Banks – 16.0%
	Banco Bilbao Vizcaya Argentaria SA
	1,025,000		3.000			10/20/20		1,020,394
	Banco Santander SA
	1,400,000		3.500			04/11/22		1,393,566
	Bank of America Corp.
	1,025,000		2.625			10/19/20		1,017,922
	8,175,000		2.151	(b)		11/09/20		8,013,793
	1,250,000		2.625			04/19/21		1,231,306
	3,075,000		2.503	(b)		10/21/22		2,953,817
	Banque Federative du Credit Mutuel SA(a)
	1,025,000		2.000			04/12/19		1,016,331
	Barclays Bank PLC
	1,100,000		5.140			10/14/20		1,135,977
	1,600,000		2.650	(b)		01/11/21		1,577,108
	BNP Paribas SA
	550,000		2.375			05/21/20		543,561
	1,600,000		2.950	(a)		05/23/22		1,568,290
	BPCE SA(a)
	2,425,000		3.000			05/22/22		2,375,132
	Capital One Financial Corp.(b)
	1,525,000		2.400			10/30/20		1,494,812
	(3M USD LIBOR + 0.720%)
	1,475,000		2.487	(c)		01/30/23		1,464,317
	Citibank NA(b)
	925,000		2.125			10/20/20		904,576
	Citigroup, Inc.
	1,325,000		2.500			07/29/19		1,319,613
	2,650,000		2.650			10/26/20		2,618,346
	5,500,000		2.350			08/02/21		5,340,391
	(3M USD LIBOR + 0.950%)
	2,400,000		2.876	(b)(c)		07/24/23		2,335,334
	Credit Suisse Group Funding Guernsey Ltd.
	1,425,000		2.750			03/26/20		1,411,267
	Deutsche Bank AG
	4,150,000		2.700			07/13/20		4,066,747
Corporate Obligations – (continued)
Banks – (continued)
	Discover Bank(b)
	1,150,000		2.600			11/13/18		1,149,635
	HSBC Holdings PLC
	1,050,000		2.950			05/25/21		1,039,494
	JPMorgan Chase & Co.
	1,825,000		2.250	(b)		01/23/20		1,802,825
	3,250,000		4.400			07/22/20		3,350,276
	1,250,000		2.295	(b)		08/15/21		1,215,359
	6,000,000		3.200			01/25/23		5,943,561
	JPMorgan Chase Bank NA(b)(c) (3M USD LIBOR + 0.290%)
	2,900,000		2.063			02/01/21		2,900,183
	Lloyds Bank PLC
	1,000,000		2.300			11/27/18		997,767
	Mitsubishi UFJ Financial Group, Inc.
	245,000		2.950			03/01/21		243,458
	Morgan Stanley
	775,000		2.650			01/27/20		770,226
	3,250,000		2.500			04/21/21		3,184,459
	7,550,000		2.625			11/17/21		7,371,262
	Santander Holdings USA, Inc.(b)
	175,000		2.650			04/17/20		173,049
	Santander UK PLC
	1,600,000		2.375			03/16/20		1,577,822
	2,575,000		2.125			11/03/20		2,515,166
	Sumitomo Mitsui Financial Group, Inc.
	1,750,000		2.442			10/19/21		1,699,655
	7,150,000		2.784			07/12/22		6,973,494
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(a)
	700,000		2.150			09/14/18		698,210
	UBS AG(a)(b)
	925,000		2.450			12/01/20		908,209
	UBS Group Funding Switzerland AG(a)
	3,450,000		3.000			04/15/21		3,413,569
	Wells Fargo & Co.
	600,000		2.150			01/30/20		590,620
								93,320,899
Beverages – 2.4%
	Anheuser-Busch InBev Finance, Inc.(b)
	3,899,000		2.650			02/01/21		3,868,463
	2,625,000		3.300			02/01/23		2,626,929
	Anheuser-Busch InBev Worldwide, Inc.(c)(3M USD LIBOR + 0.740%)
	2,725,000		3.052			01/12/24		2,741,023
	Beam Suntory, Inc.
	800,000		1.750			06/15/18		798,240
	Constellation Brands, Inc.(b)
	3,025,000		2.650			11/07/22		2,923,146
	Molson Coors Brewing Co.
	1,150,000		1.450			07/15/19		1,128,769
								14,086,570
Chemicals – 0.9%
	CNAC HK Finbridge Co. Ltd.
	200,000		4.125			07/19/27		188,750

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Chemicals – (continued)
	E.I. du Pont de Nemours & Co.(c) (3M USD LIBOR + 0.530%)
$	2,100,000		2.303	%		05/01/20	$	2,113,453
	The Sherwin-Williams Co.
	2,275,000		2.250			05/15/20		2,237,242
	700,000		2.750	(b)		06/01/22		681,782
								5,221,227
Computers(b)(c) – 0.2%
	DXC Technology Co.(3M USD LIBOR + 0.950%)
	1,425,000		2.956			03/01/21		1,426,688
Diversified Financial Services – 1.1%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500			05/15/21		256,083
	Air Lease Corp.
	1,725,000		2.125			01/15/20		1,694,493
	International Lease Finance Corp.
	750,000		7.125	(a)		09/01/18		762,491
	2,125,000		8.625			01/15/22		2,478,323
	Navient Corp.
	1,150,000		8.450			06/15/18		1,158,625
								6,350,015
Electrical – 1.7%
	Dominion Energy, Inc.
	900,000		1.900			06/15/18		898,929
	1,350,000		2.579			07/01/20		1,332,950
	Duke Energy Corp.(b)
	950,000		1.800			09/01/21		904,259
	Exelon Corp.(b)
	350,000		2.850			06/15/20		346,860
	750,000		2.450			04/15/21		733,009
	ITC Holdings Corp.(a)(b)
	1,925,000		2.700			11/15/22		1,867,857
	Sempra Energy
	1,700,000		2.400			02/01/20		1,681,854
	1,100,000		2.400	(b)		03/15/20		1,085,637
	(3M USD LIBOR + 0.500%)
	1,350,000		2.209	(b)(c)		01/15/21		1,350,990
								10,202,345
Entertainment(b) – 0.1%
	GLP Capital LP/GLP Financing II, Inc.
	450,000		4.875			11/01/20		457,313
Food & Drug Retailing – 0.7%
	Conagra Brands, Inc.
	61,000		4.950			08/15/20		63,195
	Mondelez International Holdings Netherlands BV(a)(b)
	1,975,000		2.000			10/28/21		1,884,700
	Smithfield Foods, Inc.(a)(b)
	2,350,000		2.650			10/03/21		2,250,075
	Sysco Corp.(b)
	100,000		2.600			10/01/20		99,167
								4,297,137
Corporate Obligations – (continued)
Gas(b) – 0.2%
	NiSource Corp.
	1,100,000		2.650			11/17/22		1,064,527
Healthcare Providers & Services – 3.2%
	Acadia Healthcare Co., Inc.(b)
	500,000		6.125			03/15/21		506,250
	Becton Dickinson & Co.
	4,750,000		2.133			06/06/19		4,696,221
	959,000		2.675			12/15/19		953,457
	2,625,000		2.404			06/05/20		2,574,186
	4,375,000		2.894	(b)		06/06/22		4,244,890
	(3M USD LIBOR + 0.875%)
	1,450,000		2.944	(b)(c)		12/29/20		1,451,535
	CHS/Community Health Systems, Inc.(b)
	1,100,000		8.000			11/15/19		990,000
	HCA, Inc.
	1,600,000		5.875			03/15/22		1,684,000
	Humana, Inc.
	1,675,000		2.500			12/15/20		1,642,901
								18,743,440
Insurance – 1.0%
	Reliance Standard Life Global Funding II(a)
	1,700,000		2.150			10/15/18		1,694,926
	The Allstate Corp.(c) (3M USD LIBOR + 0.630%)
	2,875,000		2.932			03/29/23		2,880,487
	The Chubb Corp.(b)(c) (3M USD LIBOR + 2.250%)
	1,075,000		3.972			03/29/67		1,074,678
								5,650,091
Internet(a) – 0.5%
	Amazon.com, Inc.
	1,475,000		1.900			08/21/20		1,444,194
	1,475,000		2.400	(b)		02/22/23		1,424,404
								2,868,598
Lodging – 0.2%
	MGM Resorts International
	975,000		8.625			02/01/19		1,017,656
Machinery-Diversified(b) – 0.0%
	Roper Technologies, Inc.
	225,000		3.000			12/15/20		224,218
Media – 0.7%
	21st Century Fox America, Inc.
	150,000		6.900			03/01/19		155,472
	Charter Communications Operating LLC/Charter Communications Operating Capital(b)
	3,400,000		3.579			07/23/20		3,409,572
	Time Warner Cable LLC
	775,000		5.000			02/01/20		795,983
								4,361,027
Mining(b) – 0.2%
	Glencore Funding LLC(a)
	625,000		3.000			10/27/22		602,844

80 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)
Mining(b) – (continued)
	Teck Resources Ltd.
$	450,000		4.750	%		01/15/22	$	455,062
								1,057,906
Oil Field Services – 1.3%
	EOG Resources, Inc.
	1,300,000		5.625			06/01/19		1,338,495
	Petrobras Global Finance BV
	30,000		8.750			05/23/26		35,154
	500,000		7.375			01/17/27		541,750
	Petroleos Mexicanos
EUR	170,000		5.125			03/15/23		238,461
	Phillips 66(a)(b)(c) (3M USD LIBOR + 0.750%)
$	950,000		2.472			04/15/20		951,016
	Range Resources Corp.(b)
	500,000		5.750			06/01/21		508,750
	Reliance Industries Ltd.(a)
	300,000		3.667			11/30/27		283,500
	Schlumberger Finance Canada Ltd.(a)
	1,775,000		2.200			11/20/20		1,751,101
	Valero Energy Corp.
	1,932,000		6.125			02/01/20		2,036,062
								7,684,289
Pharmaceuticals – 5.4%
	Allergan Funding SCS(b)
	6,900,000		3.450			03/15/22		6,841,009
	Cardinal Health, Inc.
	905,000		4.625			12/15/20		936,045
	CVS Health Corp.
	1,900,000		3.125			03/09/20		1,901,916
	2,775,000		3.350			03/09/21		2,790,104
	3,348,000		2.125	(b)		06/01/21		3,234,516
	4,175,000		3.700	(b)		03/09/23		4,197,670
	(3M USD LIBOR + 0.630%)
	625,000		2.687	(c)		03/09/20		627,344
	(3M USD LIBOR + 0.720%)
	425,000		2.777	(c)		03/09/21		428,194
	EMD Finance LLC(a)(b)
	1,600,000		2.400			03/19/20		1,582,591
	McKesson Corp.
	650,000		2.284			03/15/19		646,503
	Mylan NV
	2,825,000		2.500			06/07/19		2,803,047
	Mylan, Inc.
	1,350,000		2.550			03/28/19		1,343,034
	Teva Pharmaceutical Finance Netherlands III BV
	4,575,000		2.200			07/21/21		4,117,500
								31,449,473
Pipelines – 4.1%
	Enbridge Energy Partners LP
	2,114,000		5.200			03/15/20		2,182,152
	Enbridge, Inc.(b)
	1,325,000		2.900			07/15/22		1,285,455
Corporate Obligations – (continued)
Pipelines – (continued)
	Enterprise Products Operating LLC
	1,550,000		5.200			09/01/20		1,622,325
	(3M USD LIBOR + 3.708%)
	1,150,000		5.481	(b)(c)		08/01/66		1,152,943
	Kinder Morgan Energy Partners LP
	1,150,000		2.650			02/01/19		1,149,003
	1,250,000		6.850			02/15/20		1,327,904
	Kinder Morgan, Inc.(b)
	1,450,000		3.050			12/01/19		1,446,251
	Magellan Midstream Partners LP
	2,650,000		6.550			07/15/19		2,764,860
	NGPL PipeCo LLC(a)(b)
	215,000		4.375	%		08/15/22		213,925
	410,000		4.875			08/15/27		404,875
	Plains All American Pipeline LP/PAA Finance Corp.
	1,690,000		5.750			01/15/20		1,757,324
	990,000		3.650	(b)		06/01/22		976,489
	Sabine Pass Liquefaction LLC(b)
	3,185,000		5.625			02/01/21		3,348,711
	Texas Eastern Transmission LP(a)(b)
	1,225,000		4.125			12/01/20		1,250,666
	Western Gas Partners LP(b)
	1,470,000		2.600			08/15/18		1,468,194
	Williams Partners LP
	1,300,000		5.250			03/15/20		1,347,069
								23,698,146
Real Estate Investment Trust(b) – 1.8%
	China Evergrande Group
	500,000		8.750			06/28/25		500,000
	Equinix, Inc.
	450,000		5.375			01/01/22		463,500
	HCP, Inc.
	600,000		3.750			02/01/19		603,041
	Public Storage
	850,000		2.370			09/15/22		818,472
	Senior Housing Properties Trust
	750,000		3.250			05/01/19		750,549
	SL Green Operating Partnership LP
	2,575,000		3.250			10/15/22		2,511,324
	VEREIT Operating Partnership LP
	3,475,000		3.000			02/06/19		3,474,374
	Welltower, Inc.
	1,225,000		4.125			04/01/19		1,239,572
								10,360,832
Retailing – 0.5%
	Alimentation Couche-Tard, Inc.(a)(b)
	425,000		2.700			07/26/22		412,041
	Brinker International, Inc.
	150,000		2.600			05/15/18		149,888
	New Red Finance, Inc.(a)(b)
	1,000,000		4.625			01/15/22		1,002,500
	Walgreens Boots Alliance, Inc.(b)
	1,550,000		2.700			11/18/19		1,542,459
								3,106,888

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Semiconductors – 1.1%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(b)
$	4,000,000		3.000	%		01/15/22	$	3,924,985
	NXP BV/NXP Funding LLC(a)
	750,000		3.750			06/01/18		751,875
	325,000		4.125			06/15/20		329,875
	1,250,000		4.125			06/01/21		1,262,500
								6,269,235
Software(b) – 0.2%
	Fidelity National Information Services, Inc.
	100,000		2.250			08/15/21		96,640
	First Data Corp.(a)
	850,000		7.000			12/01/23		892,500
	Fiserv, Inc.
	125,000		2.700			06/01/20		124,206
								1,113,346
Telecommunication Services – 2.0%
	America Movil SAB de CV
	MXN 2,760,000		6.000			06/09/19		147,448
	AT&T, Inc.
$	2,225,000		2.450	(b)		06/30/20		2,199,457
	2,925,000		5.000			03/01/21		3,071,778
	900,000		3.000			02/15/22		888,885
	CenturyLink, Inc.
	650,000		6.450			06/15/21		663,000
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,033,750
	Verizon Communications, Inc.
	2,475,000		1.750			08/15/21		2,362,147
	Wind Tre SpA(a)(b)(c) (3M EURIBOR + 2.750%)
	EUR 1,250,000		2.750			01/20/24		1,418,985
								11,785,450
	TOTAL CORPORATE OBLIGATIONS
	(Cost $294,434,682)						$	289,384,858
Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 10.6%
Collateralized Mortgage Obligations – 4.1%
Interest Only(d) – 0.7%
	FHLMC REMIC Series 3852, Class SW(c) (-1x1M LIBOR + 6.000%)
$	1,175,429		4.413	%		05/15/41	$	166,773
	FHLMC REMIC Series 4314, Class SE(c) (-1x1M LIBOR + 6.050%)
	800,293		4.463			03/15/44		129,311
	FHLMC REMIC Series 4320, Class SD(c) (-1x1M LIBOR + 6.100%)
	203,846		4.513			07/15/39		27,800
	FHLMC REMIC Series 4583, Class ST(c) (-1x1M LIBOR + 6.000%)
	912,628		4.223			05/15/46		156,508
	FHLMC STRIPS Series 304, Class C45
	343,734		3.000			12/15/27		30,384
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only(d) – (continued)
	FNMA REMIC Series 2010-135, Class AS(c) (-1x1M LIBOR + 5.950%)
	332,482		4.079			12/25/40		44,061
	FNMA REMIC Series 2013-121, Class SA(c) (-1x1M LIBOR + 6.100%)
	2,399,087		4.479			12/25/43		331,645
	FNMA REMIC Series 2013-130, Class SN(c) (-1x1M LIBOR + 6.650%)
	880,511		5.029			10/25/42		139,993
	FNMA REMIC Series 2014-19, Class MS(c) (-1x1M LIBOR + 6.600%)
	320,485		4.979			11/25/39		24,355
	FNMA REMIC Series 2014-87, Class MS(c) (-1x1M LIBOR + 6.250%)
	121,113		4.629			01/25/45		17,312
	FNMA REMIC Series 2015-20, Class ES(c) (-1x1M LIBOR + 6.150%)
	684,853		4.529			04/25/45		110,941
	FNMA REMIC Series 2015-28, Class PS(c) (-1x1M LIBOR + 5.600%)
	1,693,638		3.979			08/25/44		231,530
	FNMA REMIC Series 2015-79, Class SA(c) (-1x1M LIBOR + 6.250%)
	502,027		4.629			11/25/45		71,137
	FNMA REMIC Series 2016-1, Class SJ(c) (-1x1M LIBOR + 6.150%)
	1,408,801		4.279			02/25/46		250,822
	GNMA REMIC Series 2010-1, Class SD(c) (-1x1M LIBOR + 5.790%)
	25,584		3.968			01/20/40		3,541
	GNMA REMIC Series 2010-20, Class SE(c) (-1x1M LIBOR + 6.250%)
	148,433		4.428			02/20/40		23,004
	GNMA REMIC Series 2010-31, Class SA(c) (-1x1M LIBOR + 5.750%)
	258,886		3.928			03/20/40		35,042
	GNMA REMIC Series 2010-98, Class QS(c) (-1x1M LIBOR + 6.600%)
	143,726		4.778			01/20/40		17,073
	GNMA REMIC Series 2011-17, Class SA(c) (-1x1M LIBOR + 6.100%)
	183,205		4.278			09/20/40		23,521
	GNMA REMIC Series 2011-61, Class CS(c) (-1x1M LIBOR + 6.680%)
	42,205		4.858			12/20/35		1,032
	GNMA REMIC Series 2013-113, Class SD(c) (-1x1M LIBOR + 6.700%)
	146,333		4.914			08/16/43		22,456
	GNMA REMIC Series 2013-124, Class CS(c) (-1x1M LIBOR + 6.050%)
	834,727		4.228			08/20/43		132,308
	GNMA REMIC Series 2013-134, Class DS(c) (-1x1M LIBOR + 6.100%)
	96,422		4.278			09/20/43		14,266

82 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(d) – (continued)
	GNMA REMIC Series 2013-152, Class TS(c) (-1x1M LIBOR + 6.100%)
$	336,429		4.278	%		06/20/43	$	49,268
	GNMA REMIC Series 2014-117, Class SJ(c) (-1x1M LIBOR + 5.600%)
	2,426,629		3.778			08/20/44		327,650
	GNMA REMIC Series 2014-132, Class SL(c) (-1x1M LIBOR + 6.100%)
	896,567		4.278			10/20/43		121,810
	GNMA REMIC Series 2014-133, Class BS(c) (-1x1M LIBOR + 5.600%)
	766,188		3.778			09/20/44		96,120
	GNMA REMIC Series 2014-158, Class SA(c) (-1x1M LIBOR + 5.600%)
	1,132,090		3.814			10/16/44		151,159
	GNMA REMIC Series 2014-162, Class SA(c) (-1x1M LIBOR + 5.600%)
	336,881		3.778			11/20/44		42,408
	GNMA REMIC Series 2014-188, Class IB
	911,347		4.000			12/20/44		151,340
	GNMA REMIC Series 2014-41, Class SA(c) (-1x1M LIBOR + 6.100%)
	108,994		4.278			03/20/44		16,660
	GNMA REMIC Series 2015-110, Class MS(c) (-1x1M LIBOR + 5.710%)
	683,350		3.888			08/20/45		90,078
	GNMA REMIC Series 2015-111, Class IM
	633,174		4.000			08/20/45		109,428
	GNMA REMIC Series 2015-123, Class SP(c) (-1x1M LIBOR + 6.250%)
	551,491		4.428			09/20/45		84,229
	GNMA REMIC Series 2015-126, Class HS(c) (-1x1M LIBOR + 6.200%)
	1,209,499		4.378			09/20/45		181,727
	GNMA REMIC Series 2015-57, Class AS(c) (-1x1M LIBOR + 5.600%)
	1,375,302		3.778			04/20/45		176,007
	GNMA REMIC Series 2015-95, Class GI
	625,764		4.500			07/16/45		137,063
	GNMA REMIC Series 2016-109, Class IH
	2,623,543		4.000			10/20/45		464,865
	GNMA REMIC Series 2016-27, Class IA
	540,505		4.000			06/20/45		84,332
								4,288,959
Regular Floater(c) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	24,394		1.971			04/25/37		24,464
Sequential Fixed Rate – 2.6%
	FHLMC REMIC Series 4619, Class NA
	2,571,766		3.000			03/15/44		2,562,690
	FHLMC REMIC Series 4630, Class MC
	1,476,850		4.000			08/15/54		1,527,908
	FHLMC REMIC Series 4649, Class ML
	10,457,061		4.000			11/15/54		10,817,258
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-111, Class B
	32,975		7.000			10/25/42		37,571
	FNMA REMIC Series 2012-153, Class B
	107,466		7.000			07/25/42		122,668
								15,068,095
Sequential Floating Rate(a)(c) – 0.8%
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(e)(3M EURIBOR + 2.750%)
EUR	595,527		2.750			04/20/20		729,103
	Holmes Master Issuer PLC Series 2018-1A, Class A2(3M USD LIBOR + 0.360%)
$	2,600,000		2.146			10/15/54		2,598,534
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1(e)
	382,894		3.750			05/28/52		387,032
	Station Place Securitization Trust Series 2015-2, Class A(1M USD LIBOR + 1.050%)
	850,000		2.638			05/15/18		850,000
								4,564,669
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	23,946,187
Commercial Mortgage-Backed Securities – 0.1%
Sequential Fixed Rate – 0.1%
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
$	188,389		2.779	%		09/25/22	$	187,604
	FHLMC Multifamily Structured Pass-Through Certificates Series K707, Class A2
	100,000		2.220			12/25/18		99,673
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	100,000		1.883			05/25/19		99,004
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	386,281
Federal Agencies – 6.4%
FHLMC – 0.0%
$	133,107		7.000	%		02/01/39	$	152,852
FNMA – 5.8%
	4,520		6.000			11/01/23		5,022
	1,617,096		6.000			02/01/24		1,796,924
	1,153,403		6.000			01/01/28		1,281,714
	810,692		6.000			08/01/28		900,844
	18,135		6.000			01/01/29		20,152
	41,444		6.000			01/01/32		46,663
	8,558		6.000			11/01/32		9,565
	614,878		6.000			12/01/32		675,957
	4,973,992		6.000			05/01/34		5,555,185
	8,723		6.000			11/01/34		9,739
	43,135		6.000			06/01/35		48,151
	496,002		6.000			10/01/35		554,413
	1,889,739		6.000			11/01/35		2,110,086

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	98,317		6.000	%		12/01/35	$	109,968
	2,345		6.000			01/01/36		2,616
	7,176		6.000			02/01/36		8,015
	2,578		6.000			03/01/36		2,882
	1,223,109		6.000			05/01/36		1,367,195
	67,490		6.000			06/01/36		75,646
	890,272		6.000			07/01/36		994,113
	75,814		6.000			08/01/36		84,720
	1,271,701		6.000			09/01/36		1,420,215
	2,416,276		6.000			10/01/36		2,695,683
	53,453		6.000			11/01/36		59,637
	542,543		6.000			02/01/37		605,854
	11,044		6.000			03/01/37		12,335
	50,233		6.000			05/01/37		55,985
	486,384		6.000			11/01/37		544,378
	97,464		6.000			12/01/37		108,933
	200,797		6.000			03/01/38		223,809
	314,504		6.000			04/01/38		351,397
	1,366,991		6.000			05/01/38		1,523,192
	9,030		6.000			07/01/38		10,083
	640,191		6.000			09/01/38		712,633
	205,763		6.000			10/01/38		229,705
	854,616		6.000			11/01/38		953,390
	145,328		6.000			12/01/38		161,852
	658,516		6.000			01/01/39		736,505
	73,817		7.000			03/01/39		84,803
	470,274		6.000			09/01/39		524,112
	673,871		6.000			06/01/40		750,238
	1,049,957		6.000			10/01/40		1,172,522
	4,755,741		6.000			05/01/41		5,297,853
	50,340		6.000			06/01/41		56,195
								33,950,879
GNMA – 0.6%
	2,773,535		4.000			10/20/43		2,879,817
	574,589		4.000			10/20/45		594,902
								3,474,719
	TOTAL FEDERAL AGENCIES						$	37,578,450
	TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $62,651,177)						$	61,910,918
Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – 25.7%
Automotive – 1.3%
	Ally Master Owner Trust Series 2015-2, Class A2
$	2,050,000		1.830	%		01/15/21	$	2,037,830
	Ford Credit Auto Owner Trust Series 2016-2, Class A(a)
	450,000		2.030			12/15/27		437,017
	Ford Credit Floorplan Master Owner Trust Series 2016-5, Class A1
	3,850,000		1.950			11/15/21		3,800,349
Asset-Backed Securities – (continued)
Automotive – (continued)
	GMF Floorplan Owner Revolving Trust Series 2016-1, Class A1(a)
	1,350,000		1.960			05/17/21		1,338,907
								7,614,103
Collateralized Loan Obligations(a)(c) – 13.7%
	ACIS CLO Ltd. Series 2013-1A, Class A1 (3M USD LIBOR + 0.870%)
	719,741		2.224			04/18/24		719,924
	ACIS CLO Ltd. Series 2013-1A, Class B (3M USD LIBOR + 1.950%)
	313,530		3.304			04/18/24		313,595
	ACIS CLO Ltd. Series 2013-1A, Class C (3M USD LIBOR + 2.950%)
	198,030		4.304			04/18/24		198,119
	AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		2.623			07/20/29		3,168,824
	Apidos CLO X Series 2012-10A, Class A (3M USD LIBOR + 1.420%)
	317,734		2.798			10/30/22		317,839
	Atrium X CLO Series 2017-10A, Class AR (3M USD LIBOR + 0.950%)
	2,776,969		2.309			07/16/25		2,777,269
	B&M CLO Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
	600,000		2.759			04/16/26		600,075
	B&M CLO Ltd. Series 2014-1A, Class A2 (3M USD LIBOR + 1.950%)
	100,000		3.309			04/16/26		100,024
	Babson CLO Ltd. Series 2014-3A, Class AR (3M USD LIBOR + 1.320%)
	3,250,000		2.679			01/15/26		3,250,868
	BlueMountain CLO Ltd. Series 2014-2A, Class AR (3M USD LIBOR + 0.930%)
	3,150,000		2.293			07/20/26		3,150,186
	Bowman Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	1,650,000		2.642			11/23/25		1,650,908
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		2.766			06/09/30		3,120,268
	Cedar Funding V CLO Ltd. Series 2016-5A, Class A1 (3M USD LIBOR + 1.610%)
	3,400,000		2.963			07/17/28		3,411,455
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	3,050,000		2.609			07/15/26		3,050,570
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A (3M USD LIBOR + 1.390%)
	1,650,000		2.757			07/25/27		1,651,803
	ICG US CLO Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.220%)
	3,100,000		2.588			01/20/30		3,124,828

84 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(a)(c) – (continued)
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
$	6,250,000		2.720	%		07/17/29	$	6,280,512
	LCM XVI LP Series 2017-16A, Class AR (3M USD LIBOR + 1.030%)
	6,250,000		2.389			07/15/26		6,250,606
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,200,000		2.650			04/15/29		4,190,756
	Neuberger Berman CLO XIX Ltd. Series 2015-19A, Class A1R (3M USD LIBOR + 1.050%)
	3,150,000		2.409			07/15/27		3,158,861
	OCP CLO Ltd. Series 2012-2A, Class A1R (3M USD LIBOR + 1.400%)
	200,000		2.846			11/22/25		201,042
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,200,000		2.835			04/26/31		1,199,506
	OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	3,250,000		2.203			04/17/27		3,250,286
	OFSI Fund V Ltd. Series 2013-5A, Class A1LA (3M USD LIBOR + 0.930%)
	73,215		2.283			04/17/25		73,222
	Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	1,250,000		2.595			07/20/27		1,249,990
	Parallel Ltd. Series 2017-1A, Class A1 (3M USD LIBOR + 1.310%)
	2,700,000		2.673			07/20/29		2,710,495
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,550,000		2.283			10/20/27		4,555,569
	Regatta IV Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.020%)
	3,000,000		2.387			07/25/26		3,000,351
	Shackleton CLO Ltd. Series 2014-5A, Class AR (3M USD LIBOR + 1.140%)
	1,300,000		2.532			05/07/26		1,300,449
	Sound Point CLO XI Ltd. Series 2016-1A, Class A (3M USD LIBOR + 1.650%)
	4,150,000		3.013			07/20/28		4,167,156
	TICP CLO VI Ltd. Series 2016-6A, Class A (3M USD LIBOR + 1.550%)
	2,600,000		2.909			01/15/29		2,615,127
	Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	3,600,000		2.513			07/17/26		3,600,522
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	1,250,000		2.277			05/01/26		1,250,630
	Zais CLO 1 Ltd. Series 2014-1A, Class A1 (3M USD LIBOR + 1.400%)
	661,898		2.759			04/15/26		661,981
								80,323,616
Asset-Backed Securities – (continued)
Credit Card(a) – 2.4%
	CARDS II Trust Series 2016-1A, Class A(c) (1M LIBOR + 0.700%)
	1,750,000		2.477			07/15/21		1,752,708
	CARDS II Trust Series 2017-1A, Class A(c) (1M LIBOR + 0.370%)
	2,550,000		2.147			04/18/22		2,551,528
	Evergreen Credit Card Trust Series 2016-1, Class A(c) (1M LIBOR + 0.720%)
	3,000,000		2.497			04/15/20		3,000,702
	Golden Credit Card Trust Series 2016-5A, Class A
	2,600,000		1.600			09/15/21		2,558,567
	Golden Credit Card Trust Series 2017-2A, Class A
	1,050,000		1.980			04/15/22		1,032,633
	Trillium Credit Card Trust II Series 2016-1A, Class A(c) (1M LIBOR + 0.720%)
	3,150,000		2.592			05/26/21		3,150,211
								14,046,349
Student Loan(c) – 8.3%
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	604,632		2.421			02/25/41		604,987
	ECMC Group Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.350%)
	1,759,344		2.911			07/26/66		1,782,522
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(a) (1M USD LIBOR + 0.800%)
	4,200,000		2.421			04/26/32		4,125,080
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	2,802,612		2.671			03/25/36		2,814,934
	Educational Services of America, Inc. Series 2012-1, Class A1(a) (1M USD LIBOR + 1.150%)
	57,116		2.771			09/25/40		58,090
	Educational Services of America, Inc. Series 2014-1, Class A(a) (1M USD LIBOR + 0.700%)
	855,896		2.321			02/25/39		844,756
	Educational Services of America, Inc. Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	892,327		2.621			12/25/56		900,473
	EFS Volunteer No. 2 LLC Series 2012-1, Class A2(a) (1M USD LIBOR + 1.350%)
	2,700,000		2.971			03/25/36		2,747,171
	EFS Volunteer No. 3 LLC Series 2012-1, Class A2(a) (1M USD LIBOR + 1.000%)
	110,671		2.621			02/25/25		110,917
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3(a) (1M USD LIBOR + 1.000%)
	1,700,000		2.621			04/25/33		1,724,378
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(a) (3M LIBOR + 0.110%)
	2,182,088		2.054			11/25/26		2,168,491
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,900,000		2.267			07/25/45		1,903,220

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
$	2,175,349		2.414	%		12/01/31	$	2,174,196
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	2,232,673		2.590			05/20/30		2,259,155
	Navient Student Loan Trust Series 2016-5A, Class A(a) (1M USD LIBOR + 1.250%)
	3,660,766		2.871			06/25/65		3,750,996
	Navient Student Loan Trust Series 2016-7A, Class A(a) (1M USD LIBOR + 1.150%)
	1,835,313		2.771			03/25/66		1,863,901
	Nelnet Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.130%)
	48,232		1.788			06/22/26		48,227
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	1,012,976		2.267			07/25/41		1,010,698
	Northstar Education Finance, Inc. Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
	114,338		2.321			12/26/31		115,062
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(a) (1M USD LIBOR + 0.550%)
	58,862		2.171			05/25/57		58,711
	PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	1,864,764		2.771			09/25/65		1,892,545
	SLC Student Loan Center Series 2011-1, Class A(a) (1M USD LIBOR + 1.220%)
	6,576,514		2.841			10/25/27		6,663,521
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	1,320,096		1.708			06/15/29		1,313,835
	SLM Student Loan Trust Series 2003-14, Class A5 (3M USD LIBOR + 0.230%)
	64,704		1.597			01/25/23		64,707
	SLM Student Loan Trust Series 2004-1, Class A3 (3M USD LIBOR + 0.210%)
	272,177		1.577			04/25/23		272,233
	SLM Student Loan Trust Series 2004-8A, Class A5(a) (3M USD LIBOR + 0.500%)
	579,827		1.867			04/25/24		581,086
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,400,000		1.507			10/25/28		1,394,508
	SLM Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.110%)
	424,499		1.477			07/25/25		424,505
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	1,012,673		1.697			01/25/22		995,723
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	378,181		3.017			07/25/22		386,843
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	1,213,277		2.271			12/26/25		1,219,672
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	827,105		2.185			10/01/24		831,111
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		2.227			05/01/35		1,188,924
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	92,521		1.497			01/26/26		92,481
								48,387,659
	TOTAL ASSET-BACKED SECURITIES
	(Cost $149,675,388)						$	150,371,727
Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – 1.3%
Sovereign – 1.3%
	Dominican Republic
$	1,210,000		7.500	%		05/06/21		1,290,163
	Ecuador Government International Bond
	200,000		9.625	(a)		06/02/27		213,500
	390,000		9.625			06/02/27		416,325
	350,000		7.875	(a)		01/23/28		336,000
	Republic of Argentina
	EUR 440,000		3.375			01/15/23		535,307
	320,000		5.250			01/15/28		383,408
	40,000		2.260	(f)		12/31/38		33,887
$	70,000		2.500	(f)		12/31/38		46,620
	EUR 100,000		6.250			11/09/47		113,817
	Republic of Indonesia
$	200,000		5.875			01/15/24		219,540
	EUR 250,000		2.150	(a)		07/18/24		317,225
$	840,000		3.850	(a)		07/18/27		822,150
	Republic of South Africa
	ZAR 1,590,000		8.000			01/31/30		130,620
	4,500,000		7.000			02/28/31		337,266
	13,225,000		8.250			03/31/32		1,089,668
	1,570,000		8.875			02/28/35		134,751
	2,680,000		6.250			03/31/36		176,078
	175,000		9.000			01/31/40		14,988
	900,000		6.500			02/28/41		58,728
	3,300,000		8.750			01/31/44		274,823
	United Mexican States
	MXN 10,679,700		6.500			06/10/21		575,076
	1,916,700		8.000			12/07/23		109,192
	46,900		8.000			11/07/47		2,689
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,148,718)						$	7,631,821

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Structured Notes(a)(g) – 0.5%
	Arab Republic of Egypt (Issuer Citibank NA)
$	14,570,000		0.000	%		05/03/18	$	809,737
	18,450,000		0.000			05/10/18		1,021,906
	Arab Republic of Egypt (Issuer HSBC Bank PLC)
	9,700,000		0.000			06/07/18		532,961
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA)
	5,100,000		0.000			05/17/18		281,524
	5,100,000		0.000			07/26/18		272,371
	6,950,000		0.000			02/07/19		344,697
	TOTAL STRUCTURED NOTES
	(Cost $3,247,276)						$	3,263,196
Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations(b) – 2.6%
Florida – 2.2%
	Florida State Board of Administration Finance Corp. Series 2016, Class A
$	12,625,000		2.638	%		07/01/21	$	12,543,948
New Hampshire(c) – 0.3%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,800,000		2.217			10/25/37		1,797,717
Utah(c) – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
	740,176		2.227			05/01/29		739,317
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $15,235,384)						$	15,080,982
Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(h) – 0.2%
	United States Treasury Note
$	1,020,000		2.250	%		12/31/24	$	992,970
	(Cost $1,012,407)

Shares		Distribution Rate				Value
Investment Company(i) – 2.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
14,992,853			1.609	%		$	14,992,853
(Cost $14,992,853)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $548,397,885)						$	543,629,325
Short-term Investments – 5.2%
Certificate of Deposit(c) – 0.3%
	Nordea Bank AB NY
$	1,500,000				2.702	%		03/27/20	$	1,500,000
Commercial Paper(g) – 4.9%
	Atlantic Asset Securitization Corp.
	3,000,000				0.000			06/21/18		2,984,026
	Dominion Resources, Inc.
	1,169,000				0.000			06/22/18		1,162,136
	Electricite de France SA
	2,557,000				0.000			04/27/18		2,552,332
	Ford Motor Credit Co. LLC
	4,000,000				0.000			02/20/19		3,895,368
	HP, Inc.
	1,638,000				0.000			04/27/18		1,635,502
	Marriott International, Inc.
	1,922,000				0.000			05/04/18		1,917,583
	Omnicom Capital, Inc.
	849,000				0.000			05/04/18		847,049
	Potash Corp. of Saskatchewan, Inc.
	1,646,000				0.000			05/31/18		1,639,133
	1,472,000				0.000			06/15/18		1,464,173
	464,000				0.000			06/18/18		461,423
	Sempra Energy Holdings
	1,531,000				0.000			06/20/18		1,522,257
	Southern Co.
	1,337,000				0.000			06/21/18		1,329,257
	VW Credit, Inc.
	3,685,000				0.000			06/27/18		3,661,232
	Whirlpool Corp.
	3,900,000				0.000			05/21/18		3,886,513
										28,957,984
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $30,461,642)								$	30,457,984
	TOTAL INVESTMENTS – 98.2%
	(Cost $578,859,527)								$	574,087,309
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%									10,374,711
	NET ASSETS –100.0%								$	584,462,020

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $182,210,078, which represents approximately 31.2% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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, 2018.
(d)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2018.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
ARS	—Argentine Peso
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
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
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
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
EURIBOR	—Euro Interbank Offered Rate
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
NIBOR	—Norwegian InterBank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	4,576,212	USD	225,818	$	226,818		04/04/18	$	1,000
	ARS	32,599,175	USD	1,599,026		1,611,507		04/09/18		12,480
	ARS	21,502,278	USD	1,042,407		1,061,264		04/12/18		18,858
	ARS	12,744,280	USD	622,959		627,684		04/16/18		4,724
	ARS	9,698,265	USD	464,476		476,659		04/20/18		12,183
	ARS	11,991,838	USD	583,665		585,682		05/02/18		2,017
	ARS	22,478,184	USD	1,080,163		1,094,894		05/07/18		14,731
	ARS	6,113,781	USD	293,720		297,160		05/11/18		3,440
	ARS	6,779,550	USD	324,039		328,992		05/14/18		4,953
	ARS	4,817,218	USD	229,994		233,392		05/17/18		3,398
	ARS	3,603,812	USD	172,308		173,954		05/24/18		1,646
	ARS	11,108,378	USD	529,222		534,492		05/31/18		5,270
	AUD	566,020	USD	434,104		434,824		06/20/18		720
	BRL	17,112,516	USD	5,148,480		5,182,022		04/03/18		33,542
	BRL	15,977,405	USD	4,787,690		4,826,566		05/03/18		38,875
	CAD	1,320,433	EUR	825,965		1,026,475		06/20/18		3,996
	CAD	10,640,166	USD	8,243,167		8,271,420		06/20/18		28,254
	CHF	321,773	GBP	240,180		338,924		06/20/18		798
	CLP	556,650,582	USD	915,903		921,897		04/27/18		5,993
	CNH	4,329,950	EUR	550,890		687,766		06/20/18		5,808
	CNH	32,449,977	USD	5,099,102		5,154,335		06/20/18		55,234
	CNY	15,370,821	USD	2,427,974		2,449,431		04/16/18		21,456
	COP	1,650,654,046	USD	579,893		590,614		04/20/18		10,721
	COP	1,554,392,141	USD	545,841		556,128		04/27/18		10,287
	CZK	20,385,147	EUR	800,438		991,893		06/20/18		1,014
	EUR	275,857	CAD	437,993		341,490		06/20/18		1,004
	EUR	825,976	CHF	964,738		1,022,492		06/20/18		6,333
	EUR	276,175	GBP	242,767		341,883		06/20/18		115
	EUR	1,518,162	HUF	473,162,109		1,879,364		06/20/18		5,444
	EUR	1,756,494	NOK	16,811,326		2,174,401		06/20/18		24,212
	EUR	1,095,686	SEK	11,071,064		1,356,373		06/20/18		22,356
	EUR	549,072	USD	679,306		679,709		06/20/18		402
	GBP	981,050	EUR	1,107,783		1,381,125		06/20/18		9,777
	GBP	3,365,133	USD	4,703,631		4,737,444		06/20/18		33,814
	HKD	21,725,450	USD	2,779,790		2,781,173		09/19/18		1,382
	IDR	4,709,836,470	USD	342,006		343,006		04/09/18		1,000
	IDR	74,633,039,462	USD	5,410,287		5,428,484		04/26/18		18,197
	INR	11,085,990	USD	170,109		170,269		04/06/18		160
	INR	233,432,363	USD	3,576,900		3,583,572		04/13/18		6,673
	INR	27,094,339	USD	412,458		412,573		06/20/18		115
	JPY	36,763,438	EUR	277,995		347,375		06/20/18		3,238
	JPY	35,679,852	USD	336,967		337,136		06/20/18		169
	KRW	927,429,534	USD	863,275		872,254		04/05/18		8,979
	KRW	366,178,491	USD	342,047		344,753		04/09/18		2,706
	KRW	3,802,894,890	USD	3,553,588		3,580,646		04/12/18		27,059
	KRW	622,021,530	USD	585,118		585,727		04/16/18		609
	KRW	1,032,250,846	USD	960,885		972,258		04/26/18		11,374
	KRW	440,453,516	USD	408,908		414,865		04/27/18		5,957
	MXN	31,917,197	USD	1,692,514		1,733,610		06/20/18		41,097

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
	NOK	6,195,700	EUR	637,772	$	792,437		06/20/18	$	2,926
	NOK	1,163,815	GBP	105,215		148,853		06/20/18		732
	NZD	371,313	USD	266,894		268,277		06/20/18		1,383
	PEN	1,798,092	USD	549,791		557,261		04/05/18		7,470
	PEN	2,912,039	USD	898,559		902,362		04/09/18		3,801
	PLN	3,524,986	EUR	830,828		1,031,359		06/20/18		2,861
	SEK	8,476,293	EUR	825,025		1,021,357		06/20/18		41
	SGD	2,054,743	USD	1,567,444		1,570,096		06/20/18		2,652
	THB	22,348,287	USD	713,023		714,965		04/12/18		1,941
	TRY	1,387,141	USD	341,117		343,272		06/20/18		2,155
	TWD	17,071,629	USD	585,118		587,276		04/16/18		2,157
	TWD	14,142,693	USD	484,671		486,576		04/17/18		1,906
	TWD	91,455,553	USD	3,144,690		3,154,855		05/10/18		10,167
	USD	1,769,098	ARS	35,641,856		1,766,575		04/04/18		2,522
	USD	707,223	AUD	908,001		697,538		06/20/18		9,685
	USD	347,549	BRL	1,135,111		343,735		04/03/18		3,814
	USD	1,023,945	CAD	1,312,577		1,020,367		06/20/18		3,577
	USD	200,002	CHF	186,633		196,580		06/20/18		3,422
	USD	1,050,570	CLP	622,888,580		1,031,555		04/20/18		19,015
	USD	341,940	CNH	2,141,609		340,172		06/20/18		1,768
	USD	6,070,810	EUR	4,876,806		6,037,102		06/20/18		33,707
	USD	2,185,156	GBP	1,542,952		2,172,172		06/20/18		12,985
	USD	1,412,000	HKD	10,939,470		1,395,875		05/11/18		16,125
	USD	374,924	HKD	2,936,341		374,820		05/23/18		104
	USD	1,909,000	HKD	14,810,290		1,895,932		09/19/18		13,068
	USD	1,891,101	IDR	25,294,963,692		1,841,899		04/11/18		49,201
	USD	2,006,868	INR	130,526,697		2,004,168		04/05/18		2,700
	USD	341,034	INR	22,199,944		340,806		04/13/18		229
	USD	983,160	INR	63,764,118		977,149		04/27/18		6,011
	USD	10,850,800	JPY	1,146,468,227		10,832,897		06/20/18		17,903
	USD	417,027	NOK	3,211,773		410,789		06/20/18		6,238
	USD	3,649,847	NZD	5,028,974		3,633,483		06/20/18		16,363
	USD	287,050	RUB	16,413,094		284,762		05/17/18		2,288
	USD	271,100	SEK	2,206,520		265,877		06/20/18		5,224
	USD	340,890	SGD	446,009		340,810		06/20/18		80
	USD	955,107	TRY	3,812,260		943,410		06/20/18		11,697
	USD	237,955	TWD	6,884,212		236,850		04/17/18		1,105
	USD	2,909,317	TWD	84,235,315		2,901,571		04/27/18		7,747
	USD	483,305	TWD	14,009,070		483,257		05/10/18		47
	USD	2,055,888	ZAR	24,443,480		2,050,877		05/18/18		5,011
	USD	1,503,627	ZAR	17,773,017		1,484,877		06/20/18		18,749
	ZAR	88,824,899	USD	7,414,729		7,421,027		06/20/18		6,299
TOTAL									$	850,446

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	66,707,499	USD	3,368,913	$	3,306,333		04/04/18	$	(62,578	)
	ARS	35,641,855	USD	1,684,796		1,683,099		07/03/18		(1,697	)
	AUD	437,920	GBP	245,955		336,416		06/20/18		(9,840	)

90 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 LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
	AUD	8,956,523	USD	6,994,632	$	6,880,518		06/20/18	$	(114,114	)
	BRL	17,112,516	USD	5,284,201		5,182,023		04/03/18		(102,179	)
	CAD	876,329	EUR	551,996		681,238		06/20/18		(2,089	)
	CAD	3,278,346	USD	2,553,635		2,548,512		06/20/18		(5,122	)
	CHF	2,554,141	EUR	2,183,604		2,690,277		06/20/18		(12,853	)
	CLP	472,914,045	USD	784,854		783,185		04/20/18		(1,670	)
	EUR	281,365	CZK	7,167,546		348,307		06/20/18		(448	)
	EUR	1,655,258	GBP	1,466,894		2,049,078		06/20/18		(16,019	)
	EUR	274,832	NOK	2,680,943		340,220		06/20/18		(2,675	)
	EUR	382,419	PLN	1,621,254		473,405		06/20/18		(950	)
	EUR	5,880,195	USD	7,324,454		7,279,218		06/20/18		(45,237	)
	GBP	1,451,856	USD	2,056,128		2,043,927		06/20/18		(12,200	)
	HKD	5,825,803	USD	745,537		744,294		06/20/18		(1,243	)
	HUF	888,536,157	EUR	2,847,097		3,518,975		06/20/18		(5,506	)
	IDR	56,034,911,118	USD	4,128,095		4,080,285		04/11/18		(47,809	)
	IDR	32,209,841,530	USD	2,395,263		2,344,547		04/16/18		(50,715	)
	IDR	4,698,984,049	USD	341,921		341,784		04/26/18		(137	)
	INR	153,122,910	USD	2,383,402		2,351,120		04/05/18		(32,282	)
	INR	43,152,807	USD	662,760		662,467		04/13/18		(293	)
	INR	47,809,143	USD	735,018		733,670		04/16/18		(1,347	)
	INR	317,205,735	USD	4,906,343		4,861,002		04/27/18		(45,341	)
	JPY	36,236,720	CAD	441,949		342,398		06/20/18		(1,163	)
	JPY	72,350,595	EUR	553,230		683,636		06/20/18		(1,220	)
	JPY	399,084,774	USD	3,793,241		3,770,923		06/20/18		(22,317	)
	NOK	35,759,511	EUR	3,717,297		4,573,680		06/20/18		(28,042	)
	NZD	4,436,713	USD	3,232,994		3,205,571		06/20/18		(27,424	)
	PHP	21,571,128	USD	411,310		410,339		06/06/18		(970	)
	PLN	15,158,924	EUR	3,591,321		4,435,278		06/20/18		(10,495	)
	RUB	211,046,840	USD	3,683,448		3,661,592		05/17/18		(21,856	)
	SEK	205,601,140	EUR	20,188,044		24,774,068		06/20/18		(217,141	)
	SEK	8,329,781	NOK	7,890,081		1,003,704		06/20/18		(5,447	)
	SEK	2,810,698	USD	342,629		338,677		06/20/18		(3,952	)
	SGD	1,376,727	USD	1,052,983		1,052,002		06/20/18		(983	)
	TRY	2,699,946	USD	682,169		668,149		06/20/18		(14,020	)
	TWD	17,637,590	USD	609,033		606,818		04/17/18		(2,215	)
	TWD	49,881,309	USD	1,723,489		1,718,212		04/27/18		(5,277	)
	TWD	29,555,466	USD	1,022,007		1,019,547		05/10/18		(2,461	)
	USD	1,766,197	ARS	35,641,855		1,766,576		04/04/18		(379	)
	USD	341,403	ARS	7,061,939		349,099		04/09/18		(7,696	)
	USD	9,949,266	BRL	33,089,921		10,020,310		04/03/18		(71,042	)
	USD	479,575	CAD	617,510		480,039		06/20/18		(464	)
	USD	678,963	CLP	412,796,132		683,624		04/20/18		(4,661	)
	USD	1,024,206	CNH	6,490,145		1,030,890		06/20/18		(6,684	)
	USD	887,023	CNY	5,622,837		896,032		04/16/18		(9,010	)
	USD	347,997	COP	1,002,432,334		358,676		04/20/18		(10,680	)
	USD	3,983,082	EUR	3,222,011		3,984,510		06/08/18		(1,429	)
	USD	1,449,703	EUR	1,172,731		1,451,748		06/20/18		(2,046	)
	USD	1,591,507	GBP	1,135,800		1,598,982		06/20/18		(7,475	)
	USD	345,007	INR	22,596,213		346,953		04/05/18		(1,946	)
	USD	169,194	INR	11,085,990		170,269		04/06/18		(1,075	)
	USD	2,579,394	INR	168,456,136		2,586,080		04/13/18		(6,686	)
	USD	1,710,685	INR	111,783,057		1,713,014		04/27/18		(2,327	)
	USD	1,358,133	JPY	144,034,186		1,360,970		06/20/18		(2,836	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
	USD	863,789	KRW	927,429,534	$	872,253		04/05/18	$	(8,464	)
	USD	3,052,718	KRW	3,296,667,522		3,104,004		04/12/18		(51,286	)
	USD	675,914	KRW	723,881,579		681,643		04/16/18		(5,729	)
	USD	343,009	KRW	366,179,664		344,898		04/26/18		(1,889	)
	USD	804,083	MXN	15,000,646		815,745		06/12/18		(11,662	)
	USD	3,013,887	MXN	56,765,037		3,083,241		06/20/18		(69,354	)
	USD	335,715	NZD	467,870		338,041		06/20/18		(2,325	)
	USD	556,685	PEN	1,798,092		557,261		04/05/18		(577	)
	USD	689,735	SGD	904,327		691,026		06/20/18		(1,291	)
	USD	343,904	THB	10,806,941		345,735		04/12/18		(1,831	)
	USD	345,140	THB	10,805,293		345,727		04/16/18		(587	)
	USD	202,083	TRY	818,074		202,447		06/20/18		(363	)
	USD	4,540,377	TWD	132,890,142		4,572,058		04/17/18		(31,681	)
	USD	788,470	TWD	22,943,965		790,328		04/27/18		(1,859	)
	USD	3,384,082	TWD	98,366,759		3,393,264		05/10/18		(9,181	)
	USD	1,234,612	TWD	35,890,177		1,242,240		06/12/18		(7,625	)
	ZAR	4,062,158	USD	339,841		339,380		06/20/18		(460	)
TOTAL									$	(1,281,927	)

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		101			09/16/19	$	24,561,937		$	(262,833	)
Ultra Long U.S. Treasury Bonds		8			06/20/18		1,283,779			31,619
10 Year German Euro-Bund		7			06/07/18		1,373,224			1,310
2 Year U.S. Treasury Notes		154			06/29/18		32,741,844			13,164
5 Year U.S. Treasury Notes		1,120			06/29/18		128,196,251			361,932
10 Year U.S. Treasury Notes		84			06/20/18		10,175,812			68,883
Total									$	214,075
Short position contracts:
Eurodollars		(64	)		06/17/19		(15,572,000	)		152,552
Eurodollars		(275	)		12/16/19		(66,835,313	)		(1,115	)
Eurodollars		(81	)		03/16/20		(19,684,012	)		163,238
Eurodollars		(146	)		06/15/20		(35,478,000	)		240,250
Eurodollars		(210	)		09/14/20		(51,024,750	)		375,627
Eurodollars		(210	)		12/14/20		(51,011,625	)		362,315
Eurodollars		(210	)		03/15/21		(51,014,250	)		341,490
Eurodollars		(65	)		06/14/21		(15,789,312	)		90,850
Eurodollars		(65	)		09/13/21		(15,788,500	)		85,975
Eurodollars		(65	)		12/13/21		(15,785,250	)		82,725
Italian 10 Year Government Bonds		(7	)		06/07/18		(1,195,419	)		(3,014	)
Ultra 10 Year U.S. Treasury Notes		(5	)		06/20/18		(649,297	)		(9,349	)
20 Year U.S. Treasury Bonds		(70	)		06/20/18		(10,263,750	)		(242,551	)
Total									$	1,638,993
TOTAL FUTURES CONTRACTS									$	1,853,068

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, 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)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M STIBOR(a)	0.050%(b)	06/15/18	SEK	48,430		$	10,046		$	5,060		$	4,986
3M STIBOR(a)	0.330(b)	09/15/18	SEK	87,960			(12,433	)		99			(12,532	)
6M LIBOR(b)	0.900	06/20/19	GBP	16,840	(c)		16,530			4,108			12,422
3M CDOR(d)	1.750	06/20/19	CAD	24,980	(c)		(64,822	)		(54,388	)		(10,434	)
3M LIBOR(e)	2.100	06/20/19	$	15,820	(c)		1,216			(6,444	)		7,660
3M LIBOR(b)	0.100(a)	06/29/19	SEK	205,050	(c)		50,154			(2,942	)		53,096
3M LIBOR(e)	2.206	09/04/19	$	63,520	(c)		8,939			(7,367	)		16,306
Mexico IB TIIE 28D(f)	7.600	06/17/20	MXN	20,000	(c)		2,202			(875	)		3,077
3M CDOR(d)	1.750	06/20/20	CAD	13,540	(c)		(104,118	)		(101,388	)		(2,730	)
0.100%(b)	3M STIBOR(a)	06/20/20	SEK	92,780	(c)		(42,182	)		(34,442	)		(7,740	)
2.250(a)	6M AUDOR	06/20/20	AUD	12,470	(c)		(32,208	)		(26,637	)		(5,571	)
3M LIBOR(a)	2.139(d)	11/20/20	$	34,530	(c)		(387,040	)		(63,322	)		(323,718	)
0.250(b)	3M STIBOR(a)	06/20/21	SEK	95,510	(c)		(35,413	)		(12,693	)		(22,720	)
6M EURO(d)	0.350(b)	12/16/21	EUR	35,380	(c)		(77,037	)		(98,686	)		21,649
0.500(b)	3M STIBOR(a)	12/16/21	SEK	280,990	(c)		70,825			156,272			(85,447	)
6M EURO(d)	0.750(b)	02/17/22	EUR	13,130	(c)		78,899			17,481			61,418
0.500(b)	3M STIBOR(a)	06/20/22	SEK	109,100	(c)		(67,840	)		(24,605	)		(43,235	)
2.510(b)	6M WIBOR(d)	12/20/22	PLN	10,820			(31,029	)		(11,767	)		(19,262	)
6M EURO(d)	0.850(b)	02/10/23	EUR	9,610	(c)		65,659			(19,244	)		84,903
2.750(d)	3M LIBOR(a)	02/20/23	$	6,090	(c)		6,597			11,001			(4,404	)
2.550(b)	6M WIBOR(d)	03/21/23	PLN	17,510			(47,456	)		11,541			(58,997	)
6M EURO(d)	0.250(b)	06/20/23	EUR	25,150	(c)		(270,897	)		(612,652	)		341,755
6M CDOR(d)	2.000	06/20/23	CAD	9,810	(c)		(150,048	)		(179,845	)		29,797
0.500(b)	3M STIBOR(a)	06/20/23	SEK	186,430	(c)		79,117			209,519			(130,402	)
2.500(d)	6M AUDOR	06/20/23	AUD	9,990	(c)		14,691			51,944			(37,253	)
0.250(b)	6M EURO(d)	06/20/23	EUR	920	(c)		9,909			16,988			(7,079	)
2.851(d)	3M LIBOR(a)	09/04/23	$	16,440	(c)		(79,272	)		7,880			(87,152	)
2.275(d)	3M LIBOR(a)	11/20/23	GBP	14,440	(c)		328,002			29,546			298,456
6M LIBOR(d)	1.200	11/21/23	GBP	10,350	(c)		(168,431	)		(78,386	)		(90,045	)
2.882(d)	3M LIBOR(a)	02/28/25	$	3,720	(c)		(30,600	)		(5,000	)		(25,600	)
6M EURO(d)	1.330(b)	01/12/27	EUR	5,280	(c)		(15,023	)		(56,142	)		41,119
6M LIBOR(d)	1.600	03/16/27	GBP	4,730	(c)		(6,017	)		(133,615	)		127,598
6M EURO(d)	1.600(b)	10/25/27	EUR	1,360	(c)		6,773			(77,626	)		84,399
2.000(b)	3M STIBOR(a)	10/25/27	SEK	12,910	(c)		(8,267	)		(98,862	)		90,595
2.000(b)	3M STIBOR(a)	11/02/27	SEK	32,540	(c)		(20,111	)		1,666			(21,777	)
6M EURO(d)	1.500(b)	12/19/27	EUR	5,930	(c)		(14,220	)		23,135			(37,355	)
3M LIBOR(a)	2.750(d)	12/21/27	$	5,150	(c)		(22,142	)		(60,959	)		38,817
3.500(d)	6M AUDOR	12/21/27	AUD	11,280	(c)		(132,875	)		(95,300	)		(37,575	)
6M EURO(d)	1.000(b)	06/20/28	EUR	8,220	(c)		(7,597	)		(149,871	)		142,274
6M CDOR(d)	2.250	06/20/28	CAD	13,300	(c)		(261,814	)		(328,363	)		66,549
2.250(d)	3M LIBOR(a)	06/20/28	$	1,460	(c)		70,064			87,444			(17,380	)
1.500(b)	3M STIBOR(a)	06/20/28	SEK	18,200	(c)		(50,573	)		(19,224	)		(31,349	)
3.000(d)	6M AUDOR	06/20/28	AUD	5,430	(c)		(60,099	)		(6,477	)		(53,622	)
1.250(d)	6M LIBOR	06/20/28	GBP	1,530	(c)		54,654			77,987			(23,333	)
6M LIBOR(d)	1.000(b)	06/21/28	CHF	2,200	(c)		7,986			(11,084	)		19,070
3M NIBOR(d)	3.000(b)	06/21/28	NOK	28,670	(c)		61,527			31,686			29,841
4.000(d)	3M NZDOR(a)	06/21/28	NZD	2,790	(c)		(32,979	)		320			(33,299	)
1.400(d)	6M LIBOR	11/21/28	GBP	6,260	(c)		126,972			88,226			38,746
1.940(d)	6M LIBOR	01/11/32	GBP	5,160	(c)		(75,968	)		(35,396	)		(40,572	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2018

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)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.500%(d)	6M LIBOR	06/20/33	GBP	4,580	(c)	$	64,816		$	190,095		$	(125,279	)
1.750(d)	6M LIBOR	03/17/37	GBP	3,870	(c)		(40,475	)		(46,807	)		6,332
3M LIBOR(a)	2.750%(d)	06/16/37	$	3,100	(c)		(43,488	)		(71,106	)		27,618
1.750(d)	6M LIBOR	12/14/37	GBP	3,020	(c)		(34,601	)		(24,695	)		(9,906	)
1.750(d)	6M LIBOR	06/14/38	GBP	2,580	(c)		(32,102	)		(30,704	)		(1,398	)
1.500(b)	6M EURO(d)	06/20/38	EUR	1,910	(c)		(16,264	)		41,103			(57,367	)
3M LIBOR(a)	2.500(d)	06/17/47	$	4,750	(c)		(69,886	)		(104,290	)		34,404
1.750(b)	6M EURO(d)	06/16/48	EUR	1,670	(c)		(23,419	)		(8,783	)		(14,636	)
TOTAL						$	(1,433,168	)	$	(1,636,886	)	$	203,718

(a) Payments made quarterly.

(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, 2018.

(d) Payments made semi-annually.

(e) Payments made at the termination date.

(f) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund		Credit Spread at March 31, 2018(a)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.EM Index 29(b)		(1.000)		1.370%		06/20/23	$	10,870	$	187,221		$	219,332		$	(32,111	)
CDX.NA.IG Index 30(b)		(1.000)		0.655		06/20/23		7,050		(119,128	)		(123,198	)		4,070
iTraxx Europe Series 29		(1.000)		0.598		06/20/23	EUR	1,350		(35,274	)		(35,959	)		685
TOTAL												$	60,175		$	(27,356	)

(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.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$	98.00		06/15/18		51	$	127,500	$	86,700	$	14,140	$	72,560

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
2Y IRS	Citibank NA		2.250	%		03/30/20		9,100,000		$	9,100,000		$	31,500		$	31,500		$	—
Puts
1Y IRS	Citibank NA		2.750			02/13/19		2,300,000			2,300,000			42,940			40,250			2,690
1Y IRS	JPMorgan Securities, Inc.		2.750			03/06/19		2,300,000			2,300,000			44,433			38,333			6,100
Total Purchased option contracts													$	118,873		$	110,083		$	8,790
Written option contracts
Calls
2Y IRS	Citibank NA		2.338			03/30/20		(2,000,000	)		(2,000,000	)		(31,500	)		(31,500	)		—
Puts
1Y IRS	Citibank NA		2.799			02/13/19		(1,000,000	)		(1,000,000	)		(45,616	)		(39,375	)		(6,241	)
1Y IRS	JPMorgan Securities, Inc.		2.793			03/06/19		(1,000,000	)		(1,000,000	)		(46,518	)		(37,500	)		(9,018	)
Total Written option contracts													$	(123,634	)	$	(108,375	)	$	(15,259	)

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—1 Year Interest Rate Swaptions
CDX.EM Index 29	—CDX Emerging Markets Index 29
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30
Mexico IB TIIE 28D	—Mexico Interebank TIIE 28 Days
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC.

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 38.2%
Agriculture – 1.5%
	BAT Capital Corp.(a)(b) (3M USD LIBOR + 0.590%)
$	13,400,000		2.423	%		08/14/20	$	13,442,013
	Philip Morris International, Inc.
	8,000,000		1.875			11/01/19		7,891,370
								21,333,383
Automotive – 0.9%
	Daimler Finance North America LLC(b)
	6,444,000		1.650			05/18/18		6,437,062
	3,000,000		2.000			08/03/18		2,995,341
	(3M USD LIBOR + 0.530%)
	2,800,000		2.317	(a)		05/05/20		2,811,855
	Ford Motor Credit Co. LLC(a) (3M USD LIBOR + 1.000%)
	1,000,000		2.704			01/09/20		1,007,828
								13,252,086
Banks – 24.7%
	ABN AMRO Bank NV(b)
	4,300,000		2.500			10/30/18		4,297,807
	(3M USD LIBOR + 0.410%)
	11,000,000		2.149	(a)		01/19/21		11,000,132
	(3M USD LIBOR + 0.640%)
	5,000,000		2.374	(a)		01/18/19		5,015,375
	Australia & New Zealand Banking Group Ltd.(a)(b) (3M USD LIBOR + 0.320%)
	7,000,000		2.120			11/09/20		7,000,561
	(3M USD LIBOR + 0.600%)
	2,200,000		2.367			01/30/19		2,200,000
	(3M USD LIBOR + 0.660%)
	7,500,000		2.931			09/23/19		7,545,044
	Bank of Montreal(c)
	1,245,000		1.450			04/09/18		1,244,778
	Banque Federative du Credit Mutuel SA(b)
	4,200,000		2.750			01/22/19		4,200,353
	(3M USD LIBOR + 0.490%)
	13,000,000		2.235	(a)		07/20/20		13,050,393
	Barclays Bank PLC(a) (3M USD LIBOR + 0.550%)
	8,000,000		2.343			08/07/19		8,020,931
	BNZ International Funding Ltd.(a)(b) (3M USD LIBOR + 0.700%)
	6,450,000		2.592			02/21/20		6,478,827
	BPCE SA
	7,000,000		2.500			12/10/18		6,987,719
	Capital One NA(a)(c) (3M USD LIBOR + 0.765%)
	5,075,000		2.854			09/13/19		5,095,759
	Citibank NA(a)(c) (3M USD LIBOR + 0.350%)
	7,000,000		2.189			02/12/21		6,993,405
	Citizens Bank NA/Providence RI(a) (3M USD LIBOR + 0.570%)
	5,000,000		2.514			05/26/20		5,010,974
	Commonwealth Bank of Australia(a)(b) (3M USD LIBOR + 0.400%)
	12,500,000		2.578			09/18/20		12,499,412
	Credit Agricole SA(b)
	2,200,000		2.625			10/03/18		2,199,766
	(3M USD LIBOR + 0.800%)
	8,462,000		2.522	(a)		04/15/19		8,505,617
	Danske Bank A/S(a)(b) (3M USD LIBOR + 0.510%)
	3,900,000		2.527			03/02/20		3,915,493
Corporate Obligations – (continued)
Banks – (continued)
	DBS Group Holdings Ltd.(a)(b) (3M USD LIBOR + 0.490%)
	10,000,000		2.537			06/08/20		10,016,736
	Dexia Credit Local SA(a)(b) (3M USD LIBOR + 0.500%)
	10,000,000		2.339			02/15/19		10,028,298
	DNB Bank ASA(a)(b) (3M USD LIBOR + 0.370%)
	12,000,000		2.678			10/02/20		11,997,708
	HSBC Bank PLC(b)
	1,985,000		1.500			05/15/18		1,982,856
	(3M USD LIBOR + 0.640%)
	1,290,000		2.479	(a)		05/15/18		1,290,153
	HSBC USA, Inc.(a) (3M USD LIBOR + 0.880%)
	2,610,000		3.166			09/24/18		2,618,044
	ING Bank NV(b)
	3,000,000		2.050			08/17/18		2,993,866
	1,400,000		2.000			11/26/18		1,394,351
	5,625,000		2.300			03/22/19		5,598,845
	(3M USD LIBOR + 0.610%)
	3,250,000		2.449	(a)		08/15/19		3,262,857
	JPMorgan Chase Bank NA(a)(c) (3M USD LIBOR + 0.250%)
	13,250,000		2.070			02/13/20		13,250,299
	Lloyds Bank PLC(a) (3M USD LIBOR + 1.000%)
	9,000,000		2.745			01/22/19		9,054,451
	Macquarie Bank Ltd.(b)
	1,380,000		2.350			01/15/19		1,375,110
	4,500,000		1.870			02/28/19		4,459,482
	(3M USD LIBOR + 0.350%)
	5,000,000		2.475	(a)		03/15/19		5,003,211
	(3M USD LIBOR + 1.180%)
	1,100,000		2.902	(a)		01/15/19		1,108,071
	Morgan Stanley(a)(c) (3M USD LIBOR + 0.550%)
	10,000,000		2.294			02/10/21		10,005,500
	National Australia Bank Ltd.(a)(b)
	(3M USD LIBOR + 0.350%)
	10,000,000		2.059			01/12/21		9,991,893
	(3M USD LIBOR + 0.510%)
	4,000,000		2.414			05/22/20		4,014,788
	National Bank of Canada(a) (3M USD LIBOR + 0.600%)
	4,000,000		2.331			01/17/20		4,014,508
	Nordea Bank AB(b)
	4,050,000		1.875			09/17/18		4,037,903
	PNC Bank NA(c)
	2,175,000		1.700			12/07/18		2,160,508
	Regions Bank(c)
	9,410,000		2.250			09/14/18		9,393,038
	Santander UK PLC
	6,500,000		3.050			08/23/18		6,514,022
	(3M USD LIBOR + 0.850%)
	1,185,000		2.794	(a)		08/24/18		1,187,932
	Skandinaviska Enskilda Banken AB(a)(b) (3M USD LIBOR + 0.570%)
	2,350,000		2.659			09/13/19		2,358,908
	Standard Chartered PLC(b)
	3,300,000		1.700			04/17/18		3,299,000
	(3M USD LIBOR + 1.130%)
	5,000,000		3.015	(a)		08/19/19		5,049,358

96 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)
Banks – (continued)
	Sumitomo Mitsui Banking Corp.
$	6,592,000		1.966	%		01/11/19	$	6,551,052
	Sumitomo Mitsui Trust Bank Ltd.(b)
	1,595,000		2.050			03/06/19		1,582,840
	(3M USD LIBOR + 0.440%)
	9,300,000		2.618	(a)		09/19/19		9,302,661
	(3M USD LIBOR + 0.910%)
	8,967,000		2.644	(a)		10/18/19		9,034,617
	Svenska Handelsbanken AB(a) (3M USD LIBOR + 0.490%)
	5,100,000		2.515			09/06/19		5,113,110
	Swedbank AB(b)
	7,000,000		2.375			02/27/19		6,980,071
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(b)
	6,000,000		2.700			09/09/18		6,002,727
	3,815,000		2.300			03/10/19		3,795,846
	The Toronto-Dominion Bank(a) (3M USD LIBOR + 0.430%)
	4,000,000		2.608			09/19/18		4,004,400
	UBS AG(a)(b)(c) (3M USD LIBOR + 0.480%)
	7,000,000		2.486			12/01/20		7,002,982
	(3M USD LIBOR + 0.580%)
	9,800,000		2.627			06/08/20		9,835,662
	UBS AG/Stamford CT
	1,444,000		5.750			04/25/18		1,447,018
	US Bancorp(a)(c) (3M USD LIBOR + 0.400%)
	1,324,000		2.145			04/25/19		1,326,894
	Westpac Banking Corp.
	1,817,000		1.550			05/25/18		1,814,607
	(3M USD LIBOR + 0.360%)
	5,000,000		2.366	(a)(b)		09/01/20		4,998,493
	(3M USD LIBOR + 0.560%)
	2,274,000		2.445	(a)		08/19/19		2,283,386
	(3M USD LIBOR + 0.710%)
	1,880,000		2.530	(a)		05/13/19		1,889,619
								351,690,027
Beverages – 0.5%
	Beam Suntory, Inc.
	6,500,000		1.750			06/15/18		6,485,703
Computers – 1.1%
	Hewlett Packard Enterprise Co.
	4,000,000		2.850			10/05/18		4,004,109
	International Business Machines Corp.
	11,451,000		7.625			10/15/18		11,759,804
								15,763,913
Diversified Financial Services – 2.6%
	AIG Global Funding(a)(b) (3M USD LIBOR + 0.480%)
	13,000,000		2.788			07/02/20		13,014,008
	Federation des Caisses Desjardins du Quebec(a)(b) (3M USD LIBOR + 0.330%)
	13,000,000		2.097			10/30/20		12,984,803
	National Rural Utilities Cooperative Finance Corp.
	5,223,000		10.375			11/01/18		5,455,997
	Nomura Holdings, Inc.
	4,803,000		2.750			03/19/19		4,799,016
								36,253,824
Corporate Obligations – (continued)
Electrical(c) – 0.6%
	Public Service Electric & Gas Co.
	1,500,000		2.000			08/15/19		1,482,070
	Sempra Energy(a) (3M USD LIBOR + 0.500%)
	7,000,000		2.209			01/15/21		7,005,131
								8,487,201
Food & Drug Retailing(a) – 1.3%
	Conagra Brands, Inc. (3M USD LIBOR + 0.500%)
	10,000,000		2.204			10/09/20		10,007,252
	Mondelez International Holdings Netherlands BV(b) (3M USD LIBOR + 0.610%)
	9,021,000		2.370			10/28/19		9,033,198
								19,040,450
Insurance – 1.4%
	Metropolitan Life Global Funding I(b)
	4,000,000		2.300			04/10/19		3,981,236
	(3M USD LIBOR + 0.400%)
	4,000,000		2.471	(a)		06/12/20		4,017,426
	(3M USD LIBOR + 0.430%)
	1,200,000		2.608	(a)		12/19/18		1,202,641
	New York Life Global Funding(b)
	1,345,000		2.150			06/18/19		1,336,144
	XLIT Ltd.
	9,650,000		2.300			12/15/18		9,613,351
								20,150,798
Media – 0.1%
	RELX Capital, Inc.
	1,854,000		8.625			01/15/19		1,935,902
Pharmaceuticals – 1.6%
	Cardinal Health, Inc.
	6,980,000		1.950			06/15/18		6,971,930
	CVS Health Corp.(a) (3M USD LIBOR + 0.630%)
	5,000,000		2.687			03/09/20		5,018,750
	(3M USD LIBOR + 0.720%)
	10,000,000		2.777			03/09/21		10,075,140
								22,065,820
Pipeline(a) – 0.9%
	Spectra Energy Partners LP (3M USD LIBOR + 0.700%)
	13,000,000		2.725			06/05/20		13,086,919
Retailing(a)(b)(c) – 0.6%
	Alimentation Couche-Tard, Inc. (3M USD LIBOR + 0.500%)
	9,000,000		2.589			12/13/19		9,013,224
Telecommunication Services(a) – 0.4%
	Verizon Communications, Inc. (3M USD LIBOR + 0.550%)
	5,000,000		2.454			05/22/20		5,021,425
	TOTAL CORPORATE OBLIGATIONS
	(Cost $544,139,834)						$	543,580,675

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligation(a)(b)(d) – 1.6%
Ohio – 1.6%
	JPMorgan Chase Putters/Drivers Trust RB Series T0012
$	22,500,000		1.900	%		01/02/19	$	22,500,000
	(Cost $22,500,000)

Shares		Distribution Rate			Value
Investment Company(e) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,206		1.609	%	$	8,206
	(Cost $8,206)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $566,648,040)				$	566,088,881

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 59.4%
Certificates of Deposit – 18.9%
	Banco Del Estado De Chile(a) (1M USD LIBOR + 0.180%)
$	5,000,000		1.957	%		04/10/18	$	5,000,316
	Bank of Montreal(a) (1M USD LIBOR + 0.240%)
	5,000,000		2.048			10/17/18		4,995,012
	(3M USD LIBOR + 0.330%)
	6,000,000		2.035			07/11/19		6,005,230
	(3M USD LIBOR + 0.400%)
	800,000		2.578			06/18/18		800,331
	Barclays Bank PLC(a) (3M USD LIBOR + 0.250%)
	7,000,000		2.194			02/22/19		7,008,049
	Bayerische Landesbank
	5,000,000		1.000			08/23/18		4,987,485
	(3M USD LIBOR + 0.250%)
	12,000,000		1.972	(a)		01/11/19		12,023,659
	Canadian Imperial Bank of Commerce(a) (1M USD LIBOR + 0.210%)
	4,000,000		1.996	%		07/16/18		3,999,580
	(3M USD LIBOR + 0.200%)
	1,500,000		1.750			05/01/19		1,492,163
	(3M USD LIBOR + 0.250%)
	1,500,000		2.339			09/13/18		1,500,460
	(3M USD LIBOR + 0.330%)
	10,000,000		2.035			07/11/19		10,007,491
	China Construction Banking Corp.
	12,000,000		2.100			04/23/18		11,999,786
	Cooperatieve Rabobank UA(a) (3M USD LIBOR + 0.330%)
	7,250,000		2.616			03/24/20		7,254,171
	Credit Agricole Corporate & Investment Bank(a) (3M USD LIBOR + 0.470%)
	3,000,000		2.495			06/03/19		3,005,175
	(3M USD LIBOR + 0.560%)
	2,000,000		2.282			07/13/18		2,001,872
	Credit Suisse New York
	6,000,000		1.640			05/03/18		5,999,000
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Credit Suisse New York – (continued)
	(1M USD LIBOR + 0.210%)
	4,000,000		1.770	(a)		10/16/18		3,995,662
	(1M USD LIBOR + 0.350%)
	4,800,000		2.136	(a)		01/16/19		4,796,641
	Dexia Credit Local SA(a) (1M USD LIBOR + 0.370%)
	2,000,000		2.056			04/04/18		2,000,113
	DG Bank NY(a) (3M USD LIBOR + 0.370%)
	1,175,000		2.262			08/16/18		1,175,513
	(3M USD LIBOR + 0.450%)
	1,000,000		2.181			01/17/19		999,996
	DnB NOR Bank ASA
	10,000,000		1.560			09/19/18		9,964,965
	Industrial and Commercial Bank of China Ltd.
	7,000,000		2.100			04/23/18		7,000,041
	Landesbank Baden-Wuerttemberg
	7,000,000		1.850			11/07/18		6,972,409
	Mizuho Bank Ltd.(a) (1M USD LIBOR + 0.200%)
	1,500,000		1.918			04/09/18		1,500,070
	(3M USD LIBOR + 0.400%)
	5,000,000		2.356			11/27/19		4,997,555
	(3M USD LIBOR + 0.400%)
	9,000,000		2.097			10/04/19		9,010,607
	(3M USD LIBOR + 0.500%)
	2,000,000		2.786			09/24/18		2,001,428
	National Bank of Canada(a) (3M USD LIBOR + 0.200%)
	1,750,000		1.750			05/08/19		1,745,936
	(3M USD LIBOR + 0.240%)
	750,000		1.945			10/11/18		750,154
	National Bank of Kuwait SAKP
	8,000,000		1.900			04/27/18		7,999,608
	Natixis NY(a) (1M USD LIBOR + 0.430%)
	2,000,000		2.207			05/15/18		2,001,073
	(3M USD LIBOR + 0.200%)
	13,000,000		2.033			11/14/18		13,016,244
	Nordea Bank AB NY(a) (USD LIBOR +0.400%)
	15,000,000		2.702			03/27/20		15,000,000
	Norinchukin Bank NY
	6,500,000		2.300			06/21/18		6,501,190
	Oversea-Chinese Banking Corp. Ltd.
	15,000,000		2.200			06/14/18		14,999,712
	Royal Bank of Canada(a) (1M USD LIBOR + 0.180%)
	3,000,000		2.052			05/25/18		3,000,680
	(1M USD LIBOR + 0.200%)
	3,000,000		1.986			07/16/18		2,999,546
	Societe Generale SA(a)
	5,000,000		2.142			12/03/18		4,995,504
	Standard Chartered Bank(a) (1M USD LIBOR + 0.300%)
	2,500,000		2.141			06/21/18		2,500,879
	(3M USD LIBOR + 0.200%)
	8,000,000		1.922			10/31/18		8,009,480
	Sumitomo Mitsui Banking Corp.
	1,750,000		2.050			05/03/19		1,744,230
	(3M USD LIBOR + 0.370%)
	11,000,000		2.143	(a)		01/31/20		11,005,824
	(3M USD LIBOR + 0.370%)
	5,100,000		1.726	(a)		07/11/19		5,102,535

98 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)
Certificates of Deposit – (continued)
	Sumitomo Mitsui Trust Bank Ltd.(a) (USD LIBOR +0.370%)
$	5,500,000		2.101	%		01/17/19	$	5,496,561
	Svenska Handelsbanken AB(a) (3M USD LIBOR + 0.400%)
	2,000,000		2.211			02/12/19		2,003,567
	Swedbank AB(a) (3M USD LIBOR + 0.320%)
	1,000,000		2.264			08/24/20		999,765
	(3M USD LIBOR + 0.380%)
	1,000,000		2.088			07/10/18		1,000,427
	The Bank of Nova Scotia(a) (3M USD LIBOR + 0.300%)
	2,000,000		2.139			05/15/19		2,001,087
	(3M USD LIBOR + 0.300%)
	1,500,000		2.009			04/12/19		1,500,754
	The Toronto-Dominion Bank
	3,400,000		1.600			08/22/18		3,390,187
	5,000,000		1.730			11/05/18		4,978,849
	3,300,000		1.600			07/20/18		3,293,120
								268,531,692
Commercial Paper – 32.7%
	Albion Capital Corp.(f)
	15,000,000		0.000			04/03/18		14,996,354
	Atlantic Asset Securitization Corp.(f)
	10,000,000		0.000			06/04/18		9,960,582
	20,000,000		0.000			04/02/18		19,996,169
	13,000,000		0.000			06/12/18		12,940,552
	Barton Capital Corp.(f)
	10,000,000		0.000			06/11/18		9,954,428
	Bayerische Landesbank(f)
	5,000,000		0.000			04/16/18		4,995,350
	Bedford Row Funding Corp.(a)(b) (3M USD LIBOR + 0.150%)
	1,400,000		1.454			04/13/18		1,400,066
	Can Ast & Can Ltd. Jt(f)
	10,000,000		0.000			06/05/18		9,958,161
	15,000,000		0.000			05/23/18		14,952,104
	Chariot Funding LLC(f)
	10,000,000		0.000			06/20/18		9,947,964
	China Construction Banking Corp.(f)
	7,000,000		0.000			06/22/18		6,955,078
	Collateralized Commercial Paper Co. Ltd.(a)(b) (1M USD LIBOR + 0.280%)
	10,000,000		1.567			11/19/18		9,992,767
	DBS Bank Ltd.(f)
	13,000,000		0.000			06/06/18		12,946,404
	Eastman Chemical Co.(f)
	7,000,000		0.000			04/11/18		6,994,737
	Electricite de France SA(f)
	5,000,000		0.000			05/15/18		4,984,784
	Fairway Finance Corp.(f)
	14,000,000		0.000			06/06/18		13,942,013
	8,000,000		0.000			06/14/18		7,961,791
	First Abu Dhabi Bank PJSC(f)
	25,000,000		0.000			04/05/18		24,991,396
	Ford Motor Credit Co. LLC(f)
	9,000,000		0.000			02/20/19		8,764,578
	Industrial and Commercial Bank of China Ltd.(f)
	8,000,000		0.000			06/15/18		7,955,072
Short-term Investments – (continued)
Commercial Paper – (continued)
	Jupiter Securitization Co. LLC(f)
	15,000,000		0.000	%		05/30/18		14,946,577
	Landesbank Hessen-Thuringen
	12,000,000		0.000			06/19/18		11,944,349
	Liberty Funding LLC(f)
	9,000,000		0.000			06/01/18		8,966,624
	LMA SA LMA Americas(f)
	3,500,000		0.000			05/02/18		3,493,567
	6,700,000		0.000			06/08/18		6,671,035
	10,000,000		0.000			06/11/18		9,954,202
	5,000,000		0.000			07/05/18		4,967,034
	Macquarie Bank Ltd.(f)
	10,000,000		0.000			05/18/18		9,971,611
	Marriott International, Inc.(f)
	4,000,000		0.000			04/18/18		3,995,238
	10,000,000		0.000			06/04/18		9,955,277
	Matchpoint Finance PLC(f)
	7,500,000		0.000			06/14/18		7,463,377
	22,000,000		0.000	(f)		04/02/18		21,995,590
	Nieuw Amsterdam Receivables Corp.(f)
	10,000,000		0.000			06/11/18		9,954,099
	Old Line Funding LLC(f)
	10,000,000		0.000			05/21/18		9,970,232
	QUALCOMM, Inc.(f)
	15,000,000		0.000			06/14/18		14,932,657
	Santander UK PLC(f)
	14,000,000		0.000			07/02/18		13,912,368
	Schlumberger Holdings(f)
	6,000,000		0.000			06/22/18		5,966,184
	Sheffield Receivables Corp.(f)
	15,500,000		0.000			06/11/18		15,428,217
	11,000,000		0.000			06/18/18		10,942,209
	Societe Generale SA(f)
	12,000,000		0.000			05/31/18		11,958,231
	Suncor Energy, Inc.(f)
	10,650,000		0.000			05/02/18		10,626,946
	4,000,000		0.000			05/03/18		3,991,075
	The Bank of Tokyo-Mitsubishi UFJ Ltd.(f)
	10,000,000		0.000			06/01/18		9,964,213
	Versailles Commercial Paper LLC(f)
	10,000,000		0.000			05/14/18		9,973,767
	VW Credit, Inc.(f)
	8,959,000		0.000			06/27/18		8,901,214
								465,436,243
Repurchase Agreement – 7.8%
	Bank of America Corp.
	15,000,000		2.410			06/27/18		15,000,000
	Maturity Value: $15,064,267
	Next Reset Date: 04/02/2018
	Collateralized by various common stocks and ETF units. The aggregate market value of the collateral, was 16,200,043.
	BNP Paribas SA
	35,000,000		1.920			04/02/18		35,000,000

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Repurchase Agreement – (continued)
	Maturity Value: $35,007,467
	Next Reset Date: 04/02/2018
	Collateralized by various corporate obligations and Government bonds, 4.000% to 9.000%, due 02/04/18 to 10/08/48. The aggregate market value of the collateral, including accrued interest, was $38,377,313.
	Citigroup Global Markets, Inc.
$	19,000,000		2.480	%		06/27/18	$	19,000,000
	Maturity Value: $19,119,109
	Next Reset Date: 05/16/2018
	Collateralized by various mortgage obligations, 3.027% to 6.927%, due 07/15/32 to 10/25/57. The aggregate market value of the collateral, including accrued interest, was $21,850,000.
	Mizuho Securities USA
	3,000,000		2.741			06/27/18		3,000,000
	Maturity Value: $3,015,761
	Next Reset Date: 05/08/2018
	Collateralized by various Government securities, 3.125% to 3.625%, due 02/15/20 to 02/15/42. The aggregate market value of the collateral, including accrued interest, was $3,060,014.
	Nomura
	19,000,000		3.033			07/27/18		19,000,000
	Maturity Value: $19,179,284
	Next Reset Date: 04/27/2018
	Collateralized by various mortgage obligations, 0.718% to 9.523%, due 05/01/27 to 09/25/65. The aggregate market value of the collateral, including accrued interest, was $22,749,882.
	Wells Fargo
	20,000,000		2.630			06/13/18		20,000,000
	Maturity Value: $20,131,500
	Next Reset Date: 04/13/2018
	Collateralized by various mortgage obligations, 1.625% to 7.872%, due 06/18/18 to 09/15/45. The aggregate market value of the collateral, including accrued interest, was $22,523,597.
								111,000,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $845,119,403)						$	844,967,935
	TOTAL INVESTMENTS – 99.2%
	(Cost $1,411,767,443)						$	1,411,056,816
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%							11,919,123
	NET ASSETS –100.0%						$	1,422,975,939

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, 2018.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $349,869,857, which represents approximately 24.6% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(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 at March 31, 2018.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At March 31, 2018, the Goldman Sachs High Quality Floating Rate Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of April 2, 2018, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
High Quality Floating Rate Fund	$	45,200,000	$	45,202,275	$46,109,175

REPURCHASE AGREEMENTS — At March 31, 2018, the Principal Amounts of the Goldman Sachs High Quality Floating Rate Fund’s interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			High Quality Floating Rate Fund
Citigroup Global Markets, Inc.		1.820	%	$	10,487,239
Merrill Lynch & Co., Inc.		1.810			34,712,761
TOTAL				$	45,200,000

At March 31, 2018, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
Federal Home Loan Mortgage Corp.		3.500 to 5.500		09/01/18 to 04/01/42
Federal National Mortgage Association		4.000		10/01/43
Government National Mortgage Association		4.000 to 5.500		11/15/32 to 04/20/47
United States Treasury Notes		0.125 to 1.375		06/30/18 to 02/15/45
United States Treasury Stripped Securities		0.000		05/15/42

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2018

	Enhanced Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $460,174,392, $344,500,263, $749,649,580, $330,363,980, $997,950,652, $563,866,674 and $1,411,759,237)	$	457,398,081
Investments of affiliated issuers, at value (cost $5,689,869, $5,126,717, $0, $38,073,204, $50,771, $14,992,853 and $8,206)		5,689,869
Purchased options (cost ($0, $7,763, $0, $3,882, $0, $124,223 and $0))		—
Cash		7,026,366
Foreign currencies, at value (cost $0, $0, $0, $10, $0, $205,719 and $0, respectively)		—
Unrealized gain on forward foreign currency exchange contracts		—
Variation margin on futures		—
Variation margin on swaps		—
Receivables:
Interest		1,349,794
Fund shares sold		183,063
Investments sold		—
Investments sold on an extended-settlement basis		—
Due from broker		—
Collateral on certain derivative contracts(a)		—
Other assets		38,228
Total assets		471,685,401
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—
Variation margin on futures		2
Variation margin on swaps		—
Written option contracts, at value (premium received $0, $0, $0, $0, $0, $108,375 and $0, respectively)		—
Forward sale contracts, at value (proceeds received $0, $5,054,297, $0, $0, $0, $0 and $0, respectively)		—
Payables:
Investments purchased		3,629,431
Fund shares redeemed		257,843
Management fees		102,773
Distribution and Service fees and Transfer Agency fees		19,612
Payable to investment adviser		15,863
Income distribution		13,128
Investments purchased on an extended — settlement basis		—
Due to broker — upfront payment		—
Due to broker		—
Accrued expenses		127,134
Total liabilities		4,165,786
Net Assets:
Paid-in capital		482,955,809
Undistributed (distributions in excess of) net investment income		714,785
Accumulated net realized gain (loss)		(16,174,099	)
Net unrealized gain (loss)		23,120
NET ASSETS	$	467,519,615
Net Assets:
Class A	$	10,589,613
Class C		—
Institutional		451,628,390
Administration		164,368
Preferred		—
Service		—
Investor(b)		5,126,910
Class R		—
Class R6		10,334
Total Net Assets	$	467,519,615
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,125,632
Class C		—
Institutional		48,071,286
Administration		17,437
Preferred		—
Service		—
Investor(b)		546,080
Class R		—
Class R6		1,100
Net asset value, offering and redemption price per share:(c)
Class A		$9.41
Class C		—
Institutional		9.39
Administration		9.43
Preferred		—
Service		—
Investor(b)		9.39
Class R		—
Class R6(d)		9.40

(a) Segregated for initial margin and/or collateral as follows:

Fund	Forwards		Futures		Swaps
Government Income	$	—	$	—	$	526,551
High Quality Floating Rate		—		628,000		80,395
Inflation Protected Securities		—		—		2,445,352
Short Duration Government		—		—		1,153,125
Short Duration Income		5,680,000		—		2,010,506

(b) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(c) Maximum public offering price per share for Class A Shares of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds is $9.55, $14.95, $8.86, $10.71, $9.94, $9.90 and $10.16, 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.

(d) Class R6 Shares of the Short-Term Conservative Income Fund commenced operations on November 30, 2017.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund			Short-Term Conservative Income Fund
$	342,559,340		$	750,402,707		$	329,514,385		$	983,578,503		$	559,094,456		$	1,411,048,610
	5,126,717			—			38,073,204			50,771			14,992,853			8,206
	47,600			—			23,800			—			205,573			—
	5,110,873			46,284			5,222,759			2,941,425			8,660,353			3,341,796
	—			—			10			—			204,725			—
	—			—			—			—			850,446			—
	—			—			7			—			—			—
	8,230			274			28,452			20,672			53,979			—
	1,481,358			1,319,168			481,072			4,606,660			3,206,841			3,796,882
	288,239			157,002			2,846,063			1,062,978			733,955			4,006,351
	4,858,128			767,677			2,691,359			7,123,955			10,057,606			12,826,105
	30,724,740			—			—			—			—			—
	20,541			—			—			—			—			—
	526,551			708,395			2,445,352			1,153,125			7,690,506			—
	39,137			34,807			38,185			70,498			52,864			107,368
	390,791,454			753,436,314			381,364,648			1,000,608,587			605,804,157			1,435,135,318
	—			—			—			—			1,281,927			—
	48			24			—			20,910			1,090			—
	—			—			—			—			—			—
	—			—			—			—			123,634			—
	5,067,422			—			—			—			—			—
	520,836			5,791,270			2,455,582			7,755,620			11,974,436			8,909,421
	1,842,090			1,087,635			194,779			1,421,492			538,764			2,824,318
	151,020			194,997			75,952			364,197			197,147			225,376
	59,917			27,756			50,438			72,978			22,375			12,387
	17,402			15,743			8,557			13,177			430			26,732
	118,167			6,121			—			148,066			14,276			46,257
	42,223,506			5,188,560			—			—			6,929,337			—
	—			—			—			—			61,386			—
	—			2,846			—			—			—			—
	169,603			135,069			109,524			186,099			197,335			114,888
	50,170,011			12,450,021			2,894,832			9,982,539			21,342,137			12,159,379
	353,982,969			747,813,996			397,016,164			1,033,472,797			600,843,064			1,423,649,492
	901,807			251,503			630,260			6,653,926			(353,761	)		(5,511	)
	(12,347,190	)		(7,557,000	)		(18,342,497	)		(41,117,974	)		(12,920,222	)		42,585
	(1,916,143	)		477,794			(834,111	)		(8,382,701	)		(3,107,061	)		(710,627	)
	$340,621,443		$	740,986,293		$	378,469,816		$	990,626,048		$	584,462,020		$	1,422,975,939
	$108,413,854		$	9,367,634		$	74,813,551		$	86,239,138		$	5,733,703		$	816,787
	5,958,999			—			6,847,312			19,798,701			1,076,557			—
	141,297,953			730,203,603			258,458,093			837,920,086			575,452,323			1,421,091,263
	—			—			—			—			—			1,032,369
	—			—			—			—			—			25,471
	41,462,597			112,612			—			19,954,197			—			—
	2,845,816			1,291,828			13,078,825			24,676,145			2,094,343			—
	21,630,186			—			18,169,197			—			94,784			—
	19,012,038			10,616			7,102,838			2,037,781			10,310			10,049
	$340,621,443		$	740,986,293		$	378,469,816		$	990,626,048		$	584,462,020		$	1,422,975,939
	7,532,313			1,073,624			7,254,316			8,806,652			587,825			81,564
	414,032			—			673,315			2,035,282			110,358			—
	9,832,626			83,720,626			24,772,129			85,827,100			58,889,718			141,906,214
	—			—			—			—			—			103,052
	—			—			—			—			—			2,543
	2,888,499			12,849			—			2,046,960			—			—
	197,866			148,537			1,260,827			2,518,438			214,427			—
	1,504,608			—			1,767,032			—			9,703			—
	1,323,346			1,217			681,092			208,797			1,055			1,003
	$14.39			$8.73			$10.31			$9.79			$9.75			$10.01
	14.39			—			10.17			9.73			9.76			—
	14.37			8.72			10.43			9.76			9.77			10.01
	—			—			—			—			—			10.02
	—			—			—			—			—			10.02
	14.35			8.76			—			9.75			—			—
	14.38			8.70			10.37			9.80			9.77			—
	14.38			—			10.28			—			9.77			—
	14.37			8.72			10.43			9.76			9.77			10.02

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2018

	Enhanced Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $0, $0, $0, $0, $0 and $8,096)	$	9,797,616
Dividends — affiliated issuers		233,501
Total investment income		10,031,117
Expenses:
Management fees		1,346,470
Transfer Agency fees(a)		241,418
Custody, accounting and administrative services		156,041
Professional fees		125,375
Distribution and Service fees(a)		63,302
Printing and mailing costs		40,313
Registration fees		35,140
Trustee fees		18,863
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Administration Shares fees		406
Preferred Shares fees		—
Other		23,144
Total expenses		2,050,472
Less — expense reductions		(93,129	)
Net expenses		1,957,343
NET INVESTMENT INCOME		8,073,774
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,377,750	)
Purchased options		—
Futures contracts		1,294,670
Swap contracts		—
Forward foreign currency exchange contracts		—
Foreign currency transactions		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(2,716,621	)
Purchased options		—
Futures contracts		1,892,201
Written options		—
Swap contracts		—
Forward foreign currency exchange contracts		—
Foreign currency translations		—
Net realized and unrealized gain (loss)		(1,907,500	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,166,274

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

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Administration		Preferred		Service		Investor		Class R		Class R6
Enhanced Income	$	63,302	$	—	$	—	$	32,917	$	—	$	203,818	$	64	$	—	$	—	$	4,615	$	—	$	4
Government Income		302,186		68,494		104,145		157,137		8,904		54,968		—		—		18,899		5,127		27,078		4,915
High Quality Floating Rate		26,004		—		—		13,522		—		261,182		—		—		104		1,265		—		4
Inflation Protected Securities		198,416		73,696		101,063		103,177		9,580		90,105		—		—		—		17,750		26,276		869
Short Duration Government		283,756		239,095		—		147,553		31,081		362,749		—		—		9,663		33,790		—		589
Short Duration Income		26,322		9,360		253		13,687		1,216		238,501		—		—		—		2,386		66		4
Short-Term Conservative Income		382		—		—		199		—		410,902		357		11		—		—		—		1	(b)

(b) Commenced operations on November 30, 2017.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund			Short-Term Conservative Income Fund
$	7,560,414		$	12,671,906		$	7,848,854		$	20,932,278		$	15,619,431		$	17,578,769
	146,010			—			93,972			314,295			64,949			140,453
	7,706,424			12,671,906			7,942,826			21,246,573			15,684,380			17,719,222
	1,895,882			2,220,846			982,274			5,011,165			2,438,456			2,570,820
	277,028			276,077			247,757			585,425			255,860			411,470
	195,868			184,767			102,579			275,881			350,448			135,051
	136,040			119,305			129,227			116,707			111,759			106,138
	474,825			26,004			373,175			522,851			35,935			382
	69,757			41,088			66,363			108,904			43,047			61,282
	38,814			25,425			43,777			49,092			27,214			49,880
	18,494			19,145			18,536			19,796			18,993			20,161
	118,118			648			—			60,394			—			—
	118,118			648			—			60,394			—			—
	—			—			—			—			—			2,230
	—			—			—			—			—			26
	25,065			21,468			10,127			36,377			23,948			26,654
	3,368,009			2,935,421			1,973,815			6,846,986			3,305,660			3,384,094
	(505,053	)		(478,744	)		(305,581	)		(888,882	)		(500,686	)		(1,477,291	)
	2,862,956			2,456,677			1,668,234			5,958,104			2,804,974			1,906,803
	4,843,468			10,215,229			6,274,592			15,288,469			12,879,406			15,812,419
	(13,676	)		762,645			(2,412,302	)		(10,528,482	)		1,766,849			89,033
	28,252			—			14,383			—			30,954			—
	(1,203,016	)		461,438			(332,446	)		(1,541,467	)		(3,348,802	)		—
	2,160,994			57,274			(52,733	)		7,045,690			(2,743,366	)		—
	—			—			—			—			(3,643,821	)		—
	—			—			(1,024	)		—			26,735			—
	(3,280,989	)		(361,937	)		(1,204,686	)		(4,011,192	)		(7,335,342	)		(824,720	)
	39,837			—			19,918			—			81,350			—
	139,032			(266,041	)		49,581			2,572,428			988,764			—
	—			—			—			—			(15,259	)		—
	(2,131,713	)		2,690			(510,155	)		(6,894,711	)		12,212			—
	—			—			—			—			2,329,056			—
	—			—			—			—			1,527			—
	(4,261,279	)		656,069			(4,429,464	)		(13,357,734	)		(11,849,143	)		(735,687	)
$	582,189		$	10,871,298		$	1,845,128		$	1,930,735		$	1,030,263		$	15,076,732

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	8,073,774		$	6,211,111
Net realized gain (loss)		(1,083,080	)		1,312,117
Net change in unrealized gain (loss)		(824,420	)		340,236
Net increase (decrease) in net assets resulting from operations		6,166,274			7,863,464
Distributions to shareholders:
From net investment income
Class A Shares		(284,649	)		(298,543	)
Class C Shares		—			—
Institutional Shares		(7,678,981	)		(5,793,103	)
Administration		(2,044	)		(1,470	)
Service Shares		—			—
Investor Shares(a)		(51,091	)		(11,590	)
Class R Shares		—			—
Class R6 Shares		(157	)		(122	)
Total distributions to shareholders		(8,016,922	)		(6,104,828	)
From share transactions:
Proceeds from sales of shares		325,697,965			266,330,865
Reinvestment of distributions		7,854,271			5,955,028
Cost of shares redeemed		(337,841,302	)		(259,822,389	)
Net increase (decrease) in net assets resulting from share transactions		(4,289,066	)		12,463,504
TOTAL INCREASE (DECREASE)		(6,139,714	)		14,222,140
Net assets:
Beginning of year		473,659,329			459,437,189
End of year	$	467,519,615		$	473,659,329
Undistributed (distributions in excess of) net investment income	$	714,785		$	701,825

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Government Income Fund						High Quality Floating Rate Fund						Inflation Protected Securities Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	4,843,468		$	4,532,104		$	10,215,229		$	4,056,178		$	6,274,592		$	4,597,051
	972,554			888,822			1,281,357			1,070,072			(2,784,122	)		3,387,672
	(5,233,833	)		(8,693,491	)		(625,288	)		2,830,388			(1,645,342	)		(4,583,645	)
	582,189			(3,272,565	)		10,871,298			7,956,638			1,845,128			3,401,078
	(2,091,104	)		(2,624,173	)		(123,665	)		(77,161	)		(1,247,978	)		(798,356	)
	(67,204	)		(102,778	)		—			—			(72,788	)		(46,497	)
	(2,843,094	)		(2,891,507	)		(10,176,566	)		(3,905,711	)		(4,285,943	)		(2,487,297	)
	—			—			—			—			—			—
	(741,397	)		(890,874	)		(2,421	)		(2,647	)		—			—
	(77,857	)		(96,204	)		(14,482	)		(5,876	)		(242,201	)		(114,254	)
	(308,362	)		(316,631	)		—			—			(281,832	)		(141,367	)
	(381,901	)		(181,351	)		(160	)		(105	)		(56,822	)		(4,547	)
	(6,510,919	)		(7,103,518	)		(10,317,294	)		(3,991,500	)		(6,187,564	)		(3,592,318	)
	88,980,699			125,365,326			663,102,852			193,936,987			177,078,976			220,328,520
	5,137,494			5,619,596			10,234,835			3,937,516			4,083,552			2,384,801
	(116,633,711	)		(151,957,914	)		(374,360,785	)		(133,227,466	)		(117,366,906	)		(82,161,368	)
	(22,515,518	)		(20,972,992	)		298,976,902			64,647,037			63,795,622			140,551,953
	(28,444,248	)		(31,349,075	)		299,530,906			68,612,175			59,453,186			140,360,713
	369,065,691			400,414,766			441,455,387			372,843,212			319,016,630			178,655,917
$	340,621,443		$	369,065,691		$	740,986,293		$	441,455,387		$	378,469,816		$	319,016,630
$	901,807		$	956,570		$	251,503		$	25,252		$	630,260		$	545,555

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Short Duration Government Fund
	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	15,288,469		$	18,591,343
Net realized gain (loss)		(5,024,259	)		3,945,527
Net change in unrealized gain (loss)		(8,333,475	)		(12,536,624	)
Net increase (decrease) in net assets resulting from operations		1,930,735			10,000,246
Distributions to shareholders:
From net investment income
Class A Shares		(2,041,765	)		(2,489,825	)
Class C Shares		(335,268	)		(368,618	)
Institutional Shares		(19,398,290	)		(20,132,363	)
Administration		—			—
Preferred Shares		—			—
Service Shares		(395,986	)		(394,193	)
Investor Shares(a)		(530,914	)		(315,882	)
Class R Shares		—			—
Class R6 Shares		(50,577	)		(1,437,852	)
From net realized gains
Class A Shares		—			—
Institutional Shares		—			—
Administration		—			—
Preferred Shares		—			—
From Return of Capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Investor Shares(a)		—			—
Class R Shares		—			—
Class R6 Shares		—			—
Total distributions to shareholders		(22,752,800	)		(25,138,733	)
From share transactions:
Proceeds from sales of shares		407,825,942			460,646,254
Reinvestment of distributions		21,350,633			23,844,333
Cost of shares redeemed		(754,489,017	)		(552,135,202	)
Net increase (decrease) in net assets resulting from share transactions		(325,312,442	)		(67,644,615	)
TOTAL INCREASE (DECREASE)		(346,134,507	)		(82,783,102	)
Net assets:
Beginning of year		1,336,760,555			1,419,543,657
End of year	$	990,626,048		$	1,336,760,555
Undistributed (distributions in excess of) net investment income	$	6,653,926		$	8,323,470

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(b) Commenced operations on October 31, 2016.

(c) Commenced operations on November 30, 2017.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Short Duration Income Fund						Short-Term Conservative Income Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	12,879,406		$	9,335,927		$	15,812,419		$	649,695
	(7,911,451	)		(274,049	)		89,033			15,312
	(3,937,692	)		1,486,172			(824,720	)		116,411
	1,030,263			10,548,050			15,076,732			781,418
	(175,901	)		(148,787	)		(2,163	)		(78	)(b)
	(12,562	)		(14,655	)		—			—
	(11,795,805	)		(10,601,067	)		(15,804,447	)		(644,616	)
	—			—			(11,173	)		(4,798	)
	—			—			(352	)		(105	)(b)
	—			—			—			—
	(34,695	)		(17,935	)		—			—
	(746	)		(447	)		—			—
	(203	)		(219	)		(53	)(c)		—
	—			—			(1	)		(1	)(b)
	—			—			(61,216	)		(1,561	)
	—			—			(39	)		(1	)
	—			—			(1	)		(1	)(b)
	(26,617	)		—			—			—
	(1,901	)		—			—			—
	(1,784,904	)		—			—			—
	(5,250	)		—			—			—
	(113	)		—			—			—
	(31	)		—			—			—
	(13,838,728	)		(10,783,110	)		(15,879,445	)		(651,161	)
	336,916,387			329,612,674			2,263,519,156			311,967,536
	13,814,307			10,765,521			15,556,730			645,623
	(325,990,610	)		(166,248,641	)		(1,121,169,548	)		(61,978,061	)
	24,740,084			174,129,554			1,157,906,338			250,635,098
	11,931,619			173,894,494			1,157,103,625			250,765,355
	572,530,401			398,635,907			265,872,314			15,106,959
$	584,462,020		$	572,530,401		$	1,422,975,939		$	265,872,314
$	(353,761	)	$	(844,041	)	$	(5,511	)	$	258

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.44	$	0.11	$	(0.03	)	$	0.08		$	(0.11	)
2018 - Institutional		9.43		0.14		(0.04	)		0.10			(0.14	)
2018 - Administration		9.46		0.12		(0.03	)		0.09			(0.12	)
2018 - Investor(d)		9.42		0.14		(0.04	)		0.10			(0.13	)
2018 - R6		9.43		0.14		(0.03	)		0.11			(0.14	)
2017 - A		9.41		0.08		0.03			0.11			(0.08	)
2017 - Institutional		9.40		0.11		0.03			0.14			(0.11	)
2017 - Administration		9.43		0.09		0.03			0.12			(0.09	)
2017 - Investor(d)		9.39		0.11		0.02			0.13			(0.10	)
2017 - R6		9.40		0.12		0.02			0.14			(0.11	)
2016 - A		9.42		0.04		(0.01	)		0.03			(0.04	)
2016 - Institutional		9.41		0.07		(0.01	)		0.06			(0.07	)
2016 - Administration		9.44		0.05		(0.01	)		0.04			(0.05	)
2016 - Investor(d)		9.41		0.06		(0.02	)		0.04			(0.06	)
2016 - R6 (commenced July 31, 2015)		9.39		0.05		—	(e)		0.05			(0.04	)
2015 - A		9.47		0.01		(0.05	)		(0.04	)		(0.01	)
2015 - Institutional		9.46		0.04		(0.05	)		(0.01	)		(0.04	)
2015 - Administration		9.49		0.01		(0.05	)		(0.04	)		(0.01	)
2015 - Investor(d)		9.45		0.03		(0.04	)		(0.01	)		(0.03	)
2014 - A		9.49		0.03		(0.02	)		0.01			(0.03	)
2014 - Institutional		9.48		0.06		(0.02	)		0.04			(0.06	)
2014 - Administration		9.51		0.04		(0.02	)		0.02			(0.04	)
2014 - Investor(d)		9.48		0.06		(0.04	)		0.02			(0.05	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.41		0.86	%	$	10,590		0.69	%		0.70	%		1.14	%		63	%
	9.39		1.09			451,628		0.35			0.36			1.52			63
	9.43		0.95			164		0.60			0.61			1.27			63
	9.39		1.11			5,127		0.44			0.45			1.45			63
	9.40		1.21			10		0.34			0.35			1.53			63
	9.44		1.19			35,560		0.69			0.71			0.88			89
	9.43		1.53			435,915		0.35			0.37			1.22			89
	9.46		1.28			162		0.60			0.62			0.97			89
	9.42		1.44			2,012		0.44			0.45			1.14			89
	9.43		1.55			10		0.34			0.36			1.23			89
	9.41		0.29			35,378		0.69			0.71			0.42			60
	9.40		0.63			423,278		0.35			0.36			0.76			60
	9.43		0.38			147		0.60			0.61			0.50			60
	9.39		0.43			623		0.44			0.46			0.66			60
	9.40		0.58			10		0.35	(f)		0.37	(f)		0.74	(f)		60
	9.42		(0.47	)		35,556		0.69			0.71			0.06			39
	9.41		(0.13	)		457,826		0.35			0.37			0.40			39
	9.44		(0.38	)		176		0.60			0.62			0.15			39
	9.41		(0.12	)		437		0.44			0.46			0.31			39
	9.47		0.10			46,289		0.69			0.73			0.33			40
	9.46		0.44			512,656		0.36			0.38			0.60			40
	9.49		0.19			198		0.61			0.64			0.42			40
	9.45		0.25			583		0.45			0.48			0.64			40

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	14.64	$	0.18	$	(0.18	)	$	—		$	(0.25	)	$	—		$	(0.25	)
2018 - C		14.64		0.07		(0.18	)		(0.11	)		(0.14	)		—			(0.14	)
2018 - Institutional		14.62		0.24		(0.19	)		0.05			(0.30	)		—			(0.30	)
2018 - Service		14.60		0.16		(0.18	)		(0.02	)		(0.23	)		—			(0.23	)
2018 - Investor(d)		14.63		0.22		(0.18	)		0.04			(0.29	)		—			(0.29	)
2018 - R		14.62		0.15		(0.17	)		(0.02	)		(0.22	)		—			(0.22	)
2018 - R6		14.61		0.24		(0.18	)		0.06			(0.30	)		—			(0.30	)
2017 - A		15.03		0.16		(0.29	)		(0.13	)		(0.26	)		—			(0.26	)
2017 - C		15.03		0.05		(0.29	)		(0.24	)		(0.15	)		—			(0.15	)
2017 - Institutional		15.01		0.21		(0.29	)		(0.08	)		(0.31	)		—			(0.31	)
2017 - Service		14.99		0.14		(0.30	)		(0.16	)		(0.23	)		—			(0.23	)
2017 - Investor(d)		15.02		0.20		(0.29	)		(0.09	)		(0.30	)		—			(0.30	)
2017 - R		15.02		0.12		(0.30	)		(0.18	)		(0.22	)		—			(0.22	)
2017 - R6		15.01		0.20		(0.29	)		(0.09	)		(0.31	)		—			(0.31	)
2016 - A		15.02		0.19		0.06			0.25			(0.24	)		—			(0.24	)
2016 - C		15.02		0.08		0.06			0.14			(0.13	)		—			(0.13	)
2016 - Institutional		15.00		0.24		0.06			0.30			(0.29	)		—			(0.29	)
2016 - Service		14.98		0.17		0.05			0.22			(0.21	)		—			(0.21	)
2016 - Investor(d)		15.01		0.23		0.05			0.28			(0.27	)		—			(0.27	)
2016 - R		15.00		0.16		0.06			0.22			(0.20	)		—			(0.20	)
2016 - R6 (Commenced July 31, 2015)		14.83		0.16		0.21			0.37			(0.19	)		—			(0.19	)
2015 - A		14.67		0.17		0.39			0.56			(0.21	)		—			(0.21	)
2015 - C		14.67		0.06		0.38			0.44			(0.09	)		—			(0.09	)
2015 - Institutional		14.64		0.22		0.40			0.62			(0.26	)		—			(0.26	)
2015 - Service		14.63		0.15		0.38			0.53			(0.18	)		—			(0.18	)
2015 - Investor(d)		14.66		0.21		0.38			0.59			(0.24	)		—			(0.24	)
2015 - R		14.65		0.13		0.39			0.52			(0.17	)		—			(0.17	)
2014 - A		15.00		0.12		(0.25	)		(0.13	)		(0.16	)		(0.04	)		(0.20	)
2014 - C		15.00		0.02		(0.25	)		(0.23	)		(0.06	)		(0.04	)		(0.10	)
2014 - Institutional		14.97		0.17		(0.25	)		(0.08	)		(0.21	)		(0.04	)		(0.25	)
2014 - Service		14.96		0.10		(0.25	)		(0.15	)		(0.14	)		(0.04	)		(0.18	)
2014 - Investor(d)		14.99		0.18		(0.27	)		(0.09	)		(0.20	)		(0.04	)		(0.24	)
2014 - R		14.98		0.09		(0.25	)		(0.16	)		(0.13	)		(0.04	)		(0.17	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Annualized.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	14.39		0.01	%	$	108,414		0.91	%		1.05	%		1.25	%		380	%
	14.39		(0.74	)		5,959		1.66			1.80			0.50			380
	14.37		0.35			141,298		0.57			0.71			1.61			380
	14.35		(0.16	)		41,463		1.07			1.21			1.09			380
	14.38		0.26			2,846		0.66			0.80			1.49			380
	14.38		(0.18	)		21,630		1.16			1.30			1.02			380
	14.37		0.43			19,012		0.55			0.70			1.62			380
	14.64		(0.89	)		134,630		0.91			1.06			1.08			441
	14.64		(1.63	)		8,066		1.66			1.81			0.33			441
	14.62		(0.56	)		129,442		0.57			0.72			1.42			441
	14.60		(1.06	)		53,711		1.07			1.22			0.92			441
	14.63		(0.64	)		4,558		0.66			0.81			1.33			441
	14.62		(1.14	)		21,045		1.16			1.31			0.83			441
	14.61		(0.60	)		17,614		0.55			0.69			1.35			441
	15.03		1.66			159,880		0.90			1.05			1.31			590
	15.03		0.91			11,743		1.66			1.80			0.56			590
	15.01		2.01			147,394		0.57			0.71			1.64			590
	14.99		1.50			54,940		1.06			1.21			1.15			590
	15.02		1.92			4,676		0.66			0.80			1.55			590
	15.02		1.41			21,688		1.15			1.30			1.06			590
	15.01		2.52			93		0.55	(e)		0.70	(e)		1.59	(e)		590
	15.02		3.80			182,381		0.91			1.05			1.16			471
	15.02		3.03			12,918		1.66			1.80			0.41			471
	15.00		4.23			186,519		0.58			0.71			1.50			471
	14.98		3.64			51,176		1.07			1.21			1.00			471
	15.01		4.06			3,875		0.66			0.80			1.41			471
	15.00		3.55			23,184		1.16			1.30			0.90			471
	14.67		(0.83	)		194,179		0.92			1.02			0.83			655
	14.67		(1.53	)		15,202		1.62			1.78			0.12			655
	14.64		(0.50	)		197,289		0.58			0.69			1.19			655
	14.63		(1.00	)		53,172		1.08			1.18			0.66			655
	14.66		(0.58	)		4,157		0.67			0.78			1.25			655
	14.65		(1.08	)		20,743		1.17			1.28			0.62			655

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				From investment operations
	Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions from net investment income to shareholders
FOR THE FISCAL YEARS ENDED MARCH 31,
	2018 - A	$	8.72	$	0.10		$	0.01		$	0.11		$	(0.10	)
	2018 - Institutional		8.71		0.13			0.01			0.14			(0.13	)
	2018 - Service		8.76		0.08			0.01			0.09			(0.09	)
	2018 - Investor(d)		8.69		0.13			0.01			0.14			(0.13	)
	2018 - R6		8.72		0.13			0.01			0.14			(0.14	)
	2017 - A		8.63		0.07			0.08			0.15			(0.06	)
	2017 - Institutional		8.63		0.09			0.08			0.17			(0.09	)
	2017 - Service		8.67		0.05			0.09			0.14			(0.05	)
	2017 - Investor(d)		8.61		0.08			0.08			0.16			(0.08	)
	2017 - R6		8.63		0.09			0.09			0.18			(0.09	)
	2016 - A		8.72		0.02			(0.09	)		(0.07	)		(0.02	)
	2016 - Institutional		8.72		0.05			(0.09	)		(0.04	)		(0.05	)
	2016 - Service		8.76		0.01			(0.09	)		(0.08	)		(0.01	)
	2016 - Investor(d)		8.70		0.04			(0.09	)		(0.05	)		(0.04	)
	2016 - R6 (Commenced July 31, 2015)		8.69		0.03			(0.06	)		(0.03	)		(0.03	)
	2015 - A		8.76		0.01			(0.04	)		(0.03	)		(0.01	)
	2015 - Institutional		8.77		0.03			(0.05	)		(0.02	)		(0.03	)
	2015 - Service		8.81		—	(f)		(0.05	)		(0.05	)		—	(f)
	2015 - Investor(d)		8.75		0.03			(0.05	)		(0.02	)		(0.03	)
	2014 - A		8.78		0.02			(0.02	)		—			(0.02	)
	2014 - Institutional		8.78		0.04			—	(f)		0.04			(0.05	)
	2014 - Service		8.83		—	(f)		(0.01	)		(0.01	)		(0.01	)
	2014 - Investor(d)		8.77		0.04			(0.02	)		0.02			(0.04	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Annualized.

(f) Amount is less than $0.005 per share.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.73		1.32	%	$	9,368		0.71	%		0.79	%		1.18	%		54	%
	8.72		1.67			730,204		0.36			0.44			1.54			54
	8.76		1.05			113		0.87			0.97			0.95			54
	8.70		1.58			1,292		0.46			0.53			1.47			54
	8.72		1.56			11		0.36			0.43			1.54			54
	8.72		1.79			11,303		0.65			0.89			0.76			59
	8.71		1.97			429,019		0.36			0.55			1.05			59
	8.76		1.58			491		0.86			1.05			0.55			59
	8.69		1.87			632		0.44			0.62			0.91			59
	8.72		2.11			10		0.36			0.53			1.05			59
	8.63		(0.80	)		10,680		0.70			0.88			0.22			71
	8.63		(0.47	)		360,939		0.36			0.54			0.56			71
	8.67		(0.93	)		551		0.84			1.04			0.11			71
	8.61		(0.56	)		663		0.45			0.63			0.47			71
	8.63		(0.32	)		10		0.36	(e)		0.53	(e)		0.55	(e)		71
	8.72		(0.36	)		18,565		0.66			0.90			0.12			64
	8.72		(0.19	)		503,652		0.36			0.56			0.38			64
	8.76		(0.53	)		145		0.73			1.07			0.05			64
	8.70		(0.28	)		996		0.45			0.65			0.32			64
	8.76		(0.01	)		43,550		0.72			0.95			0.20			130
	8.77		0.45			378,958		0.38			0.59			0.50			130
	8.81		(0.01	)		255		0.85			1.10			0.05			130
	8.75		0.24			1,570		0.47			0.69			0.43			130

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.44	$	0.16		$	(0.13	)	$	0.03		$	(0.16	)		—			—		$	(0.16	)
2018 - C		10.31		0.08			(0.12	)		(0.04	)		(0.10	)		—			—			(0.10	)
2018 - Institutional		10.56		0.20			(0.13	)		0.07			(0.20	)		—			—			(0.20	)
2018 - Investor(d)		10.50		0.19			(0.13	)		0.06			(0.19	)		—			—			(0.19	)
2018 - R		10.41		0.13			(0.12	)		0.01			(0.14	)		—			—			(0.14	)
2018 - R6		10.55		0.22			(0.14	)		0.08			(0.20	)		—			—			(0.20	)
2017 - A		10.44		0.18			(0.04	)		0.14			(0.14	)		—			—			(0.14	)
2017 - C		10.32		0.11			(0.05	)		0.06			(0.07	)		—			—			(0.07	)
2017 - Institutional		10.55		0.22			(0.04	)		0.18			(0.17	)		—			—			(0.17	)
2017 - Investor(d)		10.49		0.20			(0.03	)		0.17			(0.16	)		—			—			(0.16	)
2017 - R		10.41		0.15			(0.04	)		0.11			(0.11	)		—			—			(0.11	)
2017 - R6		10.55		0.21			(0.04	)		0.17			(0.17	)		—			—			(0.17	)
2016 - A		10.39		0.10			0.01			0.11			(0.03	)		—			(0.03	)		(0.06	)
2016 - C		10.31		0.04			—			0.04			(0.02	)		—			(0.01	)		(0.03	)
2016 - Institutional		10.48		0.09			0.06			0.15			(0.05	)		—			(0.03	)		(0.08	)
2016 - Investor(d)		10.43		0.12			0.01			0.13			(0.04	)		—			(0.03	)		(0.07	)
2016 - R		10.38		0.04			0.04			0.08			(0.03	)		—			(0.02	)		(0.05	)
2016 - R6 (commenced July 31, 2015)		10.36		(0.03	)		0.27			0.24			(0.03	)		—			(0.02	)		(0.05	)
2015 - A		10.29		(0.05	)		0.27			0.22			(0.12	)		—			—			(0.12	)
2015 - C		10.27		(0.10	)		0.23			0.13			(0.09	)		—			—			(0.09	)
2015 - Institutional		10.36		0.03			0.22			0.25			(0.13	)		—			—			(0.13	)
2015 - Investor(d)		10.32		(0.04	)		0.28			0.24			(0.13	)		—			—			(0.13	)
2015 - R		10.30		(0.12	)		0.31			0.19			(0.11	)		—			—			(0.11	)
2014 - A		11.24		0.09			(0.83	)		(0.74	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
2014 - C		11.28		—	(f)		(0.82	)		(0.82	)		—			(0.16	)		(0.03	)		(0.19	)
2014 - Institutional		11.28		0.13			(0.83	)		(0.70	)		(0.03	)		(0.16	)		(0.03	)		(0.22	)
2014 - Investor(d)		11.25		0.11			(0.83	)		(0.72	)		(0.02	)		(0.16	)		(0.03	)		(0.21	)
2014 - R		11.27		0.01			(0.78	)		(0.77	)		(0.01	)		(0.16	)		(0.03	)		(0.20	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Annualized.

(f) Amount is less than $0.005 per share.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.31		0.31	%	$	74,814		0.68	%		0.77	%		1.59	%		203	%
	10.17		(0.42	)		6,847		1.43			1.52			0.82			203
	10.43		0.64			258,458		0.34			0.43			1.95			203
	10.37		0.55			13,079		0.43			0.52			1.80			203
	10.28		0.09			18,169		0.93			1.02			1.29			203
	10.43		0.75			7,103		0.33			0.40			2.11			203
	10.44		1.32			78,713		0.68			0.84			1.69			189
	10.31		0.59			6,512		1.43			1.60			1.06			189
	10.56		1.70			202,452		0.34			0.50			2.11			189
	10.50		1.64			12,523		0.43			0.59			1.87			189
	10.41		1.07			18,094		0.93			1.09			1.45			189
	10.55		1.62			723		0.32			0.47			2.00			189
	10.44		1.09			39,525		0.70			0.89			1.02			171
	10.32		0.39			6,420		1.45			1.64			0.37			171
	10.55		1.42			119,876		0.35			0.56			0.85			171
	10.49		1.29			2,697		0.45			0.64			1.18			171
	10.41		0.79			10,128		0.95			1.15			0.42			171
	10.55		2.37			10		0.34	(e)		0.60	(e)		(0.44	)(e)		171
	10.39		2.09			38,976		0.69			0.96			(0.47	)		161
	10.31		1.25			8,161		1.44			1.71			(1.00	)		161
	10.48		2.40			72,940		0.35			0.62			0.29			161
	10.43		2.27			2,526		0.45			0.71			(0.42	)		161
	10.38		1.81			7,085		0.95			1.22			(1.19	)		161
	10.29		(6.60	)		37,940		0.63			0.84			0.88			262
	10.27		(7.29	)		10,173		1.38			1.59			(0.01	)		262
	10.36		(6.22	)		91,483		0.29			0.50			1.19			262
	10.32		(6.35	)		2,021		0.38			0.59			1.03			262
	10.30		(6.82	)		4,707		0.88			1.10			0.10			262

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.99	$	0.11	$	(0.13	)	$	(0.02	)	$	(0.18	)
2018 - C		9.92		0.07		(0.12	)		(0.05	)		(0.14	)
2018 - Institutional		9.96		0.14		(0.13	)		0.01			(0.21	)
2018 - Service		9.94		0.09		(0.12	)		(0.03	)		(0.16	)
2018 - Investor(d)		9.99		0.13		(0.12	)		0.01			(0.20	)
2018 - R6		9.96		0.17		(0.16	)		0.01			(0.21	)
2017 - A		10.10		0.11		(0.06	)		0.05			(0.16	)
2017 - C		10.03		0.07		(0.06	)		0.01			(0.12	)
2017 - Institutional		10.07		0.14		(0.06	)		0.08			(0.19	)
2017 - Service		10.05		0.09		(0.06	)		0.03			(0.14	)
2017 - Investor(d)		10.10		0.14		(0.07	)		0.07			(0.18	)
2017 - R6		10.07		0.14		(0.06	)		0.08			(0.19	)
2016 - A		10.12		0.05		(0.01	)		0.04			(0.06	)
2016 - C		10.06		0.02		(0.02	)		—	(e)		(0.03	)
2016 - Institutional		10.09		0.09		(0.01	)		0.08			(0.10	)
2016 - Service		10.08		0.04		(0.02	)		0.02			(0.05	)
2016 - Investor(d)		10.13		0.08		(0.02	)		0.06			(0.09	)
2016 - R6 (Commenced July 31, 2015)		10.09		0.06		(0.02	)		0.04			(0.06	)
2015 - A		10.17		0.07		(0.04	)		0.03			(0.08	)
2015 - C		10.11		0.03		(0.04	)		(0.01	)		(0.04	)
2015 - Institutional		10.14		0.10		(0.03	)		0.07			(0.12	)
2015 - Service		10.13		0.05		(0.03	)		0.02			(0.07	)
2015 - Investor(d)		10.18		0.09		(0.03	)		0.06			(0.11	)
2014 - A		10.24		0.07		(0.06	)		0.01			(0.08	)
2014 - C		10.17		0.03		(0.05	)		(0.02	)		(0.04	)
2014 - Institutional		10.21		0.10		(0.06	)		0.04			(0.11	)
2014 - Service		10.20		0.05		(0.06	)		(0.01	)		(0.06	)
2014 - Investor(d)		10.25		0.09		(0.05	)		0.04			(0.11	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.79		(0.22	)%	$	86,239		0.82	%		0.89	%		1.15	%		87	%
	9.73		(0.53	)		19,799		1.22			1.64			0.72			87
	9.76		0.11			837,920		0.48			0.55			1.46			87
	9.75		(0.29	)		19,954		0.98			1.05			0.95			87
	9.80		0.13			24,676		0.57			0.64			1.35			87
	9.76		0.12			2,038		0.46			0.54			1.69			87
	9.99		0.46			138,612		0.82			0.92			1.08			173
	9.92		0.06			28,292		1.22			1.67			0.68			173
	9.96		0.80			1,045,066		0.47			0.58			1.42			173
	9.94		0.30			26,697		0.97			1.08			0.93			173
	9.99		0.72			24,378		0.56			0.67			1.36			173
	9.96		0.82			73,716		0.45			0.56			1.44			173
	10.10		0.44			173,879		0.81			0.91			0.52			227
	10.03		(0.02	)		33,934		1.17			1.66			0.17			227
	10.07		0.78			1,089,297		0.47			0.57			0.86			227
	10.05		0.18			30,608		0.97			1.07			0.37			227
	10.10		0.59			17,850		0.56			0.66			0.77			227
	10.07		0.42			73,976		0.45	(f)		0.55	(f)		0.84	(f)		227
	10.12		0.33			220,814		0.82			0.91			0.67			185
	10.06		(0.07	)		36,722		1.22			1.67			0.27			185
	10.09		0.67			1,003,694		0.48			0.57			1.00			185
	10.08		0.17			33,015		0.98			1.08			0.51			185
	10.13		0.58			13,505		0.57			0.66			0.91			185
	10.17		0.10			277,312		0.82			0.91			0.65			211
	10.11		(0.20	)		48,324		1.22			1.66			0.26			211
	10.14		0.44			1,043,676		0.48			0.57			1.00			211
	10.13		(0.06	)		38,818		0.98			1.07			0.49			211
	10.18		0.35			18,018		0.57			0.66			0.91			211

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From return of capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.96	$	0.17	$	(0.19	)	$	(0.02	)	$	(0.16	)	$	—		$	(0.03	)	$	(0.19	)
2018 - C		9.96		0.14		(0.19	)		(0.05	)		(0.13	)		—			(0.02	)		(0.15	)
2018 - Institutional		9.98		0.21		(0.19	)		0.02			(0.20	)		—			(0.03	)		(0.23	)
2018 - Investor(d)		9.98		0.20		(0.19	)		0.01			(0.19	)		—			(0.03	)		(0.22	)
2018 - R		9.98		0.16		(0.20	)		(0.04	)		(0.15	)		—			(0.02	)		(0.17	)
2018 - R6		9.98		0.21		(0.20	)		0.01			(0.19	)		—			(0.03	)		(0.22	)
2017 - A		9.96		0.16		0.02			0.18			(0.18	)		—			—			(0.18	)
2017 - C		9.96		0.12		0.03			0.15			(0.15	)		—			—			(0.15	)
2017 - Institutional		9.98		0.19		0.03			0.22			(0.22	)		—			—			(0.22	)
2017 - Investor(d)		9.97		0.18		0.04			0.22			(0.21	)		—			—			(0.21	)
2017 - R		9.98		0.13		0.03			0.16			(0.16	)		—			—			(0.16	)
2017 - R6		9.97		0.19		0.04			0.23			(0.22	)		—			—			(0.22	)
2016 - A		10.10		0.16		(0.10	)		0.06			(0.20	)		—			—			(0.20	)
2016 - C		10.10		0.12		(0.10	)		0.02			(0.16	)		—			—			(0.16	)
2016 - Institutional		10.11		0.19		(0.08	)		0.11			(0.24	)		—			—			(0.24	)
2016 - Investor(d)		10.11		0.18		(0.09	)		0.09			(0.23	)		—			—			(0.23	)
2016 - R		10.11		0.13		(0.08	)		0.05			(0.18	)		—			—			(0.18	)
2016 - R6 (Commenced July 31, 2015)		10.07		0.13		(0.07	)		0.06			(0.16	)		—			—			(0.16	)
2015 - A		10.17		0.10		(0.04	)		0.06			(0.13	)		—			—			(0.13	)
2015 - C		10.17		0.06		(0.04	)		0.02			(0.09	)		—			—			(0.09	)
2015 - Institutional		10.18		0.13		(0.03	)		0.10			(0.17	)		—			—			(0.17	)
2015 - Investor(d)		10.18		0.13		(0.04	)		0.09			(0.16	)		—			—			(0.16	)
2015 - R		10.18		0.08		(0.04	)		0.04			(0.11	)		—			—			(0.11	)
2014 - A		10.17		0.12		0.01			0.13			(0.13	)		—	(f)		—			(0.13	)
2014 - C		10.17		0.08		0.01			0.09			(0.09	)		—	(f)		—			(0.09	)
2014 - Institutional		10.18		0.15		0.01			0.16			(0.16	)		—	(f)		—			(0.16	)
2014 - Investor(d)		10.18		0.15		—	(f)		0.15			(0.15	)		—	(f)		—			(0.15	)
2014 - R		10.18		0.09		0.01			0.10			(0.10	)		—	(f)		—			(0.10	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

(e) Annualized.

(f) Amount is less than $0.005 per share.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.75		(0.19	)%	$	5,734		0.79	%		0.87	%		1.75	%		106	%
	9.76		(0.48	)		1,077		1.19			1.63			1.39			106
	9.77		0.16			575,452		0.45			0.53			2.12			106
	9.77		0.06			2,094		0.54			0.62			2.03			106
	9.77		(0.43	)		95		1.04			1.12			1.57			106
	9.77		0.13			10		0.45			0.55			2.12			106
	9.96		1.86			9,259		0.79			0.90			1.56			165
	9.96		1.46			954		1.19			1.66			1.16			165
	9.98		2.21			560,818		0.45			0.56			1.90			165
	9.98		2.22			1,457		0.54			0.65			1.84			165
	9.98		1.62			32		1.04			1.14			1.32			165
	9.98		2.30			10		0.45			0.59			1.91			165
	9.96		0.62			7,001		0.80			0.94			1.57			161
	9.96		0.22			886		1.20			1.69			1.17			161
	9.98		1.07			390,351		0.45			0.60			1.91			161
	9.97		0.87			363		0.54			0.69			1.81			161
	9.98		0.46			25		1.04			1.19			1.33			161
	9.97		0.65			10		0.48	(e)		0.63	(e)		1.90	(e)		161
	10.10		0.60			3,986		0.79			0.99			0.95			139
	10.10		0.21			864		1.18			1.74			0.57			139
	10.11		0.94			289,892		0.45			0.64			1.29			139
	10.11		0.85			289		0.55			0.74			1.25			139
	10.11		0.37			10		1.01			1.22			0.76			139
	10.17		1.28			2,327		0.80			1.19			1.16			157
	10.17		0.87			564		1.20			1.93			0.77			157
	10.18		1.62			166,129		0.46			0.84			1.50			157
	10.18		1.53			206		0.55			0.93			1.43			157
	10.18		1.02			10		1.03			1.44			0.91			157

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.02	$	0.14		$	(0.04	)	$	0.10	$	(0.11	)	$	—	(d)	$	(0.11	)
2018 - Institutional		10.02		0.15			(0.01	)		0.14		(0.15	)		—	(d)		(0.15	)
2018 - Administration		10.02		0.13			(0.01	)		0.12		(0.12	)		—	(d)		(0.12	)
2018 - Preferred		10.02		0.14			—	(e)		0.14		(0.14	)		—	(d)		(0.14	)
2018 - R6 (Commenced November 30, 2017)		10.02		0.05			—			0.05		(0.05	)		—	(d)		(0.05	)
2017 - A (Commenced October 31, 2016)		10.01		0.03			0.01			0.04		(0.03	)		—	(d)		(0.03	)
2017 - Institutional		10.00		0.11			0.01			0.12		(0.10	)		—	(d)		(0.10	)
2017 - Administration		10.00		0.06			0.04			0.10		(0.08	)		—	(d)		(0.08	)
2017 - Preferred (Commenced October 31, 2016)		10.01		0.04			0.01			0.05		(0.04	)		—	(d)		(0.04	)
2016 - Institutional		10.00		0.06			—	(e)		0.06		(0.06	)		—	(d)		(0.06	)
2016 - Administration		10.00		0.04			—	(e)		0.04		(0.04	)		—	(d)		(0.04	)
2015 - Institutional		10.00		0.03			0.01			0.04		(0.04	)		—			(0.04	)
2015 - Administration		10.00		0.01			—	(e)		0.01		(0.01	)		—			(0.01	)
FOR THE PERIOD ENDED MARCH 31,
2014 - Institutional (Commenced February 28, 2014)		10.00		—	(e)		—	(e)		—		—			—			—
2014 - Administration (Commenced February 28, 2014)		10.00		—	(e)		—	(e)		—		—			—			—

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

(b) 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. 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.

(c) 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.

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

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.01		1.04	%	$	817		0.57	%		0.63	%		1.42	%		67	%
	10.01		1.40			1,421,091		0.19			0.33			1.54			67
	10.02		1.24			1,032		0.43			0.59			1.25			67
	10.02		1.40			25		0.28			0.44			1.38			67
	10.02		0.43			10		0.24	(f)		0.35	(f)		1.64	(f)		67
	10.02		0.42			25		0.51	(f)		1.33	(f)		0.75	(f)		46
	10.02		1.22			265,690		0.15			1.20			1.08			46
	10.02		0.97			132		0.41			1.49			0.60			46
	10.02		0.52			25		0.27	(f)		1.11	(f)		0.95	(f)		46
	10.00		0.61			15,082		0.19			2.10			0.63			39
	10.00		0.37			25		0.43			2.44			0.35			39
	10.00		0.36			100,009		0.19			4.62			0.35			40
	10.00		0.10			25		0.42			4.87			0.12			40
	10.00		—			9,976		0.19	(f)		4.30	(f)		0.10	(f)		—
	10.00		—			25		0.44	(f)		4.55	(f)		(0.15	)(f)		—

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2018

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
Enhanced Income	A, Institutional, Administration, Investor and R6	Diversified
Government Income	A, C, Institutional, Service, Investor, R and R6	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor and R6	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, R and R6	Diversified
Short Duration Government	A, C, Institutional, Service, Investor and R6	Diversified
Short Duration Income	A, C, Institutional, Investor, R and R6	Diversified
Short-Term Conservative Income	A, Institutional, Administration, Preferred and R6*	Diversified

* Commenced operations on November 30, 2017.

Class A Shares of 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 sold with a front-end sales charge of up to 1.50%, 3.75%, 1.50%, 3.75%, 1.50%, 1.50% and 1.50%, respectively. Class C Shares are 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. Institutional, Administration, Preferred, Service, Investor, Class R and Class R6 Shares are not subject to a sales charge. Previously, Investor Shares were known as Class IR Shares.

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 (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, 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. 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 interest rate swaps whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are

124

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 (mutual funds) 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	Daily	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

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 net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency 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.

125

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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 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 assumptions in determining fair value measurement).

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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.

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.

126

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

viii.  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 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.

127

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

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

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

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

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in 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.

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.

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.

129

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

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, 2018:

ENHANCED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	199,944,024		$	—
Mortgage-Backed Obligations		—			950,000			—
Asset-Backed Securities		—			105,671,438			—
Municipal Debt Obligation		—			667,770			—
U.S. Treasury Obligations		2,171,725			—			—
Investment Company		5,689,869			—			—
Short-term Investments		—			147,993,124			—
Total	$	7,861,594		$	455,226,356		$	—
Derivative Type
Assets(a)
Futures Contracts	$	2,914,918		$	—		$	—
Liabilities(a)
Futures Contracts	$	(115,487	)	$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	109,394,803		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		137,762,865			34,165,869			—
Asset-Backed Securities		—			39,984,063			—
Municipal Debt Obligations		—			6,709,414			—
Investment Company		5,126,717			—			—
Short-term Investments		—			14,542,326			—
Total	$	142,889,582		$	204,796,475		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,067,422	)	$	—

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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)	$	485,408		$	—		$	—
Interest Rate Swap Contracts(a)		—			311,057			—
Options Purchased		47,600			—			—
Total	$	533,008		$	311,057		$	—
Liabilities(a)
Futures Contracts	$	(358,284	)	$	—		$	—
Interest Rate Swap Contracts		—			(440,113	)		—
Total	$	(358,284	)	$	(440,113	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	325,114,193		$	—
U.S. Government Agencies		—			3,998,760			—
Asset-Backed Securities		—			318,429,161			—
Municipal Debt Obligations		—			16,375,355			—
Short-term Investments		—			86,485,238			—
Total	$	—		$	750,402,707		$	—
Derivative Type
Assets(a)
Futures Contracts	$	171,711		$	—		$	—
Interest Rate Swap Contracts		—			22,144			—
Total	$	171,711		$	22,144		$	—
Liabilities(a)
Futures Contracts	$	(433,002	)	$	—		$	—
Interest Rate Swap Contracts		—			(36,186	)		—
Total	$	(433,002	)	$	(36,186	)	$	—

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	329,514,385		$	—		$	—
Investment Company		38,073,204			—			—
Total	$	367,587,589		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	966,023		$	—		$	—
Interest Rate Swap Contracts(a)		—			1,072,497			—
Options Purchased		23,800			—			—
Total	$	989,823		$	1,072,497		$	—
Liabilities(a)
Futures Contracts	$	(782,217	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,260,737	)		—
Total	$	(782,217	)	$	(1,260,737	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	390,360,899		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		519,754,204			57,540,743			—
Asset-Backed Securities		—			1,263,639			—
Investment Company		50,771			—			—
Short-term Investments		—			14,659,018			—
Total	$	519,804,975		$	463,824,299		$	—
Derivative Type
Assets(a)
Futures Contracts	$	8,160,799		$	—		$	—
Interest Rate Swap Contracts		—			805,756			—
Total	$	8,160,799		$	805,756		$	—
Liabilities(a)
Futures Contracts	$	(1,891,669	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,085,438	)		—
Total	$	(1,891,669	)	$	(1,085,438	)	$	—

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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	$	—		$	289,384,858		$	—
Mortgage-Backed Obligations		—			61,181,815			729,103
Asset-Backed Securities		—			150,371,727			—
Foreign Debt Obligations		—			7,631,821			—
Structured Notes		—			3,263,196			—
Municipal Debt Obligations		—			15,080,982			—
U.S. Treasury Obligations		992,970			—			—
Investment Company		14,992,853			—			—
Short-term Investments		—			30,457,984			—
Total	$	15,985,823		$	557,372,383		$	729,103
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	850,446		$	—
Futures Contracts(a)		2,371,930			—			—
Interest Rate Swap Contracts(a)		—			1,682,887			—
Credit Default Swap Contracts(a)		—			4,755			—
Options Purchased		86,700			118,873			—
Total	$	2,458,630		$	2,656,961		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,281,927	)	$	—
Futures Contracts(a)		(518,862	)		—			—
Interest Rate Swap Contracts(a)		—			(1,479,169	)		—
Credit Default Swap Contracts(a)		—			(32,111	)		—
Options Written		—			(123,634	)		—
Total	$	(518,862	)	$	(2,916,841	)	$	—
SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	543,580,675		$	—
Municipal Debt Obligation		—			22,500,000			—
Investment Company		8,206			—			—
Short-term Investments		—			844,967,935			—
Total	$	8,206		$	1,411,048,610		$	—

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

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

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Notes to Financial Statements (continued)

March 31, 2018

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, 2018. 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.

ENHANCED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	2,914,918	(a)	Variation margin on futures contracts	$	(115,487)	(a)
GOVERNMENT INCOME FUND
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	$	844,065	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(798,397)	(a)
HIGH QUALITY FLOATING RATE
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;	$	193,855	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(469,188)	(a)
INFLATION PROTECTED SECURITIES
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	$	2,062,320	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(2,042,954)	(a)
SHORT DURATION GOVERNMENT
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;	$	8,966,555	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(2,977,107)	(a)
SHORT DURATION 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	$	4,260,390	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(2,121,665)	(a)
Credit	Variation margin on swap contracts		4,755		Variation margin on swap contracts		(32,111)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		850,446		Payable for unrealized loss on forward foreign currency exchange contracts		(1,281,927)
Total		$	5,115,591			$	(3,435,703)

(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.

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4. INVESTMENTS IN DERIVATIVES (continued)

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, 2018. 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:

ENHANCED INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	1,294,670		$	1,892,201			1,590
GOVERNMENT INCOME FUND
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts and swap contracts	$	986,230		$	(1,952,844	)		485
HIGH QUALITY FLOATING RATE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures and swap contracts /Net change in unrealized gain (loss) futures and swap contracts	$	518,712		$	(263,351	)		660
INFLATION PROTECTED SECURITIES
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts; Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts	$	(370,796	)	$	(440,656	)		1,620
SHORT DURATION GOVERNMENT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	5,504,223		$	(4,322,283	)		9,636

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	(5,085,159	)	$	1,128,516			2,629
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(976,054	)		(61,449	)		3
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3,643,821	)		2,329,056			928
Total		$	(9,705,034	)	$	3,396,123			3,560

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2018.

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 termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due 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.

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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, 2018, 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
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			0.52
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.33			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.28			0.26
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.46			0.43
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.17	*

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

* Effective October 31, 2017, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.19% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least November 30, 2018. Prior to October 31, 2017, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.15% as an annual percentage rate of the Fund’s average daily net assets.

Prior to July 28, 2017, the contractual management fee rates for the Government Income Fund, High Quality Floating Rate Fund, Inflation Protected Securities Fund, and Short Duration Government Fund were as stated below.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Government Income		0.54	%		0.49	%		0.47	%		0.46	%		0.45	%
High Quality Floating Rate		0.40			0.36			0.34			0.33			0.32
Inflation Protected Securities		0.33			0.30			0.28			0.27			0.26
Short Duration Government		0.50			0.45			0.43			0.42			0.41

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 the Funds in an amount equal to the

137

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Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2018, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Enhanced Income	$	38,936
Government Income		23,442
Inflation Protected Securities		13,205
Short Duration Government		50,116
Short Duration Income		10,324
Short-Term Conservative Income		24,473

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 Services Shares of the Funds as set forth below.

	Distribution and Service Plan Rates
	Class A*			Class C			Class R*			Service Shares
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.

Goldman Sachs has agreed to waive a portion of the distribution 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 July 28, 2018, for Short Duration Government and Short Duration Income Funds. Prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

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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, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Enhanced Income	$	64		N/A
Government Income		4,137	$	56
High Quality Floating Rate		293		N/A
Inflation Protected Securities		684		—
Short Duration Government		1,538		—
Short Duration Income		274		—
Short-Term Conservative Income		—		N/A

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 and Service Shares of the Funds, as applicable.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional, Administration, Preferred Shares and Service Shares. Prior to July 28, 2017, the transfer agent fee annual rates were as follows: 0.02% of the average daily net assets of Class R6 Shares for the following Funds: Enhanced Income Fund, Government Income Fund, High Quality Floating Rate Fund, Inflation Protected Securities Fund, Short Duration Government Fund, and Short Duration Income Fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Institutional, Administration and Preferred Shares and equal to 0.02% as an annual percentage rate of the average daily net assets of the Class R6 Shares of the Short-Term Conservative Income Fund. This arrangement will remain in effect through at least November 30, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), 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 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

139

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Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 28, 2018 (November 30, 2018 with respect to the Short-Term Conservative Income Fund only), 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, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Class C Distribution & Service Fees		Transfer Agency Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	38,936	$	—	$	11	$	54,182	$	93,129
Government Income		35,174		—		61		469,818		505,053
High Quality Floating Rate		160,588		—		3		318,153		478,744
Inflation Protected Securities		88,441		—		29		217,111		305,581
Short Duration Government		242,269		83,683		43		562,887		888,882
Short Duration Income		10,324		3,276		5		487,081		500,686
Short-Term Conservative Income		810,804		—		308,452		358,035		1,477,291

G.  Line of Credit Facility — As of March 31, 2018, the Funds participated in a $1,100,000,000 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, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2018 , Goldman Sachs earned $ 7,753, $ 10,068, $ 8,205, $ 28,988, $ 68,723, and $ 43,866, 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, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class R Class R6 and Preferred Shares of the following Funds:

Fund	Class R			Class R6			Preferred
Enhanced Income		—	%		100	%		—	%
High Quality Floating Rate		—			97			—
Short Duration Income		11			100			—
Short-Term Conservative Income		—			100			100

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended March 31, 2018:

Fund	Beginning Value as of March 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value March 31, 2018		Shares as of March 31, 2018		Dividend Income
Enhanced Income	$	1,138	$	558,513,288	$	(552,824,557	)	$	5,689,869		5,689,869	$	233,501
Government Income		6,774,554		160,692,712		(162,340,549	)		5,126,717		5,126,717		146,010
Inflation Protected Securities		12,583,961		156,142,622		(130,653,379	)		38,073,204		38,073,204		93,972
Short Duration Government		55,325		704,261,055		(704,265,609	)		50,771		50,771		314,295
Short Duration Income		9,001		333,068,387		(318,084,535	)		14,992,853		14,992,853		64,949
Short-Term Conservative Income		20,184,970		1,565,812,147		(1,585,988,911	)		8,206		8,206		140,453

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, 2018, 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	$	47,108,960	$	208,118,412	$	106,844,555	$	248,970,977
Government Income		1,334,598,347		14,894,131		1,372,835,793		12,722,372
High Quality Floating Rate		299,410,928		332,971,108		182,508,772		153,000,930
Inflation Protected Securities		686,964,075		—		662,173,099		—
Short Duration Government		907,481,404		—		1,378,357,907		14,166,425
Short Duration Income		327,562,866		301,182,327		379,285,937		219,709,427
Short-Term Conservative Income		—		645,389,572		—		236,371,712

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2018, 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	$	8,016,922	$	6,510,919	$	10,317,294	$	6,187,564	$	22,752,800	$	12,019,912	$	15,856,900
Net long-term capital gains		—		—		—		—		—		—		22,545
Total taxable distributions	$	8,016,922	$	6,510,919	$	10,317,294	$	6,187,564	$	22,752,800	$	12,019,912	$	15,879,445
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	1,818,816	$	—

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Notes to Financial Statements (continued)

March 31, 2018

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2017 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	$	6,104,828	$	7,103,518	$	3,991,500	$	3,592,318	$	25,138,733	$	10,750,422	$	649,597
Net long-term capital gains		—		—		—		—		—		—		1,564
Total taxable distributions	$	6,104,828	$	7,103,518	$	3,991,500	$	3,592,318	$	25,138,733	$	10,750,422	$	651,161
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	32,688	$	—

As of March 31, 2018, 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	$	730,494		$	575,837		$	175,067		$	638,136		$	1,601,609		$	—		$	40,746
Undistributed long-term capital gains		—			—			—			—			—			—			47,391
Total undistributed earnings	$	730,494		$	575,837		$	175,067		$	638,136		$	1,601,609		$	—		$	88,137
Capital loss carryforwards(1)(2) (3):
Expiring 2019		(9,056,394	)		—			(2,415,726	)		—			—			—			—
Perpetual Short-Term		(2,626,021	)		(312,549	)		(3,696,918	)		(217,687	)		(18,291,152	)		(3,963,586	)		—
Perpetual Long-Term		(1,692,252	)		(8,967,831	)		(1,622,785	)		(16,010,130	)		(14,674,746	)		(2,971,616	)		—
Total capital loss carryforwards	$	(13,374,667	)	$	(9,280,380	)	$	(7,735,429	)	$	(16,227,817	)	$	(32,965,898	)	$	(6,935,202	)	$	—
Timing differences (Income Distributions Payable, Qualified Late Year Loss Deferral/Post October Loss Deferral and Straddle Loss Deferrals)	$	(13,128	)	$	(3,018,016	)	$	(88,014	)	$	(1,592,582	)	$	(2,031,013	)	$	(4,851,951	)	$	(46,257	)
Unrealized gains (losses) — net		(2,778,893	)		(1,638,967	)		820,672			(1,364,085	)		(9,451,447	)		(4,593,891	)		(715,433	)
Total accumulated earnings (losses) net	$	(15,436,194	)	$	(13,361,526	)	$	(6,827,704	)	$	(18,546,348	)	$	(42,846,749	)	$	(16,381,044	)	$	(673,553	)

(1) Expiration occurs on March 31 of the year indicated.

(2) The Enhanced Income and High Quality Floating Rate Funds utilized $550,640, and $686,631, respectively, of capital losses in the current fiscal year.

(3) The Enhanced Income and High Quality Floating Rate Funds had capital loss carryforwards of $1,658,767, and $21,924,176, respectively, which expired in the current fiscal year.

As of March 31, 2018, 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	$	468,666,274			349,357,567			749,306,702			368,971,040			999,070,169			580,501,146		$	1,411,772,249
Gross unrealized gain		3,074,447			3,043,645			2,055,016			810,327			7,609,075			3,760,757			497,587
Gross unrealized loss		(5,853,340	)		(4,682,612	)		(1,234,344	)		(2,174,412	)		(17,060,522	)		(8,354,648	)		(1,213,020	)
Net unrealized gains (losses)	$	(2,778,893	)	$	(1,638,967	)	$	820,672		$	(1,364,085	)	$	(9,451,447	)	$	(4,593,891	)	$	(715,433	)

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7. TAX INFORMATION (continued)

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 and options contracts, net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, premium amortization and the accretion of market discount.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from dividend redesignations, expired capital loss carryforwards, and differences in the tax treatment of swap transactions, paydown gains and losses, inflation protected securities, foreign currency transactions, premium amortization and the accretion of market discount.

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Enhanced Income	$	(1,658,767	)	$	1,702,659		$	(43,892	)
Government Income		—			(1,612,688	)		1,612,688
High Quality Floating Rate		(21,924,176	)		21,595,860			328,316
Inflation Protected Securities		—			2,323			(2,323	)
Short Duration Government		—			(5,794,787	)		5,794,787
Short Duration Income		116			369,098			(369,214	)

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:

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 Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share 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.

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Notes to Financial Statements (continued)

March 31, 2018

8. OTHER RISKS (continued)

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 than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause 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 and is required to maintain 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

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.

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.

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10. OTHER MATTERS

March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended March 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

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.

12. SUMMARY OF SHARE TRANSACTIONS

	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		489,157		$	4,614,385			1,857,539		$	17,507,617
Reinvestment of distributions		28,689			270,596			30,009			282,967
Shares redeemed		(3,159,239	)		(29,817,330	)		(1,881,726	)		(17,737,553	)
		(2,641,393	)		(24,932,349	)		5,822			53,031
Institutional Shares
Shares sold		33,597,332			316,602,480			26,269,317			247,264,987
Reinvestment of distributions		799,506			7,530,440			600,804			5,658,892
Shares redeemed		(32,553,461	)		(306,623,278	)		(25,689,052	)		(241,913,887	)
		1,843,377			17,509,642			1,181,069			11,009,992
Administration Shares
Shares sold		1,497			14,150			1,409			13,317
Reinvestment of distributions		216			2,044			156			1,470
Shares redeemed		(1,428	)		(13,505	)		(31	)		(292	)
		285			2,689			1,534			14,495
Investor Shares(a)
Shares sold		474,434			4,466,950			164,095			1,544,944
Reinvestment of distributions		5,424			51,034			1,230			11,577
Shares redeemed		(147,374	)		(1,387,189	)		(18,125	)		(170,657	)
		332,484			3,130,795			147,200			1,385,864
Class R6 Shares
Reinvestment of distributions		17			157			13			122
		17			157			13			122
NET INCREASE (DECREASE)		(465,230	)	$	(4,289,066	)		1,335,638		$	12,463,504

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

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Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,386,127		$	20,258,053			2,339,231		$	34,861,561
Reinvestment of distributions		115,373			1,687,078			147,912			2,206,362
Shares redeemed		(3,164,037	)		(46,280,904	)		(3,927,352	)		(58,319,497	)
		(1,662,537	)		(24,335,773	)		(1,440,209	)		(21,251,574	)
Class C Shares
Shares sold		91,068			1,330,114			128,304			1,918,650
Reinvestment of distributions		3,528			51,596			5,134			76,594
Shares redeemed		(231,422	)		(3,392,078	)		(363,745	)		(5,402,702	)
		(136,826	)		(2,010,368	)		(230,307	)		(3,407,458	)
Institutional Shares
Shares sold		3,266,372			47,733,798			2,859,730			42,444,540
Reinvestment of distributions		161,101			2,350,300			145,993			2,173,070
Shares redeemed		(2,449,337	)		(35,703,155	)		(3,970,697	)		(59,161,539	)
		978,136			14,380,943			(964,974	)		(14,543,929	)
Service Shares
Shares sold		280,268			4,093,521			1,063,072			15,891,144
Reinvestment of distributions		41,439			604,373			49,547			736,597
Shares redeemed		(1,111,405	)		(16,231,558	)		(1,098,798	)		(16,323,408	)
		(789,698	)		(11,533,664	)		13,821			304,333
Investor Shares(a)
Shares sold		36,715			537,335			174,833			2,588,434
Reinvestment of distributions		5,292			77,400			6,455			96,202
Shares redeemed		(155,625	)		(2,274,515	)		(181,072	)		(2,674,055	)
		(113,618	)		(1,659,780	)		216			10,581
Class R Shares
Shares sold		404,250			5,871,495			415,366			6,180,039
Reinvestment of distributions		19,332			282,133			19,670			292,887
Shares redeemed		(358,011	)		(5,222,795	)		(440,427	)		(6,574,699	)
		65,571			930,833			(5,391	)		(101,773	)
Class R6 Shares
Shares sold		627,382			9,156,383			1,434,687			21,480,958
Reinvestment of distributions		5,806			84,614			2,564			37,884
Shares redeemed		(515,039	)		(7,528,706	)		(238,272	)		(3,502,014	)
		118,149			1,712,291			1,198,979			18,016,828
NET DECREASE		(1,540,823	)	$	(22,515,518	)		(1,427,865	)	$	(20,972,992	)

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		359,051		$	3,132,862			490,063		$	4,255,096
Reinvestment of distributions		14,079			122,858			8,740			75,835
Shares redeemed		(595,887	)		(5,199,696	)		(439,772	)		(3,814,544	)
		(222,757	)		(1,943,976	)		59,031			516,387
Institutional Shares
Shares sold		75,408,719			657,549,810			21,389,109			185,639,848
Reinvestment of distributions		1,157,436			10,095,995			444,341			3,853,445
Shares redeemed		(42,073,795	)		(367,006,013	)		(14,439,282	)		(125,261,719	)
		34,492,360			300,639,792			7,394,168			64,231,574
Service Shares
Shares sold		3,125			27,469			4,536			39,548
Reinvestment of distributions		154			1,349			259			2,261
Shares redeemed		(46,489	)		(407,251	)		(12,282	)		(106,672	)
		(43,210	)		(378,433	)		(7,487	)		(64,863	)
Investor Shares(a)
Shares sold		275,048			2,392,434			461,146			4,002,495
Reinvestment of distributions		1,664			14,473			678			5,870
Shares redeemed		(200,935	)		(1,747,825	)		(466,081	)		(4,044,531	)
		75,777			659,082			(4,257	)		(36,166	)
Class R6 Shares
Shares sold		32			277			—			—
Reinvestment of distributions		18			160			12			105
		50			437			12			105
NET INCREASE		34,302,220		$	298,976,902			7,441,467		$	64,647,037

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

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Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,068,409		$	31,864,267			6,137,720		$	64,356,868
Reinvestment of distributions		51,662			535,064			36,119			380,915
Shares redeemed		(3,404,416	)		(35,240,610	)		(2,422,621	)		(25,249,121	)
		(284,345	)		(2,841,279	)		3,751,218			39,488,662
Class C Shares
Shares sold		247,183			2,540,637			194,145			2,007,153
Reinvestment of distributions		4,993			51,008			3,883			40,607
Shares redeemed		(210,572	)		(2,154,932	)		(188,610	)		(1,944,434	)
		41,604			436,713			9,418			103,326
Institutional Shares
Shares sold		10,906,766			114,459,292			12,155,834			128,368,047
Reinvestment of distributions		291,314			3,052,083			163,111			1,734,872
Shares redeemed		(5,597,503	)		(58,724,218	)		(4,512,429	)		(47,748,255	)
		5,600,577			58,787,157			7,806,516			82,354,664
Investor Shares(a)
Shares sold		752,020			7,845,765			1,077,076			11,326,781
Reinvestment of distributions		23,247			242,201			10,811			114,254
Shares redeemed		(707,063	)		(7,381,923	)		(152,305	)		(1,597,337	)
		68,204			706,043			935,582			9,843,698
Class R Shares
Shares sold		1,199,310			12,420,142			1,264,559			13,253,493
Reinvestment of distributions		16,341			168,676			10,417			109,601
Shares redeemed		(1,186,259	)		(12,267,344	)		(510,408	)		(5,315,894	)
		29,392			321,474			764,568			8,047,200
Class R6 Shares
Shares sold		761,199			7,948,873			95,852			1,016,183
Reinvestment of distributions		3,300			34,520			429			4,547
Shares redeemed		(151,896	)		(1,597,879	)		(28,762	)		(306,327	)
		612,603			6,385,514			67,519			714,403
NET INCREASE		6,068,035		$	63,795,622			13,334,821		$	140,551,953

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

148

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, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,032,554		$	30,039,275			5,483,263		$	55,000,242
Reinvestment of distributions		185,389			1,837,532			221,921			2,227,866
Shares redeemed		(8,290,521	)		(82,173,783	)		(9,045,563	)		(90,708,076	)
		(5,072,578	)		(50,296,976	)		(3,340,379	)		(33,479,968	)
Class C Shares
Shares sold		295,640			2,904,878			547,584			5,458,642
Reinvestment of distributions		27,299			268,590			28,591			285,188
Shares redeemed		(1,139,243	)		(11,207,513	)		(1,107,353	)		(11,032,410	)
		(816,304	)		(8,034,045	)		(531,178	)		(5,288,580	)
Institutional Shares
Shares sold		34,737,540			343,135,899			36,016,772			359,978,903
Reinvestment of distributions		1,858,810			18,352,479			1,924,227			19,255,534
Shares redeemed		(55,727,594	)		(551,343,755	)		(41,184,025	)		(411,807,517	)
		(19,131,244	)		(189,855,377	)		(3,243,026	)		(32,573,080	)
Service Shares
Shares sold		340,513			3,358,350			250,520			2,497,637
Reinvestment of distributions		31,511			310,710			32,302			322,839
Shares redeemed		(1,010,339	)		(9,948,265	)		(642,450	)		(6,421,284	)
		(638,315	)		(6,279,205	)		(359,628	)		(3,600,808	)
Investor Shares(a)
Shares sold		2,773,532			27,458,765			1,621,351			16,234,155
Reinvestment of distributions		53,595			530,767			31,377			315,054
Shares redeemed		(2,748,290	)		(27,163,857	)		(979,649	)		(9,843,710	)
		78,837			825,675			673,079			6,705,499
Class R6 Shares
Shares sold		94,310			928,775			2,145,703			21,476,675
Reinvestment of distributions		5,116			50,555			143,712			1,437,852
Shares redeemed		(7,295,032	)		(72,651,844	)		(2,234,523	)		(22,322,205	)
		(7,195,606	)		(71,672,514	)		54,892			592,322
NET DECREASE		(32,775,210	)	$	(325,312,442	)		(6,746,240	)	$	(67,644,615	)

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

149

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		953,735		$	9,515,592			636,155		$	6,378,842
Reinvestment of distributions		20,363			202,198			14,882			148,449
Shares redeemed		(1,315,639	)		(13,049,353	)		(424,568	)		(4,243,009	)
		(341,541	)		(3,331,563	)		226,469			2,284,282
Class C Shares
Shares sold		91,298			905,669			65,996			659,046
Reinvestment of distributions		1,455			14,394			1,461			14,584
Shares redeemed		(78,170	)		(775,557	)		(60,659	)		(604,754	)
		14,583			144,506			6,798			68,876
Institutional Shares
Shares sold		32,575,026			323,602,247			32,159,975			321,271,093
Reinvestment of distributions		1,366,431			13,556,693			1,058,544			10,584,047
Shares redeemed		(31,249,552	)		(309,977,038	)		(16,149,802	)		(161,182,576	)
		2,691,905			27,181,902			17,068,717			170,672,564
Investor Shares(a)
Shares sold		281,958			2,805,500			129,767			1,296,666
Reinvestment of distributions		4,031			39,945			1,780			17,768
Shares redeemed		(217,587	)		(2,164,205	)		(21,875	)		(218,302	)
		68,402			681,240			109,672			1,096,132
Class R Shares
Shares sold		8,849			87,379			705			7,034
Reinvestment of distributions		85			843			45			447
Shares redeemed		(2,476	)		(24,457	)		—			—
		6,458			63,765			750			7,481
Class R6 Shares
Reinvestment of distributions		24			234			22			219
		24			234			22			219
NET INCREASE		2,439,831		$	24,740,084			17,412,428		$	174,129,554

(a) Effective August 15, 2017, Class IR Shares changed its name to Investor Shares.

150

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, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		78,843		$	790,000			2,497		$	25,000
Reinvestment of distributions		216			2,164			8			78
		79,059			792,164			2,505			25,078
Preferred Shares
Shares sold		—			—			2,498			25,005
Reinvestment of distributions		35			353			11			105
Shares redeemed		—			—			(1	)		(5	)
		35			353			2,508			25,105
Institutional Shares
Shares sold		225,732,885			2,261,829,769			30,537,052			305,812,237
Reinvestment of distributions		1,551,413			15,542,949			63,974			640,640
Shares redeemed		(111,897,746	)		(1,121,169,548	)		(5,590,179	)		(55,974,235	)
		115,386,552			1,156,203,170			25,010,847			250,478,642
Administration Shares
Shares sold		88,755			889,387			610,512			6,105,296
Reinvestment of distributions		1,119			11,211			480			4,798
Shares redeemed		—			—			(600,326	)		(6,003,821	)
		89,874			900,598			10,666			106,273
Class R6 Shares(a)
Shares sold		998			10,000			—			—
Reinvestment of distributions		5			53			—			—
		1,003			10,053			—			—
NET INCREASE		115,556,523		$	1,157,906,338			25,026,526		$	250,635,098

(a) Commenced operations on November 30, 2017.

151

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Enhanced Income Fund, the Goldman Sachs Government Income Fund, the Goldman Sachs High Quality Floating Rate Fund, the Goldman Sachs Inflation Protected Securities Fund, the Goldman Sachs Short Duration Government Fund, the Goldman Sachs Short Duration Income Fund, and the Goldman Sachs Short-Term Conservative Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Goldman Sachs Enhanced Income Fund, the Goldman Sachs Government Income Fund, the Goldman Sachs High Quality Floating Rate Fund, the Goldman Sachs Inflation Protected Securities Fund, the Goldman Sachs Short Duration Government Fund, the Goldman Sachs Short Duration Income Fund, and the Goldman Sachs Short-Term Conservative Income Fund (seven of the funds constituting the Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, 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 the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended March 31, 2018 and 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 Opinion

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, 2018 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 opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 30, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

152

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Administration, Preferred, Service, Investor, Class R or Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/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, Institutional, Administration, Preferred, Service, Investor, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2017 through March 31, 2018, which represents a period of 182 out of 365 days (121 out of 365 days for Class R6 Shares of the Short-Term Conservative Income Fund, which commenced operations on November 30, 2017). The Class R6 Shares example for hypothetical expenses (for the Short-Term Conservative Income Fund) reflects projected activity for the period from October 1, 2017 through March 31, 2018 for purposes of comparability. 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.

	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	1,003.10		$	3.45	$	1,000.00	$	986.80		$	4.51	$	1,000.00	$	1,006.80		$	3.50	$	1,000.00	$	1,001.10		$	3.39
Hypothetical 5% return		1,000.00		1,021.49	+		3.48		1,000.00		1,020.39	+		4.58		1,000.00		1,021.44	+		3.53		1,000.00		1,021.54	+		3.43
Preferred
Actual		—		—			—		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		—		—			—		—		—			—		—		—			—		—		—			—
Class C
Actual		—		—			—		1,000.00		983.10			8.21		—		—			—		1,000.00		997.40			7.12
Hypothetical 5% return		—		—			—		1,000.00		1,016.65	+		8.35		—		—			—		1,000.00		1,017.80	+		7.19
Institutional
Actual		1,000.00		1,003.70			1.75		1,000.00		989.10			2.83		1,000.00		1,008.50			1.80		1,000.00		1,002.80			1.70
Hypothetical 5% return		1,000.00		1,023.19	+		1.77		1,000.00		1,022.09	+		2.87		1,000.00		1,023.14	+		1.82		1,000.00		1,023.24	+		1.72
Service
Actual		—		—			—		1,000.00		985.90			5.30		1,000.00		1,006.00			4.30		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.60	+		5.39		1,000.00		1,020.64	+		4.33		—		—			—
Investor
Actual		1,000.00		1,004.30			2.20		1,000.00		988.00			3.27		1,000.00		1,008.10			2.30		1,000.00		1,002.30			2.15
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,021.64	+		3.33		1,000.00		1,022.64	+		2.32		1,000.00		1,022.79	+		2.17
Class R
Actual		—		—			—		1,000.00		986.20			5.74		—		—			—		1,000.00		999.70			4.64
Hypothetical 5% return		—		—			—		1,000.00		1,019.15	+		5.84		—		—			—		1,000.00		1,020.29	+		4.68
Administration
Actual		1,000.00		1,003.50			3.00		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,021.94	+		3.02		—		—			—		—		—			—		—		—			—
Class R6
Actual		1,000.00		1,004.80			1.71		1,000.00		989.20			2.78		1,000.00		1,008.60			1.80		1,000.00		1,003.80			1.65
Hypothetical 5% return		1,000.00		1,023.22	+		1.73		1,000.00		1,022.14	+		2.82		1,000.00		1,023.14	+		1.82		1,000.00		1,023.29	+		1.66

153

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited) (continued)

	Short Duration Government Fund							Short Duration Income Fund							Short Term Conservative Income Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	994.80		$	4.08	$	1,000.00	$	989.40		$	3.92	$	1,000.00	$	1,005.30		$	2.85
Hypothetical 5% return		1,000.00		1,020.84	+		4.13		1,000.00		1,020.99	+		3.98		1,000.00		1,022.09	+		2.87
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,007.60			1.50
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.44	+		1.51
Class C
Actual		1,000.00		993.80			6.06		1,000.00		989.40			5.90		—		—			—
Hypothetical 5% return		1,000.00		1,018.85	+		6.14		1,000.00		1,019.00	+		5.99		—		—			—
Institutional
Actual		1,000.00		996.50			2.39		1,000.00		992.10			2.23		1,000.00		1,007.10			1.00
Hypothetical 5% return		1,000.00		1,022.54	+		2.42		1,000.00		1,022.69	+		2.27		1,000.00		1,023.93	+		1.01
Service
Actual		1,000.00		995.00			4.87		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.05	+		4.94		—		—			—		—		—			—
Investor
Actual		1,000.00		997.10			2.84		1,000.00		991.70			2.68		—		—			—
Hypothetical 5% return		1,000.00		1,022.09	+		2.87		1,000.00		1,022.24	+		2.72		—		—			—
Class R
Actual		—		—			—		1,000.00		989.20			5.16		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.75	+		5.24		—		—			—
Administration
Actual		—		—			—		—		—			—		1,000.00		1,005.80			2.25
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,022.69	+		2.27
Class R6
Actual		1,000.00		997.50			2.34		1,000.00		992.00			2.23		1,000.00		1,004.30	^		0.79^
Hypothetical 5% return		1,000.00		1,022.59	+		2.37		1,000.00		1,022.69	+		2.27		1,000.00		1,015.79	+^		0.79^

+ 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 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, 2018. 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			Preferred			Class C			Institutional			Service			Investor			Class R			Administration			Class R6
Enhanced Income		0.69	%		—			—			0.35	%		—			0.44	%		—			0.60	%		0.34	%
Government Income		0.91			—			1.66	%		0.57			1.07	%		0.66			1.16	%		—			0.56
High Quality Floating Rate		0.70			—			—			0.36			0.86			0.46			—			—			0.36
Inflation Protected Securities		0.68			—			1.43			0.34			—			0.43			0.93			—			0.33
Short Duration Government		0.82			—			1.22			0.48			0.98			0.57			—			—			0.47
Short Duration Income		0.79			—			1.19			0.45			—			0.54			1.04			—			0.45
Short-Term Conservative Income		0.57			0.30	%		—			0.20			—			—			—			0.45			0.24	^

^ Class R6 Shares of the Short-Term Conservative Income Fund commenced operations on November 30, 2017.

154

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: 69	Chair of the Board of Trustees	2018 (Trustee since 2007)	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a 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.	104	None
Kathryn A. Cassidy Age: 64	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007- 2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	None
Roy W. Templin Age: 57	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). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 66	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.	104	Verizon Communications Inc.

155

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	148	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.

¹  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, 2018.

²  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 (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2018, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 21 portfolios (12 of which offered 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.

156

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* 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.

¹  Information is provided as of March 31, 2018.

² 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.

157

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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 $6,187,564 as interest-related dividends paid during the year ended March 31, 2018.

Pursuant to Section 871(k) of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $38,712, as short-term capital gain dividends paid during the fiscal year ended March 31, 2018.

Pursuant to Section 852 of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $22,545 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended March 31, 2018.

158

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of March 31, 2018, 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 Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund⁵

∎ 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 Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ 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 Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity 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

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 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

∎ Tactical Exposure Fund

¹  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.

²  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.

³  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 December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia 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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer 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.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs 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.

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.

Fund holdings and allocations shown are as of March 31, 2018 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.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

© 2018 Goldman Sachs. All rights reserved. 130044-TMPL-05/2018-760214/SDFIAR-18/20K

Goldman Sachs Funds

Annual Report	March 31, 2018
	Single Sector Fixed Income Funds
	Emerging Markets Debt
	High Yield
	High Yield Floating Rate
	Investment Grade Credit
	Local Emerging Markets Debt
	Total Emerging Markets Income*
	U.S. Mortgages

*Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

Goldman Sachs Single Sector Fixed Income Funds

∎ EMERGING MARKETS DEBT

∎ HIGH YIELD

∎ HIGH YIELD FLOATING RATE

∎ INVESTMENT GRADE CREDIT

∎ LOCAL EMERGING MARKETS DEBT

∎ TOTAL EMERGING MARKETS INCOME

∎ U.S. MORTGAGES

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Index Definitions	55
Schedules of Investments	56
Financial Statements	126
Financial Highlights	134
Notes to the Financial Statements	148
Report of Independent Registered Public Accounting Firm	186
Other Information	187

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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

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

∎ Assess relative value among securities and sectors

∎ Leverage the vast resources of GSAM in selecting securities for each portfolio

∎ Team approach to decision making

∎ Manage risk by avoiding significant sector and interest rate bets

∎ Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

∎ Capitalize on GSAM’s industry-renowned credit research capabilities

∎ Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

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

1

MARKET REVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2018 (the “Reporting Period”), the performance of the global fixed income markets was driven primarily by improving economic growth around the world, geopolitical events and shifting investor expectations about central bank monetary policy.

When the Reporting Period began with the second quarter of 2017, spread, or non-government bond, sectors generally recorded positive returns. Political developments led to temporary bouts of volatility early in the quarter, driving weakness in Brazilian, U.S. and U.K. fixed income assets as well as a credit rating downgrade of South Africa’s sovereign debt. Political risks receded in May 2017 on the centrist candidate’s victory in the French presidential election, which was supportive of French and European peripheral bonds broadly. On the economic front, U.S. core inflation weakened for the third consecutive month in May 2017, casting uncertainty over the pace of Federal Reserve (“Fed”) monetary tightening. Nonetheless, comments included in minutes from the Fed’s May and June 2017 policy meetings suggested an announcement about how and when the Fed would begin reducing the size of its balance sheet would be made sooner than the markets had previously anticipated. In Europe, economic data continued to surprise to the upside. At its June 2017 policy meeting, the European Central Bank (“ECB”) provided an optimistic assessment of the risks to growth but revised downward its medium-term inflation forecasts. The ECB, Bank of Japan (“BoJ”) and Bank of England (“BoE”) left their respective monetary policies unchanged during the second calendar quarter, while at its June 2017 policy meeting, the Fed raised interest rates for the second time in 2017 and the fourth time since the 2007-2009 global financial crisis. As the quarter came to an end, a string of comments from global central bankers triggered a hawkish market reaction. (Hawkish suggests higher interest rates; opposite of dovish.) Global interest rates rose as the market anticipated a steeper pace of monetary policy tightening by the BoE, ECB and Bank of Canada (“BoC”). During the second quarter of 2017, the U.S. dollar weakened versus many global currencies.

During the third quarter of 2017, spread sectors broadly advanced. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted a hawkish market reaction, with the U.S. dollar appreciating and yields on U.S. government bonds rising. However, the U.S. Treasury yield curve, or spectrum of maturities, only steepened modestly due to geopolitical uncertainty, mixed U.S. economic data (including weak inflation readings) and because balance sheet normalization had been communicated by policymakers earlier in the calendar year. (A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens.) The central banks of other developed countries also set the stage for less accommodative monetary policy. The BoE noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the BoC surprised the markets with two consecutive rate hikes. The market’s expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, also drove the British pound higher versus the U.S. dollar. (Brexit refers to the U.K.’s efforts to exit the European Union.) Overall, the U.S. dollar continued to weaken relative to many global currencies during the third calendar quarter.

During the fourth calendar quarter, spread sector performance was largely positive, supported by ongoing strength in the global macro environment and contained market, macro and

2

MARKET REVIEW

political volatility. Passage of U.S. tax reform legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the ECB announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. In December 2017, the Fed delivered its third short-term interest rate hike of 2017. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three interest rate increases may be on tap for 2018 and potentially two more in 2019. The U.S. dollar weakened further versus many global currencies during the fourth quarter of 2017.

Spread sectors were challenged during the first quarter of 2018, as market volatility surged. Among the catalysts were firmer than consensus expected U.S. wage and price inflation data at the beginning of February, equity market declines and rising concerns about trade tensions in March. The Fed raised short-term interest rates at its March policy meeting and left unchanged its projection for a total of three rate hikes during 2018. Beyond the U.S., monetary policy action was muted in the developed markets during the first calendar quarter, though policymakers in Europe and Japan sounded mildly dovish and those in Norway appeared more hawkish. Economic activity data was strong across the world, with positive growth reported in both emerging markets and developed markets countries, though the pace of above-trend growth moderated somewhat. During the first quarter of 2018, the U.S. dollar weakened slightly versus many global currencies.

For the Reporting Period as a whole, spread sectors outperformed U.S. Treasury securities, led by sovereign emerging markets debt, high yield corporate bonds and investment grade corporate bonds. Commercial mortgage-backed securities, agency securities, asset-backed securities and mortgage-backed securities also outperformed U.S. Treasuries, albeit to a lesser extent. The U.S. Treasury yield curve flattened slightly during the Reporting Period, as yields on shorter- and intermediate-term maturities rose more than yields on most longer-term maturities. The yield on the bellwether 10-year U.S. Treasury rose approximately 35 basis points to end the Reporting Period at 2.74%. Meanwhile, yields on 30-year U.S. Treasury securities edged down approximately five basis points. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows. A basis point is 1/100th of one percent.)

Looking Ahead

At the end of the Reporting Period, we expected global economic growth to remain strong, though we believed it would continue at a more moderate pace in the near term than during the Reporting Period. In our view, numerous factors were driving the ongoing global economic expansion, including household consumption, business capital expenditures, industrial production and trade.

Regarding the U.S., the tax reform legislation passed by Congress during December 2017 and the subsequent enactment of a budget agreement that would increase the caps on federal spending during 2018 and 2019 is likely to improve U.S. economic growth, in our opinion. We think the added boost to an already healthy U.S. economy may lower recession risk in the near term. That said, we believe the fiscal expansion will likely limit the potential

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MARKET REVIEW

effectiveness of future fiscal policy, possibly increasing recession risks in the longer term. As for inflation, we think that tightness in the labor market and broader capacity constraints may well lead to firmer wage and price inflation, though we expect a gradual normalization rather than an acceleration in price increases. Upside inflation surprises, we believe, could spark more frequent bouts of financial market volatility. In Europe and Japan, we expect economic growth to benefit from the momentum generated during 2017 as well as from continued accommodative monetary policy from the ECB and BoJ, respectively. In the emerging markets, tail risk from China has declined, in our view, as the country’s financial deleveraging progress continues, while its economic growth continues to shift toward consumption and services. (Tail risk is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution. Tail risks include events that have a small probability of occurring and occur at the ends of a normal distribution curve.) Elsewhere in the emerging markets, we expect economic growth to be supported by countries recovering from oil shock-induced recessions or benefiting from global economic growth and trade.

Regarding central bank policy, we believe the Fed will likely raise short-term interest rates further in 2018. In our opinion, the ECB is likely to conclude its quantitative easing program by calendar year end. We expect the BoJ to remain on hold in the near term, while modest monetary policy tightening is likely in many other developed markets countries during the next 12 months, in our view.

With regard to U.S. trade policy, we considered its impact on the global economy to be limited at the end of the Reporting Period. In our view, strong protectionist rhetoric has been diluted to relatively restrained, well-orchestrated and targeted actions thus far, and so we see limited near-term macro or market impact. The balance of risks around our optimistic economic growth and benign trade outlook would shift if the scope and magnitude of tariffs were to broaden across countries and sectors, or if the U.S. encountered greater retaliation from China and other affected countries. In this scenario, we believe the macro costs would likely include higher inflation and interest rates as well as slower global economic growth.

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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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 3.75%, 3.07%, 4.18%, 4.09% and 4.20%, respectively. These returns compare to the 4.30% average annual total return of the Fund’s benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

Q What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

A Emerging markets debt overall was influenced most during the Reporting Period by improving global economic growth, investors’ expectations about central bank monetary policy, a softer U.S. dollar and geopolitical events.

External emerging markets debt, as represented by the Index, returned 4.30%. Sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) tightened by approximately seven basis points and closed the Reporting Period 303 basis points wider than U.S. Treasury securities. (A basis point is 1/100th of a percentage point.) The top performing emerging external debt markets in the Index (in U.S. dollar terms¹) were Ghana (+20.13%), Mozambique (+18.70%) and El Salvador (+17.91%). The worst performing countries were Venezuela (-25.87%), Oman (-1.99%) and Bolivia (-0.70%).

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

A During the Reporting Period, sector positioning within external emerging markets debt detracted from the Fund’s performance versus the Index. In addition, the Fund was hampered by issue selection among emerging markets corporate debt/quasi-sovereign bonds.

However, the Fund benefited from our active currency management (which is accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). The Fund’s U.S. duration positioning strategy also contributed positively. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

Q Which segments of emerging markets debt most significantly affected Fund performance?

A The Fund was hurt during the Reporting Period by its short position in the euro (accomplished through the use of forward foreign currency exchange contracts), through which we funded long positions in various other currencies. The euro strengthened amid strong economic activity and the European Central Bank’s planned tapering of its quantitative easing measures. The Fund was also hindered by an underweight compared to the Index in Chinese external bonds (accomplished via credit default swaps). We implemented the underweight to hedge against any sharp downturn in China’s business cycle, which could be a headwind for the emerging markets overall. Additionally, an overweight in the quasi-sovereign bonds of state-owned oil and natural gas company Petroleos de Venezuela, S.A. (“PDVSA”) detracted from relative performance. The Fund was overweight PDVSA because we think the company offers significant long-term value. An underweight position overall in sovereign emerging markets debt was also a drag on the Fund’s results.

¹  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.

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FUND RESULTS

On the positive side, the Fund was helped by long positions in the Czech Republic koruna and Polish zloty (implemented through the use of forward foreign currency exchange contracts). The Fund has long exposure to Central Eastern European currencies as we think economic activity is improving in Europe, which should support Eastern European economies through trade linkages. An overweight relative to the Index in Ecuador’s external bonds also bolstered Fund performance. We were positive on Ecuador external debt because the government has cut expenditures and is planning tax reforms. In addition, we believe Ecuador’s fiscal balance has improved though not yet enough to stabilize its debt levels.

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

A During the Reporting Period, the Fund’s U.S. duration positioning strategy added to its performance. More specifically, the Fund benefited from its short duration position on the U.S. Treasury yield curve, as yields generally rose during the Reporting Period. The Fund’s U.S. yield curve positioning did not have a meaningful impact on relative performance during the Reporting Period. (Yield curve indicates a spectrum of maturities.)

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

A The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, credit default swaps, structured notes, and reverse repurchase agreements. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Credit default swaps and structured notes 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. Reverse repurchase agreements were used to manage the Fund’s cash balances. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the use of foreign forward currency exchange contracts detracted from the Fund’s performance. More specifically, our use of forward foreign currency exchange contracts to take short positions in the euro and Argentinian peso had a negative impact on returns. This was offset somewhat by the use of forward foreign currency exchange contracts to assume long positions in the Czech Republic koruna, Polish zloty and South African rand, which contributed positively. The Fund’s use of interest rate swaps to express our views on Polish local interest rates had a negative impact on returns, while its use of interest rate swaps to gain exposure to Argentinian local interest rates had a positive impact on returns. Overall, the use of interest rates swaps detracted from the Fund’s performance. In addition, we utilized credit default swaps to gain exposure to Chinese external debt, which detracted from the Fund’s performance during the Reporting Period.

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

A During the Reporting Period, we increased the Fund’s overweights relative to the Index in United Arab Emirates (“UAE”) and Turkish external bonds. In our view, the UAE has a low level of debt to Gross Domestic Product (“GDP”) of approximately 16.4%. Although we think the country will need to reduce its budget deficit, its sovereign debt should be able to gradually adjust, in our opinion, because of low debt levels and strong liquidity. In addition, improved oil prices have added to the UAE’s current account surplus. Regarding Turkey, we consider its fiscal position to be strong, despite the implementation of quasi-fiscal stimulus measures through a bank loan guarantee program. From our perspective, the Turkish government believes that fiscal policy should be tightened in order to keep inflation below 10%. However, if economic growth drops below 4.5% or unemployment increases, the government is likely to implement fiscal stimulus, in our view. We believe the biggest risk for Turkey is its widening current account deficit, especially as that deficit has been led by consumption rather than investment.

Also, during the Reporting Period, we shifted the Fund from an overweight to an underweight in Colombian local interest rates, largely because of political risks. The leader of the Polo Democratico political party, who has been doing well in polls, is viewed by the market as a radical leftist. Meanwhile, the current government has kept expenditures contained and has been reducing the country’s deficit. Despite these respectable fundamentals, we thought it was prudent to eliminate the Fund’s exposure. In addition, Colombia has

6

FUND RESULTS

long-term fiscal issues such as pension and health care expenditures that need to be addressed. Finally, we decreased the size of the Fund’s underweight compared to the Index in Chinese external bonds during the Reporting Period. In our opinion, China’s pace of economic deceleration appears to have moderated, its GDP growth has met market expectations, and the People’s Bank of China is focusing on deleveraging and containing debt growth. The Fund maintains an underweight in Chinese external bonds because we remain mindful of the impact of a sharp downturn in the Chinese business cycle.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in Indonesian, Dominican Republic and Bulgarian external bonds. It was underweight the external bonds of China, the Philippines and Uruguay. The Fund held overweight positions in Brazilian, South African and Argentinian local interest rates. In terms of currencies, the Fund had long positions in the Czech Republic koruna, Polish zloty and Mexican peso. It had short positions in the U.S. dollar, Hong Kong dollar and Taiwanese dollar at the end of the Reporting Period.

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

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

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the economic frameworks of emerging markets countries overall were more resilient than they had been in the recent past. Importantly, monetary and fiscal policymakers are in a stronger position to respond to future shocks, in our view, through the implementation of counter-cyclical measures, such as interest rate cuts or increased fiscal spending. On the individual country level, we remained watchful at the end of the Reporting Period for signs that specific emerging markets stories might unravel. We believe China has the greatest potential to cause systemic issues given how its economic growth tends to affect trade channels and commodity prices.

Overall, we favor countries with prudent fiscal management (e.g., where currencies have adjusted for lower oil prices) and/or idiosyncratic opportunities where valuations offer a strong potential risk/reward profile, in our view. On a regional basis, we see more opportunities in Latin America than elsewhere, while we expect returns in Asia to lag, largely because of stretched valuations and concerns about potential deleveraging in China that may result in slower than anticipated economic growth across the region. We believe the busy election calendar in 2018 should also present the Fund with opportunities to outperform, given our focus on relative value country selection.

At the end of the Reporting Period, we continued to have a constructive view on Indonesia, which could benefit, in our view, from fiscal improvements due to a reduction in a fuel subsidy. The country has a modest debt to GDP ratio of 27%, and approximately 40% of its outstanding debt is denominated in foreign currency and is long-term debt. We believe this helps to minimize refinancing risk. We also have a favorable view on Argentina and consider the current political backdrop there as conducive for business-friendly reforms. In addition, we think that recent pension reform and a fiscal pact with local provinces have increased the Argentinian government’s ability to comply with fiscal targets in the long term. Elsewhere, at the end of the Reporting Period, we were cautious on Poland, where the Fund held an underweight position based on valuations and because we see potential for fiscal slippage. (Fiscal slippage means that a government’s planned annual budget does not match actual spending because of something that effects the tax dollars collected.) Additionally, we plan to maintain the Fund’s underweight positions compared to the Index in several small Asian economies, such as the Philippines where the current account has deteriorated over the last couple of years, making it more vulnerable, in our view, to the whims of international capital flows. In terms of local emerging markets debt, the Fund was overweight South Africa and Peru at the end of the Reporting Period. In our opinion, South Africa’s macro fundamentals have improved in recent years, with the country’s current account deficit narrowing from 6% of GDP to 2.3% and its fiscal deficit falling from 2.5% of GDP to less than 1%. South Africa’s political environment has also improved, in our opinion. We favor Peru because we expect monetary policy easing, which should help support the country’s economy, and because of what we see as improvements in its trade balance.

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FUND BASICS

Emerging Markets Debt Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			J.P. Morgan EMBISM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.75	%		4.30	%		4.07	%		4.01	%
Class C		3.07			4.30			3.51			3.45
Institutional		4.18			4.30			4.60			4.54
Investor		4.09			4.30			4.51			4.45
Class R6		4.20			4.30			4.61			4.55

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.92	%		2.93	%		6.29	%		8.06	%		8/29/03
Class C		2.04			3.14			6.01			6.00			9/29/06
Institutional		4.18			4.26			7.15			8.79			8/29/03
Investor		4.09			4.17			N/A			6.06			7/30/10
Class R6		4.20			N/A			N/A			6.65			7/31/15

⁴ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% 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 and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.20	%		1.24	%
Class C		1.95			1.99
Institutional		0.86			0.90
Investor		0.95			0.99
Class R6		0.85			0.89

⁵ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

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FUND BASICS

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
Indonesia		9.1	%		10.0	%
Argentina		8.0			6.0
Turkey		6.6			5.5
South Africa		5.4			2.4
Mexico		4.8			6.8
Ecuador		4.2			2.8
Dominican Republic		4.2			4.5
United States		3.0			4.6
Venezuela		3.0			1.8
United Arab Emirates		2.9			1.3
Other		42.1			47.9

⁶  The percentage shown for each country 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 1.8% as of 3/31/18 and 0.4% as of 3/31/17. 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.

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GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBI^SM Global Diversified Index, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 29, 2003)
Excluding sales charges	3.75%	3.89%	6.78%	8.40%
Including sales charges	-0.92%	2.93%	6.29%	8.06%
Class C (Commenced September 29, 2006)
Excluding contingent deferred sales charges	3.07%	3.14%	6.01%	6.00%
Including contingent deferred sales charges	2.04%	3.14%	6.01%	6.00%
Institutional (Commenced August 29, 2003)	4.18%	4.26%	7.15%	8.79%
Investor (Commenced July 30, 2010)	4.09%	4.17%	N/A	6.06%
Class R6 (Commenced July 31, 2015)	4.20%	N/A	N/A	6.65%

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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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 1.37%, 0.64%, 1.72%, 1.20%, 1.65%, 1.13% and 1.74%, respectively. These returns compare to the 3.78% 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.

Q What economic and market factors most influenced the high yield corporate bond market as a whole during the Reporting Period?

A During the second quarter of 2017, when the Reporting Period began, high yield corporate bonds generated positive returns, with reports of strong first calendar quarter corporate earnings and light primary market issuance supporting the asset class during April and May 2017. In June, a decline in commodity prices and increased interest rate volatility weighed on investor sentiment. During the third quarter of 2017, high yield corporate bonds produced additional gains. A sharp climb in crude oil prices and a strong earnings season led to price appreciation during July 2017, while a positive macro environment and optimism about the Republican leadership’s proposal for U.S. tax reform lifted high yield corporate bond prices in September. Performance in August 2017 was relatively flat. In the fourth quarter of 2017, high yield corporate bonds delivered strong performance, with returns in October and December outweighing November weakness that was centered in the telecommunications and cable segments. In the first quarter of 2018, high yield corporate bonds generated slightly negative returns, posting the sector’s worst quarter since 2015. Volatility across the financial markets, slightly softer global economic growth, steep losses among information technology stocks and escalating trade tensions between the U.S. and China dampened investor risk sentiment.

For the Reporting Period overall, the high yield corporate bond market recorded a positive return, with lower quality C-rated and D-rated credits generally outperforming higher quality B-rated credits. Option adjusted spreads narrowed approximately 29 basis points, ending the Reporting Period at 354 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 1/100th of a percentage point.) High yield corporate bonds underperformed high yield loans, as represented by the Credit Suisse Leveraged Loan Index.

In terms of issuance, approximately $328 billion of new high yield corporate bonds were priced during calendar year 2017 and approximately $73 billion were priced during the first quarter of 2018. Refinancing was the primary use of the proceed during both time periods. With regard to demand, high yield corporate bond mutual funds experienced approximately $20 billion of investment outflows during calendar year 2017. In the first quarter of 2018, approximately $13 billion of investment inflows came into high yield corporate bond mutual funds.¹

The default rate for high yield corporate bonds rose during the Reporting Period, though it remained below the historical average. The 12-month par-weighted default high yield corporate bond rate through March 31, 2018 was 2.21%.²

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

A During the Reporting Period, the Fund was hurt by its sector positioning and our individual issue selection. Duration and

¹  Source: J.P. Morgan, Bloomberg, Lipper FMI.

²  Source: J.P. Morgan.

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FUND RESULTS

yield curve positioning also detracted modestly from relative performance. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.) In addition, the Fund’s higher credit quality positioning relative to the Index weighed on results.

Q Which segments within high yield most significantly affected Fund performance?

A Within its sector positioning, the Fund was hampered during the Reporting Period by overweights compared to the Index in telecommunications (cellular and non-cellular), media (cable and satellite TV) and energy. This was offset somewhat by underweight positions in retailing (food and drug as well as apparel) and consumer products along with an overweight in metals and mining. Exposure to high yield loans also dampened Fund performance. Cash holdings and modestly short market beta positioning (that is, the Fund’s broad underweight relative to the Index in riskier securities; opposite of long market beta positioning) further hindered relative returns, as high yield corporate bonds posted gains during the Reporting Period.

From an individual issue selection perspective, overweight positions in U.S. energy companies Chaparral Energy, Whiting Petroleum and Berry Petroleum detracted from relative performance. An overweight in Wind Tre, an Italian telecommunications company, also hurt results. Conversely, the Fund was helped by overweight positions in Italy-based Telecom Italia, U.S.-based Frontier Communications and Jamaica-based Digicel — all telecommunications companies. Additionally, an overweight in Canada-based Valeant Pharmaceuticals contributed positively.

The Fund’s higher credit quality bias detracted from its relative returns during the Reporting Period. More specifically, the Fund was hindered by its underweight in CCC- rated credits as well as by select holdings of B-rated credits. These results were offset somewhat by an underweight position in B-rated credits, which added value.

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

A During the Reporting Period, the Fund’s overall duration and yield curve positioning detracted slightly from relative performance. In particular, the Fund’s short duration position compared to that of the Index was a modest drag on results. The Fund’s duration strategy is primarily implemented via interest rate swaps and/or futures.

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

A To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign exchange currency contracts during the Reporting Period. Additionally, a specialized index of credit default swaps (“CDX”) was used to manage the beta of the Fund on an active basis. It was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows. The Fund used U.S. Treasury futures and Eurodollar futures to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Derivatives may be used in combination with cash securities to implement our views in the Fund. Overall, the use of derivatives had a negative impact on the Fund’s performance during the Reporting Period.

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

A We shifted the Fund from long market beta positioning to modestly short market beta positioning and then moved it to modestly long market beta positioning by the end of the Reporting Period. From a segment perspective, we changed the Fund’s overweight positions relative to the Index in non-cellular telecommunications and non-cable media to neutral positions. We reduced the Fund’s energy holdings and, based on our evaluation of potential risks, took a neutral position in the segment. Also, during the Reporting Period, we shifted the Fund from underweight positions compared to the Index in electric utilities and commercial services to neutral positions. We moved the Fund from neutral positions in finance and packaging to underweight positions. In addition, we increased the Fund’s allocations to gaming and lodging and cable and satellite TV so that it held overweight positions in those segments at the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the telecommunications sector broadly. In our view, the Fund’s investments in telecommunications have robust fundamentals and are likely

13

FUND RESULTS

to be supported by a number of sector-specific trends, including growing bandwidth/data demand and the increasing number of connected devices. In addition, we maintained a Fund underweight in the consumer non-cyclical sector at the end of the Reporting Period. Within the sector, the Fund was underweight consumer products because of what we consider poor relative valuations, and it was underweight supermarkets because of the increasing threat of online and big box retailers. In the consumer cyclicals sector, the Fund’s positioning reflected a meaningful underweight in retail and apparel, which we view as structurally challenged, as well as an overweight in gaming and lodging, which has continued to benefit, in our opinion, from growing U.S. consumer spending on leisure-related experiences. The Fund was also modestly overweight leisure and restaurants based on changing U.S. consumer habits. It was underweight packaging due to what we consider high levels of debt and the number of lower quality issuers in the sector. In addition, the Fund’s positions in oilfield services and pipelines had increased by the end of the Reporting Period, though it maintained a rather neutral position in the energy sector overall.

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

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

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we had a positive outlook on high yield corporate bonds, as we believe they are underpinned by strong corporate fundamentals and a supportive macro backdrop. Accordingly, we maintained the Fund’s modestly long market beta positioning. Overall, we believe that global economic growth, solid corporate earnings growth and favorable lending conditions are supportive of the low default environment, resilience in high yield credit spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) and a further lengthening of the U.S. economic and credit cycles. Furthermore, tax reform should serve as a tailwind if it leads, as we expect, to improved cash flow for high yield corporate bond issuers. In our opinion, the breadth of global economic growth suggests that positive economic data may continue into 2019 and possibly beyond. We believe the risk to this outlook is persistent equity market volatility, which is historically a headwind for high yield credit spreads. Additionally, a rapid rise in interest rates could lead to spread widening and decreased demand for risk assets. At the end of the Reporting Period, we believed meaningful overweights and underweights on both an industry and single-name basis as well as individual security selection — rather than risk exposure — were key to potentially outperforming the Index in the near term. In terms of individual issue selection, we favored companies with improving credit quality, industry leadership positions and demonstrated ability to grow revenues and manage margins.

14

FUND BASICS

High Yield Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.37	%		3.78	%		4.60	%		4.60	%
Class C		0.64			3.78			4.06			4.06
Institutional		1.72			3.78			5.13			5.17
Service		1.20			3.78			4.63			4.66
Investor		1.65			3.78			5.07			5.07
Class R		1.13			3.78			4.57			4.57
Class R6		1.74			3.78			5.14			5.18

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

15

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.19	%		2.54	%		5.93	%		5.84	%		8/1/97
Class C		-0.37			2.70			5.64			5.31			8/15/97
Institutional		1.72			3.82			6.78			6.45			8/1/97
Service		1.20			3.30			6.26			5.92			8/1/97
Investor		1.65			3.73			6.71			6.02			11/30/07
Class R		1.13			3.20			6.15			5.47			11/30/07
Class R6		1.74			N/A			N/A			4.00			7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% 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 R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.05	%		1.08	%
Class C		1.80			1.83
Institutional		0.74			0.74
Service		1.24			1.24
Investor		0.80			0.83
Class R		1.30			1.33
Class R6		0.73			0.73

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

16

FUND BASICS

TOP TEN ISSUERS AS OF 3/31/186
Company	% of Net Assets			Line of Business
HCA, Inc. (BBB-/Ba1)		1.0	%	Healthcare Providers & Services
Sprint Corp. (B/B3)		1.0		Telecommunication Services
Wind Tre SpA (BB-/B1)		0.9		Telecommunication Services
MGM Resorts International (BB-/Ba3)		0.9		Lodging
Sprint Corp. (B/B3)		0.8		Telecommunication Services
Netflix, Inc. (B+/B1)		0.8		Internet
Altice US Finance I Corp. (BB/Ba3)		0.7		Media
Telecom Italia Capital SA (BB+/Ba1)		0.7		Telecommunication Services
Sirius XM Radio, Inc. (BB/Ba3)		0.7		Media
Altice Financing SA (BB-/B1)		0.7		Media

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

TOP TEN INDUSTRY ALLOCATION7
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
Telecommunication Services		11.8	%		14.1	%
Media		10.4			9.9
Oil Field Services		7.9			0.2
Healthcare Providers & Services		4.9			8.6
Pipelines		4.3			0.5
Banks		2.8			5.2
Mining		2.8			4.2
Chemicals		2.8			2.0
Electrical		2.6			0.0
Real Estate Investment Trust		2.6			0.3
Other		43.7			51.9

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 investment companies of 2.3% as of 3/31/18 and 2.4% as of 3/31/17. 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.

17

GOLDMAN SACHS HIGH YIELD FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Service, Investor, Class R, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Yield Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 1, 1997)
Excluding sales charges	1.37%	3.49%	6.43%	6.07%
Including sales charges	-3.19%	2.54%	5.93%	5.84%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	0.64%	2.70%	5.64%	5.31%
Including contingent deferred sales charges	-0.37%	2.70%	5.64%	5.31%
Institutional (Commenced August 1, 1997)	1.72%	3.82%	6.78%	6.45%
Service (Commenced August 1, 1997)	1.20%	3.30%	6.26%	5.92%
Investor (Commenced November 30, 2007)	1.65%	3.73%	6.71%	6.02%
Class R (Commenced November 30, 2007)	1.13%	3.20%	6.15%	5.47%
Class R6 (Commenced July 31, 2015)	1.74%	N/A	N/A	4.00%

18

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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R Shares generated average annual total returns, without sales charges, of 3.00%, 2.23%, 3.45%, 3.36% and 2.74%, respectively. These returns compare to the 4.64% average annual total return of the Credit Suisse Leveraged Loan Index (the “Index”) during the same time period.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 1.17% compared to the 1.97% cumulative total return of the Index.

Q What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

A The high yield loan market advanced during the second quarter of 2017 when the Reporting Period began. Reports of strong first calendar quarter corporate earnings and light primary market issuance supported the asset class during April and May 2017. In June, a decline in commodity prices and a pickup in interest rate volatility dampened investor sentiment. During the third quarter of 2017, high yield loans extended their gains. A sharp climb in crude oil prices and a strong earnings season drove price appreciation in July 2017, while a positive macro environment and optimism about the Republican leadership’s proposal for U.S. tax reform underpinned high yield loan prices during September. Performance in August 2017 was relatively flat. In the fourth calendar quarter, high yield loans generated a positive return. The asset class performed well in October in spite of a decline in interest rates and overcame weakness in the energy and consumer sectors to post gains in November. A drop in supply supported high yield loans during December. Although new issuance increased in the first quarter of 2018, the high yield loan market experienced significantly lower volatility than high yield corporate bonds and advanced on strong demand amid rising interest rates.

For the Reporting Period overall, high yield loans generated positive returns. Lower quality loans outperformed, with CCC-rated high yield loans providing the greatest returns, followed by B-rated and then BB-rated high yield loans. High yield loan spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) narrowed by 48 basis points, ending the Reporting Period at 396 basis points.¹ (A basis point is 1/100th of a percentage point.)

In terms of issuance, approximately $974 billion in new high yield loans were brought to market during calendar year 2017. Approximately $242 billion in new high yield loans were issued in the first quarter of 2018. As for demand, high yield loan mutual funds saw investment inflows of approximately $13.1 billion during calendar year 2017. Approximately $3.7 billion of inflows moved into high yield loan mutual funds during the first quarter of 2018.²

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, 2018 was 2.52%. With the addition of distressed issues, that default rate stood at 2.57%, the highest since March 2015 when it reached 3.99%. Total default volume was more than $28 billion during the first quarter of 2018, the sixth largest quarterly total on record.²

¹  Source: Credit Suisse.

²  Source: J.P. Morgan.

19

FUND RESULTS

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

A During the Reporting Period, the Fund’s overall credit quality positioning relative to the Index detracted from returns. Regional and sector positioning as well as issue selection within the high yield loan market also hampered performance.

Q Which segments of the high yield floating rate loan market significantly affected Fund performance during the Reporting Period?

A The Fund’s investments in BBB-rated high yield loans detracted from relative returns during the Reporting Period. In addition, it was hurt by the avoidance of certain defaulted high yield loans that remained in the Index following their default. The Fund’s cash holdings were a drag on performance, as high yield loans posted gains and their spreads tightened. On the positive side, the Fund benefited from its underweight compared to the Index in B-rated high yield loans and its overweight in CCC-rated high yield loans. Positioning in non-rated loans also bolstered relative results.

In terms of its regional positioning, the Fund’s overweights in Canadian and Europe ex U.K. high yield loans hindered performance. Its overweight in U.K. high yield loans added to returns.

Regarding sector positioning, the Fund’s overweight positions compared to the Index in commercial services and cellular telecommunications dampened performance. Underweights in consumer services and non-cellular telecommunications also detracted from results. Conversely, the Fund was helped by underweight positions in the retail and apparel, consumer products and transportation sectors.

As for individual issue selection, the Fund was hampered by overweight positions in Catalina Marketing, a provider of digital media solutions; PetSmart, a retailer specializing in pet food and supplies; and Caesars Entertainment, a gaming company. On the other hand, Fund performance was aided by overweight positions in Intelsat, a communications satellite services provider; Getty Images, a stock photo agency; and U.S. Renal Care, which operates dialysis facilities.

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

A The Fund does not use duration or yield curve positioning as active management strategies within its investment process.

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

A 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 employed interest rate swaps and U.S. Treasury futures as cost-efficient instruments to provide us with greater precision and versatility in the management of duration. Interest rate swaps were only utilized in the Fund for the purpose of hedging duration, as the Fund does not take active duration and yield curve positions. Additionally, a specialized index of credit default swaps (“CDX”) and standardized total return swap contracts on the Markit iBoxx USD Liquid Leveraged Loan Index (“iBoxx”) were used to manage the beta of the Fund on an active basis. CDX and/or iBoxx were also utilized as cost-efficient instruments to help manage the Fund’s cash position. We employ CDX and/or iBoxx contracts in order to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows. Derivatives may be used in combination with cash securities to implement our views in the Fund. Overall, the use of derivatives had a negative impact on the Fund’s performance during the Reporting Period.

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

A Over the course of the Reporting Period, we increased the Fund’s overweight position relative to the Index in the health care sector but trimmed the size of that overweight toward the end of the Reporting Period in response to mounting reimbursement and utilization pressures. We increased the Fund’s overweights in cellular telecommunications, non-cellular telecommunications and consumer services. In addition, we shifted the Fund’s position in technology from an underweight compared to the Index to an overweight during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in non-cable media, technology and food and drug retailing. Within more defensive sectors, it was overweight packaging and underweight gaming and lodging. In addition, the Fund maintained a modest overweight in health care. It was underweight the broad retail sector, with select holdings based on valuations, at the end of the Reporting Period.

20

FUND RESULTS

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

A Effective October 27, 2017, Michael Chang no longer served as a portfolio manager of the Fund. On January 3, 2018, Jean Joseph no longer served as a portfolio manager for the Fund, and Rachel C. Golder became a portfolio manager of the Fund, joining Michael Goldstein. Ken Yang and Peter Campo became portfolio managers for the Fund effective January 18, 2018 and March 19, 2018, respectively. At the end of the Reporting Period, then, the portfolio managers of the Fund were Michael Goldstein, Rachel C. Golder, Ken Yang and Peter Campo.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we saw ongoing global economic growth, easy financial conditions, fading monetary policy stimulus, and increased fiscal stimulus from tax reform, even as the U.S. credit cycle continues to age. Although valuations were tight and yields were near multi-year lows, we believed that rising interest rates increased the upside potential of floating rate instruments, such as high yield loans. However, with an increasing number of high yield loans trading above par, we were also aware of the possibility for increased refinancing activity. Overall, the operating backdrop for corporate credit was favorable, in our view, despite the U.S. being in the late stages of the credit cycle. In this environment, we plan to maintain our focus on individual issue selection. Because we believe the operating backdrop and easy financial conditions may extend the credit cycle, we were comfortable maintaining the Fund’s beta close to that of the Index at the end of the Reporting Period. (Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.)

We plan to maintain the Fund’s up-in-quality positioning, complemented by idiosyncratic situations where lack of liquidity presents opportunity and through newer issues that offer more spread duration and convexity. (Spread duration is the sensitivity of the price of a bond to a 100 basis point change to its option-adjusted spread. The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. 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.) Because of structural issues in the high yield loan market, we continue to manage the Fund’s liquidity risk overall.

21

FUND BASICS

High Yield Floating Rate Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Credit Suisse Leveraged Loan Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.00	%		4.64	%		3.84	%		3.82	%
Class C		2.23			4.64			3.18			3.16
Institutional		3.45			4.64			4.27			4.25
Investor		3.36			4.64			4.18			4.16
Class R		2.74			4.64			3.67			3.66
November 30, 2017–March 31, 2018
Class R6		1.17	%		1.97	%		4.29	%		4.27	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		0.72	%		2.33	%		2.81	%		3/31/11
Class C		1.21			2.01			2.38			3/31/11
Institutional		3.45			3.12			3.51			3/31/11
Investor		3.36			3.05			3.43			3/31/11
Class R		2.74			2.52			2.90			3/31/11
Class R6		N/A			N/A			1.17			11/30/17

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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 R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or

22

FUND BASICS

higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.97	%		0.99	%
Class C		1.72			1.74
Institutional		0.63			0.65
Investor		0.72			0.74
Class R		1.22			1.24
Class R6		0.62			0.64

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN INDUSTRY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
Technology – Software/Services		8.2	%		4.6	%
Health Care – Services		8.0			6.4
Wireless Telecommunications		5.2			4.2
Media – Broadcasting & Radio		4.3			4.2
Media – Non Cable		4.2			5.3
Services Cyclical – Business Services		4.0			3.2
Media – Cable		4.0			4.3
Food & Beverages		3.4			3.2
Services Cyclical – Consumer Services		2.8			2.5
Media		2.7			—
Other		45.4			52.5

⁶  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 11.6% as of 3/31/18 and 14.0% as of 3/31/17. 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.

23

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on March 31, 2011 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Credit Suisse Leveraged Loan Index, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/ country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Yield Floating Rate Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from March 31, 2011 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Since Inception
Class A (Commenced March 31, 2011)
Excluding sales charges	3.00%	2.79%	3.15%
Including sales charges	0.72%	2.33%	2.81%
Class C (Commenced March 31, 2011)
Excluding contingent deferred sales charges	2.23%	2.01%	2.38%
Including contingent deferred sales charges	1.21%	2.01%	2.38%
Institutional (Commenced March 31, 2011)	3.45%	3.12%	3.51%
Investor (Commenced March 31, 2011)	3.36%	3.05%	3.43%
Class R (Commenced March 31, 2011)	2.74%	2.52%	2.90%
Class R6 (Commenced November 30, 2017)	N/A	N/A	1.17%*

* Total return for periods of less than one year represents cumulative total return.

24

FUND RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

The Fund seeks 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.

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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares generated average annual total returns, without sales charges, of 2.34%, 2.69%, 2.60%, 2.69% and 2.70%, respectively. These returns compare to the 2.59% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index (the “Index”), during the same time period.

Q What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

A Investment grade corporate bonds outperformed U.S. Treasury securities during the Reporting Period overall.

In the second quarter of 2017, 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 by 11 basis points to end the quarter at 109 basis points. (A basis point is 1/100th of a percentage point.) Investment grade corporate bonds were generally supported by reports of solid first quarter 2017 corporate earnings and improvements in global economic growth. However, a decline in crude oil prices weighed on energy-related credits. During the second calendar quarter, European investment grade corporate bonds outperformed U.K. investment grade bonds, which outpaced U.S. investment grade corporate bonds.

In the third quarter of 2017, global investment grade credit spreads tightened seven basis points to end the quarter at 102 basis points. A positive macro backdrop, stabilizing corporate fundamentals and a low volatility environment bolstered investment grade corporate bonds. U.S. investment grade corporate bonds outperformed both European and U.K. investment grade corporate bonds during the third calendar quarter.

During the fourth calendar quarter, global investment grade credit spreads tightened eight basis points to end the quarter at 94 basis points. Corporate earnings momentum, robust global economic data and low volatility supported investment grade corporate bonds. U.S. investment grade corporate bonds outperformed both European and U.K. investment grade corporate bonds during the fourth quarter of 2017.

In the first quarter of 2018, global investment grade credit spreads widened 13 basis points to end the quarter at 107 basis points. Investment grade corporate bonds were pressured by heightened volatility, heavy supply and short-term funding pressures. European and U.K. investment grade corporate bonds outperformed U.S. investment grade corporate bonds during the first calendar quarter.

In general, issuance moderated between the beginning of the Reporting Period and the end of 2017 but increased during the first quarter of 2018. U.S. new issuance was approximately $335 billion in the second quarter of 2017 versus $448 billion in the first calendar quarter, while European new issuance was approximately €148 billion versus €176 billion. In the third quarter of 2017, U.S. new issuance was approximately $380 billion, and European new issuance was approximately €96 billion. During the fourth calendar quarter, U.S. new issuance was approximately $298 billion, while European new issuance was approximately €95 billion. In the first quarter of 2018, U.S. new issuance increased to approximately $394 billion, and European new issuance grew to approximately

25

FUND RESULTS

€153 billion.¹ (European new issuance includes U.K. new issuance.)

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

A During the Reporting Period, individual issue selection within corporate credit contributed most positively to the Fund’s relative returns. On the other hand, our cross-sector strategy detracted from performance. 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. The Fund’s duration positioning also hurt relative results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

Q Which segments of investment grade credit most significantly affected Fund performance?

A Regarding individual issue selection, holdings in the industrial, financial and utility sectors added to performance. Our decision to overweight the telecommunications and consumer retail sectors also enhanced returns. In addition, the Fund benefited from our preference for intermediate-term maturities and from an underweight in higher credit quality issues. These gains were limited by the Fund’s overweight in pipeline names and its underweight in pharmaceutical companies, which dampened results. Within government/swaps, individual issue selection of government and agency debt bolstered performance.

In terms of our cross-sector strategy, an underweight compared to the Index in emerging markets corporate debt detracted from results. Also, the Fund’s overall weighting in investment grade corporate bonds hampered returns. For most of the Reporting Period, the Fund held either a modestly underweight or modestly overweight position. However, after we increased the Fund’s overweight position in investment grade corporate bonds during February 2018, credit spreads widened amid heightened volatility in the equity market and the overweight hurt performance.

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

A During the Reporting Period, our duration positioning strategy detracted from relative returns, driven by the Fund’s short duration position relative to that of the Index. Most of the underperformance occurred during the first half of the Reporting Period, when short-term yields rose in response to interest rate hikes by the Federal Reserve (the “Fed”), but intermediate- and long-term yields fell due to political uncertainty, increased geopolitical risks and fewer positive economic surprises. In addition, soft inflation data during the first nine months of 2017 weighed on market expectations for further Fed rate hikes. Some of these negative results were offset in the second half of the Reporting Period, as intermediate- and longer-term yields rose on stronger economic data and a pickup in inflation. The Fund’s duration 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. During the Reporting Period, the Fund’s yield curve positioning strategy did not have a meaningful impact on performance. (Yield curve indicates a spectrum of maturities.)

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

A As market conditions warranted during the Reporting Period, the Fund used U.S. Treasury futures and Eurodollar futures, both of which had a positive impact on performance, to hedge interest rate exposure and facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Interest rate swaps were employed to express our views on the direction of a country’s interest rates. In addition, the Fund employed interest rate swaps and swaptions (options on interest rate swap contracts) to hedge 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). The use of interest rate swaps and swaptions had a neutral impact on performance during the Reporting Period. The Fund also used credit default swaps to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point change in its spread over the London Interbank Offered Rate (“LIBOR”)). The use of credit default swaps had a positive impact on performance during the Reporting Period. The Fund utilized forward foreign currency exchange contracts to hedge currency exposure, which had a negative impact during the Reporting Period.

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

A In February 2018, we increased the Fund’s overweight position compared to the Index in investment grade corporate bonds.

¹  Source: Barclays.

26

FUND RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A Relative to the Index, the Fund was overweight at the end of the Reporting Period in the pipeline and health care sectors. It was underweight compared to the Index in the media and pharmaceutical sectors. It was overweight emerging markets sovereign debt and underweight emerging markets corporate debt at the end of the Reporting Period.

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

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

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, the Fund was overweight corporate credit overall, with an overweight position in investment grade corporate bonds. We expect credit spreads to tighten in the near term, as we believe corporate fundamentals should remain strong due to improving economic growth, tax reform and favorable corporate earnings momentum. In our view, corporate earnings growth is likely to accelerate. This outlook is predicated on the 6% consensus-estimated 2018 revenue growth for companies listed in the S&P 500^® Index, which we consider a proxy for the investment grade corporate bond market, and our expectation that earnings per share will rise 19% based on revenue growth, pre-tax margin expansion, lower interest rates and the impact of stock buybacks. Revenue growth, in our opinion, should be supported by a stable macroeconomic environment, higher commodity prices and a weaker U.S. dollar. We consider the situation for pre-tax margins more nuanced. Some consumer-facing industries are experiencing higher costs for labor, transportation and other raw materials, which they have been unable to pass through to customers. However, we believe technology and commodity industries will be able to continue growing their pre-tax margins. We expect future earnings growth to be well dispersed among companies, and we estimate that lower corporate tax rates will account for less than half of the potential earnings increase.

Risks to our overall outlook include geopolitics, central bank monetary policy, headline-driven volatility and elevated levels of corporate debt relative to history, though we acknowledge that many companies have the ability to reduce their debt if they so choose. Geopolitical risks include slowing economic growth in China, escalating trade tensions, and a more severe than expected fallout from the U.K.’s efforts to exit the European Union. We plan to monitor the progress of the November 2018 U.S. midterm elections, given they could lead to a shift in political party control of Congress, in addition to any changes in political sentiment about deregulation or other policies we deem to be “corporate friendly.” Regarding monetary policy, we remain aware of the potential impact of central banks’ withdrawal of accommodative measures given the link between the performance of riskier asset classes and higher interest rates and inflation expectations.

At the end of the Reporting Period, we maintained a positive view on pipeline companies, specifically those that have taken steps to improve credit quality through reduced distributions, increased asset sales and constructive capital spending. The Fund was overweight health care, as we identified a number of opportunities with what we considered to be attractive valuations in recent new issuance. In media, the Fund held an underweight position because of greater fee pressures, increased bundling of services and changing advertiser habits — all of which have negatively impacted traditional revenue streams, in our view. We planned to maintain the Fund’s underweight in the pharmaceutical sector, as we see scope for higher levels of debt along with drug pricing pressures.

27

FUND BASICS

Investment Grade Credit Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Credit Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		2.34	%		2.59	%		2.90	%		2.93	%
Institutional		2.69			2.59			3.35			3.38
Investor		2.60			2.59			3.26			3.29
Separate Account Institutional		2.69			2.59			3.35			3.38
Class R6		2.70			2.59			3.37			3.40

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

28

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.46	%		1.58	%		4.03	%		3.92	%	11/3/03
Institutional		2.69			2.71			4.78			4.57		11/3/03
Investor		2.60			2.64			N/A			3.94		7/29/11
Separate Account Institutional		2.69			2.73			4.81			4.60		11/3/03
Class R6		2.70			N/A			N/A			3.08		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Investor, Separate Account Institutional and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.73	%		0.81	%
Institutional		0.39			0.47
Investor		0.48			0.56
Separate Account Institutional		0.39			0.47
Class R6		0.38			0.46

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

29

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposits and commercial papers. Figures in the above 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.

TOP TEN INDUSTRY ALLOCATION7
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
Banks		17.1	%		14.9	%
Telecommunication Services		9.7			9.7
Oil Field Services		7.2			0.0
Pipelines		6.6			5.7
Electrical		6.5			6.0
Pharmaceuticals		3.6			4.3
Healthcare Providers & Services		3.5			2.4
Insurance		3.5			2.8
Beverages		3.3			5.8
Media		2.9			3.1
Other		32.6			43.5

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 other investment companies of 2.7% as of 3/31/18 and 1.4% as of 3/31/17. 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.

30

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018 of a $1,000,000 investment made on April 1, 2008 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Institutional, Investor, and Class R6 Shares will vary from Separate Account Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Investment Grade Credit Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 3, 2003)
Excluding sales charges	2.34%	2.36%	4.44%	4.19%
Including sales charges	-1.46%	1.58%	4.03%	3.92%
Institutional (Commenced November 3, 2003)	2.69%	2.71%	4.78%	4.57%
Investor (Commenced July 29, 2011)	2.60%	2.64%	N/A	3.94%
Separate Account Institutional (Commenced November 3, 2003)	2.69%	2.73%	4.81%	4.60%
Class R6 (Commenced July 31, 2015)	2.70%	N/A	N/A	3.08%

31

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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional and Investor Shares generated average annual total returns, without sales charges, of 13.93%, 13.10%, 14.29% and 14.24%, respectively. These returns compare to the 12.99% 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.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 7.88% compared to the 6.56% cumulative total return of the Index.

Q What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

A Local emerging markets debt was influenced most during the Reporting Period by improving global economic growth, investors’ expectations about central bank monetary policy, a softer U.S. dollar and geopolitical events.

During the Reporting Period, local emerging markets debt, as represented by the Index, posted a return of 12.99%, with approximately 4.1% due to changes in local interest rates and approximately 8.8% due to currency appreciation against the U.S. dollar. Among countries, on a total return basis, the top performers in the Index (in U.S. dollar terms¹) during the Reporting Period were South Africa (+32.32%), Poland (+21.46%) and Malaysia (+20.02%). The worst performing countries were Argentina (-16.77%), Turkey (-4.66%) and the Philippines (+0.64%).

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

A During the Reporting Period, the Fund was hurt by issue selection among sovereign emerging markets bonds and emerging markets corporate debt/quasi-sovereign bonds.

On the other hand, the Fund benefited from its active currency positioning through which the Fund takes positions in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). Individual issue selection among local emerging markets bonds also added to relative performance.

Q Which segments of local emerging markets debt most significantly affected Fund performance?

A An overweight position relative to the Index in the quasi-sovereign bonds of state-owned oil and natural gas company Petroleos de Venezuela, S.A. (“PDVSA”) detracted from relative returns. The Fund was overweight PDVSA because we think the company offers significant long-term value. An underweight in Chinese external bonds (accomplished via credit default swaps) was also a drag on performance. We implemented the underweight to hedge against any sharp downturn in China’s business cycle, which could be a headwind for the emerging markets overall. In addition, the Fund was hindered by a short position in the euro (accomplished through the use of forward foreign currency exchange contracts), which we used to fund some of the Fund’s long positions in various other European currencies. Other detractors included a long position in the Argentinian peso (implemented through the use of forward foreign currency exchange contracts) and underweight positions in Brazilian and Polish local interest rates.

¹  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.

32

FUND RESULTS

The Fund was helped by its long positions in the Czech Republic koruna, Polish zloty and South African rand (accomplished through the use of forward foreign currency exchange contracts). The Fund’s long position in the Czech Republic koruna was the single largest positive contributor to performance. The Fund has long exposure to Central Eastern European currencies as we think economic activity is improving in Europe, which should support Eastern European economies through trade linkages. The Fund also benefited from an overweight compared to the Index in South African local interest rates and underweight positions in Czech Republic and Turkish local interest rates.

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

A The Fund’s U.S. duration and yield curve positioning did not have a meaningful impact on relative returns during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.)

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

A The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, credit default swaps, total return swaps, cross-currency swaps, non-deliverable currency forwards and structured notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Credit default swaps were used to implement specific credit-related investment strategies. Total return 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. Cross-currency swaps were employed to express relative value views on given currencies as well as our views on the direction of a country’s interest rates. Non-deliverable currency forwards were used to gain exposure to a particular country and also to take advantage of relative value opportunities. Structured notes 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. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the use of forward foreign currency exchange contracts to take long positions in the Czech Republic koruna and Polish zloty had a positive impact on the Fund’s performance. The use of forward foreign currency exchange contracts to take a long position in the Argentinian peso had a negative impact on returns. The Fund also employed interest rate swaps to gain exposure to South African and Czech Republic local interest rates, which had a positive impact, and to gain exposure to Brazilian and Polish local interest rates, which had a negative impact during the Reporting Period. In addition, during the Reporting Period, credit default swaps were used to gain exposure to Chinese external debt, which detracted from returns during the Reporting Period.

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

A We shifted the Fund from a long position in the Mexican peso to a short position amid risks related to the renegotiation of the North American Free Trade Agreement and the country’s upcoming elections. In addition, we reduced the Fund’s exposure to Central Eastern European currencies, such as the Czech Republic koruna and the Polish zloty, as we sought to capture profits. We increased exposure to South African local interest rates, because we think the country’s fundamentals have improved and the macro and political environments have bettered following recent elections. Furthermore, we think South Africa’s central bank will be more aggressive in its next interest rate cutting cycle than was being priced in by the market. Finally, we increased the Fund’s overweight position compared to the Index in Taiwanese local interest rates, as the market appeared to be anticipating a more aggressive pace of interest rates hikes than we are.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was underweight compared to the Index in local interest rates overall, and we were deploying capital into other pockets of the emerging markets where we saw value, such as external sovereign bonds and quasi-sovereign government bonds as

33

FUND RESULTS

well as select emerging markets corporate bonds. Within local interest rates, the Fund’s largest overweight positions compared to the Index were in South Africa, China and Taiwan at the end of the Reporting Period. Within external debt, the Fund was underweight China (accomplished through credit default swaps) and overweight Argentina at the end of the Reporting Period. On the margin, we continued to take active currency risk in a handful of countries, including Indonesia, Argentina and South Africa.

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

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

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the economic frameworks of emerging markets countries were more resilient than they had been in the recent past. Importantly, monetary and fiscal policymakers are in a stronger position to respond to future shocks, in our view, through the implementation of counter-cyclical measures, such as interest rate cuts or increased fiscal spending. On the individual country level, we remained watchful at the end of the Reporting Period for signs that specific stories might unravel. We believe China has the greatest potential to cause systemic issues given how its economic growth tends to affect trade channels and commodity prices.

Overall, we favor countries with prudent fiscal management (where currencies have adjusted for lower oil prices) and/or idiosyncratic opportunities where valuations offer a strong potential risk/reward profile, in our view. At the end of the Reporting Period, the Fund was overweight relative to the Index in South African, Chinese and Taiwanese local interest rates. We believe South Africa’s macro fundamentals have improved in recent years, with the country’s current account deficit narrowing from 6% of Gross Domestic Product (“GDP”) to 2.3% and its fiscal deficit falling from 2.5% of GDP to below 1%. South Africa’s political environment has also improved, in our opinion. In China, we think the market has overpriced the central bank’s ability to hike interest rates given high debt levels and potential forced deleveraging. In Taiwan, we think the central bank has room to raise rates, but the market is pricing in more aggressive rate hikes than we are, giving us the opportunity to further increase the Fund’s overweight position.

34

FUND BASICS

Local Emerging Markets Debt Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			J.P. Morgan GBI-EMSM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		13.93	%		12.99	%		5.08	%		5.19	%
Class C		13.10			12.99			4.56			4.68
Institutional		14.29			12.99			5.61			5.76
Investor		14.24			12.99			5.56			5.67
November 30, 2017–March 31, 2018
Class R6		7.88	%		6.56	%		5.63	%		5.79	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Year			Ten Year			Since Inception			Inception Date
Class A		8.82	%		-2.46	%		1.48	%		1.37	%		2/15/08
Class C		12.05			-2.34			1.17			1.05			2/15/08
Institutional		14.29			-1.29			2.26			2.14			2/15/08
Investor		14.24			-1.37			N/A			1.68			7/30/10
Class R6		N/A			N/A			N/A			7.88			11/30/17

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% 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 and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and

35

FUND BASICS

principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		1.36	%
Class C		1.97			2.11
Institutional		0.92			1.02
Investor		0.97			1.11
Class R6		0.91			1.01

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
South Africa		10.5	%		5.9	%
Brazil		10.3			11.6
Colombia		8.6			10.1
Russia		7.7			4.9
United States		7.1			0.1
Argentina		6.3			3.9
Malaysia		5.0			4.5
Turkey		5.0			4.5
Peru		4.5			2.9
Thailand		4.4			4.8
Other		20.0			34.8

⁶  The percentage shown for each country 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 0.0% as of 3/31/18 and 1.9% as of 3/31/17. 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.

36

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Local Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 15, 2008)
Excluding sales charges	13.93%	-1.55%	1.95%	1.83%
Including sales charges	8.82%	-2.46%	1.48%	1.37%
Class C (Commenced February 15, 2008)
Excluding contingent deferred sales charges	13.10%	-2.34%	1.17%	1.05%
Including contingent deferred sales charges	12.05%	-2.34%	1.17%	1.05%
Institutional (Commenced February 15, 2008)	14.29%	-1.29%	2.26%	2.14%
Investor (Commenced July 30, 2010)	14.24%	-1.37%	N/A	1.68%
Class R6 (Commenced November 30, 2017)	N/A	N/A	N/A	7.88%*

* Total return for periods of less than one year represents cumulative total return.

37

FUND RESULTS

Goldman Sachs Total Emerging Markets Income Fund

Investment Objective

The Fund seeks current income and as a secondary objective, the Fund seeks capital appreciation.

Portfolio Management Discussion and Analysis

Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed and repositioned as the Goldman Sachs Total Emerging Markets Income Fund (the “Fund”). In addition, the Fund’s investment objective and principal investment strategy changed. The Fund’s new investment objective is to seek current income, with the secondary objective to seek capital appreciation. Within its principal investment strategy, the Fund continues to invest in emerging markets debt and currencies of issuers in emerging market countries, and after the close of business on December 26, 2017, the Fund also invests in equity investments. Effective December 27, 2017, the Fund’s benchmark changed from the Dynamic Emerging Markets Debt Fund Composite Index to the Total Emerging Markets Income Fund Composite Index. The Investment Adviser believes that the Total Emerging Markets Income Fund Composite Index is a more appropriate benchmark against which to measure the Fund’s performance in light of the change to the Fund’s principal investment strategy. The performance information reported below is the combined performance of the Fund, reflecting current and prior investment objectives, strategies and policies.

Below, the Goldman Sachs Global Fixed Income Investment Management Team and the Goldman Sachs Fundamental Equity Team discuss the Fund’s performance and positioning for the 12-month period ended March 31, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R Shares generated average annual total returns, without sales charges, of 9.29%, 8.61%, 9.87%, 9.79% and 9.16%, respectively. These returns compare to the 8.18% average annual total return of the Fund’s new benchmark, the Total Emerging Markets Income Fund Composite Index (“Total EM Composite”), which is composed 40% of the MSCI Emerging Markets Index (Net, USD, Unhedged), 20% of the J.P. Morgan Government Bond Index — Emerging Markets (“GBI-EM^SM”) Global Diversified Index (Gross, USD, Unhedged), 20% of the J.P. Morgan Emerging Markets Bond Index (“EMBI^SM”) Global Diversified Index (Gross, USD, Unhedged) and 20% of the J.P. Morgan Corporate Emerging Markets Bond Index (“CEMBI^SM”) Broad Diversified Index (Gross, USD, Unhedged). The components of the Total EM Composite, the MSCI Emerging Markets Index, J.P. Morgan GBI-EM^SM Global Diversified Index, J.P. Morgan EMBI^SM Global Diversified Index and J.P. Morgan CEMBI^SM Broad Diversified Index, generated average annual total returns of 24.93%, 12.99%, 4.30% and 3.66%, respectively, during the Reporting Period.

During the period since their inception on November 30, 2017 through March 31, 2018, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 4.15% compared to the 2.53% cumulative total return of the Total EM Composite. The components of the Total EM Composite, the MSCI Emerging Markets Index, J.P. Morgan GBI-EM^SM Global Diversified Index, J.P. Morgan EMBI^SM Global Diversified Index and J.P. Morgan CEMBI^SM Broad Diversified Index, generated cumulative total returns of 2.53%, 5.06%, 6.56%, -1.02% and -0.81% respectively, during the same time period.

To compare, the Fund’s former benchmark, the Dynamic Emerging Markets Debt Fund Composite Index (the

38

FUND RESULTS

“Dynamic EMD Composite”) generated an average annual total return of 8.44% during the Reporting Period overall. The components of the Dynamic EMD Composite, the J.P. Morgan GBI-EM^SM Global Diversified Index (50%), J.P. Morgan EMBI^SM Global Diversified Index (25%) and J.P. Morgan CEMBI^SM Broad Diversified Index (25%), generated average annual total returns of 12.99%, 4.30% and 3.66%, respectively, during the same time period.

Q How did the Fund’s principal investment strategy change after the close of business on December 26, 2017?

A After the close of business on December 26, 2017, the Fund will invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“net assets”) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds, futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. dollars or in non-U.S. currencies. The Fund will seek to achieve its investment objective through a baseline allocation of approximately 60% of its net assets to fixed income investments and of approximately 40% of its net assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.

Q What economic and market factors most influenced emerging markets debt and emerging markets equities as a whole during the Reporting Period?

A During the Reporting Period, emerging markets debt and emerging markets equities overall were influenced most by improving global economic growth, investors’ expectations about central bank monetary policy, a softer U.S. dollar and geopolitical events.

External emerging markets debt, as represented by the J.P. Morgan EMBI^SM Global Diversified Index, returned 4.30%. Sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) tightened by approximately seven basis points and closed the Reporting Period 303 basis points wider than U.S. Treasury securities. (A basis point is 1/100th of a percentage point.) The top performing emerging external debt markets in the Index (in U.S. dollar terms¹) were Ghana (+20.13%), Mozambique (+18.70%) and El Salvador (+17.91%). The worst performing countries were Venezuela (-25.87%), Oman (-1.99%) and Bolivia (-0.70%).

Local emerging markets debt, as represented by the J.P. Morgan GBI-EM^SM Global Diversified Index, posted a return of 12.99%, with approximately 4.1% due to changes in local interest rates and approximately 8.8% due to currency appreciation against the U.S. dollar. Among countries, on a total return basis, the top performers in the Index (in U.S. dollar terms) during the Reporting Period were South Africa (+32.32%), Poland (+21.46%) and Malaysia (+20.02%). The worst performing countries were Argentina (-16.77%), Turkey (-4.66%) and the Philippines (+0.64%).

Corporate emerging markets debt, as represented by the J.P. Morgan CEMBI^SM Broad Diversified Index, returned 3.66%. Corporate spreads (that is, the difference in yields between corporate emerging markets debt and U.S. Treasuries) tightened by approximately 19 basis points and closed the Reporting Period 242 basis points wider than U.S. Treasury securities. In terms of issuance, the emerging markets corporate bond sector saw approximately $481 billion of gross new issuance during 2017 and $82 billion of gross new issuance from January through early March 2018.¹ As for the global emerging markets corporate default rate, J.P. Morgan reports that it was 2.2% for 2017 overall and forecasts 2.4% for 2018.

Emerging markets equities advanced for most of the Reporting Period. They gave up some of their gains during February 2018, as investors anticipated a faster pace of Federal Reserve (“Fed”) interest rate hikes following news of solid U.S. labor and inflation data. They retreated further in March on escalating concerns about trade tensions between the U.S. and China. As represented by the MSCI Emerging Markets Index, emerging markets stocks generated a return of 24.93% during the Reporting Period overall.

Q What key factors were responsible for the Fund’s performance from April 1, 2017 through December 26, 2017 (“the initial part of the Reporting Period”)?

¹  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.

²  Source: J.P. Morgan.

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FUND RESULTS

A During the initial part of the Reporting Period, the Fund benefited from active currency management (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). Issue selection among local emerging markets bonds also contributed positively. On the other hand, issue selection of emerging markets corporate debt/quasi-sovereign bonds detracted from the Fund’s performance versus the Dynamic EMD Composite.

Q Which segments of emerging markets debt most significantly affected Fund performance during the initial part of the Reporting Period?

A The Fund was helped during the initial part of the Reporting Period by its long positions in the Czech Republic koruna and Polish zloty (implemented through the use of forward foreign currency exchange contracts). The Fund’s long exposures to Central Eastern European currencies were based on our view that economic activity is improving in Europe, which should support Eastern European economies through trade linkages. In addition, the Fund benefited from its exposure to Czech Republic and Brazilian local interest rates.

Conversely, the Fund was hurt by a short position in the euro (accomplished through the use of forward foreign currency exchange contracts), through which we funded long positions in various other currencies. The euro strengthened amid strong economic activity and the European Central Bank’s planned tapering of its quantitative easing measures. An overweight compared to the Dynamic EMD Composite in the quasi-sovereign bonds of state-owned oil and natural gas company Petroleos de Venezuela, S.A. (“PDVSA”) also dampened relative returns. The Fund was overweight PDVSA because we think the company offers significant long-term value. Also, the Fund was hampered by an underweight in Chinese external bonds (accomplished via credit default swaps). We implemented the underweight to hedge against any sharp downturn in China’s business cycle, which could be a headwind for the emerging markets overall.

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

A The Fund’s U.S. duration and yield curve positioning did not have a meaningful impact on relative returns during the initial part of the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.)

Q What was the Fund’s asset allocation positioning at the close of business on December 26, 2017 when its principal investment strategy changed?

A At the close of business on December 26, 2017, the Fund was invested approximately 89% in fixed income and approximately 11% in cash.

Q What key factors had the greatest impact on the performance of the Fund’s fixed income allocation beginning on December 27, 2017 through March 31, 2018 (“the latter part of the Reporting Period”)?

A Active currency management added to the performance of the fixed income allocation relative to its blended emerging markets debt benchmark (“blended EMD benchmark”), which is comprised of the J.P. Morgan GBI-EM^SM Global Diversified Index (46%), J.P. Morgan EMBI^SM Global Diversified Index (43%) and J.P. Morgan CEMBI^SM Broad Diversified Index (11%). Issue selection of emerging markets corporate debt/quasi-sovereign bonds and positioning within local emerging markets debt also contributed positively. Conversely, positioning and issue selection within emerging markets external bonds detracted from performance during the latter part of the Reporting Period.

Q Which segments of emerging markets debt most significantly affected the performance of the Fund’s fixed income allocation during the latter part of the Reporting Period?

A During the latter part of the Reporting Period, the Fund’s fixed income allocation benefited from long positions in the South African rand, Czech Republic koruna and Polish zloty (accomplished through the use of forward foreign currency exchange contracts). Its long position in South African local emerging markets debt was also advantageous. In addition, an overweight relative to the blended EMD benchmark in the quasi-sovereign bonds of state-owned oil and natural gas company PDVSA added modestly to returns, as these bonds rebounded from a decline experienced during the initial part of the Reporting Period. The largest detractors from performance during the latter part of the Reporting Period were overweight positions in Argentinian external bonds and in the Argentinian peso (implemented through the use of forward foreign currency exchange contracts). A short position in the euro (accomplished through the use of forward foreign currency exchange contracts), through which we funded long positions in the Czech Republic koruna and Polish zloty, also hurt relative performance.

40

FUND RESULTS

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

A During the latter part of the Reporting Period, the Fund’s U.S. duration and yield curve positioning did not have a meaningful impact on performance.

Q What key factors had the greatest impact on the performance of the Fund’s equity allocation during the latter part of the Reporting Period?

A Relative to the MSCI Emerging Markets Index, stock selection added most to returns. Sector allocation decisions overall did not have a material impact on performance.

Q Which countries and sectors within emerging markets equities most significantly affected Fund performance during the latter part of the Reporting Period?

A During the latter part of the Reporting Period, the Fund benefited from underweight positions relative to the MSCI Emerging Markets Index in South Africa, Mexico and Poland. Underweights in South Korea and Thailand and an overweight in China detracted from relative returns. In terms of sectors, overweights in the consumer discretionary, real estate and materials sectors contributed positively. The Fund was hampered by its underweight positions compared to the MSCI Emerging Markets Index in information technology, utilities and energy.

Q Which emerging markets stocks contributed significantly to the Fund’s performance during the latter part of the Reporting Period?

A The largest positive contributors to the Fund’s performance versus the MSCI Emerging Markets Index were Santam, Wuxi Biologics and Becle SAB de CV (“Becle”).

The Fund benefited from its position in Santam, which performed well after the South African insurer reported better than expected fourth quarter 2017 results. The market was favorably surprised by stronger than anticipated gross written premiums in Santam’s core property and motor divisions, which account for approximately 70% of the company’s total business, as well as by a significant recovery in underwriting margins during the final two months of 2017. Santam’s underwriting margins, which were approximately 4% for the first 10 months of 2017, climbed to approximately 6% for the full calendar year. At the end of the Reporting Period, we believed the market expected to see healthy underwriting margins during 2018. In our view, the company’s gross written premiums and underwriting margins are indicators of its pricing power.

Another positive contributor was Wuxi Biologics, a contract development and manufacturing organization that offers comprehensive, integrated and highly customizable services through its teams of scientists, proprietary technology platform and state-of-the-art laboratories. Shares of the China-based company appreciated during the first quarter of 2018 on news that 2017 earnings were 85% higher than they were in 2016, which was well ahead of market consensus. Wuxi Biologics also reported a 98% increase in service-related backlog and a rise in the number of its integrated projects, suggesting to us that the company would likely continue its forward growth momentum.

The Fund was also helped by a position in Becle, a Mexican beverage company. Becle’s shares rallied on better than expected sales and EBITDA (earnings before interest, tax, depreciation and amortization) margins. At the end of the Reporting Period, we believed the company is a dominant player in the tequila industry and owns strong brands. In our view, Becle has a track record of innovation, typically introducing premium categories of existing brands or introducing new premium categories. Margins also benefit, in our view, from the company’s vertical integration, high barriers to entry, steady growth in key markets, effective track record with mergers and acquisitions, and distribution network.

Q Which emerging markets stocks detracted significantly from performance during the latter part of the Reporting Period?

A During the latter part of the Reporting Period, the Fund was hampered most relative to the MSCI Emerging Markets Index by investments in Tencent, ING Life Insurance Korea and Ping An Insurance.

A leading detractor was Tencent, a Chinese social media and online entertainment company. Its shares struggled on lower than company estimated first quarter 2018 earnings driven by a decline in the profitability of the mobile gaming division as well as by a drop in overall profits due to investments in artificial intelligence, video and mobile payments. At the end of the Reporting Period, we expected Tencent to continue its strong growth on the back of its online/mobile game monetization capability, the expansion of its payment service and the increased monetization of its social media platform.

The Fund was also hurt during the latter part of the Reporting Period by a position in ING Life Insurance Korea. The stock

41

FUND RESULTS

fell amid concerns that the company’s potential acquisition by a bank holding group might lead to a cut in its dividend payout, which has been the highest in South Korea’s insurance industry. Furthermore, if ING Life Insurance Korea were acquired and ceased to be a non-banking financial company, it would become subject to the stringent regulations on capital adequacy mandated by South Korea’s Financial Supervisory Service. At the end of the Reporting Period, we remained positive about the ING Life Insurance Korea because: 1) we consider it the best capitalized life insurer in South Korea at a time when most insurers are thinking of reducing debt in preparation for the adoption of more stringent capital rules, and 2) the company’s growth appears to be driven by the gradual pace at which it is increasing the number of agents who are offered higher pay than typical in the industry.

An investment in China-based Ping An Insurance detracted further from performance. Its shares retreated after the company was asked by Chinese regulators to rectify overseas investment deals that violated certain rules. We consider it a transitory setback and note that Ping An Insurance’s fundamentals remain solid. At the end of the Reporting Period, we continued to like the stock because of the quality of the company’s insurance business relative to its growth and costs alongside the fast development of internet finance generally.

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

A Derivatives were not used as part of the active management strategy within the Fund’s equity allocation.

Within its fixed income allocation, during the Reporting Period as a whole, the Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, cross currency swaps, credit default swaps, total return swaps, structured notes and non-deliverable currency forwards. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Cross-currency swaps were employed to express relative value views on given currencies as well as our views on the direction of a country’s interest rates. Credit default swaps were used to implement specific credit-related investment strategies. Total return swaps and structured notes 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. Non-deliverable currency forwards were used to gain exposure to a particular country and also to take advantage of relative value opportunities. Derivatives may be used in combination with cash securities to implement our views in the Fund. During the Reporting Period overall, the use of U.S. Treasury futures added to the Fund’s performance. The use of forward foreign currency exchange contracts to take long positions in the South African rand, Czech Republic koruna and Polish zloty contributed positively to performance. The use of forward foreign currency exchange contracts to assume a short position in the euro detracted from performance. The other derivatives used in the Fund during the Reporting Period as a whole did not have a meaningful impact on the Fund’s performance overall.

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

A During the initial part of the Reporting Period, we increased the Fund’s overweight positions relative to the Dynamic EMD Composite in South African local interest rates and external bonds. We also shifted the Fund from an overweight to an underweight position in Czech Republic local interest rates. In addition, we reduced the Fund’s underweight compared to the Dynamic EMD Composite in China’s external bonds.

On December 27, 2017, we began reallocating some of the Fund’s fixed income assets. More specifically, we shifted some of its investments to emerging markets equities from external emerging markets debt, local emerging markets debt and currencies and emerging markets corporate bonds. Within the fixed income allocation, we positioned the Fund with overweights relative to the blended EMD benchmark in Latin American and Indonesian external bonds and underweights in the external bonds of China and Poland. In terms of local interest rates and currencies, the Fund was positioned with overweights in South Africa and Peru.

Q What was the Fund’s asset allocation positioning at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was invested approximately 52% in fixed income, approximately 47% in equities and approximately 1% in cash.

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FUND RESULTS

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

A Effective December 27, 2018, in connection with the change in the Fund’s principal investment strategy, Raymond Chan became a portfolio manager of the Fund joining Samuel Finkelstein.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the economic frameworks of emerging markets countries were more resilient than they had been in the recent past. Importantly, monetary and fiscal policymakers are in a stronger position to respond to future shocks, in our view, through the implementation of counter-cyclical measures, such as interest rate cuts or increased fiscal spending. On the individual country level, we remained watchful at the end of the Reporting Period for signs that specific stories might unravel. We believe China has the greatest potential to cause systemic issues given how its economic growth tends to affect trade channels and commodity prices.

In terms of emerging markets debt overall, we favored countries with prudent fiscal management (where currencies have adjusted for lower oil prices) and/or idiosyncratic opportunities where valuations offer a strong potential risk/reward profile, in our view. On a regional basis, we see more opportunities in Latin America than elsewhere, while we expect returns in Asia to lag, largely because of stretched valuations and concerns about potential deleveraging in China that may result in slower than anticipated growth across the region. The busy election calendar in 2018 should also present the Fund with opportunities to outperform given our focus on relative value country selection. At the end of the Reporting Period, we continued to have a constructive view on Indonesia, which could benefit, in our view, from fiscal improvements due to a reduction in a fuel subsidy. The country has a modest debt to Gross Domestic Product (“GDP”) ratio of 27%, and approximately 40% of its outstanding debt is denominated in foreign currency and is long-term debt. We believe this helps to minimize refinancing risk. We also have a favorable view on Argentina and consider the current political backdrop as conducive for business-friendly reforms. In addition, we think that recent pension reform and a fiscal pact with local provinces have increased the Argentinian government’s ability to comply with fiscal targets in the long term. Elsewhere, at the end of the Reporting Period, we were cautious on Poland, where the Fund held an underweight position based on valuations and because we see potential for fiscal slippage. (Fiscal slippage means that a government’s planned annual budget does not match actual spending because of something that effects the tax dollars collected.) Additionally, we plan to maintain the Fund’s underweight positions compared to the Index in several small Asian economies, such as the Philippines where the current account has deteriorated over the last couple of years, making it more vulnerable, in our view, to the whims of international capital flows. In terms of local emerging markets debt, the Fund was overweight South Africa and Peru at the end of the Reporting Period. In our opinion, South Africa’s macro fundamentals have improved in recent years, with the country’s current account deficit narrowing from 6% of GDP to 2.3% and its fiscal deficit falling from 2.5% of GDP to below 1%. South Africa’s political environment has also improved, in our opinion. We favor Peru because we expect monetary policy easing, which should help support the country’s economy, and given improvements in its trade balance.

Regarding emerging markets stocks, we believe fundamentals were stronger at the end of the Reporting Period than at the time of the 2013 taper tantrum. (Taper tantrum refers to the way markets reacted when the Federal Reserve (the “Fed”) suggested it might begin tapering its quantitative easing program.) Economic growth in the emerging markets has been increasing relative to that of the developed markets; external imbalances have decreased; inflation has moderated; and emerging markets currencies have been more attractively valued than they were in 2013, in our view. Crucially, we have seen an improvement in corporate earnings, which we expect to continue through 2018. Earnings growth has historically been a key driver of performance for emerging markets stocks. Based on their earnings at the end of the Reporting Period, we believe the asset class trades at a significant discount relative to developed markets stocks. That said, as bottom-up fundamental investors, we constantly look across a broad range of sectors, countries and market capitalizations in order to identify the most compelling investment opportunities that are trading at attractive valuations and may outperform over the market cycle. In particular, we aim to look for companies with strong or improving cash flows and sustainable competitive advantages that are able to withstand inflationary pressures on their margins while taking advantage of secular growth themes in these markets. Finally, we seek to invest in companies with strong corporate governance track records, especially with respect to their treatment of minority shareholders. With the uncertainty that emerged in the financial markets during the Reporting Period, we believe our focus on companies with strong fundamentals and secular growth opportunities may serve the Fund well in the months ahead.

43

FUND BASICS

Total Emerging Markets Income Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017 – March 31, 2018	Fund Total Return (based on NAV)1			Total Emerging Markets Income Fund Composite Index2			Dynamic Emerging Markets Debt Fund Composite Index3			MSCI Emerging Markets Index4			J.P. Morgan GBI-EMSM Global Diversified Index5			J.P. Morgan EMBISM Global Diversified Index6			J.P. Morgan CEMBISM Broad Diversified Index7			30-Day Standardized Subsidized Yield8			30-Day Standardized Unsubsidized Yield8
Class A		9.29	%		8.18	%		8.44	%		24.93	%		12.99	%		4.30	%		3.66	%		1.62	%		-1.22	%
Class C		8.61			8.18			8.44			24.93			12.99			4.30			3.66			0.95			-2.21
Institutional		9.87			8.18			8.44			24.93			12.99			4.30			3.66			2.04			-1.12
Investor		9.79			8.18			8.44			24.93			12.99			4.30			3.66			1.96			-1.22
Class R		9.16			8.18			8.44			24.93			12.99			4.30			3.66			1.45			-1.72
November 30, 2017–March 31, 2018
Class R6		4.15	%		2.53	%		2.78	%		5.06	%		6.56	%		-1.02	%		-0.81	%		1.99	%		-1.17	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Total Emerging Markets Income Fund Composite Index is a composite of the MSCI Emerging Markets Index (40%), J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (20%), the J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI^SM) Broad Diversified Index (20%).

³  The Dynamic Emerging Markets Debt Fund Composite Index is comprised of the J.P. Morgan GBI-EM^SM Global Diversified Index (50%), the J.P. Morgan EMBI^SM Global Diversified Index (25%), and the J.P. Morgan CEMBI^SM Broad Diversified Index (25%). The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of March 31, 2018 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

⁵  The J.P. Morgan 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.

⁶  The J.P. Morgan 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.

⁷  The J.P. Morgan CEMBI^SM Broad Diversified Index (Gross, USD, Unhedged) tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries. The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁸  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public

44

FUND BASICS

offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

STANDARDIZED TOTAL RETURNS9
For the period ended 3/31/18	One Year			Since Inception			Inception Date
Class A		4.37	%		0.89	%		5/31/13
Class C		7.58			1.17			5/31/13
Institutional		9.87			2.26			5/31/13
Investor		9.79			2.14			5/31/13
Class R		9.16			1.68			5/31/13
Class R6		N/A			4.15			11/30/17

⁹  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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 R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

45

FUND BASICS

EXPENSE RATIOS10
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.20	%		2.45	%
Class C		1.96			3.20
Institutional		0.86			2.11
Investor		0.96			2.20
Class R		1.45			2.70
Class R6		0.85			2.10

¹⁰ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN COUNTRY ALLOCATION11
	Percentage of Net Assets
	as of 3/31/18			as of 3/31/17
China		8.3	%		0.9	%
South Korea		5.5			0.0
Peru		3.3			4.6
Brazil		2.9			8.1
Hong Kong		2.6			0.0
South Africa		2.4			4.9
Argentina		1.1			4.7
Russia		1.1			5.1
Japan		1.1			1.1
Mexico		1.0			3.5
Other		6.6			54.2

¹¹  The percentage shown for each country 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 61.70% as of 3/31/18 and 2.8% as of 3/31/17. 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.

46

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on May 31, 2013 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI^® Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan GBI-EM^SM Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan EMBI^SM Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan CEMBI^SM Broad Diversified Index (Gross, USD, Unhedged) (20%), is shown. The performance of the Fund’s former benchmark, the Dynamic Emerging Markets Debt Fund Composite Index, is also shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Class C, Investor, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Total Emerging Markets Income Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from May 31, 2013 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Since Inception
Class A (Commenced May 31, 2013)
Excluding sales charges	9.29%	1.85%
Including sales charges	4.37%	0.89%
Class C (Commenced May 31, 2013)
Excluding contingent deferred sales charges	8.61%	1.17%
Including contingent deferred sales charges	7.58%	1.17%
Institutional (Commenced May 31, 2013)	9.87%	2.26%
Investor (Commenced May 31, 2013)	9.79%	2.14%
Class R (Commenced May 31, 2013)	9.16%	1.68%
Class R6 (Commenced November 30, 2017)	N/A	4.15%*

* Total return for periods of less than one year represents cumulative total return.

47

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, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares generated average annual total returns, without sales charges, of -0.10%, 0.24%, 0.15%, 0.24% and 0.16%, respectively. These returns compare to the 0.79% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index (the “Index”), during the same time period.

Q What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

A For the Reporting Period overall, agency mortgage-backed securities recorded slightly positive returns and outperformed duration-equivalent U.S. Treasury securities.

During the second quarter of 2017 when the Reporting Period began, agency mortgage-backed securities modestly underperformed duration-equivalent U.S. Treasury securities. The Federal Reserve (the “Fed”) signaled it would begin trimming its balance sheet later in 2017 by reducing its holdings of agency mortgage-backed securities and U.S. Treasury securities. The Fed’s action was expected to increase the market’s supply of agency mortgage-backed securities, leading to their underperformance.

During the third quarter of 2017, agency mortgage-backed securities outperformed duration-equivalent U.S. Treasury securities due to low volatility and a sell-off in the U.S. Treasury market. Firm demand, particularly from real estate investment trusts, also supported agency mortgage-backed securities. At its September 2017 policy meeting, the Fed formally announced it would begin decreasing the reinvestment of the principal payments on its holdings of agency mortgage-backed securities and U.S. Treasuries.

Investor reaction was relatively muted given how much guidance it had received from the Fed earlier in 2017.

In the fourth calendar quarter, agency mortgage-backed securities slightly outperformed duration-equivalent U.S. Treasury securities, supported by strong investor demand and low interest rate volatility. In October, as previously announced, the Fed started to trim its balance sheet.

In the first quarter of 2018, agency mortgage-backed securities underperformed duration-equivalent U.S. Treasury securities, as interest rate volatility increased and heightened trade tensions boosted demand for U.S. Treasuries. Subdued demand for agency mortgage-backed securities from banks and from the Fed also contributed to the underperformance of the sector.

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

A During the Reporting Period, individual issue selection detracted from the Fund’s relative performance. On the other hand, the Fund benefited from our cross-sector strategy, through 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 also added modestly to returns. (The duration strategy is implemented via bonds as well as interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.) Conversely, the Fund’s yield curve positioning strategy hurt relative results during the Reporting Period. (Yield curve is a spectrum of maturities.)

Q Which segments of the U.S. mortgage-backed securities sector most significantly affected Fund performance?

A Individual issue selection among Ginnie Mae (Government National Mortgage Association or “GNMA”) mortgage-

48

FUND RESULTS

backed securities hurt the Fund’s relative performance during the first nine months of the Reporting Period, as GNMA mortgage-backed securities materially underperformed conventional agency mortgage-backed securities. On the positive side, issue selection within asset-backed securities (“ABS”) added to relative returns during the Reporting Period overall.

Within our cross-sector strategy, the Fund benefited from an underweight position relative to the Index in agency mortgage-backed securities. Most of the gains occurred during the first quarter of 2018 when the sector posted weak results amid increased interest rate volatility and soft demand from banks and from the Fed. In addition, the Fund was helped by its overweight positions in ABS, specifically exposure to Federal Family Education Loan Program (“FFELP”) student loan ABS, and in collateralized loan obligations (“CLOs”), as their spreads (yield differentials to equivalent-duration U.S. Treasury securities) tightened due to their strong credit protection and improving fundamentals. Conversely, the Fund was hampered by its underweight in commercial mortgage-backed securities (“CMBS”), as their spreads narrowed. An overweight in higher-coupon agency mortgage-backed securities also detracted from the Fund’s relative performance as the yield curve flattened, which benefited lower-coupon agency mortgage-backed securities. (A flatter yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows; opposite of steeper yield curve.) The Fund retraced some of these losses during the first quarter of 2018 when interest rate volatility increased and higher-coupon agency mortgage-backed securities outperformed lower-coupon agency mortgage-backed securities. Also contributing positively to Fund returns was an underweight compared to the Index in 15-year agency mortgage-backed securities, as the yield curve flattened during the first quarter of 2018.

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

A The Fund’s duration strategy, wherein it held a short duration position on the U.S. Treasury yield curve, added modestly to returns during the Reporting Period. Although this positioning detracted in the second and third quarters of 2017 as long-term yields fell on receding inflation fears, it added to performance for the Reporting Period overall as the Fed continued to raise short-term interest rates on the back of strengthening U.S. economic data.

The Fund’s yield curve positioning strategy detracted from results, as the Fund was positioned for a steepening yield curve but the U.S. Treasury yield curve flattened during the Reporting Period as a whole.

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

A The Fund used U.S. Treasury and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. 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 terms structure of interest rates, which is the relationship between the yield to the maturity and the time to maturity for pure discount bonds.) The Fund used mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions. It used interest only and inverse interest-only securities to manage the Fund’s exposure to agency mortgage-backed securities. The Fund utilized swaptions to hedge volatility and yield curve risks in the Fund and/or to express tactical views on rate markets. The Fund also employed index total return swaps to efficiently manage the Fund’s mortgage-backed securities exposure. Additionally, a specialized index of credit default swaps (“CMBX”) was used to manage the CMBS beta of the Fund on an active basis and to hedge the Fund’s CMBS exposure. The use of these derivatives and similar instruments had a negative impact on the Fund’s performance during the Reporting Period.

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

A During the Reporting Period, we increased the Fund’s short duration position on the U.S. Treasury yield curve because we thought the Fed policymakers would decide to raise interest rates a total of four times during 2018. We maintained the Fund’s underweight position in agency mortgage-backed securities, as we expect the sector to underperform in the near term due to rising interest rates, muted bank and Fed demand and a heavy supply schedule.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was underweight relative to the Index in agency pass-through

49

FUND RESULTS

mortgage securities. (Pass-through mortgage securities consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.) The Fund was also underweight CMBS given that we think the U.S. is in the late stage of the credit cycle. In addition, at the end of the Reporting Period, the Fund was overweight CLOs because we believe they offered an attractive yield pick-up versus other segments of the mortgage-backed securities sector. Lastly, the Fund was overweight ABS. More specifically, it held positions in FFELP student loan ABS, which are not represented in the Index, because of what we consider their strong credit protection and attractive yields. We maintained the Fund’s overweight in higher-coupon mortgage-backed securities and its underweight in lower-coupon mortgage-backed securities at the end of the Reporting Period.

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

A Effective February 7, 2018, Thomas D. Teles no longer served as a portfolio manager for the Fund, as he retired from the firm. 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. The portfolio managers for the Fund are Matthew T. Kaiser, Christopher J. Hogan, Christopher J. Creed and Peter D. Dion.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we expected interest rates to continue rising, as U.S. economic strength, bolstered by the fiscal stimulus of the 2017 tax reform law, and favorable financial conditions are likely to result in additional Fed rate hikes. We plan to maintain the Fund’s underweight in agency mortgage-backed securities given that spreads are likely to widen, in our view, as the Fed continues to reduce its holdings of agency mortgage-backed securities and as supply increases during the seasonally strong summer months. Within agency mortgage-backed securities, we expect to maintain the Fund’s overweight in higher-coupon issues and its underweight in lower-coupon issues. In the securitized sector, the Fund has an emphasis on high quality floating rate securities, especially senior CLOs and FFELP ABS. At the end of the Reporting Period, the Fund was also overweight residential mortgage-backed securities because we see strength in the U.S. housing market and due to negative net supply.

50

FUND BASICS

U.S. Mortgages Fund

as of March 31, 2018

PERFORMANCE REVIEW
April 1, 2017– March 31, 2018	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Securitized Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-0.10	%		0.79	%		2.00	%		2.07	%
Institutional		0.24			0.79			2.41			2.49
Investor		0.15			0.79			2.32			2.40
Separate Account Institutional		0.24			0.79			2.41			2.48
Class R6		0.16			0.79			2.42			2.50

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The 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.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

51

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.87	%		0.72	%		3.01	%		3.19	%		11/3/03
Institutional		0.24			1.84			3.77			3.84			11/3/03
Investor		0.15			1.72			N/A			2.45			7/29/11
Separate Account Institutional		0.24			1.83			3.76			3.85			11/3/03
Class R6		0.16			N/A			N/A			1.07			7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual return figures shown. Because Institutional, Investor, Separate Account Institutional and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.90	%
Institutional		0.45			0.56
Investor		0.54			0.65
Separate Account Institutional		0.45			0.56
Class R6		0.44			0.55

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least November 30, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

52

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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

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

53

GOLDMAN SACHS U.S. MORTGAGES FUND

Performance Summary

March 31, 2018

The following graph shows the value, as of March 31, 2018, of a $1,000,000 investment made on April 1, 2008 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, 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. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. 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. Performance of Class A, Institutional, Investor, and Class R6 Shares will vary from Separate Account Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

U.S. Mortgages Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2008 through March 31, 2018.

Average Annual Total Return through March 31, 2018	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 3, 2003)
Excluding sales charges	-0.10%	1.49%	3.41%	3.46%
Including sales charges	-3.87%	0.72%	3.01%	3.19%
Institutional (Commenced November 3, 2003)	0.24%	1.84%	3.77%	3.84%
Investor (Commenced July 29, 2011)	0.15%	1.72%	N/A	2.45%
Separate Account Institutional (Commenced November 3, 2003)	0.24%	1.83%	3.76%	3.85%
Class R6 (Commenced July 31, 2015)	0.16%	N/A	N/A	1.07%

54

INDEX DEFINITIONS

Index Definitions

The Markit iBoxx USD Liquid Leveraged Loan Index is composed of approximately 100 of the most liquid, tradable leveraged loans.

CDX is an index based on a basket of North American single-name high yield credit default swaps.

55

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 63.9%
Argentina – 7.9%
	Bonos de la Nacion Argentina con Ajuste por CER (NR/NR)
ARS	49,034,653		3.750	%		02/08/19	$	2,455,231
	13,000,000		4.000			03/06/20		682,827
	Province of Santa Fe (NR/B2)
	2,670,000		7.000	(a)		03/23/23		2,760,113
	1,850,000		7.000			03/23/23		1,912,438
	Provincia de Buenos Aires (B+/B2)(b)
EUR	224,999		4.000			05/01/20		278,719
	Provincia de Cordoba (B+/B2)
	2,090,000		7.450			09/01/24		2,199,725
	Provincia de la Rioja (B+/NR)(a)
	5,880,000		9.750			02/24/25		6,218,100
	Republic of Argentina (NR/NR)(c)
ARS	292,840,000		27.935			06/21/20		15,382,170
	Republic of Argentina (NR/B2)
	3,454,694		2.500			07/22/21		164,225
	90,000		15.500			10/17/26		4,399
	Republic of Argentina (B+/NR)
EUR	13,417,011		7.820			12/31/33		18,428,123
	5,005,276		8.280			12/31/33		5,343,132
	5,360,000		7.125	(a)(d)		06/28/17		4,925,840
	Republic of Argentina (B+/B2)
	12,430,000		5.875			01/11/28		11,696,630
EUR	13,360,000		3.375			01/15/23		16,253,871
	12,400,000		7.500			04/22/26		13,249,400
EUR	4,410,000		5.000			01/15/27		5,270,278
	18,240,000		6.875			01/26/27		18,604,800
EUR	13,560,000		5.250			01/15/28		16,246,919
	2,559,553		7.820			12/31/33		3,547,013
	20,500,000		7.125			07/06/36		19,803,000
EUR	2,710,000		2.260	(b)		12/31/38		2,295,816
	20,180,000		2.500	(b)		12/31/38		13,439,880
EUR	2,050,000		6.250			11/09/47		2,333,240
	12,020,000		6.875			01/11/48		10,938,200
	Republic of Argentina (NR/NR)(c) (Argentina Deposit Rates + 2.000%)
ARS	50,805,000		24.938			04/03/22		2,584,489
	Republic of Argentina (B+/NR)(c) (Argentina Deposit Rates + 2.500%)
	15,600,000		25.499			03/11/19		785,976
	Republic of Argentina (NR/B2)(c) (Argentina Deposit Rates + 3.250%)
	87,700,000		26.188			03/29/24		4,354,738
	Republic of Argentina (B+/NR)(c) (Argentina Deposit Rates + 3.250%)
	18,350,000		26.251			03/01/20		947,550
	Republic of Argentina (NR/B2)(c) (Argentina Deposit Rates + 3.830%)
	32,930,000		26.832			05/31/22		1,663,188
								204,770,030
Belize(a)(b) – 0.1%
	Republic of Belize (B-/B3)
	2,446,500		4.938			02/20/34		1,455,667
Bermuda(a)(e) – 0.2%
	Bermuda Government Bond (A+/A2)
	4,600,000		3.717			01/25/27		4,485,000
Sovereign Debt Obligations – (continued)
Brazil – 0.4%
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	25,518,000		10.000			01/01/27		7,942,909
	7,541,044		6.000			08/15/40		2,552,146
								10,495,055
Bulgaria – 0.3%
	Republic of Bulgaria (BBB-/Baa2)
EUR	5,426,000		3.125			03/26/35		7,285,643
Chile – 0.4%
	Republic of Chile (A+/NR)
	5,620,000		3.860			06/21/47		5,479,500
	Republic of Chile (A+/Aa3)(e)
	5,770,000		3.240			02/06/28		5,654,600
								11,134,100
Colombia(e) – 0.8%
	Republic of Colombia (BBB-/Baa2)
	9,380,000		2.625			03/15/23		8,969,625
	3,340,000		4.500	(f)		01/28/26		3,461,075
	7,275,000		5.000			06/15/45		7,365,937
								19,796,637
Costa Rica – 0.9%
	Republic of Costa Rica (BB-/Ba2)
	390,000		9.995			08/01/20		435,825
	2,750,000		5.625	(a)		04/30/43		2,481,875
	2,190,000		5.625			04/30/43		1,976,475
	8,530,000		7.158			03/12/45		8,956,500
	9,280,000		7.158	(a)		03/12/45		9,744,000
								23,594,675
Croatia – 0.2%
	Republic of Croatia (BB+/Ba2)
EUR	1,157,000		3.875			05/30/22		1,580,229
	280,000		5.500			04/04/23		300,300
EUR	2,160,000		3.000			03/20/27		2,803,949
								4,684,478
Dominican Republic – 3.9%
	Dominican Republic (NR/NR)
DOP	20,700,000		16.000			07/10/20		483,702
DOP	13,900,000		11.500			05/10/24		304,785
	8,900,000		18.500	(a)		02/04/28		259,293
	134,200,000		11.375			07/06/29		2,862,010
	Dominican Republic (BB-/Ba3)
	1,532,000		7.500			05/06/21		1,633,495
	1,250,000		6.600			01/28/24		1,357,813
	12,530,000		5.875			04/18/24		13,140,837
	13,172,000		5.500			01/27/25		13,501,300
	1,740,000		6.875	(a)		01/29/26		1,927,050
	2,960,000		6.875			01/29/26		3,278,200
	1,550,000		5.950	(a)		01/25/27		1,629,438
	5,730,000		5.950			01/25/27		6,023,663
	1,500,000		8.625			04/20/27		1,768,125
	4,376,000		7.450			04/30/44		4,977,700
	5,550,000		7.450	(a)		04/30/44		6,313,125
	15,860,000		6.850	(a)		01/27/45		17,089,150

56 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)
Dominican Republic – (continued)
$	6,599,000		6.850	%		01/27/45	$	7,110,422
	17,070,000		6.500	(a)		02/15/48		17,731,462
								101,391,570
Ecuador – 4.1%
	Ecuador Government International Bond (B-/NR)
	8,550,000		10.750			03/28/22		9,469,125
	15,464,000		7.950			06/20/24		15,541,320
	12,740,000		9.650	(a)		12/13/26		13,619,060
	7,740,000		9.650			12/13/26		8,274,060
	16,260,000		9.625	(a)		06/02/27		17,357,550
	25,470,000		8.875	(a)		10/23/27		25,992,135
	17,620,000		7.875	(a)		01/23/28		16,915,200
								107,168,450
Egypt – 1.1%
	Egypt Government International Bond (B-/B3)(a)
	13,020,000		7.903			02/21/48		13,703,550
	Republic of Egypt (NR/B3)
	4,760,000		6.125			01/31/22		4,932,550
	8,240,000		8.500			01/31/47		9,187,600
								27,823,700
El Salvador – 0.4%
	El Salvador Government International Bond (CCC+/B3)
	1,550,000		7.375			12/01/19		1,619,750
	2,650,000		7.750	(g)		01/24/23		2,885,187
	10,000		5.875			01/30/25		9,825
	2,310,000		6.375			01/18/27		2,289,788
	800,000		8.625	(a)		02/28/29		920,000
	1,580,000		8.250			04/10/32		1,771,575
								9,496,125
Ghana – 0.2%
	Republic of Ghana (NR/B1)
	3,330,000		10.750			10/14/30		4,353,975
	Republic of Ghana (B-/B3)
	400,000		7.875			08/07/23		437,000
								4,790,975
Guatemala – 1.8%
	Republic of Guatemala (BB-/Ba1)
	3,300,000		5.750	(a)		06/06/22		3,477,375
	5,740,000		5.750			06/06/22		6,048,525
	6,440,000		4.500	(a)		05/03/26		6,367,550
	7,730,000		4.500			05/03/26		7,643,037
	750,000		4.375			06/05/27		726,563
	11,300,000		4.375	(a)		06/05/27		10,946,875
	10,350,000		4.875			02/13/28		10,311,187
								45,521,112
Honduras – 0.7%
	Republic of Honduras (BB-/B1)
	6,018,000		8.750			12/16/20		6,649,890
	8,410,000		8.750	(a)		12/16/20		9,293,050
	1,310,000		7.500	(a)		03/15/24		1,444,275
	200,000		7.500			03/15/24		220,500
								17,607,715
Sovereign Debt Obligations – (continued)
Hungary – 1.9%
	Hungary Government Bond (BBB-/Baa3)
EUR	7,270,000		5.750			06/11/18		9,057,186
	28,770,000		6.250			01/29/20		30,424,275
	3,680,000		6.375			03/29/21		4,011,200
	2,950,000		5.750			11/22/23		3,259,750
	MFB Magyar Fejlesztesi Bank Zrt (NR/Baa3)(a)(h)
	2,510,000		6.250			10/21/20		2,685,700
								49,438,111
Indonesia – 9.1%
	Perusahaan Penerbit SBSN (NR/Baa3)
	2,550,000		3.400	(a)		03/29/22		2,521,695
	3,190,000		4.350			09/10/24		3,242,954
	25,210,000		4.150	(a)		03/29/27		24,957,900
	1,440,000		4.150			03/29/27		1,425,600
	Perusahaan Penerbit SBSN (BBB-/Baa3)
	360,000		3.300			11/21/22		352,800
	8,259,000		4.325			05/28/25		8,320,942
	6,720,000		4.325	(a)		05/28/25		6,770,400
	1,130,000		4.550	(a)		03/29/26		1,154,013
	15,550,000		4.550			03/29/26		15,880,437
	Perusahaan Penerbit SBSN Indonesia III (BBB-/Baa3)(a)
	41,520,000		4.400			03/01/28		41,831,400
	Republic of Indonesia (NR/Baa3)
	5,850,000		4.350	(a)		01/08/27		5,937,750
	850,000		5.250	(a)		01/08/47		902,063
	8,740,000		5.250			01/08/47		9,275,325
	Republic of Indonesia (BBB-/Baa3)
	8,785,000		5.875			03/13/20		9,264,661
EUR	620,000		2.625	(a)		06/14/23		809,605
	610,000		5.375			10/17/23		655,506
	24,054,000		5.875			01/15/24		26,404,076
	13,070,000		4.125			01/15/25		13,151,687
EUR	11,110,000		3.375			07/30/25		15,020,238
	15,380,000		4.750	(a)		01/08/26		16,052,875
EUR	2,430,000		3.750	(a)		06/14/28		3,378,692
	9,760,000		3.750			06/14/28		13,570,384
	330,000		6.625			02/17/37		399,300
	9,039,000		5.250			01/17/42		9,513,547
	1,340,000		4.625			04/15/43		1,314,875
	1,560,000		6.750			01/15/44		1,961,700
	1,510,000		5.125			01/15/45		1,570,400
	552,000		5.950			01/08/46		639,630
								236,280,455
Ivory Coast – 0.1%
	Republic of Ivory Coast (NR/Ba3)
	1,510,000		6.375			03/03/28		1,521,325
Kenya – 1.4%
	Kenya Government International Bond (B+/NR)(a)
	5,830,000		7.250			02/28/28		6,099,637
	3,910,000		8.250			02/28/48		4,188,588
	Republic of Kenya (B+/NR)
	720,000		6.875	(a)		06/24/24		753,300
	23,911,000		6.875			06/24/24		25,016,884
								36,058,409

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Kuwait – 0.6%
	Letras Banco Central Argentina (NR/NR)
ARS	224,150,000		0.000	%		05/16/18	$	10,669,717
	Republic of Kuwait (AA/NR)
	2,880,000		3.500			03/20/27		2,826,000
	1,540,000		3.500	(a)		03/20/27		1,511,125
								15,006,842
Macedonia – 1.1%
	Macedonia Government International Bond (BB-/NR)
EUR	10,480,000		2.750	(a)		01/18/25		12,878,994
	440,000		2.750			01/18/25		540,721
	Republic of Macedonia (BB-/NR)
	216,000		3.975			07/24/21		285,046
	5,640,000		5.625	(a)		07/26/23		8,090,310
	5,220,000		5.625			07/26/23		7,487,840
								29,282,911
Mexico – 1.3%
	United Mexican States (BBB+/A3)
	8,690,000		3.750			01/11/28		8,398,885
	2,118,000		4.750			03/08/44		2,050,224
	4,280,000		4.350			01/15/47		3,916,200
	17,630,000		4.600			02/10/48		16,660,350
	2,332,000		5.750	(i)		10/12/10		2,378,640
								33,404,299
Mongolia – 0.1%
	Republic of Mongolia (B-/B3)
	2,049,000		5.125			12/05/22		1,998,595
	1,140,000		5.625	(a)		05/01/23		1,124,610
								3,123,205
Montenegro(a) – 0.1%
	Republic of Montenegro (B+/B1)
EUR	1,360,000		3.875			03/18/20		1,736,165
Nigeria – 2.3%
	Nigeria Government International Bond (B/B2)
	7,380,000		7.143	(a)		02/23/30		7,656,750
	590,000		7.143			02/23/30		612,125
	13,190,000		7.696	(a)		02/23/38		13,882,475
	Republic of Nigeria (B/NR)
	493,000		6.750			01/28/21		519,129
	4,770,000		6.375			07/12/23		5,014,462
	Republic of Nigeria (B/B2)
	2,560,000		5.625			06/27/22		2,613,760
	8,510,000		6.500	(a)		11/28/27		8,637,650
	2,260,000		7.875	(a)		02/16/32		2,457,750
	12,490,000		7.875			02/16/32		13,582,875
	4,060,000		7.625	(a)		11/28/47		4,212,250
								59,189,226
Pakistan – 1.2%
	Islamic Republic of Pakistan (B/B3)
	2,290,000		8.250			04/15/24		2,381,600
	30,920,000		6.875	(a)		12/05/27		29,180,750
								31,562,350
Sovereign Debt Obligations – (continued)
Panama – 0.0%
	Panama Notas del Tesoro (BBB/NR)
	920,000		4.875			02/05/21		968,414
Paraguay – 1.6%
	Paraguay Government International Bond (BB/NR)(a)
	4,900,000		5.600			03/13/48		5,022,500
	Republic of Paraguay (BB/Ba1)
	12,098,000		4.625			01/25/23		12,460,940
	3,930,000		5.000	(a)		04/15/26		4,092,113
	3,445,000		5.000			04/15/26		3,587,106
	11,880,000		4.700	(a)		03/27/27		12,028,500
	4,290,000		6.100			08/11/44		4,633,200
								41,824,359
Philippines – 0.1%
	Philippine Government International Bond (BBB/Baa2)
	3,270,000		3.000			02/01/28		3,114,675
Romania – 1.3%
	Republic of Romania (BBB-/Baa3)
	4,090,000		6.750			02/07/22		4,550,125
	1,850,000		4.375			08/22/23		1,898,562
EUR	4,370,000		2.375	(a)		04/19/27		5,471,164
	2,280,000		3.875			10/29/35		3,022,846
	9,740,000		3.875	(a)		10/29/35		12,913,385
	Romanian Government International Bond (BBB-/Baa3)
	3,220,000		3.375	(a)		02/08/38		3,962,048
EUR	720,000		3.375			02/08/38		885,924
								32,704,054
Russia – 1.6%
	Russian Federation Bond (NR/NR)
	33,000,000		4.750			05/27/26		34,204,500
	3,400,000		4.250	(a)		06/23/27		3,384,700
	1,800,000		5.250	(a)		06/23/47		1,797,300
	Russian Federation Bond (BBB-/Ba1)
	800,000		4.500	(a)		04/04/22		824,000
	2,000,000		4.875	(a)		09/16/23		2,105,000
	200,000		4.875			09/16/23		210,500
								42,526,000
Senegal(a) – 0.4%
	Senegal Government International Bond (B+/Ba3)
EUR	9,260,000		4.750			03/13/28		11,408,207
South Africa – 4.5%
	Republic of South Africa (NR/Baa3)
	7,960,000		4.850			09/27/27		7,880,400
	26,350,000		5.650			09/27/47		26,086,500
	Republic of South Africa (BB/Baa3)
	2,700,000		4.665			01/17/24		2,718,549
	29,125,000		5.875			09/16/25		31,018,125
	260,000		4.300			10/12/28		243,750
	Republic of South Africa (BB+/Baa3)
ZAR	32,070,000		8.000			01/31/30		2,634,577
	80,030,000		7.000			02/28/31		5,998,095
	249,080,000		8.250			03/31/32		20,522,837
	28,560,000		8.875			02/28/35		2,451,265
	54,550,000		6.250			03/31/36		3,583,984

58 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)
South Africa – (continued)
ZAR	64,840,000		9.000	%		01/31/40	$	5,553,107
	16,040,000		6.500			02/28/41		1,046,663
	96,980,000		8.750			01/31/44		8,076,468
								117,814,320
Sri Lanka – 2.2%
	Republic of Sri Lanka (B+/B1)
	360,000		6.000			01/14/19		366,264
	1,180,000		6.000	(a)		01/14/19		1,200,532
	1,222,000		6.250	(a)		10/04/20		1,267,214
	1,260,000		6.250			10/04/20		1,306,620
	7,814,000		6.250			07/27/21		8,097,257
	7,300,000		5.750	(a)		01/18/22		7,402,930
	9,690,000		6.125			06/03/25		9,655,310
	14,070,000		6.850			11/03/25		14,597,625
	7,600,000		6.850	(a)		11/03/25		7,885,000
	3,870,000		6.825			07/18/26		3,990,938
	280,000		6.200			05/11/27		275,450
								56,045,140
Suriname – 0.5%
	Republic of Suriname (B/B2)
	6,370,000		9.250	(a)		10/26/26		6,529,250
	7,486,000		9.250			10/26/26		7,673,150
								14,202,400
Tunisia – 0.0%
	Banque Centrale de Tunisie International Bond (NR/B2)
EUR	610,000		5.625			02/17/24		765,586
Turkey – 5.3%
	Republic of Turkey (NR/Ba2)
	2,990,000		3.250			03/23/23		2,773,225
	21,863,000		5.750			03/22/24		22,409,575
EUR	8,370,000		3.250			06/14/25		10,337,485
	4,346,000		4.250			04/14/26		3,960,293
	5,050,000		4.875			10/09/26		4,778,563
	5,521,000		6.000			03/25/27		5,610,716
	1,330,000		5.125			02/17/28		1,256,850
	18,050,000		4.875			04/16/43		14,575,375
	26,450,000		5.750			05/11/47		23,573,562
	6,700,000		7.000			06/05/20		7,102,000
	18,866,000		6.250			09/26/22		19,997,960
	10,539,000		7.375			02/05/25		11,685,116
	3,100,000		6.875			03/17/36		3,220,125
	450,000		6.750			05/30/40		459,000
	6,550,000		6.000			01/14/41		6,124,250
								137,864,095
Ukraine – 1.1%
	Ukraine Government Bond (B-/Caa2)
	1,440,000		7.750			09/01/21		1,513,440
	2,260,000		7.750			09/01/22		2,358,310
	6,200,000		7.750			09/01/23		6,423,200
	10,180,000		7.750			09/01/24		10,495,580
	8,710,000		7.750			09/01/25		8,966,945
	100,000		7.750			09/01/27		102,650
								29,860,125
Sovereign Debt Obligations – (continued)
United Arab Emirates – 1.6%
	Abu Dhabi Government International Bond (AA/NR)
	8,910,000		2.125			05/03/21		8,660,520
	8,730,000		2.500	(a)		10/11/22		8,413,538
	9,110,000		3.125			05/03/26		8,779,762
	13,520,000		3.125	(a)		10/11/27		12,769,640
	4,110,000		4.125	(a)		10/11/47		3,853,125
								42,476,585
Venezuela(j) – 0.3%
	Republic of Venezuela (D/C)
	410,000		6.000			12/09/20		120,950
	12,823,600		8.250			10/13/24		3,782,962
	8,300,000		7.650			04/21/25		2,448,500
	8,365,000		9.250			05/07/28		2,467,675
								8,820,087
Vietnam – 0.4%
	Debt and Asset Trading Corp. (NR/NR)(e)
	1,960,000		1.000			10/10/25		1,364,934
	Socialist Republic of Vietnam (BB-/B1)(a)
	7,980,000		6.750			01/29/20		8,425,284
								9,790,218
Zambia – 0.4%
	Republic of Zambia (B/NR)
	1,722,000		5.375			09/20/22		1,635,900
	970,000		8.500			04/14/24		1,016,075
	6,790,000		8.970			07/30/27		7,171,937
								9,823,912
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $1,632,060,509)							1,658,112,407
Corporate Obligations – 26.4%
Argentina(e) – 0.1%
	Cablevision SA (NR/B2)
$	1,600,000		6.500	%(a)		06/15/21	$	1,668,000
	1,210,000		6.500			06/15/21		1,261,425
								2,929,425
Brazil – 0.9%
	Banco do Brasil SA (CCC+/NR)(c)(e) (10 year CMT + 4.398%)
	6,550,000		6.250			10/29/49		5,927,750
	Banco do Brasil SA (CCC+/B2)(c)(e) (10 year CMT + 6.362%)
	8,360,000		9.000			06/29/49		8,948,210
	Itau Unibanco Holding SA (NR/B2)(a)(c)(e) (10 year CMT + 3.981%)
	5,620,000		6.125			12/12/49		5,500,575
	Samarco Mineracao SA (NR/WR)(j)
	2,735,000		4.125			11/01/22		1,997,945
	780,000		5.750			10/24/23		568,643
	220,000		5.375			09/26/24		162,800
								23,105,923

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
British Virgin Islands – 0.1%
	Huarong Finance II Co. Ltd.
$	1,670,000		5.500	%		01/16/25	$	1,745,971
	1,000,000		5.000			11/19/25		1,011,250
	Wanda Properties International Co. Ltd. (B+/Ba3)
	280,000		7.250			01/29/24		285,600
								3,042,821
Burundi – 0.2%
	Eastern and Southern African Trade and Development Bank (NR/Baa3)
	3,990,000		5.375			03/14/22		4,067,805
Chile – 0.8%
	Embotelladora Andina SA (BBB/NR)(a)
	980,000		5.000			10/01/23		1,030,225
	Engie Energia Chile SA (BBB/NR)
	1,270,000		5.625	(a)		01/15/21		1,335,087
	430,000		5.625			01/15/21		452,038
	GNL Quintero SA (BBB/Baa2)
	740,000		4.634			07/31/29		749,250
	5,920,000		4.634	(a)		07/31/29		5,994,000
	Inversiones CMPC SA (BBB-/NR)(e)
	375,000		4.375			05/15/23		381,094
	Inversiones CMPC SA (BBB-/Baa3)
	200,000		4.375			04/04/27		198,750
	Itau CorpBanca (BBB+/A3)
	4,071,000		3.875	(a)		09/22/19		4,101,532
	690,000		3.875			09/22/19		695,175
	Sociedad Quimica y Minera de Chile SA (BBB/Baa1)
	793,000		3.625			04/03/23		790,026
	3,991,000		4.375	(a)(e)		01/28/25		4,038,593
	290,000		4.375	(e)		01/28/25		293,458
								20,059,228
China(e) – 0.5%
	China Evergrande Group (NR/B2)
	2,930,000		8.250			03/23/22		3,014,237
	China Evergrande Group (B-/B2)
	3,150,000		8.750			06/28/25		3,150,000
	Kaisa Group Holdings Ltd. (NR/NR)
	1,660,000		8.500			06/30/22		1,552,100
	6,410,000		9.375			06/30/24		5,993,350
								13,709,687
Colombia – 0.6%
	Banco de Bogota SA (NR/Ba2)(a)
	13,770,000		6.250			05/12/26		14,458,500
	Banco de Bogota SA (BB+/Baa2)(a)
	460,000		4.375			08/03/27		442,750
	Ecopetrol SA (BBB-/Baa3)
	1,700,000		7.625			07/23/19		1,793,500
								16,694,750
Costa Rica – 0.4%
	Banco de Costa Rica (NR/Ba2)(h)
	1,010,000		5.250			08/12/18		1,018,787
	4,870,000		5.250	(a)		08/12/18		4,912,369
Corporate Obligations – (continued)
Costa Rica – (continued)
	Banco Nacional de Costa Rica (NR/Ba2)
	380,000		4.875			11/01/18		380,380
	3,000,000		4.875	(a)		11/01/18		3,003,000
	1,030,000		6.250	(a)		11/01/23		1,063,475
								10,378,011
Dominican Republic(a)(e) – 0.3%
	Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	6,150,000		6.750			03/30/29		6,665,063
Ecuador(h) – 0.1%
	EP PetroEcuador via Noble Sovereign Funding I Ltd. (B-/NR)(c) (3M USD LIBOR + 5.630%)
	1,571,316		7.925			09/24/19		1,575,244
	Petroamazonas EP (NR/NR)(a)
	1,120,000		4.625			11/06/20		1,075,200
								2,650,444
France(a)(e) – 0.1%
	CMA CGM SA (B-/B3)
EUR	1,430,000		5.250			01/15/25		1,580,422
Guatemala(a)(e) – 0.1%
	Central American Bottling Corp. (BB/Ba2)
	3,210,000		5.750			01/31/27		3,286,238
Hong Kong – 0.2%
	CNAC HK Finbridge Co. Ltd. (BBB/NR)
	5,400,000		4.125			07/19/27		5,096,250
India – 0.8%
	Greenko Investment Co. (B+/NR)
	4,260,000		4.875	(a)(e)		08/16/23		4,036,350
	200,000		4.875			08/16/23		189,500
	Hindustan Petroleum Corp. Ltd. (NR/Baa2)
	3,520,000		4.000			07/12/27		3,374,800
	NTPC Ltd. (BBB-/NR)
EUR	2,000,000		2.750			02/01/27		2,504,839
	Reliance Industries Ltd. (BBB+/Baa2)
	1,090,000		4.125			01/28/25		1,083,992
	7,640,000		3.667	(a)		11/30/27		7,219,800
	1,430,000		3.667			11/30/27		1,351,350
								19,760,631
Ireland – 0.8%
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)(a)
	3,010,000		5.550			02/14/23		2,957,325
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(c)(e) (5 year USD Swap + 5.416%)
	710,000		7.500			10/05/27		660,300
	Credit Bank of Moscow Via CBOM Finance PLC (NR/Caa2)(c)(e) (5 year USD Swap + 6.942%)
	5,740,000		8.875			08/10/66		5,209,050
	Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)(a)
	10,950,000		3.949			04/24/23		10,727,715
								19,554,390
Isle Of Man – 0.3%
	Gohl Capital Ltd. (NR/Baa1)
	8,510,000		4.250			01/24/27		8,371,713

60 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)
Israel(a) – 0.0%
	Delek & Avner Tamar Bond Ltd. (BBB-/Baa3)
$	960,000		3.839	%		12/30/18	$	960,000
Italy(e) – 0.9%
	Wind Tre SpA (BB-/B1)
EUR	7,200,000		2.625	(a)		01/20/23		7,979,072
	2,830,000		2.625			01/20/23		3,136,219
	1,550,000		3.125	(a)		01/20/25		1,679,173
	10,835,000		5.000	(a)		01/20/26		9,182,662
								21,977,126
Ivory Coast – 0.6%
	Agromercantil Senior Trust (BB-/NR)(a)
	3,420,000		6.250			04/10/19		3,475,575
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)(a)(h)
	6,660,000		5.333			02/15/28		6,643,350
	Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)(e)
	4,390,000		6.875			02/06/24		4,582,062
	810,000		6.875	(a)		02/06/24		845,438
	Independencia International Ltd. (NR/NR)(a)(j)(k)
	1,277,436		12.000			12/30/16		—
								15,546,425
Jamaica(e) – 0.4%
	Digicel Ltd. (NR/B1)
	3,860,000		6.000	(a)		04/15/21		3,623,575
	2,760,000		6.000			04/15/21		2,590,950
	1,500,000		6.750			03/01/23		1,349,820
	4,300,000		6.750	(a)		03/01/23		3,869,484
								11,433,829
Japan(e) – 0.9%
	SoftBank Group Corp. (BB+/Ba1)
	3,750,000		4.750			09/19/24		3,618,750
EUR	4,200,000		3.125			09/19/25		4,842,828
	SoftBank Group Corp. (B+/Ba3)(c)(5 year USD ICE Swap + 4.226%)
	11,250,000		6.000			12/31/99		10,603,125
	Universal Entertainment Corp. (NR/NR)(l)
	(PIK + 12.000%)
	422,160		12.000			08/24/20		432,714
	(PIK + 8.500%)
	3,894,195		8.500	(a)		08/24/20		3,969,743
								23,467,160
Kazakhstan – 0.5%
	KazMunayGas National Co. JSC (BB-/Baa3)
	11,640,000		9.125			07/02/18		11,818,092
Luxembourg – 1.4%
	Altice Financing SA (BB-/B1)(e)
	1,590,000		6.625			02/15/23		1,574,100
	1,160,000		6.625	(a)		02/15/23		1,148,400
	1,700,000		7.500	(a)		05/15/26		1,666,000
	11,480,000		7.500			05/15/26		11,250,400
	Gazprom OAO Via Gaz Capital SA (BBB-/Baa3)
	6,400,000		9.250	(g)		04/23/19		6,784,000
	410,000		8.625	(g)		04/28/34		531,462
	5,560,000		7.288			08/16/37		6,546,900
Corporate Obligations – (continued)
Luxembourg – (continued)
	Millicom International Cellular SA (NR/Ba2)(a)(e)
	1,070,000		5.125			01/15/28		1,020,512
	Sberbank of Russia Via SB Capital SA (NR/NR)(c)(e)(5 Year CMT + 4.023%)
	4,490,000		5.500			02/26/24		4,537,145
	Tupy Overseas SA (BB-/NR)(e)
	1,600,000		6.625	(a)		07/17/24		1,660,000
	219,000		6.625			07/17/24		227,213
								36,946,132
Mauritius – 0.4%
	MTN Mauritius Investment Ltd. (BB+/Ba1)
	1,120,000		5.373			02/13/22		1,131,200
	283,000		6.500			10/13/26		298,211
	2,040,000		6.500	(a)		10/13/26		2,149,650
	Neerg Energy Ltd. (NR/Ba3)(e)
	3,440,000		6.000	(a)		02/13/22		3,405,600
	3,650,000		6.000			02/13/22		3,613,500
								10,598,161
Mexico – 3.5%
	America Movil SAB de CV (A-/A3)
MXN	19,010,000		6.000			06/09/19		1,015,575
	Banco Mercantil del Norte SA (BB/Ba2)(a)(c)(e) (10 year CMT + 5.353%)
	3,630,000		7.625			12/31/99		3,875,025
	BBVA Bancomer SA (BB+/NR)(a)(c)(e) (5 Year CMT + 2.650%)
	3,930,000		5.125			01/18/33		3,772,800
	Cemex SAB de CV (BB/NR)(a)(e)
EUR	1,730,000		2.750			12/05/24		2,107,391
	Corporacion Geo SA (NR/NR)(j)(k)
	277,766		8.000			04/13/21		—
	Gruma SAB de CV (BBB/NR)(a)(e)
	2,220,000		4.875			12/01/24		2,303,250
	Petroleos Mexicanos (BBB+/Baa3)
	7,349,000		6.375			02/04/21		7,816,580
	35,000		4.875			01/24/22		35,808
	2,610,000		5.375			03/13/22		2,711,137
	290,000		3.500			01/30/23		277,820
EUR	15,380,000		5.125			03/15/23		21,573,721
	7,549,000		6.875			08/04/26		8,301,069
	14,960,000		6.500			03/13/27		15,977,280
EUR	2,650,000		4.875			02/21/28		3,513,395
	610,000		6.375			01/23/45		591,365
	7,887,000		6.750			09/21/47		7,980,698
	1,922,000		6.350	(a)		02/12/48		1,857,132
	Unifin Financiera SAB de CV SOFOM ENR (BB/NR)(a)(e)
	6,720,000		7.375			02/12/26		6,535,200
								90,245,246
Netherlands – 1.6%
	Embraer Netherlands Finance BV (BBB/NR)
	330,000		5.400			02/01/27		348,678
	Embraer Netherlands Finance BV (BBB/Ba1)
	419,000		5.050			06/15/25		431,570

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Netherlands – (continued)
	Greenko Dutch BV (NR/Ba2)(a)(e)
$	1,670,000		4.875	%		07/24/22	$	1,611,550
	6,890,000		5.250			07/24/24		6,623,012
	GTH Finance BV (BB/Ba2)(e)
	610,000		7.250			04/26/23		664,138
	Listrindo Capital BV (BB/Ba2)(a)(e)
	1,280,000		4.950			09/14/26		1,211,200
	Lukoil International Finance BV (BBB/NR)
	1,590,000		4.750			11/02/26		1,609,398
	Lukoil International Finance BV (BBB/Baa3)
	1,480,000		3.416			04/24/18		1,480,000
	1,650,000		6.125			11/09/20		1,749,000
	1,450,000		4.563			04/24/23		1,460,875
	Metinvest BV (NR/NR)(e) (l)(PIK + 9.373%)
	4,144,708		9.373			12/31/21		4,345,933
	Petrobras Global Finance BV (BB-/Ba3)
	13,800,000		6.125			01/17/22		14,707,350
	2,858,000		5.299	(a)		01/27/25		2,825,848
	Syngenta Finance NV (BBB-/Ba2)(e)
EUR	2,200,000		1.250			09/10/27		2,317,535
	Teva Pharmaceutical Finance Netherlands III BV (BB/Ba2)
	980,000		1.700			07/19/19		947,638
								42,333,725
Oman(a) – 1.8%
	Oman Government International Bond (NR/Baa3)
	15,670,000		5.625			01/17/28		15,219,487
	32,630,000		6.750			01/17/48		31,487,950
								46,707,437
Pakistan(a) – 0.3%
	The Third Pakistan International Sukuk Co. Ltd. (B/B3)
	8,610,000		5.625			12/05/22		8,300,040
Panama(a) – 0.0%
	Autoridad del Canal de Panama (A-/A2)
	380,000		4.950			07/29/35		413,685
Paraguay – 0.3%
	Banco Regional SAECA (BB/Ba1)
	905,000		8.125			01/24/19		934,593
	4,670,000		8.125	(a)		01/24/19		4,822,709
	Telefonica Celular del Paraguay SA (NR/Ba3)(e)
	2,700,000		6.750			12/13/22		2,764,125
								8,521,427
Peru – 0.4%
	Abengoa Transmision Sur SA (BBB/NR)(a)
	5,127,492		6.875			04/30/43		5,595,376
	Corp. Lindley SA (BBB/NR)
	1,630,000		6.750	(a)		11/23/21		1,751,329
	3,560,000		6.750			11/23/21		3,824,988
	120,000		4.625	(a)		04/12/23		120,300
								11,291,993
Singapore – 0.1%
	ABJA Investment Co. Pte Ltd. (BB-/NR)
	510,000		5.950			07/31/24		515,738
	920,000		5.450			01/24/28		856,750
Corporate Obligations – (continued)
Singapore – (continued)
	Medco Platinum Road Pte Ltd. (B/B2)(a)(e)
	1,320,000		6.750			01/30/25		1,267,200
								2,639,688
South Africa – 0.8%
	Eskom Holdings SOC Ltd. (CCC+/B3)
	1,930,000		5.750			01/26/21		1,913,595
	6,640,000		6.750			08/06/23		6,713,040
	7,660,000		7.125			02/11/25		7,824,690
	ZAR Sovereign Capital Fund Pty Ltd. (BB/Baa3)
	5,440,000		3.903			06/24/20		5,467,200
								21,918,525
Turkey – 1.3%
	Hazine Mustesarligi Varlik Kiralama AS (NR/Ba2)
	18,880,000		5.004	(a)		04/06/23		18,998,000
	10,280,000		5.004			04/06/23		10,344,250
	TC Ziraat Bankasi AS (NR/Ba2)
	1,000,000		5.125			05/03/22		980,000
	2,370,000		5.125	(a)		09/29/23		2,287,050
								32,609,300
Ukraine – 0.1%
	MHP SE (B/NR)
	1,420,000		8.250			04/02/20		1,544,250
United Arab Emirates – 1.2%
	Aabar Investments PJSC
EUR	100,000		1.000			03/27/22		109,253
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	650,000		3.650			11/02/29		619,937
	23,260,000		4.600			11/02/47		22,620,350
	Dolphin Energy Ltd. LLC (NR/A2)
	163,520		5.888			06/15/19		166,586
	3,580,000		5.500			12/15/21		3,812,700
	Ruwais Power Co. PJSC (A-/A3)(a)
	3,700,000		6.000			08/31/36		4,204,125
								31,532,951
United Kingdom(a)(e) – 0.1%
	MARB BondCo PLC (B+/NR)
	1,340,000		6.875			01/19/25		1,222,750
United States – 0.9%
	Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)(a)(m)
EGP	54,300,000		0.000			10/11/18		2,803,699
	77,000,000		0.000			11/29/18		3,897,251
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)(a)(m)
	74,550,000		0.000			02/07/19		3,697,435
	Brazil Loan Trust 1 (BB-/NR)(a)(h)
	7,735,785		5.477			07/24/23		8,016,207
	CEMEX Finance LLC (BB/NR)(e)
EUR	3,950,000		4.625			06/15/24		5,182,270
	Reliance Holding USA, Inc. (BBB+/Baa2)
	290,000		5.400			02/14/22		305,418
	The Bank of New York Mellon SA (NR/NR)(j)(k)
	400,000		9.625			05/02/21		—
	520,000		9.625			05/03/21		—
								23,902,280

62 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)
Venezuela – 2.6%
	Petroleos de Venezuela SA (NR/NR)
$	145,930,000		6.000	%		10/28/22	$	34,366,515
	Petroleos de Venezuela SA (CCC-/NR)(j)
	2,180,000		5.500			04/12/37		594,050
	Petroleos de Venezuela SA (D/NR)(j)
	84,190,000		6.000			05/16/24		22,625,945
	20,167,934		6.000			11/15/26		5,399,944
	19,170,000		5.375			04/12/27		5,300,505
								68,286,959
	TOTAL CORPORATE OBLIGATIONS
	(Cost $710,380,056)						$	685,169,982

Shares	Description		Value
Common Stock(j)(k) – 0.0%
Media – 0.0%
3		New Cotai Class B Shares (Cost $—)	$	—

Principal Amount		Interest Rate			Maturity Date		Value
Structured Notes(a) (m) – 0.9%
United Kingdom – 0.2%
	Arab Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)
$	81,400,000		0.000	%		06/07/18	$	4,472,475
United States – 0.7%
	Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)
	18,500,000		0.000			05/03/18		1,028,149
	146,650,000		0.000			05/10/18		8,122,634
	94,000,000		0.000			11/01/18		4,806,736
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
	44,350,000		0.000			05/17/18		2,448,152
	52,300,000		0.000			07/26/18		2,793,136
								19,198,807
	TOTAL STRUCTURED NOTES
	(Cost $23,634,676)						$	23,671,282
Municipal Debt Obligations(j) – 0.6%
Puerto Rico – 0.6%
	Puerto Rico Commonwealth GO Bonds Public Improvement Series 2006 A (NR/Ca)(e)
$	105,000		5.250	%		07/01/26	$	46,988
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (NR/Ca)(e)
	135,000		5.500			07/01/32		60,413
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (NR/Ca)(e)
	135,000		6.000			07/01/39		60,413
Municipal Debt Obligations(j) – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (NR/Ca)
	110,000		4.000			07/01/21		47,575
	140,000		4.500	(e)		07/01/26		60,550
	1,210,000		5.500	(e)		07/01/26		523,325
	390,000		5.000	(e)		07/01/41		164,775
	Puerto Rico Commonwealth GO Bonds Refunding Public Improvement Series 2009 B (NR/Ca)(e)
	1,385,000		5.750			07/01/38		619,787
	Puerto Rico Commonwealth GO Bonds Series 2008 A (NR/Ca)(e)
	1,315,000		5.375			07/01/33		588,462
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(e)
	6,275,000		8.000			07/01/35		2,666,875
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 (NR/Ca)(e)
	1,890,000		5.250			08/01/57		1,143,450
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B (NR/Ca)(e)
	1,760,000		6.050			08/01/36		1,056,000
	325,000		6.050			08/01/37		195,000
	155,000		6.050			08/01/39		93,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C (NR/Ca)(e)
	1,435,000		6.000			08/01/31		861,000
	345,000		6.000			08/01/32		207,000
	1,075,000		6.000			08/01/38		645,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A (NR/Ca)(e)
	125,000		6.130			08/01/28		75,000
	65,000		6.130			08/01/29		39,000
	420,000		6.130			08/01/30		252,000
	415,000		6.130			08/01/37		249,000
	730,000		6.130			08/01/38		438,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C (NR/Ca)(e)
	50,000		5.750			08/01/57		30,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C (NR/Ca)
	135,000		5.000			08/01/21		78,975
	1,835,000		5.000	(e)		08/01/40		1,073,475
	725,000		5.250	(e)		08/01/40		424,125
	290,000		5.000	(e)		08/01/46		169,650
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D (NR/Ca)(e)
	130,000		4.850			08/01/36		71,500
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (NR/Ca)(e)
	4,600,000		5.500			08/01/22		1,081,000
	4,210,000		5.250			08/01/27		989,350
	1,430,000		6.750			08/01/32		336,050
	1,085,000		5.750			08/01/37		254,975
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (NR/Ca)(e)
	40,000		4.500			08/01/21		9,400
	280,000		5.500			08/01/37		65,800
	110,000		5.375			08/01/39		25,850
	20,000		5.500			08/01/42		4,700

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations(j) – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (NR/Ca)(e)
$	70,000		5.000	%		08/01/35	$	16,450
	25,000		5.375			08/01/36		5,875
	25,000		5.375			08/01/38		5,875
	1,620,000		5.500			08/01/40		380,700
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (NR/Ca)(e)
	315,000		5.000			08/01/43		74,025
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $23,445,895)						$	15,190,388
U.S. Treasury Obligations – 1.4%
	United States Treasury Bonds(n)
$	1,000,000		2.875	%		08/15/45	$	982,270
	1,440,000		2.875			11/15/46		1,412,539
	United States Treasury Notes
	900,000		1.125	(n)		07/31/21		862,173
	840,000		2.250			01/31/24		822,721
	19,220,000		2.125			11/30/24		18,573,440
	12,930,000		2.250			12/31/24		12,587,355
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $36,046,374)						$	35,240,498

Shares	Distribution Rate			Value
Investment Company(o) – 1.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
47,535,587		1.609	%	$	47,535,587
(Cost $47,535,587)
TOTAL INVESTMENTS – 95.0%
(Cost $2,473,103,097)				$	2,464,920,144

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreement – 0.1%
	Citigroup Reverse Repurchase Agreement (NR/NR)
$	(3,240,000	)		(1.000	)%		12/31/18	$	(3,240,000	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(3,240,000))
	OTHER ASSETS IN EXCESS OF      LIABILITIES – 5.1%								133,191,924
	NET ASSETS – 100.0%							$	2,594,872,068

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $859,337,633, which represents approximately 33.1% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(b)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2018.
(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, 2018.
(d)	Actual maturity date is June 28, 2117.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2018, the value of securities pledged amounted to $3,108,750.
(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 at March 31, 2018.
(h)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $25,926,857, which represents approximately 1.0% of the Fund’s net assets as of March 31, 2018.
(i)	Actual maturity is October 12, 2110.
(j)	Security is currently in default and/or non-income producing.
(k)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(l)	Pay-in-kind securities.
(m)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(n)	A portion of this security is segragated as collateral for initial margin requirement on futures transactions.
(o)	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.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Currency Abbreviations:
ARS	—Argentine Peso
BRL	—Brazilian Real
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
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
PEN	—Peruvian Nuevo Sol
PLN	—Polish Zloty
RUB	—Russian Ruble
SGD	—Singapore Dollar
THB	—Thai Baht
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
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MTN	—Medium Term Note
NR	—Not Rated
PLC	—Public Limited Company
RB	—Revenue Bond
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	54,501,644	USD	2,689,447	$	2,701,355		04/04/18	$	11,908
	ARS	36,086,999	USD	1,775,498		1,783,924		04/09/18		8,426
	ARS	85,199,828	USD	4,185,695		4,205,115		04/12/18		19,419
	ARS	61,489,943	USD	3,026,825		3,028,514		04/16/18		1,690
	ARS	34,823,768	USD	1,667,805		1,711,550		04/20/18		43,745
	ARS	28,189,621	USD	1,370,424		1,376,782		05/02/18		6,358
	ARS	145,926,630	USD	7,012,332		7,107,966		05/07/18		95,634
	ARS	60,955,065	USD	2,928,420		2,962,720		05/11/18		34,300
	ARS	24,074,502	USD	1,150,679		1,168,267		05/14/18		17,588
	ARS	55,926,138	USD	2,670,143		2,709,596		05/17/18		39,453
	ARS	135,520,120	USD	6,479,566		6,541,481		05/24/18		61,915
	ARS	129,956,502	USD	6,191,353		6,253,004		05/31/18		61,651
	BRL	146,683,177	USD	44,131,168		44,418,681		04/03/18		287,513
	BRL	133,825,268	USD	40,096,257		40,426,869		05/03/18		330,612
	CLP	6,993,474,231	USD	11,503,572		11,582,235		04/27/18		78,662
	CNH	54,576,102	EUR	6,943,619		8,668,836		06/20/18		73,182
	CNH	364,545,797	USD	57,278,160		57,904,241		06/20/18		626,081
	CNY	177,896,907	USD	28,100,993		28,348,926		04/16/18		247,933
	COP	37,776,645,893	USD	13,259,124		13,516,706		04/20/18		257,583
	COP	19,582,894,956	USD	6,876,737		7,006,334		04/27/18		129,597
	CZK	107,429,821	EUR	4,218,310		5,227,280		06/20/18		5,344
	EUR	19,086,607	HUF	5,948,674,760		23,627,717		06/20/18		68,474
	HKD	274,845,229	USD	35,166,685		35,184,175		09/19/18		17,490
	IDR	58,583,754,822	USD	4,254,078		4,266,519		04/09/18		12,441

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	IDR	808,057,047,729	USD	58,582,292	$	58,774,568		04/26/18	$	192,277
	INR	136,396,159	USD	2,092,929		2,094,895		04/06/18		1,967
	INR	2,923,017,353	USD	44,790,045		44,873,148		04/13/18		83,105
	KRW	11,504,264,117	USD	10,708,633		10,819,832		04/05/18		111,200
	KRW	4,570,990,554	USD	4,269,588		4,303,535		04/09/18		33,947
	KRW	47,701,759,465	USD	44,576,674		44,913,969		04/12/18		337,297
	KRW	7,803,934,595	USD	7,340,941		7,348,578		04/16/18		7,637
	KRW	13,032,054,797	USD	12,130,513		12,274,655		04/26/18		144,142
	KRW	5,520,593,823	USD	5,121,129		5,199,875		04/27/18		78,746
	MXN	401,350,487	USD	21,274,641		21,799,692		06/20/18		525,051
	PEN	51,826,318	USD	16,007,681		16,059,567		04/09/18		51,886
	PLN	44,467,407	EUR	10,480,779		13,010,510		06/20/18		36,132
	SGD	24,864,972	USD	18,968,076		19,000,137		06/20/18		32,061
	THB	243,409,630	USD	7,765,997		7,787,142		04/12/18		21,145
	TRY	17,386,048	USD	4,275,464		4,302,480		06/20/18		27,015
	TWD	214,182,096	USD	7,340,941		7,368,009		04/16/18		27,068
	TWD	177,737,140	USD	6,082,618		6,115,010		04/17/18		32,392
	TWD	1,144,688,116	USD	39,351,495		39,487,210		05/10/18		135,715
	USD	12,587,174	ARS	253,592,537		12,569,227		04/04/18		17,946
	USD	3,960,484	BRL	12,857,909		3,893,639		04/03/18		66,845
	USD	15,556,978	CLP	9,230,239,562		15,286,035		04/20/18		270,942
	USD	4,298,247	CNH	26,920,396		4,276,020		06/20/18		22,227
	USD	12,338,786	EUR	9,927,145		12,289,023		06/20/18		49,763
	USD	13,641,000	HKD	105,665,437		13,482,894		05/11/18		158,106
	USD	12,156,414	HKD	95,206,855		12,153,032		05/23/18		3,381
	USD	19,105,000	HKD	148,219,191		18,974,206		09/19/18		130,794
	USD	23,803,266	IDR	318,387,480,642		23,183,970		04/11/18		619,295
	USD	25,587,075	INR	1,664,183,360		25,552,648		04/05/18		34,427
	USD	4,314,436	INR	280,852,081		4,311,544		04/13/18		2,892
	USD	12,527,946	INR	812,845,153		12,456,401		04/27/18		71,544
	USD	3,599,628	RUB	205,821,334		3,570,931		05/17/18		28,697
	USD	4,266,629	SGD	5,581,412		4,264,939		06/20/18		1,690
	USD	11,953,318	TRY	47,711,817		11,807,118		06/20/18		146,201
	USD	2,989,138	TWD	86,477,856		2,975,253		04/17/18		13,885
	USD	39,925,025	TWD	1,155,933,172		39,817,290		04/27/18		107,733
	USD	5,681,304	TWD	164,678,278		5,680,749		05/10/18		555
	USD	38,509,010	ZAR	457,852,874		38,415,143		05/18/18		93,867
	USD	18,882,135	ZAR	223,186,655		18,646,509		06/20/18		235,627
	ZAR	956,196,991	USD	79,819,533		79,887,106		06/20/18		67,572
TOTAL									$	6,559,771

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	452,683,429	USD	22,819,906	$	22,437,099		04/04/18	$	(382,809	)
	ARS	253,592,536	USD	11,987,357		11,975,281		07/03/18		(12,076	)
	BRL	146,683,177	USD	45,166,374		44,418,679		04/03/18		(747,692	)
	CLP	5,471,193,164	USD	9,080,065		9,060,745		04/20/18		(19,320	)
	EUR	3,534,389	CZK	90,059,767		4,375,295		06/20/18		(6,799	)
	EUR	4,815,012	PLN	20,413,184		5,960,605		06/20/18		(11,992	)

66 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		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	EUR	6,098,023	USD	7,591,662	$	7,541,141		06/08/18	$	(50,522	)
	HKD	74,086,774	USD	9,481,025		9,465,196		06/20/18		(15,828	)
	HUF	9,669,988,651	EUR	30,985,112		38,297,200		06/20/18		(59,928	)
	IDR	637,105,863,483	USD	46,920,252		46,392,036		04/11/18		(528,218	)
	IDR	486,455,517,416	USD	36,355,383		35,408,982		04/16/18		(946,402	)
	IDR	58,860,958,339	USD	4,283,009		4,281,291		04/26/18		(1,717	)
	INR	1,943,687,287	USD	30,248,804		29,844,281		04/05/18		(404,521	)
	INR	534,293,015	USD	8,205,881		8,202,281		04/13/18		(3,599	)
	INR	599,845,249	USD	9,221,682		9,205,114		04/16/18		(16,568	)
	INR	3,804,973,195	USD	58,865,934		58,309,103		04/27/18		(556,832	)
	JPY	899,747,248	USD	8,556,000		8,501,648		06/20/18		(54,352	)
	PEN	50,825,112	USD	15,795,479		15,751,631		04/05/18		(43,848	)
	PLN	125,961,595	EUR	29,814,723		36,854,511		06/20/18		(53,768	)
	RUB	2,510,229,417	USD	43,811,600		43,551,640		05/17/18		(259,960	)
	SGD	17,311,566	USD	13,240,686		13,228,333		06/20/18		(12,354	)
	TRY	17,475,298	USD	4,366,608		4,324,566		06/20/18		(42,042	)
	TWD	142,261,100	USD	4,912,331		4,894,464		04/17/18		(17,867	)
	TWD	621,259,914	USD	21,465,637		21,399,928		04/27/18		(65,709	)
	TWD	372,105,265	USD	12,867,094		12,836,159		05/10/18		(30,935	)
	USD	12,566,528	ARS	253,592,536		12,569,227		04/04/18		(2,699	)
	USD	84,337,048	BRL	280,508,445		84,943,721		04/03/18		(606,676	)
	USD	8,375,196	CLP	5,091,951,581		8,432,690		04/20/18		(57,494	)
	USD	12,834,591	CNH	81,318,327		12,916,555		06/20/18		(81,964	)
	USD	11,191,800	CNY	70,944,822		11,305,478		04/16/18		(113,677	)
	USD	4,208,960	COP	12,124,246,083		4,338,127		04/20/18		(129,167	)
	USD	256,845,717	EUR	207,768,678		256,937,850		06/08/18		(92,133	)
	USD	4,268,083	INR	279,503,927		4,291,634		04/05/18		(23,551	)
	USD	2,081,665	INR	136,396,160		2,094,896		04/06/18		(13,230	)
	USD	32,697,920	INR	2,135,335,819		32,780,936		04/13/18		(83,014	)
	USD	21,857,188	INR	1,428,237,101		21,886,941		04/27/18		(29,752	)
	USD	8,966,493	JPY	949,210,923		8,969,027		06/20/18		(2,533	)
	USD	10,714,393	KRW	11,504,264,117		10,819,832		04/05/18		(105,441	)
	USD	37,959,260	KRW	40,992,016,698		38,596,357		04/12/18		(637,097	)
	USD	8,537,916	KRW	9,142,358,773		8,608,906		04/16/18		(70,990	)
	USD	4,314,118	KRW	4,605,536,650		4,337,871		04/26/18		(23,753	)
	USD	12,634,983	MXN	235,713,195		12,818,232		06/12/18		(183,249	)
	USD	29,706,840	MXN	559,170,278		30,371,808		06/20/18		(664,968	)
	USD	15,698,342	PEN	50,825,112		15,751,631		04/05/18		(53,289	)
	USD	8,614,536	SGD	11,292,571		8,629,022		06/20/18		(14,486	)
	USD	4,338,788	THB	136,343,377		4,361,887		04/12/18		(23,099	)
	USD	4,357,766	THB	136,428,567		4,365,183		04/16/18		(7,417	)
	USD	2,560,057	TRY	10,363,621		2,564,658		06/20/18		(4,602	)
	USD	50,180,835	TWD	1,468,291,862		50,516,278		04/17/18		(335,443	)
	USD	15,429,151	TWD	449,315,525		15,477,129		04/27/18		(47,978	)
	USD	41,574,356	TWD	1,208,473,105		41,687,538		05/10/18		(113,184	)
	ZAR	101,888,537	USD	8,534,410		8,512,451		06/20/18		(21,958	)
TOTAL									$	(7,888,502	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2018, 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		334			06/20/18	$	53,596,563		$	1,763,433
5 Year U.S. Treasury Notes		305			06/29/18		34,910,586			43,951
2 Year U.S. Treasury Notes		636			06/29/18		135,219,563			43,332
20 Year U.S. Treasury Bonds		809			06/20/18		118,619,625			2,725,362
Total									$	4,576,078
Short position contracts:
Eurodollars		(1,162	)		12/16/19		(282,409,575	)		(4,712	)
Ultra 10 Year U.S. Treasury Notes		(229	)		06/20/18		(29,737,797	)		(272,320	)
10 Year U.S. Treasury Notes		(452	)		06/20/18		(54,755,563	)		(451,199	)
Total									$	(728,231	)
TOTAL									$	3,847,847

SWAP CONTRACTS — At March 31, 2018, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Counterparty	Termination Date		Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
5.180%(a)		Mexico Interbank TIIE 28 Days	MS & Co. Int. PLC		09/25/18		MXN  60,090	$	49,123
Mexico IB TIIE 28D(a)		6.93	MS & Co. Int. PLC		03/03/26		MXN  14,640		(30,926	)
TOTAL								$	18,197

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

(a) Payments made monthly.

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

GOLDMAN SACHS 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)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg(b)	8.050(c)	01/02/20	BRL	45,225		$	239,748		$	21,963		$	217,785
Mexico IB TIIE 28D(b)	7.600	06/17/20	MXN	130,400	(e)		14,357			(5,705	)		20,062
8.900(c)	1M BID Avg	01/04/21	BRL	66,600			(562,776	)		(107,646	)		(455,130	)
0.000(a)	6M EURO(d)	06/20/21	EUR	19,190	(e)		55,751			132,325			(76,574	)
2.450(a)	6M WIBOR(b)	12/20/22	PLN	69,000			(139,940	)		(129,706	)		(10,234	)
2.550(a)	6M WIBOR(b)	03/21/23	PLN	280,680			(760,701	)		212,764			(973,465	)
Mexico IB TIIE 28D(b)	7.600	06/14/23	MXN	371,250	(e)		200,959			53,813			147,146
0.250(a)	6M EURO(d)	06/20/23	EUR	51,500	(e)		554,719			950,971			(396,252	)
0.500(a)	6M EURO(d)	06/20/25	EUR	52,050	(e)		876,942			1,515,551			(638,609	)
1.000(a)	6M EURO(d)	06/20/28	EUR	53,010	(e)		48,992			972,920			(923,928	)
1.500(a)	6M EURO(d)	06/20/38	EUR	13,080	(e)		(111,381	)		281,481			(392,862	)
TOTAL						$	416,670		$	3,898,731		$	(3,482,061	)

(a) Payments made annually.

(b) Payments made monthly.

(c) Payments made at maturity.

(d) Payments made semi-annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2018(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 4.250%, 10/28/18	(1.000)%	0.136%	BoA Securities LLC		03/20/19		1,100	$	(9,629	)	$	(402	)	$	(9,227	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.136	BoA Securities LLC		06/20/19		2,680		(29,191	)		(4,017	)		(25,174	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.326	BoA Securities LLC		12/20/20		9,500		(173,223	)		45,711			(218,934	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	BoA Securities LLC		06/20/21		12,670		(250,565	)		89,017			(339,582	)
Republic of Turkey, 11.875%, 01/15/30	(1.000)	1.495	BoA Securities LLC		12/20/21		3,640		61,891			217,909			(156,018	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.136	Barclays Bank PLC		03/20/19		4,140		(36,243	)		(3,134	)		(33,109	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.136	Barclays Bank PLC		03/20/19		8,490		(74,326	)		(27,446	)		(46,880	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.180	Barclays Bank PLC		09/20/19		3,350		(41,452	)		(14,316	)		(27,136	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	Barclays Bank PLC		06/20/21		7,030		(139,028	)		24,639			(163,667	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.454	Barclays Bank PLC		12/20/21		17,730		(350,425	)		(23,440	)		(326,985	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.513	Barclays Bank PLC		06/20/22		18,480		(365,036	)		(146,256	)		(218,780	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.585	Barclays Bank PLC		12/20/22		10,860		(202,221	)		(211,413	)		9,192

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

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, 2018(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
People’s Republic of China, 4.250%, 10/28/18	(1.000)%	0.136%	Citibank NA		03/20/19		31,240	$	(273,492	)	$	(27,983	)	$	(245,509	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.136	Citibank NA		06/20/19		21,330		(232,325	)		(18,186	)		(214,139	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.326	Citibank NA		12/20/20		20,690		(377,262	)		118,048			(495,310	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	Citibank NA		06/20/21		79,770		(1,577,548	)		336,695			(1,914,243	)
Republic of Turkey, 11.875%, 01/15/30	(1.000)	1.495	Citibank NA		12/20/21		690		11,733			40,803			(29,070	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.513	Citibank NA		06/20/22		9,400		(185,679	)		(119,874	)		(65,805	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.326	Deutsche Bank AG		12/20/20		5,280		(96,276	)		26,409			(122,685	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	Deutsche Bank AG		06/20/21		18,340		(362,697	)		78,405			(441,102	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.454	Deutsche Bank AG		12/20/21		15,570		(307,734	)		43,165			(350,899	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	Deutsche Bank Securities, Inc.		06/20/21		9,690		(191,632	)		(8,196	)		(183,436	)
Republic of Turkey, 11.875%, 01/15/30	(1.000)	1.495	Deutsche Bank Securities, Inc.		12/20/21		2,460		41,827			146,493			(104,666	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.136	JPMorgan Securities, Inc.		03/20/19		10,100		(88,420	)		(12,070	)		(76,350	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)	0.136	JPMorgan Securities, Inc.		06/20/19		2,690		(29,300	)		(3,735	)		(25,565	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.326	JPMorgan Securities, Inc.		12/20/20		18,200		(331,858	)		73,132			(404,990	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	JPMorgan Securities, Inc.		06/20/21		21,650		(428,156	)		49,161			(477,317	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.454	JPMorgan Securities, Inc.		12/20/21		1,650		(32,611	)		4,619			(37,230	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.513	JPMorgan Securities, Inc.		06/20/22		14,680		(289,955	)		(184,528	)		(105,427	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.585	JPMorgan Securities, Inc.		12/20/22		3,650		(67,966	)		(78,979	)		11,013
Republic of Turkey, 11.875%, 01/15/30	(1.000)	1.495	MS & Co. Int. PLC		12/20/21		1,430		24,315			83,285			(58,970	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.375	UBS AG (London)		06/20/21		18,520		(366,257	)		55,066			(421,323	)
TOTAL								$	(6,770,741	)	$	548,582		$	(7,319,323	)

70 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, 2018(b)	Counterparty	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%	0.351%	Barclays Bank PLC		12/20/19		5,720	$	64,577		$	(81,743	)	$	146,320
Republic of Chile, 3.875%, 08/05/20	1.000	0.251	Citibank NA		12/20/20		11,510		232,226			(85,506	)		317,732
Republic of Colombia, 10.375%, 01/28/33	1.000	0.940	Citibank NA		12/20/22		3,940		11,335			—			11,335
Eskom Holdings SOC Ltd., 5.750% , 01/26/2021	5.000	3.403	JPMorgan Securities, Inc.		12/20/20		2,580		107,230			60,623			46,607
Republic of Colombia, 10.375%, 01/28/33	1.000	0.940	JPMorgan Securities, Inc.		12/20/22		3,600		10,357			1,571			8,786
TOTAL								$	425,725		$	(105,055	)	$	530,780
TOTAL								$	(6,345,016	)	$	443,527		$	(6,788,543	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		178	$	445,000	$	302,600	$	49,351	$	253,249

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
BoA Securities LLC	— Bank of America Securities LLC
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. 71

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 3.4%
Consumer Cyclical Services(b) – 0.2%
	Asurion LLC (NR/NR) (1M LIBOR + 2.750%)
$	7,208,677		4.627	%		11/03/23	$	7,254,885
Consumer Cyclical Services – Business(b) – 0.6%
	First Data Corp. (BB/Ba3) (1M LIBOR + 2.250%)
	18,700,000		4.122			07/08/22		18,725,245
Consumer Products – Industrial(b) – 0.2%
	Atkore International, Inc. (BB-/B2) (3M LIBOR + 2.750%)
	6,882,750		5.060			12/22/23		6,922,326
Environmental(b) – 0.1%
	Wrangler Buyer Corp. (B/B1) (1M LIBOR + 3.000%)
	1,521,188		4.877			09/27/24		1,528,246
Food & Beverages(b) – 0.4%
	Shearer's Foods, Inc. (CCC/Caa2) (3M LIBOR + 6.750%)
	12,250,000		9.052			06/30/22		11,300,625
Health Care – Services(b) – 0.1%
	Team Health Holdings, Inc. (NR/NR) (1M LIBOR + 2.750%)
	4,727,250		4.627			02/06/24		4,510,600
Media – Non Cable(b) – 0.3%
	Getty Images, Inc. (CCC/B3) (3M LIBOR + 3.500%)
	8,497,284		5.802			10/18/19		8,121,449
Noncaptive – Financial(b) – 0.1%
	Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (BBB-/Ba1) (1M LIBOR + 2.250%)
	3,715,641		4.072			04/03/22		3,716,792
Retailers(b) – 0.3%
	IRB Holding Corp. (B/B1) (1M LIBOR + 3.250%)
	2,700,000		4.936			02/05/25		2,727,837
	PetSmart, Inc. (CCC+/B1) (1M LIBOR + 3.000%)
	8,941,390		4.680			03/11/22		7,156,152
								9,883,989
Software(b) – 0.3%
	Infor (US), Inc. (B/B1) (1M LIBOR + 2.750%)
	7,680,605		4.627			02/01/22		7,692,356
Technology – Software/Services – 0.8%
	SS&C Technologies Holdings Europe S.a.r.l. (NR/NR) (1M LIBOR + 2.250%)
	6,098,781		2.500			02/28/25		6,126,103
	SS&C Technologies, Inc. (NR/NR) (1M LIBOR + 2.250%)
	17,096,219		2.500			02/28/25		17,172,811
								23,298,914
	TOTAL BANK LOANS
	(Cost $105,354,677)						$	102,955,427
Corporate Obligations – 88.7%
Aerospace & Defense – 0.8%
	Arconic, Inc. (BBB-/Ba2)
$	3,000,000		6.150	%		08/15/20	$	3,142,500
	2,000,000		5.400	(c)		04/15/21		2,060,000
	4,050,000		6.750			01/15/28		4,515,750
	6,350,000		5.950			02/01/37		6,572,250
Corporate Obligations – (continued)
Aerospace & Defense – (continued)
	TransDigm, Inc. (B-/B3)(c)
	5,000,000		6.500			05/15/25		5,050,000
	3,300,000		6.375			06/15/26		3,324,750
								24,665,250
Automotive – 1.4%
	American Axle & Manufacturing, Inc. (B/B2)(c)(d)
	15,000,000		6.250			04/01/25		14,962,500
	CB Lear Corp. (NR/NR)(c)(e)(f)
	6,750,000		8.500			12/01/13		—
	Cooper-Standard Automotive, Inc. (B+/B2)(c)(g)
	9,000,000		5.625			11/15/26		8,977,500
	Delphi Technologies PLC (BB/B1)(g)
	8,650,000		5.000			10/01/25		8,277,523
	General Motors Liquidation Co. (NR/NR)(e)(f)
	2,000,000		7.700			04/15/16		—
	7,125,000		7.125			07/15/13		—
	1,000,000		8.800			03/01/49		—
	14,500,000		8.375			07/15/49		—
	Navistar International Corp. (CCC+/Caa1)(c)(g)
	10,000,000		6.625			11/01/25		10,000,000
								42,217,523
Banks – 2.8%
	Bank of America Corp. (BBB-/Ba1)(b)(c)
	(3M USD LIBOR + 3.630%)
	7,000,000		5.397			12/31/49		7,000,000
	(3M USD LIBOR + 3.640%)
	1,830,000		8.125			12/29/49		1,834,575
	(3M USD LIBOR + 3.705%)
	5,850,000		6.250			09/29/49		6,149,812
	CIT Group, Inc. (BB/Ba2)
	2,845,000		6.125			03/09/28		2,951,688
	CIT Group, Inc. (BB+/Ba2)(c)
	1,380,000		5.250			03/07/25		1,412,775
	Citigroup, Inc. (BB+/Ba2)(b)(c)
	(3M USD LIBOR + 3.423%)
	3,000,000		6.300			12/29/49		3,131,250
	(3M USD LIBOR + 4.230%)
	2,900,000		5.900			12/29/49		2,976,125
	Credit Suisse Group AG (BB/NR)(b)(c)(g) (5 year USD Swap + 4.598%)
	8,000,000		7.500			12/29/49		8,650,000
	Deutsche Bank AG (BB+/Ba2)(b)(c) (5 year USD ICE Swap + 2.553%)
	4,950,000		4.875			12/01/32		4,595,753
	Intesa Sanpaolo SpA (BB+/Ba1)(g)
	6,500,000		5.710			01/15/26		6,516,250
	Royal Bank of Scotland Group PLC (B/Ba3)(b)(c)
	(5 year USD Swap + 5.720%)
	7,000,000		8.000			08/10/49		7,665,000
	(5 year USD Swap + 5.800%)
	12,000,000		7.500			12/29/49		12,510,000
	Royal Bank of Scotland Group PLC (B+/Ba3)(b)(c) (3M USD LIBOR + 2.320%)
	2,200,000		4.622			12/31/49		2,219,250

72 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)
Banks – (continued)
	UBS Group AG (BB+/NR)(b)(c) (5 year USD Swap + 4.866%)
$	10,000,000		7.000	%		02/19/49	$	10,769,000
	Westpac Banking Corp. (BB+/Baa2)(b)(c) (5 year USD ICE Swap + 2.888%)
	6,025,000		5.000			09/21/99		5,592,700
								83,974,178
Biotechnology(c)(g)(h) – 0.2%
	Sotera Health Topco, Inc. (CCC+/Caa2) (PIK 8.875%, Cash 8.125%)
	7,000,000		8.125			11/01/21		7,035,000
Building Materials(c) – 2.1%
	American Woodmark Corp. (BB/Ba3)(g)
	3,050,000		4.875			03/15/26		2,981,375
	Atrium Windows & Doors, Inc. (B-/Caa1)(g)
	11,850,000		7.750			05/01/19		11,879,625
	BMC East LLC (BB-/B2)(g)
	6,150,000		5.500			10/01/24		6,142,313
	Cemex SAB de CV (BB/NR)(g)
	5,000,000		7.750			04/16/26		5,505,250
	Jeld-Wen, Inc. (BB-/B1)(g)
	2,400,000		4.875			12/15/27		2,265,000
	Masonite International Corp. (BB+/Ba3)(g)
	7,950,000		5.625			03/15/23		8,178,562
	Standard Industries, Inc. (BBB-/Ba2)(g)
	7,000,000		5.375			11/15/24		7,087,500
	4,800,000		5.000			02/15/27		4,659,312
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	7,250,000		6.125			07/15/23		7,395,000
	USG Corp. (BB+/Ba1)(g)
	7,000,000		4.875			06/01/27		7,061,250
								63,155,187
Capital Goods – 0.0%
	LyondellBasell Industries NV (NR/NR)
EUR	2,250,000		1.000			08/15/15		13,843
Chemicals – 2.8%
	CF Industries, Inc. (BB+/Ba3)
	5,250,000		5.375			03/15/44		4,777,500
	Huntsman International LLC (BB/Ba2)(c)
	6,100,000		4.875			11/15/20		6,206,750
	Ingevity Corp. (NR/Ba3)(c)(g)
	8,400,000		4.500			02/01/26		8,074,500
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (B+/B3)(c)(g)
	3,450,000		7.000			04/15/25		3,562,125
	Momentive Performance Materials, Inc. (NR/NR)(c)(e) f)
	3,110,000		8.875			10/15/20		—
	Nell AF SARL (NR/NR)(f)
	10,625,000		8.375			12/30/49		53,125
	Olin Corp. (BB/Ba1)(c)
	5,500,000		5.000			02/01/30		5,266,250
	PQ Corp. (B/Caa1)(c)(g)
	3,150,000		5.750			12/15/25		3,110,625
	PQ Corp. (BB-/B2)(c)(g)
	5,850,000		6.750			11/15/22		6,157,125
Corporate Obligations – (continued)
Chemicals – (continued)
	SPCM SA (BB+/Ba2)(c)(g)
	4,950,000		4.875	%		09/15/25		4,807,688
	Valvoline, Inc. (BB+/Ba3)(c)
	4,150,000		5.500			07/15/24		4,253,750
	9,000,000		4.375			08/15/25		8,718,750
	Versum Materials, Inc. (BB/Ba3)(c)(g)
	14,000,000		5.500			09/30/24		14,455,000
	WR Grace & Co-Conn (BB-/Ba3)(g)
	2,400,000		5.125			10/01/21		2,448,000
	11,000,000		5.625			10/01/24		11,330,000
								83,221,188
Commercial Services(c) – 1.5%
	Live Nation Entertainment, Inc. (B+/B1)(g)
	2,650,000		5.625			03/15/26		2,683,125
	Nielsen Finance LLC/Nielsen Finance Co. (BB+/B1)(g)
	9,350,000		5.000			04/15/22		9,338,313
	Team Health Holdings, Inc. (CCC+/Caa2)(d)(g)
	5,800,000		6.375			02/01/25		4,959,000
	The Hertz Corp. (B-/B3)
	4,450,000		7.375			01/15/21		4,405,500
	The Hertz Corp. (BB-/B1)(g)
	6,250,000		7.625			06/01/22		6,343,750
	United Rentals North America, Inc. (BB-/Ba3)
	12,200,000		4.625			10/15/25		11,864,500
	6,000,000		5.875			09/15/26		6,225,000
								45,819,188
Computers(c) – 1.2%
	Dell International LLC/EMC Corp. (BB/Ba2)(g)
	15,550,000		5.875			06/15/21		15,977,625
	4,650,000		7.125			06/15/24		4,963,875
	NCR Corp. (BB/B1)
	8,200,000		5.000			07/15/22		8,179,500
	Western Digital Corp. (BB+/Baa3)
	8,135,000		4.750			02/15/26		8,114,663
								37,235,663
Distribution & Wholesale(c) – 0.5%
	H&E Equipment Services, Inc. (BB-/B2)
	8,350,000		5.625			09/01/25		8,433,500
	Performance Food Group, Inc. (BB-/B2)(g)
	5,500,000		5.500			06/01/24		5,527,500
								13,961,000
Diversified Financial Services – 2.4%
	Ally Financial, Inc. (BB+/NR)
	8,450,000		4.125			02/13/22		8,386,625
	Ally Financial, Inc. (BB+/Ba3)
	10,000,000		8.000			11/01/31		12,200,000
	Lions Gate Capital Holdings LLC (B-/B2)(c)(g)
	5,000,000		5.875			11/01/24		5,187,500
	Nationstar Mortgage LLC/Nationstar Capital Corp. (B+/B2)(c)
	5,000,000		7.875			10/01/20		5,087,500
	Navient Corp. (B+/Ba3)
	5,000,000		5.500			01/15/19		5,068,750
	6,000,000		5.875			03/25/21		6,120,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Navient Corp. (B+/Ba3) – (continued)
$	2,850,000		6.625	%		07/26/21	$	2,956,875
	2,100,000		7.250			01/25/22		2,215,500
	10,000,000		6.125			03/25/24		10,000,000
	Quicken Loans, Inc. (BB/Ba1)(c)(g)
	6,900,000		5.250			01/15/28		6,468,750
	Travelport Corporate Finance PLC (B+/B1)(c)(g)
	8,650,000		6.000			03/15/26		8,682,437
								72,373,937
Electrical(c) – 2.6%
	Calpine Corp. (B/B2)
	5,000,000		5.500			02/01/24		4,562,500
	9,150,000		5.750			01/15/25		8,349,375
	Calpine Corp. (BB/Ba2)(g)
	12,600,000		5.250			06/01/26		12,159,000
	Dynegy, Inc. (B+/B3)
	17,000,000		7.375			11/01/22		17,935,000
	5,850,000		7.625			11/01/24		6,318,000
	4,250,000		8.000	(g)		01/15/25		4,621,875
	NRG Energy, Inc. (BB-/B1)
	3,150,000		7.250			05/15/26		3,331,125
	11,500,000		5.750	(g)		01/15/28		11,270,000
	Talen Energy Supply LLC (B+/B1)
	3,300,000		9.500	(g)		07/15/22		3,201,000
	7,550,000		6.500			06/01/25		5,322,750
	2,450,000		10.500	(g)		01/15/26		2,107,000
								79,177,625
Electrical Components & Equipment(c) – 0.3%
	WESCO Distribution, Inc. (BB-/B1)
	8,000,000		5.375			12/15/21		8,140,000
Energy – Exploration & Production(c)(e)(f) – 0.0%
	Berry Petroleum Co. LLC (NR/NR)
	2,050,000		6.750			11/01/20		—
	28,160,000		6.375			09/15/22		—
								—
Engineering & Construction(c) – 0.4%
	AECOM (BB-/Ba3)
	5,000,000		5.875			10/15/24		5,231,250
	6,900,000		5.125			03/15/27		6,649,875
								11,881,125
Entertainment – 2.0%
	AMC Entertainment Holdings, Inc. (B+/B3)(c)
	2,750,000		5.750			06/15/25		2,708,750
	5,300,000		5.875			11/15/26		5,207,250
	Cinemark USA, Inc. (BB/B2)(c)
	5,850,000		4.875			06/01/23		5,762,250
	GLP Capital LP/GLP Financing II, Inc. (BBB-/Ba1)
	8,000,000		5.375			04/15/26		8,130,000
	Mohegan Gaming & Entertainment (CCC+/B3)(c)(g)
	14,900,000		7.875			10/15/24		14,825,500
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)(c)(g)(h) (PIK 10.625%, Cash 10.625%)
	1,504,739		10.625			05/01/19		1,408,027
Corporate Obligations – (continued)
Entertainment – (continued)
	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. (B/B2)(c)(g)
	10,000,000		6.125			08/15/21		9,600,000
	Scientific Games International, Inc. (B-/Caa1)(c)
	10,150,000		10.000			12/01/22		10,923,938
								58,565,715
Environmental(c)(g) – 1.0%
	Core & Main LP (B-/Caa1)
	18,000,000		6.125			08/15/25		17,550,000
	Waste Pro USA, Inc. (B+/B3)
	8,900,000		5.500			02/15/26		8,788,750
	Wrangler Buyer Corp. (CCC+/Caa1)
	2,150,000		6.000			10/01/25		2,112,375
								28,451,125
Food & Drug Retailing(c) – 1.6%
	B&G Foods, Inc. (B+/B2)
	8,175,000		5.250			04/01/25		7,612,969
	Chobani LLC/Chobani Finance Corp., Inc. (CCC+/Caa2)(g)
	10,150,000		7.500			04/15/25		10,454,500
	Post Holdings, Inc. (B/B3)(g)
	6,600,000		5.000			08/15/26		6,270,000
	12,750,000		5.750			03/01/27		12,590,625
	4,500,000		5.625			01/15/28		4,275,000
	Shearer's Foods LLC/Chip Finance Corp. (B-/B3)(g)
	6,957,000		9.000			11/01/19		7,070,051
								48,273,145
Food Service(c)(g) – 0.1%
	Aramark Services, Inc. (BB/Ba3)
	3,100,000		5.000			02/01/28		3,030,250
Gas(c) – 0.2%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	7,000,000		5.750			05/20/27		6,693,750
Healthcare Providers & Services – 4.9%
	Acadia Healthcare Co., Inc. (B/B3)(c)
	5,000,000		5.625			02/15/23		5,062,500
	3,650,000		6.500			03/01/24		3,796,000
	Centene Corp. (BB+/Ba2)(c)
	6,550,000		6.125			02/15/24		6,812,000
	CHS/Community Health Systems, Inc. (B-/B2)(c)
	1,450,000		5.125			08/01/21		1,344,875
	CHS/Community Health Systems, Inc. (CCC-/Caa2)(c)
	4,750,000		8.000			11/15/19		4,275,000
	2,150,000		7.125	(d)		07/15/20		1,746,875
	HCA, Inc. (B+/B1)
	10,000,000		7.500			02/15/22		10,987,500
	10,000,000		5.375			02/01/25		10,025,000
	HCA, Inc. (BBB-/Ba1)
	29,200,000		6.500			02/15/20		30,623,500
	8,000,000		5.000			03/15/24		8,080,000
	15,000,000		5.250			04/15/25		15,333,000
	Hologic, Inc. (BB-/Ba3)(c)(g)
	2,530,000		4.375			10/15/25		2,441,450

74 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)
Healthcare Providers & Services – (continued)
	MPH Acquisition Holdings LLC (B-/Caa1)(c)(g)
$	14,400,000		7.125	%		06/01/24	$	14,868,000
	Polaris Intermediate Corp. (B-/Caa2)(c)(g)(h) (PIK 9.250%, Cash 8.500%)
	700,000		8.500			12/01/22		713,125
	Tenet Healthcare Corp. (B-/Ba3)(c)(g)
	8,050,000		5.125			05/01/25		7,728,000
	Tenet Healthcare Corp. (BB-/Ba3)(c)(g)
	6,500,000		4.625			07/15/24		6,248,125
	Tenet Healthcare Corp. (CCC+/Caa1)
	9,209,000		8.125			04/01/22		9,600,382
	7,550,000		7.000	(c)(g)		08/01/25		7,417,875
								147,103,207
Home Builders – 2.2%
	Beazer Homes USA, Inc. (NR/B3)(c)
	8,200,000		8.750			03/15/22		8,815,000
	Beazer Homes USA, Inc. (B-/B3)(c)
	509,000		7.250			02/01/23		525,543
	6,400,000		5.875			10/15/27		5,928,000
	Brookfield Residential Properties, Inc. (B+/B1)(c)(g)
	2,900,000		6.500			12/15/20		2,907,250
	5,000,000		6.125			07/01/22		5,143,750
	6,157,000		6.375			05/15/25		6,233,962
	Lennar Corp. (BB+/Ba1)(c)
	5,000,000		4.750			11/15/22		5,025,000
	7,175,000		4.750	(g)		11/29/27		6,879,031
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	8,000,000		5.875			06/15/24		8,130,000
	William Lyon Homes, Inc. (B+/B2)(c)
	400,000		7.000			08/15/22		409,000
	3,450,000		6.000	(g)		09/01/23		3,437,063
	11,700,000		5.875			01/31/25		11,407,500
								64,841,099
Insurance(c)(g) – 0.1%
	USIS Merger Sub, Inc. (CCC+/Caa2)
	4,350,000		6.875			05/01/25		4,350,000
Internet – 1.5%
	Netflix, Inc. (B+/B1)(g)
	23,700,000		4.875			04/15/28		22,752,000
	Symantec Corp. (BB+/Baa3)(c)(g)
	17,000,000		5.000			04/15/25		17,115,532
	VeriSign, Inc. (BB+/Ba2)(c)
	5,600,000		4.750			07/15/27		5,348,000
								45,215,532
Iron/Steel – 2.2%
	AK Steel Corp. (B-/B3)(c)
	4,350,000		7.625			10/01/21		4,458,750
	AK Steel Corp. (BB-/B1)(c)
	6,950,000		7.500			07/15/23		7,349,625
	ArcelorMittal (BBB-/Ba1)
	2,300,000		5.125			06/01/20		2,369,000
	800,000		6.250			08/05/20		834,000
	5,850,000		6.000			03/01/21		6,157,125
Corporate Obligations – (continued)
Iron/Steel – (continued)
	Cleveland-Cliffs, Inc. (B/B2)(c)(g)
	10,200,000		5.750			03/01/25		9,715,500
	Cleveland-Cliffs, Inc. (CCC+/Caa1)
	3,887,000		5.900			03/15/20		3,867,565
	5,000,000		4.800			10/01/20		4,900,000
	Steel Dynamics, Inc. (BB+/Ba1)(c)
	5,000,000		5.125			10/01/21		5,075,000
	2,850,000		5.250			04/15/23		2,885,625
	3,900,000		4.125			09/15/25		3,714,750
	United States Steel Corp. (B/B2)(c)
	3,100,000		6.875			08/15/25		3,189,125
	11,350,000		6.250			03/15/26		11,307,437
								65,823,502
Leisure Time(c)(g) – 0.3%
	Viking Cruises Ltd. (B/B3)
	880,000		5.875			09/15/27		833,800
	VOC Escrow Ltd. (BB-/Ba2)
	7,100,000		5.000			02/15/28		6,745,000
								7,578,800
Lodging – 2.5%
	MGM Resorts International (BB-/Ba3)
	25,020,000		8.625			02/01/19		26,114,625
	15,750,000		6.750			10/01/20		16,734,375
	17,000,000		6.625			12/15/21		18,232,500
	13,000,000		7.750			03/15/22		14,430,000
								75,511,500
Machinery – Construction & Mining(c) – 0.2%
	BlueLine Rental Finance Corp./BlueLine Rental LLC (B/Caa1)(g)
	4,350,000		9.250			03/15/24		4,665,375
	Oshkosh Corp. (BBB/Ba2)
	1,750,000		5.375			03/01/25		1,802,500
								6,467,875
Machinery-Diversified(c)(g) – 0.9%
	RBS Global, Inc./Rexnord LLC (B+/B3)
	5,750,000		4.875			12/15/25		5,548,750
	Shape Technologies Group, Inc. (B/B2)
	11,350,000		7.625			02/01/20		11,577,000
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC+/Caa2)
	10,200,000		7.750			04/15/26		10,200,000
								27,325,750
Media – 10.4%
	Altice Financing SA (BB-/B1)(c)(g)
	19,000,000		6.625			02/15/23		18,810,000
	20,000,000		7.500			05/15/26		19,600,000
	Altice Finco SA (B-/B3)(c)(g)
	10,000,000		8.125			01/15/24		10,375,000
	Altice France SA (B+/B1)(c)(g)
	6,200,000		6.000			05/15/22		6,052,750
	4,405,000		7.375			05/01/26		4,190,256
	Altice US Finance I Corp. (BB/Ba3)(c)(g)
	23,000,000		5.500			05/15/26		22,425,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	AMC Networks, Inc. (BB/Ba3)(c)
$	5,000,000		5.000	%		04/01/24	$	4,931,250
	8,872,000		4.750			08/01/25		8,517,120
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(c)
	2,000,000		5.750			09/01/23		2,032,500
	15,000,000		5.875	(g)		04/01/24		15,225,000
	18,000,000		5.750	(g)		02/15/26		17,910,000
	3,555,000		5.500	(g)		05/01/26		3,475,013
	7,500,000		5.875	(g)		05/01/27		7,462,500
	12,290,000		5.000	(g)		02/01/28		11,537,237
	Cequel Communications Holdings I LLC/Cequel Capital Corp. (B/Caa1)(c)(g)
	2,150,000		7.750			07/15/25		2,273,625
	CSC Holdings LLC (B-/B2)
	7,600,000		8.625			02/15/19		7,923,000
	12,500,000		10.125	(c)(g)		01/15/23		13,875,000
	2,650,000		5.250			06/01/24		2,520,813
	CSC Holdings LLC (BB-/Ba2)(c)(g)
	8,500,000		5.500			04/15/27		8,128,125
	DISH DBS Corp. (B/Ba3)
	12,600,000		7.875			09/01/19		13,182,750
	11,400,000		6.750			06/01/21		11,485,500
	6,440,000		5.875			07/15/22		6,150,200
	12,850,000		7.750			07/01/26		12,046,875
	Meredith Corp. (B/B3)(c)(g)
	13,740,000		6.875			02/01/26		14,066,325
	Nexstar Broadcasting, Inc. (B+/B3)(c)(g)
	6,750,000		5.625			08/01/24		6,606,562
	Sirius XM Radio, Inc. (BB/Ba3)(c)(g)
	4,450,000		3.875			08/01/22		4,283,125
	3,550,000		6.000			07/15/24		3,638,750
	20,840,000		5.000			08/01/27		19,641,700
	Tribune Media Co. (BB-/B3)(c)
	2,455,000		5.875			07/15/22		2,479,550
	Univision Communications, Inc. (BB-/B2)(c)(g)
	10,850,000		5.125			05/15/23		10,334,625
	UPCB Finance IV Ltd. (BB/Ba3)(c)(g)
	8,000,000		5.375			01/15/25		7,720,000
	Virgin Media Secured Finance PLC (BB-/Ba3)(c)(g)
	12,000,000		5.500			08/15/26		11,655,000
								310,555,151
Media – Cable(e)(f) – 0.0%
	Adelphia Communications Corp. (NR/NR)
	2,000,000		10.250			06/15/49		—
Metal Fabricate & Hardware(c) – 1.0%
	Novelis Corp. (B/B2)(g)
	4,800,000		6.250			08/15/24		4,920,000
	8,950,000		5.875			09/30/26		8,771,000
	Park-Ohio Industries, Inc. (B/B3)
	15,400,000		6.625			04/15/27		15,977,500
								29,668,500
Mining(c) – 2.8%
	Alcoa Nederland Holding BV (BB/Ba2)(g)
	3,050,000		7.000			09/30/26		3,289,642
Corporate Obligations – (continued)
Mining(c) – (continued)
	Constellium NV (B-/B3)(g)
	5,250,000		5.750			05/15/24		5,158,125
	3,200,000		6.625			03/01/25		3,244,000
	First Quantum Minerals Ltd. (B/B3)(g)
	2,300,000		7.000			02/15/21		2,300,690
	1,400,000		7.250			04/01/23		1,386,000
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(g)
	9,750,000		5.125			03/15/23		9,704,019
	Freeport-McMoRan, Inc. (BB-/Ba2)
	17,900,000		3.550			03/01/22		17,228,750
	5,850,000		3.875			03/15/23		5,652,562
	2,900,000		5.400			11/14/34		2,755,000
	Hudbay Minerals, Inc. (B+/B3)(g)
	5,000,000		7.250			01/15/23		5,200,000
	HudBay Minerals, Inc. (B+/B3)(g)
	5,656,000		7.625			01/15/25		6,009,500
	New Gold, Inc. (B/B3)(g)
	9,000,000		6.250			11/15/22		9,191,250
	Teck Resources Ltd. (BB+/Ba3)
	5,400,000		6.000			08/15/40		5,589,000
	5,600,000		5.200			03/01/42		5,215,000
	3,150,000		5.400			02/01/43		3,016,125
								84,939,663
Miscellaneous Manufacturing(g) – 1.0%
	Bombardier, Inc. (B-/Caa1)
	11,700,000		8.750			12/01/21		12,826,125
	1,050,000		6.000	(c)		10/15/22		1,039,500
	16,200,000		7.500	(c)		03/15/25		16,605,000
								30,470,625
Oil Field Services – 7.9%
	Antero Resources Corp. (BB+/Ba3)(c)
	7,700,000		5.375			11/01/21		7,834,750
	1,300,000		5.625			06/01/23		1,326,000
	3,750,000		5.000			03/01/25		3,759,375
	California Resources Corp. (CCC+/Caa2)(c)(g)
	3,500,000		8.000			12/15/22		2,756,250
	California Resources Corp. (CCC-/Caa3)(c)
	7,223,000		6.000			11/15/24		4,406,030
	Chesapeake Energy Corp. (CCC+/Caa1)
	743,000		6.125			02/15/21		743,000
	1,800,000		5.375	(c)		06/15/21		1,746,000
	4,850,000		5.750			03/15/23		4,365,000
	2,950,000		8.000	(c)(g)		01/15/25		2,846,750
	3,350,000		8.000	(c)(d)(g)		06/15/27		3,199,250
	Continental Resources, Inc. (BBB-/Ba2)(c)
	5,000,000		5.000			09/15/22		5,075,000
	CrownRock LP/CrownRock Finance, Inc. (B+/B3)(c)(g)
	4,900,000		5.625			10/15/25		4,851,000
	Denbury Resources, Inc. (B/Caa1)(c)(g)
	3,700,000		9.000			05/15/21		3,783,250
	Ensco PLC (BB-/B3)
	3,400,000		7.750			02/01/26		3,119,500
	3,100,000		5.750	(c)		10/01/44		2,108,000

76 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)
Oil Field Services – (continued)
	EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa2)(c)(g)
$	2,900,000		9.375	%		05/01/24	$	2,051,750
	EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa3)(c)
	1,450,000		9.375			05/01/20		1,348,500
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)(c)(g)
	2,400,000		8.125			05/01/25		2,538,000
	Gulfport Energy Corp. (BB-/B2)(c)
	3,300,000		6.000			10/15/24		3,122,625
	7,500,000		6.375			05/15/25		7,218,750
	4,200,000		6.375			01/15/26		4,042,500
	Halcon Resources Corp. (NR/Caa1)(c)(g)
	7,600,000		6.750			02/15/25		7,391,000
	Halcon Resources Corp. (CCC+/Caa1)(c)
	1,815,000		6.750			02/15/25		1,783,238
	Jones Energy Holdings LLC/Jones Energy Finance Corp. (NR/Caa3)(c)
	3,600,000		6.750			04/01/22		2,007,000
	Laredo Petroleum, Inc. (B+/B2)(c)
	5,000,000		5.625			01/15/22		4,950,000
	5,150,000		6.250			03/15/23		5,150,000
	MEG Energy Corp. (BB+/B3)(c)(g)
	3,550,000		6.500			01/15/25		3,443,500
	MEG Energy Corp. (BB-/Caa2)(c)(g)
	5,050,000		6.375			01/30/23		4,229,375
	6,000,000		7.000			03/31/24		4,950,000
	Nabors Industries, Inc. (BB/Ba3)(g)
	5,000,000		0.750			01/15/24		3,742,095
	Noble Holding International Ltd. (B/Caa1)(c)(d)
	6,000,000		7.750			01/15/24		5,550,000
	Noble Holding International Ltd. (B+/B2)(c)(g)
	4,565,000		7.875			02/01/26		4,496,525
	Oasis Petroleum, Inc. (BB-/B3)(c)
	2,500,000		6.500			11/01/21		2,537,500
	7,125,000		6.875			03/15/22		7,214,062
	Parsley Energy LLC/Parsley Finance Corp. (BB-/B2)(c)(g)
	7,850,000		5.625			10/15/27		7,820,562
	Precision Drilling Corp. (BB/B3)(c)
	4,900,000		7.750			12/15/23		5,089,875
	QEP Resources, Inc. (BB+/Ba3)(c)
	12,765,000		5.625			03/01/26		12,062,925
	Range Resources Corp. (BB+/Ba3)(c)
	1,000,000		5.000			08/15/22		967,500
	4,500,000		4.875			05/15/25		4,173,750
	Rowan Cos., Inc. (B+/B2)(c)
	2,650,000		7.375			06/15/25		2,471,125
	4,550,000		5.400			12/01/42		3,185,000
	Sanchez Energy Corp. (B-/Caa1)(c)
	3,500,000		6.125			01/15/23		2,546,250
	SM Energy Co. (B+/B2)(c)
	8,000,000		6.500			11/15/21		8,040,000
	450,000		5.000			01/15/24		418,500
	5,750,000		6.750			09/15/26		5,692,500
	Transocean, Inc. (B/Caa1)
	10,000,000		7.500			04/15/31		8,800,000
	Transocean, Inc. (B+/B1)(c)(g)
	7,200,000		7.500			01/15/26		7,092,000
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Trinidad Drilling Ltd. (BB-/Caa1)(c)(g)
	9,300,000		6.625			02/15/25		8,683,875
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(c)(g)
	5,900,000		6.875			04/01/26		5,973,750
	Weatherford International Ltd. (B-/Caa1)
	3,200,000		7.750	(c)		06/15/21		3,008,000
	400,000		8.250	(c)		06/15/23		348,500
	10,100,000		6.500			08/01/36		7,171,000
	Whiting Petroleum Corp. (BB-/B3)(c)(g)
	6,800,000		6.625			01/15/26		6,842,500
	WPX Energy, Inc. (BB-/B1)(c)
	5,000,000		8.250			08/01/23		5,625,000
								235,698,187
Packaging(c) – 1.1%
	ARD Finance SA (B-/Caa2)(h) (PIK 7.875%, Cash 7.125%)
	9,550,000		7.125			09/15/23		9,908,125
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/B3)(g)
	2,500,000		7.250			05/15/24		2,659,375
	BWAY Holding Co. (CCC/Caa2)(g)
	4,600,000		7.250			04/15/25		4,692,000
	Multi-Color Corp. (B+/B2)(g)
	2,650,000		4.875			11/01/25		2,471,125
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu (B+/B1)
	886,734		5.750			10/15/20		895,601
	3,586,661		6.875			02/15/21		3,631,494
	9,350,000		5.125	(g)		07/15/23		9,431,813
	Smurfit-Stone Container Corp. (NR/NR)(e)(f)
	8,500,000		8.000			03/15/17		—
	Stone Container Finance Co. of Canada II (NR/WR)(e)(f)
	2,250,000		7.375			07/15/14		—
								33,689,533
Paper(e)(f) – 0.0%
	Jefferson Smurfit Corp. (NR/NR)
	1,750,000		0.750			06/01/13		—
	6,000,000		8.250			10/01/49		—
	NewPage Corp. (NR/NR)
	10,050,000		1.000			12/31/49		—
								—
Pharmaceuticals(c)(g) – 2.3%
	Endo Dac/Endo Finance LLC/Endo Finco, Inc. (CCC+/B3)
	8,950,000		6.000			07/15/23		6,757,250
	Valeant Pharmaceuticals International, Inc. (B-/Caa1)
	10,600,000		7.500			07/15/21		10,653,000
	7,300,000		6.750			08/15/21		7,318,250
	2,950,000		7.250			07/15/22		2,964,750
	15,950,000		5.875			05/15/23		14,115,750
	7,100,000		9.250			04/01/26		7,073,375
	Valeant Pharmaceuticals International, Inc. (BB-/Ba3)
	6,700,000		7.000			03/15/24		6,968,000
	12,300,000		5.500			11/01/25		11,961,750
								67,812,125

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – 4.3%
	Cheniere Corpus Christi Holdings LLC (BB-/Ba3)(c)
$	10,000,000		5.125	%		06/30/27	$	9,925,000
	Cheniere Energy Partners LP (BB/Ba2)(c)(g)
	18,515,000		5.250			10/01/25		18,260,419
	CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)(c)(g)
	8,650,000		6.500			03/15/26		8,531,062
	DCP Midstream Operating LP (BB/Ba2)
	6,650,000		9.750	(g)		03/15/19		6,999,125
	950,000		6.750	(g)		09/15/37		1,040,250
	8,000,000		5.600	(c)		04/01/44		8,080,000
	Energy Transfer Equity LP (BB-/Ba2)
	4,000,000		7.500			10/15/20		4,305,000
	5,585,000		4.250	(c)		03/15/23		5,403,487
	6,900,000		5.875	(c)		01/15/24		7,124,250
	Genesis Energy LP/Genesis Energy Finance Corp. (BB-/B1)(c)
	3,611,000		6.000			05/15/23		3,538,780
	11,100,000		6.500			10/01/25		10,878,000
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B1)(c)
	10,000,000		5.750			04/15/25		9,550,000
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB-/Ba3)(c)
	4,400,000		5.250			05/01/23		4,422,000
	3,200,000		4.250			11/15/23		3,056,000
	4,500,000		5.375			02/01/27		4,477,500
	2,650,000		5.000	(g)		01/15/28		2,527,438
	The Williams Cos., Inc. (BB+/Ba2)
	2,000,000		7.875			09/01/21		2,237,500
	3,650,000		7.500			01/15/31		4,443,875
	9,600,000		7.750			06/15/31		11,832,000
	2,000,000		5.750	(c)		06/24/44		2,112,500
								128,744,186
Real Estate Investment Trust(c) – 2.6%
	Equinix, Inc. (BB+/B1)
	11,050,000		5.750			01/01/25		11,519,625
	4,600,000		5.875			01/15/26		4,801,250
	6,650,000		5.375			05/15/27		6,749,750
	iStar, Inc. (BB-/B1)
	3,480,000		4.625			09/15/20		3,484,350
	8,200,000		6.000			04/01/22		8,230,750
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)
	8,700,000		5.625			05/01/24		8,950,125
	3,450,000		4.500			09/01/26		3,290,438
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	18,300,000		5.000			10/15/27		17,939,490
	Starwood Property Trust, Inc. (BB-/Ba3)(g)
	2,180,000		3.625			02/01/21		2,136,400
	10,150,000		4.750			03/15/25		9,883,562
								76,985,740
Retailing – 1.8%
	Beacon Escrow Corp. (B+/B3)(c)(g)
	9,950,000		4.875			11/01/25		9,477,375
Corporate Obligations – (continued)
Retailing – (continued)
	JC Penney Corp., Inc. (B/B2)(c)(g)
	3,800,000		8.625			03/15/25		3,572,000
	JC Penney Corp., Inc. (B/B3)
	2,100,000		6.375			10/15/36		1,312,500
	1,500,000		7.400	(i)		04/01/37		1,012,500
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/B1)(c)(g)
	14,590,000		5.250			06/01/26		14,535,287
	New Red Finance, Inc. (B+/Ba3)(c)(g)
	10,000,000		4.250			05/15/24		9,525,000
	New Red Finance, Inc. (B-/B3)(c)(g)
	4,000,000		5.000			10/15/25		3,800,000
	PetSmart, Inc. (CCC-/Caa1)(c)(g)
	8,000,000		7.125			03/15/23		4,540,000
	Yum! Brands, Inc. (B+/B2)(c)
	7,476,000		5.350			11/01/43		6,793,815
								54,568,477
Semiconductors – 0.7%
	Advanced Micro Devices, Inc. (B/B3)
	3,000,000		7.500			08/15/22		3,270,000
	7,700,000		7.000	(c)		07/01/24		8,065,750
	Qorvo, Inc. (BB+/Ba1)(c)
	3,750,000		6.750			12/01/23		3,998,438
	4,300,000		7.000			12/01/25		4,665,500
								19,999,688
Software(c) – 1.7%
	BMC Software Finance, Inc. (CCC+/Caa2)(g)
	16,250,000		8.125			07/15/21		16,209,375
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/B3)(g)
	11,660,000		5.750			03/01/25		11,514,250
	CURO Financial Technologies Corp. (B-/Caa1)(g)
	6,714,000		12.000			03/01/22		7,435,755
	First Data Corp. (BB/Ba3)(g)
	1,380,000		5.000			01/15/24		1,380,000
	Nuance Communications, Inc. (BB-/Ba3)
	4,286,000		5.375	(g)		08/15/20		4,307,430
	3,500,000		5.625			12/15/26		3,447,500
	Open Text Corp. (BB+/Ba2)(g)
	6,000,000		5.875			06/01/26		6,165,000
								50,459,310
Storage/Warehousing(c)(g) – 0.3%
	Algeco Global Finance PLC (B-/B2)
	8,000,000		8.000			02/15/23		8,000,000
Telecommunication Services – 11.8%
	Alcatel-Lucent USA, Inc. (NR/WR)
	16,195,000		6.450			03/15/29		16,680,850
	CenturyLink, Inc. (B+/B2)
	9,350,000		6.450			06/15/21		9,537,000
	2,150,000		7.500	(c)(d)		04/01/24		2,160,750
	5,680,000		6.875			01/15/28		5,168,800
	6,000,000		7.600			09/15/39		5,115,000

78 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)
Telecommunication Services – (continued)
	Digicel Group Ltd. (NR/Caa1)(c)(g)
$	11,800,000		8.250	%		09/30/20	$	10,103,750
	5,000,000		7.125			04/01/22		3,944,950
	Digicel Ltd. (NR/B1)(c)(g)
	390,000		6.000			04/15/21		366,113
	14,590,000		6.750			03/01/23		13,129,249
	Frontier Communications Corp. (B+/B3)(c)(g)
	7,650,000		8.500			04/01/26		7,401,375
	Frontier Communications Corp. (B-/Caa1)
	8,300,000		7.625			04/15/24		5,177,125
	8,000,000		11.000	(c)		09/15/25		6,000,000
	Intelsat Connect Finance SA (CCC-/Ca)(c)(g)
	10,000,000		12.500			04/01/22		7,675,000
	Intelsat Jackson Holdings SA (CCC+/Caa2)(c)
	6,000,000		7.250			10/15/20		5,550,000
	6,100,000		7.500			04/01/21		5,520,500
	10,950,000		9.750	(g)		07/15/25		10,210,875
	Level 3 Financing, Inc. (BB/Ba3)(c)
	5,358,000		5.375			05/01/25		5,197,260
	10,800,000		5.250			03/15/26		10,179,000
	Nokia OYJ (BB+/Ba1)
	6,585,000		4.375			06/12/27		6,207,976
	SoftBank Group Corp. (BB+/Ba1)
	3,000,000		4.500	(g)		04/15/20		3,060,000
	3,300,000		5.125	(c)		09/19/27		3,106,125
	Sprint Capital Corp. (B/B3)
	5,050,000		8.750			03/15/32		5,277,250
	Sprint Communications, Inc. (B/B3)
	10,750,000		7.000			08/15/20		11,206,875
	14,700,000		11.500			11/15/21		17,162,250
	Sprint Communications, Inc. (B+/B1)(g)
	7,000,000		9.000			11/15/18		7,236,250
	Sprint Corp. (B/B3)
	22,150,000		7.250			09/15/21		22,897,562
	28,550,000		7.875			09/15/23		29,121,000
	14,700,000		7.625	(c)		02/15/25		14,442,750
	8,500,000		7.625	(c)		03/01/26		8,287,500
	T-Mobile USA, Inc. (BB+/Ba2)(c)
	8,800,000		6.625			04/01/23		9,072,800
	7,050,000		6.500			01/15/26		7,473,000
	100,000		4.500			02/01/26		96,000
	Telecom Italia Capital SA (BB+/Ba1)
	450,000		6.375			11/15/33		489,938
	1,550,000		6.000			09/30/34		1,625,562
	16,150,000		7.200			07/18/36		19,057,000
	16,400,000		7.721			06/04/38		20,110,500
	Wind Tre SpA (BB-/B1)(c)(g)
	32,350,000		5.000			01/20/26		27,416,625
	Windstream Services LLC/Windstream Finance Corp. (BB-/B3)(c)(g)
	11,390,000		8.625			10/31/25		10,478,800
								352,943,360
Transportation(c)(g) – 0.1%
	Neovia Logistics Services LLC/SPL Logistics Finance Corp. (CCC+/Caa1)
	5,150,000		8.875			08/01/20		4,017,000
Corporate Obligations – (continued)
Trucking & Leasing(c)(g) – 0.2%
	Park Aerospace Holdings Ltd. (BB/Ba3)
	2,750,000		3.625			03/15/21		2,636,563
	3,700,000		4.500			03/15/23		3,505,750
								6,142,313
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,671,736,927)						$	2,656,795,815

Shares		Description	Value
Common Stocks – 0.8%
Beverages(f) – 0.0%
	19	Crimson Wine Group Ltd.	$	188
Capital Markets(f) – 0.0%
	28,148	Motors Liquidation Co.		263,184
Diversified Financial Services – 0.0%
	190	Leucadia National Corp.		4,319
Health Care Services(e)(f) – 0.0%
	3,874	CB Paracelsus Healthcare		—
Media(e)(f) – 0.0%
	21	New Cotai Class B Shares		—
Oil, Gas & Consumable Fuels – 0.8%
	1,185,421	Berry Petroleum Corp.(f)(j)		10,550,247
	13,494	Berry Pete Restricted.(f)(j)		141,687
	670,713	Blue Ridge Mountain Resources, Inc.(f)(j)		5,617,221
	124,461	Chaparral Energy, Inc.		2,120,151
	368,067	Chaparral Energy, Inc. Class A(f)		6,505,584
				24,934,890
Paper & Forest Products(e)(f) – 0.0%
	2,500	Port Townsend Holdings Co., Inc.		—
Pharmaceuticals(e)(f) – 0.0%
	40	Dawn Holdings, Inc.		—
	10	Nycomed		—
				—
	TOTAL COMMON STOCKS
	(Cost $37,662,220)		$	25,202,581

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2018

Shares	Rate			Value
Preferred Stocks – 0.5%
Energy – Exploration & Production(j) – 0.4%
Berry Petroleum Corp.
1,067,392		0.000	%	$	11,207,616
Media(h)(i) – 0.1%
Spanish Broadcasting System, Inc.
3,014		10.750			2,109,800
TOTAL PREFERRED STOCKS – 0.5%
(Cost $13,716,254)				$	13,317,416

Units	Expiration Date		Value
Warrant(e)(f) – 0.0%
Lender Process Services, Inc. (NR/NR)
14,274		12/31/20	$	—
TBS International Ltd. (NR/NR)
12,063		02/07/14		—
TBS International Ltd. (NR/NR)
2,807		02/07/15		—
TBS International Ltd. (NR/NR)
3,311		02/07/15		—
True Religion
1,536				—
True Religion
7,229				—
TOTAL WARRANT
(Cost $21,898,892)			$	—

Shares		Description	Value
Exchange Traded Fund(k) – 0.0%
	25,000	Goldman Sachs Access High Yield Corporate Bond ETF (NR/NR) (Cost $1,223,720)	$	1,215,500

Shares		Distribution Rate			Value
Investment Company(k) – 2.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	69,421,973		1.609	%	$	69,421,973
	(Cost $69,421,973)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $2,921,014,663)				$	2,868,908,712

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(l) – 3.2%
Certificate of Deposit – 0.3%
	Southern Co. (NR/NR)
$	8,790,000		0.000	%		06/19/18	$	8,740,487
Short-term Investments(l) – (continued)
Commercial Paper – 2.9%
	Dominion Resources, Inc. (NR/NR)
	4,817,000		0.000			06/22/18		4,788,714
	Electricite de France SA (NR/NR)
	13,127,000		0.000			04/27/18		13,103,038
	HP, Inc. (NR/NR)
	8,442,000		0.000			04/27/18		8,429,127
	Marriott International, Inc. (NR/NR)
	9,907,000		0.000			05/09/18		9,880,902
	Omnicom Capital, Inc. (NR/NR)
	4,375,000		0.000			05/11/18		4,362,882
	Potash Corp. of Saskatchewan, Inc. (NR/NR)
	6,919,000		0.000			05/31/18		6,890,134
	7,585,000		0.000			06/11/18		7,547,035
	2,428,000		0.000			06/18/18		2,414,517
	Schlumberger Holdings Corp. (NR/NR)
	3,259,000		0.000			05/29/18		3,246,437
	Sempra Energy Holdings (NR/NR)
	7,423,000		0.000			06/25/18		7,377,619
	VW Credit, Inc. (NR/NR)
	19,216,000		0.000			06/22/18		19,099,263
								87,139,668
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $95,865,030)						$	95,880,155
	TOTAL INVESTMENTS – 98.9%
	(Cost $3,016,879,693)						$	2,964,788,867

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreements – (0.7)%
Reverse Repurchase Agreements – (0.7)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(770,000	)		(1.500	) %		01/10/19	$	(770,000	)
	(5,394,000	)		(0.250	)		01/22/19		(5,394,000	)
	(3,675,388	)		(0.500	)		02/05/19		(3,675,388	)
	(1,889,313	)		(0.500	)		03/22/19		(1,889,313	)
	(1,557,600	)		(1.500	)		09/08/19		(1,557,600	)
	(1,223,250	)		(1.500	)		09/20/19		(1,223,250	)
	Citigroup Reverse Repurchase Agreement (NR/NR)
	(1,561,875	)		(0.750	)		03/14/19		(1,561,875	)
	(2,443,750	)		(1.500	)		03/14/19		(2,443,750	)
	First Boston Reverse Repurchase Agreement (NR/NR)
	(1,389,375	)		(4.500	)		03/27/19		(1,389,375	)
	Nomura Reverse Repurchase Agreement (NR/NR)
	(1,779,125	)		(2.500	)		03/11/19		(1,779,125	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(21,683,676))							$	(21,683,676	)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%								53,216,842
	NET ASSETS – 100.0%							$	2,996,322,033

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

GOLDMAN SACHS HIGH YIELD FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
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.
(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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on March 31, 2018. 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, 2018.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2018, the value of securities pledged amounted to $21,335,500.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Security is currently in default and/or non-income producing.
(g)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,281,858,281, which represents approximately 42.8% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(h)	Pay-in-kind securities.
(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 at March 31, 2018.
(j)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $27,516,771, which represents approximately 0.9% of the Fund’s net assets as of March 31, 2018.

Restricted Security	Acquisition Date		Cost
Berry Petroleum Corp. (Preferred Stocks)		05/06/16 – 08/18/16	$	10,673,910
Berry Petroleum Corp. (Common Stocks)		03/01/17		13,632,342
Berry Pete Corp. (Common Stocks)		02/27/17		134,940
Blue Ridge Mountain Resources (Common Stock)		02/27/17 – 03/03/2017		6,692,580

(k)	Represents an Affiliated Issuer.
(l)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
WR	—Withdrawn Rating

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2018, 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		10			06/20/18	$	1,604,688		$	39,487
2 Year U.S. Treasury Notes		384			06/29/18		81,642,000			25,610
5 Year U.S. Treasury Notes		983			06/29/18		112,515,102			229,321
Total									$	294,418
Short position contracts:
Eurodollars		(38	)		12/17/18		(9,262,975	)		55,520
Eurodollars		(719	)		12/16/19		(174,743,962	)		(2,915	)
10 Year U.S. Treasury Notes		(1,548	)		06/20/18		(187,525,688	)		(1,508,675	)
20 Year U.S. Treasury Bonds		(364	)		06/20/18		(53,371,500	)		(1,200,780	)
Total									$	(2,656,850	)
TOTAL									$	(2,362,432	)

SWAP CONTRACTS — At March 31, 2018, 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, 2018(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX .NA.HY. Index 29	5.000%		3.384%		12/20/22	$	5,850	$	390,085	$	312,118	$	77,967

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts:
Eurodollar Futures	$98.00		06/15/2018		134	$	335,000	$	227,800	$	37,152	$	190,648

Abbreviation:
CDX.NA.HY Index 29	—CDX North America
High Yield Index 29

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 82.1%
Aerospace(b) – 0.8%
	TransDigm, Inc. (B+/Ba2)
	(1M LIBOR + 2.750%)
$	5,437,694		4.627	%		05/14/22	$	5,450,309
	(1M LIBOR + 2.750%)
	13,257,673		4.627			06/09/23		13,290,818
	(3M LIBOR + 2.500%)
	14,929,891		4.802			08/22/24		14,971,396
								33,712,523
Airlines(b) – 0.6%
	Air Canada (NR/NR) (3M LIBOR + 2.000%)
	10,099,250		3.984			10/06/23		10,141,364
	Delta Air Lines, Inc. (BBB-/Baa2) (1M LIBOR + 2.500%)
	14,674,334		4.322			10/18/18		14,731,270
								24,872,634
Automotive – Distributor(b) – 0.2%
	American Axle & Manufacturing, Inc. (BB/Ba2) (1M LIBOR + 2.250%)
	8,889,625		4.130			04/06/24		8,928,562
Automotive – Parts(b) – 0.7%
	CS Intermediate Holdco 2 LLC (BBB-/Ba1) (3M LIBOR + 2.000%)
	4,677,515		4.302			11/02/23		4,693,606
	Gates Global LLC (B+/B1) (3M LIBOR + 2.750%)
	20,702,447		5.052			04/01/24		20,801,612
	Navistar International Corp. (B+/Ba3) (1M LIBOR + 3.500%)
	2,950,000		5.210			11/06/24		2,963,511
								28,458,729
Building Materials(b) – 1.4%
	American Builders & Contractors Supply Co., Inc. (BB+/B1) (1M LIBOR + 2.500%)
	28,750,090		4.377			10/31/23		28,790,053
	Atkore International, Inc. (BB-/B2) (3M LIBOR + 2.750%)
	23,723,298		5.060			12/22/23		23,859,707
	Janus International Group LLC (B+/B2) (1M LIBOR + 3.000%)
	5,975,000		4.740			02/12/25		5,941,420
								58,591,180
Building Products(b) – 0.6%
	Beacon Roofing Supply, Inc. (BB+/B1) (1M LIBOR + 2.250%)
	6,400,000		3.936			01/02/25		6,427,456
	CPG International, Inc. (B/B2) (6M LIBOR + 3.750%)
	5,142,096		5.593			05/03/24		5,178,502
	HD Supply, Inc. (BB+/Ba3) (3M LIBOR + 2.250%)
	1,570,140		4.552			08/13/21		1,579,294
	Jeld-Wen, Inc. (BB+/Ba2) (3M LIBOR + 2.000%)
	6,583,500		4.302			12/14/24		6,608,188
	Mannington Mills, Inc. (BB-/B1) (3M LIBOR + 3.750%)
	3,149,111		6.052			10/01/21		3,168,793
								22,962,233
Capital Goods – Others(b) – 0.1%
	Columbus McKinnon Corp. (B+/Ba3) (3M LIBOR + 2.500%)
	2,467,928		4.802			01/31/24		2,477,182
Bank Loans(a) – (continued)
Chemicals – 2.6%
	Alpha 3 BV (B+/B1)(b) (1 Week LIBOR + 3.000%)
	14,051,319		5.302			01/31/24		14,153,191
	Axalta Coating Systems US Holdings, Inc. (BBB-/Ba1)(b) (3M LIBOR + 2.000%)
	28,731,276		4.302			06/01/24		28,770,925
	Cyanco Intermediate Corp. (CCC+/Caa1)
	2,650,000		7.500			02/15/26		2,636,750
	Cyanco Intermediate Corp. (B/B2)(b) (3M LIBOR + 3.500%)
	6,450,000		5.672			02/15/25		6,466,125
	Emerald Performance Materials LLC (B/B1)(b) (1M LIBOR + 3.500%)
	7,223,812		5.377			08/01/21		7,287,021
	Emerald Performance Materials LLC (B-/Caa1)(b) (1M LIBOR + 7.750%)
	6,350,000		9.627			08/01/22		6,340,094
	The Chemours Co. (BBB-/Baa3)(b) (3M LIBOR + 1.500%)
	5,864,984		6.250			05/12/22		5,857,652
	Univar, Inc. (BB/B1)(b) (1M LIBOR + 2.500%)
	34,462,747		4.377			07/01/24		34,678,139
								106,189,897
Commercial Services(b) – 0.4%
	Prometric Holdings, Inc. (B/B1) (3M LIBOR + 3.000%)
	3,050,000		4.770			01/29/25		3,067,172
	Robertshaw US Holding Corp. (B/B1) (1M LIBOR + 3.500%)
	10,535,000		5.438			02/19/25		10,617,278
	Robertshaw US Holding Corp. (CCC+/Caa1) (1M LIBOR + 8.000%)
	4,650,000		9.938			02/19/26		4,638,375
								18,322,825
Construction Machinery(b) – 0.4%
	Accudyne Industries LLC (B/B3) (1M LIBOR + 3.750%)
	1,397,975		5.127			08/18/24		1,404,965
	Clark Equipment Co. (NR/NR) (3M LIBOR + 2.000%)
	7,622,791		4.302			05/18/24		7,624,849
	Milacron LLC (B/B2) (1M LIBOR + 2.750%)
	9,196,912		4.377			09/28/23		9,219,904
								18,249,718
Construction Materials(b) – 0.1%
	Forterra Finance LLC (B-/B3) (1M LIBOR + 3.000%)
	4,892,943		4.877			10/25/23		4,510,707
Consumer Cyclical Services – 0.6%
	Iron Mountain, Inc. (BB/Ba3)
	5,975,000		1.750			01/02/26		5,955,103
	Sabre GLBL, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.000%)
	19,700,373		3.877			02/22/24		19,752,383
								25,707,486
Consumer Cyclical Services – Business(b) – 0.6%
	Colorado Buyer, Inc. (B+/Ba3) (3M LIBOR + 3.000%)
	8,585,125		4.780			05/01/24		8,585,125
	Colorado Buyer, Inc. (CCC+/B3) (3M LIBOR + 7.250%)
	2,875,000		9.030			05/01/25		2,873,218

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Consumer Cyclical Services – Business(b) – (continued)
	Tempo Acquisition LLC (B/B1) (1M LIBOR + 3.000%)
$	14,887,500		4.877	%		05/01/24	$	14,957,322
								26,415,665
Consumer Products – Household & Leisure(b) – 2.3%
	Bombardier Recreational Products, Inc. (BB/Ba3) (1M LIBOR + 2.500%)
	15,513,115		4.380			06/30/23		15,644,045
	Coty, Inc. (NR/NR)
	(1M LIBOR + 2.500%)
	8,975,000		3.035			10/27/22		8,963,781
	(1M LIBOR + 2.500%)
EUR	3,175,000		4.186			10/27/22		3,896,911
	Coty, Inc. (BB+/Ba2) (1M LIBOR + 2.500%)
	4,165,319		4.186			10/27/22		4,167,402
	Diamond (BC) B.V. (B/B1) (6M LIBOR + 3.000%)
	10,224,376		4.994			09/06/24		10,203,109
	Galleria Co. (BB+/Ba2) (1M LIBOR + 3.000%)
	8,457,500		4.688			09/29/23		8,457,500
	Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	15,638,974		3.877			01/26/24		15,666,968
	Renfro Corp. (B/B3) (3M LIBOR + 5.500%)
	19,919,879		7.280			01/30/19		19,969,679
	Spectrum Brands, Inc. (BB+/Ba1) (6M LIBOR + 2.000%)
	9,088,745		3.789			06/23/22		9,104,650
								96,074,045
Consumer Products – Industrial(b) – 0.2%
	Southwire Co. (BB+/Ba2) (1M LIBOR + 2.250%)
	8,698,253		3.968			02/10/21		8,719,998
Containers & Packaging(b) – 0.9%
	Berry Plastics Group, Inc. (BBB-/Ba2)
	(1M LIBOR + 2.000%)
	2,376,198		3.740			02/08/20		2,384,824
	(1M LIBOR + 2.000%)
	17,435,295		3.740			01/06/21		17,500,677
	BWAY Holding Co. (B-/B2) (3M LIBOR + 3.250%)
	17,393,687		4.958			04/03/24		17,471,263
								37,356,764
Diversified Manufacturing(b) – 1.4%
	Cortes NP Acquisition Corp. (B+/Ba3) (1M LIBOR + 4.000%)
	4,287,284		5.670			11/30/23		4,303,362
	CPM Holdings, Inc. (B/B1) (1M LIBOR + 3.500%)
	7,147,015		5.377			04/11/22		7,229,634
	Crosby US Acquisition Corp. (B-/Caa1) (3M LIBOR + 3.000%)
	21,872,610		4.904			11/23/20		21,462,498
	Dynacast International LLC (B/B1) (3M LIBOR + 3.250%)
	3,403,374		5.552			01/28/22		3,416,137
	Gardner Denver, Inc. (B+/B2) (3M LIBOR + 2.750%)
	4,387,680		5.052			07/30/24		4,407,117
	Rexnord LLC (BB+/Ba2) (1M LIBOR + 2.250%)
	14,655,398		4.111			08/21/24		14,732,339
								55,551,087
Bank Loans(a) – (continued)
Electrical – 0.3%
	Techem GmbH (NR/NR)(b) (3M EURIBOR + 3.000%)
EUR	7,975,000		3.000			10/02/24		9,804,986
	TTM Technologies, Inc. (NR/NR)
	4,325,000		2.500			09/27/24		4,330,406
								14,135,392
Energy(b) – 1.4%
	Chesapeake Energy Corp. (BB-/B1) (3M LIBOR + 7.500%)
	14,465,000		9.444			08/23/21		15,345,774
	FTS International, Inc. (B/B3) (1M LIBOR + 4.750%)
	7,603,104		6.627			04/16/21		7,622,112
	MEG Energy Corp. (BB+/Ba3) (3M LIBOR + 3.500%)
	11,715,471		5.810			12/31/23		11,709,613
	Murray Energy Corp. (B-/B2) (3M LIBOR + 7.250%)
	19,440,791		9.552			04/16/20		16,427,468
	Peabody Energy Corp. (BB/Ba3) (1M LIBOR + 3.500%)
	5,399,019		5.377			03/31/22		5,405,768
								56,510,735
Entertainment(b) – 0.9%
	AMC Entertainment, Inc. (BB/Ba2) (1M LIBOR + 2.250%)
	4,633,847		4.027			12/15/23		4,643,485
	Cedar Fair LP (BBB-/Ba1) (1M LIBOR + 1.750%)
	2,254,000		3.627			04/13/24		2,265,270
	Crown Finance US, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	15,250,000		4.377			02/28/25		15,224,075
	NEP/NCP Holdco, Inc. (NR/NR) (1M LIBOR + 7.000%)
	15,038,306		8.740			01/23/23		15,094,700
								37,227,530
Environmental(b) – 1.0%
	Core & Main LP (B+/B2) (3M LIBOR + 3.000%)
	10,473,750		5.006			08/01/24		10,526,119
	EnergySolutions LLC (B/B3) (1M LIBOR + 4.750%)
	25,612,079		6.630			05/29/20		25,932,230
	Wrangler Buyer Corp. (B/B1) (1M LIBOR + 3.000%)
	3,690,750		4.877			09/27/24		3,707,875
								40,166,224
Finance(b) – 2.3%
	Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (BBB-/Ba1) (1M LIBOR + 2.250%)
	59,711,312		4.072			04/03/22		59,729,823
	Fortress Investment Group LLC (NR/NR) (1M LIBOR + 2.750%)
	6,539,690		4.627			12/27/22		6,613,262
	LBM Borrower LLC (B+/B3) (1M LIBOR + 3.750%)
	14,125,158		5.627			08/20/22		14,259,347
	SBA Senior Finance II LLC (BB/B1) (1 Week LIBOR + 2.250%)
	15,857,066		3.990			03/24/21		15,887,671
								96,490,103
Food & Beverages – 3.4%
	C.H. Guenther & Son, Inc. (B/B2)
	8,850,000		2.750			03/22/25		8,861,062
	Dole Food Co., Inc. (B-/B1)(b) (1M LIBOR + 2.750%)
	5,642,188		4.611			04/06/24		5,649,240

84 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)
Food & Beverages – (continued)
	High Liner Foods, Inc. (B+/B2)(b) (3M LIBOR + 3.250%)
$	8,590,614		5.267	%		04/24/21	$	8,397,325
	Lyons Magnus LLC (NR/NR)(b) (1M LIBOR + 4.250%)
	5,062,313		6.127			11/11/24		5,081,296
	Refresco Group BV (NR/NR)
	4,760,000		3.250			12/14/24		4,748,100
	Shearer's Foods, Inc. (B-/B3)(b)
	(3M LIBOR + 3.938%)
	16,728,274		6.240			06/30/21		16,679,428
	(3M LIBOR + 4.250%)
	1,951,437		6.552			06/30/21		1,946,559
	Shearer's Foods, Inc. (CCC/Caa2)(b) (3M LIBOR + 6.750%)
	21,250,000		9.052			06/30/22		19,603,125
	Sigma Bidco B.V. (B+/B1)
	10,150,000		3.000			02/23/25		10,137,312
	US Foods, Inc. (BBB-/B1)(b) (1M LIBOR + 2.500%)
	59,177,430		4.377			06/27/23		59,527,169
								140,630,616
Food & Drug Retailers(b) – 2.0%
	Albertsons LLC (BB-/Ba2) (3M LIBOR + 3.000%)
	10,119,472		4.956			06/22/23		9,980,330
	BJ's Wholesale Club, Inc. (B-/B3) (1M LIBOR + 3.500%)
	50,483,712		5.191			02/03/24		50,415,054
	BJ's Wholesale Club, Inc. (CCC/Caa2) (1M LIBOR + 7.500%)
	20,250,000		9.191			02/03/25		20,281,590
								80,676,974
Gaming(b) – 1.0%
	Caesars Entertainment Operating Co. (BB/Ba3) (1M LIBOR + 2.500%)
	18,972,875		4.377			10/06/24		19,083,487
	CityCenter Holdings LLC (BB-/B1) (1M LIBOR + 2.500%)
	6,103,875		4.377			04/18/24		6,127,558
	Eldorado Resorts LLC (BB/Ba2) (6M LIBOR + 2.250%)
	8,134,856		4.125			04/17/24		8,155,193
	Seminole Tribe of Florida (BBB/Baa2) (1M LIBOR + 2.000%)
	7,064,500		3.877			07/08/24		7,085,976
								40,452,214
Health Care(b) – 0.4%
	Community Health Systems, Inc. (B-/B2)
	(3M LIBOR + 2.750%)
	4,574,941		4.734			12/31/19		4,456,770
	(3M LIBOR + 3.000%)
	14,426,157		4.984			01/27/21		13,847,091
								18,303,861
Health Care – Pharmaceuticals(b) – 2.3%
	Endo Luxembourg Finance Co. I S.A.R.L. (BB-/Ba2) (1M LIBOR + 4.250%)
	21,889,724		6.188			04/29/24		21,825,806
	Grifols Worldwide Operations USA, Inc. (BB/Ba2) (1 Week LIBOR + 1.250%)
	33,507,652		3.986			01/31/25		33,620,573
Bank Loans(a) – (continued)
Health Care – Pharmaceuticals(b) – (continued)
	Valeant Pharmaceuticals International, Inc. (BB-/Ba3) (1M LIBOR + 3.500%)
	37,047,211		5.240			04/01/22		37,424,722
								92,871,101
Health Care – Services(b) – 8.0%
	21st Century Oncology Holdings, Inc. (B1/BB-) (3M LIBOR + 6.125%)
	12,495,558		7.855			01/16/23		11,983,240
	Air Medical Group Holdings, Inc. (B/B1)
	(1M LIBOR + 3.250%)
	23,491,125		4.936			03/14/25		23,682,108
	(1M LIBOR + 3.250%)
	28,096,143		4.936			04/28/22		28,193,637
	Air Methods Corp. (B+/B1) (3M LIBOR + 3.500%)
	10,547,392		5.802			04/21/24		10,573,761
	American Renal Holdings, Inc. (B/B2) (1M LIBOR + 3.250%)
	11,438,563		5.127			06/14/24		11,427,810
	Change Healthcare Holdings, Inc. (B+/Ba3) (1M LIBOR + 2.750%)
	33,518,266		4.627			03/01/24		33,589,660
	ExamWorks Group, Inc. (NR/NR) (1M LIBOR + 3.250%)
	4,863,722		5.127			07/27/23		4,894,121
	HCA, Inc. (NR/NR)
	(1M LIBOR + 1.750%)
	6,604,245		3.627			03/18/23		6,630,067
	(3M LIBOR + 2.250%)
	15,500,000		3.031			02/15/24		15,613,770
	MPH Acquisition Holdings LLC (B+/B1) (3M LIBOR + 2.750%)
	37,821,157		5.052			06/07/23		37,972,442
	Parexel International Corp. (B/B1) (1M LIBOR + 2.750%)
	5,472,500		4.627			09/27/24		5,472,500
	Sedgwick Claims Management Services, Inc. (B/B2) (1M LIBOR + 2.750%)
	15,442,051		4.627			03/01/21		15,422,748
	Sedgwick Claims Management Services, Inc. (CCC+/Caa2)
	(1M LIBOR + 5.750%)
	2,700,758		7.627			02/28/22		2,708,860
	(3M LIBOR + 5.750%)
	12,850,000		7.734			02/28/22		12,888,550
	Sterigenics-Nordion Holdings LLC (B/B1) (1M LIBOR + 3.000%)
	20,051,016		4.877			05/15/22		20,038,584
	Team Health Holdings, Inc. (NR/NR) (1M LIBOR + 2.750%)
	20,319,750		4.627			02/06/24		19,388,496
	U.S. Renal Care, Inc. (B/B2) (3M LIBOR + 8.000%)
	65,747,302		5.943			12/31/22		65,966,240
	U.S. Renal Care, Inc. (CCC+/Caa2) (3M LIBOR + 8.000%)
	4,025,000		10.302			12/31/23		4,030,031
								330,476,625
Home Construction(b) – 0.2%
	U.S. Lumber Group LLC (NR/NR) (1M LIBOR + 6.000%)
	8,877,750		7.872			10/18/23		8,966,528
Industrial – 0.4%(c)
	Hornblower Sub LLC (B+/B2)
	8,375,000		5.500			03/21/25		8,375,000

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Industrial – (continued)
	Mavis Tire Express Services Corp. (NR/NR)
$	6,854,028		3.250	%		03/20/25	$	6,854,028
	1,095,972		3.250			03/20/25		1,095,972
								16,325,000
Insurance(b) – 0.4%
	USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	15,621,500		5.302			05/16/24		15,647,588
Internet – 0.2%
	Shutterfly, Inc. (NR/NR)
	8,400,000		2.750			08/17/24		8,424,528
Lodging(b) – 0.7%
	Four Seasons Holdings, Inc. (BB/B1) (1M LIBOR + 2.000%)
	7,939,247		3.877			11/30/23		7,978,943
	La Quinta Intermediate Holding LLC (BB/B1) (3M LIBOR + 3.000%)
	22,469,297		4.720			04/14/21		22,490,418
								30,469,361
Machinery-Diversified – 0.4%
	Hayward Industries, Inc. (B/B3)(b) (1M LIBOR + 3.500%)
	2,985,000		5.377			08/05/24		2,993,955
	Pro Mach Group, Inc. (B-/B2)(b) (3M LIBOR + 3.000%)
	3,900,000		5.035			03/07/25		3,903,042
	Zodiac Pool Solutions LLC (BB/Ba3)
	10,650,000		2.250			03/31/25		10,699,948
								17,596,945
Media – Broadcasting & Radio – 4.3%
	Atlantic Broadband Finance LLC (NR/NR)
	12,750,000		4.252			01/03/25		12,757,140
	Cable One, Inc. (BBB-/Ba2)(b)(c) (3M LIBOR + 2.250%)
	4,962,500		4.560			05/01/24		4,974,906
	Getty Images, Inc. (CCC/B3)(b) (3M LIBOR + 3.500%)
	52,663,190		5.802			10/18/19		50,333,898
	iHeart Communications, Inc. (D/Caa2)(b)
	(3M LIBOR + 6.750%)
	8,175,000		9.052			01/30/19		6,448,930
	(3M LIBOR + 7.500%)
	27,972,038		9.802			07/30/19		21,977,071
	Meredith Corp. (NR/NR)(b) (1M LIBOR + 3.000%)
	28,040,000		4.877			01/31/25		28,194,220
	Nexstar Broadcasting, Inc. (BB+/Ba3)(b) (1M LIBOR + 2.500%)
	15,315,769		4.164			01/17/24		15,354,059
	Sesac Holdco II LLC (B+/B2)(b) (1M LIBOR + 3.000%)
	1,460,250		4.877			02/23/24		1,459,038
	Tribune Media Co. (BB+/Ba3)(b)
	(1M LIBOR + 3.000%)
	952,474		4.877			12/27/20		952,474
	(1M LIBOR + 3.000%)
	11,871,374		4.877			01/27/24		11,871,374
	Univision Communications, Inc. (BB-/B2)(b) (1M LIBOR + 2.750%)
	24,552,952		4.627			03/15/24		24,133,587
								178,456,697
Bank Loans(a) – (continued)
Media – Cable(b) – 4.0%
	Altice Financing SA (BB-/B1) (3M LIBOR + 2.750%)
	4,990,795		4.470			07/15/25		4,884,741
	Charter Communications Operating LLC (BBB-/Ba1) (1M LIBOR + 2.000%)
	54,869,118		3.880			04/30/25		55,051,832
	Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 3.000%)
	3,366,520		4.877			05/16/24		3,371,570
	CSC Holdings LLC (BB-/Ba2) (1M LIBOR + 2.250%)
	25,291,123		4.036			07/17/25		25,201,592
	CSC Holdings LLC (BB-/Ba2) (1M LIBOR + 2.500%)
	29,100,000		4.277			01/25/26		29,090,979
	GCI Holdings, Inc. (BB-/Ba2) (1M LIBOR + 2.250%)
	8,225,688		4.127			02/02/22		8,246,252
	Numericable Group SA (B+/B1) (3M LIBOR + 2.750%)
	5,756,500		4.522			07/31/25		5,569,414
	Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	23,978,080		4.277			01/15/26		24,095,573
	Ziggo Secured Finance BV (BB-/B1) (1M LIBOR + 2.500%)
	9,525,000		4.277			04/15/25		9,452,610
								164,964,563
Media – Non Cable – 4.2%
	Advantage Sales & Marketing, Inc. (B/B1)(b) (3M LIBOR + 3.250%)
	15,418,589		5.017			07/23/21		15,074,447
	Advantage Sales & Marketing, Inc. (CCC+/Caa1)(b) (3M LIBOR + 6.500%)
	4,203,226		8.267			07/25/22		4,023,076
	Checkout Holding Corp. (B-/B1)(b) (1M LIBOR + 3.500%)
	15,224,320		5.377			04/09/21		9,439,079
	Checkout Holding Corp. (CCC-/Caa1)(b) (1M LIBOR + 6.750%)
	12,550,000		8.627			04/11/22		2,572,750
	EMI Music Publishing Ltd. (BB-/Ba3)(b) (3M LIBOR + 2.250%)
	7,520,229		3.984			08/21/23		7,539,030
	Lions Gate Entertainment Corp. (NR/NR)(b) (1M LIBOR + 2.250%)
	10,682,000		4.350			12/08/23		10,690,866
	McGraw-Hill Global Education Holdings LLC (B+/B1)(b) (1M LIBOR + 4.000%)
	9,936,938		5.877			05/04/22		9,805,273
	Mission Broadcasting, Inc. (BB+/Ba3)(b) (1M LIBOR + 2.500%)
	1,895,120		4.164			01/17/24		1,899,857
	NEP/NCP Holdco, Inc. (B+/B1)(b)
	(3M EURIBOR + 3.000%)
EUR	5,855,998		3.750			01/03/24		7,219,057
	(3M LIBOR + 3.250%)
	31,426,038		5.552			07/21/22		31,517,802
	Nielsen Finance LLC (BBB-/Ba1)(b) (1M LIBOR + 2.000%)
	10,417,032		3.718			10/04/23		10,439,845
	Renaissance Learning, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	15,384,352		6.052			04/09/21		15,429,275
	Renaissance Learning, Inc. (CCC/Caa2)(b) (3M LIBOR + 7.000%)
	9,423,236		9.302			04/11/22		9,438,972
	Sinclair Television Group, Inc. (BB+/Ba1)
	29,150,000		2.500			12/12/24		29,259,313

86 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)
Media – Non Cable – (continued)
	WMG Acquisition Corp. (B+/Ba3)(b) (1M LIBOR + 2.250%)
$	9,387,047		4.127	%		11/01/23	$	9,414,457
								173,763,099
Metal Fabricate/Hardware(b) – 0.4%
	AMG Advanced Metallurgical Group NV (BB-/B1) (1 Week LIBOR + 3.000%)
	15,361,500		5.302			01/29/25		15,457,509
Metals & Mining(b) – 0.5%
	Global Brass & Copper, Inc.(c) (BB-/B2) (1M LIBOR + 3.250%)
	6,417,597		5.188			07/18/23		6,457,707
	Hi-Crush Partners LP (B-/B3) (3M LIBOR + 4.000%)
	12,768,000		6.310			12/16/24		12,863,760
								19,321,467
Packaging – 1.3%
	Consolidated Container Co. LLC (B+/B3)(b) (1M LIBOR + 3.000%)
	10,273,440		4.877			05/22/24		10,335,080
	Crown Holdings, Inc. (NR/NR)
	5,225,000		2.000			01/29/25		5,269,883
	Reynolds Group Holdings, Inc. (B+/B1)(b) (1M LIBOR + 2.750%)
	17,628,735		4.627			02/05/23		17,710,532
	SIG Combibloc U.S. Acquisition, Inc. (NR/NR)(b) (1M LIBOR + 2.750%)
	19,742,955		4.627			03/13/22		19,841,670
								53,157,165
Paper(b) – 0.1%
	Flex Acquisition Co., Inc. (B/B1) (3M LIBOR + 3.000%)
	4,689,562		4.695			12/29/23		4,709,352
Pharmaceuticals(b) – 0.6%
	Alphabet Holding Co., Inc. (B/B1) (1M LIBOR + 3.500%)
	18,446,901		5.377			09/26/24		17,118,724
	Alphabet Holding Co., Inc. (CCC+/Caa1) (1M LIBOR + 7.750%)
	9,600,000		9.627			09/26/25		8,769,600
								25,888,324
Pipelines(b) – 0.3%
	BCP Raptor LLC (B+/B3) (6M LIBOR + 4.250%)
	10,644,563		6.039			06/24/24		10,697,785
Real Estate(b) – 0.9%
	MGM Growth Properties LLC (BB+/Ba3) (1M LIBOR + 2.000%)
	23,384,851		3.877			04/25/23		23,432,322
	Realogy Corp. (BB+/Ba1) (1M LIBOR + 2.250%)
	11,991,692		3.961			02/08/25		12,049,732
								35,482,054
Restaurants(b) – 2.5%
	1011778 B.C. Unlimited Liability Co. (B+/Ba3) (1M LIBOR + 2.250%)
	74,808,323		4.127			02/16/24		74,824,033
	Intrawest Resorts Holdings, Inc. (B/B2) (1M LIBOR + 3.250%)
	16,790,272		5.127			07/31/24		16,860,288
Bank Loans(a) – (continued)
Restaurants(b) – (continued)
	NPC International, Inc. (B/B1) (1M LIBOR + 3.500%)
	10,272,375		5.377			04/19/24		10,407,251
								102,091,572
Retailers – 2.3%
	Academy Ltd. (CCC+/B3)(b) (1M LIBOR + 4.000%)
	17,819,524		5.664			07/01/22		14,166,522
	American Apparel (USA) LLC (NR/NR)(c)
	730,781		0.000			12/31/18		337,130
	575,178		0.000	(b)		02/05/20		231,622
	IRB Holding Corp. (B/B1)(b) (1M LIBOR + 3.250%)
	6,750,000		4.936			02/05/25		6,819,593
	JC Penney Corp., Inc. (BB-/Ba3)(b) (3M LIBOR + 4.250%)
	4,200,000		5.250			06/23/23		4,106,172
	Michaels Stores, Inc. (BB+/Ba2)(b) (1M LIBOR + 2.750%)
	10,126,945		4.627			01/30/23		10,171,301
	Neiman Marcus Group Ltd., Inc. (CCC/Caa1)(b) (1M LIBOR + 3.250%)
	18,366,949		4.941			10/25/20		15,828,453
	PetSmart, Inc. (CCC+/B1)(b) (1M LIBOR + 3.000%)
	36,327,399		4.680			03/11/22		29,074,271
	Staples, Inc. (B+/B1)(b) (3M LIBOR + 4.000%)
	8,653,313		5.787			09/12/24		8,564,616
	The Men's Wearhouse, Inc. (BB-/Ba3)(b)
	(1M LIBOR + 3.500%)
	1,419,315		5.188			06/18/21		1,419,315
	(3M LIBOR + 3.500%)
	3,936,443		5.313			06/18/21		3,936,443
								94,655,438
Semiconductors & Semiconductor Equipment(b) – 0.1%
	MKS Instruments, Inc. (BBB-/Ba1) (1M LIBOR + 2.000%)
	4,065,410		3.877			05/01/23		4,080,655
Services Cyclical – Business Services(b) – 4.0%
	Asurion LLC (NR/NR) (1M LIBOR + 2.750%)
	7,169,628		4.627			11/03/23		7,215,585
	Asurion LLC (B-/B3) (1M LIBOR + 6.000%)
	10,000,000		7.877			08/04/25		10,257,500
	EVO Payments International LLC (NR/NR) (1M LIBOR + 4.000%)
	17,369,550		5.880			12/22/23		17,499,822
	First Data Corp. (BB/Ba3)
	(1M LIBOR + 2.250%)
	8,819,792		4.122			07/08/22		8,831,699
	(1M LIBOR + 2.250%)
	48,763,804		4.122			04/26/24		48,818,907
	Global Payments, Inc. (NR/NR) (1M LIBOR + 1.750%)
	12,263,062		3.627			04/21/23		12,309,048
	Koosharem LLC (CCC+/Caa1) (1M LIBOR + 6.500%)
	6,711,404		8.377			05/16/20		6,640,934
	Lighthouse Network LLC (NR/NR) (1M LIBOR + 4.500%)
	2,992,500		6.377			11/20/24		3,011,203
	Vantiv LLC (BBB-/Ba2)
	(1M LIBOR + 2.000%)
	9,575,000		3.777			01/16/23		9,622,875

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Services Cyclical – Business Services(b) – (continued)
	Vantiv LLC (BBB-/Ba2) – (continued)
	(1M LIBOR + 2.000%)
$	22,246,440		3.777	%		10/14/23	$	22,352,110
	(1M LIBOR + 2.000%)
	18,925,000		3.777			08/09/24		19,016,219
								165,575,902
Services Cyclical – Consumer Services(b) – 2.8%
	Ascend Learning LLC (B+/B2) (1M LIBOR + 3.000%)
	13,482,250		4.877			07/12/24		13,515,956
	Asurion LLC (B+/Ba3) (1M LIBOR + 2.750%)
	39,444,143		4.627			08/04/22		39,666,213
	Bright Horizons Family Solutions, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	32,438,443		3.877			11/07/23		32,600,635
	Casella Waste Systems, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	4,320,312		4.308			10/17/23		4,336,514
	Spin Holdco, Inc. (B/B2) (3M LIBOR + 3.250%)
	24,868,110		5.083			11/14/22		25,002,895
								115,122,213
Services Cyclical – Rental Equipment(b) – 0.4%
	BakerCorp International, Inc. (CCC+/B2) (3M LIBOR + 3.000%)
	15,300,104		4.772			02/07/20		15,045,051
	USS Ultimate Holdings, Inc. (B+/B2) (1M LIBOR + 3.750%)
	895,500		5.627			08/25/24		899,978
								15,945,029
Technology – Software/Services – 8.2%
	Almonde, Inc. (B-/B2)(b) (3M LIBOR + 3.500%)
	15,223,500		5.484			06/13/24		15,202,644
	Almonde, Inc. (CCC/Caa2)(b) (3M LIBOR + 7.250%)
	3,825,000		9.234			06/13/25		3,784,952
	Ancestry.com Operations, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
	8,842,500		5.130			10/19/23		8,880,081
	Aspect Software, Inc. (NR/NR)(b) (1M LIBOR + 10.500%)
	4,445,645		12.377			05/25/20		4,426,217
	Avast Software BV (BB-/Ba3)(b) (3M LIBOR + 2.750%)
	5,163,082		5.052			09/30/23		5,191,221
	BMC Software Finance, Inc. (B+/B1)(b) (1M LIBOR + 3.250%)
	41,070,088		5.127			09/10/22		41,249,975
	BMC Software Finance, Inc. (NR/NR)(b) (3M EURIBOR + 3.750%)
	4,978,196		3.750			09/10/22		6,126,278
	Cavium, Inc. (BB/Ba3)(b)(c) (1M LIBOR + 2.250%)
	4,752,755		4.127			08/16/22		4,752,755
	CCC Information Services, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	6,079,063		4.880			04/27/24		6,095,354
	CCC Information Services, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	2,675,000		8.627			04/27/25		2,713,788
	Electrical Components International, Inc. (B/B1)(b) (3M LIBOR + 4.750%)
	11,647,590		7.052			05/28/21		11,698,607
	Infor (US), Inc. (B/B1)(b) (1M LIBOR + 2.750%)
	42,584,307		4.627			02/01/22		42,649,461
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	MA FinanceCo. LLC (BB-/B1)(b)
	(1M LIBOR + 2.500%)
	7,009,713		4.377			11/19/21		6,922,091
	(1M LIBOR + 2.750%)
	3,875,796		4.627			06/21/24		3,829,790
	McAfee LLC (B-/Caa1)(b) (1M LIBOR + 8.500%)
	3,200,000		10.377			09/29/25		3,233,600
	McAfee LLC (B/B1)(b) (1M LIBOR + 8.500%)
	6,200,000		10.377			09/29/25		6,259,396
	MH Sub I LLC (B/B2)(b) (1M LIBOR + 3.750%)
	19,253,250		5.527			09/13/24		19,249,784
	Micron Technology, Inc. (BBB-/Baa2)(b) (1M LIBOR + 2.000%)
	27,019,977		3.880			04/26/22		27,180,476
	Omnitracs, Inc. (B/B2)
	18,746,000		2.750			03/16/25		18,769,432
	Seattle SpinCo, Inc. (NR/NR)(b) (1M LIBOR + 2.750%)
	26,174,204		4.627			06/21/24		25,863,517
	SS&C Technologies Holdings Europe S.a.r.l. (NR/NR)(b) (1M LIBOR + 2.250%)
	16,613,622		4.127			07/08/22		16,688,051
	SS&C Technologies, Inc. (BB/Ba3)(b) (1M LIBOR + 2.250%)
	106,195		3.232			07/08/22		106,709
	SS&C Technologies, Inc. (NR/NR)(b) (1M LIBOR + 2.250%)
	46,571,625		4.127			07/08/22		46,780,266
	SS&C Technologies, Inc. (BB/Ba3)(b) (3M LIBOR + 2.250%)
	9,321,165		3.402			07/08/22		9,366,279
	Western Digital Corp. (BBB-/Baa2)(b) (1M LIBOR + 2.000%)
	2,890,398		3.877			04/29/23		2,904,330
								339,925,054
Utilities – Electric(b) – 0.7%
	AES Corp. (BBB-/Ba1) (3M LIBOR + 2.000%)
	10,155,938		3.944			05/24/22		10,157,766
	Calpine Corp. (BB/Ba2) (3M LIBOR + 2.500%)
	20,248,688		4.810			01/15/24		20,295,462
								30,453,228
Wireless Telecommunications(b) – 5.2%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.750%)
	31,427,235		4.627			01/31/25		30,883,858
	Cincinnati Bell, Inc. (BB-/Ba3) (3M LIBOR + 3.750%)
	9,325,000		5.445			10/02/24		9,383,281
	Consolidated Communications, Inc. (BB-/Ba3) (1M LIBOR + 3.000%)
	8,745,008		4.880			10/04/23		8,618,467
	Digicel International Finance Ltd. (NR/Ba2) (3M LIBOR + 3.250%)
	22,487,013		5.020			05/28/24		22,360,637
	Intelsat Jackson Holdings SA (B/B1) (3M LIBOR + 3.750%)
	77,395,848		5.706			11/27/23		77,395,848
	Sprint Communications, Inc. (BB-/Ba2) (1M LIBOR + 2.500%)
	55,424,227		4.438			02/02/24		55,400,949
	Windstream Corp. (BB-/B3) (1M LIBOR + 4.000%)
	10,250,273		5.810			03/29/21		9,831,754
								213,874,794

88 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)
Wirelines Telecommunications(b) – 0.1%
	Level 3 Financing, Inc. (BBB-/Ba1) (1M LIBOR + 2.250%)
$	5,000,000		4.111	%		02/22/24	$	5,008,600
	TOTAL BANK LOANS
	(Cost $3,414,162,090)						$	3,391,103,060
Corporate Obligations – 9.6%
Airlines – 0.1%
	United Airlines 2014-1 Class B Pass Through Trust (BBB-/NR)
$	288,761		4.750	%		10/11/22	$	293,352
	United Continental Holdings, Inc. (BB-/Ba3)
	4,513,000		6.375			06/01/18		4,536,590
								4,829,942
Consumer Cyclical Services – Business(c)(g) – 0.0%
	Escrow Ambassadors Group, Inc. (NR/NR)
	9,986,469		13.000			04/15/20		—
Distribution & Wholesale(d)(e) – 0.0%
	Performance Food Group, Inc. (BB-/B2)
	1,500,000		5.500			06/01/24		1,507,500
Diversified Financial Services – 0.8%
	Ally Financial, Inc. (BB+/Ba3)
	7,525,000		3.750			11/18/19		7,543,813
	International Lease Finance Corp. (BBB-/Baa2)(e)
	1,000,000		7.125			09/01/18		1,016,655
	International Lease Finance Corp. (BBB-/Baa3)
	7,500,000		5.875			04/01/19		7,704,678
	Navient Corp. (B+/Ba3)
	4,550,000		6.625			07/26/21		4,720,625
	Travelport Corporate Finance PLC (B+/B1)(d)(e)
	10,300,000		6.000			03/15/26		10,338,625
								31,324,396
Electrical(d)(e) – 0.1%
	Calpine Corp. (BB/Ba2)
	4,350,000		5.250			06/01/26		4,197,750
Entertainment(d)(e) – 0.6%
	Scientific Games International, Inc. (B+/Ba3)
	26,800,000		5.000			10/15/25		26,130,000
Food & Drug Retailing(d)(e) – 0.0%
	Shearer's Foods LLC/Chip Finance Corp. (B-/B3)
	900,000		9.000			11/01/19		914,625
Healthcare Providers & Services – 1.6%
	CHS/Community Health Systems, Inc. (CCC-/Caa2)(d)
	5,500,000		8.000			11/15/19		4,950,000
	CHS/Community Health Systems, Inc. (B-/B2)(d)
	3,800,000		6.250			03/31/23		3,500,750
	HCA, Inc. (BBB-/Ba1)
	10,000,000		3.750			03/15/19		10,038,000
	12,900,000		5.000			03/15/24		13,029,000
	13,225,000		5.250			04/15/25		13,518,595
	16,775,000		5.250	(d)		06/15/26		16,984,687
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Tenet Healthcare Corp. (B-/Ba3)(d)(e)
	2,975,000		7.500			01/01/22		3,123,750
								65,144,782
Leisure Time(d)(e) – 0.2%
	VOC Escrow Ltd. (BB-/Ba2)
	8,450,000		5.000			02/15/28		8,027,500
Media – 2.7%
	Altice Financing SA (BB-/B1)(d)(e)
	23,425,000		7.500			05/15/26		22,956,500
	Altice France SA (B+/B1)(d)(e)
	16,300,000		6.250			05/15/24		15,342,375
	Cablevision Systems Corp. (B-/B3)
	7,400,000		8.000			04/15/20		7,816,250
	DISH DBS Corp. (B/Ba3)
	36,300,000		7.875			09/01/19		37,978,875
	5,000,000		7.750			07/01/26		4,687,500
	Nexstar Broadcasting, Inc. (B+/B3)(d)(e)
	2,500,000		5.625			08/01/24		2,446,875
	Tribune Media Co. (BB-/B3)(d)
	960,000		5.875			07/15/22		969,600
	Univision Communications, Inc. (BB-/B2)(d)
	676,000		6.750			09/15/22		697,970
	4,308,000		6.750	(e)		09/15/22		4,448,010
	Virgin Media Secured Finance PLC (BB-/Ba3)(d)(e)
	16,300,000		5.500			08/15/26		15,831,375
								113,175,330
Oil Field Services(d) – 0.8%
	Antero Resources Corp. (BB+/Ba3)
	8,075,000		5.625			06/01/23		8,236,500
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)(e)
	9,850,000		8.125			05/01/25		10,416,375
	Noble Holding International Ltd. (B/Caa1)(f)
	11,000,000		7.750			01/15/24		10,175,000
	SM Energy Co. (B+/B2)
	2,400,000		6.750			09/15/26		2,376,000
								31,203,875
Packaging(d)(e) – 0.4%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/Ba3)
	8,200,000		4.250			09/15/22		8,159,000
	3,000,000		4.625			05/15/23		3,011,250
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu (B+/B1)
	2,000,000		5.125			07/15/23		2,017,500
	(3M USD LIBOR + 3.500%)
	4,800,000		5.222	(b)		07/15/21		4,860,000
								18,047,750
Pharmaceuticals(d)(e) – 0.4%
	Endo Dac/Endo Finance LLC/Endo Finco, Inc. (BB-/Ba2)
	10,000,000		5.875			10/15/24		9,900,000
	Valeant Pharmaceuticals International, Inc. (BB-/Ba3)
	7,750,000		7.000			03/15/24		8,060,000
								17,960,000

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Real Estate Investment Trust(d) – 0.1%
	VICI Properties 1 LLC/VICI FC, Inc. (BB/B1)
$	2,316,787		8.000	%		10/15/23	$	2,568,738
Retailing(d) – 0.7%
	New Red Finance, Inc. (B+/Ba3)
	2,825,000		4.625	(e)		01/15/22		2,832,062
	5,600,000		4.625			01/15/22		5,614,000
	8,800,000		4.250	(e)		05/15/24		8,382,000
	New Red Finance, Inc. (B-/B3)(e)
	10,550,000		5.000			10/15/25		10,022,500
								26,850,562
Software(d)(e) – 0.2%
	CURO Financial Technologies Corp. (B-/Caa1)
	6,321,000		12.000			03/01/22		7,000,507
Telecommunication Services – 0.9%
	Intelsat Jackson Holdings SA (CCC+/Caa2)(d)
	9,560,000		7.250			10/15/20		8,843,000
	Nokia OYJ (BB+/Ba1)
	1,950,000		3.375			06/12/22		1,886,625
	Sprint Communications, Inc. (B+/B1)(e)
	8,075,000		9.000			11/15/18		8,347,531
	Sprint Communications, Inc. (B/B3)
	6,300,000		7.000			08/15/20		6,567,750
	Sprint Corp. (B/B3)
	3,650,000		7.875			09/15/23		3,723,000
	Wind Tre SpA (BB-/B1)(d)(e)
	5,350,000		5.000			01/20/26		4,534,125
	(3M EURIBOR + 2.750%)
EUR	4,550,000		2.750	(b)		01/20/24		5,165,107
								39,067,138
	TOTAL CORPORATE OBLIGATIONS
	(Cost $403,072,610)						$	397,950,395

Shares		Description	Value
Common Stocks – 0.5%
Equity Real Estate Investment Trusts (REITs) – 0.1%
	296,589	VICI Properties, Inc.	$	5,433,511
				5,433,511
Hotels, Restaurants & Leisure(g) – 0.1%
	347,709	Caesars Entertainment Corp.		3,911,726
				3,911,726
Oil, Gas & Consumable Fuels(g)(h) – 0.3%
	1,286,477	Blue Ridge Mountain Resources, Inc.		10,774,245
	TOTAL COMMON STOCKS
	(Cost $21,583,095)		$	20,119,482

Units	Expiration Date	Value
Warrant(g) – 0.0%
True Religion (NR/NR)
1,722		$	—
True Religion (NR/NR)
8,103			—
TOTAL WARRANT
(Cost $0)		$	—

Shares	Description	Value
Exchange Traded Funds – 1.7%
236,762	Goldman Sachs TreasuryAccess 0-1 Year ETF(i)	$	23,695,141
2,000,000	PowerShares Senior Loan Portfolio		46,260,000
TOTAL EXCHANGE TRADED FUNDS
(Cost $70,064,286)		$	69,955,141
Shares	Distribution Rate	Value
Investment Company(i) – 9.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
408,461,237	1.609%	$	408,461,237
(Cost $408,461,237)
TOTAL INVESTMENTS – 103.8%
(Cost $4,317,343,318)		$	4,287,589,315

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreements – (0.2)%
Reverse Repurchase Agreements – (0.2)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(4,543,750	)		(2.500	)%		06/02/18	$	(4,543,750	)
	(792,500	)		(1.500	)		07/31/19		(792,500	)
	(1,111,413	)		(1.500	)		09/08/19		(1,111,413	)
	Citigroup Reverse Repurchase Agreement (NR/NR)
	(2,306,250	)		(3.000	)		03/26/19		(2,306,250	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(8,753,913))							$	(8,753,913	)
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.6)%								(149,022,203	)
	NET ASSETS – 100.0%							$	4,129,813,199

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
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.
(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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on March 31, 2018. 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, 2018.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(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. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $208,989,497, which represents
	approximately 5.1% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(f)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2018, the value of securities pledged amounted to $9,129,750.
(g)	Security is currently in default and/or non-income producing.
(h)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $10,774,245, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2018.

Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc.		02/27/17 – 10/27/2017	$	12,836,870

(i) Represents an Affiliated Issuer.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	27,953,161	EUR	22,640,044	$	27,921,092		05/02/18	$	32,069

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	27,609,920	EUR	22,640,044	$	27,865,197		04/04/18	$	(255,277	)

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
5 Year U.S. Treasury Notes		(330	)		06/29/18	$	(37,772,109	)	$	(147,711	)
10 Year U.S. Treasury Notes		(923	)		06/20/18		(111,812,797	)		(944,854	)
TOTAL									$	(1,092,565	)

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date		Notional Amount (000s)(c)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
2.000%	3M LIBOR		06/20/23	$	22,520	$	766,439	$	877,424	$	(110,985	)
2.000	3M LIBOR		06/20/25		24,464		1,175,290		1,374,233		(198,943	)
TOTAL						$	1,941,729	$	2,251,657	$	(309,928	)

(a) Payments made semi-annually.

(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, 2018.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at March 31, 2018(b)	Termination Date		Notional Amount		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 29		5.000	%	3.384%		12/20/22	$	52,000	$	3,468,361	$	4,225,505	$	(757,144	)

(a) Payments made quarterly

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
CDX.NA.HY Index 29	—CDX North America High Yield Index 29

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 84.7%
Aerospace & Defense(a) – 1.3%
	Lockheed Martin Corp.
$	850,000		4.700	%		05/15/46	$	922,419
	Northrop Grumman Corp.
	800,000		2.930			01/15/25		767,065
	1,575,000		3.250			01/15/28		1,503,390
	The Boeing Co.
	500,000		2.600			10/30/25		477,440
	500,000		3.550			03/01/38		485,773
	United Technologies Corp.
	1,200,000		2.650			11/01/26		1,103,008
								5,259,095
Agriculture – 2.0%
	BAT Capital Corp.(a)(b)
	620,000		3.222			08/15/24		597,757
	1,350,000		3.557			08/15/27		1,293,079
	1,475,000		4.390			08/15/37		1,465,561
	175,000		4.540			08/15/47		173,118
	BAT International Finance PLC(b)
	2,400,000		2.750			06/15/20		2,379,505
	Reynolds American, Inc.
	861,000		3.250			06/12/20		861,083
	1,375,000		5.850	(a)		08/15/45		1,608,527
								8,378,630
Automotive – 1.0%
	Ford Motor Credit Co. LLC
	2,925,000		5.875			08/02/21		3,121,111
	General Motors Financial Co., Inc.
	900,000		4.375			09/25/21		925,101
								4,046,212
Banks – 17.1%
	Banco Santander SA
	1,400,000		4.250			04/11/27		1,394,492
	Bank of America Corp.
	1,200,000		4.125			01/22/24		1,235,191
	2,973,000		4.000			04/01/24		3,037,984
	125,000		6.110			01/29/37		150,396
	(3M USD LIBOR + 1.040%)
	5,163,000		3.419	(a)(b)(c)		12/20/28		4,945,623
	(3M USD LIBOR + 1.070%)
	1,150,000		3.970	(a)(c)		03/05/29		1,152,973
	Barclays PLC
	850,000		5.200			05/12/26		858,179
	700,000		4.950			01/10/47		717,955
	BNP Paribas SA(b)
	1,725,000		3.500			03/01/23		1,711,320
	775,000		3.375			01/09/25		749,648
	675,000		4.375			05/12/26		672,913
	BNP Paribas/BNP Paribas US Medium-Term Note Program LLC
	475,000		3.250			03/03/23		471,136
	Citigroup, Inc.
	1,500,000		5.375			08/09/20		1,575,434
	850,000		2.650			10/26/20		839,847
	1,300,000		3.875			03/26/25		1,286,433
	800,000		4.450			09/29/27		809,470
	1,200,000		4.750			05/18/46		1,219,372
Corporate Obligations – (continued)
Banks – (continued)
	Compass Bank(a)
	1,025,000		2.750			09/29/19		1,019,524
	Credit Suisse Group AG(a)(b)
	1,400,000		4.282			01/09/28		1,403,289
	(3M USD LIBOR + 1.410%)
	775,000		3.869	(c)		01/12/29		751,218
	Credit Suisse Group Funding Guernsey Ltd.
	2,150,000		3.125			12/10/20		2,138,030
	400,000		3.750			03/26/25		390,662
	HSBC Bank USA NA
	300,000		7.000			01/15/39		419,984
	HSBC Holdings PLC
	100,000		6.500			05/02/36		123,788
	625,000		6.500			09/15/37		778,426
	425,000		6.800			06/01/38		545,052
	(3M USD LIBOR + 1.055%)
	900,000		3.262	(a)(c)		03/13/23		888,297
	(3M USD LIBOR + 1.546%)
	925,000		4.041	(a)(c)		03/13/28		924,371
	ING Bank NV(a)(c) (5 year USD ICE Swap + 2.700%)
	3,075,000		4.125			11/21/23		3,090,787
	Intesa Sanpaolo SpA(b)
	900,000		3.375			01/12/23		878,614
	650,000		3.875			01/12/28		613,062
	JPMorgan Chase & Co.
	5,000,000		3.875			09/10/24		4,991,700
	1,000,000		3.200	(a)		06/15/26		959,316
	1,628,000		3.625	(a)		12/01/27		1,561,057
	(3M USD LIBOR + 1.360%)
	600,000		3.882	(a)(c)		07/24/38		582,988
	(3M USD LIBOR + 3.800%)
	1,575,000		5.300	(a)(c)		05/01/49		1,617,525
	Mitsubishi UFJ Financial Group, Inc.
	805,000		2.950			03/01/21		799,933
	Mizuho Financial Group, Inc.
	700,000		2.601			09/11/22		674,288
	Morgan Stanley, Inc.
	4,575,000		3.700			10/23/24		4,552,669
	3,550,000		4.000			07/23/25		3,583,055
	500,000		4.300			01/27/45		505,541
	800,000		3.971	(a)(c)		07/22/38		781,546
	Royal Bank of Scotland Group PLC
	2,001,000		3.875			09/12/23		1,976,109
	(3M USD LIBOR + 1.480%)
	1,325,000		3.498	(a)(c)		05/15/23		1,302,026
	Santander Holdings USA, Inc.(a)
	750,000		4.500			07/17/25		761,572
	Santander UK PLC(b)
	1,150,000		5.000			11/07/23		1,189,511
	UBS Group Funding Switzerland AG(b)
	2,200,000		3.000			04/15/21		2,176,769
	Wells Fargo & Co.
	1,900,000		3.000			02/19/25		1,810,104
	850,000		3.900			05/01/45		817,012
	(3M USD LIBOR + 1.310%)
	1,225,000		3.584	(a)(c)		05/22/28		1,195,331

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo Bank NA
$	799,000		5.950	%		08/26/36	$	980,650
	Westpac Banking Corp.(a)(c) (5 year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		620,363
								70,232,535
Beverages – 3.3%
	Anheuser-Busch InBev Finance, Inc.(a)
	8,175,000		3.300			02/01/23		8,181,008
	2,250,000		4.700			02/01/36		2,380,646
	Anheuser-Busch InBev Worldwide, Inc.
	325,000		4.950			01/15/42		352,480
	1,250,000		4.600	(a)		04/15/48		1,293,022
	Beam Suntory, Inc.(a)
	1,575,000		3.250			05/15/22		1,576,078
								13,783,234
Biotechnology(a) – 1.2%
	Amgen, Inc.
	800,000		4.400			05/01/45		798,870
	Celgene Corp.
	2,181,000		3.625			05/15/24		2,153,356
	Gilead Sciences, Inc.
	750,000		4.000			09/01/36		746,800
	500,000		4.800			04/01/44		539,753
	700,000		4.750			03/01/46		754,176
	100,000		4.150			03/01/47		97,918
								5,090,873
Chemicals(a) – 1.2%
	Monsanto Co.
	2,200,000		3.375			07/15/24		2,172,533
	350,000		4.700			07/15/64		339,417
	The Sherwin-Williams Co.
	2,050,000		3.125			06/01/24		1,982,085
	475,000		4.000			12/15/42		444,861
								4,938,896
Computers – 2.2%
	Apple, Inc.
	1,200,000		4.500	(a)		02/23/36		1,315,730
	3,352,000		3.850			05/04/43		3,303,534
	Dell International LLC/EMC Corp.(b)
	1,100,000		3.480			06/01/19		1,104,976
	1,700,000		5.450	(a)		06/15/23		1,802,042
	Hewlett Packard Enterprise Co.(a)
	1,400,000		4.900			10/15/25		1,453,553
								8,979,835
Diversified Financial Services – 1.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	900,000		4.625			10/30/20		926,393
	Air Lease Corp.
	1,250,000		2.125			01/15/20		1,227,893
	GE Capital International Funding Co.
	1,750,000		4.418			11/15/35		1,710,714
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	International Lease Finance Corp.
	375,000		4.625			04/15/21		387,053
								4,252,053
Electrical – 6.5%
	Arizona Public Service Co.(a)
	675,000		3.750			05/15/46		651,216
	Berkshire Hathaway Energy Co.
	725,000		3.250	(a)(b)		04/15/28		699,693
	1,267,000		6.125			04/01/36		1,614,738
	CMS Energy Corp.(a)
	500,000		4.875			03/01/44		551,173
	Dominion Energy, Inc.(a)
	1,450,000		2.000			08/15/21		1,384,709
	1,225,000		3.900			10/01/25		1,225,039
	Duke Energy Carolinas LLC(a)
	750,000		3.950			03/15/48		757,706
	Duke Energy Corp.(a)
	500,000		2.650			09/01/26		456,323
	400,000		4.800			12/15/45		430,191
	Emera US Finance LP(a)
	775,000		2.700			06/15/21		757,392
	Entergy Corp.(a)
	875,000		2.950			09/01/26		814,523
	Exelon Corp.(a)
	1,550,000		2.850			06/15/20		1,536,093
	1,125,000		3.497			06/01/22		1,114,193
	400,000		4.450			04/15/46		408,026
	Florida Power & Light Co.(a)
	1,350,000		5.250			02/01/41		1,622,580
	675,000		3.950			03/01/48		686,746
	Pacific Gas & Electric Co.
	775,000		6.050			03/01/34		923,759
	1,000,000		4.250	(a)		03/15/46		967,464
	PPL WEM Ltd./Western Power Distribution Ltd.(a)(b)
	1,750,000		5.375			05/01/21		1,834,599
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,300,319
	Public Service Electric & Gas Co.(a)
	1,525,000		3.950			05/01/42		1,551,496
	Ruwais Power Co. PJSC(b)
	670,000		6.000			08/31/36		761,288
	Sempra Energy(a)
	570,000		3.400			02/01/28		546,780
	1,125,000		3.800			02/01/38		1,055,774
	Southern California Edison Co.(a)
	650,000		4.050			03/15/42		654,346
	The Southern Co.(a)
	1,800,000		3.250			07/01/26		1,710,411
	Virginia Electric & Power Co.(a)
	705,000		4.000			01/15/43		700,080
								26,716,657
Food & Drug Retailing – 0.9%
	Grupo Bimbo SAB de CV(a)
	1,070,000		4.700			11/10/47		1,031,705

94 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)
Food & Drug Retailing – (continued)
	Smithfield Foods, Inc.(b)
$	925,000		2.700	%		01/31/20	$	911,910
	Sysco Corp.(a)
	1,650,000		3.750			10/01/25		1,661,111
								3,604,726
Gas(a) – 0.2%
	NiSource, Inc.
	1,025,000		3.490			05/15/27		990,597
Hand/Machine Tools(a) – 0.1%
	Snap-on, Inc.
	550,000		4.100			03/01/48		559,005
Healthcare Providers & Services – 3.5%
	Becton Dickinson & Co.(a)
	10,475,000		2.894			06/06/22		10,163,481
	975,000		3.363			06/06/24		938,436
	900,000		4.685			12/15/44		905,978
	275,000		4.669			06/06/47		277,933
	Thermo Fisher Scientific, Inc.(a)
	1,000,000		3.650			12/15/25		998,878
	UnitedHealth Group, Inc.
	1,125,000		4.625			07/15/35		1,230,397
								14,515,103
Insurance – 3.5%
	AIA Group Ltd.(a)(b)
	2,125,000		3.200			03/11/25		2,053,706
	725,000		3.900			04/06/28		730,123
	American International Group, Inc.
	700,000		6.250			05/01/36		833,607
	Arch Capital Finance LLC(a)
	400,000		4.011			12/15/26		402,494
	150,000		5.031			12/15/46		165,796
	Arch Capital Group Ltd.
	645,000		7.350			05/01/34		861,312
	MetLife, Inc.
	400,000		4.050			03/01/45		382,095
	Prudential Financial, Inc.(a)
	1,750,000		3.878			03/27/28		1,771,831
	950,000		4.418			03/27/48		978,079
	Teachers Insurance & Annuity Association of America(b)
	890,000		4.900			09/15/44		980,915
	The Chubb Corp.(a)(c) (3M USD LIBOR + 2.250%)
	868,000		3.972			03/29/67		867,739
	The Hartford Financial Services Group, Inc.
	400,000		5.950			10/15/36		483,454
	376,000		6.625			03/30/40		485,918
	200,000		6.625			04/15/42		264,000
	The Northwestern Mutual Life Insurance Co.(a)(b)
	800,000		3.850			09/30/47		753,864
	Voya Financial, Inc.
	1,275,000		3.650			06/15/26		1,242,799
	XLIT Ltd.
	998,000		4.450			03/31/25		1,004,467
								14,262,199
Corporate Obligations – (continued)
Internet(a) – 2.0%
	Amazon.com, Inc.
	6,300,000		3.875	(b)		08/22/37		6,277,694
	1,800,000		4.950			12/05/44		2,028,349
								8,306,043
Machinery-Diversified(a) – 0.3%
	Roper Technologies, Inc.
	1,275,000		3.800			12/15/26		1,269,744
Media – 2.9%
	21st Century Fox America, Inc.
	650,000		6.150			03/01/37		804,972
	700,000		6.150			02/15/41		880,865
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	5,575,000		4.464			07/23/22		5,694,803
	100,000		6.384			10/23/35		111,705
	Comcast Corp.
	1,375,000		4.250			01/15/33		1,424,638
	600,000		6.400			03/01/40		775,868
	525,000		3.400	(a)		07/15/46		451,076
	263,000		3.999	(a)		11/01/49		246,636
	244,000		4.049	(a)		11/01/52		229,022
	Time Warner Cable LLC(a)
	500,000		5.875			11/15/40		522,216
	300,000		5.500			09/01/41		298,059
	Viacom, Inc.(a)
	450,000		5.850			09/01/43		485,145
								11,925,005
Mining(b) – 0.4%
	Glencore Finance Canada Ltd.
	800,000		4.950			11/15/21		833,440
	825,000		4.250			10/25/22		836,941
								1,670,381
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	269,000		5.875			01/14/38		313,434
Oil Field Services – 7.2%
	Anadarko Petroleum Corp.
	4,025,000		8.700			03/15/19		4,234,827
	2,140,000		3.450	(a)		07/15/24		2,077,599
	425,000		5.550	(a)		03/15/26		463,951
	525,000		6.450			09/15/36		629,457
	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.(a)
	900,000		4.080			12/15/47		851,003
	BP Capital Markets PLC
	700,000		2.750			05/10/23		681,031
	1,025,000		3.119	(a)		05/04/26		992,117
	Canadian Natural Resources Ltd.(a)
	1,375,000		3.850			06/01/27		1,344,585
	62,000		4.950			06/01/47		64,678
	Devon Energy Corp.(a)
	1,320,000		3.250			05/15/22		1,304,074
	1,500,000		5.850			12/15/25		1,703,717

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Dolphin Energy Ltd. LLC(b)
$	63,072		5.888	%		06/15/19	$	64,255
	Gazprom OAO Via Gaz Capital SA
	160,000		8.625	(d)		04/28/34		207,400
	110,000		7.288			08/16/37		129,525
	Halliburton Co.(a)
	1,400,000		3.800			11/15/25		1,406,335
	900,000		5.000			11/15/45		979,392
	Lukoil International Finance BV
	1,030,000		4.563			04/24/23		1,037,725
	Patterson-UTI Energy, Inc.(a)(b)
	1,800,000		3.950			02/01/28		1,733,878
	Petroleos Mexicanos
	422,000		6.375			02/04/21		448,850
EUR	1,370,000		5.125			03/15/23		1,921,716
	1,722,000		6.875			08/04/26		1,893,554
	200,000		6.500			03/13/27		213,600
	110,000		6.750			09/21/47		111,307
	184,000		6.350	(b)		02/12/48		177,790
	Pioneer Natural Resources Co.(a)
	1,610,000		3.450			01/15/21		1,620,020
	575,000		3.950			07/15/22		584,472
	Reliance Industries Ltd.(b)
	250,000		3.667			11/30/27		236,250
	Suncor Energy, Inc.(a)
	900,000		3.600			12/01/24		898,767
	Valero Energy Corp.
	1,700,000		3.650			03/15/25		1,691,938
								29,703,813
Pharmaceuticals – 3.6%
	AbbVie, Inc.(a)
	1,800,000		2.850			05/14/23		1,743,218
	Allergan Funding SCS(a)
	1,650,000		3.000			03/12/20		1,641,493
	CVS Health Corp.(a)
	450,000		3.875			07/20/25		446,093
	1,975,000		4.300			03/25/28		1,983,415
	775,000		4.780			03/25/38		785,486
	4,150,000		5.125			07/20/45		4,401,792
	2,550,000		5.050			03/25/48		2,682,056
	Mylan NV(a)
	300,000		5.250			06/15/46		305,960
	Teva Pharmaceutical Finance Netherlands III BV
	660,000		2.200			07/21/21		594,000
	510,000		2.800			07/21/23		432,114
								15,015,627
Pipelines – 6.6%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600			11/02/47		476,525
	Enbridge, Inc.(a)
	750,000		2.900			07/15/22		727,616
	1,000,000		3.500			06/10/24		970,751
	Energy Transfer Partners LP(a)
	650,000		4.650			06/01/21		669,408
	1,540,000		5.200			02/01/22		1,608,432
	456,000		5.150			03/15/45		416,722
Corporate Obligations – (continued)
Pipelines – (continued)
	Enterprise Products Operating LLC(a)(c)
	(3M USD LIBOR + 2.778%)
	1,765,000		4.784			06/01/67		1,758,381
	(3M USD LIBOR + 3.708%)
	600,000		5.481			08/01/66		601,535
	Kinder Morgan Energy Partners LP(a)
	1,500,000		3.950			09/01/22		1,511,051
	1,400,000		5.400			09/01/44		1,414,572
	Magellan Midstream Partners LP(a)
	300,000		4.200			03/15/45		280,925
	400,000		4.250			09/15/46		387,496
	MPLX LP(a)
	950,000		4.500			04/15/38		937,962
	400,000		4.700			04/15/48		389,639
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650			06/01/22		394,541
	1,250,000		3.850			10/15/23		1,219,041
	1,819,000		4.650			10/15/25		1,829,911
	530,000		5.150			06/01/42		500,288
	500,000		4.700			06/15/44		446,405
	Sabine Pass Liquefaction LLC(a)
	1,875,000		6.250			03/15/22		2,034,559
	2,025,000		5.625			03/01/25		2,174,344
	Valero Energy Partners LP(a)
	1,325,000		4.375			12/15/26		1,323,131
	Western Gas Partners LP(a)
	775,000		5.450			04/01/44		783,063
	Williams Partners LP
	3,630,000		3.600	(a)		03/15/22		3,613,570
	150,000		6.300			04/15/40		171,821
	275,000		4.900	(a)		01/15/45		271,163
	181,000		5.100	(a)		09/15/45		183,700
								27,096,552
Real Estate Investment Trust – 2.8%
	American Campus Communities Operating Partnership LP(a)
	1,600,000		4.125			07/01/24		1,605,445
	American Homes 4 Rent LP(a)
	336,000		4.250			02/15/28		329,257
	American Tower Corp.
	1,550,000		5.000			02/15/24		1,636,150
	HCP, Inc.(a)
	1,225,000		2.625			02/01/20		1,212,264
	Kilroy Realty LP
	1,125,000		6.625			06/01/20		1,200,842
	National Retail Properties, Inc.(a)
	700,000		3.600			12/15/26		673,884
	Realty Income Corp.(a)
	500,000		3.650			01/15/28		485,319
	Select Income REIT(a)
	1,125,000		3.600			02/01/20		1,122,586
	VEREIT Operating Partnership LP(a)
	1,225,000		4.875			06/01/26		1,241,844
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)(b)
	2,150,000		2.700			09/17/19		2,139,738
								11,647,329

96 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)
Retailing – 0.7%
	The Home Depot, Inc.
$	400,000		5.875	%		12/16/36	$	514,036
	Walgreen Co.
	2,300,000		3.100			09/15/22		2,252,337
								2,766,373
Semiconductors – 1.5%
	Analog Devices, Inc.(a)
	495,000		4.500			12/05/36		502,848
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,975,000		3.000			01/15/22		1,937,961
	725,000		3.625			01/15/24		713,204
	NXP BV/NXP Funding LLC(b)
	1,167,000		4.125			06/15/20		1,184,505
	1,700,000		4.125			06/01/21		1,717,000
								6,055,518
Software(a) – 1.2%
	Fidelity National Information Services, Inc.
	1,627,000		4.500			10/15/22		1,699,661
	Microsoft Corp.
	275,000		4.100			02/06/37		291,605
	Oracle Corp.
	1,400,000		4.300			07/08/34		1,478,014
	825,000		3.800			11/15/37		815,803
	675,000		4.000			11/15/47		665,353
								4,950,436
Telecommunication Services – 9.7%
	AT&T, Inc.
	1,875,000		3.000	(a)		06/30/22		1,841,328
	7,897,000		3.600	(a)		02/17/23		7,944,162
	600,000		3.950	(a)		01/15/25		599,627
	6,650,000		3.400	(a)		05/15/25		6,407,591
	300,000		6.000	(a)		08/15/40		338,835
	250,000		5.150			03/15/42		257,566
	500,000		4.750	(a)		05/15/46		485,622
	225,000		5.450	(a)		03/01/47		238,816
	Cisco Systems, Inc.
	800,000		5.900			02/15/39		1,045,386
	525,000		5.500			01/15/40		658,642
	Telefonica Emisiones SAU
	4,890,000		5.462			02/16/21		5,198,564
	Verizon Communications, Inc.
	3,450,000		2.450	(a)		11/01/22		3,313,618
	6,450,000		5.150			09/15/23		6,958,834
	1,200,000		3.500	(a)		11/01/24		1,187,855
	1,225,000		3.376			02/15/25		1,204,071
	325,000		4.272			01/15/36		311,111
	375,000		5.250			03/16/37		404,366
	295,000		4.125			08/15/46		265,490
	75,000		4.862			08/21/46		75,688
	400,000		5.500			03/16/47		443,251
	596,000		5.012			04/15/49		613,542
								39,793,965
Corporate Obligations – (continued)
Transportation – 0.7%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		542,855
	825,000		5.750	(a)		05/01/40		1,014,529
	Norfolk Southern Corp.(a)
	200,000		4.650			01/15/46		213,355
	Union Pacific Corp.(a)
	1,100,000		3.375			02/01/35		1,036,397
								2,807,136
	TOTAL CORPORATE OBLIGATIONS
	(Cost $352,658,945)						$	348,931,006
Foreign Debt Obligations – 3.0%
Sovereign – 3.0%
	Abu Dhabi Government International Bond
$	370,000		4.125	%		10/11/47	$	346,875
	Republic of Colombia
	1,221,000		4.000	(a)		02/26/24		1,232,294
	1,492,000		6.125			01/18/41		1,708,340
	Republic of Indonesia
	200,000		3.700	(b)		01/08/22		200,500
	387,000		5.875			01/15/24		424,810
	630,000		4.125			01/15/25		633,938
EUR	510,000		3.375			07/30/25		689,498
	350,000		4.350	(b)		01/08/27		355,250
EUR	400,000		3.750			06/14/28		556,163
	470,000		6.750			01/15/44		591,025
	Republic of Kuwait
	2,540,000		3.500			03/20/27		2,492,375
	United Mexican States
	1,810,000		6.050			01/11/40		2,043,490
	410,000		4.750			03/08/44		396,880
	680,000		5.750	(e)		10/12/10		693,600
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $11,728,867)						$	12,365,038
Municipal Debt Obligations – 3.0%
California – 1.9%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	663,549
	California State GO Bonds Build America Taxable Series 2010
	2,320,000		7.625			03/01/40		3,532,966
	California State University RB Build America Bonds Series 2010
	2,825,000		6.484			11/01/41		3,765,810
								7,962,325
Illinois – 1.0%
	Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Taxable Direct Payment Series 2009
	1,775,000		5.720			12/01/38		2,241,434
	Illinois State GO Bonds Build America Series 2010
	1,625,000		6.630			02/01/35		1,690,195
								3,931,629

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
New Jersey – 0.1%
	New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
$	350,000		7.414	%		01/01/40	$	515,511
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,458,027)						$	12,409,465

Shares		Distribution Rate	Value
Investment Company(f) – 2.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,237,208	1.609%	$	11,237,208
	(Cost $11,237,208)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $385,083,047)		$	384,942,717

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 5.8%
Certificate of Deposit(g) – 1.0%
	Suncor Energy, Inc.
$	4,000,000		0.000	%		06/18/18	$	3,977,788
Commercial Paper(g) – 4.8%
	Dominion Resources, Inc.
	4,000,000		0.000			04/23/18		3,993,864
	650,000		0.000			06/22/18		646,183
	Eastman Chemical Co.(g)
	296,000		0.000			04/27/18		295,460
	Electricite de France SA
	1,786,000		0.000			04/27/18		1,782,740
	HP, Inc.
	1,148,000		0.000			04/27/18		1,146,249
	Marriott International, Inc.
	1,347,000		0.000			05/09/18		1,343,452
	Omnicom Capital, Inc.
	597,000		0.000			05/11/18		595,346
	Potash Corp. of Saskatchewan, Inc.
	1,031,000		0.000			06/11/18		1,025,840
	951,000		0.000			05/31/18		947,032
	Schlumberger Holdings Corp.
	443,000		0.000			05/29/18		441,292
	Sempra Energy Holdings
	1,084,000		0.000			06/25/18		1,077,373
	The Southern Co.
	4,000,000		0.000			04/06/18		3,998,188
Short-term Investments – (continued)
Commercial Paper(g) – (continued)
	VW Credit, Inc.
	2,633,000		0.000			06/22/18		2,617,004
								19,910,023
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $23,886,979)						$	23,887,811
	TOTAL INVESTMENTS – 99.2%
	(Cost $408,970,026)						$	408,830,528
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%							3,121,430
	NET ASSETS – 100.0%						$	411,951,958

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
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.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $48,867,869, which represents approximately 11.9% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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, 2018.
(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 at March 31, 2018.
(e)	Actual maturity date is October 12, 2110.
(f)	Represents an Affiliated Issuer.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
BP	—British Pound Offered Rate
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Citibank NA	USD	3,245,035	EUR	2,624,987	$	3,246,199		06/08/18	$	(1,164	)

FUTURES CONTRACTS — At March 31, 2018, 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		59			06/20/18	$	9,467,656		$	297,995
2 Year U.S. Treasury Notes		108			06/29/18		22,961,813			5,616
Total									$	303,611
Short position contracts:
Eurodollars		(97	)		12/16/19		(23,574,638	)		(393	)
Ultra 10 Year U.S. Treasury Notes		(26	)		06/20/18		(3,376,344	)		(48,614	)
5 Year U.S. Treasury Notes		(159	)		06/29/18		(18,199,289	)		(60,008	)
10 Year U.S. Treasury Notes		(10	)		06/20/18		(1,211,406	)		(5,331	)
20 Year U.S. Treasury Bonds		(24	)		06/20/18		(3,519,000	)		(82,452	)
Total									$	(196,798	)
TOTAL FUTURES CONTRACTS									$	106,813

SWAP CONTRACTS — At March 31, 2018, 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)
3M LIBOR(b)	2.206%	09/04/19	$	30,600	$	4,306		$	(256	)	$	4,562
3M LIBOR(c)	2.139(c)	11/20/20		23,120		(259,147	)		(25,352	)		(233,795	)
2.851%(d)	3M LIBOR(c)	09/04/23		10,380		(50,051	)		9,016			(59,067	)
2.275(d)	3M LIBOR(c)	11/20/23		10,210		231,917			16,983			214,934
2.882(d)	3M LIBOR(c)	02/28/25		2,530		(20,811	)		(5,188	)		(15,623	)
2.500(d)	3M LIBOR(c)	06/20/48		200		13,936			17,600			(3,664	)
TOTAL						(79,850	)	$	12,803		$	(92,653	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(b) Payments made at the termination date.

(c) Payments made quarterly.

(d) Payments made semi-annually.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index(a)	Financing Rate Received/(Paid) by the Fund	Credit Spread at March 31, 2018(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 30	1.000%		0.655%		06/20/23	$	9,800	$	165,595	$	177,570	$	(11,975	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		69	$	40,000	$	27,200	$	4,436	$	22,764

Abbreviations:
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 72.4%
Argentina – 6.0%
	Bonos de la Nacion Argentina con Ajuste por CER (NR/NR)
ARS	6,393,342		3.750	%		02/08/19	$	320,123
	3,175,000		4.000			03/06/20		166,767
	Letras Banco Central Argentina (NR/NR)
	102,325,000		1.000			05/16/18		4,870,751
	Republic of Argentina (NR/NR)
	12,300,000		1.000			06/21/18		571,588
	17,000,000		0.010			07/18/18		776,331
	72,280,000		27.935	(a)		06/21/20		3,796,692
	Republic of Argentina (NR/B2)
	6,025,000		16.000			10/17/23		290,514
	300,000		15.500			10/17/26		14,664
	Republic of Argentina (B+/NR)(b)(c)
	410,000		7.125			06/28/17		376,790
	Republic of Argentina (B+/B2)
EUR	660,000		3.375			01/15/23		802,961
	1,110,000		5.000			01/15/27		1,326,532
	710,000		5.875			01/11/28		668,110
EUR	580,000		5.250			01/15/28		694,927
	60,000		2.260	(d)		12/31/38		50,830
	180,000		2.500	(d)		12/31/38		119,880
EUR	100,000		6.250			11/09/47		113,817
	710,000		6.875			01/11/48		646,100
	Republic of Argentina (NR/NR)(a) (Argentina Deposit Rates + 2.000%)
ARS	3,075,000		24.938			04/03/22		156,428
	Republic of Argentina (B+/NR)(a) (Argentina Deposit Rates + 2.500%)
	2,175,000		25.499			03/11/19		109,583
	Republic of Argentina (NR/B2)(a) (Argentina Deposit Rates + 3.250%)
	46,190,000		26.188			03/29/24		2,293,561
	Republic of Argentina (B+/NR)(a) (Argentina Deposit Rates + 3.250%)
	22,050,000		26.251			03/01/20		1,138,609
	Republic of Argentina (NR/B2)(a) (Argentina Deposit Rates + 3.830%)
	8,920,000		26.832			05/31/22		450,521
								19,756,079
Brazil – 10.3%
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	65,559,000		10.000			01/01/21		20,824,643
	7,889,000		10.000			01/01/23		2,491,178
	29,634,000		10.000			01/01/25		9,282,234
	3,718,409		6.000			08/15/40		1,258,436
								33,856,491
Chile – 3.2%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	705,000,000		4.500			02/28/21		1,195,970
	1,525,000,000		5.000			03/01/35		2,521,834
	Bonos de la Tesoreria de la Republica en Pesos (NR/Aa3)
	1,740,000,000		4.500			03/01/21		2,951,449
	705,000,000		4.500			03/01/26		1,170,179
	Republic of Chile (A+/Aa3)
	1,504,000,000		5.500			08/05/20		2,602,795
								10,442,227
Sovereign Debt Obligations – (continued)
Colombia – 8.0%
	Republic of Colombia (NR/NR)
COP	1,190,805,480		3.300			03/17/27		429,461
	13,709,100,000		7.000			06/30/32		4,947,828
	Republic of Colombia (NR/Baa2)
	1,851,000,000		4.375	(e)		03/21/23		626,844
	46,095,696		3.500			05/07/25		17,040
	Republic of Colombia (BBB/Baa2)
	889,700,000		5.000			11/21/18		319,791
	7,114,102,416		3.500			03/10/21		2,627,880
	20,002,300,000		7.000			05/04/22		7,500,117
	14,704,600,000		10.000			07/24/24		6,316,254
	6,432,800,000		7.500			08/26/26		2,464,945
	2,660,100,000		6.000			04/28/28		916,133
	316,300,000		7.750			09/18/30		122,776
								26,289,069
Czech Republic – 2.1%
	Czech Republic Government Bond (NR/NR)
CZK	14,970,000		2.400			09/17/25		767,086
	62,290,000		0.250			02/10/27		2,654,478
	49,440,000		2.500			08/25/28		2,533,524
	Czech Republic Government Bond (AA/A1)
	14,410,000		4.200			12/04/36		876,309
								6,831,397
Dominican Republic – 1.4%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		58,940
	5,400,000		11.500			05/10/24		118,406
	39,400,000		11.375			07/06/29		840,262
	65,300,000		12.000			03/05/32		1,475,775
	Dominican Republic (BB-/Ba3)(b)
	44,800,000		8.900			02/15/23		927,336
	1,100,000		6.850			01/27/45		1,185,250
								4,605,969
Hungary – 3.3%
	Hungary Government Bond (BBB-/NR)
HUF	362,520,000		2.500			10/27/21		1,507,071
	990,480,000		3.000			06/26/24		4,195,409
	1,020,660,000		5.500			06/24/25		4,965,601
								10,668,081
Malaysia – 5.0%
	Malaysia Government Bond (NR/NR)
MYR	3,030,000		3.508			05/15/18		783,505
	6,650,000		3.872			08/30/18		1,722,928
	5,880,000		3.399			11/30/18		1,521,370
	7,640,000		3.558			04/30/19		1,978,126
	6,060,000		3.743			08/26/21		1,562,372
	2,440,000		4.045			08/15/24		628,374
	3,420,000		4.786			10/31/35		886,183
	Malaysia Government Bond (NR/A3)
	7,860,000		4.295			10/31/18		2,043,799
	1,640,000		3.759			03/15/19		426,340
	6,200,000		5.734			07/30/19		1,652,755
	5,560,000		4.378			11/29/19		1,460,733

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, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Malaysia – (continued)
	Malaysia Government Bond (NR/A3) – (continued)
MYR	1,590,000		3.480	%		03/15/23	$	405,150
	3,250,000		4.254			05/31/35		804,893
	2,270,000		4.736			03/15/46		576,355
								16,452,883
Mexico – 2.5%
	United Mexican States (A-/A3)
MXN	52,376,300		6.500			06/09/22		2,805,125
	44,119,500		10.000			12/05/24		2,783,082
	26,424,400		7.500			06/03/27		1,469,844
	16,479,400		8.500			05/31/29		984,184
	287,700		7.750			11/13/42		16,065
								8,058,300
Peru – 4.1%
	Republic of Peru (NR/NR)
PEN	4,522,000		5.200			09/12/23		1,495,355
	1,484,000		6.714			02/12/55		517,029
	Republic of Peru (NR/A3)
	8,099,000		6.350	(b)		08/12/28		2,815,719
	7,090,000		6.150	(b)		08/12/32		2,405,359
	8,178,000		6.850			02/12/42		2,870,150
	Republic of Peru (A-/A3)
	2,563,000		5.700			08/12/24		864,374
	1,130,000		8.200			08/12/26		436,530
	393,000		6.950			08/12/31		142,907
	5,192,000		6.900			08/12/37		1,857,749
								13,405,172
Russia – 7.6%
	Russian Federation Bond (NR/NR)
RUB	336,090,000		6.500			02/28/24		5,822,724
	60,140,000		7.100			10/16/24		1,074,253
	198,040,000		7.750			09/16/26		3,650,781
	539,130,000		8.500			09/17/31		10,555,372
	615,000		7.700			03/23/33		11,173
	Russian Federation Bond (BBB/Ba1)
	108,630,000		6.400			05/27/20		1,901,885
	80,450,000		7.000			08/16/23		1,438,228
	35,350,000		7.050			01/19/28		621,620
								25,076,036
South Africa – 9.3%
	Republic of South Africa (BB+/Baa3)
ZAR	28,280,000		10.500			12/21/26		2,761,510
	7,500,000		8.000			01/31/30		616,131
	50,120,000		8.250			03/31/32		4,129,615
	102,840,000		8.875			02/28/35		8,826,613
	111,380,000		8.500			01/31/37		9,159,211
	17,130,000		9.000			01/31/40		1,467,068
	2,790,000		6.500			02/28/41		182,057
	39,294,300		8.750			01/31/44		3,272,419
								30,414,624
Thailand – 4.4%
	Thailand Government Bond (NR/Baa1)
THB	47,280,000		1.875			06/17/22		1,520,378
Sovereign Debt Obligations – (continued)
Thailand – (continued)
	Thailand Government Bond (NR/Baa1) – (continued)
THB	34,820,000		2.125			12/17/26		1,087,535
	193,817,881		1.250			03/12/28		5,971,302
	69,580,000		3.775			06/25/32		2,411,622
	Thailand Government Bond (A-/Baa1)
	22,850,000		3.650			12/17/21		783,710
	34,890,000		3.850			12/12/25		1,237,596
	39,140,000		3.650			06/20/31		1,352,113
								14,364,256
Turkey – 5.0%
	Republic of Turkey (NR/NR)
TRY	8,300,000		9.400			07/08/20		1,932,312
	9,290,000		10.700			02/17/21		2,194,581
	3,760,000		9.200			09/22/21		842,004
	9,180,000		10.700			08/17/22		2,136,020
	30,440,000		12.200			01/18/23		7,495,618
	Republic of Turkey (NR/Ba2)
	7,210,000		11.000			03/02/22		1,702,308
								16,302,843
Uruguay – 0.2%
	Republic of Uruguay (NR/NR)(b)
UYU	11,125,000		8.500			03/15/28		360,362
	Republic of Uruguay (BBB/Baa2)
	11,214,094		4.375			12/15/28		421,220
								781,582
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $222,170,499)						$	237,305,009
Corporate Obligations – 2.7%
Argentina(b) – 0.3%
	Banco Macro SA (NR/B2)
ARS	21,350,000		17.500	%		05/08/22	$	993,941
Peru(b)(e) – 0.5%
	Banco de Credito del Peru (NR/Baa1)
PEN	4,800,000		4.850			10/30/20		1,487,516
South Africa – 1.2%
	Transnet SOC Ltd. (BB+/Baa3)
ZAR	48,000,000		10.000			03/30/29		3,990,016
Venezuela(f) – 0.7%
	Petroleos de Venezuela SA (NR/NR)
$	10,110,000		6.000			10/28/22		2,380,905
	Petroleos de Venezuela SA (D/NR)
$	270,000		6.000			11/15/26		72,292
								2,453,197
	TOTAL CORPORATE OBLIGATIONS
	(Cost $11,370,488)						$	8,924,670

102 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
Structured Notes – 11.7%
Colombia – 0.5%
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000	%		07/25/24	$	1,815,248
Singapore(b) – 3.1%
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	67,149,000,000		9.000			03/19/29		5,606,521
	46,125,000,000		8.750			05/19/31		3,796,760
	8,000,000,000		8.375			03/17/34		635,555
								10,038,836
United Kingdom(b) – 2.8%
	Arab Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(g)
EGP	25,100,000		0.000			06/07/18		1,379,105
	Republic of Indonesia (Issuer Deutsche Bank AG (London)) (NR/NR)
IDR	52,800,000,000		7.500			08/19/32		3,960,719
	15,500,000,000		8.250			05/19/36		1,218,721
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
	32,268,000,000		8.750			05/17/31		2,656,127
								9,214,672
United States(b) – 5.3%
	Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)(g)
EGP	45,950,000		0.000			05/10/18		2,545,074
	22,610,000		0.000			10/11/18		1,167,433
	18,500,000		0.000			11/29/18		936,353
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)(g)
	7,100,000		0.000			07/26/18		379,183
	12,050,000		0.000			02/07/19		597,640
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
IDR	30,566,000,000		8.375			03/15/24		2,422,745
	37,052,000,000		7.500			08/19/32		2,779,405
	92,008,000,000		6.625			05/17/33		6,532,618
								17,360,451
	TOTAL STRUCTURED NOTES
	(Cost $42,787,408)						$	38,429,207
Municipal Debt Obligations(f) – 0.4%
Puerto Rico – 0.4%
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (NR/Ca)(e)
$	70,000		5.500	%		07/01/32	$	31,325
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (NR/Ca)(e)
	45,000		5.875			07/01/36		20,137
	170,000		5.750			07/01/38		76,075
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A (NR/Ca)(e)
	45,000		6.000			07/01/34		19,463
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E (NR/Ca)(e)
	40,000		5.625			07/01/32		17,300
Municipal Debt Obligations(f) – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (NR/Ca)(e)
	20,000		5.500			07/01/26		8,650
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(e)
	260,000		8.000			07/01/35		110,500
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A (NR/Ca)(e)
	80,000		5.125			07/01/31		35,800
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A (NR/Ca)(e)
	20,000		5.000			07/01/34		8,950
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A (NR/Ca)(e)
	30,000		5.250			07/01/27		13,425
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 (NR/Ca)(e)
	65,000		5.250			08/01/57		39,325
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 B (NR/Ca)(e)
	155,000		6.050			08/01/36		93,000
	30,000		6.050			08/01/37		18,000
	10,000		6.050			08/01/39		6,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2007 C (NR/Ca)(e)
	100,000		6.000			08/01/31		60,000
	15,000		6.000			08/01/32		9,000
	35,000		6.000			08/01/38		21,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2008 A (NR/Ca)(e)
	10,000		6.130			08/01/28		6,000
	10,000		6.130			08/01/29		6,000
	20,000		6.130			08/01/30		12,000
	20,000		6.130			08/01/37		12,000
	35,000		6.130			08/01/38		21,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2009 C (NR/Ca)(e)
	20,000		5.750			08/01/57		12,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C (NR/Ca)
	15,000		5.000			08/01/21		8,775
	50,000		4.750	(e)		08/01/39		29,250
	220,000		5.000	(e)		08/01/40		128,700
	60,000		5.250	(e)		08/01/40		35,100
	20,000		5.000	(e)		08/01/46		11,700
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 D (NR/Ca)(e)
	10,000		4.850			08/01/36		5,500
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (NR/Ca)(e)
	90,000		5.250			08/01/27		21,150
	75,000		5.750			08/01/37		17,625
	60,000		6.375			08/01/39		14,100
	15,000		6.500			08/01/44		3,525
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (NR/Ca)(e)
	15,000		5.500			08/01/37		3,525

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations(f) – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (NR/Ca)(e) – (continued)
$	120,000		5.375	%		08/01/39	$	28,200
	5,000		5.500			08/01/42		1,175
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (NR/Ca)(e)
	240,000		5.375			08/01/38		56,400
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (NR/Ca)(e)
	195,000		5.000			08/01/43		45,825
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A (NR/Ca)(e)
	45,000		5.500			08/01/28		10,575
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $1,537,593)						$	1,078,075
U.S. Treasury Obligation(h) – 0.2%
	United States Treasury Bond
$	500,000		3.625	%		08/15/43	$	559,890
	(Cost $573,063)

Shares		Distribution Rate		Value
Investment Company(i) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,553		1.609%	$	21,553
	(Cost $21,553)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 2.0%
Certificates of Deposit – 0.9%
	Banco del Estado de Chile (NR/NR)(a) (1M USD LIBOR +0.500%)
$	1,307,000		2.377	%		09/28/20	$	1,306,862
	China Construction Banking Corp.(g) (NR/NR)
	1,618,000		0.000			05/14/18		1,613,073
								2,919,935
Commercial Paper(g) – 1.1%
	Dominion Resources, Inc. (NR/NR)
	513,000		0.000			06/22/18		509,988
	Sempra Energy Holdings (NR/NR)
	855,000		0.000			06/25/18		849,773
	Southern Co. (NR/NR)
	745,000		0.000			06/21/18		740,685
Short-term Investments – (continued)
Commercial Paper(g) – (continued)
	United Overseas Bank Ltd. (NR/NR)
	1,618,000		0.000			07/27/18		1,605,595
								3,706,041
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $6,625,506)						$	6,625,976
	TOTAL INVESTMENTS – 89.4%
	(Cost $285,086,110)						$	292,944,380
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.6%							34,793,805
	NET ASSETS – 100.0%						$	327,738,185

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, 2018.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $47,166,232, which represents approximately 14.4% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(c)	Actual maturity date is June 28, 2117.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2018.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Security is currently in default and/or non-income producing.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirement 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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Currency Abbreviations:
ARS	—Argentine Peso
BRL	—Brazilian Real
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
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
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
EURO	—Euro Offered Rate
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MIBOR	—MIBOR - Mumbai Interbank Offered Rate
NR	—Not Rated
PLC	—Public Limited Company
RB	—Revenue Bond
SHIBOR	—Shanghai Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	13,639,988	USD	673,081	$	676,061		04/04/18	$	2,980
	ARS	9,258,610	USD	455,528		457,690		04/09/18		2,162
	ARS	38,330,145	USD	1,864,969		1,891,819		04/12/18		26,850
	ARS	16,352,164	USD	804,931		805,380		04/16/18		449
	ARS	8,745,776	USD	418,859		429,845		04/20/18		10,986
	ARS	20,960,284	USD	1,019,949		1,023,701		05/02/18		3,753
	ARS	11,525,158	USD	553,828		561,381		05/07/18		7,553
	ARS	18,656,888	USD	896,319		906,818		05/11/18		10,499
	ARS	6,732,581	USD	321,794		326,713		05/14/18		4,919
	ARS	11,022,942	USD	526,280		534,057		05/17/18		7,776
	ARS	30,559,730	USD	1,461,139		1,475,101		05/24/18		13,962
	ARS	12,945,702	USD	616,756		622,897		05/31/18		6,141
	BRL	70,306,950	USD	21,152,582		21,290,390		04/03/18		137,809
	BRL	3,099,171	USD	930,007		936,219		05/03/18		6,212
	CLP	1,849,663,362	USD	3,042,513		3,063,318		04/27/18		20,805
	CNH	14,443,628	EUR	1,837,634		2,294,218		06/20/18		19,371
	CNH	96,418,707	USD	15,149,540		15,315,089		06/20/18		165,552
	CNY	50,313,072	USD	7,947,491		8,017,686		04/16/18		70,195
	COP	5,274,151,653	USD	1,853,006		1,887,122		04/20/18		34,118
	COP	5,178,438,746	USD	1,818,464		1,852,733		04/27/18		34,269
	CZK	190,383,131	EUR	7,473,434		9,263,591		06/20/18		12,068

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	EUR	5,053,054	HUF	1,574,915,494	$	6,255,281		06/20/18	$	17,957
	EUR	32,318,939	USD	40,006,064		40,008,301		06/20/18		2,237
	HKD	113,809,577	USD	14,537,642		14,540,112		06/20/18		2,470
	IDR	15,547,968,762	USD	1,129,021		1,132,322		04/09/18		3,302
	IDR	248,913,797,324	USD	18,045,227		18,104,911		04/26/18		59,683
	INR	35,885,293	USD	550,641		551,159		04/06/18		517
	INR	777,276,001	USD	11,910,139		11,932,472		04/13/18		22,334
	KRW	3,038,881,818	USD	2,828,721		2,858,087		04/05/18		29,366
	KRW	1,218,502,521	USD	1,138,156		1,147,206		04/09/18		9,050
	KRW	12,589,142,545	USD	11,764,961		11,853,408		04/12/18		88,444
	KRW	2,068,500,759	USD	1,945,780		1,947,805		04/16/18		2,024
	KRW	3,449,215,448	USD	3,210,606		3,248,753		04/26/18		38,147
	KRW	1,288,637,211	USD	1,195,760		1,213,774		04/27/18		18,014
	MXN	457,414,883	USD	24,205,448		24,844,877		06/20/18		639,429
	MYR	7,731,082	USD	1,976,501		2,000,453		06/14/18		23,952
	PEN	4,846,430	USD	1,500,907		1,501,997		04/05/18		1,090
	PEN	3,677,327	USD	1,128,701		1,139,504		04/09/18		10,803
	PLN	11,769,545	EUR	2,774,032		3,443,596		06/20/18		9,562
	RON	22,552,915	USD	5,953,465		5,961,007		06/20/18		7,543
	SGD	6,436,570	USD	4,909,528		4,918,393		06/20/18		8,865
	THB	388,966,090	USD	12,251,928		12,443,772		04/12/18		191,844
	THB	47,208,206	USD	1,504,644		1,510,479		04/16/18		5,835
	TRY	7,831,371	USD	1,930,847		1,938,009		06/20/18		7,163
	TWD	56,768,143	USD	1,945,780		1,952,863		04/16/18		7,082
	TWD	46,985,586	USD	1,607,967		1,616,529		04/17/18		8,563
	TWD	304,158,640	USD	10,457,378		10,492,269		05/10/18		34,889
	USD	1,737,702	ARS	34,760,333		1,722,883		04/04/18		14,817
	USD	21,361,535	BRL	69,640,741		21,088,648		04/03/18		272,887
	USD	6,896,206	CLP	4,104,781,668		6,797,855		04/20/18		98,349
	USD	1,144,800	CNH	7,170,005		1,138,879		06/20/18		5,920
	USD	654,485	COP	1,817,177,686		650,197		04/20/18		4,288
	USD	1,099,699	CZK	22,497,790		1,094,689		06/20/18		5,010
	USD	1,997,711	EUR	1,607,254		1,989,654		06/20/18		8,057
	USD	3,825,000	HKD	29,629,081		3,780,666		05/11/18		44,334
	USD	15,686,870	HKD	122,671,261		15,672,265		06/20/18		14,605
	USD	6,110,325	IDR	81,730,422,159		5,951,351		04/11/18		158,974
	USD	978,497	IDR	13,116,307,500		954,733		04/16/18		23,764
	USD	6,139,222	INR	399,295,022		6,130,962		04/05/18		8,260
	USD	1,142,115	INR	74,347,028		1,141,350		04/13/18		766
	USD	3,166,740	INR	205,431,965		3,148,131		04/27/18		18,609
	USD	348,733	PEN	1,123,547		348,157		04/09/18		576
	USD	952,166	RUB	54,443,432		944,575		05/17/18		7,591
	USD	1,136,635	SGD	1,486,894		1,136,185		06/20/18		450
	USD	8,995,367	TRY	35,852,445		8,872,310		06/20/18		123,056
	USD	792,251	TWD	22,958,643		789,887		04/17/18		2,364
	USD	10,669,780	TWD	309,031,040		10,644,887		04/27/18		24,894
	USD	1,421,990	TWD	41,217,801		1,421,851		05/10/18		139
	USD	5,004,246	ZAR	59,149,980		4,941,786		06/20/18		62,460
	ZAR	226,003,779	USD	18,865,676		18,881,871		06/20/18		16,193
TOTAL									$	2,764,957

106 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

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	41,558,277	USD	2,096,745	$	2,059,821		04/04/18	$	(36,922	)
	ARS	20,437,932	USD	966,104		965,131		07/03/18		(973	)
	BRL	70,306,950	USD	21,613,858		21,290,389		04/03/18		(323,467	)
	CLP	1,343,055,942	USD	2,228,954		2,224,211		04/20/18		(4,743	)
	EUR	936,863	CZK	23,872,202		1,159,762		06/20/18		(1,803	)
	EUR	1,275,023	PLN	5,405,428		1,578,377		06/20/18		(3,171	)
	HKD	29,629,081	USD	3,820,002		3,780,666		05/11/18		(39,336	)
	HKD	8,861,684	USD	1,133,980		1,132,153		06/20/18		(1,827	)
	HUF	4,041,562,047	EUR	12,950,196		16,006,276		06/20/18		(25,047	)
	IDR	111,612,702,311	USD	8,265,799		8,127,284		04/11/18		(138,514	)
	IDR	184,557,037,598	USD	13,764,550		13,433,864		04/16/18		(330,686	)
	IDR	15,567,102,174	USD	1,132,738		1,132,284		04/26/18		(454	)
	INR	473,493,230	USD	7,372,442		7,270,237		04/05/18		(102,207	)
	INR	140,120,893	USD	2,152,012		2,151,087		04/13/18		(925	)
	INR	159,069,685	USD	2,445,445		2,441,054		04/16/18		(4,392	)
	INR	1,077,245,814	USD	16,656,108		16,508,195		04/27/18		(147,914	)
	JPY	239,238,545	USD	2,275,000		2,260,548		06/20/18		(14,452	)
	PEN	2,746,961	USD	853,703		851,333		04/05/18		(2,370	)
	PHP	65,808,379	USD	1,255,047		1,251,848		06/06/18		(3,199	)
	PLN	131,971,223	EUR	31,236,414		38,612,840		06/20/18		(55,379	)
	RON	5,080,830	USD	1,346,078		1,342,925		06/20/18		(3,154	)
	RUB	992,250,272	USD	17,317,968		17,215,210		05/17/18		(102,758	)
	SGD	4,593,708	USD	3,513,483		3,510,202		06/20/18		(3,279	)
	TRY	51,825,734	USD	13,093,422		12,825,179		06/20/18		(268,243	)
	TWD	107,297,590	USD	3,705,027		3,691,551		04/17/18		(13,476	)
	TWD	161,630,119	USD	5,585,007		5,567,513		04/27/18		(17,494	)
	TWD	98,845,940	USD	3,418,025		3,409,794		05/10/18		(8,232	)
	USD	1,012,782	ARS	20,437,932		1,012,999		04/04/18		(218	)
	USD	21,352,733	BRL	70,973,159		21,492,131		04/03/18		(139,397	)
	USD	2,206,221	CLP	1,341,338,239		2,221,366		04/20/18		(15,145	)
	USD	3,395,686	CNH	21,514,646		3,417,374		06/20/18		(21,688	)
	USD	2,873,090	CNY	18,212,517		2,902,273		04/16/18		(29,183	)
	USD	7,438,644	COP	21,324,406,789		7,630,000		04/20/18		(191,355	)
	USD	1,133,022	INR	74,198,208		1,139,274		04/05/18		(6,252	)
	USD	547,678	INR	35,885,293		551,158		04/06/18		(3,481	)
	USD	8,975,261	INR	586,071,285		8,997,164		04/13/18		(21,902	)
	USD	6,111,903	INR	399,376,808		6,120,228		04/27/18		(8,325	)
	USD	2,213,477	JPY	234,323,120		2,214,103		06/20/18		(625	)
	USD	2,830,311	KRW	3,038,881,818		2,858,087		04/05/18		(27,776	)
	USD	8,721,273	KRW	9,412,366,038		8,862,288		04/12/18		(141,015	)
	USD	2,256,714	KRW	2,416,477,838		2,275,478		04/16/18		(18,764	)
	USD	1,142,031	KRW	1,219,175,440		1,148,319		04/26/18		(6,288	)
	USD	3,948,143	MXN	73,979,266		4,018,246		06/20/18		(70,103	)
	USD	2,329,047	PEN	7,593,391		2,353,331		04/05/18		(24,284	)
	USD	2,636,443	PEN	8,541,056		2,646,641		04/09/18		(10,199	)
	USD	5,797,465	RUB	335,687,700		5,824,069		05/17/18		(26,604	)
	USD	2,280,966	SGD	2,990,059		2,284,802		06/20/18		(3,835	)
	USD	1,072,700	THB	33,708,858		1,078,411		04/12/18		(5,711	)
	USD	2,012,000	THB	62,989,684		2,015,425		04/16/18		(3,425	)
	USD	3,174,454	TRY	12,929,742		3,199,690		06/20/18		(25,237	)
	USD	14,101,756	TWD	412,629,303		14,196,426		04/17/18		(94,670	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	2,967,284	TWD	86,526,005	$	2,980,476		04/27/18	$	(13,192	)
	USD	13,704,100	TWD	398,264,580		13,738,551		05/10/18		(34,451	)
	USD	3,451,907	ZAR	41,487,773		3,466,167		06/20/18		(14,260	)
	ZAR	51,414,670	USD	4,316,564		4,295,527		06/20/18		(21,038	)
TOTAL									$	(2,632,840	)

FUTURES CONTRACTS — At March 31, 2018, 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		41			06/20/18	$	6,579,219		$	221,570
2 Year U.S. Treasury Notes		27			06/29/18		5,740,453			2,663
Total									$	224,233
Short position contracts:
Eurodollars		(14	)		12/17/18		(3,412,675	)		20,455
Eurodollars		(126	)		12/16/19		(30,622,725	)		(511	)
5 Year U.S. Treasury Notes		(169	)		06/29/18		(19,343,898	)		(54,699	)
10 Year U.S. Treasury Notes		(41	)		06/20/18		(4,966,766	)		(35,971	)
20 Year U.S. Treasury Bonds		(103	)		06/20/18		(15,102,375	)		(350,452	)
Total									$	(421,178	)
TOTAL									$	(196,945	)

SWAP CONTRACTS – At March 31, 2018, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Counterparty	Termination Date	Notional Amount (000s)				Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
Mexico IB TIIE 28D(a)	8.010%	Barclays Bank PLC	06/29/27		MXN	213,930	(d)	$	37,490		$	—		$	37,490
3M TIBOR(b)	0.750%	BoA Securities LLC	03/21/20		TWD	306,240			1,038			(12,928	)		13,966
3M SHIBOR(b)	3.750	BoA Securities LLC	06/20/20		CNY	47,370	(d)		36,312			20,790			15,522
3M COP(b)	4.750	BoA Securities LLC	06/20/20		COP	12,697,200	(d)		6,302			8,862			(2,560	)
3M TIBOR(b)	0.750	Citibank NA	03/21/20		TWD	391,480			1,521			(15,906	)		17,427
3M SHIBOR(b)	3.750	Citibank NA	06/20/20		CNY	19,240	(d)		12,515			4,818			7,697
6.500%(b)	6M MIBOR	Citibank NA	06/20/20		INR	343,630	(d)		(1,094	)		(4,245	)		3,151
6M Thai Reuters(b)	1.750	Citibank NA	03/21/21		THB	380,000			49,095			9,895			39,200
6M Thai Reuters(b)	2.000	Citibank NA	06/20/23			80,000	(d)		3,896			5,000			(1,104	)
5.110(c)	3M COP	CS International (London)	04/15/19			20,678,330			(73,259	)		—			(73,259	)
6.055(c)	Colombia IBR Overnight IB	CS International (London)	05/02/24		COP	3,635,890			(44,804	)		—			(44,804	)
3M TIBOR(c)	0.750	Deutsche Bank AG	03/21/20		TWD	345,710			1,172			(14,374	)		15,546
6.500(b)	6M MIBOR	Deutsche Bank AG	06/20/20		INR	343,340	(d)		(1,093	)		649			(1,742	)
Colombia IBR Overnight IB(b)	4.750	Deutsche Bank AG	06/20/20		COP	4,146,825	(d)		2,016			2,695			(679	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by the Fund		Counterparty	Termination Date		Notional Amount (000s)				Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250(b)		3M KWCDC	Deutsche Bank AG		06/20/20		KRW	5,717,200	(d)	$	(17,744	)	$	(12,718	)	$	(5,026	)
		Colombia IBR	JPMorgan
5.190(c)		Overnight IB	Securities, Inc.		04/22/19			10,159,090			(45,661	)		—			(45,661	)
3M SHIBOR(b)		3.750	JPMorgan Securities, Inc.		06/20/20		CNY	52,320	(d)		34,919			34,235			684
3M SHIBOR(b)		3.750	MS & Co. Int. PLC		06/20/20			84,970	(d)		65,135			50,773			14,362
6.500(c)		6M MIBOR	MS & Co. Int. PLC		06/20/20		INR	759,200	(d)		(1,651	)		(4,863	)		3,212
Colombia IBR Overnight IB(b)		4.750	MS & Co. Int. PLC		06/20/20		COP	5,401,775	(d)		2,682			1,509			1,173
Mexico IB TIIE 28D(a)		5.630	MS & Co. Int. PLC		06/17/21		MXN	135,000			(398,316	)		—			(398,316	)
Colombia IBR Overnight IB(b)		6.055	MS & Co. Int. PLC		05/02/24		COP	3,635,890			44,804			(4,282	)		49,086
TOTAL										$	(284,725	)	$	69,910		$	(354,635	)

(a) Payments made monthly.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

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 BID Avg(c)	6.900%	01/02/19		BRL	4,800		$	7,269		$	62		$	7,207
1M BID Avg(c)	7.500	01/02/20			39,525			91,197			60,126			31,071
1M BID Avg(c)	8.050(e)	01/02/20			31,575			167,387			15,334			152,053
3M JIBAR(d)	7.330	03/21/20		ZAR	273,260			262,437			142,545			119,892
7.650%(c)	Mexico IB TIIE 28D	06/17/20		MXN	171,475	(e)		(27,581	)		(7,645	)		(19,936	)
6M BUBOR(b)	0.250(a)	06/20/20		HUF	1,094,205	(e)		(8,878	)		(8,155	)		(723	)
6M WIBOR(b)	2.000(a)	06/20/20		PLN	78,350	(e)		26,326			27,816			(1,490	)
3M JIBAR(d)	6.750	06/20/20		ZAR	108,650	(e)		(9,278	)		(139	)		(9,139	)
8.900(a)	1M BID Avg	01/04/21		BRL	7,500			(54,685	)		(12,122	)		(42,563	)
Mexico IB TIIE 28D(c)	7.500	06/16/21		MXN	674,050	(e)		132,871			(48,443	)		181,314
Mexico IB TIIE 28D(c)	5.500	03/09/22			53,690			(197,258	)		(47,728	)		(149,530	)
8.900(a)	1M BID Avg	01/02/23		BRL	13,150			(93,910	)		(21,663	)		(72,247	)
2.570(a)	6M WIBOR(b)	03/21/23		PLN	18,320			(54,752	)		298			(55,050	)
Mexico IB TIIE 28D(c)	7.600	06/14/23		MXN	144,725	(e)		78,341			21,652			56,689
0.250(a)	6M EURO(b)	06/20/23		EUR	550	(e)		5,924			10,156			(4,232	)
5.955(c)	Mexico IB TIIE 28D	11/20/24		MXN	54,290			244,838			18			244,820
9.800(a)	1M BID Avg	01/02/25		BRL	12,775			(86,265	)		(22,240	)		(64,025	)
5.660(c)	Mexico IB TIIE 28D	01/24/25			20,280			113,532			15			113,517
Mexico IB TIIE 28D(c)	7.700	06/11/25		MXN	225,900	(e)		147,175			(3,251	)		150,426
0.500(a)	6M EURO(b)	06/20/25		EUR	320	(e)		5,392			9,318			(3,926	)
7.500(c)	Mexico IB TIIE 28D	06/09/27		MXN	34,390			15,738			(43,869	)		59,607
2.960(a)	6M WIBOR(b)	12/22/27		PLN	1,880			(7,299	)		8			(7,307	)
2.957(a)	6M WIBOR(b)	12/27/27			3,680			(13,772	)		15			(13,787	)
6M EURO(b)	1.536(a)	01/19/28		EUR	1,120	(e)		(1,153	)		(21,570	)		20,417
6M BUBOR(a)	2.325(b)	01/22/28		HUF	185,630	(e)		24,607			11			24,596
6M BUBOR(a)	3.070(b)	02/20/28			20,420	(e)		172			1			171
7.800(c)	Mexico IB TIIE 28D	06/07/28		MXN	109,600	(e)		(59,063	)		24,111			(83,174	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2018

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)
1.000(a)%	6M EURO(b)	06/20/28		EUR	1,120	(e)	$	1,035	$	20,332	$	(19,297	)
TOTAL							$	710,347	$	94,993	$	615,354

(a) Payments made annually.

(b) Payments made semi-annually.

(c) Payments made monthly.

(d) Payments made quarterly.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2018(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 4.250%, 10/28/18	(1.000)%		0.136%	Barclays Bank PLC		03/20/19		3,170	$	(27,753	)	$	(2,349	)	$	(25,404	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.136	BoA Securities LLC		06/20/19		1,160		(12,634	)		(1,780	)		(10,854	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.326	BoA Securities LLC		12/20/20		2,320		(42,303	)		14,213			(56,516	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.375	BoA Securities LLC		06/20/21		70		(1,384	)		529			(1,913	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.136	Citibank NA		03/20/19		22,180		(194,175	)		(24,554	)		(169,621	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.136	Citibank NA		06/20/19		44,310		(482,622	)		(64,753	)		(417,869	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.326	Citibank NA		12/20/20		3,400		(61,995	)		24,262			(86,257	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.375	Citibank NA		06/20/21		3,810		(75,349	)		25,765			(101,114	)
People’s Republic of China, 4.250%, 10/28/18	(1.000)		0.136	JPMorgan Securities, Inc.		06/20/19		1,630		(17,753	)		(2,686	)		(15,067	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.375	JPMorgan Securities, Inc.		06/20/21		250		(4,944	)		1,645			(6,589	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.375	UBS AG (London)		06/20/21		280		(5,537	)		795			(6,332	)
TOTAL									$	(926,449	)	$	(28,913	)	$	(897,536	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund 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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$98.00		06/15/2018		20	$	50,000	$	34,000	$	5,545	$	28,455

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
1M BID Avg	—1 month Brazilian Interbank Deposit Average
BoA Securities LLC	—Bank of America Securities LLC
Colombia IBR Overnight IB	—Colombia IBR Overnight Interbank
CS International (London)	—Credit Suisse International (London)
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 0.0%
Uruguay – 0.0%
	Republic of Uruguay (BBB/Baa2)
$	47		4.375	%		12/15/28	$	2
	(Cost $2)
Corporate Obligations – 5.6%
Argentina(a)(b) – 0.3%
	Cablevision SA (NR/B2)
	70,000		6.500			06/15/21		72,975
Colombia(b)(c) – 0.3%
	Colombia Telecomunicaciones SA ESP (B+/NR) (5 year USD Swap + 6.958%)
	71,000		8.500			12/29/49		73,485
Dominican Republic(a)(b) – 0.9%
	Aeropuertos Dominicanos Siglo XXI SA (NR/Ba3)
	200,000		6.750			03/30/29		216,750
Japan(a)(b)(d) – 1.1%
	Universal Entertainment Corp. (NR/NR) (PIK+ 8.500%)
	259,613		8.500			08/24/20		264,650
Mongolia(b) – 0.3%
	Energy Resources LLC (NR/NR)
	54,111		8.000	(c)		09/30/22		54,768
	45,135		0.000	(d)		12/31/99		26,855
								81,623
Peru – 2.7%
	Abengoa Transmision Sur SA (BBB/NR)(a)
	198,740		6.875			04/30/43		216,875
	Corp. Lindley SA (BBB/NR)
	290,000		6.750			11/23/21		311,586
	150,000		4.625			04/12/23		150,375
								678,836
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,332,763)						$	1,388,319

Shares		Description	Value
Common Stocks – 29.1%
Argentina – 0.8%
	2,858	Grupo Supervielle SA ADR		86,712
	1,238	Loma Negra Cia Industrial Argentina SA ADR(e)		26,394
	262	MercadoLibre, Inc.		93,374
				206,480
Australia – 0.1%
	2,382	SEEK Ltd.		34,356
Brazil – 1.7%
	23,900	B3 SA – Brasil Bolsa Balcao		193,215
	12,400	BB Seguridade Participacoes SA		109,936
	1,583	Pagseguro Digital Ltd. Class A(e)		60,661
	7,100	Petrobras Distribuidora SA		49,657
				413,469
Common Stocks – (continued)
China – 8.3%
	598	58.Com, Inc. ADR(e)		47,756
	2,197	Alibaba Group Holding Ltd. ADR(e)		403,237
	23,500	Anhui Conch Cement Co. Ltd. Class H		129,320
	16,000	ANTA Sports Products Ltd.		81,677
	35,500	BAIC Motor Corp. Ltd. Class H(a)		43,918
	5,200	China Literature Ltd.(a)(e)		48,555
	1,802	Ctrip.com International Ltd. ADR(e)		84,009
	24,000	Geely Automobile Holdings Ltd.		70,326
	10,000	Minth Group Ltd.		45,881
	1,001	New Oriental Education & Technology Group, Inc. ADR		87,738
	27,500	Ping An Insurance Group Co. of China Ltd. Class H		283,543
	12,500	Tencent Holdings Ltd.		670,994
	7,000	Wuxi Biologics Cayman, Inc.(a)(e)		68,125
				2,065,079
Colombia – 0.2%
	907	Banco de Bogota SA		22,048
	2,752	Grupo Aval Acciones y Valores SA ADR		22,869
				44,917
Czech Republic(a) – 0.3%
	18,792	Moneta Money Bank AS		77,840
Germany – 0.3%
	2,717	Infineon Technologies AG		73,069
Greece – 0.3%
	3,698	JUMBO SA		66,159
Hong Kong – 2.6%
	23,200	AIA Group Ltd.		198,329
	31,500	China Merchants Bank Co. Ltd. Class H		130,752
	16,000	Galaxy Entertainment Group Ltd.		146,859
	5,200	Hong Kong Exchanges & Clearing Ltd.		171,273
				647,213
Indonesia – 0.5%
	69,100	Bank Central Asia Tbk PT		117,386
	71,128	Telekomunikasi Indonesia Persero Tbk PT		18,704
				136,090
Luxembourg – 0.2%
	10,200	Samsonite International SA		46,653
Malaysia – 0.4%
	34,300	Bursa Malaysia Bhd		97,395
Mexico – 1.0%
	36,500	Alsea SAB de CV		127,549
	65,400	Becle SAB de CV(e)		132,743
				260,292

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

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Shares		Description	Value
Common Stocks – (continued)
Netherlands(e) – 0.3%
	1,923	X5 Retail Group NV GDR	$	64,613
Panama – 0.2%
	1,059	Intercorp Financial Services, Inc.		42,890
Peru – 0.6%
	31,804	BBVA Banco Continental SA		42,884
	421	Credicorp Ltd.		95,584
				138,468
Poland(a)(e) – 0.4%
	4,004	Dino Polska SA		102,043
Russia – 1.1%
	4,079	Commercial International Bank Egypt SAE GDR		20,721
	25,570	Moscow Exchange MICEX-RTS PJSC		52,487
	43,130	Sberbank of Russia PJSC		192,099
				265,307
South Africa – 2.4%
	13,582	Barclays Africa Group Ltd.		217,530
	2,604	Bid Corp. Ltd.		56,694
	20,473	Dis-Chem Pharmacies Ltd.(a)		59,662
	19,128	FirstRand Ltd.		108,088
	5,243	Santam Ltd.		144,379
				586,353
South Korea – 5.5%
	2,343	Hankook Tire Co. Ltd.		115,966
	311	Hanssem Co. Ltd.		43,955
	3,576	ING Life Insurance Korea Ltd.(a)		151,053
	330	LG Chem Ltd.		120,460
	725	LG Electronics, Inc.		74,803
	71	NAVER Corp.		52,840
	246	NCSoft Corp.		95,197
	238	Samsung Electronics Co. Ltd.		556,081
	172	Samsung Fire & Marine Insurance Co. Ltd.		43,391
	1,492	SK Hynix, Inc.		114,305
				1,368,051
Spain(a) – 0.2%
	17,153	Prosegur Cash SA		51,604
Thailand – 0.6%
	46,300	Airports of Thailand PCL		98,011
	4,100	Kasikornbank PCL		28,004
	46,700	Thai Beverage PCL		27,852
				153,867
Turkey – 0.6%
	2,080	BIM Birlesik Magazalar AS		37,718
	24,793	Eregli Demir ve Celik Fabrikalari TAS		65,547
	7,679	MLP Saglik Hizmetleri AS(a)(e)		36,981
				140,246
Common Stocks – (continued)
United Kingdom – 0.3%
	1,781	NMC Health PLC		84,927
United States – 0.2%
	25,000	Nexteer Automotive Group Ltd.		38,215
	TOTAL COMMON STOCKS
	(Cost $7,614,584)		$	7,205,596

Shares		Rate	Value
Preferred Stocks – 1.2%
Brazil – 1.2%
	Banco Bradesco SA
BRL	18,700	0.000%	$	223,735
	Bradespar SA
	7,800	0.000		74,398
	TOTAL PREFERRED STOCKS – 1.2%
	(Cost $320,797)		$	298,133

Shares		Description	Value
Exchange Traded Funds – 11.8%
	1,718	iShares MSCI Brazil Capped ETF	$	77,104
	641	iShares MSCI Emerging Markets ETF		30,947
	36,861	iShares MSCI India ETF		1,258,066
	24,743	iShares MSCI Taiwan Capped ETF		948,647
	19,122	Xtrackers Harvest CSI 300 China A-Shares ETF		598,136
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $3,125,478)		$	2,912,900

Shares	Distribution Rate	Value
Investment Companies(f) – 49.9%
Goldman Sachs Emerging Markets Debt Fund – Class R6 Shares
430,956	0.046%	$	5,468,834
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,064,313	1.609		1,064,313
Goldman Sachs Local Emerging Markets Debt Fund – Class R6 Shares
850,150	0.056		5,840,529
TOTAL INVESTMENT COMPANIES
(Cost $12,156,819)		$	12,373,676
TOTAL INVESTMENTS – 97.6%
(Cost $24,550,443)		$	24,178,626
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.4%			600,712
NET ASSETS – 100.0%		$	24,779,338

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

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Schedule of Investments (continued)

March 31, 2018

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,411,031, which represents approximately 5.7% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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, 2018.
(d)	Pay-in-kind securities.
(e)	Security is currently in default and/or non-income producing.
(f)	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:
IDR	—Indonesian Rupiah
USD	—U.S. Dollar

Investment Abbreviations:
ADR	—American Depositary Receipt
ETF	—Exchange Traded Fund
GDR	—Global Depository Receipt
LLC	—Limited Liability Company
NR	—Not Rated
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS – At March 31, 2018, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	9,212	IDR	126,755,049	$	9,214		04/02/18	$	(3	)
	USD	3,471	IDR	47,800,370		3,476		04/03/18		(4	)
TOTAL									$	(7	)

FUTURES CONTRACTS — At March 31, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
H-Shares Index		3		04/27/18	$	230,233		$	300
Kospi 200 Index		3		06/14/18		222,136			3,531
MSCI Emerging Markets Index		22		06/15/18		1,306,580			(25,070	)
SET50 Index		20		06/28/18		149,025			(2,365	)
10 Year U.S. Treasury Notes		2		06/20/18		242,281			2,371
20 Year U.S. Treasury Bonds		2		06/20/18		293,250			6,768
Total								$	(14,465	)
Short position contracts:
Mexican Stock Exchange Price and Quotation Index		(8	)	06/15/18		(204,013	)		13,086
Ultra Long U.S. Treasury Bonds		(1	)	06/20/18		(160,469	)		(5,197	)
Ultra 10 Year U.S. Treasury Notes		(2	)	06/20/18		(259,719	)		(3,973	)
5 Year U.S. Treasury Notes		(2	)	06/29/18		(228,922	)		(435	)
Total								$	3,481
TOTAL								$	(10,984	)

Abbreviation:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 96.6%
Collateralized Mortgage Obligations – 4.1%
Interest Only(a) – 1.6%
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
$	587,714		4.413	%		05/15/41	$	83,386
	FHLMC REMIC Series 4273, Class PS(b) (-1x1M LIBOR + 6.100%)
	299,272		4.323			11/15/43		43,091
	FHLMC REMIC Series 4286, Class SN(b) (-1x1M LIBOR + 6.000%)
	4,243,585		4.223			12/15/43		645,288
	FHLMC REMIC Series 4314, Class SE(b) (-1x1M LIBOR + 6.050%)
	400,146		4.463			03/15/44		64,655
	FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	220,834		4.513			07/15/39		30,116
	FHLMC REMIC Series 4456, Class IO
	275,325		4.500			10/15/44		59,896
	FHLMC REMIC Series 4583, Class ST(b) (-1x1M LIBOR + 6.000%)
	1,768,218		4.223			05/15/46		303,235
	FHLMC STRIPS Series 304, Class C45
	343,734		3.000			12/15/27		30,384
	FNMA REMIC Series 2007-36, Class SN(b) (-1x1M LIBOR + 6.770%)
	518,985		5.149			04/25/37		84,609
	FNMA REMIC Series 2008-17, Class SI(b) (-1x1M LIBOR + 6.300%)
	669,410		4.429			03/25/38		95,893
	FNMA REMIC Series 2010-126, Class LS(b) (-1x1M LIBOR + 5.000%)
	834,294		3.425			11/25/40		105,610
	FNMA REMIC Series 2011-124, Class SC(b) (-1x1M LIBOR + 6.550%)
	417,178		4.929			12/25/41		68,203
	FNMA REMIC Series 2012-88, Class SB(b) (-1x1M LIBOR + 6.670%)
	493,189		5.049			07/25/42		85,979
	FNMA REMIC Series 2013-121, Class SA(b) (-1x1M LIBOR + 6.100%)
	448,354		4.479			12/25/43		61,980
	FNMA REMIC Series 2014-87, Class MS(b) (-1x1M LIBOR + 6.250%)
	132,124		4.629			01/25/45		18,885
	FNMA REMIC Series 2015-20, Class ES(b) (-1x1M LIBOR + 6.150%)
	684,853		4.529			04/25/45		110,941
	FNMA REMIC Series 2015-28, Class PS(b) (-1x1M LIBOR + 5.600%)
	1,568,183		3.979			08/25/44		214,379
	FNMA REMIC Series 2015-79, Class SA(b) (-1x1M LIBOR + 6.250%)
	502,027		3.629			11/25/45		71,137
	GNMA REMIC Series 2010-1, Class SD(b) (-1x1M LIBOR + 5.790%)
	19,188		3.968			01/20/40		2,656
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2010-101, Class S(b) (-1x1M LIBOR + 6.000%)
	1,221,999		4.178			08/20/40		181,378
	GNMA REMIC Series 2010-20, Class SE(b) (-1x1M LIBOR + 6.250%)
	489,830		4.428			02/20/40		75,912
	GNMA REMIC Series 2010-31, Class SA(b) (-1x1M LIBOR + 5.750%)
	300,642		3.928			03/20/40		40,694
	GNMA REMIC Series 2010-85, Class SN(b) (-1x1M LIBOR + 5.940%)
	47,565		4.118			07/20/40		7,537
	GNMA REMIC Series 2010-98, Class QS(b) (-1x1M LIBOR + 6.600%)
	143,726		4.778			01/20/40		17,073
	GNMA REMIC Series 2011-17, Class SA(b) (-1x1M LIBOR + 6.100%)
	183,205		4.278			09/20/40		23,521
	GNMA REMIC Series 2011-61, Class CS(b) (-1x1M LIBOR + 6.680%)
	42,205		4.858			12/20/35		1,032
	GNMA REMIC Series 2013-113, Class SD(b) (-1x1M LIBOR + 6.700%)
	219,500		4.914			08/16/43		33,684
	GNMA REMIC Series 2013-124, Class CS(b) (-1x1M LIBOR + 6.050%)
	1,745,337		4.228			08/20/43		276,644
	GNMA REMIC Series 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	112,492		4.278			09/20/43		16,644
	GNMA REMIC Series 2013-152, Class SJ(b) (-1x1M LIBOR + 6.150%)
	613,035		4.328	%		05/20/41		91,500
	GNMA REMIC Series 2014-11, Class KI
	300,691		4.500			12/20/42		41,227
	GNMA REMIC Series 2014-117, Class SJ(b) (-1x1M LIBOR + 5.600%)
	5,064,810		3.778			08/20/44		683,865
	GNMA REMIC Series 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	838,096		4.278			10/20/43		113,866
	GNMA REMIC Series 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
	383,094		3.778			09/20/44		48,060
	GNMA REMIC Series 2014-158, Class SA(b) (-1x1M LIBOR + 5.600%)
	2,362,150		3.814			10/16/44		315,400
	GNMA REMIC Series 2014-188, Class IB
	1,435,372		4.000			12/20/44		238,361
	GNMA REMIC Series 2014-41, Class SA(b) (-1x1M LIBOR + 6.100%)
	127,160		4.278			03/20/44		19,437
	GNMA REMIC Series 2015-110, Class MS(b) (-1x1M LIBOR + 5.710%)
	1,618,460		3.888			08/20/45		213,343

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2015-111, Class IM
$	895,709		4.000	%		08/20/45	$	154,800
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M LIBOR + 6.200%)
	500,321		4.378			08/20/45		75,250
	GNMA REMIC Series 2015-112, Class SB(b) (-1x1M LIBOR + 5.740%)
	479,544		3.918			08/20/45		63,109
	GNMA REMIC Series 2015-119, Class SN(b) (-1x1M LIBOR + 6.250%)
	1,047,743		4.428			08/20/45		164,001
	GNMA REMIC Series 2015-126, Class HS(b) (-1x1M LIBOR + 6.200%)
	967,599		4.378			09/20/45		145,382
	GNMA REMIC Series 2015-129, Class IC
	550,659		4.500			09/16/45		110,101
	GNMA REMIC Series 2015-168, Class SD(b) (-1x1M LIBOR + 6.200%)
	257,700		4.378			11/20/45		39,191
	GNMA REMIC Series 2015-57, Class AS(b) (-1x1M LIBOR + 5.600%)
	2,897,958		3.778			04/20/45		370,873
	GNMA REMIC Series 2015-64, Class SG(b) (-1x1M LIBOR + 5.600%)
	1,349,189		3.778			05/20/45		200,298
	GNMA REMIC Series 2015-72, Class JI
	122,456		3.500			05/20/45		19,237
	GNMA REMIC Series 2015-83, Class PI
	203,784		3.500			06/20/45		32,743
	GNMA REMIC Series 2015-90, Class PI
	163,124		3.500			04/20/45		25,415
	GNMA REMIC Series 2016-1, Class ST(b) (-1x1M LIBOR + 6.200%)
	507,326		4.378			01/20/46		76,776
	GNMA REMIC Series 2016-138, Class DI
	311,260		4.000			10/20/46		56,605
	GNMA REMIC Series 2016-27, Class IA
	1,135,061		4.000			06/20/45		177,097
	GNMA REMIC Series 2016-4, Class SM(b) (-1x1M LIBOR + 5.650%)
	714,785		3.828			01/20/46		91,416
	GNMA REMIC Series 2016-6, Class SB(b) (-1x1M LIBOR + 5.650%)
	591,936		3.828			01/20/46		76,690
	GNMA REMIC Series 2017-139, Class IB
	3,050,181		4.500			09/20/47		562,509
	GNMA REMIC Series 2017-139, Class IM
	2,066,368		4.500			09/20/47		373,198
	GNMA REMIC Series 2017-38, Class AI
	1,517,656		4.000			03/20/46		248,298
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(b) (6M USD LIBOR + 3.592%)
	10,011		0.123			08/25/33		50
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(b) (6M USD LIBOR + 3.176%)
	1,416		0.320	%		07/25/33		24
								7,682,564
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – 0.5%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	95,193		3.636			04/25/35		96,624
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	484,736		3.633			07/25/35		494,015
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	100,841		2.701			09/25/35		99,767
	FHLMC REMIC Series 4103, Class BF (1M LIBOR + 0.350%)
	873,639		1.938			12/15/38		875,021
	FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
	133,656		2.071			07/25/41		134,485
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A(1M USD LIBOR + 0.480%)
	150,361		2.070			01/19/36		124,213
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	40,244		2.341			10/25/34		36,424
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	374,203		3.588			10/25/34		384,127
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1(c)
	340,350		3.750			05/28/52		344,029
								2,588,705
Sequential Fixed Rate – 1.9%
	FHLMC REMIC Series 2042, Class N
	57,077		6.500			03/15/28		61,720
	FHLMC REMIC Series 3748, Class D
	519,613		4.000			11/15/39		532,613
	FNMA REMIC Series 2000-16, Class ZG
	162,338		8.500			06/25/30		191,658
	FNMA REMIC Series 2005-59, Class KZ
	960,300		5.500			07/25/35		1,048,905
	FNMA REMIC Series 2011-52, Class GB
	572,943		5.000			06/25/41		615,855
	FNMA REMIC Series 2011-99, Class DB
	627,101		5.000			10/25/41		673,451
	FNMA REMIC Series 2012-111, Class B
	98,924		7.000			10/25/42		112,713
	FNMA REMIC Series 2012-153, Class B
	365,386		7.000			07/25/42		417,069
	FNMA REMIC Series 2017-87, Class EA
	5,675,305		3.000			04/25/44		5,562,214
								9,216,198
Sequential Floating Rate(b)(c) – 0.1%
	Station Place Securitization Trust Series 2015-2, Class A (1M USD LIBOR + 1.050%)
	600,000		2.638			05/15/18		600,000
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,087,467
Commercial Mortgage-Backed Securities(b) – 0.3%
Sequential Floating Rate – 0.3%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	156,523		6.101			12/10/49		156,363

116 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 Floating Rate – (continued)
	WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A4(c)
$	1,277,752		4.869	%		02/15/44	$	1,337,020
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	1,493,383
Federal Agencies – 92.2%
Adjustable Rate FHLMC(b) – 0.0%
	FHLMC (1 year CMT + 2.107%)
	12,494		3.339			10/01/34		13,118
	FHLMC (1 year CMT + 2.225%)
	24,449		3.392			09/01/33		25,750
	FHLMC (1 year CMT + 2.250%)
	44,870		3.072			04/01/33		47,413
	FHLMC (1 year CMT + 2.250%)
	19,596		3.500			11/01/34		20,611
	FHLMC (1 year CMT + 2.250%)
	18,278		3.133			02/01/35		19,328
	FHLMC (1 year CMT + 2.250%)
	63,729		3.206			06/01/35		67,356
								193,576
Adjustable Rate FNMA(b) – 0.2%
	FNMA (COF + 1.250%)
	1,954		1.987			07/01/22		1,960
	FNMA (COF + 1.250%)
	9,919		2.003			07/01/27		9,981
	FNMA (COF + 1.250%)
	10,874		2.003			11/01/27		10,941
	FNMA (COF + 1.250%)
	5,314		2.003			01/01/31		5,357
	FNMA (COF + 1.250%)
	6,998		2.003			06/01/32		7,057
	FNMA (COF + 1.250%)
	7,126		1.987			08/01/32		7,185
	FNMA (COF + 1.250%)
	18,811		1.987			05/01/33		18,957
	FNMA (6M USD LIBOR + 1.414%)
	7,359		3.014			06/01/33		7,649
	FNMA (1 year CMT + 2.250%)
	125,280		3.250			06/01/33		132,292
	FNMA (1 year CMT + 2.210%)
	5,717		3.346			07/01/33		6,024
	FNMA (COF + 1.250%)
	108,873		1.996			08/01/33		109,695
	FNMA (6M USD LIBOR + 1.824%)
	871		3.324			12/01/33		927
	FNMA (12M USD LIBOR + 1.643%)
	54,963		3.417			12/01/33		57,722
	FNMA (1 year CMT + 2.289%)
	1,644		3.454			04/01/34		1,737
	FNMA (1 year CMT + 2.530%)
	186,870		3.587			08/01/34		198,241
	FNMA (12M USD LIBOR + 1.670%)
	27,091		3.420			11/01/34		28,564
	FNMA (1 year CMT + 2.196%)
	34,638		3.610			02/01/35		36,398
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	FNMA (12M USD LIBOR + 1.623%)
	43,039		3.526			03/01/35		45,379
	FNMA (12M USD LIBOR + 1.810%)
	25,992		3.596			04/01/35		27,529
	FNMA (12M USD LIBOR + 1.924%)
	41,174		3.731			05/01/35		43,204
	FNMA (COF + 1.250%)
	3,785		2.003			11/01/35		3,815
	FNMA (COF + 1.250%)
	25,553		2.003			12/01/37		25,724
	FNMA (COF + 1.250%)
	16,199		2.003			01/01/38		16,304
	FNMA (COF + 1.250%)
	14,220		2.003			11/01/40		14,333
								816,975
Adjustable Rate GNMA – 9.9%
	GNMA(b) (1 year CMT + 1.500%)
	14,637		2.625			06/20/23		14,803
	GNMA(b) (1 year CMT + 1.500%)
	7,443		2.750			07/20/23		7,516
	GNMA(b) (1 year CMT + 1.500%)
	7,021		2.750			08/20/23		7,092
	GNMA(b) (1 year CMT + 1.500%)
	17,901		2.750			09/20/23		18,085
	GNMA(b) (1 year CMT + 1.500%)
	6,117		2.375			03/20/24		6,198
	(1 year CMT + 1.500%)
	52,805		2.625			04/20/24		53,709
	GNMA(b) (1 year CMT + 1.500%)
	6,005		2.625			05/20/24		6,156
	(1 year CMT + 1.500%)
	51,077		2.625			06/20/24		51,768
	(1 year CMT + 1.500%)
	31,828		2.750			07/20/24		32,217
	(1 year CMT + 1.500%)
	43,392		2.750			08/20/24		43,921
	(1 year CMT + 1.500%)
	12,999		2.750			09/20/24		13,159
	GNMA(b) (1 year CMT + 1.500%)
	17,509		3.125			11/20/24		17,743
	(1 year CMT + 1.500%)
	18,523		3.125			12/20/24		18,774
	GNMA(b) (1 year CMT + 1.500%)
	12,064		2.375			01/20/25		12,244
	GNMA(b) (1 year CMT + 1.500%)
	6,452		2.375			02/20/25		6,550
	GNMA(b) (1 year CMT + 1.500%)
	23,757		2.625			05/20/25		24,121
	GNMA(b) (1 year CMT + 1.500%)
	20,323		2.750			07/20/25		20,607
	GNMA(b) (1 year CMT + 1.500%)
	8,433		2.375			02/20/26		8,576
	GNMA(b) (1 year CMT + 1.500%)
	466		2.750			07/20/26		474
	(1 year CMT + 1.500%)
	23,164		2.375			01/20/27		23,592

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA – (continued)
	GNMA(b) (1 year CMT + 1.500%)
$	8,894		2.375	%		02/20/27	$	9,065
	(1 year CMT + 1.500%)
	67,148		2.625			04/20/27		68,403
	GNMA(b) (1 year CMT + 1.500%)
	6,325		2.625			05/20/27		6,444
	GNMA(b) (1 year CMT + 1.500%)
	8,980		2.625			06/20/27		9,150
	GNMA(b) (1 year CMT + 1.500%)
	3,446		3.125			11/20/27		3,510
	GNMA(b) (1 year CMT + 1.500%)
	10,981		3.125			12/20/27		11,193
	GNMA(b) (1 year CMT + 1.500%)
	23,679		2.375			01/20/28		24,152
	GNMA(b) (1 year CMT + 1.500%)
	8,449		2.375			02/20/28		8,620
	GNMA(b) (1 year CMT + 1.500%)
	8,938		2.375			03/20/28		9,113
	GNMA(b) (1 year CMT + 1.500%)
	37,146		2.750			07/20/29		37,895
	GNMA(b) (1 year CMT + 1.500%)
	24,319		2.750			08/20/29		24,832
	GNMA(b) (1 year CMT + 1.500%)
	4,673		2.750			09/20/29		4,772
	(1 year CMT + 1.500%)
	20,183		3.125			10/20/29		20,611
	(1 year CMT + 1.500%)
	26,603		3.125			11/20/29		27,168
	(1 year CMT + 1.500%)
	5,684		3.125			12/20/29		5,805
	GNMA(b) (1 year CMT + 1.500%)
	8,017		2.375			01/20/30		8,198
	GNMA(b) (1 year CMT + 1.500%)
	3,451		2.375			02/20/30		3,529
	GNMA(b) (1 year CMT + 1.500%)
	21,106		2.375			03/20/30		21,588
	(1 year CMT + 1.500%)
	24,558		2.625			04/20/30		25,118
	(1 year CMT + 1.500%)
	63,074		2.625			05/20/30		64,522
	GNMA(b) (1 year CMT + 1.500%)
	6,419		2.625			06/20/30		6,573
	GNMA(b) (1 year CMT + 1.500%)
	61,828		2.750			07/20/30		63,149
	GNMA(b) (1 year CMT + 1.500%)
	9,252		2.750			09/20/30		9,452
	GNMA(b) (1 year CMT + 1.500%)
	19,734		3.125			10/20/30		20,193
	GNMA
	16,000,001		3.000			11/20/47		15,756,251
	GNMA
	15,000,012		3.500			02/20/48		15,155,871
	GNMA
	16,000,000		3.500			03/20/48		16,166,250
								47,958,732
Mortgage-Backed Obligations – (continued)
FHLMC – 7.6%
	447		5.000			04/01/18		450
	82		4.500			05/01/18		82
	1,160		5.000			05/01/18		1,165
	565		5.000			06/01/18		566
	831		5.000			07/01/18		832
	224		5.000			08/01/18		226
	306		5.000			09/01/18		307
	2,833		5.000			10/01/18		2,849
	2,605		5.000			11/01/18		2,620
	1,868		5.000			12/01/18		1,879
	187		5.000			01/01/19		188
	122		5.000			02/01/19		123
	22,498		5.500			04/01/20		22,880
	155,406		4.500			08/01/23		162,770
	29,418		7.000			04/01/31		31,934
	449,927		7.000			09/01/31		494,629
	221,070		7.000			04/01/32		254,523
	311,311		7.000			05/01/32		356,569
	12,132		4.500			07/01/33		12,820
	337,621		4.500			08/01/33		356,743
	695,554		4.500			09/01/33		734,940
	69,137		4.500			10/01/33		73,052
	85,145		5.000			10/01/33		91,903
	11,121		5.500			12/01/33		12,400
	114,660		5.500			04/01/35		125,340
	4,241		5.000			07/01/35		4,577
	2,812		4.500			08/01/35		2,955
	12,276		4.500			09/01/35		12,901
	5,320		4.500			10/01/35		5,583
	100,161		5.000			12/01/35		108,445
	50,088		5.500			01/01/36		55,502
	190		5.500			02/01/36		211
	2,113		5.000			02/01/37		2,291
	29,372		6.000			08/01/37		32,834
	25,555		6.000			09/01/37		28,571
	11,677		6.000			10/01/37		13,051
	77,156		6.000			11/01/37		86,261
	82,470		6.000			12/01/37		92,191
	39,316		4.500			01/01/38		41,344
	2,900		5.500			01/01/38		3,174
	83,067		6.000			01/01/38		92,894
	23,430		6.000			02/01/38		26,194
	4,873		6.000			03/01/38		5,444
	27,012		6.000			04/01/38		30,107
	11,802		6.000			05/01/38		13,165
	1,579		4.500			06/01/38		1,655
	22,157		6.000			06/01/38		24,690
	16,695		6.000			07/01/38		18,615
	11,130		6.000			08/01/38		12,426
	62,193		4.500			09/01/38		65,839
	84,751		6.000			09/01/38		94,603
	19,300		6.000			10/01/38		21,516
	1,995		6.000			11/01/38		2,224
	1,448		6.000			12/01/38		1,616
	393		4.500			01/01/39		412
	65,354		6.000			01/01/39		72,838

118 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)
FHLMC – (continued)
$	35,002		4.500	%		02/01/39	$	36,922
	7,874		6.000			02/01/39		8,778
	346,078		7.000			02/01/39		397,415
	13,761		4.500			03/01/39		14,542
	5,258		6.000			03/01/39		5,860
	3,059		4.500			04/01/39		3,233
	2,732		6.000			04/01/39		3,035
	109,102		4.500			05/01/39		115,298
	257,274		5.000			05/01/39		277,032
	297,634		4.500			06/01/39		314,528
	4,909		4.500			07/01/39		5,188
	544,067		5.000			07/01/39		587,953
	7,265		4.500			08/01/39		7,677
	15,251		4.500			09/01/39		16,116
	3,912		4.500			10/01/39		4,134
	2,638		4.500			11/01/39		2,787
	9,596		4.500			12/01/39		10,141
	10,426		4.500			01/01/40		11,018
	7,580		4.500			04/01/40		8,011
	32,880		6.000			04/01/40		36,717
	11,782		4.500			05/01/40		12,452
	65,580		6.000			05/01/40		73,249
	23,135		4.000			06/01/40		23,979
	15,950		4.500			06/01/40		16,856
	12,112		4.500			07/01/40		12,800
	2,586		4.500			08/01/40		2,733
	21,027		5.000			08/01/40		22,625
	26,004		5.000			10/01/40		28,078
	237,680		4.000			02/01/41		246,055
	67,150		4.500			02/01/41		70,945
	11,517		4.500			03/01/41		12,165
	27,589		4.500			04/01/41		29,142
	26,630		4.500			05/01/41		28,130
	52,094		4.500			06/01/41		55,028
	3,306		5.000			06/01/41		3,570
	133,948		4.500			08/01/41		141,492
	139,509		4.500			09/01/41		147,440
	90,098		4.000			10/01/41		93,346
	15,856		4.000			11/01/41		16,418
	8,356		4.500			12/01/41		8,826
	899,360		4.000			03/01/42		930,873
	103,171		4.500			03/01/42		108,982
	55,684		3.000			05/01/42		54,828
	499,503		3.500			06/01/42		505,085
	1,149,115		4.500			06/01/42		1,214,695
	143,855		3.000			08/01/42		141,600
	178,253		3.500			08/01/42		179,750
	61,732		3.000			10/01/42		60,767
	362,693		3.500			10/01/42		365,738
	783,115		3.000			11/01/42		771,551
	274,147		3.500			11/01/42		276,450
	1,344,828		3.000			12/01/42		1,324,971
	2,391,909		3.000			01/01/43		2,356,479
	219,556		3.000			02/01/43		215,936
	3,133,327		3.500			04/01/43		3,165,517
	3,243,616		3.500			08/01/43		3,271,748
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	1,407,084		4.000			08/01/43		1,456,936
	867,957		4.000			01/01/44		898,724
	893,159		3.500			02/01/44		900,660
	676,560		3.500			06/01/44		685,307
	23,383		4.000			11/01/44		24,190
	90,739		3.500			02/01/45		91,728
	152,668		3.500			03/01/45		154,332
	874,259		3.500			06/01/45		882,421
	26,880		3.500			08/01/45		27,004
	37,777		3.500			09/01/45		37,951
	695,322		3.500			10/01/45		701,596
	73,572		3.500			11/01/45		73,910
	5,597,546		3.500			03/01/46		5,644,246
	656,668		3.500			05/01/46		661,157
	185,629		3.500			05/01/46		186,287
	1,104,774		3.500			06/01/46		1,108,693
	403,182		3.500			07/01/46		404,612
	584,988		3.500			08/01/46		589,718
	66,695		3.500			10/01/46		66,932
	80,440		3.500			12/01/46		80,726
	589,503		3.500			12/01/47		593,717
								36,843,450
FNMA – 47.9%
	16		5.500			04/01/18		16
	69		5.500			05/01/18		69
	3,726		5.000			06/01/18		3,730
	332		5.000			09/01/18		333
	100		5.500			02/01/19		101
	1,019		5.500			04/01/19		1,025
	99		5.500			05/01/19		100
	1,705		5.500			07/01/19		1,721
	6,688		5.500			08/01/19		6,803
	3,434		5.500			09/01/19		3,499
	6,200		5.500			10/01/19		6,310
	2,912		5.500			11/01/19		2,973
	2,036		5.500			12/01/19		2,066
	7,280		5.500			02/01/20		7,391
	12,531		4.500			03/01/20		12,625
	4,480		5.500			01/01/21		4,598
	8,057		7.000			09/01/21		8,333
	36,281		7.000			06/01/22		37,993
	14,754		7.000			07/01/22		15,372
	1,182		4.500			04/01/23		1,223
	377		7.000			01/01/29		377
	1,594		7.000			09/01/29		1,628
	4,715		7.000			08/01/31		5,145
	500		7.000			03/01/32		570
	1,270		7.000			04/01/32		1,363
	2,342		7.000			06/01/32		2,373
	316		7.000			07/01/32		317
	41,655		6.000			01/01/33		47,069
	1,790		6.000			02/01/33		1,999
	558		5.500			07/01/33		612
	15,493		5.000			08/01/33		16,684
	4,772		5.500			09/01/33		5,234

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	14,971		5.500	%		02/01/34	$	16,419
	4,429		5.500			03/01/34		4,860
	7,512		5.000			04/01/34		8,115
	7,762		5.500			04/01/34		8,520
	29		5.500			06/01/34		32
	25,660		5.500			07/01/34		28,169
	4,797		5.500			08/01/34		5,286
	15,635		5.500			10/01/34		17,148
	3,060		5.500			11/01/34		3,361
	116,074		5.500			12/01/34		127,436
	122,097		6.000			04/01/35		136,777
	9,432		5.500			05/01/35		10,337
	3,711		5.500			06/01/35		4,079
	4,617		5.000			07/01/35		4,981
	8,868		5.500			07/01/35		9,745
	4,248		5.500			08/01/35		4,668
	6,673		5.500			09/01/35		7,349
	200,469		5.000			10/01/35		215,829
	2,273		5.500			10/01/35		2,485
	70,693		6.000			10/01/35		79,198
	1,997		5.500			12/01/35		2,202
	1,779		6.000			12/01/35		1,993
	326,168		5.000			01/01/36		351,159
	85		5.500			02/01/36		93
	10,167		5.500			04/01/36		11,144
	2,249		6.000			04/01/36		2,516
	282,981		4.500			07/01/36		298,987
	20,285		5.500			07/01/36		22,212
	30,454		4.500			12/01/36		32,176
	2,535		5.500			02/01/37		2,788
	11,025		5.500			04/01/37		12,158
	55,869		6.000			04/01/37		62,126
	142		5.500			06/01/37		156
	1,905		5.500			07/01/37		2,096
	321,488		5.500			08/01/37		351,554
	77,753		6.500			10/01/37		87,565
	40,251		6.000			11/01/37		45,047
	176		5.500			12/01/37		193
	336		5.500			02/01/38		373
	3,663		5.500			03/01/38		4,030
	43,330		5.000			04/01/38		46,818
	17,136		5.500			04/01/38		18,891
	3,997		5.500			05/01/38		4,406
	1,028		5.500			06/01/38		1,132
	732		5.500			07/01/38		806
	1,846		5.500			08/01/38		2,032
	1,612		5.500			09/01/38		1,774
	51,362		6.000			09/01/38		57,439
	13,129		5.500			12/01/38		14,374
	522,622		5.000			01/01/39		566,413
	82,446		6.000			01/01/39		92,241
	211,551		6.500			01/01/39		238,765
	301,088		4.500			02/01/39		318,234
	5,067		5.500			02/01/39		5,591
	6,188		4.500			03/01/39		6,548
	221,452		7.000			03/01/39		254,409
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	8,595		4.500			05/01/39		9,095
	6,513		5.500			06/01/39		7,165
	6,605		4.500			07/01/39		6,985
	5,903		4.000			08/01/39		6,117
	14,984		4.500			09/01/39		15,838
	20,740		4.500			10/01/39		21,921
	5,780		5.500			11/01/39		6,358
	47,832		4.500			02/01/40		50,597
	7,878		4.500			03/01/40		8,327
	14,695		3.500			04/01/40		14,842
	114,568		4.500			04/01/40		121,103
	41,380		4.500			06/01/40		43,798
	376,774		5.000			06/01/40		405,745
	26,132		5.000			07/01/40		28,142
	8,098		4.500			09/01/40		8,571
	18,834		3.500			12/01/40		19,023
	7,293		4.500			12/01/40		7,709
	126,168		4.500			01/01/41		133,305
	33,274		4.500			04/01/41		35,156
	56,989		4.500			06/01/41		60,210
	47,997		4.500			07/01/41		50,712
	207,202		4.500			08/01/41		218,963
	216,107		4.500			09/01/41		228,447
	190,145		3.500			10/01/41		192,225
	181,500		4.500			10/01/41		191,766
	99,936		3.500			11/01/41		100,974
	145,525		4.500			11/01/41		153,756
	180,493		3.500			12/01/41		182,250
	80,884		4.500			12/01/41		85,454
	170,589		3.500			01/01/42		172,774
	93,161		4.500			01/01/42		98,427
	355,975		3.500			02/01/42		359,474
	415,139		3.500			03/01/42		419,225
	810,907		4.000			03/01/42		839,157
	20,477		4.500			03/01/42		21,635
	84,073		3.500			04/01/42		84,892
	145,184		4.000			04/01/42		150,242
	29,811		4.500			04/01/42		31,466
	33,526		3.500			05/01/42		33,856
	562,670		3.500			06/01/42		568,387
	523,324		3.500			07/01/42		528,297
	467,620		3.500			08/01/42		472,031
	110,485		3.000			09/01/42		108,733
	408,952		3.500			09/01/42		412,940
	353,436		3.500			10/01/42		357,661
	31,156		3.500			11/01/42		31,429
	689,290		4.500			11/01/42		729,894
	674,260		3.000			12/01/42		663,465
	1,121,735		3.500			12/01/42		1,133,156
	146,131		3.000			01/01/43		144,064
	16,044		3.500			01/01/43		16,185
	55,860		3.000			02/01/43		55,070
	761,470		3.500			02/01/43		769,248
	1,354,815		3.000			03/01/43		1,335,757
	1,770,836		3.500			03/01/43		1,788,571
	1,488,226		3.000			04/01/43		1,467,646

120 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 – (continued)
$	1,934,208		3.500	%		04/01/43		$	1,950,671
	616,379		2.500			05/01/43			583,453
	1,841,872		3.000			05/01/43			1,816,402
	894,666		3.500			05/01/43			903,314
	63,644		3.000			06/01/43			62,764
	1,188,501		3.500			06/01/43			1,200,263
	558,682		3.000			07/01/43			550,956
	9,594,193		3.500			07/01/43			9,678,334
	3,185,921		3.500			08/01/43			3,214,399
	64,410		3.500			09/01/43			65,094
	203,392		3.500			11/01/43			205,394
	935,985		3.500			01/01/44			944,432
	68,966		3.500			08/01/44			69,404
	135,666		3.500			09/01/44			137,007
	172,390		3.500			10/01/44			174,572
	71,346		4.000			10/01/44			73,570
	25,567		3.500			12/01/44			25,791
	70,195		5.000			12/01/44			75,101
	42,134		3.500			01/01/45			42,614
	672,212		4.000			02/01/45			692,998
	194,871		3.500			03/01/45			196,908
	556,803		4.000			03/01/45			573,115
	134,609		3.500			04/01/45			135,208
	276,435		4.000			04/01/45			284,534
	2,806,208		4.500			04/01/45			2,975,896
	1,199,087		3.500			05/01/45			1,213,514
	314,280		4.500			05/01/45			333,284
	3,834,678		4.500			06/01/45			4,041,990
	190,725		3.500			07/01/45			191,574
	31,456		3.500			11/01/45			31,596
	865,715		4.000			11/01/45			890,558
	582,846		3.500			01/01/46			585,438
	209,104		4.000			01/01/46			215,105
	965,795		3.500			03/01/46			977,113
	49,668		3.500			03/01/46			49,836
	553,152		4.000			03/01/46			568,809
	150,242		3.500			04/01/46			151,956
	1,010,971		3.500			05/01/46			1,018,711
	369,078		4.000			06/01/46			379,402
	93,191		4.000			08/01/46			95,798
	600,813		4.000			10/01/46			617,619
	4,474,019		3.000			11/01/46			4,370,906
	1,972,528		3.000			12/01/46			1,926,450
	1,767,233		3.000			01/01/47			1,725,399
	982,321		3.000			02/01/47			959,067
	2,674,054		4.500			02/01/47			2,809,153
	981,724		3.000			04/01/47			958,485
	70,816		3.500			05/01/47			70,998
	165,651		3.000			08/01/47			161,678
	35,067		3.000			09/01/47			34,226
	3,000,000		3.500			09/01/47			3,007,687
	986,690		3.000			10/01/47			963,025
	994,751		3.000			11/01/47			970,892
	3,000,099		3.500			11/01/47			3,008,036
	18,865,209		3.000			12/01/47			18,412,739
	999,303		3.500			12/01/47			1,002,035
	431,331		3.000			01/01/48			421,019
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	39,865,998		4.500			01/01/48			41,784,550
	1,000,499		3.500			02/01/48			1,003,156
	24,929,091		3.500			03/01/48			24,992,437
	4,000,000		4.000			08/01/51			4,112,188
	1,781,571		3.500			06/01/56			1,783,180
	6,265,622		4.000			07/01/56			6,462,546
	7,099,554		3.500			08/01/56			7,099,554
	5,615,820		3.500			10/01/56			5,621,762
	4,766,723		4.000			02/01/57			4,914,403
	36,000,000		4.500			TBA-30yr	(d)		37,693,123
									233,286,314
GNMA – 26.6%
	16,164		5.500			07/15/20			16,455
	5,804		6.000			04/15/26			6,459
	202		6.500			01/15/32			226
	1,076		6.500			02/15/32			1,204
	447,371		5.500			04/15/33			488,356
	5,628		5.000			11/15/33			6,039
	1,159		6.500			08/15/34			1,297
	1,356		6.500			02/15/36			1,548
	3,323		6.500			03/15/36			3,795
	3,343		6.500			04/15/36			3,779
	14,439		6.500			05/15/36			16,485
	8,122		6.500			06/15/36			9,276
	50,180		6.500			07/15/36			57,222
	44,115		6.500			08/15/36			49,993
	80,992		6.500			09/15/36			92,086
	35,916		6.500			10/15/36			41,008
	50,611		6.500			11/15/36			57,213
	23,912		6.500			12/15/36			27,259
	10,755		6.500			01/15/37			12,306
	2,265		6.500			03/15/37			2,589
	5,643		6.500			04/15/37			6,464
	2,862		6.500			05/15/37			3,201
	2,829		6.500			08/15/37			3,236
	12,268		6.500			09/15/37			14,006
	13,618		6.500			10/15/37			15,792
	8,767		6.500			11/15/37			9,960
	3,289		6.500			05/15/38			3,759
	2,280		6.500			11/15/38			2,618
	3,003		6.500			02/15/39			3,427
	114,046		4.500			12/20/39			120,426
	450,968		5.000			01/20/40			480,738
	30,648		4.500			02/20/40			32,362
	525,537		4.500			05/15/40			550,211
	85,576		4.500			05/20/40			90,363
	358,928		5.000			07/15/40			383,200
	173,770		3.500			09/15/42			176,542
	11,030,058		4.000			10/20/43			11,452,733
	420,337		3.500			02/15/45			425,498
	118,461		4.000			05/20/45			122,667
	93,511		4.000			07/20/45			96,832
	4,420,991		4.000			08/20/45			4,576,590
	2,572,765		4.500			08/20/45			2,701,805
	1,586,320		4.000			09/20/45			1,641,655

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2018

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	3,395,394		4.000	%		10/20/45		$	3,515,426
	663,154		4.500			10/20/45			696,415
	535,863		4.000			01/20/46			554,053
	1,391,629		4.000			02/20/46			1,438,868
	2,077,233		4.500			03/20/46			2,187,910
	97,154		4.500			06/20/46			102,330
	39,325		4.500			07/20/46			41,421
	35,440		4.500			08/20/46			37,328
	534,362		4.000			01/20/47			551,332
	1,762,951		4.000			03/20/47			1,818,938
	4,800,027		4.000			07/20/47			4,937,465
	7,445,508		4.000			08/20/47			7,658,694
	14,999,997		4.000			09/20/47			15,429,489
	968,448		4.500			10/20/47			1,011,877
	4,891,966		4.500			11/20/47			5,103,696
	6,927,867		4.000			12/20/47			7,130,020
	52,000,000		4.000			TBA-30yr	(d)		53,441,877
									129,465,819
	TOTAL FEDERAL AGENCIES							$	448,564,866
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $474,640,191)							$	470,145,716
Asset-Backed Securities(b) – 13.4%
Collateralized Loan Obligations(c) – 4.0%
	Cedar Funding V CLO Ltd. Series 2016-5A, Class A1 (3M USD LIBOR + 1.610%)
$	2,600,000		3.341	%		07/17/28		$	2,608,759
	Cent CLO Ltd. Series 2014-22A, Class A1R (3M USD LIBOR + 1.410%)
	1,750,000		2.802			11/07/26			1,751,055
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,400,000		2.972			07/15/26			1,400,262
	Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A (3M USD LIBOR + 1.390%)
	1,450,000		3.135			07/25/27			1,451,585
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	1,550,000		3.005			07/20/26			1,550,411
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,500,000		2.578			01/18/28			1,500,059
	Mountain View CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.240%)
	2,000,000		2.962			10/15/26			2,000,364
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,600,000		2.835			04/26/31			1,599,341
	Shackleton CLO Ltd. Series 2014-5A, Class AR (3M USD LIBOR + 1.140%)
	1,600,000		2.532			05/07/26			1,600,552
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		3.144			01/21/31			849,100
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		3.544			01/21/31			548,569
	Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	2,450,000		2.905			10/20/26			2,450,637
									19,310,694
Home Equity – 0.0%
	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A (1M USD LIBOR + 0.280%)
	52,392		1.868			02/15/34			48,455
Student Loan – 9.4%
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	422,888		2.321			12/26/35			422,085
	ECMC Group Student Loan Trust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
	3,360,916		2.821			12/27/66			3,401,575
	ECMC Group Student Loan Trust Series 2018-1A, Class A(c) (1M USD LIBOR + 0.750%)
	4,900,000		2.533			02/27/68			4,899,115
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	686,954		2.421			06/25/26			687,267
	Goal Capital Funding Trust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	1,822,931		2.162			08/25/48			1,820,963
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,454,598		2.512			05/25/34			1,465,201
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,000,000		2.645			07/25/45			1,001,695
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	950,000		2.640			07/20/43			961,967
	Navient Student Loan Trust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,254,014		2.871			06/25/65			3,334,218
	Nelnet Student Loan Trust Series 2006-1, Class A6(c) (3M USD LIBOR + 0.450%)
	1,700,000		2.904			08/23/36			1,668,397
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	946,639		1.845			01/25/30			945,014
	Nelnet Student Loan Trust Series 2006-2, Class A7(c) (3M Euribor + 0.580%)
	2,450,000		2.325			01/25/37			2,414,248
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	630,296		2.645			07/25/41			628,879
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A3 (3M USD LIBOR + 0.950%)
	700,000		3.258			10/01/37			706,921

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount			Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-2, Class A3 (3M USD LIBOR + 0.850%)
$	1,100,000			3.158	%		07/01/32	$	1,113,259
	PHEAA Student Loan Trust Series 2011-1A, Class A1(c) (3M USD LIBOR + 1.100%)
	2,277,083			2.775			06/25/38		2,300,480
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	1,193,449			2.771			09/25/65		1,211,229
	PHEAA Student Loan Trust Series 2016-2A, Class A(c) (1M USD LIBOR + 0.950%)
	1,383,620			2.571			11/25/65		1,393,093
	SLM Student Loan Trust Series 2004-8A, Class A6(c) (3M USD LIBOR + 0.630%)
	800,000			2.375			01/25/40		799,659
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	5,300,000			1.885			10/25/28		5,279,208
	SLM Student Loan Trust Series 2005-9, Class A7A (3M Euribor + 0.600%)
	4,550,000			2.341			01/25/41		4,577,834
	SLM Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.110%)
	364,803			1.855			07/25/25		364,809
	South Carolina Student Loan Corp. Series 2010-1, Class A3 (3M USD LIBOR + 1.050%)
	1,850,000			2.795			10/27/36		1,861,753
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	2,617,392			2.371	%		09/25/56		2,619,441
									45,878,310
	TOTAL ASSET-BACKED SECURITIES
	(Cost $64,756,296)							$	65,237,459
Municipal Debt Obligation(b)(e) – 0.2%
New Hampshire – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
$	1,150,000			2.595	%		10/25/37	$	1,148,541
	(Cost $1,140,018)
U.S. Treasury Obligations – 1.6%
	United States Treasury Bonds
$	3,900,000			2.875	%		11/15/46	$	3,825,627
	United States Treasury Notes
	2,490,000			2.125			09/30/24		2,409,274
	1,350,000			2.250			12/31/24		1,314,225
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $7,815,190)							$	7,549,126
Shares		Distribution Rate	Value
Investment Company(f) – 3.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
16,257,764		1.609%	$	16,257,764
(Cost $16,257,764)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $564,609,459)			$	560,338,606

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 1.3%
Commercial Paper(g) – 1.3%
	Electricite de France SA
$	2,116,000		0.000	%		04/27/18	$	2,112,137
	HP, Inc.
	1,360,000		0.000			04/27/18		1,357,926
	Marriott International, Inc.
	1,597,000		0.000			05/04/18		1,593,330
	Potash Corp. of Saskatchewan, Inc.
	1,222,000		0.000			06/15/18		1,215,503
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $6,278,111)						$	6,278,896
	TOTAL INVESTMENTS – 116.4%
	(Cost $570,887,570)						$	566,617,502
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (16.4)%							(79,989,131	)
	NET ASSETS – 100.0%						$	486,628,371

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, 2018.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $46,987,188, which represents approximately 9.7% of the Fund’s net assets as of March 31, 2018. The liquidity determination is unaudited.
(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 $91,135,000 which represents approximately 18.7% of the Fund’s net assets as of March 31, 2018.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2018

(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:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds
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, 2018, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount		Value
FNMA		3.000	%	TBA-30yr		04/12/18	$	16,000,000	$	(15,606,250	)
FNMA		3.500		TBA-30yr		05/14/18		5,000,000		(5,002,930	)
FNMA		3.500		TBA-30yr		04/12/18		20,000,000		(20,042,188	)
FNMA		4.000		TBA-30yr		04/12/18		3,000,000		(3,078,281	)
FNMA		4.500		TBA-30yr		05/14/18		5,000,000		(5,226,367	)
GNMA		3.500		TBA-30yr		04/19/18		31,000,000		(31,297,891	)
TOTAL (Proceeds Receivable: $79,897,461)									$	(80,253,907	)

FUTURES CONTRACTS — At March 31, 2018, 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		116			06/20/18	$	15,063,688		$	216,799
10 Year U.S. Treasury Notes		396			06/20/18		47,971,687			419,234
20 Year U.S. Treasury Bonds		89			06/20/18		13,049,625			316,430
Total									$	952,463
Short position contracts:
Eurodollars		(113	)		12/16/19		(27,463,238	)		(458	)
Ultra Long U.S. Treasury Bonds		(36	)		06/20/18		(5,776,875	)		(169,597	)
2 Year U.S. Treasury Notes		(30	)		06/29/18		(6,378,281	)		284
5 Year U.S. Treasury Notes		(144	)		06/29/18		(16,482,375	)		(62,329	)
Total									$	(232,100	)
TOTAL									$	720,363

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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2018, 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)
3M LIBOR(b)		2.206%	09/04/19		$32,440	$	4,565		$	702		$	3,863
3M LIBOR(c)		2.139(d)	11/20/20		26,980		(302,413	)		(29,507	)		(272,906	)
2.851%(d)		3M LIBOR(c)	09/04/23		11,400		(54,970	)		7,771			(62,741	)
2.275(d)		3M LIBOR(c)	11/20/23		11,720		266,217			19,803			246,415
2.882(d)		3M LIBOR(c)	02/28/25		2,550		(20,976	)		(6,270	)		(14,706	)
TOTAL									$	(7,501	)	$	(100,075	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2018.

(b) Payments made at the termination date.

(c) Payments made quarterly.

(d) Payments made semi-annually.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Eurodollar Futures	$98.00		06/15/2018		19	$	47,500	$	32,300	$	5,268	$	27,032

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
1Y IRS	JPMorgan Securities, Inc.		2.75		03/06/2019		3,600,000			3,600,000			69,549			60,000			9,549
Written option contracts
Puts
1Y IRS	JPMorgan Securities, Inc.		2.79		03/06/2019		(1,600,000	)		(1,600,000	)		(74,429	)		(60,000	)		(14,429	)
TOTAL							2,000,000		$	2,000,000		$	(4,880	)	$	—		$	(4,880	)

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2018

	Emerging Markets Debt Fund
Assets:
Investments of unaffiliated issuers, at value (cost $2,425,567,510, $2,946,234,000, $3,885,194,398, $397,732,818, $285,064,557, $12,393,624 and $554,629,806)	$	2,417,384,557
Investments of affiliated issuers, at value (cost $47,535,587, $70,645,693, $432,148,920, $11,237,208, $21,553, $12,156,819 and $16,257,764)		47,535,587
Purchased options (cost $49,351, $37,152, $0, $4,436, $5,545, $0, $65,268)		302,600
Cash		47,044,478
Foreign currencies, at value (cost $4,435,778, $17,656, $38,550, $15,890, $14,463,505, $57,556 and $0, respectively)		4,449,173
Unrealized gain on swap contracts		600,108
Unrealized gain on forward foreign currency exchange contracts		6,559,771
Variation margin on futures		—
Variation margin on swaps		—
Receivables:
Investments sold		41,038,412
Collateral on certain derivative contracts(a)		61,398,534
Interest and dividends		31,250,178
Fund shares sold		4,250,537
Upfront payments made on swap contracts		1,494,751
Reimbursement from Investment Adviser		129,684
Investments sold on an extended-settlement basis		—
Foreign tax reclaims		—
Other assets		74,950
Total assets		2,663,513,320
Liabilities:
Reverse Repurchase Agreement, at value		3,240,000
Forward sale contracts, at value (proceeds received $0, $0, $0, $0, $0, $0 and $79,897,461, respectively)		—
Unrealized loss on swap contracts		7,370,454
Unrealized loss on forward foreign currency exchange contracts		7,888,502
Variation margin on futures		35
Variation margin on swaps		199,910
Written option contracts, at value (premium received $0, $0, $0, $0, $0, $0 and $60,000, respectively)		—
Payables:
Investments purchased		39,772,492
Fund shares redeemed		6,306,238
Management fees		1,699,345
Upfront payments received on swap contracts		1,051,224
Distributions payable		691,904
Distribution and Service fees and Transfer Agency fees		160,460
Collateral on certain derivative contracts(b)		—
Investments purchased on an extended — settlement basis		—
Due to broker — upfront payment		—
Collateral on Reverse Repurchase agreements(b)		—
Accrued expenses		260,688
Total liabilities		68,641,252
Net Assets:
Paid-in capital		2,658,799,704
Undistributed (distributions in excess of) net investment income		(15,228,141	)
Accumulated net realized gain (loss)		(33,132,768	)
Net unrealized gain (loss)		(15,566,727	)
NET ASSETS	$	2,594,872,068
Net Assets:
Class A	$	105,098,260
Class C		34,848,323
Institutional		1,984,662,361
Service		—
Separate Account Institutional		—
Investor		175,664,399
Class R		—
Class R6		294,598,725
Total Net Assets	$	2,594,872,068
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,292,442
Class C		2,750,932
Institutional		156,402,903
Service		—
Separate Account Institutional		—
Investor		13,843,825
Class R		—
Class R6		23,219,520
Net asset value, offering and redemption price per share:(c)
Class A		$12.67
Class C		12.67
Institutional		12.69
Service		—
Separate Account Institutional		—
Investor		12.69
Class R		—
Class R6		12.69

(a) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Forwards		Futures		Swaps
Emerging Markets Debt Fund		45,670,000		952,532		14,776,002
High Yield Fund		—		2,157,976		288,903
High Yield Floating Rate Fund		920,000		1,167,815		3,885,241
Investment Grade Credit Fund		—		345,000		573,949
Local Emerging Markets Debt Fund		11,360,000		277,008		2,625,022
Total Emerging Markets Income Fund		—		127,100		—
U.S. Mortgages Fund		—		820,000		389,529

(b) Includes segregated cash for initial margin and/or collateral on TBA transactions of $10,000 for the U.S. Mortgages Fund. Also includes segregated cash for initial margin and/ or collateral on reverse repurchase agreements of $320,000 and $513,000 for the High Yield and High Yield Floating Rate Funds, respectively.

(c) Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt, Total Emerging Markets Income and U.S. Mortgages Funds is $13.27, $6.64, $9.87, $9.36, $7.21, $9.34 and $10.61, 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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund			Local Emerging Markets Debt Fund			Total Emerging Markets Income Fund			U.S. Mortgages Fund
$	2,894,151,394		$	3,855,432,937		$	397,593,320		$	292,922,827		$	11,804,950		$	550,359,738
	70,637,473			432,156,378			11,237,208			21,553			12,373,676			16,257,764
	227,800			—			27,200			34,000			—			101,849
	41,349,576			65,207,465			7,258,893			1,223,627			382,729			10,907,486
	17,814			39,533			14,385			14,326,254			57,881			—
	—			—			—			218,516			—			—
	—			32,069			—			2,764,957			—			—
	296			43			—			—			—			—
	2,365			525,481			8,516			65,863			—			6,441
	12,858,211			7,571,190			2,900,443			5,165,446			17,283			3,463,194
	2,446,879			5,973,056			918,949			14,262,030			127,100			1,209,529
	45,379,114			21,737,994			3,523,657			5,053,446			69,596			1,566,442
	2,349,586			7,027,408			75,110			1,609,860			119			553,179
	—			—			—			206,435			—			—
	—			—			—			—			112,606			—
	7,707,543			76,974,039			1,901,501			12,601			—			121,128,086
	4,432			—			—			—			12			—
	67,704			90,625			37,541			48,385			—			47,188
	3,077,200,187			4,472,768,218			425,496,723			337,935,800			24,945,952			705,600,896
	21,683,676			8,753,913			—			—			—			—
	—			—			—			—			—			80,253,907
	—			—			—			1,470,687			—			—
	—			255,277			1,164			2,632,840			7			—
	—			—			33			8			108			50
	—			—			—			—			—			—
	—			—			—			—			—			74,429
	24,399,738			381,571			8,537,928			4,797,005			3,188			3,491,057
	8,130,214			7,183,374			839,412			484,025			—			642,349
	1,732,928			1,835,194			116,982			216,054			—			139,526
	—			—			—			165,438			—			—
	990,757			70,822			50,081			37,645			—			45,174
	187,602			142,318			17,438			19,294			1,351			35,659
	—			—			—			—			—			10,000
	23,153,709			323,424,627			3,856,462			27,039			—			134,085,183
	—			—			—			32,666			—			—
	320,000			513,000			—			—			—			—
	279,530			394,923			125,265			314,914			161,960			195,191
	80,878,154			342,955,019			13,544,765			10,197,615			166,614			218,972,525
	3,412,242,018			4,334,551,155			413,307,791			473,686,590			24,235,313			504,701,931
	2,991,555			(185,331	)		326,739			(12,022,304	)		—			(45,171	)
	(364,727,056	)		(172,377,187	)		(1,566,211	)		(140,959,157	)		926,824			(14,044,315	)
	(54,184,484	)		(32,175,438	)		(116,361	)		7,033,056			(382,799	)		(3,984,074	)
$	2,996,322,033		$	4,129,813,199		$	411,951,958		$	327,738,185		$	24,779,338		$	486,628,371
$	179,807,342		$	4,259,229		$	10,198,054		$	8,880,016		$	1,006,029		$	24,967,199
	33,220,552			2,443,072			—			7,115,113			130,393			—
	2,488,696,699			3,906,448,983			163,228,987			245,126,724			23,446,303			80,298,082
	11,172,087			—			—			—			—			—
	—			—			233,908,156			—			—			221,302,560
	25,258,600			5,598,841			4,599,530			10,262,550			136,729			154,956,824
	14,067,896			78,516			—			—			49,473			—
	244,098,857			210,984,558			17,231			56,353,782			10,411			5,103,706
$	2,996,322,033		$	4,129,813,199		$	411,951,958		$	327,738,185		$	24,779,338		$	486,628,371
	28,374,734			441,318			1,131,665			1,288,856			112,780			2,446,331
	5,238,275			253,094			—			1,034,205			14,587			—
	391,767,626			404,357,494			18,107,231			35,674,651			2,621,231			7,848,971
	1,765,033			—			—			—			—			—
	—			—			25,941,998			—			—			21,679,992
	3,978,790			579,018			510,164			1,493,509			15,300			15,144,955
	2,221,704			8,134			—			—			5,531			—
	38,378,621			21,826,231			1,911			8,206,390			1,164			498,674
	$6.34			$9.65			$9.01			$6.89			$8.92			$10.21
	6.34			9.65			—			6.88			8.94			—
	6.35			9.66			9.01			6.87			8.94			10.23
	6.33			—			—			—			—			—
	—			—			9.02			—			—			10.21
	6.35			9.67			9.02			6.87			8.94			10.23
	6.33			9.65			–			–			8.95			–
	6.36			9.67			9.02			6.87			8.95			10.23

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2018

	Emerging Markets Debt Fund
Investment income:
Interest (net of foreign withholding taxes of $56,472, $9,010, $0, $101, $251,467, $6,343 and $0, respectively)	$	126,440,175
Dividends — affiliated issuers		363,711
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $0, $0, $0, $0, $1,127 and $0, respectively)		—
Total investment income		126,803,886
Expenses:
Management fees		18,159,784
Custody, accounting and administrative services		475,942
Professional fees		181,026
Transfer Agency fees(a)		1,155,127
Distribution and Service fees(a)		600,886
Printing and mailing costs		533,933
Trustee fees		22,106
Registration fees		71,173
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Prime Broker Fees		81,402
Other		109,265
Total expenses		21,390,644
Less — expense reductions		(744,393	)
Net expenses		20,646,251
NET INVESTMENT INCOME		106,157,635
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		13,766,564
Investments — affiliated issuers		—
Purchased options		182,356
Futures contracts		(6,787,583	)
Swap contracts		(2,984,528	)
Forward foreign currency exchange contracts		(19,233,420	)
Foreign currency transactions		5,604,960
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $19,384 and $3,703 for the Local Emerging Markets Debt and Total Emerging Markets Income Funds, respectively)		(11,977,898	)
Investments — affiliated issuers		—
Purchased options		253,249
Futures contracts		3,756,825
Written options		—
Swap contracts		(5,930,566	)
Forward foreign currency exchange contracts		(1,517,177	)
Foreign currency translation		30,911
Net realized and unrealized gain (loss)		(24,836,307	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	81,321,328

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

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Separate Account Institutional		Investor(b)		Class R		Class R6(c)
Emerging Markets Debt	$	258,262	$	342,624	$	—	$	134,296	$	44,541	$	785,724	$	—	$	—	$	171,574	$	—	$	18,992
High Yield		515,851		397,722		72,502		268,242		51,704		1,221,777		4,722		—		40,042		18,851		18,093
High Yield Floating Rate		12,473		25,683		182		6,486		3,339		1,637,802		—		—		4,867		47		5,244
Investment Grade Credit		44,210		—		—		22,989		—		63,615		—		94,583		5,925		—		4
Local Emerging Markets Debt		20,713		63,011		—		10,772		8,191		106,971		—		—		9,101		—		2,156
Total Emerging Markets Income		1,647		1,385		149		857		180		8,941		—		—		224		39		1
U.S. Mortgages		97,407		—		—		50,653		—		27,397		—		89,589		190,456		—		1,081

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(c) Class R6 Shares commenced operations on November 30, 2017 for the High Yield Floating Rate, Local Emerging Markets Debt and Total Emerging Markets Income Funds.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund			Local Emerging Markets Debt Fund			Total Emerging Markets Income Fund			U.S. Mortgages Fund
$	204,953,357		$	192,213,313		$	14,862,238		$	19,748,938		$	1,000,347		$	9,917,452
	1,375,291			3,668,384			47,743			165,396			156,520			668,902
	1,183,788			339,374			—			—			14,739			—
	207,512,436			196,221,071			14,909,981			19,914,334			1,171,606			10,586,354
	23,016,987			22,228,948			1,500,943			2,466,391			194,005			1,729,655
	275,827			1,096,462			108,228			394,079			199,928			273,258
	173,867			147,541			123,601			142,798			197,134			114,054
	1,623,431			1,657,785			187,116			137,191			10,242			359,176
	986,075			38,338			44,210			83,724			3,181			97,407
	205,084			129,040			49,803			40,759			47,806			105,788
	24,311			25,356			18,638			18,348			17,914			18,803
	58,625			27,350			23,352			10,756			63,625			67,580
	29,514			—			—			—			—			—
	29,514			—			—			—			—			—
	—			1,719			—			27,778			—			—
	127,852			161,978			16,101			15,694			15,981			16,686
	26,551,087			25,514,517			2,071,992			3,337,518			749,816			2,782,407
	(323,429	)		(623,650	)		(409,804	)		(531,249	)		(568,723	)		(448,336	)
	26,227,658			24,890,867			1,662,188			2,806,269			181,093			2,334,071
	181,284,778			171,330,204			13,247,793			17,108,065			990,513			8,252,283
	(12,297,403	)		(81,167,227	)		2,566,123			(17,568,916	)		886,388			(1,769,478	)
	(56,018	)		(9,935	)		—			—			(13,814	)		—
	137,153			—			16,438			21,061			2,532			(488,772	)
	2,254,380			5,429,698			1,051,076			339,721			1,138,990			(1,237,486	)
	(2,521,136	)		(2,403,481	)		264,872			(8,825,047	)		(88,556	)		(350,102	)
	(2,043,029	)		(2,568,571	)		(436,546	)		3,358,544			293,061			—
	226,993			438,584			94,916			3,801,920			43,734			—
	(98,504,224	)		48,886,213			(5,962,734	)		31,991,280			(1,266,806	)		(4,640,192	)
	680			6,234			—			—			216,857			—
	190,648			—			22,764			28,455			—			36,581
	(2,216,473	)		(1,027,462	)		120,229			(211,533	)		(12,836	)		833,158
	—			—			—			—			—			(14,429	)
	909,476			(60,562	)		(111,320	)		11,226,381			45,170			(94,086	)
	217,003			(136,244	)		5,702			(1,225,811	)		(83,561	)		—
	(900	)		46,017			2,439			(97,181	)		(3,144	)		—
	(113,702,850	)		(32,566,736	)		(2,366,041	)		22,838,874			1,158,015			(7,724,806	)
$	67,581,928		$	138,763,468		$	10,881,752		$	39,946,939		$	2,148,528		$	527,477

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	106,157,635		$	74,861,724
Net realized gain (loss)		(9,451,651	)		(1,057,513	)
Net change in unrealized gain (loss)		(15,384,656	)		34,530,984
Net increase in net assets resulting from operations		81,321,328			108,335,195
Distributions to shareholders:
From net investment income
Class A Shares		(4,308,701	)		(5,945,499	)
Class C Shares		(1,177,882	)		(1,155,112	)
Institutional Shares		(88,544,473	)		(63,502,070	)
Service Shares		—			—
Separate Account Institutional		—			—
Investor Shares(a)		(5,693,368	)		(1,808,624	)
Class R
Class R6(b)		(2,591,065	)		(431,204	)
Return of capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Investor Shares(a)		—			—
Class R Shares		—			—
Class R6 Shares(b)		—			—
Total distributions to shareholders		(102,315,489	)		(72,842,509	)
From share transactions:
Proceeds from sales of shares		1,530,129,611			1,426,968,672
Reinvestment of distributions		87,912,113			60,658,744
Cost of shares redeemed		(908,618,230	)(c)		(666,845,522	)(c)
Net increase (decrease) in net assets resulting from share transactions		709,423,494			820,781,894
TOTAL INCREASE (DECREASE)		688,429,333			856,274,580
Net assets:
Beginning of year		1,906,442,735			1,050,168,155
End of year	$	2,594,872,068		$	1,906,442,735
Undistributed (distributions in excess of) net investment income	$	(15,228,141	)	$	(3,824,073	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 Shares commenced operations on November 30, 2017, for the High Yield Floating Rate, Local Emerging Markets Debt and Total Emerging Markets Income Funds.

(c) Net of $33,573 and $ 41,830, of redemption fees for Emerging Markets Debt Fund for the fiscal year ended March 31, 2018 and the fiscal year ended March 31, 2017, respectively.

(d) Net of $270,211 and $451,200 of redemption fees for the High Yield Fund for the fiscal year ended March 31, 2018 and the fiscal year ended March 31, 2017, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

High Yield Fund						High Yield Floating Rate Fund						Investment Grade Credit Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	181,284,778		$	215,331,726		$	171,330,204		$	140,925,266		$	13,247,793		$	13,538,543
	(14,299,060	)		(2,549,799	)		(80,280,932	)		(21,348,489	)		3,556,879			1,874,383
	(99,403,790	)		326,577,888			47,714,196			108,384,890			(5,922,920	)		(2,171,997	)
	67,581,928			539,359,815			138,763,468			227,961,667			10,881,752			13,240,929
	(10,241,773	)		(17,291,548	)		(186,589	)		(289,856	)		(511,079	)		(885,653	)
	(1,676,859	)		(2,337,108	)		(76,898	)		(63,279	)		—			—
	(161,342,858	)		(183,075,976	)		(166,701,916	)		(137,722,950	)		(5,107,958	)		(4,691,089	)
	(563,487	)		(702,583	)		—			—			—			—
	—			—			—			—			(7,604,690	)		(7,943,476	)
	(1,604,817	)		(733,895	)		(146,731	)		(67,935	)		(142,427	)		(58,731	)
	(681,938	)		(760,850	)		(1,270	)		(409	)		—			—
	(3,902,672	)		(9,773,930	)		(601,948	)		—			(478	)		(359	)
	—			—			(2,391	)		(5,685	)		—			—
	—			—			(986	)		(1,241	)		—			—
	—			—			(2,136,425	)		(2,701,236	)		—			—
	—			—			(1,880	)		(1,332	)		—			—
	—			—			(16	)		(8	)		—			—
	—			—			(7,715	)		—			—			—
	(180,014,404	)		(214,675,890	)		(169,864,765	)		(140,853,931	)		(13,366,632	)		(13,579,308	)
	713,721,586			1,209,892,889			1,402,104,424			1,308,793,468			111,286,655			97,497,438
	166,715,961			201,824,053			168,926,308			140,018,791			12,689,574			12,582,273
	(1,723,613,963	)(d)		(1,600,986,057	)(d)		(1,320,617,241	)		(852,846,363	)		(138,316,654	)		(106,006,267	)
	(843,176,416	)		(189,269,115	)		250,413,491			595,965,896			(14,340,425	)		4,073,444
	(955,608,892	)		135,414,810			219,312,194			683,073,632			(16,825,305	)		3,735,065
	3,951,930,925			3,816,516,115			3,910,501,005			3,227,427,373			428,777,263			425,042,198
$	2,996,322,033		$	3,951,930,925		$	4,129,813,199		$	3,910,501,005		$	411,951,958		$	428,777,263
$	2,991,555		$	(550,605	)	$	(185,331	)	$	82,603		$	326,739		$	891,662

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Local Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
From operations:
Net investment income	$	17,108,065		$	25,729,792
Net realized gain (loss)		(18,872,717	)		(126,344,062	)
Net change in unrealized gain (loss)		41,711,591			121,796,602
Net increase in net assets resulting from operations		39,946,939			21,182,332
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Separate Account Institutional		—			—
Investor Shares(a)		—			—
Class R Shares		—			—
Class R6 Shares(b)		—			—
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Investor Shares(a)		—			—
Class R Shares		—			—
Class R6 Shares(b)		—			—
Return of capital
Class A Shares		(460,020	)		(5,885,487	)
Class C Shares		(300,844	)		(303,807	)
Institutional Shares		(15,603,159	)		(21,519,212	)
Separate Account Institutional		—			—
Investor Shares(a)		(401,902	)		(667,879	)
Class R Shares		—			—
Class R6 Shares(b)		(399,831	)		—
Total distributions to shareholders		(17,165,756	)		(28,376,385	)
From share transactions:
Proceeds from sales of shares		174,651,473			177,347,686
Reinvestment of distributions		16,826,351			28,088,048
Cost of shares redeemed		(241,718,437	)(c)		(403,185,901	)(c)
Net increase (decrease) in net assets resulting from share transactions		(50,240,613	)		(197,750,167	)
TOTAL INCREASE (DECREASE)		(27,459,430	)		(204,944,220	)
Net assets:
Beginning of year		355,197,615			560,141,835
End of year	$	327,738,185		$	355,197,615
Undistributed (distributions in excess of) net investment income	$	(12,022,304	)	$	(57,952,172	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 Shares commenced operations on November 30, 2017 for the High Yield Floating Rate, Local Emerging Markets Debt and Total Emerging Markets Income Funds.

(c) Net of $3,655 and $33,657 of redemption fees for the Local Emerging Markets Debt Fund for the fiscal year ended March 31, 2018 and the fiscal year ended March 31, 2017, respectively.

(d) Net of $0 and $71 of redemption fees for the Total Emerging Markets Income Fund for the fiscal year ended March 31, 2018 and the fiscal year ended March 31, 2017, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Total Emerging Markets Income Fund						U.S. Mortgages Fund
For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2017
$	990,513		$	1,896,982		$	8,252,283		$	4,909,412
	2,262,335			(348,403	)		(3,845,838	)		(1,459,621	)
	(1,104,320	)		1,153,705			(3,878,968	)		(2,240,654	)
	2,148,528			2,702,284			527,477			1,209,137
	(13,443	)		(6,829	)		(845,502	)		(1,115,141	)
	(2,742	)		(1,368	)		—			—
	(554,838	)		(998,362	)		(1,725,183	)		(1,594,439	)
	—			—			—			—
	—			—			(5,644,645	)		(5,623,517	)
	(4,380	)		(2,350	)		(3,547,313	)		(667,660	)
	(611	)		(565	)		—			—
	(48	)		—			(100,047	)		(6,500	)
	(8,669	)		(3,353	)		—			—
	(1,768	)		(672	)		—			—
	(357,819	)		(490,266	)		—			—
	(2,824	)		(1,154	)		—			—
	(394	)		(278	)		—			—
	(31	)		—			—			—
	—			(2,445	)		(14,728	)		—
	—			(490	)		—			—
	—			(357,522	)		(30,052	)		—
	—			—			(98,329	)		—
	—			(842	)		(61,794	)		—
	—			(202	)		—			—
	—			—			(1,743	)		—
	(947,567	)		(1,866,698	)		(12,069,336	)		(9,007,257	)
	6,504,279			10,762,897			190,110,099			271,623,976
	822,445			780,988			11,478,938			8,031,798
	(5,800,872	)(d)		(29,922,497	)(d)		(176,960,473	)		(112,659,420	)
	1,525,852			(18,378,612	)		24,628,564			166,996,354
	2,726,813			(17,543,026	)		13,086,705			159,198,234
	22,052,525			39,595,551			473,541,666			314,343,432
$	24,779,338		$	22,052,525		$	486,628,371		$	473,541,666
$	—		$	(1,289,537	)	$	(45,171	)	$	(57,890	)

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	12.73	$	0.56	$	(0.08	)	$	0.48		$	(0.54	)	$	—		$	—		$	(0.54	)
2018 - C		12.72		0.46		(0.07	)		0.39			(0.44	)		—			—			(0.44	)
2018 - Institutional		12.74		0.60		(0.07	)		0.53			(0.58	)		—			—			(0.58	)
2018 - Investor(d)		12.74		0.58		(0.06	)		0.52			(0.57	)		—			—			(0.57	)
2018 - R6		12.74		0.60		(0.07	)		0.53			(0.58	)		—			—			(0.58	)
2017 - A		12.25		0.60		0.46			1.06			(0.58	)		—			—			(0.58	)
2017 - C		12.24		0.50		0.47			0.97			(0.49	)		—			—			(0.49	)
2017 - Institutional		12.26		0.63		0.47			1.10			(0.62	)		—			—			(0.62	)
2017 - Investor(d)		12.26		0.61		0.48			1.09			(0.61	)		—			—			(0.61	)
2017 - R6		12.26		0.60		0.51			1.11			(0.63	)		—			—			(0.63	)
2016 - A		12.33		0.61		(0.09	)		0.52			(0.60	)		—			—			(0.60	)
2016 - C		12.33		0.51		(0.09	)		0.42			(0.51	)		—			—			(0.51	)
2016 - Institutional		12.35		0.64		(0.08	)		0.56			(0.65	)		—			—			(0.65	)
2016 - Investor(d)		12.35		0.64		(0.09	)		0.55			(0.64	)		—			—			(0.64	)
2016 - R6 (Commenced July 31, 2015)		12.18		0.46		0.06			0.52			(0.44	)		—			—			(0.44	)
2015 - A		12.40		0.52		(0.07	)		0.45			(0.52	)		—			—			(0.52	)
2015 - C		12.39		0.43		(0.07	)		0.36			(0.42	)		—			—			(0.42	)
2015 - Institutional		12.41		0.57		(0.07	)		0.50			(0.56	)		—			—			(0.56	)
2015 - Investor(d)		12.41		0.56		(0.07	)		0.49			(0.55	)		—			—			(0.55	)
2014 - A		13.28		0.55		(0.70	)		(0.15	)		(0.50	)		(0.20	)		(0.03	)		(0.73	)
2014 - C		13.27		0.46		(0.70	)		(0.24	)		(0.41	)		(0.20	)		(0.03	)		(0.64	)
2014 - Institutional		13.29		0.59		(0.69	)		(0.10	)		(0.55	)		(0.20	)		(0.03	)		(0.78	)
2014 - Investor(d)		13.29		0.58		(0.69	)		(0.11	)		(0.54	)		(0.20	)		(0.03	)		(0.77	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Annualized.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	12.67		3.75	%	$	105,098		1.20	%		1.23	%		4.32	%		70	%
	12.67		3.07			34,848		1.95			1.98			3.60			70
	12.69		4.18			1,984,662		0.86			0.89			4.65			70
	12.69		4.09			175,664		0.95			0.98			4.51			70
	12.69		4.20			294,599		0.84			0.89			4.67			70
	12.73		8.79			103,548		1.23			1.24			4.73			89
	12.72		7.98			32,597		1.98			1.99			3.94			89
	12.74		9.15			1,656,148		0.89			0.90			4.95			89
	12.74		9.05			85,556		0.98			0.99			4.79			89
	12.74		9.17			28,593		0.87			0.88			4.76			89
	12.25		4.43			109,830		1.23			1.27			5.02			99
	12.24		3.57			27,645		1.98			2.02			4.26			99
	12.26		4.70			895,309		0.89			0.93			5.30			99
	12.26		4.60			16,927		0.98			1.02			5.26			99
	12.26		4.41			458		0.87	(e)		0.92	(e)		5.84	(e)		99
	12.33		3.60			94,832		1.24			1.25			4.17			113
	12.33		2.92			30,935		1.99			2.00			3.42			113
	12.35		4.04			1,566,532		0.90			0.91			4.52			113
	12.35		3.94			14,423		0.99			1.00			4.41			113
	12.40		(0.88	)		100,723		1.25			1.26			4.38			121
	12.39		(1.63	)		32,020		2.00			2.01			3.65			121
	12.41		(0.54	)		1,296,153		0.91			0.92			4.76			121
	12.41		(0.63	)		16,552		1.00			1.01			4.65			121

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	6.57	$	0.33	$	(0.24	)	$	0.09		$	(0.32	)	$	—		$	—		$	(0.32	)
2018 - C		6.57		0.28		(0.23	)		0.05			(0.28	)		—			—			(0.28	)
2018 - Institutional		6.58		0.35		(0.23	)		0.12			(0.35	)		—			—			(0.35	)
2018 - Service		6.56		0.31		(0.23	)		0.08			(0.31	)		—			—			(0.31	)
2018 - Investor(d)		6.58		0.34		(0.23	)		0.11			(0.34	)		—			—			(0.34	)
2018 - R		6.56		0.31		(0.23	)		0.08			(0.31	)		—			—			(0.31	)
2018 - R6		6.59		0.35		(0.23	)		0.12			(0.35	)		—			—			(0.35	)
2017 - A		6.02		0.34		0.55			0.89			(0.34	)		—			—			(0.34	)
2017 - C		6.03		0.29		0.54			0.83			(0.29	)		—			—			(0.29	)
2017 - Institutional		6.04		0.36		0.54			0.90			(0.36	)		—			—			(0.36	)
2017 - Service		6.02		0.33		0.54			0.87			(0.33	)		—			—			(0.33	)
2017 - Investor(d)		6.03		0.36		0.55			0.91			(0.36	)		—			—			(0.36	)
2017 - R		6.02		0.32		0.54			0.86			(0.32	)		—			—			(0.32	)
2017 - R6		6.05		0.36		0.54			0.90			(0.36	)		—			—			(0.36	)
2016 - A		6.80		0.35		(0.77	)		(0.42	)		(0.34	)		—			(0.02	)		(0.36	)
2016 - C		6.81		0.30		(0.77	)		(0.47	)		(0.30	)		—			(0.01	)		(0.31	)
2016 - Institutional		6.82		0.38		(0.78	)		(0.40	)		(0.36	)		—			(0.02	)		(0.38	)
2016 - Service		6.79		0.34		(0.76	)		(0.42	)		(0.33	)		—			(0.02	)		(0.35	)
2016 - Investor(d)		6.81		0.37		(0.78	)		(0.41	)		(0.35	)		—			(0.02	)		(0.37	)
2016 - R		6.80		0.34		(0.78	)		(0.44	)		(0.33	)		—			(0.01	)		(0.34	)
2016 - R6 (Commenced July 31, 2015)		6.65		0.24		(0.59	)		(0.35	)		(0.24	)		—			(0.01	)		(0.25	)
2015 - A		7.23		0.37		(0.28	)		0.09			(0.38	)		(0.14	)		—	(f)		(0.52	)
2015 - C		7.24		0.32		(0.29	)		0.03			(0.32	)		(0.14	)		—	(f)		(0.46	)
2015 - Institutional		7.25		0.40		(0.29	)		0.11			(0.40	)		(0.14	)		—	(f)		(0.54	)
2015 - Service		7.23		0.36		(0.30	)		0.06			(0.36	)		(0.14	)		—	(f)		(0.50	)
2015 - Investor(d)		7.25		0.39		(0.30	)		0.09			(0.39	)		(0.14	)		—	(f)		(0.53	)
2015 - R		7.23		0.35		(0.28	)		0.07			(0.36	)		(0.14	)		—	(f)		(0.50	)
2014 - A		7.40		0.43		0.09			0.52			(0.43	)		(0.26	)		—			(0.69	)
2014 - C		7.41		0.38		0.08			0.46			(0.37	)		(0.26	)		—			(0.63	)
2014 - Institutional		7.42		0.46		0.08			0.54			(0.45	)		(0.26	)		—			(0.71	)
2014 - Service		7.40		0.42		0.09			0.51			(0.42	)		(0.26	)		—			(0.68	)
2014 - Investor(d)		7.41		0.45		0.10			0.55			(0.45	)		(0.26	)		—			(0.71	)
2014 - R		7.40		0.41		0.09			0.50			(0.41	)		(0.26	)		—			(0.67	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Annualized.

(f) Amount is less than $0.005 per share.

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

GOLDMAN SACHS HIGH YIELD FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	6.34		1.37	%	$	179,807		1.05	%		1.08	%		5.00	%		69	%
	6.34		0.64			33,221		1.80			1.83			4.26			69
	6.35		1.72			2,488,697		0.73			0.74			5.32			69
	6.33		1.20			11,172		1.23			1.24			4.81			69
	6.35		1.65			25,259		0.80			0.83			5.25			69
	6.33		1.13			14,068		1.30			1.33			4.74			69
	6.36		1.74			244,099		0.71			0.71			5.33			69
	6.57		15.06			232,572		1.07			1.07			5.34			93
	6.57		14.02			46,396		1.82			1.82			4.59			93
	6.58		15.24			3,410,302		0.73			0.73			5.67			93
	6.56		14.70			12,089		1.23			1.23			5.17			93
	6.58		15.33			33,482		0.82			0.82			5.64			93
	6.56		14.60			14,817		1.32			1.32			5.08			93
	6.59		15.25			202,273		0.71			0.71			5.69			93
	6.02		(6.33	)		340,534		1.05			1.06			5.49			46
	6.03		(7.01	)		51,973		1.80			1.81			4.76			46
	6.04		(5.98	)		3,221,934		0.71			0.72			5.84			46
	6.02		(6.35	)		14,710		1.21			1.22			5.35			46
	6.03		(6.08	)		9,302		0.80			0.81			5.76			46
	6.02		(6.57	)		15,296		1.30			1.31			5.26			46
	6.05		(5.29	)		162,768		0.70	(e)		0.71	(e)		6.02	(e)		46
	6.80		1.21			483,328		1.06			1.06			5.30			55
	6.81		0.46			71,577		1.81			1.81			4.54			55
	6.82		1.56			4,975,618		0.72			0.72			5.62			55
	6.79		0.90			17,506		1.22			1.22			5.12			55
	6.81		1.32			13,971		0.81			0.81			5.54			55
	6.80		0.95			17,417		1.31			1.31			5.03			55
	7.23		7.41			549,354		1.05			1.05			5.95			48
	7.24		6.61			88,607		1.81			1.81			5.21			48
	7.25		7.77			4,436,484		0.72			0.72			6.30			48
	7.23		7.24			17,066		1.22			1.22			5.79			48
	7.25		7.68			15,142		0.81			0.81			6.22			48
	7.23		7.14			18,075		1.31			1.31			5.70			48

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.72	$	0.37	$	(0.07	)	$	0.30		$	(0.37	)	$	—		$	—	(f)	$	(0.37	)
2018 - C		9.72		0.30		(0.08	)		0.22			(0.29	)		—			—	(f)		(0.29	)
2018 - Institutional		9.73		0.40		(0.07	)		0.33			(0.39	)		—			(0.01	)		(0.40	)
2018 - Investor(e)		9.73		0.40		(0.07	)		0.33			(0.39	)		—			—	(f)		(0.39	)
2018 - R		9.73		0.34		(0.08	)		0.26			(0.34	)		—			—	(f)		(0.34	)
2018 - R6 (Commenced November 30, 2017)		9.69		0.13		(0.02	)		0.11			(0.13	)		—			—	(f)		(0.13	)
2017 - A		9.46		0.37		0.26			0.63			(0.36	)		—			(0.01	)		(0.37	)
2017 - C		9.46		0.30		0.26			0.56			(0.29	)		—			(0.01	)		(0.30	)
2017 - Institutional		9.47		0.40		0.27			0.67			(0.40	)		—			(0.01	)		(0.41	)
2017 - Investor(e)		9.48		0.39		0.26			0.65			(0.39	)		—			(0.01	)		(0.40	)
2017 - R		9.46		0.35		0.27			0.62			(0.34	)		—			(0.01	)		(0.35	)
2016 - A		9.92		0.37		(0.46	)		(0.09	)		(0.37	)		—			—			(0.37	)
2016 - C		9.92		0.30		(0.46	)		(0.16	)		(0.30	)		—			—			(0.30	)
2016 - Institutional		9.93		0.40		(0.46	)		(0.06	)		(0.40	)		—			—			(0.40	)
2016 - Investor(e)		9.94		0.39		(0.45	)		(0.06	)		(0.40	)		—			—			(0.40	)
2016 - R		9.92		0.35		(0.46	)		(0.11	)		(0.35	)		—			—			(0.35	)
2015 - A		10.07		0.34		(0.14	)		0.20			(0.35	)		—	(f)		—			(0.35	)
2015 - C		10.08		0.27		(0.15	)		0.12			(0.28	)		—	(f)		—			(0.28	)
2015 - Institutional		10.09		0.38		(0.16	)		0.22			(0.38	)		—	(f)		—			(0.38	)
2015 - Investor(e)		10.09		0.37		(0.14	)		0.23			(0.38	)		—	(f)		—			(0.38	)
2015 - R		10.08		0.32		(0.15	)		0.17			(0.33	)		—	(f)		—			(0.33	)
2014 - A		10.11		0.33		(0.02	)		0.31			(0.33	)		(0.02	)		—			(0.35	)
2014 - C		10.12		0.26		(0.03	)		0.23			(0.25	)		(0.02	)		—			(0.27	)
2014 - Institutional		10.13		0.37		(0.03	)		0.34			(0.36	)		(0.02	)		—			(0.38	)
2014 - Investor(e)		10.13		0.36		(0.03	)		0.33			(0.35	)		(0.02	)		—			(0.37	)
2014 - R		10.12		0.31		(0.03	)		0.28			(0.30	)		(0.02	)		—			(0.32	)

(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 dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder 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.

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Amount is less than $0.005 per share.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.65		3.00	%	$	4,259		0.94	%		0.96	%		3.83	%		44	%
	9.65		2.23			2,443		1.69			1.71			3.06			44
	9.66		3.45			3,906,449		0.60			0.62			4.16			44
	9.67		3.36			5,599		0.69			0.70			4.07			44
	9.65		2.74			79		1.19			1.21			3.54			44
	9.67		1.17			210,985		0.58	(d)		0.59	(d)		4.12	(d)		44
	9.72		6.87			7,030		0.95			0.96			3.83			55
	9.72		6.07			2,610		1.70			1.71			3.06			55
	9.73		7.12			3,896,724		0.61			0.62			4.16			55
	9.73		7.02			4,125		0.70			0.71			4.00			55
	9.73		6.61			12		1.19			1.20			3.59			55
	9.46		(0.89	)		6,668		0.95			0.96			3.80			42
	9.46		(1.63	)		1,760		1.70			1.72			3.09			42
	9.47		(0.55	)		3,217,752		0.61			0.63			4.17			42
	9.48		(0.64	)		1,237		0.70			0.72			4.10			42
	9.46		(1.13	)		11		1.19			1.20			3.60			42
	9.92		2.01			6,193		0.94			0.95			3.38			55
	9.92		1.15			1,936		1.69			1.70			2.71			55
	9.93		2.26			4,087,016		0.60			0.61			3.81			55
	9.94		2.27			811		0.70			0.71			3.72			55
	9.92		1.67			11		1.16			1.17			3.23			55
	10.07		3.09			24,741		0.96			0.97			3.28			44
	10.08		2.33			2,465		1.72			1.73			2.58			44
	10.09		3.45			4,171,873		0.63			0.63			3.65			44
	10.09		3.36			1,631		0.72			0.73			3.59			44
	10.08		2.83			11		1.21			1.22			3.08			44

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	9.06	$	0.26	$	(0.05	)	$	0.21		$	(0.26	)	$	—		$	(0.26	)
2018 - Institutional		9.06		0.29		(0.04	)		0.25			(0.30	)		—			(0.30	)
2018 - Separate Account Institutional		9.07		0.29		(0.04	)		0.25			(0.30	)		—			(0.30	)
2018 - Investor(d)		9.07		0.28		(0.04	)		0.24			(0.29	)		—			(0.29	)
2018 - R6		9.07		0.29		(0.04	)		0.25			(0.30	)		—			(0.30	)
2017 - A		9.08		0.27		(0.02	)		0.25			(0.27	)		—			(0.27	)
2017 - Institutional		9.08		0.30		(0.02	)		0.28			(0.30	)		—			(0.30	)
2017 - Separate Account Institutional		9.09		0.30		(0.02	)		0.28			(0.30	)		—			(0.30	)
2017 - Investor(d)		9.09		0.29		(0.02	)		0.27			(0.29	)		—			(0.29	)
2017 - R6		9.08		0.30		(0.01	)		0.29			(0.30	)		—			(0.30	)
2016 - A		9.47		0.30		(0.36	)		(0.06	)		(0.29	)		(0.04	)		(0.33	)
2016 - Institutional		9.48		0.33		(0.37	)		(0.04	)		(0.32	)		(0.04	)		(0.36	)
2016 - Separate Account Institutional		9.48		0.33		(0.36	)		(0.03	)		(0.32	)		(0.04	)		(0.36	)
2016 - Investor(d)		9.48		0.32		(0.35	)		(0.03	)		(0.32	)		(0.04	)		(0.36	)
2016 - R6 (Commenced July 31, 2016)		9.13		0.22		(0.02	)		0.20			(0.21	)		(0.04	)		(0.25	)
2015 - A		9.39		0.29		0.26			0.55			(0.29	)		(0.18	)		(0.47	)
2015 - Institutional		9.39		0.32		0.27			0.59			(0.32	)		(0.18	)		(0.50	)
2015 - Separate Account Institutional		9.39		0.32		0.27			0.59			(0.32	)		(0.18	)		(0.50	)
2015 - Investor(d)		9.39		0.31		0.27			0.58			(0.31	)		(0.18	)		(0.49	)
2014 - A		9.71		0.30		(0.18	)		0.12			(0.30	)		(0.14	)		(0.44	)
2014 - Institutional		9.71		0.34		(0.18	)		0.16			(0.34	)		(0.14	)		(0.48	)
2014 - Separate Account Institutional		9.71		0.33		(0.17	)		0.16			(0.34	)		(0.14	)		(0.48	)
2014 - Investor(d)		9.71		0.32		(0.17	)		0.15			(0.33	)		(0.14	)		(0.47	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Annualized.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.01		2.34	%	$	10,198		0.72	%		0.84	%		2.85	%		82	%
	9.01		2.69			163,229		0.38			0.48			3.18			82
	9.02		2.69			233,908		0.38			0.48			3.19			82
	9.02		2.60			4,600		0.47			0.57			3.10			82
	9.02		2.70			17		0.37			0.46			3.20			82
	9.06		2.75			32,514		0.72			0.87			2.93			63
	9.06		3.10			142,218		0.38			0.53			3.28			63
	9.07		3.10			249,971		0.38			0.53			3.28			63
	9.07		3.01			4,062		0.47			0.61			3.18			63
	9.07		3.23			12		0.38			0.51			3.28			63
	9.08		(0.53	)		28,037		0.72			0.86			3.28			79
	9.08		(0.29	)		156,202		0.38			0.52			3.62			79
	9.09		(0.18	)		239,713		0.38			0.52			3.62			79
	9.09		(0.27	)		1,080		0.47			0.61			3.53			79
	9.08		2.28			10		0.38	(e)		0.53	(e)		3.61	(e)		79
	9.47		5.94			29,522		0.72			0.86			3.07			84
	9.48		6.41			177,283		0.38			0.52			3.41			84
	9.48		6.41			259,668		0.38			0.52			3.40			84
	9.48		6.32			1,075		0.47			0.61			3.31			84
	9.39		1.41			24,839		0.72			0.85			3.22			86
	9.39		1.76			165,755		0.38			0.51			3.57			86
	9.39		1.76			286,845		0.38			0.51			3.56			86
	9.39		1.66			552		0.47			0.60			3.37			86

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	6.38	$	0.36	$	0.52		$	0.88		$	—		$	—		$	(0.37	)	$	(0.37	)
2018 - C		6.38		0.32		0.50			0.82			—			—			(0.32	)		(0.32	)
2018 - Institutional		6.37		0.38		0.50			0.88			—			—			(0.38	)		(0.38	)
2018 - Investor(e)		6.37		0.38		0.50			0.88			—			—			(0.38	)		(0.38	)
2018 - R6 (Commenced November 30, 2017)		6.48		0.14		0.37			0.51			—			—			(0.12	)		(0.12	)
2017 - A		6.36		0.33		0.04			0.37			—			—			(0.35	)		(0.35	)
2017 - C		6.37		0.27		0.04			0.31			—			—			(0.30	)		(0.30	)
2017 - Institutional		6.36		0.34		0.04			0.38			—			—			(0.37	)		(0.37	)
2017 - Investor(e)		6.35		0.33		0.06			0.39			—			—			(0.37	)		(0.37	)
2016 - A		6.96		0.34		(0.60	)		(0.26	)		—			—			(0.34	)		(0.34	)
2016 - C		6.98		0.29		(0.61	)		(0.32	)		—			—			(0.29	)		(0.29	)
2016 - Institutional		6.97		0.37		(0.62	)		(0.25	)		—			—			(0.36	)		(0.36	)
2016 - Investor(e)		6.96		0.34		(0.59	)		(0.25	)		—			—			(0.36	)		(0.36	)
2015 - A		8.43		0.37		(1.41	)		(1.04	)		—			—			(0.43	)		(0.43	)
2015 - C		8.44		0.33		(1.42	)		(1.09	)		—			—			(0.37	)		(0.37	)
2015 - Institutional		8.43		0.41		(1.41	)		(1.00	)		—			—			(0.46	)		(0.46	)
2015 - Investor(e)		8.43		0.41		(1.43	)		(1.02	)		—			—			(0.45	)		(0.45	)
2014 - A		9.71		0.40		(1.27	)		(0.87	)		(0.03	)		(0.13	)		(0.25	)		(0.41	)
2014 - C		9.72		0.34		(1.28	)		(0.94	)		—			(0.13	)		(0.21	)		(0.34	)
2014 - Institutional		9.71		0.43		(1.27	)		(0.84	)		(0.06	)		(0.13	)		(0.25	)		(0.44	)
2014 - Investor(e)		9.71		0.42		(1.27	)		(0.85	)		(0.05	)		(0.13	)		(0.25	)		(0.43	)

(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. 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.

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	6.89		13.93	%	$	8,880		1.22	%		1.44	%		5.47	%		112	%
	6.88		13.10			7,115		1.96			2.18			4.77			112
	6.87		14.29			245,127		0.92			1.10			5.80			112
	6.87		14.24			10,263		0.97			1.16			5.78			112
	6.87		7.88			56,354		0.90	(d)		0.87	(d)		6.04	(d)		112
	6.38		6.21			11,295		1.24			1.48			5.17			111
	6.38		5.08			6,202		1.98			2.21			4.27			111
	6.37		6.20			332,212		0.91			1.12			5.35			111
	6.37		6.30			5,489		0.98			1.21			5.28			111
	6.36		(3.54	)		140,623		1.25			1.40			5.31			100
	6.37		(4.38	)		6,574		2.00			2.15			4.58			100
	6.36		(3.35	)		403,203		0.91			1.06			5.67			100
	6.35		(3.45	)		9,741		0.99			1.14			5.55			100
	6.96		(12.92	)		140,301		1.25			1.36			4.76			145
	6.98		(13.43	)		9,734		2.01			2.14			4.04			145
	6.97		(12.50	)		1,234,553		0.92			1.05			5.11			145
	6.96		(12.70	)		3,386		1.01			1.14			5.06			145
	8.43		(9.01	)		96,925		1.25			1.36			4.55			146
	8.44		(9.68	)		17,641		2.01			2.12			3.80			146
	8.43		(8.70	)		1,797,975		0.92			1.02			4.88			146
	8.43		(8.78	)		7,518		1.01			1.11			4.73			146

The accompanying notes are an integral part of these financial statements. 143

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	8.48	$	0.32	$	0.45		$	0.77		$	(0.21	)	$	(0.12	)	$	—		$	(0.33	)
2018 - C		8.50		0.29		0.43			0.72			(0.17	)		(0.11	)		—			(0.28	)
2018 - Institutional		8.49		0.37		0.44			0.81			(0.22	)		(0.14	)		—			(0.36	)
2018 - Investor(e)		8.48		0.38		0.43			0.81			(0.21	)		(0.14	)		—			(0.35	)
2018 - R		8.50		0.31		0.45			0.76			(0.19	)		(0.12	)		—			(0.31	)
2018 - R6 (Commenced November 30, 2017)		8.66		0.08		0.28			0.36			(0.04	)		(0.03	)		—			(0.07	)
2017 - A		8.24		0.40		0.23			0.63			(0.22	)		(0.10	)		(0.07	)		(0.39	)
2017 - C		8.26		0.32		0.24			0.56			(0.18	)		(0.08	)		(0.06	)		(0.32	)
2017 - Institutional		8.27		0.43		0.21			0.64			(0.23	)		(0.11	)		(0.08	)		(0.42	)
2017 - Investor(e)		8.25		0.40		0.24			0.64			(0.24	)		(0.10	)		(0.07	)		(0.41	)
2017 - R		8.26		0.37		0.24			0.61			(0.20	)		(0.10	)		(0.07	)		(0.37	)
2016 - A		8.59		0.36		(0.36	)		—			(0.01	)		—			(0.34	)		(0.35	)
2016 - C		8.61		0.30		(0.36	)		(0.06	)		(0.01	)		—			(0.28	)		(0.29	)
2016 - Institutional		8.62		0.40		(0.37	)		0.03			(0.01	)		—			(0.37	)		(0.38	)
2016 - Investor(e)		8.60		0.39		(0.37	)		0.02			(0.01	)		—			(0.36	)		(0.37	)
2016 - R		8.62		0.34		(0.37	)		(0.03	)		(0.01	)		—			(0.32	)		(0.33	)
2015 - A		9.45		0.37		(0.86	)		(0.49	)		(0.34	)		—			(0.03	)		(0.37	)
2015 - C		9.46		0.32		(0.87	)		(0.55	)		(0.27	)		—			(0.03	)		(0.30	)
2015 - Institutional		9.46		0.42		(0.86	)		(0.44	)		(0.37	)		—			(0.03	)		(0.40	)
2015 - Investor(e)		9.44		0.41		(0.86	)		(0.45	)		(0.36	)		—			(0.03	)		(0.39	)
2015 - R		9.46		0.36		(0.85	)		(0.49	)		(0.32	)		—			(0.03	)		(0.35	)
2014 - A (Commenced May 31, 2013)		10.00		0.31		(0.52	)		(0.21	)		(0.23	)		—			(0.11	)		(0.34	)
2014 - C (Commenced May 31, 2013)		10.00		0.25		(0.51	)		(0.26	)		(0.17	)		—			(0.11	)		(0.28	)
2014 - Institutional (Commenced May 31,  2013)		10.00		0.32		(0.50	)		(0.18	)		(0.25	)		—			(0.11	)		(0.36	)
2014 - Investor(e) (Commenced May 31, 2013)		10.00		0.31		(0.52	)		(0.21	)		(0.24	)		—			(0.11	)		(0.35	)
2014 - R (Commenced May 31, 2013)		10.00		0.27		(0.49	)		(0.22	)		(0.21	)		—			(0.11	)		(0.32	)

(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. 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.

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS TOTAL EMERGING MARKETS INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.92		9.29	%	$	1,006		1.00	%		3.58	%		3.63	%		199	%
	8.94		8.61			130		1.86			4.27			3.28			199
	8.94		9.87			23,446		0.76			3.19			4.26			199
	8.94		9.79			137		0.88			3.24			4.34			199
	8.95		9.16			49		1.30			3.82			3.51			199
	8.95		4.15			10		0.54	(d)		3.90	(d)		2.62	(d)		199
	8.48		7.76			286		1.23			2.47			4.78			142
	8.50		6.95			151		1.98			3.45			3.85			142
	8.49		8.00			21,411		0.90			2.06			5.10			142
	8.48		8.04			180		0.98			2.35			4.81			142
	8.50		7.50			25		1.48			2.72			4.47			142
	8.24		0.15			512		1.23			2.98			4.40			98
	8.26		(0.70	)		40		1.99			3.79			3.65			98
	8.27		0.39			38,990		0.89			2.45			4.89			98
	8.25		0.29			31		0.98			2.63			4.75			98
	8.26		(0.20	)		23		1.48			3.18			4.20			98
	8.59		(5.43	)		665		1.24			3.45			4.13			179
	8.61		(5.91	)		62		1.99			3.66			3.37			179
	8.62		(4.87	)		15,571		0.90			2.57			4.47			179
	8.60		(4.98	)		23		1.00			2.77			4.37			179
	8.62		(5.44	)		23		1.49			3.27			3.87			179
	9.45		(2.03	)		99		1.27	(d)		3.67	(d)		3.97	(d)		140
	9.46		(2.52	)		59		2.01	(d)		5.31	(d)		3.27	(d)		140
	9.46		(1.67	)		24,119		0.93	(d)		4.21	(d)		4.17	(d)		140
	9.44		(1.98	)		24		1.03	(d)		4.19	(d)		4.00	(d)		140
	9.46		(2.14	)		24		1.52	(d)		5.22	(d)		3.50	(d)		140

The accompanying notes are an integral part of these financial statements. 145

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From capital			Total distributions
FOR THE FISCAL YEARS ENDED MARCH 31,
2018 - A	$	10.45	$	0.15	$	(0.16	)	$	(0.01	)	$	(0.23	)	$	—	(e)	$	(0.23	)
2018 - Institutional		10.47		0.19		(0.16	)		0.03			(0.27	)		—	(e)		(0.27	)
2018 - Separate Account Institutional		10.45		0.18		(0.15	)		0.03			(0.27	)		—	(e)		(0.27	)
2018 - Investor(d)		10.47		0.18		(0.16	)		0.02			(0.26	)		—	(e)		(0.26	)
2018 – R6		10.48		0.19		(0.17	)		0.02			(0.27	)		—	(e)		(0.27	)
2017 - A		10.68		0.12		(0.11	)		0.01			(0.24	)		—			(0.24	)
2017 - Institutional		10.71		0.15		(0.11	)		0.04			(0.28	)		—			(0.28	)
2017 - Separate Account Institutional		10.69		0.15		(0.11	)		0.04			(0.28	)		—			(0.28	)
2017 - Investor(d)		10.71		0.13		(0.10	)		0.03			(0.27	)		—			(0.27	)
2017 - R6		10.71		0.19		(0.14	)		0.05			(0.28	)		—			(0.28	)
2016 - A		10.74		0.17		0.03			0.20			(0.26	)		—	(e)		(0.26	)
2016 - Institutional		10.77		0.20		0.04			0.24			(0.30	)		—	(e)		(0.30	)
2016 - Separate Account Institutional		10.75		0.20		0.04			0.24			(0.30	)		—	(e)		(0.30	)
2016 - Investor(d)		10.77		0.17		0.06			0.23			(0.29	)		—	(e)		(0.29	)
2016 - R6 (Commenced July 31, 2015)		10.67		0.13		0.11			0.24			(0.20	)		—	(e)		(0.20	)
2015 - A		10.45		0.17		0.35			0.52			(0.23	)		—			(0.23	)
2015 - Institutional		10.47		0.19		0.38			0.57			(0.27	)		—			(0.27	)
2015 - Separate Account Institutional		10.45		0.20		0.37			0.57			(0.27	)		—			(0.27	)
2015 - Investor(d)		10.48		0.18		0.37			0.55			(0.26	)		—			(0.26	)
2014 - A		10.60		0.13		(0.06	)		0.07			(0.22	)		—			(0.22	)
2014 - Institutional		10.62		0.18		(0.08	)		0.10			(0.25	)		—			(0.25	)
2014 - Separate Account Institutional		10.60		0.16		(0.06	)		0.10			(0.25	)		—			(0.25	)
2014 - Investor(d)		10.63		0.20		(0.11	)		0.09			(0.24	)		—			(0.24	)

(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. 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.

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

(d) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(e) Amount is less than $0.005 per share.

(f) Annualized.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.21		(0.10	)%	$	24,967		0.77	%		0.87	%		1.40	%		1,149	%
	10.23		0.24			80,298		0.43			0.52			1.78			1,149
	10.21		0.24			221,303		0.43			0.52			1.77			1,149
	10.23		0.15			154,957		0.52			0.61			1.68			1,149
	10.23		0.16			5,104		0.42			0.51			1.80			1,149
	10.45		0.10			47,235		0.77			0.93			1.10			863
	10.47		0.35			63,035		0.43			0.59			1.45			863
	10.45		0.35			217,648		0.43			0.59			1.45			863
	10.47		0.25			143,018		0.50			0.62			1.26			863
	10.48		0.46			2,606		0.41			0.53			1.79			863
	10.68		1.89			36,465		0.75			0.96			1.58			956
	10.71		2.23			60,513		0.41			0.62			1.89			956
	10.69		2.23			210,773		0.41			0.62			1.91			956
	10.71		2.14			6,582		0.51			0.71			1.63			956
	10.71		2.24			10		0.44	(f)		0.64	(f)		1.77	(f)		956
	10.74		5.01			31,690		0.71			0.95			1.60			1,367
	10.77		5.46			45,891		0.37			0.62			1.82			1,367
	10.75		5.46			195,609		0.37			0.63			1.86			1,367
	10.77		5.26			1,768		0.46			0.71			1.68			1,367
	10.45		0.64			3,850		0.72			0.96			1.22			1,399
	10.47		0.99			11,692		0.38			0.63			1.71			1,399
	10.45		0.98			211,306		0.38			0.62			1.58			1,399
	10.48		0.88			16		0.49			0.73			1.91			1,399

The accompanying notes are an integral part of these financial statements. 147

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2018

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
Emerging Markets Debt	A, C, Institutional, Investor** and R6	Non-diversified
High Yield	A, C, Institutional, Service, Investor**, R and R6	Diversified
High Yield Floating Rate, Total Emerging Markets Income*	A, C, Institutional, Investor**, R and R6 (Commenced operations on November 30, 2017.)	Diversified
Local Emerging Markets Debt	A, C, Institutional, Investor** and R6 (Commenced operations on November 30, 2017.)	Non-diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Investor**, Separate Account Institutional and R6	Diversified

* Effective after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was repositioned as the Goldman Sachs Total Emerging Markets Income Fund.

** Effective August 15, 2017, Class IR changed its name to Investor Shares.

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt, Total Emerging Markets Income 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%, 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 R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, 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. 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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

148

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 interest rate swaps 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.  Redemption Fees — A 2% redemption fee will be imposed on 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 use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of a Fund on a pro-rata basis.

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 (mutual funds) 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 for the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, and declared and paid monthly for the Total Emerging Markets Income Fund. Prior to January 1, 2018, the Fund’s distributions from net investment income were declared daily and paid monthly for the Total Emerging Markets Income Fund. Capital gains distributions, if any, are declared and paid annually for each Fund.

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 net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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.

149

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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 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 assumptions in determining fair value measurement).

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, 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.

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

150

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 of the Institutional Share class 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.

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 G8 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”). 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 and High Yield Floating Rate 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 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 forms 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-back commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables and other financial assets.

iii. 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

iv. 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.

151

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

v. 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

vi. 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.

vii. 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.

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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.

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

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily

152

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018

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.

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 cross currency swap is an agreement which a Fund may enter into to gain or mitigate exposure to currency risk. A cross currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Cross currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a cross currency swap is subject to risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transactions.

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

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 price (including interest), under the terms of an 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 the Funds’ 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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

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, 2018:

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	1,658,112,407		$	—
Corporate Obligations		—			685,169,982			—
Structured Notes		—			23,671,282			—
Municipal Debt Obligations		—			15,190,388			—
U.S. Treasury Obligations		35,240,498			—			—
Investment Company		47,535,587			—			—
Total	$	82,776,085		$	2,382,144,059		$	—
Liabilities
Reverse Repurchase Agreements	$	—		$	(3,240,000	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	6,559,771		$	—
Futures Contracts(b)		4,576,078			—			—
Interest Rate Swap Contracts(b)		—			434,116			—
Credit Default Swap Contracts(b)		—			550,985			—
Options Purchased		302,600			—			—
Total	$	4,878,678		$	7,544,872		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(7,888,502	)	$	—
Futures Contracts		(728,231	)		—			—
Interest Rate Swap Contracts		—			(3,897,980	)		—
Credit Default Swap Contracts		—			(7,339,528	)		—
Total	$	(728,231	)	$	(19,126,010	)	$	—

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	102,955,427		$	—
Corporate Obligations		—			2,656,795,815			—
Common Stock and/or Other Equity Investments(a)
North America		5,884,912			32,635,085			—
Exchange Traded Fund		1,215,500			—			—
Investment Company		69,421,973			—			—
Short-term Investments		—			95,880,155			—
Total	$	76,522,385		$	2,888,266,482		$	—
Liabilities
Reverse Repurchase Agreements	$	—		$	(21,683,676	)	$	—
Derivative Type
Assets
Futures Contracts(b)	$	349,938		$	—		$	—
Credit Default Swap Contracts(b)		—			77,967			—
Options Purchased		227,800			—			—
Total	$	577,738		$	77,967		$	—
Liabilities(b)
Futures Contracts	$	(2,712,370	)	$	—		$	—
HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	3,365,973,940		$	25,129,120
Corporate Obligations		—			397,950,395			—
Common Stock and/or Other Equity Investments(a)
North America		20,119,482			—			—
Exchange Traded Funds		69,955,141			—			—
Investment Company		408,461,237			—			—
Total	$	498,535,860		$	3,763,924,335		$	25,129,120
Liabilities
Reverse Repurchase Agreements	$	—		$	(8,753,913	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD FLOATING RATE (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	32,069		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(255,277	)	$	—
Futures Contracts		(1,092,565	)		—			—
Interest Rate Swap Contracts		—			(309,928	)		—
Credit Default Swap Contracts		—			(757,144	)		—
Total	$	(1,092,565	)	$	(1,322,349	)	$	—

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2018:

	Bank Loans
Beginning Balance as of April 1, 2017	$	120,508,791
Realized gain (loss)		(52,378,082	)
Net change in unrealized gain (loss) relating to instruments still held at reporting date		66,109,729
Purchases		42,635,485
Sales		(77,293,391	)
Amortization		444,381
Transfers out of Level 3		(74,897,793	)
Ending Balance as of March 31, 2018	$	25,129,120

Transfers of the above investments into or out of Level 3 can be attributed to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those investments.

INVESTMENT GRADE CREDIT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	348,931,006	$	—
Foreign Debt Obligations		—		12,365,038		—
Municipal Debt Obligations		—		12,409,465		—
Investment Company		11,237,208		—		—
Short-term Investments		—		23,887,811		—
Total	$	11,237,208	$	397,593,320	$	—

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INVESTMENT GRADE CREDIT (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(b)	$	303,611		$	—		$	—
Interest Rate Swap Contracts(b)		—			219,496			—
Options Purchased		27,200			—			—
Total	$	330,811		$	219,496		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,164	)	$	—
Futures Contracts		(196,798	)		—			—
Interest Rate Swap Contracts		—			(312,149	)		—
Credit Default Swap Contracts		—			(11,975	)		—
Total	$	(196,798	)	$	(325,288	)	$	—
LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	237,305,009		$	—
Corporate Obligations		—			8,924,670			—
Structured Notes		—			38,429,207			—
Municipal Debt Obligations		—			1,078,075			—
U.S. Treasury Obligations		559,890			—			—
Investment Company		21,553			—			—
Short-term Investments		—			6,625,976			—
Total	$	581,443		$	292,362,937		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	2,764,957		$	—
Futures Contracts(b)		244,688			—			—
Interest Rate Swap Contracts(b)		—			1,380,296			—
Options Purchased		34,000			—			—
Total	$	278,688		$	4,145,253		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,632,840	)	$	—
Futures Contracts		(441,633	)		—			—
Interest Rate Swap Contracts		—			(1,119,577	)		—
Credit Default Swap Contracts		—			(897,536	)		—
Total	$	(441,633	)	$	(4,649,953	)	$	—

158

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TOTAL EMERGING MARKETS INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	2		$	—
Corporate Obligations		—			1,388,319			—
Common Stock and/or Other Equity Investments(a)
Africa		260,735			346,339			—
Asia		622,740			3,929,882			—
Australia and Oceania		—			34,356			—
Europe		88,585			731,575			—
North America		260,292			84,868			—
South America		846,224			298,133			—
Exchange Traded Funds		2,912,900			—			—
Investment Companies		12,373,676			—			—
Total	$	17,365,152		$	6,813,474		$	—
Derivative Type
Assets(b)
Futures Contracts	$	26,056		$	—		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(7	)	$	—
Futures Contracts		(37,040	)		—			—
Total	$	(37,040	)	$	(7	)	$	—
U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	470,145,716		$	—
Asset-Backed Securities		—			65,237,459			—
Municipal Debt Obligation		—			1,148,541			—
U.S. Treasury Obligations		7,549,126			—			—
Investment Company		16,257,764			—			—
Short-term Investments		—			6,278,896			—
Total	$	23,806,890		$	542,810,612		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(80,253,907	)	$	—

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Notes to Financial Statements (continued)

March 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. MORTGAGES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(b)	$	952,747		$	—		$	—
Interest Rate Swap Contracts(b)		—			250,278			—
Options Purchased		32,300			69,549			—
Total	$	985,047		$	319,827		$	—
Liabilities
Futures Contracts(b)	$	(232,384	)	$	—		$	—
Interest Rate Swap Contracts(b)		—			(350,353	)		—
Options Written		—			(74,429	)		—
Total	$	(232,384	)	$	(424,782	)	$	—

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

(b) 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, 2018. 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.

EMERGING MARKETS DEBT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	5,312,794	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts	$	(4,626,211)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		550,985	(b)	Payable for unrealized loss on swap contracts		(7,339,528)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		6,559,771		Payable for unrealized loss on forward foreign currency exchange contracts		(7,888,502)
Total		$	12,423,550			$	(19,854,241)

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4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	577,739	(a)	Variation margin on future contracts	$	(2,712,370)	(a)
Credit	Variation margin on swap contracts		77,967	(a)	—		—
Total		$	655,706			$	(2,712,370)
HIGH YIELD FLOATING RATE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	—	$	—		Variation margin on swap contracts; Variation margin on futures contracts	$	(1,402,493)	(a)
Credit	—		—		Variation margin on swap contracts;		(757,144)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		32,069		Payable for unrealized loss on forward foreign currency exchange contracts		(255,277)
Total		$	32,069			$	(2,414,914)
INVESTMENT GRADE CREDIT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	550,307	(a)	Payable for unrealized loss on swap contracts; Variation margin on futures Contracts.	$	(508,947)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts		—		Variation margin on swap contracts		(11,975)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		—		Payable for unrealized loss on forward foreign currency exchange contracts		(1,164)
Total		$	550,307			$	(522,086)
LOCAL EMERGING MARKETS DEBT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	1,658,984	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts	$	(1,561,210)	(a)(b)
Credit	—		—		Payable for unrealized loss on swap contracts		(897,536)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,764,957		Payable for unrealized loss on forward foreign currency exchange contracts		(2,632,840)
Total		$	4,423,941			$	(5,091,586)

161

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

TOTAL EMERGING MARKETS INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures	$	9,139	(a)	Variation margin on futures	$	(9,605)	(a)
Currency	—		—		Payable for unrealized loss on forward foreign currency exchange contracts		(7)
Equity	Variation margin on futures		16,917	(a)	Variation margin on futures		(27,435)	(a)
Total		$	26,056			$	(37,047)
U.S. MORTGAGES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	1,304,874	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(657,166)	(a)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b) Aggregate of amounts include $7,370,454 and $1,470,687, for the Emerging Markets Debt Fund and Local Emerging Markets Debt Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, 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.

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, 2018. 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:

EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts and purchased options /Net change in unrealized gain (loss) on futures contracts, swap contracts and purchased options	$	(5,488,011	)	$	(993,590	)		3,652
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(4,101,743	)		(926,901	)		102
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on swap contracts and forward foreign currency exchange contracts		(19,233,420	)		(1,517,177	)		412
Total		$	(28,823,174	)	$	(3,437,668	)		4,166

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4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,391,533		$	(2,025,825	)		2,703
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,521,136	)		909,476			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(2,043,029	)		217,003			1
Total		$	(2,172,632	)	$	(899,346	)		2,705
HIGH YIELD FLOATING RATE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts, and written options	$	5,377,068		$	(330,880	)		1,213
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,197,670	)		(757,144	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on swap contracts and forward foreign currency exchange contracts		(2,568,571	)		(136,244	)		3
Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(153,181	)		—			3
Total		$	457,646		$	(1,224,268	)		1,220
INVESTMENT GRADE CREDIT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts and swap contracts.	$	1,054,067		$	60,868			669
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		278,319			(29,195	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(436,546	)		5,702			1
Total		$	895,840		$	37,375			671

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts and purchased options /Net change in unrealized gain (loss) on futures contracts, swap contracts and purchased options	$	(1,859,394	)	$	2,530,327			564
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,625,121	)		948,974			49
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on swap contracts and forward foreign currency exchange contracts		(1,621,206	)		6,338,191			474
Total		$	(5,105,721	)	$	9,817,492			1,087
TOTAL EMERGING MARKETS INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	92,862		$	(64,855	)		39
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(160,680	)		107,707			46
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		293,061			(83,561	)		362
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,120,784			(10,518	)		30
Total		$	1,346,027		$	(51,227	)		477
U.S. MORTGAGES
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts, and written options	$	(1,754,473	)	$	755,414			806
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(321,888	)		5,810			1
Total		$	(2,076,361	)	$	761,224			807

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2018.

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

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4. INVESTMENTS IN DERIVATIVES (continued)

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

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due 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, 2018:

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Notes to Financial Statements (continued)

March 31, 2018

4. INVESTMENTS IN DERIVATIVES (continued)

Local Emerging Markets Debt Fund
	Derivative Assets(1)						Derivative Liabilities(1)
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Barclays Bank PLC	$	37,490	$	—	$	37,490	$	(25,404	)	$	—		$	(25,404	)	$	12,086		$	—	$	12,086
BoA Securities LLC		29,488		—		29,488		(71,843	)		—			(71,843	)		(42,355	)		—		(42,355	)
Citibank NA		67,475		—		67,475		(775,965	)		—			(775,965	)		(708,490	)		700,000		(8,490	)
CS International (London)		—		—		—		(118,063	)		—			(118,063	)		(118,063	)		100,000		(18,063	)
Deutsche Bank AG		15,546		—		15,546		(7,447	)		—			(7,447	)		8,099			—		8,099
JPMorgan Securities, Inc.		684		—		684		(67,317	)		—			(67,317	)		(66,633	)		—		(66,633	)
MS & Co. Int. PLC		67,833		2,764,957		2,832,790		(398,316	)		(2,632,840	)		(3,031,156	)		(198,366	)		198,366		—
UBS AG (London)		—		—		—		(6,332	)		—			(6,332	)		(6,332	)		—		(6,332	)
Total	$	218,516	$	2,764,957	$	2,983,473	$	(1,470,687	)	$	(2,632,840	)	$	(4,103,527	)	$	(1,120,054	)	$	998,366	$	(121,688	)

(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.

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, 2018, contractual and effective net management fee rates with GSAM were at the following rates:

	Contractual Management Rate												Effective Net Management Rate^
Fund Name	First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
Emerging Markets Debt Fund		0.80		0.80		0.72		0.68		0.67		0.79		0.79
High Yield Fund		0.70		0.70		0.63		0.60		0.59		0.67		0.66
High Yield Floating Rate Fund		0.60		0.54		0.51		0.50		0.49		0.54		0.52
Investment Grade Credit Fund		0.34		0.31		0.29		0.28		0.28		0.36		0.34
Local Emerging Markets Debt Fund		0.80		0.80		0.72		0.68		0.67		0.79		0.75
Total Emerging Markets Income Fund		0.80		0.80		0.72		0.68		0.67		0.83		0.68
U.S. Mortgages Fund		0.34		0.31		0.29		0.28		0.28		0.36		0.32

^ 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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Prior to July 28, 2017, for the Investment Grade Credit, Local Emerging Markets Debt, Total Emerging Markets Income and U.S. Mortgages Funds, the contractual management fee rates were as stated below.

Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion
Investment Grade Credit		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%
Local Emerging Markets Debt		0.90			0.90			0.81			0.77			0.75
Total Emerging Markets Income		0.90			0.90			0.81			0.77			0.75
U.S. Mortgages		0.40			0.36			0.34			0.33			0.32

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs TreasuryAccess 0-1 Year ETF, Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt 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, 2018, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Emerging Markets Debt	$	58,402
High Yield		227,871
High Yield Floating Rate		623,647
Investment Grade Credit		6,201
Local Emerging Markets Debt		26,633
Total Emerging Markets Income		28,346
U.S. Mortgages		118,701

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds.

	Distribution and Service Plan Rates
	Class A*			Class C			Class R*			Service Shares
Distribution Plan		0.25	%		0.75	%		0.50	%		—	%
Service Plan		—			0.25			—			0.25

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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. For the fiscal year ended March 31, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt Fund	$	20,152
High Yield Fund		12,963
High Yield Floating Rate Fund		1,177
Investment Grade Credit Fund		1,684
Local Emerging Markets Debt Fund		1,348
Total Emerging Markets Income Fund		5
U.S. Mortgages Fund		983

During the fiscal year ended March 31, 2018, 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 Plan 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 or 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: 0.13% 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 Shares; and 0.04% of the average daily net assets of Institutional, Separate Account Institutional, and Service Shares. Prior to July 28, 2017, the annual rate for Class R6 Shares was 0.02%. Effective April 20, 2018, the annual rate for Separate Account Institutional Shares of the Investment Grade Credit and U.S. Mortgages Funds will change to 0.03% of the average daily net assets.

Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.04% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.03% 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 November 30, 2018. Prior to such date, Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, 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 for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt, Total Emerging Markets Income and U.S. Mortgages Funds are 0.024%, 0.024%, 0.104%, 0.004%, 0.074%, 0.024% and 0.074%, respectively. Prior to July 29, 2017, the Other Expense limitations were 0.054% for the Emerging Markets Debt and Total Emerging Markets Income Fund, respectively. These Other Expense limitations will remain in place through at least November 30, 2018, 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, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund Name	Management Fee Waiver		Class A Distribution and Service Fees		Transfer Agency Waiver/ Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt Fund	$	58,402	$	—	$	55	$	685,936	$	744,393
High Yield Fund		227,871		—		56,628		38,930		323,429
High Yield Floating Rate Fund		623,647		—		3		—		623,650
Investment Grade Credit Fund		86,786		—		5		323,013		409,804
Local Emerging Markets Debt Fund		123,407		—		8,640		399,202		531,249
Total Emerging Markets Income Fund		35,508		5		—		481,554		517,067
U.S. Mortgages Fund		209,900		—		42		238,394		448,336

G. Line of Credit Facility — As of March 31, 2018, the Funds participated in a $1,100,000,000 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, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2018 , Goldman Sachs earned $119,038 , $12,980, $11,478, and $14,703 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Goldman Sachs Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively.

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, 2018, the purchase, and

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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 Name	Purchases at Cost		Proceeds from sales		Net realized gain (loss)
Emerging Markets Debt Fund	$	—	$	9,646,598	$	(637,417	)
High Yield Fund		—		6,021,219		54,870
High Yield Floating Rate	$	4,981,219		—		—
Local Emerging Markets Debt		—		745,799		(62,520	)

As of March 31, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class C, Institutional, Investor, Class R and Class R6 Shares of the following Funds:

Fund	Class C			Institutional			Investor			Class R			Class R6
High Yield Floating Rate Fund		—	%		—	%		—	%		16	%		—	%
Investment Grade Credit Fund		—			—			—			—			63
Total Emerging Markets Income Fund		8			11			20			55			100

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Local Emerging Markets Debt Fund and Goldman Sachs TreasuryAccess 0-1 Year ETF for the fiscal year ended March 31, 2018:

Fund	Underlying Fund	Beginning Value as of March 31, 2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Ending Value as of March 31, 2018		Shares as of March 31, 2018		Dividend Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	7,523,665	$	1,276,306,233	$	(1,236,294,311	)	$	—		$	—		$	47,535,587	$	47,535,587	$	363,711
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		70,091,823		1,427,984,605		(1,428,654,455	)		—			—			69,421,973		69,421,973		1,138,061
	Goldman Sachs Access High Yield Corporate Bond ETF		—		2,721,036		(1,495,469	)		(1,849	)		(8,220	)		1,215,500		25,000		16,501
	Goldman Sachs TreasuryAccess 0-1 Year ETF		25,007,500		25,009,976		(49,972,205	)		(54,171	)		8,900			—		—		220,729

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Underlying Fund	Beginning Value as of March 31, 2017		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Ending Value as of March 31, 2018		Shares as of March 31, 2018		Dividend Income
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund —Institutional Shares	$	534,169,308	$	1,602,671,788		$	(1,728,379,859	)	$	—		$	—		$	408,461,237	$	408,461,237	$	3,464,204
	Goldman Sachs TreasuryAccess 0-1 Year ETF		17,514,953		14,083,253			(7,899,364	)		(9,935	)		6,234			23,695,141		236,762		204,180
Investment Grade Credit	Goldman Sachs Financial Square Government Fund —Institutional Shares		6,187,441		138,885,383			(133,835,616	)		—			—			11,237,208		11,237,208		47,743
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		6,602,954		320,373,601			(326,955,002	)		—			—			21,553		21,553		165,396
Total Emerging Markets Income Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares		627,342		27,549,621			(27,112,650	)		—			—			1,064,313		1,064,313		23,113
	Goldman Sachs Emerging Markets Debt Fund — Class R6 Shares		—		5,787,446	(a)		(240,000	)		(6,426	)		(72,186	)		5,468,834		430,956		11,873
	Goldman Sachs Emerging Markets Debt Fund — Institutional Shares		—		6,034,340			(6,033,174	)(a)		(1,166	)		—			—		—		36,106
	Goldman Sachs Local Emerging Markets Debt Fund — Class R6 Shares		—		5,796,174	(b)		(240,000	)		(4,688	)		289,043			5,840,529		850,150		24,503
	Goldman Sachs Local Emerging Markets Debt Fund —Institutional Shares		—		6,040,440			(6,038,906	)(b)		(1,534	)		—			—		—		60,925
U.S. Mortgages	Goldman Sachs Financial Square Government Fund —Institutional Shares		72,983,478		458,218,966			(514,944,680	)		—			—			16,257,764		16,257,764		668,902

(a) Amounts include $5,533,174 for conversion of Institutional Shares to Class R6 Shares.

(b) Amounts include $5,538,906 for conversion of Institutional Shares to Class R6 Shares.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

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, 2018, 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)
Emerging Markets Debt Fund	$	447,436,930	$	1,699,423,461	$	466,986,015	$	1,037,691,104
High Yield Fund		—		2,254,871,262		—		3,106,506,955
High Yield Floating Rate Fund		—		2,050,856,363		—		1,677,339,387
Local Emerging Markets Debt Fund		44,819,915		229,363,895		44,753,939		273,533,576
Investment Grade Credit Fund		32,669,569		299,515,365		39,408,887		335,488,682
Total Emerging Markets Income Fund		3,217,430		41,630,178		3,216,167		36,529,014
U.S. Mortgages Fund		5,599,401,453		26,528,668		5,604,299,911		40,078,407

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2018:

Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Emerging Markets Debt Fund	$	6,236,476		(0.068	)%		291
High Yield Fund		58,057,706		0.539			347
High Yield Floating Rate Fund		7,471,450		1.674			303

The following table sets forth the Funds’ different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of March 31, 2018:

EMERGING MARKETS DEBT
	Remaining Contractual Maturity of the Agreements As of March 31, 2018
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total
Reverse Repurchase Agreements
Sovereign Debt Obligations	$	—	$	—	$	—	$	3,240,000	$	3,240,000
Total Borrowings	$	—	$	—	$	—	$	3,240,000	$	3,240,000
Gross amount of recognized liabilities for reverse repurchase agreements									$	3,240,000
HIGH YIELD
	Remaining Contractual Maturity of the Agreements As of March 31, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Reverse Repurchase Agreements
Corporate Obligations	$	—	$	—	$	—	$	21,683,675	$	21,683,675
Total Borrowings	$	—	$	—	$	—	$	21,683,675	$	21,683,675
Gross amount of recognized liabilities for reverse repurchase agreements									$	21,683,675

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6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

HIGH YIELD FLOATING RATE
	Remaining Contractual Maturity of the Agreements As of March 31, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Reverse Repurchase Agreements
Corporate Obligations	$	—	$	—	$	—	$	8,753,913	$	8,753,913
Total Borrowings	$	—	$	—	$	—	$	8,753,913	$	8,753,913
Gross amount of recognized liabilities for reverse repurchase agreements									$	8,753,913

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		Total Emerging Markets Income		U.S. Mortgages
Distribution paid from:
Ordinary income	$	102,315,489	$	180,014,404	$	167,715,352	$	13,366,632	$	—	$	947,567	$	11,862,690
Total taxable distributions	$	102,315,489	$	180,014,404	$	167,715,352	$	13,366,632	$	—	$	947,567	$	11,862,690
Tax return of capital	$	—	$	—	$	2,149,413	$	—	$	17,165,756	$	—	$	206,646

The tax character of distributions paid during the fiscal year ended March 31, 2017 was as follows:

	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		Total Emerging Markets Income		U.S. Mortgages
Distribution paid from:
Ordinary income	$	72,842,509	$	214,675,890	$	138,144,429	$	13,579,308	$	—	$	1,487,607	$	8,910,506
Net long-term capital gains		—		—		—		—		—		17,590		—
Total taxable distributions	$	72,842,509	$	214,675,890	$	138,144,429	$	13,579,308	$	—	$	1,505,197	$	8,910,506
Tax return of capital	$	—	$	—	$	2,709,502	$	—	$	28,376,385	$	361,501	$	96,751

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Notes to Financial Statements (continued)

March 31, 2018

7. TAX INFORMATION (continued)

As of March 31, 2018, 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			Total Emerging Markets Income			U.S. Mortgages
Undistributed ordinary income — net	$	7,557,979		$	3,974,228		$	—		$	599,254		$	—		$	241,030		$	—
Undistributed long-term capital gains		—			—			—			—			—			698,348			—
Total undistributed earnings	$	7,557,979		$	3,974,228		$	—		$	599,254		$	—		$	939,378		$	—
Capital loss carryforwards(1):
Perpetual Short-Term	$	(1,131,756	)	$	(96,562,020	)	$	(40,896,180	)	$	(1,048,309	)	$	(102,625,380	)	$	—		$	(3,910,244	)
Perpetual Long-Term		(22,023,283	)		(257,128,574	)		(49,461,220	)		—			(37,666,979	)		—			(2,402,162	)
Total capital loss carryforwards	$	(23,155,039	)	$	(353,690,594	)	$	(90,357,400	)	$	(1,048,309	)	$	(140,292,359	)	$	—		$	(6,312,406	)
Timing differences (Qualified Late Year Loss Deferral/Distributions Payable/Post October Loss Deferral/Straddle Loss Deferral)	$	(19,029,643	)	$	(11,312,138	)	$	(79,466,493	)	$	(621,093	)	$	(7,422,480	)	$	—		$	(7,029,691	)
Unrealized gains (losses) — net		(29,300,933	)		(54,891,481	)		(34,914,063	)		(285,685	)		1,766,434			(395,353	)		(4,731,463	)
Total accumulated earnings (losses) net	$	(63,927,636	)	$	(415,919,985	)	$	(204,737,956	)	$	(1,355,833	)	$	(145,948,405	)	$	544,025		$	(18,073,560	)

(1) The Emerging Markets Debt and Investment Grade Credit Funds utilized $4,948,617 and $3,729,121 respectively, of capital losses in the current fiscal year.

As of March 31, 2018, 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			Total Emerging Markets Income			U.S. Mortgages
Tax Cost	$	2,487,187,276		$	3,017,614,304		$	4,319,996,218		$	409,140,519		$	290,354,674		$	24,562,997		$	571,700,227
Gross unrealized gain		75,000,230			52,192,510			20,777,773			6,713,390			18,560,264			444,866			2,358,243
Gross unrealized loss		(104,301,163	)		(107,083,991	)		(55,691,836	)		(6,999,075	)		(16,793,830	)		(840,219	)		(7,089,706	)
Net unrealized gains (losses)	$	(29,300,933	)	$	(54,891,481	)	$	(34,914,063	)	$	(285,685	)	$	1,766,434		$	(395,353	)	$	(4,731,463	)

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 and options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of inflation protected securities, swap transactions, material modification of debt securities, and foreign currency transactions.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from net operating loss, and differences in the tax treatment of underlying fund investments, swap transactions, foreign currency transactions,

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7. TAX INFORMATION (continued)

consent fees, inflation protected securities, the recognition of income and gains/losses of certain bonds, material modification of debt securities, paydown gain/loss, and realized capital gains tax.

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Emerging Markets Debt	$	—		$	15,246,214		$	(15,246,214	)
High Yield		—			(2,271,786	)		2,271,786
High Yield Floating Rate		538,012			3,344,774			(3,882,786	)
Investment Grade Credit		—			446,084			(446,084	)
Local Emerging Markets Debt		(46,231,733	)		17,409,930			28,821,803
Total Emerging Markets Income		—			(875,086	)		875,086
U.S. Mortgages		—			(3,623,126	)		3,623,126

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:

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 being hedged, if any.

Foreign Custody Risk — If a Fund invests in foreign securities, 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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share 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

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Notes to Financial Statements (continued)

March 31, 2018

8. OTHER RISKS (continued)

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.

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.

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 than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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 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 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 and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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8. OTHER RISKS (continued)

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, 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 relatively illiquid, 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 may be relatively illiquid and difficult to value. 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 the 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 the 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, the 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, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Non-Diversification Risk — Each of the Emerging Markets Debt Fund and the Local Emerging Markets Debt Fund is non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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’s 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 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring

177

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Notes to Financial Statements (continued)

March 31, 2018

10. OTHER MATTERS (continued)

amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended March 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

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.

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,293,973		$	68,228,043			7,846,256		$	99,050,373
Reinvestment of distributions		316,034			4,075,790			459,953			5,820,133
Shares redeemed		(5,454,397	)		(70,022,225	)		(9,138,500	)		(114,848,907	)
		155,610			2,281,608			(832,291	)		(9,978,401	)
Class C Shares
Shares sold		773,678			9,951,120			834,776			10,637,203
Reinvestment of distributions		82,846			1,068,212			80,259			1,015,032
Shares redeemed		(668,207	)		(8,595,415	)		(610,940	)		(7,755,798	)
		188,317			2,423,917			304,095			3,896,437
Institutional Shares
Shares sold		81,323,944			1,048,108,685			94,600,959			1,205,005,663
Reinvestment of distributions		5,784,011			74,661,793			4,069,507			51,594,642
Shares redeemed		(60,686,630	)		(774,922,409	)		(41,707,693	)		(524,645,193	)
		26,421,325			347,848,069			56,962,773			731,955,112
Investor Shares(a)
Shares sold		10,261,460			132,288,587			6,677,308			84,538,542
Reinvestment of distributions		441,014			5,689,440			141,929			1,797,732
Shares redeemed		(3,573,843	)		(45,935,115	)		(1,484,524	)		(18,717,551	)
		7,128,631			92,042,912			5,334,713			67,618,723
Class R6 Shares
Shares sold		21,500,845			271,553,176			2,242,161			27,736,891
Reinvestment of distributions		188,598			2,416,878			34,207			431,205
Shares redeemed		(714,276	)		(9,143,066	)		(69,360	)		(878,073	)
		20,975,167			264,826,988			2,207,008			27,290,023
NET INCREASE		54,869,050		$	709,423,494			63,976,298		$	820,781,894

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,675,979		$	17,524,930			19,592,458		$	126,612,863
Reinvestment of distributions		1,497,653			9,808,158			2,625,392			16,790,902
Shares redeemed		(11,210,562	)		(73,509,585	)		(43,363,372	)		(279,308,089	)
		(7,036,930	)		(46,176,497	)		(21,145,522	)		(135,904,324	)
Class C Shares
Shares sold		282,186			1,850,537			585,248			3,725,250
Reinvestment of distributions		226,003			1,480,739			301,739			1,931,627
Shares redeemed		(2,328,801	)		(15,271,301	)		(2,450,930	)		(15,700,076	)
		(1,820,612	)		(11,940,025	)		(1,563,943	)		(10,043,199	)
Institutional Shares
Shares sold		66,312,349			435,805,625			154,525,466			995,265,563
Reinvestment of distributions		22,686,914			148,904,007			26,691,708			171,283,408
Shares redeemed		(215,211,627	)		(1,405,045,784	)		(196,884,291	)		(1,252,351,895	)
		(126,212,364	)		(820,336,152	)		(15,667,117	)		(85,802,924	)
Service Shares
Shares sold		228,947			1,496,008			304,748			1,944,152
Reinvestment of distributions		83,562			546,124			88,607			566,754
Shares redeemed		(390,280	)		(2,549,415	)		(995,699	)		(6,339,304	)
		(77,771	)		(507,283	)		(602,344	)		(3,828,398	)
Investor Shares(a)
Shares sold		726,160			4,764,955			4,267,504			27,990,353
Reinvestment of distributions		244,610			1,604,525			113,613			733,724
Shares redeemed		(2,080,987	)		(13,614,120	)		(833,891	)		(5,374,048	)
		(1,110,217	)		(7,244,640	)		3,547,226			23,350,029
Class R Shares
Shares sold		406,420			2,649,443			357,387			2,279,552
Reinvestment of distributions		102,842			672,303			116,933			747,506
Shares redeemed		(545,324	)		(3,565,090	)		(758,033	)		(4,820,355	)
		(36,062	)		(243,344	)		(283,713	)		(1,793,297	)
Class R6 Shares(b)
Shares sold		38,770,261			249,630,088			8,023,489			52,075,156
Reinvestment of distributions		567,681			3,700,105			1,519,576			9,770,132
Shares redeemed		(31,632,552	)		(210,058,668	)		(5,785,080	)		(37,092,290	)
		7,705,390			43,271,525			3,757,985			24,752,998
NET DECREASE		(128,588,566	)	$	(843,176,416	)		(31,957,428	)	$	(189,269,115	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 commenced operations on November 30, 2017.

180

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Floating Rate Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		78,473		$	760,694			387,742		$	3,746,360
Reinvestment of distributions		17,859			173,314			27,737			268,757
Shares redeemed		(378,205	)		(3,674,167	)		(397,228	)		(3,860,254	)
		(281,873	)		(2,740,159	)		18,251			154,863
Class C Shares
Shares sold		80,278			778,208			107,350			1,043,553
Reinvestment of distributions		7,992			77,560			6,629			64,270
Shares redeemed		(103,662	)		(1,005,412	)		(31,505	)		(305,452	)
		(15,392	)		(149,644	)		82,474			802,371
Institutional Shares
Shares sold		120,311,176			1,168,954,054			133,635,635			1,297,544,491
Reinvestment of distributions		17,288,438			167,915,875			14,394,178			139,616,112
Shares redeemed		(133,721,496	)		(1,296,664,216	)		(87,415,863	)		(844,999,783	)
		3,878,118			40,205,713			60,613,950			592,160,820
Investor Shares(a)
Shares sold		415,578			4,035,613			664,704			6,459,064
Reinvestment of distributions		15,298			148,610			7,127			69,235
Shares redeemed		(275,622	)		(2,676,763	)		(378,620	)		(3,680,874	)
		155,254			1,507,460			293,211			2,847,425
Class R Shares
Shares sold		6,931			66,954			—			—
Reinvestment of distributions		132			1,286			45			417
Shares redeemed		(151	)		(1,466	)		—			—
		6,912			66,774			45			417
Class R6 Shares(b)
Shares sold		23,478,461			227,508,901			—			—
Reinvestment of distributions		63,019			609,663			—			—
Shares redeemed		(1,715,249	)		(16,595,217	)		—			—
		21,826,231			211,523,347			—			—
NET INCREASE		25,569,250		$	250,413,491			61,007,931		$	595,965,896

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 Shares commenced operations on November 30, 2017.

181

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Investment Grade Credit Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		741,257		$	6,841,303			1,683,527		$	15,296,601
Reinvestment of distributions		54,889			504,930			94,744			869,976
Shares redeemed		(3,253,087	)		(30,060,983	)		(1,277,225	)		(11,636,432	)
		(2,456,941	)		(22,714,750	)		501,046			4,530,145
Institutional Shares
Shares sold		6,071,093			56,099,961			3,982,845			36,548,888
Reinvestment of distributions		555,023			5,106,235			510,257			4,688,942
Shares redeemed		(4,208,105	)		(38,677,889	)		(6,000,626	)		(55,253,448	)
		2,418,011			22,528,307			(1,507,524	)		(14,015,618	)
Separate Account Institutional Shares
Shares sold		5,033,829			46,329,538			4,628,455			42,213,095
Reinvestment of distributions		753,808			6,935,534			757,873			6,964,260
Shares redeemed		(7,416,271	)		(68,020,919	)		(4,201,057	)		(38,614,253	)
		(1,628,634	)		(14,755,847	)		1,185,271			10,563,102
Investor Shares(a)
Shares sold		217,088			2,010,744			377,992			3,437,534
Reinvestment of distributions		15,480			142,397			6,402			58,731
Shares redeemed		(170,385	)		(1,556,854	)		(55,260	)		(502,134	)
		62,183			596,287			329,134			2,994,131
Class R6 Shares
Shares sold		551			5,109			143			1,320
Reinvestment of distributions		52			478			40			364
Shares redeemed		(1	)		(9	)		—			—
		602			5,578			183			1,684
NET INCREASE (DECREASE)		(1,604,779	)	$	(14,340,425	)		508,110		$	4,073,444

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

182

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Local Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		722,318		$	4,818,499			4,173,203		$	26,246,105
Reinvestment of distributions		67,770			448,064			930,467			5,874,622
Shares redeemed		(1,271,026	)		(8,333,948	)		(25,454,242	)		(158,705,973	)
		(480,938	)		(3,067,385	)		(20,350,572	)		(126,585,246	)
Class C Shares
Shares sold		223,972			1,488,137			129,085			826,599
Reinvestment of distributions		42,839			283,528			44,439			280,743
Shares redeemed		(205,314	)		(1,355,374	)		(233,455	)		(1,459,222	)
		61,497			416,291			(59,931	)		(351,880	)
Institutional Shares
Shares sold		15,372,819			102,033,316			21,691,572			137,289,001
Reinvestment of distributions		2,322,553			15,322,938			3,374,511			21,301,355
Shares redeemed		(34,190,873	)		(224,314,254	)		(36,296,481	)		(225,306,563	)
		(16,495,501	)		(106,958,000	)		(11,230,398	)		(66,716,207	)
Investor Shares(a)
Shares sold		1,235,745			8,203,740			2,072,286			12,985,981
Reinvestment of distributions		59,598			395,174			100,468			631,328
Shares redeemed		(663,974	)		(4,375,359	)		(2,844,694	)		(17,714,143	)
		631,369			4,223,555			(671,940	)		(4,096,834	)
Class R6 Shares(b)
Shares sold		8,640,324			58,107,781			—			—
Reinvestment of distributions		54,983			376,647			—			—
Shares redeemed		(488,917	)		(3,339,502	)		—			—
		8,206,390			55,144,926			—			—
NET DECREASE		(8,077,183	)	$	(50,240,613	)		(32,312,841	)	$	(197,750,167	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 Shares commenced operations on November 30, 2017.

183

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2018

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Total Emerging Markets Income Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		159,203		$	1,414,636			26,020		$	217,141
Reinvestment of distributions		2,543			22,111			1,491			12,411
Shares redeemed		(82,744	)		(742,040	)		(55,889	)		(463,642	)
		79,002			694,707			(28,378	)		(234,090	)
Class C Shares
Shares sold		570			5,000			13,404			108,301
Reinvestment of distributions		516			4,489			303			2,539
Shares redeemed		(4,256	)		(37,113	)		(751	)		(6,159	)
		(3,170	)		(27,624	)		12,956			104,681
Institutional Shares
Shares sold		572,939			5,020,776			1,219,685			10,260,246
Reinvestment of distributions		90,518			787,557			90,751			760,594
Shares redeemed		(563,509	)		(4,930,456	)		(3,506,501	)		(29,418,694	)
		99,948			877,877			(2,196,065	)		(18,397,854	)
Investor Shares(a)
Shares sold		3,701			32,036			21,085			177,209
Reinvestment of distributions		829			7,204			525			4,374
Shares redeemed		(10,392	)		(91,263	)		(4,160	)		(34,002	)
		(5,862	)		(52,023	)		17,450			147,581
Class R Shares
Shares sold		2,496			21,831			—			—
Reinvestment of distributions		115			1,005			128			1,070
		2,611			22,836			128			1,070
Class R6 Shares(b)
Shares sold		1,155			10,000			—			—
Reinvestment of distributions		9			79			—			—
		1,164			10,079			—			—
NET INCREASE (DECREASE)		173,693		$	1,525,852			(2,193,909	)	$	(18,378,612	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Class R6 Shares commenced operations on November 30, 2017.

184

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	U.S. Mortgages Fund
	For the Fiscal Year Ended March 31, 2018						For the Fiscal Year Ended March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,876,182		$	19,610,212			4,112,320		$	43,843,373
Reinvestment of distributions		82,381			858,491			105,045			1,113,290
Shares redeemed		(4,034,319	)		(42,118,625	)		(3,108,178	)		(32,895,090	)
		(2,075,756	)		(21,649,922	)		1,109,187			12,061,573
Institutional Shares
Shares sold		4,017,920			41,749,663			3,109,654			33,073,791
Reinvestment of distributions		162,512			1,691,821			142,513			1,514,599
Shares redeemed		(2,351,436	)		(24,429,167	)		(2,882,373	)		(30,654,642	)
		1,828,996			19,012,317			369,794			3,933,748
Separate Account Institutional Shares
Shares sold		4,605,750			47,861,233			4,129,317			43,703,206
Reinvestment of distributions		502,247			5,219,892			446,179			4,729,934
Shares redeemed		(4,261,527	)		(44,061,209	)		(3,467,155	)		(36,585,579	)
		846,470			9,019,916			1,108,341			11,847,561
Investor Shares(a)
Shares sold		7,385,998			77,085,524			14,150,134			148,187,797
Reinvestment of distributions		346,367			3,606,944			63,316			667,471
Shares redeemed		(6,245,277	)		(65,046,289	)		(1,169,925	)		(12,292,656	)
		1,487,088			15,646,179			13,043,525			136,562,612
Class R6 Shares
Shares sold		365,292			3,803,467			268,893			2,815,809
Reinvestment of distributions		9,779			101,790			620			6,504
Shares redeemed		(125,140	)		(1,305,183	)		(21,724	)		(231,453	)
		249,931			2,600,074			247,789			2,590,860
NET INCREASE		2,336,729		$	24,628,564			15,878,636		$	166,996,354

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

185

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs Trust and Shareholders of the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund, the Goldman Sachs High Yield Floating Rate Fund, the Goldman Sachs Investment Grade Credit Fund, the Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs U.S. Mortgages Fund, and the Goldman Sachs Total Emerging Markets Income Fund (formerly, the Goldman Sachs Dynamic Emerging Markets Debt Fund):

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund, the Goldman Sachs High Yield Floating Rate Fund, the Goldman Sachs Investment Grade Credit Fund, the Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs U.S. Mortgages Fund, and the Goldman Sachs Total Emerging Markets Income Fund (formerly, the Goldman Sachs Dynamic Emerging Markets Debt Fund) (seven of the funds constituting the Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, 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 the Funds as of March 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended March 31, 2018 and 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 Opinion

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, 2018 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 opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 30, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

186

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/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 R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2017 through March 31, 2018, which represents a period of 182 out of 365 days (121 out of 365 days for Class R6 Shares of the High Yield Floating Rate, Local Emerging Markets Debt and Total Emerging Markets Income Funds, which commenced operations on November 30, 2017). The Class R6 example for hypothetical expenses (for the High Yield Floating, Local Emerging Markets Debt and Total Emerging Markets Income Funds) reflects projected activity for the period from October 1, 2017 through March 31, 2018 for purposes of comparability. 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.

	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	991.40		$	5.91	$	1,000.00	$	984.20		$	5.14	$	1,000.00	$	1,014.90		$	4.77
Hypothetical 5% return		1,000.00		1,019.00	+		5.99		1,000.00		1,019.75	+		5.24		1,000.00		1,020.19	+		4.78
Class C
Actual		1,000.00		988.60			9.62		1,000.00		980.50			8.84		1,000.00		1,011.10			8.52
Hypothetical 5% return		1,000.00		1,015.26	+		9.75		1,000.00		1,016.01	+		9.00		1,000.00		1,016.46	+		8.55
Institutional
Actual		1,000.00		993.90			4.23		1,000.00		985.80			3.61		1,000.00		1,016.60			3.07
Hypothetical 5% return		1,000.00		1,020.69	+		4.28		1,000.00		1,021.29	+		3.68		1,000.00		1,021.89	+		3.07
Service
Actual		N/A		N/A			—		1,000.00		983.20			6.08		N/A		N/A			—
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.80	+		6.19		N/A		N/A			N/A
Investor
Actual		1,000.00		993.40			4.67		1,000.00		985.50			3.91		1,000.00		1,017.20			3.47
Hypothetical 5% return		1,000.00		1,020.24	+		4.73		1,000.00		1,020.99	+		3.98		1,000.00		1,021.49	+		3.48
Class R
Actual		N/A		N/A			—		1,000.00		982.90			6.38		1,000.00		1,013.60			6.02
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.50	+		6.49		1,000.00		1,018.95	+		6.04
Class R6
Actual		1,000.00		993.90			4.18		1,000.00		985.90			3.61		1,000.00		1,011.70	^		1.93^
Hypothetical 5% return		1,000.00		1,020.74	+		4.23		1,000.00		1,021.29	+		3.68		1,000.00		1,014.65	+^		1.94^

187

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2018 (Unaudited) (continued)

	Local Emerging Markets Debt Fund								Investment Grade Credit Fund							Total Emerging Markets Income Fund								U.S. Mortgages Fund
Share Class	Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*			Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*		Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*			Beginning Account Value 10/1/17		Ending Account Value 3/31/18			Expenses Paid for the 6 months ended 3/31/18*
Class A
Actual	$	1,000.00	$	1,062.00		$	6.22		$	1,000.00	$	985.90		$	3.56	$	1,000.00	$	1,034.40		$	4.56		$	1,000.00	$	985.90		$	3.81
Hypothetical 5% return		1,000.00		1,018.90	+		6.09			1,000.00		1,021.34	+		3.63		1,000.00		1,020.44	+		4.53			1,000.00		1,021.09	+		3.88
Class C
Actual		1,000.00		1,058.10			10.06			N/A		N/A			—		1,000.00		1,030.70			8.76			N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,015.16	+		9.85			N/A		N/A			N/A		1,000.00		1,016.31	+		8.70			N/A		N/A			N/A
Institutional
Actual		1,000.00		1,063.70			4.68			1,000.00		987.60			1.88		1,000.00		1,036.90			3.25			1,000.00		987.60			2.13
Hypothetical 5% return		1,000.00		1,020.39	+		4.58			1,000.00		1,023.04	+		1.92		1,000.00		1,021.74	+		3.23			1,000.00		1,022.79	+		2.17
Service
Actual		N/A		N/A			—			N/A		N/A			—		N/A		N/A			—			N/A		N/A			—
Hypothetical 5% return		N/A		N/A			N/A			N/A		N/A			N/A		N/A		N/A			N/A			N/A		N/A	+		N/A
Investor
Actual		1,000.00		1,063.40			4.99			1,000.00		987.20			2.33		1,000.00		1,036.60			3.81			1,000.00		987.10			2.58
Hypothetical 5% return		1,000.00		1,020.10	+		4.89			1,000.00		1,022.59	+		2.37		1,000.00		1,021.19	+		3.78			1,000.00		1,022.34	+		2.62
Separate Account Institutional
Actual		N/A		N/A			—			1,000.00		987.60			1.88		1,000.00		1,033.40			5.93			1,000.00		987.50			2.13
Hypothetical 5% return		N/A		N/A			N/A			1,000.00		1,023.04	+		1.92		1,000.00		1,019.10	+		5.89			1,000.00		1,022.79	+		2.17
Class R6(a)
Actual		1,000.00		1,078.80	^		3.10	^		1,000.00		987.70			1.78		1,000.00		1,000.00	^		1.79	^		1,000.00		986.70			2.08
Hypothetical 5% return		1,000.00		1,013.59	+^		3.00	^		1,000.00		1,023.14	+		1.82		1,000.00		1,014.78	+^		1.80	^		1,000.00		1,022.84	+		2.12

^ Class R6 Shares of the High Yield Floating Rate; Local Emerging Markets Debt and Total Emerging Markets Income Funds commenced operations on November 30, 2017.

* 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, 2018. 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:

+ 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		Separate Account Institutional		Service		Investor		Class R		Class R6
Emerging Markets Debt+		1.19		1.94		0.85		N/A		N/A		0.94		N/A		0.84
High Yield+		1.04		1.79		0.73		N/A		1.23		0.79		1.30		0.71
High Yield Floating Rate+		0.95		1.70		0.61		N/A		N/A		0.69		1.19		0.58
Local Emerging Markets Debt+		1.21		1.96		0.91		N/A		N/A		0.97		N/A		0.90
Investment Grade Credit+		0.72		N/A		0.38		0.38		N/A		0.47		N/A		0.37
Total Emerging Markets Income Debt+		0.90		1.73		0.64		N/A		N/A		0.75		1.30		0.54
U.S. Mortgages+		0.77		N/A		0.43		0.43		N/A		0.52		N/A		0.42

188

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: 69	Chair of the Board of Trustees	2018 (Trustee since 2007)	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a 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.	104	None
Kathryn A. Cassidy Age: 64	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007- 2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	None
Roy W. Templin Age: 57	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). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 66	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.	104	Verizon Communications Inc.

189

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	148	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.

¹  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, 2018.

²  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 (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2018, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 21 portfolios (12 of which offered 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.

190

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: 55	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 Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* 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.

¹  Information is provided as of March 31, 2018.

² 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.

Single Sector Fixed Income Funds Tax Information (Unaudited)

For the fiscal year ended March 31, 2018, 0.06% 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 Total Emerging Markets Income Fund designates $371,505, as short-term capital gain dividends paid during the fiscal year ended March 31, 2018.

191

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of March 31, 2018, 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 Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund⁵

∎ 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 Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ 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 Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity 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

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 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

∎ Tactical Exposure Fund

¹  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.

²  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.

³  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 December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia 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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer 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.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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, 2018 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.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

© 2018 Goldman Sachs. All rights reserved. 129749-OTU-760217 SSFIAR-18/68.8K

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. 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.

	2018			2017			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,537,615		$	3,663,521	Financial Statement audits.
Audit-Related Fees:
• PwC		$	348,718		$	274,516	Other attest services.
Tax Fees:
• PwC		$	827,732		$	1,115,843	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2018			2017			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,868,935		$	1,860,429	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, 2018 and March 31, 2017 were approximately $1,176,450 and $1,390,359 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, 2017 and December 31, 2016 were approximately $9.7 and $11.4 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2017 and 2016 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 registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	June 4, 2018

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, 2018
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 4, 2018